Companion files

Capital Markets

What It Costs to Raise Money, and Who Decides the Number

These are the companion files of Capital Markets by Julian R. Sterling.The book on Amazon →

The four Excel workbooks that go with the book, re-verified and corrected where their notes and this page were wrong. Every figure the book prints is reproduced in them by a live formula rather than a typed constant, from the four readings of one secondary curve to the register of every convention in euros, and each workbook ends with a Checks sheet setting the printed figure beside the computed one: 272 controls in all, every one green. Around them: the same four models with the inputs emptied, thirteen working documents to print, forty questions that mark themselves, and three cases the book names and never takes to a number. Nothing is locked, protected or watermarked.

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Everything on this page, in one archive

Download the ZIP272 KB

Twelve workbooks, the printable documents and the read-me. Each group below can also be downloaded on its own. Last revised 24 September 2026.

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The four workbooks

These carry the book’s own figures, so that every number it prints can be traced to a live formula, and each closes on its checks sheet. Download these four110 KB

The same models, for your own transaction

The four workbooks with the 89 inputs of their Inputs sheets emptied. The checks sheets count what is still missing and test what holds for any inputs.

The documents the chapters describe

Thirteen pages to print and use. A4, with margins wide enough for US Letter.

Forty questions, marked by the file

A workbook that marks itself. Answer in the yellow cells; the marking fills in as you go.

Three cases the book does not work

New material, not a restatement. Three situations the chapters name and never take to a number. Each case is one workbook: the note is the first sheet, the model is the rest, and a checks sheet closes it. Type your own figures in and every finding recomputes.

Conventions used throughout

Blue texta hardcoded input — you may edit these
Yellow fillan input cell; everything else on the sheet is a formula
Black texta formula — do not overtype these
Checks sheetthe printed figure beside the computed one, with a PASS or a FAIL; in the blank set and the cases, each control states its own verdict and the file ends ALL OK
ADDEDa figure the book does not give, used in the cases and marked wherever it appears

How they are built

Each file has one Inputs sheet, and it carries the only entered values: the secondary quotations, the target maturity, the execution levels, the fees, the share count and the four price references. Everything else is computed from them. Where two readings are defensible, both are shown and neither is chosen — which is the argument of the book rather than a hedge.

The workbooks were checked by moving the inputs and confirming that every dependent figure moved with them. Shifting the nine-year quotation by nine basis points moves all four fair values, all four concessions and every euro figure that depends on them. Switching the quoted reference in the placement sheet moves the discount, the leak counterfactual and the dilution together.

Go beyond the companion files

Capital Markets develops the complete framework behind these models, with the assumptions, trade-offs and worked examples tied together.

View the book on Amazon Read the related analysis

These files accompany Capital Markets. The book is on Amazon.

If this book helped — or didn’t — a few lines on Amazon are worth more than they look: they are what the next reader goes on. Write a review. The workbook stays free either way.

Opening the files

The workbooks open in Microsoft Excel, LibreOffice Calc, Google Sheets and Numbers; the PDF prints on A4 or US Letter. They use no macros and no add-ins, so nothing needs to be enabled or trusted. If your spreadsheet asks to update links on opening, decline — there are none.

What changed, and when

24 Sep 2026The four workbooks re-verified and corrected, 272 checks. Every figure the book prints still reproduces. The Interpolation Workbook’s first experiment ran the wrong way: nine basis points off the nine-year bond take the logarithmic reading down to 116.88, not back above the reoffer spread. The two thresholds, 5.90 and 7.99, sit below the eight to twelve basis points of 2022 and 2023, not inside them. The placement’s discount and leak are 6.41 times the commission, not six and a half. The register has no total: the EUR 17,148,880 this page printed was two of its nine rows added. Added: a blank set, thirteen working documents, forty questions that mark themselves, and three cases.

Articles on this book

Also by Julian R. Sterling

The other books with companion files. The full list of titles is on the author page.