Companion files

Capital Markets

What It Costs to Raise Money, and Who Decides the Number

Julian R. Sterling

These are the companion files of Capital Markets by Julian R. Sterling.The book on Amazon →

The four Excel workbooks that go with the book, re-verified and corrected where their notes and this page were wrong. Every figure the book prints is reproduced in them by a live formula rather than a typed constant, from the four readings of one secondary curve to the register of every convention in euros, and each workbook ends with a Checks sheet setting the printed figure beside the computed one: 272 controls in all, every one green. Around them: the same four models with the inputs emptied, thirteen working documents to print, forty questions that mark themselves, and three cases the book names and never takes to a number. Nothing is locked, protected or watermarked.

Free to download. No sign-up, no email address, nothing to fill in.

The four workbooks

These carry the book’s own figures, so that every number it prints can be traced to a live formula, and each closes on its checks sheet. Download these four110 KB

• Chapters 1 to 3

  Four defensible readings of one bond

  Three of the issuer’s own bonds trade. The new one is issued at seven years, where none of them sits, so the fair value has to be interpolated — and interpolation is a choice. Four conventions give 117.81, 117.84, 120.32 and 122.78 basis points over mid-swaps, and with them concessions of 4.19, 4.16, 1.68 and minus 0.78. On the last reading the issuer printed inside its own curve and paid nothing at all.

  Enter your own three quotations and your own target maturity, and the sheet returns all four at once with the spread between them priced in euros at your size. On Ardennes’ curve that spread was EUR 1,473,880, or 84 per cent of the underwriting commission. The point is to have the number before the mandate is signed. Revised: the read-me’s first experiment ran the wrong way. Nine basis points off the nine-year bond take the logarithmic reading down to 116.88, below the reoffer spread, and its concession to plus 5.12; it does not come back above the reoffer spread, where it already sits. The move is now computed on the sheet.

  Download the workbook23 KB

  The_Interpolation_Workbook.xlsx · XLSX · 23 KB

• Chapters 6 to 8

  The cost that has no invoice, and the honest version of that claim

  The fee, the expenses and the concession discounted properly at the annuity factor. On this transaction the total is EUR 3,611,953, of which 34.38 per cent appears on no invoice — and the sheet says plainly what the book says: at 2026 spread levels the invoiced commission is the larger number. The concession is 0.71 times the fee, not more than it.

  Recompute under each convention and the uninvoiced share runs from 34.38 per cent down to minus 10.85, because under the softest reading the concession is a rebate. Two thresholds are computed live: the concession at which the uninvoiced cost equals the fee, and the one at which it equals the fee and the expenses together: 5.90 and 7.99 basis points. Both sit just below the eight to twelve that were normal in 2022 and 2023, which is why the same arithmetic on the same transaction gave the opposite answer three years ago. Revised: this page used to say both thresholds fall inside that range; the second sits 0.009 of a basis point below it. The span of the four conventions is 84.22 per cent of the commission.

  Download the workbook27 KB

  The_Cost_Workbook.xlsx · XLSX · 27 KB

• Chapters 12 to 14

  One placement, four discounts, and a counterfactual that is usually computed wrong

  Nine and a half million shares at EUR 40.55. The press release said 4.81 per cent. It could have said 2.99, or 5.96, or 6.67 — four references, all quoted in real transactions, 3.68 percentage points apart and worth EUR 15,675,000 on the size sold.

  The cost is split into commission, placement discount and the cost of the leak, and kept split, because they are different costs with different remedies. The leak counterfactual is computed at a constant discount and not at a constant share count: an accelerated placement is sized in proceeds and priced at a discount to a reference, so the right question is what price the same proceeds would have fetched. That is the difference between a defensible EUR 7,686,414 and a figure that assumes the company would have sold the same shares for more. Revised: the workbook’s note put the discount and the leak at six and a half times the commission; they are 6.41 times. The sheet now shows that the fall in the reference during the soundings, 1.96 per cent, is the share of the issue the leak costs.

  Download the workbook25 KB

  The_Placement_Workbook.xlsx · XLSX · 25 KB

• Chapter 16

  The register: every choice, who made it, and what it was worth

  One row for each place in the two transactions where a convention, not a measurement, decides a published number. Who chose it, what the defensible alternative was, and the difference in euros. Nine rows across the two transactions, from EUR 15,675,000 for the choice of discount reference, 3.70 times the placement’s commission, down to EUR 1,333 for the repricing method; two of them are worth more than the fee of their own transaction. The rows are not additive, and there is deliberately no total.

  Two entries are deliberately kept off it. The order book has no identifiable elasticity — it lost EUR 100,000,000 at an unchanged spread — and retention by investor type is not sourceable from any published study. The workbook sets them out as absences rather than conventions, and prices only the cost of pretending otherwise. Work down it against your own deal. Revised: this page used to say the rows come to EUR 17,148,880. That was two of the nine rows added together, 15,675,000 and 1,473,880, which is the sum the register exists to prevent.

  Download the workbook38 KB

  The_Register.xlsx · XLSX · 38 KB

The same models, for your own transaction

The four workbooks with the 89 inputs of their Inputs sheets emptied. The checks sheets count what is still missing and test what holds for any inputs.

• All chapters

  Your curve, your fees, your placement

  The interpolation, the cost of the bond, the placement and the register, with the same formulas and every input emptied: the three secondary quotations, the bond and its invoices, the dollar indication, the share count and the four references, the order book with its service and retention rates, and the execution. The two further sizes, the regimes of new issue premium and the move in the first experiment stay, because they are the axes of their tables, not data.

  The book’s 89 inputs are listed in a text file inside the archive. Type them back in and the book’s figures come back with them: 1,473,880 between the four readings, 3,611,953 for the bond, 31,398,889 for the placement.

  Download the blank set90 KB

  Blank_Model_Set.zip · four XLSX files

The documents the chapters describe

Thirteen pages to print and use. A4, with margins wide enough for US Letter.

• Chapters 1 to 18

  Thirteen working documents

  The secondary curve read four ways, with Ardennes’ figures beside a blank column. The pricing note header, with one basis point in euros on its last line. The bond’s bill in three lines. The two thresholds and the regime. The first day. The funding comparison across currencies, curve by curve. The allocation record, with a column for the source of each retention rate. The execution log and what the book can say. The announcement’s four references. The wall-crossing log and the pre-sounding close, to be initialled. The placement’s bill. Cost per euro with its conventions stated. The register, with its last column left for you.

  Download the PDF30 KB

  Working_Documents.pdf · PDF · 13 pages

Forty questions, marked by the file

A workbook that marks itself. Answer in the yellow cells; the marking fills in as you go.

• All parts of the book

  Forty questions on the book

  Eight on the curve and the concession, seven on the bond’s bill and the other currency, seven on the placement, five on the allocation and the order book, seven on the register, and six on the three cases below. Numbers are marked to a tolerance, multiple choice to the letter, and the score sheet counts your errors part by part: that is your revision list.

  Nothing is hidden. The marking sheet holds every answer, every tolerance, and the reason for each answer.

  Download the question book17 KB

  Forty_Questions.xlsx · XLSX

Three cases the book does not work

New material, not a restatement. Three situations the chapters name and never take to a number. Each case is one workbook: the note is the first sheet, the model is the rest, and a checks sheet closes it. Type your own figures in and every finding recomputes.

• Chapters 9 and 16 · Case one

  The retention the allocation rests on

  The book finds that pro rata would have left 9.6 points more of the bond resold within thirty days, and says the whole gap rests on four retention rates nobody publishes. Measured: the hedge fund rate carries most of it, 0.126 points for every point of retention. Hedge funds would have to keep 97.24 per cent of their paper, more than insurers, before the directed allocation stopped keeping more of the issue. At 50 per cent (ADDED) the gap is 5.94 points, EUR 29,704,494, not 9.59. The direction can be published; the size only with its assumption beside it.

• Chapters 15 and 16 · Case two

  The ratio that should never be a point

  The book prints the placement’s cost per euro at 11.28 times the bond’s, adds 19.06 on the softest reading, and warns that a figure inheriting two conventions should never be published as a point. All sixteen pairs run from 8.55 to 23.96. The bond’s convention, worth EUR 1,473,880, moves the ratio further than the placement’s, worth EUR 15,675,000: a span of 7.78 against 5.63, because it sits in the denominator of a small number.

• Chapters 12 to 14 · Case three

  What the fee negotiation was worth

  The commission was the one line anybody argued about. The whole central half of the 2016 study, 0.70 to 1.25 per cent, is worth EUR 2,118,738 on this placement; the choice of reference is 7.40 times that and the leak 3.63 times. A drift of 23.43 cents in the reference during the soundings costs as much as the entire range, and 2.13 cents as much as Ardennes’ 1.10 per cent over the mean of 1.05. The reference drifted 85 cents.

  Download the three cases34 KB

  Three_Cases.zip · three XLSX files

Conventions used throughout

Blue text	a hardcoded input — you may edit these
Yellow fill	an input cell; everything else on the sheet is a formula
Black text	a formula — do not overtype these
Checks sheet	the printed figure beside the computed one, with a PASS or a FAIL; in the blank set and the cases, each control states its own verdict and the file ends ALL OK
ADDED	a figure the book does not give, used in the cases and marked wherever it appears

How they are built

Each file has one Inputs sheet, and it carries the only entered values: the secondary quotations, the target maturity, the execution levels, the fees, the share count and the four price references. Everything else is computed from them. Where two readings are defensible, both are shown and neither is chosen — which is the argument of the book rather than a hedge.

The workbooks were checked by moving the inputs and confirming that every dependent figure moved with them. Shifting the nine-year quotation by nine basis points moves all four fair values, all four concessions and every euro figure that depends on them. Switching the quoted reference in the placement sheet moves the discount, the leak counterfactual and the dilution together.

These files accompany Capital Markets. The book is on Amazon.

If this book helped — or didn’t — a few lines on Amazon are worth more than they look: they are what the next reader goes on. Write a review. The workbook stays free either way.

Opening the files

The workbooks open in Microsoft Excel, LibreOffice Calc, Google Sheets and Numbers; the PDF prints on A4 or US Letter. They use no macros and no add-ins, so nothing needs to be enabled or trusted. If your spreadsheet asks to update links on opening, decline — there are none.

What changed, and when

24 Sep 2026

The four workbooks re-verified and corrected, 272 checks. Every figure the book prints still reproduces. The Interpolation Workbook’s first experiment ran the wrong way: nine basis points off the nine-year bond take the logarithmic reading down to 116.88, not back above the reoffer spread. The two thresholds, 5.90 and 7.99, sit below the eight to twelve basis points of 2022 and 2023, not inside them. The placement’s discount and leak are 6.41 times the commission, not six and a half. The register has no total: the EUR 17,148,880 this page printed was two of its nine rows added. Added: a blank set, thirteen working documents, forty questions that mark themselves, and three cases.

Articles on this book

• How much of an accelerated placement's cost never appears on an invoice?The commission on a EUR 385,225,000 placement was 13.50 per cent of what it cost. The other 86.50 per cent was uninvoiced.
• How do you calculate a new issue concession on a bond?Reoffer spread minus fair value interpolated on the issuer's curve: 122 less 117.81 is 4.19 bp, EUR 1,241,953 on 500 million. Log interpolation says -0.78.
• How do you calculate the all-in cost of a bond issue?Solve the yield on net proceeds: 47.4 bp of fees on a seven-year bond at 4.32 per cent give an all-in 4.40 per cent, mid-swaps plus 130.04 bp.
• How are a new bond's coupon and reoffer price calculated?Mid-swap 2.734% plus 118 bp gives a 3.914% reoffer yield; the coupon is rounded down to 3.875% and the price solves to 99.765. Worked example.
• How do you compare euro and dollar bond funding costs?Spread each bond over its own swap curve, then add the basis: 108 bp over dollar swaps less an 18 bp basis is 90 bp, 32 bp cheaper than euros at 122.
• How is a placing discount calculated: last close or VWAP?1 minus price over reference: EUR 40.55 is 4.81% off a 42.60 last close, 2.99% off the 30-day VWAP and 6.67% off the pre-sounding close. Worked example.
• How do you calculate the DV01 of a bond, and what is 1 bp worth?Reprice one basis point each way and halve the gap: a 7-year EUR 500m bond at 99.765 has a DV01 of 0.0601 per 100, EUR 300,624 a basis point, not 350,000.
• How much does a discounted share placing dilute shareholders?Ownership dilution is new over enlarged shares, 7.45% on this placing; value dilution is that times the 4.81% discount: 0.36%, or EUR 18.02m in total.
• How do you calculate TERP in a rights issue?TERP = (N x P + n x S) / (N + n). A 2-for-5 issue at EUR 30.00 on a 42.60 share gives 39.00, a 9.00 right and a 23.08% discount to TERP.
• How is a make-whole call price calculated on a bond?Max of par and the PV of remaining payments at the reference yield plus a spread. A 3.875% bond with four years left redeems at 105.173 at Bund + 20 bp.
• How do you calculate accrued interest on a bond?Coupon times days since the last coupon over days in the period: 3.875 x 208/365 is 2.20822 per 100, EUR 5,520,548 on a EUR 250m tap of a euro bond.
• G-spread vs I-spread: how do you calculate each on a bond?Subtract the interpolated government yield or mid-swap: a 3.914% seven-year bond is 118.0 bp over swaps and 140.2 bp over Bunds. The gap is the swap spread.
• How do you calculate the Z-spread of a bond?Add one spread to every zero swap rate and solve for the price: a 3.875% seven-year bond at 99.765 has a Z-spread of 118.9 bp, against an I-spread of 118.0.
• How does a greenshoe option work in a share offering?Banks over-allot 15% and close the short by buying in the market or exercising: on 20m shares at EUR 25.00 that is 73.1m more for the issuer or 70.8m of support.
• How do you calculate the greenium on a green bond?Green spread less the interpolated conventional curve: 112 bp against 116.00 is a minus 4.00 bp greenium, and a 7.00 bp saving once the concession is added.
• How do you calculate the true cost of an IPO, underpricing included?Fees and expenses plus shares sold times the first-day gain: a 17.0% pop turns a 4.55% invoiced cost into 21.55% of the money raised. Worked example.
• How do you calculate a convertible bond's conversion premium?Conversion price over share price, less one. A 30% premium on a 40.00 share sets conversion at 52.00, parity at 76.92 and, at par, an implied volatility of 27.3%.
• Is buying back bonds below par worth it for the issuer?A tender of a 1.25% bond at 93.88 books a EUR 17.90m gain but loses EUR 6.17m if refinanced at 4.15%. Compare the 3.38% tender yield with the funding rate.
• How is a bond tap priced, and what does the issuer receive?A €250m tap of a 3.25% bond re-offered at 3.70% prices at 98.189 clean plus 1.95 accrued; after fees the issuer's all-in cost is 3.738%.
• How is an IPO gross spread split among the underwriters?Management fee, underwriting fee and selling concession, often 20/20/60. On a $30.0m spread, a lead-left with 35% of the risk earns $10.275m, 36.1%.

Also by Julian R. Sterling

The other books with companion files. The full list of titles is on the author page.

• Breaking Into European Defence ProcurementThe money and the instruments, the 35 per cent content test, and proposal economics.
• Closing the DealTwo defensible bridges 20.70 million apart, a peg worth 7.00 million, and the six choices that remove 6.60 of a 12.00 earn-out.
• CMBS and CRE CLOsWhere the loss actually lands, from appraisal reduction to realised severity, and what the B-piece is really being paid for.
• How to Read a Commercial LeaseThe three refinements chapter 19 names and never performs, and the renewal rate below which the mark-to-market is worth nothing.
• How to Read a Credit AgreementWhere the default actually comes from, the cure that costs 5.5 times the other, and the capacity nobody adds up.
• How to Read a Limited Partnership AgreementWhat the clawback actually collateralises, and why every dollar won on the tax clause lands in the uncollateralised column.
• How to Read a Private Funds Financial StatementsThe Harbourgate reporting pack, five worked cases, and rebuilding your own account.
• How to Read a Real Estate Loan AgreementThe cure ratio in closed form, the four-point window in which the cheap cure works, and the cure sized to the wrong threshold.
• Insurance Capital for Asset ManagersWhy the same fund costs two insurers different amounts, and what opacity costs a manager in euros.
• Logistics and Industrial Real EstateNet effective rent, the ageing asset, and the development letting decision.
• Office Real EstateA six per cent yield that returns 3.2 per cent once the re-letting cycle is paid for, and the headline-to-net-effective rent arithmetic.
• Operational Due Diligence in Private EquityThe rating model built and then broken, and why refining a rubric weakens it.
• Personal Finance for BeginnersWhat a minimum payment really does, and what the snowball and the emergency fund actually cost.
• Private Equity Investor RelationsWhat a fund has returned, read six ways — and the eleven-point gap between them.
• Private Equity Real EstateBoth worked waterfalls to the dollar, the two capital stacks, and the arithmetic of the promote made changeable.
• Private Markets PerformanceThirty-one of the thirty-three figures chapter 19 publishes reproduce exactly — and the two that do not are named rather than quietly adopted.
• Raising a Real Estate FundThe chapter 17 funnel run on a calendar — when the first close actually lands, and why more travel does not help.
• Real Estate FinanceFour people look at one building and reach four numbers; the lender is whole only above 105,109,489, twelve per cent below today’s value rather than forty.
• Real Estate Financial ModelingProperty, development and fund models built line by line, and the modelling test worked end to end.
• Real Estate Fund ManagementThe waterfall of 6.11, the build-to-core of 8.7 and the proceeds gap, reproduced as live formulas rather than asserted.
• Real Estate Joint VenturesThe JV waterfall and promote, the complete venture, and failure to fund.
• Real Estate Transaction Due DiligenceWhat the diligence cost, which workstreams paid for themselves, and the investigation the book skips, priced.
• REIT Analysis and ValuationFFO of 532.0, AFFO of 381.0, net asset value and dividend safety — every figure a formula you can change.
• Retail Real EstateThe occupancy cost of every unit in a centre, the sixteen per cent of the rent roll no tenant can sustain, and the right-size-convert-or-hold decision priced.
• Sale and LeasebackA €179.5 million transaction end to end, with rent cover measured on the entity that actually signs the lease.
• Self-Storage Real EstateThe cohort engine behind a 590-unit store, and the rate increase on existing customers priced against the move-outs it causes.
• Senior Living and Healthcare Real EstateThe resident engine of a seventy-bed home, the payor mix, and a rota costed at the employer's real hourly rate.
• Significant Risk TransferThe bank's ceiling and the investor's floor derived independently, and the narrow band of prices at which both can say yes.
• Stock Market Investing for BeginnersWhat compounding and fees actually cost, with figures — and a calculator for your own.
• Student Housing Real EstateRevenue per available bed against the rate card, the letting campaign week by week, and the cost base of a 520-bed scheme.
• The AIFMD II HandbookThe reverse stress test computed, and the facility term that moves it more than any asset.
• The Asset-Based Finance HandbookThe borrowing base off a live loan tape, the Meridian transaction, and trigger design.
• The CBAM Compliance HandbookWhat 2027 really costs, how big the buffer should be, and the term the surrender formula counts twice.
• The Co-Investment PractitionerWhat dilution really costs, what a pay-to-play clause is worth, and how much to hold back.
• The Continuation Fund HandbookThe Thalia transaction, the bid funnel, and the fees behind the roll decision.
• The Data Center Development HandbookThe underwrite computed: the levered return the chapter never builds, and what a twelve-month slip costs.
• The Distressed Debt InvestorWhere the fulcrum security actually breaks, and what an 80-cent recovery is worth once composition and time are priced.
• The ESG Manager in Private EquityThe exit in equity and IRR, the line the book drops, and the half-turn nobody controls.
• The EU AML HandbookThe back book sized, and the month beyond which no headcount recovers a one-year window.
• The Evergreen Fund HandbookWhat the sleeve costs, and the headline IRR at which a closed-ended fund merely ties.
• The Family Office ProfessionalWhat an office costs, and the level of wealth at which building one starts to pay.
• The Fund Finance ProfessionalChapter 8 builds the reported-to-eligible NAV bridge; chapter 9 computes every ratio without it. Two points at every state — and what a subscription line does to the IRR.
• The Growth Equity InvestorWhat a pro rata cheque really costs, and the band where defending your ownership loses money.
• The Infrastructure Investment AnalystDebt sculpted to a coverage floor, and one asset valued twice to the last decimal.
• The Private Credit InvestorThe two coverage ratios are not measured on the same thing: the erosion is 47.7 per cent, not the 28.7 the headline implies.
• The Private Equity Fund Controller PlaybookThe book defines IRR, DPI, RVPI and TVPI, tells you to update them at the exit, and prints not one value. Computed: a 1.833× deal inside a fund at 0.892 TVPI.
• The Private Equity Operating PartnerThe value creation bridge built in full, and who actually made the return.
• The Private Equity Secondaries InvestorThe seller’s floor beside the buyer’s ceiling — and the zone that usually is not there.
• The Private Fund Compliance OfficerThe grey zone as basis points, a broken deal four ways, and how many items you must test.
• The Private Markets Limited PartnerWhat a co-investment programme really saves, and the loss rate that erases it.
• The Private Markets Valuation SpecialistThe book describes its illustrations without numbers on purpose. These files close the chain, with every step visible.
• The Private Wealth FundraiserThree peaks, years apart, and the signature that tells a forecast miss apart.
• The Real Estate Asset ManagerBusiness plans, leasing, and what deferring the work on a building actually costs.
• The Real Estate Debt InvestorThe margin against the return on capital, the floor priced, and what prepayment protection buys.
• The Real Estate Development ManagerThe residual appraisal, the worked scheme, land diligence and the risk register.
• The Real Estate Secondaries InvestorAn eighteen per cent discount to net asset value that is really 9.18 once the reported value is unsmoothed.
• The Venture Capital AssociateWhat defending a position costs, and how many companies a reserve pool actually defends.
• Financial Risk ManagementA fund inside every limit that cannot meet a redemption — and the number that decides it is the one with no currency attached.
• Business ValuationThree advisers land 26.8 per cent apart on one company, and the whole gap turns out to be 1.96 points of perpetual growth.
• Quantitative FinanceThree models agree to a quarter of one per cent about a number that one unobservable input moves a hundred and three times as much.
• Asset ManagementFour people quote four returns for one mandate, all correct and 2.7017 points apart — forty-eight times the manager’s net skill.
• Alternative InvestmentsA manager reports 13.29 per cent and the endowment earns 6.26 — both correct, and only a third of the advertised advantage arrives.
• Credit AnalysisFour defensible EBITDAs on one borrower give leverage from 3.19x to 6.47x — and the add-back argument is fifty times the covenant headroom.
• Venture CapitalOne company out of twenty-eight returns 56.7 per cent of the fund, and half the capital goes in after the decision — at half the return.
• Machine Learning for FinanceFive people quote the accuracy of one credit model, all five are right, and the number that decides how much money it makes is none of them.
• Commercial Real Estate InvestingThe equity earned 8.6647 per cent and the investor received exactly 8.0000 — the preferred return, and nothing above it.
• Mergers and AcquisitionsThe board paper says the deal creates 13,436,667 of value. The arithmetic says it destroys 17,530,855. Nobody is lying.
• DerivativesThe treasury report says the hedge cost 1,233,698. That is the interest differential, not a cost.
• Treasury ManagementFive cash balances for one company, all correct and 145,600,000 apart — and the revolver that is two-thirds of the liquidity leaves at a revenue fall of 8.4127 per cent.
• Financial Planning and AnalysisRevenue 3.0190 per cent above budget and operating profit 16.3209 per cent below it, in the same quarter, with every figure correctly stated.
• Energy TradingA position report that is 91.7031 per cent hedged and correctly computed, on a book that is short 2,542,000 MWh — and a margin call of 198,400,000 the next morning.
• Construction Cost ControlA contract sum of 26,301,102 became a final account of 29,153,363 on the building that was drawn — and 85.8 per cent of what was lost was knowable on the day it was signed.
• Trade FinanceSix routes to payment on one 4,200,000 export order cost between 178,040 and 223,268, a spread worth 14.8 per cent of the margin, and a day of buyer credit costs 1,031.76.
• Cost AccountingOne factory costed twice on the same 13,440,000 of overhead, and 4,053,091 moves between four product families.
• The Project Finance HandbookTwo infrastructure deals modeled end to end, and one of them does not work.
• Pricing StrategyA list price of 148.00, a pocket price of 112.51, and the nine deductions in between — with what one point of price is actually worth.
• Contract ManagementA bid 5.50 a unit cheaper, signed on paper worth 9.81 a unit more — and 94.68 per cent of it was knowable on the day of signature.
• Financial RegulationThree ratios pass and the fourth is in breach by 1,956.0 million: the output floor, the liquidity buffer after encumbrance, and the loan split.
• Bank ManagementFour defensible readings of one balance sheet, the deposit beta measured two ways, and the liquidity that lasts 3.9 days.
• The Real Estate WorkoutFour ways out of one broken loan, discounted to today, and the 58.7 cents at which a payoff beats enforcement.