Summary

We can say by examining these graphs that each basis point of deviation from the base case in bond margin would result in a change in the Unitary Charge of approximately 0.1%. It would take quite a large shift in the margin for the cost of the bond to alter enough to make it worth changing the composition of the financing; but if such an alteration was made, it would tend to make the effect of the bond margin on the Unitary Charge even smaller.