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

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Annex 1 Eligibility criteria for state guarantees Instrument eligibility Securities or financial instruments with the unit face value of at least €25,000, including bonds and medium term bonds Scale of scheme €100 billion (originally set at €150 billion) 134
Annex 1 Eligibility criteria for state guarantees A1.2.2 Guarantee agreement between the Belgian, Dutch and Luxembourg State and Fortis Bank 37 Implementation date of scheme 5 November 2008 End date of entry into scheme 31 October 2009 Fee for instrument (i) For contracts, securities and financial instruments with a maturity of under one month: 25 bps (ii) For financing which will mature within one year or which has indefinite maturity: 50 bps (iii) For financing with a maturity strictly exceeding one year the fee is 50 bps plus the lower of either the median value of the Fortis Bank 5 years CDS spreads over the period beginning on 1 Jan 2007 and ending on 31 Aug 2008 (provided that these spreads are representative); or the median of the 5 years CDS spreads of all credit institutions with a long-term credit rating equivalent of that of Fortis Bank. Maximum tenor 3 years Institution criteria The Scheme was only available to Fortis Bank Instrument eligibility Short and medium term wholesale funding, including commercial papers, bonds and medium-term notes excluding mortgage bonds and similar certificates and loans with a statutory line or contractual mechanism which serves the same purpose, subordinate loans, securities and financial instruments, hybrid capital and capital securities and financial instruments, and all derivatives Scale of scheme €150 million 37 For details see: http://europa.eu/rapid/pressReleasesAction.do?reference=IP/08/1746&format=HTML&aged=0&language=EN&guiLanguage=en; www.mayerbrown.com/public_docs/0209fin_Belgium.pdf; http://ec.europa.eu/competition/state_aid/cases/228379/228379_1018353_32_1.pdf. 135
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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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3 Issuing costs of state guarantee
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4 Impact of state guaranteed bonds
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Page 116 and 117: 5 Key empirical findings and polic
Page 118 and 119: References Acharya V.V. and Sundara
Page 120 and 121: Lando, D. (1997). 'Modeling Bonds a
Page 122 and 123: Annex 1 Eligibility criteria for st
Page 140 and 141: Annex 2 Comparison of SG and non-SG
Page 142 and 143: Annex 2 Comparison of SG and non-SG
Page 144 and 145: Annex 3 Analysis of missing issuin
Page 156 and 157: Annex 3 Analysis of missing issuing
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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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