We calculate the effective interest rate using the latest available interest expense and the latest available (book) value of debt at the valuation date. When you create a Private Company Valuation, this date is either chosen by you or reverts to the latest date you've created or altered the valuation.
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The spread is then calculated by comparing this to the peer's country's risk-free rate (usually the yield on 10-year gov bonds as of valuation date). You can see the calculations by selecting "Financials" by clicking on the three dots to the left of each peer's name.