Percentage of explanation by the factors

EXHBir 24.8 Percentage of Explanation by the Factors for Each Maturity— France (01/02/2001-08/21/2002) ... 

The exhibits in this appendix provide the percentage of explanation by the factors for each maturity for Germany, Italy, the Netherlands, Spain, and the Enro Interbank for during the period from 2/1/01 to 21/8/02. 

PCA of the Interbank yield curve. Because they do not apply to the same variables, it should be expected that results obtained with the Interbank yield curve be different from results obtained with Treasury yield curves. This is confirmed by the numbers in Exhibit 24.1. The first factor only accounts for 47.54% of the interest rate changes, while the second factor explains 25.63%. The inferior percentage of explanation by the first factor can be related to the fact that eight out of the 17 variables we use relate to the short-term segment of the curve. The three first factors account for 84.08% of the yield curve deformations while the first five factors account for 93.34%, which means that residuals are not negligible. 

EXHBIT 24.2 Global Percentage of Explanation by the First Three Factors Depending on the Selected Period ... 

Removal of the carbonate minerals by HC1 treatment, Sample C, resulted in a significant increase of 8.6 wt% in the net pyrolysis yield. The carbonate DTG maximum near 730°C is noticeably absent from the Sample C DTG curve, Figure 4. The postulated explanation of the increased yield of the bitumen-, carbonate-free shale is a combination of several factors. It appears that the carbonate minerals, thermochemically and/or kinetically, act to hamper the pyrolysis yield or possibly modify the mechanistic reaction pathway so as to yield a higher percentage of residual carbon. The observed increase in the pyrolysis yield is not due to the release of bitumen trapped by the carbonate minerals because such bitumens were removed by Soxhlet extraction prior to the TG analysis. 

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