USER MANUAL: GOVERNMENT DEBT DATA PREPARATION FOR THE MTDS ANALYTICAL TOOL
A. INTRODUCTION
The objective of the data preparation manual is to assist in preparing the debt data for use in the
Medium-Term Debt Management Strategy Analytical Tool (MTDS AT). This would normally take the
form of manipulating the loan by loan data extracted from the debt recording system to a format that
conforms to the MTDS AT input requirement. This involves aggregation of the loan by loan information
into up to 15 representative debt instruments. A database with too many individual loans is not
conducive to broad policy analysis. Aggregation will facilitate the analyst to better understand the main
drivers of cost and risk of the debt portfolio.
The MTDS exercise is focused on analyzing the risks (exchange, interest rate and refinancing) of the total
debt portfolio. In this respect we are not interested in how individual loans react to these risks, but in
the reaction of the overall portfolio. We are also interested in simulating funding strategies. Rather than
evaluating a change in any individual loan, we are interested in examining the interactions arising from
different portfolio mix. Therefore, all loans that have similar characteristics – foreign currency
denominated loans versus domestic currency loans, short term versus long term maturities, commercial
versus concessional interest rate loans can be grouped together.
One of the key inputs to the MTDS AT is accurate data on the total amount of debt outstanding and
detailed information on the terms and conditions (e.g. currency of repayment, maturity, interest rate
and instrument type) of the debt outstanding. With this information, cash flow projections for interest
payment and principal repayment can be generated.
This manual assumes that the accuracy of the database has been examined, although the process
described below will also help to identify gaps and errors in the database.1
In this Manual we will discuss (i) what type of data to use for the MTDS purpose and (ii) how to prepare
this data for the MTDS analytical tool. This Manual should be used in combination with the excel file
‘MTDS Data Prep. File’. The excel file should help to visualize how the file should be set up. The Manual
will make references to specific cells and formulas that will correspond to the excel file. It should be
noted that the debt data set utilized in MTDS Data Prep.File is fictitious, and therefore some details that
would otherwise be available from debt recording systems are missing.
WHAT TYPE OF DATA TO USE ?
 Use loan by loan debt data from the existing data recording system (e.g. DeMFAS, CS-DRMS or
in-house database) in original currency of repayment. Country can work with the latest available
fiscal or calendar year end of period data.
1
The quality of cash flow projections for interest payment and principal repayment feeds into the budget to project the gross
financing needs of future years. If the level of the existing debt and its cash flow projections are over- or under-estimated, the
assumptions for the medium term financing needs will be inaccurate and will bias the analysis. Therefore, a first step before
conducting the MTDS analysis is to assure that the debt data is accurate, by reconciling the database with the creditors on a
regular basis, and ensuring that the database is maintained and updated accurately and on a timely basis.
1
USER MANUAL: GOVERNMENT DEBT DATA PREPARATION FOR THE MTDS ANALYTICAL TOOL
 Use data on debt which is disbursed and outstanding (the DOD). This does exclude contracted
amounts of debt that are still in pipeline (undisbursed). Undisbursed debt in the pipeline is not
part of the existing liability; those are future sources of financing.
 Data should include all terms and conditions of existing debt. As a minimum, data should include
– creditor’s name, loan ID number, contract currency,2 the first and the last date of repayment,
grace period, interest rate and type (fix or floating), for floating interest rate loans – a reference
rate and a margin have to be separated, the total amount of debt outstanding at the end of a
period, and end of period exchange rate. In terms of features of each loan, it is recommended
that as much detail as possible is extracted from the system.3
 Loan by loan cash flow information on principal repayment and interest payment until the final
maturity year should be included.
 Minimum coverage – central government external and domestic debt.
2
Some creditors provide options with regard to the choice of currency of repayment. That is different from the currency in
which debt was contracted. For instance, debt is contracted at 1 million US dollar. However, the creditor may give an option to
repay in Euro or another currency. In this case, the contract currency is the US dollar.
3 This will allow the analysts to check for accuracy and consistency, should it become necessary.
2
USER MANUAL: GOVERNMENT DEBT DATA PREPARATION FOR THE MTDS ANALYTICAL TOOL
B. HOW TO PREPARE DEBT DATA FOR THE MTDS ANALYTICAL TOOL?
STEP 1: PREPARING AN EXCEL WORKBOOK
Download central government external and domestic debt data including the parameters outlined in
Section I above from the debt recording system to an excel workbook – and create a worksheet called
‘Debt Original Currency’.
Create a new worksheet called ‘Debt_USD’. In this worksheet you will convert all external debt cash
flows calculated in the ‘Debt Original Currency’ worksheet into US dollars.4
Create a new worksheet called ‘Representative Instruments_FX’. In this worksheet you will save
information on user defined representative instruments, their codes, as well as on foreign currency
exchange rates.
Create a new worksheet called ‘Aggregation’. In this worksheet you will summarize cash flows in
representative instruments.
Create a new worksheet called ‘Working Sheet’. In this worksheet you will perform all
intermediate/preparatory steps for the data aggregation.
4
The USD is a choice variable, depending on the country, the Euro or other foreign currency may be more appropriate.
3
USER MANUAL: GOVERNMENT DEBT DATA PREPARATION FOR THE MTDS ANALYTICAL TOOL
STEP 2: ASSIGNING EACH CREDITOR / LOAN TO A ‘REPRESENTATIVE INSTRUMENT’
What are we trying to accomplish in this step?
In this section each loan will be assigned to a ‘representative instrument’ which will represent
a group of loans that have similar financial characteristics. It is important for the analyst to
understand all the dimensions of the data first. Although not done in detail below, it is
assumed that the analyst has a good understanding of the main characteristics of the debt
portfolio, who are the main creditors (by volume), and what type of financial terms (maturity,
fixed/float, interest rate, grace period) they offer.
A general rule is that loans with different interest rate types e.g. fixed versus floating rate
cannot be grouped in the same instrument. Loans denominated in domestic currency cannot
be grouped together with foreign currency denominated loans. For foreign currency
instruments, choose one or if warranted a few foreign currencies in which loans are
predominantly issued. In this Manual foreign currency instruments will be represented by
USD, but the analyst has a choice of using up to 5 different foreign currencies.
Frequently used groupings or ‘representative instruments’ include: IDA type concessional
loans, ADF type concessional loans, other multilateral concessional loans, semi-concessional
fixed interest rate loans, semi-concessional floating interest rate loans, bilateral loans with
fixed interest rate and bilateral loans with floating interest rate, international bonds,
syndicated loans, T- bonds with different maturities and T bills.
Go to the worksheet ‘Debt Original Currency’ and copy the column that includes names of all existing
creditors (in our example cells C4:C44). Do not make any changes in this list; keep the names of the
creditors as they appear in your database. Paste this information in the worksheet ‘Working Sheet’. (See
Step 1 in the excel file’s ‘Working Sheet’). Use excel’s function ‘Remove Duplicates’ to create a column
that will list all existing creditors by the original creditor name once.
Excel tip: How to use excel function ‘Remove Duplicates’?
Highlight pasted column and go to excel command –‘Data’ in the upper ribbon on the screen; click
on it and select the function ‘Remove Duplicates’. If you have a header in the copied column,
mark the box – “My data has headers”. Now execute the function and excel will display
information on how many duplicates were removed. (The result should look similar to Step 2 in
the excel file’s ‘Working Sheet’).
4
USER MANUAL: GOVERNMENT DEBT DATA PREPARATION FOR THE MTDS ANALYTICAL TOOL
Analyze your existing creditors; determine which loans carry similar terms and conditions. Terms and
conditions do not have to be identical but they should be similar enough to group loans under the same
representative instrument. As an example, the International Development Association (or IDA) and the
International Fund for Agricultural Development (IFAD) and the European Development Fund (EDF) offer
loans with long maturities (around 40 years) and highly concessional fixed interest rates (1 percent),
therefore you might consider grouping these loans together and creating an instrument that will
represent all three existing creditors – ‘IDA/IFAD/EDF’.
Loans from the African Development Fund (ADF) have specific repayment profile, for this reason, we
have created a separate instrument for the ADF loans called – ‘ADF’.5
Following these examples, assign a representative instrument to each of the existing creditor. (See Step
3 in the excel file’s ‘Working Sheet’).
Copy the created table (such as Table 1 below) and paste in the worksheet ‘Representative
Instruments_FX’. Go to the worksheet ‘Debt Original Currency’. Insert three new columns ‘Representative Instruments-1’, ‘Representative Instruments-2’, and ‘Instrument Code’. (See columns E,
F and G in the excel file’s ‘ Debt Original Currency’ Sheet).
In the first column ‘Representative Instruments-1’ use the VLOOKUP function to assign a representative
instrument (from Table 1), to each existing loan / creditor listed in the worksheet ‘Debt Original
Currency’.
Table 1: Original Creditors Grouped by ‘Representative Instruments’
Original creditor name
International Development Association
European Development Fund
Int'l Bank for Reconstruction and Devpt.
ADF
ADB
African Development Bank
African Development Fund
Export-Import Bank of Korea
IDA
Int'l Fund For Agricultural Development
ABC Bank
DEF Bank
Exim Bank of China
ISLAMIC DEVELOPMENT BANK
Treasury Bonds_10Y
Treasury Bonds_2Y
Treasury Bonds_3Y
Treasury Bonds_5Y
Treasury Bonds_7Y
Treasury Bills
5
Representative Instrument
IDA/IFAD/EDF
IDA/IFAD/EDF
IBRD/ADB/IDB
ADF
IBRD/ADB/IDB
IBRD/ADB/IDB
ADF
Bilateral
IDA/IFAD/EDF
IDA/IFAD/EDF
Commercial Bank
Commercial Bank
Bilateral
IBRD/ADB/IDB
Treasury Bonds_10Y
Treasury Bonds_3Y
Treasury Bonds_3Y
Treasury Bonds_5Y
Treasury Bonds_5Y
Treasury Bills
ADF is instrument 1 in the MTDS toolkit.
5
USER MANUAL: GOVERNMENT DEBT DATA PREPARATION FOR THE MTDS ANALYTICAL TOOL
Excel tip: How to use excel VLOOKUP function?
Go to the worksheet ‘Debt Original Currency’ (in our example, go to cell E4) and type the
following formula
=VLOOKUP(C4,'Representative Instruments_FX'!$B$5:$C$24,2,FALSE)
This formula looks for the value of cell C4 (which is a creditor) in the first column of the range
'Representative Instruments_FX'!$B$5:$C$24 (which is the first column Table 1) and then
returns the value that is contained in the 2nd column of the range (second column in Table 1)
and on the same row as the lookup value in cell C4.
Now when you have the correct formula in the first cell of the column, extend (drag) this
formula across the whole column (in our example E5: E44). [NB the vlookup range is fixed!].
In the second column called ‘Representative Instruments-2’ (in the example, excel file column F),
combine the new representative instrument with the interest rate type of the loan. Use excel function
CONCATENATE to link the representative instrument and the interest rate type (in our example those
are columns E and T worksheet ‘Debt Original Currency’).
Excel tip: How to use excel function ‘CONCATENATE’?
=CONCATENATE (E4,"_",T4)
This formula links the value of cell E4 with the value in the cell T4. Both values are separated by an
underscore “_”. Now extend (drag) this formula across the whole column.
In the third column - ‘Instrument code’, assign a numerical value to each representative instrument.
First, copy the column ‘Representative Instruments-2’ and paste it in the worksheet ‘Working Sheet’.
(See Step 4 in the Working Sheet’). Use excel function ‘Remove Duplicates’ to list each instrument once.
Highlight pasted column and go to excel command –‘Data’ in the upper ribbon on the screen; click on it
and select the function ‘Remove Duplicates”. If you have a header in the copied column, mark the box –
My data has headers. Now execute the function and excel will display information on how many
duplicates were removed. (The output should look similar to step 5 in the ‘Working Sheet’).
Now we have representative instruments and the interest rate types attached to them (see column A in
Table 2). Some countries may interchangeably use terms ‘fixed’ or ‘amount’ to describe fixed interest
rate loans or use ‘variable’, ‘floating’ to describe variable interest rate instruments. If countries have
such instruments, for example, ‘IBRD/ADB/IDB_Fixed’ and ‘IBRD/ADB/IDB_Amount’ they should be
assigned the same instrument code since both instruments include the same creditors and fixed rate
loans.
6
USER MANUAL: GOVERNMENT DEBT DATA PREPARATION FOR THE MTDS ANALYTICAL TOOL
There are a few rules on assigning instrument codes. African Development Fund (ADF) loans always
should have instrument code - 1. This is because the MTDS analytical tool is programmed to capture
specificities of the ADF loan repayment structure under the instrument code 1.
Continue assigning instrument codes to all of your existing external instruments. In our example, these
are instruments from 2 to 6. If warranted, leave some instrument codes (in our example 7; 8) for the
new instruments that you would like to include in the medium term debt strategy and that are not in
your existing debt portfolio. Such instruments could be – International Bond – 7; Syndicated Loan – 8.
Then continue assigning codes for domestic instruments. See Table 2, second column.
Table 2: Assigning Instrument Code
Representative Instrument
Instrument Code
IDA/IFAD/EDF_Fixed
IBRD/ADB/IDB_Fixed
ADF_Fixed
IBRD/ADB/IDB_Floating
Bilateral_Fixed
Commercial Bank_Fixed
Treasury Bonds_10Y_Fixed
Treasury Bonds_3Y_Fixed
Treasury Bonds_5Y_Fixed
Treasury Bills_Fixed
2
3
1
4
5
6
12
10
11
9
When you have finished assigning instrument codes, the table (e.g. Table 2) in the worksheet
‘Representative Instruments_FX’ will reflect these codes. (See Step 6 in the ‘Working sheet’).
Go to the worksheet ‘Debt Original Currency’ column ‘Instrument Code’. In this column use the
VLOOKUP function to assign the instrument code from the worksheet ‘Representative Instruments_FX’
Table 2, to each existing loan / creditor listed in the worksheet ‘Debt Original Currency’.
Excel tip: How to use excel function ‘VLOOKUP’?
Go to the worksheet ‘Debt Original Currency’ (in our example the column G and the cell G4) and
type the following formula
=VLOOKUP(F4,'Representative Instruments_FX'!$E$5:$F$14,2,FALSE)
This formula searches for the value of the cell F4 (which is a representative instrument) in the
first column of the range 'Representative Instruments_FX'!$E$5:$F$14 (which is Table 2 in the
worksheet ‘Representative Instruments_FX) and then returns the value that is contained in the
2nd column of this table range (which is the instrument code) and on the same row as the lookup
value in cell F4.
Now when we have a correct formula in the first cell of the column, extend (drag) this formula across
the whole column.
7
USER MANUAL: GOVERNMENT DEBT DATA PREPARATION FOR THE MTDS ANALYTICAL TOOL
With these steps we have assigned each loan / creditor to a representative instrument and created a
code for each instrument (see Table 3). This will allow us to aggregate cash flows by representative
instruments. Now let’s calculate the right cash flows.
Table 3: From Loans and Creditors to ‘Representative Instruments’
Representative
Instrument -2
IDA/IFAD/EDF_Fixed
IDA/IFAD/EDF_Fixed
IDA/IFAD/EDF_Fixed
IBRD/ADB/IDB_Fixed
ADF_Fixed
ADF_Fixed
ADF_Fixed
ADF_Fixed
ADF_Fixed
ADF_Fixed
IBRD/ADB/IDB_Floating
IBRD/ADB/IDB_Floating
IBRD/ADB/IDB_Floating
IBRD/ADB/IDB_Floating
IBRD/ADB/IDB_Floating
IBRD/ADB/IDB_Floating
ADF_Fixed
IBRD/ADB/IDB_Floating
ADF_Fixed
Bilateral_Fixed
IDA/IFAD/EDF_Fixed
ADF_Fixed
ADF_Fixed
ADF_Fixed
ADF_Fixed
IBRD/ADB/IDB_Floating
ADF_Fixed
IBRD/ADB/IDB_Floating
ADF_Fixed
IBRD/ADB/IDB_Floating
IDA/IFAD/EDF_Fixed
Commercial Bank_Fixed
Commercial Bank_Fixed
Bilateral_Fixed
IBRD/ADB/IDB_Fixed
Treasury Bonds_10Y_Fixed
Treasury Bonds_3Y_Fixed
Treasury Bonds_3Y_Fixed
Treasury Bonds_5Y_Fixed
Treasury Bonds_5Y_Fixed
Treasury Bills_Fixed
Creditor
International Development Association
International Development Association
European Development Fund
Int'l Bank for Reconstruction and Devpt.
ADF
ADF
ADF
ADF
ADF
ADF
ADB
ADB
ADB
ADB
ADB
African Development Bank
ADF
African Development Bank
African Development Fund
Export-Import Bank of Korea
IDA
African Development Fund
African Development Fund
African Development Fund
African Development Fund
African Development Bank
African Development Fund
African Development Bank
ADF
ADB
Int'l Fund For Agricultural Development
ABC Bank
DEF Bank
Exim Bank of China
ISLAMIC DEVELOPMENT BANK
Treasury Bonds_10Y
Treasury Bonds_2Y
Treasury Bonds_3Y
Treasury Bonds_5Y
Treasury Bonds_7Y
Tresary Bills
8
Instrument Code
2
2
2
3
1
1
1
1
1
1
4
4
4
4
4
4
1
4
1
5
2
1
1
1
1
4
1
4
1
4
2
6
6
5
3
12
10
10
11
11
9
USER MANUAL: GOVERNMENT DEBT DATA PREPARATION FOR THE MTDS ANALYTICAL TOOL
Step 3: Calculating Cash Flows
What are we trying to accomplish in this step?
In this section, we will (i) verify that the data on loan principal repayments until the final maturity
is consistent with the given parameters; (ii) calculate outstanding debt obligations for each year
until maturity; (iii) calculate annual interest payments for each loan. For fixed rate loans, interest
payments are calculated based on the contracted interest rate, whereas for floating rate loans,
interest payments are calculated based on a fixed margin. So why are we only capturing
information on fixed margin for floating rate loans? The reason is that the floating rate portion
(the reference rate, for example, the LIBOR rate) will be added later based on forward looking
projections in the MTDS Analytical Model.
Go to the ‘Debt Original Currency’ worksheet. In our example section A4 to X44 contains general terms
and conditions of existing loans, while section Z4:BW44 includes information on principal repayments of
existing loans until the final maturity.
Copy the section on loans’ general terms and conditions (columns A3 to X44) and paste it twice below
the original section (in our example these are sections A46:X87 and A89:X131) to create space for
generating the debt outstanding and interest payments at the end of each year.
In most instances, the country’s debt database will contain the information on the loan principal
repayments until maturity. However, if this information is not available, we can calculate it based on the
debt outstanding at the end of a period, the remaining grace period and the last payment date of a loan.
See section CC4:DZ44 for the formula to calculate principal repayments.
Let’s assume that your database contains information on the loan principal repayments. Now we want
to verify that the sum of principal payments indeed equals to the debt outstanding and disbursed (DOD)
at the end of the period, which is our data cut-off date.
Enter a new column (in our example it is a column Y). Use the formula:
Outstandin g balance t 0  t 1 Principal repayments  0
t n
If the formula returns a value different from zero, then you should re-validate the total amount
outstanding or the principal repayments.
9
USER MANUAL: GOVERNMENT DEBT DATA PREPARATION FOR THE MTDS ANALYTICAL TOOL
Our next task is to calculate the outstanding balance at the end of each period (in our example it is
done in the section A47:BW87). Outstanding balances can be projected on the basis of the initial
outstanding balance and the principal payments. Use the following formula:6
Outstandin g balance t 1  Outstandin g balance t  Principal repayment
t 1
Our final task, in this section, is to calculate interest payments on a yearly basis (in our example it is
done in the section A90:BW130). Use the following formula:
Interest payments t 1  Outstandin g balance t  interest rate t
Recall that for the fixed rate loans we use contracted interest rate, while for the floating rate loans we
use only the margin. Use the Excel IF function to differentiate which interest rate to pick depending on
whether the loan is fixed and floating interest rate. For example, cell Z90 has the formula:
=IF($T90="Fixed",$U90,$W90)*Y47.7 This instructs Excel to look for the applicable interest rate from
column U if it is fixed rate debt, otherwise (i.e., if it is floating), then Excel will look for the margin in
column X. In both cases, it is multiplied by the amount outstanding in the previous period.
Calculating the yield rates for Treasury bills
It is important to capture the right weighted average yield rates on outstanding securities issued with zero coupon/interest rates.
T-bills are the most common securities that carry no interest payments. For the MTDS toolkit, which works on annual basis, T-bills
of all maturities are aggregated as one stylized instrument with a maturity of one year. In calculating the average yield rate, yield
at the time of issuance should be used to determine the yield rate for each maturity bucket:
Yield = (Face Value – Cash Raised)/(Cash Raised)
[Column E below]
Annualized Yield = Yield *(365/Original tenor)
[Column F below]
The weighted average yield rate is calculated in reference to the amount of cash raised at each maturity bucket; in the example
below, by multiplying Column A by E and dividing the result by sum of Column A. The interest payment for the first year of analysis
should be calculated using the weighted average yield and multiplying that with the outstanding cash amount (Sum of Column A).
In the example below, this would be 8.401% * 369 = 31.
(A)
(B)
(C)
(D)
(E)
(F)
Cash
Original Tenor
Days in a
Face (Maturity)
Non-Annualized
Annualized
Raised
(days)
year
Value
Yield
Year
3 months
97
91
365
100
3.093%
12.405%
6 months
94
182
365
100
6.383%
12.801%
9 months
91
273
365
100
9.890%
13.223%
12 months
87
365
365
100
14.943%
14.943%
Average
8.577%
13.343%
Weighted
8.401%
13.306%
Average
Note: In some cases discount rates are recorded at the time issuance instead of yield rates. Discount rates are calculated on the basis of face value,
Discount rate = [(Face Value – Cash Raised)/ Face Value]. Analysts should move towards recording yield rates, which are more readily comparable
to other instruments’ cost of borrowing. But if analysts are using discount rates, then interest payments should be calculated by using Face Value.
Hence, Interest Payments = Discount Rate * Face Value.
6
If there are future disbursement of the same loan, the outstanding balance at t+1 should equal outstanding balance at t minus
principal payment at t+1 plus new disbursement at t+1. However, since the existing debt data for input to the MTDS analytical
tool should only cover outstanding disbursed loans only, the new disbursement should not be included.
7 Please make sure that both fixed interest rates and margins are in percentages.
10
USER MANUAL: GOVERNMENT DEBT DATA PREPARATION FOR THE MTDS ANALYTICAL TOOL
STEP 4: CONVERTING CASH F LOWS FROM ORIGINAL CURRENCY TO US DOLLAR
What are we trying to accomplish in this step?
In this section we will convert all debt cash flows denominated in multiple currencies into one
major foreign currency.
Before we convert cash flows from the original currency into one representative foreign currency, e.g.
USD or EUR, let’s make sure that we have the proper exchange rates for each loan denominated in
foreign currency.
Go to the ‘Debt Original Currency’ worksheet. In this worksheet insert a new column ‘Exchange Rates’
(in our example it is the column I). Copy the column equivalent to ‘Tranche Currency’ (column H in our
example) and paste it in the worksheet ‘Working Sheet’. (See Step 7 in this sheet). Use excel function
‘Remove Duplicates’ to list all currencies in which the existing loans have been contracted. (See Step 8 in
the ‘Working Sheet’).
Exchange rates should have the same cut-off date as the debt data. If the debt recording system does
not provide the end of the period exchange rates, you can find this on Bloomberg or other sources.
Paste the created table in the worksheet ‘Representative Instruments’. See Table 4 below.
Table 4: Exchange Rates as at December 31, 2014
Currency
in units of UTP
in units of USD
15.00
23.10
20.08
184.34
13.36
16.03
23.10
1.00
1.00
1.54
1.34
12.29
0.89
1.07
1.54
0.07
USD
XDR
EUR
JPY
KRW
CHF
IDB
UTP
In the ‘Debt Original Currency’ worksheet column ‘Exchange Rates’ use the VLOOKUP function to assign
the exchange rate to the tranche currency. See examples above on how to use the VLOOKUP function.
Copy the content of the entire worksheet ‘Debt Original Currency’ and paste it in the worksheet
‘Debt_USD’. Delete cash flow information in original currency (in our example those are cells
AA4:BW130) and recalculate them in US dollar terms. To recalculate cash flows in USD, multiply the
appropriate exchange rate (such as in cell I4) by the calculated cash flow in original currency (such as in
the cell 'Debt Original currency'!Z4). As an example see the following formula used in the ‘Debt_USD’
worksheet cell Z4:
=$I4*'Debt Original currency'!Z4
11
USER MANUAL: GOVERNMENT DEBT DATA PREPARATION FOR THE MTDS ANALYTICAL TOOL
STEP 5: AGGREGATING CASH FLOWS BY ‘REPRESENTATIVE INSTRUMENTS’
What are we trying to accomplish in this step?
In this section, we will use cash flows calculated in the worksheet ‘Debt_USD’ and aggregate them
(e.g. principal repayments, outstanding debt and interest payments) by ‘representative
instruments’.
Go to the worksheet ‘Aggregation’ and create three tables. (See Table 5, below). In the first table we will
aggregate principal repayments by representative instruments; in the second and third tables, we will
aggregate debt outstanding and interest payments by representative instruments, respectively. To
create the tables, list the numbers from 1 to 15 as it is done in the column D in Table 5. Recall that this is
the total number of representative instruments we can use. Enter the abbreviation for your domestic
currency and the USD as a reminder to distinguish between domestic and foreign currency; recall that all
the cash flows are in USD. In our example it is done in cells B8 and B9. (See Table 5). Please note that
Concatenate instrument number (from column D) with the currency (from cells B8 and B9) to get the
results shown in the column E in Table 5. In our example in the cell E8 we use the following formula
=CONCATENATE ($B$8,"_",D8) to get the currency and the instrument code combination ‘USD_1’.
Using the SUMIF function aggregate loan by loan data by representative instruments in millions of units
US dollar. The SUMIF function allows us to add up those values in a selected range of data that meets
specific criteria (in our case a specific instrument code). The IF portion of the function determines what
data meets that specified criteria and the SUM part does the addition.
Use SUMIF function to aggregate loan by loan data by representative instruments on principal
repayments, debt outstanding and interest payments for each year.8
Excel tip: How to use excel function ‘SUMIF’?
In our example, in cell I8 (see Table 5 and the Aggregation worksheet in the excel file) we have
the following formula
=SUMIF ('Debt USD'! $G$4:$G$44, Aggregation!$D8, 'Debt USD'! Z$4 : Z$44)/(10^6)
This formula tests if any cell in the worksheet’s ‘Debt_USD’ range $G$4: $G$44 equals the value
set in the worksheet ‘Aggregation’ cell D8. If it does equal D8 then the formula will sum the value
included in the column Z$4:Z$44 at the same row as the look up value.
8
In regards to domestic securities that are issued at discount and do not carry interest payments, for example, T-bills, the
following information may assist the analysts when using the analytical toolkit:
a) the cash proceeds (discounted amount) vs the face value
b) weighted average yield rates on all maturities of T-bills
12
USER MANUAL: GOVERNMENT DEBT DATA PREPARATION FOR THE MTDS ANALYTICAL TOOL
Note that under the check cell (in red), the formula verifies that no cash flow information has been lost
through the aggregation process compared to the loan by loan information in the previous worksheet.
Table 5: Cash Flows Aggregated by 'Representative Instruments', in USD million.
Utopia: Debt Data as of end 2014 Aggregated by 'Representative Instruments', in USD Mill.
USD
UTP
ADF_Fixed
IDA/IFAD/EDF_Fixed
IBRD/ADB/IDB_Fixed
IBRD/ADB/IDB_Floating
Bilateral_Fixed
Commercial Bank_Fixed
T-Bills_Fixed
T-Bonds 3 YR_Fixed
T-Bonds 5 YR_Fixed
T-Bonds 10 YR_Fixed
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
USD_1
USD_2
USD_3
USD_4
USD_5
USD_6
USD_7
USD_8
UTP_9
UTP_10
UTP_11
UTP_12
UTP_13
UTP_14
UTP_15
check
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
USD_1
USD_2
USD_3
USD_4
USD_5
USD_6
USD_7
USD_8
UTP_9
UTP_10
UTP_11
UTP_12
UTP_13
UTP_14
UTP_15
count.
14
5
2
10
2
2
0
0
1
2
2
1
0
0
0
27
Principal Repayments
sum
379
501
40
101
183
203
0
0
255
15
339
39
0
0
0
2,057
0
2015
2016
2017
2018
2019
2020
1
21
29
46
43
48
2
21
6
22
41
71
9
24
10
25
0
11
40
30
8
24
0
8
24
0
Debt Outstanding
check 1
check 2
Interest Payments
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
USD_1
USD_2
USD_3
USD_4
USD_5
USD_6
USD_7
USD_8
UTP_9
UTP_10
UTP_11
UTP_12
UTP_13
UTP_14
UTP_15
60
43
6
1
15
25
0
0
15
3
175
37
0
0
0
380
check
13
22
40
54
-
-
-
-
-
0
170
0
0
157
0
0
116
0
20
169
0
222
0
2015
2016
2017
2018
2019
2020
378
480
10
55
141
156
0
0
0
15
339
39
0
0
0
1,613
0
0
376
459
4
33
100
84
0
0
0
8
339
39
0
0
0
1,443
0
0
367
434
4
11
60
30
0
0
0
0
339
39
0
0
0
1,285
0
0
358
409
4
0
20
0
0
0
0
0
339
39
0
0
0
1,169
0
0
349
385
4
0
0
0
0
0
0
0
170
39
0
0
0
947
0
0
341
362
3
0
0
0
0
0
0
0
170
39
0
0
0
915
0
0
2015
2016
2017
2018
2019
2020
3
4
2
1
6
11
0
0
15
1
29
4
0
0
0
75
0
3
4
1
0
4
8
0
0
0
1
29
4
0
0
0
53
0
3
3
0
0
3
4
0
0
0
1
29
4
0
0
0
47
0
3
3
0
0
2
2
0
0
0
0
29
4
0
0
0
42
0
3
3
0
0
1
0
0
0
0
0
29
4
0
0
0
39
0
3
3
0
0
0
0
0
0
0
0
15
4
0
0
0
25
0
255
0
444
0
379
501
40
101
183
203
0
0
255
15
339
39
0
0
0
2,057
-
-
7
8
0
32
0