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0.085
0.08
0.075
Forward Rates
0.075
Forward Rates
0.07
0.07
Spot Rates
Spot Rates
0.065
0.065
Financial Provider no.1
Bootstrap
0.06
Financial Provider no.2
Bootstrap
0.06
Partial data set (17)
0.055
0
20
40
60
80
Partial data set (17)
100
120
0.055
0
20
40
60
80
100
120
0.074
0.14
0.072
0.13
EpiSolutions, Inc.
BootStrap
0.12
0.07
0.11
Forward Rates
0.068
Full data set
0.1
Spot Rates
0.066
0.09
Forward Rates
0.064
0.08
0.062
0.07
Spot Rates
Svensson Model
0.06
0.06
Full data set
0.058
0.05
0
20
40
60
80
100
0.056
120
0.074
0
20
40
60
80
100
120
7.4
0.072
7.2
0.07
Forward Rates
7
Forward Rates
0.068
6.8
Spot Rates
0.066
0.064
6.6
Sport Rates
0.062
6.4
0.06
6.2
Maximum Smoothness
0.058
6
0.056
0.054
0
20
40
60
80
via Geometric Programming
Full data set
Full data set
100
5.8
120
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20
40
60
80
100
120
0.08
0.075
0.07
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Spot Rates
0.065
EpiCurves
0.06
Full data set
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Spot Rates: EpiCurve and Interpolation
12
11
10
Spot rates: October 1982
9
8
Interpolated Yield curve: Dashes
7
0
20
40
60
80
100
120
Forward Rates curves: EpiCurve and Interpolation
13
12
11
10
Forward rates from interpolated Yield
9
EpiCurve
8
7
6
0
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20
40
60
80
100
120
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7
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16
15.5
15
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Spot Rates
rates
14
13.5
Forward Rates
13
12.5
January 1982
12
11.5
11
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0
50
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100
150
0
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50
months
100
150
0.08
0.075
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EpiSolutions, Inc
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0.25
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no convexity adj.
0.2
0.15
rates?!
rates
0.06
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0.055
0.1
0.05
0.05
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0.045
Spot Rates
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(no Convexity adj.)
0.04
−0.05
0
50
first 150 months
100
−0.1
150
0.08
0
50
first 150 months
100
150
0.12
0.075
EpiSolutions, Inc.
BootStrapping
0.1
Forward Rates
0.07
0.065
Forward Rates
with Convexity adj.
0.08
rates
rates
0.06
Yied curve
0.06
0.055
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0.05
0.04
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0.04
0
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0.1
0.069
0.09
0.068
0.08
0.067
0.07
0.066
0.06
0.065
0.05
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SVEN
50
100
150
200
250
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300
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VDEV
SVEN
50
100
150
200
250
300
0.09
0.06
0.08
0.058
0.07
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Spot rates −− Dec. 00
0.06
0.05
0.054
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Forward rates −− Dec. 00
0.03
EPIS
0.05
0.02
EPIS
EPIA
0.01
VDEV
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50
100
150
200
250
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150
200
250
300
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0.07
0.05
0.06
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0.04
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0.035
0.02
0.03
EPIS
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0.01
EPIA
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50
100
150
200
250
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150
200
250
300
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0.03
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50
100
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200
250
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100
150
200
250
EPIA
VDEV
SVEN
50
100
150
200
250
300
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EPIS
EPIA
VDEV
0.01
VDEV
SVEN
50
EPIS
0.04
0.025
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Forward rates −− Dec. 02
0.02
SVEN
0
300
50
100
150
200
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0.65
Flat Volatility
Spot Volatility
0.6
0.55
0.5
Volatility
0.45
0.4
0.35
0.3
0.25
0.2
0.15
0
1
2
3
4
5
Cap Term
6
7
8
9
10
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