3 Issuing costs of state guaranteed bonds - Financial Risk and ...
3 Issuing costs of state guaranteed bonds - Financial Risk and ...
3 Issuing costs of state guaranteed bonds - Financial Risk and ...
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Annex 5 -over model<br />
Table 43: Re-estimation results <strong>of</strong> issuing cost model using generalised least squares<br />
Variable<br />
Aggregate volume <strong>of</strong> SG bond issues<br />
(SG ISSUING INTENSITYim)<br />
Aggregate volume <strong>of</strong> non-SG bond issues<br />
(NON-SG ISSUING INTENSITYim)<br />
Use <strong>of</strong> <strong>state</strong> guarantee<br />
(GUARANTEEi)<br />
Bond rating<br />
(RATINGi)<br />
Time to maturity at issue<br />
(MATURITYit)<br />
Sovereign CDS<br />
(SOVi)<br />
Issuance volume<br />
(LIQUIDi)<br />
Private placement<br />
(PRIVATEi)<br />
Volatility<br />
(VOLit)<br />
USD-denominated<br />
(CURRENCY-USDi)<br />
Non-EUR- <strong>and</strong> non-USD-denominated<br />
(CURRENCY-OTHERi)<br />
Variable interest rate<br />
(COUPON-VARIABLEi)<br />
Additional controls (not displayed)<br />
0.0400***<br />
(0.0108)<br />
0.0405<br />
(0.0342)<br />
-51.2***<br />
(5.20)<br />
-2.06<br />
(4.56)<br />
2.23<br />
(1.43)<br />
0.0600<br />
(0.0440)<br />
-9.70e-9***<br />
(2.63e-9)<br />
-1.66<br />
(5.30)<br />
0.651**<br />
(0.291)<br />
3.95<br />
(3.99)<br />
7.08<br />
(4.54)<br />
-26.7***<br />
(4.98)<br />
Month <strong>of</strong> issue dummies (Ti) N<br />
Country <strong>of</strong> risk (COUNTRYi) Y<br />
Number <strong>of</strong> observations 647<br />
163
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