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

Annex 3 Analysis of missing issuing cost data
Table 30: Comparison of means for missing and non-missing SG bonds (1 of 3)
144
Issuance volume Coupon Bond rating
Mth N 1 N 2 1 2 1- 2 t-stat SE N 1 N 2 1 2 1- 2 t-stat SE N 1 N 2 1 2 1- 2 z-stat SE
11/08 13 3 2.0E+9 6.7E+8 1.3E+9 -0.5 8.0E+8 13 3 4.1 4.5 -0.4 -1.3 0.4 13 3 0.9 1.0 -0.1 -0.5 0.1
12/08 19 12 1.1E+9 3.1E+8 8.3E+8 2 2.3E+8 19 12 3.2 2.4 0.7 1.7 0.4 19 12 0.7 0.3 0.4 1.9 0.2
01/09 20 8 9.8E+8 2.4E+8 7.4E+8 1.9 3.6E+8 19 8 2.5 2.5 0.1 0.3 0.3 20 8 0.8 0.4 0.4 1.9 0.2
02/09 29 20 1.1E+9 2.0E+8 8.7E+8 2 2.1E+8 29 20 2.7 3 -0.3 -1.4 0.2 29 20 0.6 0.3 0.3 2.0 0.1
03/09 36 27 1.2E+9 4.3E+8 8.0E+8 1.5 2.4E+8 36 27 2.6 2.5 0.2 0.9 0.2 36 27 0.6 0.4 0.2 1.5 0.1
04/09 34 31 7.7E+8 6.0E+8 1.6E+8 1.1 2.1E+8 34 31 2.4 2.1 0.3 1.7 0.2 34 31 0.6 0.4 0.1 1.1 0.1
05/09 32 40 8.3E+8 3.6E+8 4.7E+8 0.4 2.0E+8 32 40 2.1 1.9 0.1 0.7 0.2 32 40 0.5 0.5 0.1 0.4 0.1
06/09 30 64 5.1E+8 2.2E+8 2.9E+8 2.4 10E+7 30 64 1.7 2.5 -0.8 -4.5 0.2 30 64 0.3 0.1 0.2 2.4 0.1
07/09 33 26 6.0E+8 2.6E+8 3.4E+8 1.3 1.7E+8 33 26 1.4 2.4 -0.9 -4.4 0.2 33 26 0.6 0.5 0.2 1.3 0.1
08/09 20 6 4.1E+8 4.4E+8 -3.1E+7 0.1 2.2E+8 20 6 0.9 2.4 -1.4 -5.7 0.3 20 6 0.7 0.7 0.0 0.2 0.2
09/09 14 5 6.3E+8 7.4E+8 -1.2E+8 0.1 5.2E+8 14 5 1.7 2.1 -0.3 -0.4 0.8 14 5 0.4 0.4 0.0 0.1 0.3
10/09 16 10 7.6E+8 4.8E+8 2.8E+8 3.7 2.5E+8 16 10 1.2 2.8 -1.7 -3.5 0.5 16 10 0.8 0.2 0.6 3.1 0.2
11/09 14 17 6.4E+8 3.8E+8 2.6E+8 2.5 2.2E+8 14 17 1.9 2.7 -0.8 -1.7 0.5 14 17 0.7 0.3 0.4 2.3 0.2
12/09 16 7 3.6E+8 6.2E+8 -2.6E+8 0 1.7E+8 16 7 1.1 2.8 -1.7 -7.6 0.2 16 7 0.6 0.6 0.0 0.0 0.2
01/10 21 14 7.9E+8 3.8E+8 4.0E+8 1 2.6E+8 21 14 1.2 2.3 -1.1 -3.2 0.3 21 14 0.5 0.4 0.2 1.0 0.2
02/10 14 14 8.2E+8 1.0E+8 7.2E+8 2.1 2.7E+8 14 13 1.1 2.2 -1.2 -3.3 0.4 14 14 0.5 0.1 0.4 2.0 0.2
03/10 28 30 3.6E+8 2.4E+8 1.1E+8 0.1 1.2E+8 28 27 1.4 2 -0.7 -2.4 0.3 28 30 0.1 0.1 0.0 0.1 0.1
04/10 25 30 7.5E+8 2.6E+8 5.0E+8 -0.4 1.8E+8 25 29 1.8 2.3 -0.5 -1.5 0.3 25 30 0.0 0.1 0.0 -0.4 0.1
05/10 32 11 3.2E+8 1.9E+8 1.3E+8 -0.5 1.3E+8 32 10 2.1 2.2 -0.1 -0.2 0.5 32 11 0.1 0.2 -0.1 -0.5 0.1
06/10 43 19 5.0E+8 1.0E+8 4.0E+8 1.2 2.2E+8 41 19 2 2.5 -0.5 -1.3 0.4 43 19 0.1 0.0 0.1 1.2 0.0
07/10 25 3 1.3E+8 1.7E+8 -4.1E+7 -3.4 6.8E+7 24 3 1.3 1.5 -0.2 -1.2 0.2 25 3 0.0 0.3 -0.3 -2.9 0.3
08/10 6 7 3.2E+8 3.3E+8 -4.4E5 0.7 2.4+E8 6 7 1.9 2.9 -1 -0.7 1.4 6 7 0.5 0.3 0.2 0.8 0.3
09/10 8 6 1.3E+8 1.3E+8 -1.9E6 -0.2 6.7E+7 8 6 1.7 2.6 -1 -1.1 0.8 8 6 0.1 0.2 0.0 -0.2 0.2
10/10 5 7 2.6E+8 3.6E+8 -9.6E+7 -0.3 1.9E+8 5 7 0.8 3.2 -2.4 -3.1 0.8 5 7 0.2 0.3 -0.1 -0.3 0.2
11/10 6 9 2.4E+8 5.4E+8 -3.0E+8 . 3.6E+8 6 9 4.5 3.5 1 1.2 0.8 6 9 0.0 0.0 0.0 . 0.0
12/10 8 5 2.4E+9 6.5E+8 1.7E+9 0.8 8.1E+8 7 5 7.7 5.5 2.2 1.5 1.5 8 5 0.1 0.0 0.1 0.8 0.1
Summ. 547 431 7.3E+8 3.6E+8 3.6E+8 4 . 542 425 2.2 2.7 -4.8E-1 0 . 547 431 4.2E-1 3.1E-1 1.3E-1 3 .
-stat (outcome of t-test for continuous variables based on mean-comparison tests), z-stat (outcome of tests of proportions for indicator variables), SE
(standard error), subscript 1 indicates statistic relates to included bonds and subscript 2 indicates statistic relates to excluded bonds