Country Risk Premiums

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

Step 1: Estimating mature market risk premium

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

Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local curre
Moody's ratings: http://www.moodys.com (You will have to register, but it is free. Look under 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
Any country that has a CDS spread lower than the US will have a negative country risk premium and end up with a
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to get a country risk prem
prefer not to scale the default spread.

Step 4: Compute a total equity risk premium

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

Step 5: Compute regional averages and regional weighted averages

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

If you are interested in a fuller explanation of these concepts, try these references:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=274218
My paper on equity risk premiums:
Campbell Harvey's country risk premium page: http://www.duke.edu/~charvey/Country_risk/couindex.htm
Watch my lectures on country risk premiums: http://echo360.stern.nyu.edu:8080/ess/echo/presentation/d
http://echo360.stern.nyu.edu:8080/ess/echo/presentation/e
 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

, 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.
sk premium and end up with a total equity risk premium lower than the US.
umber to get a country risk premium. The default scaling is set at 1.34, but you can change it to 1, if you would

p 3 to get a total equity risk premium.

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

papers.cfm?abstract_id=2742186
ey/Country_risk/couindex.htm
u:8080/ess/echo/presentation/d5b0232a-ef00-4ffd-b92e-0f95e1685373/media.m4v
u:8080/ess/echo/presentation/e41ef416-aba8-4dda-8d8b-0fe3b0e6283d/media.m4v
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

To look up the equity risk premium for a country, use this worksheet
Country United States 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 Aaa Local currency
S&P sovereign rating AA+ Local currency
CDS spread 0.38%
Excess CDS spread (over US CDS) 0.00%

Country Default Spread (based on 0.00%

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

Country Risk Premium (CDS) 0.00%

Equity Risk Premium (CDS) 5.69%

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

Country Risk Premium (simple av 2.23%

Total Equity Risk Premium (simpl 7.92%

Country Risk Premium (GDP weig 1.12%

Total Equity Risk Premium (GDP 6.81%

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 Zimbabwe

PRS Score 55.75

ERP based on PRS Score 18.19%
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

Estimating Country Risk Premiums

Enter the current risk premium for a mature equity market 5.69%
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) 1.23

Country Africa Moody's rating Rating-based Default Spread

Total Equity Risk Premium
Abu Dhabi Middle East Aa2 0.57% 6.40%
Albania Eastern Europe & Russia B1 5.20% 12.09%
Andorra (Principality of) Western Europe Baa3 2.54% 8.82%
Angola Africa B1 5.20% 12.09%
Argentina Central and South America B3 7.51% 14.94%
Armenia Eastern Europe & Russia B1 5.20% 12.09%
Aruba Caribbean Baa1 1.84% 7.96%
Australia Australia & New Zealand Aaa 0.00% 5.69%
Austria Western Europe Aa1 0.46% 6.25%
Azerbaijan Eastern Europe & Russia Ba1 2.89% 9.24%
Bahamas Caribbean Baa3 2.54% 8.82%
Bahrain Middle East Ba2 3.47% 9.96%
Bangladesh Asia Ba3 4.16% 10.81%
Barbados Caribbean Caa1 8.66% 16.35%
Belarus Eastern Europe & Russia Caa1 8.66% 16.35%
Belgium Western Europe Aa3 0.70% 6.55%
Belize Central and South America Caa2 10.40% 18.49%
Bermuda Caribbean A2 0.98% 6.90%
Bolivia Central and South America Ba3 4.16% 10.81%
Bosnia and Herzegovina Eastern Europe & Russia B3 7.51% 14.94%
Botswana Africa A2 0.98% 6.90%
Brazil Central and South America Ba2 3.47% 9.96%
Bulgaria Eastern Europe & Russia Baa2 2.20% 8.40%
Burkina Faso Africa B3 7.51% 14.94%
Cambodia Asia B2 6.36% 13.51%
Cameroon Africa B2 6.36% 13.51%
Canada North America Aaa 0.00% 5.69%
Cayman Islands Caribbean Aa3 0.70% 6.55%
Cape Verde Africa B2 6.36% 13.51%
Chile Central and South America Aa3 0.70% 6.55%
China Asia Aa3 0.70% 6.55%
Colombia Central and South America Baa2 2.20% 8.40%
Congo (Democratic Republic of) Africa B3 7.51% 14.94%
Congo (Republic of) Africa B3 7.51% 14.94%
Cook Islands Australia & New Zealand Caa1 8.66% 16.35%
Costa Rica Central and South America Ba1 2.89% 9.24%
Côte d'Ivoire Africa Ba3 4.16% 10.81%
Croatia Eastern Europe & Russia Ba2 3.47% 9.96%
Cuba Caribbean Caa2 10.40% 18.49%
Curacao Caribbean Caa1 8.66% 16.35%
Cyprus Western Europe B1 5.20% 12.09%
Czech Republic Eastern Europe & Russia A1 0.81% 6.69%
Denmark Western Europe Aaa 0.00% 5.69%
Dominican Republic Caribbean B1 5.20% 12.09%
Ecuador Central and South America B3 7.51% 14.94%
Egypt Africa B3 7.51% 14.94%
El Salvador Central and South America B3 7.51% 14.94%
Estonia Eastern Europe & Russia A1 0.81% 6.69%
Ethiopia Africa B1 5.20% 12.09%
Fiji Asia B1 5.20% 12.09%
Finland Western Europe Aa1 0.46% 6.25%
France Western Europe Aa2 0.57% 6.40%
Gabon Africa B1 5.20% 12.09%
Georgia Eastern Europe & Russia Ba3 4.16% 10.81%
Germany Western Europe Aaa 0.00% 5.69%
Ghana Africa B3 7.51% 14.94%
Greece Western Europe Caa3 11.55% 19.90%
Guatemala Central and South America Ba1 2.89% 9.24%
Guernsey (States of) Western Europe Aa1 0.46% 6.25%
Honduras Central and South America B2 6.36% 13.51%
Hong Kong Asia Aa1 0.46% 6.25%
Hungary Eastern Europe & Russia Baa3 2.54% 8.82%
Iceland Western Europe A3 1.39% 7.40%
India Asia Baa3 2.54% 8.82%
Indonesia Asia Baa3 2.54% 8.82%
Iraq Middle East B3 7.51% 14.94%
Ireland Western Europe A3 1.39% 7.40%
Isle of Man Western Europe Aa1 0.46% 6.25%
Israel Middle East A1 0.81% 6.69%
Italy Western Europe Baa2 2.20% 8.40%
Jamaica Caribbean B3 7.51% 14.94%
Japan Asia A1 0.81% 6.69%
Jersey (States of) Western Europe Caa1 8.66% 16.35%
Jordan Middle East B1 5.20% 12.09%
Kazakhstan Eastern Europe & Russia Baa3 2.54% 8.82%
Kenya Africa B1 5.20% 12.09%
Korea Asia Aa2 0.57% 6.40%
Kuwait Middle East Aa2 0.57% 6.40%
Kyrgyzstan Eastern Europe & Russia B2 6.36% 13.51%
Latvia Eastern Europe & Russia A3 1.39% 7.40%
Lebanon Middle East B2 6.36% 13.51%
Liechtenstein Western Europe Aaa 0.00% 5.69%
Lithuania Eastern Europe & Russia A3 1.39% 7.40%
Luxembourg Western Europe Aaa 0.00% 5.69%
Macao Asia Aa3 0.70% 6.55%
Macedonia Eastern Europe & Russia Ba3 4.16% 10.81%
Malaysia Asia A3 1.39% 7.40%
Malta Western Europe A3 1.39% 7.40%
Mauritius Asia Baa1 1.84% 7.96%
Mexico Central and South America A3 1.39% 7.40%
Moldova Eastern Europe & Russia B3 7.51% 14.94%
Mongolia Asia Caa1 8.66% 16.35%
Montenegro Eastern Europe & Russia B1 5.20% 12.09%
Montserrat Caribbean Baa3 2.54% 8.82%
Morocco Africa Ba1 2.89% 9.24%
Mozambique Africa Caa3 11.55% 19.90%
Namibia Africa Baa3 2.54% 8.82%
Netherlands Western Europe Aaa 0.00% 5.69%
New Zealand Australia & New Zealand Aaa 0.00% 5.69%
Nicaragua Central and South America B2 6.36% 13.51%
Nigeria Africa B1 5.20% 12.09%
Norway Western Europe Aaa 0.00% 5.69%
Oman Middle East Baa1 1.84% 7.96%
Pakistan Asia B3 7.51% 14.94%
Panama Central and South America Baa2 2.20% 8.40%
Papua New Guinea Asia B2 6.36% 13.51%
Paraguay Central and South America Ba1 2.89% 9.24%
Peru Central and South America A3 1.39% 7.40%
Philippines Asia Baa2 2.20% 8.40%
Poland Eastern Europe & Russia A2 0.98% 6.90%
Portugal Western Europe Ba1 2.89% 9.24%
Qatar Middle East Aa2 0.57% 6.40%
Ras Al Khaimah (Emirate of) Middle East A2 0.98% 6.90%
Romania Eastern Europe & Russia Baa3 2.54% 8.82%
Russia Eastern Europe & Russia Ba1 2.89% 9.24%
Rwanda Africa B2 6.36% 13.51%
Saudi Arabia Middle East A1 0.81% 6.69%
Senegal Africa B1 5.20% 12.09%
Serbia Eastern Europe & Russia B1 5.20% 12.09%
Sharjah Middle East A3 1.39% 7.40%
Singapore Asia Aaa 0.00% 5.69%
Slovakia Eastern Europe & Russia A2 0.98% 6.90%
Slovenia Eastern Europe & Russia Baa3 2.54% 8.82%
South Africa Africa Baa2 2.20% 8.40%
Spain Western Europe Baa2 2.20% 8.40%
Sri Lanka Asia B1 5.20% 12.09%
St. Maarten Caribbean Baa2 2.20% 8.40%
St. Vincent & the Grenadines Caribbean B3 7.51% 14.94%
Suriname Central and South America B1 5.20% 12.09%
Sweden Western Europe Aaa 0.00% 5.69%
Switzerland Western Europe Aaa 0.00% 5.69%
Taiwan Asia Aa3 0.70% 6.55%
Thailand Asia Baa1 1.84% 7.96%
Trinidad and Tobago Caribbean Baa3 2.54% 8.82%
Tunisia Africa Ba3 4.16% 10.81%
Turkey Western Europe Ba1 2.89% 9.24%
Turks and Caicos Islands Caribbean Caa1 8.66% 16.35%
Uganda Africa B2 6.36% 13.51%
Ukraine Eastern Europe & Russia Caa3 11.55% 19.90%
United Arab Emirates Middle East Aa2 0.57% 6.40%
United Kingdom Western Europe Aa1 0.46% 6.25%
United States North America Aaa 0.00% 5.69%
Uruguay Central and South America Baa2 2.20% 8.40%
Venezuela Central and South America Caa3 11.55% 19.90%
Vietnam Asia B1 5.20% 12.09%
Zambia Africa B3 7.51% 14.94%

Frontier Markets (no sovereign ratings)

Country PRS Composite Risk Score ERP CRP Default Spread
Algeria 60.3 13.72% 6.57% 5.34%
Brunei 72.8 9.75% 3.08% 2.50%
Gambia 61.5 13.72% 6.57% 5.34%
Guinea 48.5 20.00% 12.08% 9.82%
Guinea-Bissau 64.5 12.48% 5.48% 4.45%
Guyana 64.5 12.48% 5.48% 4.45%
Haiti 58.0 16.61% 9.11% 7.40%
Iran 72.0 11.22% 4.37% 3.55%
Korea, D.P.R. 56.0 17.24% 9.66% 7.85%
Liberia 52.8 17.24% 9.66% 7.85%
Libya 50.0 20.00% 12.08% 9.82%
Madagascar 64.5 12.48% 5.48% 4.45%
Malawi 54.8 17.24% 9.66% 7.85%
Mali 63.5 13.90% 6.72% 5.46%
Myanmar 61.8 13.72% 6.57% 5.34%
Niger 53.8 17.24% 9.66% 7.85%
Sierra Leone 57.3 16.61% 9.11% 7.40%
Somalia 41.0 20.00% 12.08% 9.82%
Sudan 48.3 20.00% 12.08% 9.82%
Syria 45.8 20.00% 12.08% 9.82%
Tanzania 64.0 13.90% 6.72% 5.46%
Togo 61.0 13.72% 6.57% 5.34%
Yemen, Republic 50.5 17.24% 9.66% 7.85%
Zimbabwe 56.0 17.24% 9.66% 7.85%

Rating Default spread in basis points

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

Updated January 5, 2017

Sovereign CDS, net
Country Risk Premium of US Total Equity Risk Premium2
Country Risk Premium3
Has to be sorted in ascending order
0.71% 0.59% 6.42% 0.73% Rating
Default spread in basis points
6.40% NA NA NA A1 81
3.13% NA NA NA A2 98
6.40% NA NA NA A3 139
9.25% 4.76% 11.55% 5.86% Aa1 46
6.40% NA NA NA Aa2 57
2.27% NA NA NA Aa3 70
0.00% 0.11% 5.83% 0.14% Aaa 0
0.56% 0.14% 5.86% 0.17% B1 520
3.55% NA NA NA B2 636
3.13% NA NA NA B3 751
4.27% 2.79% 9.12% 3.43% Ba1 289
5.12% NA NA NA Ba2 347
10.66% NA NA NA Ba3 416
10.66% NA NA NA Baa1 184
0.86% 0.22% 5.96% 0.27% Baa2 220
12.80% NA NA NA Baa3 254
1.21% NA NA NA Ca 1386
5.12% NA NA NA Caa1 866
9.25% NA NA NA Caa2 1040
1.21% NA NA NA Caa3 1155
4.27% 3.21% 9.64% 3.95% NR NA
2.71% 1.49% 7.52% 1.83%
9.25% NA NA NA
7.82% NA NA NA
7.82% NA NA NA
0.00% NA NA NA
0.86% NA NA NA
7.82% NA NA NA
0.86% 0.91% 6.81% 1.12%
0.86% 1.27% 7.25% 1.56%
2.71% 2.04% 8.20% 2.51%
9.25% NA NA NA
9.25% NA NA NA
10.66% NA NA NA
3.55% 3.02% 9.41% 3.72%
5.12% NA NA NA
4.27% 2.22% 8.42% 2.73%
12.80% NA NA NA
10.66% NA NA NA
6.40% 2.29% 8.51% 2.82%
1.00% 0.36% 6.13% 0.44%
0.00% 0.03% 5.73% 0.04%
6.40% NA NA NA
9.25% NA NA NA
9.25% 4.38% 11.08% 5.39%
9.25% NA NA NA
1.00% 0.43% 6.22% 0.53%
6.40% NA NA NA
6.40% NA NA NA
0.56% 0.07% 5.78% 0.09%
0.71% 0.32% 6.08% 0.39%
6.40% NA NA NA
5.12% NA NA NA
0.00% 0.06% 5.76% 0.07%
9.25% NA NA NA
14.21% NA NA NA
3.55% NA NA NA
0.56% NA NA NA
7.82% NA NA NA
0.56% 0.20% 5.94% 0.25%
3.13% 1.29% 7.28% 1.59%
1.71% 0.72% 6.58% 0.89%
3.13% 1.38% 7.39% 1.70%
3.13% 1.87% 7.99% 2.30%
9.25% NA NA NA
1.71% 0.64% 6.48% 0.79%
0.56% NA NA NA
1.00% 0.74% 6.60% 0.91%
2.71% 1.84% 7.95% 2.26%
9.25% NA NA NA
1.00% 0.24% 5.99% 0.30%
10.66% NA NA NA
6.40% NA NA NA
3.13% 1.75% 7.84% 2.15%
6.40% NA NA NA
0.71% 0.29% 6.05% 0.36%
0.71% NA NA NA
7.82% NA NA NA
1.71% 0.64% 6.48% 0.79%
7.82% 5.19% 12.08% 6.39%
0.00% NA NA NA
1.71% 0.56% 6.38% 0.69%
0.00% NA NA NA
0.86% NA NA NA
5.12% NA NA NA
1.71% 1.56% 7.61% 1.92%
1.71% NA NA NA
2.27% NA NA NA
1.71% 1.82% 7.93% 2.24%
9.25% NA NA NA
10.66% NA NA NA
6.40% NA NA NA
3.13% NA NA NA
3.55% 1.73% 7.82% 2.13%
14.21% NA NA NA
3.13% NA NA NA
0.00% 0.13% 5.85% 0.16%
0.00% 0.12% 5.84% 0.15%
7.82% NA NA NA
6.40% 5.38% 12.31% 6.62%
0.00% 0.00% 5.69% 0.00%
2.27% NA NA NA
9.25% 3.80% 10.37% 4.68%
2.71% 1.56% 7.61% 1.92%
7.82% NA NA NA
3.55% NA NA NA
1.71% 1.35% 7.35% 1.66%
2.71% 1.23% 7.20% 1.51%
1.21% 0.79% 6.66% 0.97%
3.55% 3.04% 9.43% 3.74%
0.71% 0.79% 6.66% 0.97%
1.21% NA NA NA
3.13% 1.13% 7.08% 1.39%
3.55% 2.08% 8.25% 2.56%
7.82% NA NA NA
1.00% 1.07% 7.01% 1.32%
6.40% NA NA NA
6.40% NA NA NA
1.71% NA NA NA
0.00% NA NA NA
1.21% 0.47% 6.27% 0.58%
3.13% 1.14% 7.09% 1.40%
2.71% 2.49% 8.75% 3.06%
2.71% 0.87% 6.76% 1.07%
6.40% NA NA NA
2.71% NA NA NA
9.25% NA NA NA
6.40% NA NA NA
0.00% 0.02% 5.71% 0.02%
0.00% 0.12% 5.84% 0.15%
0.86% NA NA NA
2.27% 0.90% 6.80% 1.11%
3.13% NA NA NA
5.12% 4.62% 11.37% 5.68%
3.55% 3.06% 9.46% 3.77%
10.66% NA NA NA
7.82% NA NA NA
14.21% 7.26% 14.62% 8.93%
0.71% NA NA NA
0.56% 0.23% 5.97% 0.28%
0.00% 0.00% 5.69% 0.00%
2.71% NA NA NA
14.21% 30.44% 43.15% 37.46%
6.40% 2.23% 8.43% 2.74%
9.25% NA NA NA
 Volatility
BAML Emerging Mkt Pu 11.48% BAMLEMPBPUBSICRPIEY
S&P Emerging BMI (Equ 14.12% BAMLEMPUPUBSLCRPIUSEY
Relative Volatility 1.23

Index: BAML Public Sector US Emerging Markets Corporate Plus Index Yield Index: S&P Emerging BMI Index
Source: FRED (Federal Reserve St. Louis Datasets) Source: S&P
https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddata http://us.spindices.com/indices/equ
Period Five years Period Five years
Interval Daily Interval Daily
S&P
Emerging
BMI (US
Dollar)
Gross Total
DATE VALUE Effective da Return

2012-01-03 5.42 Average = 4.56 In spread % 12/30/2011 328.71

2012-01-04 5.42 Std Dev = 0.52309595 In spread % 1/2/2012 328.69

2012-01-05 5.42 CV = 11.48% ! Std Dev/ Average 1/3/2012 336.25
2012-01-06 5.42 1/4/2012 335.77
2012-01-09 5.42 1/5/2012 334.34
2012-01-10 5.43 1/6/2012 333.27
2012-01-11 5.43 1/9/2012 335.14
2012-01-12 5.42 1/10/2012 341.84
2012-01-13 5.41 1/11/2012 342.3
2012-01-16 5.40 1/12/2012 343.81
2012-01-17 5.40 1/13/2012 342.7
2012-01-18 5.40 1/16/2012 343.24
2012-01-19 5.37 1/17/2012 349.99
2012-01-20 5.35 1/18/2012 353.15
2012-01-23 5.32 1/19/2012 356.27
2012-01-24 5.30 1/20/2012 356.46
2012-01-25 5.24 1/23/2012 358.38
2012-01-26 5.15 1/24/2012 357.58
2012-01-27 5.13 1/25/2012 358.19
2012-01-30 5.12 1/26/2012 364.06
2012-01-31 5.13 1/27/2012 365.02
2012-02-01 5.10 1/30/2012 362.14
2012-02-02 5.09 1/31/2012 366.95
2012-02-03 5.10 2/1/2012 371.62
2012-02-06 5.06 2/2/2012 376.43
2012-02-07 5.09 2/3/2012 379.21
2012-02-08 5.08 2/6/2012 378.8
2012-02-09 5.07 2/7/2012 378.77
2012-02-10 5.04 2/8/2012 383.24
2012-02-13 5.03 2/9/2012 383.72
2012-02-14 5.00 2/10/2012 377.61
2012-02-15 4.99 2/13/2012 381.62
2012-02-16 5.02 2/14/2012 379.28
2012-02-17 5.00 2/15/2012 383.22
2012-02-20 5.00 2/16/2012 380.97
2012-02-21 4.99 2/17/2012 384.76
2012-02-22 4.91 2/20/2012 386.66
2012-02-23 4.88 2/21/2012 385.57
2012-02-24 4.87 2/22/2012 385.74
2012-02-27 4.84 2/23/2012 384.78
2012-02-28 4.79 2/24/2012 387.36
2012-02-29 4.78 2/27/2012 383.91
2012-03-01 4.77 2/28/2012 388.23
2012-03-02 4.71 2/29/2012 391.44
2012-03-05 4.71 3/1/2012 390.65
2012-03-06 4.74 3/2/2012 391.94
2012-03-07 4.73 3/5/2012 386.76
2012-03-08 4.71 3/6/2012 377.4
2012-03-09 4.69 3/7/2012 376.95
2012-03-12 4.68 3/8/2012 382.23
2012-03-13 4.66 3/9/2012 384.67
2012-03-14 4.69 3/12/2012 381.56
2012-03-15 4.70 3/13/2012 387.1
2012-03-16 4.69 3/14/2012 386.61
2012-03-19 4.70 3/15/2012 386.2
2012-03-20 4.71 3/16/2012 385.72
2012-03-21 4.70 3/19/2012 384.24
2012-03-22 4.72 3/20/2012 380.16
2012-03-23 4.72 3/21/2012 380.16
2012-03-26 4.70 3/22/2012 377.11
2012-03-27 4.69 3/23/2012 377.99
2012-03-28 4.69 3/26/2012 379.71
2012-03-29 4.68 3/27/2012 382.63
2012-03-30 4.70 3/28/2012 378.36
2012-03-31 4.75 3/29/2012 374
2012-04-02 4.75 3/30/2012 377.68
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2012-04-09 4.77 4/5/2012 374.42
2012-04-10 4.78 4/6/2012 374.53
2012-04-11 4.79 4/9/2012 371.51
2012-04-12 4.77 4/10/2012 367.75
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2012-04-17 4.71 4/13/2012 371.96
2012-04-18 4.70 4/16/2012 370.01
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2012-04-20 4.66 4/18/2012 371.02
2012-04-23 4.66 4/19/2012 371.06
2012-04-24 4.66 4/20/2012 371.37
2012-04-25 4.63 4/23/2012 365.78
2012-04-26 4.62 4/24/2012 367.2
2012-04-27 4.59 4/25/2012 367.67
2012-04-30 4.62 4/26/2012 368.69
2012-05-01 4.60 4/27/2012 369.75
2012-05-02 4.57 4/30/2012 371.9
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2012-05-04 4.54 5/2/2012 373.19
2012-05-07 4.54 5/3/2012 371.23
2012-05-08 4.55 5/4/2012 367.3
2012-05-09 4.59 5/7/2012 364.38
2012-05-10 4.58 5/8/2012 360.3
2012-05-11 4.59 5/9/2012 354.87
2012-05-14 4.67 5/10/2012 356.18
2012-05-15 4.71 5/11/2012 353.24
2012-05-16 4.77 5/14/2012 345.79
2012-05-17 4.79 5/15/2012 344.28
2012-05-18 4.84 5/16/2012 337.94
2012-05-21 4.83 5/17/2012 336.18
2012-05-22 4.79 5/18/2012 332.42
2012-05-23 4.84 5/21/2012 334.62
2012-05-24 4.85 5/22/2012 336.09
2012-05-25 4.85 5/23/2012 328
2012-05-28 4.85 5/24/2012 330.19
2012-05-29 4.83 5/25/2012 330.26
2012-05-30 4.85 5/28/2012 333.33
2012-05-31 4.91 5/29/2012 337.32
2012-06-01 4.94 5/30/2012 331.66
2012-06-04 4.97 5/31/2012 331.46
2012-06-05 4.93 6/1/2012 326.18
2012-06-06 4.88 6/4/2012 323.1
2012-06-07 4.81 6/5/2012 324.54
2012-06-08 4.81 6/6/2012 331.69
2012-06-11 4.78 6/7/2012 334.05
2012-06-12 4.81 6/8/2012 331.46
2012-06-13 4.77 6/11/2012 333.85
2012-06-14 4.77 6/12/2012 333.59
2012-06-15 4.72 6/13/2012 335.99
2012-06-18 4.71 6/14/2012 333.61
2012-06-19 4.69 6/15/2012 338.74
2012-06-20 4.69 6/18/2012 340.94
2012-06-21 4.71 6/19/2012 344.9
2012-06-22 4.73 6/20/2012 346.23
2012-06-25 4.72 6/21/2012 340.65
2012-06-26 4.72 6/22/2012 336.48
2012-06-27 4.70 6/25/2012 332.18
2012-06-28 4.70 6/26/2012 333.24
2012-06-29 4.66 6/27/2012 335.75
2012-06-30 4.67 6/28/2012 332.96
2012-07-02 4.63 6/29/2012 344
2012-07-03 4.60 7/2/2012 346.13
2012-07-04 4.59 7/3/2012 351.61
2012-07-05 4.57 7/4/2012 351.59
2012-07-06 4.55 7/5/2012 351.25
2012-07-09 4.54 7/6/2012 348.12
2012-07-10 4.52 7/9/2012 345.05
2012-07-11 4.50 7/10/2012 344.71
2012-07-12 4.47 7/11/2012 344.09
2012-07-13 4.43 7/12/2012 338.74
2012-07-16 4.39 7/13/2012 342.48
2012-07-17 4.36 7/16/2012 342.31
2012-07-18 4.35 7/17/2012 344.38
2012-07-19 4.34 7/18/2012 344.3
2012-07-20 4.32 7/19/2012 347.41
2012-07-23 4.37 7/20/2012 345.72
2012-07-24 4.38 7/23/2012 336.94
2012-07-25 4.38 7/24/2012 335.73
2012-07-26 4.35 7/25/2012 335.1
2012-07-27 4.34 7/26/2012 339.08
2012-07-30 4.29 7/27/2012 347.09
2012-07-31 4.28 7/30/2012 348.98
2012-08-01 4.28 7/31/2012 348.73
2012-08-02 4.26 8/1/2012 349.63
2012-08-03 4.24 8/2/2012 346.66
2012-08-06 4.19 8/3/2012 350.92
2012-08-07 4.18 8/6/2012 355.34
2012-08-08 4.19 8/7/2012 355.74
2012-08-09 4.20 8/8/2012 356.29
2012-08-10 4.20 8/9/2012 358.56
2012-08-13 4.20 8/10/2012 358.65
2012-08-14 4.22 8/13/2012 356.79
2012-08-15 4.25 8/14/2012 357.67
2012-08-16 4.26 8/15/2012 356.5
2012-08-17 4.25 8/16/2012 357.83
2012-08-20 4.25 8/17/2012 356.77
2012-08-21 4.22 8/20/2012 356.22
2012-08-22 4.18 8/21/2012 358.54
2012-08-23 4.14 8/22/2012 356.93
2012-08-24 4.14 8/23/2012 358.06
2012-08-27 4.13 8/24/2012 355.75
2012-08-28 4.11 8/27/2012 354.49
2012-08-29 4.12 8/28/2012 352.95
2012-08-30 4.12 8/29/2012 350.53
2012-08-31 4.11 8/30/2012 347.89
2012-09-03 4.11 8/31/2012 349.22
2012-09-04 4.10 9/3/2012 351.37
2012-09-05 4.09 9/4/2012 349.73
2012-09-06 4.08 9/5/2012 347.98
2012-09-07 4.04 9/6/2012 352.3
2012-09-10 4.02 9/7/2012 357.76
2012-09-11 4.00 9/10/2012 358.56
2012-09-12 3.99 9/11/2012 359.9
2012-09-13 3.99 9/12/2012 361.01
2012-09-14 3.98 9/13/2012 362.68
2012-09-17 3.97 9/14/2012 373.39
2012-09-18 3.98 9/17/2012 373.04
2012-09-19 3.97 9/18/2012 370.89
2012-09-20 3.99 9/19/2012 371.94
2012-09-21 3.98 9/20/2012 368.44
2012-09-24 3.98 9/21/2012 371.4
2012-09-25 3.98 9/24/2012 370.46
2012-09-26 4.00 9/25/2012 369.87
2012-09-27 3.97 9/26/2012 365.5
2012-09-28 3.93 9/27/2012 368.33
2012-09-30 3.95 9/28/2012 369.73
2012-10-01 3.93 10/1/2012 370.83
2012-10-02 3.92 10/2/2012 371.43
2012-10-03 3.90 10/3/2012 370.1
2012-10-04 3.90 10/4/2012 371.59
2012-10-05 3.90 10/5/2012 372.99
2012-10-08 3.89 10/8/2012 368.93
2012-10-09 3.91 10/9/2012 368.04
2012-10-10 3.89 10/10/2012 367.45
2012-10-11 3.86 10/11/2012 369.62
2012-10-12 3.83 10/12/2012 370
2012-10-15 3.80 10/15/2012 369.77
2012-10-16 3.78 10/16/2012 372.3
2012-10-17 3.78 10/17/2012 375.13
2012-10-18 3.77 10/18/2012 375.78
2012-10-19 3.75 10/19/2012 373.25
2012-10-22 3.76 10/22/2012 374.01
2012-10-23 3.78 10/23/2012 370.28
2012-10-24 3.79 10/24/2012 370.25
2012-10-25 3.80 10/25/2012 370.86
2012-10-26 3.79 10/26/2012 367.89
2012-10-29 3.79 10/29/2012 367.04
2012-10-31 3.84 10/30/2012 367.9
2012-11-01 3.85 10/31/2012 368.33
2012-11-02 3.84 11/1/2012 370.98
2012-11-05 3.82 11/2/2012 372.04
2012-11-06 3.82 11/5/2012 370.88
2012-11-07 3.78 11/6/2012 372.63
2012-11-08 3.79 11/7/2012 372.37
2012-11-09 3.82 11/8/2012 368.5
2012-11-12 3.81 11/9/2012 367.21
2012-11-13 3.84 11/12/2012 366.74
2012-11-14 3.85 11/13/2012 363.94
2012-11-15 3.87 11/14/2012 362.7
2012-11-16 3.88 11/15/2012 361.16
2012-11-19 3.87 11/16/2012 359.68
2012-11-20 3.87 11/19/2012 362.35
2012-11-21 3.87 11/20/2012 362.16
2012-11-22 3.87 11/21/2012 362.59
2012-11-23 3.87 11/22/2012 364.12
2012-11-26 3.85 11/23/2012 367.76
2012-11-27 3.81 11/26/2012 367.93
2012-11-28 3.79 11/27/2012 367.73
2012-11-29 3.76 11/28/2012 366.16
2012-11-30 3.77 11/29/2012 370.42
2012-12-03 3.75 11/30/2012 372.07
2012-12-04 3.74 12/3/2012 372.41
2012-12-05 3.74 12/4/2012 372.25
2012-12-06 3.72 12/5/2012 375.48
2012-12-07 3.74 12/6/2012 377.23
2012-12-10 3.72 12/7/2012 377.82
2012-12-11 3.71 12/10/2012 379.56
2012-12-12 3.72 12/11/2012 381.23
2012-12-13 3.72 12/12/2012 383.81
2012-12-14 3.71 12/13/2012 383.31
2012-12-17 3.73 12/14/2012 384.06
2012-12-18 3.74 12/17/2012 383.39
2012-12-19 3.71 12/18/2012 385.78
2012-12-20 3.70 12/19/2012 388.76
2012-12-21 3.69 12/20/2012 388.47
2012-12-24 3.69 12/21/2012 385.28
2012-12-26 3.69 12/24/2012 385.49
2012-12-27 3.68 12/25/2012 386.23
2012-12-28 3.67 12/26/2012 387.37
2012-12-31 3.66 12/27/2012 388.31
2013-01-02 3.64 12/28/2012 390.47
2013-01-03 3.61 12/31/2012 390.56
2013-01-04 3.60 1/1/2013 390.84
2013-01-07 3.60 1/2/2013 398.31
2013-01-08 3.60 1/3/2013 400.88
2013-01-09 3.60 1/4/2013 399.73
2013-01-10 3.60 1/7/2013 399.59
2013-01-11 3.61 1/8/2013 397.66
2013-01-14 3.61 1/9/2013 399.52
2013-01-15 3.60 1/10/2013 400.63
2013-01-16 3.60 1/11/2013 399.2
2013-01-17 3.61 1/14/2013 402.35
2013-01-18 3.61 1/15/2013 400.41
2013-01-21 3.60 1/16/2013 399.56
2013-01-22 3.60 1/17/2013 400.24
2013-01-23 3.59 1/18/2013 403.2
2013-01-24 3.59 1/21/2013 402.87
2013-01-25 3.61 1/22/2013 402.79
2013-01-28 3.63 1/23/2013 402.53
2013-01-29 3.65 1/24/2013 401.53
2013-01-30 3.69 1/25/2013 401.18
2013-01-31 3.80 1/28/2013 399.8
2013-02-01 3.81 1/29/2013 401.64
2013-02-04 3.83 1/30/2013 401.15
2013-02-05 3.85 1/31/2013 401.7
2013-02-06 3.83 2/1/2013 404.08
2013-02-07 3.83 2/4/2013 403.3
2013-02-08 3.81 2/5/2013 401.68
2013-02-11 3.80 2/6/2013 400.64
2013-02-12 3.81 2/7/2013 399
2013-02-13 3.83 2/8/2013 399.05
2013-02-14 3.80 2/11/2013 398.17
2013-02-15 3.80 2/12/2013 398.11
2013-02-18 3.79 2/13/2013 399.27
2013-02-19 3.79 2/14/2013 399.42
2013-02-20 3.78 2/15/2013 399.4
2013-02-21 3.80 2/18/2013 398.9
2013-02-22 3.79 2/19/2013 398.53
2013-02-25 3.76 2/20/2013 398.58
2013-02-26 3.76 2/21/2013 392.78
2013-02-27 3.76 2/22/2013 392.96
2013-02-28 3.77 2/25/2013 393.82
2013-03-01 3.75 2/26/2013 389.39
2013-03-04 3.75 2/27/2013 390.98
2013-03-05 3.73 2/28/2013 393.38
2013-03-06 3.76 3/1/2013 392.95
2013-03-07 3.78 3/4/2013 389.13
2013-03-08 3.79 3/5/2013 392.6
2013-03-11 3.79 3/6/2013 396.39
2013-03-12 3.77 3/7/2013 396.75
2013-03-13 3.77 3/8/2013 400.19
2013-03-14 3.78 3/11/2013 399.74
2013-03-15 3.78 3/12/2013 397.54
2013-03-18 3.79 3/13/2013 393.77
2013-03-19 3.79 3/14/2013 394.05
2013-03-20 3.80 3/15/2013 392.44
2013-03-21 3.80 3/18/2013 388.11
2013-03-22 3.80 3/19/2013 385.52
2013-03-25 3.78 3/20/2013 387.07
2013-03-26 3.78 3/21/2013 385.89
2013-03-27 3.80 3/22/2013 383.56
2013-03-28 3.81 3/25/2013 384.93
2013-03-31 3.83 3/26/2013 386.86
2013-04-01 3.83 3/27/2013 388.39
2013-04-02 3.82 3/28/2013 388.78
2013-04-03 3.81 3/29/2013 389.36
2013-04-04 3.76 4/1/2013 388.45
2013-04-05 3.72 4/2/2013 388.12
2013-04-08 3.69 4/3/2013 386.26
2013-04-09 3.67 4/4/2013 384.1
2013-04-10 3.69 4/5/2013 381.96
2013-04-11 3.68 4/8/2013 382.05
2013-04-12 3.67 4/9/2013 385.44
2013-04-15 3.68 4/10/2013 388.66
2013-04-16 3.71 4/11/2013 389.84
2013-04-17 3.73 4/12/2013 387.21
2013-04-18 3.72 4/15/2013 380.36
2013-04-19 3.71 4/16/2013 382.34
2013-04-22 3.70 4/17/2013 379.84
2013-04-23 3.68 4/18/2013 379.74
2013-04-24 3.67 4/19/2013 384.68
2013-04-25 3.68 4/22/2013 384.73
2013-04-26 3.67 4/23/2013 384.54
2013-04-29 3.64 4/24/2013 387.16
2013-04-30 3.64 4/25/2013 390.55
2013-05-01 3.62 4/26/2013 388.81
2013-05-02 3.59 4/29/2013 391.02
2013-05-03 3.61 4/30/2013 394.82
2013-05-06 3.61 5/1/2013 394.23
2013-05-07 3.60 5/2/2013 394.49
2013-05-08 3.60 5/3/2013 396.06
2013-05-09 3.59 5/6/2013 397.77
2013-05-10 3.63 5/7/2013 400.83
2013-05-13 3.66 5/8/2013 404.09
2013-05-14 3.66 5/9/2013 403.68
2013-05-15 3.67 5/10/2013 401.61
2013-05-16 3.64 5/13/2013 398.32
2013-05-17 3.67 5/14/2013 399.17
2013-05-20 3.68 5/15/2013 399.75
2013-05-21 3.69 5/16/2013 399.55
2013-05-22 3.71 5/17/2013 399.53
2013-05-23 3.75 5/20/2013 400.67
2013-05-24 3.77 5/21/2013 400.45
2013-05-27 3.77 5/22/2013 400.32
2013-05-28 3.83 5/23/2013 392.71
2013-05-29 3.93 5/24/2013 393.01
2013-05-30 3.94 5/27/2013 393.5
2013-05-31 4.06 5/28/2013 394.84
2013-06-03 4.11 5/29/2013 390.43
2013-06-04 4.12 5/30/2013 388.19
2013-06-05 4.18 5/31/2013 385.4
2013-06-06 4.24 6/3/2013 381.17
2013-06-07 4.26 6/4/2013 383.39
2013-06-10 4.32 6/5/2013 378.8
2013-06-11 4.45 6/6/2013 376.12
2013-06-12 4.44 6/7/2013 376.27
2013-06-13 4.39 6/10/2013 373.34
2013-06-14 4.29 6/11/2013 365.87
2013-06-17 4.31 6/12/2013 366.31
2013-06-18 4.35 6/13/2013 362.98
2013-06-19 4.41 6/14/2013 366.48
2013-06-20 4.73 6/17/2013 368.43
2013-06-21 4.81 6/18/2013 366.57
2013-06-24 5.04 6/19/2013 364.34
2013-06-25 4.98 6/20/2013 349.83
2013-06-26 4.92 6/21/2013 347.32
2013-06-27 4.80 6/24/2013 340.58
2013-06-28 4.77 6/25/2013 342.1
2013-06-30 4.80 6/26/2013 348.74
2013-07-01 4.78 6/27/2013 354.03
2013-07-02 4.73 6/28/2013 360.94
2013-07-03 4.78 7/1/2013 361.86
2013-07-04 4.77 7/2/2013 358.04
2013-07-05 4.86 7/3/2013 351.13
2013-07-08 4.87 7/4/2013 354.53
2013-07-09 4.84 7/5/2013 353.28
2013-07-10 4.85 7/8/2013 349.64
2013-07-11 4.78 7/9/2013 351.4
2013-07-12 4.76 7/10/2013 352.24
2013-07-15 4.71 7/11/2013 361.02
2013-07-16 4.65 7/12/2013 362.55
2013-07-17 4.60 7/15/2013 365.73
2013-07-18 4.53 7/16/2013 366.62
2013-07-19 4.50 7/17/2013 368.7
2013-07-22 4.46 7/18/2013 369.1
2013-07-23 4.46 7/19/2013 366.39
2013-07-24 4.51 7/22/2013 367.81
2013-07-25 4.54 7/23/2013 373.02
2013-07-26 4.53 7/24/2013 371.67
2013-07-29 4.54 7/25/2013 370.53
2013-07-30 4.55 7/26/2013 369.85
2013-07-31 4.64 7/29/2013 366.77
2013-08-01 4.67 7/30/2013 366.11
2013-08-02 4.64 7/31/2013 363.95
2013-08-05 4.63 8/1/2013 367.02
2013-08-06 4.63 8/2/2013 367.49
2013-08-07 4.63 8/5/2013 367.8
2013-08-08 4.61 8/6/2013 364.1
2013-08-09 4.60 8/7/2013 361.96
2013-08-12 4.60 8/8/2013 365.36
2013-08-13 4.63 8/9/2013 367.49
2013-08-14 4.64 8/12/2013 370.03
2013-08-15 4.69 8/13/2013 372.4
2013-08-16 4.71 8/14/2013 372.91
2013-08-19 4.79 8/15/2013 369.61
2013-08-20 4.82 8/16/2013 368.52
2013-08-21 4.87 8/19/2013 363.05
2013-08-22 4.92 8/20/2013 358.55
2013-08-23 4.88 8/21/2013 355.65
2013-08-26 4.87 8/22/2013 355.51
2013-08-27 4.86 8/23/2013 358.95
2013-08-28 4.90 8/26/2013 358.17
2013-08-29 4.91 8/27/2013 350.31
2013-09-02 4.96 8/28/2013 347.8
2013-09-03 5.00 8/29/2013 351.45
2013-09-04 5.04 8/30/2013 354.17
2013-09-05 5.09 9/2/2013 357.74
2013-09-06 5.05 9/3/2013 355.84
2013-09-09 5.00 9/4/2013 357.46
2013-09-10 5.01 9/5/2013 361.47
2013-09-11 4.97 9/6/2013 364.64
2013-09-12 4.93 9/9/2013 371.01
2013-09-13 4.92 9/10/2013 377.47
2013-09-16 4.84 9/11/2013 377.97
2013-09-17 4.83 9/12/2013 377.53
2013-09-18 4.75 9/13/2013 376.44
2013-09-19 4.63 9/16/2013 381.77
2013-09-20 4.63 9/17/2013 382.42
2013-09-23 4.63 9/18/2013 382.26
2013-09-24 4.65 9/19/2013 391.66
2013-09-25 4.65 9/20/2013 387.6
2013-09-26 4.68 9/23/2013 387.83
2013-09-27 4.68 9/24/2013 385.76
2013-09-30 4.74 9/25/2013 385.51
2013-10-01 4.75 9/26/2013 383.61
2013-10-02 4.75 9/27/2013 382.14
2013-10-03 4.74 9/30/2013 377.97
2013-10-04 4.74 10/1/2013 381.64
2013-10-07 4.73 10/2/2013 382.38
2013-10-08 4.73 10/3/2013 385.44
2013-10-09 4.73 10/4/2013 386.78
2013-10-10 4.71 10/7/2013 385.53
2013-10-11 4.68 10/8/2013 386.42
2013-10-14 4.68 10/9/2013 385.14
2013-10-15 4.67 10/10/2013 389.06
2013-10-16 4.63 10/11/2013 392.01
2013-10-17 4.56 10/14/2013 391.68
2013-10-18 4.50 10/15/2013 393.37
2013-10-21 4.50 10/16/2013 394.24
2013-10-22 4.46 10/17/2013 395.42
2013-10-23 4.43 10/18/2013 398.93
2013-10-24 4.45 10/21/2013 399.08
2013-10-25 4.44 10/22/2013 399.85
2013-10-28 4.44 10/23/2013 395.76
2013-10-29 4.45 10/24/2013 395.08
2013-10-30 4.44 10/25/2013 393.94
2013-10-31 4.41 10/28/2013 395.45
2013-11-01 4.45 10/29/2013 396.46
2013-11-04 4.46 10/30/2013 398.48
2013-11-05 4.52 10/31/2013 396.16
2013-11-06 4.52 11/1/2013 393.13
2013-11-07 4.53 11/4/2013 393.38
2013-11-08 4.59 11/5/2013 389.4
2013-11-11 4.59 11/6/2013 388.93
2013-11-12 4.69 11/7/2013 386.41
2013-11-13 4.68 11/8/2013 381.35
2013-11-14 4.64 11/11/2013 380.71
2013-11-15 4.61 11/12/2013 379.07
2013-11-18 4.56 11/13/2013 376.16
2013-11-19 4.57 11/14/2013 381.08
2013-11-20 4.58 11/15/2013 384.96
2013-11-21 4.60 11/18/2013 392.26
2013-11-22 4.58 11/19/2013 391.08
2013-11-25 4.56 11/20/2013 389.7
2013-11-26 4.55 11/21/2013 384.5
2013-11-27 4.56 11/22/2013 386.07
2013-11-28 4.56 11/25/2013 386.3
2013-11-29 4.57 11/26/2013 384.01
2013-11-30 4.59 11/27/2013 385.46
2013-12-02 4.62 11/28/2013 386.26
2013-12-03 4.63 11/29/2013 388.9
2013-12-04 4.66 12/2/2013 387.57
2013-12-05 4.67 12/3/2013 384.18
2013-12-06 4.67 12/4/2013 382.32
2013-12-09 4.65 12/5/2013 383.54
2013-12-10 4.60 12/6/2013 385.22
2013-12-11 4.61 12/9/2013 388.29
2013-12-12 4.63 12/10/2013 388.53
2013-12-13 4.61 12/11/2013 384.47
2013-12-16 4.59 12/12/2013 380.21
2013-12-17 4.59 12/13/2013 380.32
2013-12-18 4.58 12/16/2013 380.09
2013-12-19 4.59 12/17/2013 379.88
2013-12-20 4.59 12/18/2013 380.96
2013-12-23 4.58 12/19/2013 380.27
2013-12-24 4.60 12/20/2013 379.35
2013-12-26 4.60 12/23/2013 380.96
2013-12-27 4.61 12/24/2013 382.17
2013-12-30 4.59 12/25/2013 381.96
2013-12-31 4.61 12/26/2013 381.38
2014-01-02 4.61 12/27/2013 383
2014-01-03 4.62 12/30/2013 384.93
2014-01-06 4.60 12/31/2013 385.62
2014-01-07 4.58 1/1/2014 385.64
2014-01-08 4.60 1/2/2014 382.15
2014-01-09 4.60 1/3/2014 378.92
2014-01-10 4.57 1/6/2014 376.38
2014-01-13 4.54 1/7/2014 376.33
2014-01-14 4.54 1/8/2014 377
2014-01-15 4.53 1/9/2014 372.95
2014-01-16 4.52 1/10/2014 376.04
2014-01-17 4.51 1/13/2014 378.19
2014-01-20 4.50 1/14/2014 377.61
2014-01-21 4.51 1/15/2014 378.8
2014-01-22 4.53 1/16/2014 377.51
2014-01-23 4.53 1/17/2014 376.63
2014-01-24 4.58 1/20/2014 376.03
2014-01-27 4.61 1/21/2014 375.88
2014-01-28 4.59 1/22/2014 378.03
2014-01-29 4.60 1/23/2014 373.54
2014-01-30 4.63 1/24/2014 367.56
2014-01-31 4.70 1/27/2014 360.8
2014-02-03 4.69 1/28/2014 361.97
2014-02-04 4.68 1/29/2014 361.25
2014-02-05 4.67 1/30/2014 361.1
2014-02-06 4.65 1/31/2014 361.08
2014-02-07 4.63 2/3/2014 358.1
2014-02-10 4.61 2/4/2014 355.97
2014-02-11 4.61 2/5/2014 354.85
2014-02-12 4.61 2/6/2014 360.03
2014-02-13 4.61 2/7/2014 362.81
2014-02-14 4.60 2/10/2014 362.32
2014-02-17 4.59 2/11/2014 365.85
2014-02-18 4.56 2/12/2014 368.86
2014-02-19 4.58 2/13/2014 366.57
2014-02-20 4.59 2/14/2014 370.54
2014-02-21 4.56 2/17/2014 373.15
2014-02-24 4.52 2/18/2014 371.69
2014-02-25 4.49 2/19/2014 372
2014-02-26 4.49 2/20/2014 369.49
2014-02-27 4.46 2/21/2014 371.81
2014-02-28 4.46 2/24/2014 372.03
2014-03-03 4.57 2/25/2014 369.92
2014-03-04 4.55 2/26/2014 369.61
2014-03-05 4.55 2/27/2014 372.54
2014-03-06 4.56 2/28/2014 373.61
2014-03-07 4.59 3/3/2014 367.65
2014-03-10 4.64 3/4/2014 371.33
2014-03-11 4.63 3/5/2014 372.22
2014-03-12 4.67 3/6/2014 376.93
2014-03-13 4.67 3/7/2014 374.94
2014-03-14 4.71 3/10/2014 371.19
2014-03-17 4.71 3/11/2014 371.04
2014-03-18 4.66 3/12/2014 367.84
2014-03-19 4.66 3/13/2014 366.79
2014-03-20 4.69 3/14/2014 364.85
2014-03-21 4.69 3/17/2014 366.77
2014-03-24 4.67 3/18/2014 370.62
2014-03-25 4.65 3/19/2014 370.01
2014-03-26 4.58 3/20/2014 366.66
2014-03-27 4.51 3/21/2014 368.02
2014-03-28 4.51 3/24/2014 370.92
2014-03-31 4.61 3/25/2014 372.93
2014-04-01 4.57 3/26/2014 375.56
2014-04-02 4.59 3/27/2014 377.1
2014-04-03 4.59 3/28/2014 380.97
2014-04-04 4.55 3/31/2014 384.94
2014-04-07 4.54 4/1/2014 387.64
2014-04-08 4.51 4/2/2014 389.32
2014-04-09 4.50 4/3/2014 387.42
2014-04-10 4.46 4/4/2014 387.7
2014-04-11 4.47 4/7/2014 387.86
2014-04-14 4.51 4/8/2014 390.99
2014-04-15 4.54 4/9/2014 392.17
2014-04-16 4.55 4/10/2014 394.35
2014-04-17 4.55 4/11/2014 391.47
2014-04-21 4.54 4/14/2014 390.14
2014-04-22 4.54 4/15/2014 385.77
2014-04-23 4.54 4/16/2014 386.84
2014-04-24 4.55 4/17/2014 389.99
2014-04-25 4.61 4/18/2014 390.51
2014-04-28 4.62 4/21/2014 390.65
2014-04-29 4.60 4/22/2014 389.83
2014-04-30 4.58 4/23/2014 387.94
2014-05-01 4.54 4/24/2014 388.09
2014-05-02 4.53 4/25/2014 384.19
2014-05-05 4.54 4/28/2014 383.23
2014-05-06 4.52 4/29/2014 386.35
2014-05-07 4.46 4/30/2014 384.77
2014-05-08 4.40 5/1/2014 385.33
2014-05-09 4.40 5/2/2014 388.59
2014-05-12 4.40 5/5/2014 387.92
2014-05-13 4.36 5/6/2014 388.97
2014-05-14 4.33 5/7/2014 388.97
2014-05-15 4.31 5/8/2014 390.09
2014-05-16 4.31 5/9/2014 389.64
2014-05-19 4.30 5/12/2014 393.4
2014-05-20 4.27 5/13/2014 395.28
2014-05-21 4.26 5/14/2014 398.6
2014-05-22 4.26 5/15/2014 397.28
2014-05-23 4.23 5/16/2014 398.4
2014-05-26 4.22 5/19/2014 400.28
2014-05-27 4.20 5/20/2014 398.41
2014-05-28 4.14 5/21/2014 399.62
2014-05-29 4.10 5/22/2014 403.52
2014-05-30 4.10 5/23/2014 404.87
2014-05-31 4.16 5/26/2014 404.64
2014-06-02 4.18 5/27/2014 401.54
2014-06-03 4.21 5/28/2014 403.02
2014-06-04 4.22 5/29/2014 403.27
2014-06-05 4.20 5/30/2014 399.92
2014-06-06 4.13 6/2/2014 400.92
2014-06-09 4.10 6/3/2014 403.12
2014-06-10 4.12 6/4/2014 401.47
2014-06-11 4.15 6/5/2014 403.74
2014-06-12 4.14 6/6/2014 408.39
2014-06-13 4.15 6/9/2014 410.67
2014-06-16 4.19 6/10/2014 413.23
2014-06-17 4.21 6/11/2014 412.75
2014-06-18 4.19 6/12/2014 412.96
2014-06-19 4.15 6/13/2014 411.31
2014-06-20 4.14 6/16/2014 410.58
2014-06-23 4.14 6/17/2014 409.54
2014-06-24 4.10 6/18/2014 410.13
2014-06-25 4.09 6/19/2014 412.36
2014-06-26 4.08 6/20/2014 410.76
2014-06-27 4.09 6/23/2014 409.85
2014-06-30 4.12 6/24/2014 412.22
2014-07-01 4.14 6/25/2014 410.48
2014-07-02 4.16 6/26/2014 411.97
2014-07-03 4.16 6/27/2014 412.21
2014-07-04 4.16 6/30/2014 414.27
2014-07-07 4.15 7/1/2014 414.84
2014-07-08 4.11 7/2/2014 417.92
2014-07-09 4.09 7/3/2014 419.24
2014-07-10 4.10 7/4/2014 420.07
2014-07-11 4.09 7/7/2014 420.7
2014-07-14 4.10 7/8/2014 420.3
2014-07-15 4.10 7/9/2014 419.22
2014-07-16 4.12 7/10/2014 419.82
2014-07-17 4.16 7/11/2014 418.86
2014-07-18 4.18 7/14/2014 421.3
2014-07-21 4.21 7/15/2014 422.42
2014-07-22 4.20 7/16/2014 423.45
2014-07-23 4.16 7/17/2014 421.2
2014-07-24 4.17 7/18/2014 421.71
2014-07-25 4.21 7/21/2014 422.13
2014-07-28 4.26 7/22/2014 426.47
2014-07-29 4.28 7/23/2014 428.03
2014-07-30 4.31 7/24/2014 429.83
2014-07-31 4.35 7/25/2014 428.98
2014-08-01 4.37 7/28/2014 428.64
2014-08-04 4.38 7/29/2014 427.79
2014-08-05 4.41 7/30/2014 426.44
2014-08-06 4.45 7/31/2014 421.76
2014-08-07 4.44 8/1/2014 419.96
2014-08-08 4.46 8/4/2014 423.62
2014-08-11 4.42 8/5/2014 421.29
2014-08-12 4.40 8/6/2014 419.01
2014-08-13 4.35 8/7/2014 417.06
2014-08-14 4.31 8/8/2014 415.7
2014-08-15 4.28 8/11/2014 421.95
2014-08-18 4.26 8/12/2014 422.98
2014-08-19 4.25 8/13/2014 425.27
2014-08-20 4.27 8/14/2014 425.7
2014-08-21 4.26 8/15/2014 426.49
2014-08-22 4.27 8/18/2014 428.09
2014-08-25 4.27 8/19/2014 430.91
2014-08-26 4.24 8/20/2014 431.26
2014-08-27 4.21 8/21/2014 431.03
2014-08-28 4.25 8/22/2014 430.79
2014-08-29 4.28 8/25/2014 432.2
2014-08-31 4.28 8/26/2014 432.74
2014-09-01 4.29 8/27/2014 435.02
2014-09-02 4.36 8/28/2014 432.22
2014-09-03 4.32 8/29/2014 432.83
2014-09-04 4.32 9/1/2014 434.12
2014-09-05 4.32 9/2/2014 434.24
2014-09-08 4.36 9/3/2014 440.41
2014-09-09 4.38 9/4/2014 439.88
2014-09-10 4.42 9/5/2014 439.58
2014-09-11 4.41 9/8/2014 439.08
2014-09-12 4.45 9/9/2014 435.54
2014-09-15 4.47 9/10/2014 430.48
2014-09-16 4.48 9/11/2014 429.29
2014-09-17 4.50 9/12/2014 425.72
2014-09-18 4.52 9/15/2014 423.39
2014-09-19 4.49 9/16/2014 422.15
2014-09-22 4.47 9/17/2014 424.96
2014-09-23 4.45 9/18/2014 424.08
2014-09-24 4.44 9/19/2014 423.22
2014-09-25 4.44 9/22/2014 417.52
2014-09-26 4.47 9/23/2014 414.75
2014-09-29 4.53 9/24/2014 415.85
2014-09-30 4.53 9/25/2014 411.44
2014-10-01 4.51 9/26/2014 411.04
2014-10-02 4.52 9/29/2014 405.39
2014-10-03 4.53 9/30/2014 404.07
2014-10-06 4.51 10/1/2014 401.7
2014-10-07 4.47 10/2/2014 400.7
2014-10-08 4.46 10/3/2014 402.56
2014-10-09 4.45 10/6/2014 408.41
2014-10-10 4.47 10/7/2014 408.05
2014-10-13 4.47 10/8/2014 404.34
2014-10-14 4.45 10/9/2014 408.02
2014-10-15 4.48 10/10/2014 400.48
2014-10-16 4.51 10/13/2014 400.32
2014-10-17 4.47 10/14/2014 400.01
2014-10-20 4.46 10/15/2014 396.23
2014-10-21 4.46 10/16/2014 391.25
2014-10-22 4.45 10/17/2014 394.94
2014-10-23 4.48 10/20/2014 396.01
2014-10-24 4.48 10/21/2014 397.06
2014-10-27 4.46 10/22/2014 398.5
2014-10-28 4.43 10/23/2014 396.95
2014-10-29 4.43 10/24/2014 398.11
2014-10-30 4.40 10/27/2014 394.14
2014-10-31 4.42 10/28/2014 400.88
2014-11-03 4.40 10/29/2014 404.53
2014-11-04 4.46 10/30/2014 406.35
2014-11-05 4.47 10/31/2014 410.41
2014-11-06 4.50 11/3/2014 408.98
2014-11-07 4.51 11/4/2014 408.78
2014-11-10 4.52 11/5/2014 405.61
2014-11-11 4.52 11/6/2014 402.19
2014-11-12 4.53 11/7/2014 401.38
2014-11-13 4.55 11/10/2014 404.65
2014-11-14 4.60 11/11/2014 403.59
2014-11-17 4.66 11/12/2014 404.67
2014-11-18 4.65 11/13/2014 403.4
2014-11-19 4.65 11/14/2014 403.62
2014-11-20 4.63 11/17/2014 400.91
2014-11-21 4.59 11/18/2014 401.66
2014-11-24 4.57 11/19/2014 402.32
2014-11-25 4.56 11/20/2014 403.14
2014-11-26 4.56 11/21/2014 408.99
2014-11-27 4.56 11/24/2014 411.07
2014-11-28 4.57 11/25/2014 410.12
2014-11-30 4.62 11/26/2014 411.08
2014-12-01 4.72 11/27/2014 410.39
2014-12-02 4.78 11/28/2014 407.54
2014-12-03 4.83 12/1/2014 399.63
2014-12-04 4.84 12/2/2014 399.24
2014-12-05 4.91 12/3/2014 400.43
2014-12-08 4.99 12/4/2014 400.46
2014-12-09 5.09 12/5/2014 399.86
2014-12-10 5.15 12/8/2014 395.74
2014-12-11 5.22 12/9/2014 390.36
2014-12-12 5.33 12/10/2014 388.21
2014-12-15 5.56 12/11/2014 383.87
2014-12-16 5.78 12/12/2014 380.76
2014-12-17 5.67 12/15/2014 373.95
2014-12-18 5.48 12/16/2014 367.07
2014-12-19 5.40 12/17/2014 370.99
2014-12-22 5.32 12/18/2014 379
2014-12-23 5.35 12/19/2014 382.09
2014-12-24 5.35 12/22/2014 386.61
2014-12-26 5.36 12/23/2014 384.53
2014-12-29 5.36 12/24/2014 384.29
2014-12-30 5.37 12/25/2014 384.12
2014-12-31 5.38 12/26/2014 384.92
2015-01-02 5.38 12/29/2014 387.72
2015-01-05 5.46 12/30/2014 386.92
2015-01-06 5.57 12/31/2014 387.99
2015-01-07 5.53 1/1/2015 388.07
2015-01-08 5.45 1/2/2015 387.24
2015-01-09 5.45 1/5/2015 382.53
2015-01-12 5.46 1/6/2015 380.03
2015-01-13 5.46 1/7/2015 382.75
2015-01-14 5.43 1/8/2015 389.39
2015-01-15 5.36 1/9/2015 389.68
2015-01-19 5.38 1/12/2015 386.98
2015-01-20 5.38 1/13/2015 388.57
2015-01-21 5.39 1/14/2015 386.93
2015-01-22 5.38 1/15/2015 388.56
2015-01-23 5.27 1/16/2015 387.95
2015-01-26 5.28 1/19/2015 385.49
2015-01-27 5.32 1/20/2015 387.85
2015-01-28 5.28 1/21/2015 394.94
2015-01-29 5.33 1/22/2015 398.58
2015-01-30 5.38 1/23/2015 401.08
2015-01-31 5.38 1/26/2015 400.07
2015-02-02 5.37 1/27/2015 400.42
2015-02-03 5.35 1/28/2015 398.36
2015-02-04 5.32 1/29/2015 394.05
2015-02-05 5.28 1/30/2015 389.47
2015-02-06 5.29 2/2/2015 390.69
2015-02-09 5.29 2/3/2015 395.59
2015-02-10 5.34 2/4/2015 396.13
2015-02-11 5.35 2/5/2015 397.23
2015-02-12 5.28 2/6/2015 395.1
2015-02-13 5.21 2/9/2015 392.87
2015-02-16 5.20 2/10/2015 390.99
2015-02-17 5.21 2/11/2015 388.97
2015-02-18 5.14 2/12/2015 393.78
2015-02-19 5.19 2/13/2015 399.35
2015-02-20 5.21 2/16/2015 398.47
2015-02-23 5.22 2/17/2015 397.85
2015-02-24 5.16 2/18/2015 398.79
2015-02-25 5.17 2/19/2015 398.91
2015-02-26 5.16 2/20/2015 398.62
2015-02-27 5.14 2/23/2015 398.08
2015-02-28 5.15 2/24/2015 399.85
2015-03-02 5.16 2/25/2015 400.7
2015-03-03 5.13 2/26/2015 401.29
2015-03-04 5.14 2/27/2015 400.41
2015-03-05 5.11 3/2/2015 399.8
2015-03-06 5.13 3/3/2015 398.41
2015-03-09 5.18 3/4/2015 394.58
2015-03-10 5.22 3/5/2015 394.68
2015-03-11 5.22 3/6/2015 392.41
2015-03-12 5.19 3/9/2015 388.47
2015-03-13 5.25 3/10/2015 382.75
2015-03-16 5.31 3/11/2015 382.13
2015-03-17 5.34 3/12/2015 385.1
2015-03-18 5.29 3/13/2015 380.85
2015-03-19 5.25 3/16/2015 381.28
2015-03-20 5.16 3/17/2015 383.34
2015-03-23 5.11 3/18/2015 386.66
2015-03-24 5.05 3/19/2015 389.36
2015-03-25 5.03 3/20/2015 391.8
2015-03-26 5.07 3/23/2015 394.14
2015-03-27 5.05 3/24/2015 394.8
2015-03-30 5.05 3/25/2015 393.52
2015-03-31 4.97 3/26/2015 388.97
2015-04-01 4.90 3/27/2015 387.36
2015-04-02 4.85 3/30/2015 392.1
2015-04-06 4.83 3/31/2015 394.25
2015-04-07 4.78 4/1/2015 398.35
2015-04-08 4.73 4/2/2015 402.42
2015-04-09 4.69 4/3/2015 402.58
2015-04-10 4.68 4/6/2015 406.98
2015-04-13 4.65 4/7/2015 407.56
2015-04-14 4.63 4/8/2015 414.65
2015-04-15 4.61 4/9/2015 418.29
2015-04-16 4.59 4/10/2015 419.72
2015-04-17 4.61 4/13/2015 423.15
2015-04-20 4.65 4/14/2015 420.64
2015-04-21 4.66 4/15/2015 420.42
2015-04-22 4.65 4/16/2015 425.66
2015-04-23 4.59 4/17/2015 421.23
2015-04-24 4.55 4/20/2015 416.63
2015-04-27 4.53 4/21/2015 420.39
2015-04-28 4.57 4/22/2015 422.8
2015-04-29 4.58 4/23/2015 424.81
2015-04-30 4.61 4/24/2015 427.66
2015-05-01 4.64 4/27/2015 430.12
2015-05-04 4.64 4/28/2015 431.21
2015-05-05 4.66 4/29/2015 428.38
2015-05-06 4.65 4/30/2015 424.11
2015-05-07 4.68 5/1/2015 423.42
2015-05-08 4.64 5/4/2015 424.9
2015-05-11 4.65 5/5/2015 424.24
2015-05-12 4.68 5/6/2015 421.22
2015-05-13 4.63 5/7/2015 415.13
2015-05-14 4.60 5/8/2015 420.51
2015-05-15 4.56 5/11/2015 421.05
2015-05-18 4.54 5/12/2015 418.09
2015-05-19 4.57 5/13/2015 420.66
2015-05-20 4.58 5/14/2015 421.58
2015-05-21 4.55 5/15/2015 425.23
2015-05-22 4.55 5/18/2015 424.54
2015-05-26 4.54 5/19/2015 424.83
2015-05-27 4.61 5/20/2015 422.84
2015-05-28 4.62 5/21/2015 422.37
2015-05-29 4.62 5/22/2015 423.79
2015-05-31 4.65 5/25/2015 422.85
2015-06-01 4.74 5/26/2015 420.07
2015-06-02 4.77 5/27/2015 418.85
2015-06-03 4.73 5/28/2015 414.41
2015-06-04 4.76 5/29/2015 412.83
2015-06-05 4.82 6/1/2015 413.71
2015-06-08 4.85 6/2/2015 413.05
2015-06-09 4.86 6/3/2015 411.25
2015-06-10 4.90 6/4/2015 408.14
2015-06-11 4.88 6/5/2015 405.76
2015-06-12 4.87 6/8/2015 403.69
2015-06-15 4.87 6/9/2015 400.43
2015-06-16 4.90 6/10/2015 404.01
2015-06-17 4.88 6/11/2015 403.39
2015-06-18 4.86 6/12/2015 405.27
2015-06-19 4.83 6/15/2015 401.71
2015-06-22 4.83 6/16/2015 399.99
2015-06-23 4.83 6/17/2015 401.76
2015-06-24 4.81 6/18/2015 405.2
2015-06-25 4.82 6/19/2015 403.65
2015-06-26 4.86 6/22/2015 408.31
2015-06-29 4.88 6/23/2015 409.63
2015-06-30 4.89 6/24/2015 410.52
2015-07-01 4.89 6/25/2015 409.04
2015-07-02 4.87 6/26/2015 405.56
2015-07-03 4.87 6/29/2015 397.32
2015-07-06 4.84 6/30/2015 402.73
2015-07-07 4.87 7/1/2015 402.3
2015-07-08 4.88 7/2/2015 402.15
2015-07-09 4.91 7/3/2015 399.02
2015-07-10 4.92 7/6/2015 390.65
2015-07-13 4.92 7/7/2015 384.54
2015-07-14 4.91 7/8/2015 373.61
2015-07-15 4.89 7/9/2015 381.2
2015-07-16 4.87 7/10/2015 387.03
2015-07-17 4.86 7/13/2015 391.58
2015-07-20 4.87 7/14/2015 391.86
2015-07-21 4.87 7/15/2015 390.1
2015-07-22 4.87 7/16/2015 392.19
2015-07-23 4.88 7/17/2015 392.76
2015-07-24 4.92 7/20/2015 390.64
2015-07-27 4.96 7/21/2015 391.94
2015-07-28 4.97 7/22/2015 387.84
2015-07-29 4.95 7/23/2015 385.45
2015-07-30 4.93 7/24/2015 380.06
2015-07-31 4.88 7/27/2015 370.72
2015-08-03 4.88 7/28/2015 369.56
2015-08-04 4.90 7/29/2015 373.24
2015-08-05 4.93 7/30/2015 371.72
2015-08-06 4.98 7/31/2015 374.56
2015-08-07 4.98 8/3/2015 370.27
2015-08-10 5.00 8/4/2015 371.03
2015-08-11 4.97 8/5/2015 371.61
2015-08-12 4.97 8/6/2015 369.22
2015-08-13 5.00 8/7/2015 369.6
2015-08-14 5.01 8/10/2015 371.29
2015-08-17 5.00 8/11/2015 367.05
2015-08-18 5.03 8/12/2015 359.6
2015-08-19 5.05 8/13/2015 360.46
2015-08-20 5.10 8/14/2015 360.7
2015-08-21 5.13 8/17/2015 357.59
2015-08-24 5.25 8/18/2015 354.12
2015-08-25 5.26 8/19/2015 350.64
2015-08-26 5.29 8/20/2015 345.92
2015-08-27 5.20 8/21/2015 338.5
2015-08-28 5.17 8/24/2015 319.74
2015-08-31 5.20 8/25/2015 326.59
2015-09-01 5.21 8/26/2015 325.26
2015-09-02 5.24 8/27/2015 337.22
2015-09-03 5.22 8/28/2015 339.09
2015-09-04 5.20 8/31/2015 338.46
2015-09-07 5.20 9/1/2015 330.98
2015-09-08 5.24 9/2/2015 329.44
2015-09-09 5.23 9/3/2015 332.38
2015-09-10 5.26 9/4/2015 326.85
2015-09-11 5.28 9/7/2015 323.28
2015-09-14 5.30 9/8/2015 328.75
2015-09-15 5.31 9/9/2015 335.55
2015-09-16 5.31 9/10/2015 333.12
2015-09-17 5.29 9/11/2015 332.93
2015-09-18 5.23 9/14/2015 334.93
2015-09-21 5.28 9/15/2015 334.69
2015-09-22 5.37 9/16/2015 340.67
2015-09-23 5.40 9/17/2015 341.91
2015-09-24 5.50 9/18/2015 342.12
2015-09-25 5.51 9/21/2015 337.75
2015-09-28 5.57 9/22/2015 333.75
2015-09-29 5.63 9/23/2015 327.95
2015-09-30 5.58 9/24/2015 325.44
2015-10-01 5.51 9/25/2015 327.27
2015-10-02 5.48 9/28/2015 323.63
2015-10-05 5.39 9/29/2015 321.64
2015-10-06 5.32 9/30/2015 327.47
2015-10-07 5.28 10/1/2015 328.96
2015-10-08 5.30 10/2/2015 333.53
2015-10-09 5.25 10/5/2015 340.88
2015-10-12 5.24 10/6/2015 343.01
2015-10-13 5.23 10/7/2015 351.32
2015-10-14 5.23 10/8/2015 349.68
2015-10-15 5.20 10/9/2015 354.64
2015-10-16 5.15 10/12/2015 356.9
2015-10-19 5.15 10/13/2015 352.47
2015-10-20 5.16 10/14/2015 350.4
2015-10-21 5.20 10/15/2015 356.35
2015-10-22 5.17 10/16/2015 357.16
2015-10-23 5.14 10/19/2015 357.6
2015-10-26 5.10 10/20/2015 356.89
2015-10-27 5.10 10/21/2015 353.96
2015-10-28 5.13 10/22/2015 354.67
2015-10-29 5.15 10/23/2015 358.62
2015-10-30 5.14 10/26/2015 359.02
2015-10-31 5.15 10/27/2015 357.42
2015-11-02 5.12 10/28/2015 356.72
2015-11-03 5.08 10/29/2015 351.27
2015-11-04 5.05 10/30/2015 352.32
2015-11-05 5.08 11/2/2015 353.05
2015-11-06 5.12 11/3/2015 356.85
2015-11-09 5.18 11/4/2015 360.19
2015-11-10 5.19 11/5/2015 358.82
2015-11-11 5.19 11/6/2015 354.71
2015-11-12 5.21 11/9/2015 351.12
2015-11-13 5.24 11/10/2015 347.55
2015-11-16 5.22 11/11/2015 347.45
2015-11-17 5.19 11/12/2015 347.81
2015-11-18 5.17 11/13/2015 342.58
2015-11-19 5.11 11/16/2015 341.22
2015-11-20 5.07 11/17/2015 344.94
2015-11-23 5.08 11/18/2015 344.38
2015-11-24 5.09 11/19/2015 349.89
2015-11-25 5.12 11/20/2015 352.75
2015-11-26 5.12 11/23/2015 351.79
2015-11-27 5.12 11/24/2015 350.21
2015-11-30 5.09 11/25/2015 348.69
2015-12-01 5.11 11/26/2015 348.98
2015-12-02 5.11 11/27/2015 344.51
2015-12-03 5.16 11/30/2015 341.82
2015-12-04 5.20 12/1/2015 345.57
2015-12-07 5.21 12/2/2015 345.03
2015-12-08 5.26 12/3/2015 344.21
2015-12-09 5.25 12/4/2015 341.65
2015-12-10 5.30 12/7/2015 340.73
2015-12-11 5.37 12/8/2015 335.73
2015-12-14 5.45 12/9/2015 335.03
2015-12-15 5.43 12/10/2015 332.34
2015-12-16 5.47 12/11/2015 324.67
2015-12-17 5.43 12/14/2015 324.34
2015-12-18 5.45 12/15/2015 328.28
2015-12-21 5.48 12/16/2015 331.94
2015-12-22 5.47 12/17/2015 335.98
2015-12-23 5.48 12/18/2015 332.66
2015-12-24 5.48 12/21/2015 333.29
2015-12-28 5.48 12/22/2015 334.1
2015-12-29 5.47 12/23/2015 337.77
2015-12-30 5.48 12/24/2015 338.15
2015-12-31 5.50 12/25/2015 338.36
2016-01-04 5.47 12/28/2015 337.09
2016-01-05 5.46 12/29/2015 337.4
2016-01-06 5.45 12/30/2015 334.32
2016-01-07 5.48 12/31/2015 335.55
2016-01-08 5.49 1/1/2016 335.71
2016-01-11 5.51 1/4/2016 325.14
2016-01-12 5.55 1/5/2016 325.35
2016-01-13 5.59 1/6/2016 322.12
2016-01-14 5.65 1/7/2016 312.4
2016-01-15 5.71 1/8/2016 312.71
2016-01-18 5.72 1/11/2016 305.73
2016-01-19 5.72 1/12/2016 305.54
2016-01-20 5.77 1/13/2016 306.84
2016-01-21 5.79 1/14/2016 304.85
2016-01-22 5.70 1/15/2016 298.34
2016-01-25 5.69 1/18/2016 295.79
2016-01-26 5.66 1/19/2016 300.29
2016-01-27 5.63 1/20/2016 291.77
2016-01-28 5.56 1/21/2016 290.03
2016-01-29 5.51 1/22/2016 298.17
2016-01-31 5.55 1/25/2016 299.99
2016-02-01 5.55 1/26/2016 297.44
2016-02-02 5.59 1/27/2016 299.46
2016-02-03 5.57 1/28/2016 301.94
2016-02-04 5.51 1/29/2016 310.48
2016-02-05 5.49 2/1/2016 310.41
2016-02-08 5.49 2/2/2016 305.28
2016-02-09 5.51 2/3/2016 302.54
2016-02-10 5.53 2/4/2016 309.04
2016-02-11 5.58 2/5/2016 308.65
2016-02-12 5.61 2/8/2016 306.1
2016-02-15 5.60 2/9/2016 304.11
2016-02-16 5.57 2/10/2016 304.44
2016-02-17 5.50 2/11/2016 297.76
2016-02-18 5.48 2/12/2016 297.71
2016-02-19 5.46 2/15/2016 303.97
2016-02-22 5.44 2/16/2016 306.11
2016-02-23 5.43 2/17/2016 308.6
2016-02-24 5.44 2/18/2016 312.59
2016-02-25 5.40 2/19/2016 311
2016-02-26 5.39 2/22/2016 315.32
2016-02-29 5.38 2/23/2016 312.77
2016-03-01 5.36 2/24/2016 309.57
2016-03-02 5.31 2/25/2016 308.54
2016-03-03 5.28 2/26/2016 311.02
2016-03-04 5.21 2/29/2016 311.43
2016-03-07 5.25 3/1/2016 317.59
2016-03-08 5.24 3/2/2016 323.73
2016-03-09 5.24 3/3/2016 327.59
2016-03-10 5.22 3/4/2016 332.53
2016-03-11 5.19 3/7/2016 334.3
2016-03-14 5.18 3/8/2016 331.6
2016-03-15 5.22 3/9/2016 332.06
2016-03-16 5.21 3/10/2016 332.16
2016-03-17 5.09 3/11/2016 336.39
2016-03-18 5.02 3/14/2016 337.24
2016-03-21 5.02 3/15/2016 331.45
2016-03-22 5.02 3/16/2016 332.17
2016-03-23 5.04 3/17/2016 342.21
2016-03-24 5.08 3/18/2016 346.09
2016-03-28 5.08 3/21/2016 347.55
2016-03-29 5.06 3/22/2016 347.49
2016-03-30 4.98 3/23/2016 343.94
2016-03-31 4.96 3/24/2016 341.04
2016-04-01 4.98 3/25/2016 340.67
2016-04-04 4.97 3/28/2016 340.67
2016-04-05 5.00 3/29/2016 340.97
2016-04-06 4.99 3/30/2016 349.02
2016-04-07 4.99 3/31/2016 350.35
2016-04-08 4.97 4/1/2016 347.3
2016-04-11 4.92 4/4/2016 347.05
2016-04-12 4.90 4/5/2016 341.96
2016-04-13 4.84 4/6/2016 340.45
2016-04-14 4.80 4/7/2016 340.09
2016-04-15 4.80 4/8/2016 343.69
2016-04-18 4.82 4/11/2016 346.92
2016-04-19 4.77 4/12/2016 349.47
2016-04-20 4.76 4/13/2016 355.75
2016-04-21 4.77 4/14/2016 355.92
2016-04-22 4.79 4/15/2016 355.88
2016-04-25 4.82 4/18/2016 355.04
2016-04-26 4.83 4/19/2016 358.64
2016-04-27 4.80 4/20/2016 357.56
2016-04-28 4.73 4/21/2016 358.46
2016-04-29 4.71 4/22/2016 355.37
2016-04-30 4.54 4/25/2016 352.78
2016-05-02 4.52 4/26/2016 354.31
2016-05-03 4.54 4/27/2016 354.45
2016-05-04 4.55 4/28/2016 355.09
2016-05-05 4.53 4/29/2016 354.04
2016-05-06 4.52 5/2/2016 352.2
2016-05-09 4.53 5/3/2016 345.71
2016-05-10 4.51 5/4/2016 342.88
2016-05-11 4.48 5/5/2016 341.33
2016-05-12 4.46 5/6/2016 339.36
2016-05-13 4.43 5/9/2016 337.76
2016-05-16 4.42 5/10/2016 340.53
2016-05-17 4.40 5/11/2016 340.9
2016-05-18 4.44 5/12/2016 340.06
2016-05-19 4.51 5/13/2016 336.26
2016-05-20 4.49 5/16/2016 337.53
2016-05-23 4.49 5/17/2016 339.08
2016-05-24 4.48 5/18/2016 336.42
2016-05-25 4.47 5/19/2016 331.13
2016-05-26 4.47 5/20/2016 332.88
2016-05-27 4.46 5/23/2016 333.65
2016-05-30 4.46 5/24/2016 334.67
2016-05-31 4.54 5/25/2016 338.21
2016-06-01 4.54 5/26/2016 340
2016-06-02 4.50 5/27/2016 342.48
2016-06-03 4.42 5/30/2016 342.88
2016-06-06 4.37 5/31/2016 342.65
2016-06-07 4.33 6/1/2016 342.49
2016-06-08 4.29 6/2/2016 343.17
2016-06-09 4.30 6/3/2016 346.35
2016-06-10 4.32 6/6/2016 349.83
2016-06-13 4.34 6/7/2016 353.96
2016-06-14 4.39 6/8/2016 356.34
2016-06-15 4.38 6/9/2016 354.04
2016-06-16 4.36 6/10/2016 348.75
2016-06-17 4.35 6/13/2016 343.49
2016-06-20 4.33 6/14/2016 340.79
2016-06-21 4.33 6/15/2016 343.32
2016-06-22 4.31 6/16/2016 339.93
2016-06-23 4.28 6/17/2016 342.94
2016-06-24 4.29 6/20/2016 348.52
2016-06-27 4.30 6/21/2016 350.14
2016-06-28 4.27 6/22/2016 351.81
2016-06-29 4.19 6/23/2016 354.73
2016-06-30 4.18 6/24/2016 343.62
2016-07-01 4.09 6/27/2016 339.59
2016-07-04 4.09 6/28/2016 344.11
2016-07-05 4.06 6/29/2016 351.35
2016-07-06 4.06 6/30/2016 356.15
2016-07-07 4.05 7/1/2016 357.66
2016-07-08 4.03 7/4/2016 359.65
2016-07-11 3.99 7/5/2016 355.15
2016-07-12 4.01 7/6/2016 351.42
2016-07-13 3.99 7/7/2016 353.92
2016-07-14 4.00 7/8/2016 355.36
2016-07-15 4.01 7/11/2016 362.07
2016-07-18 4.02 7/12/2016 365.67
2016-07-19 3.99 7/13/2016 366.28
2016-07-20 4.00 7/14/2016 370.2
2016-07-21 4.01 7/15/2016 370.53
2016-07-22 3.99 7/18/2016 371.57
2016-07-25 3.99 7/19/2016 370.88
2016-07-26 4.01 7/20/2016 372.52
2016-07-27 4.00 7/21/2016 372.64
2016-07-28 3.99 7/22/2016 372.12
2016-07-29 3.97 7/25/2016 371.95
2016-07-31 4.01 7/26/2016 372.14
2016-08-01 4.00 7/27/2016 373.68
2016-08-02 4.03 7/28/2016 374.15
2016-08-03 4.06 7/29/2016 373.37
2016-08-04 4.01 8/1/2016 376.31
2016-08-05 3.98 8/2/2016 374.44
2016-08-08 3.96 8/3/2016 371.82
2016-08-09 3.94 8/4/2016 375.02
2016-08-10 3.89 8/5/2016 378.8
2016-08-11 3.89 8/8/2016 382.82
2016-08-12 3.88 8/9/2016 384.39
2016-08-15 3.85 8/10/2016 385.27
2016-08-16 3.83 8/11/2016 387.5
2016-08-17 3.85 8/12/2016 388.84
2016-08-18 3.81 8/15/2016 391.7
2016-08-19 3.82 8/16/2016 391.22
2016-08-22 3.84 8/17/2016 389.35
2016-08-23 3.83 8/18/2016 392.12
2016-08-24 3.84 8/19/2016 389.64
2016-08-25 3.86 8/22/2016 387.41
2016-08-26 3.86 8/23/2016 387.63
2016-08-29 3.87 8/24/2016 384.05
2016-08-30 3.85 8/25/2016 384.41
2016-08-31 3.89 8/26/2016 386.31
2016-09-01 3.91 8/29/2016 384.14
2016-09-02 3.90 8/30/2016 385.41
2016-09-05 3.90 8/31/2016 383.27
2016-09-06 3.86 9/1/2016 382.73
2016-09-07 3.80 9/2/2016 386.41
2016-09-08 3.80 9/5/2016 389.59
2016-09-09 3.87 9/6/2016 395.71
2016-09-12 3.94 9/7/2016 396.49
2016-09-13 3.93 9/8/2016 397.2
2016-09-14 3.96 9/9/2016 390.33
2016-09-15 3.96 9/12/2016 383.23
2016-09-16 3.96 9/13/2016 381.22
2016-09-19 3.96 9/14/2016 381.13
2016-09-20 3.94 9/15/2016 383.16
2016-09-21 3.91 9/16/2016 381.67
2016-09-22 3.83 9/19/2016 386.51
2016-09-23 3.84 9/20/2016 386.73
2016-09-26 3.86 9/21/2016 389.61
2016-09-27 3.84 9/22/2016 395.34
2016-09-28 3.83 9/23/2016 393.85
2016-09-29 3.81 9/26/2016 388.74
2016-09-30 3.82 9/27/2016 390.34
2016-10-03 3.83 9/28/2016 391.32
2016-10-04 3.84 9/29/2016 390.96
2016-10-05 3.86 9/30/2016 387.68
2016-10-06 3.87 10/3/2016 391.73
2016-10-07 3.88 10/4/2016 393.59
2016-10-10 3.88 10/5/2016 393.83
2016-10-11 3.89 10/6/2016 393.99
2016-10-12 3.90 10/7/2016 393.18
2016-10-13 3.89 10/10/2016 394.46
2016-10-14 3.89 10/11/2016 390.07
2016-10-17 3.91 10/12/2016 388.71
2016-10-18 3.91 10/13/2016 384.05
2016-10-19 3.89 10/14/2016 386.85
2016-10-20 3.88 10/17/2016 385.6
2016-10-21 3.88 10/18/2016 391.36
2016-10-24 3.85 10/19/2016 393.17
2016-10-25 3.85 10/20/2016 393.41
2016-10-26 3.92 10/21/2016 393.27
2016-10-27 3.93 10/24/2016 395.88
2016-10-28 3.94 10/25/2016 396.16
2016-10-31 3.95 10/26/2016 393.31
2016-11-01 4.00 10/27/2016 391.2
2016-11-02 4.01 10/28/2016 390.34
2016-11-03 4.00 10/31/2016 391.13
2016-11-04 4.01 11/1/2016 389.8
2016-11-07 3.99 11/2/2016 384.89
2016-11-08 3.97 11/3/2016 381.87
2016-11-09 4.06 11/4/2016 379.76
2016-11-10 4.19 11/7/2016 386.01
2016-11-11 4.20 11/8/2016 388.78
2016-11-14 4.47 11/9/2016 380.47
2016-11-15 4.39 11/10/2016 378.03
2016-11-16 4.39 11/11/2016 367.23
2016-11-17 4.37 11/14/2016 363.59
2016-11-18 4.45 11/15/2016 364.48
2016-11-21 4.45 11/16/2016 366.6
2016-11-22 4.43 11/17/2016 366.7
2016-11-23 4.45 11/18/2016 365.77
2016-11-24 4.45 11/21/2016 367.11
2016-11-25 4.48 11/22/2016 370.51
2016-11-28 4.47 11/23/2016 369.43
2016-11-29 4.46 11/24/2016 368.21
2016-11-30 4.39 11/25/2016 369.94
2016-12-01 4.44 11/28/2016 372.74
2016-12-02 4.45 11/29/2016 370.83
2016-12-05 4.42 11/30/2016 372.58
2016-12-06 4.37 12/1/2016 370.22
2016-12-07 4.34 12/2/2016 368.42
2016-12-08 4.34 12/5/2016 369.1
2016-12-09 4.35 12/6/2016 371.75
2016-12-12 4.39 12/7/2016 374.46
2016-12-13 4.35 12/8/2016 378.25
2016-12-14 4.34 12/9/2016 378.12
2016-12-15 4.45 12/12/2016 375.6
2016-12-16 4.43 12/13/2016 377.62
2016-12-19 4.43 12/14/2016 375.58
2016-12-20 4.40 12/15/2016 369.74
2016-12-21 4.37 12/16/2016 368.84
2016-12-22 4.36 12/19/2016 366.46
2016-12-23 4.37 12/20/2016 366.34
2016-12-27 4.37 12/21/2016 366.84
2016-12-28 4.36 12/22/2016 363.2
2016-12-29 4.34 12/23/2016 363.32
12/26/2016 363.32
12/27/2016 364.5
12/28/2016 368.08
12/29/2016 371.28
12/30/2016 373.45
S&P Emerging BMI Index

http://us.spindices.com/indices/equity/sp-emerging-bmi-us-dollar

Return
Daily Std
Deviation = 0.88%
Annualized
Std
-0.01% Deviation= 14.12%
2.30%
-0.14%
-0.43%
-0.32%
0.56%
2.00%
0.13%
0.44%
-0.32%
0.16%
1.97%
0.90%
0.88%
0.05%
0.54%
-0.22%
0.17%
1.64%
0.26%
-0.79%
1.33%
1.27%
1.29%
 0.74%
-0.11%
-0.01%
1.18%
0.13%
-1.59%
1.06%
-0.61%
1.04%
-0.59%
0.99%
0.49%
-0.28%
0.04%
-0.25%
0.67%
-0.89%
1.13%
0.83%
-0.20%
0.33%
-1.32%
-2.42%
-0.12%
1.40%
0.64%
-0.81%
1.45%
-0.13%
-0.11%
-0.12%
-0.38%
-1.06%
0.00%
-0.80%
0.23%
0.46%
0.77%
-1.12%
-1.15%
 0.98%
0.42%
0.40%
-1.55%
-0.13%
0.03%
-0.81%
-1.01%
0.04%
1.13%
-0.03%
-0.52%
0.14%
0.13%
0.01%
0.08%
-1.51%
0.39%
0.13%
0.28%
0.29%
0.58%
-0.03%
0.38%
-0.53%
-1.06%
-0.79%
-1.12%
-1.51%
0.37%
-0.83%
-2.11%
-0.44%
-1.84%
-0.52%
-1.12%
0.66%
0.44%
-2.41%
0.67%
 0.02%
0.93%
1.20%
-1.68%
-0.06%
-1.59%
-0.94%
0.45%
2.20%
0.71%
-0.78%
0.72%
-0.08%
0.72%
-0.71%
1.54%
0.65%
1.16%
0.39%
-1.61%
-1.22%
-1.28%
0.32%
0.75%
-0.83%
3.32%
0.62%
1.58%
-0.01%
-0.10%
-0.89%
-0.88%
-0.10%
-0.18%
-1.55%
1.10%
-0.05%
0.60%
-0.02%
0.90%
-0.49%
-2.54%
-0.36%
-0.19%
1.19%
2.36%
0.54%
-0.07%
0.26%
-0.85%
1.23%
1.26%
0.11%
0.15%
0.64%
0.03%
-0.52%
0.25%
-0.33%
0.37%
-0.30%
-0.15%
0.65%
-0.45%
0.32%
-0.65%
-0.35%
-0.43%
-0.69%
-0.75%
0.38%
0.62%
-0.47%
-0.50%
1.24%
1.55%
0.22%
0.37%
0.31%
0.46%
 2.95%
-0.09%
-0.58%
0.28%
-0.94%
0.80%
-0.25%
-0.16%
-1.18%
0.77%
0.38%
0.30%
0.16%
-0.36%
0.40%
0.38%
-1.09%
-0.24%
-0.16%
0.59%
0.10%
-0.06%
0.68%
0.76%
0.17%
-0.67%
0.20%
-1.00%
-0.01%
0.16%
-0.80%
-0.23%
0.23%
0.12%
0.72%
0.29%
-0.31%
0.47%
-0.07%
-1.04%
-0.35%
-0.13%
-0.76%
-0.34%
-0.42%
-0.41%
0.74%
-0.05%
0.12%
0.42%
1.00%
0.05%
-0.05%
-0.43%
1.16%
0.45%
0.09%
-0.04%
0.87%
0.47%
0.16%
0.46%
0.44%
0.68%
-0.13%
0.20%
-0.17%
0.62%
0.77%
-0.07%
-0.82%
0.05%
0.19%
0.30%
0.24%
0.56%
0.02%
0.07%
1.91%
0.65%
-0.29%
-0.04%
-0.48%
0.47%
0.28%
-0.36%
0.79%
-0.48%
-0.21%
0.17%
0.74%
-0.08%
-0.02%
-0.06%
-0.25%
-0.09%
-0.34%
0.46%
-0.12%
0.14%
0.59%
-0.19%
-0.40%
-0.26%
-0.41%
0.01%
-0.22%
-0.02%
0.29%
0.04%
-0.01%
-0.13%
-0.09%
0.01%
-1.46%
0.05%
0.22%
-1.12%
0.41%
0.61%
-0.11%
-0.97%
0.89%
0.97%
0.09%
0.87%
-0.11%
-0.55%
-0.95%
0.07%
-0.41%
-1.10%
-0.67%
0.40%
-0.30%
-0.60%
0.36%
0.50%
0.40%
0.10%
0.15%
-0.23%
-0.08%
-0.48%
-0.56%
-0.56%
0.02%
0.89%
0.84%
0.30%
-0.67%
-1.77%
0.52%
-0.65%
-0.03%
1.30%
0.01%
-0.05%
0.68%
0.88%
-0.45%
0.57%
0.97%
-0.15%
0.07%
0.40%
0.43%
0.77%
0.81%
-0.10%
-0.51%
-0.82%
0.21%
0.15%
-0.05%
-0.01%
0.29%
-0.05%
-0.03%
-1.90%
0.08%
0.12%
0.34%
-1.12%
-0.57%
-0.72%
-1.10%
0.58%
-1.20%
-0.71%
0.04%
-0.78%
-2.00%
0.12%
-0.91%
0.96%
0.53%
-0.50%
-0.61%
-3.98%
-0.72%
-1.94%
0.45%
1.94%
1.52%
1.95%
0.25%
-1.06%
-1.93%
0.97%
-0.35%
-1.03%
0.50%
0.24%
2.49%
0.42%
0.88%
0.24%
0.57%
0.11%
-0.73%
0.39%
1.42%
-0.36%
-0.31%
-0.18%
-0.83%
-0.18%
-0.59%
0.84%
0.13%
0.08%
-1.01%
-0.59%
0.94%
0.58%
0.69%
0.64%
0.14%
-0.88%
-0.29%
-1.48%
-1.24%
-0.81%
-0.04%
0.97%
-0.22%
-2.19%
-0.72%
1.05%
0.77%
1.01%
-0.53%
0.46%
1.12%
0.88%
1.75%
1.74%
0.13%
-0.12%
-0.29%
1.42%
0.17%
-0.04%
2.46%
-1.04%
0.06%
-0.53%
-0.06%
-0.49%
-0.38%
-1.09%
0.97%
0.19%
0.80%
0.35%
-0.32%
0.23%
-0.33%
1.02%
 0.76%
-0.08%
0.43%
0.22%
0.30%
0.89%
0.04%
0.19%
-1.02%
-0.17%
-0.29%
0.38%
0.26%
0.51%
-0.58%
-0.76%
0.06%
-1.01%
-0.12%
-0.65%
-1.31%
-0.17%
-0.43%
-0.77%
1.31%
1.02%
1.90%
-0.30%
-0.35%
-1.33%
0.41%
0.06%
-0.59%
0.38%
0.21%
0.68%
-0.34%
-0.87%
-0.48%
0.32%
 0.44%
0.80%
0.06%
-1.04%
-1.11%
0.03%
-0.06%
-0.06%
0.28%
-0.18%
-0.24%
0.42%
0.32%
-0.05%
-0.15%
0.42%
0.50%
0.18%
0.01%
-0.90%
-0.85%
-0.67%
-0.01%
0.18%
-1.07%
0.83%
0.57%
-0.15%
0.32%
-0.34%
-0.23%
-0.16%
-0.04%
0.57%
-1.19%
-1.60%
-1.84%
0.32%
-0.20%
-0.04%
-0.01%
-0.83%
-0.59%
-0.31%
1.46%
0.77%
-0.14%
0.97%
0.82%
-0.62%
1.08%
0.70%
-0.39%
0.08%
-0.67%
0.63%
0.06%
-0.57%
-0.08%
0.79%
0.29%
-1.60%
1.00%
0.24%
1.27%
-0.53%
-1.00%
-0.04%
-0.86%
-0.29%
-0.53%
0.53%
1.05%
-0.16%
-0.91%
0.37%
0.79%
0.54%
0.71%
0.41%
 1.03%
1.04%
0.70%
0.43%
-0.49%
0.07%
0.04%
0.81%
0.30%
0.56%
-0.73%
-0.34%
-1.12%
0.28%
0.81%
0.13%
0.04%
-0.21%
-0.48%
0.04%
-1.00%
-0.25%
0.81%
-0.41%
0.15%
0.85%
-0.17%
0.27%
0.00%
0.29%
-0.12%
0.96%
0.48%
0.84%
-0.33%
0.28%
0.47%
-0.47%
0.30%
0.98%
 0.33%
-0.06%
-0.77%
0.37%
0.06%
-0.83%
0.25%
0.55%
-0.41%
0.57%
1.15%
0.56%
0.62%
-0.12%
0.05%
-0.40%
-0.18%
-0.25%
0.14%
0.54%
-0.39%
-0.22%
0.58%
-0.42%
0.36%
0.06%
0.50%
0.14%
0.74%
0.32%
0.20%
0.15%
-0.10%
-0.26%
0.14%
-0.23%
0.58%
0.27%
0.24%
-0.53%
 0.12%
0.10%
1.03%
0.37%
0.42%
-0.20%
-0.08%
-0.20%
-0.32%
-1.10%
-0.43%
0.87%
-0.55%
-0.54%
-0.47%
-0.33%
1.50%
0.24%
0.54%
0.10%
0.19%
0.38%
0.66%
0.08%
-0.05%
-0.06%
0.33%
0.12%
0.53%
-0.64%
0.14%
0.30%
0.03%
1.42%
-0.12%
-0.07%
-0.11%
-0.81%
-1.16%
-0.28%
-0.83%
-0.55%
-0.29%
0.67%
-0.21%
-0.20%
-1.35%
-0.66%
0.27%
-1.06%
-0.10%
-1.37%
-0.33%
-0.59%
-0.25%
0.46%
1.45%
-0.09%
-0.91%
0.91%
-1.85%
-0.04%
-0.08%
-0.94%
-1.26%
0.94%
0.27%
0.27%
0.36%
-0.39%
0.29%
-1.00%
1.71%
0.91%
0.45%
1.00%
-0.35%
-0.05%
-0.78%
-0.84%
-0.20%
0.81%
-0.26%
0.27%
-0.31%
0.05%
-0.67%
0.19%
0.16%
0.20%
1.45%
0.51%
-0.23%
0.23%
-0.17%
-0.69%
-1.94%
-0.10%
0.30%
0.01%
-0.15%
-1.03%
-1.36%
-0.55%
-1.12%
-0.81%
-1.79%
-1.84%
1.07%
2.16%
0.82%
1.18%
-0.54%
-0.06%
-0.04%
0.21%
0.73%
-0.21%
0.28%
0.02%
-0.21%
-1.22%
-0.65%
0.72%
1.73%
0.07%
-0.69%
0.41%
-0.42%
0.42%
-0.16%
-0.63%
0.61%
1.83%
0.92%
0.63%
-0.25%
0.09%
-0.51%
-1.08%
-1.16%
0.31%
1.25%
0.14%
0.28%
-0.54%
-0.56%
-0.48%
-0.52%
1.24%
1.41%
-0.22%
-0.16%
0.24%
0.03%
-0.07%
-0.14%
0.44%
0.21%
0.15%
-0.22%
-0.15%
-0.35%
-0.96%
0.03%
-0.58%
-1.00%
-1.47%
-0.16%
0.78%
-1.10%
0.11%
0.54%
0.87%
0.70%
0.63%
0.60%
0.17%
-0.32%
-1.16%
-0.41%
1.22%
0.55%
1.04%
1.02%
0.04%
1.09%
0.14%
1.74%
0.88%
0.34%
0.82%
-0.59%
-0.05%
1.25%
-1.04%
-1.09%
0.90%
0.57%
0.48%
 0.67%
0.58%
0.25%
-0.66%
-1.00%
-0.16%
0.35%
-0.16%
-0.71%
-1.45%
1.30%
0.13%
-0.70%
0.61%
0.22%
0.87%
-0.16%
0.07%
-0.47%
-0.11%
0.34%
-0.22%
-0.66%
-0.29%
-1.06%
-0.38%
0.21%
-0.16%
-0.44%
-0.76%
-0.58%
-0.51%
-0.81%
0.89%
-0.15%
0.47%
-0.88%
-0.43%
0.44%
0.86%
-0.38%
1.15%
0.32%
0.22%
-0.36%
-0.85%
-2.03%
1.36%
-0.11%
-0.04%
-0.78%
-2.10%
-1.56%
-2.84%
2.03%
1.53%
1.18%
0.07%
-0.45%
0.54%
0.15%
-0.54%
0.33%
-1.05%
-0.62%
-1.40%
-2.46%
-0.31%
1.00%
-0.41%
0.76%
-1.15%
0.21%
0.16%
-0.64%
0.10%
0.46%
-1.14%
-2.03%
0.24%
 0.07%
-0.86%
-0.97%
-0.98%
-1.35%
-2.15%
-5.54%
2.14%
-0.41%
3.68%
0.55%
-0.19%
-2.21%
-0.47%
0.89%
-1.66%
-1.09%
1.69%
2.07%
-0.72%
-0.06%
0.60%
-0.07%
1.79%
0.36%
0.06%
-1.28%
-1.18%
-1.74%
-0.77%
0.56%
-1.11%
-0.61%
1.81%
0.46%
1.39%
2.20%
0.62%
2.42%
-0.47%
 1.42%
0.64%
-1.24%
-0.59%
1.70%
0.23%
0.12%
-0.20%
-0.82%
0.20%
1.11%
0.11%
-0.45%
-0.20%
-1.53%
0.30%
0.21%
1.08%
0.94%
-0.38%
-1.15%
-1.01%
-1.02%
-0.03%
0.10%
-1.50%
-0.40%
1.09%
-0.16%
1.60%
0.82%
-0.27%
-0.45%
-0.43%
0.08%
-1.28%
-0.78%
1.10%
-0.16%
-0.24%
-0.74%
-0.27%
-1.47%
-0.21%
-0.80%
-2.31%
-0.10%
1.21%
1.11%
1.22%
-0.99%
0.19%
0.24%
1.10%
0.11%
0.06%
-0.38%
0.09%
-0.91%
0.37%
0.05%
-3.15%
0.06%
-0.99%
-3.02%
0.10%
-2.23%
-0.06%
0.43%
-0.65%
-2.14%
-0.85%
1.52%
-2.84%
-0.60%
2.81%
0.61%
-0.85%
0.68%
0.83%
 2.83%
-0.02%
-1.65%
-0.90%
2.15%
-0.13%
-0.83%
-0.65%
0.11%
-2.19%
-0.02%
2.10%
0.70%
0.81%
1.29%
-0.51%
1.39%
-0.81%
-1.02%
-0.33%
0.80%
0.13%
1.98%
1.93%
1.19%
1.51%
0.53%
-0.81%
0.14%
0.03%
1.27%
0.25%
-1.72%
0.22%
3.02%
1.13%
0.42%
-0.02%
-1.02%
-0.84%
-0.11%
0.00%
0.09%
2.36%
0.38%
-0.87%
-0.07%
-1.47%
-0.44%
-0.11%
1.06%
0.94%
0.74%
1.80%
0.05%
-0.01%
-0.24%
1.01%
-0.30%
0.25%
-0.86%
-0.73%
0.43%
0.04%
0.18%
-0.30%
-0.52%
-1.84%
-0.82%
-0.45%
-0.58%
-0.47%
0.82%
0.11%
-0.25%
-1.12%
0.38%
0.46%
-0.78%
-1.57%
 0.53%
0.23%
0.31%
1.06%
0.53%
0.73%
0.12%
-0.07%
-0.05%
0.20%
0.93%
1.00%
1.18%
0.67%
-0.65%
-1.49%
-1.51%
-0.79%
0.74%
-0.99%
0.89%
1.63%
0.46%
0.48%
0.83%
-3.13%
-1.17%
1.33%
2.10%
1.37%
0.42%
0.56%
-1.25%
-1.05%
0.71%
0.41%
1.89%
0.99%
0.17%
1.07%
 0.09%
0.28%
-0.19%
0.44%
0.03%
-0.14%
-0.05%
0.05%
0.41%
0.13%
-0.21%
0.79%
-0.50%
-0.70%
0.86%
1.01%
1.06%
0.41%
0.23%
0.58%
0.35%
0.74%
-0.12%
-0.48%
0.71%
-0.63%
-0.57%
0.06%
-0.92%
0.09%
0.49%
-0.56%
0.33%
-0.56%
-0.14%
0.96%
0.82%
1.57%
0.20%
0.18%
-1.73%
-1.82%
-0.52%
-0.02%
0.53%
-0.39%
1.27%
0.06%
0.74%
1.47%
-0.38%
-1.30%
0.41%
0.25%
-0.09%
-0.84%
1.04%
0.47%
0.06%
0.04%
-0.21%
0.33%
-1.11%
-0.35%
-1.20%
0.73%
-0.32%
1.49%
0.46%
0.06%
-0.04%
0.66%
0.07%
-0.72%
-0.54%
-0.22%
0.20%
-0.34%
-1.26%
-0.78%
-0.55%
1.65%
0.72%
-2.14%
-0.64%
-2.86%
-0.99%
0.24%
0.58%
0.03%
-0.25%
0.37%
0.93%
-0.29%
-0.33%
0.47%
0.76%
-0.51%
0.47%
-0.63%
-0.49%
0.18%
0.72%
0.73%
1.01%
-0.03%
-0.67%
0.54%
-0.54%
-1.55%
-0.24%
-0.65%
-0.03%
0.14%
-0.99%
0.03%
0.00%
0.32%
0.98%
0.87%
0.58%
 Values
Row Labels Average of Adj. Default Spr Average of Country Risk Prem Average of Total Risk Prem
Africa 5.54% 6.82% 12.51%
Asia 2.99% 3.68% 9.37%
Australia & New Zealan 2.89% 3.55% 9.24%
Caribbean 5.00% 6.15% 11.84%
Central and South Ameri 4.41% 5.43% 11.12%
Eastern Europe & Russia 3.63% 4.47% 10.16%
Middle East 2.09% 2.58% 8.27%
North America 0.00% 0.00% 5.69%
Western Europe 1.82% 2.23% 7.92%
Grand Total 3.56% 4.38% 10.07%
Average of Corporate Tax Rate
27.98%
22.86%
26.00%
21.07%
27.18%
16.08%
11.00%
26.50%
21.02%
21.53%
Country GDP (in billions) Moody's rating Adj. Default SpreadTotal Risk Premium
Angola 102.6 B1 5.20% 12.09%
Botswana 14.4 A2 0.98% 6.90%
Burkina Faso 10.7 B3 7.51% 14.94%
Cameroon 28.4 B2 6.36% 13.51%
Cape Verde 1.9 B2 6.36% 13.51%
Congo (Democratic Rep 35.2 B3 7.51% 14.94%
Congo (Republic of) 8.6 B3 7.51% 14.94%
Côte d'Ivoire 31.8 Ba3 4.16% 10.81%
Egypt 330.8 B3 7.51% 14.94%
Ethiopia 61.5 B1 5.20% 12.09%
Gabon 14.3 B1 5.20% 12.09%
Ghana 37.5 B3 7.51% 14.94%
Kenya 63.3 B1 5.20% 12.09%
Morocco 100.6 Ba1 2.89% 9.24%
Mozambique 14.8 Caa3 11.55% 19.90%
Namibia 11.5 Baa3 2.54% 8.82%
Nigeria 481.1 B1 5.20% 12.09%
Rwanda 8.1 B2 6.36% 13.51%
Senegal 13.6 B1 5.20% 12.09%
South Africa 314.6 Baa2 2.20% 8.40%
Tunisia 43 Ba3 4.16% 10.81%
Uganda 27.6 B2 6.36% 13.51%
Zambia 27.2 B3 7.51% 14.94%
Africa 1783.1 5.12% 12.00%
Bangladesh 195.1 Ba3 4.16% 10.81%
Cambodia 18.1 B2 6.36% 13.51%
China 11007.7 Aa3 0.70% 6.55%
Fiji 4.4 B1 5.20% 12.09%
Hong Kong 309.3 Aa1 0.46% 6.25%
India 2095.4 Baa3 2.54% 8.82%
Indonesia 861.9 Baa3 2.54% 8.82%
Japan 4123.2 A1 0.81% 6.69%
Korea 1377.9 Aa2 0.57% 6.40%
Macao 46.2 Aa3 0.70% 6.55%
Malaysia 296.3 A3 1.39% 7.40%
Mauritius 11.7 Baa1 1.84% 7.96%
Mongolia 11.7 Caa1 8.66% 16.35%
Pakistan 271.1 B3 7.51% 14.94%
Papua New Guinea 16.9 B2 6.36% 13.51%
Philippines 284.8 Baa2 2.20% 8.40%
Singapore 292.7 Aaa 0.00% 5.69%
Sri Lanka 82.3 B1 5.20% 12.09%
Taiwan 970.9 Aa3 0.70% 6.55%
Thailand 395.2 Baa1 1.84% 7.96%
Vietnam 193.6 B1 5.20% 12.09%
Asia 22866.4 1.16% 7.12%
Australia 1339 Aaa 0.00% 5.69%
Cook Islands 1.2 Caa1 8.66% 16.35%
New Zealand 173.8 Aaa 0.00% 5.69%
Australia & New Zeal 1514 0.01% 5.70%
Aruba 2.6 Baa1 1.84% 7.96%
Bahamas 8.9 Baa3 2.54% 8.82%
Barbados 4.4 Caa1 8.66% 16.35%
Bermuda 5.6 A2 0.98% 6.90%
Cayman Islands 3.2 Aa3 0.70% 6.55%
Cuba 77.2 Caa2 10.40% 18.49%
Curacao 1 Caa1 8.66% 16.35%
Dominican Republic 68.1 B1 5.20% 12.09%
Jamaica 14.3 B3 7.51% 14.94%
Montserrat 1.5 Baa3 2.54% 8.82%
St. Maarten 1.5 Baa2 2.20% 8.40%
St. Vincent & the Gren 0.7 B3 7.51% 14.94%
Trinidad and Tobago 23.6 Baa3 2.54% 8.82%
Turks and Caicos Islan 1.5 Caa1 8.66% 16.35%
Caribbean 214.1 6.69% 13.92%
Argentina 583.2 B3 7.51% 14.94%
Belize 1.75 Caa2 10.40% 18.49%
Bolivia 33 Ba3 4.16% 10.81%
Brazil 1774.7 Ba2 3.47% 9.96%
Chile 240.8 Aa3 0.70% 6.55%
Colombia 292.1 Baa2 2.20% 8.40%
Costa Rica 54.1 Ba1 2.89% 9.24%
Ecuador 100.2 B3 7.51% 14.94%
El Salvador 25.9 B3 7.51% 14.94%
Guatemala 63.8 Ba1 2.89% 9.24%
Honduras 20.4 B2 6.36% 13.51%
Mexico 1143.8 A3 1.39% 7.40%
Nicaragua 12.7 B2 6.36% 13.51%
Panama 52.1 Baa2 2.20% 8.40%
Paraguay 27.1 Ba1 2.89% 9.24%
Peru 189.1 A3 1.39% 7.40%
Suriname 5.2 B1 5.20% 12.09%
Uruguay 53.4 Baa2 2.20% 8.40%
Venezuela 250 Caa3 11.55% 19.90%
Central and South Ame 4923.35 3.67% 10.21%
Albania 11.4 B1 5.20% 12.09%
Armenia 10.5 B1 5.20% 12.09%
Azerbaijan 53.1 Ba1 2.89% 9.24%
Belarus 54.61 Caa1 8.66% 16.35%
Bosnia and Herzegovin 16.2 B3 7.51% 14.94%
Bulgaria 12.9 Baa2 2.20% 8.40%
Croatia 48.7 Ba2 3.47% 9.96%
Czech Republic 185.2 A1 0.81% 6.69%
Estonia 26.5 A1 0.81% 6.69%
Georgia 14 Ba3 4.16% 10.81%
Hungary 121.7 Baa3 2.54% 8.82%
Kazakhstan 184.4 Baa3 2.54% 8.82%
Kyrgyzstan 6.6 B2 6.36% 13.51%
Latvia 27 A3 1.39% 7.40%
Lithuania 41.2 A3 1.39% 7.40%
Macedonia 10.1 Ba3 4.16% 10.81%
Moldova 6.6 B3 7.51% 14.94%
Montenegro 4 B1 5.20% 12.09%
Poland 477.1 A2 0.98% 6.90%
Romania 178 Baa3 2.54% 8.82%
Russia 1331.2 Ba1 2.89% 9.24%
Serbia 37.2 B1 5.20% 12.09%
Slovakia 87.3 A2 0.98% 6.90%
Slovenia 42.8 Baa3 2.54% 8.82%
Ukraine 90.6 Caa3 11.55% 19.90%
Eastern Europe & Russ 3078.91 2.77% 9.09%
Abu Dhabi 390 Aa2 0.57% 6.40%
Bahrain 31.1 Ba2 3.47% 9.96%
Iraq 180.8 B3 7.51% 14.94%
Israel 299.4 A1 0.81% 6.69%
Jordan 37.5 B1 5.20% 12.09%
Kuwait 114 Aa2 0.57% 6.40%
Lebanon 47.1 B2 6.36% 13.51%
Oman 69.9 Baa1 1.84% 7.96%
Qatar 164.7 Aa2 0.57% 6.40%
Ras Al Khaimah (Emirat 5.2 A2 0.98% 6.90%
Saudi Arabia 646 A1 0.81% 6.69%
Sharjah 5 A3 1.39% 7.40%
United Arab Emirates 370.3 Aa2 0.57% 6.40%
Middle East 2361 1.47% 7.50%
Canada 1550.3 Aaa 0.00% 5.69%
United States 18038.6 Aaa 0.00% 5.69%
North America 19588.9 0.00% 5.69%
Andorra (Principality o 3.25 Baa3 2.54% 8.82%
Austria 377 Aa1 0.46% 6.25%
Belgium 455.1 Aa3 0.70% 6.55%
Cyprus 19.6 B1 5.20% 12.09%
Denmark 295.1 Aaa 0.00% 5.69%
Finland 231.9 Aa1 0.46% 6.25%
France 2418.8 Aa2 0.57% 6.40%
Germany 3363.4 Aaa 0.00% 5.69%
Greece 194.9 Caa3 11.55% 19.90%
Guernsey (States of) 0.5 Aa1 0.46% 6.25%
Iceland 16.6 A3 1.39% 7.40%
Ireland 283.7 A3 1.39% 7.40%
Isle of Man 7.4 Aa1 0.46% 6.25%
Italy 1821.5 Baa2 2.20% 8.40%
Jersey (States of) 1 Caa1 8.66% 16.35%
Liechtenstein 6.7 Aaa 0.00% 5.69%
Luxembourg 57.8 Aaa 0.00% 5.69%
Malta 9.7 A3 1.39% 7.40%
Netherlands 750.3 Aaa 0.00% 5.69%
Norway 388.6 Aaa 0.00% 5.69%
Portugal 199 Ba1 2.89% 9.24%
Spain 1199.1 Baa2 2.20% 8.40%
Sweden 494.6 Aaa 0.00% 5.69%
Switzerland 670.8 Aaa 0.00% 5.69%
Turkey 717.9 Ba1 2.89% 9.24%
United Kingdom 2858 Aa1 0.46% 6.25%
Western Europe 16842.25 0.91% 6.81%

Region Weighted Average: TRP Weighted Average: CRP

Weighted Average: Default Spreads Tax Rate
Africa 12.00% 6.31% 5.12% 27.91%
Asia 7.12% 1.43% 1.16% 26.68%
Australia & New Zealand 5.70% 0.01% 0.01% 29.76%
Caribbean 13.92% 8.23% 6.69% 24.50%
Central and South America 10.21% 4.52% 3.67% 31.09%
Eastern Europe & Russia 9.09% 3.40% 2.77% 18.97%
Middle East 7.50% 1.81% 1.47% 20.81%
North America 5.69% 0.00% 0.00% 38.93%
Western Europe 6.81% 1.12% 0.91% 26.36%
Global 7.08% 1.39% 1.13% 29.76%

For updating industry average spreadsheets

ERP Default Spread Tax rate
Africa & Mid East 9.15% 2.81% 23.42%
Australia, NZ & Canada 5.69% 0.00% 28.11%
Latin America & Caribbean 10.36% 3.08% 27.15%
Japan 6.69% 0.81% 35.64%
US 5.69% 0.00% 40%
Europe 6.81% 0.91% 30%
Emerging Markets 8.22% 1.65% 25%
Small Asia (No India, China 7.93% 1.45% 20%
India 9.05% 2.20% 34%
China 6.55% 0.60% 25%
Global 7.08% 1.13% 30%
Country Risk Premium Corporate Tax Rate Region GDP Weight
6.40% 30.00% Africa 5.75%
1.21% 22.00% Africa 0.81%
9.25% 27.46% Africa 0.60%
7.82% 33.00% Africa 1.59%
7.82% 27.46% Africa 0.11%
9.25% 27.46% Africa 1.97%
9.25% 27.46% Africa 0.48%
5.12% 27.46% Africa 1.78%
9.25% 22.50% Africa 18.55%
6.40% 27.46% Africa 3.45%
6.40% 27.46% Africa 0.80%
9.25% 25.00% Africa 2.10%
6.40% 30.00% Africa 3.55%
3.55% 31.00% Africa 5.64%
14.21% 32.00% Africa 0.83%
3.13% 32.00% Africa 0.64%
6.40% 30.00% Africa 26.98%
7.82% 27.46% Africa 0.45%
6.40% 27.46% Africa 0.76%
2.71% 28.00% Africa 17.64%
5.12% 25.00% Africa 2.41%
7.82% 30.00% Africa 1.55%
9.25% 35.00% Africa 1.53%
6.31% 27.91% 100.00%
5.12% 25.00% Asia 0.85%
7.82% 20.00% Asia 0.08%
0.86% 25.00% Asia 48.14%
6.40% 20.00% Asia 0.02%
0.56% 16.50% Asia 1.35%
3.13% 34.61% Asia 9.16%
3.13% 25.00% Asia 3.77%
1.00% 33.06% Asia 18.03%
0.71% 24.20% Asia 6.03%
0.86% 12.00% Asia 0.20%
1.71% 24.00% Asia 1.30%
2.27% 15.00% Asia 0.05%
10.66% 21.92% Asia 0.05%
9.25% 32.00% Asia 1.19%
7.82% 30.00% Asia 0.07%
 2.71% 30.00% Asia 1.25%
0.00% 17.00% Asia 1.28%
6.40% 15.00% Asia 0.36%
0.86% 17.00% Asia 4.25%
2.27% 20.00% Asia 1.73%
6.40% 22.00% Asia 0.85%
1.43% 26.68% 100.00%
0.00% 30.00% Australia & New Zealand 88.44%
10.66% 20.00% Australia & New Zealand 0.08%
0.00% 28.00% Australia & New Zealand 11.48%
0.01% 29.76%
2.27% 25.00% Caribbean 1.21%
3.13% 0.00% Caribbean 4.16%
10.66% 25.00% Caribbean 2.06%
1.21% 0.00% Caribbean 2.62%
0.86% 0.00% Caribbean 1.49%
12.80% 27.29% Caribbean 36.06%
10.66% 25.00% Caribbean 0.47%
6.40% 27.00% Caribbean 31.81%
9.25% 25.00% Caribbean 6.68%
3.13% 27.46% Caribbean 0.70%
2.71% 34.50% Caribbean 0.70%
9.25% 26.85% Caribbean 0.33%
3.13% 25.00% Caribbean 11.02%
10.66% 26.85% Caribbean 0.70%
8.23% 24.50% 100.00%
9.25% 35.00% Central and South Americ 11.85%
12.80% 27.29% Central and South Americ 0.04%
5.12% 25.00% Central and South Americ 0.67%
4.27% 34.00% Central and South Americ 36.05%
0.86% 24.00% Central and South Americ 4.89%
2.71% 25.00% Central and South Americ 5.93%
3.55% 30.00% Central and South Americ 1.10%
9.25% 22.00% Central and South Americ 2.04%
9.25% 30.00% Central and South Americ 0.53%
3.55% 25.00% Central and South Americ 1.30%
7.82% 30.00% Central and South Americ 0.41%
1.71% 30.00% Central and South Americ 23.23%
7.82% 27.29% Central and South Americ 0.26%
2.71% 25.00% Central and South Americ 1.06%
 3.55% 10.00% Central and South Americ 0.55%
1.71% 28.00% Central and South Americ 3.84%
6.40% 34.50% Central and South Americ 0.11%
2.71% 25.00% Central and South Americ 1.08%
14.21% 34.00% Central and South Americ 5.08%
4.52% 31.09% 100.00%
6.40% 15.00% Eastern Europe & R 0.37%
6.40% 20.00% Eastern Europe & R 0.34%
3.55% 15.00% Eastern Europe & R 1.72%
10.66% 18.00% Eastern Europe & R 1.77%
9.25% 10.00% Eastern Europe & R 0.53%
2.71% 10.00% Eastern Europe & R 0.42%
4.27% 20.00% Eastern Europe & R 1.58%
1.00% 19.00% Eastern Europe & R 6.02%
1.00% 20.00% Eastern Europe & R 0.86%
5.12% 15.00% Eastern Europe & R 0.45%
3.13% 19.00% Eastern Europe & R 3.95%
3.13% 20.00% Eastern Europe & R 5.99%
7.82% 15.00% Eastern Europe & R 0.21%
1.71% 15.00% Eastern Europe & R 0.88%
1.71% 15.00% Eastern Europe & R 1.34%
5.12% 10.00% Eastern Europe & R 0.33%
9.25% 12.00% Eastern Europe & R 0.21%
6.40% 9.00% Eastern Europe & R 0.13%
1.21% 19.00% Eastern Europe & R 15.50%
3.13% 16.00% Eastern Europe & R 5.78%
3.55% 20.00% Eastern Europe & R 43.24%
6.40% 15.00% Eastern Europe & R 1.21%
1.21% 22.00% Eastern Europe & R 2.84%
3.13% 17.00% Eastern Europe & R 1.39%
14.21% 18.00% Eastern Europe & R 2.94%
3.40% 18.97% 100.00%
0.71% 0.00% Middle East 16.52%
4.27% 0.00% Middle East 1.32%
9.25% 15.00% Middle East 7.66%
1.00% 25.00% Middle East 12.68%
6.40% 20.00% Middle East 1.59%
0.71% 15.00% Middle East 4.83%
7.82% 15.00% Middle East 1.99%
2.27% 12.00% Middle East 2.96%
0.71% 10.00% Middle East 6.98%
1.21% 0.00% Middle East 0.22%
1.00% 20.00% Middle East 27.36%
1.71% 0.00% Middle East 0.21%
0.71% 55.00% Middle East 15.68%
1.81% 20.81% 100.00%
0.00% 26.50% North America 7.91%
0.00% 40.00% North America 92.09%
0.00% 38.93%
3.13% 0.00% Western Europe 0.02%
0.56% 25.00% Western Europe 2.24%
0.86% 33.99% Western Europe 2.70%
6.40% 12.50% Western Europe 0.12%
0.00% 23.50% Western Europe 1.75%
0.56% 20.00% Western Europe 1.38%
0.71% 33.30% Western Europe 14.36%
0.00% 29.72% Western Europe 19.97%
14.21% 29.00% Western Europe 1.16%
0.56% 0.00% Western Europe 0.00%
1.71% 20.00% Western Europe 0.10%
1.71% 12.50% Western Europe 1.68%
0.56% 0.00% Western Europe 0.04%
2.71% 31.40% Western Europe 10.82%
10.66% 20.00% Western Europe 0.01%
0.00% 12.50% Western Europe 0.04%
0.00% 29.22% Western Europe 0.34%
1.71% 35.00% Western Europe 0.06%
0.00% 25.00% Western Europe 4.45%
0.00% 27.00% Western Europe 2.31%
3.55% 21.00% Western Europe 1.18%
2.71% 25.00% Western Europe 7.12%
0.00% 22.00% Western Europe 2.94%
0.00% 17.92% Western Europe 3.98%
3.55% 20.00% Western Europe 4.26%
0.56% 20.00% Western Europe 16.97%
1.12% 26.36% 100.00%

Total GDP Weight Weight *ERP Weight*CRP

1783.1 2.44% 0.29% 0.15%
22866.4 31.25% 2.23% 0.45%
1514 2.07% 0.12% 0.00%
 214.1 0.29% 0.04% 0.02%
4923.35 6.73% 0.69% 0.30%
3078.91 4.21% 0.38% 0.14%
2361 3.23% 0.24% 0.06%
19588.9 26.77% 1.52% 0.00%
16842.25 23.02% 1.57% 0.26%
73172.01
Weigth*Default SpreadWeight*ERP Weight*CRP Weight * Tax Rate
0.30% 0.70% 0.37% 1.73%
0.01% 0.06% 0.01% 0.18%
0.05% 0.09% 0.06% 0.16%
0.10% 0.22% 0.12% 0.53%
0.01% 0.01% 0.01% 0.03%
0.15% 0.29% 0.18% 0.54%
0.04% 0.07% 0.04% 0.13%
0.07% 0.19% 0.09% 0.49%
1.39% 2.77% 1.72% 4.17%
0.18% 0.42% 0.22% 0.95%
0.04% 0.10% 0.05% 0.22%
0.16% 0.31% 0.19% 0.53%
0.18% 0.43% 0.23% 1.06%
0.16% 0.52% 0.20% 1.75%
0.10% 0.17% 0.12% 0.27%
0.02% 0.06% 0.02% 0.21%
1.40% 3.26% 1.73% 8.09%
0.03% 0.06% 0.04% 0.12%
0.04% 0.09% 0.05% 0.21%
0.39% 1.48% 0.48% 4.94%
0.10% 0.26% 0.12% 0.60%
0.10% 0.21% 0.12% 0.46%
0.11% 0.23% 0.14% 0.53%

0.04% 0.09% 0.04% 0.21%

0.01% 0.01% 0.01% 0.02%
0.34% 3.15% 0.41% 12.03%
0.00% 0.00% 0.00% 0.00%
0.01% 0.08% 0.01% 0.22%
0.23% 0.81% 0.29% 3.17%
0.10% 0.33% 0.12% 0.94%
0.15% 1.21% 0.18% 5.96%
0.03% 0.39% 0.04% 1.46%
0.00% 0.01% 0.00% 0.02%
0.02% 0.10% 0.02% 0.31%
0.00% 0.00% 0.00% 0.01%
0.00% 0.01% 0.01% 0.01%
0.09% 0.18% 0.11% 0.38%
0.00% 0.01% 0.01% 0.02%
0.03% 0.10% 0.03% 0.37%
0.00% 0.07% 0.00% 0.22%
0.02% 0.04% 0.02% 0.05%
0.03% 0.28% 0.04% 0.72%
0.03% 0.14% 0.04% 0.35%
0.04% 0.10% 0.05% 0.19%

0.00% 5.03% 0.00% 26.53%

0.01% 0.01% 0.01% 0.02%
0.00% 0.65% 0.00% 3.21%

0.02% 0.10% 0.03% 0.30%

0.11% 0.37% 0.13% 0.00%
0.18% 0.34% 0.22% 0.51%
0.03% 0.18% 0.03% 0.00%
0.01% 0.10% 0.01% 0.00%
3.75% 6.67% 4.61% 9.84%
0.04% 0.08% 0.05% 0.12%
1.65% 3.85% 2.04% 8.59%
0.50% 1.00% 0.62% 1.67%
0.02% 0.06% 0.02% 0.19%
0.02% 0.06% 0.02% 0.24%
0.02% 0.05% 0.03% 0.09%
0.28% 0.97% 0.34% 2.76%
0.06% 0.11% 0.07% 0.19%
8.23%
0.89% 1.77% 1.10% 4.15%
0.00% 0.01% 0.00% 0.01%
0.03% 0.07% 0.03% 0.17%
1.25% 3.59% 1.54% 12.26%
0.03% 0.32% 0.04% 1.17%
0.13% 0.50% 0.16% 1.48%
0.03% 0.10% 0.04% 0.33%
0.15% 0.30% 0.19% 0.45%
0.04% 0.08% 0.05% 0.16%
0.04% 0.12% 0.05% 0.32%
0.03% 0.06% 0.03% 0.12%
0.32% 1.72% 0.40% 6.97%
0.02% 0.03% 0.02% 0.07%
0.02% 0.09% 0.03% 0.26%
0.02% 0.05% 0.02% 0.06%
0.05% 0.28% 0.07% 1.08%
0.01% 0.01% 0.01% 0.04%
0.02% 0.09% 0.03% 0.27%
0.59% 1.01% 0.72% 1.73%

0.02% 0.04% 0.02% 0.06%

0.02% 0.04% 0.02% 0.07%
0.05% 0.16% 0.06% 0.26%
0.15% 0.29% 0.19% 0.32%
0.04% 0.08% 0.05% 0.05%
0.01% 0.04% 0.01% 0.04%
0.05% 0.16% 0.07% 0.32%
0.05% 0.40% 0.06% 1.14%
0.01% 0.06% 0.01% 0.17%
0.02% 0.05% 0.02% 0.07%
0.10% 0.35% 0.12% 0.75%
0.15% 0.53% 0.19% 1.20%
0.01% 0.03% 0.02% 0.03%
0.01% 0.06% 0.01% 0.13%
0.02% 0.10% 0.02% 0.20%
0.01% 0.04% 0.02% 0.03%
0.02% 0.03% 0.02% 0.03%
0.01% 0.02% 0.01% 0.01%
0.15% 1.07% 0.19% 2.94%
0.15% 0.51% 0.18% 0.93%
1.25% 4.00% 1.54% 8.65%
0.06% 0.15% 0.08% 0.18%
0.03% 0.20% 0.03% 0.62%
0.04% 0.12% 0.04% 0.24%
0.34% 0.59% 0.42% 0.53%

0.09% 1.06% 0.12% 0.00%

0.05% 0.13% 0.06% 0.00%
0.58% 1.14% 0.71% 1.15%
0.10% 0.85% 0.13% 3.17%
0.08% 0.19% 0.10% 0.32%
0.03% 0.31% 0.03% 0.72%
0.13% 0.27% 0.16% 0.30%
0.05% 0.24% 0.07% 0.36%
 0.04% 0.45% 0.05% 0.70%
0.00% 0.02% 0.00% 0.00%
0.22% 1.83% 0.27% 5.47%
0.00% 0.02% 0.00% 0.00%
0.09% 1.00% 0.11% 8.63%

0.00% 0.45% 0.00% 2.10%

0.00% 5.24% 0.00% 36.83%

0.00% 0.00% 0.00% 0.00%

0.01% 0.14% 0.01% 0.56%
0.02% 0.18% 0.02% 0.92%
0.01% 0.01% 0.01% 0.01%
0.00% 0.10% 0.00% 0.41%
0.01% 0.09% 0.01% 0.28%
0.08% 0.92% 0.10% 4.78%
0.00% 1.14% 0.00% 5.94%
0.13% 0.23% 0.16% 0.34%
0.00% 0.00% 0.00% 0.00%
0.00% 0.01% 0.00% 0.02%
0.02% 0.12% 0.03% 0.21%
0.00% 0.00% 0.00% 0.00%
0.24% 0.91% 0.29% 3.40%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.02% 0.00% 0.10%
0.00% 0.00% 0.00% 0.02%
0.00% 0.25% 0.00% 1.11%
0.00% 0.13% 0.00% 0.62%
0.03% 0.11% 0.04% 0.25%
0.16% 0.60% 0.19% 1.78%
0.00% 0.17% 0.00% 0.65%
0.00% 0.23% 0.00% 0.71%
0.12% 0.39% 0.15% 0.85%
0.08% 1.06% 0.10% 3.39%

Weight*Default Spread Weight* Tax Rate

0.12% 0.68%
0.36% 8.34%
0.00% 0.62%
0.02% 0.07%
0.25% 2.09%
0.12% 0.80%
0.05% 0.67%
0.00% 10.42%
0.21% 6.07%
Country GDP (in billions) Moody's rating Adj. Default Sp Total Risk Pre
Abu Dhabi 390 Aa2 0.57% 6.40%
Albania 11.4 B1 5.20% 12.09%
Andorra (Principality 3.25 Baa3 2.54% 8.82%
Angola 102.6 B1 5.20% 12.09%
Argentina 583.2 B3 7.51% 14.94%
Armenia 10.5 B1 5.20% 12.09%
Aruba 2.6 Baa1 1.84% 7.96%
Australia 1339 Aaa 0.00% 5.69%
Austria 377 Aa1 0.46% 6.25%
Azerbaijan 53.1 Ba1 2.89% 9.24%
Bahamas 8.9 Baa3 2.54% 8.82%
Bahrain 31.1 Ba2 3.47% 9.96%
Bangladesh 195.1 Ba3 4.16% 10.81%
Barbados 4.4 Caa1 8.66% 16.35%
Belarus 54.61 Caa1 8.66% 16.35%
Belgium 455.1 Aa3 0.70% 6.55%
Belize 1.75 Caa2 10.40% 18.49%
Bermuda 5.6 A2 0.98% 6.90%
Bolivia 33 Ba3 4.16% 10.81%
Bosnia and Herzegov 16.2 B3 7.51% 14.94%
Botswana 14.4 A2 0.98% 6.90%
Brazil 1774.7 Ba2 3.47% 9.96%
Bulgaria 12.9 Baa2 2.20% 8.40%
Burkina Faso 10.7 B3 7.51% 14.94%
Cambodia 18.1 B2 6.36% 13.51%
Cameroon 28.4 B2 6.36% 13.51%
Canada 1550.3 Aaa 0.00% 5.69%
Cayman Islands 3.2 Aa3 0.70% 6.55%
Cape Verde 1.9 B2 6.36% 13.51%
Chile 240.8 Aa3 0.70% 6.55%
China 11007.7 Aa3 0.70% 6.55%
Colombia 292.1 Baa2 2.20% 8.40%
Congo (Democratic Re 35.2 B3 7.51% 14.94%
Congo (Republic of) 8.6 B3 7.51% 14.94%
Cook Islands 1.2 Caa1 8.66% 16.35%
Costa Rica 54.1 Ba1 2.89% 9.24%
Côte d'Ivoire 31.8 Ba3 4.16% 10.81%
Croatia 48.7 Ba2 3.47% 9.96%
Cuba 77.2 Caa2 10.40% 18.49%
Curacao 1 Caa1 8.66% 16.35%
Cyprus 19.6 B1 5.20% 12.09%
Czech Republic 185.2 A1 0.81% 6.69%
Denmark 295.1 Aaa 0.00% 5.69%
Dominican Republic 68.1 B1 5.20% 12.09%
Ecuador 100.2 B3 7.51% 14.94%
Egypt 330.8 B3 7.51% 14.94%
El Salvador 25.9 B3 7.51% 14.94%
Estonia 26.5 A1 0.81% 6.69%
Ethiopia 61.5 B1 5.20% 12.09%
Fiji 4.4 B1 5.20% 12.09%
Finland 231.9 Aa1 0.46% 6.25%
France 2418.8 Aa2 0.57% 6.40%
Gabon 14.3 B1 5.20% 12.09%
Georgia 14 Ba3 4.16% 10.81%
Germany 3363.4 Aaa 0.00% 5.69%
Ghana 37.5 B3 7.51% 14.94%
Greece 194.9 Caa3 11.55% 19.90%
Guatemala 63.8 Ba1 2.89% 9.24%
Guernsey (States of) 0.5 Aa1 0.46% 6.25%
Honduras 20.4 B2 6.36% 13.51%
Hong Kong 309.3 Aa1 0.46% 6.25%
Hungary 121.7 Baa3 2.54% 8.82%
Iceland 16.6 A3 1.39% 7.40%
India 2095.4 Baa3 2.54% 8.82%
Indonesia 861.9 Baa3 2.54% 8.82%
Iraq 180.8 B3 7.51% 14.94%
Ireland 283.7 A3 1.39% 7.40%
Isle of Man 7.4 Aa1 0.46% 6.25%
Israel 299.4 A1 0.81% 6.69%
Italy 1821.5 Baa2 2.20% 8.40%
Jamaica 14.3 B3 7.51% 14.94%
Japan 4123.2 A1 0.81% 6.69%
Jersey (States of) 1 Caa1 8.66% 16.35%
Jordan 37.5 B1 5.20% 12.09%
Kazakhstan 184.4 Baa3 2.54% 8.82%
Kenya 63.3 B1 5.20% 12.09%
Korea 1377.9 Aa2 0.57% 6.40%
Kuwait 114 Aa2 0.57% 6.40%
Kyrgyzstan 6.6 B2 6.36% 13.51%
Latvia 27 A3 1.39% 7.40%
Lebanon 47.1 B2 6.36% 13.51%
Liechtenstein 6.7 Aaa 0.00% 5.69%
Lithuania 41.2 A3 1.39% 7.40%
Luxembourg 57.8 Aaa 0.00% 5.69%
Macao 46.2 Aa3 0.70% 6.55%
Macedonia 10.1 Ba3 4.16% 10.81%
Malaysia 296.3 A3 1.39% 7.40%
Malta 9.7 A3 1.39% 7.40%
Mauritius 11.7 Baa1 1.84% 7.96%
Mexico 1143.8 A3 1.39% 7.40%
Moldova 6.6 B3 7.51% 14.94%
Mongolia 11.7 Caa1 8.66% 16.35%
Montenegro 4 B1 5.20% 12.09%
Montserrat 1.5 Baa3 2.54% 8.82%
Morocco 100.6 Ba1 2.89% 9.24%
Mozambique 14.8 Caa3 11.55% 19.90%
Namibia 11.5 Baa3 2.54% 8.82%
Netherlands 750.3 Aaa 0.00% 5.69%
New Zealand 173.8 Aaa 0.00% 5.69%
Nicaragua 12.7 B2 6.36% 13.51%
Nigeria 481.1 B1 5.20% 12.09%
Norway 388.6 Aaa 0.00% 5.69%
Oman 69.9 Baa1 1.84% 7.96%
Pakistan 271.1 B3 7.51% 14.94%
Panama 52.1 Baa2 2.20% 8.40%
Papua New Guinea 16.9 B2 6.36% 13.51%
Paraguay 27.1 Ba1 2.89% 9.24%
Peru 189.1 A3 1.39% 7.40%
Philippines 284.8 Baa2 2.20% 8.40%
Poland 477.1 A2 0.98% 6.90%
Portugal 199 Ba1 2.89% 9.24%
Qatar 164.7 Aa2 0.57% 6.40%
Ras Al Khaimah (Emir 5.2 A2 0.98% 6.90%
Romania 178 Baa3 2.54% 8.82%
Russia 1331.2 Ba1 2.89% 9.24%
Rwanda 8.1 B2 6.36% 13.51%
Saudi Arabia 646 A1 0.81% 6.69%
Senegal 13.6 B1 5.20% 12.09%
Serbia 37.2 B1 5.20% 12.09%
Sharjah 5 A3 1.39% 7.40%
Singapore 292.7 Aaa 0.00% 5.69%
Slovakia 87.3 A2 0.98% 6.90%
Slovenia 42.8 Baa3 2.54% 8.82%
South Africa 314.6 Baa2 2.20% 8.40%
Spain 1199.1 Baa2 2.20% 8.40%
Sri Lanka 82.3 B1 5.20% 12.09%
St. Maarten 1.5 Baa2 2.20% 8.40%
St. Vincent & the Gr 0.7 B3 7.51% 14.94%
Suriname 5.2 B1 5.20% 12.09%
Sweden 494.6 Aaa 0.00% 5.69%
Switzerland 670.8 Aaa 0.00% 5.69%
Taiwan 970.9 Aa3 0.70% 6.55%
Thailand 395.2 Baa1 1.84% 7.96%
Trinidad and Tobago 23.6 Baa3 2.54% 8.82%
Tunisia 43 Ba3 4.16% 10.81%
Turkey 717.9 Ba1 2.89% 9.24%
Turks and Caicos Isla 1.5 Caa1 8.66% 16.35%
Uganda 27.6 B2 6.36% 13.51%
Ukraine 90.6 Caa3 11.55% 19.90%
United Arab Emirates 370.3 Aa2 0.57% 6.40%
United Kingdom 2858 Aa1 0.46% 6.25%
United States 18038.6 Aaa 0.00% 5.69%
Uruguay 53.4 Baa2 2.20% 8.40%
Venezuela 250 Caa3 11.55% 19.90%
Vietnam 193.6 B1 5.20% 12.09%
Zambia 27.2 B3 7.51% 14.94%
Country Risk Premium
Corporate Tax RateRegion
0.71% 0.00% Middle East
6.40% 15.00% Eastern Europe & Russia
3.13% 0.00% Western Europe
6.40% 30.00% Africa
9.25% 35.00% Central and South America
6.40% 20.00% Eastern Europe & Russia
2.27% 25.00% Caribbean
0.00% 30.00% Australia & New Zealand
0.56% 25.00% Western Europe
3.55% 15.00% Eastern Europe & Russia
3.13% 0.00% Caribbean
4.27% 0.00% Middle East
5.12% 25.00% Asia
10.66% 25.00% Caribbean
10.66% 18.00% Eastern Europe & Russia
0.86% 33.99% Western Europe
12.80% 27.29% Central and South America
1.21% 0.00% Caribbean
5.12% 25.00% Central and South America
9.25% 10.00% Eastern Europe & Russia
1.21% 22.00% Africa
4.27% 34.00% Central and South America
2.71% 10.00% Eastern Europe & Russia
9.25% 27.46% Africa
7.82% 20.00% Asia
7.82% 33.00% Africa
0.00% 26.50% North America
0.86% 0.00% Caribbean
7.82% 27.46% Africa
0.86% 24.00% Central and South America
0.86% 25.00% Asia
2.71% 25.00% Central and South America
9.25% 27.46% Africa
9.25% 27.46% Africa
10.66% 20.00% Australia & New Zealand
3.55% 30.00% Central and South America
5.12% 27.46% Africa
4.27% 20.00% Eastern Europe & Russia
12.80% 27.29% Caribbean
10.66% 25.00% Caribbean
6.40% 12.50% Western Europe
1.00% 19.00% Eastern Europe & Russia
0.00% 23.50% Western Europe
6.40% 27.00% Caribbean
9.25% 22.00% Central and South America
9.25% 22.50% Africa
9.25% 30.00% Central and South America
1.00% 20.00% Eastern Europe & Russia
6.40% 27.46% Africa
6.40% 20.00% Asia
0.56% 20.00% Western Europe
0.71% 33.30% Western Europe
6.40% 27.46% Africa
5.12% 15.00% Eastern Europe & Russia
0.00% 29.72% Western Europe
9.25% 25.00% Africa
14.21% 29.00% Western Europe
3.55% 25.00% Central and South America
0.56% 0.00% Western Europe
7.82% 30.00% Central and South America
0.56% 16.50% Asia
3.13% 19.00% Eastern Europe & Russia
1.71% 20.00% Western Europe
3.13% 34.61% Asia
3.13% 25.00% Asia
9.25% 15.00% Middle East
1.71% 12.50% Western Europe
0.56% 0.00% Western Europe
1.00% 25.00% Middle East
2.71% 31.40% Western Europe
9.25% 25.00% Caribbean
1.00% 33.06% Asia
10.66% 20.00% Western Europe
6.40% 20.00% Middle East
3.13% 20.00% Eastern Europe & Russia
6.40% 30.00% Africa
0.71% 24.20% Asia
0.71% 15.00% Middle East
7.82% 15.00% Eastern Europe & Russia
 1.71% 15.00% Eastern Europe & Russia
7.82% 15.00% Middle East
0.00% 12.50% Western Europe
1.71% 15.00% Eastern Europe & Russia
0.00% 29.22% Western Europe
0.86% 12.00% Asia
5.12% 10.00% Eastern Europe & Russia
1.71% 24.00% Asia
1.71% 35.00% Western Europe
2.27% 15.00% Asia
1.71% 30.00% Central and South America
9.25% 12.00% Eastern Europe & Russia
10.66% 21.92% Asia
6.40% 9.00% Eastern Europe & Russia
3.13% 27.46% Caribbean
3.55% 31.00% Africa
14.21% 32.00% Africa
3.13% 32.00% Africa
0.00% 25.00% Western Europe
0.00% 28.00% Australia & New Zealand
7.82% 27.29% Central and South America
6.40% 30.00% Africa
0.00% 27.00% Western Europe
2.27% 12.00% Middle East
9.25% 32.00% Asia
2.71% 25.00% Central and South America
7.82% 30.00% Asia
3.55% 10.00% Central and South America
1.71% 28.00% Central and South America
2.71% 30.00% Asia
1.21% 19.00% Eastern Europe & Russia
3.55% 21.00% Western Europe
0.71% 10.00% Middle East
1.21% 0.00% Middle East
3.13% 16.00% Eastern Europe & Russia
3.55% 20.00% Eastern Europe & Russia
7.82% 27.46% Africa
1.00% 20.00% Middle East
6.40% 27.46% Africa
6.40% 15.00% Eastern Europe & Russia
 1.71% 0.00% Middle East
0.00% 17.00% Asia
1.21% 22.00% Eastern Europe & Russia
3.13% 17.00% Eastern Europe & Russia
2.71% 28.00% Africa
2.71% 25.00% Western Europe
6.40% 15.00% Asia
2.71% 34.50% Caribbean
9.25% 26.85% Caribbean
6.40% 34.50% Central and South America
0.00% 22.00% Western Europe
0.00% 17.92% Western Europe
0.86% 17.00% Asia
2.27% 20.00% Asia
3.13% 25.00% Caribbean
5.12% 25.00% Africa
3.55% 20.00% Western Europe
10.66% 26.85% Caribbean
7.82% 30.00% Africa
14.21% 18.00% Eastern Europe & Russia
0.71% 55.00% Middle East
0.56% 20.00% Western Europe
0.00% 40.00% North America
2.71% 25.00% Central and South America
14.21% 34.00% Central and South America
6.40% 22.00% Asia
9.25% 35.00% Africa
Country S&P Rating Moody's rating
Abu Dhabi NA Aa2
Albania B+ B1
Andorra (Principality of BBB- Baa3 S&P: These are the S&P sovereign local currency ratings
Angola B B1 Moody's: These are the Moody's local currency rating
Argentina B- B3 In red: These are countries where S&P has a rating
Armenia NA B1 Moody's equivalent rating for these countries.
Aruba BBB+ Baa1 S&P Moody's
Australia AAA Aaa A A2
Austria AA+ Aa1 A- A3
Azerbaijan BB+ Ba1 A+ A1
Bahamas BB+ Baa3 AA Aa2
Bahrain BB- Ba2 AA- Aa3
Bangladesh BB- Ba3 AA+ Aa1
Barbados B- Caa1 AAA Aaa
Belarus B- Caa1 B B2
Belgium AA Aa3 B- B3
Belize CC Caa2 B+ B1
Bermuda A+ A2 BB Ba2
Bolivia BB Ba3 BB- Ba3
Bosnia and Herzegovin B B3 BB+ Ba1
Botswana A- A2 BBB Baa2
Brazil BB Ba2 BBB- Baa3
Bulgaria BB+ Baa2 BBB+ Baa1
Burkina Faso B- B3 C C2
Cambodia N/A B2 C- C3
Cameroon B B2 C+ C1
Canada AAA Aaa CC Ca2
Cayman Islands NA Aa3 CC- Ca3
Cape Verde B B2 CC+ Ca1
Chile AA- Aa3 CCC Caa2
China AA- Aa3 CCC- Caa3
Colombia BBB Baa2 CCC+ Caa1
Congo (Democratic Rep B- B3
Congo (Republic of) B- B3
Cook Islands NA Caa1
Costa Rica BB- Ba1
Côte d'Ivoire NA Ba3
Croatia BB Ba2
Cuba NA Caa2
Curacao NA Caa1
Cyprus BB B1
Czech Republic AA- A1
Denmark AAA Aaa
Dominican Republic BB- B1
Ecuador B B3
Egypt B- B3
El Salvador B- B3
Estonia AA- A1
Ethiopia B B1
Fiji B+ B1
Finland AA+ Aa1
France AA Aa2
Gabon B B1
Georgia BB- Ba3
Germany AAA Aaa
Ghana B- B3
Greece B- Caa3
Guatemala BB Ba1
Guernsey (States of) AA+ Aa1
Honduras B+ B2
Hong Kong AAA Aa1
Hungary BBB- Baa3
Iceland BBB+ A3
India BBB- Baa3
Indonesia BB+ Baa3
Iraq B- B3
Ireland A+ A3
Isle of Man N/A Aa1
Israel A+ A1
Italy BBB- Baa2
Jamaica B B3
Japan A+ A1
Jersey (States of) NA Caa1
Jordan BB- B1
Kazakhstan BBB- Baa3
Kenya B+ B1
Korea AA Aa2
Kuwait AA Aa2
Kyrgyzstan NR B2
Latvia A- A3
Lebanon B- B2
Liechtenstein AAA Aaa
Lithuania A- A3
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- Ba3
Malaysia A- A3
Malta A- A3
Mauritius NA Baa1
Mexico BBB+ A3
Moldova NA B3
Mongolia B- Caa1
Montenegro B+ B1
Montserrat BBB- Baa3
Morocco BBB- Ba1
Mozambique CC Caa3
Namibia NA Baa3
Netherlands AAA Aaa
New Zealand AA Aaa
Nicaragua B+ B2
Nigeria B B1
Norway AAA Aaa
Oman BBB- Baa1
Pakistan B B3
Panama BBB Baa2
Papua New Guinea B+ B2
Paraguay BB Ba1
Peru BBB+ A3
Philippines BBB Baa2
Poland BBB+ A2
Portugal BB+ Ba1
Qatar AA Aa2
Ras Al Khaimah (Emirat A A2
Romania BBB- Baa3
Russia BB+ Ba1
Rwanda B B2
Saudi Arabia A- A1
Senegal B+ B1
Serbia BB- B1
Sharjah NA A3
Singapore AAA Aaa
Slovakia A+ A2
Slovenia A Baa3
South Africa BBB- Baa2
Spain BBB+ Baa2
Sri Lanka B+ B1
St. Maarten NA Baa2
St. Vincent & the Gren NA B3
Suriname B+ B1
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA- Aa3
Thailand BBB+ Baa1
Trinidad and Tobago A- Baa3
Tunisia BB- Ba3
Turkey BB Ba1
Turks and Caicos Island NA Caa1
Uganda B B2
Ukraine B- Caa3
United Arab Emirates AA Aa2
United Kingdom AA Aa1
United States AA+ Aaa
Uruguay BBB Baa2
Venezuela CCC Caa3
Vietnam BB- B1
Zambia B B3
 GOVERNMENT BOND RATINGS
In local currency
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 Herzegovi 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 RepAfrica
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 o Africa
Denmark Western Europe
Dominican Republic Caribbean
Ecuador Central and South America
Egypt Africa
El Salvador Central and South America
Estonia Eastern Europe & Russia
Ethiopia Africa
Fiji Asia
Finland Western Europe
France Western Europe
Gabon Africa
Georgia Eastern Europe & Russia
Germany Western Europe
Ghana Africa
Greece Western Europe
Guatemala Central and South America
Guernsey (States of) Western Europe
Honduras Central and South America
Hong Kong Asia
Hungary Eastern Europe & Russia
Iceland Western Europe
India Asia
Indonesia Asia
Iraq Middle East
Ireland Western Europe
Isle of Man Western Europe
Israel Middle East
Italy Western Europe
Jamaica Caribbean
Japan Asia
Jersey (States of) Western Europe
Jordan Middle East
Kazakhstan Eastern Europe & Russia
Kenya Africa
Korea Asia
Kuwait Middle East
Kyrgyzstan Eastern Europe & Russia
Latvia Eastern Europe & Russia
Lebanon Middle East
Liechtenstein Western Europe
Lithuania Eastern Europe & Russia
Luxembourg Western Europe
Macao Asia
Macedonia Eastern Europe & Russia
Malaysia Asia
Malta Western Europe
Mauritius Asia
Mexico Central and South America
Moldova Eastern Europe & Russia
Mongolia Asia
Montenegro Eastern Europe & Russia
Montserrat Caribbean
Morocco Africa
Mozambique Africa
Namibia Africa
Netherlands Western Europe
New Zealand Australia & New Zealand
Nicaragua Central and South America
Nigeria Africa
Norway Western Europe
Oman Middle East
Pakistan Asia
Panama Central and South America
Papua New Guinea Asia
Paraguay Central and South America
Peru Central and South America
Philippines Asia
Poland Eastern Europe & Russia
Portugal Western Europe
Qatar Middle East
Ras Al Kaminah Middle East
Republic of the Congo Africa
Romania Eastern Europe & Russia
Russia Eastern Europe & Russia
Rwanda Africa
Saudi Arabia Middle East
Senegal Africa
Serbia Eastern Europe & Russia
Sharjah Middle East
Singapore Asia
Slovakia Eastern Europe & Russia
Slovenia Eastern Europe & Russia
South Africa Africa
Spain Western Europe
Sri Lanka Asia
St. Maarten Caribbean
St. Vincent & the GrenCaribbean
Suriname Central and South America
Sweden Western Europe
Switzerland Western Europe
Taiwan Asia
Thailand Asia
Trinidad and Tobago Caribbean
Tunisia Africa
Turkey Western Europe
Turkmenistan Eastern Europe & Russia
Turks and Caicos Caribbean
Uganda Africa
Ukraine Eastern Europe & Russia
United Arab Emirates Middle East
United Kingdom Western Europe
United States North America
Uruguay Central and South America
Venezuela Central and South America
Vietnam Asia
Zambia Africa
 Values Average (1/1 % Change
Row Labels Count of CDS Spre Average of CDS Sprea 0.93%
Aaa 15 0.46% 1.15%
Caa1 2 #DIV/0! 1.75%
Aa2 7 0.98% 0.62%
B1 15 3.32% 0.99%
Baa3 11 3.08% 1.04%
Ba2 1 #DIV/0! 0.46%
Ba3 13 4.58% 2.90%
Baa1 6 1.40% 4.03%
Baa2 12 2.25% 4.60%
B3 11 5.60% 2.96%
Aa3 6 1.48% #DIV/0!
Caa2 3 #DIV/0! 3.33%
A1 6 0.99% 1.39%
A2 4 1.08% 2.31%
B2 8 4.87% 2.42%
Ba1 8 3.09% #DIV/0!
A3 8 1.97% #DIV/0!
Caa3 3 #DIV/0! #DIV/0!
Aa1 5 0.60% #DIV/0!
Grand Total 144 1.98% 1.78% 31.12%

Rating Default Spread (1/1/16)Default Spread (1/1/16 Rounded Val Default Spread (1/1/17)
A1 70 92 92 96
A2 85 111 111 116
A3 120 157 157 164
Aa1 40 52 52 54
Aa2 50 66 66 69
Aa3 60 79 79 82
Aaa 0 0 0 0
B1 450 590 590 615
B2 550 721 721 751
B3 650 852 852 888
Ba1 250 328 328 342
Ba2 300 393 393 410
Ba3 360 472 472 492
Baa1 160 210 210 219
Baa2 190 249 249 260
Baa3 220 288 288 300
Ca 1200 1573 1573 1639
Caa1 750 983 983 1024
Caa2 900 1180 1180 1230
Caa3 1000 1311 1311 1366
NR NA NA NA
Country Moody's rating CDS Spread CDS Spread adj for US Updated: January 2017
Abu Dhabi Aa2 0.97% 0.59%
Albania B1 NA NA
Andorra (Principality of Baa3 NA NA
Angola B1 NA NA
Argentina B3 5.14% 4.76%
Armenia B1 NA NA
Aruba Baa1 NA NA
Australia Aaa 0.49% 0.11%
Austria Aa1 0.52% 0.14%
Azerbaijan Ba1 NA NA
Bahamas Baa3 NA NA
Bahrain Ba2 3.17% 2.79%
Bangladesh Ba3 NA NA
Barbados Caa1 NA NA
Belarus Caa1 NA NA
Belgium Aa3 0.60% 0.22%
Belize Caa2 NA NA
Bermuda A2 NA NA
Bolivia Ba3 NA NA
Bosnia and Herzegovin B3 NA NA
Botswana A2 NA NA
Brazil Ba2 3.59% 3.21%
Bulgaria Baa2 1.87% 1.49%
Burkina Faso B3 NA NA
Cambodia B2 NA NA
Cameroon B2 NA NA
Canada Aaa NA NA
Cayman Islands Aa3 NA NA
Cape Verde B2 NA NA
Chile Aa3 1.29% 0.91%
China Aa3 1.65% 1.27%
Colombia Baa2 2.42% 2.04%
Congo (Democratic Rep B3 NA NA
Congo (Republic of) B3 NA NA
Cook Islands Caa1 NA NA
Costa Rica Ba1 3.40% 3.02%
Côte d'Ivoire Ba3 NA NA
Croatia Ba2 2.60% 2.22%
Cuba Caa2 NA NA
Curacao Caa1 NA NA
Cyprus B1 2.67% 2.29%

Czech Republic A1 0.74% 0.36%

Denmark Aaa 0.41% 0.03%
Dominican Republic B1 NA NA
Ecuador B3 NA NA
Egypt B3 4.76% 4.38%
El Salvador B3 NA NA
Estonia A1 0.81% 0.43%
Ethiopia B1 NA NA
Fiji B1 NA NA
Finland Aa1 0.45% 0.07%
France Aa2 0.70% 0.32%
Gabon B1 NA NA
Georgia Ba3 NA NA
Germany Aaa 0.44% 0.06%
Ghana B3 NA NA
Greece Caa3 NA NA
Guatemala Ba1 NA NA
Guernsey (States of) Aa1 NA NA
Honduras B2 NA NA
Hong Kong Aa1 0.58% 0.20%
Hungary Baa3 1.67% 1.29%
Iceland A3 1.10% 0.72%
India Baa3 1.76% 1.38%
Indonesia Baa3 2.25% 1.87%
Iraq B3 NA NA
Ireland A3 1.02% 0.64%
Isle of Man Aa1 NA NA
Israel A1 1.12% 0.74%
Italy Baa2 2.22% 1.84%
Jamaica B3 NA NA
Japan A1 0.62% 0.24%
Jersey (States of) Caa1 NA NA
Jordan B1 NA NA
Kazakhstan Baa3 2.13% 1.75%
Kenya B1 NA NA
Korea Aa2 0.67% 0.29%
Kuwait Aa2 NA NA
Kyrgyzstan B2 NA NA
Latvia A3 1.02% 0.64%
Lebanon B2 5.57% 5.19%
Liechtenstein Aaa NA NA
Lithuania A3 0.94% 0.56%
Luxembourg Aaa NA NA
Macao Aa3 NA NA
Macedonia Ba3 NA NA
Malaysia A3 1.94% 1.56%
Malta A3 NA NA
Mauritius Baa1 NA NA
Mexico A3 2.20% 1.82%
Moldova B3 NA NA
Mongolia Caa1 NA NA
Montenegro B1 NA NA
Montserrat Baa3 NA NA
Morocco Ba1 2.11% 1.73%
Mozambique Caa3 NA NA
Namibia Baa3 NA NA
Netherlands Aaa 0.51% 0.13%
New Zealand Aaa 0.50% 0.12%
Nicaragua B2 NA NA
Nigeria B1 5.76% 5.38%
Norway Aaa 0.34% 0.00%
Oman Baa1 NA NA
Pakistan B3 4.18% 3.80%
Panama Baa2 1.94% 1.56%
Papua New Guinea B2 NA NA
Paraguay Ba1 NA NA
Peru A3 1.73% 1.35%
Philippines Baa2 1.61% 1.23%
Poland A2 1.17% 0.79%
Portugal Ba1 3.42% 3.04%
Qatar Aa2 1.17% 0.79%
Ras Al Khaimah (Emirat A2 NA NA
Romania Baa3 1.51% 1.13%
Russia Ba1 2.46% 2.08%
Rwanda B2 NA NA
Saudi Arabia A1 1.45% 1.07%
Senegal B1 NA NA
Serbia B1 NA NA
Sharjah A3 NA NA
Singapore Aaa NA NA
Slovakia A2 0.85% 0.47%
Slovenia Baa3 1.52% 1.14%
South Africa Baa2 2.87% 2.49%
Spain Baa2 1.25% 0.87%
Sri Lanka B1 NA NA
St. Maarten Baa2 NA NA
St. Vincent & the Gren B3 NA NA
Suriname B1 NA NA
Sweden Aaa 0.40% 0.02%
Switzerland Aaa 0.50% 0.12%
Taiwan Aa3 NA NA
Thailand Baa1 1.28% 0.90%
Trinidad and Tobago Baa3 NA NA
Tunisia Ba3 5.00% 4.62%
Turkey Ba1 3.44% 3.06%
Turks and Caicos Island Caa1 NA NA
Uganda B2 NA NA
Ukraine Caa3 7.64% 7.26%
United Arab Emirates Aa2 NA NA
United Kingdom Aa1 0.61% 0.23%
United States Aaa 0.38% 0.00%
Uruguay Baa2 NA NA
Venezuela Caa3 30.82% 30.44%
Vietnam B1 2.61% 2.23%
Zambia B3 NA NA
Updated: January 2017
 CDS
CDS Spread
Country
Spread adj for
Abu Dhabi 0.97% US
0.59%
Argentina 5.14% 4.76%
Australia 0.49% 0.11%
Austria 0.52% 0.14%
Bahrain 3.17% 2.79%
Belgium 0.60% 0.22%
Brazil 3.59% 3.21%
Bulgaria 1.87% 1.49%
Chile 1.29% 0.91%
China 1.65% 1.27%
Colombia 2.42% 2.04%
Costa Rica 3.40% 3.02%
Croatia 2.60% 2.22%
Cyprus 2.67% 2.29%
Czech Rep 0.74% 0.36%
Denmark 0.41% 0.03%
Egypt 4.76% 4.38%
Estonia 0.81% 0.43%
Finland 0.45% 0.07%
France 0.70% 0.32%
Germany 0.44% 0.06%
Hong Kon 0.58% 0.20%
Hungary 1.67% 1.29%
Iceland 1.10% 0.72%
India 1.76% 1.38%
Indonesia 2.25% 1.87%
Ireland 1.02% 0.64%
Israel 1.12% 0.74%
Italy 2.22% 1.84%
Japan 0.62% 0.24%
Kazakhsta 2.13% 1.75%
Korea 0.67% 0.29%
Latvia 1.02% 0.64%
Lebanon 5.57% 5.19%
Lithuania 0.94% 0.56%
Malaysia 1.94% 1.56%
Mexico 2.20% 1.82%
Morocco 2.11% 1.73%
Netherlan 0.51% 0.13%
New Zeala 0.50% 0.12%
Nigeria 5.76% 5.38%
Norway 0.34% 0.00%
Pakistan 4.18% 3.80%
Panama 1.94% 1.56%
Peru 1.73% 1.35%
Philippine 1.61% 1.23%
Poland 1.17% 0.79%
Portugal 3.42% 3.04%
Qatar 1.17% 0.79%
Romania 1.51% 1.13%
Russia 2.46% 2.08%
Saudi Arab 1.45% 1.07%
Slovakia 0.85% 0.47%
Slovenia 1.52% 1.14%
South Afri 2.87% 2.49%
Spain 1.25% 0.87%
Sweden 0.40% 0.02%
Switzerla 0.50% 0.12%
Thailand 1.28% 0.90%
Tunisia 5.00% 4.62%
Turkey 3.44% 3.06%
Ukraine 7.64% 7.26%
United Ki 0.61% 0.23%
United Sta 0.38% 0.00%
Venezuela 30.82% 30.44%
Vietnam 2.61% 2.23%
Country Std deviation in Equities (weekly) sBond sEquity/ sBond s (CDS)
Argentina 38.11% NA NA NA
Bangladesh 13.48% NA NA NA
Bosnia 8.96% NA NA NA
Botswana 4.89% NA NA NA
Ghana 8.33% NA NA NA
Greece 43.21% 45.54% 0.95 NA
Jamaica 16.93% NA NA NA
Jordan 7.14% NA NA NA
Kenya 10.90% NA NA NA
Kuwait 10.77% NA NA NA
Laos 16.00% NA NA NA
Macedonia 11.59% NA NA NA
Malta 7.75% NA NA NA
Mauritius 5.40% NA NA NA
Mongolia 17.21% NA NA NA
Montenegro 20.08% NA NA NA
Namibia 21.83% NA NA NA
Nigeria 27.08% NA NA NA
Oman 17.56% NA NA NA
Palestine 9.33% NA NA NA
Serbia 10.18% NA NA NA
Singapore 11.27% NA NA NA
Sri Lanka 8.88% NA NA NA
Taiwan 14.02% NA NA NA
Tanzania 19.44% NA NA NA
UAE 31.74% NA NA NA
Ukraine 29.74% NA NA NA
US 12.69% NA NA 0.1100%
Venezuela 51.23% 44.85% 1.14 1.3700%
Pakistan 14.21% NA NA 0.3219%
Tunisia 8.44% NA NA 0.4039%
Egypt 27.71% NA NA 0.2988%
Brazil 23.52% 12.21% 1.93 0.4111%
Lebanon 6.33% 3.15% 2.01 0.3565%
Costa Rica 8.31% NA NA 0.3136%
Bahrain 7.93% NA NA 0.3200%
South Africa 14.79% 20.21% 0.73 0.3821%
Russia 22.90% 40.10% 0.57 0.5519%
Kazakhastan 32.79% NA NA 0.3585%
Vietnam 17.55% NA NA 0.2610%
Turkey 20.97% 9.46% 2.22 0.3261%
Croatia 7.77% NA NA 0.2240%
Colombia 17.48% 7.09% 2.47 0.4247%
Portugal 22.96% 7.14% 3.22 0.5728%
Indonesia 15.19% 10.00% 1.52 0.3922%
Morocco 8.16% NA NA 0.3185%
Cyprus 32.96% NA NA 0.5916%
Mexico 13.68% 4.74% 2.89 0.4093%
Peru 15.94% 8.51% 1.87 0.3400%
Panama 4.69% NA NA 0.3181%
India 14.93% 2.93% 5.10 0.3731%
Malaysia 10.65% NA NA 0.5214%
Bulgaria 14.54% 13.05% 1.11 0.2917%
Thailand 12.08% 6.87% 1.76 0.3830%
Hungary 17.05% NA NA 0.3111%
Saudi Arabia 24.27% 17.55% 1.38 0.6852%
Italy 20.08% 7.23% 2.78 0.5215%
China 29.13% NA NA 0.3936%
Philippines 11.29% 30.36% 0.37 0.3890%
Romania 12.79% NA NA 0.2938%
Qatar 21.16% NA NA 0.4138%
Slovenia 14.17% 5.78% 2.45 0.2665%
Spain 22.89% 6.37% 3.59 0.5239%
Chile 12.29% 8.04% 1.53 0.3765%
Poland 13.93% 12.13% 1.15 0.2970%
Latvia 17.53% NA NA 0.2699%
Lithuania 7.63% NA NA 0.2612%
Iceland 10.01% 4.02% 2.49 0.3686%
Israel 10.30% 4.86% 2.12 0.2495%
Ireland 17.41% 3.08% 5.65 0.4114%
Korea 12.40% NA NA 0.4744%
Slovakia 17.69% 7.91% 2.24 0.1457%
Czech Republ 13.82% 4.93% 2.80 0.3475%
Estonia 10.89% NA NA 0.3969%

Average 2.15
Median 2.01

Average 1.98
Median 1.87
 CDS CVCDS sEquity/ sCDS
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
6.56% 4.90% 2.90
6.33% 6.38% 1.32
5.48% 5.45% 5.08
5.09% 8.07% 2.91
5.00% 7.13% 0.89
4.86% 6.45% 1.29
4.00% 8.00% 0.99
3.99% 9.58% 1.54
3.67% 15.05% 1.52
3.55% 10.10% 3.25
3.52% 7.41% 2.37
3.39% 9.61% 2.18
3.23% 6.93% 1.12
3.22% 13.19% 1.33
3.18% 18.03% 1.27
2.96% 13.27% 1.14
2.69% 11.84% 0.69
2.66% 22.24% 1.48
2.48% 16.50% 0.83
2.34% 14.50% 1.10
2.32% 13.70% 0.34
2.25% 16.59% 0.90
2.21% 23.59% 0.45
2.13% 13.69% 1.06
2.05% 18.73% 0.65
2.03% 15.33% 1.11
1.93% 35.50% 0.68
1.93% 27.09% 0.74
1.76% 22.36% 1.30
1.68% 23.22% 0.49
1.66% 17.72% 0.72
1.63% 25.42% 0.83
1.62% 16.47% 0.86
1.55% 33.85% 0.68
1.54% 24.50% 0.50
1.38% 21.57% 0.65
1.30% 20.76% 0.84
1.26% 20.73% 0.37
1.26% 29.31% 0.34
1.19% 20.97% 0.49
1.06% 38.81% 0.45
0.89% 53.60% 0.23
0.88% 16.63% 1.06
0.81% 42.90% 0.32
0.80% 49.71% 0.22

1.14
0.89

1.33
1.10
Country GDP (in billions) Country GDP
Abu Dhabi 390 Afghanistan 19,331

Albania 11.4 SourceWorld Bank Albania 11,398

Andorra (Principality of) 3.25 Year 2016 Algeria 166,839

Angola 102.6 Andorra 3,249

Argentina 583.2 Angola 102,627

Armenia 10.5 Antigua and 1,259

Aruba 2.6 Argentina 583,169

Australia 1339 Armenia 10,529

Austria 377 Australia 1,339,141

Azerbaijan 53.1 Austria 376,950

Bahamas 8.9 Azerbaijan 53,047

Bahrain 31.1 Bahamas, Th 8,854

Bangladesh 195.1 Bahrain 31,126

Barbados 4.4 Bangladesh 195,079

Belarus 54.61 Barbados 4,385

Belgium 455.1 Belarus 54,609

Belize 1.75 Belgium 455,086

Bermuda 5.6 Belize 1,753

Bolivia 33 Benin 8,291

Bosnia and Herzegovina 16.2 Bermuda 5,574

Botswana 14.4 Bhutan 2,058

Brazil 1775 Bolivia 32,998

Bulgaria 12.9 Bosnia and H 16,192

Burkina Faso 10.7 Botswana 14,390

Cambodia 18.1 Brazil 1,774,725

Cameroon 28.4 Brunei Darus 12,930

Canada 1550 Bulgaria 50,199

Cayman Islands 3.2 Burkina Faso 10,678

Cape Verde 1.9 Burundi 3,097

Chile 240.8 Cabo Verde 1,603

China 11008 Cambodia 18,050

Colombia 292.1 Cameroon 28,416

Congo (Democratic Repub 35.2 Canada 1,550,537

Congo (Republic of) 8.6 Central Afric 1,584

Cook Islands 1.2 Chad 10,889

Costa Rica 54.1 Chile 240,796

Côte d'Ivoire 31.8 China 11,007,721

Croatia 48.7 Colombia 292,080

Cuba 77.2 Comoros 566

Curacao 1.0 Congo, Dem. 35,238

Cyprus 19.6 Congo, Rep. 8,553

Czech Republic 185.2 Costa Rica 54,137

Denmark 295.1 Côte d'Ivoire 31,759

Dominican Republic 68.1 Croatia 48,732

Ecuador 100.2 Cuba 77,150

Egypt 330.8 Cyprus 19,560

El Salvador 25.9 Czech Republ 185,156

Estonia 26.5 Denmark 295,091

Ethiopia 61.5 Djibouti 1,727

Fiji 4.4 Dominica 517

Finland 231.9 Dominican Re 68,103

France 2419 Ecuador 100,177

Gabon 14.3 Egypt, Arab R 330,779

Georgia 14 El Salvador 25,850

Germany 3363 Equatorial Gu 12,202

Ghana 37.5 Estonia 22,459

Greece 194.9 Ethiopia 61,540

Guatemala 63.8 Faroe Islands 2,613

Guernsey (States of) 0.5 Fiji 4,426

Honduras 20.4 Finland 231,950

Hong Kong 309.3 France 2,418,836

Hungary 121.7 Gabon 14,262

Iceland 16.6 Gambia, The 939

India 2095 Georgia 13,965

Indonesia 861.9 Germany 3,363,447

Iraq 180.8 Ghana 37,543

Ireland 283.7 Greece 194,851

Isle of Man 7.4 Greenland 2,441

Israel 299.4 Grenada 984

Italy 1822 Guatemala 63,794

Jamaica 14.3 Guinea 6,699

Japan 4123 Guinea-Bissa 1,057

Jersey (States of) 1 Guyana 3,166

Jordan 37.5 Haiti 8,765

Kazakhstan 184.4 Honduras 20,421

Kenya 63.3 Hong Kong SA 309,235

Korea 1378 Hungary 121,715

Kuwait 114 Iceland 16,598

Kyrgyzstan 6.6 India 2,095,398

Latvia 27 Indonesia 861,934

Lebanon 47.1 Iran, Islamic 425,326

Liechtenstein 6.7 Iraq 180,069

Lithuania 41.2 Ireland 283,703

Luxembourg 57.8 Isle of Man 7,428

Macao 46.2 Israel 299,416

Macedonia 10.1 Italy 1,821,497

Malaysia 296.3 Jamaica 14,262

Malta 9.7 Japan 4,123,258

Mauritius 11.7 Jordan 37,517

Mexico 1144 Kazakhstan 184,388

Moldova 6.6 Kenya 63,398

Mongolia 11.7 Kiribati 160

Montenegro 4 Korea, Rep. 1,377,873

Montserrat 1.5 Kosovo 6,401

Morocco 100.6 Kuwait 114,041

Mozambique 14.8 Kyrgyz Republ 6,572

Namibia 11.5 Lao PDR 12,369

Netherlands 750.3 Latvia 27,003

New Zealand 173.8 Lebanon 47,085

Nicaragua 12.7 Lesotho 2,278

Nigeria 481.1 Liberia 2,053

Norway 388.6 Liechtenstein 6,664

Oman 69.9 Lithuania 41,171

Pakistan 271.1 Luxembourg 57,794

Panama 52.1 Macao SAR, 46,178

Papua New Guinea 16.9 Macedonia, 10,086

Paraguay 27.1 Madagascar 9,739

Peru 189.1 Malawi 6,404

Philippines 284.8 Malaysia 296,283

Poland 477.1 Maldives 3,435

Portugal 199 Mali 12,747

Qatar 164.7 Malta 9,746

Ras Al Khaimah (Emirate 5.2 Marshall Isla 179

Romania 178 Mauritania 5,442

Russia 1331 Mauritius 11,682

Rwanda 8.1 Mexico 1,143,793

Saudi Arabia 646 Micronesia, F 315

Senegal 13.6 Moldova 6,568

Serbia 37.2 Mongolia 11,741

Sharjah 5 Montenegro 3,987

Singapore 292.7 Morocco 100,593

Slovakia 87.3 Mozambique 14,807

Slovenia 42.8 Myanmar 62,601

South Africa 314.6 Namibia 11,492

Spain 1199 Nauru 100

Sri Lanka 82.3 Nepal 21,195

St. Maarten 1.5 Netherlands 750,284

St. Vincent & the Grena 0.7 New Zealand 173,754

Suriname 5.2 Nicaragua 12,693

Sweden 494.6 Niger 7,143

Switzerland 670.8 Nigeria 481,066

Taiwan 970.9 Norway 386,578

Thailand 395.2 Oman 69,831

Trinidad and Tobago 23.6 Pakistan 271,050

Tunisia 43 Palau 287

Turkey 717.9 Panama 52,132

Turks and Caicos Islands 1.5 Papua New G 16,929

Uganda 27.6 Paraguay 27,094

Ukraine 90.6 Peru 189,111

United Arab Emirates 370.3 Philippines 292,451

United Kingdom 2858 Poland 477,066

United States of Americ 18039 Portugal 198,923

Uruguay 53.4 Puerto Rico 103,135

Venezuela 250 Qatar 164,641

Vietnam 193.6 Romania 177,954

Zambia 27.2 Russian Feder 1,331,208

Rwanda 8,096
Samoa 761
São Tomé and 318
Saudi Arabia 646,002

Senegal 13,610
Serbia 37,160
Seychelles 1,438

Sierra Leone 4,215

Singapore 292,739
Slovak Republ 87,264
Slovenia 42,775
Solomon Isla 1,129

Somalia 5,925
South Africa 314,572

South Sudan 9,015

Spain 1,199,057
Sri Lanka 82,316
St. Kitts and 876
St. Lucia 1,431
St. Vincent a 738
Sudan 97,156
Suriname 5,150

Swaziland 4,118
Sweden 495,624

Switzerland 670,790
Tajikistan 7,853
Tanzania 45,628

Thailand 395,168
Timor-Leste 1,442

Togo 4,088
Tonga 435
Trinidad and 23,559

Tunisia 43,015
Turkey 717,880

Turkmenistan 35,855
Tuvalu 33
Uganda 27,529

Ukraine 90,615
United Arab E 370,296

United Kingd 2,858,003

United States 18,036,648
Uruguay 53,443
Uzbekistan 66,733
Vanuatu 742

Vietnam 193,599
West Bank an 12,677
Yemen, Rep. 37,734

Zambia 21,154
Zimbabwe 14,419
 S&P
Country
Rating
Moody's Rating FC LC
Abu Dhabi NA Aa2 Abu Dhabi Aa2 Aa2
Albania B+ B1 Albania B1 B1
Andorra (Principality of) BBB- NA Andorra
Angola B B1 Angola B1 B1
Argentina B- B3 Argentina B3 B3
Armenia NA B1 Armenia B1 B1
Aruba BBB+ NA
Australia AAA Aaa Australia Aaa Aaa
Austria AA+ Aa1 Austria Aa1 Aa1
Azerbaijan BB+ Ba1 Azerbaijan Ba1 Ba1
Bahamas BB+ Baa3 Bahamas Baa3 Baa3
Bahrain BB- Ba2 Bahrain Ba2 Ba2
Bangladesh BB- Ba3 Banglades Ba3 Ba3
Barbados B- Caa1 Barbados Caa1 Caa1
Belarus B- Caa1 Belarus Caa1 Caa1
Belgium AA Aa3 Belgium Aa3 Aa3
Belize CC Caa2 Belize Caa2 Caa2
Bermuda A+ A2 Bermuda A2 A2
Bolivia BB Ba3 Bolivia Ba3 Ba3
Bosnia and Herzegovina B B3 Bosnia and B3 B3
Botswana A- A2 Botswana A2 A2
Brazil BB Ba2 Brazil Ba2 Ba2
Bulgaria BB+ Baa2 Bulgaria Baa2 Baa2
Burkina Faso B- NA
Cambodia N/A B2 Cambodia B2 B2
Cameroon B B2 Cameroon B2 B2
Canada AAA Aaa Canada Aaa Aaa
Cayman Islands NA Aa3 Cayman Is Aa3 Aa3
Cape Verde B NA
Chile AA- Aa3 Chile Aa3 Aa3
China AA- Aa3 China Aa3 Aa3
Colombia BBB Baa2 Colombia Baa2 Baa2
Congo (Democratic Repub B- B3 Democratic B3 B3
Congo (Republic of) B- B3 Republic o B3 B3
Cook Islands NA NA
Costa Rica BB- Ba1 Costa Rica Ba1 Ba1
Côte d'Ivoire NA Ba3 Cote d'Ivoi Ba3 Ba3
Croatia BB Ba2 Croatia Ba2 Ba2
Cuba NA Caa2 Cuba Caa2 Caa2
Curacao NA NA
Cyprus BB B1 Cyprus B1 B1
Czech Republic AA- A1 Czech Repu A1 A1
Denmark AAA Aaa Denmark Aaa Aaa
Dominican Republic BB- B1 Dominican B1 B1
Ecuador B B3 Ecuador B3 B3
Egypt B- B3 Egypt B3 B3
El Salvador B- B3 El Salvado B3 B3
Estonia AA- A1 Estonia A1 A1
Ethiopia B B1 Ethiopia B1 B1
Fiji B+ B1 Fiji B1 B1
Finland AA+ Aa1 Finland Aa1 Aa1
France AA Aa2 France Aa2 Aa2
Gabon B B1 Gabon B1 B1
Georgia BB- Ba3 Georgia Ba3 Ba3
Germany AAA Aaa Germany Aaa Aaa
Ghana B- B3 Ghana B3 B3
Greece B- Caa3 Greece Caa3 Caa3
Guatemala BB Ba1 Guatemala Ba1 Ba1
Guernsey (States of) AA+ NA Guernsey (Channel Islands)
Honduras B+ B2 Honduras B2 B2
Hong Kong AAA Aa1 Hong Kong Aa1 Aa1
Hungary BBB- Baa3 Hungary Baa3 Baa3
Iceland BBB+ A3 Iceland A3 A3
India BBB- Baa3 India Baa3 Baa3
Indonesia BB+ Baa3 Indonesia Baa3 Baa3
Iraq B- NA
Ireland A+ A3 Ireland A3 A3
Isle of Man N/A Aa1 Isle of Man Aa1 Aa1
Israel A+ A1 Israel A1 A1
Italy BBB- Baa2 Italy Baa2 Baa2
Jamaica B B3 Jamaica B3 B3
Japan A+ A1 Japan A1 A1
Jersey (States of) NA NA Jersey (Channel Islands)
Jordan BB- B1 Jordan B1 B1
Kazakhstan BBB- Baa3 Kazakhsta Baa3 Baa3
Kenya B+ B1 Kenya B1 B1
Korea AA Aa2 Korea Aa2 Aa2
Kuwait AA Aa2 Kuwait Aa2 Aa2
Kyrgyzstan NR B2 Kyrgyzstan B2 B2
Latvia A- A3 Latvia A3 A3
Lebanon B- B2 Lebanon B2 B2
Liechtenstein AAA NA Liechtenstein
Lithuania A- A3 Lithuania A3 A3
Luxembourg AAA Aaa Luxembour Aaa Aaa
Macao NA Aa3 Macao Aa3 Aa3
Macedonia BB- NA
Malaysia A- A3 Malaysia A3 A3
Malta A- A3 Malta A3 A3
Mauritius NA Baa1 Mauritius Baa1 Baa1
Mexico BBB+ A3 Mexico A3 A3
Moldova NA B3 Moldova B3 B3
Mongolia B- Caa1 Mongolia Caa1 Caa1
Montenegro B+ B1 Montenegr B1 B1
Montserrat BBB- NA
Morocco BBB- Ba1 Morocco Ba1 Ba1
Mozambique CC Caa3 Mozambiqu Caa3 Caa3
Namibia NA Baa3 Namibia Baa3 Baa3
Netherlands AAA Aaa Netherland Aaa Aaa
New Zealand AA Aaa New Zeala Aaa Aaa
Nicaragua B+ B2 Nicaragua B2 B2
Nigeria B B1 Nigeria B1 B1
Norway AAA Aaa Norway Aaa Aaa
Oman BBB- Baa1 Oman Baa1 Baa1
Pakistan B B3 Pakistan B3 B3
Panama BBB Baa2 Panama Baa2 Baa2
Papua New Guinea B+ B2 Papua New B2 B2
Paraguay BB Ba1 Paraguay Ba1 Ba1
Peru BBB+ A3 Peru A3 A3
Philippines BBB Baa2 Philippines Baa2 Baa2
Poland BBB+ A2 Poland A2 A2
Portugal BB+ Ba1 Portugal Ba1 Ba1
Qatar AA Aa2 Qatar Aa2 Aa2
Ras Al Khaimah (Emirate A NA
Romania BBB- Baa3 Romania Baa3 Baa3
Russia BB+ Ba1 Russia Ba1 Ba1
Rwanda B B2 Rwanda B2 B2
Saudi Arabia A- A1 Saudi Arab A1 A1
Senegal B+ B1 Senegal B1 B1
Serbia BB- B1 Serbia B1 B1
Sharjah NA A3 Sharjah A3 A3
Singapore AAA Aaa Singapore Aaa Aaa
Slovakia A+ A2 Slovakia A2 A2
Slovenia A Baa3 Slovenia Baa3 Baa3
South Africa BBB- Baa2 South Afric Baa2 Baa2
Spain BBB+ Baa2 Spain Baa2 Baa2
Sri Lanka B+ B1 Sri Lanka B1 B1
St. Maarten NA Baa2 Sint. Maart Baa2 Baa2
St. Vincent & the Grenad NA B3 St. Vincen B3 B3
Suriname B+ B1 Suriname B1 B1
Sweden AAA Aaa Sweden Aaa Aaa
Switzerland AAA Aaa Switzerlan Aaa Aaa
Taiwan AA- Aa3 Taiwan Aa3 Aa3
Thailand BBB+ Baa1 Thailand Baa1 Baa1
Trinidad and Tobago A- Baa3 Trinidad a Baa3 Baa3
Tunisia BB- Ba3 Tunisia Ba3 Ba3
Turkey BB Ba1 Turkey Ba1 Ba1
Turks and Caicos Islands NA NA
Uganda B B2 Uganda B2 B2
Ukraine B- Caa3 Ukraine Caa3 Caa3
United Arab Emirates AA Aa2 United Ara Aa2 Aa2
United Kingdom AA Aa1 United Kin Aa1 Aa1
United States AA+ Aaa United Sta Aaa Aaa
Uruguay BBB Baa2 Uruguay Baa2 Baa2
Venezuela CCC Caa3 Venezuela Caa3 Caa3
Vietnam BB- B1 Vietnam B1 B1
Zambia B B3 Zambia B3 B3
 S&P

Albania B+
Andorra BBB-
Angola B
Argentina B-
Armenia
Aruba BBB+
Australia AAA
Austria AA+
Azerbaijan BB+
Bahamas BB+
Bahrain BB-
Bangladesh BB-
Barbados B-
Belarus B-
Belgium AA
Belize CC
Bermuda A+
Bolivia BB
B
Bosnia and Herzegovina
Botswana A-
Brazil BB
Bulgaria BB+
Burkina Faso B-
Cambodia N/A
Cameroon B
Canada AAA

Cape Verde B
Chile AA-
China AA-
Colombia BBB
Congo B-
 B-Congo
Republic of the

Costa Rica BB-

Croatia BB
Cuba

Cyprus BB
AA-
Czech Republic
Denmark AAA
BB-
Dominican Republic
Ecuador B
Egypt B-
El Salvador B-
Estonia AA-
Ethiopia B
Fiji B+
Finland AA+
France AA
Gabon B
Georgia BB-
Germany AAA
Ghana B-
Greece B-
Guatemala BB
Guernsey ( AA+
Honduras B+
Hong Kong AAA
Hungary BBB-
Iceland BBB+
India BBB-
Indonesia BB+ Iraq B-
Iraq B-
Ireland A+
Isle of Man N/A
Israel A+
Italy BBB-
Jamaica B
Japan A+

Jordan BB-
Kazakhstan BBB-
Kenya B+
South Korea AA
Kuwait AA Kyrgyz Rep B2 B2 Kyrgyzstan B
Kyrgyzstan NR
Latvia A-
Lebanon B-
Liechtenstein AAA
Lithuania A-
Luxembourg AAA
Macau
Macedonia BB-
Malaysia A-
Malta A-
Mauritius
Mexico BBB+
Moldova
Mongolia B-
Montenegro B+
MontserBBB-
Morocco BBB-
Mozambique CC
Namibia
Netherlands AAA
New Zealand AA
Nicaragua B+
Nigeria B
Norway AAA
Oman BBB-
Pakistan B
Panama BBB
 B+
Papua New Guinea
Paraguay BB
Peru BBB+
Philippines BBB
Poland BBB+
Portugal BB+
Qatar AA
Ras Al KhaA
Romania BBB-
Russia BB+
Rwanda B
Saudi Arabia A-
Senegal B+
Serbia BB-

Singapore AAA
Slovakia A+
Slovenia A
South Africa BBB-
Spain BBB+
Sri Lanka B+

Suriname B+
Sweden AAA
Switzerland AAA
Taiwan AA-
Thailand BBB+
A-
Trinidad and Tobago
Tunisia BB-
Turkey BB

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