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

Annex 3 Analysis of missing issuing cost data
Table 35: Comparison of means and proportions for missing and non-missing non-SG bonds (2 of 3)
150
Time to maturity Sovereign CDS Private placement
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 . . . . . . . . . . . . . . . . . . . . .
12/08 . . . . . . . . . . . . . . . . . . . . .
01/09 5.0 56.0 2.8 3.4 -0.6 -1.6 0.4 5.0 56.0 0.0 0.0 0.0 . 0.0 5.0 56.0 0.0 0.1 -0.1 -0.8 0.0
02/09 3.0 55.0 3.0 3.1 -0.1 -0.3 0.3 3.0 55.0 0.0 0.0 0.0 . 0.0 3.0 55.0 0.0 0.1 -0.1 -0.5 0.0
03/09 3.0 66.0 4.3 2.6 1.7 3.5 0.5 3.0 66.0 0.0 0.0 0.0 . 0.0 3.0 66.0 0.0 0.0 0.0 -0.3 0.0
04/09 3.0 99.0 3.3 2.7 0.6 1.1 0.5 3.0 99.0 0.0 3.6 -3.6 -0.3 11.7 3.0 99.0 0.0 0.0 0.0 -0.2 0.0
05/09 9.0 55.0 3.8 2.8 1.0 2.6 0.4 9.0 55.0 23.1 6.9 16.2 1.3 12.7 9.0 55.0 0.0 0.1 -0.1 -0.8 0.0
06/09 8.0 101.0 3.5 2.7 0.8 2.1 0.4 8.0 101.0 0.0 9.7 -9.7 -0.7 14.3 8.0 101.0 0.0 0.0 0.0 -0.6 0.0
07/09 14.0 78.0 2.4 2.7 -0.3 -1.0 0.3 14.0 78.0 0.0 14.7 -14.7 -1.2 12.0 14.0 78.0 0.1 0.0 0.0 0.9 0.1
08/09 14.0 45.0 2.8 2.9 -0.1 -0.5 0.3 14.0 45.0 0.0 3.2 -3.2 -0.7 4.8 14.0 45.0 0.0 0.0 0.0 . 0.0
09/09 16.0 59.0 3.1 2.9 0.2 0.6 0.3 16.0 59.0 0.0 13.9 -13.9 -1.4 9.6 16.0 59.0 0.2 0.1 0.1 1.8 0.1
10/09 14.0 78.0 3.2 2.8 0.4 1.3 0.3 14.0 78.0 8.4 13.2 -4.8 -0.4 11.4 14.0 78.0 0.1 0.0 0.0 0.6 0.1
11/09 14.0 73.0 2.8 2.8 0.0 0.1 0.3 14.0 73.0 0.0 8.6 -8.6 -0.8 11.2 14.0 73.0 0.2 0.2 0.0 -0.2 0.1
12/09 8.0 64.0 3.5 2.6 0.9 2.6 0.3 8.0 64.0 0.0 3.3 -3.3 -0.4 9.3 8.0 64.0 0.1 0.0 0.1 2.8 0.1
01/10 12.0 56.0 2.3 2.5 -0.2 -0.6 0.3 12.0 56.0 0.0 0.0 0.0 . 0.0 12.0 56.0 0.1 0.0 0.0 0.7 0.1
02/10 6.0 55.0 3.2 2.4 0.8 1.5 0.5 6.0 55.0 0.0 3.8 -3.8 -0.3 11.5 6.0 55.0 0.0 0.1 -0.1 -1.0 0.0
03/10 15.0 65.0 2.7 2.1 0.7 2.0 0.3 15.0 65.0 0.0 0.0 0.0 . 0.0 15.0 65.0 0.3 0.0 0.2 3.1 0.1
04/10 11.0 45.0 2.8 2.2 0.6 1.5 0.4 11.0 45.0 0.0 0.0 0.0 . 0.0 11.0 45.0 0.0 0.0 0.0 -0.7 0.0
05/10 1.0 30.0 1.0 2.0 -1.0 . . 1.0 30.0 0.0 0.0 0.0 . . . . . . . . .
06/10 5.0 36.0 2.8 2.0 0.8 1.6 0.5 5.0 36.0 11.9 5.8 6.1 0.4 16.2 . . . . . . .
07/10 8.0 43.0 2.1 1.7 0.4 1.2 0.3 8.0 43.0 0.0 0.0 0.0 . 0.0 . . . . . . .
08/10 3.0 46.0 1.0 1.8 -0.8 -1.4 0.5 3.0 46.0 0.0 4.5 -4.5 -0.3 17.9 . . . . . . .
09/10 17.0 57.0 2.1 1.4 0.7 2.5 0.3 17.0 57.0 36.7 3.7 33.1 2.6 12.6 17.0 57.0 0.2 0.0 0.1 2.0 0.1
10/10 5.0 74.0 1.4 1.6 -0.2 -0.4 0.5 5.0 74.0 0.0 8.4 -8.4 -0.5 18.6 5.0 74.0 0.0 0.0 0.0 -0.3 0.0
11/10 8.0 68.0 1.6 1.7 0.0 -0.1 0.4 8.0 68.0 0.0 3.1 -3.1 -0.3 9.0 8.0 68.0 0.1 0.0 0.1 1.8 0.1
12/10 1.0 76.0 2.0 1.1 0.9 . . 1.0 76.0 0.0 2.7 -2.7 . . . . . . . . .
Summ. 203 1480 2.7E+0 2.4E+0 3.0E-1 5 203 1480 3.3E+0 4.6E+0 -1.2E+0 1 185 1249 7.4E-2 3.7E-2 1.1E-2 2
Note: Mth (month), N -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