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Country Risk Premiums

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

Step 1: Estimating mature market risk premium


To estimate the mature market risk premium, I compute the implied equity risk premium for
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
Moody's ratings: http://www.moodys.com (You will have to register, but it is free. Look und
Ratings to spreads: Based upon my estimates of typical spreads for each ratings class. I c
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 m
Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relativ
You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond
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 spr
Any country that has a CDS spread lower than the US will have a negative country risk prem
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to
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

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 r
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:
My paper on equity risk premiums: http://papers.ssrn.com/sol3/papers.cfm
Campbell Harvey's country risk premium page: http://www.duke.edu/~charvey/Count
Watch my lectures on country risk premiums: http://echo360.stern.nyu.edu:8080/es
http://echo360.stern.nyu.edu:8080/es
ature market premium and add an additional country risk premium, based upon the risk of the country
cs for an individual country or region.

d equity risk premium for the S&P 500. To see the latest estimate for this number, go to my website an

mplprem/ERPbymonth.xls

tion. I offer two choices, one based upon the local currency sovereign rating for the countr
ter, but it is free. Look under sovereign ratings)
s for each ratings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads b

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

country risk premium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.
quity in the market, relative to the default spread. I used the ratio of the S&P Emerging Market Equity
heet "Equity vs Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.

and the US has a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
egative country risk premium and end up with a total equity risk premium lower than the US.
spreads to this number to get a country risk premium. The default scaling is set at 1.34, but you can c

emium from step 3 to get a total equity risk premium.

averages
country risk premiums by region
om the most recent year. http://www.data.worldbank.org/data-catalog/GDP-ranking-table

hese references:
rs.ssrn.com/sol3/papers.cfm?abstract_id=2742186
duke.edu/~charvey/Country_risk/couindex.htm
360.stern.nyu.edu:8080/ess/echo/presentation/d5b0232a-ef00-4ffd-b92e-0f95e1685373/media.m4v
360.stern.nyu.edu:8080/ess/echo/presentation/e41ef416-aba8-4dda-8d8b-0fe3b0e6283d/media.m4v
upon the risk of the country in question.

number, go to my website and you can download the excel spreadsheet containing the implied premiu

eign rating for the country from Moody's and the other is the CDS spread for the country (if

overeign US$ bond spreads by ratings class, at the start of every year.

worksheet in this spreadsheet for an alternate estimate.

set cell E5 to 1.00.


&P Emerging Market Equity Index std deviation to the BAML Emerging Public Bond index standard dev
ksheet to that number.

he CDS for other markets.


lower than the US.
is set at 1.34, but you can change it to 1, if you would

g/GDP-ranking-table

f95e1685373/media.m4v
0fe3b0e6283d/media.m4v
ontaining the implied premium

spread for the country (if one exists)

lic Bond index standard deviation


To look up the equity risk premium for a country, use this worksheet
Country United States If you cannot find a country on this li
or a sovereign CDS spread. Try the P
Moody's sovereign rating Aaa Local currency
S&P sovereign rating AA+ Local currency
CDS spread 0.38%
Excess CDS spread (over US CDS) 0.00%

Country Default Spread (based on 0.00%


Country Risk Premium (Rating) 0.00%
Equity Risk Premium (Rating) 5.69%

Country Risk Premium (CDS) 0.00%


Equity Risk Premium (CDS) 5.69%

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

Country Risk Premium (simple ave 2.23%


Total Equity Risk Premium (simple 7.92%

Country Risk Premium (GDP weigh 1.12%


Total Equity Risk Premium (GDP w 6.81%

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

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

PRS Score 55.75


ERP based on PRS Score 18.19%
use this worksheet
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.

se this worksheet

for countries in the Regional Weighted Averages Worksheet

r market list
EstimatingCountryRiskPremiums

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'srating RatingbasedDefaultSpread


AbuDhabi Middle East Aa2 0.57%
Albania Eastern Europe & Russia B1 5.20%
Andorra(Principalityof) Western Europe Baa3 2.54%
Angola Africa B1 5.20%
Argentina Central and South America B3 7.51%
Armenia Eastern Europe & Russia B1 5.20%
Aruba Caribbean Baa1 1.84%
Australia Australia & New Zealand Aaa 0.00%
Austria Western Europe Aa1 0.46%
Azerbaijan Eastern Europe & Russia Ba1 2.89%
Bahamas Caribbean Baa3 2.54%
Bahrain Middle East Ba2 3.47%
Bangladesh Asia Ba3 4.16%
Barbados Caribbean Caa1 8.66%
Belarus Eastern Europe & Russia Caa1 8.66%
Belgium Western Europe Aa3 0.70%
Belize Central and South America Caa2 10.40%
Bermuda Caribbean A2 0.98%
Bolivia Central and South America Ba3 4.16%
BosniaandHerzegovina Eastern Europe & Russia B3 7.51%
Botswana Africa A2 0.98%
Brazil Central and South America Ba2 3.47%
Bulgaria Eastern Europe & Russia Baa2 2.20%
BurkinaFaso Africa B3 7.51%
Cambodia Asia B2 6.36%
Cameroon Africa B2 6.36%
Canada North America Aaa 0.00%
CaymanIslands Caribbean Aa3 0.70%
CapeVerde Africa B2 6.36%
Chile Central and South America Aa3 0.70%
China Asia Aa3 0.70%
Colombia Central and South America Baa2 2.20%
Congo(DemocraticRepublicof) Africa B3 7.51%
Congo(Republicof) Africa B3 7.51%
CookIslands Australia & New Zealand Caa1 8.66%
CostaRica Central and South America Ba1 2.89%
Cted'Ivoire Africa Ba3 4.16%
Croatia Eastern Europe & Russia Ba2 3.47%
Cuba Caribbean Caa2 10.40%
Curacao Caribbean Caa1 8.66%
Cyprus Western Europe B1 5.20%
CzechRepublic Eastern Europe & Russia A1 0.81%
Denmark Western Europe Aaa 0.00%
DominicanRepublic Caribbean B1 5.20%
Ecuador Central and South America B3 7.51%
Egypt Africa B3 7.51%
ElSalvador Central and South America B3 7.51%
Estonia Eastern Europe & Russia A1 0.81%
Ethiopia Africa B1 5.20%
Fiji Asia B1 5.20%
Finland Western Europe Aa1 0.46%
France Western Europe Aa2 0.57%
Gabon Africa B1 5.20%
Georgia Eastern Europe & Russia Ba3 4.16%
Germany Western Europe Aaa 0.00%
Ghana Africa B3 7.51%
Greece Western Europe Caa3 11.55%
Guatemala Central and South America Ba1 2.89%
Guernsey(Statesof) Western Europe Aa1 0.46%
Honduras Central and South America B2 6.36%
HongKong Asia Aa1 0.46%
Hungary Eastern Europe & Russia Baa3 2.54%
Iceland Western Europe A3 1.39%
India Asia Baa3 2.54%
Indonesia Asia Baa3 2.54%
Iraq Middle East B3 7.51%
Ireland Western Europe A3 1.39%
IsleofMan Western Europe Aa1 0.46%
Israel Middle East A1 0.81%
Italy Western Europe Baa2 2.20%
Jamaica Caribbean B3 7.51%
Japan Asia A1 0.81%
Jersey(Statesof) Western Europe Caa1 8.66%
Jordan Middle East B1 5.20%
Kazakhstan Eastern Europe & Russia Baa3 2.54%
Kenya Africa B1 5.20%
Korea Asia Aa2 0.57%
Kuwait Middle East Aa2 0.57%
Kyrgyzstan Eastern Europe & Russia B2 6.36%
Latvia Eastern Europe & Russia A3 1.39%
Lebanon Middle East B2 6.36%
Liechtenstein Western Europe Aaa 0.00%
Lithuania Eastern Europe & Russia A3 1.39%
Luxembourg Western Europe Aaa 0.00%
Macao Asia Aa3 0.70%
Macedonia Eastern Europe & Russia Ba3 4.16%
Malaysia Asia A3 1.39%
Malta Western Europe A3 1.39%
Mauritius Asia Baa1 1.84%
Mexico Central and South America A3 1.39%
Moldova Eastern Europe & Russia B3 7.51%
Mongolia Asia Caa1 8.66%
Montenegro Eastern Europe & Russia B1 5.20%
Montserrat Caribbean Baa3 2.54%
Morocco Africa Ba1 2.89%
Mozambique Africa Caa3 11.55%
Namibia Africa Baa3 2.54%
Netherlands Western Europe Aaa 0.00%
NewZealand Australia & New Zealand Aaa 0.00%
Nicaragua Central and South America B2 6.36%
Nigeria Africa B1 5.20%
Norway Western Europe Aaa 0.00%
Oman Middle East Baa1 1.84%
Pakistan Asia B3 7.51%
Panama Central and South America Baa2 2.20%
PapuaNewGuinea Asia B2 6.36%
Paraguay Central and South America Ba1 2.89%
Peru Central and South America A3 1.39%
Philippines Asia Baa2 2.20%
Poland Eastern Europe & Russia A2 0.98%
Portugal Western Europe Ba1 2.89%
Qatar Middle East Aa2 0.57%
RasAlKhaimah(Emirateof) Middle East A2 0.98%
Romania Eastern Europe & Russia Baa3 2.54%
Russia Eastern Europe & Russia Ba1 2.89%
Rwanda Africa B2 6.36%
SaudiArabia Middle East A1 0.81%
Senegal Africa B1 5.20%
Serbia Eastern Europe & Russia B1 5.20%
Sharjah Middle East A3 1.39%
Singapore Asia Aaa 0.00%
Slovakia Eastern Europe & Russia A2 0.98%
Slovenia Eastern Europe & Russia Baa3 2.54%
SouthAfrica Africa Baa2 2.20%
Spain Western Europe Baa2 2.20%
SriLanka Asia B1 5.20%
St.Maarten Caribbean Baa2 2.20%
St.Vincent&theGrenadines Caribbean B3 7.51%
Suriname Central and South America B1 5.20%
Sweden Western Europe Aaa 0.00%
Switzerland Western Europe Aaa 0.00%
Taiwan Asia Aa3 0.70%
Thailand Asia Baa1 1.84%
TrinidadandTobago Caribbean Baa3 2.54%
Tunisia Africa Ba3 4.16%
Turkey Western Europe Ba1 2.89%
TurksandCaicosIslands Caribbean Caa1 8.66%
Uganda Africa B2 6.36%
Ukraine Eastern Europe & Russia Caa3 11.55%
UnitedArabEmirates Middle East Aa2 0.57%
UnitedKingdom Western Europe Aa1 0.46%
UnitedStates North America Aaa 0.00%
Uruguay Central and South America Baa2 2.20%
Venezuela Central and South America Caa3 11.55%
Vietnam Asia B1 5.20%
Zambia Africa B3 7.51%

FrontierMarkets(nosovereignratings)
Country PRS Composite Risk Score ERP CRP
Algeria 60.3 13.72% 7.47%
Brunei 72.8 9.75% 3.50%
Gambia 61.5 13.72% 7.47%
Guinea 48.5 20.00% 13.75%
Guinea-Bissau 64.5 12.48% 6.23%
Guyana 64.5 12.48% 6.23%
Haiti 58.0 16.61% 10.36%
Iran 72.0 11.22% 4.97%
Korea, D.P.R. 56.0 17.24% 10.99%
Liberia 52.8 17.24% 10.99%
Libya 50.0 20.00% 13.75%
Madagascar 64.5 12.48% 6.23%
Malawi 54.8 17.24% 10.99%
Mali 63.5 13.90% 7.65%
Myanmar 61.8 13.72% 7.47%
Niger 53.8 17.24% 10.99%
Sierra Leone 57.3 16.61% 10.36%
Somalia 41.0 20.00% 13.75%
Sudan 48.3 20.00% 13.75%
Syria 45.8 20.00% 13.75%
Tanzania 64.0 13.90% 7.65%
Togo 61.0 13.72% 7.47%
Yemen, Republic 50.5 17.24% 10.99%
Zimbabwe 56.0 17.24% 10.99%

Rating Default spread in basis points


A1 81
A2 98
A3 139
Aa1 46
Aa2 57
Aa3 70
Aaa 0
B1 520
B2 636
B3 751
Ba1 289
Ba2 347
Ba3 416
Baa1 184
Baa2 220
Baa3 254
Ca 1386
Caa1 866
Caa2 1040
Caa3 1155
NR NA
5.69% Updated January 5, 2017
Yes
1.23 Updated January 5, 2017

TotalEquityRiskPremium CountryRiskPremium SovereignCDS,netofUS TotalEquityRiskPremium2


6.40% 0.71% 0.59% 6.42%
12.09% 6.40% NA NA
8.82% 3.13% NA NA
12.09% 6.40% NA NA
14.94% 9.25% 4.76% 11.55%
12.09% 6.40% NA NA
7.96% 2.27% NA NA
5.69% 0.00% 0.11% 5.83%
6.25% 0.56% 0.14% 5.86%
9.24% 3.55% NA NA
8.82% 3.13% NA NA
9.96% 4.27% 2.79% 9.12%
10.81% 5.12% NA NA
16.35% 10.66% NA NA
16.35% 10.66% NA NA
6.55% 0.86% 0.22% 5.96%
18.49% 12.80% NA NA
6.90% 1.21% NA NA
10.81% 5.12% NA NA
14.94% 9.25% NA NA
6.90% 1.21% NA NA
9.96% 4.27% 3.21% 9.64%
8.40% 2.71% 1.49% 7.52%
14.94% 9.25% NA NA
13.51% 7.82% NA NA
13.51% 7.82% NA NA
5.69% 0.00% NA NA
6.55% 0.86% NA NA
13.51% 7.82% NA NA
6.55% 0.86% 0.91% 6.81%
6.55% 0.86% 1.27% 7.25%
8.40% 2.71% 2.04% 8.20%
14.94% 9.25% NA NA
14.94% 9.25% NA NA
16.35% 10.66% NA NA
9.24% 3.55% 3.02% 9.41%
10.81% 5.12% NA NA
9.96% 4.27% 2.22% 8.42%
18.49% 12.80% NA NA
16.35% 10.66% NA NA
12.09% 6.40% 2.29% 8.51%
6.69% 1.00% 0.36% 6.13%
5.69% 0.00% 0.03% 5.73%
12.09% 6.40% NA NA
14.94% 9.25% NA NA
14.94% 9.25% 4.38% 11.08%
14.94% 9.25% NA NA
6.69% 1.00% 0.43% 6.22%
12.09% 6.40% NA NA
12.09% 6.40% NA NA
6.25% 0.56% 0.07% 5.78%
6.40% 0.71% 0.32% 6.08%
12.09% 6.40% NA NA
10.81% 5.12% NA NA
5.69% 0.00% 0.06% 5.76%
14.94% 9.25% NA NA
19.90% 14.21% NA NA
9.24% 3.55% NA NA
6.25% 0.56% NA NA
13.51% 7.82% NA NA
6.25% 0.56% 0.20% 5.94%
8.82% 3.13% 1.29% 7.28%
7.40% 1.71% 0.72% 6.58%
8.82% 3.13% 1.38% 7.39%
8.82% 3.13% 1.87% 7.99%
14.94% 9.25% NA NA
7.40% 1.71% 0.64% 6.48%
6.25% 0.56% NA NA
6.69% 1.00% 0.74% 6.60%
8.40% 2.71% 1.84% 7.95%
14.94% 9.25% NA NA
6.69% 1.00% 0.24% 5.99%
16.35% 10.66% NA NA
12.09% 6.40% NA NA
8.82% 3.13% 1.75% 7.84%
12.09% 6.40% NA NA
6.40% 0.71% 0.29% 6.05%
6.40% 0.71% NA NA
13.51% 7.82% NA NA
7.40% 1.71% 0.64% 6.48%
13.51% 7.82% 5.19% 12.08%
5.69% 0.00% NA NA
7.40% 1.71% 0.56% 6.38%
5.69% 0.00% NA NA
6.55% 0.86% NA NA
10.81% 5.12% NA NA
7.40% 1.71% 1.56% 7.61%
7.40% 1.71% NA NA
7.96% 2.27% NA NA
7.40% 1.71% 1.82% 7.93%
14.94% 9.25% NA NA
16.35% 10.66% NA NA
12.09% 6.40% NA NA
8.82% 3.13% NA NA
9.24% 3.55% 1.73% 7.82%
19.90% 14.21% NA NA
8.82% 3.13% NA NA
5.69% 0.00% 0.13% 5.85%
5.69% 0.00% 0.12% 5.84%
13.51% 7.82% NA NA
12.09% 6.40% 5.38% 12.31%
5.69% 0.00% 0.00% 5.69%
7.96% 2.27% NA NA
14.94% 9.25% 3.80% 10.37%
8.40% 2.71% 1.56% 7.61%
13.51% 7.82% NA NA
9.24% 3.55% NA NA
7.40% 1.71% 1.35% 7.35%
8.40% 2.71% 1.23% 7.20%
6.90% 1.21% 0.79% 6.66%
9.24% 3.55% 3.04% 9.43%
6.40% 0.71% 0.79% 6.66%
6.90% 1.21% NA NA
8.82% 3.13% 1.13% 7.08%
9.24% 3.55% 2.08% 8.25%
13.51% 7.82% NA NA
6.69% 1.00% 1.07% 7.01%
12.09% 6.40% NA NA
12.09% 6.40% NA NA
7.40% 1.71% NA NA
5.69% 0.00% NA NA
6.90% 1.21% 0.47% 6.27%
8.82% 3.13% 1.14% 7.09%
8.40% 2.71% 2.49% 8.75%
8.40% 2.71% 0.87% 6.76%
12.09% 6.40% NA NA
8.40% 2.71% NA NA
14.94% 9.25% NA NA
12.09% 6.40% NA NA
5.69% 0.00% 0.02% 5.71%
5.69% 0.00% 0.12% 5.84%
6.55% 0.86% NA NA
7.96% 2.27% 0.90% 6.80%
8.82% 3.13% NA NA
10.81% 5.12% 4.62% 11.37%
9.24% 3.55% 3.06% 9.46%
16.35% 10.66% NA NA
13.51% 7.82% NA NA
19.90% 14.21% 7.26% 14.62%
6.40% 0.71% NA NA
6.25% 0.56% 0.23% 5.97%
5.69% 0.00% 0.00% 5.69%
8.40% 2.71% NA NA
19.90% 14.21% 30.44% 43.15%
12.09% 6.40% 2.23% 8.43%
14.94% 9.25% NA NA

Default Spread
5.34%
2.50%
5.34%
9.82%
4.45%
4.45%
7.40%
3.55%
7.85%
7.85%
9.82%
4.45%
7.85%
5.46%
5.34%
7.85%
7.40%
9.82%
9.82%
9.82%
5.46%
5.34%
7.85%
7.85%
CountryRiskPremium3 Has to be sorted in ascending order
0.73% Rating
Default spread in basis points
NA A1 81
NA A2 98
NA A3 139
5.86% Aa1 46
NA Aa2 57
NA Aa3 70
0.14% Aaa 0
0.17% B1 520
NA B2 636
NA B3 751
3.43% Ba1 289
NA Ba2 347
NA Ba3 416
NA Baa1 184
0.27% Baa2 220
NA Baa3 254
NA Ca 1386
NA Caa1 866
NA Caa2 1040
NA Caa3 1155
3.95% NR NA
1.83%
NA
NA
NA
NA
NA
NA
1.12%
1.56%
2.51%
NA
NA
NA
3.72%
NA
2.73%
NA
NA
2.82%
0.44%
0.04%
NA
NA
5.39%
NA
0.53%
NA
NA
0.09%
0.39%
NA
NA
0.07%
NA
NA
NA
NA
NA
0.25%
1.59%
0.89%
1.70%
2.30%
NA
0.79%
NA
0.91%
2.26%
NA
0.30%
NA
NA
2.15%
NA
0.36%
NA
NA
0.79%
6.39%
NA
0.69%
NA
NA
NA
1.92%
NA
NA
2.24%
NA
NA
NA
NA
2.13%
NA
NA
0.16%
0.15%
NA
6.62%
0.00%
NA
4.68%
1.92%
NA
NA
1.66%
1.51%
0.97%
3.74%
0.97%
NA
1.39%
2.56%
NA
1.32%
NA
NA
NA
NA
0.58%
1.40%
3.06%
1.07%
NA
NA
NA
NA
0.02%
0.15%
NA
1.11%
NA
5.68%
3.77%
NA
NA
8.93%
NA
0.28%
0.00%
NA
37.46%
2.74%
NA
Volatility
BAML Emerging Mkt Publ 11.48% BAMLEMPBPUBSICRPIEY
S&P Emerging BMI (Equit 14.12% BAMLEMPUPUBSLCRPIUSEY
Relative Volatility 1.23

Index: BAML Public Sector US 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

2012-01-03 5.42 Average = 4.56 In spread %

2012-01-04 5.42 Std Dev = 0.52309595 In spread %


2012-01-05 5.42 CV = 11.48% ! Std Dev/ Average
2012-01-06 5.42
2012-01-09 5.42
2012-01-10 5.43
2012-01-11 5.43
2012-01-12 5.42
2012-01-13 5.41
2012-01-16 5.40
2012-01-17 5.40
2012-01-18 5.40
2012-01-19 5.37
2012-01-20 5.35
2012-01-23 5.32
2012-01-24 5.30
2012-01-25 5.24
2012-01-26 5.15
2012-01-27 5.13
2012-01-30 5.12
2012-01-31 5.13
2012-02-01 5.10
2012-02-02 5.09
2012-02-03 5.10
2012-02-06 5.06
2012-02-07 5.09
2012-02-08 5.08
2012-02-09 5.07
2012-02-10 5.04
2012-02-13 5.03
2012-02-14 5.00
2012-02-15 4.99
2012-02-16 5.02
2012-02-17 5.00
2012-02-20 5.00
2012-02-21 4.99
2012-02-22 4.91
2012-02-23 4.88
2012-02-24 4.87
2012-02-27 4.84
2012-02-28 4.79
2012-02-29 4.78
2012-03-01 4.77
2012-03-02 4.71
2012-03-05 4.71
2012-03-06 4.74
2012-03-07 4.73
2012-03-08 4.71
2012-03-09 4.69
2012-03-12 4.68
2012-03-13 4.66
2012-03-14 4.69
2012-03-15 4.70
2012-03-16 4.69
2012-03-19 4.70
2012-03-20 4.71
2012-03-21 4.70
2012-03-22 4.72
2012-03-23 4.72
2012-03-26 4.70
2012-03-27 4.69
2012-03-28 4.69
2012-03-29 4.68
2012-03-30 4.70
2012-03-31 4.75
2012-04-02 4.75
2012-04-03 4.78
2012-04-04 4.77
2012-04-05 4.78
2012-04-09 4.77
2012-04-10 4.78
2012-04-11 4.79
2012-04-12 4.77
2012-04-13 4.74
2012-04-16 4.73
2012-04-17 4.71
2012-04-18 4.70
2012-04-19 4.68
2012-04-20 4.66
2012-04-23 4.66
2012-04-24 4.66
2012-04-25 4.63
2012-04-26 4.62
2012-04-27 4.59
2012-04-30 4.62
2012-05-01 4.60
2012-05-02 4.57
2012-05-03 4.53
2012-05-04 4.54
2012-05-07 4.54
2012-05-08 4.55
2012-05-09 4.59
2012-05-10 4.58
2012-05-11 4.59
2012-05-14 4.67
2012-05-15 4.71
2012-05-16 4.77
2012-05-17 4.79
2012-05-18 4.84
2012-05-21 4.83
2012-05-22 4.79
2012-05-23 4.84
2012-05-24 4.85
2012-05-25 4.85
2012-05-28 4.85
2012-05-29 4.83
2012-05-30 4.85
2012-05-31 4.91
2012-06-01 4.94
2012-06-04 4.97
2012-06-05 4.93
2012-06-06 4.88
2012-06-07 4.81
2012-06-08 4.81
2012-06-11 4.78
2012-06-12 4.81
2012-06-13 4.77
2012-06-14 4.77
2012-06-15 4.72
2012-06-18 4.71
2012-06-19 4.69
2012-06-20 4.69
2012-06-21 4.71
2012-06-22 4.73
2012-06-25 4.72
2012-06-26 4.72
2012-06-27 4.70
2012-06-28 4.70
2012-06-29 4.66
2012-06-30 4.67
2012-07-02 4.63
2012-07-03 4.60
2012-07-04 4.59
2012-07-05 4.57
2012-07-06 4.55
2012-07-09 4.54
2012-07-10 4.52
2012-07-11 4.50
2012-07-12 4.47
2012-07-13 4.43
2012-07-16 4.39
2012-07-17 4.36
2012-07-18 4.35
2012-07-19 4.34
2012-07-20 4.32
2012-07-23 4.37
2012-07-24 4.38
2012-07-25 4.38
2012-07-26 4.35
2012-07-27 4.34
2012-07-30 4.29
2012-07-31 4.28
2012-08-01 4.28
2012-08-02 4.26
2012-08-03 4.24
2012-08-06 4.19
2012-08-07 4.18
2012-08-08 4.19
2012-08-09 4.20
2012-08-10 4.20
2012-08-13 4.20
2012-08-14 4.22
2012-08-15 4.25
2012-08-16 4.26
2012-08-17 4.25
2012-08-20 4.25
2012-08-21 4.22
2012-08-22 4.18
2012-08-23 4.14
2012-08-24 4.14
2012-08-27 4.13
2012-08-28 4.11
2012-08-29 4.12
2012-08-30 4.12
2012-08-31 4.11
2012-09-03 4.11
2012-09-04 4.10
2012-09-05 4.09
2012-09-06 4.08
2012-09-07 4.04
2012-09-10 4.02
2012-09-11 4.00
2012-09-12 3.99
2012-09-13 3.99
2012-09-14 3.98
2012-09-17 3.97
2012-09-18 3.98
2012-09-19 3.97
2012-09-20 3.99
2012-09-21 3.98
2012-09-24 3.98
2012-09-25 3.98
2012-09-26 4.00
2012-09-27 3.97
2012-09-28 3.93
2012-09-30 3.95
2012-10-01 3.93
2012-10-02 3.92
2012-10-03 3.90
2012-10-04 3.90
2012-10-05 3.90
2012-10-08 3.89
2012-10-09 3.91
2012-10-10 3.89
2012-10-11 3.86
2012-10-12 3.83
2012-10-15 3.80
2012-10-16 3.78
2012-10-17 3.78
2012-10-18 3.77
2012-10-19 3.75
2012-10-22 3.76
2012-10-23 3.78
2012-10-24 3.79
2012-10-25 3.80
2012-10-26 3.79
2012-10-29 3.79
2012-10-31 3.84
2012-11-01 3.85
2012-11-02 3.84
2012-11-05 3.82
2012-11-06 3.82
2012-11-07 3.78
2012-11-08 3.79
2012-11-09 3.82
2012-11-12 3.81
2012-11-13 3.84
2012-11-14 3.85
2012-11-15 3.87
2012-11-16 3.88
2012-11-19 3.87
2012-11-20 3.87
2012-11-21 3.87
2012-11-22 3.87
2012-11-23 3.87
2012-11-26 3.85
2012-11-27 3.81
2012-11-28 3.79
2012-11-29 3.76
2012-11-30 3.77
2012-12-03 3.75
2012-12-04 3.74
2012-12-05 3.74
2012-12-06 3.72
2012-12-07 3.74
2012-12-10 3.72
2012-12-11 3.71
2012-12-12 3.72
2012-12-13 3.72
2012-12-14 3.71
2012-12-17 3.73
2012-12-18 3.74
2012-12-19 3.71
2012-12-20 3.70
2012-12-21 3.69
2012-12-24 3.69
2012-12-26 3.69
2012-12-27 3.68
2012-12-28 3.67
2012-12-31 3.66
2013-01-02 3.64
2013-01-03 3.61
2013-01-04 3.60
2013-01-07 3.60
2013-01-08 3.60
2013-01-09 3.60
2013-01-10 3.60
2013-01-11 3.61
2013-01-14 3.61
2013-01-15 3.60
2013-01-16 3.60
2013-01-17 3.61
2013-01-18 3.61
2013-01-21 3.60
2013-01-22 3.60
2013-01-23 3.59
2013-01-24 3.59
2013-01-25 3.61
2013-01-28 3.63
2013-01-29 3.65
2013-01-30 3.69
2013-01-31 3.80
2013-02-01 3.81
2013-02-04 3.83
2013-02-05 3.85
2013-02-06 3.83
2013-02-07 3.83
2013-02-08 3.81
2013-02-11 3.80
2013-02-12 3.81
2013-02-13 3.83
2013-02-14 3.80
2013-02-15 3.80
2013-02-18 3.79
2013-02-19 3.79
2013-02-20 3.78
2013-02-21 3.80
2013-02-22 3.79
2013-02-25 3.76
2013-02-26 3.76
2013-02-27 3.76
2013-02-28 3.77
2013-03-01 3.75
2013-03-04 3.75
2013-03-05 3.73
2013-03-06 3.76
2013-03-07 3.78
2013-03-08 3.79
2013-03-11 3.79
2013-03-12 3.77
2013-03-13 3.77
2013-03-14 3.78
2013-03-15 3.78
2013-03-18 3.79
2013-03-19 3.79
2013-03-20 3.80
2013-03-21 3.80
2013-03-22 3.80
2013-03-25 3.78
2013-03-26 3.78
2013-03-27 3.80
2013-03-28 3.81
2013-03-31 3.83
2013-04-01 3.83
2013-04-02 3.82
2013-04-03 3.81
2013-04-04 3.76
2013-04-05 3.72
2013-04-08 3.69
2013-04-09 3.67
2013-04-10 3.69
2013-04-11 3.68
2013-04-12 3.67
2013-04-15 3.68
2013-04-16 3.71
2013-04-17 3.73
2013-04-18 3.72
2013-04-19 3.71
2013-04-22 3.70
2013-04-23 3.68
2013-04-24 3.67
2013-04-25 3.68
2013-04-26 3.67
2013-04-29 3.64
2013-04-30 3.64
2013-05-01 3.62
2013-05-02 3.59
2013-05-03 3.61
2013-05-06 3.61
2013-05-07 3.60
2013-05-08 3.60
2013-05-09 3.59
2013-05-10 3.63
2013-05-13 3.66
2013-05-14 3.66
2013-05-15 3.67
2013-05-16 3.64
2013-05-17 3.67
2013-05-20 3.68
2013-05-21 3.69
2013-05-22 3.71
2013-05-23 3.75
2013-05-24 3.77
2013-05-27 3.77
2013-05-28 3.83
2013-05-29 3.93
2013-05-30 3.94
2013-05-31 4.06
2013-06-03 4.11
2013-06-04 4.12
2013-06-05 4.18
2013-06-06 4.24
2013-06-07 4.26
2013-06-10 4.32
2013-06-11 4.45
2013-06-12 4.44
2013-06-13 4.39
2013-06-14 4.29
2013-06-17 4.31
2013-06-18 4.35
2013-06-19 4.41
2013-06-20 4.73
2013-06-21 4.81
2013-06-24 5.04
2013-06-25 4.98
2013-06-26 4.92
2013-06-27 4.80
2013-06-28 4.77
2013-06-30 4.80
2013-07-01 4.78
2013-07-02 4.73
2013-07-03 4.78
2013-07-04 4.77
2013-07-05 4.86
2013-07-08 4.87
2013-07-09 4.84
2013-07-10 4.85
2013-07-11 4.78
2013-07-12 4.76
2013-07-15 4.71
2013-07-16 4.65
2013-07-17 4.60
2013-07-18 4.53
2013-07-19 4.50
2013-07-22 4.46
2013-07-23 4.46
2013-07-24 4.51
2013-07-25 4.54
2013-07-26 4.53
2013-07-29 4.54
2013-07-30 4.55
2013-07-31 4.64
2013-08-01 4.67
2013-08-02 4.64
2013-08-05 4.63
2013-08-06 4.63
2013-08-07 4.63
2013-08-08 4.61
2013-08-09 4.60
2013-08-12 4.60
2013-08-13 4.63
2013-08-14 4.64
2013-08-15 4.69
2013-08-16 4.71
2013-08-19 4.79
2013-08-20 4.82
2013-08-21 4.87
2013-08-22 4.92
2013-08-23 4.88
2013-08-26 4.87
2013-08-27 4.86
2013-08-28 4.90
2013-08-29 4.91
2013-09-02 4.96
2013-09-03 5.00
2013-09-04 5.04
2013-09-05 5.09
2013-09-06 5.05
2013-09-09 5.00
2013-09-10 5.01
2013-09-11 4.97
2013-09-12 4.93
2013-09-13 4.92
2013-09-16 4.84
2013-09-17 4.83
2013-09-18 4.75
2013-09-19 4.63
2013-09-20 4.63
2013-09-23 4.63
2013-09-24 4.65
2013-09-25 4.65
2013-09-26 4.68
2013-09-27 4.68
2013-09-30 4.74
2013-10-01 4.75
2013-10-02 4.75
2013-10-03 4.74
2013-10-04 4.74
2013-10-07 4.73
2013-10-08 4.73
2013-10-09 4.73
2013-10-10 4.71
2013-10-11 4.68
2013-10-14 4.68
2013-10-15 4.67
2013-10-16 4.63
2013-10-17 4.56
2013-10-18 4.50
2013-10-21 4.50
2013-10-22 4.46
2013-10-23 4.43
2013-10-24 4.45
2013-10-25 4.44
2013-10-28 4.44
2013-10-29 4.45
2013-10-30 4.44
2013-10-31 4.41
2013-11-01 4.45
2013-11-04 4.46
2013-11-05 4.52
2013-11-06 4.52
2013-11-07 4.53
2013-11-08 4.59
2013-11-11 4.59
2013-11-12 4.69
2013-11-13 4.68
2013-11-14 4.64
2013-11-15 4.61
2013-11-18 4.56
2013-11-19 4.57
2013-11-20 4.58
2013-11-21 4.60
2013-11-22 4.58
2013-11-25 4.56
2013-11-26 4.55
2013-11-27 4.56
2013-11-28 4.56
2013-11-29 4.57
2013-11-30 4.59
2013-12-02 4.62
2013-12-03 4.63
2013-12-04 4.66
2013-12-05 4.67
2013-12-06 4.67
2013-12-09 4.65
2013-12-10 4.60
2013-12-11 4.61
2013-12-12 4.63
2013-12-13 4.61
2013-12-16 4.59
2013-12-17 4.59
2013-12-18 4.58
2013-12-19 4.59
2013-12-20 4.59
2013-12-23 4.58
2013-12-24 4.60
2013-12-26 4.60
2013-12-27 4.61
2013-12-30 4.59
2013-12-31 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
2014-02-18 4.56
2014-02-19 4.58
2014-02-20 4.59
2014-02-21 4.56
2014-02-24 4.52
2014-02-25 4.49
2014-02-26 4.49
2014-02-27 4.46
2014-02-28 4.46
2014-03-03 4.57
2014-03-04 4.55
2014-03-05 4.55
2014-03-06 4.56
2014-03-07 4.59
2014-03-10 4.64
2014-03-11 4.63
2014-03-12 4.67
2014-03-13 4.67
2014-03-14 4.71
2014-03-17 4.71
2014-03-18 4.66
2014-03-19 4.66
2014-03-20 4.69
2014-03-21 4.69
2014-03-24 4.67
2014-03-25 4.65
2014-03-26 4.58
2014-03-27 4.51
2014-03-28 4.51
2014-03-31 4.61
2014-04-01 4.57
2014-04-02 4.59
2014-04-03 4.59
2014-04-04 4.55
2014-04-07 4.54
2014-04-08 4.51
2014-04-09 4.50
2014-04-10 4.46
2014-04-11 4.47
2014-04-14 4.51
2014-04-15 4.54
2014-04-16 4.55
2014-04-17 4.55
2014-04-21 4.54
2014-04-22 4.54
2014-04-23 4.54
2014-04-24 4.55
2014-04-25 4.61
2014-04-28 4.62
2014-04-29 4.60
2014-04-30 4.58
2014-05-01 4.54
2014-05-02 4.53
2014-05-05 4.54
2014-05-06 4.52
2014-05-07 4.46
2014-05-08 4.40
2014-05-09 4.40
2014-05-12 4.40
2014-05-13 4.36
2014-05-14 4.33
2014-05-15 4.31
2014-05-16 4.31
2014-05-19 4.30
2014-05-20 4.27
2014-05-21 4.26
2014-05-22 4.26
2014-05-23 4.23
2014-05-26 4.22
2014-05-27 4.20
2014-05-28 4.14
2014-05-29 4.10
2014-05-30 4.10
2014-05-31 4.16
2014-06-02 4.18
2014-06-03 4.21
2014-06-04 4.22
2014-06-05 4.20
2014-06-06 4.13
2014-06-09 4.10
2014-06-10 4.12
2014-06-11 4.15
2014-06-12 4.14
2014-06-13 4.15
2014-06-16 4.19
2014-06-17 4.21
2014-06-18 4.19
2014-06-19 4.15
2014-06-20 4.14
2014-06-23 4.14
2014-06-24 4.10
2014-06-25 4.09
2014-06-26 4.08
2014-06-27 4.09
2014-06-30 4.12
2014-07-01 4.14
2014-07-02 4.16
2014-07-03 4.16
2014-07-04 4.16
2014-07-07 4.15
2014-07-08 4.11
2014-07-09 4.09
2014-07-10 4.10
2014-07-11 4.09
2014-07-14 4.10
2014-07-15 4.10
2014-07-16 4.12
2014-07-17 4.16
2014-07-18 4.18
2014-07-21 4.21
2014-07-22 4.20
2014-07-23 4.16
2014-07-24 4.17
2014-07-25 4.21
2014-07-28 4.26
2014-07-29 4.28
2014-07-30 4.31
2014-07-31 4.35
2014-08-01 4.37
2014-08-04 4.38
2014-08-05 4.41
2014-08-06 4.45
2014-08-07 4.44
2014-08-08 4.46
2014-08-11 4.42
2014-08-12 4.40
2014-08-13 4.35
2014-08-14 4.31
2014-08-15 4.28
2014-08-18 4.26
2014-08-19 4.25
2014-08-20 4.27
2014-08-21 4.26
2014-08-22 4.27
2014-08-25 4.27
2014-08-26 4.24
2014-08-27 4.21
2014-08-28 4.25
2014-08-29 4.28
2014-08-31 4.28
2014-09-01 4.29
2014-09-02 4.36
2014-09-03 4.32
2014-09-04 4.32
2014-09-05 4.32
2014-09-08 4.36
2014-09-09 4.38
2014-09-10 4.42
2014-09-11 4.41
2014-09-12 4.45
2014-09-15 4.47
2014-09-16 4.48
2014-09-17 4.50
2014-09-18 4.52
2014-09-19 4.49
2014-09-22 4.47
2014-09-23 4.45
2014-09-24 4.44
2014-09-25 4.44
2014-09-26 4.47
2014-09-29 4.53
2014-09-30 4.53
2014-10-01 4.51
2014-10-02 4.52
2014-10-03 4.53
2014-10-06 4.51
2014-10-07 4.47
2014-10-08 4.46
2014-10-09 4.45
2014-10-10 4.47
2014-10-13 4.47
2014-10-14 4.45
2014-10-15 4.48
2014-10-16 4.51
2014-10-17 4.47
2014-10-20 4.46
2014-10-21 4.46
2014-10-22 4.45
2014-10-23 4.48
2014-10-24 4.48
2014-10-27 4.46
2014-10-28 4.43
2014-10-29 4.43
2014-10-30 4.40
2014-10-31 4.42
2014-11-03 4.40
2014-11-04 4.46
2014-11-05 4.47
2014-11-06 4.50
2014-11-07 4.51
2014-11-10 4.52
2014-11-11 4.52
2014-11-12 4.53
2014-11-13 4.55
2014-11-14 4.60
2014-11-17 4.66
2014-11-18 4.65
2014-11-19 4.65
2014-11-20 4.63
2014-11-21 4.59
2014-11-24 4.57
2014-11-25 4.56
2014-11-26 4.56
2014-11-27 4.56
2014-11-28 4.57
2014-11-30 4.62
2014-12-01 4.72
2014-12-02 4.78
2014-12-03 4.83
2014-12-04 4.84
2014-12-05 4.91
2014-12-08 4.99
2014-12-09 5.09
2014-12-10 5.15
2014-12-11 5.22
2014-12-12 5.33
2014-12-15 5.56
2014-12-16 5.78
2014-12-17 5.67
2014-12-18 5.48
2014-12-19 5.40
2014-12-22 5.32
2014-12-23 5.35
2014-12-24 5.35
2014-12-26 5.36
2014-12-29 5.36
2014-12-30 5.37
2014-12-31 5.38
2015-01-02 5.38
2015-01-05 5.46
2015-01-06 5.57
2015-01-07 5.53
2015-01-08 5.45
2015-01-09 5.45
2015-01-12 5.46
2015-01-13 5.46
2015-01-14 5.43
2015-01-15 5.36
2015-01-19 5.38
2015-01-20 5.38
2015-01-21 5.39
2015-01-22 5.38
2015-01-23 5.27
2015-01-26 5.28
2015-01-27 5.32
2015-01-28 5.28
2015-01-29 5.33
2015-01-30 5.38
2015-01-31 5.38
2015-02-02 5.37
2015-02-03 5.35
2015-02-04 5.32
2015-02-05 5.28
2015-02-06 5.29
2015-02-09 5.29
2015-02-10 5.34
2015-02-11 5.35
2015-02-12 5.28
2015-02-13 5.21
2015-02-16 5.20
2015-02-17 5.21
2015-02-18 5.14
2015-02-19 5.19
2015-02-20 5.21
2015-02-23 5.22
2015-02-24 5.16
2015-02-25 5.17
2015-02-26 5.16
2015-02-27 5.14
2015-02-28 5.15
2015-03-02 5.16
2015-03-03 5.13
2015-03-04 5.14
2015-03-05 5.11
2015-03-06 5.13
2015-03-09 5.18
2015-03-10 5.22
2015-03-11 5.22
2015-03-12 5.19
2015-03-13 5.25
2015-03-16 5.31
2015-03-17 5.34
2015-03-18 5.29
2015-03-19 5.25
2015-03-20 5.16
2015-03-23 5.11
2015-03-24 5.05
2015-03-25 5.03
2015-03-26 5.07
2015-03-27 5.05
2015-03-30 5.05
2015-03-31 4.97
2015-04-01 4.90
2015-04-02 4.85
2015-04-06 4.83
2015-04-07 4.78
2015-04-08 4.73
2015-04-09 4.69
2015-04-10 4.68
2015-04-13 4.65
2015-04-14 4.63
2015-04-15 4.61
2015-04-16 4.59
2015-04-17 4.61
2015-04-20 4.65
2015-04-21 4.66
2015-04-22 4.65
2015-04-23 4.59
2015-04-24 4.55
2015-04-27 4.53
2015-04-28 4.57
2015-04-29 4.58
2015-04-30 4.61
2015-05-01 4.64
2015-05-04 4.64
2015-05-05 4.66
2015-05-06 4.65
2015-05-07 4.68
2015-05-08 4.64
2015-05-11 4.65
2015-05-12 4.68
2015-05-13 4.63
2015-05-14 4.60
2015-05-15 4.56
2015-05-18 4.54
2015-05-19 4.57
2015-05-20 4.58
2015-05-21 4.55
2015-05-22 4.55
2015-05-26 4.54
2015-05-27 4.61
2015-05-28 4.62
2015-05-29 4.62
2015-05-31 4.65
2015-06-01 4.74
2015-06-02 4.77
2015-06-03 4.73
2015-06-04 4.76
2015-06-05 4.82
2015-06-08 4.85
2015-06-09 4.86
2015-06-10 4.90
2015-06-11 4.88
2015-06-12 4.87
2015-06-15 4.87
2015-06-16 4.90
2015-06-17 4.88
2015-06-18 4.86
2015-06-19 4.83
2015-06-22 4.83
2015-06-23 4.83
2015-06-24 4.81
2015-06-25 4.82
2015-06-26 4.86
2015-06-29 4.88
2015-06-30 4.89
2015-07-01 4.89
2015-07-02 4.87
2015-07-03 4.87
2015-07-06 4.84
2015-07-07 4.87
2015-07-08 4.88
2015-07-09 4.91
2015-07-10 4.92
2015-07-13 4.92
2015-07-14 4.91
2015-07-15 4.89
2015-07-16 4.87
2015-07-17 4.86
2015-07-20 4.87
2015-07-21 4.87
2015-07-22 4.87
2015-07-23 4.88
2015-07-24 4.92
2015-07-27 4.96
2015-07-28 4.97
2015-07-29 4.95
2015-07-30 4.93
2015-07-31 4.88
2015-08-03 4.88
2015-08-04 4.90
2015-08-05 4.93
2015-08-06 4.98
2015-08-07 4.98
2015-08-10 5.00
2015-08-11 4.97
2015-08-12 4.97
2015-08-13 5.00
2015-08-14 5.01
2015-08-17 5.00
2015-08-18 5.03
2015-08-19 5.05
2015-08-20 5.10
2015-08-21 5.13
2015-08-24 5.25
2015-08-25 5.26
2015-08-26 5.29
2015-08-27 5.20
2015-08-28 5.17
2015-08-31 5.20
2015-09-01 5.21
2015-09-02 5.24
2015-09-03 5.22
2015-09-04 5.20
2015-09-07 5.20
2015-09-08 5.24
2015-09-09 5.23
2015-09-10 5.26
2015-09-11 5.28
2015-09-14 5.30
2015-09-15 5.31
2015-09-16 5.31
2015-09-17 5.29
2015-09-18 5.23
2015-09-21 5.28
2015-09-22 5.37
2015-09-23 5.40
2015-09-24 5.50
2015-09-25 5.51
2015-09-28 5.57
2015-09-29 5.63
2015-09-30 5.58
2015-10-01 5.51
2015-10-02 5.48
2015-10-05 5.39
2015-10-06 5.32
2015-10-07 5.28
2015-10-08 5.30
2015-10-09 5.25
2015-10-12 5.24
2015-10-13 5.23
2015-10-14 5.23
2015-10-15 5.20
2015-10-16 5.15
2015-10-19 5.15
2015-10-20 5.16
2015-10-21 5.20
2015-10-22 5.17
2015-10-23 5.14
2015-10-26 5.10
2015-10-27 5.10
2015-10-28 5.13
2015-10-29 5.15
2015-10-30 5.14
2015-10-31 5.15
2015-11-02 5.12
2015-11-03 5.08
2015-11-04 5.05
2015-11-05 5.08
2015-11-06 5.12
2015-11-09 5.18
2015-11-10 5.19
2015-11-11 5.19
2015-11-12 5.21
2015-11-13 5.24
2015-11-16 5.22
2015-11-17 5.19
2015-11-18 5.17
2015-11-19 5.11
2015-11-20 5.07
2015-11-23 5.08
2015-11-24 5.09
2015-11-25 5.12
2015-11-26 5.12
2015-11-27 5.12
2015-11-30 5.09
2015-12-01 5.11
2015-12-02 5.11
2015-12-03 5.16
2015-12-04 5.20
2015-12-07 5.21
2015-12-08 5.26
2015-12-09 5.25
2015-12-10 5.30
2015-12-11 5.37
2015-12-14 5.45
2015-12-15 5.43
2015-12-16 5.47
2015-12-17 5.43
2015-12-18 5.45
2015-12-21 5.48
2015-12-22 5.47
2015-12-23 5.48
2015-12-24 5.48
2015-12-28 5.48
2015-12-29 5.47
2015-12-30 5.48
2015-12-31 5.50
2016-01-04 5.47
2016-01-05 5.46
2016-01-06 5.45
2016-01-07 5.48
2016-01-08 5.49
2016-01-11 5.51
2016-01-12 5.55
2016-01-13 5.59
2016-01-14 5.65
2016-01-15 5.71
2016-01-18 5.72
2016-01-19 5.72
2016-01-20 5.77
2016-01-21 5.79
2016-01-22 5.70
2016-01-25 5.69
2016-01-26 5.66
2016-01-27 5.63
2016-01-28 5.56
2016-01-29 5.51
2016-01-31 5.55
2016-02-01 5.55
2016-02-02 5.59
2016-02-03 5.57
2016-02-04 5.51
2016-02-05 5.49
2016-02-08 5.49
2016-02-09 5.51
2016-02-10 5.53
2016-02-11 5.58
2016-02-12 5.61
2016-02-15 5.60
2016-02-16 5.57
2016-02-17 5.50
2016-02-18 5.48
2016-02-19 5.46
2016-02-22 5.44
2016-02-23 5.43
2016-02-24 5.44
2016-02-25 5.40
2016-02-26 5.39
2016-02-29 5.38
2016-03-01 5.36
2016-03-02 5.31
2016-03-03 5.28
2016-03-04 5.21
2016-03-07 5.25
2016-03-08 5.24
2016-03-09 5.24
2016-03-10 5.22
2016-03-11 5.19
2016-03-14 5.18
2016-03-15 5.22
2016-03-16 5.21
2016-03-17 5.09
2016-03-18 5.02
2016-03-21 5.02
2016-03-22 5.02
2016-03-23 5.04
2016-03-24 5.08
2016-03-28 5.08
2016-03-29 5.06
2016-03-30 4.98
2016-03-31 4.96
2016-04-01 4.98
2016-04-04 4.97
2016-04-05 5.00
2016-04-06 4.99
2016-04-07 4.99
2016-04-08 4.97
2016-04-11 4.92
2016-04-12 4.90
2016-04-13 4.84
2016-04-14 4.80
2016-04-15 4.80
2016-04-18 4.82
2016-04-19 4.77
2016-04-20 4.76
2016-04-21 4.77
2016-04-22 4.79
2016-04-25 4.82
2016-04-26 4.83
2016-04-27 4.80
2016-04-28 4.73
2016-04-29 4.71
2016-04-30 4.54
2016-05-02 4.52
2016-05-03 4.54
2016-05-04 4.55
2016-05-05 4.53
2016-05-06 4.52
2016-05-09 4.53
2016-05-10 4.51
2016-05-11 4.48
2016-05-12 4.46
2016-05-13 4.43
2016-05-16 4.42
2016-05-17 4.40
2016-05-18 4.44
2016-05-19 4.51
2016-05-20 4.49
2016-05-23 4.49
2016-05-24 4.48
2016-05-25 4.47
2016-05-26 4.47
2016-05-27 4.46
2016-05-30 4.46
2016-05-31 4.54
2016-06-01 4.54
2016-06-02 4.50
2016-06-03 4.42
2016-06-06 4.37
2016-06-07 4.33
2016-06-08 4.29
2016-06-09 4.30
2016-06-10 4.32
2016-06-13 4.34
2016-06-14 4.39
2016-06-15 4.38
2016-06-16 4.36
2016-06-17 4.35
2016-06-20 4.33
2016-06-21 4.33
2016-06-22 4.31
2016-06-23 4.28
2016-06-24 4.29
2016-06-27 4.30
2016-06-28 4.27
2016-06-29 4.19
2016-06-30 4.18
2016-07-01 4.09
2016-07-04 4.09
2016-07-05 4.06
2016-07-06 4.06
2016-07-07 4.05
2016-07-08 4.03
2016-07-11 3.99
2016-07-12 4.01
2016-07-13 3.99
2016-07-14 4.00
2016-07-15 4.01
2016-07-18 4.02
2016-07-19 3.99
2016-07-20 4.00
2016-07-21 4.01
2016-07-22 3.99
2016-07-25 3.99
2016-07-26 4.01
2016-07-27 4.00
2016-07-28 3.99
2016-07-29 3.97
2016-07-31 4.01
2016-08-01 4.00
2016-08-02 4.03
2016-08-03 4.06
2016-08-04 4.01
2016-08-05 3.98
2016-08-08 3.96
2016-08-09 3.94
2016-08-10 3.89
2016-08-11 3.89
2016-08-12 3.88
2016-08-15 3.85
2016-08-16 3.83
2016-08-17 3.85
2016-08-18 3.81
2016-08-19 3.82
2016-08-22 3.84
2016-08-23 3.83
2016-08-24 3.84
2016-08-25 3.86
2016-08-26 3.86
2016-08-29 3.87
2016-08-30 3.85
2016-08-31 3.89
2016-09-01 3.91
2016-09-02 3.90
2016-09-05 3.90
2016-09-06 3.86
2016-09-07 3.80
2016-09-08 3.80
2016-09-09 3.87
2016-09-12 3.94
2016-09-13 3.93
2016-09-14 3.96
2016-09-15 3.96
2016-09-16 3.96
2016-09-19 3.96
2016-09-20 3.94
2016-09-21 3.91
2016-09-22 3.83
2016-09-23 3.84
2016-09-26 3.86
2016-09-27 3.84
2016-09-28 3.83
2016-09-29 3.81
2016-09-30 3.82
2016-10-03 3.83
2016-10-04 3.84
2016-10-05 3.86
2016-10-06 3.87
2016-10-07 3.88
2016-10-10 3.88
2016-10-11 3.89
2016-10-12 3.90
2016-10-13 3.89
2016-10-14 3.89
2016-10-17 3.91
2016-10-18 3.91
2016-10-19 3.89
2016-10-20 3.88
2016-10-21 3.88
2016-10-24 3.85
2016-10-25 3.85
2016-10-26 3.92
2016-10-27 3.93
2016-10-28 3.94
2016-10-31 3.95
2016-11-01 4.00
2016-11-02 4.01
2016-11-03 4.00
2016-11-04 4.01
2016-11-07 3.99
2016-11-08 3.97
2016-11-09 4.06
2016-11-10 4.19
2016-11-11 4.20
2016-11-14 4.47
2016-11-15 4.39
2016-11-16 4.39
2016-11-17 4.37
2016-11-18 4.45
2016-11-21 4.45
2016-11-22 4.43
2016-11-23 4.45
2016-11-24 4.45
2016-11-25 4.48
2016-11-28 4.47
2016-11-29 4.46
2016-11-30 4.39
2016-12-01 4.44
2016-12-02 4.45
2016-12-05 4.42
2016-12-06 4.37
2016-12-07 4.34
2016-12-08 4.34
2016-12-09 4.35
2016-12-12 4.39
2016-12-13 4.35
2016-12-14 4.34
2016-12-15 4.45
2016-12-16 4.43
2016-12-19 4.43
2016-12-20 4.40
2016-12-21 4.37
2016-12-22 4.36
2016-12-23 4.37
2016-12-27 4.37
2016-12-28 4.36
2016-12-29 4.34
Index: S&P Emerging BMI Index
Source: S&P
ownloaddata 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
12/30/2011 328.71 Deviation = 0.88%
Annualized
Std
1/2/2012 328.69 -0.01% Deviation= 14.12%
1/3/2012 336.25 2.30%
1/4/2012 335.77 -0.14%
1/5/2012 334.34 -0.43%
1/6/2012 333.27 -0.32%
1/9/2012 335.14 0.56%
1/10/2012 341.84 2.00%
1/11/2012 342.3 0.13%
1/12/2012 343.81 0.44%
1/13/2012 342.7 -0.32%
1/16/2012 343.24 0.16%
1/17/2012 349.99 1.97%
1/18/2012 353.15 0.90%
1/19/2012 356.27 0.88%
1/20/2012 356.46 0.05%
1/23/2012 358.38 0.54%
1/24/2012 357.58 -0.22%
1/25/2012 358.19 0.17%
1/26/2012 364.06 1.64%
1/27/2012 365.02 0.26%
1/30/2012 362.14 -0.79%
1/31/2012 366.95 1.33%
2/1/2012 371.62 1.27%
2/2/2012 376.43 1.29%
2/3/2012 379.21 0.74%
2/6/2012 378.8 -0.11%
2/7/2012 378.77 -0.01%
2/8/2012 383.24 1.18%
2/9/2012 383.72 0.13%
2/10/2012 377.61 -1.59%
2/13/2012 381.62 1.06%
2/14/2012 379.28 -0.61%
2/15/2012 383.22 1.04%
2/16/2012 380.97 -0.59%
2/17/2012 384.76 0.99%
2/20/2012 386.66 0.49%
2/21/2012 385.57 -0.28%
2/22/2012 385.74 0.04%
2/23/2012 384.78 -0.25%
2/24/2012 387.36 0.67%
2/27/2012 383.91 -0.89%
2/28/2012 388.23 1.13%
2/29/2012 391.44 0.83%
3/1/2012 390.65 -0.20%
3/2/2012 391.94 0.33%
3/5/2012 386.76 -1.32%
3/6/2012 377.4 -2.42%
3/7/2012 376.95 -0.12%
3/8/2012 382.23 1.40%
3/9/2012 384.67 0.64%
3/12/2012 381.56 -0.81%
3/13/2012 387.1 1.45%
3/14/2012 386.61 -0.13%
3/15/2012 386.2 -0.11%
3/16/2012 385.72 -0.12%
3/19/2012 384.24 -0.38%
3/20/2012 380.16 -1.06%
3/21/2012 380.16 0.00%
3/22/2012 377.11 -0.80%
3/23/2012 377.99 0.23%
3/26/2012 379.71 0.46%
3/27/2012 382.63 0.77%
3/28/2012 378.36 -1.12%
3/29/2012 374 -1.15%
3/30/2012 377.68 0.98%
4/2/2012 379.27 0.42%
4/3/2012 380.8 0.40%
4/4/2012 374.89 -1.55%
4/5/2012 374.42 -0.13%
4/6/2012 374.53 0.03%
4/9/2012 371.51 -0.81%
4/10/2012 367.75 -1.01%
4/11/2012 367.9 0.04%
4/12/2012 372.07 1.13%
4/13/2012 371.96 -0.03%
4/16/2012 370.01 -0.52%
4/17/2012 370.52 0.14%
4/18/2012 371.02 0.13%
4/19/2012 371.06 0.01%
4/20/2012 371.37 0.08%
4/23/2012 365.78 -1.51%
4/24/2012 367.2 0.39%
4/25/2012 367.67 0.13%
4/26/2012 368.69 0.28%
4/27/2012 369.75 0.29%
4/30/2012 371.9 0.58%
5/1/2012 371.77 -0.03%
5/2/2012 373.19 0.38%
5/3/2012 371.23 -0.53%
5/4/2012 367.3 -1.06%
5/7/2012 364.38 -0.79%
5/8/2012 360.3 -1.12%
5/9/2012 354.87 -1.51%
5/10/2012 356.18 0.37%
5/11/2012 353.24 -0.83%
5/14/2012 345.79 -2.11%
5/15/2012 344.28 -0.44%
5/16/2012 337.94 -1.84%
5/17/2012 336.18 -0.52%
5/18/2012 332.42 -1.12%
5/21/2012 334.62 0.66%
5/22/2012 336.09 0.44%
5/23/2012 328 -2.41%
5/24/2012 330.19 0.67%
5/25/2012 330.26 0.02%
5/28/2012 333.33 0.93%
5/29/2012 337.32 1.20%
5/30/2012 331.66 -1.68%
5/31/2012 331.46 -0.06%
6/1/2012 326.18 -1.59%
6/4/2012 323.1 -0.94%
6/5/2012 324.54 0.45%
6/6/2012 331.69 2.20%
6/7/2012 334.05 0.71%
6/8/2012 331.46 -0.78%
6/11/2012 333.85 0.72%
6/12/2012 333.59 -0.08%
6/13/2012 335.99 0.72%
6/14/2012 333.61 -0.71%
6/15/2012 338.74 1.54%
6/18/2012 340.94 0.65%
6/19/2012 344.9 1.16%
6/20/2012 346.23 0.39%
6/21/2012 340.65 -1.61%
6/22/2012 336.48 -1.22%
6/25/2012 332.18 -1.28%
6/26/2012 333.24 0.32%
6/27/2012 335.75 0.75%
6/28/2012 332.96 -0.83%
6/29/2012 344 3.32%
7/2/2012 346.13 0.62%
7/3/2012 351.61 1.58%
7/4/2012 351.59 -0.01%
7/5/2012 351.25 -0.10%
7/6/2012 348.12 -0.89%
7/9/2012 345.05 -0.88%
7/10/2012 344.71 -0.10%
7/11/2012 344.09 -0.18%
7/12/2012 338.74 -1.55%
7/13/2012 342.48 1.10%
7/16/2012 342.31 -0.05%
7/17/2012 344.38 0.60%
7/18/2012 344.3 -0.02%
7/19/2012 347.41 0.90%
7/20/2012 345.72 -0.49%
7/23/2012 336.94 -2.54%
7/24/2012 335.73 -0.36%
7/25/2012 335.1 -0.19%
7/26/2012 339.08 1.19%
7/27/2012 347.09 2.36%
7/30/2012 348.98 0.54%
7/31/2012 348.73 -0.07%
8/1/2012 349.63 0.26%
8/2/2012 346.66 -0.85%
8/3/2012 350.92 1.23%
8/6/2012 355.34 1.26%
8/7/2012 355.74 0.11%
8/8/2012 356.29 0.15%
8/9/2012 358.56 0.64%
8/10/2012 358.65 0.03%
8/13/2012 356.79 -0.52%
8/14/2012 357.67 0.25%
8/15/2012 356.5 -0.33%
8/16/2012 357.83 0.37%
8/17/2012 356.77 -0.30%
8/20/2012 356.22 -0.15%
8/21/2012 358.54 0.65%
8/22/2012 356.93 -0.45%
8/23/2012 358.06 0.32%
8/24/2012 355.75 -0.65%
8/27/2012 354.49 -0.35%
8/28/2012 352.95 -0.43%
8/29/2012 350.53 -0.69%
8/30/2012 347.89 -0.75%
8/31/2012 349.22 0.38%
9/3/2012 351.37 0.62%
9/4/2012 349.73 -0.47%
9/5/2012 347.98 -0.50%
9/6/2012 352.3 1.24%
9/7/2012 357.76 1.55%
9/10/2012 358.56 0.22%
9/11/2012 359.9 0.37%
9/12/2012 361.01 0.31%
9/13/2012 362.68 0.46%
9/14/2012 373.39 2.95%
9/17/2012 373.04 -0.09%
9/18/2012 370.89 -0.58%
9/19/2012 371.94 0.28%
9/20/2012 368.44 -0.94%
9/21/2012 371.4 0.80%
9/24/2012 370.46 -0.25%
9/25/2012 369.87 -0.16%
9/26/2012 365.5 -1.18%
9/27/2012 368.33 0.77%
9/28/2012 369.73 0.38%
10/1/2012 370.83 0.30%
10/2/2012 371.43 0.16%
10/3/2012 370.1 -0.36%
10/4/2012 371.59 0.40%
10/5/2012 372.99 0.38%
10/8/2012 368.93 -1.09%
10/9/2012 368.04 -0.24%
10/10/2012 367.45 -0.16%
10/11/2012 369.62 0.59%
10/12/2012 370 0.10%
10/15/2012 369.77 -0.06%
10/16/2012 372.3 0.68%
10/17/2012 375.13 0.76%
10/18/2012 375.78 0.17%
10/19/2012 373.25 -0.67%
10/22/2012 374.01 0.20%
10/23/2012 370.28 -1.00%
10/24/2012 370.25 -0.01%
10/25/2012 370.86 0.16%
10/26/2012 367.89 -0.80%
10/29/2012 367.04 -0.23%
10/30/2012 367.9 0.23%
10/31/2012 368.33 0.12%
11/1/2012 370.98 0.72%
11/2/2012 372.04 0.29%
11/5/2012 370.88 -0.31%
11/6/2012 372.63 0.47%
11/7/2012 372.37 -0.07%
11/8/2012 368.5 -1.04%
11/9/2012 367.21 -0.35%
11/12/2012 366.74 -0.13%
11/13/2012 363.94 -0.76%
11/14/2012 362.7 -0.34%
11/15/2012 361.16 -0.42%
11/16/2012 359.68 -0.41%
11/19/2012 362.35 0.74%
11/20/2012 362.16 -0.05%
11/21/2012 362.59 0.12%
11/22/2012 364.12 0.42%
11/23/2012 367.76 1.00%
11/26/2012 367.93 0.05%
11/27/2012 367.73 -0.05%
11/28/2012 366.16 -0.43%
11/29/2012 370.42 1.16%
11/30/2012 372.07 0.45%
12/3/2012 372.41 0.09%
12/4/2012 372.25 -0.04%
12/5/2012 375.48 0.87%
12/6/2012 377.23 0.47%
12/7/2012 377.82 0.16%
12/10/2012 379.56 0.46%
12/11/2012 381.23 0.44%
12/12/2012 383.81 0.68%
12/13/2012 383.31 -0.13%
12/14/2012 384.06 0.20%
12/17/2012 383.39 -0.17%
12/18/2012 385.78 0.62%
12/19/2012 388.76 0.77%
12/20/2012 388.47 -0.07%
12/21/2012 385.28 -0.82%
12/24/2012 385.49 0.05%
12/25/2012 386.23 0.19%
12/26/2012 387.37 0.30%
12/27/2012 388.31 0.24%
12/28/2012 390.47 0.56%
12/31/2012 390.56 0.02%
1/1/2013 390.84 0.07%
1/2/2013 398.31 1.91%
1/3/2013 400.88 0.65%
1/4/2013 399.73 -0.29%
1/7/2013 399.59 -0.04%
1/8/2013 397.66 -0.48%
1/9/2013 399.52 0.47%
1/10/2013 400.63 0.28%
1/11/2013 399.2 -0.36%
1/14/2013 402.35 0.79%
1/15/2013 400.41 -0.48%
1/16/2013 399.56 -0.21%
1/17/2013 400.24 0.17%
1/18/2013 403.2 0.74%
1/21/2013 402.87 -0.08%
1/22/2013 402.79 -0.02%
1/23/2013 402.53 -0.06%
1/24/2013 401.53 -0.25%
1/25/2013 401.18 -0.09%
1/28/2013 399.8 -0.34%
1/29/2013 401.64 0.46%
1/30/2013 401.15 -0.12%
1/31/2013 401.7 0.14%
2/1/2013 404.08 0.59%
2/4/2013 403.3 -0.19%
2/5/2013 401.68 -0.40%
2/6/2013 400.64 -0.26%
2/7/2013 399 -0.41%
2/8/2013 399.05 0.01%
2/11/2013 398.17 -0.22%
2/12/2013 398.11 -0.02%
2/13/2013 399.27 0.29%
2/14/2013 399.42 0.04%
2/15/2013 399.4 -0.01%
2/18/2013 398.9 -0.13%
2/19/2013 398.53 -0.09%
2/20/2013 398.58 0.01%
2/21/2013 392.78 -1.46%
2/22/2013 392.96 0.05%
2/25/2013 393.82 0.22%
2/26/2013 389.39 -1.12%
2/27/2013 390.98 0.41%
2/28/2013 393.38 0.61%
3/1/2013 392.95 -0.11%
3/4/2013 389.13 -0.97%
3/5/2013 392.6 0.89%
3/6/2013 396.39 0.97%
3/7/2013 396.75 0.09%
3/8/2013 400.19 0.87%
3/11/2013 399.74 -0.11%
3/12/2013 397.54 -0.55%
3/13/2013 393.77 -0.95%
3/14/2013 394.05 0.07%
3/15/2013 392.44 -0.41%
3/18/2013 388.11 -1.10%
3/19/2013 385.52 -0.67%
3/20/2013 387.07 0.40%
3/21/2013 385.89 -0.30%
3/22/2013 383.56 -0.60%
3/25/2013 384.93 0.36%
3/26/2013 386.86 0.50%
3/27/2013 388.39 0.40%
3/28/2013 388.78 0.10%
3/29/2013 389.36 0.15%
4/1/2013 388.45 -0.23%
4/2/2013 388.12 -0.08%
4/3/2013 386.26 -0.48%
4/4/2013 384.1 -0.56%
4/5/2013 381.96 -0.56%
4/8/2013 382.05 0.02%
4/9/2013 385.44 0.89%
4/10/2013 388.66 0.84%
4/11/2013 389.84 0.30%
4/12/2013 387.21 -0.67%
4/15/2013 380.36 -1.77%
4/16/2013 382.34 0.52%
4/17/2013 379.84 -0.65%
4/18/2013 379.74 -0.03%
4/19/2013 384.68 1.30%
4/22/2013 384.73 0.01%
4/23/2013 384.54 -0.05%
4/24/2013 387.16 0.68%
4/25/2013 390.55 0.88%
4/26/2013 388.81 -0.45%
4/29/2013 391.02 0.57%
4/30/2013 394.82 0.97%
5/1/2013 394.23 -0.15%
5/2/2013 394.49 0.07%
5/3/2013 396.06 0.40%
5/6/2013 397.77 0.43%
5/7/2013 400.83 0.77%
5/8/2013 404.09 0.81%
5/9/2013 403.68 -0.10%
5/10/2013 401.61 -0.51%
5/13/2013 398.32 -0.82%
5/14/2013 399.17 0.21%
5/15/2013 399.75 0.15%
5/16/2013 399.55 -0.05%
5/17/2013 399.53 -0.01%
5/20/2013 400.67 0.29%
5/21/2013 400.45 -0.05%
5/22/2013 400.32 -0.03%
5/23/2013 392.71 -1.90%
5/24/2013 393.01 0.08%
5/27/2013 393.5 0.12%
5/28/2013 394.84 0.34%
5/29/2013 390.43 -1.12%
5/30/2013 388.19 -0.57%
5/31/2013 385.4 -0.72%
6/3/2013 381.17 -1.10%
6/4/2013 383.39 0.58%
6/5/2013 378.8 -1.20%
6/6/2013 376.12 -0.71%
6/7/2013 376.27 0.04%
6/10/2013 373.34 -0.78%
6/11/2013 365.87 -2.00%
6/12/2013 366.31 0.12%
6/13/2013 362.98 -0.91%
6/14/2013 366.48 0.96%
6/17/2013 368.43 0.53%
6/18/2013 366.57 -0.50%
6/19/2013 364.34 -0.61%
6/20/2013 349.83 -3.98%
6/21/2013 347.32 -0.72%
6/24/2013 340.58 -1.94%
6/25/2013 342.1 0.45%
6/26/2013 348.74 1.94%
6/27/2013 354.03 1.52%
6/28/2013 360.94 1.95%
7/1/2013 361.86 0.25%
7/2/2013 358.04 -1.06%
7/3/2013 351.13 -1.93%
7/4/2013 354.53 0.97%
7/5/2013 353.28 -0.35%
7/8/2013 349.64 -1.03%
7/9/2013 351.4 0.50%
7/10/2013 352.24 0.24%
7/11/2013 361.02 2.49%
7/12/2013 362.55 0.42%
7/15/2013 365.73 0.88%
7/16/2013 366.62 0.24%
7/17/2013 368.7 0.57%
7/18/2013 369.1 0.11%
7/19/2013 366.39 -0.73%
7/22/2013 367.81 0.39%
7/23/2013 373.02 1.42%
7/24/2013 371.67 -0.36%
7/25/2013 370.53 -0.31%
7/26/2013 369.85 -0.18%
7/29/2013 366.77 -0.83%
7/30/2013 366.11 -0.18%
7/31/2013 363.95 -0.59%
8/1/2013 367.02 0.84%
8/2/2013 367.49 0.13%
8/5/2013 367.8 0.08%
8/6/2013 364.1 -1.01%
8/7/2013 361.96 -0.59%
8/8/2013 365.36 0.94%
8/9/2013 367.49 0.58%
8/12/2013 370.03 0.69%
8/13/2013 372.4 0.64%
8/14/2013 372.91 0.14%
8/15/2013 369.61 -0.88%
8/16/2013 368.52 -0.29%
8/19/2013 363.05 -1.48%
8/20/2013 358.55 -1.24%
8/21/2013 355.65 -0.81%
8/22/2013 355.51 -0.04%
8/23/2013 358.95 0.97%
8/26/2013 358.17 -0.22%
8/27/2013 350.31 -2.19%
8/28/2013 347.8 -0.72%
8/29/2013 351.45 1.05%
8/30/2013 354.17 0.77%
9/2/2013 357.74 1.01%
9/3/2013 355.84 -0.53%
9/4/2013 357.46 0.46%
9/5/2013 361.47 1.12%
9/6/2013 364.64 0.88%
9/9/2013 371.01 1.75%
9/10/2013 377.47 1.74%
9/11/2013 377.97 0.13%
9/12/2013 377.53 -0.12%
9/13/2013 376.44 -0.29%
9/16/2013 381.77 1.42%
9/17/2013 382.42 0.17%
9/18/2013 382.26 -0.04%
9/19/2013 391.66 2.46%
9/20/2013 387.6 -1.04%
9/23/2013 387.83 0.06%
9/24/2013 385.76 -0.53%
9/25/2013 385.51 -0.06%
9/26/2013 383.61 -0.49%
9/27/2013 382.14 -0.38%
9/30/2013 377.97 -1.09%
10/1/2013 381.64 0.97%
10/2/2013 382.38 0.19%
10/3/2013 385.44 0.80%
10/4/2013 386.78 0.35%
10/7/2013 385.53 -0.32%
10/8/2013 386.42 0.23%
10/9/2013 385.14 -0.33%
10/10/2013 389.06 1.02%
10/11/2013 392.01 0.76%
10/14/2013 391.68 -0.08%
10/15/2013 393.37 0.43%
10/16/2013 394.24 0.22%
10/17/2013 395.42 0.30%
10/18/2013 398.93 0.89%
10/21/2013 399.08 0.04%
10/22/2013 399.85 0.19%
10/23/2013 395.76 -1.02%
10/24/2013 395.08 -0.17%
10/25/2013 393.94 -0.29%
10/28/2013 395.45 0.38%
10/29/2013 396.46 0.26%
10/30/2013 398.48 0.51%
10/31/2013 396.16 -0.58%
11/1/2013 393.13 -0.76%
11/4/2013 393.38 0.06%
11/5/2013 389.4 -1.01%
11/6/2013 388.93 -0.12%
11/7/2013 386.41 -0.65%
11/8/2013 381.35 -1.31%
11/11/2013 380.71 -0.17%
11/12/2013 379.07 -0.43%
11/13/2013 376.16 -0.77%
11/14/2013 381.08 1.31%
11/15/2013 384.96 1.02%
11/18/2013 392.26 1.90%
11/19/2013 391.08 -0.30%
11/20/2013 389.7 -0.35%
11/21/2013 384.5 -1.33%
11/22/2013 386.07 0.41%
11/25/2013 386.3 0.06%
11/26/2013 384.01 -0.59%
11/27/2013 385.46 0.38%
11/28/2013 386.26 0.21%
11/29/2013 388.9 0.68%
12/2/2013 387.57 -0.34%
12/3/2013 384.18 -0.87%
12/4/2013 382.32 -0.48%
12/5/2013 383.54 0.32%
12/6/2013 385.22 0.44%
12/9/2013 388.29 0.80%
12/10/2013 388.53 0.06%
12/11/2013 384.47 -1.04%
12/12/2013 380.21 -1.11%
12/13/2013 380.32 0.03%
12/16/2013 380.09 -0.06%
12/17/2013 379.88 -0.06%
12/18/2013 380.96 0.28%
12/19/2013 380.27 -0.18%
12/20/2013 379.35 -0.24%
12/23/2013 380.96 0.42%
12/24/2013 382.17 0.32%
12/25/2013 381.96 -0.05%
12/26/2013 381.38 -0.15%
12/27/2013 383 0.42%
12/30/2013 384.93 0.50%
12/31/2013 385.62 0.18%
1/1/2014 385.64 0.01%
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%
Values
Row Labels Average of Adj. Default Sprea Average of Country Risk Premi
Africa 5.54% 6.82%
Asia 2.99% 3.68%
Australia & New Zealand 2.89% 3.55%
Caribbean 5.00% 6.15%
Central and South Americ 4.41% 5.43%
Eastern Europe & Russia 3.63% 4.47%
Middle East 2.09% 2.58%
North America 0.00% 0.00%
Western Europe 1.82% 2.23%
Grand Total 3.56% 4.38%
Average of Total Risk Premiu Average of Corporate Tax Rate
12.51% 27.98%
9.37% 22.86%
9.24% 26.00%
11.84% 21.07%
11.12% 27.18%
10.16% 16.08%
8.27% 11.00%
5.69% 26.50%
7.92% 21.02%
10.07% 21.53%
Country
GDP (in Moody's Adj. Default Total Risk
Country Risk
billions) rating Spread Premium
Premium
CostaRica 54.1 Ba1 2.89% 9.24% 3.55%
ElSalvador 25.9 B3 7.51% 14.94% 9.25%
Guatemala 63.8 Ba1 2.89% 9.24% 3.55%
Honduras 20.4 B2 6.36% 13.51% 7.82%
Nicaragua 12.7 B2 6.36% 13.51% 7.82%
Panama 52.1 Baa2 2.20% 8.40% 2.71%

Weighted Weighted
Weighted Average:
Region Average: Average: Tax Rate Total GDP
Default Spreads
TRP CRP
Africa 12.00% 6.31% 5.12% 27.91% 1783.1
Asia 7.12% 1.43% 1.16% 26.68% 22866.4
Australia & New 5.70% 0.01% 0.01% 29.76% 1514
Caribbean 13.92% 8.23% 6.69% 24.50% 214.1
Central and Sou 10.21% 4.52% 3.67% 31.09% 4923.35
Eastern Europe 9.09% 3.40% 2.77% 18.97% 3078.91
Middle East 7.50% 1.81% 1.47% 20.81% 2361
North America 5.69% 0.00% 0.00% 38.93% 19588.9
Western Europe 6.81% 1.12% 0.91% 26.36% 16842.25
Global 7.08% 1.39% 1.13% 29.76% 73172.01

For updating industry average spreadsheets


ERP Default Spread Tax rate
Africa & Mid Eas 9.15% 2.81% 23.42%
Australia, NZ & 5.69% 0.00% 28.11%
Latin America & 10.36% 3.08% 27.15%
Japan 6.69% 0.81% 35.64%
US 5.69% 0.00% 40%
Europe 6.81% 0.91% 30%
Emerging Marke 8.22% 1.65% 25%
Small Asia (No I 7.93% 1.45% 20%
India 9.05% 2.20% 34%
China 6.55% 0.60% 25%
Global 7.08% 1.13% 30%
Weigth*
Corporate GDP Weight*E Weight*C Weight *
Region Default
Tax Rate Weight RP RP Tax Rate
Spread
30.00% Central and Sout 1.10% 0.03% 0.10% 0.04% 0.33%
30.00% Central and Sout 0.53% 0.04% 0.08% 0.05% 0.16%
25.00% Central and Sout 1.30% 0.04% 0.12% 0.05% 0.32%
30.00% Central and Sout 0.41% 0.03% 0.06% 0.03% 0.12%
27.29% Central and Sout 0.26% 0.02% 0.03% 0.02% 0.07%
25.00% Central and Sout 1.06% 0.02% 0.09% 0.03% 0.26%

Weight*De
Weight*C Weight* Tax
Weight Weight *ERP fault
RP Rate
Spread
2.44% 0.29% 0.15% 0.12% 0.68%
31.25% 2.23% 0.45% 0.36% 8.34%
2.07% 0.12% 0.00% 0.00% 0.62%
0.29% 0.04% 0.02% 0.02% 0.07%
6.73% 0.69% 0.30% 0.25% 2.09%
4.21% 0.38% 0.14% 0.12% 0.80%
3.23% 0.24% 0.06% 0.05% 0.67%
26.77% 1.52% 0.00% 0.00% 10.42%
23.02% 1.57% 0.26% 0.21% 6.07%
Country GDP(inbillions) Moody'srating Adj.DefaultSpread
AbuDhabi 390 Aa2 0.57%
Albania 11.4 B1 5.20%
Andorra(Principalityof) 3.25 Baa3 2.54%
Angola 102.6 B1 5.20%
Argentina 583.2 B3 7.51%
Armenia 10.5 B1 5.20%
Aruba 2.6 Baa1 1.84%
Australia 1339 Aaa 0.00%
Austria 377 Aa1 0.46%
Azerbaijan 53.1 Ba1 2.89%
Bahamas 8.9 Baa3 2.54%
Bahrain 31.1 Ba2 3.47%
Bangladesh 195.1 Ba3 4.16%
Barbados 4.4 Caa1 8.66%
Belarus 54.61 Caa1 8.66%
Belgium 455.1 Aa3 0.70%
Belize 1.75 Caa2 10.40%
Bermuda 5.6 A2 0.98%
Bolivia 33 Ba3 4.16%
BosniaandHerzegovina 16.2 B3 7.51%
Botswana 14.4 A2 0.98%
Brazil 1774.7 Ba2 3.47%
Bulgaria 12.9 Baa2 2.20%
BurkinaFaso 10.7 B3 7.51%
Cambodia 18.1 B2 6.36%
Cameroon 28.4 B2 6.36%
Canada 1550.3 Aaa 0.00%
CaymanIslands 3.2 Aa3 0.70%
CapeVerde 1.9 B2 6.36%
Chile 240.8 Aa3 0.70%
China 11007.7 Aa3 0.70%
Colombia 292.1 Baa2 2.20%
Congo(DemocraticRepubli 35.2 B3 7.51%
Congo(Republicof) 8.6 B3 7.51%
CookIslands 1.2 Caa1 8.66%
CostaRica 54.1 Ba1 2.89%
Cted'Ivoire 31.8 Ba3 4.16%
Croatia 48.7 Ba2 3.47%
Cuba 77.2 Caa2 10.40%
Curacao 1 Caa1 8.66%
Cyprus 19.6 B1 5.20%
CzechRepublic 185.2 A1 0.81%
Denmark 295.1 Aaa 0.00%
DominicanRepublic 68.1 B1 5.20%
Ecuador 100.2 B3 7.51%
Egypt 330.8 B3 7.51%
ElSalvador 25.9 B3 7.51%
Estonia 26.5 A1 0.81%
Ethiopia 61.5 B1 5.20%
Fiji 4.4 B1 5.20%
Finland 231.9 Aa1 0.46%
France 2418.8 Aa2 0.57%
Gabon 14.3 B1 5.20%
Georgia 14 Ba3 4.16%
Germany 3363.4 Aaa 0.00%
Ghana 37.5 B3 7.51%
Greece 194.9 Caa3 11.55%
Guatemala 63.8 Ba1 2.89%
Guernsey(Statesof) 0.5 Aa1 0.46%
Honduras 20.4 B2 6.36%
HongKong 309.3 Aa1 0.46%
Hungary 121.7 Baa3 2.54%
Iceland 16.6 A3 1.39%
India 2095.4 Baa3 2.54%
Indonesia 861.9 Baa3 2.54%
Iraq 180.8 B3 7.51%
Ireland 283.7 A3 1.39%
IsleofMan 7.4 Aa1 0.46%
Israel 299.4 A1 0.81%
Italy 1821.5 Baa2 2.20%
Jamaica 14.3 B3 7.51%
Japan 4123.2 A1 0.81%
Jersey(Statesof) 1 Caa1 8.66%
Jordan 37.5 B1 5.20%
Kazakhstan 184.4 Baa3 2.54%
Kenya 63.3 B1 5.20%
Korea 1377.9 Aa2 0.57%
Kuwait 114 Aa2 0.57%
Kyrgyzstan 6.6 B2 6.36%
Latvia 27 A3 1.39%
Lebanon 47.1 B2 6.36%
Liechtenstein 6.7 Aaa 0.00%
Lithuania 41.2 A3 1.39%
Luxembourg 57.8 Aaa 0.00%
Macao 46.2 Aa3 0.70%
Macedonia 10.1 Ba3 4.16%
Malaysia 296.3 A3 1.39%
Malta 9.7 A3 1.39%
Mauritius 11.7 Baa1 1.84%
Mexico 1143.8 A3 1.39%
Moldova 6.6 B3 7.51%
Mongolia 11.7 Caa1 8.66%
Montenegro 4 B1 5.20%
Montserrat 1.5 Baa3 2.54%
Morocco 100.6 Ba1 2.89%
Mozambique 14.8 Caa3 11.55%
Namibia 11.5 Baa3 2.54%
Netherlands 750.3 Aaa 0.00%
NewZealand 173.8 Aaa 0.00%
Nicaragua 12.7 B2 6.36%
Nigeria 481.1 B1 5.20%
Norway 388.6 Aaa 0.00%
Oman 69.9 Baa1 1.84%
Pakistan 271.1 B3 7.51%
Panama 52.1 Baa2 2.20%
PapuaNewGuinea 16.9 B2 6.36%
Paraguay 27.1 Ba1 2.89%
Peru 189.1 A3 1.39%
Philippines 284.8 Baa2 2.20%
Poland 477.1 A2 0.98%
Portugal 199 Ba1 2.89%
Qatar 164.7 Aa2 0.57%
RasAlKhaimah(Emirateo 5.2 A2 0.98%
Romania 178 Baa3 2.54%
Russia 1331.2 Ba1 2.89%
Rwanda 8.1 B2 6.36%
SaudiArabia 646 A1 0.81%
Senegal 13.6 B1 5.20%
Serbia 37.2 B1 5.20%
Sharjah 5 A3 1.39%
Singapore 292.7 Aaa 0.00%
Slovakia 87.3 A2 0.98%
Slovenia 42.8 Baa3 2.54%
SouthAfrica 314.6 Baa2 2.20%
Spain 1199.1 Baa2 2.20%
SriLanka 82.3 B1 5.20%
St.Maarten 1.5 Baa2 2.20%
St.Vincent&theGrenadin 0.7 B3 7.51%
Suriname 5.2 B1 5.20%
Sweden 494.6 Aaa 0.00%
Switzerland 670.8 Aaa 0.00%
Taiwan 970.9 Aa3 0.70%
Thailand 395.2 Baa1 1.84%
TrinidadandTobago 23.6 Baa3 2.54%
Tunisia 43 Ba3 4.16%
Turkey 717.9 Ba1 2.89%
TurksandCaicosIslands 1.5 Caa1 8.66%
Uganda 27.6 B2 6.36%
Ukraine 90.6 Caa3 11.55%
UnitedArabEmirates 370.3 Aa2 0.57%
UnitedKingdom 2858 Aa1 0.46%
UnitedStates 18038.6 Aaa 0.00%
Uruguay 53.4 Baa2 2.20%
Venezuela 250 Caa3 11.55%
Vietnam 193.6 B1 5.20%
Zambia 27.2 B3 7.51%
TotalRiskPremium CountryRiskPremium CorporateTaxRate Region
6.40% 0.71% 0.00% Middle East
12.09% 6.40% 15.00% Eastern Europe & Russia
8.82% 3.13% 0.00% Western Europe
12.09% 6.40% 30.00% Africa
14.94% 9.25% 35.00% Central and South America
12.09% 6.40% 20.00% Eastern Europe & Russia
7.96% 2.27% 25.00% Caribbean
5.69% 0.00% 30.00% Australia & New Zealand
6.25% 0.56% 25.00% Western Europe
9.24% 3.55% 15.00% Eastern Europe & Russia
8.82% 3.13% 0.00% Caribbean
9.96% 4.27% 0.00% Middle East
10.81% 5.12% 25.00% Asia
16.35% 10.66% 25.00% Caribbean
16.35% 10.66% 18.00% Eastern Europe & Russia
6.55% 0.86% 33.99% Western Europe
18.49% 12.80% 27.29% Central and South America
6.90% 1.21% 0.00% Caribbean
10.81% 5.12% 25.00% Central and South America
14.94% 9.25% 10.00% Eastern Europe & Russia
6.90% 1.21% 22.00% Africa
9.96% 4.27% 34.00% Central and South America
8.40% 2.71% 10.00% Eastern Europe & Russia
14.94% 9.25% 27.46% Africa
13.51% 7.82% 20.00% Asia
13.51% 7.82% 33.00% Africa
5.69% 0.00% 26.50% North America
6.55% 0.86% 0.00% Caribbean
13.51% 7.82% 27.46% Africa
6.55% 0.86% 24.00% Central and South America
6.55% 0.86% 25.00% Asia
8.40% 2.71% 25.00% Central and South America
14.94% 9.25% 27.46% Africa
14.94% 9.25% 27.46% Africa
16.35% 10.66% 20.00% Australia & New Zealand
9.24% 3.55% 30.00% Central and South America
10.81% 5.12% 27.46% Africa
9.96% 4.27% 20.00% Eastern Europe & Russia
18.49% 12.80% 27.29% Caribbean
16.35% 10.66% 25.00% Caribbean
12.09% 6.40% 12.50% Western Europe
6.69% 1.00% 19.00% Eastern Europe & Russia
5.69% 0.00% 23.50% Western Europe
12.09% 6.40% 27.00% Caribbean
14.94% 9.25% 22.00% Central and South America
14.94% 9.25% 22.50% Africa
14.94% 9.25% 30.00% Central and South America
6.69% 1.00% 20.00% Eastern Europe & Russia
12.09% 6.40% 27.46% Africa
12.09% 6.40% 20.00% Asia
6.25% 0.56% 20.00% Western Europe
6.40% 0.71% 33.30% Western Europe
12.09% 6.40% 27.46% Africa
10.81% 5.12% 15.00% Eastern Europe & Russia
5.69% 0.00% 29.72% Western Europe
14.94% 9.25% 25.00% Africa
19.90% 14.21% 29.00% Western Europe
9.24% 3.55% 25.00% Central and South America
6.25% 0.56% 0.00% Western Europe
13.51% 7.82% 30.00% Central and South America
6.25% 0.56% 16.50% Asia
8.82% 3.13% 19.00% Eastern Europe & Russia
7.40% 1.71% 20.00% Western Europe
8.82% 3.13% 34.61% Asia
8.82% 3.13% 25.00% Asia
14.94% 9.25% 15.00% Middle East
7.40% 1.71% 12.50% Western Europe
6.25% 0.56% 0.00% Western Europe
6.69% 1.00% 25.00% Middle East
8.40% 2.71% 31.40% Western Europe
14.94% 9.25% 25.00% Caribbean
6.69% 1.00% 33.06% Asia
16.35% 10.66% 20.00% Western Europe
12.09% 6.40% 20.00% Middle East
8.82% 3.13% 20.00% Eastern Europe & Russia
12.09% 6.40% 30.00% Africa
6.40% 0.71% 24.20% Asia
6.40% 0.71% 15.00% Middle East
13.51% 7.82% 15.00% Eastern Europe & Russia
7.40% 1.71% 15.00% Eastern Europe & Russia
13.51% 7.82% 15.00% Middle East
5.69% 0.00% 12.50% Western Europe
7.40% 1.71% 15.00% Eastern Europe & Russia
5.69% 0.00% 29.22% Western Europe
6.55% 0.86% 12.00% Asia
10.81% 5.12% 10.00% Eastern Europe & Russia
7.40% 1.71% 24.00% Asia
7.40% 1.71% 35.00% Western Europe
7.96% 2.27% 15.00% Asia
7.40% 1.71% 30.00% Central and South America
14.94% 9.25% 12.00% Eastern Europe & Russia
16.35% 10.66% 21.92% Asia
12.09% 6.40% 9.00% Eastern Europe & Russia
8.82% 3.13% 27.46% Caribbean
9.24% 3.55% 31.00% Africa
19.90% 14.21% 32.00% Africa
8.82% 3.13% 32.00% Africa
5.69% 0.00% 25.00% Western Europe
5.69% 0.00% 28.00% Australia & New Zealand
13.51% 7.82% 27.29% Central and South America
12.09% 6.40% 30.00% Africa
5.69% 0.00% 27.00% Western Europe
7.96% 2.27% 12.00% Middle East
14.94% 9.25% 32.00% Asia
8.40% 2.71% 25.00% Central and South America
13.51% 7.82% 30.00% Asia
9.24% 3.55% 10.00% Central and South America
7.40% 1.71% 28.00% Central and South America
8.40% 2.71% 30.00% Asia
6.90% 1.21% 19.00% Eastern Europe & Russia
9.24% 3.55% 21.00% Western Europe
6.40% 0.71% 10.00% Middle East
6.90% 1.21% 0.00% Middle East
8.82% 3.13% 16.00% Eastern Europe & Russia
9.24% 3.55% 20.00% Eastern Europe & Russia
13.51% 7.82% 27.46% Africa
6.69% 1.00% 20.00% Middle East
12.09% 6.40% 27.46% Africa
12.09% 6.40% 15.00% Eastern Europe & Russia
7.40% 1.71% 0.00% Middle East
5.69% 0.00% 17.00% Asia
6.90% 1.21% 22.00% Eastern Europe & Russia
8.82% 3.13% 17.00% Eastern Europe & Russia
8.40% 2.71% 28.00% Africa
8.40% 2.71% 25.00% Western Europe
12.09% 6.40% 15.00% Asia
8.40% 2.71% 34.50% Caribbean
14.94% 9.25% 26.85% Caribbean
12.09% 6.40% 34.50% Central and South America
5.69% 0.00% 22.00% Western Europe
5.69% 0.00% 17.92% Western Europe
6.55% 0.86% 17.00% Asia
7.96% 2.27% 20.00% Asia
8.82% 3.13% 25.00% Caribbean
10.81% 5.12% 25.00% Africa
9.24% 3.55% 20.00% Western Europe
16.35% 10.66% 26.85% Caribbean
13.51% 7.82% 30.00% Africa
19.90% 14.21% 18.00% Eastern Europe & Russia
6.40% 0.71% 55.00% Middle East
6.25% 0.56% 20.00% Western Europe
5.69% 0.00% 40.00% North America
8.40% 2.71% 25.00% Central and South America
19.90% 14.21% 34.00% Central and South America
12.09% 6.40% 22.00% Asia
14.94% 9.25% 35.00% Africa
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Country S&P Rating Moody's rating
Abu Dhabi NA Aa2
Albania B+ B1
Andorra (Principality of) BBB- Baa3
Angola B B1
Argentina B- B3
Armenia NA B1
Aruba BBB+ Baa1
Australia AAA Aaa
Austria AA+ Aa1
Azerbaijan BB+ Ba1
Bahamas BB+ Baa3
Bahrain BB- Ba2
Bangladesh BB- Ba3
Barbados B- Caa1
Belarus B- Caa1
Belgium AA Aa3
Belize CC Caa2
Bermuda A+ A2
Bolivia BB Ba3
Bosnia and Herzegovin B B3
Botswana A- A2
Brazil BB Ba2
Bulgaria BB+ Baa2
Burkina Faso B- B3
Cambodia N/A B2
Cameroon B B2
Canada AAA Aaa
Cayman Islands NA Aa3
Cape Verde B B2
Chile AA- Aa3
China AA- Aa3
Colombia BBB Baa2
Congo (Democratic Repu B- B3
Congo (Republic of) B- B3
Cook Islands NA Caa1
Costa Rica BB- Ba1
Cte d'Ivoire NA Ba3
Croatia BB Ba2
Cuba NA Caa2
Curacao NA Caa1
Cyprus BB B1
Czech Republic AA- A1
Denmark AAA Aaa
Dominican Republic BB- B1
Ecuador B B3
Egypt B- B3
El Salvador B- B3
Estonia AA- A1
Ethiopia B B1
Fiji B+ B1
Finland AA+ Aa1
France AA Aa2
Gabon B B1
Georgia BB- Ba3
Germany AAA Aaa
Ghana B- B3
Greece B- Caa3
Guatemala BB Ba1
Guernsey (States of) AA+ Aa1
Honduras B+ B2
Hong Kong AAA Aa1
Hungary BBB- Baa3
Iceland BBB+ A3
India BBB- Baa3
Indonesia BB+ Baa3
Iraq B- B3
Ireland A+ A3
Isle of Man N/A Aa1
Israel A+ A1
Italy BBB- Baa2
Jamaica B B3
Japan A+ A1
Jersey (States of) NA Caa1
Jordan BB- B1
Kazakhstan BBB- Baa3
Kenya B+ B1
Korea AA Aa2
Kuwait AA Aa2
Kyrgyzstan NR B2
Latvia A- A3
Lebanon B- B2
Liechtenstein AAA Aaa
Lithuania A- A3
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- Ba3
Malaysia A- A3
Malta A- A3
Mauritius NA Baa1
Mexico BBB+ A3
Moldova NA B3
Mongolia B- Caa1
Montenegro B+ B1
Montserrat BBB- Baa3
Morocco BBB- Ba1
Mozambique CC Caa3
Namibia NA Baa3
Netherlands AAA Aaa
New Zealand AA Aaa
Nicaragua B+ B2
Nigeria B B1
Norway AAA Aaa
Oman BBB- Baa1
Pakistan B B3
Panama BBB Baa2
Papua New Guinea B+ B2
Paraguay BB Ba1
Peru BBB+ A3
Philippines BBB Baa2
Poland BBB+ A2
Portugal BB+ Ba1
Qatar AA Aa2
Ras Al Khaimah (Emirat A A2
Romania BBB- Baa3
Russia BB+ Ba1
Rwanda B B2
Saudi Arabia A- A1
Senegal B+ B1
Serbia BB- B1
Sharjah NA A3
Singapore AAA Aaa
Slovakia A+ A2
Slovenia A Baa3
South Africa BBB- Baa2
Spain BBB+ Baa2
Sri Lanka B+ B1
St. Maarten NA Baa2
St. Vincent & the Grena NA B3
Suriname B+ B1
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA- Aa3
Thailand BBB+ Baa1
Trinidad and Tobago A- Baa3
Tunisia BB- Ba3
Turkey BB Ba1
Turks and Caicos Island NA Caa1
Uganda B B2
Ukraine B- Caa3
United Arab Emirates AA Aa2
United Kingdom AA Aa1
United States AA+ Aaa
Uruguay BBB Baa2
Venezuela CCC Caa3
Vietnam BB- B1
Zambia B B3
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 the
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 MiddleEast
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 WesternEurope
Azerbaijan EasternEurope&Russia
Bahamas Caribbean
Bahrain MiddleEast
Bangladesh Asia
Barbados Caribbean
Belarus EasternEurope&Russia
Belgium WesternEurope
Belize CentralandSouthAmerica
Benin Africa
Bermuda Caribbean
Bolivia CentralandSouthAmerica
BosniaandHerzegovina EasternEurope&Russia
Botswana Africa
Brazil CentralandSouthAmerica
Bulgaria EasternEurope&Russia
Burkina Faso Africa
Cambodia Asia
Cameroon Africa
Canada NorthAmerica
CapeVerde Africa
CaymanIslands Caribbean
Chile CentralandSouthAmerica
China Asia
Colombia CentralandSouthAmerica
Congo (Democratic Repu Africa
Congo (Republic of) Africa
Cook Islands Australia&NewZealand
CostaRica CentralandSouthAmerica
Cte d'Ivoire Africa
Croatia EasternEurope&Russia
Cuba Caribbean
Curacao Caribbean
Cyprus WesternEurope
CzechRepublic EasternEurope&Russia
Democratic Republic of Africa
Denmark WesternEurope
DominicanRepublic Caribbean
Ecuador CentralandSouthAmerica
Egypt Africa
ElSalvador CentralandSouthAmerica
Estonia EasternEurope&Russia
Ethiopia Africa
Fiji Asia
Finland WesternEurope
France WesternEurope
Gabon Africa
Georgia EasternEurope&Russia
Germany WesternEurope
Ghana Africa
Greece WesternEurope
Guatemala CentralandSouthAmerica
Guernsey (States of) WesternEurope
Honduras CentralandSouthAmerica
HongKong Asia
Hungary EasternEurope&Russia
Iceland WesternEurope
India Asia
Indonesia Asia
Iraq MiddleEast
Ireland WesternEurope
IsleofMan WesternEurope
Israel MiddleEast
Italy WesternEurope
Jamaica Caribbean
Japan Asia
Jersey (States of) WesternEurope
Jordan MiddleEast
Kazakhstan EasternEurope&Russia
Kenya Africa
Korea Asia
Kuwait MiddleEast
Kyrgyzstan EasternEurope&Russia
Latvia EasternEurope&Russia
Lebanon MiddleEast
Liechtenstein WesternEurope
Lithuania EasternEurope&Russia
Luxembourg WesternEurope
Macao Asia
Macedonia EasternEurope&Russia
Malaysia Asia
Malta WesternEurope
Mauritius Asia
Mexico CentralandSouthAmerica
Moldova EasternEurope&Russia
Mongolia Asia
Montenegro EasternEurope&Russia
Montserrat Caribbean
Morocco Africa
Mozambique Africa
Namibia Africa
Netherlands WesternEurope
NewZealand Australia&NewZealand
Nicaragua CentralandSouthAmerica
Nigeria Africa
Norway WesternEurope
Oman MiddleEast
Pakistan Asia
Panama CentralandSouthAmerica
PapuaNewGuinea Asia
Paraguay CentralandSouthAmerica
Peru CentralandSouthAmerica
Philippines Asia
Poland EasternEurope&Russia
Portugal WesternEurope
Qatar MiddleEast
Ras Al Kaminah MiddleEast
Republic of the Congo Africa
Romania EasternEurope&Russia
Russia EasternEurope&Russia
Rwanda Africa
SaudiArabia MiddleEast
Senegal Africa
Serbia EasternEurope&Russia
Sharjah MiddleEast
Singapore Asia
Slovakia EasternEurope&Russia
Slovenia EasternEurope&Russia
SouthAfrica Africa
Spain WesternEurope
SriLanka Asia
St. Maarten Caribbean
St.Vincent&theGrenadinesCaribbean
Suriname CentralandSouthAmerica
Sweden WesternEurope
Switzerland WesternEurope
Taiwan Asia
Thailand Asia
TrinidadandTobago Caribbean
Tunisia Africa
Turkey WesternEurope
Turkmenistan EasternEurope&Russia
TurksandCaicos Caribbean
Uganda Africa
Ukraine EasternEurope&Russia
UnitedArabEmirates MiddleEast
UnitedKingdom WesternEurope
UnitedStates NorthAmerica
Uruguay CentralandSouthAmerica
Venezuela CentralandSouthAmerica
Vietnam Asia
Zambia Africa
Values Average (1/1/ % Change
Row Labels Count of CDS Sprea Average of CDS Spread 0.93%
Aaa 15 0.46% 1.15%
Caa1 2 #DIV/0! 1.75%
Aa2 7 0.98% 0.62%
B1 15 3.32% 0.99%
Baa3 11 3.08% 1.04%
Ba2 1 #DIV/0! 0.46%
Ba3 13 4.58% 2.90%
Baa1 6 1.40% 4.03%
Baa2 12 2.25% 4.60%
B3 11 5.60% 2.96%
Aa3 6 1.48% #DIV/0!
Caa2 3 #DIV/0! 3.33%
A1 6 0.99% 1.39%
A2 4 1.08% 2.31%
B2 8 4.87% 2.42%
Ba1 8 3.09% #DIV/0!
A3 8 1.97% #DIV/0!
Caa3 3 #DIV/0! #DIV/0!
Aa1 5 0.60% #DIV/0!
Grand Total 144 1.98% 1.78% 31.12%

Rating Default Spread (1/1/16)


Default Spread (1/1/16) Rounded Valu Default Spread (1/1/17)
A1 70 92 92 96
A2 85 111 111 116
A3 120 157 157 164
Aa1 40 52 52 54
Aa2 50 66 66 69
Aa3 60 79 79 82
Aaa 0 0 0 0
B1 450 590 590 615
B2 550 721 721 751
B3 650 852 852 888
Ba1 250 328 328 342
Ba2 300 393 393 410
Ba3 360 472 472 492
Baa1 160 210 210 219
Baa2 190 249 249 260
Baa3 220 288 288 300
Ca 1200 1573 1573 1639
Caa1 750 983 983 1024
Caa2 900 1180 1180 1230
Caa3 1000 1311 1311 1366
NR NA NA NA
Country Moody's rating CDS Spread
Abu Dhabi Aa2 0.97%
Albania B1 NA
Andorra (Principality of) Baa3 NA
Angola B1 NA
Argentina B3 5.14%
Armenia B1 NA
Aruba Baa1 NA
Australia Aaa 0.49%
Austria Aa1 0.52%
Azerbaijan Ba1 NA
Bahamas Baa3 NA
Bahrain Ba2 3.17%
Bangladesh Ba3 NA
Barbados Caa1 NA
Belarus Caa1 NA
Belgium Aa3 0.60%
Belize Caa2 NA
Bermuda A2 NA
Bolivia Ba3 NA
Bosnia and Herzegovin B3 NA
Botswana A2 NA
Brazil Ba2 3.59%
Bulgaria Baa2 1.87%
Burkina Faso B3 NA
Cambodia B2 NA
Cameroon B2 NA
Canada Aaa NA
Cayman Islands Aa3 NA
Cape Verde B2 NA
Chile Aa3 1.29%
China Aa3 1.65%
Colombia Baa2 2.42%
Congo (Democratic Repu B3 NA
Congo (Republic of) B3 NA
Cook Islands Caa1 NA
Costa Rica Ba1 3.40%
Cte d'Ivoire Ba3 NA
Croatia Ba2 2.60%
Cuba Caa2 NA
Curacao Caa1 NA
Cyprus B1 2.67%

Czech Republic A1 0.74%


Denmark Aaa 0.41%
Dominican Republic B1 NA
Ecuador B3 NA
Egypt B3 4.76%
El Salvador B3 NA
Estonia A1 0.81%
Ethiopia B1 NA
Fiji B1 NA
Finland Aa1 0.45%
France Aa2 0.70%
Gabon B1 NA
Georgia Ba3 NA
Germany Aaa 0.44%
Ghana B3 NA
Greece Caa3 NA
Guatemala Ba1 NA
Guernsey (States of) Aa1 NA
Honduras B2 NA
Hong Kong Aa1 0.58%
Hungary Baa3 1.67%
Iceland A3 1.10%
India Baa3 1.76%
Indonesia Baa3 2.25%
Iraq B3 NA
Ireland A3 1.02%
Isle of Man Aa1 NA
Israel A1 1.12%
Italy Baa2 2.22%
Jamaica B3 NA
Japan A1 0.62%
Jersey (States of) Caa1 NA
Jordan B1 NA
Kazakhstan Baa3 2.13%
Kenya B1 NA
Korea Aa2 0.67%
Kuwait Aa2 NA
Kyrgyzstan B2 NA
Latvia A3 1.02%
Lebanon B2 5.57%
Liechtenstein Aaa NA
Lithuania A3 0.94%
Luxembourg Aaa NA
Macao Aa3 NA
Macedonia Ba3 NA
Malaysia A3 1.94%
Malta A3 NA
Mauritius Baa1 NA
Mexico A3 2.20%
Moldova B3 NA
Mongolia Caa1 NA
Montenegro B1 NA
Montserrat Baa3 NA
Morocco Ba1 2.11%
Mozambique Caa3 NA
Namibia Baa3 NA
Netherlands Aaa 0.51%
New Zealand Aaa 0.50%
Nicaragua B2 NA
Nigeria B1 5.76%
Norway Aaa 0.34%
Oman Baa1 NA
Pakistan B3 4.18%
Panama Baa2 1.94%
Papua New Guinea B2 NA
Paraguay Ba1 NA
Peru A3 1.73%
Philippines Baa2 1.61%
Poland A2 1.17%
Portugal Ba1 3.42%
Qatar Aa2 1.17%
Ras Al Khaimah (Emirat A2 NA
Romania Baa3 1.51%
Russia Ba1 2.46%
Rwanda B2 NA
Saudi Arabia A1 1.45%
Senegal B1 NA
Serbia B1 NA
Sharjah A3 NA
Singapore Aaa NA
Slovakia A2 0.85%
Slovenia Baa3 1.52%
South Africa Baa2 2.87%
Spain Baa2 1.25%
Sri Lanka B1 NA
St. Maarten Baa2 NA
St. Vincent & the Grena B3 NA
Suriname B1 NA
Sweden Aaa 0.40%
Switzerland Aaa 0.50%
Taiwan Aa3 NA
Thailand Baa1 1.28%
Trinidad and Tobago Baa3 NA
Tunisia Ba3 5.00%
Turkey Ba1 3.44%
Turks and Caicos Island Caa1 NA
Uganda B2 NA
Ukraine Caa3 7.64%
United Arab Emirates Aa2 NA
United Kingdom Aa1 0.61%
United States Aaa 0.38%
Uruguay Baa2 NA
Venezuela Caa3 30.82%
Vietnam B1 2.61%
Zambia B3 NA
CDS Spread adj for US Updated: January 2017
0.59%
NA
NA
NA
4.76%
NA
NA
0.11%
0.14%
NA
NA
2.79%
NA
NA
NA
0.22%
NA
NA
NA
NA
NA
3.21%
1.49%
NA
NA
NA
NA
NA
NA
0.91%
1.27%
2.04%
NA
NA
NA
3.02%
NA
2.22%
NA
NA
2.29%

Country
0.36%
0.03% Abu Dhabi
NA Argentina
NA Australia
4.38% Austria
NA Bahrain
0.43% Belgium
NA Brazil
NA Bulgaria
0.07% Chile
0.32% China
NA Colombia
NA Costa Rica
0.06% Croatia
NA Cyprus
NA Czech Repu
NA Denmark
NA Egypt
NA Estonia
0.20% Finland
1.29% France
0.72% Germany
1.38% Hong Kong
1.87% Hungary
NA Iceland
0.64% India
NA Indonesia
0.74% Ireland
1.84% Israel
NA Italy
0.24% Japan
NA Kazakhsta
NA Korea
1.75% Latvia
NA Lebanon
0.29% Lithuania
NA Malaysia
NA Mexico
0.64% Morocco
5.19% Netherlan
NA New Zeala
0.56% Nigeria
NA Norway
NA Pakistan
NA Panama
1.56% Peru
NA Philippines
NA Poland
1.82% Portugal
NA Qatar
NA Romania
NA Russia
NA Saudi Arab
1.73% Slovakia
NA Slovenia
NA South Afri
0.13% Spain
0.12% Sweden
NA Switzerlan
5.38% Thailand
0.00% Tunisia
NA Turkey
3.80% Ukraine
1.56% United Ki
NA United Sta
NA Venezuela
1.35% Vietnam
1.23%
0.79%
3.04%
0.79%
NA
1.13%
2.08%
NA
1.07%
NA
NA
NA
NA
0.47%
1.14%
2.49%
0.87%
NA
NA
NA
NA
0.02%
0.12%
NA
0.90%
NA
4.62%
3.06%
NA
NA
7.26%
NA
0.23%
0.00%
NA
30.44%
2.23%
NA
CDS
CDS Spread
Spread adj for
US
0.97% 0.59%
5.14% 4.76%
0.49% 0.11%
0.52% 0.14%
3.17% 2.79%
0.60% 0.22%
3.59% 3.21%
1.87% 1.49%
1.29% 0.91%
1.65% 1.27%
2.42% 2.04%
3.40% 3.02%
2.60% 2.22%
2.67% 2.29%
0.74% 0.36%
0.41% 0.03%
4.76% 4.38%
0.81% 0.43%
0.45% 0.07%
0.70% 0.32%
0.44% 0.06%
0.58% 0.20%
1.67% 1.29%
1.10% 0.72%
1.76% 1.38%
2.25% 1.87%
1.02% 0.64%
1.12% 0.74%
2.22% 1.84%
0.62% 0.24%
2.13% 1.75%
0.67% 0.29%
1.02% 0.64%
5.57% 5.19%
0.94% 0.56%
1.94% 1.56%
2.20% 1.82%
2.11% 1.73%
0.51% 0.13%
0.50% 0.12%
5.76% 5.38%
0.34% 0.00%
4.18% 3.80%
1.94% 1.56%
1.73% 1.35%
1.61% 1.23%
1.17% 0.79%
3.42% 3.04%
1.17% 0.79%
1.51% 1.13%
2.46% 2.08%
1.45% 1.07%
0.85% 0.47%
1.52% 1.14%
2.87% 2.49%
1.25% 0.87%
0.40% 0.02%
0.50% 0.12%
1.28% 0.90%
5.00% 4.62%
3.44% 3.06%
7.64% 7.26%
0.61% 0.23%
0.38% 0.00%
30.82% 30.44%
2.61% 2.23%
Country Std deviation in Equities (weekly) Bond
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
Equity/ Bond CDS) CDS CVCDS Equity/ CDS
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) Country
Abu Dhabi 390 Afghanistan
Albania 11.4 SourceWorld Bank Albania

Andorra (Principality of) 3.25 Year 2016 Algeria


Angola 102.6 Andorra
Argentina 583.2 Angola

Armenia 10.5 Antigua and Bar


Aruba 2.6 Argentina
Australia 1339 Armenia
Austria 377 Australia

Azerbaijan 53.1 Austria


Bahamas 8.9 Azerbaijan
Bahrain 31.1 Bahamas, The

Bangladesh 195.1 Bahrain


Barbados 4.4 Bangladesh
Belarus 54.61 Barbados

Belgium 455.1 Belarus


Belize 1.75 Belgium
Bermuda 5.6 Belize

Bolivia 33 Benin
Bosnia and Herzegovina 16.2 Bermuda
Botswana 14.4 Bhutan

Brazil 1775 Bolivia


Bulgaria 12.9 Bosnia and Herz
Burkina Faso 10.7 Botswana

Cambodia 18.1 Brazil


Cameroon 28.4 Brunei Darussal
Canada 1550 Bulgaria

Cayman Islands 3.2 Burkina Faso


Cape Verde 1.9 Burundi
Chile 240.8 Cabo Verde

China 11008 Cambodia


Colombia 292.1 Cameroon
Congo (Democratic Republ 35.2 Canada

Congo (Republic of) 8.6 Central African R


Cook Islands 1.2 Chad
Costa Rica 54.1 Chile

Cte d'Ivoire 31.8 China


Croatia 48.7 Colombia
Cuba 77.2 Comoros
Curacao 1.0 Congo, Dem. Rep
Cyprus 19.6 Congo, Rep.
Czech Republic 185.2 Costa Rica
Denmark 295.1 Cte d'Ivoire

Dominican Republic 68.1 Croatia


Ecuador 100.2 Cuba
Egypt 330.8 Cyprus

El Salvador 25.9 Czech Republic


Estonia 26.5 Denmark
Ethiopia 61.5 Djibouti
Fiji 4.4 Dominica

Finland 231.9 Dominican Repub


France 2419 Ecuador
Gabon 14.3 Egypt, Arab Rep.

Georgia 14 El Salvador
Germany 3363 Equatorial Guine
Ghana 37.5 Estonia

Greece 194.9 Ethiopia


Guatemala 63.8 Faroe Islands
Guernsey (States of) 0.5 Fiji

Honduras 20.4 Finland


Hong Kong 309.3 France
Hungary 121.7 Gabon

Iceland 16.6 Gambia, The


India 2095 Georgia
Indonesia 861.9 Germany

Iraq 180.8 Ghana


Ireland 283.7 Greece
Isle of Man 7.4 Greenland

Israel 299.4 Grenada


Italy 1822 Guatemala
Jamaica 14.3 Guinea

Japan 4123 Guinea-Bissau


Jersey (States of) 1 Guyana
Jordan 37.5 Haiti

Kazakhstan 184.4 Honduras


Kenya 63.3 Hong Kong SAR,
Korea 1378 Hungary

Kuwait 114 Iceland

Kyrgyzstan 6.6 India


Latvia 27 Indonesia
Lebanon 47.1 Iran, Islamic Rep.
Liechtenstein 6.7 Iraq
Lithuania 41.2 Ireland
Luxembourg 57.8 Isle of Man

Macao 46.2 Israel


Macedonia 10.1 Italy
Malaysia 296.3 Jamaica

Malta 9.7 Japan


Mauritius 11.7 Jordan
Mexico 1144 Kazakhstan
Moldova 6.6 Kenya

Mongolia 11.7 Kiribati


Montenegro 4 Korea, Rep.
Montserrat 1.5 Kosovo

Morocco 100.6 Kuwait


Mozambique 14.8 Kyrgyz Republic
Namibia 11.5 Lao PDR

Netherlands 750.3 Latvia


New Zealand 173.8 Lebanon
Nicaragua 12.7 Lesotho

Nigeria 481.1 Liberia


Norway 388.6 Liechtenstein
Oman 69.9 Lithuania

Pakistan 271.1 Luxembourg


Panama 52.1 Macao SAR, Chi
Papua New Guinea 16.9 Macedonia, FYR

Paraguay 27.1 Madagascar


Peru 189.1 Malawi
Philippines 284.8 Malaysia

Poland 477.1 Maldives


Portugal 199 Mali
Qatar 164.7 Malta

Ras Al Khaimah (Emirate 5.2 Marshall Islands


Romania 178 Mauritania
Russia 1331 Mauritius

Rwanda 8.1 Mexico


Saudi Arabia 646 Micronesia, Fed.
Senegal 13.6 Moldova

Serbia 37.2 Mongolia


Sharjah 5 Montenegro
Singapore 292.7 Morocco
Slovakia 87.3 Mozambique
Slovenia 42.8 Myanmar
South Africa 314.6 Namibia
Spain 1199 Nauru

Sri Lanka 82.3 Nepal


St. Maarten 1.5 Netherlands
St. Vincent & the Grenad 0.7 New Zealand

Suriname 5.2 Nicaragua


Sweden 494.6 Niger
Switzerland 670.8 Nigeria
Taiwan 970.9 Norway

Thailand 395.2 Oman


Trinidad and Tobago 23.6 Pakistan
Tunisia 43 Palau

Turkey 717.9 Panama


Turks and Caicos Islands 1.5 Papua New Guin
Uganda 27.6 Paraguay

Ukraine 90.6 Peru


United Arab Emirates 370.3 Philippines
United Kingdom 2858 Poland

United States of America 18039 Portugal


Uruguay 53.4 Puerto Rico
Venezuela 250 Qatar

Vietnam 193.6 Romania


Zambia 27.2 Russian Federati
Rwanda
Samoa
So Tom and Pri
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Slovak Republic
Slovenia
Solomon Islands
Somalia
South Africa
South Sudan
Spain
Sri Lanka
St. Kitts and Nevi
St. Lucia
St. Vincent and t
Sudan
Suriname
Swaziland
Sweden
Switzerland
Tajikistan
Tanzania
Thailand
Timor-Leste
Togo
Tonga
Trinidad and Tob
Tunisia
Turkey
Turkmenistan
Tuvalu
Uganda
Ukraine
United Arab Emir
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Vietnam
West Bank and G
Yemen, Rep.
Zambia
Zimbabwe
GDP
19,331
11,398
166,839
3,249
102,627
1,259
583,169
10,529
1,339,141
376,950
53,047
8,854
31,126
195,079
4,385
54,609
455,086
1,753
8,291
5,574
2,058
32,998
16,192
14,390
1,774,725
12,930
50,199
10,678
3,097
1,603
18,050
28,416
1,550,537
1,584
10,889
240,796
11,007,721
292,080
566
35,238
8,553
54,137
31,759
48,732
77,150
19,560
185,156
295,091
1,727
517
68,103
100,177
330,779
25,850
12,202
22,459
61,540
2,613
4,426
231,950
2,418,836
14,262
939
13,965
3,363,447
37,543
194,851
2,441
984
63,794
6,699
1,057
3,166
8,765
20,421
309,235
121,715
16,598
2,095,398
861,934
425,326
180,069
283,703
7,428
299,416
1,821,497
14,262
4,123,258
37,517
184,388
63,398
160
1,377,873
6,401
114,041
6,572
12,369
27,003
47,085
2,278
2,053
6,664
41,171
57,794
46,178
10,086
9,739
6,404
296,283
3,435
12,747
9,746
179
5,442
11,682
1,143,793
315
6,568
11,741
3,987
100,593
14,807
62,601
11,492
100
21,195
750,284
173,754
12,693
7,143
481,066
386,578
69,831
271,050
287
52,132
16,929
27,094
189,111
292,451
477,066
198,923
103,135
164,641
177,954
1,331,208
8,096
761
318
646,002
13,610
37,160
1,438
4,215
292,739
87,264
42,775
1,129
5,925
314,572
9,015
1,199,057
82,316
876
1,431
738
97,156
5,150
4,118
495,624
670,790
7,853
45,628
395,168
1,442
4,088
435
23,559
43,015
717,880
35,855
33
27,529
90,615
370,296
2,858,003
18,036,648
53,443
66,733
742
193,599
12,677
37,734
21,154
14,419
S&P
Country
Rating
Moody's Rating FC
Abu Dhabi NA Aa2 Abu Dhabi Aa2
Albania B+ B1 Albania B1
Andorra (Principality of) BBB- NA Andorra
Angola B B1 Angola B1
Argentina B- B3 Argentina B3
Armenia NA B1 Armenia B1
Aruba BBB+ NA
Australia AAA Aaa Australia Aaa
Austria AA+ Aa1 Austria Aa1
Azerbaijan BB+ Ba1 Azerbaijan Ba1
Bahamas BB+ Baa3 Bahamas Baa3
Bahrain BB- Ba2 Bahrain Ba2
Bangladesh BB- Ba3 Bangladesh Ba3
Barbados B- Caa1 Barbados Caa1
Belarus B- Caa1 Belarus Caa1
Belgium AA Aa3 Belgium Aa3
Belize CC Caa2 Belize Caa2
Bermuda A+ A2 Bermuda A2
Bolivia BB Ba3 Bolivia Ba3
Bosnia and Herzegovina B B3 Bosnia and He B3
Botswana A- A2 Botswana A2
Brazil BB Ba2 Brazil Ba2
Bulgaria BB+ Baa2 Bulgaria Baa2
Burkina Faso B- NA
Cambodia N/A B2 Cambodia B2
Cameroon B B2 Cameroon B2
Canada AAA Aaa Canada Aaa
Cayman Islands NA Aa3 Cayman Islan Aa3
Cape Verde B NA
Chile AA- Aa3 Chile Aa3
China AA- Aa3 China Aa3
Colombia BBB Baa2 Colombia Baa2
Congo (Democratic Republ B- B3 Democratic Re B3
Congo (Republic of) B- B3 Republic of t B3
Cook Islands NA NA
Costa Rica BB- Ba1 Costa Rica Ba1
Cte d'Ivoire NA Ba3 Cote d'Ivoire Ba3
Croatia BB Ba2 Croatia Ba2
Cuba NA Caa2 Cuba Caa2
Curacao NA NA
Cyprus BB B1 Cyprus B1
Czech Republic AA- A1 Czech Republ A1
Denmark AAA Aaa Denmark Aaa
Dominican Republic BB- B1 Dominican Rep B1
Ecuador B B3 Ecuador B3
Egypt B- B3 Egypt B3
El Salvador B- B3 El Salvador B3
Estonia AA- A1 Estonia A1
Ethiopia B B1 Ethiopia B1
Fiji B+ B1 Fiji B1
Finland AA+ Aa1 Finland Aa1
France AA Aa2 France Aa2
Gabon B B1 Gabon B1
Georgia BB- Ba3 Georgia Ba3
Germany AAA Aaa Germany Aaa
Ghana B- B3 Ghana B3
Greece B- Caa3 Greece Caa3
Guatemala BB Ba1 Guatemala Ba1
Guernsey (States of) AA+ NA Guernsey (Channel Islands)
Honduras B+ B2 Honduras B2
Hong Kong AAA Aa1 Hong Kong Aa1
Hungary BBB- Baa3 Hungary Baa3
Iceland BBB+ A3 Iceland A3
India BBB- Baa3 India Baa3
Indonesia BB+ Baa3 Indonesia Baa3
Iraq B- NA
Ireland A+ A3 Ireland A3
Isle of Man N/A Aa1 Isle of Man Aa1
Israel A+ A1 Israel A1
Italy BBB- Baa2 Italy Baa2
Jamaica B B3 Jamaica B3
Japan A+ A1 Japan A1
Jersey (States of) NA NA Jersey (Channel Islands)
Jordan BB- B1 Jordan B1
Kazakhstan BBB- Baa3 Kazakhstan Baa3
Kenya B+ B1 Kenya B1
Korea AA Aa2 Korea Aa2
Kuwait AA Aa2 Kuwait Aa2
Kyrgyzstan NR B2 Kyrgyzstan B2
Latvia A- A3 Latvia A3
Lebanon B- B2 Lebanon B2
Liechtenstein AAA NA Liechtenstein
Lithuania A- A3 Lithuania A3
Luxembourg AAA Aaa Luxembourg Aaa
Macao NA Aa3 Macao Aa3
Macedonia BB- NA
Malaysia A- A3 Malaysia A3
Malta A- A3 Malta A3
Mauritius NA Baa1 Mauritius Baa1
Mexico BBB+ A3 Mexico A3
Moldova NA B3 Moldova B3
Mongolia B- Caa1 Mongolia Caa1
Montenegro B+ B1 Montenegro B1
Montserrat BBB- NA
Morocco BBB- Ba1 Morocco Ba1
Mozambique CC Caa3 Mozambique Caa3
Namibia NA Baa3 Namibia Baa3
Netherlands AAA Aaa Netherlands Aaa
New Zealand AA Aaa New Zealand Aaa
Nicaragua B+ B2 Nicaragua B2
Nigeria B B1 Nigeria B1
Norway AAA Aaa Norway Aaa
Oman BBB- Baa1 Oman Baa1
Pakistan B B3 Pakistan B3
Panama BBB Baa2 Panama Baa2
Papua New Guinea B+ B2 Papua New G B2
Paraguay BB Ba1 Paraguay Ba1
Peru BBB+ A3 Peru A3
Philippines BBB Baa2 Philippines Baa2
Poland BBB+ A2 Poland A2
Portugal BB+ Ba1 Portugal Ba1
Qatar AA Aa2 Qatar Aa2
Ras Al Khaimah (Emirate A NA
Romania BBB- Baa3 Romania Baa3
Russia BB+ Ba1 Russia Ba1
Rwanda B B2 Rwanda B2
Saudi Arabia A- A1 Saudi Arabia A1
Senegal B+ B1 Senegal B1
Serbia BB- B1 Serbia B1
Sharjah NA A3 Sharjah A3
Singapore AAA Aaa Singapore Aaa
Slovakia A+ A2 Slovakia A2
Slovenia A Baa3 Slovenia Baa3
South Africa BBB- Baa2 South Africa Baa2
Spain BBB+ Baa2 Spain Baa2
Sri Lanka B+ B1 Sri Lanka B1
St. Maarten NA Baa2 Sint. Maarten Baa2
St. Vincent & the Grenadi NA B3 St. Vincent & B3
Suriname B+ B1 Suriname B1
Sweden AAA Aaa Sweden Aaa
Switzerland AAA Aaa Switzerland Aaa
Taiwan AA- Aa3 Taiwan Aa3
Thailand BBB+ Baa1 Thailand Baa1
Trinidad and Tobago A- Baa3 Trinidad and Baa3
Tunisia BB- Ba3 Tunisia Ba3
Turkey BB Ba1 Turkey Ba1
Turks and Caicos Islands NA NA
Uganda B B2 Uganda B2
Ukraine B- Caa3 Ukraine Caa3
United Arab Emirates AA Aa2 United Arab E Aa2
United Kingdom AA Aa1 United Kingd Aa1
United States AA+ Aaa United States Aaa
Uruguay BBB Baa2 Uruguay Baa2
Venezuela CCC Caa3 Venezuela Caa3
Vietnam BB- B1 Vietnam B1
Zambia B B3 Zambia B3
LC S&P
Aa2
B1 Albania B+
Andorra BBB-
B1 Angola B
B3 Argentina B-
B1 Armenia

Aruba BBB+
Aaa Australia AAA
Aa1 Austria AA+
Ba1 Azerbaijan BB+
Baa3 Bahamas BB+
Ba2 Bahrain BB-
Ba3 Bangladesh BB-
Caa1 Barbados B-
Caa1 Belarus B-
Aa3 Belgium AA
Caa2 Belize CC
A2 Bermuda A+
Ba3 Bolivia BB
B3 B
Bosnia and Herzegovina
A2 Botswana A-
Ba2 Brazil BB
Baa2 Bulgaria BB+
Burkina Faso B-
B2 Cambodia N/A
B2 Cameroon B
Aaa Canada AAA
Aa3
Cape Verde B
Aa3 Chile AA-
Aa3 China AA-
Baa2 Colombia BBB
B3 Congo B-
B3 Republic of theB-
Congo

Ba1 Costa Rica BB-


Ba3
Ba2 Croatia BB
Caa2 Cuba

B1 Cyprus BB
A1 AA-
Czech Republic
Aaa Denmark AAA
B1 BB-
Dominican Republic
B3 Ecuador B
B3 Egypt B-
B3 El Salvador B-
A1 Estonia AA-
B1 Ethiopia B
B1 Fiji B+
Aa1 Finland AA+
Aa2 France AA
B1 Gabon B
Ba3 Georgia BB-
Aaa Germany AAA
B3 Ghana B-
Caa3 Greece B-
Ba1 Guatemala BB
nnel Islands) Guernsey (ChaAA+
B2 Honduras B+
Aa1 Hong Kong AAA
Baa3 Hungary BBB-
A3 Iceland BBB+
Baa3 India BBB-
Baa3 Indonesia BB+ Iraq B-

Iraq B-
A3 Ireland A+
Aa1 Isle of Man N/A
A1 Israel A+
Baa2 Italy BBB-
B3 Jamaica B
A1 Japan A+

B1 Jordan BB-
Baa3 Kazakhstan BBB-
B1 Kenya B+
Aa2 South Korea AA
Aa2 Kuwait AA Kyrgyz Republ B2
B2 Kyrgyzstan NR
A3 Latvia A-
B2 Lebanon B-
Liechtenstein AAA
A3 Lithuania A-
Aaa Luxembourg AAA
Aa3 Macau

Macedonia BB-
A3 Malaysia A-
A3 Malta A-
Baa1 Mauritius
A3 Mexico BBB+
B3 Moldova
Caa1 Mongolia B-
B1 Montenegro B+
MontserBBB-
Ba1 Morocco BBB-
Caa3 Mozambique CC
Baa3 Namibia
Aaa Netherlands AAA
Aaa New Zealand AA
B2 Nicaragua B+
B1 Nigeria B
Aaa Norway AAA
Baa1 Oman BBB-
B3 Pakistan B
Baa2 Panama BBB
B2 B+
Papua New Guinea
Ba1 Paraguay BB
A3 Peru BBB+
Baa2 Philippines BBB
A2 Poland BBB+
Ba1 Portugal BB+
Aa2 Qatar AA
Ras Al KhaA
Baa3 Romania BBB-
Ba1 Russia BB+
B2 Rwanda B
A1 Saudi Arabia A-
B1 Senegal B+
B1 Serbia BB-
A3
Aaa Singapore AAA
A2 Slovakia A+
Baa3 Slovenia A
Baa2 South Africa BBB-
Baa2 Spain BBB+
B1 Sri Lanka B+
Baa2
B3
B1 Suriname B+
Aaa Sweden AAA
Aaa Switzerland AAA
Aa3 Taiwan AA-
Baa1 Thailand BBB+
Baa3 A-
Trinidad and Tobago
Ba3 Tunisia BB-
Ba1 Turkey BB

B2 Uganda B
Caa3 Ukraine B-
Aa2 AA
United Arab Emirates
Aa1 AA
United Kingdom
Aaa United States AA+
Baa2 Uruguay BBB
Caa3 Venezuela CCC
B1 Vietnam BB-
B3 Zambia B
B2 Kyrgyzstan B
Country Tax Rate Country 2016
Abu Dhabi 0.00% Afghanistan 20.00%
Albania 15.00% Albania 15.00%
Andorra (Pr 0.00% Algeria 26.00%
Angola 30.00% Angola 30.00%
Argentina 35.00% Argentina 35.00%
Armenia 20.00% Armenia 20.00%
Aruba 25.00% Aruba 25.00%
Australia 30.00% Australia 30.00%
Austria 25.00% Austria 25.00%
Azerbaijan 15.00% Bahamas 0.00%
Bahamas 0.00% Bahrain 0.00%
Bahrain 0.00% Bangladesh 25.00%
Banglades 25.00% Barbados 25.00%
Barbados 25.00% Belarus 18.00%
Belarus 18.00% Belgium 33.99%
Belgium 33.99% Bermuda 0.00%
Belize 27.29% Bolivia 25.00%
Bermuda 0.00% Bonaire, Sain 0.00%
Bolivia 25.00% Bosnia and He 10.00%
Bosnia and 10.00% Botswana 22.00%
Botswana 22.00% Brazil 34.00%
Brazil 34.00% Bulgaria 10.00%
Bulgaria 10.00% Cambodia 20.00%
Burkina Fa 27.46% Cameroon 33.00%
Cambodia 20.00% Canada 26.50%
Cameroon 33.00% Cayman Islan 0.00%
Canada 26.50% Chile 24.00%
Cayman Is 0.00% China 25.00%
Cape Verd 27.46% Colombia 25.00%
Chile 24.00% Costa Rica 30.00%
China 25.00% Croatia 20.00%
Colombia 25.00% Curacao 22.00%
Congo (Dem 27.46% Cyprus 12.50%
Congo (Rep 27.46% Czech Republi 19.00%
Cook Islan 20.00% Denmark 22.00%
Costa Rica 30.00% Dominican Rep 27.00%
Cte d'Ivoi 27.46% Ecuador 22.00%
Croatia 20.00% Egypt 22.50%
Cuba 27.29% El Salvador 30.00%
Curacao 25.00% Estonia 20.00%
Cyprus 12.50% Fiji 20.00%
Czech Repu 19.00% Finland 20.00%
Denmark 23.50% France 33.30%
Dominican 27.00% Georgia 15.00%
Ecuador 22.00% Germany 29.72%
Egypt 22.50% Ghana 25.00%
El Salvado 30.00% Gibraltar 10.00%
Estonia 20.00% Greece 29.00%
Ethiopia 27.46% Guatemala 25.00%
Fiji 20.00% Guernsey 0.00%
Finland 20.00% Honduras 30.00%
France 33.30% Hong Kong SA 16.50%
Gabon 27.46% Hungary 19.00%
Georgia 15.00% Iceland 20.00%
Germany 29.72% India 34.61%
Ghana 25.00% Indonesia 25.00%
Greece 29.00% Iraq 15.00%
Guatemala 25.00% Ireland 12.50%
Guernsey ( 0.00% Isle of Man 0.00%
Honduras 30.00% Israel 25.00%
Hong Kong 16.50% Italy 31.40%
Hungary 19.00% Jamaica 25.00%
Iceland 20.00% Japan 30.86%
India 34.61% Jersey 20.00%
Indonesia 25.00% Jordan 20.00%
Iraq 15.00% Kazakhstan 20.00%
Ireland 12.50% Kenya 30.00%
Isle of Man 0.00% Korea, Republi 24.20%
Israel 25.00% Kuwait 15.00%
Italy 31.40% Latvia 15.00%
Jamaica 25.00% Lebanon 15.00%
Japan 33.06% Libya 20.00%
Jersey (Sta 20.00% Liechtenstein 12.50%
Jordan 20.00% Lithuania 15.00%
Kazakhsta 20.00% Luxembourg 29.22%
Kenya 30.00% Macau 12.00%
Korea 24.20% Macedonia 10.00%
Kuwait 15.00% Malawi 30.00%
Kyrgyzstan 15.00% Malaysia 24.00%
Latvia 15.00% Malta 35.00%
Lebanon 15.00% Mauritius 15.00%
Liechtenst 12.50% Mexico 30.00%
Lithuania 15.00% Moldova 12.00%
Luxembour 29.22% Montenegro 9.00%
Macao 12.00% Morocco 31.00%
Macedonia 10.00% Mozambique 32.00%
Malaysia 24.00% Namibia 32.00%
Malta 35.00% Netherlands 25.00%
Mauritius 15.00% New Zealand 28.00%
Mexico 30.00% Nigeria 30.00%
Moldova 12.00% Norway 25.00%
Mongolia 21.92% Oman 12.00%
Montenegr 9.00% Pakistan 32.00%
Montserrat 27.46% Panama 25.00%
Morocco 31.00% Papua New Gu 30.00%
Mozambiq 32.00% Paraguay 10.00%
Namibia 32.00% Peru 28.00%
Netherlan 25.00% Philippines 30.00%
New Zeala 28.00% Poland 19.00%
Nicaragua 27.29% Portugal 21.00%
Nigeria 30.00% Qatar 10.00%
Norway 27.00% Romania 16.00%
Oman 12.00% Russia 20.00%
Pakistan 32.00% Samoa 27.00%
Panama 25.00% Saudi Arabia 20.00%
Papua New 30.00% Serbia 15.00%
Paraguay 10.00% Sierra Leone 30.00%
Peru 28.00% Singapore 17.00%
Philippines 30.00% Sint Maarten 34.50%
Poland 19.00% Slovakia 22.00%
Portugal 21.00% Slovenia 17.00%
Qatar 10.00% South Africa 28.00%
Ras Al Kha 0.00% Spain 25.00%
Romania 16.00% Sri Lanka 15.00%
Russia 20.00% St Maarten 34.50%
Rwanda 27.46% Sudan 35.00%
Saudi Arab 20.00% Suriname 0.00%
Senegal 27.46% Sweden 22.00%
Serbia 15.00% Switzerland 17.92%
Sharjah 0.00% Syria 22.00%
Singapore 17.00% Taiwan 17.00%
Slovakia 22.00% Tanzania 30.00%
Slovenia 17.00% Thailand 20.00%
South Afri 28.00% Trinidad and 25.00%
Spain 25.00% Tunisia 25.00%
Sri Lanka 15.00% Turkey 20.00%
St. Maarte 34.50% Uganda 30.00%
St. Vincen 26.85% Ukraine 18.00%
Suriname 34.50% United Arab E 55.00%
Sweden 22.00% United Kingd 20.00%
Switzerlan 17.92% United States 40.00%
Taiwan 17.00% Uruguay 25.00%
Thailand 20.00% Vanuatu 0.00%
Trinidad a 25.00% Venezuela 34.00%
Tunisia 25.00% Vietnam 22.00%
Turkey 20.00% Yemen 20.00%
Turks and 26.85% Zambia 35.00%
Uganda 30.00% Zimbabwe 25.75%
Ukraine 18.00% Africa averag 27.46%
United Ara 55.00% Americas ave 27.86%
United Ki 20.00% Asia average 21.92%
United Sta 40.00% Europe avera 20.48%
Uruguay 25.00% Oceania aver 26.00%
Venezuela 34.00% North Americ 33.25%
Vietnam 22.00% Latin America 27.29%
Zambia 35.00% EU average 22.09%
OECD averag 24.81%
Global averag 23.62%
Africa averag 27.46%
Americas ave 27.86%
Asia average 21.92%
Europe avera 20.48%
Oceania aver 26.00%
North Americ 33.25%
Latin America 27.29%
EU average 22.09%
OECD averag 24.81%
Global averag 23.62%
Country PRS Score Total Equity Risk Rating-based Defa
Abu Dhabi 6.40% 0.57%
Albania 69.3 12.09% 5.20%
Andorra (Principality of) 8.82% 2.54%
Angola 57.3 12.09% 5.20%
Argentina 64.3 14.94% 7.51%
Armenia 62.5 12.09% 5.20%
Aruba 7.96% 1.84%
Australia 78.3 5.69% 0.00%
Austria 79.8 6.25% 0.46%
Azerbaijan 58.8 9.24% 2.89%
Bahamas 76.0 8.82% 2.54%
Bahrain 65.8 9.96% 3.47%
Bangladesh 66.5 10.81% 4.16%
Barbados 16.35% 8.66%
Belarus 62.5 16.35% 8.66%
Belgium 76.5 6.55% 0.70%
Belize 18.49% 10.40%
Bermuda 6.90% 0.98%
Bolivia 67.3 10.81% 4.16%
Bosnia and Herzegovina 14.94% 7.51%
Botswana 77.8 6.90% 0.98%
Brazil 64.5 9.96% 3.47%
Bulgaria 74.0 8.40% 2.20%
Burkina Faso 64.0 14.94% 7.51%
Cambodia 13.51% 6.36%
Cameroon 63.5 13.51% 6.36%
Canada 82.8 5.69% 0.00%
Cayman Islands 6.55% 0.70%
Cape Verde 13.51% 6.36%
Chile 74.8 6.55% 0.70%
China 71.5 6.55% 0.70%
Colombia 67.0 8.40% 2.20%
Congo (Democratic Republ 53.5 14.94% 7.51%
Congo (Republic of) 61.3 14.94% 7.51%
Cook Islands 16.35% 8.66%
Costa Rica 75.3 9.24% 2.89%
Cte d'Ivoire 63.8 10.81% 4.16%
Croatia 71.3 9.96% 3.47%
Cuba 68.3 18.49% 10.40%
Curacao 16.35% 8.66%
Cyprus 74.0 12.09% 5.20%
Czech Republic 80.3 6.69% 0.81%
Denmark 81.0 5.69% 0.00%
Dominican Republic 74.3 12.09% 5.20%
Ecuador 60.5 14.94% 7.51%
Egypt 53.8 14.94% 7.51%
El Salvador 67.0 14.94% 7.51%
Estonia 74.0 6.69% 0.81%
Ethiopia 58.3 12.09% 5.20%
Fiji 12.09% 5.20%
Finland 82.0 6.25% 0.46%
France 72.3 6.40% 0.57%
Gabon 63.0 12.09% 5.20%
Georgia 0.0 10.81% 4.16%
Germany 85.0 5.69% 0.00%
Ghana 65.0 14.94% 7.51%
Greece 66.5 19.90% 11.55%
Guatemala 69.5 9.24% 2.89%
Guernsey (States of) 6.25% 0.46%
Honduras 66.8 13.51% 6.36%
Hong Kong 80.8 6.25% 0.46%
Hungary 76.3 8.82% 2.54%
Iceland 80.3 7.40% 1.39%
India 72.0 8.82% 2.54%
Indonesia 67.5 8.82% 2.54%
Iraq 56.3 14.94% 7.51%
Ireland 82.3 7.40% 1.39%
Isle of Man 6.25% 0.46%
Israel 78.0 6.69% 0.81%
Italy 74.5 8.40% 2.20%
Jamaica 72.3 14.94% 7.51%
Japan 82.5 6.69% 0.81%
Jersey (States of) 16.35% 8.66%
Jordan 63.8 12.09% 5.20%
Kazakhstan 65.3 8.82% 2.54%
Kenya 63.5 12.09% 5.20%
Korea 81.3 6.40% 0.57%
Kuwait 72.8 6.40% 0.57%
Kyrgyzstan 13.51% 6.36%
Latvia 73.8 7.40% 1.39%
Lebanon 61.0 13.51% 6.36%
Liechtenstein 5.69% 0.00%
Lithuania 74.0 7.40% 1.39%
Luxembourg 87.0 5.69% 0.00%
Macao 6.55% 0.70%
Macedonia 10.81% 4.16%
Malaysia 74.5 7.40% 1.39%
Malta 80.0 7.40% 1.39%
Mauritius 7.96% 1.84%
Mexico 67.0 7.40% 1.39%
Moldova 60.8 14.94% 7.51%
Mongolia 67.5 16.35% 8.66%
Montenegro 12.09% 5.20%
Montserrat 8.82% 2.54%
Morocco 69.8 9.24% 2.89%
Mozambique 50.0 19.90% 11.55%
Namibia 70.8 8.82% 2.54%
Netherlands 82.8 5.69% 0.00%
New Zealand 82.8 5.69% 0.00%
Nicaragua 64.5 13.51% 6.36%
Nigeria 54.0 12.09% 5.20%
Norway 88.0 5.69% 0.00%
Oman 68.8 7.96% 1.84%
Pakistan 62.8 14.94% 7.51%
Panama 74.3 8.40% 2.20%
Papua New Guinea 64.5 13.51% 6.36%
Paraguay 69.3 9.24% 2.89%
Peru 72.0 7.40% 1.39%
Philippines 74.3 8.40% 2.20%
Poland 77.8 6.90% 0.98%
Portugal 77.3 9.24% 2.89%
Qatar 78.3 6.40% 0.57%
Ras Al Khaimah (Emirate of) 6.90% 0.98%
Romania 72.0 8.82% 2.54%
Russia 66.3 9.24% 2.89%
Rwanda 13.51% 6.36%
Saudi Arabia 69.3 6.69% 0.81%
Senegal 62.8 12.09% 5.20%
Serbia 67.0 12.09% 5.20%
Sharjah 7.40% 1.39%
Singapore 85.5 5.69% 0.00%
Slovakia 75.0 6.90% 0.98%
Slovenia 73.8 8.82% 2.54%
South Africa 66.0 8.40% 2.20%
Spain 74.8 8.40% 2.20%
Sri Lanka 64.5 12.09% 5.20%
St. Maarten 8.40% 2.20%
St. Vincent & the Grenadines 14.94% 7.51%
Suriname 55.0 12.09% 5.20%
Sweden 85.8 5.69% 0.00%
Switzerland 88.5 5.69% 0.00%
Taiwan 83.3 6.55% 0.70%
Thailand 70.0 7.96% 1.84%
Trinidad and Tobago 68.0 8.82% 2.54%
Tunisia 65.0 10.81% 4.16%
Turkey 62.0 9.24% 2.89%
Turks and Caicos Islands 16.35% 8.66%
Uganda 60.3 13.51% 6.36%
Ukraine 61.5 19.90% 11.55%
United Arab Emirates 77.8 6.40% 0.57%
United Kingdom 78.0 6.25% 0.46%
United States of America 79.0 5.69% 0.00%
Uruguay 70.8 8.40% 2.20%
Venezuela 41.0 19.90% 11.55%
Vietnam 70.8 12.09% 5.20%
Zambia 65.8 14.94% 7.51%
Algeria 61.3 6.10%
Brunei 73.5 1.79%
Gambia 60.5 6.10%
Guinea 55.0 10.16%
Guinea-Bissau 65.0 5.08%
Guyana 68.8 3.66%
Haiti 59.3 8.53%
Iran 73.0 1.79%
Korea, D.P.R. 56.0 10.16%
Liberia 52.8 10.16%
Libya 48.3 14.63%
Madagascar 64.8 5.08%
Malawi 58.3 8.53%
Mali 63.3 5.69%
Myanmar 62.8 5.69%
Niger 56.5 10.16%
Sierra Leone 58.8 8.53%
Somalia 41.8 14.63%
Sudan 47.8 14.63%
Syria 44.8 14.63%
Tanzania 64.3 5.08%
Togo 60.8 6.10%
Yemen, Republic 51.3 10.16%
Zimbabwe 55.8 10.16%
Final ERP Tax Rate CRP PRS Score
6.40% 0.00% 0.7053% More than
12.09% 15.00% 6.3991% 0
8.82% 0.00% 3.1290% 40.001
12.09% 30.00% 6.3991% 50.001
14.94% 35.00% 9.2460% 57.001
12.09% 20.00% 6.3991% 60.001
7.96% 25.00% 2.2698% 62.001
5.69% 30.00% 0.0000% 64.001
6.25% 25.00% 0.5643% 66.001
9.24% 15.00% 3.5522% 68.001
8.82% 0.00% 3.1290% 69.001
9.96% 0.00% 4.2703% 72.001
10.81% 25.00% 5.1167% 74.001
16.35% 25.00% 10.6566% 76.001
16.35% 18.00% 10.6566% 80.001
6.55% 33.99% 0.8592% 82.501
18.49% 27.29% 12.7982% 85.001
6.90% 0.00% 1.2054%
10.81% 25.00% 5.1167%
14.94% 10.00% 9.2460%
6.90% 22.00% 1.2054%
9.96% 34.00% 4.2703%
8.40% 10.00% 2.7058%
14.94% 27.46% 9.2460%
13.51% 20.00% 7.8226%
13.51% 33.00% 7.8226%
5.69% 26.50% 0.0000%
6.55% 0.00% 0.8592%
13.51% 27.46% 7.8226%
6.55% 24.00% 0.8592%
6.55% 25.00% 0.8592%
8.40% 25.00% 2.7058%
14.94% 27.46% 9.2460%
14.94% 27.46% 9.2460%
16.35% 20.00% 10.6566%
9.24% 30.00% 3.5522%
10.81% 27.46% 5.1167%
9.96% 20.00% 4.2703%
18.49% 27.29% 12.7982%
16.35% 25.00% 10.6566%
12.09% 12.50% 6.3991%
6.69% 19.00% 1.0003%
5.69% 23.50% 0.0000%
12.09% 27.00% 6.3991%
14.94% 22.00% 9.2460%
14.94% 22.50% 9.2460%
14.94% 30.00% 9.2460%
6.69% 20.00% 1.0003%
12.09% 27.46% 6.3991%
12.09% 20.00% 6.3991%
6.25% 20.00% 0.5643%
6.40% 33.30% 0.7053%
12.09% 27.46% 6.3991%
10.81% 15.00% 5.1167%
5.69% 29.72% 0.0000%
14.94% 25.00% 9.2460%
19.90% 29.00% 14.2088%
9.24% 25.00% 3.5522%
6.25% 0.00% 0.5643%
13.51% 30.00% 7.8226%
6.25% 16.50% 0.5643%
8.82% 19.00% 3.1290%
7.40% 20.00% 1.7056%
8.82% 34.61% 3.1290%
8.82% 25.00% 3.1290%
14.94% 15.00% 9.2460%
7.40% 12.50% 1.7056%
6.25% 0.00% 0.5643%
6.69% 25.00% 1.0003%
8.40% 31.40% 2.7058%
14.94% 25.00% 9.2460%
6.69% 33.06% 1.0003%
16.35% 20.00% 10.6566%
12.09% 20.00% 6.3991%
8.82% 20.00% 3.1290%
12.09% 30.00% 6.3991%
6.40% 24.20% 0.7053%
6.40% 15.00% 0.7053%
13.51% 15.00% 7.8226%
7.40% 15.00% 1.7056%
13.51% 15.00% 7.8226%
5.69% 12.50% 0.0000%
7.40% 15.00% 1.7056%
5.69% 29.22% 0.0000%
6.55% 12.00% 0.8592%
10.81% 10.00% 5.1167%
7.40% 24.00% 1.7056%
7.40% 35.00% 1.7056%
7.96% 15.00% 2.2698%
7.40% 30.00% 1.7056%
14.94% 12.00% 9.2460%
16.35% 21.92% 10.6566%
12.09% 9.00% 6.3991%
8.82% 27.46% 3.1290%
9.24% 31.00% 3.5522%
19.90% 32.00% 14.2088%
8.82% 32.00% 3.1290%
5.69% 25.00% 0.0000%
5.69% 28.00% 0.0000%
13.51% 27.29% 7.8226%
12.09% 30.00% 6.3991%
5.69% 27.00% 0.0000%
7.96% 12.00% 2.2698%
14.94% 32.00% 9.2460%
8.40% 25.00% 2.7058%
13.51% 30.00% 7.8226%
9.24% 10.00% 3.5522%
7.40% 28.00% 1.7056%
8.40% 30.00% 2.7058%
6.90% 19.00% 1.2054%
9.24% 21.00% 3.5522%
6.40% 10.00% 0.7053%
6.90% 0.00% 1.2054%
8.82% 16.00% 3.1290%
9.24% 20.00% 3.5522%
13.51% 27.46% 7.8226%
6.69% 20.00% 1.0003%
12.09% 27.46% 6.3991%
12.09% 15.00% 6.3991%
7.40% 0.00% 1.7056%
5.69% 17.00% 0.0000%
6.90% 22.00% 1.2054%
8.82% 17.00% 3.1290%
8.40% 28.00% 2.7058%
8.40% 25.00% 2.7058%
12.09% 15.00% 6.3991%
8.40% 34.50% 2.7058%
14.94% 26.85% 9.2460%
12.09% 34.50% 6.3991%
5.69% 22.00% 0.0000%
5.69% 17.92% 0.0000%
6.55% 17.00% 0.8592%
7.96% 20.00% 2.2698%
8.82% 25.00% 3.1290%
10.81% 25.00% 5.1167%
9.24% 20.00% 3.5522%
16.35% 26.85% 10.6566%
13.51% 30.00% 7.8226%
19.90% 18.00% 14.2088%
6.40% 55.00% 0.7053%
6.25% 20.00% 0.5643%
5.69% 40.00% 0.0000%
8.40% 25.00% 2.7058%
19.90% 34.00% 14.2088%
12.09% 22.00% 6.3991%
14.94% 35.00% 9.2460%
13.19% 26.00% 7.50%
7.89% 26.90% 2.20%
13.19% 28.18% 7.50%
18.19% 28.18% 12.50%
11.94% 28.18% 6.25%
10.19% 24.50% 4.50%
16.19% 24.50% 10.50%
7.89% 30.16% 2.20%
18.19% 26.90% 12.50%
18.19% 28.18% 12.50%
23.69% 20.00% 18.00%
11.94% 28.18% 6.25%
16.19% 30.00% 10.50%
12.69% 28.18% 7.00%
12.69% 26.90% 7.00%
18.19% 28.18% 12.50%
16.19% 30.00% 10.50%
23.69% 20.00% 18.00%
23.69% 35.00% 18.00%
23.69% 22.00% 18.00%
11.94% 30.00% 6.25%
13.19% 28.18% 7.50%
18.19% 20.00% 12.50%
18.19% 25.75% 12.50%
PRS Score
Less than ERP CRP
40.000 25.69% 20.0000% Country Country
50.000 23.69% 18.0000% AbuDhabi
57.000 18.19% 12.5000% Albania 68.8 Albania
60.000 16.19% 10.5000% Andorra(Prin
62.000 13.19% 7.5000% Algeria 63.0 Algeria
64.000 12.69% 7.0000% Angola 59.0 Angola
66.000 11.94% 6.2500% Argentina 65.3 Argentina
68.000 11.19% 5.5000% Armenia 62.5 Armenia
69.000 10.19% 4.5000% Aruba
72.000 9.19% 3.5000% Australia 77.8 Australia
74.000 7.89% 2.2000% Austria 78.8 Austria
76.000 7.49% 1.8000% Azerbaijan 68.5 Azerbaijan
80.000 7.19% 1.5000% Bahamas 76.3 Bahamas
82.500 6.44% 0.7500% Bahrain 68.8 Bahrain
85.000 6.09% 0.4000% Bangladesh 66.0 Bangladesh
90.000 5.69% Barbados
Belarus 59.5 Belarus
Belgium 76.3 Belgium
Belize
Bermuda
Bolivia 68.8 Bolivia
BosniaandH
Botswana 77.5 Botswana
Brazil 62.8 Brazil
Brunei 72.8 Brunei
Bulgaria 71.8 Bulgaria
Burkina Faso 63.5 BurkinaFaso
Cambodia
Cameroon 63.8 Cameroon
Canada 81.3 Canada
CaymanIsla
CapeVerde
Chile 74.8 Chile
China, Peoples' 72.5 China
Colombia 65.3 Colombia
Congo, Dem. R 57.3 Congo(Democ
Congo, Republi 64.8 Congo(Repub
CookIslands
Costa Rica 73.5 CostaRica
Cote d'Ivoire 64.0 Cted'Ivoire
Croatia 71.5 Croatia
Cuba 70.0 Cuba
Curacao
Cyprus 73.3 Cyprus
Czech Republic 77.8 CzechRepub
Denmark 82.3 Denmark
Dominican Rep 73.0 DominicanR
Ecuador 63.0 Ecuador
Egypt 60.5 Egypt
El Salvador 68.3 ElSalvador
Estonia 74.8 Estonia
Ethiopia 61.0 Ethiopia
Fiji
Finland 81.8 Finland
France 73.8 France
Gabon 69.5 Gabon
Georgia
Gambia 62.0 Gambia
Germany 84.5 Germany
Ghana 64.3 Ghana
Greece 68.5 Greece
Guatemala 70.0 Guatemala
Guinea 53.8 Guinea
Guinea-Bissau 62.3 Guinea-Bissau
Guyana 63.5 Guyana
Guernsey(Sta
Haiti 57.0 Haiti
Honduras 66.8 Honduras
Hong Kong 81.0 HongKong
Hungary 75.3 Hungary
Iceland 83.5 Iceland
India 69.3 India
Indonesia 63.8 Indonesia
Iran 67.8 Iran
Iraq 56.0 Iraq
Ireland 82.5 Ireland
IsleofMan
Israel 77.0 Israel
Italy 75.5 Italy
Jamaica 71.0 Jamaica
Japan 82.3 Japan
Jersey(State
Jordan 68.8 Jordan
Kazakhstan 63.8 Kazakhstan
Kenya 62.0 Kenya
Korea, D.P.R. 56.0 Korea, D.P.R.
Korea, Republi 81.0 Korea
Kuwait 73.8 Kuwait
Latvia 74.3 Latvia
Lebanon 60.8 Lebanon
Liberia 50.5 Liberia
Libya 52.8 Libya
Liechtenstein
Lithuania 76.3 Lithuania
Luxembourg 87.0 Luxembourg
Macao
Madagascar 61.3 Madagascar
Macedonia
Malawi 57.0 Malawi
Malaysia 74.3 Malaysia
Mali 62.5 Mali
Malta 77.5 Malta
Mauritius
Mexico 68.3 Mexico
Moldova 62.3 Moldova
Mongolia 62.5 Mongolia
Montenegro
Montserrat
Morocco 69.5 Morocco
Mozambique 52.3 Mozambique
Myanmar 63.3 Myanmar
Namibia 71.3 Namibia
Netherlands 82.8 Netherlands
New Zealand 82.3 NewZealand
Nicaragua 64.3 Nicaragua
Niger 51.0 Niger
Nigeria 62.0 Nigeria
Norway 87.5 Norway
Oman 74.5 Oman
Pakistan 61.3 Pakistan
Panama 73.5 Panama
Papua New Gui 64.0 PapuaNewG
Paraguay 67.3 Paraguay
Peru 68.3 Peru
Philippines 73.0 Philippines
Poland 79.3 Poland
Portugal 76.3 Portugal
Qatar 78.3 Qatar
RasAlKhaim
Romania 71.8 Romania
Russia 64.3 Russia
Rwanda
Saudi Arabia 72.5 SaudiArabia
Senegal 63.3 Senegal
Serbia 63.8 Serbia
Sharjah
Sierra Leone 56.5 Sierra Leone
Singapore 87.3 Singapore
Slovakia 74.0 Slovakia
Slovenia 72.3 Slovenia
Somalia 42.5 Somalia
South Africa 66.3 SouthAfrica
Spain 74.0 Spain
Sri Lanka 67.5 SriLanka
Sudan 48.3 Sudan
St.Maarten
St.Vincent
Suriname 68.3 Suriname
Sweden 85.8 Sweden
Switzerland 87.5 Switzerland
Syria 35.8 Syria
Taiwan 83.3 Taiwan
Tanzania 63.0 Tanzania
Thailand 68.0 Thailand
Togo 63.8 Togo
Trinidad & Tob 75.5 Trinidadand
Tunisia 65.8 Tunisia
Turkey 61.5 Turkey
TurksandCa
Uganda 60.3 Uganda
Ukraine 52.0 Ukraine
United Arab Em 77.8 UnitedArab
United Kingdo 80.3 UnitedKing
United States 78.3 UnitedState
Uruguay 70.5 Uruguay
Venezuela 49.3 Venezuela
Vietnam 71.5 Vietnam
Yemen, Republ 50.3 Yemen, Republ
Zambia 65.0 Zambia
Zimbabwe 54.5 Zimbabwe
PRS SCORE Moody'sratingRatingbasedTotalEquityRiskPremium Country
NA Aa2 0.55% 6.74% 0
68.75 B1 4.99% 12.71% 1 Albania
NA Baa3 2.44% 9.28% 0
63.0 1 Angola
59 Ba2 3.33% 10.48% 1 Argentina
65.25 Caa1 8.31% 17.17% 1 Armenia
62.5 Ba3 3.99% 11.37% 1
NA Baa1 1.77% 8.38% 0 Australia
77.75 Aaa 0.00% 6.00% 1 Austria
78.75 Aaa 0.00% 6.00% 1 Azerbaijan
68.5 Baa3 2.44% 9.28% 1 Bahamas
76.25 Baa2 2.11% 8.84% 1 Bahrain
68.75 Baa3 2.44% 9.28% 1 Bangladesh
66 Ba3 3.99% 11.37% 1
NA B3 7.21% 15.70% 0 Belarus
59.5 Caa1 8.31% 17.17% 1 Belgium
76.25 Aa3 0.67% 6.90% 1
NA Caa2 9.98% 19.42% 0
NA A1 0.78% 7.05% 0 Bolivia
68.75 Ba3 3.99% 11.37% 1
NA B3 7.21% 15.70% 0 Botswana
77.5 A2 0.94% 7.26% 1 Brazil
62.75 Baa3 2.44% 9.28% 1 Bulgaria
72.8 1 Burkina Faso
71.75 Baa2 2.11% 8.84% 1
63.5 B3 7.21% 15.70% 1 Cameroon
NA B2 6.10% 14.20% 0 Canada
63.75 B2 6.10% 14.20% 1
81.25 Aaa 0.00% 6.00% 1
NA Aa3 0.67% 6.90% 0 Chile
NA B2 6.10% 14.20% 0 China
74.75 Aa3 0.67% 6.90% 1 Colombia
NA Aa3 0.67% 6.90% 0 Congo, Dem. R
65.25 Baa2 2.11% 8.84% 1 Congo, Republi
NA B3 7.21% 15.70% 0
NA Ba3 3.99% 11.37% 0 Costa Rica
NA B1 4.99% 12.71% 0 Cote d'Ivoire
73.5 Ba1 2.77% 9.72% 1 Croatia
NA Ba3 3.99% 11.37% 0 Cuba
71.5 Ba1 2.77% 9.72% 1
70 Caa2 9.98% 19.42% 1 Cyprus
NA A3 1.33% 7.79% 0 Czech Republic
73.25 B1 4.99% 12.71% 1 Denmark
77.75 A1 0.78% 7.05% 1 Dominican Rep
82.25 Aaa 0.00% 6.00% 1 Ecuador
73 B1 4.99% 12.71% 1 Egypt
63 B3 7.21% 15.70% 1 El Salvador
60.5 B3 7.21% 15.70% 1 Estonia
68.25 Ba3 3.99% 11.37% 1 Ethiopia
74.75 A1 0.78% 7.05% 1
61 B1 4.99% 12.71% 1 Finland
NA B1 4.99% 12.71% 0 France
81.75 Aaa 0.00% 6.00% 1 Gabon
73.75 Aa2 0.55% 6.74% 1
69.5 Ba3 3.99% 11.37% 1 Germany
NA Ba3 3.99% 11.37% 0 Ghana
62.0 1 Greece
84.5 Aaa 0.00% 6.00% 1 Guatemala
64.25 B3 7.21% 15.70% 1
68.5 Caa3 11.08% 20.90% 1 Honduras
70 Ba1 2.77% 9.72% 1 Hong Kong
53.8 1 Hungary
62.3 1 Iceland
63.5 1 India
NA Aa1 0.44% 6.59% 0 Indonesia
57.0 1 Iraq
66.75 B3 7.21% 15.70% 1 Ireland
81 Aa1 0.44% 6.59% 1
75.25 Ba1 2.77% 9.72% 1 Israel
83.5 Baa2 2.11% 8.84% 1 Italy
69.25 Baa3 2.44% 9.28% 1 Jamaica
63.75 Baa3 2.44% 9.28% 1 Japan
67.8 1
56.0 1 Jordan
82.5 Baa1 1.77% 8.38% 1 Kazakhstan
NA Aa1 0.44% 6.59% 0 Kenya
77 A1 0.78% 7.05% 1 Korea, Republi
75.5 Baa2 2.11% 8.84% 1 Kuwait
71 Caa2 9.98% 19.42% 1
82.25 A1 0.78% 7.05% 1 Latvia
NA Aa1 0.44% 6.59% 0 Lebanon
68.75 B1 4.99% 12.71% 1
63.75 Baa2 2.11% 8.84% 1 Lithuania
62 B1 4.99% 12.71% 1 Luxembourg
56.0 1
NA Aa2 0.55% 6.74% 0
73.75 Aa2 0.55% 6.74% 1 Malaysia
74.25 A3 1.33% 7.79% 1 Malta
60.75 B2 6.10% 14.20% 1
50.5 1 Mexico
52.8 1 Moldova
NA Aaa 0.00% 6.00% 0 Mongolia
76.25 A3 1.33% 7.79% 1
87 Aaa 0.00% 6.00% 1
NA Aa2 0.55% 6.74% 0 Morocco
61.3 1 Mozambique
NA Ba3 3.99% 11.37% 0 Namibia
57.0 1 Netherlands
74.25 A3 1.33% 7.79% 1 New Zealand
62.5 1 Nicaragua
77.5 A3 1.33% 7.79% 1 Nigeria
NA Baa1 1.77% 8.38% 0 Norway
68.25 A3 1.33% 7.79% 1 Oman
62.25 B3 7.21% 15.70% 1 Pakistan
62.5 B2 6.10% 14.20% 1 Panama
NA Ba3 3.99% 11.37% 0 Papua New Gui
NA Baa3 2.44% 9.28% 0 Paraguay
69.5 Ba1 2.77% 9.72% 1 Peru
52.25 B2 6.10% 14.20% 1 Philippines
63.3 1 Poland
71.25 Baa3 2.44% 9.28% 1 Portugal
82.75 Aaa 0.00% 6.00% 1 Qatar
82.25 Aaa 0.00% 6.00% 1
64.25 B2 6.10% 14.20% 1 Romania
51.0 1 Russia
62 Ba3 3.99% 11.37% 1
87.5 Aaa 0.00% 6.00% 1 Saudi Arabia
74.5 A1 0.78% 7.05% 1 Senegal
61.25 B3 7.21% 15.70% 1 Serbia
73.5 Baa2 2.11% 8.84% 1
64 B1 4.99% 12.71% 1 Singapore
67.25 Ba1 2.77% 9.72% 1 Slovakia
68.25 A3 1.33% 7.79% 1 Slovenia
73 Baa2 2.11% 8.84% 1 South Africa
79.25 A2 0.94% 7.26% 1 Spain
76.25 Ba1 2.77% 9.72% 1 Sri Lanka
78.25 Aa2 0.55% 6.74% 1
NA A2 0.94% 7.26% 0
71.75 Baa3 2.44% 9.28% 1 Suriname
64.25 Ba1 2.77% 9.72% 1 Sweden
NA B1 4.99% 12.71% 0 Switzerland
72.5 Aa3 0.67% 6.90% 1 Taiwan
63.25 B1 4.99% 12.71% 1 Thailand
NA B1 4.99% 12.71% 0 Trinidad & Tob
NA A3 1.33% 7.79% 0 Tunisia
56.5 1 Turkey
87.25 Aaa 0.00% 6.00% 1
74 A2 0.94% 7.26% 1 Uganda
72.25 Baa3 2.44% 9.28% 1 Ukraine
42.5 1 United Arab Em
66.25 Baa2 2.11% 8.84% 1 United Kingdo
74 Baa2 2.11% 8.84% 1 United States
67.5 B1 4.99% 12.71% 1 Uruguay
48.3 1 Venezuela
NA Baa1 1.77% 8.38% 0 Vietnam
NA B3 7.21% 15.70% 0 Zambia
68.25 Ba3 3.99% 11.37% 1
85.75 Aaa 0.00% 6.00% 1
87.5 Aaa 0.00% 6.00% 1
35.8 1
83.25 Aa3 0.67% 6.90% 1
63.0 1
68 Baa1 1.77% 8.38% 1
63.8 1
NA Baa2 2.11% 8.84% 0
65.75 Ba3 3.99% 11.37% 1
61.5 Baa3 2.44% 9.28% 1
NA Baa1 1.77% 8.38% 0
60.25 B1 4.99% 12.71% 1
52 Caa3 11.08% 20.90% 1
77.75 Aa2 0.55% 6.74% 1
80.25 Aa1 0.44% 6.59% 1
NA Aaa 0.00% 6.00% 0
70.5 Baa2 2.11% 8.84% 1
49.25 Caa3 11.08% 20.90% 1
71.5 B1 4.99% 12.71% 1
50.3 1
65 B2 6.10% 14.20% 1
54.5 1
Composite
Risk Rating
06/16 Country PRSScore TotalEquity Ratingbased FinalERP
AbuDhabi 7.03% 0.56% 7.03%
69.3 Albania 69.3 13.32% 5.05% 13.32%
Andorra(Principalityof) 9.71% 2.47% 9.71%
55.3 Angola 55.3 13.32% 5.05% 13.32%
63.5 Argentina 63.5 16.46% 7.29% 16.46%
62.5 Armenia 62.5 13.32% 5.05% 13.32%
Aruba 8.76% 1.79% 8.76%
79.0 Australia 79.0 6.25% 0.00% 6.25%
79.3 Austria 79.3 6.88% 0.45% 6.88%
63.5 Azerbaijan 63.5 10.17% 2.80% 10.17%
76.3 Bahamas 76.3 9.23% 2.13% 9.23%
65.8 Bahrain 65.8 10.97% 3.37% 10.97%
66.3 Bangladesh 66.3 11.91% 4.04% 11.91%
Barbados 18.02% 8.41% 18.02%
59.8 Belarus 59.8 18.02% 8.41% 18.02%
76.8 Belgium 76.8 7.20% 0.68% 7.20%
Belize 20.39% 10.10% 20.39%
Bermuda 7.58% 0.95% 7.58%
67.5 Bolivia 67.5 11.91% 4.04% 11.91%
BosniaandHerzegovina 16.46% 7.29% 16.46%
77.5 Botswana 77.5 7.58% 0.95% 7.58%
64.8 Brazil 64.8 10.97% 3.37% 10.97%
74.0 Bulgaria 74.0 9.23% 2.13% 9.23%
63.8 BurkinaFaso 63.8 16.46% 7.29% 16.46%
Cambodia 14.89% 6.17% 14.89%
63.8 Cameroon 63.8 14.89% 6.17% 14.89%
82.8 Canada 82.8 6.25% 0.00% 6.25%
CaymanIslands 7.20% 0.68% 7.20%
CapeVerde 14.89% 6.17% 14.89%
75.0 Chile 75.0 7.20% 0.68% 7.20%
71.0 China 71.0 7.20% 0.68% 7.20%
67.0 Colombia 67.0 9.23% 2.13% 9.23%
56.3 Congo(DemocraticRepubl 56.3 16.46% 7.29% 16.46%
64.5 Congo(Republicof) 64.5 14.89% 6.17% 14.89%
CookIslands 13.32% 5.05% 13.32%
72.8 CostaRica 72.8 10.17% 2.80% 10.17%
63.3 Cted'Ivoire 63.3 11.91% 4.04% 11.91%
71.3 Croatia 71.3 10.97% 3.37% 10.97%
70.8 Cuba 70.8 20.39% 10.10% 20.39%
Curacao 8.14% 1.35% 8.14%
73.3 Cyprus 73.3 13.32% 5.05% 13.32%
79.5 CzechRepublic 79.5 7.36% 0.79% 7.36%
82.5 Denmark 82.5 6.25% 0.00% 6.25%
73.8 DominicanRepublic 73.8 13.32% 5.05% 13.32%
61.5 Ecuador 61.5 16.46% 7.29% 16.46%
60.0 Egypt 60.0 16.46% 7.29% 16.46%
67.8 ElSalvador 67.8 11.91% 4.04% 11.91%
74.3 Estonia 74.3 7.36% 0.79% 7.36%
59.0 Ethiopia 59.0 13.32% 5.05% 13.32%
Fiji 13.32% 5.05% 13.32%
81.3 Finland 81.3 6.88% 0.45% 6.88%
72.8 France 72.8 7.03% 0.56% 7.03%
63.8 Gabon 63.8 13.32% 5.05% 13.32%
61.5 Georgia 61.5 11.91% 4.04% 11.91%
85.0 Germany 85.0 6.25% 0.00% 6.25%
63.0 Ghana 63.0 16.46% 7.29% 16.46%
66.8 Greece 66.8 21.94% 11.21% 21.94%
70.3 Guatemala 70.3 10.17% 2.80% 10.17%
Guernsey(Statesof) 6.88% 0.45% 6.88%
67.5 Honduras 67.5 14.89% 6.17% 14.89%
80.8 HongKong 80.8 6.88% 0.45% 6.88%
75.0 Hungary 75.0 10.17% 2.80% 10.17%
80.5 Iceland 80.5 9.23% 2.13% 9.23%
69.8 India 69.8 9.71% 2.47% 9.71%
65.5 Indonesia 65.5 9.71% 2.47% 9.71%
56.5 Iraq 56.5 16.46% 7.29% 16.46%
82.0 Ireland 82.0 8.14% 1.35% 8.14%
IsleofMan 6.88% 0.45% 6.88%
77.8 Israel 77.8 7.36% 0.79% 7.36%
75.5 Italy 75.5 9.23% 2.13% 9.23%
71.3 Jamaica 71.3 20.39% 10.10% 20.39%
81.5 Japan 81.5 7.36% 0.79% 7.36%
Jersey(Statesof) 6.88% 0.45% 6.88%
68.8 Jordan 68.8 13.32% 5.05% 13.32%
60.5 Kazakhstan 60.5 9.71% 2.47% 9.71%
62.5 Kenya 82.0 13.32% 5.05% 13.32%
82.0 Korea 70.3 7.03% 0.56% 7.03%
70.3 Kuwait 82.0 7.03% 0.56% 7.03%
Kyrgyzstan 14.89% 6.17% 14.89%
74.5 Latvia 74.5 8.14% 1.35% 8.14%
61.0 Lebanon 61.0 14.89% 6.17% 14.89%
Liechtenstein 6.25% 0.00% 6.25%
76.0 Lithuania 76.0 8.14% 1.35% 8.14%
86.5 Luxembourg 86.5 6.25% 0.00% 6.25%
Macao 7.20% 0.68% 7.20%
Macedonia 11.91% 4.04% 11.91%
73.3 Malaysia 73.3 8.14% 1.35% 8.14%
77.5 Malta 77.5 8.14% 1.35% 8.14%
Mauritius 8.76% 1.79% 8.76%
67.3 Mexico 67.3 8.14% 1.35% 8.14%
60.5 Moldova 60.5 16.46% 7.29% 16.46%
68.5 Mongolia 68.5 14.89% 6.17% 14.89%
Montenegro 11.91% 4.04% 11.91%
Montserrat 9.71% 2.47% 9.71%
70.3 Morocco 70.3 10.17% 2.80% 10.17%
50.3 Mozambique 50.3 18.02% 8.41% 18.02%
72.0 Namibia 72.0 9.71% 2.47% 9.71%
82.5 Netherlands 82.5 6.25% 0.00% 6.25%
83.0 NewZealand 83.0 6.25% 0.00% 6.25%
65.3 Nicaragua 65.3 14.89% 6.17% 14.89%
59.0 Nigeria 59.0 13.32% 5.05% 13.32%
89.3 Norway 89.3 6.25% 0.00% 6.25%
70.3 Oman 70.3 8.76% 1.79% 8.76%
62.8 Pakistan 62.8 16.46% 7.29% 16.46%
73.0 Panama 73.0 9.23% 2.13% 9.23%
63.3 PapuaNewGuinea 63.3 14.89% 6.17% 14.89%
67.8 Paraguay 67.8 10.17% 2.80% 10.17%
72.3 Peru 72.3 8.14% 1.35% 8.14%
75.0 Philippines 75.0 9.23% 2.13% 9.23%
78.8 Poland 78.8 7.58% 0.95% 7.58%
76.5 Portugal 76.5 10.17% 2.80% 10.17%
78.3 Qatar 78.3 7.03% 0.56% 7.03%
RasAlKhaimah(Emirateof) 7.58% 0.95% 7.58%
71.5 Romania 71.5 9.71% 2.47% 9.71%
66.3 Russia 66.3 10.17% 2.80% 10.17%
Rwanda 13.32% 5.05% 13.32%
68.3 SaudiArabia 68.3 7.36% 0.79% 7.36%
63.8 Senegal 63.8 13.32% 5.05% 13.32%
67.0 Serbia 67.0 13.32% 5.05% 13.32%
Sharjah 8.14% 1.35% 8.14%
86.3 Singapore 86.3 6.25% 0.00% 6.25%
74.8 Slovakia 74.8 7.58% 0.95% 7.58%
72.8 Slovenia 72.8 9.71% 2.47% 9.71%
65.0 SouthAfrica 65.0 9.23% 2.13% 9.23%
73.8 Spain 73.8 9.23% 2.13% 9.23%
64.5 SriLanka 64.5 13.32% 5.05% 13.32%
St.Maarten 9.23% 2.13% 9.23%
St.Vincent&theGrenadines 16.46% 7.29% 16.46%
61.8 Suriname 61.8 13.32% 5.05% 13.32%
85.8 Sweden 85.8 6.25% 0.00% 6.25%
87.8 Switzerland 87.8 6.25% 0.00% 6.25%
83.3 Taiwan 83.3 7.20% 0.68% 7.20%
69.5 Thailand 69.5 8.76% 1.79% 8.76%
70.8 TrinidadandTobago 70.8 9.23% 2.13% 9.23%
65.0 Tunisia 65.0 11.91% 4.04% 11.91%
64.0 Turkey 64.0 9.71% 2.47% 9.71%
TurksandCaicosIslands 8.76% 1.79% 8.76%
60.5 Uganda 60.5 13.32% 5.05% 13.32%
59.5 Ukraine 59.5 21.94% 11.21% 21.94%
77.8 UnitedArabEmirates 77.8 7.03% 0.56% 7.03%
77.8 UnitedKingdom 77.8 6.88% 0.45% 6.88%
79.3 UnitedStatesofAmerica 79.3 6.25% 0.00% 6.25%
71.0 Uruguay 71.0 9.23% 2.13% 9.23%
44.3 Venezuela 44.3 21.94% 11.21% 21.94%
71.8 Vietnam 71.8 13.32% 5.05% 13.32%
64.8 Zambia 64.8 16.46% 7.29% 16.46%
Algeria 60.3
Brunei 72.8
Gambia 61.5
Guinea 48.5
Guinea-Bissau 64.5
Guyana 64.5
Haiti 58.0
Iran 72.0
Korea, D.P.R. 56.0
Liberia 52.8
Libya 50.0
Madagascar 64.5
Malawi 54.8
Mali 63.5
Myanmar 61.8
Niger 53.8
Sierra Leone 57.3
Somalia 41.0
Sudan 48.3
Syria 45.8
Tanzania 64.0
Togo 61.0
Yemen, Republic 50.5
Zimbabwe 56.0
TaxRate CRP Test
55.00% 0.7800% 0
15.00% 7.0700% 1
0.00% 3.4600% 0
30.00% 7.0700% 1
35.00% 10.2100% 1
20.00% 7.0700% 1
28.00% 2.5100% 0
30.00% 0.0000% 1
25.00% 0.6300% 1
20.12% 3.9200% 1
0.00% 2.9800% 1
0.00% 4.7200% 1
27.50% 5.6600% 1
25.00% 11.7700% 0
18.00% 11.7700% 1
33.99% 0.9500% 1
26.85% 14.1400% 0
0.00% 1.3300% 0
25.00% 5.6600% 1
10.00% 10.2100% 0
22.00% 1.3300% 1
34.00% 4.7200% 1
10.00% 2.9800% 1
27.92% 10.2100% 1
0.00% 8.6400% 0
33.00% 8.6400% 1
26.50% 0.0000% 1
0.00% 0.9500% 0
27.92% 8.6400% 0
22.50% 0.9500% 1
25.00% 0.9500% 1
25.00% 2.9800% 1
27.92% 10.2100% 0
27.92% 8.6400% 0
27.00% 7.0700% 0
30.00% 3.9200% 1
27.92% 5.6600% 0
20.00% 4.7200% 1
27.35% 14.1400% 1
25.00% 1.8900% 0
12.50% 7.0700% 1
19.00% 1.1100% 1
23.50% 0.0000% 1
27.00% 7.0700% 1
22.00% 10.2100% 1
22.50% 10.2100% 1
30.00% 5.6600% 1
20.00% 1.1100% 1
27.92% 7.0700% 1
20.00% 7.0700% 0
20.00% 0.6300% 1
33.33% 0.7800% 1
27.92% 7.0700% 1
15.00% 5.6600% 0
29.65% 0.0000% 1
25.00% 10.2100% 1
29.00% 15.6900% 1
25.00% 3.9200% 1
0.00% 0.6300% 0
30.00% 8.6400% 1
16.50% 0.6300% 1
19.00% 3.9200% 1
20.00% 2.9800% 1
34.61% 3.4600% 1
25.00% 3.4600% 1
15.00% 10.2100% 1
12.50% 1.8900% 1
0.00% 0.6300% 0
26.50% 1.1100% 1
31.40% 2.9800% 1
25.00% 14.1400% 1
33.06% 1.1100% 1
0.00% 0.6300% 0
20.00% 7.0700% 1
20.00% 3.4600% 1
30.00% 7.0700% 1
24.20% 0.7800% 0
15.00% 0.7800% 1
15.00% 8.6400% 0
15.00% 1.8900% 1
15.00% 8.6400% 1
12.50% 0.0000% 0
15.00% 1.8900% 1
29.22% 0.0000% 1
12.00% 0.9500% 0
10.00% 5.6600% 0
25.00% 1.8900% 1
35.00% 1.8900% 1
15.00% 2.5100% 0
30.00% 1.8900% 1
12.00% 10.2100% 1
21.96% 8.6400% 1
9.00% 5.6600% 0
27.35% 3.4600% 0
30.00% 3.9200% 1
32.00% 11.7700% 1
33.00% 3.4600% 1
25.00% 0.0000% 1
28.00% 0.0000% 1
26.85% 8.6400% 1
30.00% 7.0700% 1
27.00% 0.0000% 1
12.00% 2.5100% 1
33.00% 10.2100% 1
25.00% 2.9800% 1
30.00% 8.6400% 1
10.00% 3.9200% 1
28.00% 1.8900% 1
30.00% 2.9800% 1
19.00% 1.3300% 1
21.00% 3.9200% 1
10.00% 0.7800% 1
0.00% 1.3300% 0
16.00% 3.4600% 1
20.00% 3.9200% 1
27.92% 7.0700% 0
20.00% 1.1100% 1
27.92% 7.0700% 1
15.00% 7.0700% 0
0.00% 1.8900% 0
17.00% 0.0000% 1
22.00% 1.3300% 1
17.00% 3.4600% 1
28.00% 2.9800% 1
28.00% 2.9800% 1
28.00% 7.0700% 1
24.50% 2.9800% 0
26.85% 10.2100% 0
34.50% 7.0700% 1
22.00% 0.0000% 1
17.92% 0.0000% 1
17.00% 0.9500% 1
20.00% 2.5100% 1
25.00% 2.9800% 0
25.00% 5.6600% 1
20.00% 3.4600% 1
26.85% 2.5100% 0
30.00% 7.0700% 1
18.00% 15.6900% 1
55.00% 0.7800% 1
20.00% 0.6300% 1
40.00% 0.0000% 0
25.00% 2.9800% 1
34.00% 15.6900% 1
22.00% 7.0700% 1
35.00% 10.2100% 1