SPV January 2008 - A Prepayment Model for Bonds with No Debtor Information

In this release of SPV we have developed a prepayment model for bonds without published debtor information. Such a model enables us to calculate option adjusted key figures for a subset of bonds which we would otherwise have to treat as non-callable. This leads to option adjusted durations that are lower, and imply a more realistic relationship between price sensitivity, coupon rate and maturity relative to Fisher Weil durations.