Country Risk Premiums

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

Step 1: Estimating mature market risk premium

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

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

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

With sovereign ratings default spreads, you have two choices:
Choice 1: Use the default spread as the measure of the additional country risk premium. To make this choice, go int
Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread
With CDS spreads, I compute the base number in two steps
Substep 1: Since the base equity premium is computed for the US, and the US has a CDS spread, I subtracted out th
For simplicity (and since it does not make a big difference), I assume that any country that has a CDS spread lower t
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to get a country risk prem
prefer not to scale the default spread.

Step 4: Compute a total equity risk premium

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

Step 5: Compute regional averages and regional weighted averages

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

If you are interested in a fuller explanation of these concepts, try these references:
My paper on equity risk premiums: https://papers.ssrn.com/sol3/papers.cfm?abstract
My paper on country risk premiums: https://papers.ssrn.com/sol3/papers.cfm?abstract
Watch my lectures on country risk premiums: https://www.youtube.com/watch?v=aIRPvY2S
https://www.youtube.com/watch?v=D3IGn6t
mium and add an additional country risk premium, based upon the risk of the country in question.
l 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

ERPbymonth.xls

one based upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the cou
t it is free. Look under sovereign ratings)
tings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every yea

es not have a sovereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet

um. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.
t, relative to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the iShares Emerging

CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
y that has a CDS spread lower than the US will have a zero country risk premium and end up with a total equity risk premium eq
mber to get a country risk premium. The default scaling is set at the my most recent year's estimate, but you can change it to 1

3 to get a total equity risk premium.

ums by region
https://data.worldbank.org/indicator/NY.GDP.MKTP.CD

rn.com/sol3/papers.cfm?abstract_id=4398884
rn.com/sol3/papers.cfm?abstract_id=4509578
outube.com/watch?v=aIRPvY2SQ94
outube.com/watch?v=D3IGn6tH03c
 n download the excel spreadsheet containing the implied premium

her is the CDS spread for the country (if one exists)

ngs class, at the start of every year.

ksheet in this spreadsheet for an alternate estimate.

deviation to the iShares Emerging Market Bond Index standard deviation

ith a total equity risk premium equal to the US.

timate, but you can change it to 1, if you would
Mature Marlet Premium

Sovereign Ratings

Default Spreads

Relative Equity Market Volatility

Bottom Line
 Update Notes

The implied equity risk premium for the S&P 500, which is my base premium dropped to 5% in this
update. You can review the calcualtion in this spreadsheet.
(https://pages.stern.nyu.edu/~adamodar/pc/implprem/ERPJuly24.xlsx)

The ratings (Moody's and S&P) have been updated to reflect the most recent ratings.
(See Ratings Worksheet)
The default spreads have dropped as some of the market fears from the start of 2023
have subsdied. The change in default spredas is computed by looking at percentage
changes in sovereign CDS spreads over the period>. (See Default Spreads for
Ratings worksheet)
The biggest change in this update is in this measure. For the last few years, I have
used the coefficient of variation in emerging market bond yields and the standard
deviation of returns in emerging market equities. In this iteration, I have replaced the
former with an emerging market sovereign bond ETF returns, thus creating more
consistency in the calcuatlions. Whiel this change does not create a substantive shift
in the numbers in this iteration, I think it is a more solid basis for computing this value
in future ones.
The combination of a lower base mature market premium and lower sovereign default
spreads has led to lower equity risk premiums across the board, a climb down from
historically high numbers at the start of the year.
To look up the equity risk premium for a country, use this worksheet
Country Angola If you cannot find a country on this l
or a sovereign CDS spread. Try the P
Moody's sovereign rating B3 Local currency
S&P sovereign rating B- Local currency
CDS spread 6.78%
Excess CDS spread (over US CDS) 6.32%

Country Default Spread (based on rating) 6.12%

Country Risk Premium (Rating) 7.94%
Equity Risk Premium (Rating) 12.06%

Country Risk Premium (CDS) 8.20%

Equity Risk Premium (CDS) 12.32%

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

Country Risk Premium (simple average)) 4.73%

Total Equity Risk Premium (simple average 8.84%

Country Risk Premium (GDP weighted) 1.40%

Total Equity Risk Premium (GDP weighted 5.51%

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 58.00

ERP based on PRS Score 15.12%
you cannot find a country on this list, it is because that country does not have a sovereign rating
a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.

he Regional Weighted Averages Worksheet

Country and Equity Risk Premiums
Date of update: 1-Jul-24
Enter the current risk premium for a mature equity market
Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium?
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets)

Country Africa Moody's rating Rating-based Default Spread

Australia Australia & New Zealand Aaa 0.00%
China Asia A1 0.66%
France Western Europe Aa2 0.46%
Germany Western Europe Aaa 0.00%
Hong Kong Asia Aa3 0.56%
Japan Asia A1 0.66%
Korea Asia Aa2 0.46%
Singapore Asia Aaa 0.00%
United Kingdom Western Europe Aa3 0.56%
United States North America Aaa 0.00%
Uzbekistan Eastern Europe & Russia Ba3 3.38%
Venezuela Central and South America C 17.50%
Vietnam Asia Ba2 2.83%
Zambia Africa Caa2 8.47%
Frontier Markets (no sovereign ratings)
Country PRS Composite Risk Score ERP CRP
Algeria 69.25 7.79% 3.67%
Brunei 81.75 4.85% 0.73%
Gambia 66.75 9.62% 5.50%
Guinea 59 15.12% 11.00%
Guinea-Bissau 63 12.06% 7.94%
Guyana 74.5 6.07% 1.95%
Haiti 55 18.78% 14.66%
Iran 63.25 12.06% 7.94%
Korea, D.P.R. 49.25 26.84% 22.72%
Liberia 61.5 13.28% 9.16%
Libya 74.75 6.07% 1.95%
Madagascar 63.25 12.06% 7.94%
Malawi 52.25 18.78% 14.66%
Myanmar 58 15.12% 11.00%
Russia 71.25 7.79% 3.67%
Sierra Leone 58 15.12% 11.00%
Somalia 54.25 18.78% 14.66%
Sudan 43.5 26.84% 22.72%
Syria 44.25 26.84% 22.72%
Yemen, Republic 51.5 18.78% 14.66%
Zimbabwe 58 15.12% 11.00%

Rating Default spread in basis points

A1 66
A2 80
A3 113
Aa1 38
Aa2 46
Aa3 56
Aaa 0
B1 424
B2 518
B3 612
Ba1 236
Ba2 283
Ba3 338
Baa1 150
Baa2 179
Baa3 207
C 1750
 Ca 1129
Caa1 706
Caa2 847
Caa3 941
NR NA
 4.12% Implied ERP for S&P 500
Yes
1.30 See "Relative Equity Volatilty" worksheet

Total Equity Risk Premium Country Risk Premium Sovereign CDS, net of US
4.12% 0.00% 0.00%
4.98% 0.86% 0.59%
4.72% 0.60% 0.05%
4.12% 0.00% 0.00%
4.85% 0.73% 0.07%
4.98% 0.86% 0.00%
4.72% 0.60% 0.00%
4.12% 0.00% NA
4.85% 0.73% 0.00%
4.12% 0.00% 0.00%
8.51% 4.39% NA
26.84% 22.72% 9.83%
7.79% 3.67% 1.30%
15.12% 11.00% NA

Default Spread
2.83%
0.56%
4.24%
8.47%
6.12%
1.50%
11.29%
6.12%
17.50%
7.06%
1.50%
6.12%
11.29%
8.47%
2.83%
8.47%
11.29%
17.50%
17.50%
11.29%
8.47%
Total Equity Risk Premium2 Country Risk Premium3 Has to be sorted in ascending order
4.12% 0.00% Aaa 0
4.89% 0.77%
4.18% 0.06%
4.12% 0.00%
4.21% 0.09%
4.12% 0.00%
4.12% 0.00%
NA NA
4.12% 0.00%
4.12% 0.00%
NA NA
16.88% 12.76%
5.81% 1.69%
NA NA
 Year Std Dev (BMI)
Std Dev (JPM Sov Bond)
REL VOL
2019-2020 21.78% 19.28% 1.13
2020-2021 14.38% 7.41% 1.94
2021-2022 17.88% 10.72% 1.67
2022-2023 13.57% 14.07% 0.96
2023-2024 11.20% 9.24% 1.21
Average Relative Volatility 15.76% 12.14% 1.30

Index: iShares JP Morgan USD Emerging Markets Bond ETF

Source: Yahoo!
https://finance.yahoo.com/quote/EMB/
Period Five years (July 1, 2019 - June 30, 2024)
Interval Daily

Date Adj Close Return

7/1/2019 91.064468
7/2/2019 91.224991 0.18%
7/3/2019 91.473907 0.27%
7/5/2019 91.000237 -0.52%
7/8/2019 90.871796 -0.14%
7/9/2019 90.655029 -0.24%
7/10/2019 90.799522 0.16%
7/11/2019 90.534569 -0.29%
7/12/2019 90.719254 0.20%
7/15/2019 90.903908 0.20%
7/16/2019 90.855698 -0.05%
7/17/2019 90.960106 0.11%
7/18/2019 91.12867 0.19%
7/19/2019 90.992249 -0.15%
7/22/2019 91.313332 0.35%
7/23/2019 91.594337 0.31%
7/24/2019 91.803047 0.23%
7/25/2019 91.66658 -0.15%
7/26/2019 91.618446 -0.05%
7/29/2019 91.610382 -0.01%
7/30/2019 91.457832 -0.17%
7/31/2019 91.265144 -0.21%
8/1/2019 91.658409 0.43%
8/2/2019 91.601974 -0.06%
8/5/2019 90.699501 -0.99%
8/6/2019 91.336082 0.70%
8/7/2019 91.795364 0.50%
8/8/2019 92.254684 0.50%
 8/9/2019 92.206337 -0.05%
8/12/2019 91.239403 -1.05%
8/13/2019 91.110435 -0.14%
8/14/2019 90.989609 -0.13%
8/15/2019 91.352196 0.40%
8/16/2019 91.875961 0.57%
8/19/2019 91.505287 -0.40%
8/20/2019 91.529495 0.03%
8/21/2019 91.795364 0.29%
8/22/2019 91.843719 0.05%
8/23/2019 91.884003 0.04%
8/26/2019 91.803467 -0.09%
8/27/2019 92.061279 0.28%
8/28/2019 92.166046 0.11%
8/29/2019 92.37558 0.23%
8/30/2019 92.68174 0.33%
9/3/2019 92.89444 0.23%
9/4/2019 93.4767 0.63%
9/5/2019 92.975304 -0.54%
9/6/2019 93.306839 0.36%
9/9/2019 92.538612 -0.82%
9/10/2019 91.851227 -0.74%
9/11/2019 91.948265 0.11%
9/12/2019 92.126167 0.19%
9/13/2019 91.066811 -1.15%
9/16/2019 91.454948 0.43%
9/17/2019 91.746094 0.32%
9/18/2019 91.754181 0.01%
9/19/2019 92.158531 0.44%
9/20/2019 92.570969 0.45%
9/23/2019 92.360695 -0.23%
9/24/2019 91.770348 -0.64%
9/25/2019 91.503494 -0.29%
9/26/2019 91.689499 0.20%
9/27/2019 91.568161 -0.13%
9/30/2019 91.66523 0.11%
10/1/2019 91.227005 -0.48%
10/2/2019 91.210732 -0.02%
10/3/2019 91.648987 0.48%
10/4/2019 92.452423 0.88%
10/7/2019 91.933029 -0.56%
 10/8/2019 91.843735 -0.10%
10/9/2019 91.851906 0.01%
10/10/2019 91.697693 -0.17%
10/11/2019 91.632759 -0.07%
10/14/2019 91.673355 0.04%
10/15/2019 91.868118 0.21%
10/16/2019 91.722054 -0.16%
10/17/2019 91.851906 0.14%
10/18/2019 91.933029 0.09%
10/21/2019 91.600288 -0.36%
10/22/2019 91.933029 0.36%
10/23/2019 92.095337 0.18%
10/24/2019 92.095337 0.00%
10/25/2019 92.070992 -0.03%
10/28/2019 91.924934 -0.16%
10/29/2019 91.681488 -0.26%
10/30/2019 91.778831 0.11%
10/31/2019 92.192726 0.45%
11/1/2019 92.522591 0.36%
11/4/2019 92.32711 -0.21%
11/5/2019 91.659286 -0.72%
11/6/2019 91.699982 0.04%
11/7/2019 91.382355 -0.35%
11/8/2019 91.512634 0.14%
11/11/2019 91.439354 -0.08%
11/12/2019 91.252052 -0.20%
11/13/2019 91.113579 -0.15%
11/14/2019 91.594116 0.53%
11/15/2019 91.667412 0.08%
11/18/2019 91.235748 -0.47%
11/19/2019 91.032135 -0.22%
11/20/2019 91.186867 0.17%
11/21/2019 91.195038 0.01%
11/22/2019 91.439354 0.27%
11/25/2019 91.431236 -0.01%
11/26/2019 91.675545 0.27%
11/27/2019 91.54525 -0.14%
11/29/2019 91.317169 -0.25%
12/2/2019 90.947708 -0.40%
12/3/2019 91.127556 0.20%
12/4/2019 91.34008 0.23%
 12/5/2019 91.609833 0.30%
12/6/2019 91.797836 0.21%
12/9/2019 92.043045 0.27%
12/10/2019 92.043045 0.00%
12/11/2019 92.656143 0.67%
12/12/2019 92.664322 0.01%
12/13/2019 93.007652 0.37%
12/16/2019 93.064857 0.06%
12/17/2019 93.408195 0.37%
12/18/2019 93.588036 0.19%
12/19/2019 93.268814 -0.34%
12/20/2019 93.498596 0.25%
12/23/2019 93.60527 0.11%
12/24/2019 93.769386 0.18%
12/26/2019 93.900688 0.14%
12/27/2019 94.155083 0.27%
12/30/2019 93.99913 -0.17%
12/31/2019 94.007385 0.01%
1/2/2020 94.122223 0.12%
1/3/2020 93.88427 -0.25%
1/6/2020 93.695526 -0.20%
1/7/2020 93.843231 0.16%
1/8/2020 94.089417 0.26%
1/9/2020 94.023766 -0.07%
1/10/2020 94.040207 0.02%
1/13/2020 94.130432 0.10%
1/14/2020 94.10582 -0.03%
1/15/2020 94.458672 0.37%
1/16/2020 94.65564 0.21%
1/17/2020 94.540764 -0.12%
1/21/2020 94.458672 -0.09%
1/22/2020 94.532524 0.08%
1/23/2020 94.310959 -0.23%
1/24/2020 94.187889 -0.13%
1/27/2020 94.072998 -0.12%
1/28/2020 94.516121 0.47%
1/29/2020 94.951035 0.46%
1/30/2020 94.885399 -0.07%
1/31/2020 95.172615 0.30%
2/3/2020 95.148735 -0.03%
2/4/2020 95.033417 -0.12%
 2/5/2020 95.066376 0.03%
2/6/2020 95.296951 0.24%
2/7/2020 95.296951 0.00%
2/10/2020 95.313408 0.02%
2/11/2020 95.27224 -0.04%
2/12/2020 95.412262 0.15%
2/13/2020 95.436966 0.03%
2/14/2020 95.81575 0.40%
2/18/2020 95.898117 0.09%
2/19/2020 96.087502 0.20%
2/20/2020 96.145164 0.06%
2/21/2020 96.359283 0.22%
2/24/2020 95.939285 -0.44%
2/25/2020 95.346359 -0.62%
2/26/2020 95.296951 -0.05%
2/27/2020 94.111076 -1.24%
2/28/2020 93.979332 -0.14%
3/2/2020 94.737251 0.81%
3/3/2020 95.836555 1.16%
3/4/2020 96.547386 0.74%
3/5/2020 95.696053 -0.88%
3/6/2020 95.299316 -0.41%
3/9/2020 87.579483 -8.10%
3/10/2020 88.596123 1.16%
3/11/2020 84.587395 -4.52%
3/12/2020 80.421707 -4.92%
3/13/2020 82.702911 2.84%
3/16/2020 78.884346 -4.62%
3/17/2020 78.115692 -0.97%
3/18/2020 70.916565 -9.22%
3/19/2020 72.71843 2.54%
3/20/2020 75.28891 3.53%
3/23/2020 75.503838 0.29%
3/24/2020 77.859444 3.12%
3/25/2020 80.983749 4.01%
3/26/2020 82.322716 1.65%
3/27/2020 80.628342 -2.06%
3/30/2020 80.520882 -0.13%
3/31/2020 79.909241 -0.76%
4/1/2020 77.899689 -2.51%
4/2/2020 79.49337 2.05%
 4/3/2020 79.35228 -0.18%
4/6/2020 80.954254 2.02%
4/7/2020 81.41909 0.57%
4/8/2020 81.767715 0.43%
4/9/2020 84.125031 2.88%
4/13/2020 83.959053 -0.20%
4/14/2020 84.515144 0.66%
4/15/2020 82.83847 -1.98%
4/16/2020 82.298958 -0.65%
4/17/2020 82.87999 0.71%
4/20/2020 82.357056 -0.63%
4/21/2020 81.203316 -1.40%
4/22/2020 81.269691 0.08%
4/23/2020 81.659843 0.48%
4/24/2020 81.302864 -0.44%
4/27/2020 81.161789 -0.17%
4/28/2020 81.958626 0.98%
4/29/2020 83.270096 1.60%
4/30/2020 83.41951 0.18%
5/1/2020 83.060417 -0.43%
5/4/2020 83.060417 0.00%
5/5/2020 83.968559 1.09%
5/6/2020 83.593658 -0.45%
5/7/2020 84.260201 0.80%
5/8/2020 84.693451 0.51%
5/11/2020 85.160019 0.55%
5/12/2020 85.001732 -0.19%
5/13/2020 84.493492 -0.60%
5/14/2020 84.885094 0.46%
5/15/2020 85.118385 0.27%
5/18/2020 86.601448 1.74%
5/19/2020 86.668106 0.08%
5/20/2020 88.334473 1.92%
5/21/2020 88.309486 -0.03%
5/22/2020 87.909554 -0.45%
5/26/2020 88.451126 0.62%
5/27/2020 88.601097 0.17%
5/28/2020 88.351151 -0.28%
5/29/2020 88.651093 0.34%
6/1/2020 89.083214 0.49%
6/2/2020 89.944107 0.97%
 6/3/2020 90.345329 0.45%
6/4/2020 89.919037 -0.47%
6/5/2020 90.654602 0.82%
6/8/2020 91.298187 0.71%
6/9/2020 91.055779 -0.27%
6/10/2020 91.064148 0.01%
6/11/2020 88.974541 -2.29%
6/12/2020 90.010986 1.16%
6/15/2020 90.487427 0.53%
6/16/2020 90.913689 0.47%
6/17/2020 90.7883 -0.14%
6/18/2020 90.688011 -0.11%
6/19/2020 90.888611 0.22%
6/22/2020 91.047432 0.17%
6/23/2020 91.231323 0.20%
6/24/2020 90.947128 -0.31%
6/25/2020 91.005623 0.06%
6/26/2020 90.821747 -0.20%
6/29/2020 90.938774 0.13%
6/30/2020 91.289818 0.39%
7/1/2020 91.49939 0.23%
7/2/2020 91.985657 0.53%
7/6/2020 92.555771 0.62%
7/7/2020 92.035965 -0.56%
7/8/2020 92.429977 0.43%
7/9/2020 92.027588 -0.44%
7/10/2020 92.019203 -0.01%
7/13/2020 91.834747 -0.20%
7/14/2020 92.052742 0.24%
7/15/2020 92.429977 0.41%
7/16/2020 92.597649 0.18%
7/17/2020 92.807266 0.23%
7/20/2020 93.42765 0.67%
7/21/2020 93.930672 0.54%
7/22/2020 94.198967 0.29%
7/23/2020 94.157043 -0.04%
7/24/2020 94.224098 0.07%
7/27/2020 94.383415 0.17%
7/28/2020 94.064812 -0.34%
7/29/2020 94.618118 0.59%
7/30/2020 94.592972 -0.03%
7/31/2020 94.810959 0.23%
8/3/2020 95.162437 0.37%
8/4/2020 95.65007 0.51%
8/5/2020 95.952782 0.32%
8/6/2020 96.196625 0.25%
8/7/2020 95.994827 -0.21%
8/10/2020 96.137749 0.15%
8/11/2020 96.036858 -0.10%
8/12/2020 95.927544 -0.11%
8/13/2020 95.708954 -0.23%
8/14/2020 95.280128 -0.45%
8/17/2020 95.389435 0.11%
8/18/2020 95.263321 -0.13%
8/19/2020 95.044716 -0.23%
8/20/2020 95.263321 0.23%
8/21/2020 95.565987 0.32%
8/24/2020 95.759399 0.20%
8/25/2020 95.288551 -0.49%
8/26/2020 95.069946 -0.23%
8/27/2020 94.624298 -0.47%
8/28/2020 95.507172 0.93%
8/31/2020 95.498726 -0.01%
9/1/2020 96.142143 0.67%
9/2/2020 96.538513 0.41%
9/3/2020 96.0494 -0.51%
9/4/2020 95.6362 -0.43%
9/8/2020 95.256729 -0.40%
9/9/2020 95.737396 0.50%
9/10/2020 95.467567 -0.28%
9/11/2020 95.501244 0.04%
9/14/2020 95.594009 0.10%
9/15/2020 95.754242 0.17%
9/16/2020 95.526558 -0.24%
9/17/2020 95.130196 -0.41%
9/18/2020 94.691704 -0.46%
9/21/2020 93.764114 -0.98%
9/22/2020 93.570168 -0.21%
9/23/2020 92.364273 -1.29%
9/24/2020 92.608833 0.26%
9/25/2020 93.055748 0.48%
9/28/2020 93.266571 0.23%
 9/29/2020 93.055748 -0.23%
9/30/2020 93.511108 0.49%
10/1/2020 93.68541 0.19%
10/2/2020 93.355431 -0.35%
10/5/2020 93.719292 0.39%
10/6/2020 93.786934 0.07%
10/7/2020 93.990005 0.22%
10/8/2020 94.90374 0.97%
10/9/2020 95.132195 0.24%
10/12/2020 95.377556 0.26%
10/13/2020 95.140663 -0.25%
10/14/2020 95.106827 -0.04%
10/15/2020 94.726089 -0.40%
10/16/2020 94.869934 0.15%
10/19/2020 94.319992 -0.58%
10/20/2020 94.37075 0.05%
10/21/2020 93.888481 -0.51%
10/22/2020 93.448502 -0.47%
10/23/2020 93.888481 0.47%
10/26/2020 93.550041 -0.36%
10/27/2020 94.108459 0.60%
10/28/2020 93.304688 -0.85%
10/29/2020 93.338516 0.04%
10/30/2020 93.084724 -0.27%
11/2/2020 93.234138 0.16%
11/3/2020 93.989876 0.81%
11/4/2020 95.806999 1.93%
11/5/2020 96.17215 0.38%
11/6/2020 95.747574 -0.44%
11/9/2020 96.206116 0.48%
11/10/2020 96.104187 -0.11%
11/11/2020 96.46933 0.38%
11/12/2020 96.282516 -0.19%
11/13/2020 96.656143 0.39%
11/16/2020 96.868408 0.22%
11/17/2020 96.698586 -0.18%
11/18/2020 96.613678 -0.09%
11/19/2020 96.83448 0.23%
11/20/2020 96.902405 0.07%
11/23/2020 96.825981 -0.08%
11/24/2020 96.961807 0.14%
11/25/2020 96.885414 -0.08%
11/27/2020 97.199577 0.32%
11/30/2020 97.012772 -0.19%
12/1/2020 97.256477 0.25%
12/2/2020 97.307594 0.05%
12/3/2020 97.716591 0.42%
12/4/2020 97.801804 0.09%
12/7/2020 97.78476 -0.02%
12/8/2020 97.622833 -0.17%
12/9/2020 97.384277 -0.24%
12/10/2020 97.869957 0.50%
12/11/2020 97.921089 0.05%
12/14/2020 97.921089 0.00%
12/15/2020 98.25341 0.34%
12/16/2020 98.321571 0.07%
12/17/2020 98.642189 0.33%
12/18/2020 98.513931 -0.13%
12/21/2020 98.231766 -0.29%
12/22/2020 98.351486 0.12%
12/23/2020 98.496834 0.15%
12/24/2020 98.744797 0.25%
12/28/2020 98.770447 0.03%
12/29/2020 98.915794 0.15%
12/30/2020 99.044052 0.13%
12/31/2020 99.103882 0.06%
1/4/2021 98.556694 -0.55%
1/5/2021 98.625114 0.07%
1/6/2021 97.915436 -0.72%
1/7/2021 97.881248 -0.03%
1/8/2021 97.932526 0.05%
1/11/2021 97.163025 -0.79%
1/12/2021 96.701324 -0.48%
1/13/2021 97.154457 0.47%
1/14/2021 96.872314 -0.29%
1/15/2021 96.983475 0.11%
1/19/2021 97.120277 0.14%
1/20/2021 97.231453 0.11%
1/21/2021 97.29985 0.07%
1/22/2021 97.34259 0.04%
1/25/2021 97.727325 0.40%
1/26/2021 97.599091 -0.13%
1/27/2021 97.145935 -0.46%
1/28/2021 97.351128 0.21%
1/29/2021 97.34259 -0.01%
2/1/2021 97.824615 0.50%
2/2/2021 97.824615 0.00%
2/3/2021 97.575851 -0.25%
2/4/2021 97.858925 0.29%
2/5/2021 97.970436 0.11%
2/8/2021 97.970436 0.00%
2/9/2021 97.618759 -0.36%
2/10/2021 97.816032 0.20%
2/11/2021 97.876106 0.06%
2/12/2021 97.335724 -0.55%
2/16/2021 96.143478 -1.22%
2/17/2021 96.675262 0.55%
2/18/2021 96.572334 -0.11%
2/19/2021 96.057663 -0.53%
2/22/2021 95.405823 -0.68%
2/23/2021 95.517319 0.12%
2/24/2021 95.663132 0.15%
2/25/2021 93.956245 -1.78%
2/26/2021 94.376518 0.45%
3/1/2021 94.902321 0.56%
3/2/2021 94.842064 -0.06%
3/3/2021 94.274147 -0.60%
3/4/2021 93.465302 -0.86%
3/5/2021 93.448074 -0.02%
3/8/2021 91.830368 -1.73%
3/9/2021 92.914581 1.18%
3/10/2021 93.818108 0.97%
3/11/2021 94.515053 0.74%
3/12/2021 93.327606 -1.26%
3/15/2021 93.938545 0.65%
3/16/2021 94.265549 0.35%
3/17/2021 95.057198 0.84%
3/18/2021 93.766449 -1.36%
3/19/2021 94.041817 0.29%
3/22/2021 94.248329 0.22%
3/23/2021 93.912743 -0.36%
3/24/2021 94.119263 0.22%
3/25/2021 93.981575 -0.15%
3/26/2021 94.016006 0.04%
3/29/2021 93.52552 -0.52%
3/30/2021 93.568535 0.05%
3/31/2021 93.689018 0.13%
4/1/2021 94.42968 0.79%
4/5/2021 94.317459 -0.12%
4/6/2021 94.636818 0.34%
4/7/2021 94.30883 -0.35%
4/8/2021 94.852631 0.58%
4/9/2021 94.593689 -0.27%
4/12/2021 94.749046 0.16%
4/13/2021 95.249741 0.53%
4/14/2021 95.163399 -0.09%
4/15/2021 96.320168 1.22%
4/16/2021 96.009384 -0.32%
4/19/2021 95.940353 -0.07%
4/20/2021 95.698624 -0.25%
4/21/2021 95.879906 0.19%
4/22/2021 96.026657 0.15%
4/23/2021 96.190681 0.17%
4/26/2021 95.750427 -0.46%
4/27/2021 95.232506 -0.54%
4/28/2021 95.55188 0.34%
4/29/2021 95.664078 0.12%
4/30/2021 95.940353 0.29%
5/3/2021 95.808716 -0.14%
5/4/2021 95.895317 0.09%
5/5/2021 96.025177 0.14%
5/6/2021 96.207062 0.19%
5/7/2021 96.64003 0.45%
5/10/2021 96.423538 -0.22%
5/11/2021 96.198395 -0.23%
5/12/2021 95.323792 -0.91%
5/13/2021 95.817352 0.52%
5/14/2021 96.319641 0.52%
5/17/2021 96.267685 -0.05%
5/18/2021 96.259018 -0.01%
5/19/2021 95.808716 -0.47%
5/20/2021 96.475502 0.70%
5/21/2021 96.285004 -0.20%
5/24/2021 96.388878 0.11%
5/25/2021 96.856514 0.49%
5/26/2021 96.847855 -0.01%
5/27/2021 96.666016 -0.19%
5/28/2021 96.865181 0.21%
6/1/2021 96.993744 0.13%
6/2/2021 97.141411 0.15%
6/3/2021 96.66362 -0.49%
6/4/2021 97.30648 0.67%
6/7/2021 97.089317 -0.22%
6/8/2021 97.471542 0.39%
6/9/2021 97.819023 0.36%
6/10/2021 97.966736 0.15%
6/11/2021 98.079643 0.12%
6/14/2021 97.488907 -0.60%
6/15/2021 97.706078 0.22%
6/16/2021 96.872139 -0.85%
6/17/2021 97.254372 0.39%
6/18/2021 97.532364 0.29%
6/21/2021 97.471542 -0.06%
6/22/2021 97.428116 -0.04%
6/23/2021 97.541046 0.12%
6/24/2021 97.57579 0.04%
6/25/2021 97.410728 -0.17%
6/28/2021 97.593155 0.19%
6/29/2021 97.567123 -0.03%
6/30/2021 97.697418 0.13%
7/1/2021 97.597191 -0.10%
7/2/2021 97.710487 0.12%
7/6/2021 97.823776 0.12%
7/7/2021 97.963219 0.14%
7/8/2021 97.762764 -0.20%
7/9/2021 97.736641 -0.03%
7/12/2021 97.797623 0.06%
7/13/2021 97.449028 -0.36%
7/14/2021 97.867355 0.43%
7/15/2021 98.172371 0.31%
7/16/2021 98.041641 -0.13%
7/19/2021 98.059067 0.02%
7/20/2021 98.329239 0.28%
7/21/2021 97.954506 -0.38%
7/22/2021 98.172371 0.22%
7/23/2021 98.181084 0.01%
7/26/2021 97.910904 -0.28%
7/27/2021 97.649483 -0.27%
7/28/2021 97.893501 0.25%
7/29/2021 97.980652 0.09%
7/30/2021 98.242088 0.27%
8/2/2021 98.373222 0.13%
8/3/2021 98.416924 0.04%
8/4/2021 98.460655 0.04%
8/5/2021 98.399437 -0.06%
8/6/2021 97.874924 -0.53%
8/9/2021 97.551483 -0.33%
8/10/2021 97.533997 -0.02%
8/11/2021 97.595184 0.06%
8/12/2021 97.726311 0.13%
8/13/2021 98.189636 0.47%
8/16/2021 98.207108 0.02%
8/17/2021 98.11972 -0.09%
8/18/2021 98.041031 -0.08%
8/19/2021 98.137184 0.10%
8/20/2021 97.997307 -0.14%
8/23/2021 98.364479 0.37%
8/24/2021 98.425636 0.06%
8/25/2021 98.355736 -0.07%
8/26/2021 98.19841 -0.16%
8/27/2021 98.827805 0.64%
8/30/2021 99.090073 0.27%
8/31/2021 99.125031 0.04%
9/1/2021 99.298637 0.18%
9/2/2021 99.570488 0.27%
9/3/2021 99.24604 -0.33%
9/7/2021 98.974213 -0.27%
9/8/2021 99.149559 0.18%
9/9/2021 99.316177 0.17%
9/10/2021 99.000496 -0.32%
9/13/2021 99.13205 0.13%
9/14/2021 99.324951 0.19%
9/15/2021 99.307426 -0.02%
9/16/2021 98.974213 -0.34%
9/17/2021 98.64975 -0.33%
9/20/2021 98.193771 -0.46%
 9/21/2021 98.377922 0.19%
9/22/2021 98.439316 0.06%
9/23/2021 97.685181 -0.77%
9/24/2021 97.281822 -0.41%
9/27/2021 96.992432 -0.30%
9/28/2021 96.44001 -0.57%
9/29/2021 96.527672 0.09%
9/30/2021 96.510124 -0.02%
10/1/2021 96.488167 -0.02%
10/4/2021 96.02195 -0.48%
10/5/2021 96.083527 0.06%
10/6/2021 95.881233 -0.21%
10/7/2021 95.986763 0.11%
10/8/2021 95.74926 -0.25%
10/11/2021 95.485397 -0.28%
10/12/2021 95.793251 0.32%
10/13/2021 96.400185 0.63%
10/14/2021 96.813622 0.43%
10/15/2021 96.699265 -0.12%
10/18/2021 96.382614 -0.33%
10/19/2021 96.312233 -0.07%
10/20/2021 96.365013 0.05%
10/21/2021 95.951591 -0.43%
10/22/2021 96.329826 0.39%
10/25/2021 96.400185 0.07%
10/26/2021 96.602539 0.21%
10/27/2021 97.174301 0.59%
10/28/2021 96.989548 -0.19%
10/29/2021 96.66407 -0.34%
11/1/2021 96.397568 -0.28%
11/2/2021 96.521133 0.13%
11/3/2021 96.371078 -0.16%
11/4/2021 97.068268 0.72%
11/5/2021 97.800774 0.75%
11/8/2021 97.712524 -0.09%
11/9/2021 97.889023 0.18%
11/10/2021 96.459328 -1.46%
11/11/2021 96.459328 0.00%
11/12/2021 96.706444 0.26%
11/15/2021 96.450523 -0.26%
11/16/2021 96.229889 -0.23%
11/17/2021 96.3358 0.11%
11/18/2021 96.582893 0.26%
11/19/2021 96.556435 -0.03%
11/22/2021 95.559189 -1.03%
11/23/2021 94.959045 -0.63%
11/24/2021 95.109093 0.16%
11/26/2021 94.050079 -1.11%
11/29/2021 94.861977 0.86%
11/30/2021 94.844322 -0.02%
12/1/2021 95.505791 0.70%
12/2/2021 96.072464 0.59%
12/3/2021 96.196411 0.13%
12/6/2021 96.284958 0.09%
12/7/2021 96.798553 0.53%
12/8/2021 96.656891 -0.15%
12/9/2021 96.594887 -0.06%
12/10/2021 96.612579 0.02%
12/13/2021 97.011063 0.41%
12/14/2021 96.76313 -0.26%
12/15/2021 96.453239 -0.32%
12/16/2021 96.549179 0.10%
12/17/2021 96.380371 -0.17%
12/20/2021 95.865051 -0.53%
12/21/2021 96.149361 0.30%
12/22/2021 96.255959 0.11%
12/23/2021 96.398155 0.15%
12/27/2021 96.753517 0.37%
12/28/2021 96.664673 -0.09%
12/29/2021 96.566917 -0.10%
12/30/2021 97.020042 0.47%
12/31/2021 96.89566 -0.13%
1/3/2022 95.936119 -0.99%
1/4/2022 95.882843 -0.06%
1/5/2022 94.96772 -0.95%
1/6/2022 94.878876 -0.09%
1/7/2022 94.692307 -0.20%
1/10/2022 94.372429 -0.34%
1/11/2022 94.567917 0.21%
1/12/2022 94.372429 -0.21%
1/13/2022 94.052589 -0.34%
1/14/2022 93.226311 -0.88%
1/18/2022 92.36451 -0.92%
1/19/2022 92.986427 0.67%
1/20/2022 93.315163 0.35%
1/21/2022 93.812721 0.53%
1/24/2022 93.1819 -0.67%
1/25/2022 93.324066 0.15%
1/26/2022 92.835373 -0.52%
1/27/2022 93.359612 0.56%
1/28/2022 93.652779 0.31%
1/31/2022 93.626137 -0.03%
2/1/2022 93.869537 0.26%
2/2/2022 94.297539 0.46%
2/3/2022 93.486153 -0.86%
2/4/2022 93.040337 -0.48%
2/7/2022 92.933357 -0.11%
2/8/2022 92.692596 -0.26%
2/9/2022 93.022507 0.36%
2/10/2022 91.800995 -1.31%
2/11/2022 91.266029 -0.58%
2/14/2022 91.613762 0.38%
2/15/2022 91.961487 0.38%
2/16/2022 92.228958 0.29%
2/17/2022 91.800995 -0.46%
2/18/2022 91.836662 0.04%
2/22/2022 90.677544 -1.26%
2/23/2022 89.15287 -1.68%
2/24/2022 88.252365 -1.01%
2/25/2022 89.313362 1.20%
2/28/2022 88.448502 -0.97%
3/1/2022 87.084793 -1.54%
3/2/2022 86.896881 -0.22%
3/3/2022 86.521042 -0.43%
3/4/2022 84.659821 -2.15%
3/7/2022 83.99765 -0.78%
3/8/2022 84.731377 0.87%
3/9/2022 85.554619 0.97%
3/10/2022 85.679901 0.15%
3/11/2022 85.017769 -0.77%
3/14/2022 84.838768 -0.21%
3/15/2022 85.348808 0.60%
3/16/2022 87.093735 2.04%
3/17/2022 87.648537 0.64%
3/18/2022 87.290604 -0.41%
3/21/2022 85.760437 -1.75%
3/22/2022 85.608322 -0.18%
3/23/2022 85.679901 0.08%
3/24/2022 86.019951 0.40%
3/25/2022 85.823097 -0.23%
3/28/2022 86.655266 0.97%
3/29/2022 87.505363 0.98%
3/30/2022 87.567986 0.07%
3/31/2022 87.478523 -0.10%
4/1/2022 87.795631 0.36%
4/4/2022 88.137001 0.39%
4/5/2022 86.717606 -1.61%
4/6/2022 86.457077 -0.30%
4/7/2022 86.205559 -0.29%
4/8/2022 85.459908 -0.86%
4/11/2022 84.444809 -1.19%
4/12/2022 84.759209 0.37%
4/13/2022 84.974823 0.25%
4/14/2022 84.184265 -0.93%
4/18/2022 84.139359 -0.05%
4/19/2022 83.806984 -0.40%
4/20/2022 84.381905 0.69%
4/21/2022 83.618309 -0.90%
4/22/2022 82.728928 -1.06%
4/25/2022 83.699142 1.17%
4/26/2022 83.124229 -0.69%
4/27/2022 82.899635 -0.27%
4/28/2022 83.052361 0.18%
4/29/2022 81.641937 -1.70%
5/2/2022 81.194565 -0.55%
5/3/2022 81.537315 0.42%
5/4/2022 82.935364 1.71%
5/5/2022 81.690643 -1.50%
5/6/2022 80.59024 -1.35%
5/9/2022 79.877701 -0.88%
5/10/2022 80.274574 0.50%
5/11/2022 80.626328 0.44%
5/12/2022 80.680443 0.07%
5/13/2022 80.545166 -0.17%
5/16/2022 80.112206 -0.54%
5/17/2022 80.400833 0.36%
5/18/2022 79.886719 -0.64%
5/19/2022 80.319679 0.54%
5/20/2022 80.842796 0.65%
5/23/2022 80.896919 0.07%
5/24/2022 81.600433 0.87%
5/25/2022 82.322021 0.88%
5/26/2022 82.592598 0.33%
5/27/2022 82.727913 0.16%
5/31/2022 82.30397 -0.51%
6/1/2022 82.154587 -0.18%
6/2/2022 82.951248 0.97%
6/3/2022 82.389961 -0.68%
6/6/2022 81.303642 -1.32%
6/7/2022 81.783432 0.59%
6/8/2022 80.977737 -0.99%
6/9/2022 80.307823 -0.83%
6/10/2022 78.958954 -1.68%
6/13/2022 76.867752 -2.65%
6/14/2022 76.831535 -0.05%
6/15/2022 79.130966 2.99%
6/16/2022 77.374702 -2.22%
6/17/2022 77.79113 0.54%
6/21/2022 77.564804 -0.29%
6/22/2022 77.682495 0.15%
6/23/2022 78.198509 0.66%
6/24/2022 78.298103 0.13%
6/27/2022 77.229858 -1.36%
6/28/2022 76.641418 -0.76%
6/29/2022 76.922066 0.37%
6/30/2022 77.23893 0.41%
7/1/2022 78.321709 1.40%
7/5/2022 77.703476 -0.79%
7/6/2022 77.07618 -0.81%
7/7/2022 77.303436 0.29%
7/8/2022 76.939804 -0.47%
7/11/2022 76.294319 -0.84%
7/12/2022 76.076134 -0.29%
7/13/2022 75.767021 -0.41%
7/14/2022 74.43969 -1.75%
7/15/2022 75.185196 1.00%
7/18/2022 75.22155 0.05%
7/19/2022 76.321602 1.46%
7/20/2022 76.921631 0.79%
7/21/2022 77.348923 0.56%
7/22/2022 78.194427 1.09%
7/25/2022 78.248947 0.07%
7/26/2022 77.521652 -0.93%
7/27/2022 78.694427 1.51%
7/28/2022 79.712662 1.29%
7/29/2022 80.021782 0.39%
8/1/2022 80.383194 0.45%
8/2/2022 79.214935 -1.45%
8/3/2022 80.739166 1.92%
8/4/2022 80.912582 0.21%
8/5/2022 80.748283 -0.20%
8/8/2022 81.943947 1.48%
8/9/2022 80.57486 -1.67%
8/10/2022 82.016983 1.79%
8/11/2022 81.679276 -0.41%
8/12/2022 82.299927 0.76%
8/15/2022 82.144753 -0.19%
8/16/2022 81.432831 -0.87%
8/17/2022 80.538353 -1.10%
8/18/2022 80.447083 -0.11%
8/19/2022 79.224052 -1.52%
8/22/2022 78.6399 -0.74%
8/23/2022 79.470482 1.06%
8/24/2022 79.397469 -0.09%
8/25/2022 80.237167 1.06%
8/26/2022 78.986732 -1.56%
8/29/2022 78.512131 -0.60%
8/30/2022 78.484726 -0.03%
8/31/2022 77.854965 -0.80%
9/1/2022 77.664436 -0.24%
9/2/2022 77.939255 0.35%
9/6/2022 77.224709 -0.92%
9/7/2022 78.39727 1.52%
9/8/2022 78.424751 0.04%
9/9/2022 78.901138 0.61%
9/12/2022 78.873634 -0.03%
 9/13/2022 77.664436 -1.53%
9/14/2022 77.609482 -0.07%
9/15/2022 77.554489 -0.07%
9/16/2022 77.133102 -0.54%
9/19/2022 77.407928 0.36%
9/20/2022 76.69339 -0.92%
9/21/2022 76.473549 -0.29%
9/22/2022 75.960548 -0.67%
9/23/2022 75.044479 -1.21%
9/26/2022 73.276443 -2.36%
9/27/2022 72.103882 -1.60%
9/28/2022 73.835236 2.40%
9/29/2022 72.900848 -1.27%
9/30/2022 72.735977 -0.23%
10/3/2022 73.841316 1.52%
10/4/2022 75.231094 1.88%
10/5/2022 74.16346 -1.42%
10/6/2022 73.878151 -0.38%
10/7/2022 72.884148 -1.35%
10/10/2022 72.67247 -0.29%
10/11/2022 72.617249 -0.08%
10/12/2022 72.359535 -0.35%
10/13/2022 72.138634 -0.31%
10/14/2022 71.604851 -0.74%
10/17/2022 72.000603 0.55%
10/18/2022 72.764496 1.06%
10/19/2022 71.678459 -1.49%
10/20/2022 70.951355 -1.01%
10/21/2022 71.733681 1.10%
10/24/2022 71.68766 -0.06%
10/25/2022 72.930161 1.73%
10/26/2022 73.40876 0.66%
10/27/2022 73.574425 0.23%
10/28/2022 73.758507 0.25%
10/31/2022 72.617249 -1.55%
11/1/2022 74.015617 1.93%
11/2/2022 73.451447 -0.76%
11/3/2022 73.192497 -0.35%
11/4/2022 74.367058 1.60%
11/7/2022 74.339302 -0.04%
11/8/2022 74.857224 0.70%
 11/9/2022 73.849129 -1.35%
11/10/2022 77.24334 4.60%
11/11/2022 77.224838 -0.02%
11/14/2022 76.568199 -0.85%
11/15/2022 78.010956 1.88%
11/16/2022 78.010956 0.00%
11/17/2022 77.308052 -0.90%
11/18/2022 77.308052 0.00%
11/21/2022 77.317322 0.01%
11/22/2022 78.121941 1.04%
11/23/2022 78.630592 0.65%
11/25/2022 78.99131 0.46%
11/28/2022 78.676842 -0.40%
11/29/2022 79.037521 0.46%
11/30/2022 79.934647 1.14%
12/1/2022 81.521439 1.99%
12/2/2022 81.177895 -0.42%
12/5/2022 79.933708 -1.53%
12/6/2022 79.497314 -0.55%
12/7/2022 80.648643 1.45%
12/8/2022 80.500092 -0.18%
12/9/2022 79.942993 -0.69%
12/12/2022 80.240112 0.37%
12/13/2022 81.010765 0.96%
12/14/2022 80.890053 -0.15%
12/15/2022 80.461266 -0.53%
12/16/2022 80.041824 -0.52%
12/19/2022 79.603722 -0.55%
12/20/2022 79.202904 -0.50%
12/21/2022 80.237572 1.31%
12/22/2022 79.827461 -0.51%
12/23/2022 79.398636 -0.54%
12/27/2022 78.923256 -0.60%
12/28/2022 78.634315 -0.37%
12/29/2022 79.240189 0.77%
12/30/2022 78.848686 -0.49%
1/3/2023 79.193588 0.44%
1/4/2023 80.162987 1.22%
1/5/2023 79.435944 -0.91%
1/6/2023 80.843445 1.77%
1/9/2023 80.684998 -0.20%
1/10/2023 80.181618 -0.62%
1/11/2023 81.095116 1.14%
1/12/2023 82.055229 1.18%
1/13/2023 81.859459 -0.24%
1/17/2023 81.943367 0.10%
1/18/2023 82.912766 1.18%
1/19/2023 82.679733 -0.28%
1/20/2023 82.493332 -0.23%
1/23/2023 82.446716 -0.06%
1/24/2023 82.810234 0.44%
1/25/2023 82.754311 -0.07%
1/26/2023 82.754311 0.00%
1/27/2023 82.595856 -0.19%
1/30/2023 81.542542 -1.28%
1/31/2023 81.943367 0.49%
2/1/2023 83.49807 1.90%
2/2/2023 83.769363 0.32%
2/3/2023 82.618752 -1.37%
2/6/2023 81.449432 -1.42%
2/7/2023 81.524277 0.09%
2/8/2023 81.477516 -0.06%
2/9/2023 80.94429 -0.65%
2/10/2023 80.317551 -0.77%
2/13/2023 80.542068 0.28%
2/14/2023 80.588829 0.06%
2/15/2023 80.354965 -0.29%
2/16/2023 79.831123 -0.65%
2/17/2023 79.859177 0.04%
2/21/2023 78.652443 -1.51%
2/22/2023 78.961151 0.39%
2/23/2023 80.224007 1.60%
2/24/2023 79.672089 -0.69%
2/27/2023 80.074348 0.50%
2/28/2023 79.737564 -0.42%
3/1/2023 79.210434 -0.66%
3/2/2023 78.919174 -0.37%
3/3/2023 80.131271 1.54%
3/6/2023 79.811798 -0.40%
3/7/2023 79.482925 -0.41%
3/8/2023 79.107086 -0.47%
3/9/2023 79.125877 0.02%
3/10/2023 79.868172 0.94%
3/13/2023 79.736633 -0.16%
3/14/2023 79.520515 -0.27%
3/15/2023 79.811798 0.37%
3/16/2023 79.473541 -0.42%
3/17/2023 79.116478 -0.45%
3/20/2023 79.125877 0.01%
3/21/2023 79.689644 0.71%
3/22/2023 80.384979 0.87%
3/23/2023 80.676262 0.36%
3/24/2023 80.23465 -0.55%
3/27/2023 79.896362 -0.42%
3/28/2023 79.614487 -0.35%
3/29/2023 79.999725 0.48%
3/30/2023 80.554115 0.69%
3/31/2023 81.070908 0.64%
4/3/2023 81.374733 0.37%
4/4/2023 81.487961 0.14%
4/5/2023 81.318123 -0.21%
4/6/2023 81.2332 -0.10%
4/10/2023 80.808594 -0.52%
4/11/2023 80.893509 0.11%
4/12/2023 81.12941 0.29%
4/13/2023 81.214317 0.10%
4/14/2023 81.044479 -0.21%
4/17/2023 80.52552 -0.64%
4/18/2023 80.50663 -0.02%
4/19/2023 80.119781 -0.48%
4/20/2023 80.025414 -0.12%
4/21/2023 80.034859 0.01%
4/24/2023 80.251869 0.27%
4/25/2023 80.742531 0.61%
4/26/2023 80.52552 -0.27%
4/27/2023 80.54438 0.02%
4/28/2023 81.28981 0.93%
5/1/2023 80.484482 -0.99%
5/2/2023 80.825569 0.42%
5/3/2023 81.081367 0.32%
5/4/2023 80.673973 -0.50%
5/5/2023 80.901375 0.28%
5/8/2023 80.579231 -0.40%
 5/9/2023 80.541344 -0.05%
5/10/2023 80.986633 0.55%
5/11/2023 81.242439 0.32%
5/12/2023 80.730835 -0.63%
5/15/2023 80.380272 -0.43%
5/16/2023 80.067627 -0.39%
5/17/2023 80.07708 0.01%
5/18/2023 79.754967 -0.40%
5/19/2023 79.745483 -0.01%
5/22/2023 79.736031 -0.01%
5/23/2023 79.830757 0.12%
5/24/2023 79.698135 -0.17%
5/25/2023 79.489685 -0.26%
5/26/2023 79.821281 0.42%
5/30/2023 80.42765 0.76%
5/31/2023 80.323418 -0.13%
6/1/2023 80.859062 0.67%
6/2/2023 80.735382 -0.15%
6/5/2023 81.00177 0.33%
6/6/2023 81.144493 0.18%
6/7/2023 80.668777 -0.59%
6/8/2023 81.125458 0.57%
6/9/2023 81.030327 -0.12%
6/12/2023 81.477478 0.55%
6/13/2023 81.35379 -0.15%
6/14/2023 81.525055 0.21%
6/15/2023 81.943665 0.51%
6/16/2023 81.620186 -0.39%
6/20/2023 81.658234 0.05%
6/21/2023 82.086357 0.52%
6/22/2023 81.772415 -0.38%
6/23/2023 81.867538 0.12%
6/26/2023 82.12442 0.31%
6/27/2023 82.12442 0.00%
6/28/2023 82.181503 0.07%
6/29/2023 81.743851 -0.53%
6/30/2023 82.333733 0.72%
7/3/2023 82.492294 0.19%
7/5/2023 82.071991 -0.51%
7/6/2023 80.897079 -1.43%
7/7/2023 80.801552 -0.12%
7/10/2023 81.145424 0.43%
7/11/2023 81.66127 0.64%
7/12/2023 82.635574 1.19%
7/13/2023 83.533478 1.09%
7/14/2023 83.046303 -0.58%
7/17/2023 83.170502 0.15%
7/18/2023 83.581245 0.49%
7/19/2023 83.352013 -0.27%
7/20/2023 82.845726 -0.61%
7/21/2023 83.10363 0.31%
7/24/2023 83.266022 0.20%
7/25/2023 83.16095 -0.13%
7/26/2023 83.428391 0.32%
7/27/2023 82.635574 -0.95%
7/28/2023 83.638542 1.21%
7/31/2023 83.753189 0.14%
8/1/2023 82.916916 -1.00%
8/2/2023 82.322319 -0.72%
8/3/2023 81.622231 -0.85%
8/4/2023 82.705925 1.33%
8/7/2023 82.437401 -0.32%
8/8/2023 82.648376 0.26%
8/9/2023 82.821007 0.21%
8/10/2023 82.504532 -0.38%
8/11/2023 82.312729 -0.23%
8/14/2023 81.650993 -0.80%
8/15/2023 80.96051 -0.85%
8/16/2023 80.80706 -0.19%
8/17/2023 80.739929 -0.08%
8/18/2023 80.720757 -0.02%
8/21/2023 80.317978 -0.50%
8/22/2023 80.538551 0.27%
8/23/2023 81.833214 1.61%
8/24/2023 81.276985 -0.68%
8/25/2023 81.401657 0.15%
8/28/2023 81.660583 0.32%
8/29/2023 82.504532 1.03%
8/30/2023 82.283943 -0.27%
8/31/2023 82.207222 -0.09%
9/1/2023 82.004021 -0.25%
9/5/2023 81.204704 -0.97%
 9/6/2023 81.079491 -0.15%
9/7/2023 81.512863 0.53%
9/8/2023 81.580292 0.08%
9/11/2023 81.455086 -0.15%
9/12/2023 81.512863 0.07%
9/13/2023 81.56102 0.06%
9/14/2023 81.589928 0.04%
9/15/2023 81.320259 -0.33%
9/18/2023 81.368416 0.06%
9/19/2023 81.272102 -0.12%
9/20/2023 81.204704 -0.08%
9/21/2023 80.386093 -1.01%
9/22/2023 80.713531 0.41%
9/25/2023 80.251274 -0.57%
9/26/2023 79.721588 -0.66%
9/27/2023 79.374886 -0.43%
9/28/2023 79.557869 0.23%
9/29/2023 79.471199 -0.11%
10/2/2023 78.603622 -1.09%
10/3/2023 77.723503 -1.12%
10/4/2023 78.091026 0.47%
10/5/2023 78.062004 -0.04%
10/6/2023 78.091026 0.04%
10/9/2023 78.477898 0.50%
10/10/2023 78.603622 0.16%
10/11/2023 79.241982 0.81%
10/12/2023 78.410194 -1.05%
10/13/2023 78.63266 0.28%
10/16/2023 78.545601 -0.11%
10/17/2023 78.168396 -0.48%
10/18/2023 77.665459 -0.64%
10/19/2023 77.09481 -0.73%
10/20/2023 77.520378 0.55%
10/23/2023 77.965286 0.57%
10/24/2023 78.584274 0.79%
10/25/2023 77.994293 -0.75%
10/26/2023 78.303802 0.40%
10/27/2023 78.342484 0.05%
10/30/2023 78.545601 0.26%
10/31/2023 78.526268 -0.02%
11/1/2023 79.558014 1.31%
 11/2/2023 80.354652 1.00%
11/3/2023 81.141594 0.98%
11/6/2023 80.471245 -0.83%
11/7/2023 80.743263 0.34%
11/8/2023 80.898712 0.19%
11/9/2023 80.072922 -1.02%
11/10/2023 80.422668 0.44%
11/13/2023 79.995186 -0.53%
11/14/2023 81.384476 1.74%
11/15/2023 80.879288 -0.62%
11/16/2023 81.549637 0.83%
11/17/2023 81.811951 0.32%
11/20/2023 82.326851 0.63%
11/21/2023 82.326851 0.00%
11/22/2023 82.734894 0.50%
11/24/2023 82.569733 -0.20%
11/27/2023 82.929192 0.44%
11/28/2023 83.356667 0.52%
11/29/2023 84.017303 0.79%
11/30/2023 83.424675 -0.71%
12/1/2023 84.704254 1.53%
12/4/2023 84.119072 -0.69%
12/5/2023 84.606728 0.58%
12/6/2023 85.074867 0.55%
12/7/2023 84.987099 -0.10%
12/8/2023 84.694489 -0.34%
12/11/2023 84.557961 -0.16%
12/12/2023 84.733513 0.21%
12/13/2023 86.137932 1.66%
12/14/2023 87.033043 1.04%
12/15/2023 86.915527 -0.14%
12/18/2023 86.935104 0.02%
12/19/2023 87.150574 0.25%
12/20/2023 87.160362 0.01%
12/21/2023 87.317062 0.18%
12/22/2023 87.199532 -0.13%
12/26/2023 87.512917 0.36%
12/27/2023 87.826309 0.36%
12/28/2023 87.581474 -0.28%
12/29/2023 87.219124 -0.41%
1/2/2024 86.3573 -0.99%
 1/3/2024 86.024338 -0.39%
1/4/2024 85.632607 -0.46%
1/5/2024 85.368179 -0.31%
1/8/2024 85.475906 0.13%
1/9/2024 85.142944 -0.39%
1/10/2024 85.750114 0.71%
1/11/2024 86.523796 0.90%
1/12/2024 86.680481 0.18%
1/16/2024 85.877434 -0.93%
1/17/2024 85.55426 -0.38%
1/18/2024 85.642395 0.10%
1/19/2024 85.681572 0.05%
1/22/2024 85.740334 0.07%
1/23/2024 85.299622 -0.51%
1/24/2024 85.064598 -0.28%
1/25/2024 85.671791 0.71%
1/26/2024 85.799095 0.15%
1/29/2024 86.122269 0.38%
1/30/2024 86.318138 0.23%
1/31/2024 86.161453 -0.18%
2/1/2024 86.88623 0.84%
2/2/2024 86.187996 -0.80%
2/5/2024 85.460258 -0.84%
2/6/2024 86.237175 0.91%
2/7/2024 86.119156 -0.14%
2/8/2024 86.010979 -0.13%
2/9/2024 86.040474 0.03%
2/12/2024 86.119156 0.09%
2/13/2024 85.057045 -1.23%
2/14/2024 85.637276 0.68%
2/15/2024 86.335518 0.82%
2/16/2024 85.745453 -0.68%
2/20/2024 85.735619 -0.01%
2/21/2024 85.666779 -0.08%
2/22/2024 86.207672 0.63%
2/23/2024 86.689545 0.56%
2/26/2024 86.443695 -0.28%
2/27/2024 86.365013 -0.09%
2/28/2024 86.542038 0.20%
2/29/2024 86.837074 0.34%
3/1/2024 87.346741 0.59%
 3/4/2024 87.267715 -0.09%
3/5/2024 87.455399 0.22%
3/6/2024 87.781357 0.37%
3/7/2024 88.018417 0.27%
3/8/2024 88.117195 0.11%
3/11/2024 87.978905 -0.16%
3/12/2024 87.860367 -0.13%
3/13/2024 87.949272 0.10%
3/14/2024 87.504776 -0.51%
3/15/2024 87.228203 -0.32%
3/18/2024 87.277603 0.06%
3/19/2024 87.682571 0.46%
3/20/2024 88.097427 0.47%
3/21/2024 88.403633 0.35%
3/22/2024 88.690086 0.32%
3/25/2024 88.620941 -0.08%
3/26/2024 88.611061 -0.01%
3/27/2024 88.976532 0.41%
3/28/2024 88.571556 -0.46%
4/1/2024 88.190697 -0.43%
4/2/2024 88.23037 0.04%
4/3/2024 88.418816 0.21%
4/4/2024 88.379143 -0.04%
4/5/2024 88.517998 0.16%
4/8/2024 88.547752 0.03%
4/9/2024 89.142822 0.67%
4/10/2024 87.734474 -1.58%
4/11/2024 87.476601 -0.29%
4/12/2024 87.228653 -0.28%
4/15/2024 86.217018 -1.16%
4/16/2024 85.949242 -0.31%
4/17/2024 86.623657 0.78%
4/18/2024 86.55423 -0.08%
4/19/2024 86.802177 0.29%
4/22/2024 87.268326 0.54%
4/23/2024 87.387344 0.14%
4/24/2024 86.762512 -0.72%
4/25/2024 86.514565 -0.29%
4/26/2024 86.891441 0.44%
4/29/2024 87.317917 0.49%
4/30/2024 86.435219 -1.01%
 5/1/2024 86.794746 0.42%
5/2/2024 87.501854 0.81%
5/3/2024 88.218918 0.82%
5/6/2024 88.467896 0.28%
5/7/2024 88.537613 0.08%
5/8/2024 88.208954 -0.37%
5/9/2024 88.507736 0.34%
5/10/2024 88.298592 -0.24%
5/13/2024 88.388222 0.10%
5/14/2024 88.587402 0.23%
5/15/2024 89.513611 1.05%
5/16/2024 89.214844 -0.33%
5/17/2024 89.04554 -0.19%
5/20/2024 89.055489 0.01%
5/21/2024 89.125206 0.08%
5/22/2024 88.836388 -0.32%
5/23/2024 88.228874 -0.68%
5/24/2024 88.577454 0.40%
5/28/2024 88.049614 -0.60%
5/29/2024 87.730911 -0.36%
5/30/2024 88.258759 0.60%
5/31/2024 88.687004 0.49%
6/3/2024 89.089996 0.45%
6/4/2024 89.150002 0.07%
6/5/2024 89.389999 0.27%
6/6/2024 89.18 -0.23%
6/7/2024 88.480003 -0.78%
6/10/2024 88.459999 -0.02%
6/11/2024 88.800003 0.38%
6/12/2024 89.150002 0.39%
6/13/2024 89.389999 0.27%
6/14/2024 89.279999 -0.12%
6/17/2024 89.010002 -0.30%
6/18/2024 89.599998 0.66%
6/20/2024 89.269997 -0.37%
6/21/2024 89.379997 0.12%
6/24/2024 89.419998 0.04%
6/25/2024 89.410004 -0.01%
6/26/2024 89.110001 -0.34%
6/27/2024 89.190002 0.09%
6/28/2024 88.480003 -0.80%
 Estimation note: Those of you who have followed my a
a proxy for returns on emerging market sovereign bonds
replaced that estimate with a return on an emerging mar
consistently for emerigng equities and emerigng governm
of 1.49 in this computation.)

Index: S&P Emerging BMI Index

Source: S&P
https://www.spglobal.com/spdji/en/indices/equity/sp-emerging-bmi/#overview
Period Five years (July 1, 2019 - June 30, 2024)
Interval Daily
S&P
Emerging BMI
Effective date(USD) Return
7/1/2019 281.63
7/2/2019 281.95 0.11%
7/3/2019 281.64 -0.11%
7/4/2019 282.85 0.43%
7/5/2019 281.57 -0.45%
7/8/2019 278.7 -1.02%
7/9/2019 277.64 -0.38%
7/10/2019 279.33 0.61%
7/11/2019 280.61 0.46%
7/12/2019 279.48 -0.40%
7/15/2019 281.27 0.64%
7/16/2019 281.73 0.16%
7/17/2019 280.62 -0.39%
7/18/2019 279.81 -0.29%
7/19/2019 280.6 0.28%
7/22/2019 279.47 -0.40%
7/23/2019 279.62 0.05%
7/24/2019 279.79 0.06%
7/25/2019 279.55 -0.09%
7/26/2019 278.28 -0.45%
7/29/2019 277.91 -0.13%
7/30/2019 276.75 -0.42%
7/31/2019 275.61 -0.41%
8/1/2019 272.25 -1.22%
8/2/2019 266.96 -1.94%
8/5/2019 259.26 -2.88%
8/6/2019 259.7 0.17%
8/7/2019 259.92 0.08%
 8/8/2019 263.26 1.29%
8/9/2019 262.2 -0.40%
8/12/2019 260.67 -0.58%
8/13/2019 259.14 -0.59%
8/14/2019 257.42 -0.66%
8/15/2019 256.93 -0.19%
8/16/2019 258.93 0.78%
8/19/2019 260.91 0.76%
8/20/2019 260.98 0.03%
8/21/2019 261.77 0.30%
8/22/2019 259.97 -0.69%
8/23/2019 259.38 -0.23%
8/26/2019 256.7 -1.03%
8/27/2019 257.5 0.31%
8/28/2019 257.56 0.02%
8/29/2019 259.07 0.59%
8/30/2019 262.46 1.31%
9/2/2019 262.46 0.00%
9/3/2019 259.61 -1.09%
9/4/2019 263.96 1.68%
9/5/2019 266.69 1.03%
9/6/2019 267.9 0.45%
9/9/2019 268.11 0.08%
9/10/2019 267.36 -0.28%
9/11/2019 269.79 0.91%
9/12/2019 271.57 0.66%
9/13/2019 272.89 0.49%
9/16/2019 272.42 -0.17%
9/17/2019 270.17 -0.83%
9/18/2019 270.78 0.23%
9/19/2019 269.13 -0.61%
9/20/2019 270.74 0.60%
9/23/2019 269.63 -0.41%
9/24/2019 268.47 -0.43%
9/25/2019 267.12 -0.50%
9/26/2019 267.94 0.31%
9/27/2019 266.29 -0.62%
9/30/2019 265.49 -0.30%
10/1/2019 264.6 -0.34%
10/2/2019 263.05 -0.59%
10/3/2019 263.95 0.34%
 10/4/2019 264.87 0.35%
10/7/2019 264.13 -0.28%
10/8/2019 263.49 -0.24%
10/9/2019 263.48 0.00%
10/10/2019 264.78 0.49%
10/11/2019 268.27 1.32%
10/14/2019 269.52 0.47%
10/15/2019 269.86 0.13%
10/16/2019 270.82 0.36%
10/17/2019 272.41 0.59%
10/18/2019 271.68 -0.27%
10/21/2019 272.54 0.32%
10/22/2019 273.53 0.36%
10/23/2019 272.89 -0.23%
10/24/2019 274.54 0.60%
10/25/2019 274.25 -0.11%
10/28/2019 276.13 0.69%
10/29/2019 276.03 -0.04%
10/30/2019 275.8 -0.08%
10/31/2019 275.7 -0.04%
11/1/2019 277.63 0.70%
11/4/2019 280.93 1.19%
11/5/2019 282.23 0.46%
11/6/2019 281.51 -0.26%
11/7/2019 282.97 0.52%
11/8/2019 280.78 -0.77%
11/11/2019 277.89 -1.03%
11/12/2019 278.21 0.12%
11/13/2019 275.4 -1.01%
11/14/2019 274.89 -0.19%
11/15/2019 276.23 0.49%
11/18/2019 277.09 0.31%
11/19/2019 278.66 0.57%
11/20/2019 277.68 -0.35%
11/21/2019 276.3 -0.50%
11/22/2019 277.19 0.32%
11/25/2019 278.32 0.41%
11/26/2019 277.04 -0.46%
11/27/2019 278.33 0.47%
11/28/2019 277.95 -0.14%
11/29/2019 275.92 -0.73%
 12/2/2019 275.92 0.00%
12/3/2019 275.33 -0.21%
12/4/2019 275.61 0.10%
12/5/2019 277.2 0.58%
12/6/2019 278.57 0.49%
12/9/2019 278.99 0.15%
12/10/2019 278.4 -0.21%
12/11/2019 280.7 0.83%
12/12/2019 283.26 0.91%
12/13/2019 286.54 1.16%
12/16/2019 287.16 0.22%
12/17/2019 290.24 1.07%
12/18/2019 292.02 0.61%
12/19/2019 291.46 -0.19%
12/20/2019 291.4 -0.02%
12/23/2019 292.49 0.37%
12/24/2019 292.07 -0.14%
12/25/2019 292.12 0.02%
12/26/2019 292.59 0.16%
12/27/2019 294.52 0.66%
12/30/2019 294.86 0.12%
12/31/2019 294.06 -0.27%
1/1/2020 294.1 0.01%
1/2/2020 298.23 1.40%
1/3/2020 297.17 -0.36%
1/6/2020 294.22 -0.99%
1/7/2020 294.75 0.18%
1/8/2020 293.61 -0.39%
1/9/2020 297.82 1.43%
1/10/2020 298.82 0.34%
1/13/2020 301.32 0.84%
1/14/2020 301.23 -0.03%
1/15/2020 300.07 -0.39%
1/16/2020 300.6 0.18%
1/17/2020 302.11 0.50%
1/20/2020 301.43 -0.23%
1/21/2020 296.95 -1.49%
1/22/2020 298.18 0.41%
1/23/2020 295.55 -0.88%
1/24/2020 294.84 -0.24%
1/27/2020 290.14 -1.59%
1/28/2020 291.15 0.35%
1/29/2020 289.81 -0.46%
1/30/2020 283.4 -2.21%
1/31/2020 281.29 -0.74%
2/3/2020 279.9 -0.49%
2/4/2020 285.89 2.14%
2/5/2020 287.12 0.43%
2/6/2020 289.37 0.78%
2/7/2020 286.84 -0.87%
2/10/2020 285.51 -0.46%
2/11/2020 288.64 1.10%
2/12/2020 291.18 0.88%
2/13/2020 290.33 -0.29%
2/14/2020 290.05 -0.10%
2/17/2020 290.75 0.24%
2/18/2020 288.17 -0.89%
2/19/2020 290.33 0.75%
2/20/2020 288.73 -0.55%
2/21/2020 286.59 -0.74%
2/24/2020 280.14 -2.25%
2/25/2020 279.68 -0.16%
2/26/2020 276.6 -1.10%
2/27/2020 273.07 -1.28%
2/28/2020 266.59 -2.37%
3/2/2020 268.94 0.88%
3/3/2020 272.01 1.14%
3/4/2020 273.49 0.54%
3/5/2020 273.31 -0.07%
3/6/2020 266.81 -2.38%
3/9/2020 249.58 -6.46%
3/10/2020 253.81 1.69%
3/11/2020 249.68 -1.63%
3/12/2020 232.06 -7.06%
3/13/2020 234.96 1.25%
3/16/2020 218.98 -6.80%
3/17/2020 217.76 -0.56%
3/18/2020 207.3 -4.80%
3/19/2020 203.35 -1.91%
3/20/2020 211.43 3.97%
3/23/2020 199.71 -5.54%
3/24/2020 209.4 4.85%
3/25/2020 217.72 3.97%
3/26/2020 222.85 2.36%
3/27/2020 219.58 -1.47%
3/30/2020 216.78 -1.28%
3/31/2020 220.78 1.85%
4/1/2020 216.35 -2.01%
4/2/2020 218.73 1.10%
4/3/2020 216.77 -0.90%
4/6/2020 221.78 2.31%
4/7/2020 228.48 3.02%
4/8/2020 227.95 -0.23%
4/9/2020 231.52 1.57%
4/10/2020 231.6 0.03%
4/13/2020 230.69 -0.39%
4/14/2020 233.98 1.43%
4/15/2020 231.54 -1.04%
4/16/2020 230.99 -0.24%
4/17/2020 234.23 1.40%
4/20/2020 234.47 0.10%
4/21/2020 228.79 -2.42%
4/22/2020 231.59 1.22%
4/23/2020 232.52 0.40%
4/24/2020 229.45 -1.32%
4/27/2020 233.3 1.68%
4/28/2020 235.31 0.86%
4/29/2020 239.9 1.95%
4/30/2020 241.39 0.62%
5/1/2020 239.2 -0.91%
5/4/2020 232.15 -2.95%
5/5/2020 234.39 0.96%
5/6/2020 234.83 0.19%
5/7/2020 234.54 -0.12%
5/8/2020 238.3 1.60%
5/11/2020 239.36 0.44%
5/12/2020 237.97 -0.58%
5/13/2020 237.79 -0.08%
5/14/2020 235.7 -0.88%
5/15/2020 235.82 0.05%
5/18/2020 238.72 1.23%
5/19/2020 241.44 1.14%
5/20/2020 243.25 0.75%
5/21/2020 242.92 -0.14%
5/22/2020 236.81 -2.52%
5/25/2020 238.6 0.76%
5/26/2020 242.35 1.57%
5/27/2020 242.7 0.14%
5/28/2020 242.42 -0.12%
5/29/2020 243.9 0.61%
6/1/2020 249.33 2.23%
6/2/2020 253.66 1.74%
6/3/2020 258.21 1.79%
6/4/2020 258.38 0.07%
6/5/2020 261.85 1.34%
6/8/2020 263.39 0.59%
6/9/2020 263.62 0.09%
6/10/2020 264.12 0.19%
6/11/2020 259.01 -1.93%
6/12/2020 258.13 -0.34%
6/15/2020 254.1 -1.56%
6/16/2020 259.01 1.93%
6/17/2020 260.51 0.58%
6/18/2020 260.85 0.13%
6/19/2020 262.5 0.63%
6/22/2020 262.77 0.10%
6/23/2020 266.4 1.38%
6/24/2020 264.46 -0.73%
6/25/2020 263.75 -0.27%
6/26/2020 261.81 -0.74%
6/29/2020 261.11 -0.27%
6/30/2020 261.23 0.05%
7/1/2020 262.85 0.62%
7/2/2020 269.22 2.42%
7/3/2020 271.7 0.92%
7/6/2020 278.94 2.66%
7/7/2020 277.2 -0.62%
7/8/2020 281.73 1.63%
7/9/2020 284.11 0.84%
7/10/2020 281.41 -0.95%
7/13/2020 281.77 0.13%
7/14/2020 278.27 -1.24%
7/15/2020 279.57 0.47%
7/16/2020 274.64 -1.76%
7/17/2020 276.79 0.78%
7/20/2020 279.71 1.05%
7/21/2020 284.6 1.75%
7/22/2020 282.72 -0.66%
7/23/2020 282.9 0.06%
7/24/2020 278.11 -1.69%
7/27/2020 280.46 0.84%
7/28/2020 282 0.55%
7/29/2020 283.33 0.47%
7/30/2020 281.89 -0.51%
7/31/2020 281.56 -0.12%
8/3/2020 281.21 -0.12%
8/4/2020 284 0.99%
8/5/2020 287.34 1.18%
8/6/2020 287.59 0.09%
8/7/2020 283.29 -1.50%
8/10/2020 282.4 -0.31%
8/11/2020 283.31 0.32%
8/12/2020 283.63 0.11%
8/13/2020 284.13 0.18%
8/14/2020 283.91 -0.08%
8/17/2020 285.83 0.68%
8/18/2020 288.17 0.82%
8/19/2020 286.83 -0.47%
8/20/2020 282.97 -1.35%
8/21/2020 285.62 0.94%
8/24/2020 289.79 1.46%
8/25/2020 290.89 0.38%
8/26/2020 291.85 0.33%
8/27/2020 291.77 -0.03%
8/28/2020 293.3 0.52%
8/31/2020 288.68 -1.58%
9/1/2020 293.31 1.60%
9/2/2020 293.01 -0.10%
9/3/2020 289.95 -1.04%
9/4/2020 287.88 -0.71%
9/7/2020 286.14 -0.60%
9/8/2020 283.75 -0.84%
9/9/2020 283.7 -0.02%
9/10/2020 283.08 -0.22%
9/11/2020 284.65 0.55%
 9/14/2020 287.67 1.06%
9/15/2020 289.66 0.69%
9/16/2020 290.88 0.42%
9/17/2020 288.68 -0.76%
9/18/2020 288.88 0.07%
9/21/2020 283.63 -1.82%
9/22/2020 282.42 -0.43%
9/23/2020 280.78 -0.58%
9/24/2020 275.86 -1.75%
9/25/2020 276.19 0.12%
9/28/2020 278.96 1.00%
9/29/2020 278.41 -0.20%
9/30/2020 281.88 1.25%
10/1/2020 283.05 0.42%
10/2/2020 282.19 -0.30%
10/5/2020 284.37 0.77%
10/6/2020 287.22 1.00%
10/7/2020 288.2 0.34%
10/8/2020 290.51 0.80%
10/9/2020 292.33 0.63%
10/12/2020 295.73 1.16%
10/13/2020 295.32 -0.14%
10/14/2020 295.6 0.09%
10/15/2020 291.56 -1.37%
10/16/2020 292.97 0.48%
10/19/2020 293.43 0.16%
10/20/2020 295.18 0.60%
10/21/2020 295.88 0.24%
10/22/2020 295.66 -0.07%
10/23/2020 295.77 0.04%
10/26/2020 293.83 -0.66%
10/27/2020 294.45 0.21%
10/28/2020 290.74 -1.26%
10/29/2020 290.9 0.06%
10/30/2020 287.35 -1.22%
11/2/2020 289.59 0.78%
11/3/2020 291.27 0.58%
11/4/2020 295.15 1.33%
11/5/2020 302.67 2.55%
11/6/2020 305.09 0.80%
11/9/2020 309.39 1.41%
11/10/2020 306.37 -0.98%
11/11/2020 305.26 -0.36%
11/12/2020 306.38 0.37%
11/13/2020 307.75 0.45%
11/16/2020 310.62 0.93%
11/17/2020 310.72 0.03%
11/18/2020 312.36 0.53%
11/19/2020 311.08 -0.41%
11/20/2020 313.57 0.80%
11/23/2020 315.65 0.66%
11/24/2020 317.08 0.45%
11/25/2020 314.9 -0.69%
11/26/2020 317.53 0.84%
11/27/2020 318.28 0.24%
11/30/2020 312.62 -1.78%
12/1/2020 317.3 1.50%
12/2/2020 317.47 0.05%
12/3/2020 319.78 0.73%
12/4/2020 321.8 0.63%
12/7/2020 322.02 0.07%
12/8/2020 323.22 0.37%
12/9/2020 322.69 -0.16%
12/10/2020 322.68 0.00%
12/11/2020 323.02 0.11%
12/14/2020 321.62 -0.43%
12/15/2020 321.77 0.05%
12/16/2020 325.44 1.14%
12/17/2020 328.17 0.84%
12/18/2020 327.2 -0.30%
12/21/2020 323.8 -1.04%
12/22/2020 322.21 -0.49%
12/23/2020 324.62 0.75%
12/24/2020 322.79 -0.56%
12/25/2020 323.16 0.11%
12/28/2020 322.53 -0.19%
12/29/2020 325.84 1.03%
12/30/2020 330.6 1.46%
12/31/2020 331.34 0.22%
1/1/2021 331.57 0.07%
1/4/2021 334.34 0.84%
1/5/2021 337.8 1.03%
 1/6/2021 336.87 -0.28%
1/7/2021 337.98 0.33%
1/8/2021 343.78 1.72%
1/11/2021 342.48 -0.38%
1/12/2021 344.33 0.54%
1/13/2021 346.61 0.66%
1/14/2021 348.89 0.66%
1/15/2021 346.19 -0.77%
1/18/2021 347.78 0.46%
1/19/2021 352.56 1.37%
1/20/2021 357.12 1.29%
1/21/2021 357.52 0.11%
1/22/2021 354.69 -0.79%
1/25/2021 357.84 0.89%
1/26/2021 353.68 -1.16%
1/27/2021 349.28 -1.24%
1/28/2021 344.95 -1.24%
1/29/2021 340.73 -1.22%
2/1/2021 347.93 2.11%
2/2/2021 353.35 1.56%
2/3/2021 355.98 0.74%
2/4/2021 355.5 -0.13%
2/5/2021 357.29 0.50%
2/8/2021 359.51 0.62%
2/9/2021 362.25 0.76%
2/10/2021 365.49 0.89%
2/11/2021 367.04 0.42%
2/12/2021 367.4 0.10%
2/15/2021 368.84 0.39%
2/16/2021 369.97 0.31%
2/17/2021 371.45 0.40%
2/18/2021 367.1 -1.17%
2/19/2021 368.17 0.29%
2/22/2021 360.27 -2.15%
2/23/2021 360.55 0.08%
2/24/2021 355.64 -1.36%
2/25/2021 355.86 0.06%
2/26/2021 345.68 -2.86%
3/1/2021 352.43 1.95%
3/2/2021 350.92 -0.43%
3/3/2021 355.27 1.24%
 3/4/2021 347.71 -2.13%
3/5/2021 345.69 -0.58%
3/8/2021 337.39 -2.40%
3/9/2021 340.26 0.85%
3/10/2021 342.84 0.76%
3/11/2021 351.1 2.41%
3/12/2021 348.12 -0.85%
3/15/2021 346.23 -0.54%
3/16/2021 348.11 0.54%
3/17/2021 346.81 -0.37%
3/18/2021 347.35 0.16%
3/19/2021 345.31 -0.59%
3/22/2021 345.15 -0.05%
3/23/2021 341.91 -0.94%
3/24/2021 335.12 -1.99%
3/25/2021 332.33 -0.83%
3/26/2021 337 1.41%
3/29/2021 337.71 0.21%
3/30/2021 340.1 0.71%
3/31/2021 339.62 -0.14%
4/1/2021 344.11 1.32%
4/2/2021 344.2 0.03%
4/5/2021 343.95 -0.07%
4/6/2021 345.97 0.59%
4/7/2021 344.33 -0.47%
4/8/2021 345.8 0.43%
4/9/2021 342.87 -0.85%
4/12/2021 340.05 -0.82%
4/13/2021 339.76 -0.09%
4/14/2021 342.53 0.82%
4/15/2021 343.64 0.32%
4/16/2021 346.25 0.76%
4/19/2021 346.6 0.10%
4/20/2021 346.06 -0.16%
4/21/2021 344.58 -0.43%
4/22/2021 345.69 0.32%
4/23/2021 348.69 0.87%
4/26/2021 350.67 0.57%
4/27/2021 351.2 0.15%
4/28/2021 353.08 0.54%
4/29/2021 353.02 -0.02%
4/30/2021 349 -1.14%
5/3/2021 347.17 -0.52%
5/4/2021 344.99 -0.63%
5/5/2021 344.66 -0.10%
5/6/2021 346.65 0.58%
5/7/2021 348.66 0.58%
5/10/2021 347.55 -0.32%
5/11/2021 343.59 -1.14%
5/12/2021 340.16 -1.00%
5/13/2021 335.04 -1.51%
5/14/2021 338.29 0.97%
5/17/2021 339.63 0.40%
5/18/2021 345.37 1.69%
5/19/2021 343.94 -0.41%
5/20/2021 344.45 0.15%
5/21/2021 344.78 0.10%
5/24/2021 344.65 -0.04%
5/25/2021 348.92 1.24%
5/26/2021 350.79 0.54%
5/27/2021 352.03 0.35%
5/28/2021 353.55 0.43%
5/31/2021 357.07 1.00%
6/1/2021 360.55 0.97%
6/2/2021 360.82 0.07%
6/3/2021 359.36 -0.40%
6/4/2021 359.35 0.00%
6/7/2021 359 -0.10%
6/8/2021 358.41 -0.16%
6/9/2021 357.69 -0.20%
6/10/2021 359.54 0.52%
6/11/2021 359.7 0.04%
6/14/2021 360.42 0.20%
6/15/2021 358.56 -0.52%
6/16/2021 355.87 -0.75%
6/17/2021 354.57 -0.37%
6/18/2021 354.09 -0.14%
6/21/2021 351.85 -0.63%
6/22/2021 350.98 -0.25%
6/23/2021 354.53 1.01%
6/24/2021 356.13 0.45%
6/25/2021 359.35 0.90%
6/28/2021 359.43 0.02%
6/29/2021 358.53 -0.25%
6/30/2021 357.51 -0.28%
7/1/2021 355.92 -0.44%
7/2/2021 353.12 -0.79%
7/5/2021 353.41 0.08%
7/6/2021 350.16 -0.92%
7/7/2021 349.27 -0.25%
7/8/2021 343.35 -1.69%
7/9/2021 345.29 0.57%
7/12/2021 347.23 0.56%
7/13/2021 349.69 0.71%
7/14/2021 349.57 -0.03%
7/15/2021 351.76 0.63%
7/16/2021 349.79 -0.56%
7/19/2021 344.53 -1.50%
7/20/2021 342.95 -0.46%
7/21/2021 343.74 0.23%
7/22/2021 347.03 0.96%
7/23/2021 342.79 -1.22%
7/26/2021 334.85 -2.32%
7/27/2021 327.16 -2.30%
7/28/2021 331.47 1.32%
7/29/2021 338.17 2.02%
7/30/2021 334.62 -1.05%
8/2/2021 338.84 1.26%
8/3/2021 338.05 -0.23%
8/4/2021 340.17 0.63%
8/5/2021 339.06 -0.33%
8/6/2021 336.9 -0.64%
8/9/2021 337.54 0.19%
8/10/2021 339.36 0.54%
8/11/2021 339.28 -0.02%
8/12/2021 338.21 -0.32%
8/13/2021 336.45 -0.52%
8/16/2021 333.54 -0.86%
8/17/2021 329.49 -1.21%
8/18/2021 330.87 0.42%
8/19/2021 323.88 -2.11%
8/20/2021 321.23 -0.82%
8/23/2021 326.25 1.56%
 8/24/2021 333.81 2.32%
8/25/2021 335.47 0.50%
8/26/2021 333.09 -0.71%
8/27/2021 335.25 0.65%
8/30/2021 338.88 1.08%
8/31/2021 343.62 1.40%
9/1/2021 345.15 0.45%
9/2/2021 345.18 0.01%
9/3/2021 346.12 0.27%
9/6/2021 347.97 0.53%
9/7/2021 348.89 0.26%
9/8/2021 345.54 -0.96%
9/9/2021 343.68 -0.54%
9/10/2021 345.63 0.57%
9/13/2021 344.47 -0.34%
9/14/2021 342.42 -0.60%
9/15/2021 340.71 -0.50%
9/16/2021 337.88 -0.83%
9/17/2021 337.68 -0.06%
9/20/2021 331.06 -1.96%
9/21/2021 332.2 0.34%
9/22/2021 333.07 0.26%
9/23/2021 336.36 0.99%
9/24/2021 334.03 -0.69%
9/27/2021 334.7 0.20%
9/28/2021 332.91 -0.53%
9/29/2021 330.45 -0.74%
9/30/2021 331.89 0.44%
10/1/2021 330.75 -0.34%
10/4/2021 328.07 -0.81%
10/5/2021 329.39 0.40%
10/6/2021 327.22 -0.66%
10/7/2021 333.88 2.04%
10/8/2021 334.74 0.26%
10/11/2021 335.98 0.37%
10/12/2021 333.96 -0.60%
10/13/2021 335.39 0.43%
10/14/2021 336.43 0.31%
10/15/2021 340.73 1.28%
10/18/2021 340.99 0.08%
10/19/2021 343.88 0.85%
10/20/2021 344.52 0.19%
10/21/2021 342.55 -0.57%
10/22/2021 342.18 -0.11%
10/25/2021 342.85 0.20%
10/26/2021 342.14 -0.21%
10/27/2021 339.39 -0.80%
10/28/2021 337.29 -0.62%
10/29/2021 334.9 -0.71%
11/1/2021 335.97 0.32%
11/2/2021 334.32 -0.49%
11/3/2021 335.12 0.24%
11/4/2021 336.3 0.35%
11/5/2021 335.24 -0.32%
11/8/2021 337.32 0.62%
11/9/2021 338.32 0.30%
11/10/2021 338.97 0.19%
11/11/2021 341.22 0.66%
11/12/2021 341.98 0.22%
11/15/2021 342.06 0.02%
11/16/2021 342.54 0.14%
11/17/2021 341.62 -0.27%
11/18/2021 337.38 -1.24%
11/19/2021 337.02 -0.11%
11/22/2021 333.63 -1.01%
11/23/2021 332.5 -0.34%
11/24/2021 332.53 0.01%
11/25/2021 333.41 0.26%
11/26/2021 325.05 -2.51%
11/29/2021 323.91 -0.35%
11/30/2021 322.84 -0.33%
12/1/2021 324.96 0.66%
12/2/2021 326.52 0.48%
12/3/2021 323.44 -0.94%
12/6/2021 322.01 -0.44%
12/7/2021 326.63 1.43%
12/8/2021 328.96 0.71%
12/9/2021 329.87 0.28%
12/10/2021 328.36 -0.46%
12/13/2021 326.16 -0.67%
12/14/2021 324.17 -0.61%
12/15/2021 321.59 -0.80%
12/16/2021 323.85 0.70%
12/17/2021 321.5 -0.73%
12/20/2021 314.64 -2.13%
12/21/2021 319.6 1.58%
12/22/2021 320.72 0.35%
12/23/2021 323.51 0.87%
12/24/2021 323.61 0.03%
12/27/2021 324.19 0.18%
12/28/2021 324.95 0.23%
12/29/2021 322.9 -0.63%
12/30/2021 325.86 0.92%
12/31/2021 327.39 0.47%
1/3/2022 328.07 0.21%
1/4/2022 327.93 -0.04%
1/5/2022 325.46 -0.75%
1/6/2022 324.43 -0.32%
1/7/2022 325.81 0.43%
1/10/2022 328.12 0.71%
1/11/2022 330.92 0.85%
1/12/2022 336.3 1.63%
1/13/2022 334.62 -0.50%
1/14/2022 333.92 -0.21%
1/17/2022 334.06 0.04%
1/18/2022 330.6 -1.04%
1/19/2022 330.67 0.02%
1/20/2022 334.27 1.09%
1/21/2022 330.67 -1.08%
1/24/2022 325.07 -1.69%
1/25/2022 322.73 -0.72%
1/26/2022 322.88 0.05%
1/27/2022 319.26 -1.12%
1/28/2022 318.61 -0.20%
1/31/2022 324.16 1.74%
2/1/2022 325.96 0.56%
2/2/2022 325.51 -0.14%
2/3/2022 324.19 -0.41%
2/4/2022 325.6 0.43%
2/7/2022 325.87 0.08%
2/8/2022 327.07 0.37%
2/9/2022 331.92 1.48%
2/10/2022 333.71 0.54%
2/11/2022 330.42 -0.99%
2/14/2022 325.08 -1.62%
2/15/2022 329.02 1.21%
2/16/2022 332.03 0.91%
2/17/2022 331.18 -0.26%
2/18/2022 328.52 -0.80%
2/21/2022 325.37 -0.96%
2/22/2022 321.67 -1.14%
2/23/2022 321.9 0.07%
2/24/2022 308.29 -4.23%
2/25/2022 313.45 1.67%
2/28/2022 312.85 -0.19%
3/1/2022 314.65 0.58%
3/2/2022 312.51 -0.68%
3/3/2022 312.6 0.03%
3/4/2022 305.89 -2.15%
3/7/2022 296.24 -3.15%
3/8/2022 288.91 -2.47%
3/9/2022 292.6 1.28%
3/10/2022 294.03 0.49%
3/11/2022 290.22 -1.30%
3/14/2022 282.39 -2.70%
3/15/2022 275.45 -2.46%
3/16/2022 290.45 5.45%
3/17/2022 298.56 2.79%
3/18/2022 300.37 0.61%
3/21/2022 298.5 -0.62%
3/22/2022 302.64 1.39%
3/23/2022 304.24 0.53%
3/24/2022 303.88 -0.12%
3/25/2022 301.17 -0.89%
3/28/2022 301.21 0.01%
3/29/2022 304.05 0.94%
3/30/2022 307.36 1.09%
3/31/2022 304.87 -0.81%
4/1/2022 307.12 0.74%
4/4/2022 311.65 1.47%
4/5/2022 309.92 -0.56%
4/6/2022 307.1 -0.91%
4/7/2022 302.59 -1.47%
4/8/2022 303.61 0.34%
4/11/2022 299.58 -1.33%
4/12/2022 299.17 -0.14%
4/13/2022 300.61 0.48%
4/14/2022 299.93 -0.23%
4/15/2022 299.17 -0.25%
4/18/2022 297.59 -0.53%
4/19/2022 294.92 -0.90%
4/20/2022 294.34 -0.20%
4/21/2022 291.91 -0.83%
4/22/2022 288.94 -1.02%
4/25/2022 281.29 -2.65%
4/26/2022 281.32 0.01%
4/27/2022 281.36 0.01%
4/28/2022 283.63 0.81%
4/29/2022 287.7 1.43%
5/2/2022 287.11 -0.21%
5/3/2022 286.72 -0.14%
5/4/2022 285.45 -0.44%
5/5/2022 283.43 -0.71%
5/6/2022 276.92 -2.30%
5/9/2022 271.36 -2.01%
5/10/2022 269.69 -0.62%
5/11/2022 270.1 0.15%
5/12/2022 264.84 -1.95%
5/13/2022 269.28 1.68%
5/16/2022 269.9 0.23%
5/17/2022 275.8 2.19%
5/18/2022 275.46 -0.12%
5/19/2022 272.17 -1.19%
5/20/2022 276.56 1.61%
5/23/2022 276.66 0.04%
5/24/2022 272.01 -1.68%
5/25/2022 272.47 0.17%
5/26/2022 274.97 0.92%
5/27/2022 278.9 1.43%
5/30/2022 283.68 1.71%
5/31/2022 286.8 1.10%
6/1/2022 284.32 -0.86%
6/2/2022 284.52 0.07%
6/3/2022 283.41 -0.39%
6/6/2022 286.03 0.92%
 6/7/2022 284.61 -0.50%
6/8/2022 287.78 1.11%
6/9/2022 284.72 -1.06%
6/10/2022 281.85 -1.01%
6/13/2022 272.14 -3.45%
6/14/2022 273.59 0.53%
6/15/2022 274.91 0.48%
6/16/2022 270.71 -1.53%
6/17/2022 269.87 -0.31%
6/20/2022 268.97 -0.33%
6/21/2022 273.79 1.79%
6/22/2022 268.32 -2.00%
6/23/2022 269.44 0.42%
6/24/2022 273.15 1.38%
6/27/2022 276.75 1.32%
6/28/2022 276.66 -0.03%
6/29/2022 273.39 -1.18%
6/30/2022 270.16 -1.18%
7/1/2022 268.42 -0.64%
7/4/2022 268.43 0.00%
7/5/2022 267.56 -0.32%
7/6/2022 264.97 -0.97%
7/7/2022 268.51 1.34%
7/8/2022 269.23 0.27%
7/11/2022 264.19 -1.87%
7/12/2022 261.17 -1.14%
7/13/2022 261.8 0.24%
7/14/2022 259.8 -0.76%
7/15/2022 259.3 -0.19%
7/18/2022 263.72 1.70%
7/19/2022 264.4 0.26%
7/20/2022 265.78 0.52%
7/21/2022 266.7 0.35%
7/22/2022 266.48 -0.08%
7/25/2022 265.98 -0.19%
7/26/2022 265.78 -0.08%
7/27/2022 266.66 0.33%
7/28/2022 268.45 0.67%
7/29/2022 267.32 -0.42%
8/1/2022 268.36 0.39%
8/2/2022 265.89 -0.92%
 8/3/2022 265.88 0.00%
8/4/2022 267.97 0.79%
8/5/2022 269.67 0.63%
8/8/2022 269.98 0.11%
8/9/2022 269.94 -0.01%
8/10/2022 269.96 0.01%
8/11/2022 273.68 1.38%
8/12/2022 274.43 0.27%
8/15/2022 274.16 -0.10%
8/16/2022 274.03 -0.05%
8/17/2022 274.42 0.14%
8/18/2022 273.38 -0.38%
8/19/2022 271.13 -0.82%
8/22/2022 269.26 -0.69%
8/23/2022 269.58 0.12%
8/24/2022 268.7 -0.33%
8/25/2022 273.05 1.62%
8/26/2022 273.3 0.09%
8/29/2022 270.16 -1.15%
8/30/2022 270.04 -0.04%
8/31/2022 270.04 0.00%
9/1/2022 266.43 -1.34%
9/2/2022 265.78 -0.24%
9/5/2022 265.18 -0.23%
9/6/2022 264.02 -0.44%
9/7/2022 262.8 -0.46%
9/8/2022 263.1 0.11%
9/9/2022 266.71 1.37%
9/12/2022 269.52 1.05%
9/13/2022 267.82 -0.63%
9/14/2022 264.52 -1.23%
9/15/2022 263.36 -0.44%
9/16/2022 258.71 -1.77%
9/19/2022 257.75 -0.37%
9/20/2022 259.27 0.59%
9/21/2022 255.58 -1.42%
9/22/2022 253.71 -0.73%
9/23/2022 249.03 -1.84%
9/26/2022 244.28 -1.91%
9/27/2022 245.01 0.30%
9/28/2022 241.76 -1.33%
 9/29/2022 240.73 -0.43%
9/30/2022 241.86 0.47%
10/3/2022 242.13 0.11%
10/4/2022 247.15 2.07%
10/5/2022 249.7 1.03%
10/6/2022 249.86 0.06%
10/7/2022 246.52 -1.34%
10/10/2022 242.76 -1.53%
10/11/2022 238.05 -1.94%
10/12/2022 238.2 0.06%
10/13/2022 235.74 -1.03%
10/14/2022 237.27 0.65%
10/17/2022 238.83 0.66%
10/18/2022 241.48 1.11%
10/19/2022 237.94 -1.47%
10/20/2022 238.47 0.22%
10/21/2022 238.58 0.05%
10/24/2022 232.55 -2.53%
10/25/2022 232.64 0.04%
10/26/2022 235.08 1.05%
10/27/2022 236.08 0.43%
10/28/2022 232.7 -1.43%
10/31/2022 233.14 0.19%
11/1/2022 237.78 1.99%
11/2/2022 239.09 0.55%
11/3/2022 237.17 -0.80%
11/4/2022 243.36 2.61%
11/7/2022 245.9 1.04%
11/8/2022 245.9 0.00%
11/9/2022 244.96 -0.38%
11/10/2022 243.72 -0.51%
11/11/2022 252.99 3.80%
11/14/2022 254.5 0.60%
11/15/2022 259.58 2.00%
11/16/2022 257.61 -0.76%
11/17/2022 255.93 -0.65%
11/18/2022 255.38 -0.21%
11/21/2022 252.71 -1.05%
11/22/2022 252.28 -0.17%
11/23/2022 253.28 0.40%
11/24/2022 256.19 1.15%
11/25/2022 254.73 -0.57%
11/28/2022 253.35 -0.54%
11/29/2022 258.19 1.91%
11/30/2022 263.56 2.08%
12/1/2022 264.58 0.39%
12/2/2022 264.84 0.10%
12/5/2022 266.39 0.59%
12/6/2022 264.55 -0.69%
12/7/2022 261.37 -1.20%
12/8/2022 264.12 1.05%
12/9/2022 265 0.33%
12/12/2022 261.68 -1.25%
12/13/2022 262.49 0.31%
12/14/2022 264.1 0.61%
12/15/2022 260.86 -1.23%
12/16/2022 259.95 -0.35%
12/19/2022 259.83 -0.05%
12/20/2022 258.15 -0.65%
12/21/2022 258.75 0.23%
12/22/2022 260.16 0.54%
12/23/2022 258.07 -0.80%
12/26/2022 258.76 0.27%
12/27/2022 259.57 0.31%
12/28/2022 259.97 0.15%
12/29/2022 260.64 0.26%
12/30/2022 260.42 -0.08%
1/2/2023 260.49 0.03%
1/3/2023 262.48 0.76%
1/4/2023 265.35 1.09%
1/5/2023 267.16 0.68%
1/6/2023 268.1 0.35%
1/9/2023 272.96 1.81%
1/10/2023 273.58 0.23%
1/11/2023 274.13 0.20%
1/12/2023 274.59 0.17%
1/13/2023 277.44 1.04%
1/16/2023 277.59 0.05%
1/17/2023 276.54 -0.38%
1/18/2023 277.35 0.29%
1/19/2023 277.03 -0.12%
1/20/2023 279.04 0.73%
1/23/2023 279.8 0.27%
1/24/2023 279.85 0.02%
1/25/2023 279.63 -0.08%
1/26/2023 281.96 0.83%
1/27/2023 280.89 -0.38%
1/30/2023 279.37 -0.54%
1/31/2023 277.65 -0.62%
2/1/2023 280.16 0.90%
2/2/2023 280.39 0.08%
2/3/2023 278.47 -0.68%
2/6/2023 273.5 -1.78%
2/7/2023 273.51 0.00%
2/8/2023 274.32 0.30%
2/9/2023 275.18 0.31%
2/10/2023 272.36 -1.02%
2/13/2023 273.02 0.24%
2/14/2023 273 -0.01%
2/15/2023 271.49 -0.55%
2/16/2023 272.37 0.32%
2/17/2023 269.87 -0.92%
2/20/2023 271.38 0.56%
2/21/2023 268.9 -0.91%
2/22/2023 266.1 -1.04%
2/23/2023 266.82 0.27%
2/24/2023 263.04 -1.42%
2/27/2023 262.44 -0.23%
2/28/2023 261.96 -0.18%
3/1/2023 266.91 1.89%
3/2/2023 266.11 -0.30%
3/3/2023 268.01 0.71%
3/6/2023 269.11 0.41%
3/7/2023 267.35 -0.65%
3/8/2023 266.03 -0.49%
3/9/2023 263.09 -1.11%
3/10/2023 260.03 -1.16%
3/13/2023 260.31 0.11%
3/14/2023 257.08 -1.24%
3/15/2023 256.34 -0.29%
3/16/2023 255.29 -0.41%
3/17/2023 257.3 0.79%
3/20/2023 255.27 -0.79%
3/21/2023 257.87 1.02%
3/22/2023 259.75 0.73%
3/23/2023 263.1 1.29%
3/24/2023 262.02 -0.41%
3/27/2023 260.29 -0.66%
3/28/2023 261.61 0.51%
3/29/2023 264.2 0.99%
3/30/2023 265.65 0.55%
3/31/2023 266.8 0.43%
4/3/2023 267.08 0.10%
4/4/2023 266.65 -0.16%
4/5/2023 266.48 -0.06%
4/6/2023 266.43 -0.02%
4/7/2023 266.53 0.04%
4/10/2023 266.7 0.06%
4/11/2023 268.79 0.78%
4/12/2023 268.49 -0.11%
4/13/2023 269.14 0.24%
4/14/2023 269.76 0.23%
4/17/2023 270.72 0.36%
4/18/2023 270.08 -0.24%
4/19/2023 267.46 -0.97%
4/20/2023 267.21 -0.09%
4/21/2023 264.67 -0.95%
4/24/2023 264.33 -0.13%
4/25/2023 261.2 -1.18%
4/26/2023 262.14 0.36%
4/27/2023 263.25 0.42%
4/28/2023 264.77 0.58%
5/1/2023 264.69 -0.03%
5/2/2023 263.9 -0.30%
5/3/2023 263.07 -0.31%
5/4/2023 264.75 0.64%
5/5/2023 265.84 0.41%
5/8/2023 267.91 0.78%
5/9/2023 265.78 -0.80%
5/10/2023 265.53 -0.09%
5/11/2023 265.05 -0.18%
5/12/2023 264.03 -0.38%
5/15/2023 265.19 0.44%
5/16/2023 265.34 0.06%
5/17/2023 264.23 -0.42%
5/18/2023 264.45 0.08%
5/19/2023 263.67 -0.29%
5/22/2023 264.95 0.49%
5/23/2023 263.52 -0.54%
5/24/2023 261.59 -0.73%
5/25/2023 259.92 -0.64%
5/26/2023 261.86 0.75%
5/29/2023 261.94 0.03%
5/30/2023 261.22 -0.27%
5/31/2023 258.61 -1.00%
6/1/2023 259.74 0.44%
6/2/2023 264.87 1.98%
6/5/2023 265.62 0.28%
6/6/2023 265.96 0.13%
6/7/2023 267.9 0.73%
6/8/2023 267.49 -0.15%
6/9/2023 269.1 0.60%
6/12/2023 269.38 0.10%
6/13/2023 271.41 0.75%
6/14/2023 272.49 0.40%
6/15/2023 274.97 0.91%
6/16/2023 276.52 0.56%
6/19/2023 275.3 -0.44%
6/20/2023 272.67 -0.96%
6/21/2023 271.08 -0.58%
6/22/2023 270 -0.40%
6/23/2023 267.77 -0.83%
6/26/2023 266.78 -0.37%
6/27/2023 268.27 0.56%
6/28/2023 267.87 -0.15%
6/29/2023 267.24 -0.24%
6/30/2023 268.13 0.33%
7/3/2023 271.83 1.38%
7/4/2023 272.62 0.29%
7/5/2023 270.79 -0.67%
7/6/2023 266.88 -1.44%
7/7/2023 266.27 -0.23%
7/10/2023 266.65 0.14%
7/11/2023 269.35 1.01%
7/12/2023 271.79 0.91%
7/13/2023 275.27 1.28%
7/14/2023 276.8 0.56%
7/17/2023 277.06 0.09%
7/18/2023 275.45 -0.58%
7/19/2023 274.85 -0.22%
7/20/2023 274.93 0.03%
7/21/2023 274.46 -0.17%
7/24/2023 273.87 -0.21%
7/25/2023 278.67 1.75%
7/26/2023 278.96 0.10%
7/27/2023 279.7 0.27%
7/28/2023 281.96 0.81%
7/31/2023 283.04 0.38%
8/1/2023 281.66 -0.49%
8/2/2023 276.19 -1.94%
8/3/2023 275.31 -0.32%
8/4/2023 276.54 0.45%
8/7/2023 276.24 -0.11%
8/8/2023 273.3 -1.06%
8/9/2023 274.14 0.31%
8/10/2023 274.06 -0.03%
8/11/2023 271.55 -0.92%
8/14/2023 268.61 -1.08%
8/15/2023 267.47 -0.42%
8/16/2023 266.51 -0.36%
8/17/2023 266.16 -0.13%
8/18/2023 263.7 -0.92%
8/21/2023 262.63 -0.41%
8/22/2023 264.44 0.69%
8/23/2023 265.56 0.42%
8/24/2023 267.78 0.84%
8/25/2023 265.19 -0.97%
8/28/2023 266.92 0.65%
8/29/2023 269.68 1.03%
8/30/2023 269.99 0.11%
8/31/2023 267.94 -0.76%
9/1/2023 269.08 0.43%
9/4/2023 271.71 0.98%
9/5/2023 269.5 -0.81%
9/6/2023 268.59 -0.34%
9/7/2023 266.77 -0.68%
 9/8/2023 267.02 0.09%
9/11/2023 268.09 0.40%
9/12/2023 267.32 -0.29%
9/13/2023 267.22 -0.04%
9/14/2023 268.83 0.60%
9/15/2023 269.11 0.10%
9/18/2023 267.07 -0.76%
9/19/2023 266.76 -0.12%
9/20/2023 265.62 -0.43%
9/21/2023 262.12 -1.32%
9/22/2023 264.29 0.83%
9/25/2023 262.67 -0.61%
9/26/2023 260.52 -0.82%
9/27/2023 260.96 0.17%
9/28/2023 260.06 -0.34%
9/29/2023 262.4 0.90%
10/2/2023 262 -0.15%
10/3/2023 258.64 -1.28%
10/4/2023 256.56 -0.80%
10/5/2023 257.05 0.19%
10/6/2023 258.93 0.73%
10/9/2023 258.01 -0.36%
10/10/2023 260.68 1.03%
10/11/2023 263.04 0.91%
10/12/2023 264.26 0.46%
10/13/2023 261.7 -0.97%
10/16/2023 260.54 -0.44%
10/17/2023 261.52 0.38%
10/18/2023 258.59 -1.12%
10/19/2023 256.02 -0.99%
10/20/2023 254.71 -0.51%
10/23/2023 252.58 -0.84%
10/24/2023 252.8 0.09%
10/25/2023 253.1 0.12%
10/26/2023 251.36 -0.69%
10/27/2023 253.85 0.99%
10/30/2023 254.42 0.22%
10/31/2023 252.89 -0.60%
11/1/2023 252.89 0.00%
11/2/2023 256.15 1.29%
11/3/2023 260.38 1.65%
 11/6/2023 264.01 1.39%
11/7/2023 262.93 -0.41%
11/8/2023 262.82 -0.04%
11/9/2023 262.14 -0.26%
11/10/2023 260.39 -0.67%
11/13/2023 261.82 0.55%
11/14/2023 263.62 0.69%
11/15/2023 268.76 1.95%
11/16/2023 268.39 -0.14%
11/17/2023 267.7 -0.26%
11/20/2023 269.95 0.84%
11/21/2023 270.63 0.25%
11/22/2023 269.36 -0.47%
11/23/2023 270.63 0.47%
11/24/2023 269.23 -0.52%
11/27/2023 268.42 -0.30%
11/28/2023 270.3 0.70%
11/29/2023 269.84 -0.17%
11/30/2023 270.67 0.31%
12/1/2023 270.45 -0.08%
12/4/2023 270 -0.17%
12/5/2023 268.32 -0.62%
12/6/2023 269.23 0.34%
12/7/2023 268.43 -0.30%
12/8/2023 268.78 0.13%
12/11/2023 268.4 -0.14%
12/12/2023 268.92 0.19%
12/13/2023 268.64 -0.10%
12/14/2023 273.18 1.69%
12/15/2023 275.06 0.69%
12/18/2023 274.09 -0.35%
12/19/2023 274.46 0.13%
12/20/2023 272.72 -0.63%
12/21/2023 273.62 0.33%
12/22/2023 272.38 -0.45%
12/25/2023 272.5 0.04%
12/26/2023 273.88 0.51%
12/27/2023 276.49 0.95%
12/28/2023 279.58 1.12%
12/29/2023 280.09 0.18%
1/1/2024 280.45 0.13%
 1/2/2024 278.12 -0.83%
1/3/2024 275.66 -0.88%
1/4/2024 276.35 0.25%
1/5/2024 276.12 -0.08%
1/8/2024 274.74 -0.50%
1/9/2024 273.95 -0.29%
1/10/2024 273.37 -0.21%
1/11/2024 274.96 0.58%
1/12/2024 275.6 0.23%
1/15/2024 275.55 -0.02%
1/16/2024 271.96 -1.30%
1/17/2024 266.71 -1.93%
1/18/2024 267.09 0.14%
1/19/2024 269.14 0.77%
1/22/2024 267.35 -0.67%
1/23/2024 268.06 0.27%
1/24/2024 271.92 1.44%
1/25/2024 273.65 0.64%
1/26/2024 272.8 -0.31%
1/29/2024 273.84 0.38%
1/30/2024 271.08 -1.01%
1/31/2024 270.26 -0.30%
2/1/2024 271.18 0.34%
2/2/2024 271.36 0.07%
2/5/2024 269.99 -0.50%
2/6/2024 275.04 1.87%
2/7/2024 275.66 0.23%
2/8/2024 274.5 -0.42%
2/9/2024 273.78 -0.26%
2/12/2024 273.49 -0.11%
2/13/2024 273.26 -0.08%
2/14/2024 274.52 0.46%
2/15/2024 277.24 0.99%
2/16/2024 279.36 0.76%
2/19/2024 279.29 -0.03%
2/20/2024 280.32 0.37%
2/21/2024 280.67 0.12%
2/22/2024 282.97 0.82%
2/23/2024 282.69 -0.10%
2/26/2024 282.06 -0.22%
2/27/2024 283.41 0.48%
2/28/2024 280.09 -1.17%
2/29/2024 281.25 0.41%
3/1/2024 282.53 0.46%
3/4/2024 283.43 0.32%
3/5/2024 281.72 -0.60%
3/6/2024 283.2 0.53%
3/7/2024 283.71 0.18%
3/8/2024 284.6 0.31%
3/11/2024 285.17 0.20%
3/12/2024 287.26 0.73%
3/13/2024 285.71 -0.54%
3/14/2024 286.34 0.22%
3/15/2024 283.88 -0.86%
3/18/2024 284.82 0.33%
3/19/2024 282.51 -0.81%
3/20/2024 283.09 0.21%
3/21/2024 286.22 1.11%
3/22/2024 284.14 -0.73%
3/25/2024 283.47 -0.24%
3/26/2024 283.75 0.10%
3/27/2024 283.13 -0.22%
3/28/2024 284.14 0.36%
3/29/2024 284.68 0.19%
4/1/2024 284.88 0.07%
4/2/2024 287.31 0.85%
4/3/2024 286.38 -0.32%
4/4/2024 287.41 0.36%
4/5/2024 287.29 -0.04%
4/8/2024 288.21 0.32%
4/9/2024 290.18 0.68%
4/10/2024 290.59 0.14%
4/11/2024 289.87 -0.25%
4/12/2024 286.72 -1.09%
4/15/2024 283.89 -0.99%
4/16/2024 278.69 -1.83%
4/17/2024 280.21 0.55%
4/18/2024 281.02 0.29%
4/19/2024 277.82 -1.14%
4/22/2024 279.23 0.51%
4/23/2024 281.38 0.77%
4/24/2024 284.66 1.17%
4/25/2024 283.96 -0.25%
4/26/2024 287.24 1.16%
4/29/2024 290.11 1.00%
4/30/2024 288.71 -0.48%
5/1/2024 288.62 -0.03%
5/2/2024 290.66 0.71%
5/3/2024 292.85 0.75%
5/6/2024 294.23 0.47%
5/7/2024 293.47 -0.26%
5/8/2024 292.92 -0.19%
5/9/2024 292.31 -0.21%
5/10/2024 294.28 0.67%
5/13/2024 295.85 0.53%
5/14/2024 296.77 0.31%
5/15/2024 298.22 0.49%
5/16/2024 301.06 0.95%
5/17/2024 302.56 0.50%
5/20/2024 302.94 0.13%
5/21/2024 301.33 -0.53%
5/22/2024 301.77 0.15%
5/23/2024 300.47 -0.43%
5/24/2024 299.11 -0.45%
5/27/2024 300.54 0.48%
5/28/2024 299.63 -0.30%
5/29/2024 296.22 -1.14%
5/30/2024 293.13 -1.04%
5/31/2024 291.24 -0.64%
6/3/2024 295.94 1.61%
6/4/2024 290.33 -1.90%
6/5/2024 292.82 0.86%
6/6/2024 295.66 0.97%
6/7/2024 295.47 -0.06%
6/10/2024 295.45 -0.01%
6/11/2024 294.31 -0.39%
6/12/2024 294.97 0.22%
6/13/2024 296.44 0.50%
6/14/2024 297.02 0.20%
6/17/2024 296.55 -0.16%
6/18/2024 298.47 0.65%
6/19/2024 301.07 0.87%
6/20/2024 301.24 0.06%
6/21/2024 299.6 -0.54%
6/24/2024 298.68 -0.31%
6/25/2024 298.75 0.02%
6/26/2024 298.88 0.04%
6/27/2024 297.45 -0.48%
6/28/2024 298.63 0.40%
 : Those of you who have followed my attempts to estimate the relative equity market volatility know that I have struggled with getting
ns on emerging market sovereign bonds, and have used the coefficient of varation in yields to make that estimate. I have finally
imate with a return on an emerging market governemnt bond ETF from iShares. The standard deviations are now computed
merigng equities and emerigng government bonds. (Using the old yield coefficient of variation approach would have yielded a ratio
mputation.)

uity/sp-emerging-bmi/#overview
 have struggled with getting
stimate. I have finally
are now computed
would have yielded a ratio
 Data
Region Average of Adj. Default SpreaAverage of Country Risk Premi
Africa 6.05% 7.86%
Asia 3.64% 4.73%
Australia & New Zealand 1.41% 1.83%
Caribbean 3.58% 4.65%
Central and South America 5.43% 7.05%
Eastern Europe & Russia 3.61% 4.69%
Middle East 3.27% 4.24%
North America 0.00% 0.00%
Western Europe 0.88% 1.14%
Total Result 3.73% 4.84%
Average of Equity Risk Premi Average of Corporate Tax Rate
11.98% 26.82%
8.85% 24.51%
5.95% 29.25%
8.77% 17.76%
11.17% 28.37%
8.81% 16.11%
8.36% 13.46%
4.12% 25.75%
5.26% 19.52%
8.96% 21.74%
Country GDP (in billions) Moody's rating Adj. Default Spread
Angola 84722.96 B3 6.12%
Benin 19673.28 B1 4.24%
Botswana 19395.77 A3 1.13%
Burkina Faso 20324.62 Caa1 7.06%
Cameroon 47945.51 Caa1 7.06%
Cape Verde 1936.00 B3 6.12%
Congo (Democratic Republic 66383.29 B3 6.12%
Congo (Republic of) 15321.06 Caa2 8.47%
Côte d'Ivoire 78788.83 Ba2 2.83%
Egypt 395926.08 Caa1 7.06%
Ethiopia 163697.93 Caa2 8.47%
Gabon 20516.13 Caa2 8.47%
Ghana 76370.39 Caa3 9.41%
Kenya 107440.58 B3 6.12%
Mali 20904.90 Caa2 8.47%
Mauritius 14397.13 Baa3 2.07%
Morocco 141109.37 Ba1 2.36%
Mozambique 20624.60 Caa2 8.47%
Namibia 12351.02 B1 4.24%
Niger 16819.17 Caa3 9.41%
Nigeria 362814.95 Caa1 7.06%
Rwanda 14097.77 B2 5.18%
Senegal 31013.99 Ba3 3.38%
South Africa 377781.60 Ba2 2.83%
Swaziland 4597.86 B3 6.12%
Tanzania 79158.29 B1 4.24%
Togo 9171.26 B3 6.12%
Tunisia 48529.60 Caa2 8.47%
Uganda 49272.88 B3 6.12%
Zambia 28162.63 Caa2 8.47%
Africa 2349249.43 5.83%
Bangladesh 437415.33 B1 4.24%
Cambodia 31772.76 B2 5.18%
China 17794781.99 A1 0.66%
Fiji 5494.80 B1 4.24%
Hong Kong 382054.57 Aa3 0.56%
India 3549918.92 Baa3 2.07%
Indonesia 1371171.15 Baa2 1.79%
Japan 4212945.16 A1 0.66%
Korea 1712792.85 Aa2 0.46%
Laos 15843.16 Caa3 9.41%
Macao 47061.84 Aa3 0.56%
Malaysia 399648.83 A3 1.13%
Maldives 6600.00 Caa1 7.06%
Mongolia 19872.18 B3 6.12%
Pakistan 338368.46 Caa3 9.41%
Papua New Guinea 30932.50 B2 5.18%
Philippines 437146.37 Baa2 1.79%
Singapore 501427.50 Aaa 0.00%
Solomon Islands 1631.29 Caa1 7.06%
Sri Lanka 84356.86 Ca 11.29%
Taiwan 791610.00 Aa3 0.56%
Thailand 514944.99 Baa1 1.50%
Vietnam 429716.97 Ba2 2.83%
Asia 33117508.4768224 1.08%
Australia 1723827.22 Aaa 0.00%
Cook Islands 1414.00 B1 4.24%
New Zealand 253465.70 Aaa 0.00%
Australia & New Zealand 1978706.91856685 0.00%
Aruba 3544.71 Baa3 2.07%
Bahamas 11210.00 B1 4.24%
Barbados 6393.56 B3 6.12%
Bermuda 7827.98 A2 0.80%
Cayman Islands 6600.84 Aa3 0.56%
Cuba 107351.00 Ca 11.29%
Curacao 3073.84 Baa3 2.07%
Dominican Republic 121444.28 Ba3 3.38%
Jamaica 19423.36 B1 4.24%
Montserrat 16199.00 Baa3 2.07%
St. Maarten 11900.00 Ba2 2.83%
St. Vincent & the Grenadines 8100.00 B3 6.12%
Trinidad and Tobago 28139.94 Ba2 2.83%
Turks and Caicos Islands 1402.05 Baa1 1.50%
Caribbean 352610.570167047 5.71%
Argentina 640591.41 Ca 11.29%
Belize 3281.50 Caa2 8.47%
Bolivia 45849.83 Caa3 9.41%
Brazil 2173665.66 Ba2 2.83%
Chile 335533.33 A2 0.80%
Colombia 363540.16 Baa2 1.79%
Costa Rica 86497.94 B1 4.24%
Ecuador 118844.83 Caa3 9.41%
El Salvador 34015.62 Caa1 7.06%
Guatemala 102050.47 Ba1 2.36%
Honduras 34400.51 B1 4.24%
Mexico 1788886.82 Baa2 1.79%
Nicaragua 17829.22 B2 5.18%
Panama 83382.40 Baa3 2.07%
Paraguay 42956.26 Ba1 2.36%
Peru 267603.25 Baa1 1.50%
Suriname 3782.44 Caa3 9.41%
Uruguay 77240.83 Baa1 1.50%
Venezuela 98400.00 C 17.50%
Central and South America 6318352.47597938 3.60%
Albania 22977.68 B1 4.24%
Armenia 24212.13 Ba3 3.38%
Azerbaijan 72356.18 Ba1 2.36%
Belarus 71857.38 C 17.50%
Bosnia and Herzegovina 27054.89 B3 6.12%
Bulgaria 101584.38 Baa1 1.50%
Croatia 82688.84 Baa2 1.79%
Czech Republic 330858.34 Aa3 0.56%
Estonia 40744.85 A1 0.66%
Georgia 30535.53 Ba2 2.83%
Hungary 212388.91 Baa2 1.79%
Kazakhstan 261421.12 Baa2 1.79%
Kyrgyzstan 13987.63 B3 6.12%
Latvia 43627.08 A3 1.13%
Lithuania 77836.40 A2 0.80%
Macedonia 14761.24 Ba3 3.38%
Moldova 16539.44 B3 6.12%
Montenegro 7404.54 B1 4.24%
Poland 811229.10 A2 0.80%
Romania 351002.58 Baa3 2.07%
Russia 2021421.48 NR 2.83%
Serbia 75187.13 Ba2 2.83%
Slovakia 132793.62 A2 0.80%
Slovenia 68216.78 A3 1.13%
Tajikistan 12060.60 B3 6.12%
Ukraine 178757.02 Ca 11.29%
Uzbekistan 90889.15 Ba3 3.38%
Eastern Europe & Russia 5194394.01 2.60%
Abu Dhabi 310000.00 Aa2 0.46%
Bahrain 43205.00 B2 5.18%
Iraq 250842.78 Caa1 7.06%
Israel 509901.50 A2 0.80%
Jordan 50813.64 Ba3 3.38%
Kuwait 11000.00 A1 0.66%
Lebanon 17937.26 C 17.50%
Oman 108192.46 Ba1 2.36%
Qatar 235770.40 Aa2 0.46%
Ras Al Khaimah (Emirate of) 11000.00 A3 1.13%
Saudi Arabia 1067582.93 A1 0.66%
Sharjah 24800.00 Ba1 2.36%
United Arab Emirates 504173.45 Aa2 0.46%
Middle East 3145219.42 1.40%
Canada 2140085.57 Aaa 0.00%
United States 27360935.00 Aaa 0.00%
North America 29501020.5677915 0.00%
Andorra (Principality of) 3352.00 Baa1 1.50%
Austria 516034.14 Aa1 0.38%
Belgium 632216.58 Aa3 0.56%
Cyprus 32229.62 Baa2 1.79%
Denmark 404198.76 Aaa 0.00%
Finland 300187.20 Aa1 0.38%
France 3030904.09 Aa2 0.46%
Germany 4456081.02 Aaa 0.00%
Greece 238206.31 Ba1 2.36%
Guernsey (States of) 3446.00 A1 0.66%
Iceland 31020.03 A2 0.80%
Ireland 545629.45 Aa3 0.56%
Isle of Man 0.00 Aa3 0.56%
Italy 2254851.21 Baa3 2.07%
Jersey (States of) 4890.00 Aa3 0.56%
Liechtenstein 7364.65 Aaa 0.00%
Luxembourg 85755.01 Aaa 0.00%
Malta 20957.00 A2 0.80%
Netherlands 1118124.75 Aaa 0.00%
Norway 485513.32 Aaa 0.00%
Portugal 287080.01 A3 1.13%
Spain 1580694.71 Baa1 1.50%
Sweden 593267.70 Aaa 0.00%
Switzerland 884940.40 Aaa 0.00%
Turkey 1108022.37 B3 6.12%
United Kingdom 3340032.38 Aa3 0.56%
Western Europe 21964998.7285221 0.87%

Region Weighted Average: ERP Weighted Average: CRP

Weighted Average: Default Spreads
Africa 11.68% 7.57% 5.83%
Asia 5.51% 1.40% 1.08%
Australia & New Zealand 4.11% 0.00% 0.00%
Caribbean 11.52% 7.41% 5.71%
Central and South America 8.78% 4.67% 3.60%
Eastern Europe & Russia 7.49% 3.37% 2.60%
Middle East 5.93% 1.82% 1.40%
North America 4.11% 0.00% 0.00%
Western Europe 5.24% 1.13% 0.87%
Global 5.50% 1.39% 1.07%

For updating industry average spreadsheets

ERP Default Spread Tax rate
Africa & Mid East 8.39% 3.30% 22.57%
Australia, NZ & Canada 4.11% 0.00% 28.06%
Latin America & Caribbean 8.92% 3.70% 31.22%
Japan 4.97% 0.66% 30.62%
US 4.11% 0.00% 25.00%
Europe 5.24% 0.87% 24.78%
Emerging Markets 6.62% 1.93% 24.87%
Small Asia (No India, China & J 6.48% 1.82% 22.77%
India 6.79% 2.07% 30.00%
China 4.97% 0.66% 25.00%
Global 5.50% 1.07% 25.25%

For other regional groupings

ERP Default Spread Tax rate
EMEA 5.87% 1.35% 24.33%
Equity Risk Premium Country Risk Premium Corporate Tax Rate
12.05% 7.94% 25.00%
9.61% 5.50% 30.00%
5.57% 1.46% 22.00%
13.27% 9.16% 28.00%
13.27% 9.16% 33.00%
12.05% 7.94% 0.00%
12.05% 7.94% 30.00%
15.11% 11.00% 28.00%
7.78% 3.67% 25.00%
13.27% 9.16% 22.50%
15.11% 11.00% 30.00%
15.11% 11.00% 30.00%
16.33% 12.22% 25.00%
12.05% 7.94% 30.00%
15.11% 11.00% 26.86%
6.79% 2.68% 15.00%
7.17% 3.06% 32.00%
15.11% 11.00% 32.00%
9.61% 5.50% 32.00%
16.33% 12.22% 26.86%
13.27% 9.16% 30.00%
10.83% 6.72% 30.00%
8.50% 4.39% 30.00%
7.78% 3.67% 27.00%
12.05% 7.94% 27.50%
9.61% 5.50% 30.00%
12.05% 7.94% 26.86%
15.11% 11.00% 15.00%
12.05% 7.94% 30.00%
15.11% 11.00% 35.00%
11.68% 7.57% 27.42%
9.61% 5.50% 30.00%
10.83% 6.72% 20.00%
4.97% 0.86% 25.00%
9.61% 5.50% 20.00%
4.84% 0.73% 16.50%
6.79% 2.68% 30.00%
6.44% 2.33% 22.00%
4.97% 0.86% 30.62%
4.71% 0.60% 25.00%
 16.33% 12.22% 26.86%
4.84% 0.73% 26.86%
5.57% 1.46% 24.00%
13.27% 9.16% 26.86%
12.05% 7.94% 25.00%
16.33% 12.22% 29.00%
10.83% 6.72% 30.00%
6.44% 2.33% 25.00%
4.11% 0.00% 17.00%
13.27% 9.16% 30.00%
18.77% 14.66% 24.00%
4.84% 0.73% 20.00%
6.06% 1.95% 20.00%
7.78% 3.67% 20.00%
5.51% 1.40% 25.74%
4.11% 0.00% 30.00%
9.61% 5.50% 29.74%
4.11% 0.00% 28.00%
4.11% 0.00% 29.74%
6.79% 2.68% 25.00%
9.61% 5.50% 0.00%
12.05% 7.94% 5.50%
5.14% 1.03% 0.00%
4.84% 0.73% 0.00%
18.77% 14.66% 28.53%
6.79% 2.68% 22.00%
8.50% 4.39% 27.00%
9.61% 5.50% 25.00%
6.79% 2.68% 28.53%
7.78% 3.67% 28.53%
12.05% 7.94% 28.53%
7.78% 3.67% 30.00%
6.06% 1.95% 0.00%
11.52% 7.41% 25.23%
18.77% 14.66% 35.00%
15.11% 11.00% 28.53%
16.33% 12.22% 25.00%
7.78% 3.67% 34.00%
5.14% 1.03% 27.00%
6.44% 2.33% 35.00%
9.61% 5.50% 30.00%
 16.33% 12.22% 25.00%
13.27% 9.16% 30.00%
7.17% 3.06% 25.00%
9.61% 5.50% 25.00%
6.44% 2.33% 30.00%
10.83% 6.72% 30.00%
6.79% 2.68% 25.00%
7.17% 3.06% 10.00%
6.06% 1.95% 29.50%
16.33% 12.22% 36.00%
6.06% 1.95% 25.00%
26.83% 22.72% 34.00%
8.78% 4.67% 31.55%
9.61% 5.50% 15.00%
8.50% 4.39% 18.00%
7.17% 3.06% 20.00%
26.83% 22.72% 18.00%
12.05% 7.94% 10.00%
6.06% 1.95% 10.00%
6.44% 2.33% 18.00%
4.84% 0.73% 19.00%
4.97% 0.86% 20.00%
7.78% 3.67% 15.00%
6.44% 2.33% 9.00%
6.44% 2.33% 20.00%
12.05% 7.94% 10.00%
5.57% 1.46% 20.00%
5.14% 1.03% 15.00%
8.50% 4.39% 10.00%
12.05% 7.94% 12.00%
9.61% 5.50% 15.00%
5.14% 1.03% 19.00%
6.79% 2.68% 16.00%
7.79% 3.67% 20.00%
7.78% 3.67% 15.00%
5.14% 1.03% 21.00%
5.57% 1.46% 19.00%
12.05% 7.94% 18.00%
18.77% 14.66% 18.00%
8.50% 4.39% 15.00%
7.49% 3.37% 18.31%
 4.71% 0.60% 15.00%
10.83% 6.72% 0.00%
13.27% 9.16% 15.00%
5.14% 1.03% 23.00%
8.50% 4.39% 20.00%
4.97% 0.86% 15.00%
26.83% 22.72% 17.00%
7.17% 3.06% 15.00%
4.71% 0.60% 10.00%
5.57% 1.46% 0.00%
4.97% 0.86% 20.00%
7.17% 3.06% 0.00%
4.71% 0.60% 25.00%
5.93% 1.82% 18.94%
4.11% 0.00% 26.50%
4.11% 0.00% 25.00%
4.11% 0.00% 25.11%
6.06% 1.95% 18.98%
4.60% 0.49% 24.00%
4.84% 0.73% 25.00%
6.44% 2.33% 12.50%
4.11% 0.00% 22.00%
4.60% 0.49% 20.00%
4.71% 0.60% 25.00%
4.11% 0.00% 30.00%
7.17% 3.06% 22.00%
4.97% 0.86% 0.00%
5.14% 1.03% 20.00%
4.84% 0.73% 12.50%
4.84% 0.73% 0.00%
6.79% 2.68% 24.00%
4.84% 0.73% 0.00%
4.11% 0.00% 12.50%
4.11% 0.00% 24.94%
5.14% 1.03% 35.00%
4.11% 0.00% 25.80%
4.11% 0.00% 22.00%
5.57% 1.46% 21.00%
6.06% 1.95% 25.00%
4.11% 0.00% 20.60%
4.11% 0.00% 14.60%
 12.05% 7.94% 25.00%
4.84% 0.73% 25.00%
5.24% 1.13% 24.78%

Tax Rate Total GDP Weight

27.42% 2349249.42676256 2.26%
25.74% 33117508.4768224 31.87%
29.74% 1978706.91856685 1.90%
25.23% 352610.570167047 0.34%
31.55% 6318352.47597938 6.08%
18.31% 5194394.01226636 5.00%
18.94% 3145219.42249837 3.03%
25.11% 29501020.5677915 28.39%
24.78% 21964998.7285221 21.14%
25.25% 103922060.599376
Region GDP Weight Weight*Default Spread
Africa 3.61% 0.22%
Africa 0.84% 0.04%
Africa 0.83% 0.01%
Africa 0.87% 0.06%
Africa 2.04% 0.14%
Africa 0.08% 0.01%
Africa 2.83% 0.17%
Africa 0.65% 0.06%
Africa 3.35% 0.09%
Africa 16.85% 1.19%
Africa 6.97% 0.59%
Africa 0.87% 0.07%
Africa 3.25% 0.31%
Africa 4.57% 0.28%
Africa 0.89% 0.08%
Africa 0.61% 0.01%
Africa 6.01% 0.14%
Africa 0.88% 0.07%
Africa 0.53% 0.02%
Africa 0.72% 0.07%
Africa 15.44% 1.09%
Africa 0.60% 0.03%
Africa 1.32% 0.04%
Africa 16.08% 0.46%
Africa 0.20% 0.01%
Africa 3.37% 0.14%
Africa 0.39% 0.02%
Africa 2.07% 0.17%
Africa 2.10% 0.13%
Africa 1.20% 0.10%
100.00%
Asia 1.32% 0.06%
Asia 0.10% 0.00%
Asia 53.73% 0.36%
Asia 0.02% 0.00%
Asia 1.15% 0.01%
Asia 10.72% 0.22%
Asia 4.14% 0.07%
Asia 12.72% 0.08%
Asia 5.17% 0.02%
Asia 0.05% 0.00%
Asia 0.14% 0.00%
Asia 1.21% 0.01%
Asia 0.02% 0.00%
Asia 0.06% 0.00%
Asia 1.02% 0.10%
Asia 0.09% 0.00%
Asia 1.32% 0.02%
Asia 1.51% 0.00%
Asia 0.00% 0.00%
Asia 0.25% 0.03%
Asia 2.39% 0.01%
Asia 1.55% 0.02%
Asia 1.30% 0.04%
100.00%
Australia & New Zealand 87.12% 0.00%
Australia & New Zealand 0.07% 0.00%
Australia & New Zealand 12.81% 0.00%
100.00%
Caribbean 1.01% 0.02%
Caribbean 3.18% 0.13%
Caribbean 1.81% 0.11%
Caribbean 2.22% 0.02%
Caribbean 1.87% 0.01%
Caribbean 30.44% 3.44%
Caribbean 0.87% 0.02%
Caribbean 34.44% 1.17%
Caribbean 5.51% 0.23%
Caribbean 4.59% 0.10%
Caribbean 3.37% 0.10%
Caribbean 2.30% 0.14%
Caribbean 7.98% 0.23%
Caribbean 0.40% 0.01%
100.00%
Central and South America 10.14% 1.14%
Central and South America 0.05% 0.00%
Central and South America 0.73% 0.07%
Central and South America 34.40% 0.97%
Central and South America 5.31% 0.04%
Central and South America 5.75% 0.10%
Central and South America 1.37% 0.06%
Central and South America 1.88% 0.18%
Central and South America 0.54% 0.04%
Central and South America 1.62% 0.04%
Central and South America 0.54% 0.02%
Central and South America 28.31% 0.51%
Central and South America 0.28% 0.01%
Central and South America 1.32% 0.03%
Central and South America 0.68% 0.02%
Central and South America 4.24% 0.06%
Central and South America 0.06% 0.01%
Central and South America 1.22% 0.02%
Central and South America 1.56% 0.27%
100.00%
Eastern Europe & Russia 0.44% 0.02%
Eastern Europe & Russia 0.47% 0.02%
Eastern Europe & Russia 1.39% 0.03%
Eastern Europe & Russia 1.38% 0.24%
Eastern Europe & Russia 0.52% 0.03%
Eastern Europe & Russia 1.96% 0.03%
Eastern Europe & Russia 1.59% 0.03%
Eastern Europe & Russia 6.37% 0.04%
Eastern Europe & Russia 0.78% 0.01%
Eastern Europe & Russia 0.59% 0.02%
Eastern Europe & Russia 4.09% 0.07%
Eastern Europe & Russia 5.03% 0.09%
Eastern Europe & Russia 0.27% 0.02%
Eastern Europe & Russia 0.84% 0.01%
Eastern Europe & Russia 1.50% 0.01%
Eastern Europe & Russia 0.28% 0.01%
Eastern Europe & Russia 0.32% 0.02%
Eastern Europe & Russia 0.14% 0.01%
Eastern Europe & Russia 15.62% 0.12%
Eastern Europe & Russia 6.76% 0.14%
Eastern Europe & Russia 38.92% 1.10%
Eastern Europe & Russia 1.45% 0.04%
Eastern Europe & Russia 2.56% 0.02%
Eastern Europe & Russia 1.31% 0.01%
Eastern Europe & Russia 0.23% 0.01%
Eastern Europe & Russia 3.44% 0.39%
Eastern Europe & Russia 1.75% 0.06%
100.00%
Middle East 9.86% 0.05%
Middle East 1.37% 0.07%
Middle East 7.98% 0.56%
Middle East 16.21% 0.13%
Middle East 1.62% 0.05%
Middle East 0.35% 0.00%
Middle East 0.57% 0.10%
Middle East 3.44% 0.08%
Middle East 7.50% 0.03%
Middle East 0.35% 0.00%
Middle East 33.94% 0.23%
Middle East 0.79% 0.02%
Middle East 16.03% 0.07%
100.00%
North America 7.25% 0.00%
North America 92.75% 0.00%

Western Europe 0.02% 0.00%

Western Europe 2.35% 0.01%
Western Europe 2.88% 0.02%
Western Europe 0.15% 0.00%
Western Europe 1.84% 0.00%
Western Europe 1.37% 0.01%
Western Europe 13.80% 0.06%
Western Europe 20.29% 0.00%
Western Europe 1.08% 0.03%
Western Europe 0.02% 0.00%
Western Europe 0.14% 0.00%
Western Europe 2.48% 0.01%
Western Europe 0.00% 0.00%
Western Europe 10.27% 0.21%
Western Europe 0.02% 0.00%
Western Europe 0.03% 0.00%
Western Europe 0.39% 0.00%
Western Europe 0.10% 0.00%
Western Europe 5.09% 0.00%
Western Europe 2.21% 0.00%
Western Europe 1.31% 0.01%
Western Europe 7.20% 0.11%
Western Europe 2.70% 0.00%
Western Europe 4.03% 0.00%
Western Europe 5.04% 0.31%
Western Europe 15.21% 0.09%
100.00%

Weight *ERP Weight*CRP Weight*Default Spread

0.26% 0.17% 0.13%
1.76% 0.45% 0.34%
0.08% 0.00% 0.00%
0.04% 0.03% 0.02%
0.53% 0.28% 0.22%
0.37% 0.17% 0.13%
0.18% 0.06% 0.04%
1.17% 0.00% 0.00%
1.11% 0.24% 0.18%
Weight*ERP Weight*CRP Weight * Tax Rate
0.43% 0.29% 0.90%
0.08% 0.05% 0.25%
0.05% 0.01% 0.18%
0.11% 0.08% 0.24%
0.27% 0.19% 0.67%
0.01% 0.01% 0.00%
0.34% 0.22% 0.85%
0.10% 0.07% 0.18%
0.26% 0.12% 0.84%
2.24% 1.54% 3.79%
1.05% 0.77% 2.09%
0.13% 0.10% 0.26%
0.53% 0.40% 0.81%
0.55% 0.36% 1.37%
0.13% 0.10% 0.24%
0.04% 0.02% 0.09%
0.43% 0.18% 1.92%
0.13% 0.10% 0.28%
0.05% 0.03% 0.17%
0.12% 0.09% 0.19%
2.05% 1.41% 4.63%
0.06% 0.04% 0.18%
0.11% 0.06% 0.40%
1.25% 0.59% 4.34%
0.02% 0.02% 0.05%
0.32% 0.19% 1.01%
0.05% 0.03% 0.10%
0.31% 0.23% 0.31%
0.25% 0.17% 0.63%
0.18% 0.13% 0.42%

0.13% 0.07% 0.40%

0.01% 0.01% 0.02%
2.67% 0.46% 13.43%
0.00% 0.00% 0.00%
0.06% 0.01% 0.19%
0.73% 0.29% 3.22%
0.27% 0.10% 0.91%
0.63% 0.11% 3.90%
0.24% 0.03% 1.29%
0.01% 0.01% 0.01%
0.01% 0.00% 0.04%
0.07% 0.02% 0.29%
0.00% 0.00% 0.01%
0.01% 0.00% 0.02%
0.17% 0.12% 0.30%
0.01% 0.01% 0.03%
0.08% 0.03% 0.33%
0.06% 0.00% 0.26%
0.00% 0.00% 0.00%
0.05% 0.04% 0.06%
0.12% 0.02% 0.48%
0.09% 0.03% 0.31%
0.10% 0.05% 0.26%

3.58% 0.00% 26.14%

0.01% 0.00% 0.02%
0.53% 0.00% 3.59%

0.07% 0.03% 0.25%

0.31% 0.17% 0.00%
0.22% 0.14% 0.10%
0.11% 0.02% 0.00%
0.09% 0.01% 0.00%
5.71% 4.46% 8.69%
0.06% 0.02% 0.19%
2.93% 1.51% 9.30%
0.53% 0.30% 1.38%
0.31% 0.12% 1.31%
0.26% 0.12% 0.96%
0.28% 0.18% 0.66%
0.62% 0.29% 2.39%
0.02% 0.01% 0.00%
7.41%
1.90% 1.49% 3.55%
0.01% 0.01% 0.01%
0.12% 0.09% 0.18%
2.68% 1.26% 11.70%
0.27% 0.05% 1.43%
0.37% 0.13% 2.01%
0.13% 0.08% 0.41%
0.31% 0.23% 0.47%
0.07% 0.05% 0.16%
0.12% 0.05% 0.40%
0.05% 0.03% 0.14%
1.82% 0.66% 8.49%
0.03% 0.02% 0.08%
0.09% 0.04% 0.33%
0.05% 0.02% 0.07%
0.26% 0.08% 1.25%
0.01% 0.01% 0.02%
0.07% 0.02% 0.31%
0.42% 0.35% 0.53%

0.04% 0.02% 0.07%

0.04% 0.02% 0.08%
0.10% 0.04% 0.28%
0.37% 0.31% 0.25%
0.06% 0.04% 0.05%
0.12% 0.04% 0.20%
0.10% 0.04% 0.29%
0.31% 0.05% 1.21%
0.04% 0.01% 0.16%
0.05% 0.02% 0.09%
0.26% 0.10% 0.37%
0.32% 0.12% 1.01%
0.03% 0.02% 0.03%
0.05% 0.01% 0.17%
0.08% 0.02% 0.22%
0.02% 0.01% 0.03%
0.04% 0.03% 0.04%
0.01% 0.01% 0.02%
0.80% 0.16% 2.97%
0.46% 0.18% 1.08%
3.03% 1.43% 7.78%
0.11% 0.05% 0.22%
0.13% 0.03% 0.54%
0.07% 0.02% 0.25%
0.03% 0.02% 0.04%
0.65% 0.50% 0.62%
0.15% 0.08% 0.26%
0.46% 0.06% 1.48%
0.15% 0.09% 0.00%
1.06% 0.73% 1.20%
0.83% 0.17% 3.73%
0.14% 0.07% 0.32%
0.02% 0.00% 0.05%
0.15% 0.13% 0.10%
0.25% 0.11% 0.52%
0.35% 0.05% 0.75%
0.02% 0.01% 0.00%
1.69% 0.29% 6.79%
0.06% 0.02% 0.00%
0.76% 0.10% 4.01%

0.30% 0.00% 1.92%

3.81% 0.00% 23.19%

0.00% 0.00% 0.00%

0.11% 0.01% 0.56%
0.14% 0.02% 0.72%
0.01% 0.00% 0.02%
0.08% 0.00% 0.40%
0.06% 0.01% 0.27%
0.65% 0.08% 3.45%
0.83% 0.00% 6.09%
0.08% 0.03% 0.24%
0.00% 0.00% 0.00%
0.01% 0.00% 0.03%
0.12% 0.02% 0.31%
0.00% 0.00% 0.00%
0.70% 0.28% 2.46%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.02% 0.00% 0.10%
0.00% 0.00% 0.03%
0.21% 0.00% 1.31%
0.09% 0.00% 0.49%
0.07% 0.02% 0.27%
0.44% 0.14% 1.80%
0.11% 0.00% 0.56%
0.17% 0.00% 0.59%
 0.61% 0.40% 1.26%
0.74% 0.11% 3.80%

Weight* Tax Rate

0.62%
8.20%
0.57%
0.09%
1.92%
0.92%
0.57%
7.13%
5.24%
Country GDP (in millions) in 2023 Moody's rating Sovereign CDS
Abu Dhabi 310000.00 Aa2 0.73%
Albania 22977.68 B1 NA
Andorra (Principality of) 3352.00 Baa1 NA
Angola 84722.96 B3 6.78%
Argentina 640591.41 Ca NA
Armenia 24212.13 Ba3 NA
Aruba 3544.71 Baa3 NA
Australia 1723827.22 Aaa 0.19%
Austria 516034.14 Aa1 0.23%
Azerbaijan 72356.18 Ba1 NA
Bahamas 11210.00 B1 NA
Bahrain 43205.00 B2 2.40%
Bangladesh 437415.33 B1 NA
Barbados 6393.56 B3 NA
Belarus 71857.38 C NA
Belgium 632216.58 Aa3 0.28%
Belize 3281.50 Caa2 NA
Benin 19673.28 B1 NA
Bermuda 7827.98 A2 NA
Bolivia 45849.83 Caa3 NA
Bosnia and Herzegovina 27054.89 B3 NA
Botswana 19395.77 A3 NA
Brazil 2173665.66 Ba2 2.57%
Bulgaria 101584.38 Baa1 1.27%
Burkina Faso 20324.62 Caa1 NA
Cambodia 31772.76 B2 NA
Cameroon 47945.51 Caa1 7.46%
Canada 2140085.57 Aaa 0.38%
Cape Verde 1936.00 B3 NA
Cayman Islands 6600.84 Aa3 NA
Chile 335533.33 A2 1.03%
China 17794781.99 A1 1.05%
Colombia 363540.16 Baa2 3.10%
Congo (Democratic Republi 66383.29 B3 NA
Congo (Republic of) 15321.06 Caa2 NA
Cook Islands 1414.00 B1 NA
Costa Rica 86497.94 B1 2.29%
Côte d'Ivoire 78788.83 Ba2 NA
Croatia 82688.84 Baa2 1.24%
Cuba 107351.00 Ca NA
Curacao 3073.84 Baa3 NA
Cyprus 32229.62 Baa2 0.93%
Czech Republic 330858.34 Aa3 0.46%
Denmark 404198.76 Aaa 0.17%
Dominican Republic 121444.28 Ba3 NA
Ecuador 118844.83 Caa3 21.97%
Egypt 395926.08 Caa1 6.70%
El Salvador 34015.62 Caa1 7.50%
Estonia 40744.85 A1 0.77%
Ethiopia 163697.93 Caa2 31.59%
Fiji 5494.80 B1 NA
Finland 300187.20 Aa1 0.29%
France 3030904.09 Aa2 0.51%
Gabon 20516.13 Caa2 NA
Georgia 30535.53 Ba2 NA
Germany 4456081.02 Aaa 0.20%
Ghana 76370.39 Caa3 NA
Greece 238206.31 Ba1 1.31%
Guatemala 102050.47 Ba1 NA
Guernsey (States of) 3446.00 A1 NA
Honduras 34400.51 B1 NA
Hong Kong 382054.57 Aa3 0.53%
Hungary 212388.91 Baa2 1.67%
Iceland 31020.03 A2 0.60%
India 3549918.92 Baa3 0.83%
Indonesia 1371171.15 Baa2 1.28%
Iraq 250842.78 Caa1 3.95%
Ireland 545629.45 Aa3 0.31%
Isle of Man 0.00 Aa3 NA
Israel 509901.50 A2 1.73%
Italy 2254851.21 Baa3 1.29%
Jamaica 19423.36 B1 NA
Japan 4212945.16 A1 0.35%
Jersey (States of) 4890.00 Aa3 NA
Jordan 50813.64 Ba3 NA
Kazakhstan 261421.12 Baa2 1.37%
Kenya 107440.58 B3 5.42%
Korea 1712792.85 Aa2 0.45%
Kuwait 11000.00 A1 0.83%
Kyrgyzstan 13987.63 B3 NA
Laos 15843.16 Caa3 NA
Latvia 43627.08 A3 0.86%
Lebanon 17937.26 C NA
Liechtenstein 7364.65 Aaa NA
Lithuania 77836.40 A2 0.87%
Luxembourg 85755.01 Aaa NA
Macao 47061.84 Aa3 NA
Macedonia 14761.24 Ba3 NA
Malaysia 399648.83 A3 0.81%
Maldives 6600.00 Caa1 NA
Mali 20904.90 Caa2 NA
Malta 20957.00 A2 NA
Mauritius 14397.13 Baa3 NA
Mexico 1788886.82 Baa2 1.76%
Moldova 16539.44 B3 NA
Mongolia 19872.18 B3 NA
Montenegro 7404.54 B1 NA
Montserrat 16199.00 Baa3 NA
Morocco 141109.37 Ba1 1.35%
Mozambique 20624.60 Caa2 NA
Namibia 12351.02 B1 NA
Netherlands 1118124.75 Aaa 0.19%
New Zealand 253465.70 Aaa 0.21%
Nicaragua 17829.22 B2 6.24%
Niger 16819.17 Caa3 NA
Nigeria 362814.95 Caa1 6.34%
Norway 485513.32 Aaa 0.17%
Oman 108192.46 Ba1 1.49%
Pakistan 338368.46 Caa3 16.78%
Panama 83382.40 Baa3 2.61%
Papua New Guinea 30932.50 B2 NA
Paraguay 42956.26 Ba1 NA
Peru 267603.25 Baa1 1.28%
Philippines 437146.37 Baa2 1.22%
Poland 811229.10 A2 1.01%
Portugal 287080.01 A3 0.66%
Qatar 235770.40 Aa2 0.71%
Ras Al Khaimah (Emirate o 11000.00 A3 NA
Romania 351002.58 Baa3 1.98%
Russia 2021421.48 #N/A NA
Rwanda 14097.77 B2 NA
Saudi Arabia 1067582.93 A1 0.82%
Senegal 31013.99 Ba3 5.36%
Serbia 75187.13 Ba2 2.33%
Sharjah 24800.00 Ba1 NA
Singapore 501427.50 Aaa NA
Slovakia 132793.62 A2 0.48%
Slovenia 68216.78 A3 0.61%
Solomon Islands 1631.29 Caa1 NA
South Africa 377781.60 Ba2 3.17%
Spain 1580694.71 Baa1 0.68%
Sri Lanka 84356.86 Ca NA
St. Maarten 11900.00 Ba2 NA
St. Vincent & the Grenadin 8100.00 B3 NA
Suriname 3782.44 Caa3 NA
Swaziland 4597.86 B3 NA
Sweden 593267.70 Aaa 0.20%
Switzerland 884940.40 Aaa 0.08%
Taiwan 791610.00 Aa3 NA
Tajikistan 12060.60 B3 NA
Tanzania 79158.29 B1 NA
Thailand 514944.99 Baa1 0.69%
Togo 9171.26 B3 NA
Trinidad and Tobago 28139.94 Ba2 NA
Tunisia 48529.60 Caa2 7.89%
Turkey 1108022.37 B3 3.77%
Turks and Caicos Islands 1402.05 Baa1 NA
Uganda 49272.88 B3 NA
Ukraine 178757.02 Ca NA
United Arab Emirates 504173.45 Aa2 NA
United Kingdom 3340032.38 Aa3 0.42%
United States 27360935.00 Aaa 0.46%
Uruguay 77240.83 Baa1 1.08%
Uzbekistan 90889.15 Ba3 NA
Venezuela 98400.00 C 10.29%
Vietnam 429716.97 Ba2 1.76%
Zambia 28162.63 Caa2 NA
Adj. Default Spread Equity Risk PremiumCountry Risk Premium Corporate Tax Rate
0.46% 4.72% 0.60% 15.00%
4.24% 9.62% 5.50% 15.00%
1.50% 6.07% 1.95% 18.98%
6.12% 12.06% 7.94% 25.00%
11.29% 18.78% 14.66% 35.00%
3.38% 8.51% 4.39% 18.00%
2.07% 6.80% 2.68% 25.00%
0.00% 4.12% 0.00% 30.00%
0.38% 4.61% 0.49% 24.00%
2.36% 7.18% 3.06% 20.00%
4.24% 9.62% 5.50% 0.00%
5.18% 10.84% 6.72% 0.00%
4.24% 9.62% 5.50% 30.00%
6.12% 12.06% 7.94% 5.50%
17.50% 26.84% 22.72% 18.00%
0.56% 4.85% 0.73% 25.00%
8.47% 15.12% 11.00% 28.53%
4.24% 9.62% 5.50% 30.00%
0.80% 5.15% 1.03% 0.00%
9.41% 16.34% 12.22% 25.00%
6.12% 12.06% 7.94% 10.00%
1.13% 5.58% 1.46% 22.00%
2.83% 7.79% 3.67% 34.00%
1.50% 6.07% 1.95% 10.00%
7.06% 13.28% 9.16% 28.00%
5.18% 10.84% 6.72% 20.00%
7.06% 13.28% 9.16% 33.00%
0.00% 4.12% 0.00% 26.50%
6.12% 12.06% 7.94% 0.00%
0.56% 4.85% 0.73% 0.00%
0.80% 5.15% 1.03% 27.00%
0.66% 4.98% 0.86% 25.00%
1.79% 6.45% 2.33% 35.00%
6.12% 12.06% 7.94% 30.00%
8.47% 15.12% 11.00% 28.00%
4.24% 9.62% 5.50% 29.74%
4.24% 9.62% 5.50% 30.00%
2.83% 7.79% 3.67% 25.00%
1.79% 6.45% 2.33% 18.00%
11.29% 18.78% 14.66% 28.53%
2.07% 6.80% 2.68% 22.00%
1.79% 6.45% 2.33% 12.50%
0.56% 4.85% 0.73% 19.00%
0.00% 4.12% 0.00% 22.00%
3.38% 8.51% 4.39% 27.00%
9.41% 16.34% 12.22% 25.00%
7.06% 13.28% 9.16% 22.50%
7.06% 13.28% 9.16% 30.00%
0.66% 4.98% 0.86% 20.00%
8.47% 15.12% 11.00% 30.00%
4.24% 9.62% 5.50% 20.00%
0.38% 4.61% 0.49% 20.00%
0.46% 4.72% 0.60% 25.00%
8.47% 15.12% 11.00% 30.00%
2.83% 7.79% 3.67% 15.00%
0.00% 4.12% 0.00% 30.00%
9.41% 16.34% 12.22% 25.00%
2.36% 7.18% 3.06% 22.00%
2.36% 7.18% 3.06% 25.00%
0.66% 4.98% 0.86% 0.00%
4.24% 9.62% 5.50% 25.00%
0.56% 4.85% 0.73% 16.50%
1.79% 6.45% 2.33% 9.00%
0.80% 5.15% 1.03% 20.00%
2.07% 6.80% 2.68% 30.00%
1.79% 6.45% 2.33% 22.00%
7.06% 13.28% 9.16% 15.00%
0.56% 4.85% 0.73% 12.50%
0.56% 4.85% 0.73% 0.00%
0.80% 5.15% 1.03% 23.00%
2.07% 6.80% 2.68% 24.00%
4.24% 9.62% 5.50% 25.00%
0.66% 4.98% 0.86% 30.62%
0.56% 4.85% 0.73% 0.00%
3.38% 8.51% 4.39% 20.00%
1.79% 6.45% 2.33% 20.00%
6.12% 12.06% 7.94% 30.00%
0.46% 4.72% 0.60% 25.00%
0.66% 4.98% 0.86% 15.00%
6.12% 12.06% 7.94% 10.00%
9.41% 16.34% 12.22% 26.86%
1.13% 5.58% 1.46% 20.00%
17.50% 26.84% 22.72% 17.00%
0.00% 4.12% 0.00% 12.50%
0.80% 5.15% 1.03% 15.00%
0.00% 4.12% 0.00% 24.94%
0.56% 4.85% 0.73% 26.86%
3.38% 8.51% 4.39% 10.00%
1.13% 5.58% 1.46% 24.00%
7.06% 13.28% 9.16% 26.86%
8.47% 15.12% 11.00% 26.86%
0.80% 5.15% 1.03% 35.00%
2.07% 6.80% 2.68% 15.00%
1.79% 6.45% 2.33% 30.00%
6.12% 12.06% 7.94% 12.00%
6.12% 12.06% 7.94% 25.00%
4.24% 9.62% 5.50% 15.00%
2.07% 6.80% 2.68% 28.53%
2.36% 7.18% 3.06% 32.00%
8.47% 15.12% 11.00% 32.00%
4.24% 9.62% 5.50% 32.00%
0.00% 4.12% 0.00% 25.80%
0.00% 4.12% 0.00% 28.00%
5.18% 10.84% 6.72% 30.00%
9.41% 16.34% 12.22% 26.86%
7.06% 13.28% 9.16% 30.00%
0.00% 4.12% 0.00% 22.00%
2.36% 7.18% 3.06% 15.00%
9.41% 16.34% 12.22% 29.00%
2.07% 6.80% 2.68% 25.00%
5.18% 10.84% 6.72% 30.00%
2.36% 7.18% 3.06% 10.00%
1.50% 6.07% 1.95% 29.50%
1.79% 6.45% 2.33% 25.00%
0.80% 5.15% 1.03% 19.00%
1.13% 5.58% 1.46% 21.00%
0.46% 4.72% 0.60% 10.00%
1.13% 5.58% 1.46% 0.00%
2.07% 6.80% 2.68% 16.00%
2.83% 7.79% 3.67% 20.00%
5.18% 10.84% 6.72% 30.00%
0.66% 4.98% 0.86% 20.00%
3.38% 8.51% 4.39% 30.00%
2.83% 7.79% 3.67% 15.00%
2.36% 7.18% 3.06% 0.00%
0.00% 4.12% 0.00% 17.00%
0.80% 5.15% 1.03% 21.00%
1.13% 5.58% 1.46% 19.00%
7.06% 13.28% 9.16% 30.00%
2.83% 7.79% 3.67% 27.00%
1.50% 6.07% 1.95% 25.00%
11.29% 18.78% 14.66% 24.00%
2.83% 7.79% 3.67% 28.53%
6.12% 12.06% 7.94% 28.53%
9.41% 16.34% 12.22% 36.00%
6.12% 12.06% 7.94% 27.50%
0.00% 4.12% 0.00% 20.60%
0.00% 4.12% 0.00% 14.60%
0.56% 4.85% 0.73% 20.00%
6.12% 12.06% 7.94% 18.00%
4.24% 9.62% 5.50% 30.00%
1.50% 6.07% 1.95% 20.00%
6.12% 12.06% 7.94% 26.86%
2.83% 7.79% 3.67% 30.00%
8.47% 15.12% 11.00% 15.00%
6.12% 12.06% 7.94% 25.00%
1.50% 6.07% 1.95% 0.00%
6.12% 12.06% 7.94% 30.00%
11.29% 18.78% 14.66% 18.00%
0.46% 4.72% 0.60% 25.00%
0.56% 4.85% 0.73% 25.00%
0.00% 4.12% 0.00% 25.00%
1.50% 6.07% 1.95% 25.00%
3.38% 8.51% 4.39% 15.00%
17.50% 26.84% 22.72% 34.00%
2.83% 7.79% 3.67% 20.00%
8.47% 15.12% 11.00% 35.00%
Region
Middle East
Eastern Europe & Russia
Western Europe
Africa
Central and South America
Eastern Europe & Russia
Caribbean
Australia & New Zealand
Western Europe
Eastern Europe & Russia
Caribbean
Middle East
Asia
Caribbean
Eastern Europe & Russia
Western Europe
Central and South America
Africa
Caribbean
Central and South America
Eastern Europe & Russia
Africa
Central and South America
Eastern Europe & Russia
Africa
Asia
Africa
North America
Africa
Caribbean
Central and South America
Asia
Central and South America
Africa
Africa
Australia & New Zealand
Central and South America
Africa
Eastern Europe & Russia
Caribbean
Caribbean
Western Europe
Eastern Europe & Russia
Western Europe
Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Africa
Asia
Western Europe
Western Europe
Africa
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Central and South America
Western Europe
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Middle East
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Western Europe
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Middle East
Western Europe
Eastern Europe & Russia
Western Europe
Asia
Eastern Europe & Russia
Asia
Asia
Africa
Western Europe
Africa
Central and South America
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Caribbean
Africa
Africa
Africa
Western Europe
Australia & New Zealand
Central and South America
Africa
Africa
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Middle East
Middle East
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Middle East
Africa
Eastern Europe & Russia
Middle East
Asia
Eastern Europe & Russia
Eastern Europe & Russia
Asia
Africa
Western Europe
Asia
Caribbean
Caribbean
Central and South America
Africa
Western Europe
Western Europe
Asia
Eastern Europe & Russia
Africa
Asia
Africa
Caribbean
Africa
Western Europe
Caribbean
Africa
Eastern Europe & Russia
Middle East
Western Europe
North America
Central and South America
Eastern Europe & Russia
Central and South America
Asia
Africa
Country S&P Rating Moody's rating
Abu Dhabi AA Aa2
Albania BB- B1
Andorra (Principality of) BBB+ Baa1
Angola B- B3
Argentina CCC Ca
Armenia BB- Ba3
Aruba BBB Baa3
Australia AAA Aaa
Austria AA+ Aa1
Azerbaijan BB+ Ba1
Bahamas B+ B1
Bahrain B+ B2
Bangladesh BB- B1
Barbados B- B3
Belarus NR C
Belgium AA Aa3
Belize B- Caa2
Benin B+ B1
Bermuda A+ A2
Bolivia CCC+ Caa3
Bosnia and Herzegovina B+ B3
Botswana BBB+ A3
Brazil BB Ba2
Bulgaria BBB Baa1
Burkina Faso CCC+ Caa1
Cambodia NR B2
Cameroon B- Caa1
Canada AAA Aaa
Cape Verde B- B3
Cayman Islands NR Aa3
Chile A A2
China A+ A1
Colombia BB+ Baa2
Congo (Democratic Republic o B- B3
Congo (Republic of) B- Caa2
Cook Islands B+ B1
Costa Rica BB- B1
Côte d'Ivoire BB- Ba2
Croatia BBB+ Baa2
Cuba NR Ca
Curacao BBB- Baa3
Cyprus BBB Baa2
Czech Republic AA- Aa3
Denmark AAA Aaa
Dominican Republic BB Ba3
Ecuador B- Caa3
Egypt B- Caa1
El Salvador B- Caa1
Estonia AA- A1
Ethiopia SD Caa2
Fiji B+ B1
Finland AA+ Aa1
France AA Aa2
Gabon NR Caa2
Georgia BB Ba2
Germany AAA Aaa
Ghana SD Caa3
Greece BBB- Ba1
Guatemala BB Ba1
Guernsey (States of) A+ A1
Honduras BB- B1
Hong Kong AA+ Aa3
Hungary BBB- Baa2
Iceland A+ A2
India BBB- Baa3
Indonesia BBB Baa2
Iraq B- Caa1
Ireland AA Aa3
Isle of Man NR Aa3
Israel AA- A2
Italy BBB Baa3
Jamaica BB- B1
Japan A+ A1
Jersey (States of) AA- Aa3
Jordan B+ Ba3
Kazakhstan BBB- Baa2
Kenya B B3
Korea AA Aa2
Kuwait A+ A1
Kyrgyzstan NR B3
Laos NR Caa3
Latvia A+ A3
Lebanon NR C
Liechtenstein AAA Aaa
Lithuania A+ A2
Luxembourg AAA Aaa
Macao NR Aa3
Macedonia BB- Ba3
Malaysia A- A3
Maldives NR Caa1
Mali NR Caa2
Malta A- A2
Mauritius BBB- Baa3
Mexico BBB Baa2
Moldova NR B3
Mongolia B B3
Montenegro B B1
Montserrat BBB- Baa3
Morocco BB+ Ba1
Mozambique CCC+ Caa2
Namibia NR B1
Netherlands AAA Aaa
New Zealand AA+ Aaa
Nicaragua B B2
Niger NR Caa3
Nigeria B- Caa1
Norway AAA Aaa
Oman BB+ Ba1
Pakistan CCC+ Caa3
Panama BBB Baa3
Papua New Guinea B- B2
Paraguay BB+ Ba1
Peru BBB Baa1
Philippines BBB+ Baa2
Poland A- A2
Portugal A- A3
Qatar AA Aa2
Ras Al Khaimah (Emirate of) A- A3
Romania BBB- Baa3
Russia NR #N/A
Rwanda B+ B2
Saudi Arabia A A1
Senegal B+ Ba3
Serbia BB+ Ba2
Sharjah BBB- Ba1
Singapore AAA Aaa
Slovakia A+ A2
Slovenia AA- A3
Solomon Islands NR Caa1
South Africa BB- Ba2
Spain A Baa1
Sri Lanka NR Ca
St. Maarten NA Ba2
St. Vincent & the Grenadines NR B3
Suriname CCC+ Caa3
Swaziland NR B3
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA+ Aa3
Tajikistan B- B3
Tanzania NR B1
Thailand BBB+ Baa1
Togo B B3
Trinidad and Tobago BBB- Ba2
Tunisia NR Caa2
Turkey B B3
Turks and Caicos Islands BBB+ Baa1
Uganda B- B3
Ukraine CC Ca
United Arab Emirates NR Aa2
United Kingdom AA Aa3
United States AA+ Aaa
Uruguay BBB+ Baa1
Uzbekistan BB- Ba3
Venezuela NR C
Vietnam BB+ Ba2
Zambia NR Caa2
 GOVERNMENT BOND RATINGS
In local currency
S&P: These are the S&P sovereign local currency ratings
Moody's: These are the Moody's local currency rating
In red: These are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate the
Moody's equivalent rating for these countries.
S&P Moody's
A A2
A- A3
A+ A1
AA Aa2
AA- Aa3
AA+ Aa1
AAA Aaa
B B2
B- B3
B+ B1
BB Ba2
BB- Ba3
BB+ Ba1
BBB Baa2
BBB- Baa3
BBB+ Baa1
C C2
C- C3
C+ C1
CC Ca2
CC- Ca3
CC+ Ca1
CCC Caa2
CCC- Caa3
CCC+ Caa1
lookup table is used to estimate the
Country Region
Abu Dhabi Middle East
Albania Eastern Europe & Russia
Andorra Western Europe
Angola Africa
Argentina Central and South America
Armenia Eastern Europe & Russia
Aruba Caribbean
Australia Australia & New Zealand
Austria Western Europe
Azerbaijan Eastern Europe & Russia
Bahamas Caribbean
Bahrain Middle East
Bangladesh Asia
Barbados Caribbean
Belarus Eastern Europe & Russia
Belgium Western Europe
Belize Central and South America
Benin Africa
Bermuda Caribbean
Bolivia Central and South America
Bosnia and Herzegovina Eastern Europe & Russia
Botswana Africa
Brazil Central and South America
Bulgaria Eastern Europe & Russia
Burkina Faso Africa
Cambodia Asia
Cameroon Africa
Canada North America
Cape Verde Africa
Cayman Islands Caribbean
Chile Central and South America
China Asia
Colombia Central and South America
Congo (Democratic Republic of) Africa
Congo (Republic of) Africa
Cook Islands Australia & New Zealand
Costa Rica Central and South America
Côte d'Ivoire Africa
Croatia Eastern Europe & Russia
Cuba Caribbean
Curacao Caribbean
Cyprus Western Europe
Czech Republic Eastern Europe & Russia
Democratic Republic of Congo Africa
Denmark Western Europe
Dominican Republic Caribbean
Ecuador Central and South America
Egypt Africa
El Salvador Central and South America
Estonia Eastern Europe & Russia
Ethiopia Africa
Fiji Asia
Finland Western Europe
France Western Europe
Gabon Africa
Georgia Eastern Europe & Russia
Germany Western Europe
Ghana Africa
Greece Western Europe
Guatemala Central and South America
Guernsey (States of) Western Europe
Honduras Central and South America
Hong Kong Asia
Hungary Eastern Europe & Russia
Iceland Western Europe
India Asia
Indonesia Asia
Iraq Middle East
Ireland Western Europe
Isle of Man Western Europe
Israel Middle East
Italy Western Europe
Jamaica Caribbean
Japan Asia
Jersey (States of) Western Europe
Jordan Middle East
Kazakhstan Eastern Europe & Russia
Kenya Africa
Korea Asia
Kuwait Middle East
Kyrgyzstan Eastern Europe & Russia
Laos Asia
Latvia Eastern Europe & Russia
Lebanon Middle East
Liechtenstein Western Europe
Lithuania Eastern Europe & Russia
Luxembourg Western Europe
Macao Asia
Macedonia Eastern Europe & Russia
Malaysia Asia
Maldives Asia
Mali Africa
Malta Western Europe
Mauritius Africa
Mexico Central and South America
Moldova Eastern Europe & Russia
Mongolia Asia
Montenegro Eastern Europe & Russia
Montserrat Caribbean
Morocco Africa
Mozambique Africa
Namibia Africa
Netherlands Western Europe
New Zealand Australia & New Zealand
Nicaragua Central and South America
Niger Africa
Nigeria Africa
Norway Western Europe
Oman Middle East
Pakistan Asia
Panama Central and South America
Papua New Guinea Asia
Paraguay Central and South America
Peru Central and South America
Philippines Asia
Poland Eastern Europe & Russia
Portugal Western Europe
Qatar Middle East
Ras Al Kaminah Middle East
Republic of the Congo Africa
Romania Eastern Europe & Russia
Russia Eastern Europe & Russia
Rwanda Africa
Saudi Arabia Middle East
Senegal Africa
Serbia Eastern Europe & Russia
Sharjah Middle East
Singapore Asia
Slovakia Eastern Europe & Russia
Slovenia Eastern Europe & Russia
Solomon Islands Asia
South Africa Africa
Spain Western Europe
Sri Lanka Asia
St. Maarten Caribbean
St. Vincent & the Grenadines Caribbean
Suriname Central and South America
Swaziland Africa
Sweden Western Europe
Switzerland Western Europe
Taiwan Asia
Tajikistan Eastern Europe & Russia
Tanzania Africa
Thailand Asia
Togo Africa
Trinidad and Tobago Caribbean
Tunisia Africa
Turkey Western Europe
Turkmenistan Eastern Europe & Russia
Turks and Caicos Caribbean
Uganda Africa
Ukraine Eastern Europe & Russia
United Arab Emirates Middle East
United Kingdom Western Europe
United States North America
Uruguay Central and South America
Uzbekistan Eastern Europe & Russia
Venezuela Central and South America
Vietnam Asia
Zambia Africa
 Moody's
Default Spread Updated Default Country 12/31/2023 7/1/2024
Rating (12/31/23) Spread (7/1/24) rating
A1 77 66 Abu Dhabi Aa2 0.75% 0.73%
A2 92 80 Algeria #N/A 1.70% 1.45%
A3 131 113 Angola B3 7.82% 6.78%
Aa1 44 38 Australia Aaa 0.26% 0.19%
Aa2 54 46 Austria Aa1 0.27% 0.23%
Aa3 65 56 Bahrain B2 2.74% 2.40%
Aaa 0 0 Belgium Aa3 0.33% 0.28%
B1 490 424 Brazil Ba2 2.39% 2.57%
B2 599 518 Bulgaria Baa1 1.47% 1.27%
B3 708 612 Cameroon Caa1 9.14% 7.46%
Ba1 273 236 Canada Aaa 0.44% 0.38%
Ba2 328 283 Chile A2 1.15% 1.03%
Ba3 392 338 China A1 0.99% 1.05%
Baa1 174 150 Colombia Baa2 2.74% 3.10%
Baa2 207 179 Costa Rica B1 3.11% 2.29%
Baa3 239 207 Croatia Baa2 1.34% 1.24%
Ca 1307 1129 Cyprus Baa2 1.11% 0.93%
Caa1 817 706 Czech Republic Aa3 0.56% 0.46%
Caa2 981 847 Denmark Aaa 0.24% 0.17%
Caa3 1090 941 Dubai NR 1.10% 0.95%
NR NA NA Ecuador Caa3 NA 21.97%
Egypt Caa1 10.13% 6.70%
El Salvador Caa1 8.40% 7.50%
Estonia A1 0.60% 0.77%
Finland Aa1 0.34% 0.29%
France Aa2 0.43% 0.51%
Germany Aaa 0.29% 0.20%
Greece Ba1 1.28% 1.31%
Guatemala Ba1 2.68% 2.15%
Hong Kong Aa3 0.60% 0.53%
Hungary Baa2 1.95% 1.67%
Iceland A2 0.88% 0.60%
India Baa3 0.99% 0.83%
Indonesia Baa2 1.32% 1.28%
Iraq Caa1 5.14% 3.95%
Ireland Aa3 0.41% 0.31%
Israel A2 1.57% 1.73%
Italy Baa3 1.34% 1.29%
Japan A1 0.43% 0.35%
Kazakhstan Baa2 1.76% 1.37%
Kenya B3 7.04% 5.42%
Korea Aa2 0.37% 0.45%
Kuwait A1 0.83% 0.83%
Latvia A3 0.94% 0.86%
Lithuania A2 0.90% 0.87%
Malaysia A3 0.86% 0.81%
Mexico Baa2 1.68% 1.76%
Morocco Ba1 1.90% 1.35%
Namibia B1 2.10% 1.59%
Netherlands Aaa 0.24% 0.19%
New Zealand Aaa 0.29% 0.21%
Nicaragua B2 4.89% 6.24%
Nigeria Caa1 6.44% 6.34%
Norway Aaa 0.24% 0.17%
Oman Ba1 1.92% 1.49%
Pakistan Caa3 NA 16.78%
Panama Baa3 2.31% 2.61%
Peru Baa1 1.37% 1.28%
Philippines Baa2 1.18% 1.22%
Poland A2 1.06% 1.01%
Portugal A3 0.75% 0.66%
Qatar Aa2 0.83% 0.71%
Romania Baa3 2.31% 1.98%
Russia #N/A NA NA
Rwanda B2 5.53% NA
Saudi Arabia A1 0.85% 0.82%
Senegal Ba3 6.89% 5.36%
Serbia Ba2 2.86% 2.33%
Slovakia A2 0.60% 0.48%
Slovenia A3 0.76% 0.61%
South Africa Ba2 3.16% 3.17%
Spain Baa1 0.78% 0.68%
Sweden Aaa 0.28% 0.20%
Switzerland Aaa 0.22% 0.08%
Thailand Baa1 0.65% 0.69%
Tunisia Caa2 9.78% 7.89%
Turkey B3 3.86% 3.77%
United Kingdom Aa3 0.51% 0.42%
United States Aaa 0.58% 0.46%
Uruguay Baa1 1.14% 1.08%
Vietnam Ba2 1.84% 1.76%
Average #N/A
Median
CDS %
Country 7/1/2024
Change Country 12/31/2023
-2.67% Abu Dhabi 0.73% Abu Dhabi 0.75%
-14.71% Algeria 1.45% Algeria 1.70%
-13.30% Angola 6.78% Angola 7.82%
-26.92% Argentina 23.80% Argentina NA
-14.81% Australia 0.19% Australia 0.26%
-12.41% Austria 0.23% Austria 0.27%
-15.15% Bahrain 2.40% Bahrain 2.74%
7.53% Belgium 0.28% Belgium 0.33%
-13.61% Brazil 2.57% Brazil 2.39%
-18.38% Bulgaria 1.27% Bulgaria 1.47%
-13.64% Cameroon 7.46% Cameroon 9.14%
-10.43% Canada 0.38% Canada 0.44%
6.06% Chile 1.03% Chile 1.15%
13.14% China 1.05% China 0.99%
-26.37% Colombia 3.10% Colombia 2.74%
-7.46% Costa Rica 2.29% Costa Rica 3.11%
-16.22% Croatia 1.24% Croatia 1.34%
-17.86% Cyprus 0.93% Cyprus 1.11%
-29.17% Czech Republi 0.46% Czech Repub 0.56%
-13.64% Denmark 0.17% Denmark 0.24%
NA Dubai 0.95% Dubai 1.10%
-33.86% Ecuador 21.97% Ecuador NA
-10.71% Egypt 6.70% Egypt 10.13%
28.33% El Salvador 7.50% El Salvador 8.40%
-14.71% Estonia 0.77% Estonia 0.60%
18.60% Ethiopia 31.59% Ethiopia 32.31%
-31.03% Finland 0.29% Finland 0.34%
2.34% France 0.51% France 0.43%
-19.78% Gabon 8.94% Gabon 6.85%
-11.67% Germany 0.20% Germany 0.29%
-14.36% Greece 1.31% Greece 1.28%
-31.82% Guatemala 2.15% Guatemala 2.68%
-16.16% Hong Kong 0.53% Hong Kong 0.60%
-3.03% Hungary 1.67% Hungary 1.95%
-23.15% Iceland 0.60% Iceland 0.88%
-24.39% India 0.83% India 0.99%
10.19% Indonesia 1.28% Indonesia 1.32%
-3.73% Iraq 3.95% Iraq 5.14%
-18.60% Ireland 0.31% Ireland 0.41%
-22.16% Israel 1.73% Israel 1.57%
-23.01% Italy 1.29% Italy 1.34%
21.62% Japan 0.35% Japan 0.43%
0.00% Kazakhstan 1.37% Kazakhstan 1.76%
-8.51% Kenya 5.42% Kenya 7.04%
-3.33% Korea 0.45% Korea 0.37%
-5.81% Kuwait 0.83% Kuwait 0.83%
4.76% Latvia 0.86% Latvia 0.94%
-28.95% Lebanon Lebanon NA
-24.29% Lithuania 0.87% Lithuania 0.90%
-20.83% Malaysia 0.81% Malaysia 0.86%
-27.59% Mexico 1.76% Mexico 1.68%
27.61% Mongolia 3.31% Mongolia 4.02%
-1.55% Morocco 1.35% Morocco 1.90%
-29.17% Namibia 1.59% Namibia 2.10%
-22.40% Netherlands 0.19% Netherlands 0.24%
NA New Zealand 0.21% New Zealand 0.29%
12.99% Nicaragua 6.24% Nicaragua 4.89%
-6.57% Nigeria 6.34% Nigeria 6.44%
3.39% Norway 0.17% Norway 0.24%
-4.72% Oman 1.49% Oman 1.92%
-12.00% Pakistan 16.78% Pakistan NA
-14.46% Panama 2.61% Panama 2.31%
-14.29% Peru 1.28% Peru 1.37%
NA Philippines 1.22% Philippines 1.18%
NA Poland 1.01% Poland 1.06%
-3.53% Portugal 0.66% Portugal 0.75%
-22.21% Qatar 0.71% Qatar 0.83%
-18.53% Romania 1.98% Romania 2.31%
-20.00% Russia NA Russia NA
-19.74% Rwanda NA Rwanda 5.53%
0.32% Saudi Arabia 0.82% Saudi Arabia 0.85%
-12.82% Senegal 5.36% Senegal 6.89%
-28.57% Serbia 2.33% Serbia 2.86%
-63.64% Slovakia 0.48% Slovakia 0.60%
6.15% Slovenia 0.61% Slovenia 0.76%
-19.33% South Africa 3.17% South Africa 3.16%
-2.33% Spain 0.68% Spain 0.78%
-17.65% Sri Lanka NA Sri Lanka 59.36%
-20.69% Sweden 0.20% Sweden 0.28%
-5.26% Switzerland 0.08% Switzerland 0.22%
-4.35% Thailand 0.69% Thailand 0.65%
-11.54% Tunisia 7.89% Tunisia 9.78%
-13.64% Turkey 3.77% Turkey 3.86%
Ukraine NA Ukraine NA
United Kingd 0.42% United King 0.51%
United States 0.46% United State 0.58%
Uruguay 1.08% Uruguay 1.14%
Venezuela 10.29% Venezuela 11.25%
Vietnam 1.76% Vietnam 1.84%
Zambia NA Zambia NA
Country Moody's rating CDS Spread (7/1/24)

Abu Dhabi Aa2 0.73%

Albania B1 NA
Andorra (Principality of) Baa1 NA
Angola B3 6.78%
Argentina Ca NA
Armenia Ba3 NA
Aruba Baa3 NA
Australia Aaa 0.19%
Austria Aa1 0.23%
Azerbaijan Ba1 NA
Bahamas B1 NA
Bahrain B2 2.40%
Bangladesh B1 NA
Barbados B3 NA
Belarus C NA
Belgium Aa3 0.28%
Belize Caa2 NA
Benin B1 NA
Bermuda A2 NA
Bolivia Caa3 NA
Bosnia and Herzegovina B3 NA
Botswana A3 NA
Brazil Ba2 2.57%
Bulgaria Baa1 1.27%
Burkina Faso Caa1 NA
Cambodia B2 NA
Cameroon Caa1 7.46%
Canada Aaa 0.38%
Cape Verde B3 NA
Cayman Islands Aa3 NA
Chile A2 1.03%
China A1 1.05%
Colombia Baa2 3.10%
Congo (Democratic Republic o B3 NA
Congo (Republic of) Caa2 NA
Cook Islands B1 NA
Costa Rica B1 2.29%
Côte d'Ivoire Ba2 NA
Croatia Baa2 1.24%
Cuba Ca NA
Curacao Baa3 NA
Cyprus Baa2 0.93%
Czech Republic Aa3 0.46%
Denmark Aaa 0.17%
Dominican Republic Ba3 NA
Ecuador Caa3 21.97%
Egypt Caa1 6.70%
El Salvador Caa1 7.50%
Estonia A1 0.77%
Ethiopia Caa2 31.59%
Fiji B1 NA
Finland Aa1 0.29%
France Aa2 0.51%
Gabon Caa2 NA
Georgia Ba2 NA
Germany Aaa 0.20%
Ghana Caa3 NA
Greece Ba1 1.31%
Guatemala Ba1 NA
Guernsey (States of) A1 NA
Honduras B1 NA
Hong Kong Aa3 0.53%
Hungary Baa2 1.67%
Iceland A2 0.60%
India Baa3 0.83%
Indonesia Baa2 1.28%
Iraq Caa1 3.95%
Ireland Aa3 0.31%
Isle of Man Aa3 NA
Israel A2 1.73%
Italy Baa3 1.29%
Jamaica B1 NA
Japan A1 0.35%
Jersey (States of) Aa3 NA
Jordan Ba3 NA
Kazakhstan Baa2 1.37%
Kenya B3 5.42%
Korea Aa2 0.45%
Kuwait A1 0.83%
Kyrgyzstan B3 NA
Laos Caa3 NA
Latvia A3 0.86%
Lebanon C NA
Liechtenstein Aaa NA
Lithuania A2 0.87%
Luxembourg Aaa NA
Macao Aa3 NA
Macedonia Ba3 NA
Malaysia A3 0.81%
Maldives Caa1 NA
Mali Caa2 NA
Malta A2 NA
Mauritius Baa3 NA
Mexico Baa2 1.76%
Moldova B3 NA
Mongolia B3 NA
Montenegro B1 NA
Montserrat Baa3 NA
Morocco Ba1 1.35%
Mozambique Caa2 NA
Namibia B1 NA
Netherlands Aaa 0.19%
New Zealand Aaa 0.21%
Nicaragua B2 6.24%
Niger Caa3 NA
Nigeria Caa1 6.34%
Norway Aaa 0.17%
Oman Ba1 1.49%
Pakistan Caa3 16.78%
Panama Baa3 2.61%
Papua New Guinea B2 NA
Paraguay Ba1 NA
Peru Baa1 1.28%
Philippines Baa2 1.22%
Poland A2 1.01%
Portugal A3 0.66%
Qatar Aa2 0.71%
Ras Al Khaimah (Emirate of) A3 NA
Romania Baa3 1.98%
Russia #N/A NA
Rwanda B2 NA
Saudi Arabia A1 0.82%
Senegal Ba3 5.36%
Serbia Ba2 2.33%
Sharjah Ba1 NA
Singapore Aaa NA
Slovakia A2 0.48%
Slovenia A3 0.61%
Solomon Islands Caa1 NA
South Africa Ba2 3.17%
Spain Baa1 0.68%
Sri Lanka Ca NA
St. Maarten Ba2 NA
St. Vincent & the Grenadines B3 NA
Suriname Caa3 NA
Swaziland B3 NA
Sweden Aaa 0.20%
Switzerland Aaa 0.08%
Taiwan Aa3 NA
Tajikistan B3 NA
Tanzania B1 NA
Thailand Baa1 0.69%
Togo B3 NA
Trinidad and Tobago Ba2 NA
Tunisia Caa2 7.89%
Turkey B3 3.77%
Turks and Caicos Islands Baa1 NA
Uganda B3 NA
Ukraine Ca NA
United Arab Emirates Aa2 NA
United Kingdom Aa3 0.42%
United States Aaa 0.46%
Uruguay Baa1 1.08%
Uzbekistan Ba3 NA
Venezuela C 10.29%
Vietnam Ba2 1.76%
Zambia Caa2 NA
CDS Spread adj for US

0.27%
NA
NA
6.32%
NA
NA
NA
0.00%
0.00%
NA
NA
1.94%
NA
NA
NA
0.00%
NA
NA
NA
NA
NA
NA Country
2.11% Abu Dhabi
0.81% Algeria
NA Angola
NA Argentina
7.00% Australia
0.00% Austria
NA Bahrain
NA Belgium
0.57% Brazil
0.59% Bulgaria
2.64% Cameroon
NA Canada
NA Chile
NA China
1.83% Colombia
NA Costa Rica
 0.78% Croatia
NA Cyprus
NA Czech Republic
0.47% Denmark
0.00% Dubai
0.00% Ecuador
NA Egypt
21.51% El Salvador
6.24% Estonia
7.04% Ethiopia
0.31% Finland
31.13% France
NA Gabon
0.00% Germany
0.05% Greece
NA Guatemala
NA Hong Kong
0.00% Hungary
NA Iceland
0.85% India
NA Indonesia
NA Iraq
NA Ireland
0.07% Israel
1.21% Italy
0.14% Japan
0.37% Kazakhstan
0.82% Kenya
3.49% Korea
0.00% Kuwait
NA Latvia
1.27% Lebanon
0.83% Lithuania
NA Malaysia
0.00% Mexico
NA Mongolia
NA Morocco
0.91% Namibia
4.96% Netherlands
0.00% New Zealand
0.37% Nicaragua
 NA Nigeria
NA Norway
0.40% Oman
NA Pakistan
NA Panama
0.41% Peru
NA Philippines
NA Poland
NA Portugal
0.35% Qatar
NA Romania
NA Russia
NA Rwanda
NA Saudi Arabia
1.30% Senegal
NA Serbia
NA Slovakia
NA Slovenia
NA South Africa
0.89% Spain
NA Sri Lanka
NA Sweden
0.00% Switzerland
0.00% Thailand
5.78% Tunisia
NA Turkey
5.88% Ukraine
0.00% United Kingdom
1.03% United States
16.32% Uruguay
2.15% Venezuela
NA Vietnam
NA Zambia
0.82%
0.76%
0.55%
0.20%
0.25%
NA
1.52%
NA
 NA
0.36%
4.90%
1.87%
NA
NA
0.02%
0.15%
NA
2.71%
0.22%
NA
NA
NA
NA
NA
0.00%
0.00%
NA
NA
NA
0.23%
NA
NA
7.43%
3.31%
NA
NA
NA
NA
0.00%
0.00%
0.62%
NA
9.83%
1.30%
NA
 CDS Spread
7/1/2024 net of US
0.73% 0.27%
1.45% 0.99%
6.78% 6.32%
23.80% 23.34%
0.19% 0.00%
0.23% 0.00%
2.40% 1.94%
0.28% 0.00%
2.57% 2.11%
1.27% 0.81%
7.46% 7.00%
0.38% 0.00%
1.03% 0.57%
1.05% 0.59%
3.10% 2.64%
2.29% 1.83%
1.24% 0.78%
0.93% 0.47%
0.46% 0.00%
0.17% 0.00%
0.95% 0.49%
21.97% 21.51%
6.70% 6.24%
7.50% 7.04%
0.77% 0.31%
31.59% 31.13%
0.29% 0.00%
0.51% 0.05%
8.94% 8.48%
0.20% 0.00%
1.31% 0.85%
2.15% 1.69%
0.53% 0.07%
1.67% 1.21%
0.60% 0.14%
0.83% 0.37%
1.28% 0.82%
3.95% 3.49%
0.31% 0.00%
1.73% 1.27%
1.29% 0.83%
0.35% 0.00%
1.37% 0.91%
5.42% 4.96%
0.45% 0.00%
0.83% 0.37%
0.86% 0.40%
NA NA
0.87% 0.41%
0.81% 0.35%
1.76% 1.30%
3.31% 2.85%
1.35% 0.89%
1.59% 1.13%
0.19% 0.00%
0.21% 0.00%
6.24% 5.78%
6.34% 5.88%
0.17% 0.00%
1.49% 1.03%
16.78% 16.32%
2.61% 2.15%
1.28% 0.82%
1.22% 0.76%
1.01% 0.55%
0.66% 0.20%
0.71% 0.25%
1.98% 1.52%
NA NA
NA NA
0.82% 0.36%
5.36% 4.90%
2.33% 1.87%
0.48% 0.02%
0.61% 0.15%
3.17% 2.71%
0.68% 0.22%
NA NA
0.20% 0.00%
0.08% 0.00%
0.69% 0.23%
7.89% 7.43%
3.77% 3.31%
NA NA
0.42% 0.00%
0.46% 0.00%
1.08% 0.62%
10.29% 9.83%
1.76% 1.30%
NA NA
Date: Feb-24

Country sEquity sBond

Argentina 56.52% 48.06%
Bahrain 5.11% NA
Brazil 16.21% 13.32%
Colombia 17.44% NA
Costa Rica 7.14% 4.92%
Egypt 27.33% NA
Hungary 14.41% 12.26%
Jamaica 11.24% 9.08%
Kenya 17.67% NA
Lebanon 31.00% 16.46%
Mexico 14.14% 8.01%
Mongolia 15.45% NA
Morocco 9.90% NA
Nigeria 16.74% NA
Oman 7.33% NA
Panama 7.94% 8.90%
Romania 11.09% 8.03%
Serbia 7.12% NA
Singapore 11.62% 5.99%
South Africa 17.29% NA
Taiwan 13.98% 13.73%
Tunisia 5.39% NA
Turkey 31.89% 14.80%
Venezuela 30.81% 69.73%
Vietnam 15.96% NA
Average
Median
High
Low
Just Risky markets

sEquity/ sBond s (CDS) CDS CV(CDS) sEquity/ sCDS

1.18 NA NA NA NA
NA 0.29% 2.69% 10.78% 0.47
1.22 0.21% 2.31% 9.09% 1.78
NA 0.23% 2.75% 8.36% 2.09
1.45 0.45% 2.42% 18.60% 0.38
NA 0.65% 6.33% 10.27% 2.66
1.18 0.27% 1.75% 15.43% 0.93
1.24 0.38% 1.56% 24.36% 0.46
NA 0.72% 4.57% 15.75% 1.12
1.88 NA NA NA NA
1.77 0.25% 1.58% 15.82% 0.89
NA 0.50% 3.65% 13.70% 1.13
NA 0.45% 1.53% 29.41% 0.34
NA 0.49% 6.94% 7.06% 2.37
NA 0.41% 1.68% 24.40% 0.30
0.89 0.26% 2.68% 9.70% 0.82
1.38 NA NA NA NA
NA 0.32% 2.63% 12.17% 0.59
1.94 NA NA NA NA
NA 0.27% 3.47% 7.78% 2.22
1.02 NA NA NA NA
NA 0.40% 8.16% 4.90% 1.10
2.15 0.36% 4.14% 8.70% 3.67
0.44 1.23% 10.65% 11.55% 2.67
NA 0.24% 1.80% 13.33% 1.20
1.36 1.36
1.24 1.11
2.15 3.67
0.44 0.30
Country GDP (in millions) in 2023
Abu Dhabi 310000
Albania 22978 Source: World Bank
Andorra (Principality of) 3352 Year 2022
Angola 84723
Argentina 640591
Armenia 24212
Aruba 3545
Australia 1723827
Austria 516034
Azerbaijan 72356
Bahamas 11210
Bahrain 43205
Bangladesh 437415
Barbados 6394
Belarus 71857
Belgium 632217
Belize 3282
Benin 19673
Bermuda 7828
Bolivia 45850
Bosnia and Herzegovina 27055
Botswana 19396
Brazil 2173666
Bulgaria 101584
Burkina Faso 20325
Cambodia 31773
Cameroon 47946
Canada 2140086
Cape Verde 1936
Cayman Islands 6601
Chile 335533
China 17794782
Colombia 363540
Congo (Democratic Republic of 66383
Congo (Republic of) 15321
Cook Islands 1414
Costa Rica 86498
Côte d'Ivoire 78789
Croatia 82689
Cuba 107351
Curacao 3074
Cyprus 32230
Czech Republic 330858
Denmark 404199
Dominican Republic 121444
Ecuador 118845
Egypt 395926
El Salvador 34016
Estonia 40745
Ethiopia 163698
Fiji 5495
Finland 300187
France 3030904
Gabon 20516
Georgia 30536
Germany 4456081
Ghana 76370
Greece 238206
Guatemala 102050
Guernsey (States of) 3446
Honduras 34401
Hong Kong 382055
Hungary 212389
Iceland 31020
India 3549919
Indonesia 1371171
Iraq 250843
Ireland 545629
Isle of Man 0
Israel 509901
Italy 2254851
Jamaica 19423
Japan 4212945
Jersey (States of) 4890
Jordan 50814
Kazakhstan 261421
Kenya 107441
Korea 1712793
Kuwait 11000
Kyrgyzstan 13988
Laos 15843
Latvia 43627
Lebanon 17937
Liechtenstein 7365
Lithuania 77836
Luxembourg 85755
Macao 47062
Macedonia 14761
Malaysia 399649
Maldives 6600
Mali 20905
Malta 20957
Mauritius 14397
Mexico 1788887
Moldova 16539
Mongolia 19872
Montenegro 7405
Montserrat 16199
Morocco 141109
Mozambique 20625
Namibia 12351
Netherlands 1118125
New Zealand 253466
Nicaragua 17829
Niger 16819
Nigeria 362815
Norway 485513
Oman 108192
Pakistan 338368
Panama 83382
Papua New Guinea 30932
Paraguay 42956
Peru 267603
Philippines 437146
Poland 811229
Portugal 287080
Qatar 235770
Ras Al Khaimah (Emirate of) 11000
Romania 351003
Russia 2021421
Rwanda 14098
Saudi Arabia 1067583
Senegal 31014
Serbia 75187
Sharjah 24800
Singapore 501428
Slovakia 132794
Slovenia 68217
Solomon Islands 1631
South Africa 377782
Spain 1580695
Sri Lanka 84357
St. Maarten 11900
St. Vincent & the Grenadines 8100
Suriname 3782
Swaziland 4598
Sweden 593268
Switzerland 884940
Taiwan 791610
Tajikistan 12061
Tanzania 79158
Thailand 514945
Togo 9171
Trinidad and Tobago 28140
Tunisia 48530
Turkey 1108022
Turks and Caicos Islands 1402
Uganda 49273
Ukraine 178757
United Arab Emirates 504173
United Kingdom 3340032
United States of America 27360935
Uruguay 77241
Uzbekistan 90889
Venezuela 98400
Vietnam 429717
Zambia 28163

Algeria 239899
Brunei 14010
Gambia 2340
Guinea 23612
Guinea-Bissau 1966
Guyana 16786
Haiti 19851
Iran 401505
Korea, D.P.R. 28500
Liberia 4332
Libya 50492
Madagascar 16032
Malawi 14084
Myanmar 64815
Sierra Leone 3810
Somalia 11680
Sudan 109327
Syria 8980
Yemen, Republic 21610
Zimbabwe 26538
Country Name GDP in 2023
Afghanistan $14,502
Albania $22,978
Algeria $239,899
American Samoa $871
Andorra $3,728
Angola $84,723
Antigua and Barbuda $2,033
Argentina $640,591
Armenia $24,212
Aruba $3,545
Australia $1,723,827
Austria $516,034
Azerbaijan $72,356
Bahamas, The $14,339
Bahrain $43,205
Bangladesh $437,415
Barbados $6,394
Belarus $71,857
Belgium $632,217
Belize $3,282
Benin $19,673
Bermuda $7,828
Bhutan $2,898
Bolivia $45,850
Bosnia and Herzegovina $27,055
Botswana $19,396
Brazil $2,173,666
British Virgin Islands $0
Brunei Darussalam $15,128
Bulgaria $101,584
Burkina Faso $20,325
Burundi $2,642
Cabo Verde $2,587
Cambodia $31,773
Cameroon $47,946
Canada $2,140,086
Cayman Islands $6,601
Central African Republic $2,555
Chad $13,149
Channel Islands $11,228
Chile $335,533
China $17,794,782
Colombia $363,540
Comoros $1,352
Congo, Dem. Rep. $66,383
Congo, Rep. $15,321
Costa Rica $86,498
Cote d'Ivoire $78,789
Croatia $82,689
Cuba $0
Curacao $3,074
Cyprus $32,230
Czechia $330,858
Denmark $404,199
Djibouti $4,099
Dominica $654
Dominican Republic $121,444
Ecuador $118,845
Egypt, Arab Rep. $395,926
El Salvador $34,016
Equatorial Guinea $12,117
Eritrea $0
Estonia $40,745
Eswatini $4,598
Ethiopia $163,698
Faroe Islands $3,556
Fiji $5,495
Finland $300,187
France $3,030,904
French Polynesia $5,815
Gabon $20,516
Gambia, The $2,340
Georgia $30,536
Germany $4,456,081
Ghana $76,370
Gibraltar $0
Greece $238,206
Greenland $0
Grenada $1,320
Guam $6,910
Guatemala $102,050
Guinea $23,612
Guinea-Bissau $1,966
Guyana $16,786
Haiti $19,851
Honduras $34,401
Hong Kong SAR, China $382,055
Hungary $212,389
Iceland $31,020
India $3,549,919
Indonesia $1,371,171
Iran, Islamic Rep. $401,505
Iraq $250,843
Ireland $545,629
Isle of Man $0
Israel $509,901
Italy $2,254,851
Jamaica $19,423
Japan $4,212,945
Jordan $50,814
Kazakhstan $261,421
Kenya $107,441
Kiribati $279
Korea, Dem. People's Rep. $0
Korea, Rep. $1,712,793
Kosovo $10,438
Kuwait $161,772
Kyrgyz Republic $13,988
Lao PDR $15,843
Latvia $43,627
Lebanon $17,937
Lesotho $2,046
Liberia $4,332
Libya $50,492
Liechtenstein $7,365
Lithuania $77,836
Luxembourg $85,755
Macao SAR, China $47,062
Madagascar $16,032
Malawi $14,084
Malaysia $399,649
Maldives $6,600
Mali $20,905
Malta $20,957
Marshall Islands $284
Mauritania $10,453
Mauritius $14,397
Mexico $1,788,887
Micronesia, Fed. Sts. $460
Moldova $16,539
Monaco $8,784
Mongolia $19,872
Montenegro $7,405
Morocco $141,109
Mozambique $20,625
Myanmar $64,815
Namibia $12,351
Nauru $154
Nepal $40,908
Netherlands $1,118,125
New Caledonia $9,623
New Zealand $253,466
Nicaragua $17,829
Niger $16,819
Nigeria $362,815
North Macedonia $14,761
Northern Mariana Islands $0
Norway $485,513
Oman $108,192
Pakistan $338,368
Palau $263
Panama $83,382
Papua New Guinea $30,932
Paraguay $42,956
Peru $267,603
Philippines $437,146
Poland $811,229
Portugal $287,080
Puerto Rico $117,902
Qatar $235,770
Romania $351,003
Russian Federation $2,021,421
Rwanda $14,098
Samoa $934
San Marino $0
Sao Tome and Principe $603
Saudi Arabia $1,067,583
Senegal $31,014
Serbia $75,187
Seychelles $2,141
Sierra Leone $3,810
Singapore $501,428
Sint Maarten (Dutch part) $1,623
Slovak Republic $132,794
Slovenia $68,217
Solomon Islands $1,631
Somalia $11,680
South Africa $377,782
South Sudan $0
Spain $1,580,695
Sri Lanka $84,357
St. Kitts and Nevis $1,077
St. Lucia $2,520
St. Martin (French part) $0
St. Vincent and the Grenadin $1,066
Sudan $109,327
Suriname $3,782
Sweden $593,268
Switzerland $884,940
Syrian Arab Republic $0
Tajikistan $12,061
Tanzania $79,158
Thailand $514,945
Timor-Leste $2,243
Togo $9,171
Tonga $500
Trinidad and Tobago $28,140
Tunisia $48,530
Turkiye $1,108,022
Turkmenistan $59,887
Turks and Caicos Islands $1,402
Tuvalu $62
Uganda $49,273
Ukraine $178,757
United Arab Emirates $504,173
United Kingdom $3,340,032
United States $27,360,935
Uruguay $77,241
Uzbekistan $90,889
Vanuatu $1,126
Venezuela, RB $0
Viet Nam $429,717
Virgin Islands (U.S.) $0
West Bank and Gaza $17,396
Yemen, Rep. $0
Zambia $28,163
Zimbabwe $26,538
Country GDP (in millions) in 2022
Abu Dhabi 299500
Albania 22978
Andorra (Principality of) 3330
Angola 84723
Argentina 640591
Armenia 24212
Aruba 3545
Australia 1723827
Austria 516034
Azerbaijan 72356
Bahamas 11210
Bahrain 43205
Bangladesh 437415
Barbados 6394
Belarus 71857
Belgium 632217
Belize 3282
Benin 19673
Bermuda 7828
Bolivia 45850
Bosnia and Herzegovina 27055
Botswana 19396
Brazil 2173666
Bulgaria 101584
Burkina Faso 20325
Cambodia 31773
Cameroon 47946
Canada 2140086
Cape Verde 1936
Cayman Islands 6601
Chile 335533
China 17794782
Colombia 363540
Congo (Democratic Republic of 0
Congo (Republic of) 14616
Cook Islands 1414
Costa Rica 86498
Côte d'Ivoire 70019
Croatia 82689
Cuba 0
Curacao 3074
Cyprus 32230
Czech Republic 0
Denmark 404199
Dominican Republic 121444
Ecuador 118845
Egypt 0
El Salvador 34016
Estonia 40745
Ethiopia 163698
Fiji 5495
Finland 300187
France 3030904
Gabon 20516
Georgia 30536
Germany 4456081
Ghana 76370
Greece 238206
Guatemala 102050
Guernsey (States of) 3446
Honduras 34401
Hong Kong 0
Hungary 212389
Iceland 31020
India 3549919
Indonesia 1371171
Iraq 250843
Ireland 545629
Isle of Man 0
Israel 509901
Italy 2254851
Jamaica 19423
Japan 4212945
Jersey (States of) 4890
Jordan 50814
Kazakhstan 261421
Kenya 107441
Korea 0
Kuwait 161772
Kyrgyzstan 0
Laos 0
Latvia 43627
Lebanon 17937
Liechtenstein 7365
Lithuania 77836
Luxembourg 85755
Macao 0
Macedonia 0
Malaysia 399649
Maldives 6600
Mali 20905
Malta 20957
Mauritius 14397
Mexico 1788887
Moldova 16539
Mongolia 19872
Montenegro 7405
Montserrat 16199
Morocco 141109
Mozambique 20625
Namibia 12351
Netherlands 1118125
New Zealand 253466
Nicaragua 17829
Niger 16819
Nigeria 362815
Norway 485513
Oman 108192
Pakistan 338368
Panama 83382
Papua New Guinea 30932
Paraguay 42956
Peru 267603
Philippines 437146
Poland 811229
Portugal 287080
Qatar 235770
Ras Al Khaimah (Emirate of) 11000
Romania 351003
Russia 0
Rwanda 14098
Saudi Arabia 1067583
Senegal 31014
Serbia 75187
Sharjah 24800
Singapore 501428
Slovakia 0
Slovenia 68217
Solomon Islands 1631
South Africa 377782
Spain 1580695
Sri Lanka 84357
St. Maarten 11900
St. Vincent & the Grenadines 8100
Suriname 3782
Swaziland 0
Sweden 593268
Switzerland 884940
Taiwan 761690
Tajikistan 12061
Tanzania 79158
Thailand 514945
Togo 9171
Trinidad and Tobago 28140
Tunisia 48530
Turkey 0
Turks and Caicos Islands 1402
Uganda 49273
Ukraine 178757
United Arab Emirates 504173
United Kingdom 3340032
United States of America 0
Uruguay 77241
Uzbekistan 90889
Venezuela 98400
Vietnam 408802
Zambia 28163

Algeria 239899
Brunei 14010
Gambia 2038
Guinea 23612
Guinea-Bissau 1966
Guyana 16786
Haiti 19851
Iran 0
Korea, D.P.R. 28500
Liberia 4332
Libya 50492
Madagascar 16032
Malawi 14084
Myanmar 64815
Sierra Leone 3810
Somalia 11680
Sudan 109327
Syria 0
Yemen, Republic 21610
Zimbabwe 26538
Country S&P Rating
Moody's Rating
Abu Dhabi AA Aa2
Albania BB- B1
Andorra (Principality of) BBB+ Baa1
Angola B- B3
Argentina CCC Ca
Armenia BB- Ba3
Aruba BBB Baa3
Australia AAA Aaa
Austria AA+ Aa1
Azerbaijan BB+ Ba1
Bahamas B+ B1
Bahrain B+ B2
Bangladesh BB- B1
Barbados B- B3
Belarus NR C
Belgium AA Aa3
Belize B- Caa2
Benin B+ B1
Bermuda A+ A2
Bolivia CCC+ Caa3
Bosnia and Herzegovina B+ B3
Botswana BBB+ A3
Brazil BB Ba2
Bulgaria BBB Baa1
Burkina Faso CCC+ NR
Cambodia NR B2
Cameroon B- Caa1
Canada AAA Aaa
Cape Verde B- NR
Cayman Islands NR Aa3
Chile A A2
China A+ A1
Colombia BB+ Baa2
Congo (Democratic Republic of) B- B3
Congo (Republic of) B- Caa2
Cook Islands B+ NR
Costa Rica BB- B1
Côte d'Ivoire BB- Ba2
Croatia BBB+ Baa2
Cuba NR Ca
Curacao BBB- NR
Cyprus BBB Baa2
Czech Republic AA- Aa3
Denmark AAA Aaa
Dominican Republic BB Ba3
Ecuador B- Caa3
Egypt B- Caa1
El Salvador B- Caa1
Estonia AA- A1
Ethiopia SD Caa2
Fiji B+ B1
Finland AA+ Aa1
France AA Aa2
Gabon NR Caa2
Georgia BB Ba2
Germany AAA Aaa
Ghana SD Caa3
Greece BBB- Ba1
Guatemala BB Ba1
Guernsey (States of) A+ NR
Honduras BB- B1
Hong Kong AA+ Aa3
Hungary BBB- Baa2
Iceland A+ A2
India BBB- Baa3
Indonesia BBB Baa2
Iraq B- Caa1
Ireland AA Aa3
Isle of Man NR Aa3
Israel AA- A2
Italy BBB Baa3
Jamaica BB- B1
Japan A+ A1
Jersey (States of) AA- NR
Jordan B+ Ba3
Kazakhstan BBB- Baa2
Kenya B B3
Korea AA Aa2
Kuwait A+ A1
Kyrgyzstan NR B3
Laos NR Caa3
Latvia A+ A3
Lebanon NR C
Liechtenstein AAA NR
Lithuania A+ A2
Luxembourg AAA Aaa
Macao NR Aa3
Macedonia BB- NR
Malaysia A- A3
Maldives NR Caa1
Mali NR Caa2
Malta A- A2
Mauritius BBB- Baa3
Mexico BBB Baa2
Moldova NR B3
Mongolia B B3
Montenegro B B1
Montserrat BBB- NR
Morocco BB+ Ba1
Mozambique CCC+ Caa2
Namibia NR B1
Netherlands AAA Aaa
New Zealand AA+ Aaa
Nicaragua B B2
Niger NR Caa3
Nigeria B- Caa1
Norway AAA Aaa
Oman BB+ Ba1
Pakistan CCC+ Caa3
Panama BBB Baa3
Papua New Guinea B- B2
Paraguay BB+ Ba1
Peru BBB Baa1
Philippines BBB+ Baa2
Poland A- A2
Portugal A- A3
Qatar AA Aa2
Ras Al Khaimah (Emirate of) A- A3
Romania BBB- Baa3
Russia NR NR
Rwanda B+ B2
Saudi Arabia A A1
Senegal B+ Ba3
Serbia BB+ Ba2
Sharjah BBB- Ba1
Singapore AAA Aaa
Slovakia A+ A2
Slovenia AA- A3
Solomon Islands NR Caa1
South Africa BB- Ba2
Spain A Baa1
Sri Lanka NR Ca
St. Maarten NA Ba2
St. Vincent & the Grenadines NR B3
Suriname CCC+ Caa3
Swaziland NR B3
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA+ Aa3
Tajikistan B- B3
Tanzania NR B1
Thailand BBB+ Baa1
Togo B B3
Trinidad and Tobago BBB- Ba2
Tunisia NR Caa2
Turkey B B3
Turks and Caicos Islands BBB+ Baa1
Uganda B- B3
Ukraine CC Ca
United Arab Emirates NR Aa2
United Kingdom AA Aa3
United States AA+ Aaa
Uruguay BBB+ Baa1
Uzbekistan BB- Ba3
Venezuela NR C
Vietnam BB+ Ba2
Zambia NR Caa2
Country Moody's S&P
Abu Dhabi Aa2 AA
Albania B1 BB-
Andorra Baa1 BBB+
Angola B3 B-
Argentina Ca CCC
Armenia Ba3 BB-
Aruba Baa3 BBB
Australia Aaa AAA
Austria Aa1 AA+
Azerbaijan Ba1 BB+
Bahamas B1 B+
Bahrain B2 B+
Bangladesh B1 BB-
Barbados B3 B-
Belarus C NR
Belgium Aa3 AA
Belize Caa2 B-
Benin B1 B+
Bermuda A2 A+
Bolivia Caa3 CCC+
Bosnia and Herzegovina B3 B+
Botswana A3 BBB+
Brazil Ba2 BB
Bulgaria Baa1 BBB
Burkina Faso NR CCC+
Cambodia B2 NR
Cameroon Caa1 B-
Canada Aaa AAA
Cape Verde NR B-
Cayman Islands Aa3 NR
Chile A2 A
China A1 A+
Colombia Baa2 BB+
Congo (Democratic Republic of) B3 B-
Congo (Republic of) Caa2 B-
Cook Islands NR B+
Costa Rica B1 BB-
Cote d'Ivoire Ba2 BB-
Croatia Baa2 BBB+
Cuba Ca NR
Curacao NR BBB-
Cyprus Baa2 BBB
Czech Republic Aa3 AA-
Denmark Aaa AAA
Dominican Republic Ba3 BB
Ecuador Caa3 B-
Egypt Caa1 B-
El Salvador Caa1 B-
Estonia A1 AA-
Ethiopia Caa2 SD
Fiji B1 B+
Finland Aa1 AA+
France Aa2 AA
Gabon Caa2 NR
Georgia Ba2 BB
Germany Aaa AAA
Ghana Caa3 SD
Greece Ba1 BBB-
Guatemala Ba1 BB
Guernsey (Channel Islands) NR A+
Honduras B1 BB-
Hong Kong Aa3 AA+
Hungary Baa2 BBB-
Iceland A2 A+
India Baa3 BBB-
Indonesia Baa2 BBB
Iraq Caa1 B-
Ireland Aa3 AA
Isle of Man Aa3 NR
Israel A2 AA-
Italy Baa3 BBB
Jamaica B1 BB-
Japan A1 A+
Jersey (Channel Islands) NR AA-
Jordan Ba3 B+
Kazakhstan Baa2 BBB-
Kenya B3 B
Korea Aa2 AA
Kuwait A1 A+
Kyrgyz Republic B3 NR
Laos Caa3 NR
Latvia A3 A+
Lebanon C NR
Liechtenstein NR AAA
Lithuania A2 A+
Luxembourg Aaa AAA
Macao Aa3 NR
Macedonia NR BB-
Malaysia A3 A-
Maldives Caa1 NR
Mali Caa2 NR
Malta A2 A-
Mauritius Baa3 BBB-
Mexico Baa2 BBB
Moldova B3 NR
Mongolia B3 B
Montenegro B1 B
Montserrat NR BBB-
Morocco Ba1 BB+
Mozambique Caa2 CCC+
Namibia B1 NR
Netherlands Aaa AAA
New Zealand Aaa AA+
Nicaragua B2 B
Niger Caa3 NR
Nigeria Caa1 B-
Norway Aaa AAA
Oman Ba1 BB+
Pakistan Caa3 CCC+
Panama Baa3 BBB
Papua New Guinea B2 B-
Paraguay Ba1 BB+
Peru Baa1 BBB
Philippines Baa2 BBB+
Poland A2 A-
Portugal A3 A-
Qatar Aa2 AA
Ras Al Khaimah (Emirate of) NR A-
Romania Baa3 BBB-
Russia NR NR
Rwanda B2 B+
Saudi Arabia A1 A
Senegal Ba3 B+
Serbia Ba2 BB+
Sharjah Ba1 BBB-
Singapore Aaa AAA
Slovakia A2 A+
Slovenia A3 AA-
Solomon Islands Caa1 NR
South Africa Ba2 BB-
Spain Baa1 A
Sri Lanka Ca NR
Sint Maarten WR NR
St. Vincent & the Grenadines B3 NR
Suriname Caa3 CCC+
eSwatini B3 NR
Sweden Aaa AAA
Switzerland Aaa AAA
Taiwan Aa3 AA+
Tajikistan B3 B-
Tanzania B1 NR
Thailand Baa1 BBB+
Togo B3 B
Trinidad and Tobago Ba2 BBB-
Tunisia Caa2 NR
Turkey B3 B

Turks and Caicos Islands NR BBB+

Uganda B3 B-
Ukraine Ca CC
United Arab Emirates Aa2 NR
United Kingdom Aa3 AA
United States of America Aaa AA+
Uruguay Baa1 BBB+
Uzbekistan Ba3 BB-
Venezuela C NR
Vietnam Ba2 BB+
Zambia Caa2 NR
Country FC LC Sovereign
Abu Dhabi Aa2 Aa2 Abu Dhabi
Albania B1 B1 Albania
Andorra Baa1 Baa1 Andorra
Angola B3 B3 Angola
Argentina Ca Ca Argentina
Armenia Ba3 Ba3 Armenia
Aruba Baa3 Baa3 Aruba
Australia Aaa Aaa Australia
Austria Aa1 Aa1 Austria
Azerbaijan Ba1 Ba1 Azerbaijan
Bahamas B1 B1 Bahamas
Bahamas-Offshore Banks - - Bahrain
Bahrain B2 B2 Bangladesh
Bahrain-Offshore Banks [1] - - Barbados
Bangladesh B1 B1 Belgium
Barbados B3 B3 Belize
Belarus C C Benin
Belgium Aa3 Aa3 Bermuda
Belize Caa2 Caa2 Bolivia
Benin B1 B1 Bosnia
Bermuda A2 A2 Botswana
Bolivia Caa3 Caa3 Brazil
Bosnia and Herzegovina B3 B3 Bulgaria
Botswana A3 A3 Burkina Faso
Brazil Ba2 Ba2 Cameroon
Bulgaria Baa1 Baa1 Canada
Cambodia B2 B2 Cape Verde
Cameroon Caa1 Caa1 Chile
Canada Aaa Aaa China
Cayman Islands Aa3 Aa3 Colombia
Cayman Islands-Offshore Bank - - Congo, D.R.
Chile A2 A2 Congo
China A1 A1 Cook Islands
Colombia Baa2 Baa2 Costa Rica
Costa Rica B1 B1 Cote d'Ivoire
Cote d'Ivoire Ba2 Ba2 Croatia
Croatia Baa2 Baa2 Curacao
Cuba CA WR Cyprus
Cyprus Baa2 Baa2 Czech Rep.
Czech Republic Aa3 Aa3 Denmark
Democratic Republic of the Co B3 B3 Dominican Rep.
Denmark Aaa Aaa Ecuador
Dominican Republic Ba3 Ba3 Egypt
Ecuador Caa3 Caa3 El Salvador
Egypt Caa1 Caa1 Estonia
El Salvador Caa1 Caa1 Ethiopia
Estonia A1 A1 Falkland Islands
eSwatini B3 B3 Fiji
Ethiopia Caa3 Caa2 Finland
Fiji B1 B1 France
Finland Aa1 Aa1 Georgia
France Aa2 Aa2 Germany
Gabon Caa2 Caa2 Ghana
Georgia Ba2 Ba2 Greece
Germany Aaa Aaa Guatemala
Ghana Ca Caa3 Guernsey
Greece Ba1 Ba1 Honduras
Guatemala Ba1 Ba1 Hong Kong
Guernsey (Channel Islands) - - Hungary
Honduras B1 B1 Iceland
Hong Kong SAR, China Aa3 Aa3 India
Hungary Baa2 Baa2 Indonesia
Iceland A2 A2 Iraq
India Baa3 Baa3 Ireland*
Indonesia Baa2 Baa2 Israel
Iraq Caa1 Caa1 Italy
Ireland Aa3 Aa3 Jamaica
Isle of Man Aa3 Aa3 Japan
Israel A2 A2 Jersey
Italy Baa3 Baa3 Jordan
Jamaica B1 B1 Kazakhstan
Japan A1 A1 Kenya
Jersey (Channel Islands) - - Korea
Jordan Ba3 Ba3 Kuwait
Kazakhstan Baa2 Baa2 Latvia
Kenya B3 B3 Lebanon
Korea Aa2 Aa2 Liechtenstein
Kuwait A1 A1 Lithuania
Kyrgyz Republic B3 B3 Luxembourg
Laos Caa3 Caa3 Madagascar
Latvia A3 A3 Malaysia
Lebanon C C Malta
Liechtenstein - - Mauritius
Lithuania A2 A2 Mexico
Luxembourg Aaa Aaa Mongolia
Macao SAR, China Aa3 Aa3 Montenegro
Malaysia A3 A3 Montserrat
Maldives Caa1 Caa1 Morocco
Mali Caa2 Caa2 Mozambique
Malta A2 A2 Netherlands
Mauritius Baa3 Baa3 New Zealand
Mexico Baa2 Baa2 Nicaragua
Moldova B3 B3 Nigeria
Mongolia B3 B3 North Macedonia
Montenegro B1 - Norway
Morocco Ba1 Ba1 Oman
Mozambique Caa2 Caa2 Pakistan
Namibia B1 B1 Panama
Netherlands Aaa Aaa Papua New Guinea
New Zealand Aaa Aaa Paraguay
Nicaragua B2 B2 Peru
Niger Caa3 Caa3 Philippines
Nigeria Caa1 Caa1 Poland
Norway Aaa Aaa Portugal
Oman Ba1 Ba1 Qatar
Pakistan Caa3 Caa3 Ras Al Khaimah
Panama Baa3 - Romania
Panama-Offshore Banks - - Rwanda
Papua New Guinea B2 B2 Saudi Arabia
Paraguay Ba1 Ba1 Senegal
Peru Baa1 Baa1 Serbia
Philippines Baa2 Baa2 Sharjah
Poland A2 A2 Singapore
Portugal A3 A3 Slovakia
Qatar Aa2 Aa2 Slovenia
Republic of the Congo Caa2 Caa2 Vietnam
Romania Baa3 Baa3 South Africa
Russia WR WR Spain
Rwanda B2 B2 Sri Lanka
Saudi Arabia A1 A1 St. Helena
Senegal Ba3 Ba3 Suriname
Serbia Ba2 Ba2 Sweden
Sharjah Ba1 Ba1 Switzerland
Singapore Aaa Aaa Taiwan
Slovakia A2 A2 Tajikistan
Slovenia A3 A3 Thailand
Solomon Islands Caa1 Caa1 Togo
South Africa Ba2 Ba2 Trinidad and Tobago
Spain Baa1 Baa1 Turkiye
Sri Lanka Ca - Turks and Caicos
Sint Maarten WR WR Uganda
St. Vincent & the Grenadines B3 B3 Ukraine
Suriname Caa3 Caa3 U.K.
Sweden Aaa Aaa U.S.
Switzerland Aaa Aaa Uruguay
Taiwan, China Aa3 Aa3 Uzbekistan
Tajikistan B3 B3 Zambia
Tanzania B1 B1
Thailand Baa1 Baa1
Togo B3 B3
Trinidad and Tobago Ba2 Ba2
Tunisia Caa2 Caa2
Turkiye B3 B3
Uganda B3 B3
Ukraine Ca Ca
United Arab Emirates Aa2 Aa2
United Kingdom Aa3 Aa3
United States of America Aaa Aaa
Uzbekistan Ba3 Ba3
Uruguay Baa1 Baa1
Venezuela [2] C WR
Vietnam Ba2 Ba2
Zambia Caa2 Caa2
LT FC rating
AA
BB-
BBB+
B-
CCC
BB-
BBB
AAA
AA+
BB+
B+
B+
BB-
B-
AA
B-
B+
A+
CCC+
B+
BBB+
BB
BBB
CCC+
B-
AAA
B-
A
A+
BB+
B-
B-
B+
BB-
BB-
BBB+
BBB-
BBB
AA-
AAA
BB
B-
B-
B-
AA-
SD
A+
B+
AA+
AA
BB
AAA
SD
BBB-
BB
A+
BB-
AA+
BBB-
A+
BBB-
BBB
B-
AA
AA-
BBB
BB-
A+
AA-
B+
BBB-
B
AA
A+
A+
SD
AAA
A+
AAA
B-
A-
A-
BBB-
BBB
B
B
BBB-
BB+
CCC+
AAA
AA+
B
B-
BB-
AAA
BB+
CCC+
BBB
B-
BB+
BBB
BBB+
A-
A-
AA
A-
BBB-
B+
A
B+
BB+
BBB-
AAA
A+
AA-
BB+
BB-
A
SD
BBB-
CCC+
AAA
AAA
AA+
B-
BBB+
B
BBB-
B
BBB+
B-
CC
AA
AA+
BBB+
BB-
SD
Country Tax Rate Looked up for 2023 Country
Abu Dhabi 15.00% 0.15 Afghanistan
Albania 15.00% 0.15 Albania
Andorra (Principality of) 18.98% 0.1898 Algeria
Angola 25.00% 0.25 Andorra
Argentina 35.00% 0.35 Angola
Armenia 18.00% 0.18 Anguilla
Aruba 25.00% 0.25 Antigua and Barbuda
Australia 30.00% 0.3 Argentina
Austria 24.00% 0.24 Armenia
Azerbaijan 20.00% 0.2 Aruba
Bahamas 0.00% 0 Australia
Bahrain 0.00% 0 Austria
Bangladesh 30.00% 0.3 Azerbaijan
Barbados 5.50% 0.055 Bahamas
Belarus 18.00% 0.18 Bahrain
Belgium 25.00% 0.25 Bangladesh
Belize 28.53% 0.2853 Barbados
Benin 30.00% 0.3 Belarus
Bermuda 0.00% 0 Belgium
Bolivia 25.00% 0.25 Benin
Bosnia and Herzegovina 10.00% 0.1 Bermuda
Botswana 22.00% 0.22 Bolivia
Brazil 34.00% 0.34 Bonaire, Saint Eustatius a
Bulgaria 10.00% 0.1 Bosnia and Herzegovina
Burkina Faso 28.00% 0.28 Botswana
Cambodia 20.00% 0.2 Brazil
Cameroon 33.00% 0.33 Brunei Darussalam
Canada 26.50% 0.265 Bulgaria
Cape Verde 0.00% 0 Burkina Faso
Cayman Islands 0.00% 0 Burundi
Chile 27.00% 0.27 Cambodia
China 25.00% 0.25 Cameroon
Colombia 35.00% 0.35 Canada
Congo (Democratic Republic of) 30.00% 0.30 Cayman Islands
Congo (Republic of) 28.00% 0.28 Chile
Cook Islands 29.74% 0.2974 China
Costa Rica 30.00% 0.3 Colombia
Côte d'Ivoire 25.00% 0.25 Congo
Croatia 18.00% 0.18 Congo (Democratic Republi
Cuba 28.53% 0.2853 Costa Rica
Curacao 22.00% 0.22 Croatia
Cyprus 12.50% 0.125 Curacao
Czech Republic 19.00% 0.19 Cyprus
Denmark 22.00% 0.22 Czech Republic
Dominican Republic 27.00% 0.27 Denmark
Ecuador 25.00% 0.25 Djibouti
Egypt 22.50% 0.225 Dominica
El Salvador 30.00% 0.3 Dominican Republic
Estonia 20.00% 0.2 Ecuador
Ethiopia 30.00% 0.3 Egypt
Fiji 20.00% 0.2 El Salvador
Finland 20.00% 0.2 Estonia
France 25.00% 0.25 Ethiopia
Gabon 30.00% 0.3 Fiji
Georgia 15.00% 0.15 Finland
Germany 30.00% 0.3 France
Ghana 25.00% 0.25 Gabon
Greece 22.00% 0.22 Gambia
Guatemala 25.00% 0.25 Georgia
Guernsey (States of) 0.00% 0 Germany
Honduras 25.00% 0.25 Ghana
Hong Kong 16.50% 0.165 Gibraltar
Hungary 9.00% 0.09 Greece
Iceland 20.00% 0.2 Grenada
India 30.00% 0.3 Guatemala
Indonesia 22.00% 0.22 Guernsey
Iraq 15.00% 0.15 Honduras
Ireland 12.50% 0.125 Hong Kong SAR
Isle of Man 0.00% 0 Hungary
Israel 23.00% 0.23 Iceland
Italy 24.00% 0.24 India
Jamaica 25.00% 0.25 Indonesia
Japan 30.62% 0.3062 Iraq
Jersey (States of) 0.00% 0 Ireland
Jordan 20.00% 0.2 Isle of Man
Kazakhstan 20.00% 0.2 Israel
Kenya 30.00% 0.3 Italy
Korea 25.00% 0.25 Ivory Coast
Kuwait 15.00% 0.15 Jamaica
Kyrgyzstan 10.00% 0.1 Japan
Laos 26.86% 0.2686 Jersey
Latvia 20.00% 0.2 Jordan
Lebanon 17.00% 0.17 Kazakhstan
Liechtenstein 12.50% 0.125 Kenya
Lithuania 15.00% 0.15 Korea, Republic of
Luxembourg 24.94% 0.2494 Kuwait
Macao 26.86% 0.2686 Kyrgyzstan
Macedonia 10.00% 0.1 Latvia
Malaysia 24.00% 0.24 Lebanon
Maldives 26.86% 0.2686 Libya
Mali 26.86% 0.2686 Liechtenstein
Malta 35.00% 0.35 Lithuania
Mauritius 15.00% 0.15 Luxembourg
Mexico 30.00% 0.3 Macau
Moldova 12.00% 0.12 Macedonia
Mongolia 25.00% 0.25 Madagascar
Montenegro 15.00% 0.15 Malawi
Montserrat 28.53% 0.2853 Malaysia
Morocco 32.00% 0.32 Malta
Mozambique 32.00% 0.32 Mauritania
Namibia 32.00% 0.32 Mauritius
Netherlands 25.80% 0.258 Mexico
New Zealand 28.00% 0.28 Moldova
Nicaragua 30.00% 0.3 Monaco
Niger 26.86% 0.2686 Mongolia
Nigeria 30.00% 0.3 Montenegro
Norway 22.00% 0.22 Morocco
Oman 15.00% 0.15 Mozambique
Pakistan 29.00% 0.29 Myanmar
Panama 25.00% 0.25 Namibia
Papua New Guinea 30.00% 0.3 Netherlands
Paraguay 10.00% 0.1 New Zealand
Peru 29.50% 0.295 Nicaragua
Philippines 25.00% 0.25 Nigeria
Poland 19.00% 0.19 Norway
Portugal 21.00% 0.21 Oman
Qatar 10.00% 0.1 Pakistan
Ras Al Khaimah (Emirate of) 0.00% 0 Palestinian Territory
Romania 16.00% 0.16 Panama
Russia 20.00% 0.2 Papua New Guinea
Rwanda 30.00% 0.3 Paraguay
Saudi Arabia 20.00% 0.2 Peru
Senegal 30.00% 0.3 Philippines
Serbia 15.00% 0.15 Poland
Sharjah 0.00% 0 Portugal
Singapore 17.00% 0.17 Qatar
Slovakia 21.00% 0.21 Romania
Slovenia 19.00% 0.19 Russia
Solomon Islands 30.00% 0.3 Rwanda
South Africa 27.00% 0.27 Saint Kitts and Nevis
Spain 25.00% 0.25 Saint Lucia
Sri Lanka 24.00% 0.24 Saint Vincent and the Gre
St. Maarten 28.53% 0.2853 Samoa
St. Vincent & the Grenadines 28.53% 0.2853 Saudi Arabia
Suriname 36.00% 0.36 Senegal
Swaziland 27.50% 0.275 Serbia
Sweden 20.60% 0.206 Sierra Leone
Switzerland 14.60% 0.146 Singapore
Taiwan 20.00% 0.2 Sint Maarten (Dutch part)
Tajikistan 18.00% 0.18 Slovakia
Tanzania 30.00% 0.3 Slovenia
Thailand 20.00% 0.2 Solomon Islands
Togo 26.86% 0.2686 South Africa
Trinidad and Tobago 30.00% 0.3 Spain
Tunisia 15.00% 0.15 Sri Lanka
Turkey 25.00% 0.25 St Maarten
Turks and Caicos Islands 0.00% 0 Sudan
Uganda 30.00% 0.3 Suriname
Ukraine 18.00% 0.18 Swaziland
United Arab Emirates 25.00% 0.25 Sweden
United Kingdom 25.00% 0.25 Switzerland
United States 25.00% 0.25 Syria
Uruguay 25.00% 0.25 Taiwan
Uzbekistan 15.00% 0.15 Tajikistan
Venezuela 34.00% 0.34 Tanzania
Vietnam 20.00% 0.2 Thailand
Zambia 35.00% 0.35 Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Turks and Caicos Islands
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
Yemen
Zambia
Zimbabwe
 2023 Region Average Tax Rate
20.00% Europe average 19.52%
15.00% Africa average 26.86%
26.00% Latin America average 28.53%
10.00% North America average 25.75%
25.00% Oceania average 29.74%
0.00% OECD average 22.81%
25.00%
35.00%
18.00%
25.00%
30.00%
24.00%
20.00%
0.00%
0.00%
30.00%
5.50%
18.00%
25.00%
30.00%
0.00%
25.00%
25.00%
10.00%
22.00%
34.00%
18.50%
10.00%
28.00%
30.00%
20.00%
33.00%
26.50%
0.00%
27.00%
25.00%
35.00%
28.00%
30.00%
30.00%
18.00%
22.00%
12.50%
19.00%
22.00%
25.00%
25.00%
27.00%
25.00%
22.50%
30.00%
20.00%
30.00%
20.00%
20.00%
25.00%
30.00%
27.00%
15.00%
30.00%
25.00%
10.00%
22.00%
28.00%
25.00%
0.00%
25.00%
16.50%
9.00%
20.00%
30.00%
22.00%
15.00%
12.50%
0.00%
23.00%
24.00%
25.00%
25.00%
30.62%
0.00%
20.00%
20.00%
30.00%
24.00%
15.00%
10.00%
20.00%
17.00%
24.00%
12.50%
15.00%
24.94%
12.00%
10.00%
20.00%
30.00%
24.00%
35.00%
25.00%
15.00%
30.00%
12.00%
33.00%
25.00%
15.00%
32.00%
32.00%
22.00%
32.00%
25.80%
28.00%
30.00%
30.00%
22.00%
15.00%
29.00%
15.00%
25.00%
30.00%
10.00%
29.50%
25.00%
19.00%
21.00%
10.00%
16.00%
20.00%
30.00%
33.00%
30.00%
30.00%
27.00%
20.00%
30.00%
15.00%
25.00%
17.00%
35.00%
21.00%
19.00%
30.00%
27.00%
25.00%
24.00%
35.00%
35.00%
36.00%
27.50%
20.60%
14.60%
28.00%
20.00%
18.00%
30.00%
20.00%
30.00%
15.00%
25.00%
20.00%
0.00%
30.00%
18.00%
25.00%
25.00%
25.00%
25.00%
15.00%
0.00%
34.00%
20.00%
20.00%
35.00%
24.72%
Country PRS Score Total Equity Risk Premiu Rating-based Default Spr
Abu Dhabi #N/A 4.72% 0.46%
Albania 70.75 9.62% 4.24%
Andorra (Principality of) #N/A 6.07% 1.50%
Angola 64.75 12.06% 6.12%
Argentina 59.25 18.78% 11.29%
Armenia 65.00 8.51% 3.38%
Aruba #N/A 6.80% 2.07%
Australia 79.50 4.12% 0.00%
Austria 77.25 4.61% 0.38%
Azerbaijan 72.75 7.18% 2.36%
Bahamas 76.75 9.62% 4.24%
Bahrain 72.50 10.84% 5.18%
Bangladesh 65.00 9.62% 4.24%
Barbados #N/A 12.06% 6.12%
Belarus 61.50 26.84% 17.50%
Belgium 74.50 4.85% 0.56%
Belize #N/A 15.12% 8.47%
Benin #N/A 9.62% 4.24%
Bermuda #N/A 5.15% 0.80%
Bolivia 64.25 16.34% 9.41%
Bosnia and Herzegovina #N/A 12.06% 6.12%
Botswana 79.25 5.58% 1.13%
Brazil 69.50 7.79% 2.83%
Bulgaria 70.75 6.07% 1.50%
Burkina Faso 59.50 13.28% 7.06%
Cambodia #N/A 10.84% 5.18%
Cameroon 61.00 13.28% 7.06%
Canada 81.75 4.12% 0.00%
Cape Verde #N/A 12.06% 6.12%
Cayman Islands #N/A 4.85% 0.56%
Chile 72.75 5.15% 0.80%
China #N/A 4.98% 0.66%
Colombia 64.00 6.45% 1.79%
Congo (Democratic Republic of) #N/A 12.06% 6.12%
Congo (Republic of) #N/A 15.12% 8.47%
Cook Islands #N/A 9.62% 4.24%
Costa Rica 75.75 9.62% 4.24%
Côte d'Ivoire #N/A 7.79% 2.83%
Croatia 76.00 6.45% 1.79%
Cuba 60.75 18.78% 11.29%
Curacao #N/A 6.80% 2.07%
Cyprus 71.25 6.45% 1.79%
Czech Republic 79.50 4.85% 0.56%
Denmark 86.25 4.12% 0.00%
Dominican Republic 71.75 8.51% 3.38%
Ecuador 66.25 16.34% 9.41%
Egypt 56.25 13.28% 7.06%
El Salvador 69.75 13.28% 7.06%
Estonia 71.50 4.98% 0.66%
Ethiopia 59.75 15.12% 8.47%
Fiji #N/A 9.62% 4.24%
Finland 77.25 4.61% 0.38%
France 71.25 4.72% 0.46%
Gabon 68.75 15.12% 8.47%
Georgia #N/A 7.79% 2.83%
Germany 79.75 4.12% 0.00%
Ghana 61.25 16.34% 9.41%
Greece 69.00 7.18% 2.36%
Guatemala 72.75 7.18% 2.36%
Guernsey (States of) #N/A 4.98% 0.66%
Honduras 66.75 9.62% 4.24%
Hong Kong 78.00 4.85% 0.56%
Hungary 72.75 6.45% 1.79%
Iceland 82.00 5.15% 0.80%
India 72.00 6.80% 2.07%
Indonesia 68.75 6.45% 1.79%
Iraq 61.00 13.28% 7.06%
Ireland 83.00 4.85% 0.56%
Isle of Man #N/A 4.85% 0.56%
Israel 71.50 5.15% 0.80%
Italy 76.75 6.80% 2.07%
Jamaica 74.50 9.62% 4.24%
Japan 78.25 4.98% 0.66%
Jersey (States of) #N/A 4.85% 0.56%
Jordan 63.50 8.51% 3.38%
Kazakhstan 75.50 6.45% 1.79%
Kenya 61.50 12.06% 6.12%
Korea #N/A 4.72% 0.46%
Kuwait 79.75 4.98% 0.66%
Kyrgyzstan #N/A 12.06% 6.12%
Laos #N/A 16.34% 9.41%
Latvia 72.25 5.58% 1.13%
Lebanon 34.25 26.84% 17.50%
Liechtenstein #N/A 4.12% 0.00%
Lithuania 70.75 5.15% 0.80%
Luxembourg 84.25 4.12% 0.00%
Macao #N/A 4.85% 0.56%
Macedonia #N/A 8.51% 3.38%
Malaysia 74.75 5.58% 1.13%
Maldives #N/A 13.28% 7.06%
Mali 59.50 15.12% 8.47%
Malta 76.25 5.15% 0.80%
Mauritius #N/A 6.80% 2.07%
Mexico 68.75 6.45% 1.79%
Moldova 64.25 12.06% 6.12%
Mongolia 69.75 12.06% 6.12%
Montenegro #N/A 9.62% 4.24%
Montserrat #N/A 6.80% 2.07%
Morocco 67.00 7.18% 2.36%
Mozambique 59.50 15.12% 8.47%
Namibia 71.25 9.62% 4.24%
Netherlands 81.25 4.12% 0.00%
New Zealand 77.25 4.12% 0.00%
Nicaragua 64.00 10.84% 5.18%
Niger 48.00 16.34% 9.41%
Nigeria 54.25 13.28% 7.06%
Norway 87.00 4.12% 0.00%
Oman 79.00 7.18% 2.36%
Pakistan 54.25 16.34% 9.41%
Panama 71.50 6.80% 2.07%
Papua New Guinea 69.00 10.84% 5.18%
Paraguay 71.00 7.18% 2.36%
Peru 70.00 6.07% 1.50%
Philippines 71.75 6.45% 1.79%
Poland 76.00 5.15% 0.80%
Portugal 77.25 5.58% 1.13%
Qatar 80.75 4.72% 0.46%
Ras Al Khaimah (Emirate of) #N/A 5.58% 1.13%
Romania 68.00 6.80% 2.07%
Rwanda #N/A 10.84% 5.18%
Saudi Arabia 81.50 4.98% 0.66%
Senegal 63.50 8.51% 3.38%
Serbia #N/A 7.79% 2.83%
Sharjah #N/A 7.18% 2.36%
Singapore 86.50 4.12% 0.00%
Slovakia 67.25 5.15% 0.80%
Slovenia 75.25 5.58% 1.13%
Solomon Islands #N/A 13.28% 7.06%
South Africa 66.75 7.79% 2.83%
Spain 73.25 6.07% 1.50%
Sri Lanka 56.25 18.78% 11.29%
St. Maarten #N/A 7.79% 2.83%
St. Vincent & the Grenadines #N/A 12.06% 6.12%
Suriname 63.50 16.34% 9.41%
Swaziland #N/A 12.06% 6.12%
Sweden 79.25 4.12% 0.00%
Switzerland 86.00 4.12% 0.00%
Taiwan 86.25 4.85% 0.56%
Tajikistan #N/A 12.06% 6.12%
Tanzania 66.25 9.62% 4.24%
Thailand 71.25 6.07% 1.50%
Togo 63.75 12.06% 6.12%
Trinidad and Tobago #N/A 7.79% 2.83%
Tunisia 61.50 15.12% 8.47%
Turkey 58.50 12.06% 6.12%
Turks and Caicos Islands #N/A 6.07% 1.50%
Uganda 61.50 12.06% 6.12%
Ukraine 60.75 18.78% 11.29%
United Arab Emirates 81.00 4.72% 0.46%
United Kingdom 77.50 4.85% 0.56%
United States 71.25 4.12% 0.00%
Uruguay 73.75 6.07% 1.50%
Uzbekistan 75.00 8.51% 3.38%
Venezuela 53.00 26.84% 17.50%
Vietnam 70.50 7.79% 2.83%
Zambia 65.50 15.12% 8.47%

Algeria 69.25 2.83%

Brunei 81.75 0.56%
Gambia 66.75 4.24%
Guinea 59.00 8.47%
Guinea-Bissau 63.00 6.12%
Guyana 74.50 1.50%
Haiti 55.00 11.29%
Iran 63.25 6.12%
Korea, D.P.R. 49.25 17.50%
Liberia 61.50 7.06%
Libya 74.75 1.50%
Madagascar 63.25 6.12%
Malawi 52.25 11.29%
Myanmar 58.00 8.47%
Russia 71.25 2.83%
Sierra Leone 58.00 8.47%
Somalia 54.25 11.29%
Sudan 43.50 17.50%
Syria 44.25 17.50%
Yemen, Republic 51.50 11.29%
Zimbabwe 58.00 8.47%
Final ERP Tax Rate CRP PRS Score
4.72% 15.00% 0.60% More than
9.62% 15.00% 5.50% 0
6.07% 18.98% 1.95% 50.001
12.06% 25.00% 7.94% 55.001
18.78% 35.00% 14.66% 57.001
8.51% 18.00% 4.39% 60.001
6.80% 25.00% 2.68% 62.001
4.12% 30.00% 0.00% 64.001
4.61% 24.00% 0.49% 66.001
7.18% 20.00% 3.06% 68.001
9.62% 0.00% 5.50% 69.001
10.84% 0.00% 6.72% 72.001
9.62% 30.00% 5.50% 74.001
12.06% 5.50% 7.94% 76.001
26.84% 18.00% 22.72% 80.001
4.85% 25.00% 0.73% 82.501
15.12% 28.53% 11.00% 85.001
9.62% 30.00% 5.50%
5.15% 0.00% 1.03% Rating
16.34% 25.00% 12.22% Aaa
12.06% 10.00% 7.94% Aa1
5.58% 22.00% 1.46% Aa2
7.79% 34.00% 3.67% Aa3
6.07% 10.00% 1.95% A1
13.28% 28.00% 9.16% A2
10.84% 20.00% 6.72% A3
13.28% 33.00% 9.16% Baa1
4.12% 26.50% 0.00% Baa2
12.06% 0.00% 7.94% Baa3
4.85% 0.00% 0.73% Ba1
5.15% 27.00% 1.03% Ba2
4.98% 25.00% 0.86% Ba3
6.45% 35.00% 2.33% B1
12.06% 30.00% 7.94% B2
15.12% 28.00% 11.00% B3
9.62% 29.74% 5.50% Caa1
9.62% 30.00% 5.50% Caa2
7.79% 25.00% 3.67% Caa3
6.45% 18.00% 2.33% Ca
18.78% 28.53% 14.66% C
 6.80% 22.00% 2.68%
6.45% 12.50% 2.33%
4.85% 19.00% 0.73%
4.12% 22.00% 0.00%
8.51% 27.00% 4.39%
16.34% 25.00% 12.22%
13.28% 22.50% 9.16%
13.28% 30.00% 9.16%
4.98% 20.00% 0.86%
15.12% 30.00% 11.00%
9.62% 20.00% 5.50%
4.61% 20.00% 0.49%
4.72% 25.00% 0.60%
15.12% 30.00% 11.00%
7.79% 15.00% 3.67%
4.12% 30.00% 0.00%
16.34% 25.00% 12.22%
7.18% 22.00% 3.06%
7.18% 25.00% 3.06%
4.98% 0.00% 0.86%
9.62% 25.00% 5.50%
4.85% 16.50% 0.73%
6.45% 9.00% 2.33%
5.15% 20.00% 1.03%
6.80% 30.00% 2.68%
6.45% 22.00% 2.33%
13.28% 15.00% 9.16%
4.85% 12.50% 0.73%
4.85% 0.00% 0.73%
5.15% 23.00% 1.03%
6.80% 24.00% 2.68%
9.62% 25.00% 5.50%
4.98% 30.62% 0.86%
4.85% 0.00% 0.73%
8.51% 20.00% 4.39%
6.45% 20.00% 2.33%
12.06% 30.00% 7.94%
4.72% 25.00% 0.60%
4.98% 15.00% 0.86%
12.06% 10.00% 7.94%
16.34% 26.86% 12.22%
 5.58% 20.00% 1.46%
26.84% 17.00% 22.72%
4.12% 12.50% 0.00%
5.15% 15.00% 1.03%
4.12% 24.94% 0.00%
4.85% 26.86% 0.73%
8.51% 10.00% 4.39%
5.58% 24.00% 1.46%
13.28% 26.86% 9.16%
15.12% 26.86% 11.00%
5.15% 35.00% 1.03%
6.80% 15.00% 2.68%
6.45% 30.00% 2.33%
12.06% 12.00% 7.94%
12.06% 25.00% 7.94%
9.62% 15.00% 5.50%
6.80% 28.53% 2.68%
7.18% 32.00% 3.06%
15.12% 32.00% 11.00%
9.62% 32.00% 5.50%
4.12% 25.80% 0.00%
4.12% 28.00% 0.00%
10.84% 30.00% 6.72%
16.34% 26.86% 12.22%
13.28% 30.00% 9.16%
4.12% 22.00% 0.00%
7.18% 15.00% 3.06%
16.34% 29.00% 12.22%
6.80% 25.00% 2.68%
10.84% 30.00% 6.72%
7.18% 10.00% 3.06%
6.07% 29.50% 1.95%
6.45% 25.00% 2.33%
5.15% 19.00% 1.03%
5.58% 21.00% 1.46%
4.72% 10.00% 0.60%
5.58% 0.00% 1.46%
6.80% 16.00% 2.68%
10.84% 30.00% 6.72%
4.98% 20.00% 0.86%
8.51% 30.00% 4.39%
 7.79% 15.00% 3.67%
7.18% 0.00% 3.06%
4.12% 17.00% 0.00%
5.15% 21.00% 1.03%
5.58% 19.00% 1.46%
13.28% 30.00% 9.16%
7.79% 27.00% 3.67%
6.07% 25.00% 1.95%
18.78% 24.00% 14.66%
7.79% 28.53% 3.67%
12.06% 28.53% 7.94%
16.34% 36.00% 12.22%
12.06% 27.50% 7.94%
4.12% 20.60% 0.00%
4.12% 14.60% 0.00%
4.85% 20.00% 0.73%
12.06% 18.00% 7.94%
9.62% 30.00% 5.50%
6.07% 20.00% 1.95%
12.06% 26.86% 7.94%
7.79% 30.00% 3.67%
15.12% 15.00% 11.00%
12.06% 25.00% 7.94%
6.07% 0.00% 1.95%
12.06% 30.00% 7.94%
18.78% 18.00% 14.66%
4.72% 25.00% 0.60%
4.85% 25.00% 0.73%
4.12% 25.00% 0.00%
6.07% 25.00% 1.95%
8.51% 15.00% 4.39%
26.84% 34.00% 22.72%
7.79% 20.00% 3.67%
15.12% 35.00% 11.00%

7.79% 26.00% 3.67%

4.85% 18.50% 0.73%
9.62% 31.00% 5.50%
15.12% 29.15% 11.00%
12.06% 29.15% 7.94%
6.07% 18.64% 1.95%
18.78% 18.64% 14.66%
12.06% 20.23% 7.94%
26.84% 23.10% 22.72%
13.28% 29.15% 9.16%
6.07% 20.00% 1.95%
12.06% 20.00% 7.94%
18.78% 30.00% 14.66%
15.12% 25.00% 11.00%
7.79% 25.00% 3.67%
15.12% 30.00% 11.00%
18.78% 29.15% 14.66%
26.84% 35.00% 22.72%
26.84% 28.00% 22.72%
18.78% 20.00% 14.66%
15.12% 25.00% 11.00%
PRS Score Country PRS Score in June 2024
Less than ERP Default SpreadRating Albania 70.8
50.000 26.84% 17.50% Below Ca Algeria 69.3
55.000 18.78% 11.29% Ca Angola 64.8
57.000 16.34% 9.41% Caa3 Argentina 59.3
60.000 15.12% 8.47% Caa2 Armenia 65.0
62.000 13.28% 7.06% Caa1 Australia 79.5
64.000 12.06% 6.12% B3 Austria 77.3
66.000 10.84% 5.18% B2 Azerbaijan 72.8
68.000 9.62% 4.24% B1 Bahamas 76.8
69.000 8.51% 3.38% Ba3 Bahrain 72.5
72.000 7.79% 2.83% Ba2 Bangladesh 65.0
74.000 6.45% 1.79% Baa2 Belarus 61.5
76.000 6.07% 1.50% Baa1 Belgium 74.5
80.000 5.15% 0.80% A2 Bolivia 64.3
82.500 4.85% 0.56% Aa3 Botswana 79.3
85.000 4.61% 0.38% Aa1 Brazil 69.5
90.000 4.12% 0.00% Aaa Brunei 81.8
Bulgaria 70.8
Updated Default Spread (7/124) Burkina Faso 59.5
0.00% Cameroon 61.0
0.38% Canada 81.8
0.46% Chile 72.8
0.56% China, Peoples' 71.0
0.66% Colombia 64.0
0.80% Congo, Dem. Re 56.8
1.13% Congo, Republi 66.8
1.50% Costa Rica 75.8
1.79% Cote d'Ivoire 66.0
2.07% Croatia 76.0
2.36% Cuba 60.8
2.83% Cyprus 71.3
3.38% Czech Republic 79.5
4.24% Denmark 86.3
5.18% Dominican Repu 71.8
6.12% Ecuador 66.3
7.06% Egypt 56.3
8.47% El Salvador 69.8
9.41% Estonia 71.5
11.29% Ethiopia 59.8
17.50% Finland 77.3
France 71.3
Gabon 68.8
Gambia 66.8
Germany 79.8
Ghana 61.3
Greece 69.0
Guatemala 72.8
Guinea 59.0
Guinea-Bissau 63.0
Guyana 74.5
Haiti 55.0
Honduras 66.8
Hong Kong 78.0
Hungary 72.8
Iceland 82.0
India 72.0
Indonesia 68.8
Iran 63.3
Iraq 61.0
Ireland 83.0
Israel 71.5
Italy 76.8
Jamaica 74.5
Japan 78.3
Jordan 63.5
Kazakhstan 75.5
Kenya 61.5
Korea, D.P.R. 49.3
Korea, Republic 80.5
Kuwait 79.8
Latvia 72.3
Lebanon 34.3
Liberia 61.5
Libya 74.8
Lithuania 70.8
Luxembourg 84.3
Madagascar 63.3
Malawi 52.3
Malaysia 74.8
Mali 59.5
Malta 76.3
Mexico 68.8
Moldova 64.3
Mongolia 69.8
Morocco 67.0
Mozambique 59.5
Myanmar 58.0
Namibia 71.3
Netherlands 81.3
New Zealand 77.3
Nicaragua 64.0
Niger 48.0
Nigeria 54.3
Norway 87.0
Oman 79.0
Pakistan 54.3
Panama 71.5
Papua New Guin 69.0
Paraguay 71.0
Peru 70.0
Philippines 71.8
Poland 76.0
Portugal 77.3
Qatar 80.8
Romania 68.0
Russia 71.3
Saudi Arabia 81.5
Senegal 63.5
Serbia 66.5
Sierra Leone 58.0
Singapore 86.5
Slovakia 67.3
Slovenia 75.3
Somalia 54.3
South Africa 66.8
Spain 73.3
Sri Lanka 56.3
Sudan 43.5
Suriname 63.5
Sweden 79.3
Switzerland 86.0
Syria 44.3
 Taiwan 86.3
Tanzania 66.3
Thailand 71.3
Togo 63.8
Trinidad & Tob 77.5
Tunisia 61.5
Turkey 58.5
Uganda 61.5
Ukraine 60.8
United Arab Emi 81.0
United Kingdom 77.5
United States 71.3
Uruguay 73.8
Uzbekistan 75.0
Venezuela 53.0
Vietnam 70.5
Yemen, Republi 51.5
Zambia 65.5
Zimbabwe 58.0

Row Labels Average of Corporate Tax Rate

Africa 26.86%
Asia 24.56%
Australia & New Zealan 29.25%
Caribbean 18.64%
Central and South Amer 28.53%
Eastern Europe & Russi 16.11%
Middle East 13.46%
North America 25.75%
Western Europe 19.52%
Updating Sequence
1. Relative Risk Worksheet
2. Sovereign Ratings
3. CDS Worksheet
4. Default Spreads
5. PRS Worksheet
6. Country GDP
7. Country tax rates
8. Regional Weighted averages