A cash cap table shows the effective interest rates for each tranche, for each period, under a given set of assumptions. Thus the table has two dimensions: time (usually in years) vs. tranche. Each entry in the table is an annualized effective interest rate: interest paid plus the BRCFA paid divided by the previous period balance for that tranche. This rate must be adjusted by the appropriate day count. Make the same assumptions as for decrement tables except that market rates are 20% flat. This places severe stress on the structure because the WAC caps all trigger and limit interest payouts to bonds. The BRCFA accounts fill up and there isn”t enough cash to pay them down. As a result many nuances of the liability waterfall get exercised. Unless the rules are modeled correctly, this table cannot be generated precisely. Extend your model to generate this table.
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