Table 2.

Regression analysis of YTM

VariableYield to maturity
Green sukuk dummy0.060*** (0.0057)
Amount issued−0.148*** (0.0024)
Rating−0.063*** (0.0033)
Spread to treasury0.050*** (0.0017)
Bid yield0.401*** (0.0044)
Intercept5.574*** (0.1688)
R20.606
Observations192,078

Note(s): Yield to maturity (YTM) is the dependent variable. Green sukuk dummy represents the type of bond, where 1 indicates a green sukuk and 0 indicates a green bond. Amount issued refers to the total bond issuance size. Rating denotes the bond’s credit rating. Spread to treasury measures the difference between the bond’s yield and the corresponding treasury yield. Bid yield represents the yield at which the bond is bid in the market. Standard error is reported in parentheses. Statistical significance levels are denoted as follows: *p < 0.10, **p < 0.05 and ***p < 0.01

Source(s): Authors’ own work

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