The rest of you will have to wait until I republish the articles in about a month’s time.
BERS Calculator (MS-Excel Spreadsheet)
Update, 2009-10-1: This spreadsheet was originally prepared by James Hymas of Hymas Investment Management Inc. The macro for automatic calculation of the Break Even Rate Shock was developed by Norbert Schlenker of Libra Investments.
Update, 2010-9-26: Following comments on Financial Webring Forum, I have added a feature to the standard spreadsheet, above, that allows the user to specify that the issue will be called on the next reset date. This may be useful for those seeking to compare a high-premium, almost-certain-to-be-called FixedReset to a PerpetualDiscount.
Update, 2010-9-27: like_to_retire, one of Financial Webring’s more reliable posters, claims:
Note that the calculator macro is incompatible with Excel 2007 unless the user deletes the reference for the add-in component Solver.xla and adds a new reference for Solver.xlam.
I do not have the facilities for checking this out myself, but thought I’d pass it on.