3 Issuing costs of state guaranteed bonds - Financial Risk and ...

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Annex 1 Eligibility criteria for state guarantees A1.1.9 Portugal 32 Implementation date of scheme 24 October 2008 End date of entry into scheme 31 December 2009 Fee for instrument Fee for short term (less than 1 year) instrument: 50 bps Fee for medium term (between 1 and 5 years) instrument: relevant CDS Spread plus 50 bps Follows ECB Recommendation on Government Guarantees on Bank Debts Maximum tenor 3 years (can be 5 years in exceptional circumstances, following reasoned recommendation by the Portuguese Central Bank) Institution criteria Only credit institutions with a registered office in Portugal can participate in the Scheme Instrument eligibility Securities must be senior unsecured debt instruments and be denominated in Euros. Ineligible securities include: interbank deposit operations in the money markets; subordinated debt obligations; operations that already benefit from other guarantees; and financing operations in jurisdictions that do not meet internationally accepted transparency standards. Scale of scheme €20 billion 32 For details see: http://www.linklaters.com/pdfs/publications/capitalmarkets/StateGuaranteesGuide.pdf; http://www.min-financas.pt/inf_economica/Portuguese_Guarantee_Scheme_23Oct2008.pdf; http://www.mayerbrown.com/publications/article.asp?id=7856&nid=6. 128
A1.1.10 Sweden 33 Implementation date of scheme 27 October 2008 End date of entry into scheme 30 April 2010 (extended from 30 April 2009) Fee for instrument Fee for short term (less than 1 year) instrument: 50 bps Annex 1 Eligibility criteria for state guarantees Fee for medium term (1 and 5 years) instrument: (i) for banks with CDS data, the fee is the median value of the 5-year CDS spread over the period 1 January 2007 to 31 August 2008 plus 50 bps; (ii) for banks without CDS data, or representative CDS data but with a credit rating, the fee is the median value of the 5-year CDS spread during the above mentioned period for the rating category of the banks concerned, based on a representative sample of Euro area large banks plus 50 bps; (iii) for banks without CDS data and without credit rating, the fee is the median 5-year CDS spread over the same period for the lowest rating category plus 50 bps; (iv) for guarantees for covered bonds the fee is 25 bps plus the institution's CDS spread. Maximum tenor 5 years Institution criteria Banks and mortgage institutions incorporated and operating in Sweden (including Swedish subsidiaries of foreign institutions) that are solvent Instrument eligibility Eligible instruments include bonds, certificates of deposits and other non-subordinated debt instruments which have a maturity longer than 90 days but less than 5 years. Scale of scheme SEK 1,500 billion 33 For details see: http://ec.europa.eu/eu_law/state_aids/comp-2008/n533-08.pdf; http://ec.europa.eu/competition/state_aid/cases/233371/233371_1018309_21_1.pdf. 129
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Economic Papers are written by the
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Wherever possible London Economics
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Contents Page Annex 4 Results of di
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Tables, Figures & boxes Page Table
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Glossary vi Glossary BGN Bloomberg
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Executive summary Member States (Cy
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1 Introduction 1 Introduction 1.1
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1 Introduction 1.4 Research questi
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1 Introduction analysis of the lat
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2 Overview of state guarantee sche
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Page 86 and 87: 4 Impact of state guaranteed bonds
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Page 118 and 119: References Acharya V.V. and Sundara
Page 120 and 121: Lando, D. (1997). 'Modeling Bonds a
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Page 140 and 141: Annex 2 Comparison of SG and non-SG
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Page 144 and 145: Annex 3 Analysis of missing issuin
Page 156 and 157: Annex 3 Analysis of missing issuing
Page 158 and 159: Annex 3 Analysis of missing issuing
Page 160 and 161: Annex 4 of diagnostic tests of issu
Page 162 and 163: Annex 4 of issuing cost model Figur
Page 164 and 165: Annex 5 -over model Annex 5 Results
Page 166 and 167: Annex 5 -over model Figure 25: Anal
Page 168 and 169: Annex 6 Availability of bank data A
Page 170 and 171: Annex 6 Availability of bank data T
Page 176 and 177: Annex 7 Linking Bloomberg and Banks
Page 178 and 179: Annex 8 Investigation of estimation
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