This Summer we are pleased to release the following features to T-REX Analytics!

  • Reports: Bonds Price-Yield tables will now show: Princ. Write-down and 1st interest shortfall month.  
  • Bonds Module: New mode for Initial Principal Payments - Senior Sub Pro-rata; Additional top-of-Waterfall Bond expense item; control when individual bond expense stops
  • Loans Module: Fractional numbers are now supported in Accrual Months input

Bonds

Bonds Price-Yield Table: T-REX added two calculated fields: Princ. Write-down & 1st Interest Shortfall month.

 

Initial Principal Payments: T-REX added a new mode: Senior Sub Pro-rata where the senior stack and the sub stack pay pro-rata with one another (subject to terms for principal allocation and OC). Users can choose this mode in Bonds > Settings:

 

Bond Expenses: Users can now support up to 4 top-of-the-Waterfall Expenses in the structure. Additionally, each Expense item has its own toggle to control when payment occurs: All Periods, Bonds are Outstanding or Bonds are Paid in Full.

 

Loans

PACE Loan Accrual Months: Users can now input fractional numbers (such as 1.5, 2.3, etc.) in the Accrual Months field. The upper limit that was previously imposed has also been removed. This would make it easier to combine different loans with different amortization terms into a single repline.

This Summer we are pleased to release the following features to T-REX Analytics!

  • Solar Projects - Custom Expense Categories
  • Bonds - Reserve Deposit/Release Timing; Different Settlement Dates for Each Tranche; Additional Controls for Expenses; Prepayment Penalty can be funneled to Interest Fund or Principal Fund

Solar Projects

  • Custom Expense: In this release, T-REX significantly enhanced the way Project Expenses are managed on the T-REX platform. Users can now input any number of expense categories using 8 different units (from $/Acres, $/MWh to % of PPA revenue). Each of these expense categories could then be stressed under Scenarios.

Bonds

  • Reserve Deposit Timing: T-REX has added a toggle to control the timing of the Reserve account deposit. Users can now choose to have Reserve deposits occur either before or after the Bonds Principal Payments are made. This toggle can be found under Bonds >Settings: Reserve release will then occur right after reserve deposit.  
  • Tranches Settlement Dates: T-REX now supports deals that have Tranches which are sold at different times. Users can configure different Settlement Dates for different tranches in the structure in Bonds > Tranches > Term:
  • Prepayment Penalty: T-REX has added a toggle to control whether prepay penalty is funneled to the interest fund or the principal fund. This toggle can be found under Bonds > Settings:
  • Bond Expenses: T-REX can now support expenses comprised of a variable and a fixed component - Bps (Collat) + Amount ($). See Annual Expenses under Bonds > Structure: Users can also use a vector input for Expense Floors instead of just a fixed number: A toggle has been added to control whether to use the opening or ending balance as the basis for Expenses that are calculated using Bps of Collat. Balance.
  • This Spring we are pleased to release the following features to T-REX Analytics!
  • Solar Projects - Levered After-Tax IRR in reports

Solar Projects

Levered After-Tax IRR: The Pro-Forma Report and Price Yield Reports for Solar Projects can now take into account the effects of Tax and Leverage.

T-REX added a Tax Settings section under the General tab for users to enter federal and state income tax rates and dictate the behavior of tax and ITC recognition.

Depreciation schedules can be configured under Solar Projects > Expenses:

Loans

PACE Parameters: T-REX has added a set of 7 new parameters under the Scenarios tab to replicate the rating agency evaluation model of a PACE structure. This allows the user to stress Collateral Cash Flows using the same methodology used by leading rating agencies.

Different Day Count Modes: T-REX now supports the following day count modes for calculating loan interest rates:

  • 30/360
  • Act/360
  • Act/365
  • Days360

Prepayment Penalty: Prepayment Penalty is now supported as a Vector input (which means the user can enter either a Fixed Rate or create a Custom Schedule). Placed under Loans > Prepayment:

 

Bonds

Senior Principal Payments Triggers: T-REX has added a new Amount Triggered section under the Bonds tab to support a sequential trigger bond structure. The user can now define various triggers across the Capital Structure that change the payment behavior for senior Tranches.

Pro-Rata Principal Payments for All Tranches: T-REX now supports the option to use Pro-Rata principal payments for all Tranches instead of just the senior tranche. Users can find this under Bonds > Settings:

Collat Balance for Amortization: T-REX has also added under the Bond Settings the option to use either UPB or Performing Balance of the Loans for Bonds amortization.

Additional Updates: 

  • Users are now provided with the ability to configure where funds are funneled before the settlement date of a NIM bond.
  • Certain Bond structuring settings that were previously housed under the Portfolio tab have now been moved to the Bonds tab.
  • Loans - PACE Scenario Parameters; Different Day Count Modes
  • Bonds - Senior Principal Payments Triggers; Pro-rata Principal Payments for all tranches
  • This Winter we are pleased to release the following features to T-REX Analytics!
  • General: Auto-save the most recently generated report, enhanced sharing capabilities Solar Projects: More robust reporting functionality

Reports:

  • Added the ability to automatically save the view of the most recent Report
  • Users can now navigate to different tabs and come back to the Report they previously generated

Portfolio Permissions:

  • Added the option to share deals (not as-a-copy) with Scenario-Only permission - The invitee will only be able to change Scenarios and Market Rates of the deal

Solar Projects:

  • Added Price-to-Yield report
  • Added ability to select pricing methods (ASP, ASP/W, GPM and GPM/W) in the Yield-to-Price report
  • Added ability to select a specific Scenario Group in the Yield-to-Price report
  • Added a new type of income Lease Payments under the Income tab

Loans:

  • Added a PACE tab to house all PACE-specific inputs

Bonds:

  • Added Reserve Resec account for structuring securitizations
  • Added new options to control Resec closing date and first payment date
  • Added % Collat column to P&L report under Deal Arb
  • Added a YSOC (Yield Supplement Overcollateralization) section under the Bonds tab
  • YSOC is a credit enhancement that supplements the yield on a transaction's collateral pool. It ensures the overall yield of the assets is sufficient to cover all funding costs through the life of the transaction
  • The new fields would allow the user to enter a monthly YSOC amount, as well as toggle between using the Collat, Balance or Adjusted Collat, Balance for Expenses, Reserve Target and OC
  • Bonds: Now supporting Resec and YSOC
  • Loans: PACE-specific inputs have been moved to the PACE tab
  • Custom Waterfall: The Custom Waterfall is now officially out of Beta! This release also includes new features such as support for optional redemption, more variables supported in the Waterfall, the ability to transfer funds between accounts and more. This will empower users with a high degree of flexibility in creating Bond structures with unique Waterfall priority of payments.
  • Public Access: This is a feature that allows issuers, banks and sellers to easily share a deal with investors and buyers, including those who do not have an account on T-REX. With this feature, users can mark a deal as being available publicly with selecting Public Access, which generates a web link which can then be easily shared with others. By clicking the link, potential investors and buyers will be able to view the deal in Read-Only mode without having to create an account.
  • Bonds: Custom Waterfall (Beta)

The Beta version of the long-awaited Custom Waterfall has been released. This will empower users with a high degree of flexibility in creating Bond Structures with unique Waterfall priority of payments.

The tool consists of a Limits Editor and a Conditions Editor. The editors allow users to build custom expressions using 100+ variables to control payment behaviors.

This Fall we are pleased to release the following features to T-REX Analytics! 

To provide for a better user experience, T-REX has redesigned our platform to adapt to the asset class and financing that are relevant for a specific deal! Any irrelevant modules and settings will be hidden to make for a cleaner interface.

  • For example: If a user wishes to securitize a portfolio of PACE assessments, the Solar Project module and its related settings will be hidden in that deal. Similarly, for a deal with Solar Projects that are not levered or securitized, the Loan and Bond modules will not be visible.  

In this new interface, when Add New Deal is clicked, a window will pop up asking the user no more than 3 simple questions to determine which modules are relevant for the deal.

 

The system will then automatically store the answers and create a template for the deal type. Next time, should the user like to create a new deal of the same type, they can skip over the questions and simply click on one of their Recently Used Templates. 

All the pre-existing deals in the users account have already been automatically "migrated" to the appropriate interface, so the user does not need to make any changes at all.