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

A3.1.2 Non-state guaranteed bonds
Annex 3 Analysis of missing issuing cost data
Table 33 provides descriptive statistics on included excluded non-SG bonds, as per Table 29 in the
section above. And similarly, Table 32-Table 34 shows the results of mean-comparison tests and
tests of proportions of the characteristics of included and excluded bonds, by month.
Focusing on Table 32-Table 34, we observe that in the majority of months (18 of 26), the issuance
volume of included bonds is smaller than the issuance volume of excluded bonds. Moreover,
included bonds are more likely to yield a variable interest rate than excluded bonds (in 18 of 26
months).
The findings of this and the previous section are considered in more detail below.
London Economics
Study on the impact of state guarantees to banks on systemic risk 147