Está en la página 1de 213

Country Risk Premiums

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

Step 1: Estimating mature market risk premium


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

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

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


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

Step 4: Compute a total equity risk premium


Add the mature market premium from step 1 to the country risk premium from step 3 to get

Step 5: Compute regional averages and regional weighted averages


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

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

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

mplprem/ERPbymonth.xls

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

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

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

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

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

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

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

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

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

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

worksheet in this spreadsheet for an alternate estimate.

set cell E5 to 1.00.


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

he CDS for other markets.


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

g/GDP-ranking-table

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

spread for the country (if one exists)

blic Bond index standard deviation


To look up the equity risk premium for a country, use this worksheet
Country Azerbaijan If you cannot find a country on this li
or a sovereign CDS spread. Try the P
Moody's sovereign rating Ba1 Local currency
S&P sovereign rating BB+ Local currency
CDS spread NA
Excess CDS spread (over US CDS) NA

Country Default Spread (based on 2.80%


Country Risk Premium (Rating) 3.92%
Equity Risk Premium (Rating) 10.17%

Country Risk Premium (CDS) NA


Equity Risk Premium (CDS) NA

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

Country Risk Premium (simple ave 4.90%


Total Equity Risk Premium (simple 11.15%

Country Risk Premium (GDP weigh 3.92%


Total Equity Risk Premium (GDP w 10.17%

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

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

PRS Score 56.00


ERP based on PRS Score 17.24%
use this worksheet
you cannot find a country on this list, it is because that country does not have a sovereign rating
r a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.

se this worksheet

for countries in the Regional Weighted Averages Worksheet

r market list
Estima

Enter the current risk premium for a mature equity market


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

Country Africa Moody'srating RatingbasedDefaultSpread


AbuDhabi Middle East Aa2 0.56%
Albania Eastern Europe & Russia B1 5.05%
Andorra(Principalityof) Western Europe Baa3 2.47%
Angola Africa B1 5.05%
Argentina Central and South America B3 7.29%
Armenia Eastern Europe & Russia B1 5.05%
Aruba Caribbean Baa1 1.79%
Australia Australia & New Zealand Aaa 0.00%
Austria Western Europe Aa1 0.45%
Azerbaijan Eastern Europe & Russia Ba1 2.80%
Bahamas Caribbean Baa2 2.13%
Bahrain Middle East Ba2 3.37%
Bangladesh Asia Ba3 4.04%
Barbados Caribbean Caa1 8.41%
Belarus Eastern Europe & Russia Caa1 8.41%
Belgium Western Europe Aa3 0.68%
Belize Central and South America Caa2 10.10%
Bermuda Caribbean A2 0.95%
Bolivia Central and South America Ba3 4.04%
BosniaandHerzegovina Eastern Europe & Russia B3 7.29%
Botswana Africa A2 0.95%
Brazil Central and South America Ba2 3.37%
Bulgaria Eastern Europe & Russia Baa2 2.13%
BurkinaFaso Africa B3 7.29%
Cambodia Asia B2 6.17%
Cameroon Africa B2 6.17%
Canada North America Aaa 0.00%
CaymanIslands Caribbean Aa3 0.68%
CapeVerde Africa B2 6.17%
Chile Central and South America Aa3 0.68%
China Asia Aa3 0.68%
Colombia Central and South America Baa2 2.13%
Congo(DemocraticRepublicof) Africa B3 7.29%
Congo(Republicof) Africa B2 6.17%
CookIslands Australia & New Zealand B1 5.05%
CostaRica Central and South America Ba1 2.80%
Cted'Ivoire Africa Ba3 4.04%
Croatia Eastern Europe & Russia Ba2 3.37%
Cuba Caribbean Caa2 10.10%
Curacao Caribbean A3 1.35%
Cyprus Western Europe B1 5.05%
CzechRepublic Eastern Europe & Russia A1 0.79%
Denmark Western Europe Aaa 0.00%
DominicanRepublic Caribbean B1 5.05%
Ecuador Central and South America B3 7.29%
Egypt Africa B3 7.29%
ElSalvador Central and South America Ba3 4.04%
Estonia Eastern Europe & Russia A1 0.79%
Ethiopia Africa B1 5.05%
Fiji Asia B1 5.05%
Finland Western Europe Aa1 0.45%
France Western Europe Aa2 0.56%
Gabon Africa B1 5.05%
Georgia Eastern Europe & Russia Ba3 4.04%
Germany Western Europe Aaa 0.00%
Ghana Africa B3 7.29%
Greece Western Europe Caa3 11.21%
Guatemala Central and South America Ba1 2.80%
Guernsey(Statesof) Western Europe Aa1 0.45%
Honduras Central and South America B2 6.17%
HongKong Asia Aa1 0.45%
Hungary Eastern Europe & Russia Ba1 2.80%
Iceland Western Europe Baa2 2.13%
India Asia Baa3 2.47%
Indonesia Asia Baa3 2.47%
Iraq Middle East B3 7.29%
Ireland Western Europe A3 1.35%
IsleofMan Western Europe Aa1 0.45%
Israel Middle East A1 0.79%
Italy Western Europe Baa2 2.13%
Jamaica Caribbean Caa2 10.10%
Japan Asia A1 0.79%
Jersey(Statesof) Western Europe Aa1 0.45%
Jordan Middle East B1 5.05%
Kazakhstan Eastern Europe & Russia Baa3 2.47%
Kenya Africa B1 5.05%
Korea Asia Aa2 0.56%
Kuwait Middle East Aa2 0.56%
Kyrgyzstan Eastern Europe & Russia B2 6.17%
Latvia Eastern Europe & Russia A3 1.35%
Lebanon Middle East B2 6.17%
Liechtenstein Western Europe Aaa 0.00%
Lithuania Eastern Europe & Russia A3 1.35%
Luxembourg Western Europe Aaa 0.00%
Macao Asia Aa3 0.68%
Macedonia Eastern Europe & Russia Ba3 4.04%
Malaysia Asia A3 1.35%
Malta Western Europe A3 1.35%
Mauritius Asia Baa1 1.79%
Mexico Central and South America A3 1.35%
Moldova Eastern Europe & Russia B3 7.29%
Mongolia Asia B2 6.17%
Montenegro Eastern Europe & Russia Ba3 4.04%
Montserrat Caribbean Baa3 2.47%
Morocco Africa Ba1 2.80%
Mozambique Africa Caa1 8.41%
Namibia Africa Baa3 2.47%
Netherlands Western Europe Aaa 0.00%
NewZealand Australia & New Zealand Aaa 0.00%
Nicaragua Central and South America B2 6.17%
Nigeria Africa B1 5.05%
Norway Western Europe Aaa 0.00%
Oman Middle East Baa1 1.79%
Pakistan Asia B3 7.29%
Panama Central and South America Baa2 2.13%
PapuaNewGuinea Asia B2 6.17%
Paraguay Central and South America Ba1 2.80%
Peru Central and South America A3 1.35%
Philippines Asia Baa2 2.13%
Poland Eastern Europe & Russia A2 0.95%
Portugal Western Europe Ba1 2.80%
Qatar Middle East Aa2 0.56%
RasAlKhaimah(Emirateof) Middle East A2 0.95%
Romania Eastern Europe & Russia Baa3 2.47%
Russia Eastern Europe & Russia Ba1 2.80%
Rwanda Africa B1 5.05%
SaudiArabia Middle East A1 0.79%
Senegal Africa B1 5.05%
Serbia Eastern Europe & Russia B1 5.05%
Sharjah Middle East A3 1.35%
Singapore Asia Aaa 0.00%
Slovakia Eastern Europe & Russia A2 0.95%
Slovenia Eastern Europe & Russia Baa3 2.47%
SouthAfrica Africa Baa2 2.13%
Spain Western Europe Baa2 2.13%
SriLanka Asia B1 5.05%
St.Maarten Caribbean Baa2 2.13%
St.Vincent&theGrenadines Caribbean B3 7.29%
Suriname Central and South America B1 5.05%
Sweden Western Europe Aaa 0.00%
Switzerland Western Europe Aaa 0.00%
Taiwan Asia Aa3 0.68%
Thailand Asia Baa1 1.79%
TrinidadandTobago Caribbean Baa2 2.13%
Tunisia Africa Ba3 4.04%
Turkey Western Europe Baa3 2.47%
TurksandCaicosIslands Caribbean Baa1 1.79%
Uganda Africa B1 5.05%
Ukraine Eastern Europe & Russia Caa3 11.21%
UnitedArabEmirates Middle East Aa2 0.56%
UnitedKingdom Western Europe Aa1 0.45%
UnitedStatesofAmerica North America Aaa 0.00%
Uruguay Central and South America Baa2 2.13%
Venezuela Central and South America Caa3 11.21%
Vietnam Asia B1 5.05%
Zambia Africa B3 7.29%

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

Rating Default spread in basis points


A1 79
A2 95
A3 135
Aa1 45
Aa2 56
Aa3 68
Aaa 0
B1 505
B2 617
B3 729
Ba1 280
Ba2 337
Ba3 404
Baa1 179
Baa2 213
Baa3 247
Ca 1345
Caa1 841
Caa2 1010
Caa3 1121
NR NA
EstimatingCountryRiskPremiums

6.25% Updated July 1, 2016


Yes
1.40 Updated July 1, 2016

SovereignCDS,net
TotalEquityRiskPremium CountryRiskPremium ofUS TotalEquityRiskPremium
7.03% 0.78% 0.85% 7.44%
13.32% 7.07% NA NA
9.71% 3.46% NA NA
13.32% 7.07% NA NA
16.46% 10.21% 4.51% 12.56%
13.32% 7.07% NA NA
8.76% 2.51% NA NA
6.25% 0.00% 0.21% 6.54%
6.88% 0.63% 0.19% 6.52%
10.17% 3.92% NA NA
9.23% 2.98% NA NA
10.97% 4.72% 3.93% 11.75%
11.91% 5.66% NA NA
18.02% 11.77% NA NA
18.02% 11.77% NA NA
7.20% 0.95% 0.45% 6.88%
20.39% 14.14% NA NA
7.58% 1.33% NA NA
11.91% 5.66% NA NA
16.46% 10.21% NA NA
7.58% 1.33% NA NA
10.97% 4.72% 3.50% 11.15%
9.23% 2.98% 1.62% 8.52%
16.46% 10.21% NA NA
14.89% 8.64% NA NA
14.89% 8.64% NA NA
6.25% 0.00% NA NA
7.20% 0.95% NA NA
14.89% 8.64% NA NA
7.20% 0.95% 0.93% 7.55%
7.20% 0.95% 1.22% 7.96%
9.23% 2.98% 2.33% 9.51%
16.46% 10.21% NA NA
14.89% 8.64% NA NA
13.32% 7.07% NA NA
10.17% 3.92% 3.82% 11.60%
11.91% 5.66% NA NA
10.97% 4.72% 2.44% 9.67%
20.39% 14.14% NA NA
8.14% 1.89% NA NA
13.32% 7.07% 2.87% 10.27%
7.36% 1.11% 0.44% 6.87%
6.25% 0.00% 0.03% 6.29%
13.32% 7.07% NA NA
16.46% 10.21% NA NA
16.46% 10.21% 4.95% 13.18%
11.91% 5.66% NA NA
7.36% 1.11% 0.42% 6.84%
13.32% 7.07% NA NA
13.32% 7.07% NA NA
6.88% 0.63% 0.08% 6.36%
7.03% 0.78% 0.34% 6.73%
13.32% 7.07% NA NA
11.91% 5.66% NA NA
6.25% 0.00% 0.04% 6.31%
16.46% 10.21% NA NA
21.94% 15.69% NA NA
10.17% 3.92% NA NA
6.88% 0.63% NA NA
14.89% 8.64% NA NA
6.88% 0.63% 0.29% 6.66%
10.17% 3.92% 1.59% 8.48%
9.23% 2.98% 0.89% 7.50%
9.71% 3.46% 1.90% 8.91%
9.71% 3.46% 2.08% 9.16%
16.46% 10.21% NA NA
8.14% 1.89% 0.79% 7.36%
6.88% 0.63% NA NA
7.36% 1.11% 0.79% 7.36%
9.23% 2.98% 1.70% 8.63%
20.39% 14.14% NA NA
7.36% 1.11% 0.32% 6.70%
6.88% 0.63% NA NA
13.32% 7.07% NA NA
9.71% 3.46% 2.35% 9.54%
13.32% 7.07% NA NA
7.03% 0.78% 0.35% 6.74%
7.03% 0.78% NA NA
14.89% 8.64% NA NA
8.14% 1.89% 0.75% 7.30%
14.89% 8.64% 4.82% 13.00%
6.25% 0.00% NA NA
8.14% 1.89% 0.65% 7.16%
6.25% 0.00% NA NA
7.20% 0.95% NA NA
11.91% 5.66% NA NA
8.14% 1.89% 1.65% 8.56%
8.14% 1.89% NA NA
8.76% 2.51% NA NA
8.14% 1.89% 1.88% 8.88%
16.46% 10.21% NA NA
14.89% 8.64% NA NA
11.91% 5.66% NA NA
9.71% 3.46% NA NA
10.17% 3.92% 1.88% 8.88%
18.02% 11.77% NA NA
9.71% 3.46% NA NA
6.25% 0.00% 0.09% 6.38%
6.25% 0.00% 0.29% 6.66%
14.89% 8.64% NA NA
13.32% 7.07% NA NA
6.25% 0.00% 0.00% 6.25%
8.76% 2.51% NA NA
16.46% 10.21% 5.48% 13.92%
9.23% 2.98% 1.75% 8.70%
14.89% 8.64% NA NA
10.17% 3.92% NA NA
8.14% 1.89% 1.59% 8.48%
9.23% 2.98% 1.21% 7.94%
7.58% 1.33% 1.00% 7.65%
10.17% 3.92% 3.47% 11.11%
7.03% 0.78% 1.17% 7.89%
7.58% 1.33% NA NA
9.71% 3.46% 1.23% 7.97%
10.17% 3.92% 2.48% 9.72%
13.32% 7.07% NA NA
7.36% 1.11% 1.62% 8.52%
13.32% 7.07% NA NA
13.32% 7.07% NA NA
8.14% 1.89% NA NA
6.25% 0.00% NA NA
7.58% 1.33% 0.51% 6.96%
9.71% 3.46% 1.08% 7.76%
9.23% 2.98% 2.96% 10.39%
9.23% 2.98% 1.18% 7.90%
13.32% 7.07% NA NA
9.23% 2.98% NA NA
16.46% 10.21% NA NA
13.32% 7.07% NA NA
6.25% 0.00% 0.02% 6.28%
6.25% 0.00% 0.18% 6.50%
7.20% 0.95% NA NA
8.76% 2.51% 1.24% 7.99%
9.23% 2.98% NA NA
11.91% 5.66% 5.33% 13.71%
9.71% 3.46% 2.57% 9.85%
8.76% 2.51% NA NA
13.32% 7.07% NA NA
21.94% 15.69% NA NA
7.03% 0.78% NA NA
6.88% 0.63% 0.41% 6.82%
6.25% 0.00% 0.00% 6.25%
9.23% 2.98% NA NA
21.94% 15.69% 32.15% 51.26%
13.32% 7.07% 2.55% 9.82%
16.46% 10.21% NA NA

Default Spread
5.34%
2.50%
5.34%
9.82%
4.45%
4.45%
7.40%
3.55%
7.85%
7.85%
9.82%
4.45%
7.85%
5.46%
5.34%
7.85%
7.40%
9.82%
9.82%
9.82%
5.46%
5.34%
7.85%
7.85%
CountryRiskPremium Has to be sorted in ascending order
1.19% Rating
Default spread in basis points
NA A1 79
NA A2 95
NA A3 135
6.31% Aa1 45
NA Aa2 56
NA Aa3 68
0.29% Aaa 0
0.27% B1 505
NA B2 617
NA B3 729
5.50% Ba1 280
NA Ba2 337
NA Ba3 404
NA Baa1 179
0.63% Baa2 213
NA Baa3 247
NA Ca 1345
NA Caa1 841
NA Caa2 1010
NA Caa3 1121
4.90% NR NA
2.27%
NA
NA
NA
NA
NA
NA
1.30%
1.71%
3.26%
NA
NA
NA
5.35%
NA
3.42%
NA
NA
4.02%
0.62%
0.04%
NA
NA
6.93%
NA
0.59%
NA
NA
0.11%
0.48%
NA
NA
0.06%
NA
NA
NA
NA
NA
0.41%
2.23%
1.25%
2.66%
2.91%
NA
1.11%
NA
1.11%
2.38%
NA
0.45%
NA
NA
3.29%
NA
0.49%
NA
NA
1.05%
6.75%
NA
0.91%
NA
NA
NA
2.31%
NA
NA
2.63%
NA
NA
NA
NA
2.63%
NA
NA
0.13%
0.41%
NA
NA
0.00%
NA
7.67%
2.45%
NA
NA
2.23%
1.69%
1.40%
4.86%
1.64%
NA
1.72%
3.47%
NA
2.27%
NA
NA
NA
NA
0.71%
1.51%
4.14%
1.65%
NA
NA
NA
NA
0.03%
0.25%
NA
1.74%
NA
7.46%
3.60%
NA
NA
NA
NA
0.57%
0.00%
NA
45.01%
3.57%
NA
Volatility
BAML Emerging Mkt Publ 11.35% BAMLEMPBPUBSICRPIEY
S&P Emerging BMI (Equit 15.91% BAMLEMPUPUBSLCRPIUSEY
Relative Volatility 1.40

Index: BAML Public Sector US Emerging Markets Corporate Plus Index Yield
Source: FRED (Federal Reserve St. Louis Datasets)
https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddata
Period Five years
Interval Daily

DATE VALUE

2011-06-30 4.98 Average = 4.67 In spread %

2011-07-01 4.98 Std Dev = 0.53048437 In spread %


2011-07-04 4.97 CV = 11.35% ! Std Dev/ Average
2011-07-05 4.94
2011-07-06 4.94
2011-07-07 4.94
2011-07-08 4.90
2011-07-11 4.88
2011-07-12 4.90
2011-07-13 4.88
2011-07-14 4.90
2011-07-15 4.88
2011-07-18 4.88
2011-07-19 4.88
2011-07-20 4.89
2011-07-21 4.90
2011-07-22 4.86
2011-07-25 4.86
2011-07-26 4.84
2011-07-27 4.83
2011-07-28 4.78
2011-07-29 4.70
2011-07-31 4.75
2011-08-01 4.70
2011-08-02 4.64
2011-08-03 4.64
2011-08-04 4.64
2011-08-05 4.74
2011-08-08 4.85
2011-08-09 4.89
2011-08-10 4.85
2011-08-11 5.01
2011-08-12 4.95
2011-08-15 4.93
2011-08-16 4.87
2011-08-17 4.83
2011-08-18 4.84
2011-08-19 4.83
2011-08-22 4.84
2011-08-23 4.90
2011-08-24 4.96
2011-08-25 4.98
2011-08-26 4.99
2011-08-29 5.02
2011-08-30 4.98
2011-08-31 4.94
2011-09-01 4.90
2011-09-02 4.89
2011-09-05 4.89
2011-09-06 4.93
2011-09-07 4.91
2011-09-08 4.88
2011-09-09 4.87
2011-09-12 4.93
2011-09-13 4.96
2011-09-14 5.00
2011-09-15 5.05
2011-09-16 5.04
2011-09-19 5.06
2011-09-20 5.08
2011-09-21 5.13
2011-09-22 5.33
2011-09-23 5.50
2011-09-26 5.64
2011-09-27 5.73
2011-09-28 5.72
2011-09-29 5.70
2011-09-30 5.77
2011-10-03 5.80
2011-10-04 5.98
2011-10-05 6.01
2011-10-06 5.94
2011-10-07 5.89
2011-10-10 5.87
2011-10-11 5.77
2011-10-12 5.67
2011-10-13 5.59
2011-10-14 5.52
2011-10-17 5.44
2011-10-18 5.42
2011-10-19 5.39
2011-10-20 5.41
2011-10-21 5.40
2011-10-24 5.38
2011-10-25 5.30
2011-10-26 5.29
2011-10-27 5.18
2011-10-28 5.14
2011-10-31 5.17
2011-11-01 5.22
2011-11-02 5.22
2011-11-03 5.18
2011-11-04 5.14
2011-11-07 5.14
2011-11-08 5.12
2011-11-09 5.12
2011-11-10 5.17
2011-11-11 5.17
2011-11-14 5.18
2011-11-15 5.20
2011-11-16 5.22
2011-11-17 5.23
2011-11-18 5.26
2011-11-21 5.30
2011-11-22 5.33
2011-11-23 5.37
2011-11-24 5.37
2011-11-25 5.45
2011-11-28 5.42
2011-11-29 5.46
2011-11-30 5.49
2011-12-01 5.48
2011-12-02 5.44
2011-12-05 5.42
2011-12-06 5.44
2011-12-07 5.40
2011-12-08 5.40
2011-12-09 5.44
2011-12-12 5.45
2011-12-13 5.46
2011-12-14 5.46
2011-12-15 5.47
2011-12-16 5.45
2011-12-19 5.47
2011-12-20 5.48
2011-12-21 5.48
2011-12-22 5.46
2011-12-23 5.48
2011-12-27 5.48
2011-12-28 5.45
2011-12-29 5.43
2011-12-30 5.41
2011-12-31 5.45
2012-01-03 5.42
2012-01-04 5.42
2012-01-05 5.42
2012-01-06 5.42
2012-01-09 5.42
2012-01-10 5.43
2012-01-11 5.43
2012-01-12 5.42
2012-01-13 5.41
2012-01-16 5.40
2012-01-17 5.40
2012-01-18 5.40
2012-01-19 5.37
2012-01-20 5.35
2012-01-23 5.32
2012-01-24 5.30
2012-01-25 5.24
2012-01-26 5.15
2012-01-27 5.13
2012-01-30 5.12
2012-01-31 5.13
2012-02-01 5.10
2012-02-02 5.09
2012-02-03 5.10
2012-02-06 5.06
2012-02-07 5.09
2012-02-08 5.08
2012-02-09 5.07
2012-02-10 5.04
2012-02-13 5.03
2012-02-14 5.00
2012-02-15 4.99
2012-02-16 5.02
2012-02-17 5.00
2012-02-20 5.00
2012-02-21 4.99
2012-02-22 4.91
2012-02-23 4.88
2012-02-24 4.87
2012-02-27 4.84
2012-02-28 4.79
2012-02-29 4.78
2012-03-01 4.77
2012-03-02 4.71
2012-03-05 4.71
2012-03-06 4.74
2012-03-07 4.73
2012-03-08 4.71
2012-03-09 4.69
2012-03-12 4.68
2012-03-13 4.66
2012-03-14 4.69
2012-03-15 4.70
2012-03-16 4.69
2012-03-19 4.70
2012-03-20 4.71
2012-03-21 4.70
2012-03-22 4.72
2012-03-23 4.72
2012-03-26 4.70
2012-03-27 4.69
2012-03-28 4.69
2012-03-29 4.68
2012-03-30 4.70
2012-03-31 4.75
2012-04-02 4.75
2012-04-03 4.78
2012-04-04 4.77
2012-04-05 4.78
2012-04-09 4.77
2012-04-10 4.78
2012-04-11 4.79
2012-04-12 4.77
2012-04-13 4.74
2012-04-16 4.73
2012-04-17 4.71
2012-04-18 4.70
2012-04-19 4.68
2012-04-20 4.66
2012-04-23 4.66
2012-04-24 4.66
2012-04-25 4.63
2012-04-26 4.62
2012-04-27 4.59
2012-04-30 4.62
2012-05-01 4.60
2012-05-02 4.57
2012-05-03 4.53
2012-05-04 4.54
2012-05-07 4.54
2012-05-08 4.55
2012-05-09 4.59
2012-05-10 4.58
2012-05-11 4.59
2012-05-14 4.67
2012-05-15 4.71
2012-05-16 4.77
2012-05-17 4.79
2012-05-18 4.84
2012-05-21 4.83
2012-05-22 4.79
2012-05-23 4.84
2012-05-24 4.85
2012-05-25 4.85
2012-05-28 4.85
2012-05-29 4.83
2012-05-30 4.85
2012-05-31 4.91
2012-06-01 4.94
2012-06-04 4.97
2012-06-05 4.93
2012-06-06 4.88
2012-06-07 4.81
2012-06-08 4.81
2012-06-11 4.78
2012-06-12 4.81
2012-06-13 4.77
2012-06-14 4.77
2012-06-15 4.72
2012-06-18 4.71
2012-06-19 4.69
2012-06-20 4.69
2012-06-21 4.71
2012-06-22 4.73
2012-06-25 4.72
2012-06-26 4.72
2012-06-27 4.70
2012-06-28 4.70
2012-06-29 4.66
2012-06-30 4.67
2012-07-02 4.63
2012-07-03 4.60
2012-07-04 4.59
2012-07-05 4.57
2012-07-06 4.55
2012-07-09 4.54
2012-07-10 4.52
2012-07-11 4.50
2012-07-12 4.47
2012-07-13 4.43
2012-07-16 4.39
2012-07-17 4.36
2012-07-18 4.35
2012-07-19 4.34
2012-07-20 4.32
2012-07-23 4.37
2012-07-24 4.38
2012-07-25 4.38
2012-07-26 4.35
2012-07-27 4.34
2012-07-30 4.29
2012-07-31 4.28
2012-08-01 4.28
2012-08-02 4.26
2012-08-03 4.24
2012-08-06 4.19
2012-08-07 4.18
2012-08-08 4.19
2012-08-09 4.20
2012-08-10 4.20
2012-08-13 4.20
2012-08-14 4.22
2012-08-15 4.25
2012-08-16 4.26
2012-08-17 4.25
2012-08-20 4.25
2012-08-21 4.22
2012-08-22 4.18
2012-08-23 4.14
2012-08-24 4.14
2012-08-27 4.13
2012-08-28 4.11
2012-08-29 4.12
2012-08-30 4.12
2012-08-31 4.11
2012-09-03 4.11
2012-09-04 4.10
2012-09-05 4.09
2012-09-06 4.08
2012-09-07 4.04
2012-09-10 4.02
2012-09-11 4.00
2012-09-12 3.99
2012-09-13 3.99
2012-09-14 3.98
2012-09-17 3.97
2012-09-18 3.98
2012-09-19 3.97
2012-09-20 3.99
2012-09-21 3.98
2012-09-24 3.98
2012-09-25 3.98
2012-09-26 4.00
2012-09-27 3.97
2012-09-28 3.93
2012-09-30 3.95
2012-10-01 3.93
2012-10-02 3.92
2012-10-03 3.90
2012-10-04 3.90
2012-10-05 3.90
2012-10-08 3.89
2012-10-09 3.91
2012-10-10 3.89
2012-10-11 3.86
2012-10-12 3.83
2012-10-15 3.80
2012-10-16 3.78
2012-10-17 3.78
2012-10-18 3.77
2012-10-19 3.75
2012-10-22 3.76
2012-10-23 3.78
2012-10-24 3.79
2012-10-25 3.80
2012-10-26 3.79
2012-10-29 3.79
2012-10-31 3.84
2012-11-01 3.85
2012-11-02 3.84
2012-11-05 3.82
2012-11-06 3.82
2012-11-07 3.78
2012-11-08 3.79
2012-11-09 3.82
2012-11-12 3.81
2012-11-13 3.84
2012-11-14 3.85
2012-11-15 3.87
2012-11-16 3.88
2012-11-19 3.87
2012-11-20 3.87
2012-11-21 3.87
2012-11-22 3.87
2012-11-23 3.87
2012-11-26 3.85
2012-11-27 3.81
2012-11-28 3.79
2012-11-29 3.76
2012-11-30 3.77
2012-12-03 3.75
2012-12-04 3.74
2012-12-05 3.74
2012-12-06 3.72
2012-12-07 3.74
2012-12-10 3.72
2012-12-11 3.71
2012-12-12 3.72
2012-12-13 3.72
2012-12-14 3.71
2012-12-17 3.73
2012-12-18 3.74
2012-12-19 3.71
2012-12-20 3.70
2012-12-21 3.69
2012-12-24 3.69
2012-12-26 3.69
2012-12-27 3.68
2012-12-28 3.67
2012-12-31 3.66
2013-01-02 3.64
2013-01-03 3.61
2013-01-04 3.60
2013-01-07 3.60
2013-01-08 3.60
2013-01-09 3.60
2013-01-10 3.60
2013-01-11 3.61
2013-01-14 3.61
2013-01-15 3.60
2013-01-16 3.60
2013-01-17 3.61
2013-01-18 3.61
2013-01-21 3.60
2013-01-22 3.60
2013-01-23 3.59
2013-01-24 3.59
2013-01-25 3.61
2013-01-28 3.63
2013-01-29 3.65
2013-01-30 3.69
2013-01-31 3.80
2013-02-01 3.81
2013-02-04 3.83
2013-02-05 3.85
2013-02-06 3.83
2013-02-07 3.83
2013-02-08 3.81
2013-02-11 3.80
2013-02-12 3.81
2013-02-13 3.83
2013-02-14 3.80
2013-02-15 3.80
2013-02-18 3.79
2013-02-19 3.79
2013-02-20 3.78
2013-02-21 3.80
2013-02-22 3.79
2013-02-25 3.76
2013-02-26 3.76
2013-02-27 3.76
2013-02-28 3.77
2013-03-01 3.75
2013-03-04 3.75
2013-03-05 3.73
2013-03-06 3.76
2013-03-07 3.78
2013-03-08 3.79
2013-03-11 3.79
2013-03-12 3.77
2013-03-13 3.77
2013-03-14 3.78
2013-03-15 3.78
2013-03-18 3.79
2013-03-19 3.79
2013-03-20 3.80
2013-03-21 3.80
2013-03-22 3.80
2013-03-25 3.78
2013-03-26 3.78
2013-03-27 3.80
2013-03-28 3.81
2013-03-31 3.83
2013-04-01 3.83
2013-04-02 3.82
2013-04-03 3.81
2013-04-04 3.76
2013-04-05 3.72
2013-04-08 3.69
2013-04-09 3.67
2013-04-10 3.69
2013-04-11 3.68
2013-04-12 3.67
2013-04-15 3.68
2013-04-16 3.71
2013-04-17 3.73
2013-04-18 3.72
2013-04-19 3.71
2013-04-22 3.70
2013-04-23 3.68
2013-04-24 3.67
2013-04-25 3.68
2013-04-26 3.67
2013-04-29 3.64
2013-04-30 3.64
2013-05-01 3.62
2013-05-02 3.59
2013-05-03 3.61
2013-05-06 3.61
2013-05-07 3.60
2013-05-08 3.60
2013-05-09 3.59
2013-05-10 3.63
2013-05-13 3.66
2013-05-14 3.66
2013-05-15 3.67
2013-05-16 3.64
2013-05-17 3.67
2013-05-20 3.68
2013-05-21 3.69
2013-05-22 3.71
2013-05-23 3.75
2013-05-24 3.77
2013-05-27 3.77
2013-05-28 3.83
2013-05-29 3.93
2013-05-30 3.94
2013-05-31 4.06
2013-06-03 4.11
2013-06-04 4.12
2013-06-05 4.18
2013-06-06 4.24
2013-06-07 4.26
2013-06-10 4.32
2013-06-11 4.45
2013-06-12 4.44
2013-06-13 4.39
2013-06-14 4.29
2013-06-17 4.31
2013-06-18 4.35
2013-06-19 4.41
2013-06-20 4.73
2013-06-21 4.81
2013-06-24 5.04
2013-06-25 4.98
2013-06-26 4.92
2013-06-27 4.80
2013-06-28 4.77
2013-06-30 4.80
2013-07-01 4.78
2013-07-02 4.73
2013-07-03 4.78
2013-07-04 4.77
2013-07-05 4.86
2013-07-08 4.87
2013-07-09 4.84
2013-07-10 4.85
2013-07-11 4.78
2013-07-12 4.76
2013-07-15 4.71
2013-07-16 4.65
2013-07-17 4.60
2013-07-18 4.53
2013-07-19 4.50
2013-07-22 4.46
2013-07-23 4.46
2013-07-24 4.51
2013-07-25 4.54
2013-07-26 4.53
2013-07-29 4.54
2013-07-30 4.55
2013-07-31 4.64
2013-08-01 4.67
2013-08-02 4.64
2013-08-05 4.63
2013-08-06 4.63
2013-08-07 4.63
2013-08-08 4.61
2013-08-09 4.60
2013-08-12 4.60
2013-08-13 4.63
2013-08-14 4.64
2013-08-15 4.69
2013-08-16 4.71
2013-08-19 4.79
2013-08-20 4.82
2013-08-21 4.87
2013-08-22 4.92
2013-08-23 4.88
2013-08-26 4.87
2013-08-27 4.86
2013-08-28 4.90
2013-08-29 4.91
2013-09-02 4.96
2013-09-03 5.00
2013-09-04 5.04
2013-09-05 5.09
2013-09-06 5.05
2013-09-09 5.00
2013-09-10 5.01
2013-09-11 4.97
2013-09-12 4.93
2013-09-13 4.92
2013-09-16 4.84
2013-09-17 4.83
2013-09-18 4.75
2013-09-19 4.63
2013-09-20 4.63
2013-09-23 4.63
2013-09-24 4.65
2013-09-25 4.65
2013-09-26 4.68
2013-09-27 4.68
2013-09-30 4.74
2013-10-01 4.75
2013-10-02 4.75
2013-10-03 4.74
2013-10-04 4.74
2013-10-07 4.73
2013-10-08 4.73
2013-10-09 4.73
2013-10-10 4.71
2013-10-11 4.68
2013-10-14 4.68
2013-10-15 4.67
2013-10-16 4.63
2013-10-17 4.56
2013-10-18 4.50
2013-10-21 4.50
2013-10-22 4.46
2013-10-23 4.43
2013-10-24 4.45
2013-10-25 4.44
2013-10-28 4.44
2013-10-29 4.45
2013-10-30 4.44
2013-10-31 4.41
2013-11-01 4.45
2013-11-04 4.46
2013-11-05 4.52
2013-11-06 4.52
2013-11-07 4.53
2013-11-08 4.59
2013-11-11 4.59
2013-11-12 4.69
2013-11-13 4.68
2013-11-14 4.64
2013-11-15 4.61
2013-11-18 4.56
2013-11-19 4.57
2013-11-20 4.58
2013-11-21 4.60
2013-11-22 4.58
2013-11-25 4.56
2013-11-26 4.55
2013-11-27 4.56
2013-11-28 4.56
2013-11-29 4.57
2013-11-30 4.59
2013-12-02 4.62
2013-12-03 4.63
2013-12-04 4.66
2013-12-05 4.67
2013-12-06 4.67
2013-12-09 4.65
2013-12-10 4.60
2013-12-11 4.61
2013-12-12 4.63
2013-12-13 4.61
2013-12-16 4.59
2013-12-17 4.59
2013-12-18 4.58
2013-12-19 4.59
2013-12-20 4.59
2013-12-23 4.58
2013-12-24 4.60
2013-12-26 4.60
2013-12-27 4.61
2013-12-30 4.59
2013-12-31 4.61
2014-01-02 4.61
2014-01-03 4.62
2014-01-06 4.60
2014-01-07 4.58
2014-01-08 4.60
2014-01-09 4.60
2014-01-10 4.57
2014-01-13 4.54
2014-01-14 4.54
2014-01-15 4.53
2014-01-16 4.52
2014-01-17 4.51
2014-01-20 4.50
2014-01-21 4.51
2014-01-22 4.53
2014-01-23 4.53
2014-01-24 4.58
2014-01-27 4.61
2014-01-28 4.59
2014-01-29 4.60
2014-01-30 4.63
2014-01-31 4.70
2014-02-03 4.69
2014-02-04 4.68
2014-02-05 4.67
2014-02-06 4.65
2014-02-07 4.63
2014-02-10 4.61
2014-02-11 4.61
2014-02-12 4.61
2014-02-13 4.61
2014-02-14 4.60
2014-02-17 4.59
2014-02-18 4.56
2014-02-19 4.58
2014-02-20 4.59
2014-02-21 4.56
2014-02-24 4.52
2014-02-25 4.49
2014-02-26 4.49
2014-02-27 4.46
2014-02-28 4.46
2014-03-03 4.57
2014-03-04 4.55
2014-03-05 4.55
2014-03-06 4.56
2014-03-07 4.59
2014-03-10 4.64
2014-03-11 4.63
2014-03-12 4.67
2014-03-13 4.67
2014-03-14 4.71
2014-03-17 4.71
2014-03-18 4.66
2014-03-19 4.66
2014-03-20 4.69
2014-03-21 4.69
2014-03-24 4.67
2014-03-25 4.65
2014-03-26 4.58
2014-03-27 4.51
2014-03-28 4.51
2014-03-31 4.61
2014-04-01 4.57
2014-04-02 4.59
2014-04-03 4.59
2014-04-04 4.55
2014-04-07 4.54
2014-04-08 4.51
2014-04-09 4.50
2014-04-10 4.46
2014-04-11 4.47
2014-04-14 4.51
2014-04-15 4.54
2014-04-16 4.55
2014-04-17 4.55
2014-04-21 4.54
2014-04-22 4.54
2014-04-23 4.54
2014-04-24 4.55
2014-04-25 4.61
2014-04-28 4.62
2014-04-29 4.60
2014-04-30 4.58
2014-05-01 4.54
2014-05-02 4.53
2014-05-05 4.54
2014-05-06 4.52
2014-05-07 4.46
2014-05-08 4.40
2014-05-09 4.40
2014-05-12 4.40
2014-05-13 4.36
2014-05-14 4.33
2014-05-15 4.31
2014-05-16 4.31
2014-05-19 4.30
2014-05-20 4.27
2014-05-21 4.26
2014-05-22 4.26
2014-05-23 4.23
2014-05-26 4.22
2014-05-27 4.20
2014-05-28 4.14
2014-05-29 4.10
2014-05-30 4.10
2014-05-31 4.16
2014-06-02 4.18
2014-06-03 4.21
2014-06-04 4.22
2014-06-05 4.20
2014-06-06 4.13
2014-06-09 4.10
2014-06-10 4.12
2014-06-11 4.15
2014-06-12 4.14
2014-06-13 4.15
2014-06-16 4.19
2014-06-17 4.21
2014-06-18 4.19
2014-06-19 4.15
2014-06-20 4.14
2014-06-23 4.14
2014-06-24 4.10
2014-06-25 4.09
2014-06-26 4.08
2014-06-27 4.09
2014-06-30 4.12
2014-07-01 4.14
2014-07-02 4.16
2014-07-03 4.16
2014-07-04 4.16
2014-07-07 4.15
2014-07-08 4.11
2014-07-09 4.09
2014-07-10 4.10
2014-07-11 4.09
2014-07-14 4.10
2014-07-15 4.10
2014-07-16 4.12
2014-07-17 4.16
2014-07-18 4.18
2014-07-21 4.21
2014-07-22 4.20
2014-07-23 4.16
2014-07-24 4.17
2014-07-25 4.21
2014-07-28 4.26
2014-07-29 4.28
2014-07-30 4.31
2014-07-31 4.35
2014-08-01 4.37
2014-08-04 4.38
2014-08-05 4.41
2014-08-06 4.45
2014-08-07 4.44
2014-08-08 4.46
2014-08-11 4.42
2014-08-12 4.40
2014-08-13 4.35
2014-08-14 4.31
2014-08-15 4.28
2014-08-18 4.26
2014-08-19 4.25
2014-08-20 4.27
2014-08-21 4.26
2014-08-22 4.27
2014-08-25 4.27
2014-08-26 4.24
2014-08-27 4.21
2014-08-28 4.25
2014-08-29 4.28
2014-08-31 4.28
2014-09-01 4.29
2014-09-02 4.36
2014-09-03 4.32
2014-09-04 4.32
2014-09-05 4.32
2014-09-08 4.36
2014-09-09 4.38
2014-09-10 4.42
2014-09-11 4.41
2014-09-12 4.45
2014-09-15 4.47
2014-09-16 4.48
2014-09-17 4.50
2014-09-18 4.52
2014-09-19 4.49
2014-09-22 4.47
2014-09-23 4.45
2014-09-24 4.44
2014-09-25 4.44
2014-09-26 4.47
2014-09-29 4.53
2014-09-30 4.53
2014-10-01 4.51
2014-10-02 4.52
2014-10-03 4.53
2014-10-06 4.51
2014-10-07 4.47
2014-10-08 4.46
2014-10-09 4.45
2014-10-10 4.47
2014-10-13 4.47
2014-10-14 4.45
2014-10-15 4.48
2014-10-16 4.51
2014-10-17 4.47
2014-10-20 4.46
2014-10-21 4.46
2014-10-22 4.45
2014-10-23 4.48
2014-10-24 4.48
2014-10-27 4.46
2014-10-28 4.43
2014-10-29 4.43
2014-10-30 4.40
2014-10-31 4.42
2014-11-03 4.40
2014-11-04 4.46
2014-11-05 4.47
2014-11-06 4.50
2014-11-07 4.51
2014-11-10 4.52
2014-11-11 4.52
2014-11-12 4.53
2014-11-13 4.55
2014-11-14 4.60
2014-11-17 4.66
2014-11-18 4.65
2014-11-19 4.65
2014-11-20 4.63
2014-11-21 4.59
2014-11-24 4.57
2014-11-25 4.56
2014-11-26 4.56
2014-11-27 4.56
2014-11-28 4.57
2014-11-30 4.62
2014-12-01 4.72
2014-12-02 4.78
2014-12-03 4.83
2014-12-04 4.84
2014-12-05 4.91
2014-12-08 4.99
2014-12-09 5.09
2014-12-10 5.15
2014-12-11 5.22
2014-12-12 5.33
2014-12-15 5.56
2014-12-16 5.78
2014-12-17 5.67
2014-12-18 5.48
2014-12-19 5.40
2014-12-22 5.32
2014-12-23 5.35
2014-12-24 5.35
2014-12-26 5.36
2014-12-29 5.36
2014-12-30 5.37
2014-12-31 5.38
2015-01-02 5.38
2015-01-05 5.46
2015-01-06 5.57
2015-01-07 5.53
2015-01-08 5.45
2015-01-09 5.45
2015-01-12 5.46
2015-01-13 5.46
2015-01-14 5.43
2015-01-15 5.36
2015-01-19 5.38
2015-01-20 5.38
2015-01-21 5.39
2015-01-22 5.38
2015-01-23 5.27
2015-01-26 5.28
2015-01-27 5.32
2015-01-28 5.28
2015-01-29 5.33
2015-01-30 5.38
2015-01-31 5.38
2015-02-02 5.37
2015-02-03 5.35
2015-02-04 5.32
2015-02-05 5.28
2015-02-06 5.29
2015-02-09 5.29
2015-02-10 5.34
2015-02-11 5.35
2015-02-12 5.28
2015-02-13 5.21
2015-02-16 5.20
2015-02-17 5.21
2015-02-18 5.14
2015-02-19 5.19
2015-02-20 5.21
2015-02-23 5.22
2015-02-24 5.16
2015-02-25 5.17
2015-02-26 5.16
2015-02-27 5.14
2015-02-28 5.15
2015-03-02 5.16
2015-03-03 5.13
2015-03-04 5.14
2015-03-05 5.11
2015-03-06 5.13
2015-03-09 5.18
2015-03-10 5.22
2015-03-11 5.22
2015-03-12 5.19
2015-03-13 5.25
2015-03-16 5.31
2015-03-17 5.34
2015-03-18 5.29
2015-03-19 5.25
2015-03-20 5.16
2015-03-23 5.11
2015-03-24 5.05
2015-03-25 5.03
2015-03-26 5.07
2015-03-27 5.05
2015-03-30 5.05
2015-03-31 4.97
2015-04-01 4.90
2015-04-02 4.85
2015-04-06 4.83
2015-04-07 4.78
2015-04-08 4.73
2015-04-09 4.69
2015-04-10 4.68
2015-04-13 4.65
2015-04-14 4.63
2015-04-15 4.61
2015-04-16 4.59
2015-04-17 4.61
2015-04-20 4.65
2015-04-21 4.66
2015-04-22 4.65
2015-04-23 4.59
2015-04-24 4.55
2015-04-27 4.53
2015-04-28 4.57
2015-04-29 4.58
2015-04-30 4.61
2015-05-01 4.64
2015-05-04 4.64
2015-05-05 4.66
2015-05-06 4.65
2015-05-07 4.68
2015-05-08 4.64
2015-05-11 4.65
2015-05-12 4.68
2015-05-13 4.63
2015-05-14 4.60
2015-05-15 4.56
2015-05-18 4.54
2015-05-19 4.57
2015-05-20 4.58
2015-05-21 4.55
2015-05-22 4.55
2015-05-26 4.54
2015-05-27 4.61
2015-05-28 4.62
2015-05-29 4.62
2015-05-31 4.65
2015-06-01 4.74
2015-06-02 4.77
2015-06-03 4.73
2015-06-04 4.76
2015-06-05 4.82
2015-06-08 4.85
2015-06-09 4.86
2015-06-10 4.90
2015-06-11 4.88
2015-06-12 4.87
2015-06-15 4.87
2015-06-16 4.90
2015-06-17 4.88
2015-06-18 4.86
2015-06-19 4.83
2015-06-22 4.83
2015-06-23 4.83
2015-06-24 4.81
2015-06-25 4.82
2015-06-26 4.86
2015-06-29 4.88
2015-06-30 4.89
2015-07-01 4.89
2015-07-02 4.87
2015-07-03 4.87
2015-07-06 4.84
2015-07-07 4.87
2015-07-08 4.88
2015-07-09 4.91
2015-07-10 4.92
2015-07-13 4.92
2015-07-14 4.91
2015-07-15 4.89
2015-07-16 4.87
2015-07-17 4.86
2015-07-20 4.87
2015-07-21 4.87
2015-07-22 4.87
2015-07-23 4.88
2015-07-24 4.92
2015-07-27 4.96
2015-07-28 4.97
2015-07-29 4.95
2015-07-30 4.93
2015-07-31 4.88
2015-08-03 4.88
2015-08-04 4.90
2015-08-05 4.93
2015-08-06 4.98
2015-08-07 4.98
2015-08-10 5.00
2015-08-11 4.97
2015-08-12 4.97
2015-08-13 5.00
2015-08-14 5.01
2015-08-17 5.00
2015-08-18 5.03
2015-08-19 5.05
2015-08-20 5.10
2015-08-21 5.13
2015-08-24 5.25
2015-08-25 5.26
2015-08-26 5.29
2015-08-27 5.20
2015-08-28 5.17
2015-08-31 5.20
2015-09-01 5.21
2015-09-02 5.24
2015-09-03 5.22
2015-09-04 5.20
2015-09-07 5.20
2015-09-08 5.24
2015-09-09 5.23
2015-09-10 5.26
2015-09-11 5.28
2015-09-14 5.30
2015-09-15 5.31
2015-09-16 5.31
2015-09-17 5.29
2015-09-18 5.23
2015-09-21 5.28
2015-09-22 5.37
2015-09-23 5.40
2015-09-24 5.50
2015-09-25 5.51
2015-09-28 5.57
2015-09-29 5.63
2015-09-30 5.58
2015-10-01 5.51
2015-10-02 5.48
2015-10-05 5.39
2015-10-06 5.32
2015-10-07 5.28
2015-10-08 5.30
2015-10-09 5.25
2015-10-12 5.24
2015-10-13 5.23
2015-10-14 5.23
2015-10-15 5.20
2015-10-16 5.15
2015-10-19 5.15
2015-10-20 5.16
2015-10-21 5.20
2015-10-22 5.17
2015-10-23 5.14
2015-10-26 5.10
2015-10-27 5.10
2015-10-28 5.13
2015-10-29 5.15
2015-10-30 5.14
2015-10-31 5.15
2015-11-02 5.12
2015-11-03 5.08
2015-11-04 5.05
2015-11-05 5.08
2015-11-06 5.12
2015-11-09 5.18
2015-11-10 5.19
2015-11-11 5.19
2015-11-12 5.21
2015-11-13 5.24
2015-11-16 5.22
2015-11-17 5.19
2015-11-18 5.17
2015-11-19 5.11
2015-11-20 5.07
2015-11-23 5.08
2015-11-24 5.09
2015-11-25 5.12
2015-11-26 5.12
2015-11-27 5.12
2015-11-30 5.09
2015-12-01 5.11
2015-12-02 5.11
2015-12-03 5.16
2015-12-04 5.20
2015-12-07 5.21
2015-12-08 5.26
2015-12-09 5.25
2015-12-10 5.30
2015-12-11 5.37
2015-12-14 5.45
2015-12-15 5.43
2015-12-16 5.47
2015-12-17 5.43
2015-12-18 5.45
2015-12-21 5.48
2015-12-22 5.47
2015-12-23 5.48
2015-12-24 5.48
2015-12-28 5.48
2015-12-29 5.47
2015-12-30 5.48
2015-12-31 5.50
2016-01-04 5.47
2016-01-05 5.46
2016-01-06 5.45
2016-01-07 5.48
2016-01-08 5.49
2016-01-11 5.51
2016-01-12 5.55
2016-01-13 5.59
2016-01-14 5.65
2016-01-15 5.71
2016-01-18 5.72
2016-01-19 5.72
2016-01-20 5.77
2016-01-21 5.79
2016-01-22 5.70
2016-01-25 5.69
2016-01-26 5.66
2016-01-27 5.63
2016-01-28 5.56
2016-01-29 5.51
2016-01-31 5.55
2016-02-01 5.55
2016-02-02 5.59
2016-02-03 5.57
2016-02-04 5.51
2016-02-05 5.49
2016-02-08 5.49
2016-02-09 5.51
2016-02-10 5.53
2016-02-11 5.58
2016-02-12 5.61
2016-02-15 5.60
2016-02-16 5.57
2016-02-17 5.50
2016-02-18 5.48
2016-02-19 5.46
2016-02-22 5.44
2016-02-23 5.43
2016-02-24 5.44
2016-02-25 5.40
2016-02-26 5.39
2016-02-29 5.38
2016-03-01 5.36
2016-03-02 5.31
2016-03-03 5.28
2016-03-04 5.21
2016-03-07 5.25
2016-03-08 5.24
2016-03-09 5.24
2016-03-10 5.22
2016-03-11 5.19
2016-03-14 5.18
2016-03-15 5.22
2016-03-16 5.21
2016-03-17 5.09
2016-03-18 5.02
2016-03-21 5.02
2016-03-22 5.02
2016-03-23 5.04
2016-03-24 5.08
2016-03-28 5.08
2016-03-29 5.06
2016-03-30 4.98
2016-03-31 4.96
2016-04-01 4.98
2016-04-04 4.97
2016-04-05 5.00
2016-04-06 4.99
2016-04-07 4.99
2016-04-08 4.97
2016-04-11 4.92
2016-04-12 4.90
2016-04-13 4.84
2016-04-14 4.80
2016-04-15 4.80
2016-04-18 4.82
2016-04-19 4.77
2016-04-20 4.76
2016-04-21 4.77
2016-04-22 4.79
2016-04-25 4.82
2016-04-26 4.83
2016-04-27 4.80
2016-04-28 4.73
2016-04-29 4.71
2016-04-30 4.54
2016-05-02 4.52
2016-05-03 4.54
2016-05-04 4.55
2016-05-05 4.53
2016-05-06 4.52
2016-05-09 4.53
2016-05-10 4.51
2016-05-11 4.48
2016-05-12 4.46
2016-05-13 4.43
2016-05-16 4.42
2016-05-17 4.40
2016-05-18 4.44
2016-05-19 4.51
2016-05-20 4.49
2016-05-23 4.49
2016-05-24 4.48
2016-05-25 4.47
2016-05-26 4.47
2016-05-27 4.46
2016-05-30 4.46
2016-05-31 4.54
2016-06-01 4.54
2016-06-02 4.50
2016-06-03 4.42
2016-06-06 4.37
2016-06-07 4.33
2016-06-08 4.29
2016-06-09 4.30
2016-06-10 4.32
2016-06-13 4.34
2016-06-14 4.39
2016-06-15 4.38
2016-06-16 4.36
2016-06-17 4.35
2016-06-20 4.33
2016-06-21 4.33
2016-06-22 4.31
2016-06-23 4.28
2016-06-24 4.29
2016-06-27 4.30
2016-06-28 4.27
2016-06-29 4.19
2016-06-30 4.18
Index: S&P Emerging BMI Index
Source: S&P
ownloaddata http://us.spindices.com/indices/equity/sp-emerging-bmi-us-dollar
Period Five years
Interval Daily

S&P
Emerging
BMI (US
Dollar) Gross
Effective dat Total Return Return
Daily Std
6/30/2011 411.06 Deviation = 0.99%
Annualized
Std
7/1/2011 414.62 0.87% Deviation= 15.91%
7/4/2011 418.82 1.01%
7/5/2011 417.38 -0.34%
7/6/2011 415.29 -0.50%
7/7/2011 418.08 0.67%
7/8/2011 416.18 -0.45%
7/11/2011 408.54 -1.84%
7/12/2011 402.05 -1.59%
7/13/2011 407.79 1.43%
7/14/2011 406.81 -0.24%
7/15/2011 406.88 0.02%
7/18/2011 402.9 -0.98%
7/19/2011 405.7 0.69%
7/20/2011 407.91 0.54%
7/21/2011 410.67 0.68%
7/22/2011 413.99 0.81%
7/25/2011 413.02 -0.23%
7/26/2011 415.82 0.68%
7/27/2011 412.92 -0.70%
7/28/2011 412.17 -0.18%
7/29/2011 409.89 -0.55%
8/1/2011 412.21 0.57%
8/2/2011 405.45 -1.64%
8/3/2011 398.31 -1.76%
8/4/2011 387.46 -2.72%
8/5/2011 376.5 -2.83%
8/8/2011 357.85 -4.95%
8/9/2011 352.38 -1.53%
8/10/2011 357.06 1.33%
8/11/2011 360.69 1.02%
8/12/2011 361.89 0.33%
8/15/2011 371.22 2.58%
8/16/2011 369.75 -0.40%
8/17/2011 371.86 0.57%
8/18/2011 361.25 -2.85%
8/19/2011 355.05 -1.72%
8/22/2011 354.21 -0.24%
8/23/2011 359.98 1.63%
8/24/2011 357.82 -0.60%
8/25/2011 355.29 -0.71%
8/26/2011 355.47 0.05%
8/29/2011 365.03 2.69%
8/30/2011 368.48 0.95%
8/31/2011 374.86 1.73%
9/1/2011 376.31 0.39%
9/2/2011 370.76 -1.47%
9/5/2011 361.32 -2.55%
9/6/2011 361.07 -0.07%
9/7/2011 367.35 1.74%
9/8/2011 368.8 0.39%
9/9/2011 361.68 -1.93%
9/12/2011 352.98 -2.41%
9/13/2011 350.57 -0.68%
9/14/2011 349.02 -0.44%
9/15/2011 353.12 1.17%
9/16/2011 356.32 0.91%
9/19/2011 346.87 -2.65%
9/20/2011 347.13 0.07%
9/21/2011 342.23 -1.41%
9/22/2011 320.65 -6.31%
9/23/2011 315.29 -1.67%
9/26/2011 312.09 -1.01%
9/27/2011 325.49 4.29%
9/28/2011 324.33 -0.36%
9/29/2011 323.96 -0.11%
9/30/2011 318.73 -1.61%
10/3/2011 307.41 -3.55%
10/4/2011 301.76 -1.84%
10/5/2011 304.82 1.01%
10/6/2011 314.33 3.12%
10/7/2011 319.95 1.79%
10/10/2011 325.53 1.74%
10/11/2011 329.36 1.18%
10/12/2011 334.87 1.67%
10/13/2011 337.13 0.67%
10/14/2011 339.18 0.61%
10/17/2011 339.92 0.22%
10/18/2011 334.33 -1.64%
10/19/2011 336.36 0.61%
10/20/2011 328.35 -2.38%
10/21/2011 332.18 1.17%
10/24/2011 341.54 2.82%
10/25/2011 343.49 0.57%
10/26/2011 345.8 0.67%
10/27/2011 357.74 3.45%
10/28/2011 363.51 1.61%
10/31/2011 358.27 -1.44%
11/1/2011 347.7 -2.95%
11/2/2011 351.83 1.19%
11/3/2011 352.02 0.05%
11/4/2011 355.39 0.96%
11/7/2011 356.17 0.22%
11/8/2011 357.27 0.31%
11/9/2011 352.07 -1.46%
11/10/2011 345.47 -1.87%
11/11/2011 350.28 1.39%
11/14/2011 351.11 0.24%
11/15/2011 348.66 -0.70%
11/16/2011 346.35 -0.66%
11/17/2011 342.48 -1.12%
11/18/2011 336.9 -1.63%
11/21/2011 327.28 -2.86%
11/22/2011 326.77 -0.16%
11/23/2011 318.62 -2.49%
11/24/2011 319.63 0.32%
11/25/2011 316.22 -1.07%
11/28/2011 324.38 2.58%
11/29/2011 325.49 0.34%
11/30/2011 333.11 2.34%
12/1/2011 342.26 2.75%
12/2/2011 343.5 0.36%
12/5/2011 345.2 0.49%
12/6/2011 340.66 -1.32%
12/7/2011 342.08 0.42%
12/8/2011 337.79 -1.25%
12/9/2011 334.7 -0.91%
12/12/2011 329.97 -1.41%
12/13/2011 328.01 -0.59%
12/14/2011 323.27 -1.45%
12/15/2011 321.76 -0.47%
12/16/2011 323.74 0.62%
12/19/2011 319.63 -1.27%
12/20/2011 323.62 1.25%
12/21/2011 327.32 1.14%
12/22/2011 329.09 0.54%
12/23/2011 331.66 0.78%
12/26/2011 332.1 0.13%
12/27/2011 331.35 -0.23%
12/28/2011 327.37 -1.20%
12/29/2011 327.67 0.09%
12/30/2011 328.71 0.32%
1/2/2012 328.69 -0.01%
1/3/2012 336.25 2.30%
1/4/2012 335.77 -0.14%
1/5/2012 334.34 -0.43%
1/6/2012 333.27 -0.32%
1/9/2012 335.14 0.56%
1/10/2012 341.84 2.00%
1/11/2012 342.3 0.13%
1/12/2012 343.81 0.44%
1/13/2012 342.7 -0.32%
1/16/2012 343.24 0.16%
1/17/2012 349.99 1.97%
1/18/2012 353.15 0.90%
1/19/2012 356.27 0.88%
1/20/2012 356.46 0.05%
1/23/2012 358.38 0.54%
1/24/2012 357.58 -0.22%
1/25/2012 358.19 0.17%
1/26/2012 364.06 1.64%
1/27/2012 365.02 0.26%
1/30/2012 362.14 -0.79%
1/31/2012 366.95 1.33%
2/1/2012 371.62 1.27%
2/2/2012 376.43 1.29%
2/3/2012 379.21 0.74%
2/6/2012 378.8 -0.11%
2/7/2012 378.77 -0.01%
2/8/2012 383.24 1.18%
2/9/2012 383.72 0.13%
2/10/2012 377.61 -1.59%
2/13/2012 381.62 1.06%
2/14/2012 379.28 -0.61%
2/15/2012 383.22 1.04%
2/16/2012 380.97 -0.59%
2/17/2012 384.76 0.99%
2/20/2012 386.66 0.49%
2/21/2012 385.57 -0.28%
2/22/2012 385.74 0.04%
2/23/2012 384.78 -0.25%
2/24/2012 387.36 0.67%
2/27/2012 383.91 -0.89%
2/28/2012 388.23 1.13%
2/29/2012 391.44 0.83%
3/1/2012 390.65 -0.20%
3/2/2012 391.94 0.33%
3/5/2012 386.76 -1.32%
3/6/2012 377.4 -2.42%
3/7/2012 376.95 -0.12%
3/8/2012 382.23 1.40%
3/9/2012 384.67 0.64%
3/12/2012 381.56 -0.81%
3/13/2012 387.1 1.45%
3/14/2012 386.61 -0.13%
3/15/2012 386.2 -0.11%
3/16/2012 385.72 -0.12%
3/19/2012 384.24 -0.38%
3/20/2012 380.16 -1.06%
3/21/2012 380.16 0.00%
3/22/2012 377.11 -0.80%
3/23/2012 377.99 0.23%
3/26/2012 379.71 0.46%
3/27/2012 382.63 0.77%
3/28/2012 378.36 -1.12%
3/29/2012 374 -1.15%
3/30/2012 377.68 0.98%
4/2/2012 379.27 0.42%
4/3/2012 380.8 0.40%
4/4/2012 374.89 -1.55%
4/5/2012 374.42 -0.13%
4/6/2012 374.53 0.03%
4/9/2012 371.51 -0.81%
4/10/2012 367.75 -1.01%
4/11/2012 367.9 0.04%
4/12/2012 372.07 1.13%
4/13/2012 371.96 -0.03%
4/16/2012 370.01 -0.52%
4/17/2012 370.52 0.14%
4/18/2012 371.02 0.13%
4/19/2012 371.06 0.01%
4/20/2012 371.37 0.08%
4/23/2012 365.78 -1.51%
4/24/2012 367.2 0.39%
4/25/2012 367.67 0.13%
4/26/2012 368.69 0.28%
4/27/2012 369.75 0.29%
4/30/2012 371.9 0.58%
5/1/2012 371.77 -0.03%
5/2/2012 373.19 0.38%
5/3/2012 371.23 -0.53%
5/4/2012 367.3 -1.06%
5/7/2012 364.38 -0.79%
5/8/2012 360.3 -1.12%
5/9/2012 354.87 -1.51%
5/10/2012 356.18 0.37%
5/11/2012 353.24 -0.83%
5/14/2012 345.79 -2.11%
5/15/2012 344.28 -0.44%
5/16/2012 337.94 -1.84%
5/17/2012 336.18 -0.52%
5/18/2012 332.42 -1.12%
5/21/2012 334.62 0.66%
5/22/2012 336.09 0.44%
5/23/2012 328 -2.41%
5/24/2012 330.19 0.67%
5/25/2012 330.26 0.02%
5/28/2012 333.33 0.93%
5/29/2012 337.32 1.20%
5/30/2012 331.66 -1.68%
5/31/2012 331.46 -0.06%
6/1/2012 326.18 -1.59%
6/4/2012 323.1 -0.94%
6/5/2012 324.54 0.45%
6/6/2012 331.69 2.20%
6/7/2012 334.05 0.71%
6/8/2012 331.46 -0.78%
6/11/2012 333.85 0.72%
6/12/2012 333.59 -0.08%
6/13/2012 335.99 0.72%
6/14/2012 333.61 -0.71%
6/15/2012 338.74 1.54%
6/18/2012 340.94 0.65%
6/19/2012 344.9 1.16%
6/20/2012 346.23 0.39%
6/21/2012 340.65 -1.61%
6/22/2012 336.48 -1.22%
6/25/2012 332.18 -1.28%
6/26/2012 333.24 0.32%
6/27/2012 335.75 0.75%
6/28/2012 332.96 -0.83%
6/29/2012 344 3.32%
7/2/2012 346.13 0.62%
7/3/2012 351.61 1.58%
7/4/2012 351.59 -0.01%
7/5/2012 351.25 -0.10%
7/6/2012 348.12 -0.89%
7/9/2012 345.05 -0.88%
7/10/2012 344.71 -0.10%
7/11/2012 344.09 -0.18%
7/12/2012 338.74 -1.55%
7/13/2012 342.48 1.10%
7/16/2012 342.31 -0.05%
7/17/2012 344.38 0.60%
7/18/2012 344.3 -0.02%
7/19/2012 347.41 0.90%
7/20/2012 345.72 -0.49%
7/23/2012 336.94 -2.54%
7/24/2012 335.73 -0.36%
7/25/2012 335.1 -0.19%
7/26/2012 339.08 1.19%
7/27/2012 347.09 2.36%
7/30/2012 348.98 0.54%
7/31/2012 348.73 -0.07%
8/1/2012 349.63 0.26%
8/2/2012 346.66 -0.85%
8/3/2012 350.92 1.23%
8/6/2012 355.34 1.26%
8/7/2012 355.74 0.11%
8/8/2012 356.29 0.15%
8/9/2012 358.56 0.64%
8/10/2012 358.65 0.03%
8/13/2012 356.79 -0.52%
8/14/2012 357.67 0.25%
8/15/2012 356.5 -0.33%
8/16/2012 357.83 0.37%
8/17/2012 356.77 -0.30%
8/20/2012 356.22 -0.15%
8/21/2012 358.54 0.65%
8/22/2012 356.93 -0.45%
8/23/2012 358.06 0.32%
8/24/2012 355.75 -0.65%
8/27/2012 354.49 -0.35%
8/28/2012 352.95 -0.43%
8/29/2012 350.53 -0.69%
8/30/2012 347.89 -0.75%
8/31/2012 349.22 0.38%
9/3/2012 351.37 0.62%
9/4/2012 349.73 -0.47%
9/5/2012 347.98 -0.50%
9/6/2012 352.3 1.24%
9/7/2012 357.76 1.55%
9/10/2012 358.56 0.22%
9/11/2012 359.9 0.37%
9/12/2012 361.01 0.31%
9/13/2012 362.68 0.46%
9/14/2012 373.39 2.95%
9/17/2012 373.04 -0.09%
9/18/2012 370.89 -0.58%
9/19/2012 371.94 0.28%
9/20/2012 368.44 -0.94%
9/21/2012 371.4 0.80%
9/24/2012 370.46 -0.25%
9/25/2012 369.87 -0.16%
9/26/2012 365.5 -1.18%
9/27/2012 368.33 0.77%
9/28/2012 369.73 0.38%
10/1/2012 370.83 0.30%
10/2/2012 371.43 0.16%
10/3/2012 370.1 -0.36%
10/4/2012 371.59 0.40%
10/5/2012 372.99 0.38%
10/8/2012 368.93 -1.09%
10/9/2012 368.04 -0.24%
10/10/2012 367.45 -0.16%
10/11/2012 369.62 0.59%
10/12/2012 370 0.10%
10/15/2012 369.77 -0.06%
10/16/2012 372.3 0.68%
10/17/2012 375.13 0.76%
10/18/2012 375.78 0.17%
10/19/2012 373.25 -0.67%
10/22/2012 374.01 0.20%
10/23/2012 370.28 -1.00%
10/24/2012 370.25 -0.01%
10/25/2012 370.86 0.16%
10/26/2012 367.89 -0.80%
10/29/2012 367.04 -0.23%
10/30/2012 367.9 0.23%
10/31/2012 368.33 0.12%
11/1/2012 370.98 0.72%
11/2/2012 372.04 0.29%
11/5/2012 370.88 -0.31%
11/6/2012 372.63 0.47%
11/7/2012 372.37 -0.07%
11/8/2012 368.5 -1.04%
11/9/2012 367.21 -0.35%
11/12/2012 366.74 -0.13%
11/13/2012 363.94 -0.76%
11/14/2012 362.7 -0.34%
11/15/2012 361.16 -0.42%
11/16/2012 359.68 -0.41%
11/19/2012 362.35 0.74%
11/20/2012 362.16 -0.05%
11/21/2012 362.59 0.12%
11/22/2012 364.12 0.42%
11/23/2012 367.76 1.00%
11/26/2012 367.93 0.05%
11/27/2012 367.73 -0.05%
11/28/2012 366.16 -0.43%
11/29/2012 370.42 1.16%
11/30/2012 372.07 0.45%
12/3/2012 372.41 0.09%
12/4/2012 372.25 -0.04%
12/5/2012 375.48 0.87%
12/6/2012 377.23 0.47%
12/7/2012 377.82 0.16%
12/10/2012 379.56 0.46%
12/11/2012 381.23 0.44%
12/12/2012 383.81 0.68%
12/13/2012 383.31 -0.13%
12/14/2012 384.06 0.20%
12/17/2012 383.39 -0.17%
12/18/2012 385.78 0.62%
12/19/2012 388.76 0.77%
12/20/2012 388.47 -0.07%
12/21/2012 385.28 -0.82%
12/24/2012 385.49 0.05%
12/25/2012 386.23 0.19%
12/26/2012 387.37 0.30%
12/27/2012 388.31 0.24%
12/28/2012 390.47 0.56%
12/31/2012 390.56 0.02%
1/1/2013 390.84 0.07%
1/2/2013 398.31 1.91%
1/3/2013 400.88 0.65%
1/4/2013 399.73 -0.29%
1/7/2013 399.59 -0.04%
1/8/2013 397.66 -0.48%
1/9/2013 399.52 0.47%
1/10/2013 400.63 0.28%
1/11/2013 399.2 -0.36%
1/14/2013 402.35 0.79%
1/15/2013 400.41 -0.48%
1/16/2013 399.56 -0.21%
1/17/2013 400.24 0.17%
1/18/2013 403.2 0.74%
1/21/2013 402.87 -0.08%
1/22/2013 402.79 -0.02%
1/23/2013 402.53 -0.06%
1/24/2013 401.53 -0.25%
1/25/2013 401.18 -0.09%
1/28/2013 399.8 -0.34%
1/29/2013 401.64 0.46%
1/30/2013 401.15 -0.12%
1/31/2013 401.7 0.14%
2/1/2013 404.08 0.59%
2/4/2013 403.3 -0.19%
2/5/2013 401.68 -0.40%
2/6/2013 400.64 -0.26%
2/7/2013 399 -0.41%
2/8/2013 399.05 0.01%
2/11/2013 398.17 -0.22%
2/12/2013 398.11 -0.02%
2/13/2013 399.27 0.29%
2/14/2013 399.42 0.04%
2/15/2013 399.4 -0.01%
2/18/2013 398.9 -0.13%
2/19/2013 398.53 -0.09%
2/20/2013 398.58 0.01%
2/21/2013 392.78 -1.46%
2/22/2013 392.96 0.05%
2/25/2013 393.82 0.22%
2/26/2013 389.39 -1.12%
2/27/2013 390.98 0.41%
2/28/2013 393.38 0.61%
3/1/2013 392.95 -0.11%
3/4/2013 389.13 -0.97%
3/5/2013 392.6 0.89%
3/6/2013 396.39 0.97%
3/7/2013 396.75 0.09%
3/8/2013 400.19 0.87%
3/11/2013 399.74 -0.11%
3/12/2013 397.54 -0.55%
3/13/2013 393.77 -0.95%
3/14/2013 394.05 0.07%
3/15/2013 392.44 -0.41%
3/18/2013 388.11 -1.10%
3/19/2013 385.52 -0.67%
3/20/2013 387.07 0.40%
3/21/2013 385.89 -0.30%
3/22/2013 383.56 -0.60%
3/25/2013 384.93 0.36%
3/26/2013 386.86 0.50%
3/27/2013 388.39 0.40%
3/28/2013 388.78 0.10%
3/29/2013 389.36 0.15%
4/1/2013 388.45 -0.23%
4/2/2013 388.12 -0.08%
4/3/2013 386.26 -0.48%
4/4/2013 384.1 -0.56%
4/5/2013 381.96 -0.56%
4/8/2013 382.05 0.02%
4/9/2013 385.44 0.89%
4/10/2013 388.66 0.84%
4/11/2013 389.84 0.30%
4/12/2013 387.21 -0.67%
4/15/2013 380.36 -1.77%
4/16/2013 382.34 0.52%
4/17/2013 379.84 -0.65%
4/18/2013 379.74 -0.03%
4/19/2013 384.68 1.30%
4/22/2013 384.73 0.01%
4/23/2013 384.54 -0.05%
4/24/2013 387.16 0.68%
4/25/2013 390.55 0.88%
4/26/2013 388.81 -0.45%
4/29/2013 391.02 0.57%
4/30/2013 394.82 0.97%
5/1/2013 394.23 -0.15%
5/2/2013 394.49 0.07%
5/3/2013 396.06 0.40%
5/6/2013 397.77 0.43%
5/7/2013 400.83 0.77%
5/8/2013 404.09 0.81%
5/9/2013 403.68 -0.10%
5/10/2013 401.61 -0.51%
5/13/2013 398.32 -0.82%
5/14/2013 399.17 0.21%
5/15/2013 399.75 0.15%
5/16/2013 399.55 -0.05%
5/17/2013 399.53 -0.01%
5/20/2013 400.67 0.29%
5/21/2013 400.45 -0.05%
5/22/2013 400.32 -0.03%
5/23/2013 392.71 -1.90%
5/24/2013 393.01 0.08%
5/27/2013 393.5 0.12%
5/28/2013 394.84 0.34%
5/29/2013 390.43 -1.12%
5/30/2013 388.19 -0.57%
5/31/2013 385.4 -0.72%
6/3/2013 381.17 -1.10%
6/4/2013 383.39 0.58%
6/5/2013 378.8 -1.20%
6/6/2013 376.12 -0.71%
6/7/2013 376.27 0.04%
6/10/2013 373.34 -0.78%
6/11/2013 365.87 -2.00%
6/12/2013 366.31 0.12%
6/13/2013 362.98 -0.91%
6/14/2013 366.48 0.96%
6/17/2013 368.43 0.53%
6/18/2013 366.57 -0.50%
6/19/2013 364.34 -0.61%
6/20/2013 349.83 -3.98%
6/21/2013 347.32 -0.72%
6/24/2013 340.58 -1.94%
6/25/2013 342.1 0.45%
6/26/2013 348.74 1.94%
6/27/2013 354.03 1.52%
6/28/2013 360.94 1.95%
7/1/2013 361.86 0.25%
7/2/2013 358.04 -1.06%
7/3/2013 351.13 -1.93%
7/4/2013 354.53 0.97%
7/5/2013 353.28 -0.35%
7/8/2013 349.64 -1.03%
7/9/2013 351.4 0.50%
7/10/2013 352.24 0.24%
7/11/2013 361.02 2.49%
7/12/2013 362.55 0.42%
7/15/2013 365.73 0.88%
7/16/2013 366.62 0.24%
7/17/2013 368.7 0.57%
7/18/2013 369.1 0.11%
7/19/2013 366.39 -0.73%
7/22/2013 367.81 0.39%
7/23/2013 373.02 1.42%
7/24/2013 371.67 -0.36%
7/25/2013 370.53 -0.31%
7/26/2013 369.85 -0.18%
7/29/2013 366.77 -0.83%
7/30/2013 366.11 -0.18%
7/31/2013 363.95 -0.59%
8/1/2013 367.02 0.84%
8/2/2013 367.49 0.13%
8/5/2013 367.8 0.08%
8/6/2013 364.1 -1.01%
8/7/2013 361.96 -0.59%
8/8/2013 365.36 0.94%
8/9/2013 367.49 0.58%
8/12/2013 370.03 0.69%
8/13/2013 372.4 0.64%
8/14/2013 372.91 0.14%
8/15/2013 369.61 -0.88%
8/16/2013 368.52 -0.29%
8/19/2013 363.05 -1.48%
8/20/2013 358.55 -1.24%
8/21/2013 355.65 -0.81%
8/22/2013 355.51 -0.04%
8/23/2013 358.95 0.97%
8/26/2013 358.17 -0.22%
8/27/2013 350.31 -2.19%
8/28/2013 347.8 -0.72%
8/29/2013 351.45 1.05%
8/30/2013 354.17 0.77%
9/2/2013 357.74 1.01%
9/3/2013 355.84 -0.53%
9/4/2013 357.46 0.46%
9/5/2013 361.47 1.12%
9/6/2013 364.64 0.88%
9/9/2013 371.01 1.75%
9/10/2013 377.47 1.74%
9/11/2013 377.97 0.13%
9/12/2013 377.53 -0.12%
9/13/2013 376.44 -0.29%
9/16/2013 381.77 1.42%
9/17/2013 382.42 0.17%
9/18/2013 382.26 -0.04%
9/19/2013 391.66 2.46%
9/20/2013 387.6 -1.04%
9/23/2013 387.83 0.06%
9/24/2013 385.76 -0.53%
9/25/2013 385.51 -0.06%
9/26/2013 383.61 -0.49%
9/27/2013 382.14 -0.38%
9/30/2013 377.97 -1.09%
10/1/2013 381.64 0.97%
10/2/2013 382.38 0.19%
10/3/2013 385.44 0.80%
10/4/2013 386.78 0.35%
10/7/2013 385.53 -0.32%
10/8/2013 386.42 0.23%
10/9/2013 385.14 -0.33%
10/10/2013 389.06 1.02%
10/11/2013 392.01 0.76%
10/14/2013 391.68 -0.08%
10/15/2013 393.37 0.43%
10/16/2013 394.24 0.22%
10/17/2013 395.42 0.30%
10/18/2013 398.93 0.89%
10/21/2013 399.08 0.04%
10/22/2013 399.85 0.19%
10/23/2013 395.76 -1.02%
10/24/2013 395.08 -0.17%
10/25/2013 393.94 -0.29%
10/28/2013 395.45 0.38%
10/29/2013 396.46 0.26%
10/30/2013 398.48 0.51%
10/31/2013 396.16 -0.58%
11/1/2013 393.13 -0.76%
11/4/2013 393.38 0.06%
11/5/2013 389.4 -1.01%
11/6/2013 388.93 -0.12%
11/7/2013 386.41 -0.65%
11/8/2013 381.35 -1.31%
11/11/2013 380.71 -0.17%
11/12/2013 379.07 -0.43%
11/13/2013 376.16 -0.77%
11/14/2013 381.08 1.31%
11/15/2013 384.96 1.02%
11/18/2013 392.26 1.90%
11/19/2013 391.08 -0.30%
11/20/2013 389.7 -0.35%
11/21/2013 384.5 -1.33%
11/22/2013 386.07 0.41%
11/25/2013 386.3 0.06%
11/26/2013 384.01 -0.59%
11/27/2013 385.46 0.38%
11/28/2013 386.26 0.21%
11/29/2013 388.9 0.68%
12/2/2013 387.57 -0.34%
12/3/2013 384.18 -0.87%
12/4/2013 382.32 -0.48%
12/5/2013 383.54 0.32%
12/6/2013 385.22 0.44%
12/9/2013 388.29 0.80%
12/10/2013 388.53 0.06%
12/11/2013 384.47 -1.04%
12/12/2013 380.21 -1.11%
12/13/2013 380.32 0.03%
12/16/2013 380.09 -0.06%
12/17/2013 379.88 -0.06%
12/18/2013 380.96 0.28%
12/19/2013 380.27 -0.18%
12/20/2013 379.35 -0.24%
12/23/2013 380.96 0.42%
12/24/2013 382.17 0.32%
12/25/2013 381.96 -0.05%
12/26/2013 381.38 -0.15%
12/27/2013 383 0.42%
12/30/2013 384.93 0.50%
12/31/2013 385.62 0.18%
1/1/2014 385.64 0.01%
1/2/2014 382.15 -0.90%
1/3/2014 378.92 -0.85%
1/6/2014 376.38 -0.67%
1/7/2014 376.33 -0.01%
1/8/2014 377 0.18%
1/9/2014 372.95 -1.07%
1/10/2014 376.04 0.83%
1/13/2014 378.19 0.57%
1/14/2014 377.61 -0.15%
1/15/2014 378.8 0.32%
1/16/2014 377.51 -0.34%
1/17/2014 376.63 -0.23%
1/20/2014 376.03 -0.16%
1/21/2014 375.88 -0.04%
1/22/2014 378.03 0.57%
1/23/2014 373.54 -1.19%
1/24/2014 367.56 -1.60%
1/27/2014 360.8 -1.84%
1/28/2014 361.97 0.32%
1/29/2014 361.25 -0.20%
1/30/2014 361.1 -0.04%
1/31/2014 361.08 -0.01%
2/3/2014 358.1 -0.83%
2/4/2014 355.97 -0.59%
2/5/2014 354.85 -0.31%
2/6/2014 360.03 1.46%
2/7/2014 362.81 0.77%
2/10/2014 362.32 -0.14%
2/11/2014 365.85 0.97%
2/12/2014 368.86 0.82%
2/13/2014 366.57 -0.62%
2/14/2014 370.54 1.08%
2/17/2014 373.15 0.70%
2/18/2014 371.69 -0.39%
2/19/2014 372 0.08%
2/20/2014 369.49 -0.67%
2/21/2014 371.81 0.63%
2/24/2014 372.03 0.06%
2/25/2014 369.92 -0.57%
2/26/2014 369.61 -0.08%
2/27/2014 372.54 0.79%
2/28/2014 373.61 0.29%
3/3/2014 367.65 -1.60%
3/4/2014 371.33 1.00%
3/5/2014 372.22 0.24%
3/6/2014 376.93 1.27%
3/7/2014 374.94 -0.53%
3/10/2014 371.19 -1.00%
3/11/2014 371.04 -0.04%
3/12/2014 367.84 -0.86%
3/13/2014 366.79 -0.29%
3/14/2014 364.85 -0.53%
3/17/2014 366.77 0.53%
3/18/2014 370.62 1.05%
3/19/2014 370.01 -0.16%
3/20/2014 366.66 -0.91%
3/21/2014 368.02 0.37%
3/24/2014 370.92 0.79%
3/25/2014 372.93 0.54%
3/26/2014 375.56 0.71%
3/27/2014 377.1 0.41%
3/28/2014 380.97 1.03%
3/31/2014 384.94 1.04%
4/1/2014 387.64 0.70%
4/2/2014 389.32 0.43%
4/3/2014 387.42 -0.49%
4/4/2014 387.7 0.07%
4/7/2014 387.86 0.04%
4/8/2014 390.99 0.81%
4/9/2014 392.17 0.30%
4/10/2014 394.35 0.56%
4/11/2014 391.47 -0.73%
4/14/2014 390.14 -0.34%
4/15/2014 385.77 -1.12%
4/16/2014 386.84 0.28%
4/17/2014 389.99 0.81%
4/18/2014 390.51 0.13%
4/21/2014 390.65 0.04%
4/22/2014 389.83 -0.21%
4/23/2014 387.94 -0.48%
4/24/2014 388.09 0.04%
4/25/2014 384.19 -1.00%
4/28/2014 383.23 -0.25%
4/29/2014 386.35 0.81%
4/30/2014 384.77 -0.41%
5/1/2014 385.33 0.15%
5/2/2014 388.59 0.85%
5/5/2014 387.92 -0.17%
5/6/2014 388.97 0.27%
5/7/2014 388.97 0.00%
5/8/2014 390.09 0.29%
5/9/2014 389.64 -0.12%
5/12/2014 393.4 0.96%
5/13/2014 395.28 0.48%
5/14/2014 398.6 0.84%
5/15/2014 397.28 -0.33%
5/16/2014 398.4 0.28%
5/19/2014 400.28 0.47%
5/20/2014 398.41 -0.47%
5/21/2014 399.62 0.30%
5/22/2014 403.52 0.98%
5/23/2014 404.87 0.33%
5/26/2014 404.64 -0.06%
5/27/2014 401.54 -0.77%
5/28/2014 403.02 0.37%
5/29/2014 403.27 0.06%
5/30/2014 399.92 -0.83%
6/2/2014 400.92 0.25%
6/3/2014 403.12 0.55%
6/4/2014 401.47 -0.41%
6/5/2014 403.74 0.57%
6/6/2014 408.39 1.15%
6/9/2014 410.67 0.56%
6/10/2014 413.23 0.62%
6/11/2014 412.75 -0.12%
6/12/2014 412.96 0.05%
6/13/2014 411.31 -0.40%
6/16/2014 410.58 -0.18%
6/17/2014 409.54 -0.25%
6/18/2014 410.13 0.14%
6/19/2014 412.36 0.54%
6/20/2014 410.76 -0.39%
6/23/2014 409.85 -0.22%
6/24/2014 412.22 0.58%
6/25/2014 410.48 -0.42%
6/26/2014 411.97 0.36%
6/27/2014 412.21 0.06%
6/30/2014 414.27 0.50%
7/1/2014 414.84 0.14%
7/2/2014 417.92 0.74%
7/3/2014 419.24 0.32%
7/4/2014 420.07 0.20%
7/7/2014 420.7 0.15%
7/8/2014 420.3 -0.10%
7/9/2014 419.22 -0.26%
7/10/2014 419.82 0.14%
7/11/2014 418.86 -0.23%
7/14/2014 421.3 0.58%
7/15/2014 422.42 0.27%
7/16/2014 423.45 0.24%
7/17/2014 421.2 -0.53%
7/18/2014 421.71 0.12%
7/21/2014 422.13 0.10%
7/22/2014 426.47 1.03%
7/23/2014 428.03 0.37%
7/24/2014 429.83 0.42%
7/25/2014 428.98 -0.20%
7/28/2014 428.64 -0.08%
7/29/2014 427.79 -0.20%
7/30/2014 426.44 -0.32%
7/31/2014 421.76 -1.10%
8/1/2014 419.96 -0.43%
8/4/2014 423.62 0.87%
8/5/2014 421.29 -0.55%
8/6/2014 419.01 -0.54%
8/7/2014 417.06 -0.47%
8/8/2014 415.7 -0.33%
8/11/2014 421.95 1.50%
8/12/2014 422.98 0.24%
8/13/2014 425.27 0.54%
8/14/2014 425.7 0.10%
8/15/2014 426.49 0.19%
8/18/2014 428.09 0.38%
8/19/2014 430.91 0.66%
8/20/2014 431.26 0.08%
8/21/2014 431.03 -0.05%
8/22/2014 430.79 -0.06%
8/25/2014 432.2 0.33%
8/26/2014 432.74 0.12%
8/27/2014 435.02 0.53%
8/28/2014 432.22 -0.64%
8/29/2014 432.83 0.14%
9/1/2014 434.12 0.30%
9/2/2014 434.24 0.03%
9/3/2014 440.41 1.42%
9/4/2014 439.88 -0.12%
9/5/2014 439.58 -0.07%
9/8/2014 439.08 -0.11%
9/9/2014 435.54 -0.81%
9/10/2014 430.48 -1.16%
9/11/2014 429.29 -0.28%
9/12/2014 425.72 -0.83%
9/15/2014 423.39 -0.55%
9/16/2014 422.15 -0.29%
9/17/2014 424.96 0.67%
9/18/2014 424.08 -0.21%
9/19/2014 423.22 -0.20%
9/22/2014 417.52 -1.35%
9/23/2014 414.75 -0.66%
9/24/2014 415.85 0.27%
9/25/2014 411.44 -1.06%
9/26/2014 411.04 -0.10%
9/29/2014 405.39 -1.37%
9/30/2014 404.07 -0.33%
10/1/2014 401.7 -0.59%
10/2/2014 400.7 -0.25%
10/3/2014 402.56 0.46%
10/6/2014 408.41 1.45%
10/7/2014 408.05 -0.09%
10/8/2014 404.34 -0.91%
10/9/2014 408.02 0.91%
10/10/2014 400.48 -1.85%
10/13/2014 400.32 -0.04%
10/14/2014 400.01 -0.08%
10/15/2014 396.23 -0.94%
10/16/2014 391.25 -1.26%
10/17/2014 394.94 0.94%
10/20/2014 396.01 0.27%
10/21/2014 397.06 0.27%
10/22/2014 398.5 0.36%
10/23/2014 396.95 -0.39%
10/24/2014 398.11 0.29%
10/27/2014 394.14 -1.00%
10/28/2014 400.88 1.71%
10/29/2014 404.53 0.91%
10/30/2014 406.35 0.45%
10/31/2014 410.41 1.00%
11/3/2014 408.98 -0.35%
11/4/2014 408.78 -0.05%
11/5/2014 405.61 -0.78%
11/6/2014 402.19 -0.84%
11/7/2014 401.38 -0.20%
11/10/2014 404.65 0.81%
11/11/2014 403.59 -0.26%
11/12/2014 404.67 0.27%
11/13/2014 403.4 -0.31%
11/14/2014 403.62 0.05%
11/17/2014 400.91 -0.67%
11/18/2014 401.66 0.19%
11/19/2014 402.32 0.16%
11/20/2014 403.14 0.20%
11/21/2014 408.99 1.45%
11/24/2014 411.07 0.51%
11/25/2014 410.12 -0.23%
11/26/2014 411.08 0.23%
11/27/2014 410.39 -0.17%
11/28/2014 407.54 -0.69%
12/1/2014 399.63 -1.94%
12/2/2014 399.24 -0.10%
12/3/2014 400.43 0.30%
12/4/2014 400.46 0.01%
12/5/2014 399.86 -0.15%
12/8/2014 395.74 -1.03%
12/9/2014 390.36 -1.36%
12/10/2014 388.21 -0.55%
12/11/2014 383.87 -1.12%
12/12/2014 380.76 -0.81%
12/15/2014 373.95 -1.79%
12/16/2014 367.07 -1.84%
12/17/2014 370.99 1.07%
12/18/2014 379 2.16%
12/19/2014 382.09 0.82%
12/22/2014 386.61 1.18%
12/23/2014 384.53 -0.54%
12/24/2014 384.29 -0.06%
12/25/2014 384.12 -0.04%
12/26/2014 384.92 0.21%
12/29/2014 387.72 0.73%
12/30/2014 386.92 -0.21%
12/31/2014 387.99 0.28%
1/1/2015 388.07 0.02%
1/2/2015 387.24 -0.21%
1/5/2015 382.53 -1.22%
1/6/2015 380.03 -0.65%
1/7/2015 382.75 0.72%
1/8/2015 389.39 1.73%
1/9/2015 389.68 0.07%
1/12/2015 386.98 -0.69%
1/13/2015 388.57 0.41%
1/14/2015 386.93 -0.42%
1/15/2015 388.56 0.42%
1/16/2015 387.95 -0.16%
1/19/2015 385.49 -0.63%
1/20/2015 387.85 0.61%
1/21/2015 394.94 1.83%
1/22/2015 398.58 0.92%
1/23/2015 401.08 0.63%
1/26/2015 400.07 -0.25%
1/27/2015 400.42 0.09%
1/28/2015 398.36 -0.51%
1/29/2015 394.05 -1.08%
1/30/2015 389.47 -1.16%
2/2/2015 390.69 0.31%
2/3/2015 395.59 1.25%
2/4/2015 396.13 0.14%
2/5/2015 397.23 0.28%
2/6/2015 395.1 -0.54%
2/9/2015 392.87 -0.56%
2/10/2015 390.99 -0.48%
2/11/2015 388.97 -0.52%
2/12/2015 393.78 1.24%
2/13/2015 399.35 1.41%
2/16/2015 398.47 -0.22%
2/17/2015 397.85 -0.16%
2/18/2015 398.79 0.24%
2/19/2015 398.91 0.03%
2/20/2015 398.62 -0.07%
2/23/2015 398.08 -0.14%
2/24/2015 399.85 0.44%
2/25/2015 400.7 0.21%
2/26/2015 401.29 0.15%
2/27/2015 400.41 -0.22%
3/2/2015 399.8 -0.15%
3/3/2015 398.41 -0.35%
3/4/2015 394.58 -0.96%
3/5/2015 394.68 0.03%
3/6/2015 392.41 -0.58%
3/9/2015 388.47 -1.00%
3/10/2015 382.75 -1.47%
3/11/2015 382.13 -0.16%
3/12/2015 385.1 0.78%
3/13/2015 380.85 -1.10%
3/16/2015 381.28 0.11%
3/17/2015 383.34 0.54%
3/18/2015 386.66 0.87%
3/19/2015 389.36 0.70%
3/20/2015 391.8 0.63%
3/23/2015 394.14 0.60%
3/24/2015 394.8 0.17%
3/25/2015 393.52 -0.32%
3/26/2015 388.97 -1.16%
3/27/2015 387.36 -0.41%
3/30/2015 392.1 1.22%
3/31/2015 394.25 0.55%
4/1/2015 398.35 1.04%
4/2/2015 402.42 1.02%
4/3/2015 402.58 0.04%
4/6/2015 406.98 1.09%
4/7/2015 407.56 0.14%
4/8/2015 414.65 1.74%
4/9/2015 418.29 0.88%
4/10/2015 419.72 0.34%
4/13/2015 423.15 0.82%
4/14/2015 420.64 -0.59%
4/15/2015 420.42 -0.05%
4/16/2015 425.66 1.25%
4/17/2015 421.23 -1.04%
4/20/2015 416.63 -1.09%
4/21/2015 420.39 0.90%
4/22/2015 422.8 0.57%
4/23/2015 424.81 0.48%
4/24/2015 427.66 0.67%
4/27/2015 430.12 0.58%
4/28/2015 431.21 0.25%
4/29/2015 428.38 -0.66%
4/30/2015 424.11 -1.00%
5/1/2015 423.42 -0.16%
5/4/2015 424.9 0.35%
5/5/2015 424.24 -0.16%
5/6/2015 421.22 -0.71%
5/7/2015 415.13 -1.45%
5/8/2015 420.51 1.30%
5/11/2015 421.05 0.13%
5/12/2015 418.09 -0.70%
5/13/2015 420.66 0.61%
5/14/2015 421.58 0.22%
5/15/2015 425.23 0.87%
5/18/2015 424.54 -0.16%
5/19/2015 424.83 0.07%
5/20/2015 422.84 -0.47%
5/21/2015 422.37 -0.11%
5/22/2015 423.79 0.34%
5/25/2015 422.85 -0.22%
5/26/2015 420.07 -0.66%
5/27/2015 418.85 -0.29%
5/28/2015 414.41 -1.06%
5/29/2015 412.83 -0.38%
6/1/2015 413.71 0.21%
6/2/2015 413.05 -0.16%
6/3/2015 411.25 -0.44%
6/4/2015 408.14 -0.76%
6/5/2015 405.76 -0.58%
6/8/2015 403.69 -0.51%
6/9/2015 400.43 -0.81%
6/10/2015 404.01 0.89%
6/11/2015 403.39 -0.15%
6/12/2015 405.27 0.47%
6/15/2015 401.71 -0.88%
6/16/2015 399.99 -0.43%
6/17/2015 401.76 0.44%
6/18/2015 405.2 0.86%
6/19/2015 403.65 -0.38%
6/22/2015 408.31 1.15%
6/23/2015 409.63 0.32%
6/24/2015 410.52 0.22%
6/25/2015 409.04 -0.36%
6/26/2015 405.56 -0.85%
6/29/2015 397.32 -2.03%
6/30/2015 402.73 1.36%
7/1/2015 402.3 -0.11%
7/2/2015 402.15 -0.04%
7/3/2015 399.02 -0.78%
7/6/2015 390.65 -2.10%
7/7/2015 384.54 -1.56%
7/8/2015 373.61 -2.84%
7/9/2015 381.2 2.03%
7/10/2015 387.03 1.53%
7/13/2015 391.58 1.18%
7/14/2015 391.86 0.07%
7/15/2015 390.1 -0.45%
7/16/2015 392.19 0.54%
7/17/2015 392.76 0.15%
7/20/2015 390.64 -0.54%
7/21/2015 391.94 0.33%
7/22/2015 387.84 -1.05%
7/23/2015 385.45 -0.62%
7/24/2015 380.06 -1.40%
7/27/2015 370.72 -2.46%
7/28/2015 369.56 -0.31%
7/29/2015 373.24 1.00%
7/30/2015 371.72 -0.41%
7/31/2015 374.56 0.76%
8/3/2015 370.27 -1.15%
8/4/2015 371.03 0.21%
8/5/2015 371.61 0.16%
8/6/2015 369.22 -0.64%
8/7/2015 369.6 0.10%
8/10/2015 371.29 0.46%
8/11/2015 367.05 -1.14%
8/12/2015 359.6 -2.03%
8/13/2015 360.46 0.24%
8/14/2015 360.7 0.07%
8/17/2015 357.59 -0.86%
8/18/2015 354.12 -0.97%
8/19/2015 350.64 -0.98%
8/20/2015 345.92 -1.35%
8/21/2015 338.5 -2.15%
8/24/2015 319.74 -5.54%
8/25/2015 326.59 2.14%
8/26/2015 325.26 -0.41%
8/27/2015 337.22 3.68%
8/28/2015 339.09 0.55%
8/31/2015 338.46 -0.19%
9/1/2015 330.98 -2.21%
9/2/2015 329.44 -0.47%
9/3/2015 332.38 0.89%
9/4/2015 326.85 -1.66%
9/7/2015 323.28 -1.09%
9/8/2015 328.75 1.69%
9/9/2015 335.55 2.07%
9/10/2015 333.12 -0.72%
9/11/2015 332.93 -0.06%
9/14/2015 334.93 0.60%
9/15/2015 334.69 -0.07%
9/16/2015 340.67 1.79%
9/17/2015 341.91 0.36%
9/18/2015 342.12 0.06%
9/21/2015 337.75 -1.28%
9/22/2015 333.75 -1.18%
9/23/2015 327.95 -1.74%
9/24/2015 325.44 -0.77%
9/25/2015 327.27 0.56%
9/28/2015 323.63 -1.11%
9/29/2015 321.64 -0.61%
9/30/2015 327.47 1.81%
10/1/2015 328.96 0.46%
10/2/2015 333.53 1.39%
10/5/2015 340.88 2.20%
10/6/2015 343.01 0.62%
10/7/2015 351.32 2.42%
10/8/2015 349.68 -0.47%
10/9/2015 354.64 1.42%
10/12/2015 356.9 0.64%
10/13/2015 352.47 -1.24%
10/14/2015 350.4 -0.59%
10/15/2015 356.35 1.70%
10/16/2015 357.16 0.23%
10/19/2015 357.6 0.12%
10/20/2015 356.89 -0.20%
10/21/2015 353.96 -0.82%
10/22/2015 354.67 0.20%
10/23/2015 358.62 1.11%
10/26/2015 359.02 0.11%
10/27/2015 357.42 -0.45%
10/28/2015 356.72 -0.20%
10/29/2015 351.27 -1.53%
10/30/2015 352.32 0.30%
11/2/2015 353.05 0.21%
11/3/2015 356.85 1.08%
11/4/2015 360.19 0.94%
11/5/2015 358.82 -0.38%
11/6/2015 354.71 -1.15%
11/9/2015 351.12 -1.01%
11/10/2015 347.55 -1.02%
11/11/2015 347.45 -0.03%
11/12/2015 347.81 0.10%
11/13/2015 342.58 -1.50%
11/16/2015 341.22 -0.40%
11/17/2015 344.94 1.09%
11/18/2015 344.38 -0.16%
11/19/2015 349.89 1.60%
11/20/2015 352.75 0.82%
11/23/2015 351.79 -0.27%
11/24/2015 350.21 -0.45%
11/25/2015 348.69 -0.43%
11/26/2015 348.98 0.08%
11/27/2015 344.51 -1.28%
11/30/2015 341.82 -0.78%
12/1/2015 345.57 1.10%
12/2/2015 345.03 -0.16%
12/3/2015 344.21 -0.24%
12/4/2015 341.65 -0.74%
12/7/2015 340.73 -0.27%
12/8/2015 335.73 -1.47%
12/9/2015 335.03 -0.21%
12/10/2015 332.34 -0.80%
12/11/2015 324.67 -2.31%
12/14/2015 324.34 -0.10%
12/15/2015 328.28 1.21%
12/16/2015 331.94 1.11%
12/17/2015 335.98 1.22%
12/18/2015 332.66 -0.99%
12/21/2015 333.29 0.19%
12/22/2015 334.1 0.24%
12/23/2015 337.77 1.10%
12/24/2015 338.15 0.11%
12/25/2015 338.36 0.06%
12/28/2015 337.09 -0.38%
12/29/2015 337.4 0.09%
12/30/2015 334.32 -0.91%
12/31/2015 335.55 0.37%
1/1/2016 335.71 0.05%
1/4/2016 325.14 -3.15%
1/5/2016 325.35 0.06%
1/6/2016 322.12 -0.99%
1/7/2016 312.4 -3.02%
1/8/2016 312.71 0.10%
1/11/2016 305.73 -2.23%
1/12/2016 305.54 -0.06%
1/13/2016 306.84 0.43%
1/14/2016 304.85 -0.65%
1/15/2016 298.34 -2.14%
1/18/2016 295.79 -0.85%
1/19/2016 300.29 1.52%
1/20/2016 291.77 -2.84%
1/21/2016 290.03 -0.60%
1/22/2016 298.17 2.81%
1/25/2016 299.99 0.61%
1/26/2016 297.44 -0.85%
1/27/2016 299.46 0.68%
1/28/2016 301.94 0.83%
1/29/2016 310.48 2.83%
2/1/2016 310.41 -0.02%
2/2/2016 305.28 -1.65%
2/3/2016 302.54 -0.90%
2/4/2016 309.04 2.15%
2/5/2016 308.65 -0.13%
2/8/2016 306.1 -0.83%
2/9/2016 304.11 -0.65%
2/10/2016 304.44 0.11%
2/11/2016 297.76 -2.19%
2/12/2016 297.71 -0.02%
2/15/2016 303.97 2.10%
2/16/2016 306.11 0.70%
2/17/2016 308.6 0.81%
2/18/2016 312.59 1.29%
2/19/2016 311 -0.51%
2/22/2016 315.32 1.39%
2/23/2016 312.77 -0.81%
2/24/2016 309.57 -1.02%
2/25/2016 308.54 -0.33%
2/26/2016 311.02 0.80%
2/29/2016 311.43 0.13%
3/1/2016 317.59 1.98%
3/2/2016 323.73 1.93%
3/3/2016 327.59 1.19%
3/4/2016 332.53 1.51%
3/7/2016 334.3 0.53%
3/8/2016 331.6 -0.81%
3/9/2016 332.06 0.14%
3/10/2016 332.16 0.03%
3/11/2016 336.39 1.27%
3/14/2016 337.24 0.25%
3/15/2016 331.45 -1.72%
3/16/2016 332.17 0.22%
3/17/2016 342.21 3.02%
3/18/2016 346.09 1.13%
3/21/2016 347.55 0.42%
3/22/2016 347.49 -0.02%
3/23/2016 343.94 -1.02%
3/24/2016 341.04 -0.84%
3/25/2016 340.67 -0.11%
3/28/2016 340.67 0.00%
3/29/2016 340.97 0.09%
3/30/2016 349.02 2.36%
3/31/2016 350.35 0.38%
4/1/2016 347.3 -0.87%
4/4/2016 347.05 -0.07%
4/5/2016 341.96 -1.47%
4/6/2016 340.45 -0.44%
4/7/2016 340.09 -0.11%
4/8/2016 343.69 1.06%
4/11/2016 346.92 0.94%
4/12/2016 349.47 0.74%
4/13/2016 355.75 1.80%
4/14/2016 355.92 0.05%
4/15/2016 355.88 -0.01%
4/18/2016 355.04 -0.24%
4/19/2016 358.64 1.01%
4/20/2016 357.56 -0.30%
4/21/2016 358.46 0.25%
4/22/2016 355.37 -0.86%
4/25/2016 352.78 -0.73%
4/26/2016 354.31 0.43%
4/27/2016 354.45 0.04%
4/28/2016 355.09 0.18%
4/29/2016 354.04 -0.30%
5/2/2016 352.2 -0.52%
5/3/2016 345.71 -1.84%
5/4/2016 342.88 -0.82%
5/5/2016 341.33 -0.45%
5/6/2016 339.36 -0.58%
5/9/2016 337.76 -0.47%
5/10/2016 340.53 0.82%
5/11/2016 340.9 0.11%
5/12/2016 340.06 -0.25%
5/13/2016 336.26 -1.12%
5/16/2016 337.53 0.38%
5/17/2016 339.08 0.46%
5/18/2016 336.42 -0.78%
5/19/2016 331.13 -1.57%
5/20/2016 332.88 0.53%
5/23/2016 333.65 0.23%
5/24/2016 334.67 0.31%
5/25/2016 338.21 1.06%
5/26/2016 340 0.53%
5/27/2016 342.48 0.73%
5/30/2016 342.88 0.12%
5/31/2016 342.65 -0.07%
6/1/2016 342.49 -0.05%
6/2/2016 343.17 0.20%
6/3/2016 346.35 0.93%
6/6/2016 349.83 1.00%
6/7/2016 353.96 1.18%
6/8/2016 356.34 0.67%
6/9/2016 354.04 -0.65%
6/10/2016 348.75 -1.49%
6/13/2016 343.49 -1.51%
6/14/2016 340.79 -0.79%
6/15/2016 343.32 0.74%
6/16/2016 339.93 -0.99%
6/17/2016 342.94 0.89%
6/20/2016 348.52 1.63%
6/21/2016 350.14 0.46%
6/22/2016 351.81 0.48%
6/23/2016 354.73 0.83%
6/24/2016 343.62 -3.13%
6/27/2016 339.59 -1.17%
6/28/2016 344.11 1.33%
6/29/2016 351.35 2.10%
6/30/2016 356.15 1.37%
Values
Row Labels Average of Adj. Default Sprea Average of Country Risk Premi
Africa 5.14% 7.19%
Asia 2.79% 3.90%
Australia & New Zealand 1.68% 2.36%
Caribbean 4.03% 5.64%
Central and South Americ 4.09% 5.73%
Eastern Europe & Russia 3.50% 4.90%
Middle East 2.03% 2.85%
North America 0.00% 0.00%
Western Europe 1.46% 2.05%
Grand Total 3.21% 4.49%
Average of Total Risk Premiu Average of Corporate Tax Rate
13.44% 28.18%
10.15% 22.74%
8.61% 28.33%
11.89% 20.56%
11.98% 27.04%
11.15% 16.30%
9.10% 15.71%
6.25% 26.50%
8.30% 20.34%
10.74% 21.85%
Country GDP (in billions) Moody's rating Adj. Default Spread
Angola 138.4 B1 5.05%
Botswana 15.8 A2 0.95%
BurkinaFaso 12.5 B3 7.29%
Cameroon 32.1 B2 6.17%
CapeVerde 1.9 B2 6.17%
Congo(DemocraticRepublic 33.1 B3 7.29%
Congo(Republicof) 14.2 B2 6.17%
Cted'Ivoire 34.2 Ba3 4.04%
Egypt 286.5 B3 7.29%
Ethiopia 55.6 B1 5.05%
Gabon 18.2 B1 5.05%
Ghana 38.6 B3 7.29%
Kenya 60.9 B1 5.05%
Morocco 110 Ba1 2.80%
Mozambique 15.9 Caa1 8.41%
Namibia 13 Baa3 2.47%
Nigeria 568.5 B1 5.05%
Rwanda 7.9 B1 5.05%
Senegal 15.7 B1 5.05%
SouthAfrica 350.6 Baa2 2.13%
Tunisia 48.6 Ba3 4.04%
Uganda 27 B1 5.05%
Zambia 27.1 B3 7.29%
Africa 1926.3 4.81%
Bangladesh 172.9 Ba3 4.04%
Cambodia 16.8 B2 6.17%
China 10354.8 Aa3 0.68%
Fiji 4.5 B1 5.05%
HongKong 290.1 Aa1 0.45%
India 2048.5 Baa3 2.47%
Indonesia 888.5 Baa3 2.47%
Japan 4601.5 A1 0.79%
Korea 1410.4 Aa2 0.56%
Macao 55.5 Aa3 0.68%
Malaysia 338.1 A3 1.35%
Mauritius 12.6 Baa1 1.79%
Mongolia 12 B2 6.17%
Pakistan 243.6 B3 7.29%
PapuaNewGuinea 16.9 B2 6.17%
Philippines 284.8 Baa2 2.13%
Singapore 307.9 Aaa 0.00%
SriLanka 78.8 B1 5.05%
Taiwan 970.9 Aa3 0.68%
Thailand 404.8 Baa1 1.79%
Vietnam 186.2 B1 5.05%
Asia 22700.1 1.12%
Australia 1454.7 Aaa 0.00%
CookIslands 1.2 B1 5.05%
NewZealand 166.1 Aaa 0.00%
Australia & New Zea 1622 0.00%
Aruba 2.6 Baa1 1.79%
Bahamas 8.5 Baa2 2.13%
Barbados 4.4 Caa1 8.41%
Bermuda 5.557 A2 0.95%
Cayman Islands 3.2 Aa3 0.68%
Cuba 77.2 Caa2 10.10%
Curacao 1 A3 1.35%
Dominican Republic 64.1 B1 5.05%
Jamaica 13.9 Caa2 10.10%
Montserrat 1.5 Baa3 2.47%
St. Maarten 1.5 Baa2 2.13%
St. Vincent & the Gren 0.713 B3 7.29%
Trinidad and Tobago 28.9 Baa2 2.13%
Turks and Caicos Island 1.5 Baa1 1.79%
Caribbean 214.57 6.47%
Argentina 537.8 B3 7.29%
Belize 1.7 Caa2 10.10%
Bolivia 33 Ba3 4.04%
Brazil 2346.1 Ba2 3.37%
Chile 258.1 Aa3 0.68%
Colombia 377.7 Baa2 2.13%
CostaRica 49.6 Ba1 2.80%
Ecuador 100.9 B3 7.29%
ElSalvador 25.2 Ba3 4.04%
Guatemala 58.8 Ba1 2.80%
Honduras 19.4 B2 6.17%
Mexico 1294.7 A3 1.35%
Nicaragua 11.8 B2 6.17%
Panama 46.2 Baa2 2.13%
Paraguay 30.9 Ba1 2.80%
Peru 202.6 A3 1.35%
Suriname 5.2 B1 5.05%
Uruguay 57.5 Baa2 2.13%
Venezuela 381.3 Caa3 11.21%
Central and South A 5838.5 3.58%
Albania 13.2 B1 5.05%
Armenia 11.6 B1 5.05%
Azerbaijan 75.2 Ba1 2.80%
Belarus 76.1 Caa1 8.41%
Bosnia and Herzegovin 18.3 B3 7.29%
Bulgaria 56.7 Baa2 2.13%
Croatia 57.1 Ba2 3.37%
Czech Republic 205.3 A1 0.79%
Estonia 26.5 A1 0.79%
Georgia 16.5 Ba3 4.04%
Hungary 138.4 Ba1 2.80%
Kazakhstan 217.9 Baa3 2.47%
Kyrgyzstan 27.37 B2 6.17%
Latvia 31.3 A3 1.35%
Lithuania 48.4 A3 1.35%
Macedonia 11.3 Ba3 4.04%
Moldova 8 B3 7.29%
Montenegro 4.6 Ba3 4.04%
Poland 545 A2 0.95%
Romania 199 Baa3 2.47%
Russia 1860.6 Ba1 2.80%
Serbia 43.9 B1 5.05%
Slovakia 100.3 A2 0.95%
Slovenia 49.5 Baa3 2.47%
Ukraine 131.8 Caa3 11.21%
Eastern Europe & Ru 3973.87 2.80%
Abu Dhabi 390 Aa2 0.56%
Bahrain 33.9 Ba2 3.37%
Iraq 29.54 B3 2.47%
Israel 305.7 A1 0.79%
Jordan 35.8 B1 5.05%
Kuwait 163.6 Aa2 0.56%
Lebanon 45.7 B2 6.17%
Oman 81.8 Baa1 1.79%
Qatar 210.1 Aa2 0.56%
Ras Al Khaimah (Emirat 5.2 A2 0.95%
Saudi Arabia 746.3 A1 0.79%
Sharjah 1 A3 1.35%
United Arab Emirates 399.5 Aa2 0.56%
Middle East 2448.14 0.93%
Canada 1785.4 Aaa 0.00%
United States of Ameri 17419 Aaa 0.00%
North America 19204.4 0.00%
Andorra (Principality of 3.25 Baa3 2.47%
Austria 436.9 Aa1 0.45%
Belgium 531.2 Aa3 0.68%
Cyprus 23.2 B1 5.05%
Denmark 342.4 Aaa 0.00%
Finland 272.2 Aa1 0.45%
France 2829.2 Aa2 0.56%
Germany 3868.3 Aaa 0.00%
Greece 235.6 Caa3 11.21%
Guernsey (States of) 0.5 Aa1 0.45%
Iceland 17 Baa2 2.13%
Ireland 250.8 A3 1.35%
Isle of Man 1.4 Aa1 0.45%
Italy 2141.2 Baa2 2.13%
Jersey (States of) 1 Aa1 0.45%
Liechtenstein 10.5 Aaa 0.00%
Luxembourg 64.9 Aaa 0.00%
Malta 9.6 A3 1.35%
Netherlands 879.3 Aaa 0.00%
Norway 499.8 Aaa 0.00%
Portugal 230.1 Ba1 2.80%
Spain 1381.3 Baa2 2.13%
Sweden 571.1 Aaa 0.00%
Switzerland 701 Aaa 0.00%
Turkey 798.4 Baa3 2.47%
United Kingdom 2988.9 Aa1 0.45%
Western Europe 19089.05 0.88%

Region Weighted Average: TRP Weighted Average: CRP


Weighted Average: Default Spreads
Africa 12.99% 6.74% 4.81%
Asia 7.82% 1.57% 1.12%
Australia & New Zealand 6.26% 0.01% 0.00%
Caribbean 15.31% 9.06% 6.47%
Central and South America 11.27% 5.02% 3.58%
Eastern Europe & Russia 10.17% 3.92% 2.80%
Middle East 7.56% 1.31% 0.93%
North America 6.25% 0.00% 0.00%
Western Europe 7.49% 1.24% 0.88%
Global 7.84% 1.59% 1.13%

For updating industry average spreadsheets


ERP Default Spread Tax rate
Africa & Mid East 9.95% 2.64% 27.85%
Australia, NZ & Canada 5.81% 0.00% 30%
Latin America & Caribbean 11.41% 3.77% 27.15%
Japan 7.36% 0.79% 35.64%
US 6.25% 0.00% 40%
Europe 7.49% 0.88% 30%
Emerging Markets 9.13% 2.25% 25%
Small Asia (No India, China & J 8.64% 1.93% 20%
India 9.05% 2.20% 34%
China 7.20% 0.60% 25%
Global 7.84% 1.13% 30%
Total Risk PremiumCountry Risk Premium Corporate Tax Rate
13.32% 7.07% 30.00%
7.58% 1.33% 22.00%
16.46% 10.21% 27.92%
14.89% 8.64% 33.00%
14.89% 8.64% 27.92%
16.46% 10.21% 27.92%
14.89% 8.64% 27.92%
11.91% 5.66% 27.92%
16.46% 10.21% 22.50%
13.32% 7.07% 27.92%
13.32% 7.07% 27.92%
16.46% 10.21% 25.00%
13.32% 7.07% 30.00%
10.17% 3.92% 30.00%
18.02% 11.77% 32.00%
9.71% 3.46% 33.00%
13.32% 7.07% 30.00%
13.32% 7.07% 27.92%
13.32% 7.07% 27.92%
9.23% 2.98% 28.00%
11.91% 5.66% 25.00%
13.32% 7.07% 30.00%
16.46% 10.21% 35.00%
12.99% 6.74% 28.18%
11.91% 5.66% 27.50%
14.89% 8.64% 0.00%
7.20% 0.95% 25.00%
13.32% 7.07% 20.00%
6.88% 0.63% 16.50%
9.71% 3.46% 34.61%
9.71% 3.46% 25.00%
7.36% 1.11% 33.06%
7.03% 0.78% 24.20%
7.20% 0.95% 12.00%
8.14% 1.89% 25.00%
8.76% 2.51% 15.00%
14.89% 8.64% 21.96%
16.46% 10.21% 33.00%
14.89% 8.64% 30.00%
9.23% 2.98% 30.00%
6.25% 0.00% 17.00%
13.32% 7.07% 28.00%
7.20% 0.95% 17.00%
8.76% 2.51% 20.00%
13.32% 7.07% 22.00%
7.82% 1.57% 26.90%
6.25% 0.00% 30.00%
13.32% 7.07% 27.00%
6.25% 0.00% 28.00%
6.26% 0.01% 29.79%
8.76% 2.51% 28.00%
9.23% 2.98% 0.00%
18.02% 11.77% 25.00%
7.58% 1.33% 0.00%
7.20% 0.95% 0.00%
20.39% 14.14% 27.35%
8.14% 1.89% 25.00%
13.32% 7.07% 27.00%
20.39% 14.14% 25.00%
9.71% 3.46% 27.35%
9.23% 2.98% 24.50%
16.46% 10.21% 26.85%
9.23% 2.98% 25.00%
8.76% 2.51% 26.85%
15.31% 9.06% 24.50%
16.46% 10.21% 35.00%
20.39% 14.14% 26.85%
11.91% 5.66% 25.00%
10.97% 4.72% 34.00%
7.20% 0.95% 22.50%
9.23% 2.98% 25.00%
10.17% 3.92% 30.00%
16.46% 10.21% 22.00%
11.91% 5.66% 30.00%
10.17% 3.92% 25.00%
14.89% 8.64% 30.00%
8.14% 1.89% 30.00%
14.89% 8.64% 26.85%
9.23% 2.98% 25.00%
10.17% 3.92% 10.00%
8.14% 1.89% 28.00%
13.32% 7.07% 34.50%
9.23% 2.98% 25.00%
21.94% 15.69% 34.00%
11.27% 5.02% 31.19%
13.32% 7.07% 15.00%
13.32% 7.07% 20.00%
10.17% 3.92% 20.12%
18.02% 11.77% 18.00%
16.46% 10.21% 10.00%
9.23% 2.98% 10.00%
10.97% 4.72% 20.00%
7.36% 1.11% 19.00%
7.36% 1.11% 20.00%
11.91% 5.66% 15.00%
10.17% 3.92% 19.00%
9.71% 3.46% 20.00%
14.89% 8.64% 15.00%
8.14% 1.89% 15.00%
8.14% 1.89% 15.00%
11.91% 5.66% 10.00%
16.46% 10.21% 12.00%
11.91% 5.66% 9.00%
7.58% 1.33% 19.00%
9.71% 3.46% 16.00%
10.17% 3.92% 20.00%
13.32% 7.07% 15.00%
7.58% 1.33% 22.00%
9.71% 3.46% 17.00%
21.94% 15.69% 18.00%
10.17% 3.92% 19.01%
7.03% 0.78% 55.00%
10.97% 4.72% 0.00%
9.71% 3.46% 15.00%
7.36% 1.11% 26.50%
13.32% 7.07% 20.00%
7.03% 0.78% 15.00%
14.89% 8.64% 15.00%
8.76% 2.51% 12.00%
7.03% 0.78% 10.00%
7.58% 1.33% 0.00%
7.36% 1.11% 20.00%
8.14% 1.89% 0.00%
7.03% 0.78% 55.00%
7.56% 1.31% 30.16%
6.25% 0.00% 26.50%
6.25% 0.00% 40.00%
6.25% 0.00% 38.74%
9.71% 3.46% 0.00%
6.88% 0.63% 25.00%
7.20% 0.95% 33.99%
13.32% 7.07% 12.50%
6.25% 0.00% 23.50%
6.88% 0.63% 20.00%
7.03% 0.78% 33.33%
6.25% 0.00% 29.65%
21.94% 15.69% 29.00%
6.88% 0.63% 0.00%
9.23% 2.98% 20.00%
8.14% 1.89% 12.50%
6.88% 0.63% 0.00%
9.23% 2.98% 31.40%
6.88% 0.63% 0.00%
6.25% 0.00% 12.50%
6.25% 0.00% 29.22%
8.14% 1.89% 35.00%
6.25% 0.00% 25.00%
6.25% 0.00% 27.00%
10.17% 3.92% 21.00%
9.23% 2.98% 28.00%
6.25% 0.00% 22.00%
6.25% 0.00% 17.92%
9.71% 3.46% 20.00%
6.88% 0.63% 20.00%
7.49% 1.24% 26.80%

Tax Rate Total GDP Weight


28.18% 1926.3 2.50%
26.90% 22700.1 29.47%
29.79% 1622 2.11%
24.50% 214.57 0.28%
31.19% 5838.5 7.58%
19.01% 3973.87 5.16%
30.16% 2448.14 3.18%
38.74% 19204.4 24.94%
26.80% 19089.05 24.79%
29.94% 77016.93
Region GDP Weight Weigth*Default Spread
Africa 7.18% 0.36%
Africa 0.82% 0.01%
Africa 0.65% 0.05%
Africa 1.67% 0.10%
Africa 0.10% 0.01%
Africa 1.72% 0.13%
Africa 0.74% 0.05%
Africa 1.78% 0.07%
Africa 14.87% 1.08%
Africa 2.89% 0.15%
Africa 0.94% 0.05%
Africa 2.00% 0.15%
Africa 3.16% 0.16%
Africa 5.71% 0.16%
Africa 0.83% 0.07%
Africa 0.67% 0.02%
Africa 29.51% 1.49%
Africa 0.41% 0.02%
Africa 0.82% 0.04%
Africa 18.20% 0.39%
Africa 2.52% 0.10%
Africa 1.40% 0.07%
Africa 1.41% 0.10%
100.00%
Asia 0.76% 0.03%
Asia 0.07% 0.00%
Asia 45.62% 0.31%
Asia 0.02% 0.00%
Asia 1.28% 0.01%
Asia 9.02% 0.22%
Asia 3.91% 0.10%
Asia 20.27% 0.16%
Asia 6.21% 0.03%
Asia 0.24% 0.00%
Asia 1.49% 0.02%
Asia 0.06% 0.00%
Asia 0.05% 0.00%
Asia 1.07% 0.08%
Asia 0.07% 0.00%
Asia 1.25% 0.03%
Asia 1.36% 0.00%
Asia 0.35% 0.02%
Asia 4.28% 0.03%
Asia 1.78% 0.03%
Asia 0.82% 0.04%
100.00%
Australia & New Zealand 89.69% 0.00%
Australia & New Zealand 0.07% 0.00%
Australia & New Zealand 10.24% 0.00%

Caribbean 1.21% 0.02%


Caribbean 3.96% 0.08%
Caribbean 2.05% 0.17%
Caribbean 2.59% 0.02%
Caribbean 1.49% 0.01%
Caribbean 35.98% 3.63%
Caribbean 0.47% 0.01%
Caribbean 29.87% 1.51%
Caribbean 6.48% 0.65%
Caribbean 0.70% 0.02%
Caribbean 0.70% 0.01%
Caribbean 0.33% 0.02%
Caribbean 13.47% 0.29%
Caribbean 0.70% 0.01%
100.00%
Central and South America 9.21% 0.67%
Central and South America 0.03% 0.00%
Central and South America 0.57% 0.02%
Central and South America 40.18% 1.35%
Central and South America 4.42% 0.03%
Central and South America 6.47% 0.14%
Central and South America 0.85% 0.02%
Central and South America 1.73% 0.13%
Central and South America 0.43% 0.02%
Central and South America 1.01% 0.03%
Central and South America 0.33% 0.02%
Central and South America 22.18% 0.30%
Central and South America 0.20% 0.01%
Central and South America 0.79% 0.02%
Central and South America 0.53% 0.01%
Central and South America 3.47% 0.05%
Central and South America 0.09% 0.00%
Central and South America 0.98% 0.02%
Central and South America 6.53% 0.73%
100.00%
Eastern Europe & Ru 0.33% 0.02%
Eastern Europe & Ru 0.29% 0.01%
Eastern Europe & Ru 1.89% 0.05%
Eastern Europe & Ru 1.92% 0.16%
Eastern Europe & Ru 0.46% 0.03%
Eastern Europe & Ru 1.43% 0.03%
Eastern Europe & Ru 1.44% 0.05%
Eastern Europe & Ru 5.17% 0.04%
Eastern Europe & Ru 0.67% 0.01%
Eastern Europe & Ru 0.42% 0.02%
Eastern Europe & Ru 3.48% 0.10%
Eastern Europe & Ru 5.48% 0.14%
Eastern Europe & Ru 0.69% 0.04%
Eastern Europe & Ru 0.79% 0.01%
Eastern Europe & Ru 1.22% 0.02%
Eastern Europe & Ru 0.28% 0.01%
Eastern Europe & Ru 0.20% 0.01%
Eastern Europe & Ru 0.12% 0.00%
Eastern Europe & Ru 13.71% 0.13%
Eastern Europe & Ru 5.01% 0.12%
Eastern Europe & Ru 46.82% 1.31%
Eastern Europe & Ru 1.10% 0.06%
Eastern Europe & Ru 2.52% 0.02%
Eastern Europe & Ru 1.25% 0.03%
Eastern Europe & Ru 3.32% 0.37%
100.00%
Middle East 15.93% 0.09%
Middle East 1.38% 0.05%
Middle East 1.21% 0.03%
Middle East 12.49% 0.10%
Middle East 1.46% 0.07%
Middle East 6.68% 0.04%
Middle East 1.87% 0.12%
Middle East 3.34% 0.06%
Middle East 8.58% 0.05%
Middle East 0.21% 0.00%
Middle East 30.48% 0.24%
Middle East 0.04% 0.00%
Middle East 16.32% 0.09%
100.00%
North America 9.30% 0.00%
North America 90.70% 0.00%

Western Europe 0.02% 0.00%


Western Europe 2.29% 0.01%
Western Europe 2.78% 0.02%
Western Europe 0.12% 0.01%
Western Europe 1.79% 0.00%
Western Europe 1.43% 0.01%
Western Europe 14.82% 0.08%
Western Europe 20.26% 0.00%
Western Europe 1.23% 0.14%
Western Europe 0.00% 0.00%
Western Europe 0.09% 0.00%
Western Europe 1.31% 0.02%
Western Europe 0.01% 0.00%
Western Europe 11.22% 0.24%
Western Europe 0.01% 0.00%
Western Europe 0.06% 0.00%
Western Europe 0.34% 0.00%
Western Europe 0.05% 0.00%
Western Europe 4.61% 0.00%
Western Europe 2.62% 0.00%
Western Europe 1.21% 0.03%
Western Europe 7.24% 0.15%
Western Europe 2.99% 0.00%
Western Europe 3.67% 0.00%
Western Europe 4.18% 0.10%
Western Europe 15.66% 0.07%
100.00%

Weight *ERP Weight*CRP Weight*Default Spread


0.32% 0.17% 0.12%
2.31% 0.46% 0.33%
0.13% 0.00% 0.00%
0.04% 0.03% 0.02%
0.85% 0.38% 0.27%
0.52% 0.20% 0.14%
0.24% 0.04% 0.03%
1.56% 0.00% 0.00%
1.86% 0.31% 0.22%
Weight*ERP Weight*CRP Weight * Tax Rate
0.96% 0.51% 2.16%
0.06% 0.01% 0.18%
0.11% 0.07% 0.18%
0.25% 0.14% 0.55%
0.01% 0.01% 0.03%
0.28% 0.18% 0.48%
0.11% 0.06% 0.21%
0.21% 0.10% 0.50%
2.45% 1.52% 3.35%
0.38% 0.20% 0.81%
0.13% 0.07% 0.26%
0.33% 0.20% 0.50%
0.42% 0.22% 0.95%
0.58% 0.22% 1.71%
0.15% 0.10% 0.26%
0.07% 0.02% 0.22%
3.93% 2.09% 8.85%
0.05% 0.03% 0.11%
0.11% 0.06% 0.23%
1.68% 0.54% 5.10%
0.30% 0.14% 0.63%
0.19% 0.10% 0.42%
0.23% 0.14% 0.49%

0.09% 0.04% 0.21%


0.01% 0.01% 0.00%
3.29% 0.43% 11.40%
0.00% 0.00% 0.00%
0.09% 0.01% 0.21%
0.88% 0.31% 3.12%
0.38% 0.14% 0.98%
1.49% 0.22% 6.70%
0.44% 0.05% 1.50%
0.02% 0.00% 0.03%
0.12% 0.03% 0.37%
0.00% 0.00% 0.01%
0.01% 0.00% 0.01%
0.18% 0.11% 0.35%
0.01% 0.01% 0.02%
0.12% 0.04% 0.38%
0.08% 0.00% 0.23%
0.05% 0.02% 0.10%
0.31% 0.04% 0.73%
0.16% 0.04% 0.36%
0.11% 0.06% 0.18%

5.61% 0.00% 26.91%


0.01% 0.01% 0.02%
0.64% 0.00% 2.87%

0.11% 0.03% 0.34%


0.37% 0.12% 0.00%
0.37% 0.24% 0.51%
0.20% 0.03% 0.00%
0.11% 0.01% 0.00%
7.34% 5.09% 9.84%
0.04% 0.01% 0.12%
3.98% 2.11% 8.07%
1.32% 0.92% 1.62%
0.07% 0.02% 0.19%
0.06% 0.02% 0.17%
0.05% 0.03% 0.09%
1.24% 0.40% 3.37%
0.06% 0.02% 0.19%
9.06%
1.52% 0.94% 3.22%
0.01% 0.00% 0.01%
0.07% 0.03% 0.14%
4.41% 1.90% 13.66%
0.32% 0.04% 0.99%
0.60% 0.19% 1.62%
0.09% 0.03% 0.25%
0.28% 0.18% 0.38%
0.05% 0.02% 0.13%
0.10% 0.04% 0.25%
0.05% 0.03% 0.10%
1.81% 0.42% 6.65%
0.03% 0.02% 0.05%
0.07% 0.02% 0.20%
0.05% 0.02% 0.05%
0.28% 0.07% 0.97%
0.01% 0.01% 0.03%
0.09% 0.03% 0.25%
1.43% 1.02% 2.22%

0.04% 0.02% 0.05%


0.04% 0.02% 0.06%
0.19% 0.07% 0.38%
0.35% 0.23% 0.34%
0.08% 0.05% 0.05%
0.13% 0.04% 0.14%
0.16% 0.07% 0.29%
0.38% 0.06% 0.98%
0.05% 0.01% 0.13%
0.05% 0.02% 0.06%
0.35% 0.14% 0.66%
0.53% 0.19% 1.10%
0.10% 0.06% 0.10%
0.06% 0.01% 0.12%
0.10% 0.02% 0.18%
0.03% 0.02% 0.03%
0.03% 0.02% 0.02%
0.01% 0.01% 0.01%
1.04% 0.18% 2.61%
0.49% 0.17% 0.80%
4.76% 1.84% 9.36%
0.15% 0.08% 0.17%
0.19% 0.03% 0.56%
0.12% 0.04% 0.21%
0.73% 0.52% 0.60%

1.12% 0.12% 8.76%


0.15% 0.07% 0.00%
0.12% 0.04% 0.18%
0.92% 0.14% 3.31%
0.19% 0.10% 0.29%
0.47% 0.05% 1.00%
0.28% 0.16% 0.28%
0.29% 0.08% 0.40%
0.60% 0.07% 0.86%
0.02% 0.00% 0.00%
2.24% 0.34% 6.10%
0.00% 0.00% 0.00%
1.15% 0.13% 8.98%

0.58% 0.00% 2.46%


5.67% 0.00% 36.28%

0.00% 0.00% 0.00%


0.16% 0.01% 0.57%
0.20% 0.03% 0.95%
0.02% 0.01% 0.02%
0.11% 0.00% 0.42%
0.10% 0.01% 0.29%
1.04% 0.12% 4.94%
1.27% 0.00% 6.01%
0.27% 0.19% 0.36%
0.00% 0.00% 0.00%
0.01% 0.00% 0.02%
0.11% 0.02% 0.16%
0.00% 0.00% 0.00%
1.04% 0.33% 3.52%
0.00% 0.00% 0.00%
0.00% 0.00% 0.01%
0.02% 0.00% 0.10%
0.00% 0.00% 0.02%
0.29% 0.00% 1.15%
0.16% 0.00% 0.71%
0.12% 0.05% 0.25%
0.67% 0.22% 2.03%
0.19% 0.00% 0.66%
0.23% 0.00% 0.66%
0.41% 0.14% 0.84%
1.08% 0.10% 3.13%

Weight* Tax Rate


0.70%
7.93%
0.63%
0.07%
2.36%
0.98%
0.96%
9.66%
6.64%
Country GDP(inbillions) Moody'srating
AbuDhabi 390 Aa2
Albania 13.2 B1
Andorra(Principalityof) 3.25 Baa3
Angola 138.4 B1
Argentina 537.8 B3
Armenia 11.6 B1
Aruba 2.6 Baa1
Australia 1454.7 Aaa
Austria 436.9 Aa1
Azerbaijan 75.2 Ba1
Bahamas 8.5 Baa2
Bahrain 33.9 Ba2
Bangladesh 172.9 Ba3
Barbados 4.4 Caa1
Belarus 76.1 Caa1
Belgium 531.2 Aa3
Belize 1.7 Caa2
Bermuda 5.557 A2
Bolivia 33 Ba3
BosniaandHerzegovina 18.3 B3
Botswana 15.8 A2
Brazil 2346.1 Ba2
Bulgaria 56.7 Baa2
BurkinaFaso 12.5 B3
Cambodia 16.8 B2
Cameroon 32.1 B2
Canada 1785.4 Aaa
CaymanIslands 3.2 Aa3
CapeVerde 1.9 B2
Chile 258.1 Aa3
China 10354.8 Aa3
Colombia 377.7 Baa2
Congo(DemocraticRepublicof) 33.1 B3
Congo(Republicof) 14.2 B2
CookIslands 1.2 B1
CostaRica 49.6 Ba1
Cted'Ivoire 34.2 Ba3
Croatia 57.1 Ba2
Cuba 77.2 Caa2
Curacao 1 A3
Cyprus 23.2 B1
CzechRepublic 205.3 A1
Denmark 342.4 Aaa
DominicanRepublic 64.1 B1
Ecuador 100.9 B3
Egypt 286.5 B3
ElSalvador 25.2 Ba3
Estonia 26.5 A1
Ethiopia 55.6 B1
Fiji 4.5 B1
Finland 272.2 Aa1
France 2829.2 Aa2
Gabon 18.2 B1
Georgia 16.5 Ba3
Germany 3868.3 Aaa
Ghana 38.6 B3
Greece 235.6 Caa3
Guatemala 58.8 Ba1
Guernsey(Statesof) 0.5 Aa1
Honduras 19.4 B2
HongKong 290.1 Aa1
Hungary 138.4 Ba1
Iceland 17 Baa2
India 2048.5 Baa3
Indonesia 888.5 Baa3
Iraq 29.54 B3
Ireland 250.8 A3
IsleofMan 1.4 Aa1
Israel 305.7 A1
Italy 2141.2 Baa2
Jamaica 13.9 Caa2
Japan 4601.5 A1
Jersey(Statesof) 1 Aa1
Jordan 35.8 B1
Kazakhstan 217.9 Baa3
Kenya 60.9 B1
Korea 1410.4 Aa2
Kuwait 163.6 Aa2
Kyrgyzstan 27.37 B2
Latvia 31.3 A3
Lebanon 45.7 B2
Liechtenstein 10.5 Aaa
Lithuania 48.4 A3
Luxembourg 64.9 Aaa
Macao 55.5 Aa3
Macedonia 11.3 Ba3
Malaysia 338.1 A3
Malta 9.6 A3
Mauritius 12.6 Baa1
Mexico 1294.7 A3
Moldova 8 B3
Mongolia 12 B2
Montenegro 4.6 Ba3
Montserrat 1.5 Baa3
Morocco 110 Ba1
Mozambique 15.9 Caa1
Namibia 13 Baa3
Netherlands 879.3 Aaa
NewZealand 166.1 Aaa
Nicaragua 11.8 B2
Nigeria 568.5 B1
Norway 499.8 Aaa
Oman 81.8 Baa1
Pakistan 243.6 B3
Panama 46.2 Baa2
PapuaNewGuinea 16.9 B2
Paraguay 30.9 Ba1
Peru 202.6 A3
Philippines 284.8 Baa2
Poland 545 A2
Portugal 230.1 Ba1
Qatar 210.1 Aa2
RasAlKhaimah(Emirateof) 5.2 A2
Romania 199 Baa3
Russia 1860.6 Ba1
Rwanda 7.9 B1
SaudiArabia 746.3 A1
Senegal 15.7 B1
Serbia 43.9 B1
Sharjah 1 A3
Singapore 307.9 Aaa
Slovakia 100.3 A2
Slovenia 49.5 Baa3
SouthAfrica 350.6 Baa2
Spain 1381.3 Baa2
SriLanka 78.8 B1
St.Maarten 1.5 Baa2
St.Vincent&theGrenadines 0.713 B3
Suriname 5.2 B1
Sweden 571.1 Aaa
Switzerland 701 Aaa
Taiwan 970.9 Aa3
Thailand 404.8 Baa1
TrinidadandTobago 28.9 Baa2
Tunisia 48.6 Ba3
Turkey 798.4 Baa3
TurksandCaicosIslands 1.5 Baa1
Uganda 27 B1
Ukraine 131.8 Caa3
UnitedArabEmirates 399.5 Aa2
UnitedKingdom 2988.9 Aa1
UnitedStatesofAmerica 17419 Aaa
Uruguay 57.5 Baa2
Venezuela 381.3 Caa3
Vietnam 186.2 B1
Zambia 27.1 B3
Adj.DefaultSpread TotalRiskPremium CountryRiskPremium
0.56% 7.03% 0.78%
5.05% 13.32% 7.07%
2.47% 9.71% 3.46%
5.05% 13.32% 7.07%
7.29% 16.46% 10.21%
5.05% 13.32% 7.07%
1.79% 8.76% 2.51%
0.00% 6.25% 0.00%
0.45% 6.88% 0.63%
2.80% 10.17% 3.92%
2.13% 9.23% 2.98%
3.37% 10.97% 4.72%
4.04% 11.91% 5.66%
8.41% 18.02% 11.77%
8.41% 18.02% 11.77%
0.68% 7.20% 0.95%
10.10% 20.39% 14.14%
0.95% 7.58% 1.33%
4.04% 11.91% 5.66%
7.29% 16.46% 10.21%
0.95% 7.58% 1.33%
3.37% 10.97% 4.72%
2.13% 9.23% 2.98%
7.29% 16.46% 10.21%
6.17% 14.89% 8.64%
6.17% 14.89% 8.64%
0.00% 6.25% 0.00%
0.68% 7.20% 0.95%
6.17% 14.89% 8.64%
0.68% 7.20% 0.95%
0.68% 7.20% 0.95%
2.13% 9.23% 2.98%
7.29% 16.46% 10.21%
6.17% 14.89% 8.64%
5.05% 13.32% 7.07%
2.80% 10.17% 3.92%
4.04% 11.91% 5.66%
3.37% 10.97% 4.72%
10.10% 20.39% 14.14%
1.35% 8.14% 1.89%
5.05% 13.32% 7.07%
0.79% 7.36% 1.11%
0.00% 6.25% 0.00%
5.05% 13.32% 7.07%
7.29% 16.46% 10.21%
7.29% 16.46% 10.21%
4.04% 11.91% 5.66%
0.79% 7.36% 1.11%
5.05% 13.32% 7.07%
5.05% 13.32% 7.07%
0.45% 6.88% 0.63%
0.56% 7.03% 0.78%
5.05% 13.32% 7.07%
4.04% 11.91% 5.66%
0.00% 6.25% 0.00%
7.29% 16.46% 10.21%
11.21% 21.94% 15.69%
2.80% 10.17% 3.92%
0.45% 6.88% 0.63%
6.17% 14.89% 8.64%
0.45% 6.88% 0.63%
2.80% 10.17% 3.92%
2.13% 9.23% 2.98%
2.47% 9.71% 3.46%
2.47% 9.71% 3.46%
2.47% 9.71% 3.46%
1.35% 8.14% 1.89%
0.45% 6.88% 0.63%
0.79% 7.36% 1.11%
2.13% 9.23% 2.98%
10.10% 20.39% 14.14%
0.79% 7.36% 1.11%
0.45% 6.88% 0.63%
5.05% 13.32% 7.07%
2.47% 9.71% 3.46%
5.05% 13.32% 7.07%
0.56% 7.03% 0.78%
0.56% 7.03% 0.78%
6.17% 14.89% 8.64%
1.35% 8.14% 1.89%
6.17% 14.89% 8.64%
0.00% 6.25% 0.00%
1.35% 8.14% 1.89%
0.00% 6.25% 0.00%
0.68% 7.20% 0.95%
4.04% 11.91% 5.66%
1.35% 8.14% 1.89%
1.35% 8.14% 1.89%
1.79% 8.76% 2.51%
1.35% 8.14% 1.89%
7.29% 16.46% 10.21%
6.17% 14.89% 8.64%
4.04% 11.91% 5.66%
2.47% 9.71% 3.46%
2.80% 10.17% 3.92%
8.41% 18.02% 11.77%
2.47% 9.71% 3.46%
0.00% 6.25% 0.00%
0.00% 6.25% 0.00%
6.17% 14.89% 8.64%
5.05% 13.32% 7.07%
0.00% 6.25% 0.00%
1.79% 8.76% 2.51%
7.29% 16.46% 10.21%
2.13% 9.23% 2.98%
6.17% 14.89% 8.64%
2.80% 10.17% 3.92%
1.35% 8.14% 1.89%
2.13% 9.23% 2.98%
0.95% 7.58% 1.33%
2.80% 10.17% 3.92%
0.56% 7.03% 0.78%
0.95% 7.58% 1.33%
2.47% 9.71% 3.46%
2.80% 10.17% 3.92%
5.05% 13.32% 7.07%
0.79% 7.36% 1.11%
5.05% 13.32% 7.07%
5.05% 13.32% 7.07%
1.35% 8.14% 1.89%
0.00% 6.25% 0.00%
0.95% 7.58% 1.33%
2.47% 9.71% 3.46%
2.13% 9.23% 2.98%
2.13% 9.23% 2.98%
5.05% 13.32% 7.07%
2.13% 9.23% 2.98%
7.29% 16.46% 10.21%
5.05% 13.32% 7.07%
0.00% 6.25% 0.00%
0.00% 6.25% 0.00%
0.68% 7.20% 0.95%
1.79% 8.76% 2.51%
2.13% 9.23% 2.98%
4.04% 11.91% 5.66%
2.47% 9.71% 3.46%
1.79% 8.76% 2.51%
5.05% 13.32% 7.07%
11.21% 21.94% 15.69%
0.56% 7.03% 0.78%
0.45% 6.88% 0.63%
0.00% 6.25% 0.00%
2.13% 9.23% 2.98%
11.21% 21.94% 15.69%
5.05% 13.32% 7.07%
7.29% 16.46% 10.21%
CorporateTaxRate Region
55.00% Middle East
15.00% Eastern Europe & Russia
0.00% Western Europe
30.00% Africa
35.00% Central and South America
20.00% Eastern Europe & Russia
28.00% Caribbean
30.00% Australia & New Zealand
25.00% Western Europe
20.12% Eastern Europe & Russia
0.00% Caribbean
0.00% Middle East
27.50% Asia
25.00% Caribbean
18.00% Eastern Europe & Russia
33.99% Western Europe
26.85% Central and South America
0.00% Caribbean
25.00% Central and South America
10.00% Eastern Europe & Russia
22.00% Africa
34.00% Central and South America
10.00% Eastern Europe & Russia
27.92% Africa
0.00% Asia
33.00% Africa
26.50% North America
0.00% Caribbean
27.92% Africa
22.50% Central and South America
25.00% Asia
25.00% Central and South America
27.92% Africa
27.92% Africa
27.00% Australia & New Zealand
30.00% Central and South America
27.92% Africa
20.00% Eastern Europe & Russia
27.35% Caribbean
25.00% Caribbean
12.50% Western Europe
19.00% Eastern Europe & Russia
23.50% Western Europe
27.00% Caribbean
22.00% Central and South America
22.50% Africa
30.00% Central and South America
20.00% Eastern Europe & Russia
27.92% Africa
20.00% Asia
20.00% Western Europe
33.33% Western Europe
27.92% Africa
15.00% Eastern Europe & Russia
29.65% Western Europe
25.00% Africa
29.00% Western Europe
25.00% Central and South America
0.00% Western Europe
30.00% Central and South America
16.50% Asia
19.00% Eastern Europe & Russia
20.00% Western Europe
34.61% Asia
25.00% Asia
15.00% Middle East
12.50% Western Europe
0.00% Western Europe
26.50% Middle East
31.40% Western Europe
25.00% Caribbean
33.06% Asia
0.00% Western Europe
20.00% Middle East
20.00% Eastern Europe & Russia
30.00% Africa
24.20% Asia
15.00% Middle East
15.00% Eastern Europe & Russia
15.00% Eastern Europe & Russia
15.00% Middle East
12.50% Western Europe
15.00% Eastern Europe & Russia
29.22% Western Europe
12.00% Asia
10.00% Eastern Europe & Russia
25.00% Asia
35.00% Western Europe
15.00% Asia
30.00% Central and South America
12.00% Eastern Europe & Russia
21.96% Asia
9.00% Eastern Europe & Russia
27.35% Caribbean
30.00% Africa
32.00% Africa
33.00% Africa
25.00% Western Europe
28.00% Australia & New Zealand
26.85% Central and South America
30.00% Africa
27.00% Western Europe
12.00% Middle East
33.00% Asia
25.00% Central and South America
30.00% Asia
10.00% Central and South America
28.00% Central and South America
30.00% Asia
19.00% Eastern Europe & Russia
21.00% Western Europe
10.00% Middle East
0.00% Middle East
16.00% Eastern Europe & Russia
20.00% Eastern Europe & Russia
27.92% Africa
20.00% Middle East
27.92% Africa
15.00% Eastern Europe & Russia
0.00% Middle East
17.00% Asia
22.00% Eastern Europe & Russia
17.00% Eastern Europe & Russia
28.00% Africa
28.00% Western Europe
28.00% Asia
24.50% Caribbean
26.85% Caribbean
34.50% Central and South America
22.00% Western Europe
17.92% Western Europe
17.00% Asia
20.00% Asia
25.00% Caribbean
25.00% Africa
20.00% Western Europe
26.85% Caribbean
30.00% Africa
18.00% Eastern Europe & Russia
55.00% Middle East
20.00% Western Europe
40.00% North America
25.00% Central and South America
34.00% Central and South America
22.00% Asia
35.00% Africa
Country S&P Rating Moody's rating
Abu Dhabi NA Aa2
Albania B+ B1
Andorra (Principality of) BBB- Baa3
Angola B B1
Argentina NA B3
Armenia NA B1
Aruba BBB+ Baa1
Australia AAA Aaa
Austria AA+ Aa1
Azerbaijan BB+ Ba1
Bahamas BBB- Baa2
Bahrain BBB- Ba2
Bangladesh BB- Ba3
Barbados B Caa1
Belarus B- Caa1
Belgium AA Aa3
Belize B- Caa2
Bermuda A+ A2
Bolivia BB Ba3
Bosnia and Herzegovin B B3
Botswana A- A2
Brazil BB Ba2
Bulgaria BB+ Baa2
Burkina Faso B- B3
Cambodia NA B2
Cameroon B B2
Canada AAA Aaa
Cayman Islands NA Aa3
Cape Verde B B2
Chile AA- Aa3
China AA- Aa3
Colombia BBB Baa2
Congo (Democratic Repu B- B3
Congo (Republic of) B- B2
Cook Islands B+ B1
Costa Rica BB- Ba1
Cte d'Ivoire NA Ba3
Croatia BB Ba2
Cuba NA Caa2
Curacao A- A3
Cyprus BB- B1
Czech Republic AA- A1
Denmark AAA Aaa
Dominican Republic BB- B1
Ecuador B B3
Egypt B- B3
El Salvador B+ Ba3
Estonia AA- A1
Ethiopia B B1
Fiji B+ B1
Finland AA+ Aa1
France AA Aa2
Gabon B B1
Georgia BB- Ba3
Germany AAA Aaa
Ghana B- B3
Greece B- Caa3
Guatemala BB Ba1
Guernsey (States of) AA+ Aa1
Honduras B+ B2
Hong Kong AAA Aa1
Hungary BB+ Ba1
Iceland BBB+ Baa2
India BBB- Baa3
Indonesia BB+ Baa3
Iraq B- B3
Ireland A+ A3
Isle of Man NA Aa1
Israel A+ A1
Italy BBB- Baa2
Jamaica B Caa2
Japan A+ A1
Jersey (States of) AA+ Aa1
Jordan BB- B1
Kazakhstan BBB- Baa3
Kenya B+ B1
Korea AA- Aa2
Kuwait AA Aa2
Kyrgyzstan B B2
Latvia A- A3
Lebanon B- B2
Liechtenstein AAA Aaa
Lithuania A- A3
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- Ba3
Malaysia A- A3
Malta BBB+ A3
Mauritius NA Baa1
Mexico BBB+ A3
Moldova NA B3
Mongolia B B2
Montenegro B+ Ba3
Montserrat BBB- Baa3
Morocco BBB- Ba1
Mozambique CCC Caa1
Namibia NA Baa3
Netherlands AAA Aaa
New Zealand AA Aaa
Nicaragua B+ B2
Nigeria B+ B1
Norway AAA Aaa
Oman BBB- Baa1
Pakistan B- B3
Panama BBB Baa2
Papua New Guinea B+ B2
Paraguay BB Ba1
Peru BBB+ A3
Philippines BBB Baa2
Poland BBB+ A2
Portugal BB+ Ba1
Qatar AA Aa2
Ras Al Khaimah (Emirat A A2
Romania BBB- Baa3
Russia BB+ Ba1
Rwanda B+ B1
Saudi Arabia A- A1
Senegal B+ B1
Serbia BB- B1
Sharjah A A3
Singapore AAA Aaa
Slovakia A+ A2
Slovenia A- Baa3
South Africa BBB- Baa2
Spain BBB+ Baa2
Sri Lanka B+ B1
St. Maarten NA Baa2
St. Vincent & the Grena NA B3
Suriname B+ B1
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA- Aa3
Thailand BBB+ Baa1
Trinidad and Tobago A Baa2
Tunisia BB- Ba3
Turkey BB+ Baa3
Turks and Caicos Island BBB+ Baa1
Uganda B B1
Ukraine B- Caa3
United Arab Emirates NA Aa2
United Kingdom AA Aa1
United States of Americ AA+ Aaa
Uruguay BBB Baa2
Venezuela CCC Caa3
Vietnam BB- B1
Zambia B B3
GOVERNMENT BOND RATINGS
In local currency
S&P: These are the S&P sovereign local currency ratings
Moody's: These are the Moody's local currency rating
In red: These are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate the
Moody's equivalent rating for these countries.
S&P Moody's
A A2
A- A3
A+ A1
AA Aa2
AA- Aa3
AA+ Aa1
AAA Aaa
B B2
B- B3
B+ B1
BB Ba2
BB- Ba3
BB+ Ba1
BBB Baa2
BBB- Baa3
BBB+ Baa1
C C2
C- C3
C+ C1
CC Ca2
CC- Ca3
CC+ Ca1
CCC Caa2
CCC- Caa3
CCC+ Caa1
ng lookup table is used to estimate the
Country Region
Abu Dhabi MiddleEast
Albania Eastern Europe & Russia
Andorra Western Europe
Angola Africa
Argentina Central and South America
Armenia Eastern Europe & Russia
Aruba Caribbean
Australia Australia & New Zealand
Austria WesternEurope
Azerbaijan EasternEurope&Russia
Bahamas Caribbean
Bahrain MiddleEast
Bangladesh Asia
Barbados Caribbean
Belarus EasternEurope&Russia
Belgium WesternEurope
Belize CentralandSouthAmerica
Benin Africa
Bermuda Caribbean
Bolivia CentralandSouthAmerica
BosniaandHerzegovina EasternEurope&Russia
Botswana Africa
Brazil CentralandSouthAmerica
Bulgaria EasternEurope&Russia
Burkina Faso Africa
Cambodia Asia
Cameroon Africa
Canada NorthAmerica
CapeVerde Africa
CaymanIslands Caribbean
Chile CentralandSouthAmerica
China Asia
Colombia CentralandSouthAmerica
Congo (Democratic Repu Africa
Congo (Republic of) Africa
Cook Islands Australia&NewZealand
CostaRica CentralandSouthAmerica
Cte d'Ivoire Africa
Croatia EasternEurope&Russia
Cuba Caribbean
Curacao Caribbean
Cyprus WesternEurope
CzechRepublic EasternEurope&Russia
Democratic Republic ofAfrica
Denmark WesternEurope
DominicanRepublic Caribbean
Ecuador CentralandSouthAmerica
Egypt Africa
ElSalvador CentralandSouthAmerica
Estonia EasternEurope&Russia
Ethiopia Africa
Fiji Asia
Finland WesternEurope
France WesternEurope
Gabon Africa
Georgia EasternEurope&Russia
Germany WesternEurope
Ghana Africa
Greece WesternEurope
Guatemala CentralandSouthAmerica
Guernsey (States of) WesternEurope
Honduras CentralandSouthAmerica
HongKong Asia
Hungary EasternEurope&Russia
Iceland WesternEurope
India Asia
Indonesia Asia
Iraq MiddleEast
Ireland WesternEurope
IsleofMan WesternEurope
Israel MiddleEast
Italy WesternEurope
Jamaica Caribbean
Japan Asia
Jersey (States of) WesternEurope
Jordan MiddleEast
Kazakhstan EasternEurope&Russia
Kenya Africa
Korea Asia
Kuwait MiddleEast
Kyrgyzstan EasternEurope&Russia
Latvia EasternEurope&Russia
Lebanon MiddleEast
Liechtenstein WesternEurope
Lithuania EasternEurope&Russia
Luxembourg WesternEurope
Macao Asia
Macedonia EasternEurope&Russia
Malaysia Asia
Malta WesternEurope
Mauritius Asia
Mexico CentralandSouthAmerica
Moldova EasternEurope&Russia
Mongolia Asia
Montenegro EasternEurope&Russia
Montserrat Caribbean
Morocco Africa
Mozambique Africa
Namibia Africa
Netherlands WesternEurope
NewZealand Australia&NewZealand
Nicaragua CentralandSouthAmerica
Nigeria Africa
Norway WesternEurope
Oman MiddleEast
Pakistan Asia
Panama CentralandSouthAmerica
PapuaNewGuinea Asia
Paraguay CentralandSouthAmerica
Peru CentralandSouthAmerica
Philippines Asia
Poland EasternEurope&Russia
Portugal WesternEurope
Qatar MiddleEast
Ras Al Kaminah MiddleEast
Republic of the Congo Africa
Romania EasternEurope&Russia
Russia EasternEurope&Russia
Rwanda Africa
SaudiArabia MiddleEast
Senegal Africa
Serbia EasternEurope&Russia
Sharjah MiddleEast
Singapore Asia
Slovakia EasternEurope&Russia
Slovenia EasternEurope&Russia
SouthAfrica Africa
Spain WesternEurope
SriLanka Asia
St. Maarten Caribbean
St.Vincent&theGrenadinesCaribbean
Suriname CentralandSouthAmerica
Sweden WesternEurope
Switzerland WesternEurope
Taiwan Asia
Thailand Asia
TrinidadandTobago Caribbean
Tunisia Africa
Turkey WesternEurope
Turkmenistan EasternEurope&Russia
TurksandCaicos Caribbean
Uganda Africa
Ukraine EasternEurope&Russia
UnitedArabEmirates MiddleEast
UnitedKingdom WesternEurope
UnitedStatesofAmerica NorthAmerica
Uruguay CentralandSouthAmerica
Venezuela CentralandSouthAmerica
Vietnam Asia
Zambia Africa
Values Average (1/1/ % Change
Row Labels Count of CDS Sprea Average of CDS Spread 0.93%
Aaa 15 0.46% 1.15%
Caa1 2 #DIV/0! 1.75%
Aa2 7 0.98% 0.62%
B1 15 3.32% 0.99%
Baa3 11 3.08% 1.04%
Ba2 1 #DIV/0! 0.46%
Ba3 13 4.58% 2.90%
Baa1 6 1.40% 4.03%
Baa2 12 2.25% 4.60%
B3 11 5.60% 2.96%
Aa3 6 1.48% #DIV/0!
Caa2 3 #DIV/0! 3.33%
A1 6 0.99% 1.39%
A2 4 1.08% 2.31%
B2 8 4.87% 2.42%
Ba1 8 3.09% #DIV/0!
A3 8 1.97% #DIV/0!
Caa3 3 #DIV/0! #DIV/0!
Aa1 5 0.60% #DIV/0!
Grand Total 144 1.98% 1.78% 39.43%

Rating Default Spread (1/1/16)Default Spread (1/1/16) Rounded Value


A1 70 98 98
A2 85 119 119
A3 120 167 167
Aa1 40 56 56
Aa2 50 70 70
Aa3 60 84 84
Aaa 0 0 0
B1 450 627 627
B2 550 767 767
B3 650 906 906
Ba1 250 349 349
Ba2 300 418 418
Ba3 360 502 502
Baa1 160 223 223
Baa2 190 265 265
Baa3 220 307 307
Ca 1200 1673 1673
Caa1 750 1046 1046
Caa2 900 1255 1255
Caa3 1000 1394 1394
NR NA NA NA
Country Moody's rating CDS Spread
Abu Dhabi Aa2 1.29%
Albania B1 NA
Andorra (Principality of) Baa3 NA
Angola Ba2 NA
Argentina Caa1 4.95%
Armenia Ba3 NA
Aruba Baa1 NA
Australia Aaa 0.65%
Austria Aaa 0.63%
Azerbaijan Baa3 NA
Bahamas Baa2 NA
Bahrain Baa3 4.37%
Bangladesh Ba3 NA
Barbados B3 NA
Belarus Caa1 NA
Belgium Aa3 0.89%
Belize Caa2 NA
Bermuda A1 NA
Bolivia Ba3 NA
Bosnia and Herzegovin B3 NA
Botswana A2 NA
Brazil Baa3 3.94%
Bulgaria Baa2 2.06%
Burkina Faso B3 NA
Cambodia B2 NA
Cameroon B2 NA
Canada Aaa NA
Cayman Islands Aa3 NA
Cape Verde B2 NA
Chile Aa3 1.37%
China Aa3 1.66%
Colombia Baa2 2.77%
Congo (Democratic Repu B3 NA
Congo (Republic of) Ba3 NA
Cook Islands B1 NA
Costa Rica Ba1 4.26%
Cte d'Ivoire Ba3 NA
Croatia Ba1 2.88%
Cuba Caa2 NA
Curacao A3 NA
Cyprus B1 3.31%
Czech Republic A1 0.88%
Denmark Aaa 0.47%
Dominican Republic B1 NA
Ecuador B3 NA
Egypt B3 5.39%
El Salvador Ba3 NA
Estonia A1 0.86%
Ethiopia B1 NA
Fiji B1 NA
Finland Aaa 0.52%
France Aa2 0.78%
Gabon Ba3 NA
Georgia Ba3 NA
Germany Aaa 0.48%
Ghana B3 NA
Greece Caa3 NA
Guatemala Ba1 NA
Guernsey (States of) Aa1 NA
Honduras B3 NA
Hong Kong Aa1 0.73%
Hungary Ba1 2.03%
Iceland Baa2 1.33%
India Baa3 2.34%
Indonesia Baa3 2.52%
Iraq B3 NA
Ireland Baa1 1.23%
Isle of Man Aa1 NA
Israel A1 1.23%
Italy Baa2 2.14%
Jamaica Caa2 NA
Japan A1 0.76%
Jersey (States of) Aa1 NA
Jordan B1 NA
Kazakhstan Baa2 2.79%
Kenya B1 NA
Korea Aa2 0.79%
Kuwait Aa2 NA
Kyrgyzstan B2 NA
Latvia A3 1.19%
Lebanon B2 5.26%
Liechtenstein Aaa NA
Lithuania A3 1.09%
Luxembourg Aaa NA
Macao Aa2 NA
Macedonia Ba3 NA
Malaysia A3 2.09%
Malta A3 NA
Mauritius Baa1 NA
Mexico A3 2.32%
Moldova B3 NA
Mongolia B2 NA
Montenegro Ba3 NA
Montserrat Baa3 NA
Morocco Ba1 2.32%
Mozambique B2 NA
Namibia Baa3 NA
Netherlands Aaa 0.53%
New Zealand Aaa 0.73%
Nicaragua B2 NA
Nigeria Ba3 NA
Norway Aaa 0.43%
Oman A1 NA
Pakistan B3 5.92%
Panama Baa2 2.19%
Papua New Guinea B1 NA
Paraguay Ba1 NA
Peru A3 2.03%
Philippines Baa2 1.65%
Poland A2 1.44%
Portugal Ba1 3.91%
Qatar Aa2 1.61%
Ras Al Khaimah (Emirat A2 NA
Romania Baa3 1.67%
Russia Ba1 2.92%
Rwanda B1 NA
Saudi Arabia Aa3 2.06%
Senegal B1 NA
Serbia B1 NA
Sharjah A3 NA
Singapore Aaa NA
Slovakia A2 0.95%
Slovenia Baa3 1.52%
South Africa Baa2 3.40%
Spain Baa2 1.62%
Sri Lanka B1 NA
St. Maarten Baa1 NA
St. Vincent & the Grena B3 NA
Suriname Ba3 NA
Sweden Aaa 0.46%
Switzerland Aaa 0.62%
Taiwan Aa3 NA
Thailand Baa1 1.68%
Trinidad and Tobago Baa2 NA
Tunisia Ba3 5.77%
Turkey Baa3 3.01%
Turks and Caicos Island Baa1 NA
Uganda B1 NA
Ukraine Caa3 NA
United Arab Emirates Aa2 NA
United Kingdom Aa1 0.85%
United States of Americ Aaa 0.44%
Uruguay Baa2 NA
Venezuela Caa3 32.59%
Vietnam B1 2.99%
Zambia B2 NA
CDS Spread adj for US Updated: July 1, 2016
0.85%
NA
NA
NA
4.51%
NA
NA
0.21%
0.19%
NA
NA
3.93%
NA
NA
NA
0.45%
NA
NA
NA
NA
NA
3.50%
1.62%
NA
NA
NA
NA
NA
NA
0.93%
1.22%
2.33%
NA
NA
NA
3.82%
NA
2.44%
NA
NA
2.87%
0.44% Name
0.03% Abu Dhabi
NA Argentina
NA Australia
4.95% Austria
NA Bahrain
0.42% Belgium
NA Brazil
NA Bulgaria
0.08% Chile
0.34% China
NA Colombia
NA Costa Rica
0.04% Croatia
NA Cyprus
NA Czech
NA Denmark
NA Dubai
NA Egypt
0.29% Estonia
1.59% Finland
0.89% France
1.90% Germany
2.08% Greece
NA Hong Kong
0.79% Hungary
NA Iceland
0.79% India
1.70% Indonesia
NA Ireland
0.32% Israel
NA Italy
NA Japan
2.35% Kazakhstan
NA Latvia
0.35% Lebanon
NA Lithuania
NA Malaysia
0.75% Mexico
4.82% Morocco
NA Netherlands
0.65% New Zealand
NA Nigeria
NA Norway
NA Pakistan
1.65% Panama
NA Peru
NA Philippines
1.88% Poland
NA Portugal
NA Qatar
NA Romania
NA Russia
1.88% Saudi Arabia
NA Slovakia
NA Slovenia
0.09% South Africa
0.29% South Korea
NA Spain
NA Sweden
0.00% Switzerland
NA Thailand
5.48% Tunisia
1.75% Turkey
NA Ukraine
NA United Kingd
1.59% United States
1.21% Venezuela
1.00% Vietnam
3.47%
1.17%
NA
1.23%
2.48%
NA
1.62%
NA
NA
NA
NA
0.51%
1.08%
2.96%
1.18%
NA
NA
NA
NA
0.02%
0.18%
NA
1.24%
NA
5.33%
2.57%
NA
NA
NA
NA
0.41%
0.00%
NA
32.15%
2.55%
NA
CDS CDS net US
1.29% 0.85%
4.95% 4.51%
0.65% 0.21%
0.63% 0.19%
4.37% 3.92%
0.89% 0.45%
3.94% 3.50%
2.06% 1.62%
1.37% 0.93%
1.66% 1.21%
2.77% 2.33%
4.26% 3.82%
2.88% 2.44%
3.31% 2.87%
0.88% 0.44%
0.47% 0.03%
2.33% 1.88%
5.39% 4.95%
0.86% 0.42%
0.52% 0.08%
0.78% 0.34%
0.48% 0.04%
NA NA
0.73% 0.29%
2.03% 1.59%
1.33% 0.89%
2.34% 1.90%
2.52% 2.08%
1.23% 0.79%
1.23% 0.79%
2.14% 1.70%
0.76% 0.32%
2.79% 2.35%
1.19% 0.75%
5.26% 4.82%
1.09% 0.65%
2.09% 1.65%
2.32% 1.88%
2.32% 1.88%
0.53% 0.09%
0.73% 0.29%
NA NA
0.43% -0.01%
NA NA
2.19% 1.75%
2.03% 1.59%
1.65% 1.20%
1.44% 1.00%
3.91% 3.47%
1.61% 1.17%
1.67% 1.23%
2.92% 2.48%
2.06% 1.62%
0.95% 0.51%
1.52% 1.08%
3.40% 2.95%
0.79% 0.35%
1.62% 1.18%
0.46% 0.02%
0.62% 0.18%
1.68% 1.24%
5.77% 5.33%
3.01% 2.57%
NA NA
0.85% 0.41%
0.44% 0.00%
32.59% 32.15%
2.99% 2.55%
Country Standard deviation in Equities Standard deviation in Bond Price
Argentina 35.50%
Bahrain 7.59%
Bangladesh 16.24%
Bosnia 8.99%
Botswana 4.19%
Brazil 22.25% 11.97%
Bulgaria 15.33% 17.49%
Chile 13.91% 6.66%
China 17.82%
Colombia 16.00% 6.67%
Costa Rica 8.78%
Croatia 7.42%
Cyprus 36.97%
Czech Republic 15.39% 7.26%
Egypt 25.47%
Estonia 10.26%
Ghana 9.09%
Greece 40.49% 56.23%
Hungary 17.21%
Iceland 10.89% 4.04%
India 14.09% 3.49%
Indonesia 16.49% 9.45%
Ireland 16.07% 5.00%
Israel 8.33% 5.90%
Italy 20.74% 7.40%
Jamaica 10.04%
Jordan 9.88%
Kazakhastan 28.17%
Kenya 10.09%
Korea 11.20% 6.59%
Kuwait 10.47%
Laos 14.18%
Latvia 12.11%
Lebanon 5.89% 4.44%
Lithuania 8.54%
Macedonia 13.64%
Malaysia 8.61%
Malta 6.91%
Mauritius 5.42%
Mexico 14.81% 9.51%
Mongolia 20.05%
Montenegro 13.26%
Morocco 8.26%
Namibia 15.33%
Nigeria 24.07%
Oman 17.68%
Pakistan 15.07%
Palestine 14.08%
Panama 6.18%
Peru 16.15% 8.51%
Philippines 14.69% 30.36%
Poland 15.08% 11.71%
Portugal 21.66% 10.18%
Qatar 20.25%
Romania 12.29%
Russia 21.02% 40.10%
Saudi Arabia 19.02%
Serbia 8.58%
Singapore 9.68%
Slovakia 17.07% 7.91%
Slovenia 15.26% 13.06%
South Africa 13.79%
Spain 19.38% 7.30%
Sri Lanka 12.40%
Taiwan 10.97%
Tanzania 18.22%
Thailand 16.87% 6.49%
Tunisia 8.23%
Turkey 25.06% 13.17%
UAE 32.50%
Ukraine 27.07%
US 10.87%
Venezuela 40.04% 36.25%
Vietnam 16.75%
Average
Median
High
Low
Relative std deviation (stock/bond) Standard deviation of CDS CDS level
NA 186 6296.3
NA 43.9 299.6
NA
NA
NA
1.86 43 336.5
0.88 42.3 226.3
2.09 42.2 130
NA 40.2 143
2.40 52.8 221.9
NA 32.5 272.9
NA 33.1 3149
NA 86 513.7
2.12 45 867
NA 38.5 3549
NA 43.1 78.4
NA
0.72 165.2 1357.6
NA 42.2 174.9
2.70 34.2 211.9
4.04 23.3 205.2
1.74 43.7 231.6
3.21 65.4 910
1.41 242 109.8
2.80 47.3 149
NA
NA
NA 57.4 338.4
NA
1.70 42.9 86.1
NA
NA
NA 27.3 130.8
1.33 47.8 404.5
NA 28.2 132.1
NA
NA 56.4 186.5
NA
NA
1.56 39.3 179.9
NA
NA
NA 36.6 211.9
NA
NA
NA
NA 71.4 448.2
NA
NA 35.6 186.1
1.90 38.1 190.1
0.48 48.8 146.6
1.29 31.5 101.8
2.13 65.6 180.1
NA 31.9 118.8
NA 32.7 151.3
0.52 90.5 395.7
NA 40.9 112.2
NA
NA
2.16 20.1 86.7
1.17 13.4 163.9
NA 39.9 269.9
2.65 64.9 130
NA
NA
NA
2.60 42.6 159
NA 42.8 319.2
1.90 39.1 263.7
NA
NA 186.7 2803
NA 92.1 32.5
1.10 401.5 3781
NA 30.6 259
1.86
1.88
4.04
0.48
Coefficient of Variation in CDS Relative std deviation (Equity/CDS)
2.95% 12.05
14.65% 0.66
NA NA
NA NA
NA NA
12.78% 1.87
18.69% 1.01
32.46% 0.75
28.11% 0.92
23.79% 0.91
11.91% 0.86
1.05% 7.07
16.74% 2.38
5.19% 3.02
1.08% 23.49
54.97% 0.74
NA NA
12.17% 3.45
24.13% 0.95
16.14% 0.84
11.35% 1.35
18.87% 1.06
7.19% 2.31
220.40% 2.24
31.74% 0.97
NA NA
NA NA
16.96% 1.83
NA NA
49.83% 0.72
NA NA
NA NA
20.87% 0.79
11.82% 0.62
21.35% 0.61
NA NA
30.24% 0.59
NA NA

21.85% 0.90
NA NA
NA NA
17.27% 0.65
NA NA
NA NA
NA NA
15.93% 1.11
NA NA
19.13% 0.51
20.04% 1.01
33.29% 0.77
30.94% 0.80
36.42% 0.96
26.85% 1.02
21.61% 0.78
22.87% 1.15
36.45% 0.89
NA NA
NA NA
23.18% 0.97
8.18% 1.95
14.78% 1.08
49.92% 0.89
NA NA
NA NA
NA NA
26.79% 0.90
13.41% 0.75
14.83% 1.84
NA NA
6.66% 4.13
283.38% 2.87
10.62% 3.88
11.81% 1.54
2.11
0.97
23.49
0.51
Country GDP (in billions)
Abu Dhabi 390
Albania 13.2 SourceWorld Bank
Andorra (Principality of) 3.25 Year 2015
Angola 138.4
Argentina 537.8
Armenia 11.6
Aruba 2.6
Australia 1455
Austria 436.9
Azerbaijan 75.2
Bahamas 8.5
Bahrain 33.9
Bangladesh 172.9
Barbados 4.4
Belarus 76.1
Belgium 531.2
Belize 1.7
Bermuda 5.6
Bolivia 33
Bosnia and Herzegovina 18.3
Botswana 15.8
Brazil 2346
Bulgaria 56.7
Burkina Faso 12.5
Cambodia 16.8
Cameroon 32.1
Canada 1785
Cayman Islands 3.2
Cape Verde 1.9
Chile 258.1
China 10355
Colombia 377.7
Congo (Democratic Republ 33.1
Congo (Republic of) 14.2
Cook Islands 1.2
Costa Rica 49.6
Cte d'Ivoire 34.2
Croatia 57.1
Cuba 77.2
Curacao 1.0
Cyprus 23.2
Czech Republic 205.3
Denmark 342.4
Dominican Republic 64.1
Ecuador 100.9
Egypt 286.5
El Salvador 25.2
Estonia 26.5
Ethiopia 55.6
Fiji 4.5
Finland 272.2
France 2829
Gabon 18.2
Georgia 16.5
Germany 3868
Ghana 38.6
Greece 235.6
Guatemala 58.8
Guernsey (States of) 0.5
Honduras 19.4
Hong Kong 290.1
Hungary 138.4
Iceland 17
India 2049
Indonesia 888.5
Iraq 29.54
Ireland 250.8
Isle of Man 1.4
Israel 305.7
Italy 2141
Jamaica 13.9
Japan 4602
Jersey (States of) 1
Jordan 35.8
Kazakhstan 217.9
Kenya 60.9
Korea 1410
Kuwait 163.6
Kyrgyzstan 27.37
Latvia 31.3
Lebanon 45.7
Liechtenstein 10.5
Lithuania 48.4
Luxembourg 64.9
Macao 55.5
Macedonia 11.3
Malaysia 338.1
Malta 9.6
Mauritius 12.6
Mexico 1295
Moldova 8
Mongolia 12
Montenegro 4.6
Montserrat 1.5
Morocco 110
Mozambique 15.9
Namibia 13
Netherlands 879.3
New Zealand 166.1
Nicaragua 11.8
Nigeria 568.5
Norway 499.8
Oman 81.8
Pakistan 243.6
Panama 46.2
Papua New Guinea 16.9
Paraguay 30.9
Peru 202.6
Philippines 284.8
Poland 545
Portugal 230.1
Qatar 210.1
Ras Al Khaimah (Emirate 5.2
Romania 199
Russia 1861
Rwanda 7.9
Saudi Arabia 746.3
Senegal 15.7
Serbia 43.9
Sharjah 1
Singapore 307.9
Slovakia 100.3
Slovenia 49.5
South Africa 350.6
Spain 1381
Sri Lanka 78.8
St. Maarten 1.5
St. Vincent & the Grenad 0.7
Suriname 5.2
Sweden 571.1
Switzerland 701
Taiwan 970.9
Thailand 404.8
Trinidad and Tobago 28.9
Tunisia 48.6
Turkey 798.4
Turks and Caicos Islands 1.5
Uganda 27
Ukraine 131.8
United Arab Emirates 399.5
United Kingdom 2989
United States of America 17419
Uruguay 57.5
Venezuela 381.3
Vietnam 186.2
Zambia 27.1
S&P
Country Foreign
Rating
Moody's Rating Currency
Abu Dhabi NA Aa2 Abu Dhabi Aa2
Albania B+ B1 Albania B1
Andorra (Principality of) BBB- NA Andorra NA
Angola B B1 Angola B1
Argentina NA B3 Argentina B3
Armenia NA B1 Armenia B1
Aruba BBB+ NA
Australia AAA Aaa Australia Aaa
Austria AA+ Aa1 Austria Aa1
Azerbaijan BB+ Ba1 Azerbaijan Ba1
Bahamas BBB- Baa2 Bahamas Baa2
Bahrain BBB- Ba2 Bahrain Ba2
Bangladesh BB- Ba3 Bangladesh Ba3
Barbados B Caa1 Barbados Caa1
Belarus B- Caa1 Belarus Caa1
Belgium AA Aa3 Belgium Aa3
Belize B- Caa2 Belize Caa2
Bermuda A+ A2 Bermuda A2
Bolivia BB Ba3 Bolivia Ba3
Bosnia and Herzegovina B B3 Bosnia and He B3
Botswana A- A2 Botswana A2
Brazil BB Ba2 Brazil Ba2
Bulgaria BB+ Baa2 Bulgaria Baa2
Burkina Faso B- NA
Cambodia NA B2 Cambodia B2
Cameroon B NA
Canada AAA Aaa Canada Aaa
Cayman Islands NA Aa3 Cayman Islan Aa3
Cape Verde B NA
Chile AA- Aa3 Chile Aa3
China AA- Aa3 China Aa3
Colombia BBB Baa2 Colombia Baa2
Congo (Democratic Republ B- B3 Congo (Dem B3
Congo (Republic of) B- B2 Congo (Rep B2
Cook Islands B+ NA
Costa Rica BB- Ba1 Costa Rica Ba1
Cte d'Ivoire NA Ba3 Cte d'Ivoire Ba3
Croatia BB Ba2 Croatia Ba2
Cuba NA Caa2 Cuba Caa2
Curacao A- NA
Cyprus BB- B1 Cyprus B1
Czech Republic AA- A1 Czech Republ A1
Denmark AAA Aaa Denmark Aaa
Dominican Republic BB- B1 Dominican Rep B1
Ecuador B B3 Ecuador B3
Egypt B- B3 Egypt B3
El Salvador B+ Ba3 El Salvador Ba3
Estonia AA- A1 Estonia A1
Ethiopia B B1 Ethiopia B1
Fiji B+ B1 Fiji B1
Finland AA+ Aa1 Finland Aa1
France AA Aa2 France Aa2
Gabon B B1 Gabon B1
Georgia BB- Ba3 Georgia Ba3
Germany AAA Aaa Germany Aaa
Ghana B- B3 Ghana B3
Greece B- Caa3 Greece Caa3
Guatemala BB Ba1 Guatemala Ba1
Guernsey (States of) AA+ NA Guernsey (Cha NA
Honduras B+ B2 Honduras B2
Hong Kong AAA Aa1 Hong Kong Aa1
Hungary BB+ Ba1 Hungary Ba1
Iceland BBB+ Baa2 Iceland Baa2
India BBB- Baa3 India Baa3
Indonesia BB+ Baa3 Indonesia Baa3
Iraq B- NA Ireland A3
Ireland A+ A3 Isle of Man Aa1
Isle of Man NA Aa1 Israel A1
Israel A+ A1 Italy Baa2
Italy BBB- Baa2 Jamaica Caa2
Jamaica B Caa2 Japan A1
Japan A+ A1 Jersey (Chann NA
Jersey (States of) AA+ NA Jordan B1
Jordan BB- B1 Kazakhstan Baa3
Kazakhstan BBB- Baa3 Kenya B1
Kenya B+ B1 Korea Aa2
Korea AA- Aa2 Kuwait Aa2
Kuwait AA Aa2 Latvia A3
Kyrgyzstan B B2 Lebanon B2
Latvia A- A3 Liechtenstein NA
Lebanon B- B2 Lithuania A3
Liechtenstein AAA NA Luxembourg Aaa
Lithuania A- A3 Macao Aa3
Luxembourg AAA Aaa
Macao NA Aa3 Malaysia A3
Macedonia BB- NA Malta A3
Malaysia A- A3 Mauritius Baa1
Malta BBB+ A3 Mexico A3
Mauritius NA Baa1 Moldova B3
Mexico BBB+ A3 Mongolia B2
Moldova NA B3 Montenegro B1
Mongolia B B2
Montenegro B+ Ba3 Morocco Ba1
Montserrat BBB- NA Mozambique Caa1
Morocco BBB- Ba1 Namibia Baa3
Mozambique CCC Caa1 Netherlands Aaa
Namibia NA Baa3 New Zealand Aaa
Netherlands AAA Aaa Nicaragua B2
New Zealand AA Aaa Nigeria B1
Nicaragua B+ B2 Norway Aaa
Nigeria B+ B1 Oman Baa1
Norway AAA Aaa Pakistan B3
Oman BBB- Baa1 Panama Baa2
Pakistan B- B3 Papua New G B2
Panama BBB Baa2 Paraguay Ba1
Papua New Guinea B+ B2 Peru A3
Paraguay BB Ba1 Philippines Baa2
Peru BBB+ A3 Poland A2
Philippines BBB Baa2 Portugal Ba1
Poland BBB+ A2 Qatar Aa2
Portugal BB+ Ba1
Qatar AA Aa2 Romania Baa3
Ras Al Khaimah (Emirate A NA Russia Ba1
Romania BBB- Baa3
Russia BB+ Ba1 Saudi Arabia A1
Rwanda B+ NA Senegal B1
Saudi Arabia A- A1 Serbia B1
Senegal B+ B1 Sharjah A3
Serbia BB- B1 Singapore Aaa
Sharjah A A3 Slovakia A2
Singapore AAA Aaa Slovenia Baa3
Slovakia A+ A2 South Africa Baa2
Slovenia A- Baa3 Spain Baa2
South Africa BBB- Baa2 Sri Lanka B1
Spain BBB+ Baa2 St. Maarten Baa2
Sri Lanka B+ B1 St. Vincent & B3
St. Maarten NA Baa2 Suriname B1
St. Vincent & the Grenadi NA B3 Sweden Aaa
Suriname B+ B1 Switzerland Aaa
Sweden AAA Aaa Taiwan Aa3
Switzerland AAA Aaa Thailand Baa1
Taiwan AA- Aa3 Trinidad and Baa3
Thailand BBB+ Baa1 Tunisia Ba3
Trinidad and Tobago A Baa2 Turkey Baa3
Tunisia BB- Ba3
Turkey BB+ Baa3 Uganda B1
Turks and Caicos Islands BBB+ NA Ukraine Caa3
Uganda B B1 United Arab E Aa2
Ukraine B- Caa3 United Kingd Aa1
United Arab Emirates NA Aa2 United States Aaa
United Kingdom AA Aa1 Uruguay Baa2
United States of America AA+ Aaa Venezuela Caa3
Uruguay BBB Baa2 Vietnam B1
Venezuela CCC Caa3 Zambia B3
Vietnam BB- B1
Zambia B B3
Local
Currency S&P
Aa2
B1 Albania B+
NA Andorra BBB-
B1 Angola B
B3 Argentina B-
B1 Armenia B1
Aruba BBB+
Aaa Australia AAA
Aa1 Austria AA+
Ba1 Azerbaijan BB+
Baa2 Bahamas BBB-
Ba2 Bahrain BB
Ba3 Bangladesh BB-
Caa1 Barbados B
Caa1 Belarus B-
Aa3 Belgium AA
Caa2 Belize B-
A2 Bermuda A+
Ba3 Bolivia BB
B3 Bosnia and HeB
A2 Botswana A-
Ba2 Brazil BB
Baa2 Bulgaria BB+
Burkina Faso B-
B2 Cambodia N/A
Cameroon B
Aaa Canada AAA
NA
Cape Verde B
Aa3 Chile AA-
Aa3 China AA-
Baa2 Colombia BBB
B3 Congo B-
B2 REpublic of t B-
Cook Islands B+
Ba1 Costa Rica BB-
Ba3 Ivory Coast
Ba2 Croatia BB
NA Cuba
Curacao
B1 Cyprus BB-
A1 Czech RepubliAA-
Aaa Denmark AAA
B1 Dominican RepBB-
NA Ecuador B
B3 Egypt B-
NA El Salvador B+
A1 Estonia AA-
B1 Ethiopia B
B1 Fiji B+
Aa1 Finland AA+
Aa2 France AA
B1 Gabon B
Ba3 Georgia BB-
Aaa Germany AAA
B3 Ghana B-
Caa3 Greece B-
Ba1 Guatemala BB
NA
B2 Honduras B+
Aa1 Hong Kong AAA
Ba1 Hungary BB+
Baa2 Iceland BBB+
Baa3 India BBB-
Baa3 Indonesia BB+ Iraq B-
A3 Ireland A+
Aa1 Isle of Man N/A
A1 Israel A+
Baa2 Italy BBB-
Caa2 Jamaica B
A1 Japan A+
NA
B1 Jordan BB-
Baa3 Kazakhstan BBB-
B1 Kenya B+
Aa2 Korea AA-
Aa2 Kuwait AA
A3 Latvia A- Kyrgyz Republ B2
B2 Lebanon B-
NA Liechtenstein AAA
A3 Lithuania A-
Aaa Luxembourg AAA
Aa3 Macau
Macedonia BB-
A3 Malaysia A-
A3 Malta BBB+
Baa1 Mauritius
A3 Mexico BBB+
B3 Moldova
B2 Mongolia B
NA Montenegro B+
Montserrat BBB-
Ba1 Morocco BBB-
Caa1 Mozambique CCC
Baa3 Namibia
Aaa Netherlands AAA
Aaa New Zealand AA
B2 Nicaragua B+
B1 Nigeria B+
Aaa Norway AAA
Baa1 Oman BBB-
B3 Pakistan B-
NA Panama BBB
B2 Papua New GuB+
Ba1 Paraguay BB
A3 Peru BBB+
Baa2 Philippines BBB
A2 Poland BBB+
Ba1 Portugal BB+
Aa2 Qatar AA

Baa3 Romania BBB-


Ba1 Russia BB+
Rwanda B+
A1 Saudi Arabia A-
B1 Senegal B+
B1 Serbia BB-
A3
Aaa Singapore AAA
A2 Slovakia A+
Baa3 Slovenia A
Baa2 South Africa BBB-
Baa2 Spain BBB+
NA Sri Lanka B+
Baa2 St Vincent and the Grenadines
B3
B1 Suriname B+
Aaa Sweden AAA
Aaa Switzerland AAA
Aa3 Taiwan AA-
Baa1 Thailand BBB+
Baa3 Trinidad and A-
Ba3 Tunisia BB-
Baa3 Turkey BB+

B1 Uganda B
Caa3 Ukraine B-
Aa2 United Arab E AA
Aa1 United Kingd AA
Aaa United States AA+
Baa2 Uruguay BBB
Caa3 Venezuela CCC
B1 Vietnam BB-
B3 Zambia B
B2 Kyrgyzstan B
Country Tax Rate
Abu Dhabi 55.00%
Albania 15.00%
Andorra (Principality of) 0.00%
Angola 30.00%
Argentina 35.00%
Armenia 20.00%
Aruba 28.00%
Australia 30.00%
Austria 25.00%
Azerbaijan 20.12%
Bahamas 0.00%
Bahrain 0.00%
Bangladesh 27.50%
Barbados 25.00%
Belarus 18.00%
Belgium 33.99%
Belize 26.85%
Bermuda 0.00%
Bolivia 25.00%
Bosnia and Herzegovina 10.00%
Botswana 22.00%
Brazil 34.00%
Bulgaria 10.00%
Burkina Faso 27.92%
Cambodia 0.00%
Cameroon 33.00%
Canada 26.50%
Cayman Islands 0.00%
Cape Verde 27.92%
Chile 22.50%
China 25.00%
Colombia 25.00%
Congo (Democratic Republic of) 27.92%
Congo (Republic of) 27.92%
Cook Islands 27.00%
Costa Rica 30.00%
Cte d'Ivoire 27.92%
Croatia 20.00%
Cuba 27.35%
Curacao 25.00%
Cyprus 12.50%
Czech Republic 19.00%
Denmark 23.50%
Dominican Republic 27.00%
Ecuador 22.00%
Egypt 22.50%
El Salvador 30.00%
Estonia 20.00%
Ethiopia 27.92%
Fiji 20.00%
Finland 20.00%
France 33.33%
Gabon 27.92%
Georgia 15.00%
Germany 29.65%
Ghana 25.00%
Greece 29.00%
Guatemala 25.00%
Guernsey (States of) 0.00%
Honduras 30.00%
Hong Kong 16.50%
Hungary 19.00%
Iceland 20.00%
India 34.61%
Indonesia 25.00%
Iraq 15.00%
Ireland 12.50%
Isle of Man 0.00%
Israel 26.50%
Italy 31.40%
Jamaica 25.00%
Japan 33.06%
Jersey (States of) 0.00%
Jordan 20.00%
Kazakhstan 20.00%
Kenya 30.00%
Korea 24.20%
Kyrgyzstan 15.00%
Kyrgyzstan 15.00%
Latvia 15.00%
Lebanon 15.00%
Liechtenstein 12.50%
Lithuania 15.00%
Luxembourg 29.22%
Macao 12.00%
Macedonia 10.00%
Malaysia 25.00%
Malta 35.00%
Mauritius 15.00%
Mexico 30.00%
Moldova 12.00%
Mongolia 21.96%
Montenegro 9.00%
Montserrat 27.35%
Morocco 30.00%
Mozambique 32.00%
Namibia 33.00%
Netherlands 25.00%
New Zealand 28.00%
Nicaragua 26.85%
Nigeria 30.00%
Norway 27.00%
Oman 12.00%
Pakistan 33.00%
Panama 25.00%
Papua New Guinea 30.00%
Paraguay 10.00%
Peru 28.00%
Philippines 30.00%
Poland 19.00%
Portugal 21.00%
Qatar 10.00%
Ras Al Khaimah (Emirate of) 0.00%
Romania 16.00%
Russia 20.00%
Rwanda 27.92%
Saudi Arabia 20.00%
Senegal 27.92%
Serbia 15.00%
Sharjah 0.00%
Singapore 17.00%
Slovakia 22.00%
Slovenia 17.00%
South Africa 28.00%
Spain 28.00%
Sri Lanka 28.00%
St. Maarten 24.50%
St. Vincent & the Grenadines 26.85%
Suriname 34.50%
Sweden 22.00%
Switzerland 17.92%
Taiwan 17.00%
Thailand 20.00%
Trinidad and Tobago 25.00%
Tunisia 25.00%
Turkey 20.00%
Turks and Caicos Islands 26.85%
Uganda 30.00%
Ukraine 18.00%
United Arab Emirates 55.00%
United Kingdom 20.00%
United States of America 40.00%
Uruguay 25.00%
Venezuela 34.00%
Vietnam 22.00%
Zambia 35.00%
Country PRS Score Total Equity Risk Premium
Abu Dhabi 7.03%
Albania 69.3 13.32%
Andorra (Principality of) 9.71%
Angola 55.3 13.32%
Argentina 63.5 16.46%
Armenia 62.5 13.32%
Aruba 8.76%
Australia 79.0 6.25%
Austria 79.3 6.88%
Azerbaijan 63.5 10.17%
Bahamas 76.3 9.23%
Bahrain 65.8 10.97%
Bangladesh 66.3 11.91%
Barbados 18.02%
Belarus 59.8 18.02%
Belgium 76.8 7.20%
Belize 20.39%
Bermuda 7.58%
Bolivia 67.5 11.91%
Bosnia and Herzegovina 16.46%
Botswana 77.5 7.58%
Brazil 64.8 10.97%
Bulgaria 74.0 9.23%
Burkina Faso 63.8 16.46%
Cambodia 14.89%
Cameroon 63.8 14.89%
Canada 82.8 6.25%
Cayman Islands 7.20%
Cape Verde 14.89%
Chile 75.0 7.20%
China 71.0 7.20%
Colombia 67.0 9.23%
Congo (Democratic Republ 56.3 16.46%
Congo (Republic of) 64.5 14.89%
Cook Islands 13.32%
Costa Rica 72.8 10.17%
Cte d'Ivoire 63.3 11.91%
Croatia 71.3 10.97%
Cuba 70.8 20.39%
Curacao 8.14%
Cyprus 73.3 13.32%
Czech Republic 79.5 7.36%
Denmark 82.5 6.25%
Dominican Republic 73.8 13.32%
Ecuador 61.5 16.46%
Egypt 60.0 16.46%
El Salvador 67.8 11.91%
Estonia 74.3 7.36%
Ethiopia 59.0 13.32%
Fiji 13.32%
Finland 81.3 6.88%
France 72.8 7.03%
Gabon 63.8 13.32%
Georgia 61.5 11.91%
Germany 85.0 6.25%
Ghana 63.0 16.46%
Greece 66.8 21.94%
Guatemala 70.3 10.17%
Guernsey (States of) 6.88%
Honduras 67.5 14.89%
Hong Kong 80.8 6.88%
Hungary 75.0 10.17%
Iceland 80.5 9.23%
India 69.8 9.71%
Indonesia 65.5 9.71%
Iraq 56.5 16.46%
Ireland 82.0 8.14%
Isle of Man 6.88%
Israel 77.8 7.36%
Italy 75.5 9.23%
Jamaica 71.3 20.39%
Japan 81.5 7.36%
Jersey (States of) 6.88%
Jordan 68.8 13.32%
Kazakhstan 60.5 9.71%
Kenya 62.5 13.32%
Korea 82.0 7.03%
Kuwait 70.3 7.03%
Kyrgyzstan 14.89%
Latvia 74.5 8.14%
Lebanon 61.0 14.89%
Liechtenstein 6.25%
Lithuania 76.0 8.14%
Luxembourg 86.5 6.25%
Macao 7.20%
Macedonia 11.91%
Malaysia 73.3 8.14%
Malta 77.5 8.14%
Mauritius 8.76%
Mexico 67.3 8.14%
Moldova 60.5 16.46%
Mongolia 68.5 14.89%
Montenegro 11.91%
Montserrat 9.71%
Morocco 70.3 10.17%
Mozambique 50.3 18.02%
Namibia 72.0 9.71%
Netherlands 82.5 6.25%
New Zealand 83.0 6.25%
Nicaragua 65.3 14.89%
Nigeria 59.0 13.32%
Norway 89.3 6.25%
Oman 70.3 8.76%
Pakistan 62.8 16.46%
Panama 73.0 9.23%
Papua New Guinea 63.3 14.89%
Paraguay 67.8 10.17%
Peru 72.3 8.14%
Philippines 75.0 9.23%
Poland 78.8 7.58%
Portugal 76.5 10.17%
Qatar 78.3 7.03%
Ras Al Khaimah (Emirate of) 7.58%
Romania 71.5 9.71%
Russia 66.3 10.17%
Rwanda 13.32%
Saudi Arabia 68.3 7.36%
Senegal 63.8 13.32%
Serbia 67.0 13.32%
Sharjah 8.14%
Singapore 86.3 6.25%
Slovakia 74.8 7.58%
Slovenia 72.8 9.71%
South Africa 65.0 9.23%
Spain 73.8 9.23%
Sri Lanka 64.5 13.32%
St. Maarten 9.23%
St. Vincent & the Grenadines 16.46%
Suriname 61.8 13.32%
Sweden 85.8 6.25%
Switzerland 87.8 6.25%
Taiwan 83.3 7.20%
Thailand 69.5 8.76%
Trinidad and Tobago 70.8 9.23%
Tunisia 65.0 11.91%
Turkey 64.0 9.71%
Turks and Caicos Islands 8.76%
Uganda 60.5 13.32%
Ukraine 59.5 21.94%
United Arab Emirates 77.8 7.03%
United Kingdom 77.8 6.88%
United States of America 79.3 6.25%
Uruguay 71.0 9.23%
Venezuela 44.3 21.94%
Vietnam 71.8 13.32%
Zambia 64.8 16.46%
Algeria 60.3
Brunei 72.8
Gambia 61.5
Guinea 48.5
Guinea-Bissau 64.5
Guyana 64.5
Haiti 58.0
Iran 72.0
Korea, D.P.R. 56.0
Liberia 52.8
Libya 50.0
Madagascar 64.5
Malawi 54.8
Mali 63.5
Myanmar 61.8
Niger 53.8
Sierra Leone 57.3
Somalia 41.0
Sudan 48.3
Syria 45.8
Tanzania 64.0
Togo 61.0
Yemen, Republic 50.5
Zimbabwe 56.0
Rating-based Defa Final ERP Tax Rate CRP
0.56% 7.03% 55.00% 0.7800%
5.05% 13.32% 15.00% 7.0700%
2.47% 9.71% 0.00% 3.4600%
5.05% 13.32% 30.00% 7.0700%
7.29% 16.46% 35.00% 10.2100%
5.05% 13.32% 20.00% 7.0700%
1.79% 8.76% 28.00% 2.5100%
0.00% 6.25% 30.00% 0.0000%
0.45% 6.88% 25.00% 0.6300%
2.80% 10.17% 20.12% 3.9200%
2.13% 9.23% 0.00% 2.9800%
3.37% 10.97% 0.00% 4.7200%
4.04% 11.91% 27.50% 5.6600%
8.41% 18.02% 25.00% 11.7700%
8.41% 18.02% 18.00% 11.7700%
0.68% 7.20% 33.99% 0.9500%
10.10% 20.39% 26.85% 14.1400%
0.95% 7.58% 0.00% 1.3300%
4.04% 11.91% 25.00% 5.6600%
7.29% 16.46% 10.00% 10.2100%
0.95% 7.58% 22.00% 1.3300%
3.37% 10.97% 34.00% 4.7200%
2.13% 9.23% 10.00% 2.9800%
7.29% 16.46% 27.92% 10.2100%
6.17% 14.89% 0.00% 8.6400%
6.17% 14.89% 33.00% 8.6400%
0.00% 6.25% 26.50% 0.0000%
0.68% 7.20% 0.00% 0.9500%
6.17% 14.89% 27.92% 8.6400%
0.68% 7.20% 22.50% 0.9500%
0.68% 7.20% 25.00% 0.9500%
2.13% 9.23% 25.00% 2.9800%
7.29% 16.46% 27.92% 10.2100%
6.17% 14.89% 27.92% 8.6400%
5.05% 13.32% 27.00% 7.0700%
2.80% 10.17% 30.00% 3.9200%
4.04% 11.91% 27.92% 5.6600%
3.37% 10.97% 20.00% 4.7200%
10.10% 20.39% 27.35% 14.1400%
1.35% 8.14% 25.00% 1.8900%
5.05% 13.32% 12.50% 7.0700%
0.79% 7.36% 19.00% 1.1100%
0.00% 6.25% 23.50% 0.0000%
5.05% 13.32% 27.00% 7.0700%
7.29% 16.46% 22.00% 10.2100%
7.29% 16.46% 22.50% 10.2100%
4.04% 11.91% 30.00% 5.6600%
0.79% 7.36% 20.00% 1.1100%
5.05% 13.32% 27.92% 7.0700%
5.05% 13.32% 20.00% 7.0700%
0.45% 6.88% 20.00% 0.6300%
0.56% 7.03% 33.33% 0.7800%
5.05% 13.32% 27.92% 7.0700%
4.04% 11.91% 15.00% 5.6600%
0.00% 6.25% 29.65% 0.0000%
7.29% 16.46% 25.00% 10.2100%
11.21% 21.94% 29.00% 15.6900%
2.80% 10.17% 25.00% 3.9200%
0.45% 6.88% 0.00% 0.6300%
6.17% 14.89% 30.00% 8.6400%
0.45% 6.88% 16.50% 0.6300%
2.80% 10.17% 19.00% 3.9200%
2.13% 9.23% 20.00% 2.9800%
2.47% 9.71% 34.61% 3.4600%
2.47% 9.71% 25.00% 3.4600%
7.29% 16.46% 15.00% 10.2100%
1.35% 8.14% 12.50% 1.8900%
0.45% 6.88% 0.00% 0.6300%
0.79% 7.36% 26.50% 1.1100%
2.13% 9.23% 31.40% 2.9800%
10.10% 20.39% 25.00% 14.1400%
0.79% 7.36% 33.06% 1.1100%
0.45% 6.88% 0.00% 0.6300%
5.05% 13.32% 20.00% 7.0700%
2.47% 9.71% 20.00% 3.4600%
5.05% 13.32% 30.00% 7.0700%
0.56% 7.03% 24.20% 0.7800%
0.56% 7.03% 15.00% 0.7800%
6.17% 14.89% 15.00% 8.6400%
1.35% 8.14% 15.00% 1.8900%
6.17% 14.89% 15.00% 8.6400%
0.00% 6.25% 12.50% 0.0000%
1.35% 8.14% 15.00% 1.8900%
0.00% 6.25% 29.22% 0.0000%
0.68% 7.20% 12.00% 0.9500%
4.04% 11.91% 10.00% 5.6600%
1.35% 8.14% 25.00% 1.8900%
1.35% 8.14% 35.00% 1.8900%
1.79% 8.76% 15.00% 2.5100%
1.35% 8.14% 30.00% 1.8900%
7.29% 16.46% 12.00% 10.2100%
6.17% 14.89% 21.96% 8.6400%
4.04% 11.91% 9.00% 5.6600%
2.47% 9.71% 27.35% 3.4600%
2.80% 10.17% 30.00% 3.9200%
8.41% 18.02% 32.00% 11.7700%
2.47% 9.71% 33.00% 3.4600%
0.00% 6.25% 25.00% 0.0000%
0.00% 6.25% 28.00% 0.0000%
6.17% 14.89% 26.85% 8.6400%
5.05% 13.32% 30.00% 7.0700%
0.00% 6.25% 27.00% 0.0000%
1.79% 8.76% 12.00% 2.5100%
7.29% 16.46% 33.00% 10.2100%
2.13% 9.23% 25.00% 2.9800%
6.17% 14.89% 30.00% 8.6400%
2.80% 10.17% 10.00% 3.9200%
1.35% 8.14% 28.00% 1.8900%
2.13% 9.23% 30.00% 2.9800%
0.95% 7.58% 19.00% 1.3300%
2.80% 10.17% 21.00% 3.9200%
0.56% 7.03% 10.00% 0.7800%
0.95% 7.58% 0.00% 1.3300%
2.47% 9.71% 16.00% 3.4600%
2.80% 10.17% 20.00% 3.9200%
5.05% 13.32% 27.92% 7.0700%
0.79% 7.36% 20.00% 1.1100%
5.05% 13.32% 27.92% 7.0700%
5.05% 13.32% 15.00% 7.0700%
1.35% 8.14% 0.00% 1.8900%
0.00% 6.25% 17.00% 0.0000%
0.95% 7.58% 22.00% 1.3300%
2.47% 9.71% 17.00% 3.4600%
2.13% 9.23% 28.00% 2.9800%
2.13% 9.23% 28.00% 2.9800%
5.05% 13.32% 28.00% 7.0700%
2.13% 9.23% 24.50% 2.9800%
7.29% 16.46% 26.85% 10.2100%
5.05% 13.32% 34.50% 7.0700%
0.00% 6.25% 22.00% 0.0000%
0.00% 6.25% 17.92% 0.0000%
0.68% 7.20% 17.00% 0.9500%
1.79% 8.76% 20.00% 2.5100%
2.13% 9.23% 25.00% 2.9800%
4.04% 11.91% 25.00% 5.6600%
2.47% 9.71% 20.00% 3.4600%
1.79% 8.76% 26.85% 2.5100%
5.05% 13.32% 30.00% 7.0700%
11.21% 21.94% 18.00% 15.6900%
0.56% 7.03% 55.00% 0.7800%
0.45% 6.88% 20.00% 0.6300%
0.00% 6.25% 40.00% 0.0000%
2.13% 9.23% 25.00% 2.9800%
11.21% 21.94% 34.00% 15.6900%
5.05% 13.32% 22.00% 7.0700%
7.29% 16.46% 35.00% 10.2100%
5.34% 13.72% 23.00% 7.47%
2.50% 9.75% 26.90% 3.50%
5.34% 13.72% 28.18% 7.47%
9.82% 20.00% 28.18% 13.75%
4.45% 12.48% 28.18% 6.23%
4.45% 12.48% 24.50% 6.23%
7.40% 16.61% 24.50% 10.36%
3.55% 11.22% 30.16% 4.97%
7.85% 17.24% 26.90% 10.99%
7.85% 17.24% 28.18% 10.99%
9.82% 20.00% 20.00% 13.75%
4.45% 12.48% 28.18% 6.23%
7.85% 17.24% 30.00% 10.99%
5.46% 13.90% 28.18% 7.65%
5.34% 13.72% 26.90% 7.47%
7.85% 17.24% 28.18% 10.99%
7.40% 16.61% 30.00% 10.36%
9.82% 20.00% 20.00% 13.75%
9.82% 20.00% 35.00% 13.75%
9.82% 20.00% 22.00% 13.75%
5.46% 13.90% 30.00% 7.65%
5.34% 13.72% 28.18% 7.47%
7.85% 17.24% 28.18% 10.99%
7.85% 17.24% 25.75% 10.99%
PRS Score
More than Less than ERP
0 40.000 25.00% Country
40.001 50.000 20.00%
50.001 57.000 17.24% Albania
57.001 60.000 16.61%
60.001 62.000 13.72% Algeria
62.001 64.000 13.90% Angola
64.001 66.000 12.48% Argentina
66.001 68.000 12.36% Armenia
68.001 69.000 11.86%
69.001 72.000 11.22% Australia
72.001 74.000 9.75% Austria
74.001 76.000 8.38% Azerbaijan
76.001 80.000 7.50% Bahamas
80.001 82.500 7.25% Bahrain
82.501 85.000 6.49% Bangladesh
85.001 90.000 6.25%
Belarus
Belgium

Bolivia

Botswana
Brazil
Brunei
Bulgaria
Burkina Faso

Cameroon
Canada

Chile
China, Peoples'
Colombia
Congo, Dem. R
Congo, Republi

Costa Rica
Cote d'Ivoire
Croatia
Cuba

Cyprus
Czech Republic
Denmark
Dominican Rep
Ecuador
Egypt
El Salvador
Estonia
Ethiopia

Finland
France
Gabon

Gambia
Germany
Ghana
Greece
Guatemala
Guinea
Guinea-Bissau
Guyana

Haiti
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Iran
Iraq
Ireland

Israel
Italy
Jamaica
Japan

Jordan
Kazakhstan
Kenya
Korea, D.P.R.
Korea, Republi
Kuwait
Latvia
Lebanon
Liberia
Libya

Lithuania
Luxembourg

Madagascar

Malawi
Malaysia
Mali
Malta

Mexico
Moldova
Mongolia

Morocco
Mozambique
Myanmar
Namibia
Netherlands
New Zealand
Nicaragua
Niger
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Gui
Paraguay
Peru
Philippines
Poland
Portugal
Qatar

Romania
Russia

Saudi Arabia
Senegal
Serbia

Sierra Leone
Singapore
Slovakia
Slovenia
Somalia
South Africa
Spain
Sri Lanka
Sudan

Suriname
Sweden
Switzerland
Syria
Taiwan
Tanzania
Thailand
Togo
Trinidad & Tob
Tunisia
Turkey

Uganda
Ukraine
United Arab Em
United Kingdo
United States
Uruguay
Venezuela
Vietnam
Yemen, Republ
Zambia
Zimbabwe
Country PRS SCORE Moody'sratingRatingbasedTotalEquityRiskPremium
AbuDhabi NA Aa2 0.55% 6.74% 0
68.8 Albania 68.75 B1 4.99% 12.71% 1
Andorra(PrinNA Baa3 2.44% 9.28% 0
63.0 Algeria 63.0 1
59.0 Angola 59 Ba2 3.33% 10.48% 1
65.3 Argentina 65.25 Caa1 8.31% 17.17% 1
62.5 Armenia 62.5 Ba3 3.99% 11.37% 1
Aruba NA Baa1 1.77% 8.38% 0
77.8 Australia 77.75 Aaa 0.00% 6.00% 1
78.8 Austria 78.75 Aaa 0.00% 6.00% 1
68.5 Azerbaijan 68.5 Baa3 2.44% 9.28% 1
76.3 Bahamas 76.25 Baa2 2.11% 8.84% 1
68.8 Bahrain 68.75 Baa3 2.44% 9.28% 1
66.0 Bangladesh 66 Ba3 3.99% 11.37% 1
Barbados NA B3 7.21% 15.70% 0
59.5 Belarus 59.5 Caa1 8.31% 17.17% 1
76.3 Belgium 76.25 Aa3 0.67% 6.90% 1
Belize NA Caa2 9.98% 19.42% 0
Bermuda NA A1 0.78% 7.05% 0
68.8 Bolivia 68.75 Ba3 3.99% 11.37% 1
BosniaandHNA B3 7.21% 15.70% 0
77.5 Botswana 77.5 A2 0.94% 7.26% 1
62.8 Brazil 62.75 Baa3 2.44% 9.28% 1
72.8 Brunei 72.8 1
71.8 Bulgaria 71.75 Baa2 2.11% 8.84% 1
63.5 BurkinaFaso 63.5 B3 7.21% 15.70% 1
Cambodia NA B2 6.10% 14.20% 0
63.8 Cameroon 63.75 B2 6.10% 14.20% 1
81.3 Canada 81.25 Aaa 0.00% 6.00% 1
CaymanIsla NA Aa3 0.67% 6.90% 0
CapeVerde NA B2 6.10% 14.20% 0
74.8 Chile 74.75 Aa3 0.67% 6.90% 1
72.5 China NA Aa3 0.67% 6.90% 0
65.3 Colombia 65.25 Baa2 2.11% 8.84% 1
57.3 Congo(Democ NA B3 7.21% 15.70% 0
64.8 Congo(Repub NA Ba3 3.99% 11.37% 0
CookIslands NA B1 4.99% 12.71% 0
73.5 CostaRica 73.5 Ba1 2.77% 9.72% 1
64.0 Cted'Ivoire NA Ba3 3.99% 11.37% 0
71.5 Croatia 71.5 Ba1 2.77% 9.72% 1
70.0 Cuba 70 Caa2 9.98% 19.42% 1
Curacao NA A3 1.33% 7.79% 0
73.3 Cyprus 73.25 B1 4.99% 12.71% 1
77.8 CzechRepub 77.75 A1 0.78% 7.05% 1
82.3 Denmark 82.25 Aaa 0.00% 6.00% 1
73.0 DominicanR 73 B1 4.99% 12.71% 1
63.0 Ecuador 63 B3 7.21% 15.70% 1
60.5 Egypt 60.5 B3 7.21% 15.70% 1
68.3 ElSalvador 68.25 Ba3 3.99% 11.37% 1
74.8 Estonia 74.75 A1 0.78% 7.05% 1
61.0 Ethiopia 61 B1 4.99% 12.71% 1
Fiji NA B1 4.99% 12.71% 0
81.8 Finland 81.75 Aaa 0.00% 6.00% 1
73.8 France 73.75 Aa2 0.55% 6.74% 1
69.5 Gabon 69.5 Ba3 3.99% 11.37% 1
Georgia NA Ba3 3.99% 11.37% 0
62.0 Gambia 62.0 1
84.5 Germany 84.5 Aaa 0.00% 6.00% 1
64.3 Ghana 64.25 B3 7.21% 15.70% 1
68.5 Greece 68.5 Caa3 11.08% 20.90% 1
70.0 Guatemala 70 Ba1 2.77% 9.72% 1
53.8 Guinea 53.8 1
62.3 Guinea-Bissau 62.3 1
63.5 Guyana 63.5 1
Guernsey(StaNA Aa1 0.44% 6.59% 0
57.0 Haiti 57.0 1
66.8 Honduras 66.75 B3 7.21% 15.70% 1
81.0 HongKong 81 Aa1 0.44% 6.59% 1
75.3 Hungary 75.25 Ba1 2.77% 9.72% 1
83.5 Iceland 83.5 Baa2 2.11% 8.84% 1
69.3 India 69.25 Baa3 2.44% 9.28% 1
63.8 Indonesia 63.75 Baa3 2.44% 9.28% 1
67.8 Iran 67.8 1
56.0 Iraq 56.0 1
82.5 Ireland 82.5 Baa1 1.77% 8.38% 1
IsleofMan NA Aa1 0.44% 6.59% 0
77.0 Israel 77 A1 0.78% 7.05% 1
75.5 Italy 75.5 Baa2 2.11% 8.84% 1
71.0 Jamaica 71 Caa2 9.98% 19.42% 1
82.3 Japan 82.25 A1 0.78% 7.05% 1
Jersey(State NA Aa1 0.44% 6.59% 0
68.8 Jordan 68.75 B1 4.99% 12.71% 1
63.8 Kazakhstan 63.75 Baa2 2.11% 8.84% 1
62.0 Kenya 62 B1 4.99% 12.71% 1
56.0 Korea, D.P.R. 56.0 1
81.0 Korea NA Aa2 0.55% 6.74% 0
73.8 Kuwait 73.75 Aa2 0.55% 6.74% 1
74.3 Latvia 74.25 A3 1.33% 7.79% 1
60.8 Lebanon 60.75 B2 6.10% 14.20% 1
50.5 Liberia 50.5 1
52.8 Libya 52.8 1
LiechtensteinNA Aaa 0.00% 6.00% 0
76.3 Lithuania 76.25 A3 1.33% 7.79% 1
87.0 Luxembourg 87 Aaa 0.00% 6.00% 1
Macao NA Aa2 0.55% 6.74% 0
61.3 Madagascar 61.3 1
Macedonia NA Ba3 3.99% 11.37% 0
57.0 Malawi 57.0 1
74.3 Malaysia 74.25 A3 1.33% 7.79% 1
62.5 Mali 62.5 1
77.5 Malta 77.5 A3 1.33% 7.79% 1
Mauritius NA Baa1 1.77% 8.38% 0
68.3 Mexico 68.25 A3 1.33% 7.79% 1
62.3 Moldova 62.25 B3 7.21% 15.70% 1
62.5 Mongolia 62.5 B2 6.10% 14.20% 1
Montenegro NA Ba3 3.99% 11.37% 0
Montserrat NA Baa3 2.44% 9.28% 0
69.5 Morocco 69.5 Ba1 2.77% 9.72% 1
52.3 Mozambique 52.25 B2 6.10% 14.20% 1
63.3 Myanmar 63.3 1
71.3 Namibia 71.25 Baa3 2.44% 9.28% 1
82.8 Netherlands 82.75 Aaa 0.00% 6.00% 1
82.3 NewZealand 82.25 Aaa 0.00% 6.00% 1
64.3 Nicaragua 64.25 B2 6.10% 14.20% 1
51.0 Niger 51.0 1
62.0 Nigeria 62 Ba3 3.99% 11.37% 1
87.5 Norway 87.5 Aaa 0.00% 6.00% 1
74.5 Oman 74.5 A1 0.78% 7.05% 1
61.3 Pakistan 61.25 B3 7.21% 15.70% 1
73.5 Panama 73.5 Baa2 2.11% 8.84% 1
64.0 PapuaNewG 64 B1 4.99% 12.71% 1
67.3 Paraguay 67.25 Ba1 2.77% 9.72% 1
68.3 Peru 68.25 A3 1.33% 7.79% 1
73.0 Philippines 73 Baa2 2.11% 8.84% 1
79.3 Poland 79.25 A2 0.94% 7.26% 1
76.3 Portugal 76.25 Ba1 2.77% 9.72% 1
78.3 Qatar 78.25 Aa2 0.55% 6.74% 1
RasAlKhaimNA A2 0.94% 7.26% 0
71.8 Romania 71.75 Baa3 2.44% 9.28% 1
64.3 Russia 64.25 Ba1 2.77% 9.72% 1
Rwanda NA B1 4.99% 12.71% 0
72.5 SaudiArabia 72.5 Aa3 0.67% 6.90% 1
63.3 Senegal 63.25 B1 4.99% 12.71% 1
63.8 Serbia NA B1 4.99% 12.71% 0
Sharjah NA A3 1.33% 7.79% 0
56.5 Sierra Leone 56.5 1
87.3 Singapore 87.25 Aaa 0.00% 6.00% 1
74.0 Slovakia 74 A2 0.94% 7.26% 1
72.3 Slovenia 72.25 Baa3 2.44% 9.28% 1
42.5 Somalia 42.5 1
66.3 SouthAfrica 66.25 Baa2 2.11% 8.84% 1
74.0 Spain 74 Baa2 2.11% 8.84% 1
67.5 SriLanka 67.5 B1 4.99% 12.71% 1
48.3 Sudan 48.3 1
St.Maarten NA Baa1 1.77% 8.38% 0
St.Vincent NA B3 7.21% 15.70% 0
68.3 Suriname 68.25 Ba3 3.99% 11.37% 1
85.8 Sweden 85.75 Aaa 0.00% 6.00% 1
87.5 Switzerland 87.5 Aaa 0.00% 6.00% 1
35.8 Syria 35.8 1
83.3 Taiwan 83.25 Aa3 0.67% 6.90% 1
63.0 Tanzania 63.0 1
68.0 Thailand 68 Baa1 1.77% 8.38% 1
63.8 Togo 63.8 1
75.5 Trinidadand NA Baa2 2.11% 8.84% 0
65.8 Tunisia 65.75 Ba3 3.99% 11.37% 1
61.5 Turkey 61.5 Baa3 2.44% 9.28% 1
TurksandCaNA Baa1 1.77% 8.38% 0
60.3 Uganda 60.25 B1 4.99% 12.71% 1
52.0 Ukraine 52 Caa3 11.08% 20.90% 1
77.8 UnitedArab 77.75 Aa2 0.55% 6.74% 1
80.3 UnitedKing 80.25 Aa1 0.44% 6.59% 1
78.3 UnitedState NA Aaa 0.00% 6.00% 0
70.5 Uruguay 70.5 Baa2 2.11% 8.84% 1
49.3 Venezuela 49.25 Caa3 11.08% 20.90% 1
71.5 Vietnam 71.5 B1 4.99% 12.71% 1
50.3 Yemen, Republ 50.3 1
65.0 Zambia 65 B2 6.10% 14.20% 1
54.5 Zimbabwe 54.5 1
Composite
Risk Rating
RiskPremium Country 06/16 Country PRSScore TotalEquityRis
AbuDhabi 7.03%
Albania 69.3 Albania 69.3 13.32%
Andorra(Principalityof) 9.71%
Angola 55.3 Angola 55.3 13.32%
Argentina 63.5 Argentina 63.5 16.46%
Armenia 62.5 Armenia 62.5 13.32%
Aruba 8.76%
Australia 79.0 Australia 79.0 6.25%
Austria 79.3 Austria 79.3 6.88%
Azerbaijan 63.5 Azerbaijan 63.5 10.17%
Bahamas 76.3 Bahamas 76.3 9.23%
Bahrain 65.8 Bahrain 65.8 10.97%
Bangladesh 66.3 Bangladesh 66.3 11.91%
Barbados 18.02%
Belarus 59.8 Belarus 59.8 18.02%
Belgium 76.8 Belgium 76.8 7.20%
Belize 20.39%
Bermuda 7.58%
Bolivia 67.5 Bolivia 67.5 11.91%
BosniaandHerzegovina 16.46%
Botswana 77.5 Botswana 77.5 7.58%
Brazil 64.8 Brazil 64.8 10.97%
Bulgaria 74.0 Bulgaria 74.0 9.23%
Burkina Faso 63.8 BurkinaFaso 63.8 16.46%
Cambodia 14.89%
Cameroon 63.8 Cameroon 63.8 14.89%
Canada 82.8 Canada 82.8 6.25%
CaymanIslands 7.20%
CapeVerde 14.89%
Chile 75.0 Chile 75.0 7.20%
China 71.0 China 71.0 7.20%
Colombia 67.0 Colombia 67.0 9.23%
Congo, Dem. R 56.3 Congo(DemocraticRepubl 56.3 16.46%
Congo, Republi 64.5 Congo(Republicof) 64.5 14.89%
CookIslands 13.32%
Costa Rica 72.8 CostaRica 72.8 10.17%
Cote d'Ivoire 63.3 Cted'Ivoire 63.3 11.91%
Croatia 71.3 Croatia 71.3 10.97%
Cuba 70.8 Cuba 70.8 20.39%
Curacao 8.14%
Cyprus 73.3 Cyprus 73.3 13.32%
Czech Republic 79.5 CzechRepublic 79.5 7.36%
Denmark 82.5 Denmark 82.5 6.25%
Dominican Rep 73.8 DominicanRepublic 73.8 13.32%
Ecuador 61.5 Ecuador 61.5 16.46%
Egypt 60.0 Egypt 60.0 16.46%
El Salvador 67.8 ElSalvador 67.8 11.91%
Estonia 74.3 Estonia 74.3 7.36%
Ethiopia 59.0 Ethiopia 59.0 13.32%
Fiji 13.32%
Finland 81.3 Finland 81.3 6.88%
France 72.8 France 72.8 7.03%
Gabon 63.8 Gabon 63.8 13.32%
61.5 Georgia 61.5 11.91%
Germany 85.0 Germany 85.0 6.25%
Ghana 63.0 Ghana 63.0 16.46%
Greece 66.8 Greece 66.8 21.94%
Guatemala 70.3 Guatemala 70.3 10.17%
Guernsey(Statesof) 6.88%
Honduras 67.5 Honduras 67.5 14.89%
Hong Kong 80.8 HongKong 80.8 6.88%
Hungary 75.0 Hungary 75.0 10.17%
Iceland 80.5 Iceland 80.5 9.23%
India 69.8 India 69.8 9.71%
Indonesia 65.5 Indonesia 65.5 9.71%
Iraq 56.5 Iraq 56.5 16.46%
Ireland 82.0 Ireland 82.0 8.14%
IsleofMan 6.88%
Israel 77.8 Israel 77.8 7.36%
Italy 75.5 Italy 75.5 9.23%
Jamaica 71.3 Jamaica 71.3 20.39%
Japan 81.5 Japan 81.5 7.36%
Jersey(Statesof) 6.88%
Jordan 68.8 Jordan 68.8 13.32%
Kazakhstan 60.5 Kazakhstan 60.5 9.71%
Kenya 62.5 Kenya 82.0 13.32%
Korea, Republi 82.0 Korea 70.3 7.03%
Kuwait 70.3 Kuwait 82.0 7.03%
Kyrgyzstan 14.89%
Latvia 74.5 Latvia 74.5 8.14%
Lebanon 61.0 Lebanon 61.0 14.89%
Liechtenstein 6.25%
Lithuania 76.0 Lithuania 76.0 8.14%
Luxembourg 86.5 Luxembourg 86.5 6.25%
Macao 7.20%
Macedonia 11.91%
Malaysia 73.3 Malaysia 73.3 8.14%
Malta 77.5 Malta 77.5 8.14%
Mauritius 8.76%
Mexico 67.3 Mexico 67.3 8.14%
Moldova 60.5 Moldova 60.5 16.46%
Mongolia 68.5 Mongolia 68.5 14.89%
Montenegro 11.91%
Montserrat 9.71%
Morocco 70.3 Morocco 70.3 10.17%
Mozambique 50.3 Mozambique 50.3 18.02%
Namibia 72.0 Namibia 72.0 9.71%
Netherlands 82.5 Netherlands 82.5 6.25%
New Zealand 83.0 NewZealand 83.0 6.25%
Nicaragua 65.3 Nicaragua 65.3 14.89%
Nigeria 59.0 Nigeria 59.0 13.32%
Norway 89.3 Norway 89.3 6.25%
Oman 70.3 Oman 70.3 8.76%
Pakistan 62.8 Pakistan 62.8 16.46%
Panama 73.0 Panama 73.0 9.23%
Papua New Gui 63.3 PapuaNewGuinea 63.3 14.89%
Paraguay 67.8 Paraguay 67.8 10.17%
Peru 72.3 Peru 72.3 8.14%
Philippines 75.0 Philippines 75.0 9.23%
Poland 78.8 Poland 78.8 7.58%
Portugal 76.5 Portugal 76.5 10.17%
Qatar 78.3 Qatar 78.3 7.03%
RasAlKhaimah(Emirateof) 7.58%
Romania 71.5 Romania 71.5 9.71%
Russia 66.3 Russia 66.3 10.17%
Rwanda 13.32%
Saudi Arabia 68.3 SaudiArabia 68.3 7.36%
Senegal 63.8 Senegal 63.8 13.32%
Serbia 67.0 Serbia 67.0 13.32%
Sharjah 8.14%
Singapore 86.3 Singapore 86.3 6.25%
Slovakia 74.8 Slovakia 74.8 7.58%
Slovenia 72.8 Slovenia 72.8 9.71%
South Africa 65.0 SouthAfrica 65.0 9.23%
Spain 73.8 Spain 73.8 9.23%
Sri Lanka 64.5 SriLanka 64.5 13.32%
St.Maarten 9.23%
St.Vincent&theGrenadines 16.46%
Suriname 61.8 Suriname 61.8 13.32%
Sweden 85.8 Sweden 85.8 6.25%
Switzerland 87.8 Switzerland 87.8 6.25%
Taiwan 83.3 Taiwan 83.3 7.20%
Thailand 69.5 Thailand 69.5 8.76%
Trinidad & Tob 70.8 TrinidadandTobago 70.8 9.23%
Tunisia 65.0 Tunisia 65.0 11.91%
Turkey 64.0 Turkey 64.0 9.71%
TurksandCaicosIslands 8.76%
Uganda 60.5 Uganda 60.5 13.32%
Ukraine 59.5 Ukraine 59.5 21.94%
United Arab Em 77.8 UnitedArabEmirates 77.8 7.03%
United Kingdo 77.8 UnitedKingdom 77.8 6.88%
United States 79.3 UnitedStatesofAmerica 79.3 6.25%
Uruguay 71.0 Uruguay 71.0 9.23%
Venezuela 44.3 Venezuela 44.3 21.94%
Vietnam 71.8 Vietnam 71.8 13.32%
Zambia 64.8 Zambia 64.8 16.46%
Algeria 60.3
Brunei 72.8
Gambia 61.5
Guinea 48.5
Guinea-Bissau 64.5
Guyana 64.5
Haiti 58.0
Iran 72.0
Korea, D.P.R. 56.0
Liberia 52.8
Libya 50.0
Madagascar 64.5
Malawi 54.8
Mali 63.5
Myanmar 61.8
Niger 53.8
Sierra Leone 57.3
Somalia 41.0
Sudan 48.3
Syria 45.8
Tanzania 64.0
Togo 61.0
Yemen, Republic 50.5
Zimbabwe 56.0
RatingbasedDefaultSp FinalERP TaxRate CRP Test
0.56% 7.03% 55.00% 0.7800% 0
5.05% 13.32% 15.00% 7.0700% 1
2.47% 9.71% 0.00% 3.4600% 0
5.05% 13.32% 30.00% 7.0700% 1
7.29% 16.46% 35.00% 10.2100% 1
5.05% 13.32% 20.00% 7.0700% 1
1.79% 8.76% 28.00% 2.5100% 0
0.00% 6.25% 30.00% 0.0000% 1
0.45% 6.88% 25.00% 0.6300% 1
2.80% 10.17% 20.12% 3.9200% 1
2.13% 9.23% 0.00% 2.9800% 1
3.37% 10.97% 0.00% 4.7200% 1
4.04% 11.91% 27.50% 5.6600% 1
8.41% 18.02% 25.00% 11.7700% 0
8.41% 18.02% 18.00% 11.7700% 1
0.68% 7.20% 33.99% 0.9500% 1
10.10% 20.39% 26.85% 14.1400% 0
0.95% 7.58% 0.00% 1.3300% 0
4.04% 11.91% 25.00% 5.6600% 1
7.29% 16.46% 10.00% 10.2100% 0
0.95% 7.58% 22.00% 1.3300% 1
3.37% 10.97% 34.00% 4.7200% 1
2.13% 9.23% 10.00% 2.9800% 1
7.29% 16.46% 27.92% 10.2100% 1
6.17% 14.89% 0.00% 8.6400% 0
6.17% 14.89% 33.00% 8.6400% 1
0.00% 6.25% 26.50% 0.0000% 1
0.68% 7.20% 0.00% 0.9500% 0
6.17% 14.89% 27.92% 8.6400% 0
0.68% 7.20% 22.50% 0.9500% 1
0.68% 7.20% 25.00% 0.9500% 1
2.13% 9.23% 25.00% 2.9800% 1
7.29% 16.46% 27.92% 10.2100% 0
6.17% 14.89% 27.92% 8.6400% 0
5.05% 13.32% 27.00% 7.0700% 0
2.80% 10.17% 30.00% 3.9200% 1
4.04% 11.91% 27.92% 5.6600% 0
3.37% 10.97% 20.00% 4.7200% 1
10.10% 20.39% 27.35% 14.1400% 1
1.35% 8.14% 25.00% 1.8900% 0
5.05% 13.32% 12.50% 7.0700% 1
0.79% 7.36% 19.00% 1.1100% 1
0.00% 6.25% 23.50% 0.0000% 1
5.05% 13.32% 27.00% 7.0700% 1
7.29% 16.46% 22.00% 10.2100% 1
7.29% 16.46% 22.50% 10.2100% 1
4.04% 11.91% 30.00% 5.6600% 1
0.79% 7.36% 20.00% 1.1100% 1
5.05% 13.32% 27.92% 7.0700% 1
5.05% 13.32% 20.00% 7.0700% 0
0.45% 6.88% 20.00% 0.6300% 1
0.56% 7.03% 33.33% 0.7800% 1
5.05% 13.32% 27.92% 7.0700% 1
4.04% 11.91% 15.00% 5.6600% 0
0.00% 6.25% 29.65% 0.0000% 1
7.29% 16.46% 25.00% 10.2100% 1
11.21% 21.94% 29.00% 15.6900% 1
2.80% 10.17% 25.00% 3.9200% 1
0.45% 6.88% 0.00% 0.6300% 0
6.17% 14.89% 30.00% 8.6400% 1
0.45% 6.88% 16.50% 0.6300% 1
2.80% 10.17% 19.00% 3.9200% 1
2.13% 9.23% 20.00% 2.9800% 1
2.47% 9.71% 34.61% 3.4600% 1
2.47% 9.71% 25.00% 3.4600% 1
7.29% 16.46% 15.00% 10.2100% 1
1.35% 8.14% 12.50% 1.8900% 1
0.45% 6.88% 0.00% 0.6300% 0
0.79% 7.36% 26.50% 1.1100% 1
2.13% 9.23% 31.40% 2.9800% 1
10.10% 20.39% 25.00% 14.1400% 1
0.79% 7.36% 33.06% 1.1100% 1
0.45% 6.88% 0.00% 0.6300% 0
5.05% 13.32% 20.00% 7.0700% 1
2.47% 9.71% 20.00% 3.4600% 1
5.05% 13.32% 30.00% 7.0700% 1
0.56% 7.03% 24.20% 0.7800% 0
0.56% 7.03% 15.00% 0.7800% 1
6.17% 14.89% 15.00% 8.6400% 0
1.35% 8.14% 15.00% 1.8900% 1
6.17% 14.89% 15.00% 8.6400% 1
0.00% 6.25% 12.50% 0.0000% 0
1.35% 8.14% 15.00% 1.8900% 1
0.00% 6.25% 29.22% 0.0000% 1
0.68% 7.20% 12.00% 0.9500% 0
4.04% 11.91% 10.00% 5.6600% 0
1.35% 8.14% 25.00% 1.8900% 1
1.35% 8.14% 35.00% 1.8900% 1
1.79% 8.76% 15.00% 2.5100% 0
1.35% 8.14% 30.00% 1.8900% 1
7.29% 16.46% 12.00% 10.2100% 1
6.17% 14.89% 21.96% 8.6400% 1
4.04% 11.91% 9.00% 5.6600% 0
2.47% 9.71% 27.35% 3.4600% 0
2.80% 10.17% 30.00% 3.9200% 1
8.41% 18.02% 32.00% 11.7700% 1
2.47% 9.71% 33.00% 3.4600% 1
0.00% 6.25% 25.00% 0.0000% 1
0.00% 6.25% 28.00% 0.0000% 1
6.17% 14.89% 26.85% 8.6400% 1
5.05% 13.32% 30.00% 7.0700% 1
0.00% 6.25% 27.00% 0.0000% 1
1.79% 8.76% 12.00% 2.5100% 1
7.29% 16.46% 33.00% 10.2100% 1
2.13% 9.23% 25.00% 2.9800% 1
6.17% 14.89% 30.00% 8.6400% 1
2.80% 10.17% 10.00% 3.9200% 1
1.35% 8.14% 28.00% 1.8900% 1
2.13% 9.23% 30.00% 2.9800% 1
0.95% 7.58% 19.00% 1.3300% 1
2.80% 10.17% 21.00% 3.9200% 1
0.56% 7.03% 10.00% 0.7800% 1
0.95% 7.58% 0.00% 1.3300% 0
2.47% 9.71% 16.00% 3.4600% 1
2.80% 10.17% 20.00% 3.9200% 1
5.05% 13.32% 27.92% 7.0700% 0
0.79% 7.36% 20.00% 1.1100% 1
5.05% 13.32% 27.92% 7.0700% 1
5.05% 13.32% 15.00% 7.0700% 0
1.35% 8.14% 0.00% 1.8900% 0
0.00% 6.25% 17.00% 0.0000% 1
0.95% 7.58% 22.00% 1.3300% 1
2.47% 9.71% 17.00% 3.4600% 1
2.13% 9.23% 28.00% 2.9800% 1
2.13% 9.23% 28.00% 2.9800% 1
5.05% 13.32% 28.00% 7.0700% 1
2.13% 9.23% 24.50% 2.9800% 0
7.29% 16.46% 26.85% 10.2100% 0
5.05% 13.32% 34.50% 7.0700% 1
0.00% 6.25% 22.00% 0.0000% 1
0.00% 6.25% 17.92% 0.0000% 1
0.68% 7.20% 17.00% 0.9500% 1
1.79% 8.76% 20.00% 2.5100% 1
2.13% 9.23% 25.00% 2.9800% 0
4.04% 11.91% 25.00% 5.6600% 1
2.47% 9.71% 20.00% 3.4600% 1
1.79% 8.76% 26.85% 2.5100% 0
5.05% 13.32% 30.00% 7.0700% 1
11.21% 21.94% 18.00% 15.6900% 1
0.56% 7.03% 55.00% 0.7800% 1
0.45% 6.88% 20.00% 0.6300% 1
0.00% 6.25% 40.00% 0.0000% 0
2.13% 9.23% 25.00% 2.9800% 1
11.21% 21.94% 34.00% 15.6900% 1
5.05% 13.32% 22.00% 7.0700% 1
7.29% 16.46% 35.00% 10.2100% 1