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

Annex 3 Analysis of missing issuing cost data
Table 32: Comparison of means for missing and non-missing SG bonds (3 of 3)
146
USD-denominated Non-USD-denominated Variable interest rate
Mth N 1 N 2 1 2 1- 2 z-stat SE N 1 N 2 1 2 1- 2 z-stat SE N 1 N 2 1 2 1- 2 z-stat SE
11/08 13.0 3.0 0.1 0.0 0.1 0.5 0.1 13.0 3.0 0.5 0.0 0.5 1.5 0.1 13.0 3.0 0.5 0.0 0.5 1.7 0.1
12/08 19.0 12.0 0.3 0.2 0.1 0.9 0.2 19.0 12.0 0.4 0.3 0.0 0.2 0.2 19.0 12.0 0.7 0.3 0.4 1.9 0.2
01/09 20.0 8.0 0.3 0.0 0.3 1.7 0.1 20.0 8.0 0.4 0.5 -0.2 -0.7 0.2 20.0 8.0 0.7 0.1 0.5 2.5 0.2
02/09 29.0 20.0 0.3 0.3 0.1 0.5 0.1 29.0 20.0 0.2 0.4 -0.1 -1.1 0.1 29.0 20.0 0.5 0.3 0.2 1.5 0.1
03/09 36.0 27.0 0.3 0.2 0.1 0.9 0.1 36.0 27.0 0.1 0.2 -0.1 -1.2 0.1 36.0 27.0 0.5 0.5 0.0 -0.1 0.1
04/09 34.0 31.0 0.3 0.4 -0.1 -1.1 0.1 34.0 31.0 0.1 0.3 -0.3 -2.7 0.1 34.0 31.0 0.7 0.5 0.3 2.1 0.1
05/09 32.0 40.0 0.2 0.3 -0.1 -0.9 0.1 32.0 40.0 0.2 0.3 -0.1 -0.6 0.1 32.0 40.0 0.6 0.7 0.0 -0.2 0.1
06/09 30.0 64.0 0.5 0.2 0.3 3.2 0.1 30.0 64.0 0.0 0.2 -0.1 -1.9 0.1 30.0 64.0 0.9 0.2 0.6 5.8 0.1
07/09 33.0 26.0 0.2 0.2 0.1 0.8 0.1 33.0 26.0 0.1 0.2 -0.1 -1.1 0.1 33.0 26.0 0.8 0.3 0.6 4.5 0.1
08/09 20.0 6.0 0.7 0.7 0.0 -0.1 0.2 20.0 6.0 0.0 0.0 0.0 . 0.0 20.0 6.0 1.0 0.0 1.0 4.6 0.0
09/09 14.0 5.0 0.3 0.2 0.1 0.4 0.2 14.0 5.0 0.0 0.0 0.0 . 0.0 14.0 5.0 0.6 0.0 0.6 2.5 0.1
10/09 16.0 10.0 0.6 0.4 0.2 0.8 0.2 16.0 10.0 0.1 0.1 0.0 -0.3 0.1 16.0 10.0 0.7 0.0 0.7 3.5 0.1
11/09 14.0 17.0 0.3 0.2 0.1 0.7 0.2 14.0 17.0 0.2 0.1 0.1 0.7 0.1 14.0 17.0 0.5 0.1 0.4 2.8 0.1
12/09 16.0 7.0 0.3 0.3 0.0 -0.2 0.2 16.0 7.0 0.2 0.0 0.2 1.2 0.1 16.0 7.0 0.8 0.0 0.8 3.6 0.1
01/10 21.0 14.0 0.2 0.1 0.0 0.4 0.1 21.0 14.0 0.1 0.1 0.0 0.0 0.1 21.0 14.0 0.9 0.1 0.7 4.2 0.1
02/10 14.0 14.0 0.3 0.1 0.1 0.9 0.2 14.0 14.0 0.0 0.4 -0.4 -2.5 0.1 14.0 14.0 0.9 0.4 0.4 2.4 0.2
03/10 28.0 30.0 0.2 0.2 0.0 0.1 0.1 28.0 30.0 0.3 0.2 0.1 0.5 0.1 28.0 30.0 1.0 0.3 0.7 5.4 0.1
04/10 25.0 30.0 0.2 0.1 0.0 0.3 0.1 25.0 30.0 0.2 0.3 -0.1 -0.8 0.1 25.0 30.0 0.9 0.1 0.7 5.5 0.1
05/10 32.0 11.0 0.1 0.0 0.1 0.8 0.0 32.0 11.0 0.5 0.4 0.1 0.6 0.2 32.0 11.0 0.9 0.3 0.7 4.5 0.1
06/10 43.0 19.0 0.1 0.0 0.1 1.4 0.0 43.0 19.0 0.5 0.4 0.1 0.9 0.1 43.0 19.0 1.0 0.3 0.7 6.4 0.1
07/10 25.0 3.0 0.1 0.0 0.1 0.5 0.1 25.0 3.0 0.8 0.7 0.1 0.4 0.3 25.0 3.0 1.0 0.7 0.3 2.9 0.3
08/10 6.0 7.0 0.3 0.0 0.3 1.7 0.2 6.0 7.0 0.2 0.4 -0.3 -1.0 0.2 6.0 7.0 0.5 0.0 0.5 2.1 0.2
09/10 8.0 6.0 0.1 0.2 0.0 -0.2 0.2 8.0 6.0 0.1 0.5 -0.4 -1.5 0.2 8.0 6.0 1.0 0.2 0.8 3.2 0.2
10/10 5.0 7.0 0.4 0.0 0.4 1.8 0.2 5.0 7.0 0.2 0.3 -0.1 -0.3 0.2 5.0 7.0 0.8 0.3 0.5 1.8 0.2
11/10 6.0 9.0 0.0 0.0 0.0 . 0.0 6.0 9.0 0.3 0.1 0.2 1.1 0.2 6.0 9.0 0.5 0.0 0.5 2.4 0.2
12/10 8.0 5.0 0.0 0.0 0.0 . 0.0 8.0 5.0 0.1 0.2 -0.1 -0.4 0.2 8.0 5.0 0.9 0.0 0.9 3.1 0.1
Summ. 547 431 2.58E-1 1.7E-1 9.2E-2 1 547 431 2.2E-1 2.5E-1 -3.9E-2 0 547 431 7.6E-1 2.2E-1 5.4E-1 20
-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