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Country Risk Premiums

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

Step 1: Estimating mature market risk premium


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

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

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


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

Step 4: Compute a total equity risk premium


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

Step 5: Compute regional averages and regional weighted averages


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

If you are interested in a fuller explanation of these concepts, try these references:
http://papers.ssrn.com/sol3/papers.cfm?abstra
My paper on equity risk premiums:
Campbell Harvey's country risk premium page: http://www.duke.edu/~charvey/Country_risk/c
Watch my lectures on country risk premiums: http://echo360.stern.nyu.edu:8080/ess/echo/p
http://echo360.stern.nyu.edu:8080/ess/echo/p
emium and add an additional country risk premium, based upon the risk of the country in question.
ual country or region.

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

/ERPbymonth.xls

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

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

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

a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
risk premium and end up with a total equity risk premium lower than the US.
number to get a country risk premium. The default scaling is set at 1.34, but you can change it to 1, if you would

ep 3 to get a total equity risk premium.

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

ssrn.com/sol3/papers.cfm?abstract_id=2742186
uke.edu/~charvey/Country_risk/couindex.htm
0.stern.nyu.edu:8080/ess/echo/presentation/d5b0232a-ef00-4ffd-b92e-0f95e1685373/media.m4v
0.stern.nyu.edu:8080/ess/echo/presentation/e41ef416-aba8-4dda-8d8b-0fe3b0e6283d/media.m4v
oad the excel spreadsheet containing the implied premium

he CDS spread for the country (if one exists)

s, at the start of every year.

t in this spreadsheet for an alternate estimate.

on to the BAML Emerging Public 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 0.39%
Excess CDS spread (over US CDS) 0.00%

Country Default Spread (based on rating) 0.00%


Country Risk Premium (Rating) 0.00%
Equity Risk Premium (Rating) 5.08%

Country Risk Premium (CDS) 0.00%


Equity Risk Premium (CDS) 5.08%

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

Country Risk Premium (simple average)) 0.00%


Total Equity Risk Premium (simple average 23.75%

Country Risk Premium (GDP weighted) 0.00%


Total Equity Risk Premium (GDP weighted 5.08%

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

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

PRS Score 47.00


ERP based on PRS Score 25.32%
you cannot find a country on this list, it is because that country does not have a sovereign rating
r a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.

the Regional Weighted Averages Worksheet


Estimating Country Risk Premiums

Enter the current risk premium for a mature equity market


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

Country Africa Moody's rating Rating­based Default Spread


Abu Dhabi Middle East Aa2 0.51%
Albania Eastern Europe & Russia B1 4.62%
Andorra (Principality of) Western Europe Baa2 1.95%
Angola Africa B2 5.64%
Argentina Central and South America B2 5.64%
Armenia Eastern Europe & Russia B1 4.62%
Aruba Caribbean Baa1 1.64%
Australia Australia & New Zealand Aaa 0.00%
Austria Western Europe Aa1 0.41%
Azerbaijan Eastern Europe & Russia Ba2 3.08%
Bahamas Caribbean Baa3 2.26%
Bahrain Middle East B1 4.62%
Bangladesh Asia Ba3 3.69%
Barbados Caribbean Caa3 10.25%
Belarus Eastern Europe & Russia Caa1 7.69%
Belgium Western Europe Aa3 0.62%
Belize Central and South America B3 6.67%
Bermuda Caribbean A2 0.87%
Bolivia Central and South America Ba3 3.69%
Bosnia and Herzegovina Eastern Europe & Russia B3 6.67%
Botswana Africa A2 0.87%
Brazil Central and South America Ba2 3.08%
Bulgaria Eastern Europe & Russia Baa2 1.95%
Burkina Faso Africa B2 5.64%
Cambodia Asia B2 5.64%
Cameroon Africa B2 5.64%
Canada North America Aaa 0.00%
Cayman Islands Caribbean Aa3 0.62%
Cape Verde Africa B2 5.64%
Chile Central and South America Aa3 0.62%
China Asia A1 0.72%
Colombia Central and South America Baa2 1.95%
Congo (Democratic Republic of) Africa B3 6.67%
Congo (Republic of) Africa Caa2 9.23%
Cook Islands Australia & New Zealand B1 4.62%
Costa Rica Central and South America Ba2 3.08%
Côte d'Ivoire Africa Ba3 3.69%
Croatia Eastern Europe & Russia Ba2 3.08%
Cuba Caribbean Caa2 9.23%
Curacao Caribbean A3 1.23%
Cyprus Western Europe Ba3 3.69%
Czech Republic Eastern Europe & Russia A1 0.72%
Denmark Western Europe Aaa 0.00%
Dominican Republic Caribbean Ba3 3.69%
Ecuador Central and South America B3 6.67%
Egypt Africa B3 6.67%
El Salvador Central and South America Caa1 7.69%
Estonia Eastern Europe & Russia A1 0.72%
Ethiopia Africa B1 4.62%
Fiji Asia Ba3 3.69%
Finland Western Europe Aa1 0.41%
France Western Europe Aa2 0.51%
Gabon Africa B3 6.67%
Georgia Eastern Europe & Russia Ba2 3.08%
Germany Western Europe Aaa 0.00%
Ghana Africa B3 6.67%
Greece Western Europe Caa2 9.23%
Guatemala Central and South America Ba1 2.56%
Guernsey (States of) Western Europe Aa3 0.62%
Honduras Central and South America B1 4.62%
Hong Kong Asia Aa2 0.51%
Hungary Eastern Europe & Russia Baa3 2.26%
Iceland Western Europe A3 1.23%
India Asia Baa2 1.95%
Indonesia Asia Baa3 2.26%
Iraq Middle East Caa1 7.69%
Ireland Western Europe A2 0.87%
Isle of Man Western Europe Aa2 0.51%
Israel Middle East A1 0.72%
Italy Western Europe Baa2 1.95%
Jamaica Caribbean B3 6.67%
Japan Asia A1 0.72%
Jersey (States of) Western Europe Aa3 0.62%
Jordan Middle East B1 4.62%
Kazakhstan Eastern Europe & Russia Baa3 2.26%
Kenya Africa B1 4.62%
Korea Asia Aa2 0.51%
Kuwait Middle East Aa2 0.51%
Kyrgyzstan Eastern Europe & Russia B2 5.64%
Latvia Eastern Europe & Russia A3 1.23%
Lebanon Middle East B3 6.67%
Liechtenstein Western Europe Aaa 0.00%
Lithuania Eastern Europe & Russia A3 1.23%
Luxembourg Western Europe Aaa 0.00%
Macao Asia Aa3 0.62%
Macedonia Eastern Europe & Russia Ba3 3.69%
Malaysia Asia A3 1.23%
Malta Western Europe A3 1.23%
Mauritius Asia Baa1 1.64%
Mexico Central and South America A3 1.23%
Moldova Eastern Europe & Russia B3 6.67%
Mongolia Asia Caa1 7.69%
Montenegro Eastern Europe & Russia B1 4.62%
Montserrat Caribbean Baa3 2.26%
Morocco Africa Ba1 2.56%
Mozambique Africa Caa3 10.25%
Namibia Africa Ba1 2.56%
Netherlands Western Europe Aaa 0.00%
New Zealand Australia & New Zealand Aaa 0.00%
Nicaragua Central and South America B2 5.64%
Nigeria Africa B2 5.64%
Norway Western Europe Aaa 0.00%
Oman Middle East Baa2 1.95%
Pakistan Asia B3 6.67%
Panama Central and South America Baa2 1.95%
Papua New Guinea Asia B2 5.64%
Paraguay Central and South America Ba1 2.56%
Peru Central and South America A3 1.23%
Philippines Asia Baa2 1.95%
Poland Eastern Europe & Russia A2 0.87%
Portugal Western Europe Ba1 2.56%
Qatar Middle East Aa3 0.62%
Ras Al Khaimah (Emirate of) Middle East A2 0.87%
Romania Eastern Europe & Russia Baa3 2.26%
Russia Eastern Europe & Russia Ba1 2.56%
Rwanda Africa B2 5.64%
Saudi Arabia Middle East A1 0.72%
Senegal Africa Ba3 3.69%
Serbia Eastern Europe & Russia Ba3 3.69%
Sharjah Middle East A3 1.23%
Singapore Asia Aaa 0.00%
Slovakia Eastern Europe & Russia A2 0.87%
Slovenia Eastern Europe & Russia Baa1 1.64%
South Africa Africa Baa3 2.26%
Spain Western Europe Baa2 1.95%
Sri Lanka Asia B1 4.62%
St. Maarten Caribbean Baa2 1.95%
St. Vincent & the Grenadines Caribbean B3 6.67%
Suriname Central and South America B1 4.62%
Swaziland Africa B2 5.64%
Sweden Western Europe Aaa 0.00%
Switzerland Western Europe Aaa 0.00%
Taiwan Asia Aa3 0.62%
Tajikistan Eastern Europe & Russia B3 6.67%
Thailand Asia Baa1 1.64%
Trinidad and Tobago Caribbean Ba1 2.56%
Tunisia Africa B1 4.62%
Turkey Western Europe Ba1 2.56%
Turks and Caicos Islands Caribbean Baa1 1.64%
Uganda Africa B2 5.64%
Ukraine Eastern Europe & Russia Caa2 9.23%
United Arab Emirates Middle East Aa2 0.51%
United Kingdom Western Europe Aa2 0.51%
United States North America Aaa 0.00%
Uruguay Central and South America Baa2 1.95%
Venezuela Central and South America Caa3 10.25%
Vietnam Asia B1 4.62%
Zambia Africa B3 6.67%

Frontier Markets (no sovereign ratings)
Country PRS Composite Risk Score ERP CRP
Algeria 62.3 12.58% 7.50%
Brunei 76.3 6.06% 0.98%
Gambia 59.3 15.46% 10.38%
Guinea 58.3 15.46% 10.38%
Guinea-Bissau 63.8 12.58% 7.50%
Guyana 68.5 9.23% 4.15%
Haiti 61.8 13.73% 8.65%
Iran 73.3 7.27% 2.19%
Korea, D.P.R. 56 16.60% 11.52%
Liberia 53 18.91% 13.83%
Libya 62 13.73% 8.65%
Madagascar 64.5 11.42% 6.34%
Malawi 61.3 13.73% 8.65%
Mali 60.8 13.73% 8.65%
Myanmar 63.8 12.58% 7.50%
Niger 53.7 18.91% 13.83%
Sierra Leone 54.3 18.91% 13.83%
Somalia 52 18.91% 13.83%
Sudan 48 25.32% 20.24%
Syria 47 25.32% 20.24%
Tanzania 63.3 12.58% 7.50%
Togo 61 13.73% 8.65%
Yemen, Republic 49.3 25.32% 20.24%
Zimbabwe 58.5 15.46% 10.38%

Rating Default spread in basis points


A1 72
A2 87
A3 123
Aa1 41
Aa2 51
Aa3 62
Aaa 0
B1 462
B2 564
B3 667
Ba1 256
Ba2 308
Ba3 369
Baa1 164
Baa2 195
Baa3 226
Ca 1230
Caa1 769
Caa2 923
Caa3 1025
NR NA
5.08% Updated January 1, 2018
Yes
1.12 Updated January 1, 2018

Total Equity Risk Premium Country Risk Premium Sovereign CDS, net of US Total Equity Risk Premium2


5.65% 0.57% 0.73% 5.90%
10.27% 5.19% NA NA
7.27% 2.19% NA NA
11.42% 6.34% NA NA
11.42% 6.34% 3.27% 8.76%
10.27% 5.19% NA NA
6.92% 1.84% NA NA
5.08% 0.00% 0.00% 5.08%
5.54% 0.46% 0.00% 5.08%
8.54% 3.46% NA NA
7.62% 2.54% NA NA
10.27% 5.19% 2.98% 8.43%
9.23% 4.15% NA NA
16.60% 11.52% NA NA
13.72% 8.64% NA NA
5.78% 0.70% 0.00% 5.08%
12.58% 7.50% NA NA
6.06% 0.98% NA NA
9.23% 4.15% NA NA
12.58% 7.50% NA NA
6.06% 0.98% NA NA
8.54% 3.46% 2.26% 7.62%
7.27% 2.19% 1.08% 6.29%
11.42% 6.34% NA NA
11.42% 6.34% NA NA
11.42% 6.34% NA NA
5.08% 0.00% NA NA
5.78% 0.70% NA NA
11.42% 6.34% NA NA
5.78% 0.70% 0.63% 5.79%
5.89% 0.81% 0.58% 5.73%
7.27% 2.19% 1.61% 6.89%
12.58% 7.50% NA NA
15.46% 10.38% NA NA
10.27% 5.19% NA NA
8.54% 3.46% 1.87% 7.18%
9.23% 4.15% NA NA
8.54% 3.46% 1.22% 6.45%
15.46% 10.38% NA NA
6.46% 1.38% NA NA
9.23% 4.15% 1.36% 6.61%
5.89% 0.81% 0.32% 5.44%
5.08% 0.00% 0.00% 5.08%
9.23% 4.15% NA NA
12.58% 7.50% NA NA
12.58% 7.50% 3.48% 8.99%
13.72% 8.64% NA NA
5.89% 0.81% 0.37% 5.50%
10.27% 5.19% NA NA
9.23% 4.15% NA NA
5.54% 0.46% 0.00% 5.08%
5.65% 0.57% 0.03% 5.11%
12.58% 7.50% NA NA
8.54% 3.46% NA NA
5.08% 0.00% 0.00% 5.08%
12.58% 7.50% NA NA
15.46% 10.38% NA NA
7.96% 2.88% NA NA
5.78% 0.70% NA NA
10.27% 5.19% NA NA
5.65% 0.57% 0.29% 5.41%
7.62% 2.54% 0.97% 6.17%
6.46% 1.38% 0.56% 5.71%
7.27% 2.19% 0.87% 6.06%
7.62% 2.54% 1.16% 6.38%
13.72% 8.64% NA NA
6.06% 0.98% 0.19% 5.29%
5.65% 0.57% NA NA
5.89% 0.81% 0.63% 5.79%
7.27% 2.19% 1.42% 6.68%
12.58% 7.50% NA NA
5.89% 0.81% 0.09% 5.18%
5.78% 0.70% NA NA
10.27% 5.19% NA NA
7.62% 2.54% 1.49% 6.76%
10.27% 5.19% NA NA
5.65% 0.57% 0.40% 5.53%
5.65% 0.57% NA NA
11.42% 6.34% NA NA
6.46% 1.38% 0.61% 5.77%
12.58% 7.50% 4.47% 10.11%
5.08% 0.00% NA NA
6.46% 1.38% 0.56% 5.71%
5.08% 0.00% NA NA
5.78% 0.70% NA NA
9.23% 4.15% NA NA
6.46% 1.38% 0.69% 5.86%
6.46% 1.38% NA NA
6.92% 1.84% NA NA
6.46% 1.38% 1.46% 6.72%
12.58% 7.50% NA NA
13.72% 8.64% NA NA
10.27% 5.19% NA NA
7.62% 2.54% NA NA
7.96% 2.88% 1.56% 6.83%
16.60% 11.52% NA NA
7.96% 2.88% NA NA
5.08% 0.00% 0.00% 5.08%
5.08% 0.00% 0.03% 5.11%
11.42% 6.34% NA NA
11.42% 6.34% 4.16% 9.76%
5.08% 0.00% 0.00% 5.08%
7.27% 2.19% NA NA
12.58% 7.50% 3.37% 8.87%
7.27% 2.19% 1.02% 6.23%
11.42% 6.34% NA NA
7.96% 2.88% NA NA
6.46% 1.38% 1.08% 6.29%
7.27% 2.19% 0.71% 5.88%
6.06% 0.98% 0.51% 5.65%
7.96% 2.88% 1.29% 6.53%
5.78% 0.70% 1.19% 6.42%
6.06% 0.98% NA NA
7.62% 2.54% 1.11% 6.33%
7.96% 2.88% 1.64% 6.92%
11.42% 6.34% NA NA
5.89% 0.81% 1.14% 6.36%
9.23% 4.15% NA NA
9.23% 4.15% NA NA
6.46% 1.38% NA NA
5.08% 0.00% NA NA
6.06% 0.98% 0.45% 5.59%
6.92% 1.84% 0.79% 5.97%
7.62% 2.54% 2.25% 7.61%
7.27% 2.19% 0.61% 5.77%
10.27% 5.19% NA NA
7.27% 2.19% NA NA
12.58% 7.50% NA NA
10.27% 5.19% NA NA
11.42% 6.34% NA NA
5.08% 0.00% 0.00% 5.08%
5.08% 0.00% 0.01% 5.09%
5.78% 0.70% NA NA
12.58% 7.50% NA NA
6.92% 1.84% 0.48% 5.62%
7.96% 2.88% NA NA
10.27% 5.19% 3.58% 9.11%
7.96% 2.88% 2.31% 7.68%
6.92% 1.84% NA NA
11.42% 6.34% NA NA
15.46% 10.38% 5.51% 11.28%
5.65% 0.57% NA NA
5.65% 0.57% 0.05% 5.14%
5.08% 0.00% 0.00% 5.08%
7.27% 2.19% NA NA
16.60% 11.52% NA NA
10.27% 5.19% 1.52% 6.79%
12.58% 7.50% NA NA

Default Spread
6.67%
0.87%
9.23%
9.23%
6.67%
3.69%
7.69%
1.95%
10.25%
12.30%
7.69%
5.64%
7.69%
7.69%
6.67%
12.30%
12.30%
12.30%
18.00%
18.00%
6.67%
7.69%
18.00%
9.23%
Country Risk Premium3 Has to be sorted in ascending order
0.82% Rating
Default spread in basis points
NA A1 72
NA A2 87
NA A3 123
3.68% Aa1 41
NA Aa2 51
NA Aa3 62
0.00% Aaa 0
0.00% B1 462
NA B2 564
NA B3 667
3.35% Ba1 256
NA Ba2 308
NA Ba3 369
NA Baa1 164
0.00% Baa2 195
NA Baa3 226
NA Ca 1230
NA Caa1 769
NA Caa2 923
NA Caa3 1025
2.54% NR NA
1.21%
NA
NA
NA
NA
NA
NA
0.71%
0.65%
1.81%
NA
NA
NA
2.10%
NA
1.37%
NA
NA
1.53%
0.36%
0.00%
NA
NA
3.91%
NA
0.42%
NA
NA
0.00%
0.03%
NA
NA
0.00%
NA
NA
NA
NA
NA
0.33%
1.09%
0.63%
0.98%
1.30%
NA
0.21%
NA
0.71%
1.60%
NA
0.10%
NA
NA
1.68%
NA
0.45%
NA
NA
0.69%
5.03%
NA
0.63%
NA
NA
NA
0.78%
NA
NA
1.64%
NA
NA
NA
NA
1.75%
NA
NA
0.00%
0.03%
NA
4.68%
0.00%
NA
3.79%
1.15%
NA
NA
1.21%
0.80%
0.57%
1.45%
1.34%
NA
1.25%
1.84%
NA
1.28%
NA
NA
NA
NA
0.51%
0.89%
2.53%
0.69%
NA
NA
NA
NA
NA
0.00%
0.01%
NA
NA
0.54%
NA
4.03%
2.60%
NA
NA
6.20%
NA
0.06%
0.00%
NA
NA
1.71%
NA
Volatility
BAML Emerging Mkt Publ 11.84% BAMLEMPBPUBSICRPIEY
S&P Emerging BMI (Equit 13.31% BAMLEMPUPUBSLCRPIUSEY
Relative Volatility 1.12

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

2012-12-31 3.66 Average = 4.47 In spread %

2013-01-02 3.64 Std Dev = 0.52893226 In spread %


2013-01-03 3.61 CV = 11.84% ! Std Dev/ Average
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
2016-12-30 4.32
2016-12-31 4.33
2017-01-03 4.31
2017-01-04 4.28
2017-01-05 4.23
2017-01-06 4.21
2017-01-09 4.22
2017-01-10 4.19
2017-01-11 4.22
2017-01-12 4.17
2017-01-13 4.17
2017-01-16 4.17
2017-01-17 4.13
2017-01-18 4.14
2017-01-19 4.20
2017-01-20 4.21
2017-01-23 4.17
2017-01-24 4.15
2017-01-25 4.18
2017-01-26 4.18
2017-01-27 4.16
2017-01-30 4.15
2017-01-31 4.17
2017-02-01 4.16
2017-02-02 4.14
2017-02-03 4.13
2017-02-06 4.10
2017-02-07 4.09
2017-02-08 4.08
2017-02-09 4.07
2017-02-10 4.07
2017-02-13 4.07
2017-02-14 4.06
2017-02-15 4.08
2017-02-16 4.07
2017-02-17 4.06
2017-02-20 4.06
2017-02-21 4.04
2017-02-22 4.02
2017-02-23 3.99
2017-02-24 3.98
2017-02-27 3.98
2017-02-28 4.01
2017-03-01 4.06
2017-03-02 4.09
2017-03-03 4.09
2017-03-06 4.08
2017-03-07 4.09
2017-03-08 4.14
2017-03-09 4.21
2017-03-10 4.20
2017-03-13 4.20
2017-03-14 4.23
2017-03-15 4.20
2017-03-16 4.14
2017-03-17 4.13
2017-03-20 4.12
2017-03-21 4.10
2017-03-22 4.08
2017-03-23 4.12
2017-03-24 4.11
2017-03-27 4.08
2017-03-28 4.08
2017-03-29 4.08
2017-03-30 4.07
2017-03-31 4.12
2017-04-03 4.10
2017-04-04 4.08
2017-04-05 4.08
2017-04-06 4.07
2017-04-07 4.07
2017-04-10 4.08
2017-04-11 4.06
2017-04-12 4.05
2017-04-13 4.02
2017-04-17 4.00
2017-04-18 4.00
2017-04-19 4.01
2017-04-20 4.02
2017-04-21 4.00
2017-04-24 4.01
2017-04-25 4.01
2017-04-26 4.02
2017-04-27 4.01
2017-04-28 4.00
2017-04-30 4.00
2017-05-01 4.01
2017-05-02 4.00
2017-05-03 3.99
2017-05-04 4.01
2017-05-05 4.03
2017-05-08 4.02
2017-05-09 4.03
2017-05-10 4.02
2017-05-11 4.01
2017-05-12 3.98
2017-05-15 3.94
2017-05-16 3.93
2017-05-17 3.91
2017-05-18 3.97
2017-05-19 3.95
2017-05-22 3.95
2017-05-23 3.95
2017-05-24 3.94
2017-05-25 3.92
2017-05-26 3.91
2017-05-29 3.91
2017-05-30 3.90
2017-05-31 3.95
2017-06-01 3.94
2017-06-02 3.92
2017-06-05 3.91
2017-06-06 3.90
2017-06-07 3.92
2017-06-08 3.94
2017-06-09 3.95
2017-06-12 3.96
2017-06-13 3.96
2017-06-14 3.94
2017-06-15 3.95
2017-06-16 3.96
2017-06-19 3.96
2017-06-20 3.99
2017-06-21 4.01
2017-06-22 4.01
2017-06-23 4.00
2017-06-26 3.98
2017-06-27 3.99
2017-06-28 4.01
2017-06-29 4.03
2017-06-30 4.05
2017-07-03 4.07
2017-07-04 4.06
2017-07-05 4.09
2017-07-06 4.11
2017-07-07 4.13
2017-07-10 4.11
2017-07-11 4.10
2017-07-12 4.06
2017-07-13 4.05
2017-07-14 4.04
2017-07-17 4.02
2017-07-18 4.00
2017-07-19 3.99
2017-07-20 3.98
2017-07-21 3.96
2017-07-24 3.97
2017-07-25 3.98
2017-07-26 3.97
2017-07-27 3.96
2017-07-28 3.97
2017-07-31 4.00
2017-08-01 4.00
2017-08-02 3.99
2017-08-03 3.96
2017-08-04 3.96
2017-08-07 3.96
2017-08-08 3.96
2017-08-09 3.96
2017-08-10 3.97
2017-08-11 3.97
2017-08-14 3.95
2017-08-15 3.96
2017-08-16 3.97
2017-08-17 3.93
2017-08-18 3.92
2017-08-21 3.90
2017-08-22 3.91
2017-08-23 3.91
2017-08-24 3.88
2017-08-25 3.87
2017-08-28 3.86
2017-08-29 3.84
2017-08-30 3.84
2017-08-31 3.85
2017-09-01 3.84
2017-09-04 3.83
2017-09-05 3.82
2017-09-06 3.82
2017-09-07 3.79
2017-09-08 3.77
2017-09-11 3.79
2017-09-12 3.82
2017-09-13 3.82
2017-09-14 3.83
2017-09-15 3.83
2017-09-18 3.82
2017-09-19 3.83
2017-09-20 3.84
2017-09-21 3.86
2017-09-22 3.85
2017-09-25 3.84
2017-09-26 3.84
2017-09-27 3.89
2017-09-28 3.88
2017-09-29 3.86
2017-09-30 3.89
2017-10-02 3.91
2017-10-03 3.90
2017-10-04 3.88
2017-10-05 3.88
2017-10-06 3.90
2017-10-09 3.90
2017-10-10 3.89
2017-10-11 3.88
2017-10-12 3.86
2017-10-13 3.86
2017-10-16 3.86
2017-10-17 3.86
2017-10-18 3.85
2017-10-19 3.84
2017-10-20 3.88
2017-10-23 3.89
2017-10-24 3.89
2017-10-25 3.91
2017-10-26 3.90
2017-10-27 3.90
2017-10-30 3.87
2017-10-31 3.93
2017-11-01 3.94
2017-11-02 3.93
2017-11-03 3.97
2017-11-06 3.96
2017-11-07 3.98
2017-11-08 3.99
2017-11-09 4.00
2017-11-10 4.03
2017-11-13 4.03
2017-11-14 4.03
2017-11-15 4.00
2017-11-16 3.97
2017-11-17 3.97
2017-11-20 3.96
2017-11-21 3.98
2017-11-22 3.96
2017-11-23 3.96
2017-11-24 3.96
2017-11-27 3.93
2017-11-28 3.92
2017-11-29 3.96
2017-11-30 3.91
2017-12-01 3.90
2017-12-04 3.91
2017-12-05 3.90
2017-12-06 3.89
2017-12-07 3.91
2017-12-08 3.92
2017-12-11 3.92
2017-12-12 3.94
2017-12-13 3.93
2017-12-14 3.92
2017-12-15 3.92
2017-12-18 3.93
2017-12-19 3.94
2017-12-20 3.96
2017-12-21 3.97
2017-12-22 3.97
2017-12-26 3.97
2017-12-27 3.96
2017-12-28 3.95
Index: S&P Emerging BMI Index
Source: S&P
downloaddata http://us.spindices.com/indices/equity/sp-emerging-bmi-us-dollar
Period Five years
Interval Daily

S&P
Emerging
BMI (US
Dollar) Gross
Effective datTotal Return Return
Daily Std
12/28/2012 390.47 Deviation = 0.83%
Annualized
Std
12/31/2012 390.56 0.02% Deviation= 13.31%
1/1/2013 390.84 0.07%
1/2/2013 398.31 1.91%
1/3/2013 400.88 0.65% 3.56410821
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%
1/2/2017 373.28 -0.05%
1/3/2017 375.37 0.56%
1/4/2017 377.01 0.44%
1/5/2017 381.4 1.16%
1/6/2017 381.05 -0.09%
1/9/2017 380.15 -0.24%
1/10/2017 383.03 0.76%
1/11/2017 382.7 -0.09%
1/12/2017 386.59 1.02%
1/13/2017 386.37 -0.06%
1/16/2017 383.97 -0.62%
1/17/2017 386.03 0.54%
1/18/2017 387.21 0.31%
1/19/2017 385.97 -0.32%
1/20/2017 385.37 -0.16%
1/23/2017 389.21 1.00%
1/24/2017 392.42 0.82%
1/25/2017 393.76 0.34%
1/26/2017 394.85 0.28%
1/27/2017 394.74 -0.03%
1/30/2017 393.46 -0.32%
1/31/2017 392.62 -0.21%
2/1/2017 394.23 0.41%
2/2/2017 395.33 0.28%
2/3/2017 397.28 0.49%
2/6/2017 398.59 0.33%
2/7/2017 397.78 -0.20%
2/8/2017 399.34 0.39%
2/9/2017 401.32 0.50%
2/10/2017 403.47 0.54%
2/13/2017 406.13 0.66%
2/14/2017 405.14 -0.24%
2/15/2017 408.59 0.85%
2/16/2017 410.31 0.42%
2/17/2017 407.75 -0.62%
2/20/2017 409.83 0.51%
2/21/2017 410.22 0.10%
2/22/2017 412.36 0.52%
2/23/2017 412.82 0.11%
2/24/2017 409.17 -0.88%
2/27/2017 408.27 -0.22%
2/28/2017 406.21 -0.50%
3/1/2017 407.31 0.27%
3/2/2017 406.01 -0.32%
3/3/2017 405.05 -0.24%
3/6/2017 406.68 0.40%
3/7/2017 406.88 0.05%
3/8/2017 405.82 -0.26%
3/9/2017 401.15 -1.15%
3/10/2017 402.24 0.27%
3/13/2017 406.5 1.06%
3/14/2017 407.14 0.16%
3/15/2017 408.79 0.41%
3/16/2017 417.01 2.01%
3/17/2017 417.65 0.15%
3/20/2017 420.24 0.62%
3/21/2017 419.66 -0.14%
3/22/2017 417.3 -0.56%
3/23/2017 418.06 0.18%
3/24/2017 418.91 0.20%
3/27/2017 416.9 -0.48%
3/28/2017 418.9 0.48%
3/29/2017 419.66 0.18%
3/30/2017 419.17 -0.12%
3/31/2017 414.91 -1.02%
4/3/2017 417.74 0.68%
4/4/2017 418.34 0.14%
4/5/2017 420.56 0.53%
4/6/2017 418.78 -0.42%
4/7/2017 418.22 -0.13%
4/10/2017 417.34 -0.21%
4/11/2017 416.43 -0.22%
4/12/2017 417.61 0.28%
4/13/2017 418.63 0.24%
4/14/2017 417.68 -0.23%
4/17/2017 419.06 0.33%
4/18/2017 416.88 -0.52%
4/19/2017 415 -0.45%
4/20/2017 417.18 0.53%
4/21/2017 417.93 0.18%
4/24/2017 421.66 0.89%
4/25/2017 425.89 1.00%
4/26/2017 425.59 -0.07%
4/27/2017 424.47 -0.26%
4/28/2017 424.31 -0.04%
5/1/2017 425.12 0.19%
5/2/2017 428.02 0.68%
5/3/2017 426.83 -0.28%
5/4/2017 423.82 -0.71%
5/5/2017 422.72 -0.26%
5/8/2017 424 0.30%
5/9/2017 426.12 0.50%
5/10/2017 429.34 0.76%
5/11/2017 430.4 0.25%
5/12/2017 431.54 0.26%
5/15/2017 435.13 0.83%
5/16/2017 436.74 0.37%
5/17/2017 433.91 -0.65%
5/18/2017 424.45 -2.18%
5/19/2017 428.29 0.90%
5/22/2017 430.49 0.51%
5/23/2017 430.66 0.04%
5/24/2017 430.96 0.07%
5/25/2017 434.24 0.76%
5/26/2017 435.53 0.30%
5/29/2017 434.72 -0.19%
5/30/2017 433.99 -0.17%
5/31/2017 431.41 -0.59%
6/1/2017 433.04 0.38%
6/2/2017 435.39 0.54%
6/5/2017 436.4 0.23%
6/6/2017 435.7 -0.16%
6/7/2017 436.52 0.19%
6/8/2017 437.85 0.30%
6/9/2017 436.89 -0.22%
6/12/2017 433.76 -0.72%
6/13/2017 434.2 0.10%
6/14/2017 435.54 0.31%
6/15/2017 431.26 -0.98%
6/16/2017 431.71 0.10%
6/19/2017 435.5 0.88%
6/20/2017 433.12 -0.55%
6/21/2017 433.47 0.08%
6/22/2017 434.17 0.16%
6/23/2017 435.09 0.21%
6/26/2017 438.64 0.82%
6/27/2017 437.26 -0.31%
6/28/2017 436 -0.29%
6/29/2017 436.51 0.12%
6/30/2017 435.79 -0.16%
7/3/2017 437.9 0.48%
7/4/2017 435.43 -0.56%
7/5/2017 436.56 0.26%
7/6/2017 435.92 -0.15%
7/7/2017 434.74 -0.27%
7/10/2017 437.41 0.61%
7/11/2017 440.76 0.77%
7/12/2017 446.07 1.20%
7/13/2017 450.21 0.93%
7/14/2017 452.92 0.60%
7/17/2017 454.42 0.33%
7/18/2017 455.02 0.13%
7/19/2017 458.31 0.72%
7/20/2017 457.87 -0.10%
7/21/2017 457.47 -0.09%
7/24/2017 459.05 0.35%
7/25/2017 458.6 -0.10%
7/26/2017 459.53 0.20%
7/27/2017 462 0.54%
7/28/2017 461.41 -0.13%
7/31/2017 462.66 0.27%
8/1/2017 463.92 0.27%
8/2/2017 464.43 0.11%
8/3/2017 463.53 -0.19%
8/4/2017 464.78 0.27%
8/7/2017 468.52 0.80%
8/8/2017 469.67 0.25%
8/9/2017 466.68 -0.64%
8/10/2017 460.79 -1.26%
8/11/2017 456.06 -1.03%
8/14/2017 460.25 0.92%
8/15/2017 459.81 -0.10%
8/16/2017 463.22 0.74%
8/17/2017 463.97 0.16%
8/18/2017 462.52 -0.31%
8/21/2017 464.35 0.40%
8/22/2017 467.79 0.74%
8/23/2017 469.13 0.29%
8/24/2017 472 0.61%
8/25/2017 473.65 0.35%
8/28/2017 473.89 0.05%
8/29/2017 472.44 -0.31%
8/30/2017 475.56 0.66%
8/31/2017 476.73 0.25%
9/1/2017 478.86 0.45%
9/4/2017 476.67 -0.46%
9/5/2017 477.83 0.24%
9/6/2017 477.64 -0.04%
9/7/2017 479.93 0.48%
9/8/2017 480.24 0.06%
9/11/2017 483.84 0.75%
9/12/2017 484.92 0.22%
9/13/2017 483.84 -0.22%
9/14/2017 483.85 0.00%
9/15/2017 484.75 0.19%
9/18/2017 487.69 0.61%
9/19/2017 486.37 -0.27%
9/20/2017 487.3 0.19%
9/21/2017 485.76 -0.32%
9/22/2017 483.2 -0.53%
9/25/2017 475.12 -1.67%
9/26/2017 472.56 -0.54%
9/27/2017 471.85 -0.15%
9/28/2017 469.96 -0.40%
9/29/2017 474.1 0.88%
10/2/2017 474.79 0.15%
10/3/2017 481.17 1.34%
10/4/2017 483.75 0.54%
10/5/2017 484.41 0.14%
10/6/2017 484.52 0.02%
10/9/2017 483.22 -0.27%
10/10/2017 486.9 0.76%
10/11/2017 487.66 0.16%
10/12/2017 489.43 0.36%
10/13/2017 491.61 0.45%
10/16/2017 494.13 0.51%
10/17/2017 490.96 -0.64%
10/18/2017 491.42 0.09%
10/19/2017 487.63 -0.77%
10/20/2017 488.44 0.17%
10/23/2017 486.55 -0.39%
10/24/2017 485.4 -0.24%
10/25/2017 485.94 0.11%
10/26/2017 483.84 -0.43%
10/27/2017 483.93 0.02%
10/30/2017 485.74 0.37%
10/31/2017 486.44 0.14%
11/1/2017 489.34 0.60%
11/2/2017 488.9 -0.09%
11/3/2017 487.95 -0.19%
11/6/2017 490.46 0.51%
11/7/2017 491.41 0.19%
11/8/2017 491.64 0.05%
11/9/2017 491.33 -0.06%
11/10/2017 489.2 -0.43%
11/13/2017 487 -0.45%
11/14/2017 484.7 -0.47%
11/15/2017 481.1 -0.74%
11/16/2017 486.27 1.07%
11/17/2017 491.14 1.00%
11/20/2017 491.47 0.07%
11/21/2017 497.64 1.26%
11/22/2017 499.59 0.39%
11/23/2017 498 -0.32%
11/24/2017 498.93 0.19%
11/27/2017 496.63 -0.46%
11/28/2017 496.92 0.06%
11/29/2017 494.41 -0.51%
11/30/2017 487.76 -1.35%
12/1/2017 485.19 -0.53%
12/4/2017 487 0.37%
12/5/2017 484.81 -0.45%
12/6/2017 478.52 -1.30%
12/7/2017 478.18 -0.07%
12/8/2017 482.7 0.95%
12/11/2017 486.95 0.88%
12/12/2017 483.45 -0.72%
12/13/2017 486.05 0.54%
12/14/2017 487.45 0.29%
12/15/2017 486.7 -0.15%
12/18/2017 492.33 1.16%
12/19/2017 492.88 0.11%
12/20/2017 493.65 0.16%
12/21/2017 496.4 0.56%
12/22/2017 498.96 0.52%
12/25/2017 498.93 -0.01%
12/26/2017 498.43 -0.10%
12/27/2017 500.76 0.47%
12/28/2017 503.87 0.62%
Values
Row Labels Average of Adj. Default Sprea Average of Country Risk Premi
Africa 5.08% 5.71%
Asia 2.70% 3.03%
Australia & New Zealand 1.54% 1.73%
Caribbean 3.68% 4.14%
Central and South Americ 3.98% 4.48%
Eastern Europe & Russia 3.37% 3.78%
Middle East 2.40% 2.70%
North America 0.00% 0.00%
Western Europe 1.21% 1.36%
Grand Total 3.11% 3.50%
Average of Corporate Tax Rate
29.04%
23.02%
19.33%
17.32%
28.06%
15.38%
14.54%
23.75%
20.44%
21.50%
Country GDP (in billions) Moody's rating Adj. Default Spread
Angola 102.60 B2 5.64%
Botswana 15.58 A2 0.87%
Burkina Faso 11.69 B2 5.64%
Cameroon 32.22 B2 5.64%
Cape Verde 1.90 B2 5.64%
Congo (Democratic Republic 31.93 B3 6.67%
Congo (Republic of) 7.83 Caa2 9.23%
Côte d'Ivoire 36.37 Ba3 3.69%
Egypt 332.79 B3 6.67%
Ethiopia 72.37 B1 4.62%
Gabon 14.21 B3 6.67%
Ghana 42.69 B3 6.67%
Kenya 70.53 B1 4.62%
Morocco 103.61 Ba1 2.56%
Mozambique 11.01 Caa3 10.25%
Namibia 10.95 Ba1 2.56%
Nigeria 404.65 B2 5.64%
Rwanda 8.38 B2 5.64%
Senegal 14.68 Ba3 3.69%
South Africa 295.46 Baa3 2.26%
Swaziland 3.72 B2 6.34%
Tunisia 42.06 B1 4.62%
Uganda 24.08 B2 5.64%
Zambia 21.06 B3 6.67%
Africa 1712.37 4.95%
Bangladesh 221.42 Ba3 3.69%
Cambodia 20.02 B2 5.64%
China 11199.15 A1 0.72%
Fiji 4.70 Ba3 3.69%
Hong Kong 320.91 Aa2 0.51%
India 2263.79 Baa2 1.95%
Indonesia 932.26 Baa3 2.26%
Japan 4940.16 A1 0.72%
Korea 1411.25 Aa2 0.51%
Macao 44.80 Aa3 0.62%
Malaysia 296.54 A3 1.23%
Mauritius 12.17 Baa1 1.64%
Mongolia 11.18 Caa1 7.69%
Pakistan 278.91 B3 6.67%
Papua New Guinea 20.21 B2 5.64%
Philippines 304.91 Baa2 1.95%
Singapore 296.98 Aaa 0.00%
Sri Lanka 81.32 B1 4.62%
Taiwan 970.90 Aa3 0.62%
Thailand 407.03 Baa1 1.64%
Vietnam 205.28 B1 4.62%
Asia 24243.89 1.06%
Australia 1204.62 Aaa 0.00%
Cook Islands 1.20 B1 4.62%
New Zealand 184.97 Aaa 0.00%
Australia & New Zealand 1390.79 0.00%
Aruba 2.60 Baa1 1.64%
Bahamas 11.26 Baa3 2.26%
Barbados 4.53 Caa3 10.25%
Bermuda 5.60 A2 0.87%
Cayman Islands 3.20 Aa3 0.62%
Cuba 77.20 Caa2 9.23%
Curacao 1.00 A3 1.23%
Dominican Republic 71.58 Ba3 3.69%
Jamaica 14.06 B3 6.67%
Montserrat 1.50 Baa3 2.26%
St. Maarten 1.50 Baa2 1.95%
St. Vincent & the Grenadines 0.77 B3 6.67%
Trinidad and Tobago 21.89 Ba1 2.56%
Turks and Caicos Islands 1.50 Baa1 1.64%
Caribbean 218.19 5.61%
Argentina 545.48 B2 5.64%
Belize 1.74 B3 6.67%
Bolivia 33.81 Ba3 3.69%
Brazil 1796.19 Ba2 3.08%
Chile 247.03 Aa3 0.62%
Colombia 282.46 Baa2 1.95%
Costa Rica 57.44 Ba2 3.08%
Ecuador 98.61 B3 6.67%
El Salvador 26.80 Caa1 7.69%
Guatemala 68.76 Ba1 2.56%
Honduras 21.52 B1 4.62%
Mexico 1046.92 A3 1.23%
Nicaragua 13.23 B2 5.64%
Panama 55.19 Baa2 1.95%
Paraguay 27.42 Ba1 2.56%
Peru 192.21 A3 1.23%
Suriname 3.28 B1 4.62%
Uruguay 52.42 Baa2 1.95%
Venezuela 250.00 Caa3 10.25%
Central and South America 4820.51 3.16%
Albania 11.86 B1 4.62%
Armenia 10.57 B1 4.62%
Azerbaijan 37.85 Ba2 3.08%
Belarus 47.41 Caa1 7.69%
Bosnia and Herzegovina 16.91 B3 6.67%
Bulgaria 53.24 Baa2 1.95%
Croatia 50.71 Ba2 3.08%
Czech Republic 195.31 A1 0.72%
Estonia 23.34 A1 0.72%
Georgia 14.38 Ba2 3.08%
Hungary 125.82 Baa3 2.26%
Kazakhstan 137.28 Baa3 2.26%
Kyrgyzstan 6.55 B2 5.64%
Latvia 27.57 A3 1.23%
Lithuania 42.74 A3 1.23%
Macedonia 10.90 Ba3 3.69%
Moldova 6.75 B3 6.67%
Montenegro 4.37 B1 4.62%
Poland 471.36 A2 0.87%
Romania 187.59 Baa3 2.26%
Russia 1283.16 Ba1 2.56%
Serbia 38.30 Ba3 3.69%
Slovakia 89.77 A2 0.87%
Slovenia 44.71 Baa1 1.64%
Tajikistan 6.95 B3 2.56%
Ukraine 93.27 Caa2 9.23%
Eastern Europe & Russia 3038.67 2.39%
Abu Dhabi 390.00 Aa2 0.51%
Bahrain 32.18 B1 4.62%
Iraq 171.49 Caa1 7.69%
Israel 317.74 A1 0.72%
Jordan 38.65 B1 4.62%
Kuwait 110.88 Aa2 0.51%
Lebanon 49.60 B3 6.67%
Oman 66.29 Baa2 1.95%
Qatar 152.45 Aa3 0.62%
Ras Al Khaimah (Emirate of) 5.20 A2 0.87%
Saudi Arabia 646.44 A1 0.72%
Sharjah 5.00 A3 1.23%
United Arab Emirates 348.74 Aa2 0.51%
Middle East 2334.66 1.43%
Canada 1529.76 Aaa 0.00%
United States 18624.48 Aaa 0.00%
North America 20154.24 0.00%
Andorra (Principality of) 2.86 Baa2 1.95%
Austria 390.80 Aa1 0.41%
Belgium 467.96 Aa3 0.62%
Cyprus 20.05 Ba3 3.69%
Denmark 306.90 Aaa 0.00%
Finland 238.50 Aa1 0.41%
France 2465.45 Aa2 0.51%
Germany 3477.80 Aaa 0.00%
Greece 192.69 Caa2 9.23%
Guernsey (States of) 0.50 Aa3 0.62%
Iceland 20.05 A3 1.23%
Ireland 304.82 A2 0.87%
Isle of Man 7.40 Aa2 0.51%
Italy 1858.91 Baa2 1.95%
Jersey (States of) 1.00 Aa3 0.62%
Liechtenstein 6.70 Aaa 0.00%
Luxembourg 58.63 Aaa 0.00%
Malta 11.00 A3 1.23%
Netherlands 777.23 Aaa 0.00%
Norway 371.08 Aaa 0.00%
Portugal 204.84 Ba1 2.56%
Spain 1237.26 Baa2 1.95%
Sweden 514.46 Aaa 0.00%
Switzerland 668.85 Aaa 0.00%
Turkey 863.71 Ba1 2.56%
United Kingdom 2647.90 Aa2 0.51%
Western Europe 17117.35 0.82%

Region Weighted Average: TRP Weighted Average: CRP


Weighted Average: Default Spreads
Africa 10.63% 5.58% 4.95%
Asia 6.27% 1.19% 1.06%
Australia & New Zealand 5.08% 0.00% 0.00%
Caribbean 11.39% 6.31% 5.61%
Central and South America 8.63% 3.55% 3.16%
Eastern Europe & Russia 7.77% 2.69% 2.39%
Middle East 6.69% 1.61% 1.43%
North America 5.08% 0.00% 0.00%
Western Europe 6.01% 0.93% 0.82%
Global 6.21% 1.13% 1.00%

For updating industry average spreadsheets


ERP Default Spread Tax rate
Africa & Mid East 8.11% 2.70% 23.26%
Australia, NZ & Canada 5.08% 0.00% 28.03%
Latin America & Caribbean 8.75% 2.00% 27.15%
Japan 5.89% 0.72% 35.64%
US 5.08% 0.00% 40%
Europe 6.01% 0.82% 30%
Emerging Markets 7.14% 0.93% 25%
Small Asia (No India, China & J 6.93% 0.78% 20%
India 9.05% 2.20% 34%
China 5.89% 0.60% 25%
Global 6.21% 1.00% 30%
Total Risk Premium Country Risk Premium Corporate Tax Rate
11.42% 6.34% 30.00%
6.06% 0.98% 22.00%
11.42% 6.34% 27.50%
11.42% 6.34% 33.00%
11.42% 6.34% 28.21%
12.58% 7.50% 35.00%
15.46% 10.38% 28.21%
9.23% 4.15% 25.00%
12.58% 7.50% 22.50%
10.27% 5.19% 30.00%
12.58% 7.50% 30.00%
12.58% 7.50% 25.00%
10.27% 5.19% 30.00%
7.96% 2.88% 31.00%
16.60% 11.52% 32.00%
7.96% 2.88% 32.00%
11.42% 6.34% 30.00%
11.42% 6.34% 30.00%
9.23% 4.15% 30.00%
7.62% 2.54% 28.00%
5.08% 11.42% 27.50%
10.27% 5.19% 25.00%
11.42% 6.34% 30.00%
12.58% 7.50% 35.00%
10.63% 5.58% 28.04%
9.23% 4.15% 25.00%
11.42% 6.34% 20.00%
5.89% 0.81% 25.00%
9.23% 4.15% 20.00%
5.65% 0.57% 16.50%
7.27% 2.19% 30.00%
7.62% 2.54% 25.00%
5.89% 0.81% 30.86%
5.65% 0.57% 22.00%
5.78% 0.70% 12.00%
6.46% 1.38% 24.00%
6.92% 1.84% 15.00%
13.72% 8.64% 25.00%
12.58% 7.50% 31.00%
11.42% 6.34% 30.00%
7.27% 2.19% 30.00%
5.08% 0.00% 17.00%
10.27% 5.19% 28.00%
5.78% 0.70% 17.00%
6.92% 1.84% 20.00%
10.27% 5.19% 20.00%
6.27% 1.19% 25.93%
5.08% 0.00% 30.00%
10.27% 5.19% 0.00%
5.08% 0.00% 28.00%
5.08% 0.00% 29.71%
6.92% 1.84% 0.00%
7.62% 2.54% 0.00%
16.60% 11.52% 25.00%
6.06% 0.98% 0.00%
5.78% 0.70% 0.00%
15.46% 10.38% 27.98%
6.46% 1.38% 22.00%
9.23% 4.15% 27.00%
12.58% 7.50% 25.00%
7.62% 2.54% 27.98%
7.27% 2.19% 34.50%
12.58% 7.50% 27.98%
7.96% 2.88% 25.00%
6.92% 1.84% 0.00%
11.39% 6.31% 24.02%
11.42% 6.34% 35.00%
12.58% 7.50% 28.21%
9.23% 4.15% 25.00%
8.54% 3.46% 34.00%
5.78% 0.70% 25.50%
7.27% 2.19% 34.00%
8.54% 3.46% 30.00%
12.58% 7.50% 22.00%
13.72% 8.64% 30.00%
7.96% 2.88% 25.00%
10.27% 5.19% 25.00%
6.46% 1.38% 30.00%
11.42% 6.34% 30.00%
7.27% 2.19% 25.00%
7.96% 2.88% 10.00%
6.46% 1.38% 29.50%
10.27% 5.19% 36.00%
7.27% 2.19% 25.00%
16.60% 11.52% 34.00%
8.63% 3.55% 31.73%
10.27% 5.19% 15.00%
10.27% 5.19% 20.00%
8.54% 3.46% 20.00%
13.72% 8.64% 18.00%
12.58% 7.50% 10.00%
7.27% 2.19% 10.00%
8.54% 3.46% 20.00%
5.89% 0.81% 19.00%
5.89% 0.81% 20.00%
8.54% 3.46% 15.00%
7.62% 2.54% 9.00%
7.62% 2.54% 20.00%
11.42% 6.34% 15.00%
6.46% 1.38% 15.00%
6.46% 1.38% 15.00%
9.23% 4.15% 10.00%
12.58% 7.50% 12.00%
10.27% 5.19% 9.00%
6.06% 0.98% 19.00%
7.62% 2.54% 16.00%
7.96% 2.88% 20.00%
9.23% 4.15% 15.00%
6.06% 0.98% 21.00%
6.92% 1.84% 19.00%
7.96% 2.88% 0.00%
15.46% 10.38% 18.00%
7.77% 2.69% 18.42%
5.65% 0.57% 0.00%
10.27% 5.19% 0.00%
13.72% 8.64% 15.00%
5.89% 0.81% 24.00%
10.27% 5.19% 20.00%
5.65% 0.57% 15.00%
12.58% 7.50% 15.00%
7.27% 2.19% 15.00%
5.78% 0.70% 10.00%
6.06% 0.98% 0.00%
5.89% 0.81% 20.00%
6.46% 1.38% 0.00%
5.65% 0.57% 55.00%
6.69% 1.61% 20.56%
5.08% 0.00% 26.50%
5.08% 0.00% 21.00%
5.08% 0.00% 21.42%
7.27% 2.19% 0.00%
5.54% 0.46% 25.00%
5.78% 0.70% 33.99%
9.23% 4.15% 12.50%
5.08% 0.00% 22.00%
5.54% 0.46% 20.00%
5.65% 0.57% 33.33%
5.08% 0.00% 29.79%
15.46% 10.38% 29.00%
5.78% 0.70% 0.00%
6.46% 1.38% 20.00%
6.06% 0.98% 12.50%
5.65% 0.57% 0.00%
7.27% 2.19% 24.00%
5.78% 0.70% 20.00%
5.08% 0.00% 12.50%
5.08% 0.00% 27.08%
6.46% 1.38% 35.00%
5.08% 0.00% 25.00%
5.08% 0.00% 24.00%
7.96% 2.88% 21.00%
7.27% 2.19% 25.00%
5.08% 0.00% 22.00%
5.08% 0.00% 17.77%
7.96% 2.88% 20.00%
5.65% 0.57% 20.00%
6.01% 0.93% 25.51%

Tax Rate Total GDP Weight


28.04% 1712.37 2.28%
25.93% 24243.89 32.31%
29.71% 1390.79 1.85%
24.02% 218.19 0.29%
31.73% 4820.51 6.42%
18.42% 3038.67 4.05%
20.56% 2334.66 3.11%
21.42% 20154.24 26.86%
25.51% 17117.35 22.81%
24.64% 75030.67
Region GDP Weight Weigth*Default Spread
Africa 5.99% 0.34%
Africa 0.91% 0.01%
Africa 0.68% 0.04%
Africa 1.88% 0.11%
Africa 0.11% 0.01%
Africa 1.86% 0.12%
Africa 0.46% 0.04%
Africa 2.12% 0.08%
Africa 19.43% 1.30%
Africa 4.23% 0.20%
Africa 0.83% 0.06%
Africa 2.49% 0.17%
Africa 4.12% 0.19%
Africa 6.05% 0.16%
Africa 0.64% 0.07%
Africa 0.64% 0.02%
Africa 23.63% 1.33%
Africa 0.49% 0.03%
Africa 0.86% 0.03%
Africa 17.25% 0.39%
Africa 0.22% 0.01%
Africa 2.46% 0.11%
Africa 1.41% 0.08%
Africa 1.23% 0.08%
100.00%
Asia 0.91% 0.03%
Asia 0.08% 0.00%
Asia 46.19% 0.33%
Asia 0.02% 0.00%
Asia 1.32% 0.01%
Asia 9.34% 0.18%
Asia 3.85% 0.09%
Asia 20.38% 0.15%
Asia 5.82% 0.03%
Asia 0.18% 0.00%
Asia 1.22% 0.02%
Asia 0.05% 0.00%
Asia 0.05% 0.00%
Asia 1.15% 0.08%
Asia 0.08% 0.00%
Asia 1.26% 0.02%
Asia 1.22% 0.00%
Asia 0.34% 0.02%
Asia 4.00% 0.02%
Asia 1.68% 0.03%
Asia 0.85% 0.04%
100.00%
Australia & New Zealand 86.61% 0.00%
Australia & New Zealand 0.09% 0.00%
Australia & New Zealand 13.30% 0.00%

Caribbean 1.19% 0.02%


Caribbean 5.16% 0.12%
Caribbean 2.08% 0.21%
Caribbean 2.57% 0.02%
Caribbean 1.47% 0.01%
Caribbean 35.38% 3.27%
Caribbean 0.46% 0.01%
Caribbean 32.81% 1.21%
Caribbean 6.44% 0.43%
Caribbean 0.69% 0.02%
Caribbean 0.69% 0.01%
Caribbean 0.35% 0.02%
Caribbean 10.03% 0.26%
Caribbean 0.69% 0.01%
100.00%
Central and South America 11.32% 0.64%
Central and South America 0.04% 0.00%
Central and South America 0.70% 0.03%
Central and South America 37.26% 1.15%
Central and South America 5.12% 0.03%
Central and South America 5.86% 0.11%
Central and South America 1.19% 0.04%
Central and South America 2.05% 0.14%
Central and South America 0.56% 0.04%
Central and South America 1.43% 0.04%
Central and South America 0.45% 0.02%
Central and South America 21.72% 0.27%
Central and South America 0.27% 0.02%
Central and South America 1.14% 0.02%
Central and South America 0.57% 0.01%
Central and South America 3.99% 0.05%
Central and South America 0.07% 0.00%
Central and South America 1.09% 0.02%
Central and South America 5.19% 0.53%
100.00%
Eastern Europe & Russia 0.39% 0.02%
Eastern Europe & Russia 0.35% 0.02%
Eastern Europe & Russia 1.25% 0.04%
Eastern Europe & Russia 1.56% 0.12%
Eastern Europe & Russia 0.56% 0.04%
Eastern Europe & Russia 1.75% 0.03%
Eastern Europe & Russia 1.67% 0.05%
Eastern Europe & Russia 6.43% 0.05%
Eastern Europe & Russia 0.77% 0.01%
Eastern Europe & Russia 0.47% 0.01%
Eastern Europe & Russia 4.14% 0.09%
Eastern Europe & Russia 4.52% 0.10%
Eastern Europe & Russia 0.22% 0.01%
Eastern Europe & Russia 0.91% 0.01%
Eastern Europe & Russia 1.41% 0.02%
Eastern Europe & Russia 0.36% 0.01%
Eastern Europe & Russia 0.22% 0.01%
Eastern Europe & Russia 0.14% 0.01%
Eastern Europe & Russia 15.51% 0.13%
Eastern Europe & Russia 6.17% 0.14%
Eastern Europe & Russia 42.23% 1.08%
Eastern Europe & Russia 1.26% 0.05%
Eastern Europe & Russia 2.95% 0.03%
Eastern Europe & Russia 1.47% 0.02%
Eastern Europe & Russia 0.23% 0.01%
Eastern Europe & Russia 3.07% 0.28%
100.00%
Middle East 16.70% 0.08%
Middle East 1.38% 0.06%
Middle East 7.35% 0.56%
Middle East 13.61% 0.10%
Middle East 1.66% 0.08%
Middle East 4.75% 0.02%
Middle East 2.12% 0.14%
Middle East 2.84% 0.06%
Middle East 6.53% 0.04%
Middle East 0.22% 0.00%
Middle East 27.69% 0.20%
Middle East 0.21% 0.00%
Middle East 14.94% 0.08%
100.00%
North America 7.59% 0.00%
North America 92.41% 0.00%

Western Europe 0.02% 0.00%


Western Europe 2.28% 0.01%
Western Europe 2.73% 0.02%
Western Europe 0.12% 0.00%
Western Europe 1.79% 0.00%
Western Europe 1.39% 0.01%
Western Europe 14.40% 0.07%
Western Europe 20.32% 0.00%
Western Europe 1.13% 0.10%
Western Europe 0.00% 0.00%
Western Europe 0.12% 0.00%
Western Europe 1.78% 0.02%
Western Europe 0.04% 0.00%
Western Europe 10.86% 0.21%
Western Europe 0.01% 0.00%
Western Europe 0.04% 0.00%
Western Europe 0.34% 0.00%
Western Europe 0.06% 0.00%
Western Europe 4.54% 0.00%
Western Europe 2.17% 0.00%
Western Europe 1.20% 0.03%
Western Europe 7.23% 0.14%
Western Europe 3.01% 0.00%
Western Europe 3.91% 0.00%
Western Europe 5.05% 0.13%
Western Europe 15.47% 0.08%
100.00%

Weight *ERP Weight*CRP Weight*Default Spread


0.24% 0.13% 0.11%
2.03% 0.38% 0.34%
0.09% 0.00% 0.00%
0.03% 0.02% 0.02%
0.55% 0.23% 0.20%
0.31% 0.11% 0.10%
0.21% 0.05% 0.04%
1.36% 0.00% 0.00%
1.37% 0.21% 0.19%
Weight*ERP Weight*CRP Weight * Tax Rate
0.68% 0.38% 1.80%
0.06% 0.01% 0.20%
0.08% 0.04% 0.19%
0.21% 0.12% 0.62%
0.01% 0.01% 0.03%
0.23% 0.14% 0.65%
0.07% 0.05% 0.13%
0.20% 0.09% 0.53%
2.44% 1.46% 4.37%
0.43% 0.22% 1.27%
0.10% 0.06% 0.25%
0.31% 0.19% 0.62%
0.42% 0.21% 1.24%
0.48% 0.17% 1.88%
0.11% 0.07% 0.21%
0.05% 0.02% 0.20%
2.70% 1.50% 7.09%
0.06% 0.03% 0.15%
0.08% 0.04% 0.26%
1.31% 0.44% 4.83%
0.01% 0.02% 0.06%
0.25% 0.13% 0.61%
0.16% 0.09% 0.42%
0.15% 0.09% 0.43%

0.08% 0.04% 0.23%


0.01% 0.01% 0.02%
2.72% 0.37% 11.55%
0.00% 0.00% 0.00%
0.07% 0.01% 0.22%
0.68% 0.20% 2.80%
0.29% 0.10% 0.96%
1.20% 0.17% 6.29%
0.33% 0.03% 1.28%
0.01% 0.00% 0.02%
0.08% 0.02% 0.29%
0.00% 0.00% 0.01%
0.01% 0.00% 0.01%
0.14% 0.09% 0.36%
0.01% 0.01% 0.03%
0.09% 0.03% 0.38%
0.06% 0.00% 0.21%
0.03% 0.02% 0.09%
0.23% 0.03% 0.68%
0.12% 0.03% 0.34%
0.09% 0.04% 0.17%

4.40% 0.00% 25.98%


0.01% 0.00% 0.00%
0.68% 0.00% 3.72%

0.08% 0.02% 0.00%


0.39% 0.13% 0.00%
0.34% 0.24% 0.52%
0.16% 0.03% 0.00%
0.08% 0.01% 0.00%
5.47% 3.67% 9.90%
0.03% 0.01% 0.10%
3.03% 1.36% 8.86%
0.81% 0.48% 1.61%
0.05% 0.02% 0.19%
0.05% 0.02% 0.24%
0.04% 0.03% 0.10%
0.80% 0.29% 2.51%
0.05% 0.01% 0.00%
6.31%
1.29% 0.72% 3.96%
0.00% 0.00% 0.01%
0.06% 0.03% 0.18%
3.18% 1.29% 12.67%
0.30% 0.04% 1.31%
0.43% 0.13% 1.99%
0.10% 0.04% 0.36%
0.26% 0.15% 0.45%
0.08% 0.05% 0.17%
0.11% 0.04% 0.36%
0.05% 0.02% 0.11%
1.40% 0.30% 6.52%
0.03% 0.02% 0.08%
0.08% 0.03% 0.29%
0.05% 0.02% 0.06%
0.26% 0.06% 1.18%
0.01% 0.00% 0.02%
0.08% 0.02% 0.27%
0.86% 0.60% 1.76%

0.04% 0.02% 0.06%


0.04% 0.02% 0.07%
0.11% 0.04% 0.25%
0.21% 0.13% 0.28%
0.07% 0.04% 0.06%
0.13% 0.04% 0.18%
0.14% 0.06% 0.33%
0.38% 0.05% 1.22%
0.05% 0.01% 0.15%
0.04% 0.02% 0.07%
0.32% 0.11% 0.37%
0.34% 0.11% 0.90%
0.02% 0.01% 0.03%
0.06% 0.01% 0.14%
0.09% 0.02% 0.21%
0.03% 0.01% 0.04%
0.03% 0.02% 0.03%
0.01% 0.01% 0.01%
0.94% 0.15% 2.95%
0.47% 0.16% 0.99%
3.36% 1.22% 8.45%
0.12% 0.05% 0.19%
0.18% 0.03% 0.62%
0.10% 0.03% 0.28%
0.02% 0.01% 0.00%
0.47% 0.32% 0.55%

0.94% 0.10% 0.00%


0.14% 0.07% 0.00%
1.01% 0.63% 1.10%
0.80% 0.11% 3.27%
0.17% 0.09% 0.33%
0.27% 0.03% 0.71%
0.27% 0.16% 0.32%
0.21% 0.06% 0.43%
0.38% 0.05% 0.65%
0.01% 0.00% 0.00%
1.63% 0.22% 5.54%
0.01% 0.00% 0.00%
0.84% 0.09% 8.22%

0.39% 0.00% 2.01%


4.69% 0.00% 19.41%

0.00% 0.00% 0.00%


0.13% 0.01% 0.57%
0.16% 0.02% 0.93%
0.01% 0.00% 0.01%
0.09% 0.00% 0.39%
0.08% 0.01% 0.28%
0.81% 0.08% 4.80%
1.03% 0.00% 6.05%
0.17% 0.12% 0.33%
0.00% 0.00% 0.00%
0.01% 0.00% 0.02%
0.11% 0.02% 0.22%
0.00% 0.00% 0.00%
0.79% 0.24% 2.61%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.02% 0.00% 0.09%
0.00% 0.00% 0.02%
0.23% 0.00% 1.14%
0.11% 0.00% 0.52%
0.10% 0.03% 0.25%
0.53% 0.16% 1.81%
0.15% 0.00% 0.66%
0.20% 0.00% 0.69%
0.40% 0.15% 1.01%
0.87% 0.09% 3.09%

Weight* Tax Rate


0.64%
8.38%
0.55%
0.07%
2.04%
0.75%
0.64%
5.75%
5.82%
Country GDP (in billions) Moody's rating Adj. Default Spread
Abu Dhabi 390.00 Aa2 0.51%
Albania 11.86 B1 4.62%
Andorra (Principality of) 2.86 Baa2 1.95%
Angola 102.60 B2 5.64%
Argentina 545.48 B2 5.64%
Armenia 10.57 B1 4.62%
Aruba 2.60 Baa1 1.64%
Australia 1204.62 Aaa 0.00%
Austria 390.80 Aa1 0.41%
Azerbaijan 37.85 Ba2 3.08%
Bahamas 11.26 Baa3 2.26%
Bahrain 32.18 B1 4.62%
Bangladesh 221.42 Ba3 3.69%
Barbados 4.53 Caa3 10.25%
Belarus 47.41 Caa1 7.69%
Belgium 467.96 Aa3 0.62%
Belize 1.74 B3 6.67%
Bermuda 5.60 A2 0.87%
Bolivia 33.81 Ba3 3.69%
Bosnia and Herzegovina 16.91 B3 6.67%
Botswana 15.58 A2 0.87%
Brazil 1796.19 Ba2 3.08%
Bulgaria 53.24 Baa2 1.95%
Burkina Faso 11.69 B2 5.64%
Cambodia 20.02 B2 5.64%
Cameroon 32.22 B2 5.64%
Canada 1529.76 Aaa 0.00%
Cayman Islands 3.20 Aa3 0.62%
Cape Verde 1.90 B2 5.64%
Chile 247.03 Aa3 0.62%
China 11199.15 A1 0.72%
Colombia 282.46 Baa2 1.95%
Congo (Democratic Republi 31.93 B3 6.67%
Congo (Republic of) 7.83 Caa2 9.23%
Cook Islands 1.20 B1 4.62%
Costa Rica 57.44 Ba2 3.08%
Côte d'Ivoire 36.37 Ba3 3.69%
Croatia 50.71 Ba2 3.08%
Cuba 77.20 Caa2 9.23%
Curacao 1.00 A3 1.23%
Cyprus 20.05 Ba3 3.69%
Czech Republic 195.31 A1 0.72%
Denmark 306.90 Aaa 0.00%
Dominican Republic 71.58 Ba3 3.69%
Ecuador 98.61 B3 6.67%
Egypt 332.79 B3 6.67%
El Salvador 26.80 Caa1 7.69%
Estonia 23.34 A1 0.72%
Ethiopia 72.37 B1 4.62%
Fiji 4.70 Ba3 3.69%
Finland 238.50 Aa1 0.41%
France 2465.45 Aa2 0.51%
Gabon 14.21 B3 6.67%
Georgia 14.38 Ba2 3.08%
Germany 3477.80 Aaa 0.00%
Ghana 42.69 B3 6.67%
Greece 192.69 Caa2 9.23%
Guatemala 68.76 Ba1 2.56%
Guernsey (States of) 0.50 Aa3 0.62%
Honduras 21.52 B1 4.62%
Hong Kong 320.91 Aa2 0.51%
Hungary 125.82 Baa3 2.26%
Iceland 20.05 A3 1.23%
India 2263.79 Baa2 1.95%
Indonesia 932.26 Baa3 2.26%
Iraq 171.49 Caa1 7.69%
Ireland 304.82 A2 0.87%
Isle of Man 7.40 Aa2 0.51%
Israel 317.74 A1 0.72%
Italy 1858.91 Baa2 1.95%
Jamaica 14.06 B3 6.67%
Japan 4940.16 A1 0.72%
Jersey (States of) 1.00 Aa3 0.62%
Jordan 38.65 B1 4.62%
Kazakhstan 137.28 Baa3 2.26%
Kenya 70.53 B1 4.62%
Korea 1411.25 Aa2 0.51%
Kuwait 110.88 Aa2 0.51%
Kyrgyzstan 6.55 B2 5.64%
Latvia 27.57 A3 1.23%
Lebanon 49.60 B3 6.67%
Liechtenstein 6.70 Aaa 0.00%
Lithuania 42.74 A3 1.23%
Luxembourg 58.63 Aaa 0.00%
Macao 44.80 Aa3 0.62%
Macedonia 10.90 Ba3 3.69%
Malaysia 296.54 A3 1.23%
Malta 11.00 A3 1.23%
Mauritius 12.17 Baa1 1.64%
Mexico 1046.92 A3 1.23%
Moldova 6.75 B3 6.67%
Mongolia 11.18 Caa1 7.69%
Montenegro 4.37 B1 4.62%
Montserrat 1.50 Baa3 2.26%
Morocco 103.61 Ba1 2.56%
Mozambique 11.01 Caa3 10.25%
Namibia 10.95 Ba1 2.56%
Netherlands 777.23 Aaa 0.00%
New Zealand 184.97 Aaa 0.00%
Nicaragua 13.23 B2 5.64%
Nigeria 404.65 B2 5.64%
Norway 371.08 Aaa 0.00%
Oman 66.29 Baa2 1.95%
Pakistan 278.91 B3 6.67%
Panama 55.19 Baa2 1.95%
Papua New Guinea 20.21 B2 5.64%
Paraguay 27.42 Ba1 2.56%
Peru 192.21 A3 1.23%
Philippines 304.91 Baa2 1.95%
Poland 471.36 A2 0.87%
Portugal 204.84 Ba1 2.56%
Qatar 152.45 Aa3 0.62%
Ras Al Khaimah (Emirate o 5.20 A2 0.87%
Romania 187.59 Baa3 2.26%
Russia 1283.16 Ba1 2.56%
Rwanda 8.38 B2 5.64%
Saudi Arabia 646.44 A1 0.72%
Senegal 14.68 Ba3 3.69%
Serbia 38.30 Ba3 3.69%
Sharjah 5.00 A3 1.23%
Singapore 296.98 Aaa 0.00%
Slovakia 89.77 A2 0.87%
Slovenia 44.71 Baa1 1.64%
South Africa 295.46 Baa3 2.26%
Spain 1237.26 Baa2 1.95%
Sri Lanka 81.32 B1 4.62%
St. Maarten 1.50 Baa2 1.95%
St. Vincent & the Grenadin 0.77 B3 6.67%
Suriname 3.28 B1 4.62%
Swaziland 3.72 B2 0.00%
Sweden 514.46 Aaa 0.00%
Switzerland 668.85 Aaa 0.00%
Taiwan 970.90 Aa3 0.62%
Tajikistan 6.95 B3 2.56%
Thailand 407.03 Baa1 1.64%
Trinidad and Tobago 21.89 Ba1 2.56%
Tunisia 42.06 B1 4.62%
Turkey 863.71 Ba1 2.56%
Turks and Caicos Islands 1.50 Baa1 1.64%
Uganda 24.08 B2 5.64%
Ukraine 93.27 Caa2 9.23%
United Arab Emirates 348.74 Aa2 0.51%
United Kingdom 2647.90 Aa2 0.51%
United States 18624.48 Aaa 0.00%
Uruguay 52.42 Baa2 1.95%
Venezuela 250.00 Caa3 10.25%
Vietnam 205.28 B1 4.62%
Zambia 21.06 B3 6.67%
Equity Risk Premiu Country Risk Premium Corporate Tax Rate Region
5.65% 0.57% 0.00% Middle East
10.27% 5.19% 15.00% Eastern Europe & Russia
7.27% 2.19% 0.00% Western Europe
11.42% 6.34% 30.00% Africa
11.42% 6.34% 35.00% Central and South America
10.27% 5.19% 20.00% Eastern Europe & Russia
6.92% 1.84% 0.00% Caribbean
5.08% 0.00% 30.00% Australia & New Zealand
5.54% 0.46% 25.00% Western Europe
8.54% 3.46% 20.00% Eastern Europe & Russia
7.62% 2.54% 0.00% Caribbean
10.27% 5.19% 0.00% Middle East
9.23% 4.15% 25.00% Asia
16.60% 11.52% 25.00% Caribbean
13.72% 8.64% 18.00% Eastern Europe & Russia
5.78% 0.70% 33.99% Western Europe
12.58% 7.50% 28.21% Central and South America
6.06% 0.98% 0.00% Caribbean
9.23% 4.15% 25.00% Central and South America
12.58% 7.50% 10.00% Eastern Europe & Russia
6.06% 0.98% 22.00% Africa
8.54% 3.46% 34.00% Central and South America
7.27% 2.19% 10.00% Eastern Europe & Russia
11.42% 6.34% 27.50% Africa
11.42% 6.34% 20.00% Asia
11.42% 6.34% 33.00% Africa
5.08% 0.00% 26.50% North America
5.78% 0.70% 0.00% Caribbean
11.42% 6.34% 28.21% Africa
5.78% 0.70% 25.50% Central and South America
5.89% 0.81% 25.00% Asia
7.27% 2.19% 34.00% Central and South America
12.58% 7.50% 35.00% Africa
15.46% 10.38% 28.21% Africa
10.27% 5.19% 0.00% Australia & New Zealand
8.54% 3.46% 30.00% Central and South America
9.23% 4.15% 25.00% Africa
8.54% 3.46% 20.00% Eastern Europe & Russia
15.46% 10.38% 27.98% Caribbean
6.46% 1.38% 22.00% Caribbean
9.23% 4.15% 12.50% Western Europe
5.89% 0.81% 19.00% Eastern Europe & Russia
5.08% 0.00% 22.00% Western Europe
9.23% 4.15% 27.00% Caribbean
12.58% 7.50% 22.00% Central and South America
12.58% 7.50% 22.50% Africa
13.72% 8.64% 30.00% Central and South America
5.89% 0.81% 20.00% Eastern Europe & Russia
10.27% 5.19% 30.00% Africa
9.23% 4.15% 20.00% Asia
5.54% 0.46% 20.00% Western Europe
5.65% 0.57% 33.33% Western Europe
12.58% 7.50% 30.00% Africa
8.54% 3.46% 15.00% Eastern Europe & Russia
5.08% 0.00% 29.79% Western Europe
12.58% 7.50% 25.00% Africa
15.46% 10.38% 29.00% Western Europe
7.96% 2.88% 25.00% Central and South America
5.78% 0.70% 0.00% Western Europe
10.27% 5.19% 25.00% Central and South America
5.65% 0.57% 16.50% Asia
7.62% 2.54% 9.00% Eastern Europe & Russia
6.46% 1.38% 20.00% Western Europe
7.27% 2.19% 30.00% Asia
7.62% 2.54% 25.00% Asia
13.72% 8.64% 15.00% Middle East
6.06% 0.98% 12.50% Western Europe
5.65% 0.57% 0.00% Western Europe
5.89% 0.81% 24.00% Middle East
7.27% 2.19% 24.00% Western Europe
12.58% 7.50% 25.00% Caribbean
5.89% 0.81% 30.86% Asia
5.78% 0.70% 20.00% Western Europe
10.27% 5.19% 20.00% Middle East
7.62% 2.54% 20.00% Eastern Europe & Russia
10.27% 5.19% 30.00% Africa
5.65% 0.57% 22.00% Asia
5.65% 0.57% 15.00% Middle East
11.42% 6.34% 15.00% Eastern Europe & Russia
6.46% 1.38% 15.00% Eastern Europe & Russia
12.58% 7.50% 15.00% Middle East
5.08% 0.00% 12.50% Western Europe
6.46% 1.38% 15.00% Eastern Europe & Russia
5.08% 0.00% 27.08% Western Europe
5.78% 0.70% 12.00% Asia
9.23% 4.15% 10.00% Eastern Europe & Russia
6.46% 1.38% 24.00% Asia
6.46% 1.38% 35.00% Western Europe
6.92% 1.84% 15.00% Asia
6.46% 1.38% 30.00% Central and South America
12.58% 7.50% 12.00% Eastern Europe & Russia
13.72% 8.64% 25.00% Asia
10.27% 5.19% 9.00% Eastern Europe & Russia
7.62% 2.54% 27.98% Caribbean
7.96% 2.88% 31.00% Africa
16.60% 11.52% 32.00% Africa
7.96% 2.88% 32.00% Africa
5.08% 0.00% 25.00% Western Europe
5.08% 0.00% 28.00% Australia & New Zealand
11.42% 6.34% 30.00% Central and South America
11.42% 6.34% 30.00% Africa
5.08% 0.00% 24.00% Western Europe
7.27% 2.19% 15.00% Middle East
12.58% 7.50% 31.00% Asia
7.27% 2.19% 25.00% Central and South America
11.42% 6.34% 30.00% Asia
7.96% 2.88% 10.00% Central and South America
6.46% 1.38% 29.50% Central and South America
7.27% 2.19% 30.00% Asia
6.06% 0.98% 19.00% Eastern Europe & Russia
7.96% 2.88% 21.00% Western Europe
5.78% 0.70% 10.00% Middle East
6.06% 0.98% 0.00% Middle East
7.62% 2.54% 16.00% Eastern Europe & Russia
7.96% 2.88% 20.00% Eastern Europe & Russia
11.42% 6.34% 30.00% Africa
5.89% 0.81% 20.00% Middle East
9.23% 4.15% 30.00% Africa
9.23% 4.15% 15.00% Eastern Europe & Russia
6.46% 1.38% 0.00% Middle East
5.08% 0.00% 17.00% Asia
6.06% 0.98% 21.00% Eastern Europe & Russia
6.92% 1.84% 19.00% Eastern Europe & Russia
7.62% 2.54% 28.00% Africa
7.27% 2.19% 25.00% Western Europe
10.27% 5.19% 28.00% Asia
7.27% 2.19% 34.50% Caribbean
12.58% 7.50% 27.98% Caribbean
10.27% 5.19% 36.00% Central and South America
5.08% 0.00% 27.50% Africa
5.08% 0.00% 22.00% Western Europe
5.08% 0.00% 17.77% Western Europe
5.78% 0.70% 17.00% Asia
7.96% 2.88% 0.00% Eastern Europe & Russia
6.92% 1.84% 20.00% Asia
7.96% 2.88% 25.00% Caribbean
10.27% 5.19% 25.00% Africa
7.96% 2.88% 20.00% Western Europe
6.92% 1.84% 0.00% Caribbean
11.42% 6.34% 30.00% Africa
15.46% 10.38% 18.00% Eastern Europe & Russia
5.65% 0.57% 55.00% Middle East
5.65% 0.57% 20.00% Western Europe
5.08% 0.00% 21.00% North America
7.27% 2.19% 25.00% Central and South America
16.60% 11.52% 34.00% Central and South America
10.27% 5.19% 20.00% Asia
12.58% 7.50% 35.00% Africa
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Country S&P Rating Moody's rating
Abu Dhabi AA Aa2
Albania B+ B1
Andorra (Principality of) BBB Baa2
Angola B- B2
Argentina B+ B2
Armenia NA B1
Aruba BBB+ Baa1
Australia AAA Aaa
Austria AA+ Aa1
Azerbaijan BB+ Ba2
Bahamas BB+ Baa3
Bahrain BB- B1
Bangladesh BB- Ba3
Barbados CCC+ Caa3
Belarus B Caa1
Belgium AA Aa3
Belize B- B3
Bermuda A+ A2
Bolivia BB Ba3
Bosnia and Herzegovina B B3
Botswana A- A2
Brazil BB Ba2
Bulgaria BB+ Baa2
Burkina Faso B B2
Cambodia NA B2
Cameroon B B2
Canada AAA Aaa
Cayman Islands NA Aa3
Cape Verde B B2
Chile A+ Aa3
China A+ A1
Colombia BBB Baa2
Congo (Democratic Republic CCC+ B3
Congo (Republic of) CCC+ Caa2
Cook Islands B+ B1
Costa Rica BB- Ba2
Côte d'Ivoire NA Ba3
Croatia BB Ba2
Cuba NA Caa2
Curacao A- A3
Cyprus BB+ Ba3
Czech Republic AA- A1
Denmark AAA Aaa
Dominican Republic BB- Ba3
Ecuador B- B3
Egypt B- B3
El Salvador CCC+ Caa1
Estonia AA- A1
Ethiopia B B1
Fiji B+ Ba3
Finland AA+ Aa1
France AA Aa2
Gabon NA B3
Georgia BB- Ba2
Germany AAA Aaa
Ghana B- B3
Greece B- Caa2
Guatemala BB- Ba1
Guernsey (States of) AA- Aa3
Honduras BB- B1
Hong Kong AA+ Aa2
Hungary BBB- Baa3
Iceland A A3
India BBB- Baa2
Indonesia BBB- Baa3
Iraq B- Caa1
Ireland A+ A2
Isle of Man NA Aa2
Israel A+ A1
Italy BBB Baa2
Jamaica B B3
Japan A+ A1
Jersey (States of) AA- Aa3
Jordan B+ B1
Kazakhstan BBB- Baa3
Kenya B+ B1
Korea AA Aa2
Kuwait AA Aa2
Kyrgyzstan NA B2
Latvia A- A3
Lebanon B- B3
Liechtenstein AAA Aaa
Lithuania A- A3
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- Ba3
Malaysia A- A3
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 SD Caa3
Namibia NA Ba1
Netherlands AAA Aaa
New Zealand AA Aaa
Nicaragua B+ B2
Nigeria B B2
Norway AAA Aaa
Oman BB+ Baa2
Pakistan B B3
Panama BBB Baa2
Papua New Guinea B+ B2
Paraguay BB Ba1
Peru BBB+ A3
Philippines BBB Baa2
Poland BBB+ A2
Portugal BBB- Ba1
Qatar AA- Aa3
Ras Al Khaimah (Emirate of) A A2
Romania BBB- Baa3
Russia BB+ Ba1
Rwanda B B2
Saudi Arabia A- A1
Senegal B+ Ba3
Serbia BB- Ba3
Sharjah BBB+ A3
Singapore AAA Aaa
Slovakia A+ A2
Slovenia A+ Baa1
South Africa BB+ Baa3
Spain BBB+ Baa2
Sri Lanka B+ B1
St. Maarten NA Baa2
St. Vincent & the Grenadines NA B3
Suriname B B1
Swaziland NA B2
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA- Aa3
Tajikistan B- B3
Thailand BBB+ Baa1
Trinidad and Tobago BBB+ Ba1
Tunisia NA B1
Turkey BB Ba1
Turks and Caicos Islands BBB+ Baa1
Uganda B B2
Ukraine B- Caa2
United Arab Emirates NA Aa2
United Kingdom AA Aa2
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
ble is used to estimate the
Country Region
Abu Dhabi Middle East
Albania Eastern Europe & Russia
Andorra Western Europe
Angola Africa
Argentina Central and South America
Armenia Eastern Europe & Russia
Aruba Caribbean
Australia Australia & New Zealand
Austria Western Europe
Azerbaijan Eastern Europe & Russia
Bahamas Caribbean
Bahrain Middle East
Bangladesh Asia
Barbados Caribbean
Belarus Eastern Europe & Russia
Belgium Western Europe
Belize Central and South America
Benin Africa
Bermuda Caribbean
Bolivia Central and South America
Bosnia and Herzegovina Eastern Europe & Russia
Botswana Africa
Brazil Central and South America
Bulgaria Eastern Europe & Russia
Burkina Faso Africa
Cambodia Asia
Cameroon Africa
Canada North America
Cape Verde Africa
Cayman Islands Caribbean
Chile Central and South America
China Asia
Colombia Central and South America
Congo (Democratic Republic of) Africa
Congo (Republic of) Africa
Cook Islands Australia & New Zealand
Costa Rica Central and South America
Côte d'Ivoire Africa
Croatia Eastern Europe & Russia
Cuba Caribbean
Curacao Caribbean
Cyprus Western Europe
Czech Republic Eastern Europe & Russia
Democratic Republic of Congo Africa
Denmark Western Europe
Dominican Republic Caribbean
Ecuador Central and South America
Egypt Africa
El Salvador Central and South America
Estonia Eastern Europe & Russia
Ethiopia Africa
Fiji Asia
Finland Western Europe
France Western Europe
Gabon Africa
Georgia Eastern Europe & Russia
Germany Western Europe
Ghana Africa
Greece Western Europe
Guatemala Central and South America
Guernsey (States of) Western Europe
Honduras Central and South America
Hong Kong Asia
Hungary Eastern Europe & Russia
Iceland Western Europe
India Asia
Indonesia Asia
Iraq Middle East
Ireland Western Europe
Isle of Man Western Europe
Israel Middle East
Italy Western Europe
Jamaica Caribbean
Japan Asia
Jersey (States of) Western Europe
Jordan Middle East
Kazakhstan Eastern Europe & Russia
Kenya Africa
Korea Asia
Kuwait Middle East
Kyrgyzstan Eastern Europe & Russia
Latvia Eastern Europe & Russia
Lebanon Middle East
Liechtenstein Western Europe
Lithuania Eastern Europe & Russia
Luxembourg Western Europe
Macao Asia
Macedonia Eastern Europe & Russia
Malaysia Asia
Malta Western Europe
Mauritius Asia
Mexico Central and South America
Moldova Eastern Europe & Russia
Mongolia Asia
Montenegro Eastern Europe & Russia
Montserrat Caribbean
Morocco Africa
Mozambique Africa
Namibia Africa
Netherlands Western Europe
New Zealand Australia & New Zealand
Nicaragua Central and South America
Nigeria Africa
Norway Western Europe
Oman Middle East
Pakistan Asia
Panama Central and South America
Papua New Guinea Asia
Paraguay Central and South America
Peru Central and South America
Philippines Asia
Poland Eastern Europe & Russia
Portugal Western Europe
Qatar Middle East
Ras Al Kaminah Middle East
Republic of the Congo Africa
Romania Eastern Europe & Russia
Russia Eastern Europe & Russia
Rwanda Africa
Saudi Arabia Middle East
Senegal Africa
Serbia Eastern Europe & Russia
Sharjah Middle East
Singapore Asia
Slovakia Eastern Europe & Russia
Slovenia Eastern Europe & Russia
South Africa Africa
Spain Western Europe
Sri Lanka Asia
St. Maarten Caribbean
St. Vincent & the Grenadines Caribbean
Suriname Central and South America
Swaziland Africa
Sweden Western Europe
Switzerland Western Europe
Taiwan Asia
Tajikistan Eastern Europe & Russia
Thailand Asia
Trinidad and Tobago Caribbean
Tunisia Africa
Turkey Western Europe
Turkmenistan Eastern Europe & Russia
Turks and Caicos Caribbean
Uganda Africa
Ukraine Eastern Europe & Russia
United Arab Emirates Middle East
United Kingdom Western Europe
United States North America
Uruguay Central and South America
Venezuela Central and South America
Vietnam Asia
Zambia Africa
Moody's CDS Spread CDS Spread
Country rating (7/1/17) (1/1/18)
Rating Default Spread (7/1/ Updated Default Spread (1/1/18)
A1 81 72 Abu Dhabi Aa2 0.98% 1.12%
A2 98 87 Argentina B3 4.25% 3.66%
A3 139 123 Australia Aaa 0.46% 0.36%
Aa1 46 41 Austria Aa1 0.47% 0.34%
Aa2 57 51 Bahrain Ba2 3.35% 3.37%
Aa3 70 62 Belgium Aa3 0.46% 0.38%
Aaa 0 0 Brazil Ba2 3.46% 2.65%
B1 520 462 Bulgaria Baa2 1.63% 1.47%
B2 636 564 Chile Aa3 1.15% 1.02%
B3 751 667 China A1 1.15% 0.97%
Ba1 289 256 Colombia Baa2 2.30% 2.00%
Ba2 347 308 Costa Rica Ba2 2.59% 2.26%
Ba3 416 369 Croatia Ba2 2.17% 1.61%
Baa1 184 164 Cyprus B1 2.60% 1.75%
Baa2 220 195 Czech Republic A1 0.72% 0.71%
Baa3 254 226 Denmark Aaa 0.41% 0.32%
Ca 1386 1230 Dubai 2.01% 2.00%
Caa1 866 769 Egypt B3 4.50% 0.39%
Caa2 1040 923 Estonia A1 0.78% 0.76%
Caa3 1155 1025 Finland Aa1 0.42% 0.37%
NR NA NA France Aa2 0.49% 0.42%
Germany Aaa 0.37% 0.26%
Greece 5.65% 4.83%
Hong Kong Aa2 0.57% 0.68%
Hungary Baa3 1.59% 1.36%
Iceland A3 1.19% 0.95%
India Baa3 1.42% 1.26%
Indonesia Baa3 1.85% 1.55%
Ireland A3 0.72% 0.58%
Israel A1 1.08% 1.02%
Italy Baa2 2.02% 1.81%
Japan A1 0.47% 0.48%
Kazakhstan Baa3 2.22% 1.88%
Korea Aa2 0.73% 0.79%
Kuwait 1.26% 1.28%
Latvia A3 1.01% 1.00%
Lebanon B2 4.86% 5.40%
Lithuania A3 0.96% 0.95%
Malaysia A3 1.35% 1.08%
Mexico A3 1.92% 1.85%
Morocco Ba1 1.97% 1.95%
Netherlands Aaa 0.44% 0.35%
New Zealand Aaa 0.56% 0.42%
Nigeria B1 4.57% 4.55%
Norway Aaa 0.34% 0.32%
Pakistan B3 3.31% 3.76%
Panama Baa2 1.67% 1.41%
Peru A3 1.60% 1.47%
Philippines Baa2 1.26% 1.10%
Poland A2 1.06% 0.90%
Portugal Ba1 2.63% 1.68%
Qatar Aa3 1.63% 1.58%
Romania Baa3 1.53% 1.50%
Russia Ba1 2.52% 2.03%
Saudi Arabia A1 1.70% 1.53%
Slovakia A2 0.81% 0.84%
Slovenia Baa3 1.26% 1.18%
South Africa Baa3 2.88% 2.64%
Spain Baa2 1.10% 1.00%
Sweden Aaa 0.35% 0.30%
Switzerland Aaa 0.48% 0.40%
Thailand Baa1 1.04% 0.87%
Tunisia Ba3 4.75% 3.97%
Turkey Ba1 2.89% 2.70%
Ukraine Caa3 6.10% 5.90%
United Kingdom Aa1 0.52% 0.44%
United States Aaa 0.34% 0.39%
Venezuela Caa3 30.11% NA
Vietnam B1 2.23% 1.91%
Average
Median
CDS %
Change

14.29%
-13.88%
-21.74%
-27.66%
0.60%
-17.39%
-23.41%
-9.82%
-11.30%
-15.65%
-13.04%
-12.74%
-25.81%
-32.69%
-1.39%
-21.95%
-0.50%
-91.33%
-2.56%
-11.90%
-14.29%
-29.73%
-14.51%
19.30%
-14.47%
-20.17%
-11.27%
-16.22%
-19.44%
-5.56%
-10.40%
2.13%
-15.32%
8.22%
1.59%
-0.99%
11.11%
-1.04%
-20.00%
-3.65%
-1.02%
-20.45%
-25.00%
-0.44%
-5.88%
13.60%
-15.57%
-8.13%
-12.70%
-15.09%
-36.12%
-3.07%
-1.96%
-19.44%
-10.00%
3.70%
-6.35%
-8.33%
-9.09%
-14.29%
-16.67%
-16.35%
-16.42%
-6.57%
-3.28%
-15.38%
14.71%
NA
-14.35%
-11.24%
-12.30%
Country Moody's rating CDS Spread (1/1/18)
Abu Dhabi Aa2 1.12%
Albania B1 NA
Andorra (Principality of) Baa2 NA
Angola B2 NA
Argentina B2 3.66%
Armenia B1 NA
Aruba Baa1 NA
Australia Aaa 0.36%
Austria Aa1 0.34%
Azerbaijan Ba2 NA
Bahamas Baa3 NA
Bahrain B1 3.37%
Bangladesh Ba3 NA
Barbados Caa3 NA
Belarus Caa1 NA
Belgium Aa3 0.38%
Belize B3 NA
Bermuda A2 NA
Bolivia Ba3 NA
Bosnia and Herzegovina B3 NA
Botswana A2 NA
Brazil Ba2 2.65%
Bulgaria Baa2 1.47%
Burkina Faso B2 NA
Cambodia B2 NA
Cameroon B2 NA
Canada Aaa NA
Cayman Islands Aa3 NA
Cape Verde B2 NA
Chile Aa3 1.02%
China A1 0.97%
Colombia Baa2 2.00%
Congo (Democratic Republic B3 NA
Congo (Republic of) Caa2 NA
Cook Islands B1 NA
Costa Rica Ba2 2.26%
Côte d'Ivoire Ba3 NA
Croatia Ba2 1.61%
Cuba Caa2 NA
Curacao A3 NA
Cyprus Ba3 1.75%

Czech Republic A1 0.71%


Denmark Aaa 0.32%
Dominican Republic Ba3 NA
Ecuador B3 NA
Egypt B3 3.87%
El Salvador Caa1 NA
Estonia A1 0.76%
Ethiopia B1 NA
Fiji Ba3 NA
Finland Aa1 0.37%
France Aa2 0.42%
Gabon B3 NA
Georgia Ba2 NA
Germany Aaa 0.26%
Ghana B3 NA
Greece Caa2 NA
Guatemala Ba1 NA
Guernsey (States of) Aa3 NA
Honduras B1 NA
Hong Kong Aa2 0.68%
Hungary Baa3 1.36%
Iceland A3 0.95%
India Baa2 1.26%
Indonesia Baa3 1.55%
Iraq Caa1 NA
Ireland A2 0.58%
Isle of Man Aa2 NA
Israel A1 1.02%
Italy Baa2 1.81%
Jamaica B3 NA
Japan A1 0.48%
Jersey (States of) Aa3 NA
Jordan B1 NA
Kazakhstan Baa3 1.88%
Kenya B1 NA
Korea Aa2 0.79%
Kuwait Aa2 NA
Kyrgyzstan B2 NA
Latvia A3 1.00%
Lebanon B3 4.86%
Liechtenstein Aaa NA
Lithuania A3 0.95%
Luxembourg Aaa NA
Macao Aa3 NA
Macedonia Ba3 NA
Malaysia A3 1.08%
Malta A3 NA
Mauritius Baa1 NA
Mexico A3 1.85%
Moldova B3 NA
Mongolia Caa1 NA
Montenegro B1 NA
Montserrat Baa3 NA
Morocco Ba1 1.95%
Mozambique Caa3 NA
Namibia Ba1 NA
Netherlands Aaa 0.35%
New Zealand Aaa 0.42%
Nicaragua B2 NA
Nigeria B2 4.55%
Norway Aaa 0.32%
Oman Baa2 NA
Pakistan B3 3.76%
Panama Baa2 1.41%
Papua New Guinea B2 NA
Paraguay Ba1 NA
Peru A3 1.47%
Philippines Baa2 1.10%
Poland A2 0.90%
Portugal Ba1 1.68%
Qatar Aa3 1.58%
Ras Al Khaimah (Emirate of) A2 NA
Romania Baa3 1.50%
Russia Ba1 2.03%
Rwanda B2 NA
Saudi Arabia A1 1.53%
Senegal Ba3 NA
Serbia Ba3 NA
Sharjah A3 NA
Singapore Aaa NA
Slovakia A2 0.84%
Slovenia Baa1 1.18%
South Africa Baa3 2.64%
Spain Baa2 1.00%
Sri Lanka B1 NA
St. Maarten Baa2 NA
St. Vincent & the Grenadines B3 NA
Suriname B1 NA
Swaziland B2 NA
Sweden Aaa 0.30%
Switzerland Aaa 0.40%
Taiwan Aa3 NA
Tajikistan B3 NA
Thailand Baa1 0.87%
Trinidad and Tobago Ba1 NA
Tunisia B1 3.97%
Turkey Ba1 2.70%
Turks and Caicos Islands Baa1 NA
Uganda B2 NA
Ukraine Caa2 5.90%
United Arab Emirates Aa2 NA
United Kingdom Aa2 0.44%
United States Aaa 0.39%
Uruguay Baa2 NA
Venezuela Caa3 NA
Vietnam B1 1.91%
Zambia B3 NA
CDS Spread adj for US
Updated: July 2017
0.73%
NA
NA
NA
3.27%
NA
NA
0.00%
0.00%
NA
NA
2.98%
NA
NA
NA
0.00%
NA
NA
NA
NA
NA
2.26%
1.08%
NA
NA
NA
NA
NA
NA
0.63%
0.58%
1.61%
NA
NA
NA
1.87%
NA
1.22%
NA
NA
1.36%

Country
0.32%
0.00% Abu Dhabi
NA Argentina
NA Australia
3.48% Austria
NA Bahrain
0.37% Belgium
NA Brazil
NA Bulgaria
0.00% Chile
0.03% China
NA Colombia
NA Costa Rica
0.00% Croatia
NA Cyprus
NA Czech Republic
NA Denmark
NA Dubai
NA Egypt
0.29% Estonia
0.97% Finland
0.56% France
0.87% Germany
1.16% Greece
NA Hong Kong
0.19% Hungary
NA Iceland
0.63% India
1.42% Indonesia
NA Ireland
0.09% Israel
NA Italy
NA Japan
1.49% Kazakhstan
NA Korea
0.40% Kuwait
NA Latvia
NA Lebanon
0.61% Lithuania
4.47% Malaysia
NA Mexico
0.56% Morocco
NA Netherlands
NA New Zealand
NA Nigeria
0.69% Norway
NA Pakistan
NA Panama
1.46% Peru
NA Philippines
NA Poland
NA Portugal
NA Qatar
1.56% Romania
NA Russia
NA Saudi Arabia
0.00% Slovakia
0.03% Slovenia
NA South Africa
4.16% Spain
0.00% Sweden
NA Switzerland
3.37% Thailand
1.02% Tunisia
NA Turkey
NA Ukraine
1.08% United Kingdom
0.71% United States
0.51% Venezuela
1.29% Vietnam
1.19%
NA
1.11%
1.64%
NA
1.14%
NA
NA
NA
NA
0.45%
0.79%
2.25%
0.61%
NA
NA
NA
NA
NA
0.00%
0.01%
NA
NA
0.48%
NA
3.58%
2.31%
NA
NA
5.51%
NA
0.05%
0.00%
NA
NA
1.52%
NA
CDS Spread
(1/1/18) CDS Spread
net of US
1.12% 0.73%
3.66% 3.27%
0.36% -0.03%
0.34% -0.05%
3.37% 2.98%
0.38% -0.01%
2.65% 2.26%
1.47% 1.08%
1.02% 0.63%
0.97% 0.58%
2.00% 1.61%
2.26% 1.87%
1.61% 1.22%
1.75% 1.36%
0.71% 0.32%
0.32% -0.07%
2.00% 1.61%
3.87% 3.48%
0.76% 0.37%
0.37% -0.02%
0.42% 0.03%
0.26% -0.13%
4.83% 4.44%
0.68% 0.29%
1.36% 0.97%
0.95% 0.56%
1.26% 0.87%
1.55% 1.16%
0.58% 0.19%
1.02% 0.63%
1.81% 1.42%
0.48% 0.09%
1.88% 1.49%
0.79% 0.40%
1.28% 0.89%
1.00% 0.61%
5.40% 5.01%
0.95% 0.56%
1.08% 0.69%
1.85% 1.46%
1.95% 1.56%
0.35% -0.04%
0.42% 0.03%
4.55% 4.16%
0.32% -0.07%
3.76% 3.37%
1.41% 1.02%
1.47% 1.08%
1.10% 0.71%
0.90% 0.51%
1.68% 1.29%
1.58% 1.19%
1.50% 1.11%
2.03% 1.64%
1.53% 1.14%
0.84% 0.45%
1.18% 0.79%
2.64% 2.25%
1.00% 0.61%
0.30% -0.09%
0.40% 0.01%
0.87% 0.48%
3.97% 3.58%
2.70% 2.31%
5.90% 5.51%
0.44% 0.05%
0.39% 0.00%
NA NA
1.91% 1.52%
Country Std deviation in Equities (weekly) sBond
Argentina 38.11% NA
Bangladesh 13.48% NA
Bosnia 8.96% NA
Botswana 4.89% NA
Ghana 8.33% NA
Greece 43.21% 45.54%
Jamaica 16.93% NA
Jordan 7.14% NA
Kenya 10.90% NA
Kuwait 10.77% NA
Laos 16.00% NA
Macedonia 11.59% NA
Malta 7.75% NA
Mauritius 5.40% NA
Mongolia 17.21% NA
Montenegro 20.08% NA
Namibia 21.83% NA
Nigeria 27.08% NA
Oman 17.56% NA
Palestine 9.33% NA
Serbia 10.18% NA
Singapore 11.27% NA
Sri Lanka 8.88% NA
Taiwan 14.02% NA
Tanzania 19.44% NA
UAE 31.74% NA
Ukraine 29.74% NA
US 12.69% NA
Venezuela 51.23% 44.85%
Pakistan 14.21% NA
Tunisia 8.44% NA
Egypt 27.71% NA
Brazil 23.52% 12.21%
Lebanon 6.33% 3.15%
Costa Rica 8.31% NA
Bahrain 7.93% NA
South Africa 14.79% 20.21%
Russia 22.90% 40.10%
Kazakhastan 32.79% NA
Vietnam 17.55% NA
Turkey 20.97% 9.46%
Croatia 7.77% NA
Colombia 17.48% 7.09%
Portugal 22.96% 7.14%
Indonesia 15.19% 10.00%
Morocco 8.16% NA
Cyprus 32.96% NA
Mexico 13.68% 4.74%
Peru 15.94% 8.51%
Panama 4.69% NA
India 14.93% 2.93%
Malaysia 10.65% NA
Bulgaria 14.54% 13.05%
Thailand 12.08% 6.87%
Hungary 17.05% NA
Saudi Arabia 24.27% 17.55%
Italy 20.08% 7.23%
China 29.13% NA
Philippines 11.29% 30.36%
Romania 12.79% NA
Qatar 21.16% NA
Slovenia 14.17% 5.78%
Spain 22.89% 6.37%
Chile 12.29% 8.04%
Poland 13.93% 12.13%
Latvia 17.53% NA
Lithuania 7.63% NA
Iceland 10.01% 4.02%
Israel 10.30% 4.86%
Ireland 17.41% 3.08%
Korea 12.40% NA
Slovakia 17.69% 7.91%
Czech Republic 13.82% 4.93%
Estonia 10.89% NA

Average
Median

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

2.15 1.14
2.01 0.89

1.98 1.33
1.87 1.10
Country GDP (in billions) Country Nam 2016 (in billions)
Abu Dhabi 390 Albania 11.86
Albania 11.86 Source: World Bank Algeria 159.05
Andorra (Principality of) 2.86 Year 2016 American Sa 0.66
Angola 102.6 Andorra 2.86
Argentina 545.48 Antigua and 1.46
Armenia 10.57 Arab World 2504.70
Aruba 2.6 Argentina 545.48
Australia 1204.62 Armenia 10.57
Austria 390.8 Aruba
Azerbaijan 37.85 Australia 1204.62
Bahamas 11.26 Austria 390.80
Bahrain 32.18 Azerbaijan 37.85
Bangladesh 221.42 Bahamas, Th 11.26
Barbados 4.53 Bahrain 32.18
Belarus 47.41 Bangladesh 221.42
Belgium 467.96 Barbados 4.53
Belize 1.74 Belarus 47.41
Bermuda 5.6 Belgium 467.96
Bolivia 33.81 Belize 1.74
Bosnia and Herzegovina 16.91 Benin 8.58
Botswana 15.58 Bermuda 0.00
Brazil 1796.19 Bhutan 2.21
Bulgaria 53.24 Bolivia 33.81
Burkina Faso 11.69 Bosnia and H 16.91
Cambodia 20.02 Botswana 15.58
Cameroon 32.22 Brazil 1796.19
Canada 1529.76 British Virgin 0.00
Cayman Islands 3.2 Brunei Darus 11.40
Cape Verde 1.9 Bulgaria 53.24
Chile 247.03 Burkina Faso 11.69
China 11199 Burundi 3.01
Colombia 282.46 Cabo Verde 1.62
Congo (Democratic Republic of 31.93 Cambodia 20.02
Congo (Republic of) 7.83 Cameroon 32.22
Cook Islands 1.2 Canada 1529.76
Costa Rica 57.44 Caribbean sma 66.71
Côte d'Ivoire 36.37 Cayman Islan 0.00
Croatia 50.71 Central Africa 1.76
Cuba 77.2 Central Europ 1312.16
Curacao 1.0 Chad 9.60
Cyprus 20.05 Channel Islan 0.00
Czech Republic 195.31 Chile 247.03
Denmark 306.9 China 11199.15
Dominican Republic 71.58 Colombia 282.46
Ecuador 98.61 Comoros 0.62
Egypt 332.79 Congo, Dem. 31.93
El Salvador 26.8 Congo, Rep. 7.83
Estonia 23.34 Costa Rica 57.44
Ethiopia 72.37 Cote d'Ivoire 36.37
Fiji 4.7 Croatia 50.71
Finland 238.5 Cuba 0.00
France 2465.45 Curacao 0.00
Gabon 14.21 Cyprus 20.05
Georgia 14.38 Czech Republi 195.31
Germany 3477.8 Denmark 306.90
Ghana 42.69 Djibouti 0.00
Greece 192.69 Dominica 0.58
Guatemala 68.76 Dominican Re 71.58
Guernsey (States of) 0.5 Early-demogra 10401.99
Honduras 21.52 East Asia & Pa 22480.43
Hong Kong 320.91 East Asia & Pa 13512.44
Hungary 125.82 East Asia & Pa 13486.49
Iceland 20.05 Ecuador 98.61
India 2263.79 Egypt, Arab R 332.79
Indonesia 932.26 El Salvador 26.80
Iraq 171.49 Equatorial Gu 10.68
Ireland 304.82 Eritrea 0.00
Isle of Man 7.4 Estonia 23.34
Israel 317.74 Ethiopia 72.37
Italy 1858.91 Euro area 11934.06
Jamaica 14.06 Europe & Cent 20273.84
Japan 4940.16 Europe & Cent 2991.82
Jersey (States of) 1 Europe & Cent 3463.19
Jordan 38.65 European Uni 16487.34
Kazakhstan 137.28 Faroe Islands 0.00
Kenya 70.53 Fiji 4.70
Korea 1411.25 Finland 238.50
Kuwait 110.88 Fragile and co 744.25
Kyrgyzstan 6.55 France 2465.45
Latvia 27.57 French Polyne 0.00
Lebanon 49.6 Gabon 14.21
Liechtenstein 6.7 Gambia, The 0.96
Lithuania 42.74 Georgia 14.38
Luxembourg 58.63 Germany 3477.80
Macao 44.8 Ghana 42.69
Macedonia 10.9 Gibraltar 0.00
Malaysia 296.54 Greece 192.69
Malta 11 Greenland 0.00
Mauritius 12.17 Grenada 1.06
Mexico 1046.92 Guam 5.79
Moldova 6.75 Guatemala 68.76
Mongolia 11.18 Guinea 8.20
Montenegro 4.37 Guinea-Bissa 1.16
Montserrat 1.5 Guyana 3.50
Morocco 103.61 Haiti 8.02
Mozambique 11.01 Heavily indeb 648.29
Namibia 10.95 High income 48557.46
Netherlands 777.23 Honduras 21.52
New Zealand 184.97 Hong Kong SA 320.91
Nicaragua 13.23 Hungary 125.82
Nigeria 404.65 IBRD only 25981.48
Norway 371.08 Iceland 20.05
Oman 66.29 IDA & IBRD to 27972.82
Pakistan 278.91 IDA blend 923.61
Panama 55.19 IDA only 1072.79
Papua New Guinea 20.21 IDA total 1999.81
Paraguay 27.42 India 2263.79
Peru 192.21 Indonesia 932.26
Philippines 304.91 Iran, Islamic 418.98
Poland 471.36 Iraq 171.49
Portugal 204.84 Ireland 304.82
Qatar 152.45 Isle of Man 0.00
Ras Al Khaimah (Emirate of) 5.2 Israel 317.74
Romania 187.59 Italy 1858.91
Russia 1283.16 Jamaica 14.06
Rwanda 8.38 Japan 4940.16
Saudi Arabia 646.44 Jordan 38.65
Senegal 14.68 Kazakhstan 137.28
Serbia 38.3 Kenya 70.53
Sharjah 5 Kiribati 0.18
Singapore 296.98 Korea, Dem. P 0.00
Slovakia 89.77 Korea, Rep. 1411.25
Slovenia 44.71 Kosovo 6.65
South Africa 295.46 Kuwait 110.88
Spain 1237.26 Kyrgyz Republ 6.55
Sri Lanka 81.32 Lao PDR 15.90
St. Maarten 1.5 Late-demogra 18455.07
St. Vincent & the Grenadines 0.8 Latin America 5299.87
Suriname 3.28 Latin America 4853.04
Swaziland 3.72 Latin America 5094.16
Sweden 514.46 Latvia 27.57
Switzerland 668.85 Least develope 940.73
Taiwan 970.9 Lebanon 49.60
Tajikistan 6.95 Lesotho 2.29
Thailand 407.03 Liberia 2.10
Trinidad and Tobago 21.89 Libya 0.00
Tunisia 42.06 Liechtenstein 0.00
Turkey 863.71 Lithuania 42.74
Turks and Caicos Islands 1.5 Low & middle 27299.38
Uganda 24.08 Low income 402.52
Ukraine 93.27 Lower middle 6263.37
United Arab Emirates 348.74 Luxembourg 58.63
United Kingdom 2647.9 Macao SAR, C 44.80
United States of America 18624 Macedonia, F 10.90
Uruguay 52.42 Madagascar 10.00
Venezuela 250 Malawi 5.43
Vietnam 205.28 Malaysia 296.54
Zambia 21.06 Maldives 4.22
Mali 14.03
Malta 11.00
Marshall Isla 0.19
Mauritania 4.74
Mauritius 12.17
Mexico 1046.92
Micronesia, Fe 0.33
Middle East & 3144.80
Middle East & 1453.90
Middle East & 1440.24
Middle incom 26897.07
Moldova 6.75
Monaco 0.00
Mongolia 11.18
Montenegro 4.37
Morocco 103.61
Mozambique 11.01
Myanmar 63.23
Namibia 10.95
Nauru 0.10
Nepal 21.13
Netherlands 777.23
New Caledoni 0.00
New Zealand 184.97
Nicaragua 13.23
Niger 7.53
Nigeria 404.65
North Americ 20160.30
Northern Mari 1.24
Norway 371.08
Not classified 0.00
OECD membe 47552.62
Oman 66.29
Other small s 362.08
Pacific island 9.02
Pakistan 278.91
Palau 0.31
Panama 55.19
Papua New Gu 20.21
Paraguay 27.42
Peru 192.21
Philippines 304.91
Poland 471.36
Portugal 204.84
Post-demogra 45213.31
Pre-demograp 1207.79
Puerto Rico 0.00
Qatar 152.45
Romania 187.59
Russian Feder 1283.16
Rwanda 8.38
Samoa 0.79
San Marino 1.59
Sao Tome and 0.34
Saudi Arabia 646.44
Senegal 14.68
Serbia 38.30
Seychelles 1.43
Sierra Leone 3.74
Singapore 296.98
Sint Maarten 0.00
Slovak Republ 89.77
Slovenia 44.71
Small states 437.80
Solomon Isla 1.20
Somalia 6.22
South Africa 295.46
South Asia 2892.48
South Asia (I 2892.48
South Sudan 0.00
Spain 1237.26
Sri Lanka 81.32
St. Kitts and 0.91
St. Lucia 1.67
St. Martin (Fr 0.00
St. Vincent a 0.77
Sub-Saharan A 1512.60
Sub-Saharan A 1511.17
Sub-Saharan A 1512.60
Sudan 95.58
Suriname 3.28
Swaziland 3.72
Sweden 514.46
Switzerland 668.85
Syrian Arab R 0.00
Tajikistan 6.95
Tanzania 47.34
Thailand 407.03
Timor-Leste 1.78
Togo 4.40
Tonga 0.40
Trinidad and 21.89
Tunisia 42.06
Turkey 863.71
Turkmenistan 36.18
Turks and Cai 0.00
Tuvalu 0.03
Uganda 24.08
Ukraine 93.27
United Arab E 348.74
United Kingd 2647.90
United States 18624.48
Upper middle 20623.86
Uruguay 52.42
Uzbekistan 67.22
Vanuatu 0.77
Venezuela, R 0.00
Vietnam 205.28
Virgin Islands 0.00
West Bank an 13.40
World 75845.11
Yemen, Rep. 27.32
Zambia 21.06
Zimbabwe 16.62
016 (in billions)
Country S&P Rating
Moody's Rating
Abu Dhabi AA Aa2 Abu Dhabi
Albania B+ B1 Albania
Andorra (Principality of) BBB NA Andorra
Angola B- B2 Angola
Argentina B+ B2 Argentina
Armenia NA B1 Armenia
Aruba BBB+ NA
Australia AAA Aaa Australia
Austria AA+ Aa1 Austria
Azerbaijan BB+ Ba2 Azerbaijan
Bahamas BB+ Baa3 Bahamas
Bahrain BB- B1 Bahrain
Bangladesh BB- Ba3 Bangladesh
Barbados CCC+ Caa3 Barbados
Belarus B Caa1 Belarus
Belgium AA Aa3 Belgium
Belize B- B3 Belize
Bermuda A+ A2 Bermuda
Bolivia BB Ba3 Bolivia
Bosnia and Herzegovina B B3 Bosnia and H
Botswana A- A2 Botswana
Brazil BB Ba2 Brazil
Bulgaria BB+ Baa2 Bulgaria
Burkina Faso B NA
Cambodia NA B2 Cambodia
Cameroon B B2 Cameroon
Canada AAA Aaa Canada
Cayman Islands NA Aa3 Cayman Islan
Cape Verde B NA
Chile A+ Aa3 Chile
China A+ A1 China
Colombia BBB Baa2 Colombia
Congo (Democratic Republic of) CCC+ B3 Congo (Democr
Congo (Republic of) CCC+ Caa2 Congo (Republ
Cook Islands B+ NA
Costa Rica BB- Ba2 Costa Rica
Côte d'Ivoire NA Ba3 Cote d'Ivoire
Croatia BB Ba2 Croatia
Cuba NA Caa2 Cuba
Curacao A- NA
Cyprus BB+ Ba3 Cyprus
Czech Republic AA- A1 Czech Republ
Denmark AAA Aaa Denmark
Dominican Republic BB- Ba3 Dominican Re
Ecuador B- NA Ecuador
Egypt B- B3 Egypt
El Salvador CCC+ NA El Salvador
Estonia AA- A1 Estonia
Ethiopia B B1 Ethiopia
Fiji B+ Ba3 Fiji
Finland AA+ Aa1 Finland
France AA Aa2 France
Gabon NA B3 Gabon
Georgia BB- Ba2 Georgia
Germany AAA Aaa Germany
Ghana B- B3 Ghana
Greece B- Caa2 Greece
Guatemala BB- Ba1 Guatemala
Guernsey (States of) AA- NA Guernsey (Channel Islands)
Honduras BB- B1 Honduras
Hong Kong AA+ Aa2 Hong Kong
Hungary BBB- Baa3 Hungary
Iceland A A3 Iceland
India BBB- Baa2 India
Indonesia BBB- Baa3 Indonesia
Iraq B- Caa1 Iraq
Ireland A+ A2 Ireland
Isle of Man NA Aa2 Isle of Man
Israel A+ A1 Israel
Italy BBB Baa2 Italy
Jamaica B B3 Jamaica
Japan A+ A1 Japan
Jersey (States of) AA- NA Jersey (Channel Islands)
Jordan B+ B1 Jordan
Kazakhstan BBB- Baa3 Kazakhstan
Kenya B+ B1 Kenya
Korea AA Aa2 Korea
Kuwait AA Aa2 Kuwait
Kyrgyzstan NA B2 Kyrgyz Republ
Latvia A- A3 Latvia
Lebanon B- B3 Lebanon
Liechtenstein AAA NA Liechtenstein
Lithuania A- A3 Lithuania
Luxembourg AAA Aaa Luxembourg
Macao NA Aa3 Macao
Macedonia BB- NA
Malaysia A- A3 Malaysia
Malta A- A3 Malta
Mauritius NA Baa1 Mauritius
Mexico BBB+ A3 Mexico
Moldova NA B3 Moldova
Mongolia B- Caa1 Mongolia
Montenegro B+ NA Montenegro
Montserrat BBB- NA
Morocco BBB- Ba1 Morocco
Mozambique SD Caa3 Mozambique
Namibia NA Ba1 Namibia
Netherlands AAA Aaa Netherlands
New Zealand AA Aaa New Zealand
Nicaragua B+ B2 Nicaragua
Nigeria B B2 Nigeria
Norway AAA Aaa Norway
Oman BB+ Baa2 Oman
Pakistan B B3 Pakistan
Panama BBB NA Panama
Papua New Guinea B+ B2 Papua New G
Paraguay BB Ba1 Paraguay
Peru BBB+ A3 Peru
Philippines BBB Baa2 Philippines
Poland BBB+ A2 Poland
Portugal BBB- Ba1 Portugal
Qatar AA- Aa3 Qatar
Ras Al Khaimah (Emirate of) A NA
Romania BBB- Baa3 Romania
Russia BB+ Ba1 Russia
Rwanda B B2 Rwanda
Saudi Arabia A- A1 Saudi Arabia
Senegal B+ Ba3 Senegal
Serbia BB- Ba3 Serbia
Sharjah BBB+ A3 Sharjah
Singapore AAA Aaa Singapore
Slovakia A+ A2 Slovakia
Slovenia A+ Baa1 Slovenia
South Africa BB+ Baa3 South Africa
Spain BBB+ Baa2 Spain
Sri Lanka B+ NA Sri Lanka
St. Maarten NA Baa2 Sint Maarten
St. Vincent & the Grenadines NA B3 St. Vincent &
Suriname B B1 Suriname
Swaziland NA B2 Swaziland
Sweden AAA Aaa Sweden
Switzerland AAA Aaa Switzerland
Taiwan AA- Aa3 Taiwan
Tajikistan B- B3 Tajikistan
Thailand BBB+ Baa1 Thailand
Trinidad and Tobago BBB+ Ba1 Trinidad and
Tunisia NA B1 Tunisia
Turkey BB Ba1 Turkey
Turks and Caicos Islands BBB+ NA
Uganda B B2 Uganda
Ukraine B- Caa2 Ukraine
United Arab Emirates NA Aa2 United Arab E
United Kingdom AA Aa2 United Kingd
United States AA+ Aaa United States
Uruguay BBB Baa2 Uruguay
Venezuela CCC- Caa3 Venezuela
Vietnam BB- B1 Vietnam
Zambia B B3 Zambia
FC LC Foreign currency ratings (LT/outlook/ST)
Aa2 Aa2 Abu Dhabi AA
B1 B1 Albania B+
Andorra BBB
B2 B2 Angola B-
B2 B2 Argentina B+
B1 B1
Aruba BBB+
Aaa Aaa Australia AAA
Aa1 Aa1 Austria AA+
Ba2 Ba2 Azerbaijan BB+
Baa3 Baa3 Bahamas BB+
B1 B1 Bahrain BB-
Ba3 Ba3 Bangladesh BB-
Caa3 Caa3 Barbados CCC+
Caa1 Caa1 Belarus B
Aa3 Aa3 Belgium AA
B3 B3 Belize B-
A2 A2 Bermuda A+
Ba3 Ba3 Bolivia BB
B3 B3 B
Bosnia and Herzegovina
A2 A2 Botswana A-
Ba2 Ba2 Brazil BB
Baa2 Baa2 Bulgaria BB+
Burkina Faso B
B2 B2
B2 B2 Cameroon B
Aaa Aaa Canada AAA
Aa3 Aa3
Cape Verde B
Aa3 Aa3 Chile A+
A1 A1 China A+
Baa2 Baa2 Colombia BBB
B3 B3 Congo (DRC) CCC+
Caa2 Caa2 CCC+
Congo (Republic of)
Cook Islands B+
Ba2 Ba2 Costa Rica BB-
Ba3 Ba3
Ba2 Ba2 Croatia BB
Caa2 Caa2
Curacao A-
Ba3 Ba3 Cyprus BB+
A1 A1 AA-
Czech Republic
Aaa Aaa Denmark AAA
Ba3 Ba3 BB-
Dominican Republic
B3 Ecuador B-
B3 B3 Egypt B-
Caa1 El Salvador CCC+
A1 A1 Estonia AA-
B1 B1 Ethiopia B
Ba3 Ba3 Fiji B+
Aa1 Aa1 Finland AA+
Aa2 Aa2 France AA
B3 B3
Ba2 Ba2 Georgia BB-
Aaa Aaa Germany AAA
B3 B3 Ghana B-
Caa2 Caa2 Greece B-
Ba1 Ba1 Guatemala BB-
Guernsey (Channel Islands) Guernsey AA-
B1 B1 Honduras BB-
Aa2 Aa2 Hong Kong AA+
Baa3 Baa3 Hungary BBB-
A3 A3 Iceland A
Baa2 Baa2 India BBB-
Baa3 Baa3 Indonesia BBB-
Caa1 Caa1 Iraq B-
A2 A2 Ireland A+
Aa2 Aa2
A1 A1 Israel A+
Baa2 Baa2 Italy BBB
B3 B3 Jamaica B
A1 A1 Japan A+
ersey (Channel Islands) Jersey AA-
B1 B1 Jordan B+
Baa3 Baa3 Kazakhstan BBB-
B1 B1 Kenya B+
Aa2 Aa2 Korea AA
Aa2 Aa2 Kuwait AA
B2 B2
A3 A3 Latvia A-
B3 B3 Lebanon B-
iechtenstein Liechtenstein AAA
A3 A3 Lithuania A-
Aaa Aaa Luxembourg AAA
Aa3 Aa3
Macedonia BB-
A3 A3 Malaysia A-
A3 A3 Malta A-
Baa1 Baa1
A3 A3 Mexico BBB+
B3 B3
Caa1 Caa1 Mongolia B-
B1 Montenegro B+
Montserrat BBB-
Ba1 Ba1 Morocco BBB-
Caa3 Caa3 Mozambique SD
Ba1 Ba1
Aaa Aaa Netherlands AAA
Aaa Aaa New Zealand AA
B2 B2 Nicaragua B+
B2 B2 Nigeria B
Aaa Aaa Norway AAA
Baa2 Baa2 Oman BB+
B3 B3 Pakistan B
Baa2 Panama BBB
B2 B2 B+
Papua New Guinea
Ba1 Ba1 Paraguay BB
A3 A3 Peru BBB+
Baa2 Baa2 Philippines BBB
A2 A2 Poland BBB+
Ba1 Ba1 Portugal BBB-
Aa3 Aa3 Qatar AA-
A
Ras Al Khaimah
Baa3 Baa3 Romania BBB-
Ba1 Ba1 Russia BB+
B2 B2 Rwanda B
A1 A1 Saudi Arabia A-
Ba3 Ba3 Senegal B+
Ba3 Ba3 Serbia BB-
A3 A3 Sharjah BBB+
Aaa Aaa Singapore AAA
A2 A2 A+
Slovak Republic
Baa1 Baa1 Slovenia A+
Baa3 Baa3 South Africa BB+
Baa2 Baa2 Spain BBB+
B1 Sri Lanka B+
Baa2 Baa2
B3 B3
B1 B1 Suriname B
B2 B2
Aaa Aaa Sweden AAA
Aaa Aaa Switzerland AAA
Aa3 Aa3 Taiwan AA-
B3 B3 Tajikistan B-
Baa1 Baa1 Thailand BBB+
Ba1 Ba1 BBB+
Trinidad and Tobago
B1 B1
Ba1 Ba1 Turkey BB
BBB+
Turks and Caicos
B2 B2 Uganda B
Caa2 Caa2 Ukraine B-
Aa2 Aa2
Aa2 Aa2 AA
United Kingdom
Aaa Aaa United States AA+
Baa2 Baa2 Uruguay BBB
Caa3 Caa3 Venezuela CCC-
B1 B1 Vietnam BB-
B3 B3 Zambia B
outlook/ST)
Iraq B-

Kyrgyz Republ B2 B2 Kyrgyzstan B


Country Tax Rate
Abu Dhabi 0.00%
Albania 15.00%
Andorra (Principality of) 0.00%
Angola 30.00%
Argentina 35.00%
Armenia 20.00%
Aruba 0.00%
Australia 30.00%
Austria 25.00%
Azerbaijan 20.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 25.00%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Belize 28.21%
Bermuda 0.00%
Bolivia 25.00%
Bosnia and Herzegovina 10.00%
Botswana 22.00%
Brazil 34.00%
Bulgaria 10.00%
Burkina Faso 27.50%
Cambodia 20.00%
Cameroon 33.00%
Canada 26.50%
Cayman Islands 0.00%
Cape Verde 28.21%
Chile 25.50%
China 25.00%
Colombia 34.00%
Congo (Democratic Republic of) 35.00%
Congo (Republic of) 28.21%
Cook Islands 0.00%
Costa Rica 30.00%
Côte d'Ivoire 25.00%
Croatia 20.00%
Cuba 27.98%
Curacao 22.00%
Cyprus 12.50%
Czech Republic 19.00%
Denmark 22.00%
Dominican Republic 27.00%
Ecuador 22.00%
Egypt 22.50%
El Salvador 30.00%
Estonia 20.00%
Ethiopia 30.00%
Fiji 20.00%
Finland 20.00%
France 33.33%
Gabon 30.00%
Georgia 15.00%
Germany 29.79%
Ghana 25.00%
Greece 29.00%
Guatemala 25.00%
Guernsey (States of) 0.00%
Honduras 25.00%
Hong Kong 16.50%
Hungary 9.00%
Iceland 20.00%
India 30.00%
Indonesia 25.00%
Iraq 15.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 24.00%
Italy 24.00%
Jamaica 25.00%
Japan 30.86%
Jersey (States of) 20.00%
Jordan 20.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea 22.00%
Kuwait 15.00%
Kyrgyzstan 15.00%
Latvia 15.00%
Lebanon 15.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 27.08%
Macao 12.00%
Macedonia 10.00%
Malaysia 24.00%
Malta 35.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 12.00%
Mongolia 25.00%
Montenegro 9.00%
Montserrat 27.98%
Morocco 31.00%
Mozambique 32.00%
Namibia 32.00%
Netherlands 25.00%
New Zealand 28.00%
Nicaragua 30.00%
Nigeria 30.00%
Norway 24.00%
Oman 15.00%
Pakistan 31.00%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 29.50%
Philippines 30.00%
Poland 19.00%
Portugal 21.00%
Qatar 10.00%
Ras Al Khaimah (Emirate of) 0.00%
Romania 16.00%
Russia 20.00%
Rwanda 30.00%
Saudi Arabia 20.00%
Senegal 30.00%
Serbia 15.00%
Sharjah 0.00%
Singapore 17.00%
Slovakia 21.00%
Slovenia 19.00%
South Africa 28.00%
Spain 25.00%
Sri Lanka 28.00%
St. Maarten 34.50%
St. Vincent & the Grenadines 27.98%
Suriname 36.00%
Swaziland 27.50%
Sweden 22.00%
Switzerland 17.77%
Taiwan 17.00%
Tajikistan 0.00%
Thailand 20.00%
Trinidad and Tobago 25.00%
Tunisia 25.00%
Turkey 20.00%
Turks and Caicos Islands 0.00%
Uganda 30.00%
Ukraine 18.00%
United Arab Emirates 55.00%
United Kingdom 20.00%
United States 21.00%
Uruguay 25.00%
Venezuela 34.00%
Vietnam 20.00%
Zambia 35.00%
Country Tax Rate: 2017 Africa average
Afghanistan 20.00% Americas average
Albania 15.00% Asia average
Algeria 26.00% EU average
Andorra 10.00% Europe average
Angola 30.00% Global average
Anguilla 0.00% Latin America average
Antigua and Barbuda 25.00% North America average
Argentina 35.00% Oceania average
Armenia 20.00% OECD average
Aruba 25.00% South America average
Australia 30.00%
Austria 25.00%
Azerbaijan 20.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 25.00%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Benin 30.00%
Bermuda 0.00%
Bolivia 25.00%
Bonaire, Saint Eustatius and Saba 25.00%
Bosnia and Herzegovina 10.00%
Botswana 22.00%
Brazil 34.00%
Brunei Darussalam 18.50%
Bulgaria 10.00%
Burkina Faso 27.50%
Burundi 30.00%
Cambodia 20.00%
Cameroon 33.00%
Canada 26.50%
Cayman Islands 0.00%
Chile 25.50%
China 25.00%
Colombia 34.00%
Congo (Democratic Republic of the 35.00%
Costa Rica 30.00%
Croatia 20.00%
Curacao 22.00%
Cyprus 12.50%
Czech Republic 19.00%
Denmark 22.00%
Djibouti 25.00%
Dominica 25.00%
Dominican Republic 27.00%
Ecuador 22.00%
Egypt 22.50%
El Salvador 30.00%
Estonia 20.00%
Ethiopia 30.00%
Fiji 20.00%
Finland 20.00%
France 33.33%
Gabon 30.00%
Gambia 31.00%
Georgia 15.00%
Germany 29.79%
Ghana 25.00%
Gibraltar 10.00%
Greece 29.00%
Grenada 30.00%
Guatemala 25.00%
Guernsey 0.00%
Honduras 25.00%
Hong Kong SAR 16.50%
Hungary 9.00%
Iceland 20.00%
India 30.00%
Indonesia 25.00%
Iraq 15.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 24.00%
Italy 24.00%
Ivory Coast 25.00%
Jamaica 25.00%
Japan 30.86%
Jersey 20.00%
Jordan 20.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea, Republic of 22.00%
Kuwait 15.00%
Kyrgyzstan 10.00%
Latvia 15.00%
Lebanon 15.00%
Libya 20.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 27.08%
Macau 12.00%
Macedonia 10.00%
Madagascar 20.00%
Malawi 30.00%
Malaysia 24.00%
Malta 35.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 12.00%
Monaco 33.33%
Mongolia 25.00%
Montenegro 9.00%
Morocco 31.00%
Mozambique 32.00%
Myanmar 25.00%
Namibia 32.00%
Netherlands 25.00%
New Zealand 28.00%
Nicaragua 30.00%
Nigeria 30.00%
Norway 24.00%
Oman 15.00%
Pakistan 31.00%
Palestinian Territory 15.00%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 29.50%
Philippines 30.00%
Poland 19.00%
Portugal 21.00%
Qatar 10.00%
Romania 16.00%
Russia 20.00%
Rwanda 30.00%
Saint Kitts and Nevis 33.00%
Saint Lucia 30.00%
Saint Vincent and the Grenadines 32.50%
Samoa 27.00%
Saudi Arabia 20.00%
Senegal 30.00%
Serbia 15.00%
Sierra Leone 30.00%
Singapore 17.00%
Sint Maarten (Dutch part) 34.50%
Slovakia 21.00%
Slovenia 19.00%
Solomon Islands 30.00%
South Africa 28.00%
Spain 25.00%
Sri Lanka 28.00%
St Maarten 34.50%
Sudan 35.00%
Suriname 36.00%
Swaziland 27.50%
Sweden 22.00%
Switzerland 17.77%
Syria 28.00%
Taiwan 17.00%
Tanzania 30.00%
Thailand 20.00%
Trinidad and Tobago 25.00%
Tunisia 25.00%
Turkey 20.00%
Turkmenistan 20.00%
Turks and Caicos Islands 0.00%
Uganda 30.00%
Ukraine 18.00%
United Arab Emirates 55.00%
United Kingdom 19.00%
United States 24.00%
Uruguay 25.00%
Uzbekistan 7.50%
Vanuatu 0.00%
Venezuela 34.00%
Vietnam 20.00%
Yemen 20.00%
Zambia 35.00%
Zimbabwe 25.00%
28.21%
25.66%
21.28%
21.51%
19.54%
24.25%
27.98%
23.75%
28.67%
24.07%
27.98%
Country PRS Score Total Equity Risk Premiu Rating-based Default Spr
Abu Dhabi 5.65% 0.51%
Albania 69.5 10.27% 4.62%
Andorra (Principality of) 7.27% 1.95%
Angola 59.0 11.42% 5.64%
Argentina 69.3 11.42% 5.64%
Armenia 63.3 10.27% 4.62%
Aruba 6.92% 1.64%
Australia 78.3 5.08% 0.00%
Austria 81.0 5.54% 0.41%
Azerbaijan 66.3 8.54% 3.08%
Bahamas 75.8 7.62% 2.26%
Bahrain 65.8 10.27% 4.62%
Bangladesh 65.8 9.23% 3.69%
Barbados 16.60% 10.25%
Belarus 63.5 13.72% 7.69%
Belgium 77.8 5.78% 0.62%
Belize 12.58% 6.67%
Bermuda 6.06% 0.87%
Bolivia 66.8 9.23% 3.69%
Bosnia and Herzegovina 12.58% 6.67%
Botswana 79.3 6.06% 0.87%
Brazil 69.8 8.54% 3.08%
Bulgaria 76.3 7.27% 1.95%
Burkina Faso 63.8 11.42% 5.64%
Cambodia 11.42% 5.64%
Cameroon 63.3 11.42% 5.64%
Canada 83.0 5.08% 0.00%
Cayman Islands 5.78% 0.62%
Cape Verde 11.42% 5.64%
Chile 75.5 5.78% 0.62%
China 73.5 5.89% 0.72%
Colombia 68.3 7.27% 1.95%
Congo (Democratic Republic of) 48.5 12.58% 6.67%
Congo (Republic of) 61.3 15.46% 9.23%
Cook Islands 10.27% 4.62%
Costa Rica 73.3 8.54% 3.08%
Côte d'Ivoire 62.8 9.23% 3.69%
Croatia 72.3 8.54% 3.08%
Cuba 67.0 15.46% 9.23%
Curacao 6.46% 1.23%
Cyprus 73.3 9.23% 3.69%
Czech Republic 81.3 5.89% 0.72%
Denmark 82.0 5.08% 0.00%
Dominican Republic 71.5 9.23% 3.69%
Ecuador 63.3 12.58% 6.67%
Egypt 59.5 12.58% 6.67%
El Salvador 67.8 13.72% 7.69%
Estonia 76.0 5.89% 0.72%
Ethiopia 56.3 10.27% 4.62%
Fiji 9.23% 3.69%
Finland 82.0 5.54% 0.41%
France 75.0 5.65% 0.51%
Gabon 65.8 12.58% 6.67%
Georgia 8.54% 3.08%
Germany 84.0 5.08% 0.00%
Ghana 67.0 12.58% 6.67%
Greece 70.0 15.46% 9.23%
Guatemala 70.3 7.96% 2.56%
Guernsey (States of) 5.78% 0.62%
Honduras 67.0 10.27% 4.62%
Hong Kong 84.3 5.65% 0.51%
Hungary 78.8 7.62% 2.26%
Iceland 84.0 6.46% 1.23%
India 70.8 7.27% 1.95%
Indonesia 68.0 7.62% 2.26%
Iraq 55.3 13.72% 7.69%
Ireland 83.0 6.06% 0.87%
Isle of Man 5.65% 0.51%
Israel 78.0 5.89% 0.72%
Italy 75.8 7.27% 1.95%
Jamaica 71.8 12.58% 6.67%
Japan 84.0 5.89% 0.72%
Jersey (States of) 5.78% 0.62%
Jordan 63.8 10.27% 4.62%
Kazakhstan 68.0 7.62% 2.26%
Kenya 63.3 10.27% 4.62%
Korea 84.0 5.65% 0.51%
Kuwait 73.5 5.65% 0.51%
Kyrgyzstan 11.42% 5.64%
Latvia 73.3 6.46% 1.23%
Lebanon 58.3 12.58% 6.67%
Liechtenstein 5.08% 0.00%
Lithuania 73.3 6.46% 1.23%
Luxembourg 86.5 5.08% 0.00%
Macao 5.78% 0.62%
Macedonia 9.23% 3.69%
Malaysia 73.8 6.46% 1.23%
Malta 81.5 6.46% 1.23%
Mauritius 6.92% 1.64%
Mexico 66.8 6.46% 1.23%
Moldova 64.5 12.58% 6.67%
Mongolia 66.0 13.72% 7.69%
Montenegro 10.27% 4.62%
Montserrat 7.62% 2.26%
Morocco 70.3 7.96% 2.56%
Mozambique 50.0 16.60% 10.25%
Namibia 70.3 7.96% 2.56%
Netherlands 84.0 5.08% 0.00%
New Zealand 83.8 5.08% 0.00%
Nicaragua 64.8 11.42% 5.64%
Nigeria 61.5 11.42% 5.64%
Norway 89.0 5.08% 0.00%
Oman 69.5 7.27% 1.95%
Pakistan 61.5 12.58% 6.67%
Panama 75.3 7.27% 1.95%
Papua New Guinea 66.8 11.42% 5.64%
Paraguay 70.0 7.96% 2.56%
Peru 71.0 6.46% 1.23%
Philippines 71.5 7.27% 1.95%
Poland 77.8 6.06% 0.87%
Portugal 78.3 7.96% 2.56%
Qatar 70.8 5.78% 0.62%
Ras Al Khaimah (Emirate of) 6.06% 0.87%
Romania 71.8 7.62% 2.26%
Russia 70.0 7.96% 2.56%
Rwanda 11.42% 5.64%
Saudi Arabia 73.0 5.89% 0.72%
Senegal 63.8 9.23% 3.69%
Serbia 67.5 9.23% 3.69%
Sharjah 6.46% 1.23%
Singapore 85.8 5.08% 0.00%
Slovakia 75.0 6.06% 0.87%
Slovenia 75.0 6.92% 1.64%
South Africa 68.5 7.62% 2.26%
Spain 74.5 7.27% 1.95%
Sri Lanka 63.5 10.27% 4.62%
St. Maarten 7.27% 1.95%
St. Vincent & the Grenadines 12.58% 6.67%
Suriname 64.3 10.27% 4.62%
Swaziland 11.42% 5.64%
Sweden 85.5 5.08% 0.00%
Switzerland 89.3 5.08% 0.00%
Taiwan 84.5 5.78% 0.62%
Tajikistan 12.58% 6.67%
Thailand 71.0 6.92% 1.64%
Trinidad and Tobago 70.3 7.96% 2.56%
Tunisia 64.8 10.27% 4.62%
Turkey 62.8 7.96% 2.56%
Turks and Caicos Islands 6.92% 1.64%
Uganda 61.3 11.42% 5.64%
Ukraine 62.0 15.46% 9.23%
United Arab Emirates 78.8 5.65% 0.51%
United Kingdom 77.5 5.65% 0.51%
United States of America 77.5 5.08% 0.00%
Uruguay 74.0 7.27% 1.95%
Venezuela 47.8 16.60% 10.25%
Vietnam 68.3 10.27% 4.62%
Zambia 65.3 12.58% 6.67%
Algeria 62.3 6.67%
Brunei 76.3 0.87%
Gambia 59.3 9.23%
Guinea 58.3 9.23%
Guinea-Bissau 63.8 6.67%
Guyana 68.5 3.69%
Haiti 61.8 7.69%
Iran 73.3 1.95%
Korea, D.P.R. 56.0 10.25%
Liberia 53.0 12.30%
Libya 62.0 7.69%
Madagascar 64.5 5.64%
Malawi 61.3 7.69%
Mali 60.8 7.69%
Myanmar 63.8 6.67%
Niger 53.7 12.30%
Sierra Leone 54.3 12.30%
Somalia 52.0 12.30%
Sudan 48.0 18.00%
Syria 47.0 18.00%
Tanzania 63.3 6.67%
Togo 61.0 7.69%
Yemen, Republic 49.3 18.00%
Zimbabwe 58.5 9.23%
Final ERP Tax Rate CRP PRS Score
5.65% 0.00% 0.5720% More than
10.27% 15.00% 5.1897% 0
7.27% 0.00% 2.1945% 50.001
11.42% 30.00% 6.3442% 55.001
11.42% 35.00% 6.3442% 57.001
10.27% 20.00% 5.1897% 60.001
6.92% 0.00% 1.8408% 62.001
5.08% 30.00% 0.0000% 64.001
5.54% 25.00% 0.4576% 66.001
8.54% 20.00% 3.4633% 68.001
7.62% 0.00% 2.5377% 69.001
10.27% 0.00% 5.1897% 72.001
9.23% 25.00% 4.1497% 74.001
16.60% 25.00% 11.5235% 76.001
13.72% 18.00% 8.6426% 80.001
5.78% 33.99% 0.6968% 82.501
12.58% 28.21% 7.4986% 85.001
6.06% 0.00% 0.9776%
9.23% 25.00% 4.1497% Rating
12.58% 10.00% 7.4986% Aaa
6.06% 22.00% 0.9776% Aa1
8.54% 34.00% 3.4633% Aa2
7.27% 10.00% 2.1945% Aa3
11.42% 27.50% 6.3442% A1
11.42% 20.00% 6.3442% A2
11.42% 33.00% 6.3442% A3
5.08% 26.50% 0.0000% Baa1
5.78% 0.00% 0.6968% Baa2
11.42% 28.21% 6.3442% Baa3
5.78% 25.50% 0.6968% Ba1
5.89% 25.00% 0.8112% Ba2
7.27% 34.00% 2.1945% Ba3
12.58% 35.00% 7.4986% B1
15.46% 28.21% 10.3795% B2
10.27% 0.00% 5.1897% B3
8.54% 30.00% 3.4633% Caa1
9.23% 25.00% 4.1497% Caa2
8.54% 20.00% 3.4633% Caa3
15.46% 27.98% 10.3795% Ca
6.46% 22.00% 1.3832%
9.23% 12.50% 4.1497%
5.89% 19.00% 0.8112%
5.08% 22.00% 0.0000%
9.23% 27.00% 4.1497%
12.58% 22.00% 7.4986%
12.58% 22.50% 7.4986%
13.72% 30.00% 8.6426%
5.89% 20.00% 0.8112%
10.27% 30.00% 5.1897%
9.23% 20.00% 4.1497%
5.54% 20.00% 0.4576%
5.65% 33.33% 0.5720%
12.58% 30.00% 7.4986%
8.54% 15.00% 3.4633%
5.08% 29.79% 0.0000%
12.58% 25.00% 7.4986%
15.46% 29.00% 10.3795%
7.96% 25.00% 2.8809%
5.78% 0.00% 0.6968%
10.27% 25.00% 5.1897%
5.65% 16.50% 0.5720%
7.62% 9.00% 2.5377%
6.46% 20.00% 1.3832%
7.27% 30.00% 2.1945%
7.62% 25.00% 2.5377%
13.72% 15.00% 8.6426%
6.06% 12.50% 0.9776%
5.65% 0.00% 0.5720%
5.89% 24.00% 0.8112%
7.27% 24.00% 2.1945%
12.58% 25.00% 7.4986%
5.89% 30.86% 0.8112%
5.78% 20.00% 0.6968%
10.27% 20.00% 5.1897%
7.62% 20.00% 2.5377%
10.27% 30.00% 5.1897%
5.65% 22.00% 0.5720%
5.65% 15.00% 0.5720%
11.42% 15.00% 6.3442%
6.46% 15.00% 1.3832%
12.58% 15.00% 7.4986%
5.08% 12.50% 0.0000%
6.46% 15.00% 1.3832%
5.08% 27.08% 0.0000%
5.78% 12.00% 0.6968%
9.23% 10.00% 4.1497%
6.46% 24.00% 1.3832%
6.46% 35.00% 1.3832%
6.92% 15.00% 1.8408%
6.46% 30.00% 1.3832%
12.58% 12.00% 7.4986%
13.72% 25.00% 8.6426%
10.27% 9.00% 5.1897%
7.62% 27.98% 2.5377%
7.96% 31.00% 2.8809%
16.60% 32.00% 11.5235%
7.96% 32.00% 2.8809%
5.08% 25.00% 0.0000%
5.08% 28.00% 0.0000%
11.42% 30.00% 6.3442%
11.42% 30.00% 6.3442%
5.08% 24.00% 0.0000%
7.27% 15.00% 2.1945%
12.58% 31.00% 7.4986%
7.27% 25.00% 2.1945%
11.42% 30.00% 6.3442%
7.96% 10.00% 2.8809%
6.46% 29.50% 1.3832%
7.27% 30.00% 2.1945%
6.06% 19.00% 0.9776%
7.96% 21.00% 2.8809%
5.78% 10.00% 0.6968%
6.06% 0.00% 0.9776%
7.62% 16.00% 2.5377%
7.96% 20.00% 2.8809%
11.42% 30.00% 6.3442%
5.89% 20.00% 0.8112%
9.23% 30.00% 4.1497%
9.23% 15.00% 4.1497%
6.46% 0.00% 1.3832%
5.08% 17.00% 0.0000%
6.06% 21.00% 0.9776%
6.92% 19.00% 1.8408%
7.62% 28.00% 2.5377%
7.27% 25.00% 2.1945%
10.27% 28.00% 5.1897%
7.27% 34.50% 2.1945%
12.58% 27.98% 7.4986%
10.27% 36.00% 5.1897%
11.42% 27.50% 6.3442%
5.08% 22.00% 0.0000%
5.08% 17.77% 0.0000%
5.78% 17.00% 0.6968%
12.58% 0.00% 7.4986%
6.92% 20.00% 1.8408%
7.96% 25.00% 2.8809%
10.27% 25.00% 5.1897%
7.96% 20.00% 2.8809%
6.92% 0.00% 1.8408%
11.42% 30.00% 6.3442%
15.46% 18.00% 10.3795%
5.65% 55.00% 0.5720%
5.65% 20.00% 0.5720%
5.08% 21.00% 0.0000%
7.27% 25.00% 2.1945%
16.60% 34.00% 11.5235%
10.27% 20.00% 5.1897%
12.58% 35.00% 7.4986%
12.58% 26.00% 7.50%
6.06% 18.50% 0.98%
15.46% 31.00% 10.38%
15.46% 28.21% 10.38%
12.58% 28.21% 7.50%
9.23% 27.98% 4.15%
13.73% 27.98% 8.65%
7.27% 21.28% 2.19%
16.60% 21.28% 11.52%
18.91% 28.21% 13.83%
13.73% 20.00% 8.65%
11.42% 20.00% 6.34%
13.73% 30.00% 8.65%
13.73% 28.21% 8.65%
12.58% 25.00% 7.50%
18.91% 28.21% 13.83%
18.91% 30.00% 13.83%
18.91% 20.00% 13.83%
25.32% 35.00% 20.24%
25.32% 28.00% 20.24%
12.58% 30.00% 7.50%
13.73% 28.67% 8.65%
25.32% 20.00% 20.24%
15.46% 25.00% 10.38%
PRS Score
Less than ERP CRP
50.000 25.32% 18.0000% Below Ca Country Country PRS SCORE
55.000 18.91% 12.3000% Ca Abu Dhabi NA
57.000 16.60% 10.2500% Caa3 Albania 68.8 Albania 68.75
60.000 15.46% 9.2300% Caa2 Andorra (PrinNA
62.000 13.73% 7.6900% Caa1 Algeria 63.0 Algeria 63.0
64.000 12.58% 6.6700% B3 Angola 59.0 Angola 59
66.000 11.42% 5.6400% B2 Argentina 65.3 Argentina 65.25
68.000 10.27% 4.6200% B1 Armenia 62.5 Armenia 62.5
69.000 9.23% 3.6900% Ba3 Aruba NA
72.000 8.54% 3.0800% Ba2 Australia 77.8 Australia 77.75
74.000 7.27% 1.9500% Baa2 Austria 78.8 Austria 78.75
76.000 6.92% 1.6400% Baa1 Azerbaijan 68.5 Azerbaijan 68.5
80.000 6.06% 0.8700% A2 Bahamas 76.3 Bahamas 76.25
82.500 5.78% 0.6200% Aa3 Bahrain 68.8 Bahrain 68.75
85.000 5.54% 0.4100% Aa1 Bangladesh 66.0 Bangladesh 66
90.000 5.08% 0.0000% Aaa Barbados NA
Belarus 59.5 Belarus 59.5
Default Sprea Updated Default Spread (1/1/18) Belgium 76.3 Belgium 76.25
0 0 Belize NA
46 41 Bermuda NA
57 51 Bolivia 68.8 Bolivia 68.75
70 62 Bosnia and  NA
81 72 Botswana 77.5 Botswana 77.5
98 87 Brazil 62.8 Brazil 62.75
139 123 Brunei 72.8 Brunei 72.8
184 164 Bulgaria 71.8 Bulgaria 71.75
220 195 Burkina Faso 63.5 Burkina Fas 63.5
254 226 Cambodia NA
289 256 Cameroon 63.8 Cameroon 63.75
347 308 Canada 81.3 Canada 81.25
416 369 Cayman Isla NA
520 462 Cape Verde NA
636 564 Chile 74.8 Chile 74.75
751 667 China, Peoples' 72.5 China NA
866 769 Colombia 65.3 Colombia 65.25
1040 923 Congo, Dem. R 57.3 Congo (DemocNA
1155 1025 Congo, Republ 64.8 Congo (RepubNA
1386 1230 Cook IslandsNA
Costa Rica 73.5 Costa Rica 73.5
Cote d'Ivoire 64.0 Côte d'IvoireNA
Croatia 71.5 Croatia 71.5
Cuba 70.0 Cuba 70
Curacao NA
Cyprus 73.3 Cyprus 73.25
Czech Republi 77.8 Czech Repub 77.75
Denmark 82.3 Denmark 82.25
Dominican Rep 73.0 Dominican R 73
Ecuador 63.0 Ecuador 63
Egypt 60.5 Egypt 60.5
El Salvador 68.3 El Salvador 68.25
Estonia 74.8 Estonia 74.75
Ethiopia 61.0 Ethiopia 61
Fiji NA
Finland 81.8 Finland 81.75
France 73.8 France 73.75
Gabon 69.5 Gabon 69.5
Georgia NA
Gambia 62.0 Gambia 62.0
Germany 84.5 Germany 84.5
Ghana 64.3 Ghana 64.25
Greece 68.5 Greece 68.5
Guatemala 70.0 Guatemala 70
Guinea 53.8 Guinea 53.8
Guinea-Bissau 62.3 Guinea-Bissau 62.3
Guyana 63.5 Guyana 63.5
Guernsey (StNA
Haiti 57.0 Haiti 57.0
Honduras 66.8 Honduras 66.75
Hong Kong 81.0 Hong Kong 81
Hungary 75.3 Hungary 75.25
Iceland 83.5 Iceland 83.5
India 69.3 India 69.25
Indonesia 63.8 Indonesia 63.75
Iran 67.8 Iran 67.8
Iraq 56.0 Iraq 56.0
Ireland 82.5 Ireland 82.5
Isle of Man NA
Israel 77.0 Israel 77
Italy 75.5 Italy 75.5
Jamaica 71.0 Jamaica 71
Japan 82.3 Japan 82.25
Jersey (State NA
Jordan 68.8 Jordan 68.75
Kazakhstan 63.8 Kazakhstan 63.75
Kenya 62.0 Kenya 62
Korea, D.P.R. 56.0 Korea, D.P.R. 56.0
Korea, Republi 81.0 Korea NA
Kuwait 73.8 Kuwait 73.75
Latvia 74.3 Latvia 74.25
Lebanon 60.8 Lebanon 60.75
Liberia 50.5 Liberia 50.5
Libya 52.8 Libya 52.8
Liechtenstei NA
Lithuania 76.3 Lithuania 76.25
Luxembourg 87.0 Luxembourg 87
Macao NA
Madagascar 61.3 Madagascar 61.3
Macedonia NA
Malawi 57.0 Malawi 57.0
Malaysia 74.3 Malaysia 74.25
Mali 62.5 Mali 62.5
Malta 77.5 Malta 77.5
Mauritius NA
Mexico 68.3 Mexico 68.25
Moldova 62.3 Moldova 62.25
Mongolia 62.5 Mongolia 62.5
Montenegro NA
Montserrat NA
Morocco 69.5 Morocco 69.5
Mozambique 52.3 Mozambique 52.25
Myanmar 63.3 Myanmar 63.3
Namibia 71.3 Namibia 71.25
Netherlands 82.8 Netherlands 82.75
New Zealand 82.3 New Zealand 82.25
Nicaragua 64.3 Nicaragua 64.25
Niger 51.0 Niger 51.0
Nigeria 62.0 Nigeria 62
Norway 87.5 Norway 87.5
Oman 74.5 Oman 74.5
Pakistan 61.3 Pakistan 61.25
Panama 73.5 Panama 73.5
Papua New Gui 64.0 Papua New G 64
Paraguay 67.3 Paraguay 67.25
Peru 68.3 Peru 68.25
Philippines 73.0 Philippines 73
Poland 79.3 Poland 79.25
Portugal 76.3 Portugal 76.25
Qatar 78.3 Qatar 78.25

Ras Al KhaimNA
Romania 71.8 Romania 71.75
Russia 64.3 Russia 64.25
Rwanda NA
Saudi Arabia 72.5 Saudi Arabia 72.5
Senegal 63.3 Senegal 63.25
Serbia 63.8 Serbia NA
Sharjah NA
Sierra Leone 56.5 Sierra Leone 56.5
Singapore 87.3 Singapore 87.25
Slovakia 74.0 Slovakia 74
Slovenia 72.3 Slovenia 72.25
Somalia 42.5 Somalia 42.5
South Africa 66.3 South Africa 66.25
Spain 74.0 Spain 74
Sri Lanka 67.5 Sri Lanka 67.5
Sudan 48.3 Sudan 48.3
St. Maarten NA
St. Vincent  NA
Suriname 68.3 Suriname 68.25
Sweden 85.8 Sweden 85.75
Switzerland 87.5 Switzerland 87.5
Syria 35.8 Syria 35.8
Taiwan 83.3 Taiwan 83.25
Tanzania 63.0 Tanzania 63.0
Thailand 68.0 Thailand 68
Togo 63.8 Togo 63.8
Trinidad & Tob 75.5 Trinidad and NA
Tunisia 65.8 Tunisia 65.75
Turkey 61.5 Turkey 61.5
Turks and CaNA
Uganda 60.3 Uganda 60.25
Ukraine 52.0 Ukraine 52
United Arab Em 77.8 United Arab  77.75
United Kingdo 80.3 United King 80.25
United States 78.3 United State NA
Uruguay 70.5 Uruguay 70.5
Venezuela 49.3 Venezuela 49.25
Vietnam 71.5 Vietnam 71.5
Yemen, Republ 50.3 Yemen, Republ 50.3
Zambia 65.0 Zambia 65
Zimbabwe 54.5 Zimbabwe 54.5
Composite
Risk Rating
Moody's ratingRating­basedTotal Equity Risk Premium Country 06/16
Aa2 0.55% 6.74% 0
B1 4.99% 12.71% 1 Albania 69.3
Baa3 2.44% 9.28% 0
1 Angola 55.3
Ba2 3.33% 10.48% 1 Argentina 63.5
Caa1 8.31% 17.17% 1 Armenia 62.5
Ba3 3.99% 11.37% 1
Baa1 1.77% 8.38% 0 Australia 79.0
Aaa 0.00% 6.00% 1 Austria 79.3
Aaa 0.00% 6.00% 1 Azerbaijan 63.5
Baa3 2.44% 9.28% 1 Bahamas 76.3
Baa2 2.11% 8.84% 1 Bahrain 65.8
Baa3 2.44% 9.28% 1 Bangladesh 66.3
Ba3 3.99% 11.37% 1
B3 7.21% 15.70% 0 Belarus 59.8
Caa1 8.31% 17.17% 1 Belgium 76.8
Aa3 0.67% 6.90% 1
Caa2 9.98% 19.42% 0
A1 0.78% 7.05% 0 Bolivia 67.5
Ba3 3.99% 11.37% 1
B3 7.21% 15.70% 0 Botswana 77.5
A2 0.94% 7.26% 1 Brazil 64.8
Baa3 2.44% 9.28% 1 Bulgaria 74.0
1 Burkina Faso 63.8
Baa2 2.11% 8.84% 1
B3 7.21% 15.70% 1 Cameroon 63.8
B2 6.10% 14.20% 0 Canada 82.8
B2 6.10% 14.20% 1
Aaa 0.00% 6.00% 1
Aa3 0.67% 6.90% 0 Chile 75.0
B2 6.10% 14.20% 0 China 71.0
Aa3 0.67% 6.90% 1 Colombia 67.0
Aa3 0.67% 6.90% 0 Congo, Dem. R 56.3
Baa2 2.11% 8.84% 1 Congo, Republ 64.5
B3 7.21% 15.70% 0
Ba3 3.99% 11.37% 0 Costa Rica 72.8
B1 4.99% 12.71% 0 Cote d'Ivoire 63.3
Ba1 2.77% 9.72% 1 Croatia 71.3
Ba3 3.99% 11.37% 0 Cuba 70.8
Ba1 2.77% 9.72% 1
Caa2 9.98% 19.42% 1 Cyprus 73.3
A3 1.33% 7.79% 0 Czech Republi 79.5
B1 4.99% 12.71% 1 Denmark 82.5
A1 0.78% 7.05% 1 Dominican Rep 73.8
Aaa 0.00% 6.00% 1 Ecuador 61.5
B1 4.99% 12.71% 1 Egypt 60.0
B3 7.21% 15.70% 1 El Salvador 67.8
B3 7.21% 15.70% 1 Estonia 74.3
Ba3 3.99% 11.37% 1 Ethiopia 59.0
A1 0.78% 7.05% 1
B1 4.99% 12.71% 1 Finland 81.3
B1 4.99% 12.71% 0 France 72.8
Aaa 0.00% 6.00% 1 Gabon 63.8
Aa2 0.55% 6.74% 1 61.5
Ba3 3.99% 11.37% 1 Germany 85.0
Ba3 3.99% 11.37% 0 Ghana 63.0
1 Greece 66.8
Aaa 0.00% 6.00% 1 Guatemala 70.3
B3 7.21% 15.70% 1
Caa3 11.08% 20.90% 1 Honduras 67.5
Ba1 2.77% 9.72% 1 Hong Kong 80.8
1 Hungary 75.0
1 Iceland 80.5
1 India 69.8
Aa1 0.44% 6.59% 0 Indonesia 65.5
1 Iraq 56.5
B3 7.21% 15.70% 1 Ireland 82.0
Aa1 0.44% 6.59% 1
Ba1 2.77% 9.72% 1 Israel 77.8
Baa2 2.11% 8.84% 1 Italy 75.5
Baa3 2.44% 9.28% 1 Jamaica 71.3
Baa3 2.44% 9.28% 1 Japan 81.5
1
1 Jordan 68.8
Baa1 1.77% 8.38% 1 Kazakhstan 60.5
Aa1 0.44% 6.59% 0 Kenya 62.5
A1 0.78% 7.05% 1 Korea, Republi 82.0
Baa2 2.11% 8.84% 1 Kuwait 70.3
Caa2 9.98% 19.42% 1
A1 0.78% 7.05% 1 Latvia 74.5
Aa1 0.44% 6.59% 0 Lebanon 61.0
B1 4.99% 12.71% 1
Baa2 2.11% 8.84% 1 Lithuania 76.0
B1 4.99% 12.71% 1 Luxembourg 86.5
1
Aa2 0.55% 6.74% 0
Aa2 0.55% 6.74% 1 Malaysia 73.3
A3 1.33% 7.79% 1 Malta 77.5
B2 6.10% 14.20% 1
1 Mexico 67.3
1 Moldova 60.5
Aaa 0.00% 6.00% 0 Mongolia 68.5
A3 1.33% 7.79% 1
Aaa 0.00% 6.00% 1
Aa2 0.55% 6.74% 0 Morocco 70.3
1 Mozambique 50.3
Ba3 3.99% 11.37% 0 Namibia 72.0
1 Netherlands 82.5
A3 1.33% 7.79% 1 New Zealand 83.0
1 Nicaragua 65.3
A3 1.33% 7.79% 1 Nigeria 59.0
Baa1 1.77% 8.38% 0 Norway 89.3
A3 1.33% 7.79% 1 Oman 70.3
B3 7.21% 15.70% 1 Pakistan 62.8
B2 6.10% 14.20% 1 Panama 73.0
Ba3 3.99% 11.37% 0 Papua New Gui 63.3
Baa3 2.44% 9.28% 0 Paraguay 67.8
Ba1 2.77% 9.72% 1 Peru 72.3
B2 6.10% 14.20% 1 Philippines 75.0
1 Poland 78.8
Baa3 2.44% 9.28% 1 Portugal 76.5
Aaa 0.00% 6.00% 1 Qatar 78.3
Aaa 0.00% 6.00% 1
B2 6.10% 14.20% 1 Romania 71.5
1 Russia 66.3
Ba3 3.99% 11.37% 1
Aaa 0.00% 6.00% 1 Saudi Arabia 68.3
A1 0.78% 7.05% 1 Senegal 63.8
B3 7.21% 15.70% 1 Serbia 67.0
Baa2 2.11% 8.84% 1
B1 4.99% 12.71% 1 Singapore 86.3
Ba1 2.77% 9.72% 1 Slovakia 74.8
A3 1.33% 7.79% 1 Slovenia 72.8
Baa2 2.11% 8.84% 1 South Africa 65.0
A2 0.94% 7.26% 1 Spain 73.8
Ba1 2.77% 9.72% 1 Sri Lanka 64.5
Aa2 0.55% 6.74% 1

A2 0.94% 7.26% 0
Baa3 2.44% 9.28% 1 Suriname 61.8
Ba1 2.77% 9.72% 1 Sweden 85.8
B1 4.99% 12.71% 0 Switzerland 87.8
Aa3 0.67% 6.90% 1 Taiwan 83.3
B1 4.99% 12.71% 1 Thailand 69.5
B1 4.99% 12.71% 0 Trinidad & Tob 70.8
A3 1.33% 7.79% 0 Tunisia 65.0
1 Turkey 64.0
Aaa 0.00% 6.00% 1
A2 0.94% 7.26% 1 Uganda 60.5
Baa3 2.44% 9.28% 1 Ukraine 59.5
1 United Arab Em 77.8
Baa2 2.11% 8.84% 1 United Kingdo 77.8
Baa2 2.11% 8.84% 1 United States 79.3
B1 4.99% 12.71% 1 Uruguay 71.0
1 Venezuela 44.3
Baa1 1.77% 8.38% 0 Vietnam 71.8
B3 7.21% 15.70% 0 Zambia 64.8
Ba3 3.99% 11.37% 1
Aaa 0.00% 6.00% 1
Aaa 0.00% 6.00% 1
1
Aa3 0.67% 6.90% 1
1
Baa1 1.77% 8.38% 1
1
Baa2 2.11% 8.84% 0
Ba3 3.99% 11.37% 1
Baa3 2.44% 9.28% 1
Baa1 1.77% 8.38% 0
B1 4.99% 12.71% 1
Caa3 11.08% 20.90% 1
Aa2 0.55% 6.74% 1
Aa1 0.44% 6.59% 1
Aaa 0.00% 6.00% 0
Baa2 2.11% 8.84% 1
Caa3 11.08% 20.90% 1
B1 4.99% 12.71% 1
1
B2 6.10% 14.20% 1
1
Country PRS Score Total Equit Rating­based Final ERP Tax Rate
Abu Dhabi 7.03% 0.56% 7.03% 55.00%
Albania 69.3 13.32% 5.05% 13.32% 15.00%
Andorra (Principality of) 9.71% 2.47% 9.71% 0.00%
Angola 55.3 13.32% 5.05% 13.32% 30.00%
Argentina 63.5 16.46% 7.29% 16.46% 35.00%
Armenia 62.5 13.32% 5.05% 13.32% 20.00%
Aruba 8.76% 1.79% 8.76% 28.00%
Australia 79.0 6.25% 0.00% 6.25% 30.00%
Austria 79.3 6.88% 0.45% 6.88% 25.00%
Azerbaijan 63.5 10.17% 2.80% 10.17% 20.12%
Bahamas 76.3 9.23% 2.13% 9.23% 0.00%
Bahrain 65.8 10.97% 3.37% 10.97% 0.00%
Bangladesh 66.3 11.91% 4.04% 11.91% 27.50%
Barbados 18.02% 8.41% 18.02% 25.00%
Belarus 59.8 18.02% 8.41% 18.02% 18.00%
Belgium 76.8 7.20% 0.68% 7.20% 33.99%
Belize 20.39% 10.10% 20.39% 26.85%
Bermuda 7.58% 0.95% 7.58% 0.00%
Bolivia 67.5 11.91% 4.04% 11.91% 25.00%
Bosnia and Herzegovina 16.46% 7.29% 16.46% 10.00%
Botswana 77.5 7.58% 0.95% 7.58% 22.00%
Brazil 64.8 10.97% 3.37% 10.97% 34.00%
Bulgaria 74.0 9.23% 2.13% 9.23% 10.00%
Burkina Faso 63.8 16.46% 7.29% 16.46% 27.92%
Cambodia 14.89% 6.17% 14.89% 0.00%
Cameroon 63.8 14.89% 6.17% 14.89% 33.00%
Canada 82.8 6.25% 0.00% 6.25% 26.50%
Cayman Islands 7.20% 0.68% 7.20% 0.00%
Cape Verde 14.89% 6.17% 14.89% 27.92%
Chile 75.0 7.20% 0.68% 7.20% 22.50%
China 71.0 7.20% 0.68% 7.20% 25.00%
Colombia 67.0 9.23% 2.13% 9.23% 25.00%
Congo (Democratic Republ 56.3 16.46% 7.29% 16.46% 27.92%
Congo (Republic of) 64.5 14.89% 6.17% 14.89% 27.92%
Cook Islands 13.32% 5.05% 13.32% 27.00%
Costa Rica 72.8 10.17% 2.80% 10.17% 30.00%
Côte d'Ivoire 63.3 11.91% 4.04% 11.91% 27.92%
Croatia 71.3 10.97% 3.37% 10.97% 20.00%
Cuba 70.8 20.39% 10.10% 20.39% 27.35%
Curacao 8.14% 1.35% 8.14% 25.00%
Cyprus 73.3 13.32% 5.05% 13.32% 12.50%
Czech Republic 79.5 7.36% 0.79% 7.36% 19.00%
Denmark 82.5 6.25% 0.00% 6.25% 23.50%
Dominican Republic 73.8 13.32% 5.05% 13.32% 27.00%
Ecuador 61.5 16.46% 7.29% 16.46% 22.00%
Egypt 60.0 16.46% 7.29% 16.46% 22.50%
El Salvador 67.8 11.91% 4.04% 11.91% 30.00%
Estonia 74.3 7.36% 0.79% 7.36% 20.00%
Ethiopia 59.0 13.32% 5.05% 13.32% 27.92%
Fiji 13.32% 5.05% 13.32% 20.00%
Finland 81.3 6.88% 0.45% 6.88% 20.00%
France 72.8 7.03% 0.56% 7.03% 33.33%
Gabon 63.8 13.32% 5.05% 13.32% 27.92%
Georgia 61.5 11.91% 4.04% 11.91% 15.00%
Germany 85.0 6.25% 0.00% 6.25% 29.65%
Ghana 63.0 16.46% 7.29% 16.46% 25.00%
Greece 66.8 21.94% 11.21% 21.94% 29.00%
Guatemala 70.3 10.17% 2.80% 10.17% 25.00%
Guernsey (States of) 6.88% 0.45% 6.88% 0.00%
Honduras 67.5 14.89% 6.17% 14.89% 30.00%
Hong Kong 80.8 6.88% 0.45% 6.88% 16.50%
Hungary 75.0 10.17% 2.80% 10.17% 19.00%
Iceland 80.5 9.23% 2.13% 9.23% 20.00%
India 69.8 9.71% 2.47% 9.71% 34.61%
Indonesia 65.5 9.71% 2.47% 9.71% 25.00%
Iraq 56.5 16.46% 7.29% 16.46% 15.00%
Ireland 82.0 8.14% 1.35% 8.14% 12.50%
Isle of Man 6.88% 0.45% 6.88% 0.00%
Israel 77.8 7.36% 0.79% 7.36% 26.50%
Italy 75.5 9.23% 2.13% 9.23% 31.40%
Jamaica 71.3 20.39% 10.10% 20.39% 25.00%
Japan 81.5 7.36% 0.79% 7.36% 33.06%
Jersey (States of) 6.88% 0.45% 6.88% 0.00%
Jordan 68.8 13.32% 5.05% 13.32% 20.00%
Kazakhstan 60.5 9.71% 2.47% 9.71% 20.00%
Kenya 82.0 13.32% 5.05% 13.32% 30.00%
Korea 70.3 7.03% 0.56% 7.03% 24.20%
Kuwait 82.0 7.03% 0.56% 7.03% 15.00%
Kyrgyzstan 14.89% 6.17% 14.89% 15.00%
Latvia 74.5 8.14% 1.35% 8.14% 15.00%
Lebanon 61.0 14.89% 6.17% 14.89% 15.00%
Liechtenstein 6.25% 0.00% 6.25% 12.50%
Lithuania 76.0 8.14% 1.35% 8.14% 15.00%
Luxembourg 86.5 6.25% 0.00% 6.25% 29.22%
Macao 7.20% 0.68% 7.20% 12.00%
Macedonia 11.91% 4.04% 11.91% 10.00%
Malaysia 73.3 8.14% 1.35% 8.14% 25.00%
Malta 77.5 8.14% 1.35% 8.14% 35.00%
Mauritius 8.76% 1.79% 8.76% 15.00%
Mexico 67.3 8.14% 1.35% 8.14% 30.00%
Moldova 60.5 16.46% 7.29% 16.46% 12.00%
Mongolia 68.5 14.89% 6.17% 14.89% 21.96%
Montenegro 11.91% 4.04% 11.91% 9.00%
Montserrat 9.71% 2.47% 9.71% 27.35%
Morocco 70.3 10.17% 2.80% 10.17% 30.00%
Mozambique 50.3 18.02% 8.41% 18.02% 32.00%
Namibia 72.0 9.71% 2.47% 9.71% 33.00%
Netherlands 82.5 6.25% 0.00% 6.25% 25.00%
New Zealand 83.0 6.25% 0.00% 6.25% 28.00%
Nicaragua 65.3 14.89% 6.17% 14.89% 26.85%
Nigeria 59.0 13.32% 5.05% 13.32% 30.00%
Norway 89.3 6.25% 0.00% 6.25% 27.00%
Oman 70.3 8.76% 1.79% 8.76% 12.00%
Pakistan 62.8 16.46% 7.29% 16.46% 33.00%
Panama 73.0 9.23% 2.13% 9.23% 25.00%
Papua New Guinea 63.3 14.89% 6.17% 14.89% 30.00%
Paraguay 67.8 10.17% 2.80% 10.17% 10.00%
Peru 72.3 8.14% 1.35% 8.14% 28.00%
Philippines 75.0 9.23% 2.13% 9.23% 30.00%
Poland 78.8 7.58% 0.95% 7.58% 19.00%
Portugal 76.5 10.17% 2.80% 10.17% 21.00%
Qatar 78.3 7.03% 0.56% 7.03% 10.00%
Ras Al Khaimah (Emirate of) 7.58% 0.95% 7.58% 0.00%
Romania 71.5 9.71% 2.47% 9.71% 16.00%
Russia 66.3 10.17% 2.80% 10.17% 20.00%
Rwanda 13.32% 5.05% 13.32% 27.92%
Saudi Arabia 68.3 7.36% 0.79% 7.36% 20.00%
Senegal 63.8 13.32% 5.05% 13.32% 27.92%
Serbia 67.0 13.32% 5.05% 13.32% 15.00%
Sharjah 8.14% 1.35% 8.14% 0.00%
Singapore 86.3 6.25% 0.00% 6.25% 17.00%
Slovakia 74.8 7.58% 0.95% 7.58% 22.00%
Slovenia 72.8 9.71% 2.47% 9.71% 17.00%
South Africa 65.0 9.23% 2.13% 9.23% 28.00%
Spain 73.8 9.23% 2.13% 9.23% 28.00%
Sri Lanka 64.5 13.32% 5.05% 13.32% 28.00%
St. Maarten 9.23% 2.13% 9.23% 24.50%

St. Vincent & the Grenadines 16.46% 7.29% 16.46% 26.85%


Suriname 61.8 13.32% 5.05% 13.32% 34.50%
Sweden 85.8 6.25% 0.00% 6.25% 22.00%
Switzerland 87.8 6.25% 0.00% 6.25% 17.92%
Taiwan 83.3 7.20% 0.68% 7.20% 17.00%
Thailand 69.5 8.76% 1.79% 8.76% 20.00%
Trinidad and Tobago 70.8 9.23% 2.13% 9.23% 25.00%
Tunisia 65.0 11.91% 4.04% 11.91% 25.00%
Turkey 64.0 9.71% 2.47% 9.71% 20.00%
Turks and Caicos Islands 8.76% 1.79% 8.76% 26.85%
Uganda 60.5 13.32% 5.05% 13.32% 30.00%
Ukraine 59.5 21.94% 11.21% 21.94% 18.00%
United Arab Emirates 77.8 7.03% 0.56% 7.03% 55.00%
United Kingdom 77.8 6.88% 0.45% 6.88% 20.00%
United States of America 79.3 6.25% 0.00% 6.25% 40.00%
Uruguay 71.0 9.23% 2.13% 9.23% 25.00%
Venezuela 44.3 21.94% 11.21% 21.94% 34.00%
Vietnam 71.8 13.32% 5.05% 13.32% 22.00%
Zambia 64.8 16.46% 7.29% 16.46% 35.00%
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
CRP Test
0.7800% 0
7.0700% 1
3.4600% 0
7.0700% 1
10.2100% 1
7.0700% 1
2.5100% 0
0.0000% 1
0.6300% 1
3.9200% 1
2.9800% 1
4.7200% 1
5.6600% 1
11.7700% 0
11.7700% 1
0.9500% 1
14.1400% 0
1.3300% 0
5.6600% 1
10.2100% 0
1.3300% 1
4.7200% 1
2.9800% 1
10.2100% 1
8.6400% 0
8.6400% 1
0.0000% 1
0.9500% 0
8.6400% 0
0.9500% 1
0.9500% 1
2.9800% 1
10.2100% 0
8.6400% 0
7.0700% 0
3.9200% 1
5.6600% 0
4.7200% 1
14.1400% 1
1.8900% 0
7.0700% 1
1.1100% 1
0.0000% 1
7.0700% 1
10.2100% 1
10.2100% 1
5.6600% 1
1.1100% 1
7.0700% 1
7.0700% 0
0.6300% 1
0.7800% 1
7.0700% 1
5.6600% 0
0.0000% 1
10.2100% 1
15.6900% 1
3.9200% 1
0.6300% 0
8.6400% 1
0.6300% 1
3.9200% 1
2.9800% 1
3.4600% 1
3.4600% 1
10.2100% 1
1.8900% 1
0.6300% 0
1.1100% 1
2.9800% 1
14.1400% 1
1.1100% 1
0.6300% 0
7.0700% 1
3.4600% 1
7.0700% 1
0.7800% 0
0.7800% 1
8.6400% 0
1.8900% 1
8.6400% 1
0.0000% 0
1.8900% 1
0.0000% 1
0.9500% 0
5.6600% 0
1.8900% 1
1.8900% 1
2.5100% 0
1.8900% 1
10.2100% 1
8.6400% 1
5.6600% 0
3.4600% 0
3.9200% 1
11.7700% 1
3.4600% 1
0.0000% 1
0.0000% 1
8.6400% 1
7.0700% 1
0.0000% 1
2.5100% 1
10.2100% 1
2.9800% 1
8.6400% 1
3.9200% 1
1.8900% 1
2.9800% 1
1.3300% 1
3.9200% 1
0.7800% 1
1.3300% 0
3.4600% 1
3.9200% 1
7.0700% 0
1.1100% 1
7.0700% 1
7.0700% 0
1.8900% 0
0.0000% 1
1.3300% 1
3.4600% 1
2.9800% 1
2.9800% 1
7.0700% 1
2.9800% 0

10.2100% 0
7.0700% 1
0.0000% 1
0.0000% 1
0.9500% 1
2.5100% 1
2.9800% 0
5.6600% 1
3.4600% 1
2.5100% 0
7.0700% 1
15.6900% 1
0.7800% 1
0.6300% 1
0.0000% 0
2.9800% 1
15.6900% 1
7.0700% 1
10.2100% 1