Country Risk Premiums

To estimate the equity risk premium for a country, I start with a mature market premium and add an additional cou
Use the look up table in the next worksheet, to look up the statistics for an individual country or region.

Step 1: Estimating mature market risk premium

To estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500. To see t
Link to site: http://www.damodaran.com
Historical monthly ERP: http://www.stern.nyu.edu/~adamodar/pc/implprem/ERPbymonth.xls

Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local curre
Moody's ratings: http://www.moodys.com (You will have to register, but it is free. Look under sovereig
Ratings to spreads: Based upon my estimates of typical spreads for each ratings class. I compute these by
CDS spreads: Bloomberg
If you cannot find a country on this list, it is because that country does not have a sovereign

Step 3: Convert the default spread into a country risk premium

With sovereign ratings default spreads, you have two choices:
Choice 1: Use the default spread as the measure of the additional country risk premium. To make this choice, go in
Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread
You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond" in this spreadsheet.
With CDS spreads, I compute the base number in two steps
Substep 1: Since the base equity premium is computed for the US, and the US has a CDS spread, I subtracted out th
Any country that has a CDS spread lower than the US will have a negative country risk premium and end up with a
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to get a country risk prem
prefer not to scale the default spread.

Step 4: Compute a total equity risk premium

Add the mature market premium from step 1 to the country risk premium from step 3 to get a total equity risk pre

Step 5: Compute regional averages and regional weighted averages

For the regional averages, I use a simple average of the total and country risk premiums by region
For the weighted averages, I use the World Bank GDP estimates from the most recent year.

If you are interested in a fuller explanation of these concepts, try these references:
https://papers.ssrn.com/sol3/papers.cfm?abstract_
My paper on equity risk premiums:
Campbell Harvey's country risk premium page: http://www.duke.edu/~charvey/Country_risk/
Watch my lectures on country risk premiums: https://www.youtube.com/watch?v=aIRPvY2S
https://www.youtube.com/watch?v=D3IGn6tH
emium and add an additional country risk premium, based upon the risk of the country in question.
ual country or region.

emium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadsh

/ERPbymonth.xls

s, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the co
ut it is free. Look under sovereign ratings)
ratings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every y

does not have a sovereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadshee

mium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.
ket, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emergin
Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.

a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
risk premium and end up with a total equity risk premium lower than the US.
number to get a country risk premium. The default scaling is set at the my most recent year's estimate, but you can change it to

ep 3 to get a total equity risk premium.

miums by region
http://www.data.worldbank.org/data-catalog/GDP-ranking-table

srn.com/sol3/papers.cfm?abstract_id=3140837

uke.edu/~charvey/Country_risk/couindex.htm
youtube.com/watch?v=aIRPvY2SQ94
youtube.com/watch?v=D3IGn6tH03c
 u can download the excel spreadsheet containing the implied premium

e other is the CDS spread for the country (if one exists)

ratings class, at the start of every year.

worksheet in this spreadsheet for an alternate estimate.

std deviation to the BAML Emerging Public Bond index standard deviation

s estimate, but you can change it to 1, if you would

nking-table
To look up the equity risk premium for a country, use this worksheet
Country Austria If you cannot find a country on this li
or a sovereign CDS spread. Try the P
Moody's sovereign rating Aa1 Local currency
S&P sovereign rating AA+ Local currency
CDS spread 0.30%
Excess CDS spread (over US CDS) 0.00%

Country Default Spread (based on rating) 0.45%

Country Risk Premium (Rating) 0.55%
Equity Risk Premium (Rating) 6.51%

Country Risk Premium (CDS) 0.00%

Equity Risk Premium (CDS) 5.96%

To look up the equity risk premium for a region, use this worksheet
Region Asia

Country Risk Premium (simple average)) 3.98%

Total Equity Risk Premium (simple averag 9.94%

Country Risk Premium (GDP weighted) 1.47%

Total Equity Risk Premium (GDP weighted 7.43%

To construct your own regional ERP, use the data on GDP and ERP for countries in the Regional Weighted Averages

For countries not on the list above, try this frontier market list
Country Sudan

PRS Score 38.80

ERP based on PRS Score 28.10%
you cannot find a country on this list, it is because that country does not have a sovereign rating
r a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.

the Regional Weighted Averages Worksheet

Estimating Country Risk Premiums

Enter the current risk premium for a mature equity market

Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium?
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets)

Country Africa Moody's rating Rating-based Default Spread

Abu Dhabi Middle East Aa2 0.56%
Albania Eastern Europe & Russia B1 5.08%
Andorra (Principality of) Western Europe Baa2 2.15%
Angola Africa B3 7.34%
Argentina Central and South America B2 6.21%
Armenia Eastern Europe & Russia B1 5.08%
Aruba Caribbean Baa1 1.80%
Australia Australia & New Zealand Aaa 0.00%
Austria Western Europe Aa1 0.45%
Azerbaijan Eastern Europe & Russia Ba2 3.39%
Bahamas Caribbean Baa3 2.48%
Bahrain Middle East B2 6.21%
Bangladesh Asia Ba3 4.06%
Barbados Caribbean Caa3 11.28%
Belarus Eastern Europe & Russia B3 7.34%
Belgium Western Europe Aa3 0.68%
Belize Central and South America B3 7.34%
Benin Africa B1 5.08%
Bermuda Caribbean A2 0.96%
Bolivia Central and South America Ba3 4.06%
Bosnia and Herzegovina Eastern Europe & Russia B3 7.34%
Botswana Africa A2 0.96%
Brazil Central and South America Ba2 3.39%
Bulgaria Eastern Europe & Russia Baa2 2.15%
Burkina Faso Africa B2 6.21%
Cambodia Asia B2 6.21%
Cameroon Africa B2 6.21%
Canada North America Aaa 0.00%
Cape Verde Africa B2 6.21%
Cayman Islands Caribbean Aa3 0.68%
Chile Central and South America A1 0.79%
China Asia A1 0.79%
Colombia Central and South America Baa2 2.15%
Congo (Democratic Republic of) Africa B3 7.34%
Congo (Republic of) Africa Caa2 10.16%
Cook Islands Australia & New Zealand B1 5.08%
Costa Rica Central and South America B1 5.08%
Côte d'Ivoire Africa Ba3 4.06%
Croatia Eastern Europe & Russia Ba2 3.39%
Cuba Caribbean Caa2 10.16%
Curacao Caribbean A3 1.35%
Cyprus Western Europe Ba2 3.39%
Czech Republic Eastern Europe & Russia A1 0.79%
Denmark Western Europe Aaa 0.00%
Dominican Republic Caribbean Ba3 4.06%
Ecuador Central and South America B3 7.34%
Egypt Africa B3 7.34%
El Salvador Central and South America Caa1 8.46%
Estonia Eastern Europe & Russia A1 0.79%
Ethiopia Africa B1 5.08%
Fiji Asia Ba3 4.06%
Finland Western Europe Aa1 0.45%
France Western Europe Aa2 0.56%
Gabon Africa Caa1 8.46%
Georgia Eastern Europe & Russia Ba2 3.39%
Germany Western Europe Aaa 0.00%
Ghana Africa B3 7.34%
Greece Western Europe B3 7.34%
Guatemala Central and South America Ba1 2.82%
Guernsey (States of) Western Europe Aa3 0.68%
Honduras Central and South America B1 5.08%
Hong Kong Asia Aa2 0.56%
Hungary Eastern Europe & Russia Baa3 2.48%
Iceland Western Europe A3 1.35%
India Asia Baa2 2.15%
Indonesia Asia Baa2 2.15%
Iraq Middle East Caa1 8.46%
Ireland Western Europe A2 0.96%
Isle of Man Western Europe Aa2 0.56%
Israel Middle East A1 0.79%
Italy Western Europe Baa3 2.48%
Jamaica Caribbean B3 7.34%
Japan Asia A1 0.79%
Jersey (States of) Western Europe Aa3 0.68%
Jordan Middle East B1 5.08%
Kazakhstan Eastern Europe & Russia Baa3 2.48%
Kenya Africa B2 6.21%
Korea Asia Aa2 0.56%
Kuwait Middle East Aa2 0.56%
Kyrgyzstan Eastern Europe & Russia B2 6.21%
Latvia Eastern Europe & Russia A3 1.35%
Lebanon Middle East B3 7.34%
Liechtenstein Western Europe Aaa 0.00%
Lithuania Eastern Europe & Russia A3 1.35%
Luxembourg Western Europe Aaa 0.00%
Macao Asia Aa3 0.68%
Macedonia Eastern Europe & Russia Ba3 4.06%
Malaysia Asia A3 1.35%
Maldives Asia B2 6.21%
Malta Western Europe A3 1.35%
Mauritius Asia Baa1 1.80%
Mexico Central and South America A3 1.35%
Moldova Eastern Europe & Russia B3 7.34%
Mongolia Asia B3 7.34%
Montenegro Eastern Europe & Russia B1 5.08%
Montserrat Caribbean Baa3 2.48%
Morocco Africa Ba1 2.82%
Mozambique Africa Caa3 11.28%
Namibia Africa Ba1 2.82%
Netherlands Western Europe Aaa 0.00%
New Zealand Australia & New Zealand Aaa 0.00%
Nicaragua Central and South America B2 6.21%
Nigeria Africa B2 6.21%
Norway Western Europe Aaa 0.00%
Oman Middle East Baa3 2.48%
Pakistan Asia B3 7.34%
Panama Central and South America Baa2 2.15%
Papua New Guinea Asia B2 6.21%
Paraguay Central and South America Ba1 2.82%
Peru Central and South America A3 1.35%
Philippines Asia Baa2 2.15%
Poland Eastern Europe & Russia A2 0.96%
Portugal Western Europe Baa3 2.48%
Qatar Middle East Aa3 0.68%
Ras Al Khaimah (Emirate of) Middle East A2 0.96%
Romania Eastern Europe & Russia Baa3 2.48%
Russia Eastern Europe & Russia Ba1 2.82%
Rwanda Africa B2 6.21%
Saudi Arabia Middle East A1 0.79%
Senegal Africa Ba3 4.06%
Serbia Eastern Europe & Russia Ba3 4.06%
Sharjah Middle East A3 1.35%
Singapore Asia Aaa 0.00%
Slovakia Eastern Europe & Russia A2 0.96%
Slovenia Eastern Europe & Russia Baa1 1.80%
Solomon Islands Asia B3 7.34%
South Africa Africa Baa3 2.48%
Spain Western Europe Baa1 1.80%
Sri Lanka Asia B1 5.08%
St. Maarten Caribbean Baa2 2.15%
St. Vincent & the Grenadines Caribbean B3 7.34%
Suriname Central and South America B2 6.21%
Swaziland Africa B2 6.21%
Sweden Western Europe Aaa 0.00%
Switzerland Western Europe Aaa 0.00%
Taiwan Asia Aa3 0.68%
Tajikistan Eastern Europe & Russia B3 7.34%
Tanzania Africa B1 5.08%
Thailand Asia Baa1 1.80%
Trinidad and Tobago Caribbean Ba1 2.82%
Tunisia Africa B2 6.21%
Turkey Western Europe Ba3 4.06%
Turks and Caicos Islands Caribbean Baa1 1.80%
Uganda Africa B2 6.21%
Ukraine Eastern Europe & Russia Caa1 8.46%
United Arab Emirates Middle East Aa2 0.56%
United Kingdom Western Europe Aa2 0.56%
United States North America Aaa 0.00%
Uruguay Central and South America Baa2 2.15%
Venezuela Central and South America C 18.00%
Vietnam Asia Ba3 4.06%
Zambia Africa Caa1 8.46%

Frontier Markets (no sovereign ratings)

Country PRS Composite Risk Score ERP CRP
Algeria 65 13.60% 7.64%
Brunei 80.5 6.94% 0.98%
Gambia 63.3 14.99% 9.03%
Guinea 54.3 22.61% 16.65%
Guinea-Bissau 62 16.37% 10.41%
Guyana 66.5 12.21% 6.25%
Haiti 60 18.46% 12.50%
Iran 69.3 10.13% 4.17%
Korea, D.P.R. 53 22.61% 16.65%
Liberia 53.5 22.61% 16.65%
Libya 66.5 12.21% 6.25%
Madagascar 64 14.99% 9.03%
Malawi 61 16.37% 10.41%
Mali 61.3 16.37% 10.41%
Myanmar 62 16.37% 10.41%
Niger 54.5 22.61% 16.65%
Sierra Leone 54.8 22.61% 16.65%
Somalia 53.5 22.61% 16.65%
Sudan 38.8 28.10% 22.14%
Syria 51.8 22.61% 16.65%
Togo 61 16.37% 10.41%
Yemen, Republic 48 28.10% 22.14%
Zimbabwe 59.3 18.46% 12.50%

Rating Default spread in basis points

A1 79
A2 96
A3 135
Aa1 45
Aa2 56
Aa3 68
Aaa 0
B1 508
B2 621
B3 734
Ba1 282
Ba2 339
Ba3 406
Baa1 180
Baa2 215
Baa3 248
C 1800
Ca 1354
Caa1 846
Caa2 1016
Caa3 1128
NR NA
 5.96% Updated January 1, 2019
Yes
1.23 Updated January 1, 2019

Total Equity Risk Premium Country Risk Premium Sovereign CDS, net of US Total Equity Risk Premium2
6.65% 0.69% 0.82% 6.97%
12.21% 6.25% NA NA
8.60% 2.64% NA NA
14.99% 9.03% 5.49% 12.71%
13.60% 7.64% 7.90% 15.68%
12.21% 6.25% NA NA
8.18% 2.22% NA NA
5.96% 0.00% 0.12% 6.11%
6.51% 0.55% 0.00% 5.96%
10.13% 4.17% NA NA
9.02% 3.06% NA NA
13.60% 7.64% 3.42% 10.17%
10.96% 5.00% NA NA
19.83% 13.87% NA NA
14.99% 9.03% NA NA
6.80% 0.84% 0.19% 6.19%
14.99% 9.03% NA NA
12.21% 6.25% NA NA
7.14% 1.18% NA NA
10.96% 5.00% NA NA
14.99% 9.03% NA NA
7.14% 1.18% NA NA
10.13% 4.17% 2.57% 9.12%
 8.60% 2.64% 1.00% 7.19%
13.60% 7.64% NA NA
13.60% 7.64% 4.33% 11.29%
13.60% 7.64% 5.72% 13.00%
5.96% 0.00% NA NA
13.60% 7.64% NA NA
6.80% 0.84% 0.71% 6.83%
6.94% 0.98% 0.81% 6.96%
6.94% 0.98% 0.84% 6.99%
8.60% 2.64% 2.07% 8.51%
14.99% 9.03% NA NA
18.46% 12.50% NA NA
12.21% 6.25% NA NA
12.21% 6.25% 4.13% 11.04%
10.96% 5.00% NA NA
10.13% 4.17% 1.21% 7.45%
18.46% 12.50% NA NA
7.63% 1.67% NA NA
10.13% 4.17% 1.27% 7.52%
6.94% 0.98% 0.45% 6.51%
5.96% 0.00% 0.00% 5.96%
10.96% 5.00% NA NA
14.99% 9.03% NA NA
14.99% 9.03% 4.28% 11.22%
16.37% 10.41% 5.08% 12.21%
6.94% 0.98% 0.57% 6.66%
12.21% 6.25% NA NA
10.96% 5.00% NA NA
6.51% 0.55% 0.00% 5.96%
 6.65% 0.69% 0.31% 6.34%
16.37% 10.41% NA NA
10.13% 4.17% NA NA
5.96% 0.00% 0.00% 5.96%
14.99% 9.03% NA NA
14.99% 9.03% 4.80% 11.86%
9.43% 3.47% 2.25% 8.73%
6.80% 0.84% NA NA
12.21% 6.25% NA NA
6.65% 0.69% 0.37% 6.42%
9.02% 3.06% 1.10% 7.31%
7.63% 1.67% 0.50% 6.58%
8.60% 2.64% 1.55% 7.87%
8.60% 2.64% 0.00% 5.96%
16.37% 10.41% 5.80% 13.09%
7.14% 1.18% 0.38% 6.43%
6.65% 0.69% NA NA
6.94% 0.98% 0.81% 6.96%
9.02% 3.06% 2.14% 8.59%
14.99% 9.03% NA NA
6.94% 0.98% 0.14% 6.13%
6.80% 0.84% NA NA
12.21% 6.25% NA NA
9.02% 3.06% 1.02% 7.21%
13.60% 7.64% 5.60% 12.85%
6.65% 0.69% 0.34% 6.38%
6.65% 0.69% 0.87% 7.03%
13.60% 7.64% NA NA
7.63% 1.67% 0.83% 6.98%
14.99% 9.03% 7.62% 15.33%
5.96% 0.00% NA NA
7.63% 1.67% 0.84% 6.99%
5.96% 0.00% NA NA
6.80% 0.84% NA NA
10.96% 5.00% 1.24% 7.49%
7.63% 1.67% 1.47% 7.77%
13.60% 7.64% NA NA
7.63% 1.67% NA NA
8.18% 2.22% NA NA
7.63% 1.67% 2.05% 8.48%
14.99% 9.03% NA NA
14.99% 9.03% NA NA
12.21% 6.25% NA NA
9.02% 3.06% NA NA
9.43% 3.47% 1.35% 7.62%
19.83% 13.87% NA NA
9.43% 3.47% NA NA
5.96% 0.00% 0.00% 5.96%
5.96% 0.00% 0.09% 6.07%
13.60% 7.64% NA NA
13.60% 7.64% 4.21% 11.14%
5.96% 0.00% 0.00% 5.96%
9.02% 3.06% NA NA
14.99% 9.03% 4.79% 11.85%
8.60% 2.64% 1.12% 7.34%
13.60% 7.64% NA NA
9.43% 3.47% NA NA
7.63% 1.67% 1.31% 7.57%
 8.60% 2.64% 1.14% 7.36%
7.14% 1.18% 0.79% 6.93%
9.02% 3.06% 1.06% 7.26%
6.80% 0.84% NA NA
7.14% 1.18% 1.12% 7.34%
9.02% 3.06% 1.22% 7.46%
9.43% 3.47% 1.75% 8.11%
13.60% 7.64% 4.06% 10.95%
6.94% 0.98% 1.20% 7.44%
10.96% 5.00% 4.11% 11.02%
10.96% 5.00% 1.35% 7.62%
7.63% 1.67% NA NA
5.96% 0.00% NA NA
7.14% 1.18% 0.57% 6.66%
8.18% 2.22% 1.09% 7.30%
14.99% 9.03% NA NA
9.02% 3.06% 2.62% 9.18%
8.18% 2.22% 0.90% 7.07%
12.21% 6.25% NA NA
8.60% 2.64% NA NA
14.99% 9.03% NA NA
13.60% 7.64% NA NA
13.60% 7.64% NA NA
5.96% 0.00% 0.00% 5.96%
5.96% 0.00% 0.00% 5.96%
6.80% 0.84% NA NA
14.99% 9.03% NA NA
12.21% 6.25% NA NA
8.18% 2.22% 0.54% 6.62%
 9.43% 3.47% NA NA
13.60% 7.64% 3.41% 10.15%
10.96% 5.00% 3.89% 10.74%
8.18% 2.22% NA NA
13.60% 7.64% NA NA
16.37% 10.41% 7.33% 14.98%
6.65% 0.69% NA NA
6.65% 0.69% 0.31% 6.34%
5.96% 0.00% 0.00% 5.96%
8.60% 2.64% NA NA
28.10% 22.14% NA NA
10.96% 5.00% 2.14% 8.59%
16.37% 10.41% 2.14% 8.59%

Default Spread
6.21%
0.79%
7.34%
13.54%
8.46%
5.08%
10.16%
3.39%
13.54%
13.54%
5.08%
7.34%
8.46%
8.46%
8.46%
13.54%
13.54%
13.54%
18.00%
13.54%
8.46%
18.00%
10.16%
Country Risk Premium3 Has to be sorted in ascending order
1.01% Rating
Default spread in basis points
NA A1 79
NA A2 96
6.75% A3 135
9.72% Aa1 45
NA Aa2 56
NA Aa3 68
0.15% Aaa 0
0.00% B1 508
NA B2 621
NA B3 734
4.21% Ba1 282
NA Ba2 339
NA Ba3 406
NA Baa1 180
0.23% Baa2 215
NA Baa3 248
NA C 1800
NA Caa1 846
NA Caa2 1016
NA Caa3 1128
NA NR NA
3.16%
1.23%
NA
5.33%
7.04%
NA
NA
0.87%
1.00%
1.03%
2.55%
NA
NA
NA
5.08%
NA
1.49%
NA
NA
1.56%
0.55%
0.00%
NA
NA
5.26%
6.25%
0.70%
NA
NA
0.00%
0.38%
NA
NA
0.00%
NA
5.90%
2.77%
NA
NA
0.46%
1.35%
0.62%
1.91%
0.00%
7.13%
0.47%
NA
1.00%
2.63%
NA
0.17%
NA
NA
1.25%
6.89%
0.42%
1.07%
NA
1.02%
9.37%
NA
1.03%
NA
NA
1.53%
1.81%
NA
NA
NA
2.52%
NA
NA
NA
NA
1.66%
NA
NA
0.00%
0.11%
NA
5.18%
0.00%
NA
5.89%
1.38%
NA
NA
1.61%
1.40%
0.97%
1.30%
NA
1.38%
1.50%
2.15%
4.99%
1.48%
5.06%
1.66%
NA
NA
0.70%
1.34%
NA
3.22%
1.11%
NA
NA
NA
NA
NA
0.00%
0.00%
NA
NA
NA
0.66%
 NA
4.19%
4.78%
NA
NA
9.02%
NA
0.38%
0.00%
NA
NA
2.63%
2.63%
 Volatility
BAML Emerging Mkt Public Bond Sprea 11.12% BAMLEMPBPUBSICRPIEY
S&P Emerging BMI (Equity Index) 13.68% BAMLEMPUPUBSLCRPIUSEY
Relative Volatility 1.23

Index: BAML Public Sector Emerging Markets Corporate Plus Index Yield
Source: FRED (Federal Reserve St. Louis Datasets)
https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddata
Period Five years
Interval Daily

DATE VALUE

2013-12-27 4.61 Average = 4.52 In spread %

2013-12-30 4.59 Std Dev = 0.50221531 In spread %

2013-12-31 4.61 CV = 11.12% ! Std Dev/ Average
2014-01-01 4.61
2014-01-02 4.61
2014-01-03 4.62
2014-01-06 4.60
2014-01-07 4.58
2014-01-08 4.60
2014-01-09 4.60
2014-01-10 4.57
2014-01-13 4.54
2014-01-14 4.54
2014-01-15 4.53
2014-01-16 4.52
2014-01-17 4.51
2014-01-20 4.50
2014-01-21 4.51
2014-01-22 4.53
2014-01-23 4.53
2014-01-24 4.58
2014-01-27 4.61
2014-01-28 4.59
2014-01-29 4.60
2014-01-30 4.63
2014-01-31 4.70
2014-02-03 4.69
2014-02-04 4.68
2014-02-05 4.67
2014-02-06 4.65
2014-02-07 4.63
2014-02-10 4.61
2014-02-11 4.61
2014-02-12 4.61
2014-02-13 4.61
2014-02-14 4.60
2014-02-17 4.59
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2017-03-16 4.14
2017-03-17 4.13
2017-03-20 4.12
2017-03-21 4.10
2017-03-22 4.08
2017-03-23 4.12
2017-03-24 4.11
2017-03-27 4.08
2017-03-28 4.08
2017-03-29 4.08
2017-03-30 4.07
2017-03-31 4.12
2017-04-03 4.10
2017-04-04 4.08
2017-04-05 4.08
2017-04-06 4.07
2017-04-07 4.07
2017-04-10 4.08
2017-04-11 4.06
2017-04-12 4.05
2017-04-13 4.02
2017-04-14 4.02
2017-04-17 4.00
2017-04-18 4.00
2017-04-19 4.01
2017-04-20 4.02
2017-04-21 4.00
2017-04-24 4.01
2017-04-25 4.01
2017-04-26 4.02
2017-04-27 4.01
2017-04-28 4.00
2017-04-30 4.00
2017-05-01 4.01
2017-05-02 4.00
2017-05-03 3.99
2017-05-04 4.01
2017-05-05 4.03
2017-05-08 4.02
2017-05-09 4.03
2017-05-10 4.02
2017-05-11 4.01
2017-05-12 3.98
2017-05-15 3.94
2017-05-16 3.93
2017-05-17 3.91
2017-05-18 3.97
2017-05-19 3.95
2017-05-22 3.95
2017-05-23 3.95
2017-05-24 3.94
2017-05-25 3.92
2017-05-26 3.91
2017-05-29 3.91
2017-05-30 3.90
2017-05-31 3.95
2017-06-01 3.94
2017-06-02 3.92
2017-06-05 3.91
2017-06-06 3.90
2017-06-07 3.92
2017-06-08 3.94
2017-06-09 3.95
2017-06-12 3.96
2017-06-13 3.96
2017-06-14 3.94
2017-06-15 3.95
2017-06-16 3.96
2017-06-19 3.96
2017-06-20 3.99
2017-06-21 4.01
2017-06-22 4.01
2017-06-23 4.00
2017-06-26 3.98
2017-06-27 3.99
2017-06-28 4.01
2017-06-29 4.03
2017-06-30 4.05
2017-07-03 4.07
2017-07-04 4.06
2017-07-05 4.09
2017-07-06 4.11
2017-07-07 4.13
2017-07-10 4.11
2017-07-11 4.10
2017-07-12 4.06
2017-07-13 4.05
2017-07-14 4.04
2017-07-17 4.02
2017-07-18 4.00
2017-07-19 3.99
2017-07-20 3.98
2017-07-21 3.96
2017-07-24 3.97
2017-07-25 3.98
2017-07-26 3.97
2017-07-27 3.96
2017-07-28 3.97
2017-07-31 4.00
2017-08-01 4.00
2017-08-02 3.99
2017-08-03 3.96
2017-08-04 3.96
2017-08-07 3.96
2017-08-08 3.96
2017-08-09 3.96
2017-08-10 3.97
2017-08-11 3.97
2017-08-14 3.95
2017-08-15 3.96
2017-08-16 3.97
2017-08-17 3.93
2017-08-18 3.92
2017-08-21 3.90
2017-08-22 3.91
2017-08-23 3.91
2017-08-24 3.88
2017-08-25 3.87
2017-08-28 3.86
2017-08-29 3.84
2017-08-30 3.84
2017-08-31 3.85
2017-09-01 3.84
2017-09-04 3.83
2017-09-05 3.82
2017-09-06 3.82
2017-09-07 3.79
2017-09-08 3.77
2017-09-11 3.79
2017-09-12 3.82
2017-09-13 3.82
2017-09-14 3.83
2017-09-15 3.83
2017-09-18 3.82
2017-09-19 3.83
2017-09-20 3.84
2017-09-21 3.86
2017-09-22 3.85
2017-09-25 3.84
2017-09-26 3.84
2017-09-27 3.89
2017-09-28 3.88
2017-09-29 3.86
2017-09-30 3.89
2017-10-02 3.91
2017-10-03 3.90
2017-10-04 3.88
2017-10-05 3.88
2017-10-06 3.90
2017-10-09 3.90
2017-10-10 3.89
2017-10-11 3.88
2017-10-12 3.86
2017-10-13 3.86
2017-10-16 3.86
2017-10-17 3.86
2017-10-18 3.85
2017-10-19 3.84
2017-10-20 3.88
2017-10-23 3.89
2017-10-24 3.89
2017-10-25 3.91
2017-10-26 3.90
2017-10-27 3.90
2017-10-30 3.87
2017-10-31 3.93
2017-11-01 3.94
2017-11-02 3.93
2017-11-03 3.97
2017-11-06 3.96
2017-11-07 3.98
2017-11-08 3.99
2017-11-09 4.00
2017-11-10 4.03
2017-11-13 4.03
2017-11-14 4.03
2017-11-15 4.00
2017-11-16 3.97
2017-11-17 3.97
2017-11-20 3.96
2017-11-21 3.98
2017-11-22 3.96
2017-11-23 3.96
2017-11-24 3.96
2017-11-27 3.93
2017-11-28 3.92
2017-11-29 3.96
2017-11-30 3.91
2017-12-01 3.90
2017-12-04 3.91
2017-12-05 3.90
2017-12-06 3.89
2017-12-07 3.91
2017-12-08 3.92
2017-12-11 3.92
2017-12-12 3.94
2017-12-13 3.93
2017-12-14 3.92
2017-12-15 3.92
2017-12-18 3.93
2017-12-19 3.94
2017-12-20 3.96
2017-12-21 3.97
2017-12-22 3.97
2017-12-25 3.97
2017-12-26 3.97
2017-12-27 3.96
2017-12-28 3.95
2017-12-29 3.95
2017-12-31 3.75
2018-01-01 3.75
2018-01-02 3.75
2018-01-03 3.74
2018-01-04 3.74
2018-01-05 3.74
2018-01-08 3.74
2018-01-09 3.76
2018-01-10 3.78
2018-01-11 3.77
2018-01-12 3.78
2018-01-15 3.78
2018-01-16 3.77
2018-01-17 3.78
2018-01-18 3.80
2018-01-19 3.82
2018-01-22 3.83
2018-01-23 3.81
2018-01-24 3.81
2018-01-25 3.80
2018-01-26 3.81
2018-01-29 3.85
2018-01-30 3.86
2018-01-31 3.88
2018-02-01 3.91
2018-02-02 3.94
2018-02-05 3.96
2018-02-06 3.95
2018-02-07 3.95
2018-02-08 4.01
2018-02-09 4.07
2018-02-12 4.05
2018-02-13 4.05
2018-02-14 4.08
2018-02-15 4.09
2018-02-16 4.06
2018-02-19 4.06
2018-02-20 4.09
2018-02-21 4.09
2018-02-22 4.10
2018-02-23 4.09
2018-02-26 4.06
2018-02-27 4.06
2018-02-28 4.11
2018-03-01 4.11
2018-03-02 4.11
2018-03-05 4.10
2018-03-06 4.11
2018-03-07 4.12
2018-03-08 4.12
2018-03-09 4.13
2018-03-12 4.13
2018-03-13 4.12
2018-03-14 4.12
2018-03-15 4.13
2018-03-16 4.13
2018-03-19 4.16
2018-03-20 4.18
2018-03-21 4.20
2018-03-22 4.18
2018-03-23 4.19
2018-03-26 4.20
2018-03-27 4.18
2018-03-28 4.17
2018-03-29 4.16
2018-03-30 4.16
2018-03-31 4.12
2018-04-02 4.13
2018-04-03 4.12
2018-04-04 4.12
2018-04-05 4.12
2018-04-06 4.11
2018-04-09 4.13
2018-04-10 4.16
2018-04-11 4.16
2018-04-12 4.16
2018-04-13 4.17
2018-04-16 4.19
2018-04-17 4.19
2018-04-18 4.19
2018-04-19 4.22
2018-04-20 4.25
2018-04-23 4.28
2018-04-24 4.28
2018-04-25 4.32
2018-04-26 4.31
2018-04-27 4.31
2018-04-30 4.35
2018-05-01 4.37
2018-05-02 4.40
2018-05-03 4.43
2018-05-04 4.43
2018-05-07 4.44
2018-05-08 4.48
2018-05-09 4.52
2018-05-10 4.47
2018-05-11 4.46
2018-05-14 4.47
2018-05-15 4.52
2018-05-16 4.53
2018-05-17 4.55
2018-05-18 4.56
2018-05-21 4.55
2018-05-22 4.52
2018-05-23 4.50
2018-05-24 4.47
2018-05-25 4.45
2018-05-28 4.44
2018-05-29 4.40
2018-05-30 4.43
2018-05-31 4.51
2018-06-01 4.54
2018-06-04 4.56
2018-06-05 4.56
2018-06-06 4.59
2018-06-07 4.62
2018-06-08 4.61
2018-06-11 4.64
2018-06-12 4.66
2018-06-13 4.66
2018-06-14 4.66
2018-06-15 4.67
2018-06-18 4.68
2018-06-19 4.69
2018-06-20 4.68
2018-06-21 4.67
2018-06-22 4.65
2018-06-25 4.64
2018-06-26 4.65
2018-06-27 4.64
2018-06-28 4.66
2018-06-29 4.65
2018-06-30 4.65
2018-07-02 4.67
2018-07-03 4.66
2018-07-04 4.66
2018-07-05 4.65
2018-07-06 4.62
2018-07-09 4.61
2018-07-10 4.61
2018-07-11 4.61
2018-07-12 4.62
2018-07-13 4.60
2018-07-16 4.59
2018-07-17 4.60
2018-07-18 4.60
2018-07-19 4.61
2018-07-20 4.59
2018-07-23 4.60
2018-07-24 4.60
2018-07-25 4.58
2018-07-26 4.57
2018-07-27 4.56
2018-07-30 4.56
2018-07-31 4.59
2018-08-01 4.62
2018-08-02 4.65
2018-08-03 4.62
2018-08-06 4.61
2018-08-07 4.63
2018-08-08 4.67
2018-08-09 4.70
2018-08-10 4.70
2018-08-13 4.75
2018-08-14 4.75
2018-08-15 4.76
2018-08-16 4.72
2018-08-17 4.72
2018-08-20 4.72
2018-08-21 4.71
2018-08-22 4.70
2018-08-23 4.70
2018-08-24 4.72
2018-08-27 4.72
2018-08-28 4.72
2018-08-29 4.73
2018-08-30 4.75
2018-08-31 4.78
2018-09-03 4.78
2018-09-04 4.82
2018-09-05 4.82
2018-09-06 4.80
2018-09-07 4.81
2018-09-10 4.84
2018-09-11 4.87
2018-09-12 4.86
2018-09-13 4.83
2018-09-14 4.83
2018-09-17 4.82
2018-09-18 4.83
2018-09-19 4.84
2018-09-20 4.82
2018-09-21 4.80
2018-09-24 4.79
2018-09-25 4.80
2018-09-26 4.78
2018-09-27 4.73
2018-09-28 4.74
2018-09-30 4.77
2018-10-01 4.77
2018-10-02 4.76
2018-10-03 4.77
2018-10-04 4.85
2018-10-05 4.86
2018-10-08 4.86
2018-10-09 4.86
2018-10-10 4.87
2018-10-11 4.84
2018-10-12 4.83
2018-10-15 4.82
2018-10-16 4.81
2018-10-17 4.81
2018-10-18 4.84
2018-10-19 4.83
2018-10-22 4.85
2018-10-23 4.85
2018-10-24 4.84
2018-10-25 4.85
2018-10-26 4.84
2018-10-29 4.85
2018-10-30 4.89
2018-10-31 4.95
2018-11-01 4.94
2018-11-02 4.94
2018-11-05 4.93
2018-11-06 4.93
2018-11-07 4.92
2018-11-08 4.95
2018-11-09 4.96
2018-11-12 4.96
2018-11-13 4.97
2018-11-14 4.97
2018-11-15 4.98
2018-11-16 4.98
2018-11-19 4.98
2018-11-20 5.02
2018-11-21 5.03
2018-11-22 5.03
2018-11-23 5.03
2018-11-26 5.05
2018-11-27 5.07
2018-11-28 5.07
2018-11-29 5.02
2018-11-30 5.07
2018-12-03 5.02
2018-12-04 5.00
2018-12-05 5.01
2018-12-06 5.01
2018-12-07 4.99
2018-12-10 4.99
2018-12-11 4.99
2018-12-12 4.98
2018-12-13 4.97
2018-12-14 4.96
2018-12-17 4.93
2018-12-18 4.92
2018-12-19 4.92
2018-12-20 4.92
2018-12-21 4.95
2018-12-24 4.94
2018-12-25 4.94
2018-12-26 4.93
2018-12-27 4.93
SLCRPIUSEY

orate Plus Index Yield Index: S&P Emerging BMI Index

Source: S&P
BAMLEMPBPUBSICRPIEY/downloaddata http://us.spindices.com/indices/equity/sp-emerging-bmi-us-dollar
Period Five years
Interval Daily
S&P
Emerging
BMI (US
Dollar) Gross
Effective dat Total Return Return
Daily Std
12/31/2013 385.62 Deviation = 0.85%
Annualized
Std
1/1/2014 385.64 0.01% Deviation= 13.68%
Std Dev/ Average 1/2/2014 382.15 -0.90%
1/3/2014 378.92 -0.85%
1/6/2014 376.38 -0.67%
1/7/2014 376.33 -0.01%
1/8/2014 377 0.18%
1/9/2014 372.95 -1.07%
1/10/2014 376.04 0.83%
1/13/2014 378.19 0.57%
1/14/2014 377.61 -0.15%
1/15/2014 378.8 0.32%
1/16/2014 377.51 -0.34%
1/17/2014 376.63 -0.23%
1/20/2014 376.03 -0.16%
1/21/2014 375.88 -0.04%
1/22/2014 378.03 0.57%
1/23/2014 373.54 -1.19%
1/24/2014 367.56 -1.60%
1/27/2014 360.8 -1.84%
1/28/2014 361.97 0.32%
1/29/2014 361.25 -0.20%
1/30/2014 361.1 -0.04%
1/31/2014 361.08 -0.01%
2/3/2014 358.1 -0.83%
 2/4/2014 355.97 -0.59%
2/5/2014 354.85 -0.31%
2/6/2014 360.03 1.46%
2/7/2014 362.81 0.77%
2/10/2014 362.32 -0.14%
2/11/2014 365.85 0.97%
2/12/2014 368.86 0.82%
2/13/2014 366.57 -0.62%
2/14/2014 370.54 1.08%
2/17/2014 373.15 0.70%
2/18/2014 371.69 -0.39%
2/19/2014 372 0.08%
2/20/2014 369.49 -0.67%
2/21/2014 371.81 0.63%
2/24/2014 372.03 0.06%
2/25/2014 369.92 -0.57%
2/26/2014 369.61 -0.08%
2/27/2014 372.54 0.79%
2/28/2014 373.61 0.29%
3/3/2014 367.65 -1.60%
3/4/2014 371.33 1.00%
3/5/2014 372.22 0.24%
3/6/2014 376.93 1.27%
3/7/2014 374.94 -0.53%
3/10/2014 371.19 -1.00%
3/11/2014 371.04 -0.04%
3/12/2014 367.84 -0.86%
3/13/2014 366.79 -0.29%
3/14/2014 364.85 -0.53%
3/17/2014 366.77 0.53%
3/18/2014 370.62 1.05%
3/19/2014 370.01 -0.16%
3/20/2014 366.66 -0.91%
3/21/2014 368.02 0.37%
3/24/2014 370.92 0.79%
3/25/2014 372.93 0.54%
3/26/2014 375.56 0.71%
3/27/2014 377.1 0.41%
3/28/2014 380.97 1.03%
3/31/2014 384.94 1.04%
 4/1/2014 387.64 0.70%
4/2/2014 389.32 0.43%
4/3/2014 387.42 -0.49%
4/4/2014 387.7 0.07%
4/7/2014 387.86 0.04%
4/8/2014 390.99 0.81%
4/9/2014 392.17 0.30%
4/10/2014 394.35 0.56%
4/11/2014 391.47 -0.73%
4/14/2014 390.14 -0.34%
4/15/2014 385.77 -1.12%
4/16/2014 386.84 0.28%
4/17/2014 389.99 0.81%
4/18/2014 390.51 0.13%
4/21/2014 390.65 0.04%
4/22/2014 389.83 -0.21%
4/23/2014 387.94 -0.48%
4/24/2014 388.09 0.04%
4/25/2014 384.19 -1.00%
4/28/2014 383.23 -0.25%
4/29/2014 386.35 0.81%
4/30/2014 384.77 -0.41%
5/1/2014 385.33 0.15%
5/2/2014 388.59 0.85%
5/5/2014 387.92 -0.17%
5/6/2014 388.97 0.27%
5/7/2014 388.97 0.00%
5/8/2014 390.09 0.29%
5/9/2014 389.64 -0.12%
5/12/2014 393.4 0.96%
5/13/2014 395.28 0.48%
5/14/2014 398.6 0.84%
5/15/2014 397.28 -0.33%
5/16/2014 398.4 0.28%
5/19/2014 400.28 0.47%
5/20/2014 398.41 -0.47%
5/21/2014 399.62 0.30%
5/22/2014 403.52 0.98%
5/23/2014 404.87 0.33%
5/26/2014 404.64 -0.06%
5/27/2014 401.54 -0.77%
5/28/2014 403.02 0.37%
5/29/2014 403.27 0.06%
5/30/2014 399.92 -0.83%
6/2/2014 400.92 0.25%
6/3/2014 403.12 0.55%
6/4/2014 401.47 -0.41%
6/5/2014 403.74 0.57%
6/6/2014 408.39 1.15%
6/9/2014 410.67 0.56%
6/10/2014 413.23 0.62%
6/11/2014 412.75 -0.12%
6/12/2014 412.96 0.05%
6/13/2014 411.31 -0.40%
6/16/2014 410.58 -0.18%
6/17/2014 409.54 -0.25%
6/18/2014 410.13 0.14%
6/19/2014 412.36 0.54%
6/20/2014 410.76 -0.39%
6/23/2014 409.85 -0.22%
6/24/2014 412.22 0.58%
6/25/2014 410.48 -0.42%
6/26/2014 411.97 0.36%
6/27/2014 412.21 0.06%
6/30/2014 414.27 0.50%
7/1/2014 414.84 0.14%
7/2/2014 417.92 0.74%
7/3/2014 419.24 0.32%
7/4/2014 420.07 0.20%
7/7/2014 420.7 0.15%
7/8/2014 420.3 -0.10%
7/9/2014 419.22 -0.26%
7/10/2014 419.82 0.14%
7/11/2014 418.86 -0.23%
7/14/2014 421.3 0.58%
7/15/2014 422.42 0.27%
7/16/2014 423.45 0.24%
7/17/2014 421.2 -0.53%
7/18/2014 421.71 0.12%
7/21/2014 422.13 0.10%
7/22/2014 426.47 1.03%
7/23/2014 428.03 0.37%
7/24/2014 429.83 0.42%
7/25/2014 428.98 -0.20%
7/28/2014 428.64 -0.08%
7/29/2014 427.79 -0.20%
7/30/2014 426.44 -0.32%
7/31/2014 421.76 -1.10%
8/1/2014 419.96 -0.43%
8/4/2014 423.62 0.87%
8/5/2014 421.29 -0.55%
8/6/2014 419.01 -0.54%
8/7/2014 417.06 -0.47%
8/8/2014 415.7 -0.33%
8/11/2014 421.95 1.50%
8/12/2014 422.98 0.24%
8/13/2014 425.27 0.54%
8/14/2014 425.7 0.10%
8/15/2014 426.49 0.19%
8/18/2014 428.09 0.38%
8/19/2014 430.91 0.66%
8/20/2014 431.26 0.08%
8/21/2014 431.03 -0.05%
8/22/2014 430.79 -0.06%
8/25/2014 432.2 0.33%
8/26/2014 432.74 0.12%
8/27/2014 435.02 0.53%
8/28/2014 432.22 -0.64%
8/29/2014 432.83 0.14%
9/1/2014 434.12 0.30%
9/2/2014 434.24 0.03%
9/3/2014 440.41 1.42%
9/4/2014 439.88 -0.12%
9/5/2014 439.58 -0.07%
9/8/2014 439.08 -0.11%
9/9/2014 435.54 -0.81%
9/10/2014 430.48 -1.16%
9/11/2014 429.29 -0.28%
9/12/2014 425.72 -0.83%
9/15/2014 423.39 -0.55%
 9/16/2014 422.15 -0.29%
9/17/2014 424.96 0.67%
9/18/2014 424.08 -0.21%
9/19/2014 423.22 -0.20%
9/22/2014 417.52 -1.35%
9/23/2014 414.75 -0.66%
9/24/2014 415.85 0.27%
9/25/2014 411.44 -1.06%
9/26/2014 411.04 -0.10%
9/29/2014 405.39 -1.37%
9/30/2014 404.07 -0.33%
10/1/2014 401.7 -0.59%
10/2/2014 400.7 -0.25%
10/3/2014 402.56 0.46%
10/6/2014 408.41 1.45%
10/7/2014 408.05 -0.09%
10/8/2014 404.34 -0.91%
10/9/2014 408.02 0.91%
10/10/2014 400.48 -1.85%
10/13/2014 400.32 -0.04%
10/14/2014 400.01 -0.08%
10/15/2014 396.23 -0.94%
10/16/2014 391.25 -1.26%
10/17/2014 394.94 0.94%
10/20/2014 396.01 0.27%
10/21/2014 397.06 0.27%
10/22/2014 398.5 0.36%
10/23/2014 396.95 -0.39%
10/24/2014 398.11 0.29%
10/27/2014 394.14 -1.00%
10/28/2014 400.88 1.71%
10/29/2014 404.53 0.91%
10/30/2014 406.35 0.45%
10/31/2014 410.41 1.00%
11/3/2014 408.98 -0.35%
11/4/2014 408.78 -0.05%
11/5/2014 405.61 -0.78%
11/6/2014 402.19 -0.84%
11/7/2014 401.38 -0.20%
11/10/2014 404.65 0.81%
11/11/2014 403.59 -0.26%
11/12/2014 404.67 0.27%
11/13/2014 403.4 -0.31%
11/14/2014 403.62 0.05%
11/17/2014 400.91 -0.67%
11/18/2014 401.66 0.19%
11/19/2014 402.32 0.16%
11/20/2014 403.14 0.20%
11/21/2014 408.99 1.45%
11/24/2014 411.07 0.51%
11/25/2014 410.12 -0.23%
11/26/2014 411.08 0.23%
11/27/2014 410.39 -0.17%
11/28/2014 407.54 -0.69%
12/1/2014 399.63 -1.94%
12/2/2014 399.24 -0.10%
12/3/2014 400.43 0.30%
12/4/2014 400.46 0.01%
12/5/2014 399.86 -0.15%
12/8/2014 395.74 -1.03%
12/9/2014 390.36 -1.36%
12/10/2014 388.21 -0.55%
12/11/2014 383.87 -1.12%
12/12/2014 380.76 -0.81%
12/15/2014 373.95 -1.79%
12/16/2014 367.07 -1.84%
12/17/2014 370.99 1.07%
12/18/2014 379 2.16%
12/19/2014 382.09 0.82%
12/22/2014 386.61 1.18%
12/23/2014 384.53 -0.54%
12/24/2014 384.29 -0.06%
12/25/2014 384.12 -0.04%
12/26/2014 384.92 0.21%
12/29/2014 387.72 0.73%
12/30/2014 386.92 -0.21%
12/31/2014 387.99 0.28%
1/1/2015 388.07 0.02%
1/2/2015 387.24 -0.21%
1/5/2015 382.53 -1.22%
 1/6/2015 380.03 -0.65%
1/7/2015 382.75 0.72%
1/8/2015 389.39 1.73%
1/9/2015 389.68 0.07%
1/12/2015 386.98 -0.69%
1/13/2015 388.57 0.41%
1/14/2015 386.93 -0.42%
1/15/2015 388.56 0.42%
1/16/2015 387.95 -0.16%
1/19/2015 385.49 -0.63%
1/20/2015 387.85 0.61%
1/21/2015 394.94 1.83%
1/22/2015 398.58 0.92%
1/23/2015 401.08 0.63%
1/26/2015 400.07 -0.25%
1/27/2015 400.42 0.09%
1/28/2015 398.36 -0.51%
1/29/2015 394.05 -1.08%
1/30/2015 389.47 -1.16%
2/2/2015 390.69 0.31%
2/3/2015 395.59 1.25%
2/4/2015 396.13 0.14%
2/5/2015 397.23 0.28%
2/6/2015 395.1 -0.54%
2/9/2015 392.87 -0.56%
2/10/2015 390.99 -0.48%
2/11/2015 388.97 -0.52%
2/12/2015 393.78 1.24%
2/13/2015 399.35 1.41%
2/16/2015 398.47 -0.22%
2/17/2015 397.85 -0.16%
2/18/2015 398.79 0.24%
2/19/2015 398.91 0.03%
2/20/2015 398.62 -0.07%
2/23/2015 398.08 -0.14%
2/24/2015 399.85 0.44%
2/25/2015 400.7 0.21%
2/26/2015 401.29 0.15%
2/27/2015 400.41 -0.22%
3/2/2015 399.8 -0.15%
 3/3/2015 398.41 -0.35%
3/4/2015 394.58 -0.96%
3/5/2015 394.68 0.03%
3/6/2015 392.41 -0.58%
3/9/2015 388.47 -1.00%
3/10/2015 382.75 -1.47%
3/11/2015 382.13 -0.16%
3/12/2015 385.1 0.78%
3/13/2015 380.85 -1.10%
3/16/2015 381.28 0.11%
3/17/2015 383.34 0.54%
3/18/2015 386.66 0.87%
3/19/2015 389.36 0.70%
3/20/2015 391.8 0.63%
3/23/2015 394.14 0.60%
3/24/2015 394.8 0.17%
3/25/2015 393.52 -0.32%
3/26/2015 388.97 -1.16%
3/27/2015 387.36 -0.41%
3/30/2015 392.1 1.22%
3/31/2015 394.25 0.55%
4/1/2015 398.35 1.04%
4/2/2015 402.42 1.02%
4/3/2015 402.58 0.04%
4/6/2015 406.98 1.09%
4/7/2015 407.56 0.14%
4/8/2015 414.65 1.74%
4/9/2015 418.29 0.88%
4/10/2015 419.72 0.34%
4/13/2015 423.15 0.82%
4/14/2015 420.64 -0.59%
4/15/2015 420.42 -0.05%
4/16/2015 425.66 1.25%
4/17/2015 421.23 -1.04%
4/20/2015 416.63 -1.09%
4/21/2015 420.39 0.90%
4/22/2015 422.8 0.57%
4/23/2015 424.81 0.48%
4/24/2015 427.66 0.67%
4/27/2015 430.12 0.58%
4/28/2015 431.21 0.25%
4/29/2015 428.38 -0.66%
4/30/2015 424.11 -1.00%
5/1/2015 423.42 -0.16%
5/4/2015 424.9 0.35%
5/5/2015 424.24 -0.16%
5/6/2015 421.22 -0.71%
5/7/2015 415.13 -1.45%
5/8/2015 420.51 1.30%
5/11/2015 421.05 0.13%
5/12/2015 418.09 -0.70%
5/13/2015 420.66 0.61%
5/14/2015 421.58 0.22%
5/15/2015 425.23 0.87%
5/18/2015 424.54 -0.16%
5/19/2015 424.83 0.07%
5/20/2015 422.84 -0.47%
5/21/2015 422.37 -0.11%
5/22/2015 423.79 0.34%
5/25/2015 422.85 -0.22%
5/26/2015 420.07 -0.66%
5/27/2015 418.85 -0.29%
5/28/2015 414.41 -1.06%
5/29/2015 412.83 -0.38%
6/1/2015 413.71 0.21%
6/2/2015 413.05 -0.16%
6/3/2015 411.25 -0.44%
6/4/2015 408.14 -0.76%
6/5/2015 405.76 -0.58%
6/8/2015 403.69 -0.51%
6/9/2015 400.43 -0.81%
6/10/2015 404.01 0.89%
6/11/2015 403.39 -0.15%
6/12/2015 405.27 0.47%
6/15/2015 401.71 -0.88%
6/16/2015 399.99 -0.43%
6/17/2015 401.76 0.44%
6/18/2015 405.2 0.86%
6/19/2015 403.65 -0.38%
6/22/2015 408.31 1.15%
6/23/2015 409.63 0.32%
6/24/2015 410.52 0.22%
6/25/2015 409.04 -0.36%
6/26/2015 405.56 -0.85%
6/29/2015 397.32 -2.03%
6/30/2015 402.73 1.36%
7/1/2015 402.3 -0.11%
7/2/2015 402.15 -0.04%
7/3/2015 399.02 -0.78%
7/6/2015 390.65 -2.10%
7/7/2015 384.54 -1.56%
7/8/2015 373.61 -2.84%
7/9/2015 381.2 2.03%
7/10/2015 387.03 1.53%
7/13/2015 391.58 1.18%
7/14/2015 391.86 0.07%
7/15/2015 390.1 -0.45%
7/16/2015 392.19 0.54%
7/17/2015 392.76 0.15%
7/20/2015 390.64 -0.54%
7/21/2015 391.94 0.33%
7/22/2015 387.84 -1.05%
7/23/2015 385.45 -0.62%
7/24/2015 380.06 -1.40%
7/27/2015 370.72 -2.46%
7/28/2015 369.56 -0.31%
7/29/2015 373.24 1.00%
7/30/2015 371.72 -0.41%
7/31/2015 374.56 0.76%
8/3/2015 370.27 -1.15%
8/4/2015 371.03 0.21%
8/5/2015 371.61 0.16%
8/6/2015 369.22 -0.64%
8/7/2015 369.6 0.10%
8/10/2015 371.29 0.46%
8/11/2015 367.05 -1.14%
8/12/2015 359.6 -2.03%
8/13/2015 360.46 0.24%
8/14/2015 360.7 0.07%
8/17/2015 357.59 -0.86%
 8/18/2015 354.12 -0.97%
8/19/2015 350.64 -0.98%
8/20/2015 345.92 -1.35%
8/21/2015 338.5 -2.15%
8/24/2015 319.74 -5.54%
8/25/2015 326.59 2.14%
8/26/2015 325.26 -0.41%
8/27/2015 337.22 3.68%
8/28/2015 339.09 0.55%
8/31/2015 338.46 -0.19%
9/1/2015 330.98 -2.21%
9/2/2015 329.44 -0.47%
9/3/2015 332.38 0.89%
9/4/2015 326.85 -1.66%
9/7/2015 323.28 -1.09%
9/8/2015 328.75 1.69%
9/9/2015 335.55 2.07%
9/10/2015 333.12 -0.72%
9/11/2015 332.93 -0.06%
9/14/2015 334.93 0.60%
9/15/2015 334.69 -0.07%
9/16/2015 340.67 1.79%
9/17/2015 341.91 0.36%
9/18/2015 342.12 0.06%
9/21/2015 337.75 -1.28%
9/22/2015 333.75 -1.18%
9/23/2015 327.95 -1.74%
9/24/2015 325.44 -0.77%
9/25/2015 327.27 0.56%
9/28/2015 323.63 -1.11%
9/29/2015 321.64 -0.61%
9/30/2015 327.47 1.81%
10/1/2015 328.96 0.46%
10/2/2015 333.53 1.39%
10/5/2015 340.88 2.20%
10/6/2015 343.01 0.62%
10/7/2015 351.32 2.42%
10/8/2015 349.68 -0.47%
10/9/2015 354.64 1.42%
10/12/2015 356.9 0.64%
10/13/2015 352.47 -1.24%
10/14/2015 350.4 -0.59%
10/15/2015 356.35 1.70%
10/16/2015 357.16 0.23%
10/19/2015 357.6 0.12%
10/20/2015 356.89 -0.20%
10/21/2015 353.96 -0.82%
10/22/2015 354.67 0.20%
10/23/2015 358.62 1.11%
10/26/2015 359.02 0.11%
10/27/2015 357.42 -0.45%
10/28/2015 356.72 -0.20%
10/29/2015 351.27 -1.53%
10/30/2015 352.32 0.30%
11/2/2015 353.05 0.21%
11/3/2015 356.85 1.08%
11/4/2015 360.19 0.94%
11/5/2015 358.82 -0.38%
11/6/2015 354.71 -1.15%
11/9/2015 351.12 -1.01%
11/10/2015 347.55 -1.02%
11/11/2015 347.45 -0.03%
11/12/2015 347.81 0.10%
11/13/2015 342.58 -1.50%
11/16/2015 341.22 -0.40%
11/17/2015 344.94 1.09%
11/18/2015 344.38 -0.16%
11/19/2015 349.89 1.60%
11/20/2015 352.75 0.82%
11/23/2015 351.79 -0.27%
11/24/2015 350.21 -0.45%
11/25/2015 348.69 -0.43%
11/26/2015 348.98 0.08%
11/27/2015 344.51 -1.28%
11/30/2015 341.82 -0.78%
12/1/2015 345.57 1.10%
12/2/2015 345.03 -0.16%
12/3/2015 344.21 -0.24%
12/4/2015 341.65 -0.74%
12/7/2015 340.73 -0.27%
 12/8/2015 335.73 -1.47%
12/9/2015 335.03 -0.21%
12/10/2015 332.34 -0.80%
12/11/2015 324.67 -2.31%
12/14/2015 324.34 -0.10%
12/15/2015 328.28 1.21%
12/16/2015 331.94 1.11%
12/17/2015 335.98 1.22%
12/18/2015 332.66 -0.99%
12/21/2015 333.29 0.19%
12/22/2015 334.1 0.24%
12/23/2015 337.77 1.10%
12/24/2015 338.15 0.11%
12/25/2015 338.36 0.06%
12/28/2015 337.09 -0.38%
12/29/2015 337.4 0.09%
12/30/2015 334.32 -0.91%
12/31/2015 335.55 0.37%
1/1/2016 335.71 0.05%
1/4/2016 325.14 -3.15%
1/5/2016 325.35 0.06%
1/6/2016 322.12 -0.99%
1/7/2016 312.4 -3.02%
1/8/2016 312.71 0.10%
1/11/2016 305.73 -2.23%
1/12/2016 305.54 -0.06%
1/13/2016 306.84 0.43%
1/14/2016 304.85 -0.65%
1/15/2016 298.34 -2.14%
1/18/2016 295.79 -0.85%
1/19/2016 300.29 1.52%
1/20/2016 291.77 -2.84%
1/21/2016 290.03 -0.60%
1/22/2016 298.17 2.81%
1/25/2016 299.99 0.61%
1/26/2016 297.44 -0.85%
1/27/2016 299.46 0.68%
1/28/2016 301.94 0.83%
1/29/2016 310.48 2.83%
2/1/2016 310.41 -0.02%
 2/2/2016 305.28 -1.65%
2/3/2016 302.54 -0.90%
2/4/2016 309.04 2.15%
2/5/2016 308.65 -0.13%
2/8/2016 306.1 -0.83%
2/9/2016 304.11 -0.65%
2/10/2016 304.44 0.11%
2/11/2016 297.76 -2.19%
2/12/2016 297.71 -0.02%
2/15/2016 303.97 2.10%
2/16/2016 306.11 0.70%
2/17/2016 308.6 0.81%
2/18/2016 312.59 1.29%
2/19/2016 311 -0.51%
2/22/2016 315.32 1.39%
2/23/2016 312.77 -0.81%
2/24/2016 309.57 -1.02%
2/25/2016 308.54 -0.33%
2/26/2016 311.02 0.80%
2/29/2016 311.43 0.13%
3/1/2016 317.59 1.98%
3/2/2016 323.73 1.93%
3/3/2016 327.59 1.19%
3/4/2016 332.53 1.51%
3/7/2016 334.3 0.53%
3/8/2016 331.6 -0.81%
3/9/2016 332.06 0.14%
3/10/2016 332.16 0.03%
3/11/2016 336.39 1.27%
3/14/2016 337.24 0.25%
3/15/2016 331.45 -1.72%
3/16/2016 332.17 0.22%
3/17/2016 342.21 3.02%
3/18/2016 346.09 1.13%
3/21/2016 347.55 0.42%
3/22/2016 347.49 -0.02%
3/23/2016 343.94 -1.02%
3/24/2016 341.04 -0.84%
3/25/2016 340.67 -0.11%
3/28/2016 340.67 0.00%
3/29/2016 340.97 0.09%
3/30/2016 349.02 2.36%
3/31/2016 350.35 0.38%
4/1/2016 347.3 -0.87%
4/4/2016 347.05 -0.07%
4/5/2016 341.96 -1.47%
4/6/2016 340.45 -0.44%
4/7/2016 340.09 -0.11%
4/8/2016 343.69 1.06%
4/11/2016 346.92 0.94%
4/12/2016 349.47 0.74%
4/13/2016 355.75 1.80%
4/14/2016 355.92 0.05%
4/15/2016 355.88 -0.01%
4/18/2016 355.04 -0.24%
4/19/2016 358.64 1.01%
4/20/2016 357.56 -0.30%
4/21/2016 358.46 0.25%
4/22/2016 355.37 -0.86%
4/25/2016 352.78 -0.73%
4/26/2016 354.31 0.43%
4/27/2016 354.45 0.04%
4/28/2016 355.09 0.18%
4/29/2016 354.04 -0.30%
5/2/2016 352.2 -0.52%
5/3/2016 345.71 -1.84%
5/4/2016 342.88 -0.82%
5/5/2016 341.33 -0.45%
5/6/2016 339.36 -0.58%
5/9/2016 337.76 -0.47%
5/10/2016 340.53 0.82%
5/11/2016 340.9 0.11%
5/12/2016 340.06 -0.25%
5/13/2016 336.26 -1.12%
5/16/2016 337.53 0.38%
5/17/2016 339.08 0.46%
5/18/2016 336.42 -0.78%
5/19/2016 331.13 -1.57%
5/20/2016 332.88 0.53%
5/23/2016 333.65 0.23%
5/24/2016 334.67 0.31%
5/25/2016 338.21 1.06%
5/26/2016 340 0.53%
5/27/2016 342.48 0.73%
5/30/2016 342.88 0.12%
5/31/2016 342.65 -0.07%
6/1/2016 342.49 -0.05%
6/2/2016 343.17 0.20%
6/3/2016 346.35 0.93%
6/6/2016 349.83 1.00%
6/7/2016 353.96 1.18%
6/8/2016 356.34 0.67%
6/9/2016 354.04 -0.65%
6/10/2016 348.75 -1.49%
6/13/2016 343.49 -1.51%
6/14/2016 340.79 -0.79%
6/15/2016 343.32 0.74%
6/16/2016 339.93 -0.99%
6/17/2016 342.94 0.89%
6/20/2016 348.52 1.63%
6/21/2016 350.14 0.46%
6/22/2016 351.81 0.48%
6/23/2016 354.73 0.83%
6/24/2016 343.62 -3.13%
6/27/2016 339.59 -1.17%
6/28/2016 344.11 1.33%
6/29/2016 351.35 2.10%
6/30/2016 356.15 1.37%
7/1/2016 357.66 0.42%
7/4/2016 359.65 0.56%
7/5/2016 355.15 -1.25%
7/6/2016 351.42 -1.05%
7/7/2016 353.92 0.71%
7/8/2016 355.36 0.41%
7/11/2016 362.07 1.89%
7/12/2016 365.67 0.99%
7/13/2016 366.28 0.17%
7/14/2016 370.2 1.07%
7/15/2016 370.53 0.09%
7/18/2016 371.57 0.28%
7/19/2016 370.88 -0.19%
7/20/2016 372.52 0.44%
7/21/2016 372.64 0.03%
7/22/2016 372.12 -0.14%
7/25/2016 371.95 -0.05%
7/26/2016 372.14 0.05%
7/27/2016 373.68 0.41%
7/28/2016 374.15 0.13%
7/29/2016 373.37 -0.21%
8/1/2016 376.31 0.79%
8/2/2016 374.44 -0.50%
8/3/2016 371.82 -0.70%
8/4/2016 375.02 0.86%
8/5/2016 378.8 1.01%
8/8/2016 382.82 1.06%
8/9/2016 384.39 0.41%
8/10/2016 385.27 0.23%
8/11/2016 387.5 0.58%
8/12/2016 388.84 0.35%
8/15/2016 391.7 0.74%
8/16/2016 391.22 -0.12%
8/17/2016 389.35 -0.48%
8/18/2016 392.12 0.71%
8/19/2016 389.64 -0.63%
8/22/2016 387.41 -0.57%
8/23/2016 387.63 0.06%
8/24/2016 384.05 -0.92%
8/25/2016 384.41 0.09%
8/26/2016 386.31 0.49%
8/29/2016 384.14 -0.56%
8/30/2016 385.41 0.33%
8/31/2016 383.27 -0.56%
9/1/2016 382.73 -0.14%
9/2/2016 386.41 0.96%
9/5/2016 389.59 0.82%
9/6/2016 395.71 1.57%
9/7/2016 396.49 0.20%
9/8/2016 397.2 0.18%
9/9/2016 390.33 -1.73%
9/12/2016 383.23 -1.82%
 9/13/2016 381.22 -0.52%
9/14/2016 381.13 -0.02%
9/15/2016 383.16 0.53%
9/16/2016 381.67 -0.39%
9/19/2016 386.51 1.27%
9/20/2016 386.73 0.06%
9/21/2016 389.61 0.74%
9/22/2016 395.34 1.47%
9/23/2016 393.85 -0.38%
9/26/2016 388.74 -1.30%
9/27/2016 390.34 0.41%
9/28/2016 391.32 0.25%
9/29/2016 390.96 -0.09%
9/30/2016 387.68 -0.84%
10/3/2016 391.73 1.04%
10/4/2016 393.59 0.47%
10/5/2016 393.83 0.06%
10/6/2016 393.99 0.04%
10/7/2016 393.18 -0.21%
10/10/2016 394.46 0.33%
10/11/2016 390.07 -1.11%
10/12/2016 388.71 -0.35%
10/13/2016 384.05 -1.20%
10/14/2016 386.85 0.73%
10/17/2016 385.6 -0.32%
10/18/2016 391.36 1.49%
10/19/2016 393.17 0.46%
10/20/2016 393.41 0.06%
10/21/2016 393.27 -0.04%
10/24/2016 395.88 0.66%
10/25/2016 396.16 0.07%
10/26/2016 393.31 -0.72%
10/27/2016 391.2 -0.54%
10/28/2016 390.34 -0.22%
10/31/2016 391.13 0.20%
11/1/2016 389.8 -0.34%
11/2/2016 384.89 -1.26%
11/3/2016 381.87 -0.78%
11/4/2016 379.76 -0.55%
11/7/2016 386.01 1.65%
 11/8/2016 388.78 0.72%
11/9/2016 380.47 -2.14%
11/10/2016 378.03 -0.64%
11/11/2016 367.23 -2.86%
11/14/2016 363.59 -0.99%
11/15/2016 364.48 0.24%
11/16/2016 366.6 0.58%
11/17/2016 366.7 0.03%
11/18/2016 365.77 -0.25%
11/21/2016 367.11 0.37%
11/22/2016 370.51 0.93%
11/23/2016 369.43 -0.29%
11/24/2016 368.21 -0.33%
11/25/2016 369.94 0.47%
11/28/2016 372.74 0.76%
11/29/2016 370.83 -0.51%
11/30/2016 372.58 0.47%
12/1/2016 370.22 -0.63%
12/2/2016 368.42 -0.49%
12/5/2016 369.1 0.18%
12/6/2016 371.75 0.72%
12/7/2016 374.46 0.73%
12/8/2016 378.25 1.01%
12/9/2016 378.12 -0.03%
12/12/2016 375.6 -0.67%
12/13/2016 377.62 0.54%
12/14/2016 375.58 -0.54%
12/15/2016 369.74 -1.55%
12/16/2016 368.84 -0.24%
12/19/2016 366.46 -0.65%
12/20/2016 366.34 -0.03%
12/21/2016 366.84 0.14%
12/22/2016 363.2 -0.99%
12/23/2016 363.32 0.03%
12/26/2016 363.32 0.00%
12/27/2016 364.5 0.32%
12/28/2016 368.08 0.98%
12/29/2016 371.28 0.87%
12/30/2016 373.45 0.58%
1/2/2017 373.28 -0.05%
 1/3/2017 375.37 0.56%
1/4/2017 377.01 0.44%
1/5/2017 381.4 1.16%
1/6/2017 381.05 -0.09%
1/9/2017 380.15 -0.24%
1/10/2017 383.03 0.76%
1/11/2017 382.7 -0.09%
1/12/2017 386.59 1.02%
1/13/2017 386.37 -0.06%
1/16/2017 383.97 -0.62%
1/17/2017 386.03 0.54%
1/18/2017 387.21 0.31%
1/19/2017 385.97 -0.32%
1/20/2017 385.37 -0.16%
1/23/2017 389.21 1.00%
1/24/2017 392.42 0.82%
1/25/2017 393.76 0.34%
1/26/2017 394.85 0.28%
1/27/2017 394.74 -0.03%
1/30/2017 393.46 -0.32%
1/31/2017 392.62 -0.21%
2/1/2017 394.23 0.41%
2/2/2017 395.33 0.28%
2/3/2017 397.28 0.49%
2/6/2017 398.59 0.33%
2/7/2017 397.78 -0.20%
2/8/2017 399.34 0.39%
2/9/2017 401.32 0.50%
2/10/2017 403.47 0.54%
2/13/2017 406.13 0.66%
2/14/2017 405.14 -0.24%
2/15/2017 408.59 0.85%
2/16/2017 410.31 0.42%
2/17/2017 407.75 -0.62%
2/20/2017 409.83 0.51%
2/21/2017 410.22 0.10%
2/22/2017 412.36 0.52%
2/23/2017 412.82 0.11%
2/24/2017 409.17 -0.88%
2/27/2017 408.27 -0.22%
2/28/2017 406.21 -0.50%
3/1/2017 407.31 0.27%
3/2/2017 406.01 -0.32%
3/3/2017 405.05 -0.24%
3/6/2017 406.68 0.40%
3/7/2017 406.88 0.05%
3/8/2017 405.82 -0.26%
3/9/2017 401.15 -1.15%
3/10/2017 402.24 0.27%
3/13/2017 406.5 1.06%
3/14/2017 407.14 0.16%
3/15/2017 408.79 0.41%
3/16/2017 417.01 2.01%
3/17/2017 417.65 0.15%
3/20/2017 420.24 0.62%
3/21/2017 419.66 -0.14%
3/22/2017 417.3 -0.56%
3/23/2017 418.06 0.18%
3/24/2017 418.91 0.20%
3/27/2017 416.9 -0.48%
3/28/2017 418.9 0.48%
3/29/2017 419.66 0.18%
3/30/2017 419.17 -0.12%
3/31/2017 414.91 -1.02%
4/3/2017 417.74 0.68%
4/4/2017 418.34 0.14%
4/5/2017 420.56 0.53%
4/6/2017 418.78 -0.42%
4/7/2017 418.22 -0.13%
4/10/2017 417.34 -0.21%
4/11/2017 416.43 -0.22%
4/12/2017 417.61 0.28%
4/13/2017 418.63 0.24%
4/14/2017 417.68 -0.23%
4/17/2017 419.06 0.33%
4/18/2017 416.88 -0.52%
4/19/2017 415 -0.45%
4/20/2017 417.18 0.53%
4/21/2017 417.93 0.18%
4/24/2017 421.66 0.89%
4/25/2017 425.89 1.00%
4/26/2017 425.59 -0.07%
4/27/2017 424.47 -0.26%
4/28/2017 424.31 -0.04%
5/1/2017 425.12 0.19%
5/2/2017 428.02 0.68%
5/3/2017 426.83 -0.28%
5/4/2017 423.82 -0.71%
5/5/2017 422.72 -0.26%
5/8/2017 424 0.30%
5/9/2017 426.12 0.50%
5/10/2017 429.34 0.76%
5/11/2017 430.4 0.25%
5/12/2017 431.54 0.26%
5/15/2017 435.13 0.83%
5/16/2017 436.74 0.37%
5/17/2017 433.91 -0.65%
5/18/2017 424.45 -2.18%
5/19/2017 428.29 0.90%
5/22/2017 430.49 0.51%
5/23/2017 430.66 0.04%
5/24/2017 430.96 0.07%
5/25/2017 434.24 0.76%
5/26/2017 435.53 0.30%
5/29/2017 434.72 -0.19%
5/30/2017 433.99 -0.17%
5/31/2017 431.41 -0.59%
6/1/2017 433.04 0.38%
6/2/2017 435.39 0.54%
6/5/2017 436.4 0.23%
6/6/2017 435.7 -0.16%
6/7/2017 436.52 0.19%
6/8/2017 437.85 0.30%
6/9/2017 436.89 -0.22%
6/12/2017 433.76 -0.72%
6/13/2017 434.2 0.10%
6/14/2017 435.54 0.31%
6/15/2017 431.26 -0.98%
6/16/2017 431.71 0.10%
6/19/2017 435.5 0.88%
6/20/2017 433.12 -0.55%
6/21/2017 433.47 0.08%
6/22/2017 434.17 0.16%
6/23/2017 435.09 0.21%
6/26/2017 438.64 0.82%
6/27/2017 437.26 -0.31%
6/28/2017 436 -0.29%
6/29/2017 436.51 0.12%
6/30/2017 435.79 -0.16%
7/3/2017 437.9 0.48%
7/4/2017 435.43 -0.56%
7/5/2017 436.56 0.26%
7/6/2017 435.92 -0.15%
7/7/2017 434.74 -0.27%
7/10/2017 437.41 0.61%
7/11/2017 440.76 0.77%
7/12/2017 446.07 1.20%
7/13/2017 450.21 0.93%
7/14/2017 452.92 0.60%
7/17/2017 454.42 0.33%
7/18/2017 455.02 0.13%
7/19/2017 458.31 0.72%
7/20/2017 457.87 -0.10%
7/21/2017 457.47 -0.09%
7/24/2017 459.05 0.35%
7/25/2017 458.6 -0.10%
7/26/2017 459.53 0.20%
7/27/2017 462 0.54%
7/28/2017 461.41 -0.13%
7/31/2017 462.66 0.27%
8/1/2017 463.92 0.27%
8/2/2017 464.43 0.11%
8/3/2017 463.53 -0.19%
8/4/2017 464.78 0.27%
8/7/2017 468.52 0.80%
8/8/2017 469.67 0.25%
8/9/2017 466.68 -0.64%
8/10/2017 460.79 -1.26%
8/11/2017 456.06 -1.03%
8/14/2017 460.25 0.92%
8/15/2017 459.81 -0.10%
8/16/2017 463.22 0.74%
8/17/2017 463.97 0.16%
8/18/2017 462.52 -0.31%
8/21/2017 464.35 0.40%
8/22/2017 467.79 0.74%
8/23/2017 469.13 0.29%
8/24/2017 472 0.61%
8/25/2017 473.65 0.35%
8/28/2017 473.89 0.05%
8/29/2017 472.44 -0.31%
8/30/2017 475.56 0.66%
8/31/2017 476.73 0.25%
9/1/2017 478.86 0.45%
9/4/2017 476.67 -0.46%
9/5/2017 477.83 0.24%
9/6/2017 477.64 -0.04%
9/7/2017 479.93 0.48%
9/8/2017 480.24 0.06%
9/11/2017 483.84 0.75%
9/12/2017 484.92 0.22%
9/13/2017 483.84 -0.22%
9/14/2017 483.85 0.00%
9/15/2017 484.75 0.19%
9/18/2017 487.69 0.61%
9/19/2017 486.37 -0.27%
9/20/2017 487.3 0.19%
9/21/2017 485.76 -0.32%
9/22/2017 483.2 -0.53%
9/25/2017 475.12 -1.67%
9/26/2017 472.56 -0.54%
9/27/2017 471.85 -0.15%
9/28/2017 469.96 -0.40%
9/29/2017 474.1 0.88%
10/2/2017 474.79 0.15%
10/3/2017 481.17 1.34%
10/4/2017 483.75 0.54%
10/5/2017 484.41 0.14%
10/6/2017 484.52 0.02%
10/9/2017 483.22 -0.27%
10/10/2017 486.9 0.76%
10/11/2017 487.66 0.16%
10/12/2017 489.43 0.36%
10/13/2017 491.61 0.45%
10/16/2017 494.13 0.51%
10/17/2017 490.96 -0.64%
10/18/2017 491.42 0.09%
10/19/2017 487.63 -0.77%
10/20/2017 488.44 0.17%
10/23/2017 486.55 -0.39%
10/24/2017 485.4 -0.24%
10/25/2017 485.94 0.11%
10/26/2017 483.84 -0.43%
10/27/2017 483.93 0.02%
10/30/2017 485.74 0.37%
10/31/2017 486.44 0.14%
11/1/2017 489.34 0.60%
11/2/2017 488.9 -0.09%
11/3/2017 487.95 -0.19%
11/6/2017 490.46 0.51%
11/7/2017 491.41 0.19%
11/8/2017 491.64 0.05%
11/9/2017 491.33 -0.06%
11/10/2017 489.2 -0.43%
11/13/2017 487 -0.45%
11/14/2017 484.7 -0.47%
11/15/2017 481.1 -0.74%
11/16/2017 486.27 1.07%
11/17/2017 491.14 1.00%
11/20/2017 491.47 0.07%
11/21/2017 497.64 1.26%
11/22/2017 499.59 0.39%
11/23/2017 498 -0.32%
11/24/2017 498.93 0.19%
11/27/2017 496.63 -0.46%
11/28/2017 496.92 0.06%
11/29/2017 494.41 -0.51%
11/30/2017 487.76 -1.35%
12/1/2017 485.19 -0.53%
12/4/2017 487 0.37%
 12/5/2017 484.81 -0.45%
12/6/2017 478.52 -1.30%
12/7/2017 478.18 -0.07%
12/8/2017 482.7 0.95%
12/11/2017 486.95 0.88%
12/12/2017 483.45 -0.72%
12/13/2017 486.05 0.54%
12/14/2017 487.45 0.29%
12/15/2017 486.7 -0.15%
12/18/2017 492.33 1.16%
12/19/2017 492.88 0.11%
12/20/2017 493.65 0.16%
12/21/2017 496.4 0.56%
12/22/2017 498.96 0.52%
12/25/2017 498.93 -0.01%
12/26/2017 498.43 -0.10%
12/27/2017 500.76 0.47%
12/28/2017 503.87 0.62%
12/29/2017 506.47 0.52%
1/1/2018 506.16 -0.06%
1/2/2018 514.64 1.68%
1/3/2018 517.6 0.58%
1/4/2018 522.31 0.91%
1/5/2018 525.31 0.57%
1/8/2018 527.64 0.44%
1/9/2018 527.26 -0.07%
1/10/2018 525.33 -0.37%
1/11/2018 525.68 0.07%
1/12/2018 529.61 0.75%
1/15/2018 530.32 0.13%
1/16/2018 532.35 0.38%
1/17/2018 535.56 0.60%
1/18/2018 537.66 0.39%
1/19/2018 540.21 0.47%
1/22/2018 544.44 0.78%
1/23/2018 549.11 0.86%
1/24/2018 552.88 0.69%
1/25/2018 553.58 0.13%
1/26/2018 558.13 0.82%
1/29/2018 554.91 -0.58%
1/30/2018 547.17 -1.39%
1/31/2018 549.96 0.51%
2/1/2018 547.83 -0.39%
2/2/2018 540.84 -1.28%
2/5/2018 532.07 -1.62%
2/6/2018 516.7 -2.89%
2/7/2018 517.2 0.10%
2/8/2018 512.37 -0.93%
2/9/2018 504.47 -1.54%
2/12/2018 508.42 0.78%
2/13/2018 512.65 0.83%
2/14/2018 520.96 1.62%
2/15/2018 529.07 1.56%
2/16/2018 527.9 -0.22%
2/19/2018 527.22 -0.13%
2/20/2018 525.41 -0.34%
2/21/2018 532.5 1.35%
2/22/2018 529.71 -0.52%
2/23/2018 535.87 1.16%
2/26/2018 537.79 0.36%
2/27/2018 533.2 -0.85%
2/28/2018 527.28 -1.11%
3/1/2018 526.02 -0.24%
3/2/2018 521.99 -0.77%
3/5/2018 519.77 -0.43%
3/6/2018 525.89 1.18%
3/7/2018 522.92 -0.56%
3/8/2018 524.74 0.35%
3/9/2018 529.38 0.88%
3/12/2018 535.39 1.14%
3/13/2018 535.57 0.03%
3/14/2018 533.27 -0.43%
3/15/2018 532.23 -0.20%
3/16/2018 530.58 -0.31%
3/19/2018 526.88 -0.70%
3/20/2018 528.83 0.37%
3/21/2018 529.28 0.09%
3/22/2018 523.11 -1.17%
3/23/2018 514.81 -1.59%
3/26/2018 519.17 0.85%
3/27/2018 519.91 0.14%
3/28/2018 510.89 -1.73%
3/29/2018 513.39 0.49%
3/30/2018 513.98 0.11%
4/2/2018 513.36 -0.12%
4/3/2018 513.97 0.12%
4/4/2018 508.55 -1.05%
4/5/2018 512.85 0.85%
4/6/2018 512.05 -0.16%
4/9/2018 511.54 -0.10%
4/10/2018 517.01 1.07%
4/11/2018 517.46 0.09%
4/12/2018 518.28 0.16%
4/13/2018 515.12 -0.61%
4/16/2018 511.98 -0.61%
4/17/2018 512.11 0.03%
4/18/2018 516.47 0.85%
4/19/2018 519.24 0.54%
4/20/2018 513.17 -1.17%
4/23/2018 508.4 -0.93%
4/24/2018 507.81 -0.12%
4/25/2018 501.59 -1.22%
4/26/2018 502.27 0.14%
4/27/2018 506.86 0.91%
4/30/2018 509.78 0.58%
5/1/2018 508.84 -0.18%
5/2/2018 505.09 -0.74%
5/3/2018 499.21 -1.16%
5/4/2018 499.46 0.05%
5/7/2018 500.87 0.28%
5/8/2018 502.13 0.25%
5/9/2018 503.24 0.22%
5/10/2018 507.69 0.88%
5/11/2018 510.89 0.63%
5/14/2018 513.11 0.43%
5/15/2018 505.74 -1.44%
5/16/2018 507.86 0.42%
5/17/2018 503.91 -0.78%
5/18/2018 500.32 -0.71%
5/21/2018 500 -0.06%
5/22/2018 502.85 0.57%
5/23/2018 497.38 -1.09%
5/24/2018 498.62 0.25%
5/25/2018 499.49 0.17%
5/28/2018 499.86 0.07%
5/29/2018 495.41 -0.89%
5/30/2018 491.8 -0.73%
5/31/2018 495.09 0.67%
6/1/2018 498.75 0.74%
6/4/2018 505.38 1.33%
6/5/2018 503.51 -0.37%
6/6/2018 506.62 0.62%
6/7/2018 506.08 -0.11%
6/8/2018 500.8 -1.04%
6/11/2018 502.49 0.34%
6/12/2018 503.31 0.16%
6/13/2018 500.83 -0.49%
6/14/2018 498.16 -0.53%
6/15/2018 493.78 -0.88%
6/18/2018 491.33 -0.50%
6/19/2018 482.28 -1.84%
6/20/2018 485.44 0.66%
6/21/2018 480.28 -1.06%
6/22/2018 482.86 0.54%
6/25/2018 476.18 -1.38%
6/26/2018 474.71 -0.31%
6/27/2018 467.34 -1.55%
6/28/2018 465.87 -0.31%
6/29/2018 475.81 2.13%
7/2/2018 473.01 -0.59%
7/3/2018 472.01 -0.21%
7/4/2018 471.61 -0.08%
7/5/2018 471.38 -0.05%
7/6/2018 473.74 0.50%
7/9/2018 481.22 1.58%
7/10/2018 481.85 0.13%
7/11/2018 477.19 -0.97%
7/12/2018 480.86 0.77%
7/13/2018 482.22 0.28%
7/16/2018 479.98 -0.46%
7/17/2018 480.55 0.12%
7/18/2018 480.03 -0.11%
7/19/2018 476.17 -0.80%
7/20/2018 480.34 0.88%
7/23/2018 480.74 0.08%
7/24/2018 486.49 1.20%
7/25/2018 490.49 0.82%
7/26/2018 489.97 -0.11%
7/27/2018 491.36 0.28%
7/30/2018 490.46 -0.18%
7/31/2018 489.16 -0.27%
8/1/2018 488.89 -0.06%
8/2/2018 481.19 -1.57%
8/3/2018 483.98 0.58%
8/6/2018 482.75 -0.25%
8/7/2018 486.44 0.76%
8/8/2018 485.86 -0.12%
8/9/2018 485.2 -0.14%
8/10/2018 478.65 -1.35%
8/13/2018 469.87 -1.83%
8/14/2018 469.3 -0.12%
8/15/2018 460.08 -1.96%
8/16/2018 459.99 -0.02%
8/17/2018 460.17 0.04%
8/20/2018 465.21 1.10%
8/21/2018 469.2 0.86%
8/22/2018 471.67 0.53%
8/23/2018 470.36 -0.28%
8/24/2018 470.8 0.09%
8/27/2018 479.29 1.80%
8/28/2018 479.47 0.04%
8/29/2018 478.87 -0.13%
8/30/2018 472.64 -1.30%
8/31/2018 471.97 -0.14%
9/3/2018 468.1 -0.82%
9/4/2018 464.06 -0.86%
9/5/2018 456.53 -1.62%
9/6/2018 455.32 -0.27%
9/7/2018 457.67 0.52%
9/10/2018 451.42 -1.37%
 9/11/2018 447.69 -0.83%
9/12/2018 448.84 0.26%
9/13/2018 454.91 1.35%
9/14/2018 458.79 0.85%
9/17/2018 454.22 -1.00%
9/18/2018 455.13 0.20%
9/19/2018 460.08 1.09%
9/20/2018 462.12 0.44%
9/21/2018 468.17 1.31%
9/24/2018 463.32 -1.04%
9/25/2018 463.05 -0.06%
9/26/2018 465.19 0.46%
9/27/2018 466.8 0.35%
9/28/2018 465.53 -0.27%
10/1/2018 464.98 -0.12%
10/2/2018 460.58 -0.95%
10/3/2018 461.32 0.16%
10/4/2018 450.88 -2.26%
10/5/2018 445.86 -1.11%
10/8/2018 443.9 -0.44%
10/9/2018 442.78 -0.25%
10/10/2018 439.59 -0.72%
10/11/2018 427.86 -2.67%
10/12/2018 438.42 2.47%
10/15/2018 435.68 -0.62%
10/16/2018 441.65 1.37%
10/17/2018 440.16 -0.34%
10/18/2018 435.14 -1.14%
10/19/2018 434.54 -0.14%
10/22/2018 439.33 1.10%
10/23/2018 430.77 -1.95%
10/24/2018 427.34 -0.80%
10/25/2018 426.56 -0.18%
10/26/2018 423.12 -0.81%
10/29/2018 421.13 -0.47%
10/30/2018 421.19 0.01%
10/31/2018 430.15 2.13%
11/1/2018 438.38 1.91%
11/2/2018 447.44 2.07%
11/5/2018 446.18 -0.28%
 11/6/2018 445.69 -0.11%
11/7/2018 449.06 0.76%
11/8/2018 446.28 -0.62%
11/9/2018 439.12 -1.60%
11/12/2018 434.4 -1.07%
11/13/2018 434.84 0.10%
11/14/2018 436.55 0.39%
11/15/2018 441.83 1.21%
11/16/2018 444.74 0.66%
11/19/2018 445.69 0.21%
11/20/2018 438.89 -1.53%
11/21/2018 440.94 0.47%
11/22/2018 441.2 0.06%
11/23/2018 438.31 -0.66%
11/26/2018 441.06 0.63%
11/27/2018 442.27 0.27%
11/28/2018 447.51 1.18%
11/29/2018 450.53 0.67%
11/30/2018 449.98 -0.12%
12/3/2018 458.68 1.93%
12/4/2018 457.41 -0.28%
12/5/2018 452.46 -1.08%
12/6/2018 442.41 -2.22%
12/7/2018 443.48 0.24%
12/10/2018 434.86 -1.94%
12/11/2018 436.15 0.30%
12/12/2018 442.33 1.42%
12/13/2018 445.08 0.62%
12/14/2018 440.06 -1.13%
12/17/2018 437.99 -0.47%
12/18/2018 436.07 -0.44%
12/19/2018 437.77 0.39%
12/20/2018 435.1 -0.61%
12/21/2018 432.91 -0.50%
12/24/2018 431.06 -0.43%
12/25/2018 429.7 -0.32%
12/26/2018 430.52 0.19%
12/27/2018 431.46 0.22%
12/28/2018 436.12 1.08%
12/31/2018 437.93 0.42%
 Values
Row Labels Average of Adj. Default Spre Average of Country Risk Premi
Africa 6.00% 7.38%
Asia 3.24% 3.98%
Australia & New Zealand 1.69% 2.08%
Caribbean 4.05% 4.98%
Central and South America 4.89% 6.02%
Eastern Europe & Russia 3.66% 4.50%
Middle East 2.76% 3.39%
North America 0.00% 0.00%
Western Europe 1.23% 1.51%
Grand Total 3.61% 4.44%
Average of Equity Risk Premi Average of Corporate Tax Rate
13.34% 29.15%
9.94% 23.10%
8.04% 19.33%
10.94% 18.64%
11.98% 27.93%
10.46% 16.69%
9.35% 20.23%
5.96% 25.75%
7.47% 20.02%
10.40% 22.42%
Country GDP (in billions) Moody's rating Adj. Default Spread
Angola 124.21 B3 7.34%
Benin 9.27 B1 5.08%
Botswana 17.41 A2 0.96%
Burkina Faso 12.87 B2 6.21%
Cameroon 34.80 B2 6.21%
Cape Verde 3.20 B2 6.21%
Congo (Democratic Republic 37.24 B3 7.34%
Congo (Republic of) 8.72 Caa2 10.16%
Côte d'Ivoire 40.39 Ba3 4.06%
Egypt 235.37 B3 7.34%
Ethiopia 80.56 B1 5.08%
Gabon 14.62 Caa1 8.46%
Ghana 47.33 B3 7.34%
Kenya 74.94 B2 6.21%
Morocco 109.14 Ba1 2.82%
Mozambique 12.33 Caa3 11.28%
Namibia 13.24 Ba1 2.82%
Nigeria 375.77 B2 6.21%
Rwanda 9.14 B2 6.21%
Senegal 16.37 Ba3 4.06%
South Africa 349.42 Baa3 2.48%
Swaziland 3.72 B2 6.21%
Tanzania 52.09 B1 5.08%
Tunisia 40.26 B2 6.21%
Uganda 25.89 B2 6.21%
Zambia 25.81 Caa1 8.46%
Africa 1774.11560300281 5.42%
Bangladesh 249.72 Ba3 4.06%
Cambodia 22.16 B2 6.21%
China 12237.70 A1 0.79%
Fiji 5.06 Ba3 4.06%
Hong Kong 341.45 Aa2 0.56%
India 2597.49 Baa2 2.15%
Indonesia 1015.54 Baa2 2.15%
Japan 4872.14 A1 0.79%
Korea 1530.75 Aa2 0.56%
Macao 62.40 Aa3 0.68%
Malaysia 314.50 A3 1.35%
Maldives 4.60 B2 6.21%
Mauritius 13.34 Baa1 1.80%
Mongolia 11.49 B3 7.34%
Pakistan 304.95 B3 7.34%
Papua New Guinea 21.09 B2 6.21%
Philippines 313.60 Baa2 2.15%
Singapore 323.91 Aaa 0.00%
Solomon Islands 1.30 B3 7.34%
Sri Lanka 87.17 B1 5.08%
Taiwan 970.90 Aa3 1.80%
Thailand 455.22 Baa1 1.80%
Vietnam 223.86 Ba3 4.06%
Asia 25980.3411084837 1.20%
Australia 1323.42 Aaa 0.00%
Cook Islands 1.20 B1 5.08%
New Zealand 205.85 Aaa 0.00%
Australia & New Zealand 1530.47283825471 0.00%
Aruba 3.00 Baa1 1.80%
Bahamas 12.16 Baa3 2.48%
Barbados 4.80 Caa3 11.28%
Bermuda 6.20 A2 0.96%
Cayman Islands 1.90 Aa3 0.68%
Cuba 81.60 Caa2 10.16%
Curacao 1.00 A3 1.35%
Dominican Republic 75.93 Ba3 4.06%
Jamaica 14.77 B3 7.34%
Montserrat 1.50 Baa3 2.48%
St. Maarten 1.50 Baa2 2.15%
St. Vincent & the Grenadines 0.77 B3 7.34%
Trinidad and Tobago 22.10 Ba1 2.82%
Turks and Caicos Islands 1.50 Baa1 1.80%
Caribbean 228.734567555534 6.22%
Argentina 637.59 B2 6.21%
Belize 1.84 B3 7.34%
Bolivia 37.51 Ba3 4.06%
Brazil 2055.51 Ba2 3.39%
Chile 277.08 A1 0.79%
Colombia 309.19 Baa2 2.15%
Costa Rica 57.06 B1 5.08%
Ecuador 103.06 B3 7.34%
El Salvador 24.81 Caa1 8.46%
Guatemala 75.62 Ba1 2.82%
Honduras 22.98 B1 5.08%
Mexico 1149.92 A3 1.35%
Nicaragua 13.81 B2 6.21%
Panama 61.84 Baa2 2.15%
Paraguay 29.73 Ba1 2.82%
Peru 211.39 A3 1.35%
Suriname 3.32 B2 6.21%
Uruguay 56.16 Baa2 2.15%
Venezuela 250.00 C 18.00%
Central and South America 5378.40764603765 3.78%
Albania 13.04 B1 5.08%
Armenia 11.54 B1 5.08%
Azerbaijan 40.75 Ba2 3.39%
Belarus 54.44 B3 7.34%
Bosnia and Herzegovina 18.17 B3 7.34%
Bulgaria 56.83 Baa2 2.15%
Croatia 54.85 Ba2 3.39%
Czech Republic 215.73 A1 0.79%
Estonia 25.92 A1 0.79%
Georgia 15.16 Ba2 3.39%
Hungary 139.14 Baa3 2.48%
Kazakhstan 159.41 Baa3 2.48%
Kyrgyzstan 7.56 B2 6.21%
Latvia 30.26 A3 1.35%
Lithuania 47.17 A3 1.35%
Macedonia 50.36 Ba3 4.06%
Moldova 8.13 B3 7.34%
Montenegro 4.77 B1 5.08%
Poland 524.51 A2 0.96%
Romania 211.80 Baa3 2.48%
Russia 1577.52 Ba1 2.82%
Serbia 41.43 Ba3 4.06%
Slovakia 95.77 A2 0.96%
Slovenia 48.77 Baa1 1.80%
Tajikistan 7.15 B3 2.82%
Ukraine 112.15 Caa2 10.16%
Eastern Europe & Russia 3572.33704323353 2.66%
Abu Dhabi 415.00 Aa2 0.56%
Bahrain 35.31 B2 6.21%
Iraq 197.72 Caa1 8.46%
Israel 350.85 A1 0.79%
Jordan 40.07 B1 5.08%
Kuwait 120.13 Aa2 0.56%
Lebanon 51.84 B3 7.34%
Oman 72.64 Baa3 2.48%
Qatar 167.61 Aa3 0.68%
Ras Al Khaimah (Emirate of) 5.20 A2 0.96%
Saudi Arabia 683.83 A1 0.79%
Sharjah 5.00 A3 1.35%
United Arab Emirates 382.58 Aa2 0.56%
Middle East 2527.76544969561 1.63%
Canada 1653.04 Aaa 0.00%
United States 19390.60 Aaa 0.00%
North America 21043.646795255 0.00%
Andorra (Principality of) 3.01 Baa2 2.15%
Austria 416.60 Aa1 0.45%
Belgium 492.68 Aa3 0.68%
Cyprus 21.65 Ba2 3.39%
Denmark 324.87 Aaa 0.00%
Finland 251.88 Aa1 0.45%
France 2582.50 Aa2 0.56%
Germany 3677.44 Aaa 0.00%
Greece 200.29 B3 7.34%
Guernsey (States of) 0.50 Aa3 0.68%
Iceland 23.91 A3 1.35%
Ireland 333.73 A2 0.96%
Isle of Man 7.40 Aa2 0.56%
Italy 1934.80 Baa3 2.48%
Jersey (States of) 1.00 Aa3 0.68%
Liechtenstein 6.70 Aaa 0.00%
Luxembourg 62.40 Aaa 0.00%
Malta 12.54 A3 1.35%
Netherlands 826.20 Aaa 0.00%
Norway 398.83 Aaa 0.00%
Portugal 217.57 Baa3 2.48%
Spain 1311.32 Baa1 1.80%
Sweden 538.04 Aaa 0.00%
Switzerland 678.89 Aaa 0.00%
Turkey 851.10 Ba3 4.06%
United Kingdom 2622.43 Aa2 0.56%
Western Europe 17798.2950701523 0.93%

Region Weighted Average: TRP Weighted Average: CRP

Weighted Average: Default Spreads
Africa 12.63% 6.67% 5.42%
Asia 7.43% 1.47% 1.20%
Australia & New Zealand 5.96% 0.00% 0.00%
Caribbean 13.61% 7.65% 6.22%
Central and South America 10.61% 4.65% 3.78%
Eastern Europe & Russia 9.24% 3.28% 2.66%
Middle East 7.96% 2.00% 1.63%
North America 5.96% 0.00% 0.00%
Western Europe 7.11% 1.15% 0.93%
Global 7.39% 1.43% 1.16%

For updating industry average spreadsheets

ERP Default Spread Tax rate
Africa & Mid East 9.51% 2.89% 29.25%
Australia, NZ & Canada 5.96% 0.00% 28.04%
Latin America & Caribbean 10.74% 3.32% 27.15%
Japan 6.94% 0.79% 30.86%
US 5.96% 0.00% 25.00%
Europe 7.11% 0.93% 22.29%
Emerging Markets 8.53% 1.85% 26.79%
Small Asia (No India, China & J 8.31% 1.71% 20.00%
India 9.05% 2.20% 35.00%
China 6.94% 0.60% 25.00%
Global 7.39% 1.16% 30.00%
Total Risk Premium Country Risk Premium Corporate Tax Rate
14.99% 9.03% 30.00%
12.21% 6.25% 30.00%
7.14% 1.18% 22.00%
13.60% 7.64% 28.00%
13.60% 7.64% 33.00%
13.60% 7.64% 28.00%
14.99% 9.03% 35.00%
18.46% 12.50% 28.00%
10.96% 5.00% 25.00%
14.99% 9.03% 23.00%
12.21% 6.25% 30.00%
16.37% 10.41% 30.00%
14.99% 9.03% 25.00%
13.60% 7.64% 30.00%
9.43% 3.47% 31.00%
19.83% 13.87% 32.00%
9.43% 3.47% 32.00%
13.60% 7.64% 30.00%
13.60% 7.64% 30.00%
10.96% 5.00% 30.00%
9.02% 3.06% 28.00%
13.60% 7.64% 28.00%
12.21% 6.25% 30.00%
13.60% 7.64% 25.00%
13.60% 7.64% 30.00%
16.37% 10.41% 35.00%
12.63% 6.67% 28.53%
10.96% 5.00% 25.00%
13.60% 7.64% 20.00%
6.94% 0.98% 25.00%
10.96% 5.00% 20.00%
6.65% 0.69% 16.50%
8.60% 2.64% 35.00%
8.60% 2.64% 25.00%
6.94% 0.98% 30.86%
6.65% 0.69% 25.00%
6.80% 0.84% 12.00%
7.63% 1.67% 24.00%
13.60% 7.64% 0.00%
 8.18% 2.22% 15.00%
14.99% 9.03% 33.00%
14.99% 9.03% 30.00%
13.60% 7.64% 30.00%
8.60% 2.64% 30.00%
5.96% 0.00% 17.00%
14.99% 9.03% 30.00%
12.21% 6.25% 28.00%
8.18% 2.22% 20.00%
8.18% 2.22% 20.00%
10.96% 5.00% 20.00%
7.43% 1.47% 26.65%
5.96% 0.00% 30.00%
12.21% 6.25% 0.00%
5.96% 0.00% 28.00%
5.96% 0.00% 29.71%
8.18% 2.22% 25.00%
9.02% 3.06% 0.00%
19.83% 13.87% 30.00%
7.14% 1.18% 0.00%
6.80% 0.84% 0.00%
18.46% 12.50% 24.00%
7.63% 1.67% 22.00%
10.96% 5.00% 27.00%
14.99% 9.03% 25.00%
9.02% 3.06% 27.98%
8.60% 2.64% 35.00%
14.99% 9.03% 20.00%
9.43% 3.47% 25.00%
8.18% 2.22% 0.00%
13.61% 7.65% 23.09%
13.60% 7.64% 30.00%
14.99% 9.03% 28.21%
10.96% 5.00% 25.00%
10.13% 4.17% 34.00%
6.94% 0.98% 26.00%
8.60% 2.64% 33.00%
12.21% 6.25% 30.00%
14.99% 9.03% 25.00%
16.37% 10.41% 30.00%
 9.43% 3.47% 25.00%
12.21% 6.25% 25.00%
7.63% 1.67% 30.00%
13.60% 7.64% 30.00%
8.60% 2.64% 25.00%
9.43% 3.47% 10.00%
7.63% 1.67% 29.50%
13.60% 7.64% 36.00%
8.60% 2.64% 25.00%
28.10% 22.14% 34.00%
10.61% 4.65% 31.22%
12.21% 6.25% 15.00%
12.21% 6.25% 20.00%
10.13% 4.17% 20.00%
14.99% 9.03% 18.00%
14.99% 9.03% 10.00%
8.60% 2.64% 10.00%
10.13% 4.17% 18.00%
6.94% 0.98% 19.00%
6.94% 0.98% 20.00%
10.13% 4.17% 31.00%
9.02% 3.06% 9.00%
9.02% 3.06% 20.00%
13.60% 7.64% 10.00%
7.63% 1.67% 20.00%
7.63% 1.67% 15.00%
10.96% 5.00% 10.00%
14.99% 9.03% 12.00%
12.21% 6.25% 9.00%
7.14% 1.18% 19.00%
9.02% 3.06% 16.00%
9.43% 3.47% 20.00%
10.96% 5.00% 15.00%
7.14% 1.18% 21.00%
8.18% 2.22% 19.00%
9.43% 3.47% 20.00%
18.46% 12.50% 18.00%
9.24% 3.28% 18.52%
6.65% 0.69% 55.00%
13.60% 7.64% 0.00%
 16.37% 10.41% 15.00%
6.94% 0.98% 23.00%
12.21% 6.25% 20.00%
6.65% 0.69% 15.00%
14.99% 9.03% 15.00%
9.02% 3.06% 15.00%
6.80% 0.84% 10.00%
7.14% 1.18% 0.00%
6.94% 0.98% 20.00%
7.63% 1.67% 20.00%
6.65% 0.69% 55.00%
7.96% 2.00% 29.60%
5.96% 0.00% 26.50%
5.96% 0.00% 25.00%
5.96% 0.00% 25.12%
8.60% 2.64% 10.00%
6.51% 0.55% 25.00%
6.80% 0.84% 29.00%
10.13% 4.17% 12.50%
5.96% 0.00% 22.00%
6.51% 0.55% 20.00%
6.65% 0.69% 33.00%
5.96% 0.00% 15.00%
14.99% 9.03% 29.00%
6.80% 0.84% 0.00%
7.63% 1.67% 20.00%
7.14% 1.18% 12.50%
6.65% 0.69% 0.00%
9.02% 3.06% 24.00%
6.80% 0.84% 20.00%
5.96% 0.00% 12.50%
5.96% 0.00% 26.01%
7.63% 1.67% 35.00%
5.96% 0.00% 25.00%
5.96% 0.00% 23.00%
9.02% 3.06% 21.00%
8.18% 2.22% 25.00%
5.96% 0.00% 22.00%
5.96% 0.00% 18.00%
10.96% 5.00% 22.00%
 6.65% 0.69% 19.00%
7.11% 1.15% 22.27%

Tax Rate Total GDP Weight

28.53% 1774.11560300281 2.22%
26.65% 25980.3411084837 32.54%
29.71% 1530.47283825471 1.92%
23.09% 228.734567555534 0.29%
31.22% 5378.40764603765 6.74%
18.52% 3572.33704323353 4.47%
29.60% 2527.76544969561 3.17%
25.12% 21043.646795255 26.36%
22.27% 17798.2950701523 22.29%
25.40% 79834.1161216708
Region GDP Weight Weigth*Default Spread
Africa 7.00% 0.51%
Africa 0.52% 0.03%
Africa 0.98% 0.01%
Africa 0.73% 0.05%
Africa 1.96% 0.12%
Africa 0.18% 0.01%
Africa 2.10% 0.15%
Africa 0.49% 0.05%
Africa 2.28% 0.09%
Africa 13.27% 0.97%
Africa 4.54% 0.23%
Africa 0.82% 0.07%
Africa 2.67% 0.20%
Africa 4.22% 0.26%
Africa 6.15% 0.17%
Africa 0.70% 0.08%
Africa 0.75% 0.02%
Africa 21.18% 1.32%
Africa 0.51% 0.03%
Africa 0.92% 0.04%
Africa 19.70% 0.49%
Africa 0.21% 0.01%
Africa 2.94% 0.15%
Africa 2.27% 0.14%
Africa 1.46% 0.09%
Africa 1.45% 0.12%
100.00%
Asia 0.96% 0.04%
Asia 0.09% 0.01%
Asia 47.10% 0.37%
Asia 0.02% 0.00%
Asia 1.31% 0.01%
Asia 10.00% 0.21%
Asia 3.91% 0.08%
Asia 18.75% 0.15%
Asia 5.89% 0.03%
Asia 0.24% 0.00%
Asia 1.21% 0.02%
Asia 0.02% 0.00%
Asia 0.05% 0.00%
Asia 0.04% 0.00%
Asia 1.17% 0.09%
Asia 0.08% 0.01%
Asia 1.21% 0.03%
Asia 1.25% 0.00%
Asia 0.01% 0.00%
Asia 0.34% 0.02%
Asia 3.74% 0.07%
Asia 1.75% 0.03%
Asia 0.86% 0.03%
100.00%
Australia & New Zealand 86.47% 0.00%
Australia & New Zealand 0.08% 0.00%
Australia & New Zealand 13.45% 0.00%

Caribbean 1.31% 0.02%

Caribbean 5.32% 0.13%
Caribbean 2.10% 0.24%
Caribbean 2.71% 0.03%
Caribbean 0.83% 0.01%
Caribbean 35.67% 3.62%
Caribbean 0.44% 0.01%
Caribbean 33.20% 1.35%
Caribbean 6.46% 0.47%
Caribbean 0.66% 0.02%
Caribbean 0.66% 0.01%
Caribbean 0.34% 0.02%
Caribbean 9.66% 0.27%
Caribbean 0.66% 0.01%
100.00%
Central and South America 11.85% 0.74%
Central and South America 0.03% 0.00%
Central and South America 0.70% 0.03%
Central and South America 38.22% 1.30%
Central and South America 5.15% 0.04%
Central and South America 5.75% 0.12%
Central and South America 1.06% 0.05%
Central and South America 1.92% 0.14%
Central and South America 0.46% 0.04%
Central and South America 1.41% 0.04%
Central and South America 0.43% 0.02%
Central and South America 21.38% 0.29%
Central and South America 0.26% 0.02%
Central and South America 1.15% 0.02%
Central and South America 0.55% 0.02%
Central and South America 3.93% 0.05%
Central and South America 0.06% 0.00%
Central and South America 1.04% 0.02%
Central and South America 4.65% 0.84%
100.00%
Eastern Europe & Russia 0.37% 0.02%
Eastern Europe & Russia 0.32% 0.02%
Eastern Europe & Russia 1.14% 0.04%
Eastern Europe & Russia 1.52% 0.11%
Eastern Europe & Russia 0.51% 0.04%
Eastern Europe & Russia 1.59% 0.03%
Eastern Europe & Russia 1.54% 0.05%
Eastern Europe & Russia 6.04% 0.05%
Eastern Europe & Russia 0.73% 0.01%
Eastern Europe & Russia 0.42% 0.01%
Eastern Europe & Russia 3.89% 0.10%
Eastern Europe & Russia 4.46% 0.11%
Eastern Europe & Russia 0.21% 0.01%
Eastern Europe & Russia 0.85% 0.01%
Eastern Europe & Russia 1.32% 0.02%
Eastern Europe & Russia 1.41% 0.06%
Eastern Europe & Russia 0.23% 0.02%
Eastern Europe & Russia 0.13% 0.01%
Eastern Europe & Russia 14.68% 0.14%
Eastern Europe & Russia 5.93% 0.15%
Eastern Europe & Russia 44.16% 1.25%
Eastern Europe & Russia 1.16% 0.05%
Eastern Europe & Russia 2.68% 0.03%
Eastern Europe & Russia 1.37% 0.02%
Eastern Europe & Russia 0.20% 0.01%
Eastern Europe & Russia 3.14% 0.32%
100.00%
Middle East 16.42% 0.09%
Middle East 1.40% 0.09%
Middle East 7.82% 0.66%
Middle East 13.88% 0.11%
Middle East 1.59% 0.08%
Middle East 4.75% 0.03%
Middle East 2.05% 0.15%
Middle East 2.87% 0.07%
Middle East 6.63% 0.05%
Middle East 0.21% 0.00%
Middle East 27.05% 0.21%
Middle East 0.20% 0.00%
Middle East 15.13% 0.08%
100.00%
North America 7.86% 0.00%
North America 92.14% 0.00%

Western Europe 0.02% 0.00%

Western Europe 2.34% 0.01%
Western Europe 2.77% 0.02%
Western Europe 0.12% 0.00%
Western Europe 1.83% 0.00%
Western Europe 1.42% 0.01%
Western Europe 14.51% 0.08%
Western Europe 20.66% 0.00%
Western Europe 1.13% 0.08%
Western Europe 0.00% 0.00%
Western Europe 0.13% 0.00%
Western Europe 1.88% 0.02%
Western Europe 0.04% 0.00%
Western Europe 10.87% 0.27%
Western Europe 0.01% 0.00%
Western Europe 0.04% 0.00%
Western Europe 0.35% 0.00%
Western Europe 0.07% 0.00%
Western Europe 4.64% 0.00%
Western Europe 2.24% 0.00%
Western Europe 1.22% 0.03%
Western Europe 7.37% 0.13%
Western Europe 3.02% 0.00%
Western Europe 3.81% 0.00%
Western Europe 4.78% 0.19%
Western Europe 14.73% 0.08%
100.00%

Weight *ERP Weight*CRP Weight*Default Spread

0.28% 0.15% 0.12%
2.42% 0.48% 0.39%
0.11% 0.00% 0.00%
0.04% 0.02% 0.02%
0.72% 0.31% 0.25%
0.41% 0.15% 0.12%
0.25% 0.06% 0.05%
1.57% 0.00% 0.00%
1.59% 0.26% 0.21%
Weight*ERP Weight*CRP Weight * Tax Rate
1.05% 0.63% 2.10%
0.06% 0.03% 0.16%
0.07% 0.01% 0.22%
0.10% 0.06% 0.20%
0.27% 0.15% 0.65%
0.02% 0.01% 0.05%
0.31% 0.19% 0.73%
0.09% 0.06% 0.14%
0.25% 0.11% 0.57%
1.99% 1.20% 3.05%
0.55% 0.28% 1.36%
0.13% 0.09% 0.25%
0.40% 0.24% 0.67%
0.57% 0.32% 1.27%
0.58% 0.21% 1.91%
0.14% 0.10% 0.22%
0.07% 0.03% 0.24%
2.88% 1.62% 6.35%
0.07% 0.04% 0.15%
0.10% 0.05% 0.28%
1.78% 0.60% 5.51%
0.03% 0.02% 0.06%
0.36% 0.18% 0.88%
0.31% 0.17% 0.57%
0.20% 0.11% 0.44%
0.24% 0.15% 0.51%

0.11% 0.05% 0.24%

0.01% 0.01% 0.02%
3.27% 0.46% 11.78%
0.00% 0.00% 0.00%
0.09% 0.01% 0.22%
0.86% 0.26% 3.50%
0.34% 0.10% 0.98%
1.30% 0.18% 5.79%
0.39% 0.04% 1.47%
0.02% 0.00% 0.03%
0.09% 0.02% 0.29%
0.00% 0.00% 0.00%
0.00% 0.00% 0.01%
0.01% 0.00% 0.01%
0.18% 0.11% 0.35%
0.01% 0.01% 0.02%
0.10% 0.03% 0.36%
0.07% 0.00% 0.21%
0.00% 0.00% 0.00%
0.04% 0.02% 0.09%
0.31% 0.08% 0.75%
0.14% 0.04% 0.35%
0.09% 0.04% 0.17%

5.15% 0.00% 25.94%

0.01% 0.00% 0.00%
0.80% 0.00% 3.77%

0.11% 0.03% 0.33%

0.48% 0.16% 0.00%
0.42% 0.29% 0.63%
0.19% 0.03% 0.00%
0.06% 0.01% 0.00%
6.58% 4.46% 8.56%
0.03% 0.01% 0.10%
3.64% 1.66% 8.96%
0.97% 0.58% 1.61%
0.06% 0.02% 0.18%
0.06% 0.02% 0.23%
0.05% 0.03% 0.07%
0.91% 0.34% 2.42%
0.05% 0.01% 0.00%
7.65%
1.61% 0.91% 3.56%
0.01% 0.00% 0.01%
0.08% 0.03% 0.17%
3.87% 1.59% 12.99%
0.36% 0.05% 1.34%
0.49% 0.15% 1.90%
0.13% 0.07% 0.32%
0.29% 0.17% 0.48%
0.08% 0.05% 0.14%
0.13% 0.05% 0.35%
0.05% 0.03% 0.11%
1.63% 0.36% 6.41%
0.03% 0.02% 0.08%
0.10% 0.03% 0.29%
0.05% 0.02% 0.06%
0.30% 0.07% 1.16%
0.01% 0.00% 0.02%
0.09% 0.03% 0.26%
1.31% 1.03% 1.58%

0.04% 0.02% 0.05%

0.04% 0.02% 0.06%
0.12% 0.05% 0.23%
0.23% 0.14% 0.27%
0.08% 0.05% 0.05%
0.14% 0.04% 0.16%
0.16% 0.06% 0.28%
0.42% 0.06% 1.15%
0.05% 0.01% 0.15%
0.04% 0.02% 0.13%
0.35% 0.12% 0.35%
0.40% 0.14% 0.89%
0.03% 0.02% 0.02%
0.06% 0.01% 0.17%
0.10% 0.02% 0.20%
0.15% 0.07% 0.14%
0.03% 0.02% 0.03%
0.02% 0.01% 0.01%
1.05% 0.17% 2.79%
0.53% 0.18% 0.95%
4.16% 1.53% 8.83%
0.13% 0.06% 0.17%
0.19% 0.03% 0.56%
0.11% 0.03% 0.26%
0.02% 0.01% 0.04%
0.58% 0.39% 0.57%

1.09% 0.11% 9.03%

0.19% 0.11% 0.00%
1.28% 0.81% 1.17%
0.96% 0.14% 3.19%
0.19% 0.10% 0.32%
0.32% 0.03% 0.71%
0.31% 0.19% 0.31%
0.26% 0.09% 0.43%
0.45% 0.06% 0.66%
0.01% 0.00% 0.00%
1.88% 0.26% 5.41%
0.02% 0.00% 0.04%
1.01% 0.10% 8.32%

0.47% 0.00% 2.08%

5.49% 0.00% 23.04%

0.00% 0.00% 0.00%

0.15% 0.01% 0.59%
0.19% 0.02% 0.80%
0.01% 0.01% 0.02%
0.11% 0.00% 0.40%
0.09% 0.01% 0.28%
0.96% 0.10% 4.79%
1.23% 0.00% 3.10%
0.17% 0.10% 0.33%
0.00% 0.00% 0.00%
0.01% 0.00% 0.03%
0.13% 0.02% 0.23%
0.00% 0.00% 0.00%
0.98% 0.33% 2.61%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.02% 0.00% 0.09%
0.01% 0.00% 0.02%
0.28% 0.00% 1.16%
0.13% 0.00% 0.52%
0.11% 0.04% 0.26%
0.60% 0.16% 1.84%
0.18% 0.00% 0.67%
0.23% 0.00% 0.69%
0.52% 0.24% 1.05%
 0.98% 0.10% 2.80%

Weight* Tax Rate

0.63%
8.67%
0.57%
0.07%
2.10%
0.83%
0.94%
6.62%
4.97%
Country GDP (in billions) Moody's rating Adj. Default Spread
Abu Dhabi 415.00 Aa2 0.56%
Albania 13.04 B1 5.08%
Andorra (Principality of) 3.01 Baa2 2.15%
Angola 124.21 B3 7.34%
Argentina 637.59 B2 6.21%
Armenia 11.54 B1 5.08%
Aruba 3.00 Baa1 1.80%
Australia 1323.42 Aaa 0.00%
Austria 416.60 Aa1 0.45%
Azerbaijan 40.75 Ba2 3.39%
Bahamas 12.16 Baa3 2.48%
Bahrain 35.31 B2 6.21%
Bangladesh 249.72 Ba3 4.06%
Barbados 4.80 Caa3 11.28%
Belarus 54.44 B3 7.34%
Belgium 492.68 Aa3 0.68%
Belize 1.84 B3 7.34%
Benin 9.27 B1 5.08%
Bermuda 6.20 A2 0.96%
Bolivia 37.51 Ba3 4.06%
Bosnia and Herzegovina 18.17 B3 7.34%
Botswana 17.41 A2 0.96%
Brazil 2055.51 Ba2 3.39%
Bulgaria 56.83 Baa2 2.15%
Burkina Faso 12.87 B2 6.21%
Cambodia 22.16 B2 6.21%
Cameroon 34.80 B2 6.21%
Canada 1653.04 Aaa 0.00%
Cape Verde 3.20 B2 6.21%
Cayman Islands 1.90 Aa3 0.68%
Chile 277.08 A1 0.79%
China 12237.70 A1 0.79%
Colombia 309.19 Baa2 2.15%
Congo (Democratic Republi 37.24 B3 7.34%
Congo (Republic of) 8.72 Caa2 10.16%
Cook Islands 1.20 B1 5.08%
Costa Rica 57.06 B1 5.08%
Côte d'Ivoire 40.39 Ba3 4.06%
Croatia 54.85 Ba2 3.39%
Cuba 81.60 Caa2 10.16%
Curacao 1.00 A3 1.35%
Cyprus 21.65 Ba2 3.39%
Czech Republic 215.73 A1 0.79%
Denmark 324.87 Aaa 0.00%
Dominican Republic 75.93 Ba3 4.06%
Ecuador 103.06 B3 7.34%
Egypt 235.37 B3 7.34%
El Salvador 24.81 Caa1 8.46%
Estonia 25.92 A1 0.79%
Ethiopia 80.56 B1 5.08%
Fiji 5.06 Ba3 4.06%
Finland 251.88 Aa1 0.45%
France 2582.50 Aa2 0.56%
Gabon 14.62 Caa1 8.46%
Georgia 15.16 Ba2 3.39%
Germany 3677.44 Aaa 0.00%
Ghana 47.33 B3 7.34%
Greece 200.29 B3 7.34%
Guatemala 75.62 Ba1 2.82%
Guernsey (States of) 0.50 Aa3 0.68%
Honduras 22.98 B1 5.08%
Hong Kong 341.45 Aa2 0.56%
Hungary 139.14 Baa3 2.48%
Iceland 23.91 A3 1.35%
India 2597.49 Baa2 2.15%
Indonesia 1015.54 Baa2 2.15%
Iraq 197.72 Caa1 8.46%
Ireland 333.73 A2 0.96%
Isle of Man 7.40 Aa2 0.56%
Israel 350.85 A1 0.79%
Italy 1934.80 Baa3 2.48%
Jamaica 14.77 B3 7.34%
Japan 4872.14 A1 0.79%
Jersey (States of) 1.00 Aa3 0.68%
Jordan 40.07 B1 5.08%
Kazakhstan 159.41 Baa3 2.48%
Kenya 74.94 B2 6.21%
Korea 1530.75 Aa2 0.56%
Kuwait 120.13 Aa2 0.56%
Kyrgyzstan 7.56 B2 6.21%
Latvia 30.26 A3 1.35%
Lebanon 51.84 B3 7.34%
Liechtenstein 6.70 Aaa 0.00%
Lithuania 47.17 A3 1.35%
Luxembourg 62.40 Aaa 0.00%
Macao 62.40 Aa3 0.68%
Macedonia 50.36 Ba3 4.06%
Malaysia 314.50 A3 1.35%
Maldives 4.60 B2 6.21%
Malta 12.54 A3 1.35%
Mauritius 13.34 Baa1 1.80%
Mexico 1149.92 A3 1.35%
Moldova 8.13 B3 7.34%
Mongolia 11.49 B3 7.34%
Montenegro 4.77 B1 5.08%
Montserrat 1.50 Baa3 2.48%
Morocco 109.14 Ba1 2.82%
Mozambique 12.33 Caa3 11.28%
Namibia 13.24 Ba1 2.82%
Netherlands 826.20 Aaa 0.00%
New Zealand 205.85 Aaa 0.00%
Nicaragua 13.81 B2 6.21%
Nigeria 375.77 B2 6.21%
Norway 398.83 Aaa 0.00%
Oman 72.64 Baa3 2.48%
Pakistan 304.95 B3 7.34%
Panama 61.84 Baa2 2.15%
Papua New Guinea 21.09 B2 6.21%
Paraguay 29.73 Ba1 2.82%
Peru 211.39 A3 1.35%
Philippines 313.60 Baa2 2.15%
Poland 524.51 A2 0.96%
Portugal 217.57 Baa3 2.48%
Qatar 167.61 Aa3 0.68%
Ras Al Khaimah (Emirate o 5.20 A2 0.96%
Romania 211.80 Baa3 2.48%
Russia 1577.52 Ba1 2.82%
Rwanda 9.14 B2 6.21%
Saudi Arabia 683.83 A1 0.79%
Senegal 16.37 Ba3 4.06%
Serbia 41.43 Ba3 4.06%
Sharjah 5.00 A3 1.35%
Singapore 323.91 Aaa 0.00%
Slovakia 95.77 A2 0.96%
Slovenia 48.77 Baa1 1.80%
Solomon Islands 1.30 B3 7.34%
South Africa 349.42 Baa3 2.48%
Spain 1311.32 Baa1 1.80%
Sri Lanka 87.17 B1 5.08%
St. Maarten 1.50 Baa2 2.15%
St. Vincent & the Grenadin 0.77 B3 7.34%
Suriname 3.32 B2 6.21%
Swaziland 3.72 B2 6.21%
Sweden 538.04 Aaa 0.00%
Switzerland 678.89 Aaa 0.00%
Taiwan 970.90 Aa3 1.80%
Tajikistan 7.15 B3 2.82%
Tanzania 52.09 B1 5.08%
Thailand 455.22 Baa1 1.80%
Trinidad and Tobago 22.10 Ba1 2.82%
Tunisia 40.26 B2 6.21%
Turkey 851.10 Ba3 4.06%
Turks and Caicos Islands 1.50 Baa1 1.80%
Uganda 25.89 B2 6.21%
Ukraine 112.15 Caa1 8.46%
United Arab Emirates 382.58 Aa2 0.56%
United Kingdom 2622.43 Aa2 0.56%
United States 19390.60 Aaa 0.00%
Uruguay 56.16 Baa2 2.15%
Venezuela 250.00 C 18.00%
Vietnam 223.86 Ba3 4.06%
Zambia 25.81 Caa1 8.46%
Equity Risk Premiu Country Risk Premium Corporate Tax Rate Region
6.65% 0.69% 55.00% Middle East
12.21% 6.25% 15.00% Eastern Europe & Russia
8.60% 2.64% 10.00% Western Europe
14.99% 9.03% 30.00% Africa
13.60% 7.64% 30.00% Central and South America
12.21% 6.25% 20.00% Eastern Europe & Russia
8.18% 2.22% 25.00% Caribbean
5.96% 0.00% 30.00% Australia & New Zealand
6.51% 0.55% 25.00% Western Europe
10.13% 4.17% 20.00% Eastern Europe & Russia
9.02% 3.06% 0.00% Caribbean
13.60% 7.64% 0.00% Middle East
10.96% 5.00% 25.00% Asia
19.83% 13.87% 30.00% Caribbean
14.99% 9.03% 18.00% Eastern Europe & Russia
6.80% 0.84% 29.00% Western Europe
14.99% 9.03% 28.21% Central and South America
12.21% 6.25% 30.00% Africa
7.14% 1.18% 0.00% Caribbean
10.96% 5.00% 25.00% Central and South America
14.99% 9.03% 10.00% Eastern Europe & Russia
7.14% 1.18% 22.00% Africa
10.13% 4.17% 34.00% Central and South America
8.60% 2.64% 10.00% Eastern Europe & Russia
13.60% 7.64% 28.00% Africa
13.60% 7.64% 20.00% Asia
13.60% 7.64% 33.00% Africa
5.96% 0.00% 26.50% North America
13.60% 7.64% 28.00% Africa
6.80% 0.84% 0.00% Caribbean
6.94% 0.98% 26.00% Central and South America
6.94% 0.98% 25.00% Asia
8.60% 2.64% 33.00% Central and South America
14.99% 9.03% 35.00% Africa
18.46% 12.50% 28.00% Africa
12.21% 6.25% 0.00% Australia & New Zealand
12.21% 6.25% 30.00% Central and South America
10.96% 5.00% 25.00% Africa
10.13% 4.17% 18.00% Eastern Europe & Russia
18.46% 12.50% 24.00% Caribbean
7.63% 1.67% 22.00% Caribbean
10.13% 4.17% 12.50% Western Europe
6.94% 0.98% 19.00% Eastern Europe & Russia
5.96% 0.00% 22.00% Western Europe
10.96% 5.00% 27.00% Caribbean
14.99% 9.03% 25.00% Central and South America
14.99% 9.03% 23.00% Africa
16.37% 10.41% 30.00% Central and South America
6.94% 0.98% 20.00% Eastern Europe & Russia
12.21% 6.25% 30.00% Africa
10.96% 5.00% 20.00% Asia
6.51% 0.55% 20.00% Western Europe
6.65% 0.69% 33.00% Western Europe
16.37% 10.41% 30.00% Africa
10.13% 4.17% 31.00% Eastern Europe & Russia
5.96% 0.00% 15.00% Western Europe
14.99% 9.03% 25.00% Africa
14.99% 9.03% 29.00% Western Europe
9.43% 3.47% 25.00% Central and South America
6.80% 0.84% 0.00% Western Europe
12.21% 6.25% 25.00% Central and South America
6.65% 0.69% 16.50% Asia
9.02% 3.06% 9.00% Eastern Europe & Russia
7.63% 1.67% 20.00% Western Europe
8.60% 2.64% 35.00% Asia
8.60% 2.64% 25.00% Asia
16.37% 10.41% 15.00% Middle East
7.14% 1.18% 12.50% Western Europe
6.65% 0.69% 0.00% Western Europe
6.94% 0.98% 23.00% Middle East
9.02% 3.06% 24.00% Western Europe
14.99% 9.03% 25.00% Caribbean
6.94% 0.98% 30.86% Asia
6.80% 0.84% 20.00% Western Europe
12.21% 6.25% 20.00% Middle East
9.02% 3.06% 20.00% Eastern Europe & Russia
13.60% 7.64% 30.00% Africa
6.65% 0.69% 25.00% Asia
6.65% 0.69% 15.00% Middle East
13.60% 7.64% 10.00% Eastern Europe & Russia
7.63% 1.67% 20.00% Eastern Europe & Russia
14.99% 9.03% 15.00% Middle East
5.96% 0.00% 12.50% Western Europe
7.63% 1.67% 15.00% Eastern Europe & Russia
5.96% 0.00% 26.01% Western Europe
6.80% 0.84% 12.00% Asia
10.96% 5.00% 10.00% Eastern Europe & Russia
7.63% 1.67% 24.00% Asia
13.60% 7.64% 0.00% Asia
7.63% 1.67% 35.00% Western Europe
8.18% 2.22% 15.00% Asia
7.63% 1.67% 30.00% Central and South America
14.99% 9.03% 12.00% Eastern Europe & Russia
14.99% 9.03% 33.00% Asia
12.21% 6.25% 9.00% Eastern Europe & Russia
9.02% 3.06% 27.98% Caribbean
9.43% 3.47% 31.00% Africa
19.83% 13.87% 32.00% Africa
9.43% 3.47% 32.00% Africa
5.96% 0.00% 25.00% Western Europe
5.96% 0.00% 28.00% Australia & New Zealand
13.60% 7.64% 30.00% Central and South America
13.60% 7.64% 30.00% Africa
5.96% 0.00% 23.00% Western Europe
9.02% 3.06% 15.00% Middle East
14.99% 9.03% 30.00% Asia
8.60% 2.64% 25.00% Central and South America
13.60% 7.64% 30.00% Asia
9.43% 3.47% 10.00% Central and South America
7.63% 1.67% 29.50% Central and South America
8.60% 2.64% 30.00% Asia
7.14% 1.18% 19.00% Eastern Europe & Russia
9.02% 3.06% 21.00% Western Europe
6.80% 0.84% 10.00% Middle East
7.14% 1.18% 0.00% Middle East
9.02% 3.06% 16.00% Eastern Europe & Russia
9.43% 3.47% 20.00% Eastern Europe & Russia
13.60% 7.64% 30.00% Africa
6.94% 0.98% 20.00% Middle East
10.96% 5.00% 30.00% Africa
10.96% 5.00% 15.00% Eastern Europe & Russia
7.63% 1.67% 20.00% Middle East
5.96% 0.00% 17.00% Asia
7.14% 1.18% 21.00% Eastern Europe & Russia
8.18% 2.22% 19.00% Eastern Europe & Russia
14.99% 9.03% 30.00% Asia
9.02% 3.06% 28.00% Africa
8.18% 2.22% 25.00% Western Europe
12.21% 6.25% 28.00% Asia
8.60% 2.64% 35.00% Caribbean
14.99% 9.03% 20.00% Caribbean
13.60% 7.64% 36.00% Central and South America
13.60% 7.64% 28.00% Africa
5.96% 0.00% 22.00% Western Europe
5.96% 0.00% 18.00% Western Europe
8.18% 2.22% 20.00% Asia
9.43% 3.47% 20.00% Eastern Europe & Russia
12.21% 6.25% 30.00% Africa
8.18% 2.22% 20.00% Asia
9.43% 3.47% 25.00% Caribbean
13.60% 7.64% 25.00% Africa
10.96% 5.00% 22.00% Western Europe
8.18% 2.22% 0.00% Caribbean
13.60% 7.64% 30.00% Africa
16.37% 10.41% 18.00% Eastern Europe & Russia
6.65% 0.69% 55.00% Middle East
6.65% 0.69% 19.00% Western Europe
5.96% 0.00% 25.00% North America
8.60% 2.64% 25.00% Central and South America
28.10% 22.14% 34.00% Central and South America
10.96% 5.00% 20.00% Asia
16.37% 10.41% 35.00% Africa
outh America

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outh America

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Country S&P Rating Moody's rating
Abu Dhabi AA Aa2
Albania B+ B1
Andorra (Principality of) BBB Baa2
Angola B- B3
Argentina B+ B2
Armenia NA B1
Aruba BBB+ Baa1
Australia AAA Aaa
Austria AA+ Aa1
Azerbaijan BB+ Ba2
Bahamas BB+ Baa3
Bahrain B+ B2
Bangladesh BB- Ba3
Barbados SD Caa3
Belarus B B3
Belgium AA Aa3
Belize B- B3
Benin B+ B1
Bermuda A+ A2
Bolivia BB- Ba3
Bosnia and Herzegovina B B3
Botswana A- A2
Brazil BB- Ba2
Bulgaria BBB- Baa2
Burkina Faso B B2
Cambodia NA B2
Cameroon B B2
Canada AAA Aaa
Cape Verde B B2
Cayman Islands NA Aa3
Chile AA- A1
China A+ A1
Colombia BBB Baa2
Congo (Democratic Republic CCC+ B3
Congo (Republic of) B- Caa2
Cook Islands B+ B1
Costa Rica BB- B1
Côte d'Ivoire NA Ba3
Croatia BB+ Ba2
Cuba NA Caa2
Curacao A- A3
Cyprus BB+ Ba2
Czech Republic AA A1
Denmark AAA Aaa
Dominican Republic BB- Ba3
Ecuador B- B3
Egypt B B3
El Salvador CCC+ Caa1
Estonia AA- A1
Ethiopia B B1
Fiji B+ Ba3
Finland AA+ Aa1
France AA Aa2
Gabon NA Caa1
Georgia BB- Ba2
Germany AAA Aaa
Ghana B- B3
Greece B+ B3
Guatemala BB Ba1
Guernsey (States of) AA- Aa3
Honduras BB- B1
Hong Kong AA+ Aa2
Hungary BBB- Baa3
Iceland A A3
India BBB- Baa2
Indonesia BBB- Baa2
Iraq B- Caa1
Ireland A+ A2
Isle of Man NA Aa2
Israel AA- A1
Italy BBB Baa3
Jamaica B B3
Japan A+ A1
Jersey (States of) AA- Aa3
Jordan B+ B1
Kazakhstan BBB- Baa3
Kenya B+ B2
Korea AA Aa2
Kuwait AA Aa2
Kyrgyzstan NA B2
Latvia A- A3
Lebanon B- B3
Liechtenstein AAA Aaa
Lithuania A A3
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- Ba3
Malaysia A A3
Maldives NA B2
Malta A- A3
Mauritius NA Baa1
Mexico A- A3
Moldova NA B3
Mongolia B- B3
Montenegro B+ B1
Montserrat BBB- Baa3
Morocco BBB- Ba1
Mozambique B- Caa3
Namibia NA Ba1
Netherlands AAA Aaa
New Zealand AA+ Aaa
Nicaragua B B2
Nigeria B B2
Norway AAA Aaa
Oman BB Baa3
Pakistan B B3
Panama BBB Baa2
Papua New Guinea B B2
Paraguay BB Ba1
Peru A- A3
Philippines BBB Baa2
Poland A- A2
Portugal BBB- Baa3
Qatar AA- Aa3
Ras Al Khaimah (Emirate of) A A2
Romania BBB- Baa3
Russia BBB Ba1
Rwanda B B2
Saudi Arabia A- A1
Senegal B+ Ba3
Serbia BB Ba3
Sharjah BBB+ A3
Singapore AAA Aaa
Slovakia A+ A2
Slovenia A+ Baa1
Solomon Islands NA B3
South Africa BB+ Baa3
Spain A- Baa1
Sri Lanka B+ B1
St. Maarten NA Baa2
St. Vincent & the Grenadines NA B3
Suriname B B2
Swaziland NA B2
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA- Aa3
Tajikistan B- B3
Tanzania NA B1
Thailand A- Baa1
Trinidad and Tobago BBB+ Ba1
Tunisia NA B2
Turkey BB- Ba3
Turks and Caicos Islands BBB+ Baa1
Uganda B B2
Ukraine B- Caa1
United Arab Emirates NA Aa2
United Kingdom AA Aa2
United States AA+ Aaa
Uruguay BBB Baa2
Venezuela CCC- C
Vietnam BB- Ba3
Zambia B- Caa1
 GOVERNMENT BOND RATINGS

In local currency

S&P: These are the S&P sovereign local currency ratings

Moody's: These are the Moody's local currency rating
In red: These are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate th
Moody's equivalent rating for these countries.
S&P Moody's
A A2
A- A3
A+ A1
AA Aa2
AA- Aa3
AA+ Aa1
AAA Aaa
B B2
B- B3
B+ B1
BB Ba2
BB- Ba3
BB+ Ba1
BBB Baa2
BBB- Baa3
BBB+ Baa1
C C2
C- C3
C+ C1
CC Ca2
CC- Ca3
CC+ Ca1
CCC Caa2
CCC- Caa3
CCC+ Caa1
ng lookup table is used to estimate the
Country Region
Abu Dhabi Middle East
Albania Eastern Europe & Russia
Andorra Western Europe
Angola Africa
Argentina Central and South America
Armenia Eastern Europe & Russia
Aruba Caribbean
Australia Australia & New Zealand
Austria Western Europe
Azerbaijan Eastern Europe & Russia
Bahamas Caribbean
Bahrain Middle East
Bangladesh Asia
Barbados Caribbean
Belarus Eastern Europe & Russia
Belgium Western Europe
Belize Central and South America
Benin Africa
Bermuda Caribbean
Bolivia Central and South America
Bosnia and Herzegovina Eastern Europe & Russia
Botswana Africa
Brazil Central and South America
Bulgaria Eastern Europe & Russia
Burkina Faso Africa
Cambodia Asia
Cameroon Africa
Canada North America
Cape Verde Africa
Cayman Islands Caribbean
Chile Central and South America
China Asia
Colombia Central and South America
Congo (Democratic Republic of) Africa
Congo (Republic of) Africa
Cook Islands Australia & New Zealand
Costa Rica Central and South America
Côte d'Ivoire Africa
Croatia Eastern Europe & Russia
Cuba Caribbean
Curacao Caribbean
Cyprus Western Europe
Czech Republic Eastern Europe & Russia
Democratic Republic of Congo Africa
Denmark Western Europe
Dominican Republic Caribbean
Ecuador Central and South America
Egypt Africa
El Salvador Central and South America
Estonia Eastern Europe & Russia
Ethiopia Africa
Fiji Asia
Finland Western Europe
France Western Europe
Gabon Africa
Georgia Eastern Europe & Russia
Germany Western Europe
Ghana Africa
Greece Western Europe
Guatemala Central and South America
Guernsey (States of) Western Europe
Honduras Central and South America
Hong Kong Asia
Hungary Eastern Europe & Russia
Iceland Western Europe
India Asia
Indonesia Asia
Iraq Middle East
Ireland Western Europe
Isle of Man Western Europe
Israel Middle East
Italy Western Europe
Jamaica Caribbean
Japan Asia
Jersey (States of) Western Europe
Jordan Middle East
Kazakhstan Eastern Europe & Russia
Kenya Africa
Korea Asia
Kuwait Middle East
Kyrgyzstan Eastern Europe & Russia
Latvia Eastern Europe & Russia
Lebanon Middle East
Liechtenstein Western Europe
Lithuania Eastern Europe & Russia
Luxembourg Western Europe
Macao Asia
Macedonia Eastern Europe & Russia
Malaysia Asia
Maldives Asia
Malta Western Europe
Mauritius Asia
Mexico Central and South America
Moldova Eastern Europe & Russia
Mongolia Asia
Montenegro Eastern Europe & Russia
Montserrat Caribbean
Morocco Africa
Mozambique Africa
Namibia Africa
Netherlands Western Europe
New Zealand Australia & New Zealand
Nicaragua Central and South America
Nigeria Africa
Norway Western Europe
Oman Middle East
Pakistan Asia
Panama Central and South America
Papua New Guinea Asia
Paraguay Central and South America
Peru Central and South America
Philippines Asia
Poland Eastern Europe & Russia
Portugal Western Europe
Qatar Middle East
Ras Al Kaminah Middle East
Republic of the Congo Africa
Romania Eastern Europe & Russia
Russia Eastern Europe & Russia
Rwanda Africa
Saudi Arabia Middle East
Senegal Africa
Serbia Eastern Europe & Russia
Sharjah Middle East
Singapore Asia
Slovakia Eastern Europe & Russia
Slovenia Eastern Europe & Russia
Solomon Islands Asia
South Africa Africa
Spain Western Europe
Sri Lanka Asia
St. Maarten Caribbean
St. Vincent & the Grenadines Caribbean
Suriname Central and South America
Swaziland Africa
Sweden Western Europe
Switzerland Western Europe
Taiwan Asia
Tajikistan Eastern Europe & Russia
Tanzania Africa
Thailand Asia
Trinidad and Tobago Caribbean
Tunisia Africa
Turkey Western Europe
Turkmenistan Eastern Europe & Russia
Turks and Caicos Caribbean
Uganda Africa
Ukraine Eastern Europe & Russia
United Arab Emirates Middle East
United Kingdom Western Europe
United States North America
Uruguay Central and South America
Venezuela Central and South America
Vietnam Asia
Zambia Africa
 Moody's CDS Spread CDS Spread
Country rating (1/1/18) (1/1/19)
Rating Default Spread (1/1/ Updated Default Spread (1/1/19)
A1 72 79 Abu Dhabi Aa2 1.12% 1.12%
A2 87 96 Argentina B3 3.66% 8.20%
A3 123 135 Australia Aaa 0.36% 0.42%
Aa1 41 45 Austria Aa1 0.34% 0.30%
Aa2 51 56 Bahrain Ba2 3.37% 3.72%
Aa3 62 68 Belgium Aa3 0.38% 0.49%
Aaa 0 0 Brazil Ba2 2.65% 2.87%
B1 462 508 Bulgaria Baa2 1.47% 1.30%
B2 564 621 Chile Aa3 1.02% 1.11%
B3 667 734 China A1 0.97% 1.14%
Ba1 256 282 Colombia Baa2 2.00% 2.37%
Ba2 308 339 Costa Rica Ba2 2.26% 4.43%
Ba3 369 406 Croatia Ba2 1.61% 1.51%
Baa1 164 180 Cyprus B1 1.75% 1.57%
Baa2 195 215 Czech Republic A1 0.71% 0.75%
Baa3 226 248 Denmark Aaa 0.32% 0.26%
Ca 1230 1354 Dubai 2.00% 1.71%
Caa1 769 846 Egypt B3 4.39% 4.58%
Caa2 923 1016 Estonia A1 0.76% 0.87%
Caa3 1025 1128 Finland Aa1 0.37% 0.28%
NR NA NA France Aa2 0.42% 0.61%
Germany Aaa 0.26% 0.29%
Greece 4.83% 5.10%
Hong Kong Aa2 0.68% 0.67%
Hungary Baa3 1.36% 1.40%
Iceland A3 0.95% 0.80%
India Baa3 1.26% 1.85%
Indonesia Baa3 1.55% 2.18%
Ireland A3 0.58% 0.68%
Israel A1 1.02% 1.11%
Italy Baa2 1.81% 2.44%
Japan A1 0.48% 0.44%
Kazakhstan Baa3 1.88% 1.32%
Korea Aa2 0.79% 0.64%
Kuwait 1.28% 1.17%
Latvia A3 1.00% 1.13%
Lebanon B2 5.40% 7.92%
Lithuania A3 0.95% 1.14%
Malaysia A3 1.08% 1.77%
Mexico A3 1.85% 2.35%
Morocco Ba1 1.95% 1.65%
Netherlands Aaa 0.35% 0.30%
New Zealand Aaa 0.42% 0.39%
Nigeria B1 4.55% 4.51%
Norway Aaa 0.32% 0.26%
Pakistan B3 3.76% 5.09%
Panama Baa2 1.41% 1.42%
Peru A3 1.47% 1.61%
Philippines Baa2 1.10% 1.44%
Poland A2 0.90% 1.09%
Portugal Ba1 1.68% 1.36%
Qatar Aa3 1.58% 1.29%
Romania Baa3 1.50% 1.52%
Russia Ba1 2.03% 2.05%
Saudi Arabia A1 1.53% 1.50%
Slovakia A2 0.84% 0.87%
Slovenia Baa3 1.18% 1.39%
South Africa Baa3 2.64% 2.92%
Spain Baa2 1.00% 1.20%
Sweden Aaa 0.30% 0.26%
Switzerland Aaa 0.40% 0.26%
Thailand Baa1 0.87% 0.84%
Tunisia Ba3 3.97% 3.71%
Turkey Ba1 2.70% 4.19%
Ukraine Caa3 5.90% 7.63%
United Kingdom Aa1 0.44% 0.61%
United States Aaa 0.39% 0.30%
Venezuela Caa3 NA NA
Vietnam B1 1.91% 2.44%
Average
Median
CDS % CDS Spread
Change Country 1/1/2019 Country (1/1/18)
0.00% Abu Dhabi 1.12% Abu Dhabi 1.12%
124.04% Algeria 1.24%
16.67% Angola 5.79%
-11.76% Argentina 8.20% Argentina 3.66%
10.39% Australia 0.42% Australia 0.36%
28.95% Austria 0.30% Austria 0.34%
8.30% Bahrain 3.72% Bahrain 3.37%
-11.56% Belgium 0.49% Belgium 0.38%
8.82% Brazil 2.87% Brazil 2.65%
17.53% Bulgaria 1.30% Bulgaria 1.47%
18.50% Cameroon 6.02%
96.02% Canada 0.53%
-6.21% Chile 1.11% Chile 1.02%
-10.29% China 1.14% China 0.97%
5.63% Colombia 2.37% Colombia 2.00%
-18.75% Costa Rica 4.43% Costa Rica 2.26%
-14.50% Croatia 1.51% Croatia 1.61%
4.33% Cyprus 1.57% Cyprus 1.75%
14.47% Czech Republ 0.75% Czech Republ 0.71%
-24.32% Denmark 0.26% Denmark 0.32%
45.24% Dubai 1.71% Dubai 2.00%
11.54% Egypt 4.58% Egypt 3.87%
5.59% El Salvador 5.38%
-1.47% Estonia 0.87% Estonia 0.76%
2.94% Finland 0.28% Finland 0.37%
-15.79% France 0.61% France 0.42%
46.83% Germany 0.29% Germany 0.26%
40.65% Greece 5.10% Greece 4.83%
17.24% Guatamela 2.55%
8.82% Hong Kong 0.67% Hong Kong 0.68%
34.81% Hungary 1.40% Hungary 1.36%
-8.33% Iceland 0.80% Iceland 0.95%
-29.79% India 1.85% India 1.26%
-18.99% Indonesia 2.18% Indonesia 1.55%
-8.59% Iraq 6.10%
13.00% Ireland 0.68% Ireland 0.58%
46.67% Israel 1.11% Israel 1.02%
20.00% Italy 2.44% Italy 1.81%
63.89% Japan 0.44% Japan 0.48%
27.03% Kazakhstan 1.32% Kazakhstan 1.88%
-15.38% Kenya 5.90%
-14.29% Korea 0.64% Korea 0.79%
-7.14% Kuwait 1.17% Kuwait 1.28%
-0.88% Latvia 1.13% Latvia 1.00%
-18.75% Lebanon 7.92% Lebanon 5.40%
35.37% Lithuania 1.14% Lithuania 0.95%
0.71% Malaysia 1.77% Malaysia 1.08%
9.52% Mexico 2.35% Mexico 1.85%
30.91% Morocco 1.65% Morocco 1.95%
21.11% Netherlands 0.30% Netherlands 0.35%
-19.05% New Zealand 0.39% New Zealand 0.42%
-18.35% Nigeria 4.51% Nigeria 4.55%
1.33% Norway 0.26% Norway 0.32%
0.99% Oman 4.23%
-1.96% Pakistan 5.09% Pakistan 3.76%
3.57% Panama 1.42% Panama 1.41%
17.80% Peru 1.61% Peru 1.47%
10.61% Philippines 1.44% Philippines 1.10%
20.00% Poland 1.09% Poland 0.90%
-13.33% Portugal 1.36% Portugal 1.68%
-35.00% Qatar 1.29% Qatar 1.58%
-3.45% Romania 1.52% Romania 1.50%
-6.55% Russia 2.05% Russia 2.03%
55.19% Rwanda 4.36%
29.32% Saudi Arabia 1.50% Saudi Arabia 1.53%
38.64% Senegal 4.41%
-23.08% Serbia 1.65%
NA Slovakia 0.87% Slovakia 0.84%
27.75% Slovenia 1.39% Slovenia 1.18%
10.05% South Africa 2.92% South Africa 2.64%
5.61% Spain 1.20% Spain 1.00%
Sweden 0.26% Sweden 0.30%
Switzerland 0.26% Switzerland 0.40%
Thailand 0.84% Thailand 0.87%
Tunisia 3.71% Tunisia 3.97%
Turkey 4.19% Turkey 2.70%
Ukraine 7.63% Ukraine 5.90%
United King 0.61% United King 0.44%
United State 0.30% United State 0.39%
Uruguay 2.39%
Venezuela NA Venezuela NA
Vietnam 2.44% Vietnam 1.91%
Country Moody's rating CDS Spread (1/1/19)
Abu Dhabi Aa2 1.12%
Albania B1 NA
Andorra (Principality of) Baa2 NA
Angola B3 5.79%
Argentina B2 8.20%
Armenia B1 NA
Aruba Baa1 NA
Australia Aaa 0.42%
Austria Aa1 0.30%
Azerbaijan Ba2 NA
Bahamas Baa3 NA
Bahrain B2 3.72%
Bangladesh Ba3 NA
Barbados Caa3 NA
Belarus B3 NA
Belgium Aa3 0.49%
Belize B3 NA
Benin B1 NA
Bermuda A2 NA
Bolivia Ba3 NA
Bosnia and Herzegovina B3 NA
Botswana A2 NA
Brazil Ba2 2.87%
Bulgaria Baa2 1.30%
Burkina Faso B2 NA
Cambodia B2 4.63%
Cameroon B2 6.02%
Canada Aaa NA
Cape Verde B2 NA
Cayman Islands Aa3 1.01%
Chile A1 1.11%
China A1 1.14%
Colombia Baa2 2.37%
Congo (Democratic Republic B3 NA
Congo (Republic of) Caa2 NA
Cook Islands B1 NA
Costa Rica B1 4.43%
Côte d'Ivoire Ba3 NA
Croatia Ba2 1.51%
Cuba Caa2 NA
Curacao A3 NA
Cyprus Ba2 1.57%
Czech Republic A1 0.75%
Denmark Aaa 0.26%
Dominican Republic Ba3 NA
Ecuador B3 NA
Egypt B3 4.58%
El Salvador Caa1 5.38%
Estonia A1 0.87%
Ethiopia B1 NA
Fiji Ba3 NA
Finland Aa1 0.28%
France Aa2 0.61%
Gabon Caa1 NA
Georgia Ba2 NA
Germany Aaa 0.29%
Ghana B3 NA
Greece B3 5.10%
Guatemala Ba1 2.55%
Guernsey (States of) Aa3 NA
Honduras B1 NA
Hong Kong Aa2 0.67%
Hungary Baa3 1.40%
Iceland A3 0.80%
India Baa2 1.85%
Indonesia Baa2 0.11%
Iraq Caa1 6.10%
Ireland A2 0.68%
Isle of Man Aa2 NA
Israel A1 1.11%
Italy Baa3 2.44%
Jamaica B3 NA
Japan A1 0.44%
Jersey (States of) Aa3 NA
Jordan B1 NA
Kazakhstan Baa3 1.32%
Kenya B2 5.90%
Korea Aa2 0.64%
Kuwait Aa2 1.17%
Kyrgyzstan B2 NA
Latvia A3 1.13%
Lebanon B3 7.92%
Liechtenstein Aaa NA
Lithuania A3 1.14%
Luxembourg Aaa NA
Macao Aa3 NA
Macedonia Ba3 1.54%
Malaysia A3 1.77%
Maldives B2 NA
Malta A3 NA
Mauritius Baa1 NA
Mexico A3 2.35%
Moldova B3 NA
Mongolia B3 NA
Montenegro B1 NA
Montserrat Baa3 NA
Morocco Ba1 1.65%
Mozambique Caa3 NA
Namibia Ba1 NA
Netherlands Aaa 0.30%
New Zealand Aaa 0.39%
Nicaragua B2 NA
Nigeria B2 4.51%
Norway Aaa 0.26%
Oman Baa3 NA
Pakistan B3 5.09%
Panama Baa2 1.42%
Papua New Guinea B2 NA
Paraguay Ba1 NA
Peru A3 1.61%
Philippines Baa2 1.44%
Poland A2 1.09%
Portugal Baa3 1.36%
Qatar Aa3 NA
Ras Al Khaimah (Emirate of) A2 1.42%
Romania Baa3 1.52%
Russia Ba1 2.05%
Rwanda B2 4.36%
Saudi Arabia A1 1.50%
Senegal Ba3 4.41%
Serbia Ba3 1.65%
Sharjah A3 NA
Singapore Aaa NA
Slovakia A2 0.87%
Slovenia Baa1 1.39%
Solomon Islands B3 NA
South Africa Baa3 2.92%
Spain Baa1 1.20%
Sri Lanka B1 NA
St. Maarten Baa2 NA
St. Vincent & the Grenadines B3 NA
Suriname B2 NA
Swaziland B2 NA
Sweden Aaa 0.26%
Switzerland Aaa 0.26%
Taiwan Aa3 NA
Tajikistan B3 NA
Tanzania B1 NA
Thailand Baa1 0.84%
Trinidad and Tobago Ba1 NA
Tunisia B2 3.71%
Turkey Ba3 4.19%
Turks and Caicos Islands Baa1 NA
Uganda B2 NA
Ukraine Caa1 7.63%
United Arab Emirates Aa2 NA
United Kingdom Aa2 0.61%
United States Aaa 0.30%
Uruguay Baa2 NA
Venezuela C NA
Vietnam Ba3 2.44%
Zambia Caa1 NA
CDS Spread adj for US Updated: July 2017
0.82%
NA
NA
5.49%
7.90%
NA
NA
0.12%
0.00%
NA
NA
3.42%
NA
NA
NA
0.19%
NA
NA
NA
NA
NA
NA Country
2.57% Abu Dhabi
1.00% Algeria
NA Angola
4.33% Argentina
5.72% Australia
NA Austria
NA Bahrain
0.71% Belgium
0.81% Brazil
0.84% Bulgaria
2.07% Cameroon
NA Canada
NA Chile
NA China
4.13% Colombia
NA Costa Rica
1.21% Croatia
 NA Cyprus
NA Czech Republic
1.27% Denmark
0.45% Dubai
0.00% Egypt
NA El Salvador
NA Estonia
4.28% Finland
5.08% France
0.57% Germany
NA Greece
NA Guatamela
0.00% Hong Kong
0.31% Hungary
NA Iceland
NA India
0.00% Indonesia
NA Iraq
4.80% Ireland
2.25% Israel
NA Italy
NA Japan
0.37% Kazakhstan
1.10% Kenya
0.50% Korea
1.55% Kuwait
0.00% Latvia
5.80% Lebanon
0.38% Lithuania
NA Malaysia
0.81% Mexico
2.14% Morocco
NA Netherlands
0.14% New Zealand
NA Nigeria
NA Norway
1.02% Oman
5.60% Pakistan
0.34% Panama
0.87% Peru
 NA Philippines
0.83% Poland
7.62% Portugal
NA Qatar
0.84% Romania
NA Russia
NA Rwanda
1.24% Saudi Arabia
1.47% Senegal
NA Serbia
NA Slovakia
NA Slovenia
2.05% South Africa
NA Spain
NA Sweden
NA Switzerland
NA Thailand
1.35% Tunisia
NA Turkey
NA Ukraine
0.00% United Kingdom
0.09% United States
NA Uruguay
4.21% Venezuela
0.00% Vietnam
NA
4.79%
1.12%
NA
NA
1.31%
1.14%
0.79%
1.06%
NA
1.12%
1.22%
1.75%
4.06%
1.20%
4.11%
1.35%
NA
NA
0.57%
1.09%
NA
2.62%
0.90%
NA
NA
NA
NA
NA
0.00%
0.00%
NA
NA
NA
0.54%
NA
3.41%
3.89%
NA
NA
7.33%
NA
0.31%
0.00%
NA
NA
2.14%
NA
 CDS Spread
1/1/2019 net of US
1.12% 0.82%
1.24% 0.94%
5.79% 5.49%
8.20% 7.90%
0.42% 0.12%
0.30% 0.00%
3.72% 3.42%
0.49% 0.19%
2.87% 2.57%
1.30% 1.00%
6.02% 5.72%
0.53% 0.23%
1.11% 0.81%
1.14% 0.84%
2.37% 2.07%
4.43% 4.13%
1.51% 1.21%
1.57% 1.27%
0.75% 0.45%
0.26% -0.04%
1.71% 1.41%
4.58% 4.28%
5.38% 5.08%
0.87% 0.57%
0.28% -0.02%
0.61% 0.31%
0.29% -0.01%
5.10% 4.80%
2.55% 2.25%
0.67% 0.37%
1.40% 1.10%
0.80% 0.50%
1.85% 1.55%
2.18% 1.88%
6.10% 5.80%
0.68% 0.38%
1.11% 0.81%
2.44% 2.14%
0.44% 0.14%
1.32% 1.02%
5.90% 5.60%
0.64% 0.34%
1.17% 0.87%
1.13% 0.83%
7.92% 7.62%
1.14% 0.84%
1.77% 1.47%
2.35% 2.05%
1.65% 1.35%
0.30% 0.00%
0.39% 0.09%
4.51% 4.21%
0.26% -0.04%
4.23% 3.93%
5.09% 4.79%
1.42% 1.12%
1.61% 1.31%
1.44% 1.14%
1.09% 0.79%
1.36% 1.06%
1.29% 0.99%
1.52% 1.22%
2.05% 1.75%
4.36% 4.06%
1.50% 1.20%
4.41% 4.11%
1.65% 1.35%
0.87% 0.57%
1.39% 1.09%
2.92% 2.62%
1.20% 0.90%
0.26% -0.04%
0.26% -0.04%
0.84% 0.54%
3.71% 3.41%
4.19% 3.89%
7.63% 7.33%
0.61% 0.31%
0.30% 0.00%
2.39% 2.09%
NA NA
2.44% 2.14%
Country Std deviation in Equities (weekly) sBond
Argentina 38.11% NA
Bangladesh 13.48% NA
Bosnia 8.96% NA
Botswana 4.89% NA
Ghana 8.33% NA
Greece 43.21% 45.54%
Jamaica 16.93% NA
Jordan 7.14% NA
Kenya 10.90% NA
Kuwait 10.77% NA
Laos 16.00% NA
Macedonia 11.59% NA
Malta 7.75% NA
Mauritius 5.40% NA
Mongolia 17.21% NA
Montenegro 20.08% NA
Namibia 21.83% NA
Nigeria 27.08% NA
Oman 17.56% NA
Palestine 9.33% NA
Serbia 10.18% NA
Singapore 11.27% NA
Sri Lanka 8.88% NA
Taiwan 14.02% NA
Tanzania 19.44% NA
UAE 31.74% NA
Ukraine 29.74% NA
US 12.69% NA
Venezuela 51.23% 44.85%
Pakistan 14.21% NA
Tunisia 8.44% NA
Egypt 27.71% NA
Brazil 23.52% 12.21%
Lebanon 6.33% 3.15%
Costa Rica 8.31% NA
Bahrain 7.93% NA
South Africa 14.79% 20.21%
Russia 22.90% 40.10%
Kazakhastan 32.79% NA
Vietnam 17.55% NA
Turkey 20.97% 9.46%
Croatia 7.77% NA
Colombia 17.48% 7.09%
Portugal 22.96% 7.14%
Indonesia 15.19% 10.00%
Morocco 8.16% NA
Cyprus 32.96% NA
Mexico 13.68% 4.74%
Peru 15.94% 8.51%
Panama 4.69% NA
India 14.93% 2.93%
Malaysia 10.65% NA
Bulgaria 14.54% 13.05%
Thailand 12.08% 6.87%
Hungary 17.05% NA
Saudi Arabia 24.27% 17.55%
Italy 20.08% 7.23%
China 29.13% NA
Philippines 11.29% 30.36%
Romania 12.79% NA
Qatar 21.16% NA
Slovenia 14.17% 5.78%
Spain 22.89% 6.37%
Chile 12.29% 8.04%
Poland 13.93% 12.13%
Latvia 17.53% NA
Lithuania 7.63% NA
Iceland 10.01% 4.02%
Israel 10.30% 4.86%
Ireland 17.41% 3.08%
Korea 12.40% NA
Slovakia 17.69% 7.91%
Czech Republic 13.82% 4.93%
Estonia 10.89% NA

Average
Median

Average
Median
sEquity/ sBond s (CDS) CDS CVCDS sEquity/ sCDS
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
0.95 NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA NA NA NA NA
NA 0.1100% NA NA NA
1.14 1.3700% NA NA NA
NA 0.3219% 6.56% 4.90% 2.90
NA 0.4039% 6.33% 6.38% 1.32
NA 0.2988% 5.48% 5.45% 5.08
1.93 0.4111% 5.09% 8.07% 2.91
2.01 0.3565% 5.00% 7.13% 0.89
NA 0.3136% 4.86% 6.45% 1.29
NA 0.3200% 4.00% 8.00% 0.99
0.73 0.3821% 3.99% 9.58% 1.54
0.57 0.5519% 3.67% 15.05% 1.52
NA 0.3585% 3.55% 10.10% 3.25
NA 0.2610% 3.52% 7.41% 2.37
2.22 0.3261% 3.39% 9.61% 2.18
NA 0.2240% 3.23% 6.93% 1.12
2.47 0.4247% 3.22% 13.19% 1.33
3.22 0.5728% 3.18% 18.03% 1.27
1.52 0.3922% 2.96% 13.27% 1.14
NA 0.3185% 2.69% 11.84% 0.69
NA 0.5916% 2.66% 22.24% 1.48
2.89 0.4093% 2.48% 16.50% 0.83
1.87 0.3400% 2.35% 14.50% 1.10
NA 0.3181% 2.32% 13.70% 0.34
5.10 0.3731% 2.25% 16.59% 0.90
NA 0.5214% 2.21% 23.59% 0.45
1.11 0.2917% 2.13% 13.69% 1.06
1.76 0.3830% 2.05% 18.73% 0.65
NA 0.3111% 2.03% 15.33% 1.11
1.38 0.6852% 1.93% 35.50% 0.68
2.78 0.5215% 1.93% 27.09% 0.74
NA 0.3936% 1.76% 22.36% 1.30
0.37 0.3890% 1.68% 23.22% 0.49
NA 0.2938% 1.66% 17.72% 0.72
NA 0.4138% 1.63% 25.42% 0.83
2.45 0.2665% 1.62% 16.47% 0.86
3.59 0.5239% 1.55% 33.85% 0.68
1.53 0.3765% 1.54% 24.50% 0.50
1.15 0.2970% 1.38% 21.57% 0.65
NA 0.2699% 1.30% 20.76% 0.84
NA 0.2612% 1.26% 20.73% 0.37
2.49 0.3686% 1.26% 29.31% 0.34
2.12 0.2495% 1.19% 20.97% 0.49
5.65 0.4114% 1.06% 38.81% 0.45
NA 0.4744% 0.89% 53.60% 0.23
2.24 0.1457% 0.88% 16.63% 1.06
2.80 0.3475% 0.81% 42.90% 0.32
NA 0.3969% 0.80% 49.71% 0.22

2.15 1.14
2.01 0.89

1.98 1.33
1.87 1.10
Country GDP (in billions)
Abu Dhabi 415 #N/A
Albania 13.04 Source: World Bank 13.04
Andorra (Principality of) 3.01 Year 2017 3.01
Angola 124.21 124.21
Argentina 637.59 637.59
Armenia 11.54 11.54
Aruba 3
Australia 1323.42 1323.42
Austria 416.6 416.60
Azerbaijan 40.75 40.75
Bahamas 12.16 40.75
Bahrain 35.31 35.31
Bangladesh 249.72 249.72
Barbados 4.8 4.80
Belarus 54.44 54.44
Belgium 492.68 492.68
Belize 1.84 1.84
Benin 9.27 9.27
Bermuda 6.2
Bolivia 37.51 37.51
Bosnia and Herzegovina 18.17 18.17
Botswana 17.41 17.41
Brazil 2055.51 2055.51
Bulgaria 56.83 56.83
Burkina Faso 12.87 12.87
Cambodia 22.16 22.16
Cameroon 34.80 34.80
Canada 1653.04 1653.04
Cayman Islands 3.2 0.00
Cape Verde 1.9
Chile 277.08 277.08
China 12237.70 12237.70
Colombia 309.19 309.19
Congo (Democratic Republic of 37.24 37.24
Congo (Republic of) 8.72 8.72
Cook Islands 1.2
Costa Rica 57.06 57.06
Côte d'Ivoire 40.39 40.39
Croatia 54.85 54.85
Cuba 81.6 #REF!
Curacao 1.0 0.00
Cyprus 21.65 21.65
Czech Republic 215.73 215.73
Denmark 324.87 324.87
Dominican Republic 75.93 75.93
Ecuador 103.06 103.06
Egypt 235.37
El Salvador 24.81 24.81
Estonia 25.92 25.92
Ethiopia 80.56 80.56
Fiji 5.06 5.06
Finland 251.88 251.88
France 2582.50 2582.50
Gabon 14.62 14.62
Georgia 15.16 15.16
Germany 3677.44 3677.44
Ghana 47.33 47.33
Greece 200.29 200.29
Guatemala 75.62 75.62
Guernsey (States of) 0.5 75.62
Honduras 22.98 22.98
Hong Kong 341.45 341.45
Hungary 139.14 139.14
Iceland 23.91 23.91
India 2597.49 2597.49
Indonesia 1015.54 1015.54
Iraq 197.72 197.72
Ireland 333.73 333.73
Isle of Man 7.4 #REF!
Israel 350.85 350.85
Italy 1934.80 1934.80
Jamaica 14.77 14.77
Japan 4872.14 4872.14
Jersey (States of) 1
Jordan 40.07 40.07
Kazakhstan 159.41 159.41
Kenya 74.94 74.94
Korea 1530.75 1530.75
Kuwait 120.13 120.13
Kyrgyzstan 7.56 7.56
Latvia 30.26 30.26
Lebanon 51.84 51.84
Liechtenstein 6.7 #REF!
Lithuania 47.17 47.17
Luxembourg 62.40 62.40
Macao 62.40 62.40
Macedonia 50.36 50.36
Malaysia 314.50 314.50
Maldives 4.60 4.60
Malta 12.54 12.54
Mauritius 13.34 13.34
Mexico 1149.92 1149.92
Moldova 8.13 8.13
Mongolia 11.49 11.49
Montenegro 4.77 4.77
Montserrat 1.5 4.77
Morocco 109.14 109.14
Mozambique 12.33 12.33
Namibia 13.24 13.24
Netherlands 826.20 826.20
New Zealand 205.85 205.85
Nicaragua 13.81 13.81
Nigeria 375.77 375.77
Norway 398.83 398.83
Oman 72.64 72.64
Pakistan 304.95 304.95
Panama 61.84 61.84
Papua New Guinea 21.09 21.09
Paraguay 29.73 29.73
Peru 211.39 211.39
Philippines 313.60 313.60
Poland 524.51 524.51
Portugal 217.57 217.57
Qatar 167.61 167.61
Ras Al Khaimah (Emirate of) 5.2 167.61
Romania 211.80 211.80
Russia 1577.52 1577.52
Rwanda 9.14 9.14
Saudi Arabia 683.83 683.83
Senegal 16.37 16.37
Serbia 41.43 41.43
Sharjah 5 1.49
Singapore 323.91 323.91
Slovakia 95.77 95.77
Slovenia 48.77 48.77
Solomon Islands 1.30 1.30
South Africa 349.42 349.42
Spain 1311.32 1311.32
Sri Lanka 87.17 87.17
St. Maarten 1.5 1.71
St. Vincent & the Grenadines 0.8 0.00
Suriname 3.32 3.32
Swaziland 3.72 3.32
Sweden 538.04 538.04
Switzerland 678.89 678.89
Taiwan 970.9 0.00
Tajikistan 7.15 7.15
Tanzania 52.09 52.09
Thailand 455.22 455.22
Trinidad and Tobago 22.10 22.10
Tunisia 40.26 40.26
Turkey 851.10 851.10
Turks and Caicos Islands 1.5 0.00
Uganda 25.89 25.89
Ukraine 112.15 112.15
United Arab Emirates 382.58 382.58
United Kingdom 2622.43 2622.43
United States of America 19390.60 19390.60
Uruguay 56.16 56.16
Venezuela 250 0.86
Vietnam 223.86 223.86
Zambia 25.81 25.81
Country Name 2017 (in billions)
Afghanistan 20.82
Albania 13.04
Algeria 170.37
American Samoa
Andorra 3.01
Angola 124.21
Antigua and Barbuda 1.53
Arab World 2591.05
Argentina 637.59
Armenia 11.54
Aruba
Australia 1323.42
Austria 416.60
Azerbaijan 40.75
Bahamas, The 12.16
Bahrain 35.31
Bangladesh 249.72
Barbados 4.80
Belarus 54.44
Belgium 492.68
Belize 1.84
Benin 9.27
Bermuda
Bhutan 2.51
Bolivia 37.51
Bosnia and Herzegovina 18.17
Botswana 17.41
Brazil 2055.51
British Virgin Islands 0.00
Brunei Darussalam 12.13
Bulgaria 56.83
Burkina Faso 12.87
Burundi 3.48
Cabo Verde 1.75
Cambodia 22.16
Cameroon 34.80
Canada 1653.04
Caribbean small states 69.33
Cayman Islands 0.00
Central African Republic 1.95
Central Europe and the Baltics 1450.75
Chad 9.98
Channel Islands #REF!
Chile 277.08
China 12237.70
Colombia 309.19
Comoros 0.65
Congo, Dem. Rep. 37.24
Congo, Rep. 8.72
Costa Rica 57.06
Cote d'Ivoire 40.39
Croatia 54.85
Cuba #REF!
Curacao 0.00
Cyprus 21.65
Czech Republic 215.73
Denmark 324.87
Djibouti 1.84
Dominica 0.56
Dominican Republic 75.93
Early-demographic dividend 11249.36
East Asia & Pacific 23999.25
East Asia & Pacific (excluding high income) 14742.32
East Asia & Pacific (IDA & IBRD countries) 14713.97
Ecuador 103.06
Egypt, Arab Rep. 235.37
El Salvador 24.81
Equatorial Guinea 12.49
Eritrea 0.00
Estonia 25.92
Eswatini 4.41
Ethiopia 80.56
Euro area 12589.50
Europe & Central Asia 21438.52
Europe & Central Asia (excluding high income) 3300.50
Europe & Central Asia (IDA & IBRD countries) 3879.86
European Union 17277.70
Faroe Islands #REF!
Fiji 5.06
Finland 251.88
Fragile and conflict affected situations 830.73
France 2582.50
French Polynesia 0.00
Gabon 14.62
Gambia, The 1.01
Georgia 15.16
Germany 3677.44
Ghana 47.33
Gibraltar 0.00
Greece 200.29
Greenland #REF!
Grenada 1.12
Guam #REF!
Guatemala 75.62
Guinea 10.50
Guinea-Bissau 1.35
Guyana 3.68
Haiti 8.41
Heavily indebted poor countries (HIPC) 728.77
High income 51475.41
Honduras 22.98
Hong Kong SAR, China 341.45
Hungary 139.14
IBRD only 28648.52
Iceland 23.91
IDA & IBRD total 30741.80
IDA blend 915.34
IDA only 1186.02
IDA total 2099.62
India 2597.49
Indonesia 1015.54
Iran, Islamic Rep. 439.51
Iraq 197.72
Ireland 333.73
Isle of Man #REF!
Israel 350.85
Italy 1934.80
Jamaica 14.77
Japan 4872.14
Jordan 40.07
Kazakhstan 159.41
Kenya 74.94
Kiribati 0.20
Korea, Dem. People’s Rep. 0.00
Korea, Rep. 1530.75
Kosovo 7.13
Kuwait 120.13
Kyrgyz Republic 7.56
Lao PDR 16.85
Late-demographic dividend 20452.88
Latin America & Caribbean 5954.67
Latin America & Caribbean (excluding high income 4723.05
Latin America & the Caribbean (IDA & IBRD countri 5704.71
Latvia 30.26
Least developed countries: UN classification 1062.64
Lebanon 51.84
Lesotho 2.64
Liberia 2.16
Libya 50.98
Liechtenstein #REF!
Lithuania 47.17
Low & middle income 29236.81
Low income 549.65
Lower middle income 6504.16
Luxembourg 62.40
Macao SAR, China 50.36
Macedonia, FYR 11.34
Madagascar 11.50
Malawi 6.30
Malaysia 314.50
Maldives 4.60
Mali 15.29
Malta 12.54
Marshall Islands 0.20
Mauritania 5.02
Mauritius 13.34
Mexico 1149.92
Micronesia, Fed. Sts. 0.34
Middle East & North Africa 3265.75
Middle East & North Africa (excluding high income 1431.75
Middle East & North Africa (IDA & IBRD countries) 1417.01
Middle income 28682.70
Moldova 8.13
Monaco 0.00
Mongolia 11.49
Montenegro 4.77
Morocco 109.14
Mozambique 12.33
Myanmar 69.32
Namibia 13.24
Nauru 0.11
Nepal 24.47
Netherlands 826.20
New Caledonia 0.00
New Zealand 205.85
Nicaragua 13.81
Niger 8.12
Nigeria 375.77
North America 21049.98
Northern Mariana Islands #REF!
Norway 398.83
Not classified 0.00
OECD members 49626.41
Oman 72.64
Other small states 402.19
Pacific island small states 9.69
Pakistan 304.95
Palau 0.29
Panama 61.84
Papua New Guinea 21.09
Paraguay 29.73
Peru 211.39
Philippines 313.60
Poland 524.51
Portugal 217.57
Post-demographic dividend 47087.04
Pre-demographic dividend 1297.07
Puerto Rico #REF!
Qatar 167.61
Romania 211.80
Russia 1577.52
Rwanda 9.14
Samoa 0.86
San Marino 1.66
Sao Tome and Principe 0.39
Saudi Arabia 683.83
Senegal 16.37
Serbia 41.43
Seychelles 1.49
Sierra Leone 3.77
Singapore 323.91
Sint Maarten (Dutch part) 0.00
Slovak Republic 95.77
Slovenia 48.77
Small states 481.21
Solomon Islands 1.30
Somalia 7.37
South Africa 349.42
South Asia 3291.74
South Asia (IDA & IBRD) 3291.74
South Sudan #REF!
Spain 1311.32
Sri Lanka 87.17
St. Kitts and Nevis 0.95
St. Lucia 1.71
St. Martin (French part) 0.00
St. Vincent and the Grenadines 0.79
Sub-Saharan Africa 1648.71
Sub-Saharan Africa (excluding high income) 1647.23
Sub-Saharan Africa (IDA & IBRD countries) 1648.71
Sudan 117.49
Suriname 3.32
Sweden 538.04
Switzerland 678.89
Syrian Arab Republic 0.00
Tajikistan 7.15
Tanzania 52.09
Thailand 455.22
Timor-Leste 2.95
Togo 4.81
Tonga 0.43
Trinidad and Tobago 22.10
Tunisia 40.26
Turkey 851.10
Turkmenistan 42.36
Turks and Caicos Islands 0.00
Tuvalu 0.04
Uganda 25.89
Ukraine 112.15
United Arab Emirates 382.58
United Kingdom 2622.43
United States 19390.60
Upper middle income 22168.42
Uruguay 56.16
Uzbekistan 48.72
Vanuatu 0.86
Venezuela, RB 0.00
Vietnam 223.86
Virgin Islands (U.S.) #REF!
West Bank and Gaza 14.50
World 80683.79
Yemen, Rep. #REF!
Zambia 25.81
Zimbabwe 17.85
Country S&P Rating
Moody's Rating
Abu Dhabi AA Aa2
Albania B+ B1
Andorra (Principality of) BBB NA
Angola B- B3
Argentina B+ B2
Armenia NA B1
Aruba BBB+ NA
Australia AAA Aaa
Austria AA+ Aa1
Azerbaijan BB+ Ba2
Bahamas BB+ Baa3
Bahrain B+ B2
Bangladesh BB- Ba3
Barbados SD Caa3
Belarus B B3
Belgium AA Aa3
Belize B- B3
Benin B+ NA
Bermuda A+ A2
Bolivia BB- Ba3
Bosnia and Herzegovina B B3
Botswana A- A2
Brazil BB- Ba2
Bulgaria BBB- Baa2
Burkina Faso B NA
Cambodia NA B2
Cameroon B B2
Canada AAA Aaa
Cape Verde B NA
Cayman Islands NA Aa3
Chile AA- A1
China A+ A1
Colombia BBB Baa2
Congo (Democratic Republic of) CCC+ B3
Congo (Republic of) B- Caa2
Cook Islands B+ NA
Costa Rica BB- B1
Côte d'Ivoire NA Ba3
Croatia BB+ Ba2
Cuba NA Caa2
Curacao A- NA
Cyprus BB+ Ba2
Czech Republic AA A1
Denmark AAA Aaa
Dominican Republic BB- Ba3
Ecuador B- NA
Egypt B B3
El Salvador CCC+ NA
Estonia AA- A1
Ethiopia B B1
Fiji B+ Ba3
Finland AA+ Aa1
France AA Aa2
Gabon NA Caa1
Georgia BB- Ba2
Germany AAA Aaa
Ghana B- B3
Greece B+ B3
Guatemala BB Ba1
Guernsey (States of) AA- NA
Honduras BB- B1
Hong Kong AA+ Aa2
Hungary BBB- Baa3
Iceland A A3
India BBB- Baa2
Indonesia BBB- Baa2
Iraq B- Caa1
Ireland A+ A2
Isle of Man NA Aa2
Israel AA- A1
Italy BBB Baa3
Jamaica B B3
Japan A+ A1
Jersey (States of) AA- NA
Jordan B+ B1
Kazakhstan BBB- Baa3
Kenya B+ B2
Korea AA Aa2
Kuwait AA Aa2
Kyrgyzstan NA B2
Latvia A- A3
Lebanon B- B3
Liechtenstein AAA NA
Lithuania A A3
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- NA
Malaysia A A3
Maldives NA B2
Malta A- A3
Mauritius NA Baa1
Mexico A- A3
Moldova NA B3
Mongolia B- B3
Montenegro B+ NA
Montserrat BBB- NA
Morocco BBB- Ba1
Mozambique B- Caa3
Namibia NA Ba1
Netherlands AAA Aaa
New Zealand AA+ Aaa
Nicaragua B B2
Nigeria B B2
Norway AAA Aaa
Oman BB Baa3
Pakistan B B3
Panama BBB NA
Papua New Guinea B B2
Paraguay BB Ba1
Peru A- A3
Philippines BBB Baa2
Poland A- A2
Portugal BBB- Baa3
Qatar AA- Aa3
Ras Al Khaimah (Emirate of) A NA
Romania BBB- Baa3
Russia BBB Ba1
Rwanda B B2
Saudi Arabia A- A1
Senegal B+ Ba3
Serbia BB Ba3
Sharjah BBB+ A3
Singapore AAA Aaa
Slovakia A+ A2
Slovenia A+ Baa1
Solomon Islands NA B3
South Africa BB+ Baa3
Spain A- Baa1
Sri Lanka B+ NA
St. Maarten NA Baa2
St. Vincent & the Grenadines NA B3
Suriname B B2
Swaziland NA B2
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA- Aa3
Tajikistan B- B3
Tanzania NA B1
Thailand A- Baa1
Trinidad and Tobago BBB+ Ba1
Tunisia NA B2
Turkey BB- Ba3
Turks and Caicos Islands BBB+ NA
Uganda B B2
Ukraine B- Caa1
United Arab Emirates NA Aa2
United Kingdom AA Aa2
United States AA+ Aaa
Uruguay BBB Baa2
Venezuela CCC- C
Vietnam BB- Ba3
Zambia B- Caa1
 FC LC
Abu Dhabi Aa2 Aa2 Abu Dhabi
Albania B1 B1 Albania
Andorra
Angola B3 B3 Angola
Argentina B2 B2 Argentina
Armenia B1 B1
Aruba
Australia Aaa Aaa Australia
Austria Aa1 Aa1 Austria
Azerbaijan Ba2 Ba2 Azerbaijan
Bahamas Baa3 Baa3 Bahamas
Bahrain B2 B2 Bahrain
Bangladesh Ba3 Ba3 Bangladesh
Barbados Caa3 Caa3 Barbados
Belarus B3 B3 Belarus
Belgium Aa3 Aa3 Belgium
Belize B3 B3 Belize
Benin
Bermuda A2 A2 Bermuda
Bolivia Ba3 Ba3 Bolivia
Bosnia and Herzegovina B3 B3 Bosnia and Herzegovina
Botswana A2 A2 Botswana
Brazil Ba2 Ba2 Brazil
Bulgaria Baa2 Baa2 Bulgaria
Burkina Faso
Cambodia B2 B2
Cameroon B2 B2 Cameroon
Canada Aaa Aaa Canada
Cape Verde
Cayman Islands Aa3 Aa3
Chile A1 A1 Chile
China A1 A1 China
Colombia Baa2 Baa2 Colombia
Congo (Democratic Republic of) B3 B3 Congo (DRC)
Congo (Republic of) Caa2 Caa2 Congo-Brazzaville
Cook Islands
Costa Rica B1 B1 Costa Rica
Cote d'Ivoire Ba3 Ba3
Croatia Ba2 Ba2 Croatia
Cuba Caa2 Caa2
Curacao
Cyprus Ba2 Ba2 Cyprus
Czech Republic A1 A1 Czech Republic
Denmark Aaa Aaa Denmark
Dominican Republic Ba3 Ba3 Dominican Republic
Ecuador B3 Ecuador
Egypt B3 B3 Egypt
El Salvador B3 El Salvador
Estonia A1 A1 Estonia
Ethiopia B1 B1 Ethiopia
Fiji Ba3 Ba3 Fiji
Finland Aa1 Aa1 Finland
France Aa2 Aa2 France
Gabon Caa1 Caa1
Georgia Ba2 Ba2 Georgia
Germany Aaa Aaa Germany
Ghana B3 B3 Ghana
Greece B3 B3 Greece
Guatemala Ba1 Ba1 Guatemala
Guernsey (States of) Guernsey
Honduras B1 B1 Honduras
Hong Kong Aa2 Aa2 Hong Kong
Hungary Baa3 Baa3 Hungary
Iceland A3 A3 Iceland
India Baa2 Baa2 India
Indonesia Baa2 Baa2 Indonesia
Iraq Caa1 Caa1 Iraq
Ireland A2 A2 Ireland
Isle of Man Aa2 Aa2
Israel A1 A1 Israel
Italy Baa3 Baa3 Italy
Jamaica B3 B3 Jamaica
Japan A1 A1 Japan
Jersey (Channel Islands) Jersey
Jordan B1 B1 Jordan
Kazakhstan Baa3 Baa3 Kazakhstan
Kenya B2 B2 Kenya
Korea Aa2 Aa2 Korea
Kuwait Aa2 Aa2 Kuwait
Kyrgyz Republic B2 B2
Latvia A3 A3 Latvia
Lebanon B3 B3 Lebanon
Liechtenstein Liechtenstein
Lithuania A3 A3 Lithuania
Luxembourg Aaa Aaa Luxembourg
Macao Aa3 Aa3
Macedonia
Malaysia A3 A3 Malaysia
Maldives B2 B2
Malta A3 A3 Malta
Mauritius Baa1 Baa1
Mexico A3 A3 Mexico
Moldova B3 B3
Mongolia B3 B3 Mongolia
Montenegro B1 Montenegro
Montserrat
Morocco Ba1 Ba1 Morocco
Mozambique Caa3 Caa3 Mozambique
Namibia Ba1 Ba1
Netherlands Aaa Aaa Netherlands
New Zealand Aaa Aaa New Zealand
Nicaragua B2 B2 Nicaragua
Nigeria B2 B2 Nigeria
Norway Aaa Aaa Norway
Oman Baa3 Baa3 Oman
Pakistan B3 B3 Pakistan
Panama Baa2 Panama
Papua New Guinea B2 B2 Papua New Guinea
Paraguay Ba1 Ba1 Paraguay
Peru A3 A3 Peru
Philippines Baa2 Baa2 Philippines
Poland A2 A2 Poland
Portugal Baa3 Baa3 Portugal
Qatar Aa3 Aa3 Qatar
Ras Al Khaimah
Romania Baa3 Baa3 Romania
Russia Ba1 Ba1 Russia
Rwanda B2 B2 Rwanda
Saudi Arabia A1 A1 Saudi Arabia
Senegal Ba3 Ba3 Senegal
Serbia Ba3 Ba3 Serbia
Sharjah A3 A3 Sharjah
Singapore Aaa Aaa Singapore
Slovakia A2 A2 Slovakia
Slovenia Baa1 Baa1 Slovenia
Solomon Islands B3 B3
South Africa Baa3 Baa3 South Africa
Spain Baa1 Baa1 Spain
Sri Lanka B2 Sri Lanka
Sint Maarten Baa2 Baa2
St. Vincent & the Grenadines B3 B3
Suriname B2 B2 Suriname
eSwatini B2 B2
Sweden Aaa Aaa Sweden
Switzerland Aaa Aaa Switzerland
Taiwan Aa3 Aa3 Taiwan
Tajikistan B3 B3 Tajikistan
Tanzania B1 B1
Thailand Baa1 Baa1 Thailand
Trinidad and Tobago Ba1 Ba1 Trinidad and Tobago
Tunisia B2 B2
Turkey Ba3 Ba3 Turkey
Turks and Caicos
Uganda B2 B2 Uganda
Ukraine Caa1 Caa1 Ukraine
United Arab Emirates Aa2 Aa2
United Kingdom Aa2 Aa2 United Kingdom
United States of America Aaa Aaa United States
Uruguay Baa2 Baa2 Uruguay
Venezuela C C Venezuela
Vietnam Ba3 Ba3 Vietnam
Zambia Caa1 Caa1 Zambia
Local currency ratings
AA
B+
BBB
B-
B+

BBB+
AAA
AA+
BB+
BB+
B+
BB-
SD
B
AA
B-
B+
A+
BB-
B
A-
BB-
BBB-
B

B
AAA
B

AA-
A+
BBB
CCC+
B-
B+
BB-
BB+

A-
BB+
AA
AAA
BB-
B-
B
CCC+
AA-
B
B+
AA+
AA

BB-
AAA
B-
B+
BB
AA-
BB-
AA+
BBB-
A
BBB-
BBB-
B-
A+

AA-
BBB
B
A+
AA-
B+
BBB-
B+
AA
AA

A-
B-
AAA
A
AAA

BB-
A

A-

A-

B-
B+
BBB-
BBB-
B-

AAA
AA+
B
B
AAA
BB
B
BBB
B
BB
A-
BBB
A-
BBB-
AA-
A
BBB-
BBB
B
A-
B+
BB
BBB+
AAA
A+
A+

BB+
A-
B+

AAA
AAA
AA-
B-

A-
BBB+

BB-
BBB+
B
B-

AA
AA+
BBB
CCC-
BB-
B-
B
Country Tax Rate
Abu Dhabi 0.00%
Albania 15.00%
Andorra (Principality of) 0.00%
Angola 30.00%
Argentina 35.00%
Armenia 20.00%
Aruba Aruba
Australia 30.00%
Austria 25.00%
Azerbaijan 20.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 25.00%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Belize 28.21%
Benin 0.00%
Bermuda 25.00%
Bolivia 10.00%
Bosnia and Herzegovina 22.00%
Botswana 34.00%
Brazil 10.00%
Bulgaria 27.50%
Burkina Faso 20.00%
Cambodia 33.00%
Cameroon 26.50%
Canada 0.00%
Cape Verde 28.21%
Cayman Islands 25.50%
Chile 25.00%
China 34.00%
Colombia 35.00%
Congo (Democratic Republic of) 28.21%
Congo (Republic of) 0.00%
Cook Islands 30.00%
Costa Rica 25.00%
Côte d'Ivoire 20.00%
Croatia 27.98%
Cuba 22.00%
Curacao 12.50%
Cyprus 19.00%
Czech Republic 22.00%
Denmark 27.00%
Dominican Republic 22.00%
Ecuador 22.50%
Egypt 30.00%
El Salvador 20.00%
Estonia 30.00%
Ethiopia 20.00%
Fiji 20.00%
Finland 33.33%
France 30.00%
Gabon 15.00%
Georgia 29.79%
Germany 25.00%
Ghana 29.00%
Greece 25.00%
Guatemala 0.00%
Guernsey (States of) 25.00%
Honduras 16.50%
Hong Kong 9.00%
Hungary 20.00%
Iceland 30.00%
India 25.00%
Iraq 15.00%
Iraq 12.50%
Ireland 0.00%
Isle of Man 24.00%
Israel 24.00%
Italy 25.00%
Jamaica 30.86%
Japan 20.00%
Jersey (States of) 20.00%
Jordan 20.00%
Kazakhstan 30.00%
Kenya 22.00%
Kuwait 15.00%
Kuwait 15.00%
Kyrgyzstan 15.00%
Latvia 15.00%
Lebanon 12.50%
Liechtenstein 15.00%
Lithuania 27.08%
Luxembourg 12.00%
Macao 10.00%
Macedonia 24.00%
Maldives 35.00%
Malta 15.00%
Mauritius 30.00%
Mexico 12.00%
Moldova 25.00%
Mongolia 9.00%
Montenegro 27.98%
Montserrat 31.00%
Morocco 32.00%
Mozambique 32.00%

Namibia 25.00%
Netherlands 28.00%
New Zealand 30.00%
Nicaragua 30.00%
Nigeria 24.00%
Norway 15.00%
Oman 31.00%
Pakistan 25.00%
Panama 30.00%
Papua New Guinea 10.00%
Paraguay 29.50%
Peru 30.00%
Philippines 19.00%
Poland 21.00%
Portugal 10.00%
Qatar 0.00%
Ras Al Khaimah (Emirate of) 16.00%
Romania 20.00%
Russia 30.00%
Rwanda 20.00%
Saudi Arabia 30.00%
Senegal 15.00%
Serbia 0.00%
Sharjah 17.00%
Singapore 21.00%
Slovakia 19.00%
Solomon Islands 28.00%
South Africa 25.00%
Spain 28.00%
Sri Lanka 34.50%
St. Maarten 27.98%
St. Vincent & the Grenadines 36.00%
Swaziland 27.50%
Swaziland 22.00%
Sweden 17.77%
Switzerland 17.00%
Tajikistan 0.00%
Tanzania 20.00%
Thailand 25.00%
Trinidad and Tobago 30.00%
Tunisia 20.00%
Turkey 0.00%
Turks and Caicos Islands 30.00%
Uganda 18.00%
Ukraine 55.00%
United Arab Emirates 20.00%
United Kingdom 21.00%
United States 25.00%
Uruguay 34.00%
Venezuela 20.00%
Zambia 35.00%
Country Tax Rate: 2017 Africa average
Afghanistan 20.00% Americas average
Albania 15.00% Asia average
Algeria 26.00% EU average
Andorra 10.00% Europe average
Angola 30.00% Global average
Anguilla 0.00% Latin America average
Antigua and Barbuda 25.00% North America average
Argentina 35.00% Oceania average
Armenia 20.00% OECD average
Aruba 25.00% South America average
Australia 30.00%
Austria 25.00%
Azerbaijan 20.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 25.00%
Barbados 30.00%
Belarus 18.00%
Belgium 29.00%
Benin 30.00%
Bermuda 0.00%
Bolivia 25.00%
Bonaire, Saint Eustatius and Saba 25.00%
Bosnia and Herzegovina 10.00%
Botswana 22.00%
Brazil 34.00%
Brunei Darussalam 18.50%
Bulgaria 10.00%
Burkina Faso 28.00%
Burundi 30.00%
Cambodia 20.00%
Cameroon 33.00%
Canada 26.50%
Cayman Islands 0.00%
Chile 26.00%
China 25.00%
Colombia 33.00%
Congo (Democratic Republic of the 35.00%
Costa Rica 30.00%
Croatia 18.00%
Curacao 22.00%
Cyprus 12.50%
Czech Republic 19.00%
Denmark 22.00%
Djibouti 25.00%
Dominica 25.00%
Dominican Republic 27.00%
Ecuador 22.00%
Egypt 23.00%
El Salvador 30.00%
Estonia 20.00%
Ethiopia 30.00%
Fiji 20.00%
Finland 20.00%
France 33.00%
Gabon 30.00%
Gambia 31.00%
Georgia 15.00%
Germany 30.00%
Ghana 25.00%
Gibraltar 10.00%
Greece 29.00%
Grenada 30.00%
Guatemala 25.00%
Guernsey 0.00%
Honduras 25.00%
Hong Kong SAR 16.50%
Hungary 9.00%
Iceland 20.00%
India 35.00%
Indonesia 25.00%
Iraq 15.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 24.00%
Italy 24.00%
Ivory Coast 25.00%
Jamaica 25.00%
Japan 30.86%
Jersey 20.00%
Jordan 20.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea, Republic of 22.00%
Kuwait 15.00%
Kyrgyzstan 10.00%
Latvia 15.00%
Lebanon 15.00%
Libya 20.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 26.01%
Macau 12.00%
Macedonia 10.00%
Madagascar 20.00%
Malawi 30.00%
Malaysia 24.00%
Maldives 21.28%
Malta 35.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 12.00%
Monaco 33.00%
Mongolia 25.00%
Montenegro 9.00%
Morocco 31.00%
Mozambique 32.00%
Myanmar 25.00%
Namibia 32.00%
Netherlands 25.00%
New Zealand 28.00%
Nicaragua 30.00%
Nigeria 30.00%
Norway 24.00%
Oman 15.00%
Pakistan 31.00%
Palestinian Territory 15.00%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 29.50%
Philippines 30.00%
Poland 19.00%
Portugal 21.00%
Qatar 10.00%
Romania 16.00%
Russia 20.00%
Rwanda 30.00%
Saint Kitts and Nevis 33.00%
Saint Lucia 30.00%
Saint Vincent and the Grenadines 33.00%
Samoa 27.00%
Saudi Arabia 20.00%
Senegal 30.00%
Serbia 15.00%
Sierra Leone 30.00%
Singapore 17.00%
Sint Maarten (Dutch part) 35.00%
Slovakia 21.00%
Slovenia 19.00%
Solomon Islands 30.00%
South Africa 28.00%
Spain 25.00%
Sri Lanka 28.00%
St Maarten 35.00%
Sudan 35.00%
Suriname 36.00%
Swaziland 28.00%
Sweden 22.00%
Switzerland 18.00%
Syria 28.00%
Taiwan 17.00%
Tanzania 30.00%
Thailand 20.00%
Trinidad and Tobago 25.00%
Tunisia 25.00%
Turkey 22.00%
Turkmenistan 20.00%
Turks and Caicos Islands 0.00%
Uganda 30.00%
Ukraine 18.00%
United Arab Emirates 55.00%
United Kingdom 19.00%
United States 25.00%
Uruguay 25.00%
Uzbekistan 7.50%
Vanuatu 0.00%
Venezuela 34.00%
Vietnam 20.00%
Yemen 20.00%
Zambia 35.00%
Zimbabwe 25.00%
28.21% Country Tax Rate 2018
25.66% Abu Dhabi 55.00%
21.28% Albania 15.00%
21.51% Andorra (Principality of) 10.00%
19.54% Angola 30.00%
24.25% Argentina 30.00%
27.98% Armenia 20.00%
23.75% Aruba 25.00%
28.67% Australia 30.00%
24.07% Austria 25.00%
27.98% Azerbaijan 20.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 25.00%
Barbados 30.00%
Belarus 18.00%
Belgium 29.00%
Belize 28.21%
Benin 30.00%
Bermuda 0.00%
Bolivia 25.00%
Bosnia and Herzegovina 10.00%
Botswana 22.00%
Brazil 34.00%
Bulgaria 10.00%
Burkina Faso 28.00%
Cambodia 20.00%
Cameroon 33.00%
Canada 26.50%
Cape Verde 28.00%
Cayman Islands 0.00%
Chile 26.00%
China 25.00%
Colombia 33.00%
Congo (Democratic Republi 35.00%
Congo (Republic of) 28.00%
Cook Islands 0.00%
Costa Rica 30.00%
Côte d'Ivoire 25.00%
Croatia 18.00%
Cuba 24.00%
Curacao 22.00%
Cyprus 12.50%
Czech Republic 19.00%
Denmark 22.00%
Dominican Republic 27.00%
Ecuador 25.00%
Egypt 23.00%
El Salvador 30.00%
Estonia 20.00%
Ethiopia 30.00%
Fiji 20.00%
Finland 20.00%
France 33.00%
Gabon 30.00%
Georgia 31.00%
Germany 15.00%
Ghana 25.00%
Greece 29.00%
Guatemala 25.00%
Guernsey (States of) 0.00%
Honduras 25.00%
Hong Kong 16.50%
Hungary 9.00%
Iceland 20.00%
India 35.00%
Indonesia 25.00%
Iraq 15.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 23.00%
Italy 24.00%
Jamaica 25.00%
Japan 30.86%
Jersey (States of) 20.00%
Jordan 20.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea 25.00%
Kuwait 15.00%
Kyrgyzstan 10.00%
Latvia 20.00%
Lebanon 15.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 26.01%
Macao 12.00%
Macedonia 10.00%
Malaysia 24.00%
Maldives 0.00%
Malta 35.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 12.00%
Mongolia 33.00%
Montenegro 9.00%
Montserrat 27.98%
Morocco 31.00%
Mozambique 32.00%
Namibia 32.00%
Netherlands 25.00%
New Zealand 28.00%
Nicaragua 30.00%
Nigeria 30.00%
Norway 23.00%
Oman 15.00%
Pakistan 30.00%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 29.50%
Philippines 30.00%
Poland 19.00%
Portugal 21.00%
Qatar 10.00%
Ras Al Khaimah (Emirate o 0.00%
Romania 16.00%
Russia 20.00%
Rwanda 30.00%
Saudi Arabia 20.00%
Senegal 30.00%
Serbia 15.00%
Sharjah 20.00%
Singapore 17.00%
Slovakia 21.00%
Slovenia 19.00%
Solomon Islands 30.00%
South Africa 28.00%
Spain 25.00%
Sri Lanka 28.00%
St. Maarten 35.00%
St. Vincent & the Grenadin 20.00%
Suriname 36.00%
Swaziland 28.00%
Sweden 22.00%
Switzerland 18.00%
Taiwan 20.00%
Tajikistan 20.00%
Tanzania 30.00%
Thailand 20.00%
Trinidad and Tobago 25.00%
Tunisia 25.00%
Turkey 22.00%
Turks and Caicos Islands 0.00%
Uganda 30.00%
Ukraine 18.00%
United Arab Emirates 55.00%
United Kingdom 19.00%
United States 25.00%
Uruguay 25.00%
Venezuela 34.00%
Vietnam 20.00%
Zambia 35.00%
Country PRS Score Total Equity Risk Premiu Rating-based Default Spr
Abu Dhabi 6.65% 0.56%
Albania 71.00 12.21% 5.08%
Andorra (Principality of) 8.60% 2.15%
Angola 57.30 14.99% 7.34%
Argentina 60.80 13.60% 6.21%
Armenia 67.80 12.21% 5.08%
Aruba 8.18% 1.80%
Australia 77.50 5.96% 0.00%
Austria 80.80 6.51% 0.45%
Azerbaijan 70.80 10.13% 3.39%
Bahamas 76.00 9.02% 2.48%
Bahrain 67.30 13.60% 6.21%
Bangladesh 64.30 10.96% 4.06%
Barbados 19.83% 11.28%
Belarus 65.00 14.99% 7.34%
Belgium 76.50 6.80% 0.68%
Belize 14.99% 7.34%
Benin 12.21% 5.08%
Bermuda 7.14% 0.96%
Bolivia 65.50 10.96% 4.06%
Bosnia and Herzegovina 14.99% 7.34%
Botswana 78.50 7.14% 0.96%
Brazil 69.30 10.13% 3.39%
Bulgaria 77.00 8.60% 2.15%
Burkina Faso 64.80 13.60% 6.21%
Cambodia 13.60% 6.21%
Cameroon 61.30 13.60% 6.21%
Canada 81.80 5.96% 0.00%
Cape Verde 13.60% 6.21%
Cayman Islands 6.80% 0.68%
Chile 75.80 6.94% 0.79%
China 72.30 6.94% 0.79%
Colombia 67.30 8.60% 2.15%
Congo (Democratic Republic of 56.50 14.99% 7.34%
Congo (Republic of) 61.00 18.46% 10.16%
Cook Islands 12.21% 5.08%
Costa Rica 73.30 12.21% 5.08%
Côte d'Ivoire 61.30 10.96% 4.06%
Croatia 76.00 10.13% 3.39%
Cuba 68.30 18.46% 10.16%
Curacao 7.63% 1.35%
Cyprus 74.50 10.13% 3.39%
Czech Republic 79.80 6.94% 0.79%
Denmark 83.80 5.96% 0.00%
Dominican Republic 72.80 10.96% 4.06%
Ecuador 64.00 14.99% 7.34%
Egypt 62.80 14.99% 7.34%
El Salvador 67.50 16.37% 8.46%
Estonia 74.80 6.94% 0.79%
Ethiopia 59.80 12.21% 5.08%
Fiji 10.96% 4.06%
Finland 81.80 6.51% 0.45%
France 72.80 6.65% 0.56%
Gabon 64.00 16.37% 8.46%
Georgia 10.13% 3.39%
Germany 83.00 5.96% 0.00%
Ghana 69.30 14.99% 7.34%
Greece 72.30 14.99% 7.34%
Guatemala 72.00 9.43% 2.82%
Guernsey (States of) 6.80% 0.68%
Honduras 68.00 12.21% 5.08%
Hong Kong 83.00 6.65% 0.56%
Hungary 76.50 9.02% 2.48%
Iceland 82.80 7.63% 1.35%
India 69.30 8.60% 2.15%
Indonesia 67.80 8.60% 2.15%
Iraq 65.80 16.37% 8.46%
Ireland 82.80 7.14% 0.96%
Isle of Man 6.65% 0.56%
Israel 76.50 6.94% 0.79%
Italy 75.50 9.02% 2.48%
Jamaica 70.50 14.99% 7.34%
Japan 82.50 6.94% 0.79%
Jersey (States of) 6.80% 0.68%
Jordan 63.80 12.21% 5.08%
Kazakhstan 69.50 9.02% 2.48%
Kenya 64.30 13.60% 6.21%
Korea 82.30 6.65% 0.56%
Kuwait 78.30 6.65% 0.56%
Kyrgyzstan 13.60% 6.21%
Latvia 72.50 7.63% 1.35%
Lebanon 54.80 14.99% 7.34%
Liechtenstein 5.96% 0.00%
Lithuania 72.30 7.63% 1.35%
Luxembourg 87.00 5.96% 0.00%
Macao 6.80% 0.68%
Macedonia 10.96% 4.06%
Malaysia 76.30 7.63% 1.35%
Maldives 13.60% 6.21%
Malta 80.50 7.63% 1.35%
Mauritius 8.18% 1.80%
Mexico 68.80 7.63% 1.35%
Moldova 65.80 14.99% 7.34%
Mongolia 66.50 14.99% 7.34%
Montenegro 12.21% 5.08%
Montserrat 9.02% 2.48%
Morocco 68.50 9.43% 2.82%
Mozambique 57.30 19.83% 11.28%
Namibia 69.50 9.43% 2.82%
Netherlands 83.00 5.96% 0.00%
New Zealand 82.30 5.96% 0.00%
Nicaragua 59.50 13.60% 6.21%
Nigeria 63.30 13.60% 6.21%
Norway 89.30 5.96% 0.00%
Oman 73.00 9.02% 2.48%
Pakistan 58.00 14.99% 7.34%
Panama 74.00 8.60% 2.15%
Papua New Guinea 67.50 13.60% 6.21%
Paraguay 69.30 9.43% 2.82%
Peru 73.00 7.63% 1.35%
Philippines 70.50 8.60% 2.15%
Poland 76.50 7.14% 0.96%
Portugal 77.30 9.02% 2.48%
Qatar 76.50 6.80% 0.68%
Ras Al Khaimah (Emirate of) 7.14% 0.96%
Romania 70.50 9.02% 2.48%
Russia 70.00 9.43% 2.82%
Rwanda 13.60% 6.21%
Saudi Arabia 76.00 6.94% 0.79%
Senegal 64.00 10.96% 4.06%
Serbia 69.00 10.96% 4.06%
Sharjah 7.63% 1.35%
Singapore 86.30 5.96% 0.00%
Slovakia 73.00 7.14% 0.96%
Slovenia 75.50 8.18% 1.80%
Solomon Islands 14.99% 7.34%
South Africa 67.80 9.02% 2.48%
Spain 75.00 8.18% 1.80%
Sri Lanka 63.50 12.21% 5.08%
St. Maarten 8.60% 2.15%
St. Vincent & the Grenadines 14.99% 7.34%
Suriname 67.00 13.60% 6.21%
Swaziland 13.60% 6.21%
Sweden 83.30 5.96% 0.00%
Switzerland 88.50 5.96% 0.00%
Taiwan 83.80 6.80% 0.68%
Tajikistan 14.99% 7.34%
Tanzania 65.30 12.21% 5.08%
Thailand 71.50 8.18% 1.80%
Trinidad and Tobago 75.00 9.43% 2.82%
Tunisia 60.80 13.60% 6.21%
Turkey 58.80 10.96% 4.06%
Turks and Caicos Islands 8.18% 1.80%
Uganda 63.00 13.60% 6.21%
Ukraine 63.80 16.37% 8.46%
United Arab Emirates 78.50 6.65% 0.56%
United Kingdom 76.80 6.65% 0.56%
United States 77.80 5.96% 0.00%
Uruguay 73.30 8.60% 2.15%
Venezuela 43.50 28.10% 18.00%
Vietnam 70.00 10.96% 4.06%
Zambia 64.80 16.37% 8.46%

Algeria 65.00 6.21%

Brunei 80.50 0.79%
Gambia 63.30 7.34%
Guinea 54.30 13.54%
Guinea-Bissau 62.00 8.46%
Guyana 66.50 5.08%
Haiti 60.00 10.16%
Iran 69.30 3.39%
Korea, D.P.R. 53.00 13.54%
Liberia 53.50 13.54%
Libya 66.50 5.08%
Madagascar 64.00 7.34%
Malawi 61.00 8.46%
Mali 61.30 8.46%
Myanmar 62.00 8.46%
Niger 54.50 13.54%
Sierra Leone 54.80 13.54%
Somalia 53.50 13.54%
Sudan 38.80 18.00%
Syria 51.80 13.54%
Togo 61.00 8.46%
Yemen, Republic 48.00 18.00%
Zimbabwe 59.30 10.16%
Final ERP Tax Rate CRP PRS Score
6.65% 55.00% 0.69% More than
12.21% 15.00% 6.25% 0
8.60% 10.00% 2.64% 50.001
14.99% 30.00% 9.03% 55.001
13.60% 30.00% 7.64% 57.001
12.21% 20.00% 6.25% 60.001
8.18% 25.00% 2.22% 62.001
5.96% 30.00% 0.00% 64.001
6.51% 25.00% 0.55% 66.001
10.13% 20.00% 4.17% 68.001
9.02% 0.00% 3.06% 69.001
13.60% 0.00% 7.64% 72.001
10.96% 25.00% 5.00% 74.001
19.83% 30.00% 13.87% 76.001
14.99% 18.00% 9.03% 80.001
6.80% 29.00% 0.84% 82.501
14.99% 28.21% 9.03% 85.001
12.21% 30.00% 6.25%
7.14% 0.00% 1.18% Rating
10.96% 25.00% 5.00% Aaa
14.99% 10.00% 9.03% Aa1
7.14% 22.00% 1.18% Aa2
10.13% 34.00% 4.17% Aa3
8.60% 10.00% 2.64% A1
13.60% 28.00% 7.64% A2
13.60% 20.00% 7.64% A3
13.60% 33.00% 7.64% Baa1
5.96% 26.50% 0.00% Baa2
13.60% 28.00% 7.64% Baa3
6.80% 0.00% 0.84% Ba1
6.94% 26.00% 0.98% Ba2
6.94% 25.00% 0.98% Ba3
8.60% 33.00% 2.64% B1
14.99% 35.00% 9.03% B2
18.46% 28.00% 12.50% B3
12.21% 0.00% 6.25% Caa1
12.21% 30.00% 6.25% Caa2
10.96% 25.00% 5.00% Caa3
10.13% 18.00% 4.17% Ca
18.46% 24.00% 12.50%
7.63% 22.00% 1.67%
10.13% 12.50% 4.17%
6.94% 19.00% 0.98%
5.96% 22.00% 0.00%
10.96% 27.00% 5.00%
14.99% 25.00% 9.03%
14.99% 23.00% 9.03%
16.37% 30.00% 10.41%
6.94% 20.00% 0.98%
12.21% 30.00% 6.25%
10.96% 20.00% 5.00%
6.51% 20.00% 0.55%
6.65% 33.00% 0.69%
16.37% 30.00% 10.41%
10.13% 31.00% 4.17%
5.96% 15.00% 0.00%
14.99% 25.00% 9.03%
14.99% 29.00% 9.03%
9.43% 25.00% 3.47%
6.80% 0.00% 0.84%
12.21% 25.00% 6.25%
6.65% 16.50% 0.69%
9.02% 9.00% 3.06%
7.63% 20.00% 1.67%
8.60% 35.00% 2.64%
8.60% 25.00% 2.64%
16.37% 15.00% 10.41%
7.14% 12.50% 1.18%
6.65% 0.00% 0.69%
6.94% 23.00% 0.98%
9.02% 24.00% 3.06%
14.99% 25.00% 9.03%
6.94% 30.86% 0.98%
6.80% 20.00% 0.84%
12.21% 20.00% 6.25%
9.02% 20.00% 3.06%
13.60% 30.00% 7.64%
6.65% 25.00% 0.69%
6.65% 15.00% 0.69%
13.60% 10.00% 7.64%
7.63% 20.00% 1.67%
14.99% 15.00% 9.03%
5.96% 12.50% 0.00%
7.63% 15.00% 1.67%
5.96% 26.01% 0.00%
6.80% 12.00% 0.84%
10.96% 10.00% 5.00%
7.63% 24.00% 1.67%
13.60% 0.00% 7.64%
7.63% 35.00% 1.67%
8.18% 15.00% 2.22%
7.63% 30.00% 1.67%
14.99% 12.00% 9.03%
14.99% 33.00% 9.03%
12.21% 9.00% 6.25%
9.02% 27.98% 3.06%
9.43% 31.00% 3.47%
19.83% 32.00% 13.87%
9.43% 32.00% 3.47%
5.96% 25.00% 0.00%
5.96% 28.00% 0.00%
13.60% 30.00% 7.64%
13.60% 30.00% 7.64%
5.96% 23.00% 0.00%
9.02% 15.00% 3.06%
14.99% 30.00% 9.03%
8.60% 25.00% 2.64%
13.60% 30.00% 7.64%
9.43% 10.00% 3.47%
7.63% 29.50% 1.67%
8.60% 30.00% 2.64%
7.14% 19.00% 1.18%
9.02% 21.00% 3.06%
6.80% 10.00% 0.84%
7.14% 0.00% 1.18%
9.02% 16.00% 3.06%
9.43% 20.00% 3.47%
13.60% 30.00% 7.64%
6.94% 20.00% 0.98%
10.96% 30.00% 5.00%
10.96% 15.00% 5.00%
7.63% 20.00% 1.67%
5.96% 17.00% 0.00%
7.14% 21.00% 1.18%
8.18% 19.00% 2.22%
14.99% 30.00% 9.03%
9.02% 28.00% 3.06%
8.18% 25.00% 2.22%
12.21% 28.00% 6.25%
8.60% 35.00% 2.64%
14.99% 20.00% 9.03%
13.60% 36.00% 7.64%
13.60% 28.00% 7.64%
5.96% 22.00% 0.00%
5.96% 18.00% 0.00%
6.80% 20.00% 0.84%
14.99% 20.00% 9.03%
12.21% 30.00% 6.25%
8.18% 20.00% 2.22%
9.43% 25.00% 3.47%
13.60% 25.00% 7.64%
10.96% 22.00% 5.00%
8.18% 0.00% 2.22%
13.60% 30.00% 7.64%
16.37% 18.00% 10.41%
6.65% 55.00% 0.69%
6.65% 19.00% 0.69%
5.96% 25.00% 0.00%
8.60% 25.00% 2.64%
28.10% 34.00% 22.14%
10.96% 20.00% 5.00%
16.37% 35.00% 10.41%

13.60% 26.00% 7.64%

 6.94% 18.50% 0.98%
14.99% 31.00% 9.03%
22.61% 29.15% 16.65%
16.37% 29.15% 10.41%
12.21% 18.64% 6.25%
18.46% 18.64% 12.50%
10.13% 20.23% 4.17%
22.61% 23.10% 16.65%
22.61% 29.15% 16.65%
12.21% 20.00% 6.25%
14.99% 20.00% 9.03%
16.37% 30.00% 10.41%
16.37% 29.15% 10.41%
16.37% 25.00% 10.41%
22.61% 28.21% 16.65%
22.61% 30.00% 16.65%
22.61% 29.15% 16.65%
28.10% 35.00% 22.14%
22.61% 28.00% 16.65%
16.37% 29.15% 10.41%
28.10% 20.00% 22.14%
18.46% 25.00% 12.50%
PRS Score
Less than ERP CRP
50.000 28.10% 18.00% Below Ca
55.000 22.61% 13.54% Ca
57.000 19.83% 11.28% Caa3
60.000 18.46% 10.16% Caa2
62.000 16.37% 8.46% Caa1
64.000 14.99% 7.34% B3
66.000 13.60% 6.21% B2
68.000 12.21% 5.08% B1
69.000 10.96% 4.06% Ba3
72.000 10.13% 3.39% Ba2
74.000 8.60% 2.15% Baa2
76.000 8.18% 1.80% Baa1
80.000 7.14% 0.96% A2
82.500 6.94% 0.79% Aa3
85.000 6.51% 0.45% Aa1
90.000 5.96% 0.00% Aaa

Updated Default Spread (1/1/19)

0
45
56
68
79
96
135
180
215
248
282
339
406
508
621
734
846
1016
1128
1354
Row Labels Average of Corporate Tax Rate
Africa 29.15%
Asia 23.10%
Australia & New Zeala 19.33%
Caribbean 18.64%
Central and South Ame 27.93%
Eastern Europe & Russ 16.69%
Middle East 20.23%
North America 25.75%
Western Europe 20.02%