Suppose that for a securitization with a shifting interest mechanism you are given the following information for some month:
subordinate interest = 25%
shifting interest percentage = 85%
regularly scheduled principal payment = $3,000,000
prepayments = $1,200,000
What is the senior prepayment percentage for the month?
The senior percentage, also called the senior interest, is defined as the ratio of the balance of the senior bond class to the balance of the entire deal and is equal to 100% minus the subordinate interest, which is given as 25%. Thus, the senior prepayment percentage is: 100% – 25% = 75%.
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