Country Risk Premiums Worksheet

Country Risk Premiums
To estimate the equity risk premium for a country, I start with a mature market premium and add an additional cou
Use the look up table in the next worksheet, to look up the statistics for an individual country or region.
Step 1: Estimating mature market risk premium

To estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500. To see t
Link to site: http://www.damodaran.com
Historical monthly ERP https://pages.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)
Ratings to spreads: Based upon my estimates of typical spreads for each ratings class. I compute these by avera
CDS spreads: Bloomberg
If you cannot find a country on this list, it is because that country does not have a sovereign rating or a sovereign CD
Step 3: Convert the default spread into a country risk premium

With sovereign ratings default spreads, you have two choices:
Choice 1: Use the default spread as the measure of the additional country risk premium. To make this choice, go in
Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread
You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond" in this spreadsheet.
With CDS spreads, I compute the base number in two steps
Substep 1: Since the base equity premium is computed for the US, and the US has a CDS spread, I subtracted out th
For simplicity (and since it does not make a big difference), I assume that any country that has a CDS spread lower 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 pre
Step 5: Compute regional averages and regional weighted averages

For the regional averages, I use a simple average of the total and country risk premiums by region
For the weighted averages, I use the World Bank GDP estimates from the most recent year.
If you are interested in a fuller explanation of these concepts, try these references:
My paper on equity risk premiums: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4066060
My paper on country risk premiums: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4161010
Watch my lectures on country risk premiums: https://www.youtube.com/watch?v=aIRPvY2SQ94
https://www.youtube.com/watch?v=D3IGn6tH03c
mium and add an additional country risk premium, based upon the risk of the country in question.
al country or region.
mium for the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadshe
ymonth.xls
, one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the cou
Look under sovereign ratings)
class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.
vereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.
mium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.
et, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging
Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.
CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
ry that has a CDS spread lower than the US will have a zero country risk premium and end up with a total equity risk premium e
umber to get a country risk premium. The default scaling is set at the my most recent year's estimate, but you can change it to
p 3 to get a total equity risk premium.
ums by region
http://www.data.worldbank.org/data-catalog/GDP-ranking-table
apers.cfm?abstract_id=4066060
?abstract_id=4161010
atch?v=aIRPvY2SQ94
atch?v=D3IGn6tH03c
oad the excel spreadsheet containing the implied premium
e CDS spread for the country (if one exists)
e start of every year.
n to the BAML Emerging Public Bond index standard deviation
al equity risk premium equal to the US.

ut you can change it to 1, if you would
To look up the equity risk premium for a country, use this worksheet
Country India If you cannot find a country on this list, it is because that country do
or a sovereign CDS spread. Try the PRS worksheet in this spreadshe
Moody's sovereign rating Baa3 Local currency
S&P sovereign rating BBB- Local currency
CDS spread 1.67%
Excess CDS spread (over US CDS) 1.35%
Country Default Spread (based on 2.69%

Country Risk Premium (Rating) 3.79%
Equity Risk Premium (Rating) 9.73%
Country Risk Premium (CDS) 1.90%

Equity Risk Premium (CDS) 7.84%
To look up the equity risk premium for a region, use this worksheet
Region Caribbean
Country Risk Premium (simple av 6.74%

Total Equity Risk Premium (simpl 12.68%
Country Risk Premium (GDP weig 11.19%

Total Equity Risk Premium (GDP 17.13%
To construct your own regional ERP, use the data on GDP and ERP for countries in the Regional Weighted Averages
For countries not on the list above, try this frontier market list
Country Korea, D.P.R.
PRS Score 51.00

ERP based on PRS Score 26.65%
ry on this list, it is because that country does not have a sovereign rating
d. Try the PRS worksheet in this spreadsheet for an alternate estimate.
he Regional Weighted Averages Worksheet

Country and Equity Risk Premiums
Date of update: 1-Jan-23
Enter the current risk premium for a mature equity market 5.94%
Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium? Yes
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets) 1.41
Country Africa Moody's rating Rating-based Default Spread

Total Equity Risk Premium
Abu Dhabi Middle East Aa2 0.60% 6.79%
Albania Eastern Europe & Russia B1 5.51% 13.71%
Andorra (Principality of) Western Europe Baa2 2.33% 9.23%
Angola Africa B3 7.95% 17.16%
Argentina Central and South America Ca 14.68% 26.65%
Armenia Eastern Europe & Russia Ba3 4.40% 12.15%
Aruba Caribbean Baa2 2.33% 9.23%
Australia Australia & New Zealand Aaa 0.00% 5.94%
Austria Western Europe Aa1 0.49% 6.63%
Azerbaijan Eastern Europe & Russia Ba1 3.06% 10.26%
Bahamas Caribbean B1 5.51% 13.71%
Bahrain Middle East B2 6.73% 15.43%
Bangladesh Asia Ba3 4.40% 12.15%
Barbados Caribbean Caa1 9.17% 18.88%
Belarus Eastern Europe & Russia Ca 14.68% 26.65%
Belgium Western Europe Aa3 0.73% 6.97%
Belize Central and South America Caa2 11.02% 21.48%
Benin Africa B1 5.51% 13.71%
Bermuda Caribbean A2 1.04% 7.40%
Bolivia Central and South America B2 6.73% 15.43%
Bosnia and Herzegovina Eastern Europe & Russia B3 7.95% 17.16%
Botswana Africa A3 1.47% 8.01%
Brazil Central and South America Ba2 3.68% 11.13%
Bulgaria Eastern Europe & Russia Baa1 1.96% 8.70%
Burkina Faso Africa Caa1 9.17% 18.88%
Cambodia Asia B2 6.73% 15.43%
Cameroon Africa B2 6.73% 15.43%
Canada North America Aaa 0.00% 5.94%
Cape Verde Africa B3 7.95% 17.16%
Cayman Islands Caribbean Aa3 0.73% 6.97%
Chile Central and South America A2 1.04% 7.40%
China Asia A1 0.86% 7.16%
Colombia Central and South America Baa2 2.33% 9.23%
Congo (Democratic Republic of) Africa B3 7.95% 17.16%
Congo (Republic of) Africa Caa2 11.02% 21.48%
Cook Islands Australia & New Zealand B1 5.51% 13.71%
Costa Rica Central and South America B2 6.73% 15.43%
Côte d'Ivoire Africa Ba3 4.40% 12.15%
Croatia Eastern Europe & Russia Baa2 2.33% 9.23%
Cuba Caribbean Ca 14.68% 26.65%
Curacao Caribbean Baa2 2.33% 9.23%
Cyprus Western Europe Ba1 3.06% 10.26%
Czech Republic Eastern Europe & Russia Aa3 0.73% 6.97%
Denmark Western Europe Aaa 0.00% 5.94%
Dominican Republic Caribbean Ba3 4.40% 12.15%
Ecuador Central and South America Caa3 12.24% 23.20%
Egypt Africa B2 6.73% 15.43%
El Salvador Central and South America Caa3 12.24% 23.20%
Estonia Eastern Europe & Russia A1 0.86% 7.16%
Ethiopia Africa Caa2 11.02% 21.48%
Fiji Asia B1 5.51% 13.71%
Finland Western Europe Aa1 0.49% 6.63%
France Western Europe Aa2 0.60% 6.79%
Gabon Africa Caa1 9.17% 18.88%
Georgia Eastern Europe & Russia Ba2 3.68% 11.13%
Germany Western Europe Aaa 0.00% 5.94%
Ghana Africa Ca 14.68% 26.65%
Greece Western Europe Ba3 4.40% 12.15%
Guatemala Central and South America Ba1 3.06% 10.26%
Guernsey (States of) Western Europe Aaa 0.00% 5.94%
Honduras Central and South America B1 5.51% 13.71%
Hong Kong Asia Aa3 0.73% 6.97%
Hungary Eastern Europe & Russia Baa2 2.33% 9.23%
Iceland Western Europe A2 1.04% 7.40%
India Asia Baa3 2.69% 9.73%
Indonesia Asia Baa2 2.33% 9.23%
Iraq Middle East Caa1 9.17% 18.88%
Ireland Western Europe A1 0.86% 7.16%
Isle of Man Western Europe Aa3 0.73% 6.97%
Israel Middle East A1 0.86% 7.16%
Italy Western Europe Baa3 2.69% 9.73%
Jamaica Caribbean B2 6.73% 15.43%
Japan Asia A1 0.86% 7.16%
Jersey (States of) Western Europe Aaa 0.00% 5.94%
Jordan Middle East B1 5.51% 13.71%
Kazakhstan Eastern Europe & Russia Baa2 2.33% 9.23%
Kenya Africa B2 6.73% 15.43%
Korea Asia Aa2 0.60% 6.79%
Kuwait Middle East A1 0.86% 7.16%
Kyrgyzstan Eastern Europe & Russia B3 7.95% 17.16%
Laos Asia Caa3 12.24% 23.20%
Latvia Eastern Europe & Russia A3 1.47% 8.01%
Lebanon Middle East C 17.50% 30.63%
Liechtenstein Western Europe Aaa 0.00% 5.94%
Lithuania Eastern Europe & Russia A2 1.04% 7.40%
Luxembourg Western Europe Aaa 0.00% 5.94%
Macao Asia Aa3 0.73% 6.97%
Macedonia Eastern Europe & Russia Ba3 4.40% 12.15%
Malaysia Asia A3 1.47% 8.01%
Maldives Asia Caa1 9.17% 18.88%
Mali Africa Caa2 11.02% 21.48%
Malta Western Europe A2 1.04% 7.40%
Mauritius Africa Baa3 2.69% 9.73%
Mexico Central and South America Baa2 2.33% 9.23%
Moldova Eastern Europe & Russia B3 7.95% 17.16%
Mongolia Asia B3 7.95% 17.16%
Montenegro Eastern Europe & Russia B1 5.51% 13.71%
Montserrat Caribbean Baa3 2.69% 9.73%
Morocco Africa Ba1 3.06% 10.26%
Mozambique Africa Caa2 11.02% 21.48%
Namibia Africa B1 5.51% 13.71%
Netherlands Western Europe Aaa 0.00% 5.94%
New Zealand Australia & New Zealand Aaa 0.00% 5.94%
Nicaragua Central and South America B3 7.95% 17.16%
Niger Africa B3 7.95% 17.16%
Nigeria Africa B3 7.95% 17.16%
Norway Western Europe Aaa 0.00% 5.94%
Oman Middle East Ba3 4.40% 12.15%
Pakistan Asia Caa1 9.17% 18.88%
Panama Central and South America Baa2 2.33% 9.23%
Papua New Guinea Asia B2 6.73% 15.43%
Paraguay Central and South America Ba1 3.06% 10.26%
Peru Central and South America Baa1 1.96% 8.70%
Philippines Asia Baa2 2.33% 9.23%
Poland Eastern Europe & Russia A2 1.04% 7.40%
Portugal Western Europe Baa2 2.33% 9.23%
Qatar Middle East Aa3 0.73% 6.97%
Ras Al Khaimah (Emirate of) Middle East A3 1.47% 8.01%
Romania Eastern Europe & Russia Baa3 2.69% 9.73%
Russia Eastern Europe & Russia Caa1 9.17% 18.88%
Rwanda Africa B2 6.73% 15.43%
Saudi Arabia Middle East A1 0.86% 7.16%
Senegal Africa Ba3 4.40% 12.15%
Serbia Eastern Europe & Russia Ba2 3.68% 11.13%
Sharjah Middle East Ba1 3.06% 10.26%
Singapore Asia Aaa 0.00% 5.94%
Slovakia Eastern Europe & Russia A2 1.04% 7.40%
Slovenia Eastern Europe & Russia A3 1.47% 8.01%
Solomon Islands Asia Caa1 9.17% 18.88%
South Africa Africa Ba2 3.68% 11.13%
Spain Western Europe Baa1 1.96% 8.70%
Sri Lanka Asia Ca 14.68% 26.65%
St. Maarten Caribbean Ba2 3.68% 11.13%
St. Vincent & the Grenadines Caribbean B3 7.95% 17.16%
Suriname Central and South America Caa3 12.24% 23.20%
Swaziland Africa B3 7.95% 17.16%
Sweden Western Europe Aaa 0.00% 5.94%
Switzerland Western Europe Aaa 0.00% 5.94%
Taiwan Asia Aa3 0.73% 6.97%
Tajikistan Eastern Europe & Russia B3 7.95% 17.16%
Tanzania Africa B2 6.73% 15.43%
Thailand Asia Baa1 1.96% 8.70%
Togo Africa B3 7.95% 17.16%
Trinidad and Tobago Caribbean Ba2 3.68% 11.13%
Tunisia Africa Caa1 9.17% 18.88%
Turkey Western Europe B3 7.95% 17.16%
Turks and Caicos Islands Caribbean Baa1 1.96% 8.70%
Uganda Africa B2 6.73% 15.43%
Ukraine Eastern Europe & Russia Caa3 12.24% 23.20%
United Arab Emirates Middle East Aa2 0.60% 6.79%
United Kingdom Western Europe Aa3 0.73% 6.97%
United States North America Aaa 0.00% 5.94%
Uruguay Central and South America Baa2 2.33% 9.23%
Uzbekistan Eastern Europe & Russia B1 5.51% 13.71%
Venezuela Central and South America C 17.50% 30.63%
Vietnam Asia Ba2 3.68% 11.13%
Zambia Africa Ca 14.68% 26.65%
Frontier Markets (no sovereign ratings)
Country PRS Composite Risk Score ERP CRP Default Spread
Algeria 69.25 11.13% 5.19% 3.68%
Brunei 79.5 7.40% 1.46% 1.04%
Gambia 65 15.43% 9.49% 6.73%
Guinea 57.25 21.48% 15.54% 11.02%
Guinea-Bissau 64 17.16% 11.22% 7.95%
Guyana 75.75 8.70% 2.76% 1.96%
Haiti 54.25 26.65% 20.71% 14.68%
Iran 66.5 13.71% 7.77% 5.51%
Korea, D.P.R. 51 26.65% 20.71% 14.68%
Liberia 58 21.48% 15.54% 11.02%
Libya 70.75 11.13% 5.19% 3.68%
Madagascar 62.5 17.16% 11.22% 7.95%
Malawi 51 26.65% 20.71% 14.68%
Myanmar 55.75 23.20% 17.26% 12.24%
Sierra Leone 53.5 26.65% 20.71% 14.68%
Somalia 52 26.65% 20.71% 14.68%
Sudan 43 30.63% 24.69% 17.50%
Syria 43.75 30.63% 24.69% 17.50%
Yemen, Republic 48.25 30.63% 24.69% 17.50%
Zimbabwe 61.5 18.88% 12.94% 9.17%
Rating Default spread in basis points

A1 86
A2 104
A3 147
Aa1 49
Aa2 60
Aa3 73
Aaa 0
B1 551
B2 673
B3 795
Ba1 306
Ba2 368
Ba3 440
Baa1 196
Baa2 233
Baa3 269
C 1750
Ca 1468
Caa1 917
Caa2 1102
Caa3 1224
NR NA
Sovereign CDS, net
Country Risk Premium of US Total Equity Risk Premium2
Country Risk Premium3
Has to be sorted in ascending order
0.85% 0.46% 6.59% 0.65% Rating
Default spread in basis points
7.77% NA NA NA A1 86
3.29% NA NA NA A2 104
11.22% 6.23% 14.73% 8.79% A3 147
20.71% NA NA NA Aa1 49
6.21% NA NA NA Aa2 60
3.29% NA NA NA Aa3 73
0.00% 0.02% 5.97% 0.03% Aaa 0
0.69% 0.00% 5.94% 0.00% B1 551
4.32% NA NA NA B2 673
7.77% NA NA NA B3 795
9.49% 2.46% 9.41% 3.47% Ba1 306
6.21% NA NA NA Ba2 368
12.94% NA NA NA Ba3 440
20.71% NA NA NA Baa1 196
1.03% 0.05% 6.01% 0.07% Baa2 233
15.54% NA NA NA Baa3 269
7.77% NA NA NA C 1750
1.46% NA NA NA Ca 1468
9.49% NA NA NA Caa1 917
11.22% NA NA NA Caa2 1102
2.07% NA NA NA Caa3 1224
5.19% 3.20% 10.45% 4.51% NR NA
2.76% 1.18% 7.60% 1.66%
12.94% NA NA NA
9.49% NA NA NA
9.49% 6.36% 14.91% 8.97%
0.00% 0.04% 6.00% 0.06%
11.22% NA NA NA
1.03% NA NA NA
1.46% 1.44% 7.97% 2.03%
1.22% 0.79% 7.05% 1.11%
3.29% 3.33% 10.64% 4.70%
11.22% NA NA NA
15.54% NA NA NA
7.77% NA NA NA
9.49% 4.03% 11.62% 5.68%
6.21% NA NA NA
3.29% 1.02% 7.38% 1.44%
20.71% NA NA NA
3.29% NA NA NA
4.32% 1.01% 7.36% 1.42%
1.03% 0.30% 6.36% 0.42%
0.00% 0.00% 5.94% 0.00%
6.21% NA NA NA
17.26% 16.61% 29.37% 23.43%
9.49% 7.69% 16.79% 10.85%
17.26% 27.14% 44.22% 38.28%
1.22% 1.44% 7.97% 2.03%
15.54% 28.01% 45.45% 39.51%
7.77% NA NA NA
0.69% 0.02% 5.97% 0.03%
0.85% 0.10% 6.08% 0.14%
12.94% NA NA NA
5.19% NA NA NA
0.00% 0.00% 5.94% 0.00%
20.71% NA NA NA
6.21% 1.65% 8.27% 2.33%
4.32% NA NA NA
0.00% NA NA NA
7.77% NA NA NA
1.03% 0.39% 6.49% 0.55%
3.29% 2.11% 8.92% 2.98%
1.46% 0.41% 6.52% 0.58%
3.79% 1.35% 7.84% 1.90%
3.29% 1.43% 7.96% 2.02%
12.94% 4.37% 12.10% 6.16%
1.22% 0.11% 6.10% 0.16%
1.03% NA NA NA
1.22% 0.35% 6.43% 0.49%
3.79% 1.52% 8.08% 2.14%
9.49% NA NA NA
1.22% 0.00% 5.94% 0.00%
0.00% NA NA NA
7.77% NA NA NA
3.29% 2.38% 9.30% 3.36%
9.49% 7.28% 16.21% 10.27%
0.85% 0.36% 6.45% 0.51%
1.22% 0.47% 6.60% 0.66%
11.22% NA NA NA
17.26% NA NA NA
2.07% 1.05% 7.42% 1.48%
24.69% NA NA NA
0.00% NA NA NA
1.46% 1.13% 7.53% 1.59%
0.00% NA NA NA
1.03% NA NA NA
6.21% NA NA NA
2.07% 0.92% 7.24% 1.30%
12.94% NA NA NA
15.54% NA NA NA
1.46% NA NA NA
3.79% NA NA NA
3.29% 1.79% 8.47% 2.53%
11.22% NA NA NA
11.22% NA NA NA
7.77% NA NA NA
3.79% NA NA NA
4.32% 2.21% 9.06% 3.12%
15.54% NA NA NA
7.77% NA NA NA
0.00% 0.00% 5.94% 0.00%
0.00% 0.07% 6.04% 0.10%
11.22% 5.95% 14.33% 8.39%
11.22% NA NA NA
11.22% 8.20% 17.51% 11.57%
0.00% 0.00% 5.94% 0.00%
6.21% 2.05% 8.83% 2.89%
12.94% NA NA NA
3.29% 1.47% 8.01% 2.07%
9.49% NA NA NA
4.32% NA NA NA
2.76% 1.62% 8.23% 2.29%
3.29% 1.32% 7.80% 1.86%
1.46% 1.13% 7.53% 1.59%
3.29% 0.49% 6.63% 0.69%
1.03% 0.47% 6.60% 0.66%
2.07% NA NA NA
3.79% 2.85% 9.96% 4.02%
12.94% NA NA NA
9.49% 5.10% 13.13% 7.19%
1.22% 0.64% 6.84% 0.90%
6.21% 5.07% 13.09% 7.15%
5.19% 2.61% 9.62% 3.68%
4.32% NA NA NA
0.00% NA NA NA
1.46% 0.43% 6.55% 0.61%
2.07% 0.68% 6.90% 0.96%
12.94% NA NA NA
5.19% 3.19% 10.44% 4.50%
2.76% 0.50% 6.65% 0.71%
20.71% NA NA NA
5.19% NA NA NA
11.22% NA NA NA
17.26% NA NA NA
11.22% NA NA NA
0.00% 0.00% 5.94% 0.00%
0.00% 0.00% 5.94% 0.00%
1.03% NA NA NA
11.22% NA NA NA
9.49% NA NA NA
2.76% 0.55% 6.72% 0.78%
11.22% NA NA NA
5.19% NA NA NA
12.94% 8.37% 17.75% 11.81%
11.22% 4.98% 12.96% 7.02%
2.76% NA NA NA
9.49% NA NA NA
17.26% NA NA NA
0.85% NA NA NA
1.03% 0.04% 6.00% 0.06%
0.00% 0.00% 5.94% 0.00%
3.29% 1.11% 7.51% 1.57%
7.77% NA NA NA
24.69% NA NA NA
5.19% 1.75% 8.41% 2.47%
20.71% NA NA NA
Year Std Dev (BMI) CV (Spread) REL VOL
2018 14.61% 8.37% 1.74 https://fred.stlouisfed.org/series/BAMLEMPBPUBSICRPIEY
2019 10.68% 8.98% 1.19
2020 22.92% 17.25% 1.33
2021 14.29% 4.17% 3.42
2022 18.67% 18.76% 1.00
Average Relative Volatility 16.23% 11.51% 1.41
Index: ICE BofA Public Sector Issuers Emerg Mkts Index Option-Adjusted SIndex:
Source: FRED (Federal Reserve St. Louis Datasets) Source:
https://fred.stlouisfed.org/series/BAMLEMPBPUBSICRPIEY
Period Five years (Jan 1, 2018 - Dec 30, 2022) Period
Interval Daily Interval
DATE VALUE Effective da

2017-12-31 3.75 1/1/2018
2018-01-01 3.75 1/2/2018
2018-01-02 3.75 1/3/2018
2018-01-03 3.74 1/4/2018
2018-01-04 3.74 1/5/2018
2018-01-05 3.74 1/8/2018
2018-01-08 3.74 1/9/2018
2018-01-09 3.76 1/10/2018
2018-01-10 3.78 1/11/2018
2018-01-11 3.77 1/12/2018
2018-01-12 3.78 1/15/2018
2018-01-15 3.78 1/16/2018
2018-01-16 3.77 1/17/2018
2018-01-17 3.78 1/18/2018
2018-01-18 3.80 1/19/2018
2018-01-19 3.82 1/22/2018
2018-01-22 3.83 1/23/2018
2018-01-23 3.81 1/24/2018
2018-01-24 3.81 1/25/2018
2018-01-25 3.80 1/26/2018
2018-01-26 3.81 1/29/2018
2018-01-29 3.85 1/30/2018
2018-01-30 3.86 1/31/2018
2018-01-31 3.88 2/1/2018
2018-02-01 3.91 2/2/2018
2018-02-02 3.94 2/5/2018
2018-02-05 3.96 2/6/2018
2018-02-06 3.95 2/7/2018
2018-02-07 3.95 2/8/2018
2018-02-08 4.01 2/9/2018
2018-02-09 4.07 2/12/2018
2018-02-12 4.05 2/13/2018
2018-02-13 4.05 2/14/2018
2018-02-14 4.08 2/15/2018
2018-02-15 4.09 2/16/2018
2018-02-16 4.06 2/19/2018
2018-02-19 4.06 2/20/2018
2018-02-20 4.09 2/21/2018
2018-02-21 4.09 2/22/2018
2018-02-22 4.10 2/23/2018
2018-02-23 4.09 2/26/2018
2018-02-26 4.06 2/27/2018
2018-02-27 4.06 2/28/2018
2018-02-28 4.11 3/1/2018
2018-03-01 4.11 3/2/2018
2018-03-02 4.11 3/5/2018
2018-03-05 4.10 3/6/2018
2018-03-06 4.11 3/7/2018
2018-03-07 4.12 3/8/2018
2018-03-08 4.12 3/9/2018
2018-03-09 4.13 3/12/2018
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2020-03-31 4.93 4/13/2020
2020-04-01 4.97 4/14/2020
2020-04-02 4.96 4/15/2020
2020-04-03 4.92 4/16/2020
2020-04-06 4.97 4/17/2020
2020-04-07 4.96 4/20/2020
2020-04-08 4.94 4/21/2020
2020-04-09 4.84 4/22/2020
2020-04-10 4.84 4/23/2020
2020-04-13 4.78 4/24/2020
2020-04-14 4.70 4/27/2020
2020-04-15 4.69 4/28/2020
2020-04-16 4.67 4/29/2020
2020-04-17 4.63 4/30/2020
2020-04-20 4.65 5/1/2020
2020-04-21 4.68 5/4/2020
2020-04-22 4.69 5/5/2020
2020-04-23 4.69 5/6/2020
2020-04-24 4.70 5/7/2020
2020-04-27 4.72 5/8/2020
2020-04-28 4.69 5/11/2020
2020-04-29 4.61 5/12/2020
2020-04-30 4.51 5/13/2020
2020-05-01 4.50 5/14/2020
2020-05-04 4.50 5/15/2020
2020-05-05 4.47 5/18/2020
2020-05-06 4.48 5/19/2020
2020-05-07 4.45 5/20/2020
2020-05-08 4.40 5/21/2020
2020-05-11 4.39 5/22/2020
2020-05-12 4.35 5/25/2020
2020-05-13 4.35 5/26/2020
2020-05-14 4.36 5/27/2020
2020-05-15 4.31 5/28/2020
2020-05-18 4.25 5/29/2020
2020-05-19 4.22 6/1/2020
2020-05-20 4.14 6/2/2020
2020-05-21 4.05 6/3/2020
2020-05-22 4.06 6/4/2020
2020-05-25 4.05 6/5/2020
2020-05-26 4.01 6/8/2020
2020-05-27 3.99 6/9/2020
2020-05-28 3.98 6/10/2020
2020-05-29 3.98 6/11/2020
2020-05-31 3.99 6/12/2020
2020-06-01 3.96 6/15/2020
2020-06-02 3.93 6/16/2020
2020-06-03 3.88 6/17/2020
2020-06-04 3.87 6/18/2020
2020-06-05 3.82 6/19/2020
2020-06-08 3.76 6/22/2020
2020-06-09 3.74 6/23/2020
2020-06-10 3.73 6/24/2020
2020-06-11 3.75 6/25/2020
2020-06-12 3.76 6/26/2020
2020-06-15 3.79 6/29/2020
2020-06-16 3.74 6/30/2020
2020-06-17 3.75 7/1/2020
2020-06-18 3.74 7/2/2020
2020-06-19 3.72 7/3/2020
2020-06-22 3.72 7/6/2020
2020-06-23 3.71 7/7/2020
2020-06-24 3.72 7/8/2020
2020-06-25 3.72 7/9/2020
2020-06-26 3.71 7/10/2020
2020-06-29 3.71 7/13/2020
2020-06-30 3.62 7/14/2020
2020-07-01 3.62 7/15/2020
2020-07-02 3.60 7/16/2020
2020-07-03 3.59 7/17/2020
2020-07-06 3.55 7/20/2020
2020-07-07 3.55 7/21/2020
2020-07-08 3.53 7/22/2020
2020-07-09 3.53 7/23/2020
2020-07-10 3.53 7/24/2020
2020-07-13 3.52 7/27/2020
2020-07-14 3.52 7/28/2020
2020-07-15 3.51 7/29/2020
2020-07-16 3.50 7/30/2020
2020-07-17 3.47 7/31/2020
2020-07-20 3.45 8/3/2020
2020-07-21 3.40 8/4/2020
2020-07-22 3.35 8/5/2020
2020-07-23 3.34 8/6/2020
2020-07-24 3.35 8/7/2020
2020-07-27 3.33 8/10/2020
2020-07-28 3.32 8/11/2020
2020-07-29 3.30 8/12/2020
2020-07-30 3.28 8/13/2020
2020-07-31 3.25 8/14/2020
2020-08-03 3.24 8/17/2020
2020-08-04 3.20 8/18/2020
2020-08-05 3.17 8/19/2020
2020-08-06 3.14 8/20/2020
2020-08-07 3.13 8/21/2020
2020-08-10 3.13 8/24/2020
2020-08-11 3.12 8/25/2020
2020-08-12 3.13 8/26/2020
2020-08-13 3.14 8/27/2020
2020-08-14 3.16 8/28/2020
2020-08-17 3.16 8/31/2020
2020-08-18 3.16 9/1/2020
2020-08-19 3.15 9/2/2020
2020-08-20 3.16 9/3/2020
2020-08-21 3.15 9/4/2020
2020-08-24 3.14 9/7/2020
2020-08-25 3.16 9/8/2020
2020-08-26 3.16 9/9/2020
2020-08-27 3.16 9/10/2020
2020-08-28 3.17 9/11/2020
2020-08-31 3.13 9/14/2020
2020-09-01 3.11 9/15/2020
2020-09-02 3.07 9/16/2020
2020-09-03 3.07 9/17/2020
2020-09-04 3.09 9/18/2020
2020-09-07 3.09 9/21/2020
2020-09-08 3.11 9/22/2020
2020-09-09 3.10 9/23/2020
2020-09-10 3.09 9/24/2020
2020-09-11 3.10 9/25/2020
2020-09-14 3.09 9/28/2020
2020-09-15 3.09 9/29/2020
2020-09-16 3.11 9/30/2020
2020-09-17 3.13 10/1/2020
2020-09-18 3.13 10/2/2020
2020-09-21 3.18 10/5/2020
2020-09-22 3.19 10/6/2020
2020-09-23 3.23 10/7/2020
2020-09-24 3.25 10/8/2020
2020-09-25 3.25 10/9/2020
2020-09-28 3.25 10/12/2020
2020-09-29 3.26 10/13/2020
2020-09-30 3.19 10/14/2020
2020-10-01 3.20 10/15/2020
2020-10-02 3.20 10/16/2020
2020-10-05 3.19 10/19/2020
2020-10-06 3.17 10/20/2020
2020-10-07 3.16 10/21/2020
2020-10-08 3.14 10/22/2020
2020-10-09 3.11 10/23/2020
2020-10-12 3.11 10/26/2020
2020-10-13 3.09 10/27/2020
2020-10-14 3.09 10/28/2020
2020-10-15 3.10 10/29/2020
2020-10-16 3.09 10/30/2020
2020-10-19 3.10 11/2/2020
2020-10-20 3.11 11/3/2020
2020-10-21 3.13 11/4/2020
2020-10-22 3.14 11/5/2020
2020-10-23 3.14 11/6/2020
2020-10-26 3.13 11/9/2020
2020-10-27 3.12 11/10/2020
2020-10-28 3.13 11/11/2020
2020-10-29 3.16 11/12/2020
2020-10-30 3.19 11/13/2020
2020-10-31 3.20 11/16/2020
2020-11-02 3.20 11/17/2020
2020-11-03 3.19 11/18/2020
2020-11-04 3.12 11/19/2020
2020-11-05 3.06 11/20/2020
2020-11-06 3.07 11/23/2020
2020-11-09 3.03 11/24/2020
2020-11-10 3.05 11/25/2020
2020-11-11 3.04 11/26/2020
2020-11-12 3.03 11/27/2020
2020-11-13 3.02 11/30/2020
2020-11-16 3.01 12/1/2020
2020-11-17 3.02 12/2/2020
2020-11-18 3.01 12/3/2020
2020-11-19 3.01 12/4/2020
2020-11-20 3.00 12/7/2020
2020-11-23 2.99 12/8/2020
2020-11-24 2.99 12/9/2020
2020-11-25 2.98 12/10/2020
2020-11-26 2.98 12/11/2020
2020-11-27 2.96 12/14/2020
2020-11-30 2.92 12/15/2020
2020-12-01 2.92 12/16/2020
2020-12-02 2.92 12/17/2020
2020-12-03 2.90 12/18/2020
2020-12-04 2.89 12/21/2020
2020-12-07 2.88 12/22/2020
2020-12-08 2.87 12/23/2020
2020-12-09 2.88 12/24/2020
2020-12-10 2.86 12/25/2020
2020-12-11 2.84 12/28/2020
2020-12-14 2.82 12/29/2020
2020-12-15 2.81 12/30/2020
2020-12-16 2.80 12/31/2020
2020-12-17 2.79 1/1/2021
2020-12-18 2.79 1/4/2021
2020-12-21 2.80 1/5/2021
2020-12-22 2.79 1/6/2021
2020-12-23 2.80 1/7/2021
2020-12-24 2.80 1/8/2021
2020-12-25 2.8 1/11/2021
2020-12-28 2.79 1/12/2021
2020-12-29 2.77 1/13/2021
2020-12-30 2.77 1/14/2021
2020-12-31 2.79 1/15/2021
2021-01-01 2.79 1/18/2021
2021-01-04 2.78 1/19/2021
2021-01-05 2.79 1/20/2021
2021-01-06 2.83 1/21/2021
2021-01-07 2.85 1/22/2021
2021-01-08 2.87 1/25/2021
2021-01-11 2.89 1/26/2021
2021-01-12 2.94 1/27/2021
2021-01-13 2.93 1/28/2021
2021-01-14 2.92 1/29/2021
2021-01-15 2.93 2/1/2021
2021-01-18 2.92 2/2/2021
2021-01-19 2.91 2/3/2021
2021-01-20 2.89 2/4/2021
2021-01-21 2.87 2/5/2021
2021-01-22 2.86 2/8/2021
2021-01-25 2.84 2/9/2021
2021-01-26 2.82 2/10/2021
2021-01-27 2.83 2/11/2021
2021-01-28 2.83 2/12/2021
2021-01-29 2.84 2/15/2021
2021-01-31 2.85 2/16/2021
2021-02-01 2.83 2/17/2021
2021-02-02 2.82 2/18/2021
2021-02-03 2.82 2/19/2021
2021-02-04 2.81 2/22/2021
2021-02-05 2.80 2/23/2021
2021-02-08 2.83 2/24/2021
2021-02-09 2.82 2/25/2021
2021-02-10 2.81 2/26/2021
2021-02-11 2.79 3/1/2021
2021-02-12 2.80 3/2/2021
2021-02-15 2.79 3/3/2021
2021-02-16 2.83 3/4/2021
2021-02-17 2.85 3/5/2021
2021-02-18 2.82 3/8/2021
2021-02-19 2.83 3/9/2021
2021-02-22 2.88 3/10/2021
2021-02-23 2.87 3/11/2021
2021-02-24 2.88 3/12/2021
2021-02-25 2.93 3/15/2021
2021-02-26 2.96 3/16/2021
2021-02-28 2.94 3/17/2021
2021-03-01 2.92 3/18/2021
2021-03-02 2.92 3/19/2021
2021-03-03 2.94 3/22/2021
2021-03-04 2.96 3/23/2021
2021-03-05 3.02 3/24/2021
2021-03-08 3.08 3/25/2021
2021-03-09 3.09 3/26/2021
2021-03-10 3.07 3/29/2021
2021-03-11 3.03 3/30/2021
2021-03-12 3.07 3/31/2021
2021-03-15 3.07 4/1/2021
2021-03-16 3.05 4/2/2021
2021-03-17 3.06 4/5/2021
2021-03-18 3.08 4/6/2021
2021-03-19 3.06 4/7/2021
2021-03-22 3.05 4/8/2021
2021-03-23 3.04 4/9/2021
2021-03-24 3.04 4/12/2021
2021-03-25 3.06 4/13/2021
2021-03-26 3.07 4/14/2021
2021-03-29 3.07 4/15/2021
2021-03-30 3.11 4/16/2021
2021-03-31 3.09 4/19/2021
2021-04-01 3.07 4/20/2021
2021-04-02 3.07 4/21/2021
2021-04-05 3.08 4/22/2021
2021-04-06 3.05 4/23/2021
2021-04-07 3.03 4/26/2021
2021-04-08 3.03 4/27/2021
2021-04-09 3.04 4/28/2021
2021-04-12 3.04 4/29/2021
2021-04-13 3.06 4/30/2021
2021-04-14 3.06 5/3/2021
2021-04-15 3.05 5/4/2021
2021-04-16 3.04 5/5/2021
2021-04-19 3.03 5/6/2021
2021-04-20 3.04 5/7/2021
2021-04-21 3.03 5/10/2021
2021-04-22 3.02 5/11/2021
2021-04-23 3.02 5/12/2021
2021-04-26 3.03 5/13/2021
2021-04-27 3.04 5/14/2021
2021-04-28 3.05 5/17/2021
2021-04-29 3.05 5/18/2021
2021-04-30 3.06 5/19/2021
2021-05-03 3.05 5/20/2021
2021-05-04 3.04 5/21/2021
2021-05-05 3.03 5/24/2021
2021-05-06 3.01 5/25/2021
2021-05-07 2.99 5/26/2021
2021-05-10 2.98 5/27/2021
2021-05-11 3.00 5/28/2021
2021-05-12 3.02 5/31/2021
2021-05-13 3.04 6/1/2021
2021-05-14 3.01 6/2/2021
2021-05-17 3.00 6/3/2021
2021-05-18 3.00 6/4/2021
2021-05-19 3.02 6/7/2021
2021-05-20 3.01 6/8/2021
2021-05-21 3.00 6/9/2021
2021-05-24 2.99 6/10/2021
2021-05-25 2.96 6/11/2021
2021-05-26 2.94 6/14/2021
2021-05-27 2.95 6/15/2021
2021-05-28 2.94 6/16/2021
2021-05-31 2.97 6/17/2021
2021-06-01 2.97 6/18/2021
2021-06-02 2.96 6/21/2021
2021-06-03 2.97 6/22/2021
2021-06-04 2.97 6/23/2021
2021-06-07 2.95 6/24/2021
2021-06-08 2.92 6/25/2021
2021-06-09 2.90 6/28/2021
2021-06-10 2.89 6/29/2021
2021-06-11 2.87 6/30/2021
2021-06-14 2.88 7/1/2021
2021-06-15 2.89 7/2/2021
2021-06-16 2.90 7/5/2021
2021-06-17 2.91 7/6/2021
2021-06-18 2.89 7/7/2021
2021-06-21 2.89 7/8/2021
2021-06-22 2.91 7/9/2021
2021-06-23 2.90 7/12/2021
2021-06-24 2.90 7/13/2021
2021-06-25 2.90 7/14/2021
2021-06-28 2.90 7/15/2021
2021-06-29 2.90 7/16/2021
2021-06-30 2.89 7/19/2021
2021-07-01 2.90 7/20/2021
2021-07-02 2.89 7/21/2021
2021-07-05 2.89 7/22/2021
2021-07-06 2.87 7/23/2021
2021-07-07 2.85 7/26/2021
2021-07-08 2.84 7/27/2021
2021-07-09 2.86 7/28/2021
2021-07-12 2.86 7/29/2021
2021-07-13 2.88 7/30/2021
2021-07-14 2.87 8/2/2021
2021-07-15 2.84 8/3/2021
2021-07-16 2.85 8/4/2021
2021-07-19 2.83 8/5/2021
2021-07-20 2.82 8/6/2021
2021-07-21 2.82 8/9/2021
2021-07-22 2.82 8/10/2021
2021-07-23 2.82 8/11/2021
2021-07-26 2.81 8/12/2021
2021-07-27 2.82 8/13/2021
2021-07-28 2.83 8/16/2021
2021-07-29 2.82 8/17/2021
2021-07-30 2.82 8/18/2021
2021-07-31 2.84 8/19/2021
2021-08-02 2.82 8/20/2021
2021-08-03 2.82 8/23/2021
2021-08-04 2.81 8/24/2021
2021-08-05 2.82 8/25/2021
2021-08-06 2.84 8/26/2021
2021-08-09 2.86 8/27/2021
2021-08-10 2.87 8/30/2021
2021-08-11 2.87 8/31/2021
2021-08-12 2.86 9/1/2021
2021-08-13 2.86 9/2/2021
2021-08-16 2.84 9/3/2021
2021-08-17 2.83 9/6/2021
2021-08-18 2.83 9/7/2021
2021-08-19 2.82 9/8/2021
2021-08-20 2.82 9/9/2021
2021-08-23 2.82 9/10/2021
2021-08-24 2.80 9/13/2021
2021-08-25 2.81 9/14/2021
2021-08-26 2.80 9/15/2021
2021-08-27 2.79 9/16/2021
2021-08-30 2.76 9/17/2021
2021-08-31 2.75 9/20/2021
2021-09-01 2.76 9/21/2021
2021-09-02 2.75 9/22/2021
2021-09-03 2.74 9/23/2021
2021-09-06 2.74 9/24/2021
2021-09-07 2.74 9/27/2021
2021-09-08 2.73 9/28/2021
2021-09-09 2.73 9/29/2021
2021-09-10 2.73 9/30/2021
2021-09-13 2.72 10/1/2021
2021-09-14 2.71 10/4/2021
2021-09-15 2.70 10/5/2021
2021-09-16 2.72 10/6/2021
2021-09-17 2.74 10/7/2021
2021-09-20 2.77 10/8/2021
2021-09-21 2.77 10/11/2021
2021-09-22 2.77 10/12/2021
2021-09-23 2.80 10/13/2021
2021-09-24 2.84 10/14/2021
2021-09-27 2.87 10/15/2021
2021-09-28 2.92 10/18/2021
2021-09-29 2.93 10/19/2021
2021-09-30 2.96 10/20/2021
2021-10-01 2.96 10/21/2021
2021-10-04 2.96 10/22/2021
2021-10-05 2.99 10/25/2021
2021-10-06 3.02 10/26/2021
2021-10-07 3.03 10/27/2021
2021-10-08 3.06 10/28/2021
2021-10-11 3.06 10/29/2021
2021-10-12 3.10 11/1/2021
2021-10-13 3.09 11/2/2021
2021-10-14 3.07 11/3/2021
2021-10-15 3.08 11/4/2021
2021-10-18 3.11 11/5/2021
2021-10-19 3.09 11/8/2021
2021-10-20 3.08 11/9/2021
2021-10-21 3.10 11/10/2021
2021-10-22 3.12 11/11/2021
2021-10-25 3.11 11/12/2021
2021-10-26 3.09 11/15/2021
2021-10-27 3.07 11/16/2021
2021-10-28 3.06 11/17/2021
2021-10-29 3.08 11/18/2021
2021-10-31 3.09 11/19/2021
2021-11-01 3.11 11/22/2021
2021-11-02 3.10 11/23/2021
2021-11-03 3.09 11/24/2021
2021-11-04 3.08 11/25/2021
2021-11-05 3.06 11/26/2021
2021-11-08 3.06 11/29/2021
2021-11-09 3.06 11/30/2021
2021-11-10 3.09 12/1/2021
2021-11-11 3.09 12/2/2021
2021-11-12 3.13 12/3/2021
2021-11-15 3.11 12/6/2021
2021-11-16 3.14 12/7/2021
2021-11-17 3.13 12/8/2021
2021-11-18 3.11 12/9/2021
2021-11-19 3.09 12/10/2021
2021-11-22 3.10 12/13/2021
2021-11-23 3.16 12/14/2021
2021-11-24 3.17 12/15/2021
2021-11-25 3.17 12/16/2021
2021-11-26 3.14 12/17/2021
2021-11-29 3.16 12/20/2021
2021-11-30 3.13 12/21/2021
2021-12-01 3.16 12/22/2021
2021-12-02 3.14 12/23/2021
2021-12-03 3.14 12/24/2021
2021-12-06 3.13 12/27/2021
2021-12-07 3.12 12/28/2021
2021-12-08 3.13 12/29/2021
2021-12-09 3.13 12/30/2021
2021-12-10 3.14 12/31/2021
2021-12-13 3.13 1/3/2022
2021-12-14 3.11 1/4/2022
2021-12-15 3.07 1/5/2022
2021-12-16 3.06 1/6/2022
2021-12-17 3.06 1/7/2022
2021-12-20 3.06 1/10/2022
2021-12-21 3.08 1/11/2022
2021-12-22 3.09 1/12/2022
2021-12-23 3.10 1/13/2022
2021-12-24 3.1 1/14/2022
2021-12-27 3.10 1/17/2022
2021-12-28 3.10 1/18/2022
2021-12-29 3.10 1/19/2022
2021-12-30 3.11 1/20/2022
2021-12-31 3.10 1/21/2022
2022-01-03 3.11 1/24/2022
2022-01-04 3.15 1/25/2022
2022-01-05 3.16 1/26/2022
2022-01-06 3.22 1/27/2022
2022-01-07 3.24 1/28/2022
2022-01-10 3.28 1/31/2022
2022-01-11 3.27 2/1/2022
2022-01-12 3.27 2/2/2022
2022-01-13 3.29 2/3/2022
2022-01-14 3.32 2/4/2022
2022-01-17 3.32 2/7/2022
2022-01-18 3.44 2/8/2022
2022-01-19 3.45 2/9/2022
2022-01-20 3.43 2/10/2022
2022-01-21 3.40 2/11/2022
2022-01-24 3.41 2/14/2022
2022-01-25 3.42 2/15/2022
2022-01-26 3.42 2/16/2022
2022-01-27 3.47 2/17/2022
2022-01-28 3.48 2/18/2022
2022-01-31 3.48 2/21/2022
2022-02-01 3.47 2/22/2022
2022-02-02 3.45 2/23/2022
2022-02-03 3.46 2/24/2022
2022-02-04 3.53 2/25/2022
2022-02-07 3.57 2/28/2022
2022-02-08 3.61 3/1/2022
2022-02-09 3.60 3/2/2022
2022-02-10 3.63 3/3/2022
2022-02-11 3.70 3/4/2022
2022-02-14 3.73 3/7/2022
2022-02-15 3.76 3/8/2022
2022-02-16 3.75 3/9/2022
2022-02-17 3.74 3/10/2022
2022-02-18 3.74 3/11/2022
2022-02-21 3.74 3/14/2022
2022-02-22 3.77 3/15/2022
2022-02-23 3.90 3/16/2022
2022-02-24 4.04 3/17/2022
2022-02-25 4.08 3/18/2022
2022-02-28 4.17 3/21/2022
2022-03-01 4.16 3/22/2022
2022-03-02 4.18 3/23/2022
2022-03-03 4.22 3/24/2022
2022-03-04 4.26 3/25/2022
2022-03-07 4.29 3/28/2022
2022-03-08 4.41 3/29/2022
2022-03-09 4.35 3/30/2022
2022-03-10 4.38 3/31/2022
2022-03-11 4.43 4/1/2022
2022-03-14 4.52 4/4/2022
2022-03-15 4.59 4/5/2022
2022-03-16 4.66 4/6/2022
2022-03-17 4.63 4/7/2022
2022-03-18 4.61 4/8/2022
2022-03-21 4.66 4/11/2022
2022-03-22 4.74 4/12/2022
2022-03-23 4.73 4/13/2022
2022-03-24 4.72 4/14/2022
2022-03-25 4.75 4/15/2022
2022-03-28 4.81 4/18/2022
2022-03-29 4.77 4/19/2022
2022-03-30 4.72 4/20/2022
2022-03-31 4.29 4/21/2022
2022-04-01 4.34 4/22/2022
2022-04-04 4.32 4/25/2022
2022-04-05 4.37 4/26/2022
2022-04-06 4.42 4/27/2022
2022-04-07 4.40 4/28/2022
2022-04-08 4.46 4/29/2022
2022-04-11 4.54 5/2/2022
2022-04-12 4.55 5/3/2022
2022-04-13 4.51 5/4/2022
2022-04-14 4.51 5/5/2022
2022-04-15 4.51 5/6/2022
2022-04-18 4.56 5/9/2022
2022-04-19 4.62 5/10/2022
2022-04-20 4.63 5/11/2022
2022-04-21 4.68 5/12/2022
2022-04-22 4.74 5/13/2022
2022-04-25 4.69 5/16/2022
2022-04-26 4.68 5/17/2022
2022-04-27 4.69 5/18/2022
2022-04-28 4.74 5/19/2022
2022-04-29 4.78 5/20/2022
2022-04-30 4.78 5/23/2022
2022-05-02 4.86 5/24/2022
2022-05-03 4.88 5/25/2022
2022-05-04 4.88 5/26/2022
2022-05-05 4.88 5/27/2022
2022-05-06 4.95 5/30/2022
2022-05-09 4.98 5/31/2022
2022-05-10 4.94 6/1/2022
2022-05-11 4.93 6/2/2022
2022-05-12 4.91 6/3/2022
2022-05-13 4.94 6/6/2022
2022-05-16 4.93 6/7/2022
2022-05-17 4.97 6/8/2022
2022-05-18 5.00 6/9/2022
2022-05-19 4.97 6/10/2022
2022-05-20 4.96 6/13/2022
2022-05-23 4.95 6/14/2022
2022-05-24 4.91 6/15/2022
2022-05-25 4.84 6/16/2022
2022-05-26 4.80 6/17/2022
2022-05-27 4.78 6/20/2022
2022-05-30 4.78 6/21/2022
2022-05-31 4.86 6/22/2022
2022-06-01 4.90 6/23/2022
2022-06-02 4.91 6/24/2022
2022-06-03 4.93 6/27/2022
2022-06-06 4.96 6/28/2022
2022-06-07 4.96 6/29/2022
2022-06-08 4.98 6/30/2022
2022-06-09 5.01 7/1/2022
2022-06-10 5.09 7/4/2022
2022-06-13 5.35 7/5/2022
2022-06-14 5.44 7/6/2022
2022-06-15 5.48 7/7/2022
2022-06-16 5.46 7/8/2022
2022-06-17 5.40 7/11/2022
2022-06-20 5.41 7/12/2022
2022-06-21 5.44 7/13/2022
2022-06-22 5.41 7/14/2022
2022-06-23 5.33 7/15/2022
2022-06-24 5.35 7/18/2022
2022-06-27 5.40 7/19/2022
2022-06-28 5.45 7/20/2022
2022-06-29 5.44 7/21/2022
2022-06-30 5.41 7/22/2022
2022-07-01 5.33 7/25/2022
2022-07-04 5.33 7/26/2022
2022-07-05 5.33 7/27/2022
2022-07-06 5.34 7/28/2022
2022-07-07 5.43 7/29/2022
2022-07-08 5.44 8/1/2022
2022-07-11 5.46 8/2/2022
2022-07-12 5.46 8/3/2022
2022-07-13 5.50 8/4/2022
2022-07-14 5.58 8/5/2022
2022-07-15 5.57 8/8/2022
2022-07-18 5.58 8/9/2022
2022-07-19 5.59 8/10/2022
2022-07-20 5.58 8/11/2022
2022-07-21 5.55 8/12/2022
2022-07-22 5.40 8/15/2022
2022-07-25 5.37 8/16/2022
2022-07-26 5.35 8/17/2022
2022-07-27 5.35 8/18/2022
2022-07-28 5.26 8/19/2022
2022-07-29 5.16 8/22/2022
2022-07-31 5.19 8/23/2022
2022-08-01 5.18 8/24/2022
2022-08-02 5.17 8/25/2022
2022-08-03 5.25 8/26/2022
2022-08-04 5.20 8/29/2022
2022-08-05 5.22 8/30/2022
2022-08-08 5.23 8/31/2022
2022-08-09 5.25 9/1/2022
2022-08-10 5.22 9/2/2022
2022-08-11 5.18 9/5/2022
2022-08-12 5.20 9/6/2022
2022-08-15 5.18 9/7/2022
2022-08-16 5.18 9/8/2022
2022-08-17 5.25 9/9/2022
2022-08-18 5.24 9/12/2022
2022-08-19 5.29 9/13/2022
2022-08-22 5.34 9/14/2022
2022-08-23 5.36 9/15/2022
2022-08-24 5.35 9/16/2022
2022-08-25 5.34 9/19/2022
2022-08-26 5.36 9/20/2022
2022-08-29 5.43 9/21/2022
2022-08-30 5.42 9/22/2022
2022-08-31 5.47 9/23/2022
2022-09-01 5.55 9/26/2022
2022-09-02 5.53 9/27/2022
2022-09-05 5.54 9/28/2022
2022-09-06 5.58 9/29/2022
2022-09-07 5.58 9/30/2022
2022-09-08 5.56 10/3/2022
2022-09-09 5.58 10/4/2022
2022-09-12 5.58 10/5/2022
2022-09-13 5.63 10/6/2022
2022-09-14 5.71 10/7/2022
2022-09-15 5.74 10/10/2022
2022-09-16 5.79 10/11/2022
2022-09-19 5.79 10/12/2022
2022-09-20 5.86 10/13/2022
2022-09-21 5.86 10/14/2022
2022-09-22 5.96 10/17/2022
2022-09-23 6.05 10/18/2022
2022-09-26 6.19 10/19/2022
2022-09-27 6.27 10/20/2022
2022-09-28 6.33 10/21/2022
2022-09-29 6.33 10/24/2022
2022-09-30 6.32 10/25/2022
2022-10-03 6.31 10/26/2022
2022-10-04 6.19 10/27/2022
2022-10-05 6.27 10/28/2022
2022-10-06 6.30 10/31/2022
2022-10-07 6.37 11/1/2022
2022-10-10 6.38 11/2/2022
2022-10-11 6.47 11/3/2022
2022-10-12 6.49 11/4/2022
2022-10-13 6.54 11/7/2022
2022-10-14 6.58 11/8/2022
2022-10-17 6.60 11/9/2022
2022-10-18 6.63 11/10/2022
2022-10-19 6.69 11/11/2022
2022-10-20 6.78 11/14/2022
2022-10-21 6.82 11/15/2022
2022-10-24 6.79 11/16/2022
2022-10-25 6.74 11/17/2022
2022-10-26 6.68 11/18/2022
2022-10-27 6.67 11/21/2022
2022-10-28 6.65 11/22/2022
2022-10-31 6.73 11/23/2022
2022-11-01 6.67 11/24/2022
2022-11-02 6.70 11/25/2022
2022-11-03 6.81 11/28/2022
2022-11-04 6.81 11/29/2022
2022-11-07 6.81 11/30/2022
2022-11-08 6.81 12/1/2022
2022-11-09 6.75 12/2/2022
2022-11-10 6.62 12/5/2022
2022-11-11 6.61 12/6/2022
2022-11-14 6.44 12/7/2022
2022-11-15 6.37 12/8/2022
2022-11-16 6.32 12/9/2022
2022-11-17 6.33 12/12/2022
2022-11-18 6.37 12/13/2022
2022-11-21 6.40 12/14/2022
2022-11-22 6.39 12/15/2022
2022-11-23 6.36 12/16/2022
2022-11-24 6.36 12/19/2022
2022-11-25 6.28 12/20/2022
2022-11-28 6.26 12/21/2022
2022-11-29 6.25 12/22/2022
2022-11-30 6.20 12/23/2022
2022-12-01 6.06 12/26/2022
2022-12-02 6.00 12/27/2022
2022-12-05 6.02 12/28/2022
2022-12-06 6.04 12/29/2022
2022-12-07 6.00 12/30/2022
2022-12-08 5.96
2022-12-09 5.98
2022-12-12 6.00
2022-12-13 5.97
2022-12-14 5.90
2022-12-15 5.91
2022-12-16 5.94
2022-12-19 5.96
2022-12-20 6.03
2022-12-21 6.01
2022-12-22 6.00
2022-12-23 6.03
2022-12-26 6.03
2022-12-27 6.07
2022-12-28 6.10
2022-12-29 6.10
2022-12-30 6.12
2022-12-31 6.14
Estimation note: There were wild swings in the relative volatility numbers in 2020 and 2021. Rather than
rg/series/BAMLEMPBPUBSICRPIEY compute one ratio for the entire five-year period. I have broken down the relative volatilties by year and used the
average across the five years. You can see why many analysts ignore the relative volatility number entirely in
computing country risk premiums.
S&P Emerging BMI Index

S&P
https://www.spglobal.com/spdji/en/indices/equity/sp-emerging-bmi/#overview
Five years (Jan 1, 2018 - Dec 30, 2022)
Daily
S&P
Emerging
BMI (USD) Return
300.16
305.17 1.67%
306.92 0.57%
309.71 0.91%
311.49 0.57%
312.86 0.44%
312.63 -0.07%
311.47 -0.37%
311.67 0.06%
314 0.75%
314.42 0.13%
315.63 0.38%
317.53 0.60%
318.77 0.39%
320.28 0.47%
322.78 0.78%
325.54 0.86%
327.77 0.69%
328.18 0.13%
330.88 0.82%
328.97 -0.58%
324.38 -1.40%
326.03 0.51%
324.76 -0.39%
320.61 -1.28%
315.41 -1.62%
306.3 -2.89%
306.58 0.09%
303.69 -0.94%
299.01 -1.54%
301.33 0.78%
303.83 0.83%
308.75 1.62%
313.55 1.55%
312.73 -0.26%
312.32 -0.13%
311.25 -0.34%
315.44 1.35%
313.77 -0.53%
317.37 1.15%
318.49 0.35%
315.76 -0.86%
312.22 -1.12%
311.47 -0.24%
309.06 -0.77%
307.72 -0.43%
311.29 1.16%
309.49 -0.58%
310.54 0.34%
313.28 0.88%
316.83 1.13%
316.91 0.03%
315.51 -0.44%
314.89 -0.20%
313.88 -0.32%
311.68 -0.70%
312.77 0.35%
313.02 0.08%
309.34 -1.18%
304.42 -1.59%
306.98 0.84%
307.34 0.12%
301.98 -1.74%
303.4 0.47%
303.75 0.12%
303.35 -0.13%
303.69 0.11%
300.43 -1.07%
302.97 0.85%
302.49 -0.16%
302.18 -0.10%
305.4 1.07%
305.6 0.07%
306.08 0.16%
304.18 -0.62%
302.32 -0.61%
302.36 0.01%
304.91 0.84%
306.54 0.53%
302.93 -1.18%
300.1 -0.93%
299.71 -0.13%
296.04 -1.22%
296.43 0.13%
299.12 0.91%
300.81 0.56%
300.24 -0.19%
297.97 -0.76%
294.48 -1.17%
294.58 0.03%
295.38 0.27%
296.07 0.23%
296.71 0.22%
299.32 0.88%
301.21 0.63%
302.49 0.42%
298.13 -1.44%
299.37 0.42%
296.98 -0.80%
294.82 -0.73%
294.6 -0.07%
296.25 0.56%
293 -1.10%
293.65 0.22%
294.05 0.14%
294.26 0.07%
291.57 -0.91%
289.42 -0.74%
291.29 0.65%
293.39 0.72%
297.25 1.32%
296.11 -0.38%
297.91 0.61%
297.45 -0.15%
294.32 -1.05%
295.3 0.33%
295.76 0.16%
294.23 -0.52%
292.61 -0.55%
290 -0.89%
288.54 -0.50%
283.18 -1.86%
284.98 0.64%
281.92 -1.07%
283.43 0.54%
279.12 -1.52%
278.17 -0.34%
273.79 -1.57%
272.86 -0.34%
278.66 2.13%
276.97 -0.61%
276.34 -0.23%
275.95 -0.14%
275.42 -0.19%
276.74 0.48%
280.78 1.46%
280.99 0.07%
278.19 -1.00%
280.21 0.73%
280.97 0.27%
279.62 -0.48%
279.92 0.11%
279.49 -0.15%
277.18 -0.83%
279.6 0.87%
279.78 0.06%
283.12 1.19%
285.36 0.79%
284.99 -0.13%
285.8 0.28%
285.23 -0.20%
284.45 -0.27%
284.25 -0.07%
279.7 -1.60%
281.25 0.55%
280.52 -0.26%
282.64 0.76%
282.29 -0.12%
281.86 -0.15%
278.02 -1.36%
272.9 -1.84%
272.54 -0.13%
267.17 -1.97%
267.08 -0.03%
267.17 0.03%
270.04 1.07%
272.32 0.84%
273.72 0.51%
272.95 -0.28%
273.19 0.09%
278.09 1.79%
278.17 0.03%
277.8 -0.13%
274.1 -1.33%
273.7 -0.15%
271.41 -0.84%
269.06 -0.87%
264.64 -1.64%
263.86 -0.29%
265.2 0.51%
261.57 -1.37%
259.38 -0.84%
259.97 0.23%
263.45 1.34%
265.69 0.85%
263.02 -1.00%
263.51 0.19%
266.34 1.07%
267.5 0.44%
271.01 1.31%
268.17 -1.05%
268.01 -0.06%
269.22 0.45%
270.15 0.35%
269.33 -0.30%
269.01 -0.12%
266.46 -0.95%
266.85 0.15%
260.81 -2.26%
257.9 -1.12%
256.75 -0.45%
256.09 -0.26%
254.23 -0.73%
247.4 -2.69%
253.49 2.46%
251.9 -0.63%
255.35 1.37%
254.48 -0.34%
251.58 -1.14%
251.23 -0.14%
254 1.10%
249.04 -1.95%
247.05 -0.80%
246.57 -0.19%
244.58 -0.81%
243.42 -0.47%
243.45 0.01%
248.62 2.12%
253.36 1.91%
258.59 2.06%
257.86 -0.28%
257.55 -0.12%
259.49 0.75%
257.87 -0.62%
253.73 -1.61%
251 -1.08%
251.24 0.10%
252.22 0.39%
255.27 1.21%
256.94 0.65%
257.48 0.21%
253.56 -1.52%
254.73 0.46%
254.85 0.05%
253.18 -0.66%
254.75 0.62%
255.45 0.27%
258.45 1.17%
260.19 0.67%
259.87 -0.12%
264.88 1.93%
264.15 -0.28%
261.27 -1.09%
255.46 -2.22%
256.07 0.24%
251.09 -1.94%
251.83 0.29%
255.38 1.41%
256.96 0.62%
254.06 -1.13%
252.85 -0.48%
251.73 -0.44%
252.69 0.38%
251.11 -0.63%
249.83 -0.51%
248.75 -0.43%
247.97 -0.31%
248.35 0.15%
248.88 0.21%
251.56 1.08%
252.6 0.41%
252.74 0.06%
250.55 -0.87%
249.51 -0.42%
253.63 1.65%
256.59 1.17%
256.27 -0.12%
260.38 1.60%
261.42 0.40%
261.73 0.12%
259.89 -0.70%
262.46 0.99%
263.41 0.36%
263.2 -0.08%
265.39 0.83%
265.61 0.08%
263.61 -0.75%
263.86 0.09%
265.69 0.69%
268.05 0.89%
266.67 -0.51%
266.91 0.09%
268.29 0.52%
272.09 1.42%
272.5 0.15%
271.94 -0.21%
272.94 0.37%
272.06 -0.32%
270.48 -0.58%
269.61 -0.32%
269.19 -0.16%
270.82 0.61%
270.64 -0.07%
269.57 -0.40%
267.96 -0.60%
269.2 0.46%
269.65 0.17%
272.34 1.00%
272.91 0.21%
275.04 0.78%
277.46 0.88%
276.59 -0.31%
275.53 -0.38%
273.74 -0.65%
274.06 0.12%
274.85 0.29%
275.89 0.38%
276.21 0.12%
272.92 -1.19%
270.15 -1.01%
273.23 1.14%
275.61 0.87%
275.86 0.09%
275.32 -0.20%
277.61 0.83%
280.8 1.15%
281.22 0.15%
280.43 -0.28%
280.19 -0.09%
277.12 -1.10%
274.82 -0.83%
275.76 0.34%
274.21 -0.56%
274.86 0.24%
278 1.14%
280.93 1.05%
281.16 0.08%
282.96 0.64%
283.08 0.04%
284.28 0.42%
285.17 0.31%
286.48 0.46%
286.99 0.18%
284.81 -0.76%
285.02 0.07%
284.02 -0.35%
285.97 0.69%
286.76 0.28%
286.14 -0.22%
286.22 0.03%
285.32 -0.31%
285.35 0.01%
284.65 -0.25%
282.86 -0.63%
283.43 0.20%
283.82 0.14%
283.5 -0.11%
283.86 0.13%
283.27 -0.21%
284.84 0.55%
278.99 -2.05%
277.66 -0.48%
276.15 -0.54%
271.4 -1.72%
272.59 0.44%
268.06 -1.66%
267.71 -0.13%
268.06 0.13%
267.48 -0.22%
263.87 -1.35%
263.5 -0.14%
264.78 0.49%
264.58 -0.08%
260.69 -1.47%
261.87 0.45%
262.64 0.29%
262.7 0.02%
262.56 -0.05%
264.84 0.87%
265.76 0.35%
267.73 0.74%
267.11 -0.23%
266.9 -0.08%
266.24 -0.25%
267.62 0.52%
271.12 1.31%
273.54 0.89%
272.01 -0.56%
271.24 -0.28%
269.28 -0.72%
268.17 -0.41%
271.48 1.23%
274.57 1.14%
278.46 1.42%
278.42 -0.01%
278.24 -0.06%
276.15 -0.75%
277.05 0.33%
278.94 0.68%
278.97 0.01%
281.63 0.95%
281.95 0.11%
281.64 -0.11%
282.85 0.43%
281.57 -0.45%
278.7 -1.02%
277.64 -0.38%
279.33 0.61%
280.61 0.46%
279.48 -0.40%
281.27 0.64%
281.73 0.16%
280.62 -0.39%
279.81 -0.29%
280.6 0.28%
279.47 -0.40%
279.62 0.05%
279.79 0.06%
279.55 -0.09%
278.28 -0.45%
277.91 -0.13%
276.75 -0.42%
275.61 -0.41%
272.25 -1.22%
266.96 -1.94%
259.26 -2.88%
259.7 0.17%
259.92 0.08%
263.26 1.29%
262.2 -0.40%
260.67 -0.58%
259.14 -0.59%
257.42 -0.66%
256.93 -0.19%
258.93 0.78%
260.91 0.76%
260.98 0.03%
261.77 0.30%
259.97 -0.69%
259.38 -0.23%
256.7 -1.03%
257.5 0.31%
257.56 0.02%
259.07 0.59%
262.46 1.31%
262.46 0.00%
259.61 -1.09%
263.96 1.68%
266.69 1.03%
267.9 0.45%
268.11 0.08%
267.36 -0.28%
269.79 0.91%
271.57 0.66%
272.89 0.49%
272.42 -0.17%
270.17 -0.83%
270.78 0.23%
269.13 -0.61%
270.74 0.60%
269.63 -0.41%
268.47 -0.43%
267.12 -0.50%
267.94 0.31%
266.29 -0.62%
265.49 -0.30%
264.6 -0.34%
263.05 -0.59%
263.95 0.34%
264.87 0.35%
264.13 -0.28%
263.49 -0.24%
263.48 0.00%
264.78 0.49%
268.27 1.32%
269.52 0.47%
269.86 0.13%
270.82 0.36%
272.41 0.59%
271.68 -0.27%
272.54 0.32%
273.53 0.36%
272.89 -0.23%
274.54 0.60%
274.25 -0.11%
276.13 0.69%
276.03 -0.04%
275.8 -0.08%
275.7 -0.04%
277.63 0.70%
280.93 1.19%
282.23 0.46%
281.51 -0.26%
282.97 0.52%
280.78 -0.77%
277.89 -1.03%
278.21 0.12%
275.4 -1.01%
274.89 -0.19%
276.23 0.49%
277.09 0.31%
278.66 0.57%
277.68 -0.35%
276.3 -0.50%
277.19 0.32%
278.32 0.41%
277.04 -0.46%
278.33 0.47%
277.95 -0.14%
275.92 -0.73%
275.92 0.00%
275.33 -0.21%
275.61 0.10%
277.2 0.58%
278.57 0.49%
278.99 0.15%
278.4 -0.21%
280.7 0.83%
283.26 0.91%
286.54 1.16%
287.16 0.22%
290.24 1.07%
292.02 0.61%
291.46 -0.19%
291.4 -0.02%
292.49 0.37%
292.07 -0.14%
292.12 0.02%
292.59 0.16%
294.52 0.66%
294.86 0.12%
294.06 -0.27%
294.1 0.01%
298.23 1.40%
297.17 -0.36%
294.22 -0.99%
294.75 0.18%
293.61 -0.39%
297.82 1.43%
298.82 0.34%
301.32 0.84%
301.23 -0.03%
300.07 -0.39%
300.6 0.18%
302.11 0.50%
301.43 -0.23%
296.95 -1.49%
298.18 0.41%
295.55 -0.88%
294.84 -0.24%
290.14 -1.59%
291.15 0.35%
289.81 -0.46%
283.4 -2.21%
281.29 -0.74%
279.9 -0.49%
285.89 2.14%
287.12 0.43%
289.37 0.78%
286.84 -0.87%
285.51 -0.46%
288.64 1.10%
291.18 0.88%
290.33 -0.29%
290.05 -0.10%
290.75 0.24%
288.17 -0.89%
290.33 0.75%
288.73 -0.55%
286.59 -0.74%
280.14 -2.25%
279.68 -0.16%
276.6 -1.10%
273.07 -1.28%
266.59 -2.37%
268.94 0.88%
272.01 1.14%
273.49 0.54%
273.31 -0.07%
266.81 -2.38%
249.58 -6.46%
253.81 1.69%
249.68 -1.63%
232.06 -7.06%
234.96 1.25%
218.98 -6.80%
217.76 -0.56%
207.3 -4.80%
203.35 -1.91%
211.43 3.97%
199.71 -5.54%
209.4 4.85%
217.72 3.97%
222.85 2.36%
219.58 -1.47%
216.78 -1.28%
220.78 1.85%
216.35 -2.01%
218.73 1.10%
216.77 -0.90%
221.78 2.31%
228.48 3.02%
227.95 -0.23%
231.52 1.57%
231.6 0.03%
230.69 -0.39%
233.98 1.43%
231.54 -1.04%
230.99 -0.24%
234.23 1.40%
234.47 0.10%
228.79 -2.42%
231.59 1.22%
232.52 0.40%
229.45 -1.32%
233.3 1.68%
235.31 0.86%
239.9 1.95%
241.39 0.62%
239.2 -0.91%
232.15 -2.95%
234.39 0.96%
234.83 0.19%
234.54 -0.12%
238.3 1.60%
239.36 0.44%
237.97 -0.58%
237.79 -0.08%
235.7 -0.88%
235.82 0.05%
238.72 1.23%
241.44 1.14%
243.25 0.75%
242.92 -0.14%
236.81 -2.52%
238.6 0.76%
242.35 1.57%
242.7 0.14%
242.42 -0.12%
243.9 0.61%
249.33 2.23%
253.66 1.74%
258.21 1.79%
258.38 0.07%
261.85 1.34%
263.39 0.59%
263.62 0.09%
264.12 0.19%
259.01 -1.93%
258.13 -0.34%
254.1 -1.56%
259.01 1.93%
260.51 0.58%
260.85 0.13%
262.5 0.63%
262.77 0.10%
266.4 1.38%
264.46 -0.73%
263.75 -0.27%
261.81 -0.74%
261.11 -0.27%
261.23 0.05%
262.85 0.62%
269.22 2.42%
271.7 0.92%
278.94 2.66%
277.2 -0.62%
281.73 1.63%
284.11 0.84%
281.41 -0.95%
281.77 0.13%
278.27 -1.24%
279.57 0.47%
274.64 -1.76%
276.79 0.78%
279.71 1.05%
284.6 1.75%
282.72 -0.66%
282.9 0.06%
278.11 -1.69%
280.46 0.84%
282 0.55%
283.33 0.47%
281.89 -0.51%
281.56 -0.12%
281.21 -0.12%
284 0.99%
287.34 1.18%
287.59 0.09%
283.29 -1.50%
282.4 -0.31%
283.31 0.32%
283.63 0.11%
284.13 0.18%
283.91 -0.08%
285.83 0.68%
288.17 0.82%
286.83 -0.47%
282.97 -1.35%
285.62 0.94%
289.79 1.46%
290.89 0.38%
291.85 0.33%
291.77 -0.03%
293.3 0.52%
288.68 -1.58%
293.31 1.60%
293.01 -0.10%
289.95 -1.04%
287.88 -0.71%
286.14 -0.60%
283.75 -0.84%
283.7 -0.02%
283.08 -0.22%
284.65 0.55%
287.67 1.06%
289.66 0.69%
290.88 0.42%
288.68 -0.76%
288.88 0.07%
283.63 -1.82%
282.42 -0.43%
280.78 -0.58%
275.86 -1.75%
276.19 0.12%
278.96 1.00%
278.41 -0.20%
281.88 1.25%
283.05 0.42%
282.19 -0.30%
284.37 0.77%
287.22 1.00%
288.2 0.34%
290.51 0.80%
292.33 0.63%
295.73 1.16%
295.32 -0.14%
295.6 0.09%
291.56 -1.37%
292.97 0.48%
293.43 0.16%
295.18 0.60%
295.88 0.24%
295.66 -0.07%
295.77 0.04%
293.83 -0.66%
294.45 0.21%
290.74 -1.26%
290.9 0.06%
287.35 -1.22%
289.59 0.78%
291.27 0.58%
295.15 1.33%
302.67 2.55%
305.09 0.80%
309.39 1.41%
306.37 -0.98%
305.26 -0.36%
306.38 0.37%
307.75 0.45%
310.62 0.93%
310.72 0.03%
312.36 0.53%
311.08 -0.41%
313.57 0.80%
315.65 0.66%
317.08 0.45%
314.9 -0.69%
317.53 0.84%
318.28 0.24%
312.62 -1.78%
317.3 1.50%
317.47 0.05%
319.78 0.73%
321.8 0.63%
322.02 0.07%
323.22 0.37%
322.69 -0.16%
322.68 0.00%
323.02 0.11%
321.62 -0.43%
321.77 0.05%
325.44 1.14%
328.17 0.84%
327.2 -0.30%
323.8 -1.04%
322.21 -0.49%
324.62 0.75%
322.79 -0.56%
323.16 0.11%
322.53 -0.19%
325.84 1.03%
330.6 1.46%
331.34 0.22%
331.57 0.07%
334.34 0.84%
337.8 1.03%
336.87 -0.28%
337.98 0.33%
343.78 1.72%
342.48 -0.38%
344.33 0.54%
346.61 0.66%
348.89 0.66%
346.19 -0.77%
347.78 0.46%
352.56 1.37%
357.12 1.29%
357.52 0.11%
354.69 -0.79%
357.84 0.89%
353.68 -1.16%
349.28 -1.24%
344.95 -1.24%
340.73 -1.22%
347.93 2.11%
353.35 1.56%
355.98 0.74%
355.5 -0.13%
357.29 0.50%
359.51 0.62%
362.25 0.76%
365.49 0.89%
367.04 0.42%
367.4 0.10%
368.84 0.39%
369.97 0.31%
371.45 0.40%
367.1 -1.17%
368.17 0.29%
360.27 -2.15%
360.55 0.08%
355.64 -1.36%
355.86 0.06%
345.68 -2.86%
352.43 1.95%
350.92 -0.43%
355.27 1.24%
347.71 -2.13%
345.69 -0.58%
337.39 -2.40%
340.26 0.85%
342.84 0.76%
351.1 2.41%
348.12 -0.85%
346.23 -0.54%
348.11 0.54%
346.81 -0.37%
347.35 0.16%
345.31 -0.59%
345.15 -0.05%
341.91 -0.94%
335.12 -1.99%
332.33 -0.83%
337 1.41%
337.71 0.21%
340.1 0.71%
339.62 -0.14%
344.11 1.32%
344.2 0.03%
343.95 -0.07%
345.97 0.59%
344.33 -0.47%
345.8 0.43%
342.87 -0.85%
340.05 -0.82%
339.76 -0.09%
342.53 0.82%
343.64 0.32%
346.25 0.76%
346.6 0.10%
346.06 -0.16%
344.58 -0.43%
345.69 0.32%
348.69 0.87%
350.67 0.57%
351.2 0.15%
353.08 0.54%
353.02 -0.02%
349 -1.14%
347.17 -0.52%
344.99 -0.63%
344.66 -0.10%
346.65 0.58%
348.66 0.58%
347.55 -0.32%
343.59 -1.14%
340.16 -1.00%
335.04 -1.51%
338.29 0.97%
339.63 0.40%
345.37 1.69%
343.94 -0.41%
344.45 0.15%
344.78 0.10%
344.65 -0.04%
348.92 1.24%
350.79 0.54%
352.03 0.35%
353.55 0.43%
357.07 1.00%
360.55 0.97%
360.82 0.07%
359.36 -0.40%
359.35 0.00%
359 -0.10%
358.41 -0.16%
357.69 -0.20%
359.54 0.52%
359.7 0.04%
360.42 0.20%
358.56 -0.52%
355.87 -0.75%
354.57 -0.37%
354.09 -0.14%
351.85 -0.63%
350.98 -0.25%
354.53 1.01%
356.13 0.45%
359.35 0.90%
359.43 0.02%
358.53 -0.25%
357.51 -0.28%
355.92 -0.44%
353.12 -0.79%
353.41 0.08%
350.16 -0.92%
349.27 -0.25%
343.35 -1.69%
345.29 0.57%
347.23 0.56%
349.69 0.71%
349.57 -0.03%
351.76 0.63%
349.79 -0.56%
344.53 -1.50%
342.95 -0.46%
343.74 0.23%
347.03 0.96%
342.79 -1.22%
334.85 -2.32%
327.16 -2.30%
331.47 1.32%
338.17 2.02%
334.62 -1.05%
338.84 1.26%
338.05 -0.23%
340.17 0.63%
339.06 -0.33%
336.9 -0.64%
337.54 0.19%
339.36 0.54%
339.28 -0.02%
338.21 -0.32%
336.45 -0.52%
333.54 -0.86%
329.49 -1.21%
330.87 0.42%
323.88 -2.11%
321.23 -0.82%
326.25 1.56%
333.81 2.32%
335.47 0.50%
333.09 -0.71%
335.25 0.65%
338.88 1.08%
343.62 1.40%
345.15 0.45%
345.18 0.01%
346.12 0.27%
347.97 0.53%
348.89 0.26%
345.54 -0.96%
343.68 -0.54%
345.63 0.57%
344.47 -0.34%
342.42 -0.60%
340.71 -0.50%
337.88 -0.83%
337.68 -0.06%
331.06 -1.96%
332.2 0.34%
333.07 0.26%
336.36 0.99%
334.03 -0.69%
334.7 0.20%
332.91 -0.53%
330.45 -0.74%
331.89 0.44%
330.75 -0.34%
328.07 -0.81%
329.39 0.40%
327.22 -0.66%
333.88 2.04%
334.74 0.26%
335.98 0.37%
333.96 -0.60%
335.39 0.43%
336.43 0.31%
340.73 1.28%
340.99 0.08%
343.88 0.85%
344.52 0.19%
342.55 -0.57%
342.18 -0.11%
342.85 0.20%
342.14 -0.21%
339.39 -0.80%
337.29 -0.62%
334.9 -0.71%
335.97 0.32%
334.32 -0.49%
335.12 0.24%
336.3 0.35%
335.24 -0.32%
337.32 0.62%
338.32 0.30%
338.97 0.19%
341.22 0.66%
341.98 0.22%
342.06 0.02%
342.54 0.14%
341.62 -0.27%
337.38 -1.24%
337.02 -0.11%
333.63 -1.01%
332.5 -0.34%
332.53 0.01%
333.41 0.26%
325.05 -2.51%
323.91 -0.35%
322.84 -0.33%
324.96 0.66%
326.52 0.48%
323.44 -0.94%
322.01 -0.44%
326.63 1.43%
328.96 0.71%
329.87 0.28%
328.36 -0.46%
326.16 -0.67%
324.17 -0.61%
321.59 -0.80%
323.85 0.70%
321.5 -0.73%
314.64 -2.13%
319.6 1.58%
320.72 0.35%
323.51 0.87%
323.61 0.03%
324.19 0.18%
324.95 0.23%
322.9 -0.63%
325.86 0.92%
327.39 0.47%
328.07 0.21%
327.93 -0.04%
325.46 -0.75%
324.43 -0.32%
325.81 0.43%
328.12 0.71%
330.92 0.85%
336.3 1.63%
334.62 -0.50%
333.92 -0.21%
334.06 0.04%
330.6 -1.04%
330.67 0.02%
334.27 1.09%
330.67 -1.08%
325.07 -1.69%
322.73 -0.72%
322.88 0.05%
319.26 -1.12%
318.61 -0.20%
324.16 1.74%
325.96 0.56%
325.51 -0.14%
324.19 -0.41%
325.6 0.43%
325.87 0.08%
327.07 0.37%
331.92 1.48%
333.71 0.54%
330.42 -0.99%
325.08 -1.62%
329.02 1.21%
332.03 0.91%
331.18 -0.26%
328.52 -0.80%
325.37 -0.96%
321.67 -1.14%
321.9 0.07%
308.29 -4.23%
313.45 1.67%
312.85 -0.19%
314.65 0.58%
312.51 -0.68%
312.6 0.03%
305.89 -2.15%
296.24 -3.15%
288.91 -2.47%
292.6 1.28%
294.03 0.49%
290.22 -1.30%
282.39 -2.70%
275.45 -2.46%
290.45 5.45%
298.56 2.79%
300.37 0.61%
298.5 -0.62%
302.64 1.39%
304.24 0.53%
303.88 -0.12%
301.17 -0.89%
301.21 0.01%
304.05 0.94%
307.36 1.09%
304.87 -0.81%
307.12 0.74%
311.65 1.47%
309.92 -0.56%
307.1 -0.91%
302.59 -1.47%
303.61 0.34%
299.58 -1.33%
299.17 -0.14%
300.61 0.48%
299.93 -0.23%
299.17 -0.25%
297.59 -0.53%
294.92 -0.90%
294.34 -0.20%
291.91 -0.83%
288.94 -1.02%
281.29 -2.65%
281.32 0.01%
281.36 0.01%
283.63 0.81%
287.7 1.43%
287.11 -0.21%
286.72 -0.14%
285.45 -0.44%
283.43 -0.71%
276.92 -2.30%
271.36 -2.01%
269.69 -0.62%
270.1 0.15%
264.84 -1.95%
269.28 1.68%
269.9 0.23%
275.8 2.19%
275.46 -0.12%
272.17 -1.19%
276.56 1.61%
276.66 0.04%
272.01 -1.68%
272.47 0.17%
274.97 0.92%
278.9 1.43%
283.68 1.71%
286.8 1.10%
284.32 -0.86%
284.52 0.07%
283.41 -0.39%
286.03 0.92%
284.61 -0.50%
287.78 1.11%
284.72 -1.06%
281.85 -1.01%
272.14 -3.45%
273.59 0.53%
274.91 0.48%
270.71 -1.53%
269.87 -0.31%
268.97 -0.33%
273.79 1.79%
268.32 -2.00%
269.44 0.42%
273.15 1.38%
276.75 1.32%
276.66 -0.03%
273.39 -1.18%
270.16 -1.18%
268.42 -0.64%
268.43 0.00%
267.56 -0.32%
264.97 -0.97%
268.51 1.34%
269.23 0.27%
264.19 -1.87%
261.17 -1.14%
261.8 0.24%
259.8 -0.76%
259.3 -0.19%
263.72 1.70%
264.4 0.26%
265.78 0.52%
266.7 0.35%
266.48 -0.08%
265.98 -0.19%
265.78 -0.08%
266.66 0.33%
268.45 0.67%
267.32 -0.42%
268.36 0.39%
265.89 -0.92%
265.88 0.00%
267.97 0.79%
269.67 0.63%
269.98 0.11%
269.94 -0.01%
269.96 0.01%
273.68 1.38%
274.43 0.27%
274.16 -0.10%
274.03 -0.05%
274.42 0.14%
273.38 -0.38%
271.13 -0.82%
269.26 -0.69%
269.58 0.12%
268.7 -0.33%
273.05 1.62%
273.3 0.09%
270.16 -1.15%
270.04 -0.04%
270.04 0.00%
266.43 -1.34%
265.78 -0.24%
265.18 -0.23%
264.02 -0.44%
262.8 -0.46%
263.1 0.11%
266.71 1.37%
269.52 1.05%
267.82 -0.63%
264.52 -1.23%
263.36 -0.44%
258.71 -1.77%
257.75 -0.37%
259.27 0.59%
255.58 -1.42%
253.71 -0.73%
249.03 -1.84%
244.28 -1.91%
245.01 0.30%
241.76 -1.33%
240.73 -0.43%
241.86 0.47%
242.13 0.11%
247.15 2.07%
249.7 1.03%
249.86 0.06%
246.52 -1.34%
242.76 -1.53%
238.05 -1.94%
238.2 0.06%
235.74 -1.03%
237.27 0.65%
238.83 0.66%
241.48 1.11%
237.94 -1.47%
238.47 0.22%
238.58 0.05%
232.55 -2.53%
232.64 0.04%
235.08 1.05%
236.08 0.43%
232.7 -1.43%
233.14 0.19%
237.78 1.99%
239.09 0.55%
237.17 -0.80%
243.36 2.61%
245.9 1.04%
245.9 0.00%
244.96 -0.38%
243.72 -0.51%
252.99 3.80%
254.5 0.60%
259.58 2.00%
257.61 -0.76%
255.93 -0.65%
255.38 -0.21%
252.71 -1.05%
252.28 -0.17%
253.28 0.40%
256.19 1.15%
254.73 -0.57%
253.35 -0.54%
258.19 1.91%
263.56 2.08%
264.58 0.39%
264.84 0.10%
266.39 0.59%
264.55 -0.69%
261.37 -1.20%
264.12 1.05%
265 0.33%
261.68 -1.25%
262.49 0.31%
264.1 0.61%
260.86 -1.23%
259.95 -0.35%
259.83 -0.05%
258.15 -0.65%
258.75 0.23%
260.16 0.54%
258.07 -0.80%
258.76 0.27%
259.57 0.31%
259.97 0.15%
260.64 0.26%
260.42 -0.08%
and 2021. Rather than
latilties by year and used the
atility number entirely in
Values
Row Labels Average of Adj. Default Spr Average of Country Risk Pre Average of Equity Risk Pre
Africa 7.59% 10.71% 16.65%
Asia 4.55% 6.42% 12.36%
Australia & New Zealand 1.84% 2.59% 8.53%
Caribbean 4.78% 6.74% 12.68%
Central and South America 6.79% 9.57% 15.51%
Eastern Europe & Russia 4.55% 6.42% 12.36%
Middle East 4.03% 5.68% 11.62%
North America 0.00% 0.00% 5.94%
Western Europe 1.21% 1.71% 7.65%
Grand Total 4.72% 6.65% 12.59%
Average of Corporate Tax Rate
26.38%
23.77%
28.81%
17.37%
28.30%
16.11%
11.54%
25.00%
19.57%
21.33%
Country GDP (in billions) Moody's rating Adj. Default Sprea Equity Risk Premi
Angola 72546.99 6.55% 7.95% 17.16%
Benin 17785.64 NA 5.51% 13.71%
Botswana 17613.85 NA 1.47% 8.01%
Burkina Faso 19737.62 NA 9.17% 18.88%
Cameroon 45238.61 6.68% 6.73% 15.43%
Cape Verde 1.70 NA 7.95% 17.16%
Congo (Democratic Rep 53958.57 NA 7.95% 17.16%
Congo (Republic of) 12523.96 NA 11.02% 21.48%
Côte d'Ivoire 69764.83 NA 4.40% 12.15%
Egypt 404142.77 8.01% 6.73% 15.43%
Ethiopia 111271.11 28.33% 11.02% 21.48%
Gabon 18269.35 NA 9.17% 18.88%
Ghana 77594.28 NA 14.68% 26.65%
Kenya 110347.08 7.60% 6.73% 15.43%
Mali 19143.74 NA 11.02% 21.48%
Mauritius 11156.66 NA 2.69% 9.73%
Morocco 132725.26 2.53% 3.06% 10.26%
Mozambique 16095.83 NA 11.02% 21.48%
Namibia 12236.25 NA 5.51% 13.71%
Niger 14950.95 NA 7.95% 17.16%
Nigeria 440776.97 8.52% 7.95% 17.16%
Rwanda 11070.36 5.42% 6.73% 15.43%
Senegal 27625.39 5.39% 4.40% 12.15%
South Africa 419946.43 3.51% 3.68% 11.13%
Swaziland 4941.37 NA 7.95% 17.16%
Tanzania 67775.10 NA 6.73% 15.43%
Togo 8413.20 NA 7.95% 17.16%
Tunisia 46840.04 8.69% 9.17% 18.88%
Uganda 40434.70 NA 6.73% 15.43%
Zambia 21203.06 NA 14.68% 26.65%
Africa 2326131.67 6.83% 15.58%
Bangladesh 416264.94 NA 4.40% 12.15%
Cambodia 26961.06 NA 6.73% 15.43%
China 17734062.65 1.11% 0.86% 7.16%
Fiji 4592.12 NA 5.51% 13.71%
Hong Kong 346600.00 0.71% 0.73% 6.97%
India 3173397.59 1.67% 2.69% 9.73%
Indonesia 1186092.99 1.75% 2.33% 9.23%
Japan 4937421.88 0.31% 0.86% 7.16%
Korea 1630.53 0.68% 0.60% 6.79%
Laos 18827.15 NA 12.24% 23.20%
Macao 29905.19 NA 0.73% 6.97%
Malaysia 372701.36 1.24% 1.47% 8.01%
Maldives 4889.67 NA 9.17% 18.88%
Mongolia 15098.02 NA 7.95% 17.16%
Pakistan 346343.17 NA 9.17% 18.88%
Papua New Guinea 26594.28 NA 6.73% 15.43%
Philippines 394086.42 1.64% 2.33% 9.23%
Singapore 396986.90 NA 0.00% 5.94%
Solomon Islands 1645.21 NA 9.17% 18.88%
Sri Lanka 84518.83 NA 14.68% 26.65%
Taiwan 689000.00 NA 0.73% 6.97%
Thailand 505981.66 0.87% 1.96% 8.70%
Vietnam 362637.52 2.07% 3.68% 11.13%
Asia 31076239.138916 1.37% 7.87%
Australia 1542659.90 0.34% 0.00% 5.94%
Cook Islands 0.38 NA 5.51% 13.71%
New Zealand 249991.51 0.39% 0.00% 5.94%
Australia & New Zeal 1792651.7962291 0.00% 5.94%
Aruba 2496.65 NA 2.33% 9.23%
Bahamas 11.21 NA 5.51% 13.71%
Barbados 4900.80 NA 9.17% 18.88%
Bermuda 7080.90 NA 1.04% 7.40%
Cayman Islands 5608.99 NA 0.73% 6.97%
Cuba 107352.00 NA 14.68% 26.65%
Curacao 3.10 NA 2.33% 9.23%
Dominican Republic 94243.45 NA 4.40% 12.15%
Jamaica 13638.23 NA 6.73% 15.43%
Montserrat 25000.00 NA 2.69% 9.73%
St. Maarten 11900.00 NA 3.68% 11.13%
St. Vincent & the Gren 8100.00 NA 7.95% 17.16%
Trinidad and Tobago 21391.80 NA 3.68% 11.13%
Turks and Caicos Islan 943.27 NA 1.96% 8.70%
Caribbean 302670.40325236 7.93% 17.13%
Argentina 491492.70 NA 14.68% 26.65%
Belize 1789.92 NA 11.02% 21.48%
Bolivia 40408.21 NA 6.73% 15.43%
Brazil 1608981.22 3.52% 3.68% 11.13%
Chile 317058.51 1.76% 1.04% 7.40%
Colombia 314322.45 3.65% 2.33% 9.23%
Costa Rica 64282.44 4.35% 6.73% 15.43%
Ecuador 106165.87 16.93% 12.24% 23.20%
El Salvador 28736.94 27.46% 12.24% 23.20%
Guatemala 85986.32 NA 3.06% 10.26%
Honduras 28488.67 NA 5.51% 13.71%
Mexico 1293037.87 2.11% 2.33% 9.23%
Nicaragua 14013.02 6.27% 7.95% 17.16%
Panama 63605.07 1.79% 2.33% 9.23%
Paraguay 38986.81 NA 3.06% 10.26%
Peru 223249.50 1.94% 1.96% 8.70%
Suriname 2862.13 NA 12.24% 23.20%
Uruguay 59319.55 1.43% 2.33% 9.23%
Venezuela 98400.00 NA 17.50% 30.63%
Central and South Ame4881187.1920142 4.65% 12.51%
Albania 18260.04 NA 5.51% 13.71%
Armenia 13861.18 NA 4.40% 12.15%
Azerbaijan 54622.18 NA 3.06% 10.26%
Belarus 68218.82 NA 14.68% 26.65%
Bosnia and Herzegovi 22571.51 NA 7.95% 17.16%
Bulgaria 80271.12 1.50% 1.96% 8.70%
Croatia 67837.79 1.34% 2.33% 9.23%
Czech Republic 282340.85 0.62% 0.73% 6.97%
Estonia 36262.92 1.76% 0.86% 7.16%
Georgia 18700.24 NA 3.68% 11.13%
Hungary 182280.52 2.43% 2.33% 9.23%
Kazakhstan 190814.27 2.70% 2.33% 9.23%
Kyrgyzstan 8543.42 NA 7.95% 17.16%
Latvia 38872.55 1.37% 1.47% 8.01%
Lithuania 65503.85 1.45% 1.04% 7.40%
Macedonia 13879.27 NA 4.40% 12.15%
Moldova 13679.22 NA 7.95% 17.16%
Montenegro 5809.17 NA 5.51% 13.71%
Poland 674048.27 1.45% 1.04% 7.40%
Romania 284087.56 3.17% 2.69% 9.73%
Russia 1775799.92 NA 9.17% 18.88%
Serbia 63068.13 2.93% 3.68% 11.13%
Slovakia 114870.71 0.75% 1.04% 7.40%
Slovenia 61526.33 1.00% 1.47% 8.01%
Tajikistan 8746.27 NA 7.95% 17.16%
Ukraine 200085.54 NA 12.24% 23.20%
Uzbekistan 69238.90 NA 5.51% 13.71%
Eastern Europe & Russ 4433800.56 5.52% 13.73%
Abu Dhabi 446000.00 0.78% 0.60% 6.79%
Bahrain 38868.66 2.78% 6.73% 15.43%
Iraq 207889.33 4.69% 9.17% 18.88%
Israel 481591.27 0.67% 0.86% 7.16%
Jordan 45243.66 NA 5.51% 13.71%
Kuwait 105960.23 0.79% 0.86% 7.16%
Lebanon 18076.62 NA 17.50% 30.63%
Oman 85868.63 2.37% 4.40% 12.15%
Qatar 179570.78 0.79% 0.73% 6.97%
Ras Al Khaimah (Emira 35200.00 NA 1.47% 8.01%
Saudi Arabia 833541.24 0.96% 0.86% 7.16%
Sharjah 24800.00 NA 3.06% 10.26%
United Arab Emirates 358868.77 NA 0.60% 6.79%
Middle East 2861479.19 1.78% 8.45%
Canada 1990761.61 0.36% 0.00% 5.94%
United States 22996100.00 0.32% 0.00% 5.94%
North America 24986861.609665 0.00% 5.94%
Andorra (Principality o 3.33 NA 2.33% 9.23%
Austria 477082.47 0.24% 0.49% 6.63%
Belgium 599879.03 0.37% 0.73% 6.97%
Cyprus 27719.34 1.33% 3.06% 10.26%
Denmark 397104.34 0.23% 0.00% 5.94%
Finland 299155.24 0.34% 0.49% 6.63%
France 2937472.76 0.42% 0.60% 6.79%
Germany 4223116.21 0.28% 0.00% 5.94%
Greece 216240.59 1.97% 4.40% 12.15%
Guernsey (States of) 3180.00 NA 0.00% 5.94%
Iceland 25458.93 0.73% 1.04% 7.40%
Ireland 498559.58 0.43% 0.86% 7.16%
Isle of Man 7315.39 NA 0.73% 6.97%
Italy 2099880.20 1.84% 2.69% 9.73%
Jersey (States of) 4890.00 NA 0.00% 5.94%
Liechtenstein 6427.25 NA 0.00% 5.94%
Luxembourg 86710.80 NA 0.00% 5.94%
Malta 17189.73 NA 1.04% 7.40%
Netherlands 1018007.06 0.26% 0.00% 5.94%
Norway 482437.02 0.28% 0.00% 5.94%
Portugal 249886.46 0.81% 2.33% 9.23%
Spain 1425276.59 0.82% 1.96% 8.70%
Sweden 627437.90 0.26% 0.00% 5.94%
Switzerland 812866.93 0.17% 0.00% 5.94%
Turkey 815271.75 5.30% 7.95% 17.16%
United Kingdom 3186859.74 0.36% 0.73% 6.97%
Western Europe 20545428.620711 1.07% 7.45%
Region Weighted Average: ERP Weighted Average: CRP

Weighted Average: Default Spreads Tax Rate
Africa 15.58% 9.64% 6.83% 27.27%
Asia 7.87% 1.93% 1.37% 24.52%
Australia & New Zealand 5.94% 0.00% 0.00% 29.72%
Caribbean 17.13% 11.19% 7.93% 25.63%
Central and South America 12.51% 6.57% 4.65% 31.46%
Eastern Europe & Russia 13.73% 7.79% 5.52% 18.35%
Middle East 8.45% 2.51% 1.78% 15.18%
North America 5.94% 0.00% 0.00% 25.00%
Western Europe 7.45% 1.51% 1.07% 24.83%
Global 7.98% 2.04% 1.45% 24.67%
For updating industry average spreadsheets

ERP Default Spread Tax rate
Africa & Mid East 14.20% 4.04% 20.60%
Australia, NZ & Canada 5.94% 0.00% 27.24%
Latin America & Caribbean 12.78% 4.85% 31.12%
Japan 7.16% 0.86% 23.20%
US 5.94% 0.00% 25.00%
Europe 7.45% 1.07% 24.83%
Emerging Markets 9.69% 2.66% 24.35%
Small Asia (No India, China 9.82% 2.75% 21.13%
India 9.73% 2.69% 30.00%
China 7.16% 0.86% 25.00%
Global 7.98% 1.45% 24.67%
Country Risk Premium Corporate Tax Rate Region GDP Weight
11.22% 25.00% Africa 3.12%
7.77% 30.00% Africa 0.76%
2.07% 22.00% Africa 0.76%
12.94% 28.00% Africa 0.85%
9.49% 33.00% Africa 1.94%
11.22% 0.00% Africa 0.00%
11.22% 30.00% Africa 2.32%
15.54% 28.00% Africa 0.54%
6.21% 25.00% Africa 3.00%
9.49% 22.50% Africa 17.37%
15.54% 30.00% Africa 4.78%
12.94% 30.00% Africa 0.79%
20.71% 25.00% Africa 3.34%
9.49% 30.00% Africa 4.74%
15.54% 22.81% Africa 0.82%
3.79% 15.00% Africa 0.48%
4.32% 31.00% Africa 5.71%
15.54% 32.00% Africa 0.69%
7.77% 32.00% Africa 0.53%
11.22% 22.81% Africa 0.64%
11.22% 30.00% Africa 18.95%
9.49% 30.00% Africa 0.48%
6.21% 30.00% Africa 1.19%
5.19% 27.00% Africa 18.05%
11.22% 27.50% Africa 0.21%
9.49% 30.00% Africa 2.91%
11.22% 22.81% Africa 0.36%
12.94% 15.00% Africa 2.01%
9.49% 30.00% Africa 1.74%
20.71% 35.00% Africa 0.91%
9.64% 27.27% 100.00%
6.21% 32.50% Asia 1.34%
9.49% 20.00% Asia 0.09%
1.22% 25.00% Asia 57.07%
7.77% 20.00% Asia 0.01%
1.03% 16.50% Asia 1.12%
3.79% 30.00% Asia 10.21%
3.29% 15.00% Asia 3.82%
1.22% 23.20% Asia 15.89%
0.85% 25.00% Asia 0.01%
17.26% 22.81% Asia 0.06%
1.03% 22.81% Asia 0.10%
2.07% 24.00% Asia 1.20%
12.94% 22.81% Asia 0.02%
11.22% 25.00% Asia 0.05%
12.94% 29.00% Asia 1.11%
9.49% 30.00% Asia 0.09%
3.29% 25.00% Asia 1.27%
0.00% 17.00% Asia 1.28%
12.94% 30.00% Asia 0.01%
20.71% 24.00% Asia 0.27%
1.03% 20.00% Asia 2.22%
2.76% 20.00% Asia 1.63%
5.19% 20.00% Asia 1.17%
1.93% 24.52% 100.00%
0.00% 30.00% Australia & New Zealand 86.05%
0.00% 29.72% 100.00%
3.29% 25.00% Caribbean 0.82%
7.77% 0.00% Caribbean 0.00%
12.94% 5.50% Caribbean 1.62%
1.46% 0.00% Caribbean 2.34%
1.03% 0.00% Caribbean 1.85%
20.71% 27.18% Caribbean 35.47%
3.29% 22.00% Caribbean 0.00%
6.21% 27.00% Caribbean 31.14%
9.49% 25.00% Caribbean 4.51%
3.79% 27.18% Caribbean 8.26%
5.19% 27.18% Caribbean 3.93%
11.22% 27.18% Caribbean 2.68%
5.19% 30.00% Caribbean 7.07%
2.76% 0.00% Caribbean 0.31%
11.19% 25.63% 100.00%
20.71% 35.00% Central and South America 10.07%
6.57% 31.46% 100.00%
7.77% 15.00% Eastern Europe & Russia 0.41%
7.79% 18.35% 100.00%
0.85% 15.00% Middle East 15.59%
9.49% 0.00% Middle East 1.36%
12.94% 15.00% Middle East 7.27%
1.22% 23.00% Middle East 16.83%
7.77% 20.00% Middle East 1.58%
1.22% 15.00% Middle East 3.70%
24.69% 17.00% Middle East 0.63%
6.21% 15.00% Middle East 3.00%
1.03% 10.00% Middle East 6.28%
2.07% 0.00% Middle East 1.23%
1.22% 20.00% Middle East 29.13%
4.32% 0.00% Middle East 0.87%
0.85% 0.00% Middle East 12.54%
2.51% 15.18% 100.00%
0.00% 25.00% North America 7.97%
0.00% 25.00% North America 92.03%
0.00% 25.00%
3.29% 18.98% Western Europe 0.00%
0.69% 24.00% Western Europe 2.32%
1.03% 25.00% Western Europe 2.92%
4.32% 12.50% Western Europe 0.13%
0.00% 22.00% Western Europe 1.93%
0.69% 20.00% Western Europe 1.46%
0.85% 25.00% Western Europe 14.30%
0.00% 30.00% Western Europe 20.56%
6.21% 22.00% Western Europe 1.05%
0.00% 0.00% Western Europe 0.02%
1.46% 20.00% Western Europe 0.12%
1.22% 12.50% Western Europe 2.43%
3.79% 24.00% Western Europe 10.22%
0.00% 12.50% Western Europe 0.03%
0.00% 24.94% Western Europe 0.42%
1.46% 35.00% Western Europe 0.08%
0.00% 25.80% Western Europe 4.95%
0.00% 22.00% Western Europe 2.35%
3.29% 21.00% Western Europe 1.22%
2.76% 25.00% Western Europe 6.94%
0.00% 20.60% Western Europe 3.05%
0.00% 18.00% Western Europe 3.96%
11.22% 23.00% Western Europe 3.97%
1.03% 25.00% Western Europe 15.51%
1.51% 24.83% 100.00%
Total GDP Weight Weight *ERP Weight*CRP

2326131.66503456 2.50% 0.39% 0.24%
31076239.1389156 33.34% 2.62% 0.64%
1792651.79622907 1.92% 0.11% 0.00%
302670.403252359 0.32% 0.06% 0.04%
4881187.1920142 5.24% 0.65% 0.34%
4433800.56329109 4.76% 0.65% 0.37%
2861479.18721237 3.07% 0.26% 0.08%
24986861.6096652 26.81% 1.59% 0.00%
20545428.6207105 22.04% 1.64% 0.33%
93206450.176325
Weight*Default SpreadWeight*ERP Weight*CRP Weight * Tax Rate
0.25% 0.54% 0.35% 0.78%
0.04% 0.10% 0.06% 0.23%
0.01% 0.06% 0.02% 0.17%
0.08% 0.16% 0.11% 0.24%
0.13% 0.30% 0.18% 0.64%
0.00% 0.00% 0.00% 0.00%
0.18% 0.40% 0.26% 0.70%
0.06% 0.12% 0.08% 0.15%
0.13% 0.36% 0.19% 0.75%
1.17% 2.68% 1.65% 3.91%
0.53% 1.03% 0.74% 1.44%
0.07% 0.15% 0.10% 0.24%
0.49% 0.89% 0.69% 0.83%
0.32% 0.73% 0.45% 1.42%
0.09% 0.18% 0.13% 0.19%
0.01% 0.05% 0.02% 0.07%
0.17% 0.59% 0.25% 1.77%
0.08% 0.15% 0.11% 0.22%
0.03% 0.07% 0.04% 0.17%
0.05% 0.11% 0.07% 0.15%
1.51% 3.25% 2.13% 5.68%
0.03% 0.07% 0.05% 0.14%
0.05% 0.14% 0.07% 0.36%
0.66% 2.01% 0.94% 4.87%
0.02% 0.04% 0.02% 0.06%
0.20% 0.45% 0.28% 0.87%
0.03% 0.06% 0.04% 0.08%
0.18% 0.38% 0.26% 0.30%
0.12% 0.27% 0.17% 0.52%
0.13% 0.24% 0.19% 0.32%
0.06% 0.16% 0.08% 0.44%

0.01% 0.01% 0.01% 0.02%
0.49% 4.08% 0.69% 14.27%
0.00% 0.00% 0.00% 0.00%
0.01% 0.08% 0.01% 0.18%
0.27% 0.99% 0.39% 3.06%
0.09% 0.35% 0.13% 0.57%
0.14% 1.14% 0.19% 3.69%
0.00% 0.00% 0.00% 0.00%
0.01% 0.01% 0.01% 0.01%
0.00% 0.01% 0.00% 0.02%
0.02% 0.10% 0.02% 0.29%
0.00% 0.00% 0.00% 0.00%
0.00% 0.01% 0.01% 0.01%
0.10% 0.21% 0.14% 0.32%
0.01% 0.01% 0.01% 0.03%
0.03% 0.12% 0.04% 0.32%
0.00% 0.08% 0.00% 0.22%
0.00% 0.00% 0.00% 0.00%
0.04% 0.07% 0.06% 0.07%
0.02% 0.15% 0.02% 0.44%
0.03% 0.14% 0.04% 0.33%
0.04% 0.13% 0.06% 0.23%
0.00% 5.11% 0.00% 25.82%

0.00% 0.00% 0.00% 0.00%
0.00% 0.83% 0.00% 3.90%
0.02% 0.08% 0.03% 0.21%

0.00% 0.00% 0.00% 0.00%
0.15% 0.31% 0.21% 0.09%
0.02% 0.17% 0.03% 0.00%
0.01% 0.13% 0.02% 0.00%
5.21% 9.45% 7.35% 9.64%
0.00% 0.00% 0.00% 0.00%
1.37% 3.78% 1.93% 8.41%
0.30% 0.70% 0.43% 1.13%
0.22% 0.80% 0.31% 2.25%
0.14% 0.44% 0.20% 1.07%
0.21% 0.46% 0.30% 0.73%
0.26% 0.79% 0.37% 2.12%
0.01% 0.03% 0.01% 0.00%
11.19%
1.48% 2.68% 2.09% 3.52%
0.00% 0.01% 0.01% 0.01%
0.06% 0.13% 0.08% 0.21%
1.21% 3.67% 1.71% 11.21%
0.07% 0.48% 0.09% 1.75%
0.15% 0.59% 0.21% 2.25%
0.09% 0.20% 0.13% 0.40%
0.27% 0.50% 0.38% 0.54%
0.07% 0.14% 0.10% 0.18%
0.05% 0.18% 0.08% 0.44%
0.03% 0.08% 0.05% 0.15%
0.62% 2.44% 0.87% 7.95%
0.02% 0.05% 0.03% 0.09%
0.03% 0.12% 0.04% 0.33%
0.02% 0.08% 0.03% 0.08%
0.09% 0.40% 0.13% 1.35%
0.01% 0.01% 0.01% 0.02%
0.03% 0.11% 0.04% 0.30%
0.35% 0.62% 0.50% 0.69%
0.02% 0.06% 0.03% 0.06%

0.01% 0.04% 0.02% 0.06%
0.04% 0.13% 0.05% 0.25%
0.23% 0.41% 0.32% 0.28%
0.04% 0.09% 0.06% 0.05%
0.04% 0.16% 0.05% 0.18%
0.04% 0.14% 0.05% 0.28%
0.05% 0.44% 0.07% 1.21%
0.01% 0.06% 0.01% 0.16%
0.02% 0.05% 0.02% 0.06%
0.10% 0.38% 0.14% 0.37%
0.10% 0.40% 0.14% 0.86%
0.02% 0.03% 0.02% 0.02%
0.01% 0.07% 0.02% 0.18%
0.02% 0.11% 0.02% 0.22%
0.01% 0.04% 0.02% 0.03%
0.02% 0.05% 0.03% 0.04%
0.01% 0.02% 0.01% 0.02%
0.16% 1.13% 0.22% 2.89%
0.17% 0.62% 0.24% 1.03%
3.67% 7.56% 5.18% 8.01%
0.05% 0.16% 0.07% 0.21%
0.03% 0.19% 0.04% 0.54%
0.02% 0.11% 0.03% 0.26%
0.02% 0.03% 0.02% 0.04%
0.55% 1.05% 0.78% 0.81%
0.09% 0.21% 0.12% 0.23%
0.09% 1.06% 0.13% 2.34%

0.09% 0.21% 0.13% 0.00%
0.67% 1.37% 0.94% 1.09%
0.15% 1.20% 0.20% 3.87%
0.09% 0.22% 0.12% 0.32%
0.03% 0.27% 0.05% 0.56%
0.11% 0.19% 0.16% 0.11%
0.13% 0.36% 0.19% 0.45%
0.05% 0.44% 0.06% 0.63%
0.02% 0.10% 0.03% 0.00%
0.25% 2.08% 0.35% 5.83%
0.03% 0.09% 0.04% 0.00%
0.08% 0.85% 0.11% 0.00%
0.00% 0.47% 0.00% 1.99%

0.00% 5.47% 0.00% 23.01%
0.00% 0.00% 0.00% 0.00%

0.01% 0.15% 0.02% 0.56%
0.02% 0.20% 0.03% 0.73%
0.00% 0.01% 0.01% 0.02%
0.00% 0.11% 0.00% 0.43%
0.01% 0.10% 0.01% 0.29%
0.09% 0.97% 0.12% 3.57%
0.00% 1.22% 0.00% 6.17%
0.05% 0.13% 0.07% 0.23%
0.00% 0.00% 0.00% 0.00%
0.00% 0.01% 0.00% 0.02%
0.02% 0.17% 0.03% 0.30%
0.00% 0.00% 0.00% 0.00%
0.27% 0.99% 0.39% 2.45%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.03% 0.00% 0.11%
0.00% 0.01% 0.00% 0.03%
0.00% 0.29% 0.00% 1.28%
0.00% 0.14% 0.00% 0.52%
0.03% 0.11% 0.04% 0.26%
0.14% 0.60% 0.19% 1.73%
0.00% 0.18% 0.00% 0.63%
0.00% 0.24% 0.00% 0.71%
0.32% 0.68% 0.45% 0.91%
0.11% 1.08% 0.16% 3.88%
Weight*Default Spread Weight* Tax Rate

0.17% 0.68%
0.46% 8.18%
0.00% 0.57%
0.03% 0.08%
0.24% 1.65%
0.26% 0.87%
0.05% 0.47%
0.00% 6.70%
0.24% 5.47%
Country GDP (in millions) in 2021
Moody's ratingSovereign CDS Adj. Default Sp
Abu Dhabi 446000.00 Aa2 0.78% 0.60%
Albania 18260.04 B1 NA 5.51%
Andorra (Principality 3.33 Baa2 NA 2.33%
Angola 72546.99 B3 6.55% 7.95%
Argentina 491492.70 Ca NA 14.68%
Armenia 13861.18 Ba3 NA 4.40%
Aruba 2496.65 Baa2 NA 2.33%
Australia 1542659.90 Aaa 0.34% 0.00%
Austria 477082.47 Aa1 0.24% 0.49%
Azerbaijan 54622.18 Ba1 NA 3.06%
Bahamas 11.21 B1 NA 5.51%
Bahrain 38868.66 B2 2.78% 6.73%
Bangladesh 416264.94 Ba3 NA 4.40%
Barbados 4900.80 Caa1 NA 9.17%
Belarus 68218.82 Ca NA 14.68%
Belgium 599879.03 Aa3 0.37% 0.73%
Belize 1789.92 Caa2 NA 11.02%
Benin 17785.64 B1 NA 5.51%
Bermuda 7080.90 A2 NA 1.04%
Bolivia 40408.21 B2 NA 6.73%
Bosnia and Herzegov 22571.51 B3 NA 7.95%
Botswana 17613.85 A3 NA 1.47%
Brazil 1608981.22 Ba2 3.52% 3.68%
Bulgaria 80271.12 Baa1 1.50% 1.96%
Burkina Faso 19737.62 Caa1 NA 9.17%
Cambodia 26961.06 B2 NA 6.73%
Cameroon 45238.61 B2 6.68% 6.73%
Canada 1990761.61 Aaa 0.36% 0.00%
Cape Verde 1.70 B3 NA 7.95%
Cayman Islands 5608.99 Aa3 NA 0.73%
Chile 317058.51 A2 1.76% 1.04%
China 17734062.65 A1 1.11% 0.86%
Colombia 314322.45 Baa2 3.65% 2.33%
Congo (Democratic Re 53958.57 B3 NA 7.95%
Congo (Republic of) 12523.96 Caa2 NA 11.02%
Cook Islands 0.38 B1 NA 5.51%
Costa Rica 64282.44 B2 4.35% 6.73%
Côte d'Ivoire 69764.83 Ba3 NA 4.40%
Croatia 67837.79 Baa2 1.34% 2.33%
Cuba 107352.00 Ca NA 14.68%
Curacao 3.10 Baa2 NA 2.33%
Cyprus 27719.34 Ba1 1.33% 3.06%
Czech Republic 282340.85 Aa3 0.62% 0.73%
Denmark 397104.34 Aaa 0.23% 0.00%
Dominican Republic 94243.45 Ba3 NA 4.40%
Ecuador 106165.87 Caa3 16.93% 12.24%
Egypt 404142.77 B2 8.01% 6.73%
El Salvador 28736.94 Caa3 27.46% 12.24%
Estonia 36262.92 A1 1.76% 0.86%
Ethiopia 111271.11 Caa2 28.33% 11.02%
Fiji 4592.12 B1 NA 5.51%
Finland 299155.24 Aa1 0.34% 0.49%
France 2937472.76 Aa2 0.42% 0.60%
Gabon 18269.35 Caa1 NA 9.17%
Georgia 18700.24 Ba2 NA 3.68%
Germany 4223116.21 Aaa 0.28% 0.00%
Ghana 77594.28 Ca NA 14.68%
Greece 216240.59 Ba3 1.97% 4.40%
Guatemala 85986.32 Ba1 NA 3.06%
Guernsey (States of) 3180.00 Aaa NA 0.00%
Honduras 28488.67 B1 NA 5.51%
Hong Kong 346600.00 Aa3 0.71% 0.73%
Hungary 182280.52 Baa2 2.43% 2.33%
Iceland 25458.93 A2 0.73% 1.04%
India 3173397.59 Baa3 1.67% 2.69%
Indonesia 1186092.99 Baa2 1.75% 2.33%
Iraq 207889.33 Caa1 4.69% 9.17%
Ireland 498559.58 A1 0.43% 0.86%
Isle of Man 7315.39 Aa3 NA 0.73%
Israel 481591.27 A1 0.67% 0.86%
Italy 2099880.20 Baa3 1.84% 2.69%
Jamaica 13638.23 B2 NA 6.73%
Japan 4937421.88 A1 0.31% 0.86%
Jersey (States of) 4890.00 Aaa NA 0.00%
Jordan 45243.66 B1 NA 5.51%
Kazakhstan 190814.27 Baa2 2.70% 2.33%
Kenya 110347.08 B2 7.60% 6.73%
Korea 1630.53 Aa2 0.68% 0.60%
Kuwait 105960.23 A1 0.79% 0.86%
Kyrgyzstan 8543.42 B3 NA 7.95%
Laos 18827.15 Caa3 NA 12.24%
Latvia 38872.55 A3 1.37% 1.47%
Lebanon 18076.62 C NA 17.50%
Liechtenstein 6427.25 Aaa NA 0.00%
Lithuania 65503.85 A2 1.45% 1.04%
Luxembourg 86710.80 Aaa NA 0.00%
Macao 29905.19 Aa3 NA 0.73%
Macedonia 13879.27 Ba3 NA 4.40%
Malaysia 372701.36 A3 1.24% 1.47%
Maldives 4889.67 Caa1 NA 9.17%
Mali 19143.74 Caa2 NA 11.02%
Malta 17189.73 A2 NA 1.04%
Mauritius 11156.66 Baa3 NA 2.69%
Mexico 1293037.87 Baa2 2.11% 2.33%
Moldova 13679.22 B3 NA 7.95%
Mongolia 15098.02 B3 NA 7.95%
Montenegro 5809.17 B1 NA 5.51%
Montserrat 25000.00 Baa3 NA 2.69%
Morocco 132725.26 Ba1 2.53% 3.06%
Mozambique 16095.83 Caa2 NA 11.02%
Namibia 12236.25 B1 NA 5.51%
Netherlands 1018007.06 Aaa 0.26% 0.00%
New Zealand 249991.51 Aaa 0.39% 0.00%
Nicaragua 14013.02 B3 6.27% 7.95%
Niger 14950.95 B3 NA 7.95%
Nigeria 440776.97 B3 8.52% 7.95%
Norway 482437.02 Aaa 0.28% 0.00%
Oman 85868.63 Ba3 2.37% 4.40%
Pakistan 346343.17 Caa1 NA 9.17%
Panama 63605.07 Baa2 1.79% 2.33%
Papua New Guinea 26594.28 B2 NA 6.73%
Paraguay 38986.81 Ba1 NA 3.06%
Peru 223249.50 Baa1 1.94% 1.96%
Philippines 394086.42 Baa2 1.64% 2.33%
Poland 674048.27 A2 1.45% 1.04%
Portugal 249886.46 Baa2 0.81% 2.33%
Qatar 179570.78 Aa3 0.79% 0.73%
Ras Al Khaimah (Emir 35200.00 A3 NA 1.47%
Romania 284087.56 Baa3 3.17% 2.69%
Russia 1775799.92 Caa1 NA 9.17%
Rwanda 11070.36 B2 5.42% 6.73%
Saudi Arabia 833541.24 A1 0.96% 0.86%
Senegal 27625.39 Ba3 5.39% 4.40%
Serbia 63068.13 Ba2 2.93% 3.68%
Sharjah 24800.00 Ba1 NA 3.06%
Singapore 396986.90 Aaa NA 0.00%
Slovakia 114870.71 A2 0.75% 1.04%
Slovenia 61526.33 A3 1.00% 1.47%
Solomon Islands 1645.21 Caa1 NA 9.17%
South Africa 419946.43 Ba2 3.51% 3.68%
Spain 1425276.59 Baa1 0.82% 1.96%
Sri Lanka 84518.83 Ca NA 14.68%
St. Maarten 11900.00 Ba2 NA 3.68%
St. Vincent & the Gr 8100.00 B3 NA 7.95%
Suriname 2862.13 Caa3 NA 12.24%
Swaziland 4941.37 B3 NA 7.95%
Sweden 627437.90 Aaa 0.26% 0.00%
Switzerland 812866.93 Aaa 0.17% 0.00%
Taiwan 689000.00 Aa3 NA 0.73%
Tajikistan 8746.27 B3 NA 7.95%
Tanzania 67775.10 B2 NA 6.73%
Thailand 505981.66 Baa1 0.87% 1.96%
Togo 8413.20 B3 NA 7.95%
Trinidad and Tobago 21391.80 Ba2 NA 3.68%
Tunisia 46840.04 Caa1 8.69% 9.17%
Turkey 815271.75 B3 5.30% 7.95%
Turks and Caicos Isla 943.27 Baa1 NA 1.96%
Uganda 40434.70 B2 NA 6.73%
Ukraine 200085.54 Caa3 NA 12.24%
United Arab Emirates 358868.77 Aa2 NA 0.60%
United Kingdom 3186859.74 Aa3 0.36% 0.73%
United States 22996100.00 Aaa 0.32% 0.00%
Uruguay 59319.55 Baa2 1.43% 2.33%
Uzbekistan 69238.90 B1 NA 5.51%
Venezuela 98400.00 C NA 17.50%
Vietnam 362637.52 Ba2 2.07% 3.68%
Zambia 21203.06 Ca NA 14.68%
Equity Risk PrCountry Risk Premium
Corporate Tax RateRegion
6.79% 0.85% 15.00% Middle East
13.71% 7.77% 15.00% Eastern Europe & Russia
9.23% 3.29% 18.98% Western Europe
17.16% 11.22% 25.00% Africa
26.65% 20.71% 35.00% Central and South America
9.23% 3.29% 25.00% Caribbean
5.94% 0.00% 30.00% Australia & New Zealand
6.63% 0.69% 24.00% Western Europe
13.71% 7.77% 0.00% Caribbean
15.43% 9.49% 0.00% Middle East
12.15% 6.21% 32.50% Asia
18.88% 12.94% 5.50% Caribbean
6.97% 1.03% 25.00% Western Europe
13.71% 7.77% 30.00% Africa
7.40% 1.46% 0.00% Caribbean
8.01% 2.07% 22.00% Africa
18.88% 12.94% 28.00% Africa
15.43% 9.49% 20.00% Asia
15.43% 9.49% 33.00% Africa
5.94% 0.00% 25.00% North America
17.16% 11.22% 0.00% Africa
6.97% 1.03% 0.00% Caribbean
7.16% 1.22% 25.00% Asia
17.16% 11.22% 30.00% Africa
21.48% 15.54% 28.00% Africa
12.15% 6.21% 25.00% Africa
26.65% 20.71% 27.18% Caribbean
9.23% 3.29% 22.00% Caribbean
10.26% 4.32% 12.50% Western Europe
5.94% 0.00% 22.00% Western Europe
12.15% 6.21% 27.00% Caribbean
15.43% 9.49% 22.50% Africa
21.48% 15.54% 30.00% Africa
13.71% 7.77% 20.00% Asia
6.63% 0.69% 20.00% Western Europe
6.79% 0.85% 25.00% Western Europe
18.88% 12.94% 30.00% Africa
5.94% 0.00% 30.00% Western Europe
26.65% 20.71% 25.00% Africa
12.15% 6.21% 22.00% Western Europe
5.94% 0.00% 0.00% Western Europe
6.97% 1.03% 16.50% Asia
7.40% 1.46% 20.00% Western Europe
9.73% 3.79% 30.00% Asia
9.23% 3.29% 22.00% Asia
18.88% 12.94% 15.00% Middle East
7.16% 1.22% 12.50% Western Europe
7.16% 1.22% 23.00% Middle East
9.73% 3.79% 24.00% Western Europe
15.43% 9.49% 25.00% Caribbean
7.16% 1.22% 23.20% Asia
13.71% 7.77% 20.00% Middle East
15.43% 9.49% 30.00% Africa
6.79% 0.85% 25.00% Asia
7.16% 1.22% 15.00% Middle East
23.20% 17.26% 22.81% Asia
30.63% 24.69% 17.00% Middle East
5.94% 0.00% 12.50% Western Europe
5.94% 0.00% 24.94% Western Europe
6.97% 1.03% 22.81% Asia
8.01% 2.07% 24.00% Asia
18.88% 12.94% 22.81% Asia
21.48% 15.54% 22.81% Africa
7.40% 1.46% 35.00% Western Europe
9.73% 3.79% 15.00% Africa
17.16% 11.22% 25.00% Asia
9.73% 3.79% 27.18% Caribbean
10.26% 4.32% 31.00% Africa
21.48% 15.54% 32.00% Africa
13.71% 7.77% 32.00% Africa
5.94% 0.00% 25.80% Western Europe
17.16% 11.22% 22.81% Africa
17.16% 11.22% 30.00% Africa
5.94% 0.00% 22.00% Western Europe
12.15% 6.21% 15.00% Middle East
18.88% 12.94% 29.00% Asia
15.43% 9.49% 30.00% Asia
9.23% 3.29% 25.00% Asia
9.23% 3.29% 21.00% Western Europe
6.97% 1.03% 10.00% Middle East
8.01% 2.07% 0.00% Middle East
15.43% 9.49% 30.00% Africa
7.16% 1.22% 20.00% Middle East
12.15% 6.21% 30.00% Africa
10.26% 4.32% 0.00% Middle East
5.94% 0.00% 17.00% Asia
18.88% 12.94% 30.00% Asia
11.13% 5.19% 27.00% Africa
8.70% 2.76% 25.00% Western Europe
26.65% 20.71% 24.00% Asia
11.13% 5.19% 27.18% Caribbean
17.16% 11.22% 27.18% Caribbean
17.16% 11.22% 27.50% Africa
5.94% 0.00% 20.60% Western Europe
5.94% 0.00% 18.00% Western Europe
6.97% 1.03% 20.00% Asia
15.43% 9.49% 30.00% Africa
8.70% 2.76% 20.00% Asia
17.16% 11.22% 22.81% Africa
11.13% 5.19% 30.00% Caribbean
18.88% 12.94% 15.00% Africa
17.16% 11.22% 23.00% Western Europe
8.70% 2.76% 0.00% Caribbean
15.43% 9.49% 30.00% Africa
6.79% 0.85% 0.00% Middle East
6.97% 1.03% 25.00% Western Europe
5.94% 0.00% 25.00% North America
11.13% 5.19% 20.00% Asia
26.65% 20.71% 35.00% Africa
Country S&P Rating Moody's rating
Abu Dhabi NA Aa2
Albania B+ B1
Andorra (Principality of BBB+ Baa2 S&P: These are the S&P sovereign local currency ratings
Angola B- B3 Moody's: These are the Moody's local currency rating
Argentina CCC+ Ca In red: These are countries where S&P has a rating
Armenia B+ Ba3 Moody's equivalent rating for these countries.
Aruba BBB Baa2 S&P Moody's
Australia AAA Aaa A A2
Austria AA+ Aa1 A- A3
Azerbaijan BB+ Ba1 A+ A1
Bahamas B+ B1 AA Aa2
Bahrain B+ B2 AA- Aa3
Bangladesh BB- Ba3 AA+ Aa1
Barbados B- Caa1 AAA Aaa
Belarus SD Ca B B2
Belgium AA Aa3 B- B3
Belize B- Caa2 B+ B1
Benin B+ B1 BB Ba2
Bermuda A+ A2 BB- Ba3
Bolivia B B2 BB+ Ba1
Bosnia and Herzegovin B B3 BBB Baa2
Botswana BBB+ A3 BBB- Baa3
Brazil BB- Ba2 BBB+ Baa1
Bulgaria BBB Baa1 C C2
Burkina Faso CCC+ Caa1 C- C3
Cambodia NA B2 C+ C1
Cameroon B- B2 CC Ca2
Canada AAA Aaa CC- Ca3
Cape Verde B- B3 CC+ Ca1
Cayman Islands NA Aa3 CCC Caa2
Chile A A2 CCC- Caa3
China A+ A1 CCC+ Caa1
Colombia BB+ Baa2
Congo (Democratic Rep B- B3
Congo (Republic of) CCC+ Caa2
Cook Islands NA B1
Costa Rica B B2
Côte d'Ivoire BB- Ba3
Croatia BBB+ Baa2
Cuba NA Ca
Curacao BBB Baa2
Cyprus BBB Ba1
Czech Republic AA- Aa3
Denmark AAA Aaa
Dominican Republic BB Ba3
Ecuador B- Caa3
Egypt B B2
El Salvador CCC+ Caa3
Estonia AA- A1
Ethiopia CCC Caa2
Fiji B+ B1
Finland AA+ Aa1
France AA Aa2
Gabon NA Caa1
Georgia BB Ba2
Germany AAA Aaa
Ghana SD Ca
Greece BB+ Ba3
Guatemala BB- Ba1
Guernsey (States of) AAA Aaa
Honduras BB- B1
Hong Kong AA+ Aa3
Hungary BBB Baa2
Iceland A A2
India BBB- Baa3
Indonesia BBB Baa2
Iraq B- Caa1
Ireland AA- A1
Isle of Man N/A Aa3
Israel AA- A1
Italy BBB Baa3
Jamaica B+ B2
Japan A+ A1
Jersey (States of) AAA Aaa
Jordan B+ B1
Kazakhstan BBB- Baa2
Kenya B B2
Korea AA Aa2
Kuwait A+ A1
Kyrgyzstan NA B3
Laos NA Caa3
Latvia A+ A3
Lebanon D C
Liechtenstein AAA Aaa
Lithuania A+ A2
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- Ba3
Malaysia A- A3
Maldives NA Caa1
Mali NA Caa2
Malta A- A2
Mauritius NA Baa3
Mexico BBB Baa2
Moldova NA B3
Mongolia B B3
Montenegro B B1
Montserrat BBB- Baa3
Morocco BB+ Ba1
Mozambique CCC+ Caa2
Namibia NA B1
Netherlands AAA Aaa
New Zealand AA+ Aaa
Nicaragua B B3
Niger NA B3
Nigeria B- B3
Norway AAA Aaa
Oman BB Ba3
Pakistan CCC+ Caa1
Panama BBB Baa2
Papua New Guinea B- B2
Paraguay BB Ba1
Peru NA Baa1
Philippines BBB+ Baa2
Poland A- A2
Portugal BBB+ Baa2
Qatar AA Aa3
Ras Al Khaimah (Emirat A- A3
Romania BBB- Baa3
Russia NA Caa1
Rwanda NA B2
Saudi Arabia A- A1
Senegal B+ Ba3
Serbia BB+ Ba2
Sharjah NA Ba1
Singapore AAA Aaa
Slovakia A+ A2
Slovenia AA- A3
Solomon Islands NA Caa1
South Africa BB- Ba2
Spain A Baa1
Sri Lanka SD Ca
St. Maarten NA Ba2
St. Vincent & the Gren NA B3
Suriname NA Caa3
Swaziland NA B3
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA+ Aa3
Tajikistan B- B3
Tanzania NA B2
Thailand BBB+ Baa1
Togo B B3
Trinidad and Tobago BBB- Ba2
Tunisia N/A Caa1
Turkey B B3
Turks and Caicos Island BBB+ Baa1
Uganda B B2
Ukraine CCC+ Caa3
United Arab Emirates AA Aa2
United Kingdom AA Aa3
United States AA+ Aaa
Uruguay BBB Baa2
Uzbekistan BB- B1
Venezuela NA C
Vietnam BB+ Ba2
Zambia NA Ca
GOVERNMENT BOND RATINGS
In local currency
re the S&P sovereign local currency ratings

se are the Moody's local currency rating
e are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate the
uivalent rating for these countries.
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 oAfrica
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 CongoAfrica
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
Laos Asia
Latvia Eastern Europe & Russia
Lebanon Middle East
Liechtenstein Western Europe
Lithuania Eastern Europe & Russia
Luxembourg Western Europe
Macao Asia
Macedonia Eastern Europe & Russia
Malaysia Asia
Maldives Asia
Mali Africa
Malta Western Europe
Mauritius Africa
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
Niger Africa
Nigeria Africa
Norway Western Europe
Oman Middle East
Pakistan Asia
Panama Central and South America
Papua New Guinea Asia
Paraguay Central and South America
Peru Central and South America
Philippines Asia
Poland Eastern Europe & Russia
Portugal Western Europe
Qatar Middle East
Ras Al Kaminah Middle East
Republic of the Congo Africa
Romania Eastern Europe & Russia
Russia Eastern Europe & Russia
Rwanda Africa
Saudi Arabia Middle East
Senegal Africa
Serbia Eastern Europe & Russia
Sharjah Middle East
Singapore Asia
Slovakia Eastern Europe & Russia
Slovenia Eastern Europe & Russia
Solomon Islands Asia
South Africa Africa
Spain Western Europe
Sri Lanka Asia
St. Maarten Caribbean
St. Vincent & the Grenadines Caribbean
Suriname Central and South America
Swaziland Africa
Sweden Western Europe
Switzerland Western Europe
Taiwan Asia
Tajikistan Eastern Europe & Russia
Tanzania Africa
Thailand Asia
Togo Africa
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
Uzbekistan Eastern Europe & Russia
Venezuela Central and South America
Vietnam Asia
Zambia Africa
CDS
Moody's CDS %
Default Spread Updated Default Country rating Spread ### Change Country
Rating 1/1/22) Spread (12/31/22) 1/1/22
A1 60 86 Abu Dhabi Aa2 0.77% 0.78% 1.30% Abu Dhabi
A2 72 104 Algeria NA 1.10% 1.73% 57.27% Algeria
A3 102 147 Angola B3 5.94% 6.55% 10.27% Angola
Aa1 34 49 Australia Aaa 0.23% 0.34% 47.83% Australia
Aa2 42 60 Austria Aa1 0.19% 0.24% 26.32% Austria
Aa3 51 73 Bahrain B2 3.40% 2.78% -18.24% Bahrain
Aaa 0 0 Belgium Aa3 0.21% 0.37% 76.19% Belgium
B1 383 551 Brazil Ba2 2.91% 3.52% 20.96% Brazil
B2 468 673 Bulgaria Baa2 0.81% 1.50% 85.19% Bulgaria
B3 553 795 Cameroon B2 3.56% 6.68% 87.64% Cameroon
Ba1 213 306 Canada Aaa 0.28% 0.36% 28.57% Canada
Ba2 256 368 Chile A1 1.25% 1.76% 40.80% Chile
Ba3 306 440 China A1 0.74% 1.11% 50.00% China
Baa1 136 196 Colombia Baa2 2.77% 3.65% 31.77% Colombia
Baa2 162 233 Costa Rica B1 3.92% 4.35% 10.97% Costa Rica
Baa3 187 269 Croatia Ba2 1.11% 1.34% 20.72% Croatia
Ca 1021 1468 Cyprus Ba2 0.74% 1.33% 79.73% Cyprus
Caa1 638 917 Czech Republic A1 0.47% 0.62% 31.91% Czech Rep
Caa2 766 1102 Denmark Aaa 0.15% 0.23% 53.33% Denmark
Caa3 851 1224 Dubai Aa2 1.33% 1.26% -5.26% Dubai
NR NA NA Ecuador Caa3 7.57% 16.93% 123.65% Ecuador
Egypt B2 5.74% 8.01% 39.55% Egypt
El Salvador B3 18.33% 27.46% 49.81% El Salvado
Estonia A1 0.85% 1.76% 107.06% Estonia
Finland Aa1 0.20% 0.34% 70.00% Finland
France Aa2 0.34% 0.42% 23.53% France
Germany Aaa 0.18% 0.28% 55.56% Germany
Greece B1 1.69% 1.97% 16.57% Greece
Guatemala Ba1 2.06% 2.28% 10.68% Guatamel
Hong Kong Aa2 0.41% 0.71% 73.17% Hong Kon
Hungary Baa3 0.69% 2.43% 252.17% Hungary
Iceland A3 0.73% 0.73% 0.00% Iceland
India Baa2 1.44% 1.67% 15.97% India
Indonesia Baa2 1.36% 1.75% 28.68% Indonesia
Iraq Caa1 5.63% 4.69% -16.70% Iraq
Ireland A2 0.27% 0.43% 59.26% Ireland
Israel A1 0.72% 0.67% -6.94% Israel
Italy Baa3 1.41% 1.84% 30.50% Italy
Japan A1 0.33% 0.31% -6.06% Japan
Kazakhstan Baa3 0.99% 2.70% 172.73% Kazakhsta
Kenya B2 4.44% 7.60% 71.17% Kenya
Korea Aa2 0.35% 0.68% 94.29% Korea
Kuwait Aa2 0.86% 0.79% -8.14% Kuwait
Latvia A3 0.74% 1.37% 85.14% Latvia
Lithuania A3 0.79% 1.45% 83.54% Lithuania
Malaysia A3 0.81% 1.24% 53.09% Malaysia
Mexico A3 1.58% 2.11% 33.54% Mexico
Morocco Ba1 1.32% 2.53% 91.67% Morocco
Namibia B1 NA 3.84% NA Namibia
Netherlands Aaa 0.19% 0.26% 36.84% Netherlan
New Zealand Aaa 0.21% 0.39% 85.71% New Zeala
Nicaragua B3 4.36% 6.27% 43.81% Nicaragua
Nigeria B2 5.53% 8.52% 54.07% Nigeria
Norway Aaa 0.19% 0.28% 47.37% Norway
Oman Ba1 3.19% 2.37% -25.71% Oman
Pakistan B3 3.67% NA NA Pakistan
Panama Baa1 1.26% 1.79% 42.06% Panama
Peru A3 1.31% 1.94% 48.09% Peru
Philippines Baa2 0.92% 1.64% 78.26% Philippine
Poland A2 0.68% 1.45% 113.24% Poland
Portugal Baa3 0.56% 0.81% 44.64% Portugal
Qatar Aa3 0.74% 0.79% 6.76% Qatar
Romania Baa3 1.24% 3.17% 155.65% Romania
Russia Baa3 1.70% 6.21% 265.29% Russia
Rwanda B2 3.36% 5.42% 61.31% Rwanda
Saudi Arabia A1 0.88% 0.96% 9.09% Saudi Arab
Senegal Ba3 2.66% 5.39% 102.63% Senegal
Serbia Ba3 1.37% 2.93% 113.87% Serbia
Slovakia A2 0.63% 0.75% 19.05% Slovakia
Slovenia Baa1 0.87% 1.00% 14.94% Slovenia
South Africa Baa3 2.85% 3.51% 23.16% South Afri
Spain Baa1 0.60% 0.82% 36.67% Spain
Sweden Aaa 0.19% 0.26% 36.84% Sweden
Switzerland Aaa 0.11% 0.17% 54.55% Switzerla
Thailand Baa1 0.52% 0.87% 67.31% Thailand
Tunisia B2 8.82% 8.69% -1.47% Tunisia
Turkey B1 5.51% 5.30% -3.81% Turkey
United Kingdom Aa2 0.18% 0.36% 100.00% United Ki
United States Aaa 0.19% 0.32% 68.42% United Sta
Uruguay Baa2 1.46% 1.43% -2.05% Uruguay
Vietnam Ba3 1.56% 2.07% 32.69% Vietnam
Average 51.52%
Median 43.81%
###
0.78%
1.73%
6.55%
0.34%
0.24%
2.78%
0.37%
3.52%
1.50%
6.68%
0.36%
1.76%
1.11%
3.65%
4.35%
1.34%
1.33%
0.62%
0.23%
1.26%
16.93%
8.01%
27.46%
1.76%
0.34%
0.42%
0.28%
1.97%
2.28%
0.71%
2.43%
0.73%
1.67%
1.75%
4.69%
0.43%
0.67%
1.84%
0.31%
2.70%
7.60%
0.68%
0.79%
1.37%
1.45%
1.24%
2.11%
2.53%
3.84%
0.26%
0.39%
6.27%
8.52%
0.28%
2.37%
NA
1.79%
1.94%
1.64%
1.45%
0.81%
0.79%
3.17%
NA
5.42%
0.96%
5.39%
2.93%
0.75%
1.00%
3.51%
0.82%
0.26%
0.17%
0.87%
8.69%
5.30%
0.36%
0.32%
1.43%
2.07%
CDS Spread
Country Moody's rating (7/1/22) CDS Spread adj for US
Abu Dhabi Aa2 0.78% 0.46%
Albania B1 NA NA
Andorra (Principality of Baa2 NA NA
Angola B3 6.55% 6.23%
Argentina Ca NA NA
Armenia Ba3 NA NA
Aruba Baa2 NA NA
Australia Aaa 0.34% 0.02%
Austria Aa1 0.24% 0.00%
Azerbaijan Ba1 NA NA
Bahamas B1 NA NA
Bahrain B2 2.78% 2.46%
Bangladesh Ba3 NA NA
Barbados Caa1 NA NA
Belarus Ca NA NA
Belgium Aa3 0.37% 0.05%
Belize Caa2 NA NA
Benin B1 NA NA
Bermuda A2 NA NA
Bolivia B2 NA NA
Bosnia and Herzegovin B3 NA NA
Botswana A3 NA NA
Brazil Ba2 3.52% 3.20%
Bulgaria Baa1 1.50% 1.18%
Burkina Faso Caa1 NA NA
Cambodia B2 NA NA
Cameroon B2 6.68% 6.36%
Canada Aaa 0.36% 0.04%
Cape Verde B3 NA NA
Cayman Islands Aa3 NA NA
Chile A2 1.76% 1.44%
China A1 1.11% 0.79%
Colombia Baa2 3.65% 3.33%
Congo (Democratic Rep B3 NA NA
Congo (Republic of) Caa2 NA NA
Cook Islands B1 NA NA
Costa Rica B2 4.35% 4.03%
Côte d'Ivoire Ba3 NA NA
Croatia Baa2 1.34% 1.02%
Cuba Ca NA NA
Curacao Baa2 NA NA
Cyprus Ba1 1.33% 1.01%
Czech Republic Aa3 0.62% 0.30%
Denmark Aaa 0.23% 0.00%
Dominican Republic Ba3 NA NA
Ecuador Caa3 16.93% 16.61%
Egypt B2 8.01% 7.69%
El Salvador Caa3 27.46% 27.14%
Estonia A1 1.76% 1.44%
Ethiopia Caa2 28.33% 28.01%
Fiji B1 NA NA
Finland Aa1 0.34% 0.02%
France Aa2 0.42% 0.10%
Gabon Caa1 NA NA
Georgia Ba2 NA NA
Germany Aaa 0.28% 0.00%
Ghana Ca NA NA
Greece Ba3 1.97% 1.65%
Guatemala Ba1 NA NA
Guernsey (States of) Aaa NA NA
Honduras B1 NA NA
Hong Kong Aa3 0.71% 0.39%
Hungary Baa2 2.43% 2.11%
Iceland A2 0.73% 0.41%
India Baa3 1.67% 1.35%
Indonesia Baa2 1.75% 1.43%
Iraq Caa1 4.69% 4.37%
Ireland A1 0.43% 0.11%
Isle of Man Aa3 NA NA
Israel A1 0.67% 0.35%
Italy Baa3 1.84% 1.52%
Jamaica B2 NA NA
Japan A1 0.31% 0.00%
Jersey (States of) Aaa NA NA
Jordan B1 NA NA
Kazakhstan Baa2 2.70% 2.38%
Kenya B2 7.60% 7.28%
Korea Aa2 0.68% 0.36%
Kuwait A1 0.79% 0.47%
Kyrgyzstan B3 NA NA
Laos Caa3 NA NA
Latvia A3 1.37% 1.05%
Lebanon C NA NA
Liechtenstein Aaa NA NA
Lithuania A2 1.45% 1.13%
Luxembourg Aaa NA NA
Macao Aa3 NA NA
Macedonia Ba3 NA NA
Malaysia A3 1.24% 0.92%
Maldives Caa1 NA NA
Mali Caa2 NA NA
Malta A2 NA NA
Mauritius Baa3 NA NA
Mexico Baa2 2.11% 1.79%
Moldova B3 NA NA
Mongolia B3 NA NA
Montenegro B1 NA NA
Montserrat Baa3 NA NA
Morocco Ba1 2.53% 2.21%
Mozambique Caa2 NA NA
Namibia B1 NA NA
Netherlands Aaa 0.26% 0.00%
New Zealand Aaa 0.39% 0.07%
Nicaragua B3 6.27% 5.95%
Niger B3 NA NA
Nigeria B3 8.52% 8.20%
Norway Aaa 0.28% 0.00%
Oman Ba3 2.37% 2.05%
Pakistan Caa1 NA NA
Panama Baa2 1.79% 1.47%
Papua New Guinea B2 NA NA
Paraguay Ba1 NA NA
Peru Baa1 1.94% 1.62%
Philippines Baa2 1.64% 1.32%
Poland A2 1.45% 1.13%
Portugal Baa2 0.81% 0.49%
Qatar Aa3 0.79% 0.47%
Ras Al Khaimah (Emirat A3 NA NA
Romania Baa3 3.17% 2.85%
Russia Caa1 NA NA
Rwanda B2 5.42% 5.10%
Saudi Arabia A1 0.96% 0.64%
Senegal Ba3 5.39% 5.07%
Serbia Ba2 2.93% 2.61%
Sharjah Ba1 NA NA
Singapore Aaa NA NA
Slovakia A2 0.75% 0.43%
Slovenia A3 1.00% 0.68%
Solomon Islands Caa1 NA NA
South Africa Ba2 3.51% 3.19%
Spain Baa1 0.82% 0.50%
Sri Lanka Ca NA NA
St. Maarten Ba2 NA NA
St. Vincent & the Gren B3 NA NA
Suriname Caa3 NA NA
Swaziland B3 NA NA
Sweden Aaa 0.26% 0.00%
Switzerland Aaa 0.17% 0.00%
Taiwan Aa3 NA NA
Tajikistan B3 NA NA
Tanzania B2 NA NA
Thailand Baa1 0.87% 0.55%
Togo B3 NA NA
Trinidad and Tobago Ba2 NA NA
Tunisia Caa1 8.69% 8.37%
Turkey B3 5.30% 4.98%
Turks and Caicos Island Baa1 NA NA
Uganda B2 NA NA
Ukraine Caa3 NA NA
United Arab Emirates Aa2 NA NA
United Kingdom Aa3 0.36% 0.04%
United States Aaa 0.32% 0.00%
Uruguay Baa2 1.43% 1.11%
Uzbekistan B1 NA NA
Venezuela C NA NA
Vietnam Ba2 2.07% 1.75%
Zambia Ca NA NA
CDS
Spread
net of
Country ### US
Abu Dhabi 0.78% 0.46%
Algeria 1.73% 1.41%
Angola 6.55% 6.23%
Argentina NA #VALUE!
Australia 0.34% 0.02%
Austria 0.24% 0.00%
Bahrain 2.78% 2.46%
Belgium 0.37% 0.05%
Brazil 3.52% 3.20%
Bulgaria 1.50% 1.18%
Cameroon 6.68% 6.36%
Canada 0.36% 0.04%
Chile 1.76% 1.44%
China 1.11% 0.79%
Colombia 3.65% 3.33%
Costa Rica 4.35% 4.03%
Croatia 1.34% 1.02%
Cyprus 1.33% 1.01%
Czech Republic 0.62% 0.30%
Denmark 0.23% 0.00%
Dubai 1.26% 0.94%
Ecuador 16.93% 16.61%
Egypt 8.01% 7.69%
El Salvador 27.46% 27.14%
Estonia 1.76% 1.44%
Ethiopia 28.33% 28.01%
Finland 0.34% 0.02%
France 0.42% 0.10%
Germany 0.28% 0.00%
Greece 1.97% 1.65%
Guatamela 2.28% 1.96%
Hong Kong 0.71% 0.39%
Hungary 2.43% 2.11%
Iceland 0.73% 0.41%
India 1.67% 1.35%
Indonesia 1.75% 1.43%
Iraq 4.69% 4.37%
Ireland 0.43% 0.11%
Israel 0.67% 0.35%
Italy 1.84% 1.52%
Japan 0.31% 0.00%
Kazakhstan 2.70% 2.38%
Kenya 7.60% 7.28%
Korea 0.68% 0.36%
Kuwait 0.79% 0.47%
Latvia 1.37% 1.05%
Lebanon NA NA
Lithuania 1.45% 1.13%
Malaysia 1.24% 0.92%
Mexico 2.11% 1.79%
Morocco 2.53% 2.21%
Namibia 3.84% 3.52%
Netherlands 0.26% 0.00%
New Zealand 0.39% 0.07%
Nicaragua 6.27% 5.95%
Nigeria 8.52% 8.20%
Norway 0.28% 0.00%
Oman 2.37% 2.05%
Pakistan NA NA
Panama 1.79% 1.47%
Peru 1.94% 1.62%
Philippines 1.64% 1.32%
Poland 1.45% 1.13%
Portugal 0.81% 0.49%
Qatar 0.79% 0.47%
Romania 3.17% 2.85%
Russia NA NA
Rwanda 5.42% 5.10%
Saudi Arabia 0.96% 0.64%
Senegal 5.39% 5.07%
Serbia 2.93% 2.61%
Slovakia 0.75% 0.43%
Slovenia 1.00% 0.68%
South Africa 3.51% 3.19%
Spain 0.82% 0.50%
Sri Lanka NA NA
Sweden 0.26% 0.00%
Switzerland 0.17% 0.00%
Thailand 0.87% 0.55%
Tunisia 8.69% 8.37%
Turkey 5.30% 4.98%
Ukraine NA NA
United Kingdom 0.36% 0.04%
United States 0.32% 0.00%
Uruguay 1.43% 1.11%
Venezuela NA NA
Vietnam 2.07% 1.75%
Zambia NA NA
Date: Feb-22
Std deviation in Equities
Country sBond sEquity/ sBond s (CDS)
(weekly)
Algeria NA NA NA 0.17%
Angola NA NA NA 0.68%
Argentina 53.16% NA NA 3.70%
Bahrain 12.76% NA NA 0.45%
Banglades 13.55% NA NA NA
h
Bosnia 15.69% NA NA NA
Botswana 2.91% NA NA NA
Brazil 45.37% 26.62% 1.70 0.38%
Bulgaria 19.80% 5.37% 3.69 0.43%
Cameroo NA NA NA 0.34%
n
Chile 35.37% 31.58% 1.12 0.31%
China 25.06% NA NA 0.51%
Colombia 37.17% 31.13% 1.19 0.41%
Costa Rica 19.85% NA NA 0.39%
Croatia 22.53% NA NA 0.35%
Cyprus 19.12% 4.83% 3.96 0.49%
Czech
Republic 25.16% 4.64% 5.42 0.43%
Egypt 25.49% NA NA 0.37%

El
NA NA NA 0.50%
Salvador
Estonia 20.67% NA NA 0.52%
Ghana 12.93% NA NA 0.54%
Greece 43.44% 26.37% 1.65 0.33%
Guatemel
NA NA NA 0.27%
a
Hungary 29.53% 31.76% 0.93 0.22%
India 33.13% 10.74% 3.08 0.38%
Indonesia 27.23% 13.94% 1.95 0.41%
Iraq NA NA NA 0.47%
Israel 26.63% 47.43% 0.56 0.32%
Italy 33.16% 15.55% 2.13 0.35%
Jamaica 8.81% NA NA NA
Jordan 9.77% NA NA NA
Kazakhast
NA NA NA 0.32%
an
Kenya 19.39% NA NA 0.34%
Kuwait 28.60% NA NA 0.25%
Laos 9.15% NA NA NA
Latvia 25.92% NA NA 0.11%
Lebanon 15.14% 12.99% 1.17 NA
Lithuania 16.49% 16.98% 0.97 0.12%
Macedoni 25.53% NA NA NA
a
Malaysia 19.59% 7.04% 2.78 0.45%
Malta 14.30% NA NA NA
Mauritius 23.46% NA NA NA
Mexico 25.12% 17.21% 1.46 0.43%
Mongolia 18.99% NA NA NA
Montene 16.30% NA NA NA
gro
Morocco 20.15% NA NA 0.36%
Namibia 8.95% NA NA NA
Nigeria 18.29% 20.56% 0.89 0.40%
Oman 11.35% NA NA 0.32%
Pakistan 26.57% 14.04% 1.89 0.27%
Palestine 8.35% NA NA NA
Panama 10.82% NA NA 0.32%
Peru 21.56% 24.77% 0.87 0.32%
Philippine 33.62% 29.83% 1.13 0.42%
s
Qatar 18.63% NA NA 0.45%
Romania 24.24% 23.64% 1.03 0.43%
Russia 25.91% 17.26% 1.50 0.56%
Rwanda NA NA NA 0.47%
Saudi 17.96% 27.96% 0.64 0.47%
Arabia
Senegal NA NA NA 0.54%
Serbia 10.74% NA NA 0.16%
Singapore 22.75% NA NA NA
Slovakia 21.07% NA NA 0.22%
Slovenia 20.75% 5.00% 4.15 0.21%
South 29.99% 17.86% 1.68 0.26%
Africa
Sri Lanka 26.71% NA NA 0.48%
Taiwan 21.51% NA NA NA
Tanzania 10.61% NA NA NA
Thailand 30.12% 31.01% 0.97 0.37%
Tunisia 10.57% NA NA 0.48%
Turkey 26.30% 16.22% 1.62 0.52%
UAE 28.20% NA NA NA
Ukraine 5.97% 13.34% 0.45 0.36%
Uruguay NA NA NA 0.58%
US 33.85% NA NA NA
Venezuela 64.98% NA NA NA
Vietnam 26.12% NA NA 0.32%
Zambia NA NA NA 0.54%
Average 1.81
Median 1.48
Median 1.49
CDS CV(CDS) sEquity/ sCDS
1.10% 15.45% NA
7.50% 9.07% NA
19.55% 18.93% 2.81
3.18% 14.15% 0.90
NA NA NA
NA NA NA
NA NA NA
2.15% 17.67% 2.57
0.70% 61.43% 0.32
5.87% 5.79% NA
0.90% 34.44% 1.03
0.56% 91.07% 0.28
1.52% 26.97% 1.38
6.13% 6.36% 3.12
1.28% 27.34% 0.82
1.19% 41.18% 0.46
0.51% 84.31% 0.30
4.08% 9.07% 2.81

7.78% 6.43% NA
0.70% 74.29% 0.28
5.08% 10.63% 1.22
1.61% 20.50% 2.12
2.15% 12.56% NA
0.94% 23.40% 1.26
1.24% 30.65% 1.08
1.28% 32.03% 0.85
6.98% 6.73% NA
0.77% 41.56% 0.64
1.43% 24.48% 1.35
NA NA NA
NA NA NA
0.99% 32.32% NA
4.06% 8.37% 2.32
0.75% 33.33% 0.86
NA NA NA
0.93% 11.83% 2.19
NA NA NA
0.90% 13.33% 1.24
NA NA NA
0.70% 64.29% 0.30
NA NA NA
NA NA NA
1.45% 29.66% 0.85
NA NA NA
NA NA NA
1.56% 23.08% 0.87
NA NA NA
3.59% 11.14% 1.64
3.90% 8.21% 1.38
4.51% 5.99% 4.44
NA NA NA
0.95% 33.68% 0.32
1.04% 30.77% 0.70
0.67% 62.69% 0.54
0.74% 60.81% 0.31
1.22% 35.25% 0.69
1.47% 38.10% 0.68
3.72% 12.63% NA
1.12% 41.96% 0.43
2.94% 18.37% NA
1.61% 9.94% 1.08
NA NA NA
0.79% 27.85% 0.76
1.06% 19.81% 1.05
2.93% 8.87% 3.38
12.19% 3.94% 6.78
NA NA NA
NA NA NA
0.62% 59.68% 0.50
4.85% 9.90% 1.07
3.31% 15.71% 1.67
NA NA NA
4.18% 8.61% 0.69
1.27% 45.67% NA
NA NA NA
NA NA NA
1.49% 21.48% 1.22
NA NA NA
1.35
1.03
1.03
GDP (in millions) in
Country 2021
Economy US dollars)
Abu Dhabi 446000 Afghanistan 20,116
Albania 18260.0434998068 SourceWorld Bank Albania 18,260
Andorra (Principality of) 3.33 Year 2021 Algeria 167,983
Angola 72546.9857085707 American Samoa 709
Argentina 491492.700657012 Andorra 3,330
Armenia 13861.1838735931 Angola 72,547
Aruba 2496.64804469274 Antigua and Barbuda 1,471
Australia 1542659.89999254 Argentina 491,493
Austria 477082.467454295 Armenia 13,861
Azerbaijan 54622.1764705882 Aruba 2,497
Bahamas 11 Australia 1,542,660
Bahrain 38868.6630319149 Austria 477,082
Bangladesh 416264.942893326 Azerbaijan 54,622
Barbados 4900.8 Bahamas, The 11,209
Belarus 68218.8164841226 Bahrain 38,869
Belgium 599879.02537751 Bangladesh 416,265
Belize 1789.92326403 Barbados 4,901
Benin 17785.6400791191 Belarus 68,219
Bermuda 7080.9 Belgium 599,879
Bolivia 40408.2085238784 Belize 1,790
Bosnia and Herzegovina 22571.5128672816 Benin 17,786
Botswana 17613.8464729916 Bermuda 7,081
Brazil 1608981.2208122 Bhutan 2,315
Bulgaria 80271.1194261076 Bolivia 40,408
Burkina Faso 19737.6151143661 Bosnia and Herzegovina 22,572
Cambodia 26961.0611197957 Botswana 17,614
Cameroon 45238.6134798308 Brazil 1,608,981
Canada 1990761.60966523 Brunei Darussalam 14,007
Cape Verde 1.7 Bulgaria 80,271
Cayman Islands 5608.9891955292 Burkina Faso 19,738
Chile 317058.50865176 Burundi 2,902
China 17734062.6453714 Cabo Verde 1,936
Colombia 314322.453228295 Cambodia 26,961
Congo (Democratic Repub 53,959 Cameroon 45,239
Congo (Republic of) 12,524 Canada 1,990,762
Cook Islands 0.384 Cayman Islands 5,609
Costa Rica 64282.438666739 Central African Republic 2,516
Côte d'Ivoire 69764.8274674423 Chad 11,780
Croatia 67837.7885435852 Chile 317,059

Cuba 107352 China 17,734,063
Curacao 3.1 Colombia 314,322
Cyprus 27719.3376700177 Comoros 1,328
Czech Republic 282340.849856614 Congo, Dem. Rep. 53,959
Denmark 397104.343478301 Congo, Rep. 12,524
Dominican Republic 94243.4539374462 Costa Rica 64,282
Ecuador 106165.866 Côte d'Ivoire 69,765
Egypt 404,143 Croatia 67,838
El Salvador 28736.94 Cuba 107,352
Estonia 36262.9243536041 Curaçao 2,496
Ethiopia 111271.112329975 Cyprus 27,719
Fiji 4592.11870955279 Czech Republic 282,341
Finland 299155.237589142 Denmark 397,104
France 2937472.75795344 Djibouti 3,371
Gabon 18269.3504337992 Dominica 546
Georgia 18700.2413921575 Dominican Republic 94,243
Germany 4223116.20596892 Ecuador 106,166
Ghana 77594.2790548795 Egypt, Arab Rep. 404,143
Greece 216240.589485256 El Salvador 28,737
Guatemala 85986.3215512388 Equatorial Guinea 12,269
Guernsey (States of) 3180 Estonia 36,263
Honduras 28488.6683016401 Eswatini 4,941
Hong Kong 346600 Ethiopia 111,271
Hungary 182280.517581212 Faroe Islands 3,241
Iceland 25458.9339158742 Fiji 4,592
India 3173397.59081691 Finland 299,155
Indonesia 1186092.99132004 France 2,937,473
Iraq 207889.333724138 French Polynesia 5,669
Ireland 498559.576714721 Gabon 18,269
Isle of Man 7315.38805208067 Gambia, The 2,078
Israel 481591.266133409 Georgia 18,700
Italy 2099880.19825888 Germany 4,223,116
Jamaica 13638.230995679 Ghana 77,594
Japan 4937421.88046155 Greece 216,241
Jersey (States of) 4890 Greenland 3,076
Jordan 45243.661971831 Grenada 1,122
Kazakhstan 190814.274226211 Guam 5,844
Kenya 110347.079517356 Guatemala 85,986
Korea 1630.53 Guinea 15,851
Kuwait 105960.225688145 Guinea-Bissau 1,639

Kyrgyzstan 8543.4235026134 Guyana 7,409
Laos 18827.1485300151 Haiti 20,944
Latvia 38872.5462285653 Honduras 28,489
Lebanon 18076.6248401841 Hong Kong SAR, China 368,139
Liechtenstein 6427.24894344939 Hungary 182,281
Lithuania 65503.8497045997 Iceland 25,459
Luxembourg 86710.8033370994 India 3,173,398
Macao 29905.1901817501 Indonesia 1,186,093
Macedonia 13879.2691515718 Iran, Islamic Rep. 231,548
Malaysia 372701.358820264 Iraq 207,889
Maldives 4889.66693163855 Ireland 498,560
Mali 19143.7415031482 Isle of Man 7,315
Malta 17189.7304695554 Israel 481,591
Mauritius 11156.6577696974 Italy 2,099,880
Mexico 1293037.86636017 Jamaica 13,638
Moldova 13679.2213332052 Japan 4,937,422
Mongolia 15098.0228286106 Jordan 45,244
Montenegro 5809.17096178285 Kazakhstan 190,814
Montserrat 25000 Kenya 110,347
Morocco 132725.261467431 Kiribati 181
Mozambique 16095.8288966342 Korea, Rep. 1,798,534
Namibia 12236.2507841336 Kosovo 9,007
Netherlands 1018007.0569496 Kuwait 105,960
New Zealand 249991.512236526 Kyrgyz Republic 8,543
Nicaragua 14013.0220920645 Lao PDR 18,827
Niger 14950.9498752729 Latvia 38,873
Nigeria 440776.971536015 Lebanon 18,077
Norway 482437.019790454 Lesotho 2,518
Oman 85868.6265279584 Liberia 3,487
Pakistan 346343.170486072 Libya 41,880
Panama 63605.0658 Liechtenstein 6,427
Papua New Guinea 26594.277245782 Lithuania 65,504
Paraguay 38986.8109890011 Luxembourg 86,711
Peru 223249.497500387 Macao SAR, China 29,905
Philippines 394086.419343056 Madagascar 14,637
Poland 674048.266397369 Malawi 12,627
Portugal 249886.464354752 Malaysia 372,701
Qatar 179570.783550549 Maldives 4,890
Ras Al Khaimah (Emirate 35200 Mali 19,144
Romania 284087.563695798 Malta 17,190

Russia 1775799.91935298 Marshall Islands 249
Rwanda 11070.3565194804 Mauritania 8,228
Saudi Arabia 833541.236569315 Mauritius 11,157
Senegal 27625.3883521688 Mexico 1,293,038
Serbia 63068.1346011254 Micronesia, Fed. Sts. 404
Sharjah 24800 Moldova 13,679
Singapore 396986.899888351 Monaco 6,816
Slovakia 114870.706410165 Mongolia 15,098
Slovenia 61526.331889499 Montenegro 5,809
Solomon Islands 1645.21388162016 Morocco 132,725
South Africa 419946.428126008 Mozambique 16,096
Spain 1425276.58628292 Myanmar 65,068
Sri Lanka 84518.8303926157 Namibia 12,236
St. Maarten 11900 Nauru 133
St. Vincent & the Grena 8100 Nepal 36,289
Suriname 2862.13197969543 Netherlands 1,018,007
Swaziland 4941.37318208261 New Caledonia 9,436
Sweden 627437.89888729 New Zealand 249,992
Switzerland 812866.92886747 Nicaragua 14,013
Taiwan 689000 Niger 14,951
Tajikistan 8746.27063640142 Nigeria 440,777
Tanzania 67775.1017943478 North Macedonia 13,879
Thailand 505981.655622305 Northern Mariana Islands 1,182
Togo 8413.2005676151 Norway 482,437
Trinidad and Tobago 21391.8023110118 Oman 85,869
Tunisia 46840.0429414922 Pakistan 346,343
Turkey 815271.751724423 Palau 258
Turks and Caicos Islands 943.269768 Panama 63,605
Uganda 40434.7015169528 Papua New Guinea 26,594
Ukraine 200085.537744354 Paraguay 38,987
United Arab Emirates 358868.765174924 Peru 223,249
United Kingdom 3186859.73918502 Philippines 394,086
United States of Americ 22996100 Poland 674,048
Uruguay 59319.5476360876 Portugal 249,886
Uzbekistan 69238.9031061738 Puerto Rico 103,138
Venezuela 98400 Qatar 179,571
Vietnam 362637.524070969 Romania 284,088
Zambia 21203.0590803507 Russian Federation 1,775,800

Rwanda 11,070
Samoa 788
Algeria 167983.141738311 San Marino 1,545
Brunei 14007 São Tomé and Principe 547
Gambia 2078 Saudi Arabia 833,541
Guinea 15850.5203839941 Senegal 27,625
Guinea-Bissau 1638.51753316504 Serbia 63,068
Guyana 7409.17992086331 Seychelles 1,320
Haiti 20944.3926150803 Sierra Leone 4,200
Iran 231548 Singapore 396,987
Korea, D.P.R. 28500 Slovak Republic 114,871
Liberia 3486.74137 Slovenia 61,526
Libya 41879.5796771747 Solomon Islands 1,645
Madagascar 14637.400395689 Somalia 7,293
Malawi 12626.7180737439 South Africa 419,946
Myanmar 65067.8089846792 Spain 1,425,277
Sierra Leone 4200.38012432911 Sri Lanka 84,519
Somalia 7292.72182000001 St. Kitts and Nevis 976
Sudan 34326.0585574359 St. Lucia 1,765
Syria 21450 St. Vincent and the Grenadin 890
Yemen, Republic 21062 Sudan 34,326
Zimbabwe 26217.7267173386 Suriname 2,862

Sweden 627,438
Switzerland 812,867
Tajikistan 8,746
Tanzania 67,775
Thailand 505,982
Timor-Leste 1,959
Togo 8,413
Tonga 489
Trinidad and Tobago 21,392
Tunisia 46,840
Türkiye 815,272
Turkmenistan 45,231
Turks and Caicos Islands 943
Tuvalu 63
Uganda 40,435
Ukraine 200,086
United Arab Emirates 358,869
United Kingdom 3,186,860

United States 22,996,100
Uruguay 59,320
Uzbekistan 69,239
Vanuatu 983
Vietnam 362,638
Vietnam $ 261.90
Virgin Islands (U.S.) 4,204
Virgin Islands (U.S.) $ 3.90

West Bank and Gaza 18,037
West Bank and Gaza $ 14.60

Yemen, Rep. 21,062
Yemen, Rep. $ 27.60

Zambia 21,203
Zambia $ 23.10
Zimbabwe 26,218
Zimbabwe $ 21.40
Country S&P Rating
Moody's Rating Country Moody's
Abu Dhabi NA Aa2 Abu Dhabi Aa2
Albania B+ B1 Albania B1
Andorra (Principality of) BBB+ Baa2 Andorra Baa2
Angola B- B3 Angola B3
Argentina CCC+ Ca Argentina Ca
Armenia B+ Ba3 Armenia Ba3

Aruba BBB NA Aruba NA
Australia AAA Aaa Australia Aaa
Austria AA+ Aa1 Austria Aa1

Azerbaijan BB+ Ba1 Azerbaijan Ba1
Bahamas B+ B1 Bahamas B1
Bahrain B+ B2 Bahrain B2
Bangladesh BB- Ba3 Bangladesh Ba3

Barbados B- Caa1 Barbados Caa1
Belarus SD Ca Belarus Ca
Belgium AA Aa3 Belgium Aa3

Belize B- Caa2 Belize Caa2
Benin B+ B1 Benin B1
Bermuda A+ A2 Bermuda A2
Bolivia B B2 Bolivia B2
Bosnia and Herzegovina B B3 Bosnia and Herzegovina B3
Botswana BBB+ A3 Botswana A3

Brazil BB- Ba2 Brazil Ba2
Bulgaria BBB Baa1 Bulgaria Baa1
Burkina Faso CCC+ NA Burkina Faso NA

Cambodia NA B2 Cambodia B2
Cameroon B- B2 Cameroon B2
Canada AAA Aaa Canada Aaa
Cape Verde B- NA Cape Verde NA

Cayman Islands NA Aa3 Cayman Islands Aa3
Chile A A2 Chile A2
China A+ A1 China A1
Colombia BB+ Baa2 Colombia Baa2
Congo (Democratic Repub B- B3 Congo (Democratic Republ B3
Congo (Republic of) CCC+ Caa2 Congo (Republic of) Caa2
Cook Islands NA B1 Cook Islands B1

Costa Rica B B2 Costa Rica B2
Côte d'Ivoire BB- Ba3 Cote d'Ivoire Ba3

Croatia BBB+ Baa2 Croatia Baa2
Cuba NA Ca Cuba Ca
Curacao Baa2 BBB Curacao BBB

Cyprus BBB Ba1 Cyprus Ba1
Czech Republic AA- Aa3 Czech Republic Aa3
Denmark AAA Aaa Denmark Aaa
Dominican Republic BB Ba3 Dominican Republic Ba3

Ecuador B- Caa3 Ecuador Caa3
Egypt B B2 Egypt B2
El Salvador CCC+ Caa3 El Salvador Caa3

Estonia AA- A1 Estonia A1
Ethiopia CCC Caa2 Ethiopia Caa2
Fiji B+ B1 Fiji B1
Finland AA+ Aa1 Finland Aa1
France AA Aa2 France Aa2
Gabon NA Caa1 Gabon Caa1

Georgia BB Ba2 Georgia Ba2
Germany AAA Aaa Germany Aaa
Ghana SD Ca Ghana Ca
Greece BB+ Ba3 Greece Ba3
Guatemala BB- Ba1 Guatemala Ba1
Guernsey (States of) AAA Aaa Guernsey (Channel Islands) Aaa

Honduras BB- B1 Honduras B1
Hong Kong AA+ Aa3 Hong Kong Aa3
Hungary BBB Baa2 Hungary Baa2
Iceland A A2 Iceland A2
India BBB- Baa3 India Baa3
Indonesia BBB Baa2 Indonesia Baa2
Iraq B- Caa1 Iraq Caa1
Ireland AA- A1 Ireland A1
Isle of Man N/A Aa3 Isle of Man Aa3
Israel AA- A1 Israel A1

Italy BBB Baa3 Italy Baa3
Jamaica B+ B2 Jamaica B2
Japan A+ A1 Japan A1
Jersey (States of) AAA Aaa Jersey (Channel Islands) Aaa
Jordan B+ B1 Jordan B1
Kazakhstan BBB- Baa2 Kazakhstan Baa2
Kenya B B2 Kenya B2
Korea AA Aa2 Korea Aa2
Kuwait A+ A1 Kuwait A1
Kyrgyzstan NA B3 Kyrgyz Republic B3
Laos NA Caa3 Laos Caa3
Latvia A+ A3 Latvia A3

Lebanon D C Lebanon C
Liechtenstein AAA NA Liechtenstein NA
Lithuania A+ A2 Lithuania A2

Luxembourg AAA Aaa Luxembourg Aaa
Macao NA Aa3 Macao Aa3
Macedonia BB- NA Macedonia NA

Malaysia A- A3 Malaysia A3
Maldives NA Caa1 Maldives Caa1
Mali NA Caa2 Mali Caa2

Malta A- A2 Malta A2
Mauritius NA Baa3 Mauritius Baa3
Mexico BBB Baa2 Mexico Baa2

Moldova NA B3 Moldova B3
Mongolia B B3 Mongolia B3
Montenegro B B1 Montenegro B1
Montserrat BBB- NA Montserrat NA

Morocco BB+ Ba1 Morocco Ba1
Mozambique CCC+ Caa2 Mozambique Caa2
Namibia NA B1 Namibia B1
Netherlands AAA Aaa Netherlands Aaa
New Zealand AA+ Aaa New Zealand Aaa
Nicaragua B B3 Nicaragua B3
Niger NA B3 Niger B3
Nigeria B- B3 Nigeria B3
Norway AAA Aaa Norway Aaa
Oman BB Ba3 Oman Ba3
Pakistan CCC+ Caa1 Pakistan Caa1

Panama BBB Baa2 Panama Baa2
Papua New Guinea B- B2 Papua New Guinea B2
Paraguay BB Ba1 Paraguay Ba1
Peru NA Baa1 Peru Baa1

Philippines BBB+ Baa2 Philippines Baa2
Poland A- A2 Poland A2
Portugal BBB+ Baa2 Portugal Baa2

Qatar AA Aa3 Qatar Aa3
Ras Al Khaimah (Emirate A- A3 Ras Al Khaimah (Emirate o NA
Romania BBB- Baa3 Romania Baa3

Russia NA Caa1 Russia Caa1
Rwanda NA B2 Rwanda B2
Saudi Arabia A- A1 Saudi Arabia A1

Senegal B+ Ba3 Senegal Ba3
Serbia BB+ Ba2 Serbia Ba2
Sharjah NA Ba1 Sharjah Ba1

Singapore AAA Aaa Singapore Aaa
Slovakia A+ A2 Slovakia A2
Slovenia AA- A3 Slovenia A3

Solomon Islands NA Caa1 Solomon Islands Caa1
South Africa BB- Ba2 South Africa Ba2
Spain A Baa1 Spain Baa1
Sri Lanka SD Ca Sri Lanka Ca

St. Maarten NA Ba2 Sint Maarten NA
St. Vincent & the Grenad NA B3 St. Vincent & the Grenadine B3
Suriname NA Caa3 Suriname Caa3
Swaziland NA B3 eSwatini B3
Sweden AAA Aaa Sweden Aaa
Switzerland AAA Aaa Switzerland Aaa

Taiwan AA+ Aa3 Taiwan Aa3
Tajikistan B- B3 Tajikistan B3
Tanzania NA B2 Tanzania B2
Thailand BBB+ Baa1 Thailand Baa1
Togo B B3 Togo B3
Trinidad and Tobago BBB- Ba2 Trinidad and Tobago Ba2
Tunisia N/A Caa1 Tunisia Caa1
Turkey B B3 Turkey B3
Turks and Caicos Islands BBB+ Baa1 Turks and Caicos Islands NA
Uganda B B2 Uganda B2
Ukraine CCC+ Caa3 Ukraine Caa3
United Arab Emirates AA Aa2 United Arab Emirates Aa2

United Kingdom AA Aa3 United Kingdom Aa3
United States AA+ Aaa United States of America Aaa
Uruguay BBB Baa2 Uruguay Baa2

Uzbekistan BB- B1 Uzbekistan B1
Venezuela NA C Venezuela C
Vietnam BB+ Ba2 Vietnam Ba2

Zambia NA Ca Zambia Ca
S&P FC LC S&P
NA Abu Dhabi Aa2 Aa2 Albania B+
B+ Albania B1 B1 Andorra BBB+
BBB+ Andorra Baa2 Baa2 Angola B-
B- Angola B3 B3 Argentina CCC+
CCC+ Argentina Ca Ca Armenia B+
B+ Armenia Ba3 Ba3 Aruba BBB
BBB Australia Aaa Aaa Australia AAA
AAA Austria Aa1 Aa1 Austria AA+
AA+ Azerbaija Ba1 Ba1 Azerbaijan BB+
BB+ Bahamas B1 B1 Bahamas B+
B+ Bahamas-O - - Bahrain B+
B+ Bahrain B2 B2 Bangladesh BB-
BB- Bahrain-Of - - Barbados B-
B- Banglades Ba3 Ba3 Belarus SD
SD Barbados Caa1 Caa1 Belgium AA
AA Belarus Ca Ca Belize B-
B- Belgium Aa3 Aa3 Benin B+
B+ Belize Caa2 Caa2 Bermuda A+
A+ Benin B1 B1 Bolivia B
B Bermuda A2 A2 B
Bosnia and Herzegovina
B Bolivia B2 B2 Botswana BBB+
BBB+ Bosnia an B3 B3 Brazil BB-
BB- Botswana A3 A3 Bulgaria BBB
BBB Brazil Ba2 Ba2 Burkina Faso CCC+
CCC+ Bulgaria Baa1 Baa1 Cambodia NA
NA Cambodia B2 B2 Cameroon B-
B- Cameroon B2 B2 Canada AAA
AAA Canada Aaa Aaa Cape Verde B-
B- Cayman Is Aa3 Aa3 NA
Cayman Islands
NA Cayman Is - - Chile A
A Chile A2 A2 China A+
A+ China A1 A1 Colombia BB+
BB+ Colombia Baa2 Baa2 Congo B-
B- Costa Rica B2 B2 Costa Rica B
CCC+ Cote d'Ivo Ba3 Ba3 Croatia BBB+
NA Croatia Baa2 Baa2 Cuba NA
B Cuba Ca Ca Cyprus BBB
BB- Cyprus Ba1 Ba1 AA-
Czech Republic
BBB+ Czech Rep Aa3 Aa3 Denmark AAA
NA Democrati B3 B3 BB
Dominican Republic
Baa2 Denmark Aaa Aaa Ecuador B-
BBB Dominican Ba3 Ba3 Egypt B
AA- Ecuador Caa3 - El Salvador CCC+
AAA Egypt B2 B2 Estonia AA-
BB El Salvado Caa3 - #N/A Ethiopia CCC
B- Estonia A1 A1 AA
European Union
B eSwatini B3 B3 Fiji B+
CCC+ Ethiopia Caa2 Caa2 Finland AA+
AA- Fiji B1 B1 France AA
CCC Finland Aa1 Aa1 Gabon NA
B+ France Aa2 Aa2 Georgia BB
AA+ Gabon Caa1 Caa1 Germany AAA
AA Georgia Ba2 Ba2 Ghana SD
NA Germany Aaa Aaa Greece BB+
BB Ghana Ca Ca Grenada SD
AAA Greece Ba3 Ba3 Guatemala BB-
SD Guatemal Ba1 Ba1 Honduras BB-
BB+ Guernsey ( - - Hong Kong AA+
BB- Honduras B1 B1 Hungary BBB
AAA Hong Kong Aa3 Aa3 Iceland A
BB- Hungary Baa2 Baa2 India BBB-
AA+ Iceland A2 A2 Indonesia BBB
BBB India Baa3 Baa3 Iraq B-
A Indonesia Baa2 Baa2 Ireland AA-
BBB- Iraq Caa1 Caa1 Isle of Man N/A
BBB Ireland A1 A1 Israel AA-
B- Isle of Ma Aa3 Aa3 Italy BBB
AA- Israel A1 A1 Ivory Coast BB-
N/A Italy Baa3 Baa3 Jamaica B+
AA- Jamaica B2 B2 Japan A+
BBB Japan A1 A1 Jordan B+
B+ Jersey (Ch - - Kazakhstan BBB-
A+ Jordan B1 B1 Kenya B
AAA Kazakhsta Baa2 Baa2 Kuwait A+
B+ Kenya B2 B2 Kyrgyzstan NR
BBB- Korea Aa2 Aa2 Laos NA
B Kuwait A1 A1 Latvia A+
AA Kyrgyz Rep B3 B3 Lebanon D
A+ Laos Caa3 Caa3 Lesotho NA
NA Latvia A3 A3 Liechtenstein AAA
NA Lebanon C C Lithuania A+
A+ Liechtenst - - Luxembourg AAA
D Lithuania A2 A2 Macau NA
AAA Luxembou Aaa Aaa Macedonia BB-
A+ Macao SAR Aa3 Aa3 Madagascar B-
AAA Malaysia A3 A3 Malaysia A-
NA Maldives Caa1 Caa1 Maldives NA
BB- Mali Caa2 Caa2 Mali NA
A- Malta A2 A2 Malta A-
NA Mauritius Baa3 Baa3 Mauritius NA
NA Mexico Baa2 Baa2 Mexico BBB
A- Moldova B3 B3 Moldova NA
NA Mongolia B3 B3 Mongolia B
BBB Monteneg B1 - Montenegro B
NA Morocco Ba1 Ba1 Montserrat BBB-
B Mozambiq Caa2 Caa2 Morocco BB+
B Namibia B1 B1 Mozambique CCC+
BBB- Netherlan Aaa Aaa Namibia NA
BB+ New Zeala Aaa Aaa Netherlands AAA
CCC+ Nicaragua B3 B3 New Zealand AA+
NA Niger B3 B3 Nicaragua B
AAA Nigeria B3 B3 Niger NA
AA+ Norway Aaa Aaa Nigeria B-
B Oman Ba3 Ba3 Norway AAA
NA Pakistan Caa1 Caa1 Oman BB
B- Panama Baa2 - Pakistan CCC+
AAA Panama-Of - - Panama BBB
BB Papua Ne B2 B2 B-
Papua New Guinea
CCC+ Paraguay Ba1 Ba1 Paraguay BB
BBB Peru Baa1 Baa1 Peru BBB
B- Philippine Baa2 Baa2 Philippines BBB+
BB Poland A2 A2 Poland A-
NA Portugal Baa2 Baa2 Portugal BBB+
BBB+ Qatar Aa3 Aa3 Puerto Rico D
A- Republic o Caa2 Caa2 Qatar AA
BBB+ Romania Baa3 Baa3 CCC+
Republic of the Congo
AA Russia Caa1 Caa1 Romania BBB-
NA Rwanda B2 B2 Russia NR
BBB- Saudi Arab A1 A1 Rwanda NA
NA Senegal Ba3 Ba3 San Marino NA
NA Serbia Ba2 Ba2 Saudi Arabia A-
A- Sharjah Ba1 Ba1 Senegal B+
B+ Singapore Aaa Aaa Serbia BB+
BB+ Slovakia A2 A2 Seychelles NA
NA Slovenia A3 A3 Singapore AAA
AAA Solomon I Caa1 Caa1 Slovakia A+
A+ South Afri Ba2 Ba2 Slovenia AA-
AA- Spain Baa1 Baa1 NA
Solomon Islands
NA Sri Lanka Ca - South Africa BB-
BB- Sint Maar WR WR South Korea AA
A St. Vincen B3 B3 Spain A
SD Suriname Caa3 Caa3 Sri Lanka SD
NA Sweden Aaa Aaa St Vincent andNAthe Grenadines
NA Switzerla Aaa Aaa Suriname SD
NA Taiwan, C Aa3 Aa3 Swaziland NA
NA Tajikistan B3 B3 Sweden AAA
AAA Tanzania B2 B2 Switzerland AAA
AAA Thailand Baa1 Baa1 Taiwan AA+
AA+ Togo B3 B3 Tajikistan B-
B- Trinidad Ba2 Ba2 Tanzania
NA Tunisia Caa1 Caa1 Thailand BBB+
BBB+ Turkiye B3 B3 Togo B
B Uganda B2 B2 BBB-
Trinidad and Tobago
BBB- Ukraine Caa3 Caa3 Tunisia N/A
N/A United Ar Aa2 Aa2 Turkey B
B United Ki Aa3 Aa3 TurkmenistanNA
NA United Sta Aaa Aaa Uganda B
B Uzbekista B1 B1 Ukraine CCC+
CCC+ Uruguay Baa2 Baa2 AA
United Arab Emirates
AA Venezuela C WR United KingdomAA
AA Vietnam Ba2 Ba2 United States AA+
AA+ Zambia Ca Ca Uruguay BBB
BBB Uzbekistan BB-
BB- Venezuela N/A
NA Vietnam BB+
BB+ Zambia SD
NA
Country Country Tax Rate Looked up for 2021
Abu Dhabi Abu Dhabi 15.00% 0.15
Albania Albania 15.00% 0.15
Andorra (Principality of) Andorra (Principality of) 18.98% 0.1898
Angola Angola 25.00% 0.25
Argentina Argentina 35.00% 0.35
Armenia Armenia 18.00% 0.18
Aruba Aruba 25.00% 0.25
Australia Australia 30.00% 0.3
Austria Austria 24.00% 0.24
Azerbaijan Azerbaijan 20.00% 0.2
Bahamas Bahamas 0.00% 0
Bahrain Bahrain 0.00% 0
Bangladesh Bangladesh 32.50% 0.325
Barbados Barbados 5.50% 0.055
Belarus Belarus 18.00% 0.18
Belgium Belgium 25.00% 0.25
Belize Belize 27.18% 0.2718
Benin Benin 30.00% 0.3
Bermuda Bermuda 0.00% 0
Bolivia Bolivia 25.00% 0.25
Bosnia and Herzegovina Bosnia and Herzegovina 10.00% 0.1
Botswana Botswana 22.00% 0.22
Brazil Brazil 34.00% 0.34
Bulgaria Bulgaria 10.00% 0.1
Burkina Faso Burkina Faso 28.00% 0.28
Cambodia Cambodia 20.00% 0.2
Cameroon Cameroon 33.00% 0.33
Canada Canada 25.00% 0.25
Cape Verde Cape Verde 0.00% 0
Cayman Islands Cayman Islands 0.00% 0
Chile Chile 27.00% 0.27
China China 25.00% 0.25
Colombia Colombia 35.00% 0.35
Congo (Democratic RepubCongo (Democratic Republic o 30.00% 0.30
Congo (Republic of) Congo (Republic of) 28.00% 0.28
Cook Islands Cook Islands 28.43% 0.2843
Costa Rica Costa Rica 30.00% 0.3
Côte d'Ivoire Côte d'Ivoire 25.00% 0.25
Croatia Croatia 18.00% 0.18
Cuba Cuba 27.18% 0.2718
Curacao Curacao 22.00% 0.22
Cyprus Cyprus 12.50% 0.125
Czech Republic Czech Republic 19.00% 0.19
Denmark Denmark 22.00% 0.22
Dominican Republic Dominican Republic 27.00% 0.27
Ecuador Ecuador 25.00% 0.25
Egypt Egypt 22.50% 0.225
El Salvador El Salvador 30.00% 0.3
Estonia Estonia 20.00% 0.2
Ethiopia Ethiopia 30.00% 0.3
Fiji Fiji 20.00% 0.2
Finland Finland 20.00% 0.2
France France 25.00% 0.25
Gabon Gabon 30.00% 0.3
Georgia Georgia 15.00% 0.15
Germany Germany 30.00% 0.3
Ghana Ghana 25.00% 0.25
Greece Greece 22.00% 0.22
Guatemala Guatemala 25.00% 0.25
Guernsey (States of) Guernsey (States of) 0.00% 0
Honduras Honduras 25.00% 0.25
Hong Kong Hong Kong 16.50% 0.165
Hungary Hungary 9.00% 0.09
Iceland Iceland 20.00% 0.2
India India 30.00% 0.3
Indonesia Indonesia 22.00% 0.22
Iraq Iraq 15.00% 0.15
Ireland Ireland 12.50% 0.125
Isle of Man Isle of Man 0.00% 0
Israel Israel 23.00% 0.23
Italy Italy 24.00% 0.24
Jamaica Jamaica 25.00% 0.25
Japan Japan 23.20% 0.232
Jersey (States of) Jersey (States of) 0.00% 0
Jordan Jordan 20.00% 0.2
Kazakhstan Kazakhstan 20.00% 0.2
Kenya Kenya 30.00% 0.3
Korea Korea 25.00% 0.25
Kuwait Kuwait 15.00% 0.15
Kyrgyzstan Kyrgyzstan 10.00% 0.1
Laos Laos 22.81% 0.2281
Latvia Latvia 20.00% 0.2
Lebanon Lebanon 17.00% 0.17
Liechtenstein Liechtenstein 12.50% 0.125
Lithuania Lithuania 15.00% 0.15
Luxembourg Luxembourg 24.94% 0.2494
Macao Macao 22.81% 0.2281
Macedonia Macedonia 10.00% 0.1
Malaysia Malaysia 24.00% 0.24
Maldives Maldives 22.81% 0.2281
Mali Mali 22.81% 0.2281
Malta Malta 35.00% 0.35
Mauritius Mauritius 15.00% 0.15
Mexico Mexico 30.00% 0.3
Moldova Moldova 12.00% 0.12
Mongolia Mongolia 25.00% 0.25
Montenegro Montenegro 15.00% 0.15
Montserrat Montserrat 27.18% 0.2718
Morocco Morocco 31.00% 0.31
Mozambique Mozambique 32.00% 0.32
Namibia Namibia 32.00% 0.32
Netherlands Netherlands 25.80% 0.258
New Zealand New Zealand 28.00% 0.28
Nicaragua Nicaragua 30.00% 0.3
Niger Niger 22.81% 0.2281
Nigeria Nigeria 30.00% 0.3
Norway Norway 22.00% 0.22
Oman Oman 15.00% 0.15
Pakistan Pakistan 29.00% 0.29
Panama Panama 25.00% 0.25
Papua New Guinea Papua New Guinea 30.00% 0.3
Paraguay Paraguay 10.00% 0.1
Peru Peru 29.50% 0.295
Philippines Philippines 25.00% 0.25
Poland Poland 19.00% 0.19
Portugal Portugal 21.00% 0.21
Qatar Qatar 10.00% 0.1
Ras Al Khaimah (Emirate Ras Al Khaimah (Emirate of) 0.00% 0
Romania Romania 16.00% 0.16
Russia Russia 20.00% 0.2
Rwanda Rwanda 30.00% 0.3
Saudi Arabia Saudi Arabia 20.00% 0.2
Senegal Senegal 30.00% 0.3
Serbia Serbia 15.00% 0.15
Sharjah Sharjah 0.00% 0
Singapore Singapore 17.00% 0.17
Slovakia Slovakia 21.00% 0.21
Slovenia Slovenia 19.00% 0.19
Solomon Islands Solomon Islands 30.00% 0.3
South Africa South Africa 27.00% 0.27
Spain Spain 25.00% 0.25
Sri Lanka Sri Lanka 24.00% 0.24
St. Maarten St. Maarten 27.18% 0.2718
St. Vincent & the GrenadSt. Vincent & the Grenadines 27.18% 0.2718
Suriname Suriname 36.00% 0.36
Swaziland Swaziland 27.50% 0.275
Sweden Sweden 20.60% 0.206
Switzerland Switzerland 18.00% 0.18
Taiwan Taiwan 20.00% 0.2
Tajikistan Tajikistan 18.00% 0.18
Tanzania Tanzania 30.00% 0.3
Thailand Thailand 20.00% 0.2
Togo Togo 22.81% 0.2281
Trinidad and Tobago Trinidad and Tobago 30.00% 0.3
Tunisia Tunisia 15.00% 0.15
Turkey Turkey 23.00% 0.23
Turks and Caicos Islands Turks and Caicos Islands 0.00% 0
Uganda Uganda 30.00% 0.3
Ukraine Ukraine 18.00% 0.18
United Arab Emirates United Arab Emirates 0.00% 0
United Kingdom United Kingdom 25.00% 0.25
United States United States 25.00% 0.25
Uruguay Uruguay 25.00% 0.25
Uzbekistan Uzbekistan 15.00% 0.15
Venezuela Venezuela 34.00% 0.34
Vietnam Vietnam 20.00% 0.2
Zambia Zambia 35.00% 0.35
Country 2022 Region Average Tax Rate
Afghanistan 20.00% Europe average 18.98%
Albania 15.00% Global average 23.64%
Algeria 26.00% Latin America average 27.18%
Andorra 10.00% North America average 26.75%
Angola 25.00% Oceania average 28.43%
Anguilla 0.00% OECD average 22.81%
Antigua and Barbuda 25.00% South America average 27.18%
Argentina 35.00%
Armenia 18.00%
Aruba 25.00%
Australia 30.00%
Austria 24.00%
Azerbaijan 20.00%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 32.50%
Barbados 5.50%
Belarus 18.00%
Belgium 25.00%
Benin 30.00%
Bermuda 0.00%
Bolivia 25.00%
Bonaire, Saint Eustatius 25.00%
Bosnia and Herzegovina 10.00%
Botswana 22.00%
Brazil 34.00%
Brunei Darussalam 18.50%
Bulgaria 10.00%
Burkina Faso 28.00%
Burundi 30.00%
Cambodia 20.00%
Cameroon 33.00%
Canada 25.00%
Cayman Islands 0.00%
Chile 27.00%
China 25.00%
Colombia 35.00%
Congo 28.00%
Congo (Democratic Republ 30.00%
Costa Rica 30.00%
Croatia 18.00%
Curacao 22.00%
Cyprus 12.50%
Czech Republic 19.00%
Denmark 22.00%
Djibouti 25.00%
Dominica 25.00%
Dominican Republic 27.00%
Ecuador 25.00%
Egypt 22.50%
El Salvador 30.00%
Estonia 20.00%
Ethiopia 30.00%
Fiji 20.00%
Finland 20.00%
France 25.00%
Gabon 30.00%
Gambia 27.00%
Georgia 15.00%
Germany 30.00%
Ghana 25.00%
Gibraltar 10.00%
Greece 22.00%
Grenada 28.00%
Guatemala 25.00%
Guernsey 0.00%
Honduras 25.00%
Hong Kong SAR 16.50%
Hungary 9.00%
Iceland 20.00%
India 30.00%
Indonesia 22.00%
Iraq 15.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 23.00%
Italy 24.00%
Ivory Coast 25.00%
Jamaica 25.00%
Japan 23.20%
Jersey 0.00%
Jordan 20.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea, Republic of 25.00%
Kuwait 15.00%
Kyrgyzstan 10.00%
Latvia 20.00%
Lebanon 17.00%
Libya 24.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 24.94%
Macau 12.00%
Macedonia 10.00%
Madagascar 20.00%
Malawi 30.00%
Malaysia 24.00%
Malta 35.00%
Mauritania 25.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 12.00%
Monaco 33.00%
Mongolia 25.00%
Montenegro 15.00%
Morocco 31.00%
Mozambique 32.00%
Myanmar 22.00%
Namibia 32.00%
Netherlands 25.80%
New Zealand 28.00%
Nicaragua 30.00%
Nigeria 30.00%
Norway 22.00%
Oman 15.00%
Pakistan 29.00%
Palestinian Territory 15.00%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 29.50%
Philippines 25.00%
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 Gr 30.00%
Samoa 27.00%
Saudi Arabia 20.00%
Senegal 30.00%
Serbia 15.00%
Sierra Leone 30.00%
Singapore 17.00%
Sint Maarten (Dutch part) 35.00%
Slovakia 21.00%
Slovenia 19.00%
Solomon Islands 30.00%
South Africa 27.00%
Spain 25.00%
Sri Lanka 24.00%
St Maarten 35.00%
Sudan 35.00%
Suriname 36.00%
Swaziland 27.50%
Sweden 20.60%
Switzerland 18.00%
Syria 28.00%
Taiwan 20.00%
Tajikistan 18.00%
Tanzania 30.00%
Thailand 20.00%
Trinidad and Tobago 30.00%
Tunisia 15.00%
Turkey 23.00%
Turkmenistan 20.00%
Turks and Caicos Islands 0.00%
Uganda 30.00%
Ukraine 18.00%
United Arab Emirates 0.00%
United Kingdom 25.00%
United States 25.00%
Uruguay 25.00%
Uzbekistan 15.00%
Vanuatu 0.00%
Venezuela 34.00%
Vietnam 20.00%
Yemen 20.00%
Zambia 35.00%
Zimbabwe 24.72%
Country PRS Score Total Equity Risk P Rating-based Defaul Final ERP
Abu Dhabi #N/A 6.79% 0.60% 6.79%
Albania 67.75 13.71% 5.51% 13.71%
Andorra (Principality of) #N/A 9.23% 2.33% 9.23%
Angola 68.00 17.16% 7.95% 17.16%
Argentina 63.75 26.65% 14.68% 26.65%
Armenia 60.00 12.15% 4.40% 12.15%
Aruba #N/A 9.23% 2.33% 9.23%
Australia 81.25 5.94% 0.00% 5.94%
Austria 78.50 6.63% 0.49% 6.63%
Azerbaijan 72.50 10.26% 3.06% 10.26%
Bahamas 71.00 13.71% 5.51% 13.71%
Bahrain 68.75 15.43% 6.73% 15.43%
Bangladesh 62.50 12.15% 4.40% 12.15%
Barbados #N/A 18.88% 9.17% 18.88%
Belarus 57.00 26.65% 14.68% 26.65%
Belgium 74.50 6.97% 0.73% 6.97%
Belize #N/A 21.48% 11.02% 21.48%
Benin #N/A 13.71% 5.51% 13.71%
Bermuda #N/A 7.40% 1.04% 7.40%
Bolivia 66.50 15.43% 6.73% 15.43%
Bosnia and Herzegovina #N/A 17.16% 7.95% 17.16%
Botswana 77.00 8.01% 1.47% 8.01%
Brazil 70.00 11.13% 3.68% 11.13%
Bulgaria 70.75 8.70% 1.96% 8.70%
Burkina Faso 59.50 18.88% 9.17% 18.88%
Cambodia #N/A 15.43% 6.73% 15.43%
Cameroon 60.25 15.43% 6.73% 15.43%
Canada 82.00 5.94% 0.00% 5.94%
Cape Verde #N/A 17.16% 7.95% 17.16%
Cayman Islands #N/A 6.97% 0.73% 6.97%
Chile 71.75 7.40% 1.04% 7.40%
China 69.50 7.16% 0.86% 7.16%
Colombia 64.00 9.23% 2.33% 9.23%
Congo (Democratic Repub #N/A 17.16% 7.95% 17.16%
Congo (Republic of) #N/A 21.48% 11.02% 21.48%
Cook Islands #N/A 13.71% 5.51% 13.71%
Costa Rica 72.00 15.43% 6.73% 15.43%
Côte d'Ivoire #N/A 12.15% 4.40% 12.15%
Croatia 73.75 9.23% 2.33% 9.23%
Cuba 69.25 26.65% 14.68% 26.65%
Curacao #N/A 9.23% 2.33% 9.23%
Cyprus 70.00 10.26% 3.06% 10.26%
Czech Republic 75.50 6.97% 0.73% 6.97%
Denmark 84.25 5.94% 0.00% 5.94%
Dominican Republic 72.50 12.15% 4.40% 12.15%
Ecuador 68.25 23.20% 12.24% 23.20%
Egypt 57.75 15.43% 6.73% 15.43%
El Salvador 63.75 23.20% 12.24% 23.20%
Estonia 71.50 7.16% 0.86% 7.16%
Ethiopia 58.50 21.48% 11.02% 21.48%
Fiji #N/A 13.71% 5.51% 13.71%
Finland 78.25 6.63% 0.49% 6.63%
France 72.25 6.79% 0.60% 6.79%
Gabon 66.50 18.88% 9.17% 18.88%
Georgia #N/A 11.13% 3.68% 11.13%
Germany 78.75 5.94% 0.00% 5.94%
Ghana 58.75 26.65% 14.68% 26.65%
Greece 68.00 12.15% 4.40% 12.15%
Guatemala 71.00 10.26% 3.06% 10.26%
Guernsey (States of) #N/A 5.94% 0.00% 5.94%
Honduras 66.75 13.71% 5.51% 13.71%
Hong Kong 74.00 6.97% 0.73% 6.97%
Hungary 71.50 9.23% 2.33% 9.23%
Iceland 80.50 7.40% 1.04% 7.40%
India 70.25 9.73% 2.69% 9.73%
Indonesia 68.25 9.23% 2.33% 9.23%
Iraq 71.00 18.88% 9.17% 18.88%
Ireland 82.25 7.16% 0.86% 7.16%
Isle of Man #N/A 6.97% 0.73% 6.97%
Israel 76.00 7.16% 0.86% 7.16%
Italy 73.50 9.73% 2.69% 9.73%
Jamaica 72.25 15.43% 6.73% 15.43%
Japan 76.25 7.16% 0.86% 7.16%
Jersey (States of) #N/A 5.94% 0.00% 5.94%
Jordan 64.50 13.71% 5.51% 13.71%
Kazakhstan 76.00 9.23% 2.33% 9.23%
Kenya 58.25 15.43% 6.73% 15.43%
Korea 77.80 6.79% 0.60% 6.79%
Kuwait 80.75 7.16% 0.86% 7.16%
Kyrgyzstan #N/A 17.16% 7.95% 17.16%
Latvia 71.50 8.01% 1.47% 8.01%
Lebanon 41.25 30.63% 17.50% 30.63%
Liechtenstein #N/A 5.94% 0.00% 5.94%
Lithuania 70.25 7.40% 1.04% 7.40%
Luxembourg 86.00 5.94% 0.00% 5.94%
Macao #N/A 6.97% 0.73% 6.97%
Macedonia #N/A 12.15% 4.40% 12.15%
Malaysia 73.50 8.01% 1.47% 8.01%
Maldives #N/A 18.88% 9.17% 18.88%
Mali 58.75 21.48% 11.02% 21.48%
Malta 74.75 7.40% 1.04% 7.40%
Mauritius #N/A 9.73% 2.69% 9.73%
Mexico 68.25 9.23% 2.33% 9.23%
Moldova 59.00 17.16% 7.95% 17.16%
Mongolia 65.00 17.16% 7.95% 17.16%
Montenegro #N/A 13.71% 5.51% 13.71%
Montserrat #N/A 9.73% 2.69% 9.73%
Morocco 64.50 10.26% 3.06% 10.26%
Mozambique 54.50 21.48% 11.02% 21.48%
Namibia 71.75 13.71% 5.51% 13.71%
Netherlands 79.75 5.94% 0.00% 5.94%
New Zealand 76.00 5.94% 0.00% 5.94%
Nicaragua 62.75 17.16% 7.95% 17.16%
Niger 57.25 17.16% 7.95% 17.16%
Nigeria 59.50 17.16% 7.95% 17.16%
Norway 87.00 5.94% 0.00% 5.94%
Oman 78.25 12.15% 4.40% 12.15%
Pakistan 51.00 18.88% 9.17% 18.88%
Panama 73.50 9.23% 2.33% 9.23%
Papua New Guinea 69.25 15.43% 6.73% 15.43%
Paraguay 64.25 10.26% 3.06% 10.26%
Peru 68.00 8.70% 1.96% 8.70%
Philippines 70.75 9.23% 2.33% 9.23%
Poland 71.00 7.40% 1.04% 7.40%
Portugal 75.50 9.23% 2.33% 9.23%
Qatar 78.75 6.97% 0.73% 6.97%
Ras Al Khaimah (Emirate #N/A 8.01% 1.47% 8.01%
Romania 66.75 9.73% 2.69% 9.73%
Russia 66.00 18.88% 9.17% 18.88%
Rwanda #N/A 15.43% 6.73% 15.43%
Saudi Arabia 85.50 7.16% 0.86% 7.16%
Senegal 58.25 12.15% 4.40% 12.15%
Serbia #N/A 11.13% 3.68% 11.13%
Sharjah #N/A 10.26% 3.06% 10.26%
Singapore 85.75 5.94% 0.00% 5.94%
Slovakia 68.75 7.40% 1.04% 7.40%
Slovenia 73.00 8.01% 1.47% 8.01%
Solomon Islands #N/A 18.88% 9.17% 18.88%
South Africa 67.25 11.13% 3.68% 11.13%
Spain 72.75 8.70% 1.96% 8.70%
Sri Lanka 48.50 26.65% 14.68% 26.65%
St. Maarten #N/A 11.13% 3.68% 11.13%
St. Vincent & the Grenad #N/A 17.16% 7.95% 17.16%
Suriname 58.50 23.20% 12.24% 23.20%
Swaziland #N/A 17.16% 7.95% 17.16%
Sweden 81.00 5.94% 0.00% 5.94%
Switzerland 87.25 5.94% 0.00% 5.94%
Taiwan 84.25 6.97% 0.73% 6.97%
Tajikistan #N/A 17.16% 7.95% 17.16%
Tanzania 65.00 15.43% 6.73% 15.43%
Thailand 65.00 8.70% 1.96% 8.70%
Togo 63.25 17.16% 7.95% 17.16%
Trinidad and Tobago #N/A 11.13% 3.68% 11.13%
Tunisia 61.25 18.88% 9.17% 18.88%
Turkey 54.25 17.16% 7.95% 17.16%
Turks and Caicos Islands #N/A 8.70% 1.96% 8.70%
Uganda 59.25 15.43% 6.73% 15.43%
Ukraine 51.75 23.20% 12.24% 23.20%
United Arab Emirates 82.25 6.79% 0.60% 6.79%
United Kingdom 76.75 6.97% 0.73% 6.97%
United States 71.75 5.94% 0.00% 5.94%
Uruguay 75.25 9.23% 2.33% 9.23%
Uzbekistan 72.50 13.71% 5.51% 13.71%
Venezuela 58.00 30.63% 17.50% 30.63%
Vietnam 70.75 11.13% 3.68% 11.13%
Zambia 62.75 26.65% 14.68% 26.65%
Algeria 69.25 3.68% 11.13%
Brunei 79.50 1.04% 7.40%
Gambia 65.00 6.73% 15.43%
Guinea 57.25 11.02% 21.48%
Guinea-Bissau 64.00 7.95% 17.16%
Guyana 75.75 1.96% 8.70%
Haiti 54.25 14.68% 26.65%
Iran 66.50 5.51% 13.71%
Korea, D.P.R. 51.00 14.68% 26.65%
Liberia 58.00 11.02% 21.48%
Libya 70.75 3.68% 11.13%
Madagascar 62.50 7.95% 17.16%
Malawi 51.00 14.68% 26.65%
Myanmar 55.75 12.24% 23.20%
Russia 66.00 6.73% 15.43%
Sierra Leone 53.50 14.68% 26.65%
Somalia 52.00 14.68% 26.65%
Sudan 43.00 17.50% 30.63%
Syria 43.75 17.50% 30.63%
Yemen, Republic 48.25 17.50% 30.63%
Zimbabwe 61.50 9.17% 18.88%
Tax Rate CRP PRS Score
15.00% 0.85% More than Less than ERP Default Spread
15.00% 7.77% 0 50.000 30.63% 17.50%
18.98% 3.29% 50.001 55.000 26.65% 14.68%
25.00% 11.22% 55.001 57.000 23.20% 12.24%
35.00% 20.71% 57.001 60.000 21.48% 11.02%
18.00% 6.21% 60.001 62.000 18.88% 9.17%
25.00% 3.29% 62.001 64.000 17.16% 7.95%
30.00% 0.00% 64.001 66.000 15.43% 6.73%
24.00% 0.69% 66.001 68.000 13.71% 5.51%
20.00% 4.32% 68.001 69.000 12.15% 4.40%
0.00% 7.77% 69.001 72.000 11.13% 3.68%
0.00% 9.49% 72.001 74.000 9.23% 2.33%
32.50% 6.21% 74.001 76.000 8.70% 1.96%
5.50% 12.94% 76.001 80.000 7.40% 1.04%
18.00% 20.71% 80.001 82.500 6.97% 0.73%
25.00% 1.03% 82.501 85.000 6.63% 0.49%
27.18% 15.54% 85.001 90.000 5.94% 0.00%
30.00% 7.77%
0.00% 1.46% Rating Updated Default Spread (12/31/22)
25.00% 9.49% Aaa 0.00%
10.00% 11.22% Aa1 0.49%
22.00% 2.07% Aa2 0.60%
34.00% 5.19% Aa3 0.73%
10.00% 2.76% A1 0.86%
28.00% 12.94% A2 1.04%
20.00% 9.49% A3 1.47%
33.00% 9.49% Baa1 1.96%
25.00% 0.00% Baa2 2.33%
0.00% 11.22% Baa3 2.69%
0.00% 1.03% Ba1 3.06%
27.00% 1.46% Ba2 3.68%
25.00% 1.22% Ba3 4.40%
35.00% 3.29% B1 5.51%
30.00% 11.22% B2 6.73%
28.00% 15.54% B3 7.95%
28.43% 7.77% Caa1 9.17%
30.00% 9.49% Caa2 11.02%
25.00% 6.21% Caa3 12.24%
18.00% 3.29% Ca 14.68%
27.18% 20.71% C 17.50%
22.00% 3.29%
12.50% 4.32%
19.00% 1.03%
22.00% 0.00%
27.00% 6.21%
25.00% 17.26%
22.50% 9.49%
30.00% 17.26%
20.00% 1.22%
30.00% 15.54%
20.00% 7.77%
20.00% 0.69%
25.00% 0.85%
30.00% 12.94%
15.00% 5.19%
30.00% 0.00%
25.00% 20.71%
22.00% 6.21%
25.00% 4.32%
0.00% 0.00%
25.00% 7.77%
16.50% 1.03%
9.00% 3.29%
20.00% 1.46%
30.00% 3.79%
22.00% 3.29%
15.00% 12.94%
12.50% 1.22%
0.00% 1.03%
23.00% 1.22%
24.00% 3.79%
25.00% 9.49%
23.20% 1.22%
0.00% 0.00%
20.00% 7.77%
20.00% 3.29%
30.00% 9.49%
25.00% 0.85%
15.00% 1.22%
10.00% 11.22%
20.00% 2.07%
17.00% 24.69%
12.50% 0.00%
15.00% 1.46%
24.94% 0.00%
22.81% 1.03%
10.00% 6.21%
24.00% 2.07%
22.81% 12.94%
22.81% 15.54%
35.00% 1.46%
15.00% 3.79%
30.00% 3.29%
12.00% 11.22%
25.00% 11.22%
15.00% 7.77%
27.18% 3.79%
31.00% 4.32%
32.00% 15.54%
32.00% 7.77%
25.80% 0.00%
28.00% 0.00%
30.00% 11.22%
22.81% 11.22%
30.00% 11.22%
22.00% 0.00%
15.00% 6.21%
29.00% 12.94%
25.00% 3.29%
30.00% 9.49%
10.00% 4.32%
29.50% 2.76%
25.00% 3.29%
19.00% 1.46%
21.00% 3.29%
10.00% 1.03%
0.00% 2.07%
16.00% 3.79%
20.00% 12.94%
30.00% 9.49%
20.00% 1.22%
30.00% 6.21%
15.00% 5.19%
0.00% 4.32%
17.00% 0.00%
21.00% 1.46%
19.00% 2.07%
30.00% 12.94%
27.00% 5.19%
25.00% 2.76%
24.00% 20.71%
27.18% 5.19%
27.18% 11.22%
36.00% 17.26%
27.50% 11.22%
20.60% 0.00%
18.00% 0.00%
20.00% 1.03%
18.00% 11.22%
30.00% 9.49%
20.00% 2.76%
22.81% 11.22%
30.00% 5.19%
15.00% 12.94%
23.00% 11.22%
0.00% 2.76%
30.00% 9.49%
18.00% 17.26%
0.00% 0.85%
25.00% 1.03%
25.00% 0.00%
25.00% 3.29%
15.00% 7.77%
34.00% 24.69%
20.00% 5.19%
35.00% 20.71%
Row Labels Average of Corporate Tax Rate

26.00% 5.19% Africa 29.15%
18.50% 1.46% Asia 23.10%
31.00% 9.49% Australia & New Zeal 19.33%
29.15% 15.54% Caribbean 18.64%
29.15% 11.22% Central and South Ame 27.93%
18.64% 2.76% Eastern Europe & Russ 16.69%
18.64% 20.71% Middle East 20.23%
20.23% 7.77% North America 25.75%
23.10% 20.71% Western Europe 20.02%
29.15% 15.54%
20.00% 5.19%
20.00% 11.22%
30.00% 20.71%
25.00% 17.26%
25.00% 9.49%
30.00% 20.71%
29.15% 20.71%
35.00% 24.69%
28.00% 24.69%
20.00% 24.69%
25.00% 12.94%
Country PRS
Default Spread Albania 67.8
Below Ca Algeria 69.3
Ca Angola 68.0
Caa3 Argentina 63.8
Caa2 Armenia 60.0
Caa1 Australia 81.3
B3 Austria 78.5
B2 Azerbaijan 72.5
B1 Bahamas 71.0
Ba3 Bahrain 68.8
Ba2 Bangladesh 62.5
Baa2 Belarus 57.0
Baa1 Belgium 74.5
A2 Bolivia 66.5
Aa3 Botswana 77.0
Aa1 Brazil 70.0
Aaa Brunei 79.5
Bulgaria 70.8
Burkina Fas 59.5
Cameroon 60.3
Canada 82.0
Chile 71.8
China 69.5
Colombia 64.0
Congo, Dem. 60.3
Congo, Repu 64.3
Costa Rica 72.0
Cote d'Ivoir 62.3
Croatia 73.8
Cuba 69.3
Cyprus 70.0
Czech Repub 75.5
Denmark 84.3
Dominican R 72.5
Ecuador 68.3
Egypt 57.8
El Salvador 63.8
Estonia 71.5
Ethiopia 58.5
Finland 78.3
France 72.3
Gabon 66.5
Gambia 65.0
Germany 78.8
Ghana 58.8
Greece 68.0
Guatemala 71.0
Guinea 57.3
Guinea-Biss 64.0
Guyana 75.8
Haiti 54.3
Honduras 66.8
Hong Kong 74.0
Hungary 71.5
Iceland 80.5
India 70.3
Indonesia 68.3
Iran 66.5
Iraq 71.0
Ireland 82.3
Israel 76.0
Italy 73.5
Jamaica 72.3
Japan 76.3
Jordan 64.5
Kazakhstan 76.0
Kenya 58.3
Korea, D.P. 51.0
Korea, Repu 77.8
Kuwait 80.8
Latvia 71.5
Lebanon 41.3
Liberia 58.0
Libya 70.8
Lithuania 70.3
Luxembour 86.0
Madagascar 62.5
Malawi 51.0
Malaysia 73.5
Mali 58.8
Malta 74.8
Mexico 68.3
Moldova 59.0
Mongolia 65.0
Morocco 64.5
Mozambiqu 54.5
Myanmar 55.8
Namibia 71.8
Netherlands 79.8
New Zealan 76.0
Nicaragua 62.8
Niger 57.3
Nigeria 59.5
Norway 87.0
Oman 78.3
Pakistan 51.0
Panama 73.5
Papua New 69.3
Paraguay 64.3
Peru 68.0
Philippines 70.8
Poland 71.0
Portugal 75.5
Qatar 78.8
Romania 66.8
Russia 66.0
Saudi Arabi 85.5
Senegal 58.3
Serbia 67.3
Sierra Leon 53.5
Singapore 85.8
Slovakia 68.8
Slovenia 73.0
Somalia 52.0
South Afric 67.3
Spain 72.8
Sri Lanka 48.5
Sudan 43.0
Suriname 58.5
Sweden 81.0
Switzerland 87.3
Syria 43.8
Taiwan 84.3
Tanzania 65.0
Thailand 65.0
Togo 63.3
Trinidad & 77.5
Tunisia 61.3
Turkey 54.3
Uganda 59.3
Ukraine 51.8
United Arab 82.3
United Kin 76.8
United State 71.8
Uruguay 75.3
Uzbekistan 72.5
Venezuela 58.0
Vietnam 70.8
Yemen, Rep 48.3
Zambia 62.8
Zimbabwe 61.5
Corporate Tax Rate

Updating Sequence
1. Relative Risk Worksheet
2. Sovereign Ratings
3. CDS Worksheet
4. Default Spreads
5. PRS Worksheet
6. Country GDP
7. Country tax rates
8. Regional Weighted averages

Country Risk Premiums Worksheet

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Country Risk Premiums Worksheet

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Country Risk Premiums

Step 1: Estimating mature market risk premium

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

Step 4: Compute a total equity risk premium

Step 5: Compute regional averages and regional weighted averages

p 3 to get a total equity risk premium.

e CDS spread for the country (if one exists)

e start of every year.

n to the BAML Emerging Public Bond index standard deviation

al equity risk premium equal to the US.

Country Default Spread (based on 2.69%

Country Risk Premium (CDS) 1.90%

Country Risk Premium (simple av 6.74%

Country Risk Premium (GDP weig 11.19%

PRS Score 51.00

he Regional Weighted Averages Worksheet

Country Africa Moody's rating Rating-based Default Spread

Rating Default spread in basis points

DATE VALUE Effective da

S&P Emerging BMI Index

Region Weighted Average: ERP Weighted Average: CRP

For updating industry average spreadsheets

Total GDP Weight Weight *ERP Weight*CRP

0.06% 0.16% 0.08% 0.44%

0.00% 5.11% 0.00% 25.82%

0.02% 0.08% 0.03% 0.21%

0.02% 0.06% 0.03% 0.06%

0.09% 1.06% 0.13% 2.34%

0.00% 0.47% 0.00% 1.99%

0.00% 0.00% 0.00% 0.00%

Weight*Default Spread Weight* Tax Rate

re the S&P sovereign local currency ratings

Egypt 25.49% NA NA 0.37%

0.51% 84.31% 0.30

4.08% 9.07% 2.81

Abu Dhabi 446000 Afghanistan 20,116

Albania 18260.0434998068 SourceWorld Bank Albania 18,260

Andorra (Principality of) 3.33 Year 2021 Algeria 167,983

Angola 72546.9857085707 American Samoa 709

Argentina 491492.700657012 Andorra 3,330

Armenia 13861.1838735931 Angola 72,547

Aruba 2496.64804469274 Antigua and Barbuda 1,471

Australia 1542659.89999254 Argentina 491,493

Austria 477082.467454295 Armenia 13,861

Azerbaijan 54622.1764705882 Aruba 2,497

Bahamas 11 Australia 1,542,660

Bahrain 38868.6630319149 Austria 477,082

Bangladesh 416264.942893326 Azerbaijan 54,622

Barbados 4900.8 Bahamas, The 11,209

Belarus 68218.8164841226 Bahrain 38,869

Belgium 599879.02537751 Bangladesh 416,265

Belize 1789.92326403 Barbados 4,901

Benin 17785.6400791191 Belarus 68,219

Bermuda 7080.9 Belgium 599,879

Bolivia 40408.2085238784 Belize 1,790

Bosnia and Herzegovina 22571.5128672816 Benin 17,786

Botswana 17613.8464729916 Bermuda 7,081

Brazil 1608981.2208122 Bhutan 2,315

Bulgaria 80271.1194261076 Bolivia 40,408

Burkina Faso 19737.6151143661 Bosnia and Herzegovina 22,572

Cambodia 26961.0611197957 Botswana 17,614

Cameroon 45238.6134798308 Brazil 1,608,981

Total GDP Weight Weight ERP WeightCRP

WeightDefault Spread Weight Tax Rate