![]() The typical project finance example is the case of debt sizing based on a DSCR-sculpted repayment methodology. A circularity just means that the value of a cell is dependent on itself and therefore Excel cannot properly calculate as a result. ![]() You may have encountered a circular reference in your modelling before or seen the dreaded pop-up and blue arrows, however you may not necessarily know what a circularity is or why they exist in financial models. This tutorial will demonstrate the best practice approach to implementing such copy-paste macros and discuss potential optimisations which will help you in applying this code robustly and efficiently in different situations. Although VBA is to be avoided where possible in project finance models, due to the inherent circularities in some aspects of project finance calculations VBA is sometimes needed to implement copy-paste functionality in a model in order to ‘break’ these circularities.
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