Hi all,We are trying to slice a portfolio of 100 loans into tranches in those CDO-like structures. Lets say we specify the equity tranche to be 0% to 5%.How do we price our equity tranche?I have read a bunch of papers with CDO models but they all start with models (with unknown parameters) first and then use "calibration" to fit the model and find the values for the unknown parameters that way.My question is: if our product has never been traded on the market and our goal is to figure out how much we shall sell the CDO-like insurance for our equity tranche (and other higher tranches), so we don't have market data to calibrate our model to, how should we price our product?Thank you!