Riesgo Pais

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

To estimate the mature market risk premium, I compute the implied equity risk premium for the S&P 500. To see th
Link to site: http://www.damodaran.com
Historical monthly ERP:http://www.stern.nyu.edu/~adamodar/pc/implprem/ERPbymonth.xls
Step 2: Estimate the default spread for the country in question. I offer two choices, one based upon the local curre
Moody's ratings: http://www.moodys.com (You will have to register, but it is free. Look under sovereign ratings)
Ratings to spreads: Based upon my estimates of typical spreads for each ratings class. I compute these by averag
CDS spreads: Bloomberg
If you cannot find a country on this list, it is because that country does not have a sovereign rating or a sovereign CD
Step 3: Convert the default spread into a country risk premium

With sovereign ratings default spreads, you have two choices:
Choice 1: Use the default spread as the measure of the additional country risk premium. To make this choice, go int
Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relative to the default spread
You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond" in this spreadsheet. S
With CDS spreads, I compute the base number in two steps
Substep 1: Since the base equity premium is computed for the US, and the US has a CDS spread, I subtracted out th
Any country that has a CDS spread lower than the US will have a negative country risk premium and end up with a t
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to get a country risk prem
prefer not to scale the default spread.
Step 4: Compute a total equity risk premium

Add the mature market premium from step 1 to the country risk premium from step 3 to get a total equity risk prem
Step 5: Compute regional averages and regional weighted averages

For the regional averages, I use a simple average of the total and country risk premiums by region
For the weighted averages, I use the World Bank GDP estimates from the most recent year. http://www.data.wor
If you are interested in a fuller explanation of these concepts, try these references:
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3140837
My paper on equity risk premiums:
Campbell Harvey's country risk premium page: http://www.duke.edu/~charvey/Country_risk/couindex.htm
Watch my lectures on country risk premiums: https://www.youtube.com/watch?v=aIRPvY2SQ94
https://www.youtube.com/watch?v=D3IGn6tH03c
nd add an additional country risk premium, based upon the risk of the country in question.
ry or region.
r the S&P 500. To see the latest estimate for this number, go to my website and you can download the excel spreadsheet conta
sed upon the local currency sovereign rating for the country from Moody's and the other is the CDS spread for the country (if
er sovereign ratings)
ompute these by averaging CDS spreads and sovereign US$ bond spreads by ratings class, at the start of every year.
rating or a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.
make this choice, go into the ERP worksheet and set cell E5 to 1.00.
ve to the default spread. I used the ratio of the S&P Emerging Market Equity Index std deviation to the BAML Emerging Public B
d" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.
ead, I subtracted out the US CDS spread from the CDS for other markets.
ium and end up with a total equity risk premium lower than the US.
o get a country risk premium. The default scaling is set at the my most recent year's estimate, but you can change it to 1, if you
t a total equity risk premium.
http://www.data.worldbank.org/data-catalog/GDP-ranking-table
=3140837
try_risk/couindex.htm
IRPvY2SQ94
D3IGn6tH03c
he excel spreadsheet containing the implied premium
spread for the country (if one exists)
t of every year.
he BAML Emerging Public Bond index standard deviation
u can change it to 1, if you would

To look up the equity risk premium for a country, use this worksheet
Country Austria If you cannot find a country on this list, it is because that country doe
or a sovereign CDS spread. Try the PRS worksheet in this spreadshe
Moody's sovereign rating Aa1 Local currency
S&P sovereign rating AA+ Local currency
CDS spread 0.30%
Excess CDS spread (over US CDS) 0.00%
Country Default Spread (based on 0.45%

Country Risk Premium (Rating) 0.55%
Equity Risk Premium (Rating) 6.51%
Country Risk Premium (CDS) 0.00%

Equity Risk Premium (CDS) 5.96%
To look up the equity risk premium for a region, use this worksheet
Region Asia
Country Risk Premium (simple av 3.98%

Total Equity Risk Premium (simpl 9.94%
Country Risk Premium (GDP weig 1.47%

Total Equity Risk Premium (GDP 7.43%
To construct your own regional ERP, use the data on GDP and ERP for countries in the Regional Weighted Averages
For countries not on the list above, try this frontier market list
Country Sudan
PRS Score 38.80

ERP based on PRS Score 28.10%
try on this list, it is because that country does not have a sovereign rating
ad. Try the PRS worksheet in this spreadsheet for an alternate estimate.
the Regional Weighted Averages Worksheet

Estimating Country Risk Premiums
Enter the current risk premium for a mature equity market 5.96%
Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium? Yes
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets) 1.23
Country Africa Moody's rating Rating-based Default Spread

Total Equity Risk Premium
Peru Central and South America A3 1.35% 7.63%
Zambia Africa Caa1 8.46% 16.37%
Frontier Markets (no sovereign ratings)

Country PRS Composite Risk Score ERP CRP Default Spread
Algeria 65 13.60% 7.64% 6.21%
Brunei 80.5 6.94% 0.98% 0.79%
Gambia 63.3 14.99% 9.03% 7.34%
Guinea 54.3 22.61% 16.65% 13.54%
Guinea-Bissau 62 16.37% 10.41% 8.46%
Guyana 66.5 12.21% 6.25% 5.08%
Haiti 60 18.46% 12.50% 10.16%
Iran 69.3 10.13% 4.17% 3.39%
Korea, D.P.R. 53 22.61% 16.65% 13.54%
Liberia 53.5 22.61% 16.65% 13.54%
Libya 66.5 12.21% 6.25% 5.08%
Madagascar 64 14.99% 9.03% 7.34%
Malawi 61 16.37% 10.41% 8.46%
Mali 61.3 16.37% 10.41% 8.46%
Myanmar 62 16.37% 10.41% 8.46%
Niger 54.5 22.61% 16.65% 13.54%
Sierra Leone 54.8 22.61% 16.65% 13.54%
Somalia 53.5 22.61% 16.65% 13.54%
Sudan 38.8 28.10% 22.14% 18.00%
Syria 51.8 22.61% 16.65% 13.54%
Togo 61 16.37% 10.41% 8.46%
Yemen, Republic 48 28.10% 22.14% 18.00%
Zimbabwe 59.3 18.46% 12.50% 10.16%
Rating Default spread in basis points

A1 79
A2 96
A3 135
Aa1 45
Aa2 56
Aa3 68
Aaa 0
B1 508
B2 621
B3 734
Ba1 282
Ba2 339
Ba3 406
Baa1 180
Baa2 215
Baa3 248
C 1800
Ca 1354
Caa1 846
Caa2 1016
Caa3 1128
NR NA
Updated January 1, 2019
Updated January 1, 2019
Sovereign CDS, net

Country Risk Premium of US Total Equity Risk Premium2
Country Risk Premium3
Has to be sorted in ascending order
1.67% 1.31% 7.57% 1.61%
10.41% 2.14% 8.59% 2.63%
Volatility
BAML Emerging Mkt Public Bond Spr 11.12% BAMLEMPBPUBSICRPIEY
S&P Emerging BMI (Equity Index) 13.68% BAMLEMPUPUBSLCRPIUSEY
Relative Volatility 1.23
Index: BAML Public Sector Emerging Markets Corporate Plus Index Yield Index:
Source: FRED (Federal Reserve St. Louis Datasets) Source:
https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddata
Period Five years Period
Interval Daily Interval
DATE VALUE Effective dat
2013-12-27 4.61 Average = 4.52 In spread % 12/31/2013
2013-12-30 4.59 Std Dev = 0.50221531 In spread % 1/1/2014

2013-12-31 4.61 CV = 11.12% ! Std Dev/ Average 1/2/2014
2014-01-01 4.61 1/3/2014
2014-01-02 4.61 1/6/2014
2014-01-03 4.62 1/7/2014
2014-01-06 4.60 1/8/2014
2014-01-07 4.58 1/9/2014
2014-01-08 4.60 1/10/2014
2014-01-09 4.60 1/13/2014
2014-01-10 4.57 1/14/2014
2014-01-13 4.54 1/15/2014
2014-01-14 4.54 1/16/2014
2014-01-15 4.53 1/17/2014
2014-01-16 4.52 1/20/2014
2014-01-17 4.51 1/21/2014
2014-01-20 4.50 1/22/2014
2014-01-21 4.51 1/23/2014
2014-01-22 4.53 1/24/2014
2014-01-23 4.53 1/27/2014
2014-01-24 4.58 1/28/2014
2014-01-27 4.61 1/29/2014
2014-01-28 4.59 1/30/2014
2014-01-29 4.60 1/31/2014
2014-01-30 4.63 2/3/2014
2014-01-31 4.70 2/4/2014
2014-02-03 4.69 2/5/2014
2014-02-04 4.68 2/6/2014
2014-02-05 4.67 2/7/2014
2014-02-06 4.65 2/10/2014
2014-02-07 4.63 2/11/2014
2014-02-10 4.61 2/12/2014
2014-02-11 4.61 2/13/2014
2014-02-12 4.61 2/14/2014
2014-02-13 4.61 2/17/2014
2014-02-14 4.60 2/18/2014
2014-02-17 4.59 2/19/2014
2014-02-18 4.56 2/20/2014
2014-02-19 4.58 2/21/2014
2014-02-20 4.59 2/24/2014
2014-02-21 4.56 2/25/2014
2014-02-24 4.52 2/26/2014
2014-02-25 4.49 2/27/2014
2014-02-26 4.49 2/28/2014
2014-02-27 4.46 3/3/2014
2014-02-28 4.46 3/4/2014
2014-03-03 4.57 3/5/2014
2014-03-04 4.55 3/6/2014
2014-03-05 4.55 3/7/2014
2014-03-06 4.56 3/10/2014
2014-03-07 4.59 3/11/2014
2014-03-10 4.64 3/12/2014
2014-03-11 4.63 3/13/2014
2014-03-12 4.67 3/14/2014
2014-03-13 4.67 3/17/2014
2014-03-14 4.71 3/18/2014
2014-03-17 4.71 3/19/2014
2014-03-18 4.66 3/20/2014
2014-03-19 4.66 3/21/2014
2014-03-20 4.69 3/24/2014
2014-03-21 4.69 3/25/2014
2014-03-24 4.67 3/26/2014
2014-03-25 4.65 3/27/2014
2014-03-26 4.58 3/28/2014
2014-03-27 4.51 3/31/2014
2014-03-28 4.51 4/1/2014
2014-03-31 4.61 4/2/2014
2014-04-01 4.57 4/3/2014
2014-04-02 4.59 4/4/2014
2014-04-03 4.59 4/7/2014
2014-04-04 4.55 4/8/2014
2014-04-07 4.54 4/9/2014
2014-04-08 4.51 4/10/2014
2014-04-09 4.50 4/11/2014
2014-04-10 4.46 4/14/2014
2014-04-11 4.47 4/15/2014
2014-04-14 4.51 4/16/2014
2014-04-15 4.54 4/17/2014
2014-04-16 4.55 4/18/2014
2014-04-17 4.55 4/21/2014
2014-04-18 4.55 4/22/2014
2014-04-21 4.54 4/23/2014
2014-04-22 4.54 4/24/2014
2014-04-23 4.54 4/25/2014
2014-04-24 4.55 4/28/2014
2014-04-25 4.61 4/29/2014
2014-04-28 4.62 4/30/2014
2014-04-29 4.60 5/1/2014
2014-04-30 4.58 5/2/2014
2014-05-01 4.54 5/5/2014
2014-05-02 4.53 5/6/2014
2014-05-05 4.54 5/7/2014
2014-05-06 4.52 5/8/2014
2014-05-07 4.46 5/9/2014
2014-05-08 4.40 5/12/2014
2014-05-09 4.40 5/13/2014
2014-05-12 4.40 5/14/2014
2014-05-13 4.36 5/15/2014
2014-05-14 4.33 5/16/2014
2014-05-15 4.31 5/19/2014
2014-05-16 4.31 5/20/2014
2014-05-19 4.30 5/21/2014
2014-05-20 4.27 5/22/2014
2014-05-21 4.26 5/23/2014
2014-05-22 4.26 5/26/2014
2014-05-23 4.23 5/27/2014
2014-05-26 4.22 5/28/2014
2014-05-27 4.20 5/29/2014
2014-05-28 4.14 5/30/2014
2014-05-29 4.10 6/2/2014
2014-05-30 4.10 6/3/2014
2014-05-31 4.16 6/4/2014
2014-06-02 4.18 6/5/2014
2014-06-03 4.21 6/6/2014
2014-06-04 4.22 6/9/2014
2014-06-05 4.20 6/10/2014
2014-06-06 4.13 6/11/2014
2014-06-09 4.10 6/12/2014
2014-06-10 4.12 6/13/2014
2014-06-11 4.15 6/16/2014
2014-06-12 4.14 6/17/2014
2014-06-13 4.15 6/18/2014
2014-06-16 4.19 6/19/2014
2014-06-17 4.21 6/20/2014
2014-06-18 4.19 6/23/2014
2014-06-19 4.15 6/24/2014
2014-06-20 4.14 6/25/2014
2014-06-23 4.14 6/26/2014
2014-06-24 4.10 6/27/2014
2014-06-25 4.09 6/30/2014
2014-06-26 4.08 7/1/2014
2014-06-27 4.09 7/2/2014
2014-06-30 4.12 7/3/2014
2014-07-01 4.14 7/4/2014
2014-07-02 4.16 7/7/2014
2014-07-03 4.16 7/8/2014
2014-07-04 4.16 7/9/2014
2014-07-07 4.15 7/10/2014
2014-07-08 4.11 7/11/2014
2014-07-09 4.09 7/14/2014
2014-07-10 4.10 7/15/2014
2014-07-11 4.09 7/16/2014
2014-07-14 4.10 7/17/2014
2014-07-15 4.10 7/18/2014
2014-07-16 4.12 7/21/2014
2014-07-17 4.16 7/22/2014
2014-07-18 4.18 7/23/2014
2014-07-21 4.21 7/24/2014
2014-07-22 4.20 7/25/2014
2014-07-23 4.16 7/28/2014
2014-07-24 4.17 7/29/2014
2014-07-25 4.21 7/30/2014
2014-07-28 4.26 7/31/2014
2014-07-29 4.28 8/1/2014
2014-07-30 4.31 8/4/2014
2014-07-31 4.35 8/5/2014
2014-08-01 4.37 8/6/2014
2014-08-04 4.38 8/7/2014
2014-08-05 4.41 8/8/2014
2014-08-06 4.45 8/11/2014
2014-08-07 4.44 8/12/2014
2014-08-08 4.46 8/13/2014
2014-08-11 4.42 8/14/2014
2014-08-12 4.40 8/15/2014
2014-08-13 4.35 8/18/2014
2014-08-14 4.31 8/19/2014
2014-08-15 4.28 8/20/2014
2014-08-18 4.26 8/21/2014
2014-08-19 4.25 8/22/2014
2014-08-20 4.27 8/25/2014
2014-08-21 4.26 8/26/2014
2014-08-22 4.27 8/27/2014
2014-08-25 4.27 8/28/2014
2014-08-26 4.24 8/29/2014
2014-08-27 4.21 9/1/2014
2014-08-28 4.25 9/2/2014
2014-08-29 4.28 9/3/2014
2014-08-31 4.28 9/4/2014
2014-09-01 4.29 9/5/2014
2014-09-02 4.36 9/8/2014
2014-09-03 4.32 9/9/2014
2014-09-04 4.32 9/10/2014
2014-09-05 4.32 9/11/2014
2014-09-08 4.36 9/12/2014
2014-09-09 4.38 9/15/2014
2014-09-10 4.42 9/16/2014
2014-09-11 4.41 9/17/2014
2014-09-12 4.45 9/18/2014
2014-09-15 4.47 9/19/2014
2014-09-16 4.48 9/22/2014
2014-09-17 4.50 9/23/2014
2014-09-18 4.52 9/24/2014
2014-09-19 4.49 9/25/2014
2014-09-22 4.47 9/26/2014
2014-09-23 4.45 9/29/2014
2014-09-24 4.44 9/30/2014
2014-09-25 4.44 10/1/2014
2014-09-26 4.47 10/2/2014
2014-09-29 4.53 10/3/2014
2014-09-30 4.53 10/6/2014
2014-10-01 4.51 10/7/2014
2014-10-02 4.52 10/8/2014
2014-10-03 4.53 10/9/2014
2014-10-06 4.51 10/10/2014
2014-10-07 4.47 10/13/2014
2014-10-08 4.46 10/14/2014
2014-10-09 4.45 10/15/2014
2014-10-10 4.47 10/16/2014
2014-10-13 4.47 10/17/2014
2014-10-14 4.45 10/20/2014
2014-10-15 4.48 10/21/2014
2014-10-16 4.51 10/22/2014
2014-10-17 4.47 10/23/2014
2014-10-20 4.46 10/24/2014
2014-10-21 4.46 10/27/2014
2014-10-22 4.45 10/28/2014
2014-10-23 4.48 10/29/2014
2014-10-24 4.48 10/30/2014
2014-10-27 4.46 10/31/2014
2014-10-28 4.43 11/3/2014
2014-10-29 4.43 11/4/2014
2014-10-30 4.40 11/5/2014
2014-10-31 4.42 11/6/2014
2014-11-03 4.40 11/7/2014
2014-11-04 4.46 11/10/2014
2014-11-05 4.47 11/11/2014
2014-11-06 4.50 11/12/2014
2014-11-07 4.51 11/13/2014
2014-11-10 4.52 11/14/2014
2014-11-11 4.52 11/17/2014
2014-11-12 4.53 11/18/2014
2014-11-13 4.55 11/19/2014
2014-11-14 4.60 11/20/2014
2014-11-17 4.66 11/21/2014
2014-11-18 4.65 11/24/2014
2014-11-19 4.65 11/25/2014
2014-11-20 4.63 11/26/2014
2014-11-21 4.59 11/27/2014
2014-11-24 4.57 11/28/2014
2014-11-25 4.56 12/1/2014
2014-11-26 4.56 12/2/2014
2014-11-27 4.56 12/3/2014
2014-11-28 4.57 12/4/2014
2014-11-30 4.62 12/5/2014
2014-12-01 4.72 12/8/2014
2014-12-02 4.78 12/9/2014
2014-12-03 4.83 12/10/2014
2014-12-04 4.84 12/11/2014
2014-12-05 4.91 12/12/2014
2014-12-08 4.99 12/15/2014
2014-12-09 5.09 12/16/2014
2014-12-10 5.15 12/17/2014
2014-12-11 5.22 12/18/2014
2014-12-12 5.33 12/19/2014
2014-12-15 5.56 12/22/2014
2014-12-16 5.78 12/23/2014
2014-12-17 5.67 12/24/2014
2014-12-18 5.48 12/25/2014
2014-12-19 5.40 12/26/2014
2014-12-22 5.32 12/29/2014
2014-12-23 5.35 12/30/2014
2014-12-24 5.35 12/31/2014
2014-12-25 5.35 1/1/2015
2014-12-26 5.36 1/2/2015
2014-12-29 5.36 1/5/2015
2014-12-30 5.37 1/6/2015
2014-12-31 5.38 1/7/2015
2015-01-01 5.38 1/8/2015
2015-01-02 5.38 1/9/2015
2015-01-05 5.46 1/12/2015
2015-01-06 5.57 1/13/2015
2015-01-07 5.53 1/14/2015
2015-01-08 5.45 1/15/2015
2015-01-09 5.45 1/16/2015
2015-01-12 5.46 1/19/2015
2015-01-13 5.46 1/20/2015
2015-01-14 5.43 1/21/2015
2015-01-15 5.36 1/22/2015
2015-01-16 5.36 1/23/2015
2015-01-19 5.38 1/26/2015
2015-01-20 5.38 1/27/2015
2015-01-21 5.39 1/28/2015
2015-01-22 5.38 1/29/2015
2015-01-23 5.27 1/30/2015
2015-01-26 5.28 2/2/2015
2015-01-27 5.32 2/3/2015
2015-01-28 5.28 2/4/2015
2015-01-29 5.33 2/5/2015
2015-01-30 5.38 2/6/2015
2015-01-31 5.38 2/9/2015
2015-02-02 5.37 2/10/2015
2015-02-03 5.35 2/11/2015
2015-02-04 5.32 2/12/2015
2015-02-05 5.28 2/13/2015
2015-02-06 5.29 2/16/2015
2015-02-09 5.29 2/17/2015
2015-02-10 5.34 2/18/2015
2015-02-11 5.35 2/19/2015
2015-02-12 5.28 2/20/2015
2015-02-13 5.21 2/23/2015
2015-02-16 5.20 2/24/2015
2015-02-17 5.21 2/25/2015
2015-02-18 5.14 2/26/2015
2015-02-19 5.19 2/27/2015
2015-02-20 5.21 3/2/2015
2015-02-23 5.22 3/3/2015
2015-02-24 5.16 3/4/2015
2015-02-25 5.17 3/5/2015
2015-02-26 5.16 3/6/2015
2015-02-27 5.14 3/9/2015
2015-02-28 5.15 3/10/2015
2015-03-02 5.16 3/11/2015
2015-03-03 5.13 3/12/2015
2015-03-04 5.14 3/13/2015
2015-03-05 5.11 3/16/2015
2015-03-06 5.13 3/17/2015
2015-03-09 5.18 3/18/2015
2015-03-10 5.22 3/19/2015
2015-03-11 5.22 3/20/2015
2015-03-12 5.19 3/23/2015
2015-03-13 5.25 3/24/2015
2015-03-16 5.31 3/25/2015
2015-03-17 5.34 3/26/2015
2015-03-18 5.29 3/27/2015
2015-03-19 5.25 3/30/2015
2015-03-20 5.16 3/31/2015
2015-03-23 5.11 4/1/2015
2015-03-24 5.05 4/2/2015
2015-03-25 5.03 4/3/2015
2015-03-26 5.07 4/6/2015
2015-03-27 5.05 4/7/2015
2015-03-30 5.05 4/8/2015
2015-03-31 4.97 4/9/2015
2015-04-01 4.90 4/10/2015
2015-04-02 4.85 4/13/2015
2015-04-03 4.85 4/14/2015
2015-04-06 4.83 4/15/2015
2015-04-07 4.78 4/16/2015
2015-04-08 4.73 4/17/2015
2015-04-09 4.69 4/20/2015
2015-04-10 4.68 4/21/2015
2015-04-13 4.65 4/22/2015
2015-04-14 4.63 4/23/2015
2015-04-15 4.61 4/24/2015
2015-04-16 4.59 4/27/2015
2015-04-17 4.61 4/28/2015
2015-04-20 4.65 4/29/2015
2015-04-21 4.66 4/30/2015
2015-04-22 4.65 5/1/2015
2015-04-23 4.59 5/4/2015
2015-04-24 4.55 5/5/2015
2015-04-27 4.53 5/6/2015
2015-04-28 4.57 5/7/2015
2015-04-29 4.58 5/8/2015
2015-04-30 4.61 5/11/2015
2015-05-01 4.64 5/12/2015
2015-05-04 4.64 5/13/2015
2015-05-05 4.66 5/14/2015
2015-05-06 4.65 5/15/2015
2015-05-07 4.68 5/18/2015
2015-05-08 4.64 5/19/2015
2015-05-11 4.65 5/20/2015
2015-05-12 4.68 5/21/2015
2015-05-13 4.63 5/22/2015
2015-05-14 4.60 5/25/2015
2015-05-15 4.56 5/26/2015
2015-05-18 4.54 5/27/2015
2015-05-19 4.57 5/28/2015
2015-05-20 4.58 5/29/2015
2015-05-21 4.55 6/1/2015
2015-05-22 4.55 6/2/2015
2015-05-25 4.55 6/3/2015
2015-05-26 4.54 6/4/2015
2015-05-27 4.61 6/5/2015
2015-05-28 4.62 6/8/2015
2015-05-29 4.62 6/9/2015
2015-05-31 4.65 6/10/2015
2015-06-01 4.74 6/11/2015
2015-06-02 4.77 6/12/2015
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2017-06-22 4.01 7/12/2017
2017-06-23 4.00 7/13/2017
2017-06-26 3.98 7/14/2017
2017-06-27 3.99 7/17/2017
2017-06-28 4.01 7/18/2017
2017-06-29 4.03 7/19/2017
2017-06-30 4.05 7/20/2017
2017-07-03 4.07 7/21/2017
2017-07-04 4.06 7/24/2017
2017-07-05 4.09 7/25/2017
2017-07-06 4.11 7/26/2017
2017-07-07 4.13 7/27/2017
2017-07-10 4.11 7/28/2017
2017-07-11 4.10 7/31/2017
2017-07-12 4.06 8/1/2017
2017-07-13 4.05 8/2/2017
2017-07-14 4.04 8/3/2017
2017-07-17 4.02 8/4/2017
2017-07-18 4.00 8/7/2017
2017-07-19 3.99 8/8/2017
2017-07-20 3.98 8/9/2017
2017-07-21 3.96 8/10/2017
2017-07-24 3.97 8/11/2017
2017-07-25 3.98 8/14/2017
2017-07-26 3.97 8/15/2017
2017-07-27 3.96 8/16/2017
2017-07-28 3.97 8/17/2017
2017-07-31 4.00 8/18/2017
2017-08-01 4.00 8/21/2017
2017-08-02 3.99 8/22/2017
2017-08-03 3.96 8/23/2017
2017-08-04 3.96 8/24/2017
2017-08-07 3.96 8/25/2017
2017-08-08 3.96 8/28/2017
2017-08-09 3.96 8/29/2017
2017-08-10 3.97 8/30/2017
2017-08-11 3.97 8/31/2017
2017-08-14 3.95 9/1/2017
2017-08-15 3.96 9/4/2017
2017-08-16 3.97 9/5/2017
2017-08-17 3.93 9/6/2017
2017-08-18 3.92 9/7/2017
2017-08-21 3.90 9/8/2017
2017-08-22 3.91 9/11/2017
2017-08-23 3.91 9/12/2017
2017-08-24 3.88 9/13/2017
2017-08-25 3.87 9/14/2017
2017-08-28 3.86 9/15/2017
2017-08-29 3.84 9/18/2017
2017-08-30 3.84 9/19/2017
2017-08-31 3.85 9/20/2017
2017-09-01 3.84 9/21/2017
2017-09-04 3.83 9/22/2017
2017-09-05 3.82 9/25/2017
2017-09-06 3.82 9/26/2017
2017-09-07 3.79 9/27/2017
2017-09-08 3.77 9/28/2017
2017-09-11 3.79 9/29/2017
2017-09-12 3.82 10/2/2017
2017-09-13 3.82 10/3/2017
2017-09-14 3.83 10/4/2017
2017-09-15 3.83 10/5/2017
2017-09-18 3.82 10/6/2017
2017-09-19 3.83 10/9/2017
2017-09-20 3.84 10/10/2017
2017-09-21 3.86 10/11/2017
2017-09-22 3.85 10/12/2017
2017-09-25 3.84 10/13/2017
2017-09-26 3.84 10/16/2017
2017-09-27 3.89 10/17/2017
2017-09-28 3.88 10/18/2017
2017-09-29 3.86 10/19/2017
2017-09-30 3.89 10/20/2017
2017-10-02 3.91 10/23/2017
2017-10-03 3.90 10/24/2017
2017-10-04 3.88 10/25/2017
2017-10-05 3.88 10/26/2017
2017-10-06 3.90 10/27/2017
2017-10-09 3.90 10/30/2017
2017-10-10 3.89 10/31/2017
2017-10-11 3.88 11/1/2017
2017-10-12 3.86 11/2/2017
2017-10-13 3.86 11/3/2017
2017-10-16 3.86 11/6/2017
2017-10-17 3.86 11/7/2017
2017-10-18 3.85 11/8/2017
2017-10-19 3.84 11/9/2017
2017-10-20 3.88 11/10/2017
2017-10-23 3.89 11/13/2017
2017-10-24 3.89 11/14/2017
2017-10-25 3.91 11/15/2017
2017-10-26 3.90 11/16/2017
2017-10-27 3.90 11/17/2017
2017-10-30 3.87 11/20/2017
2017-10-31 3.93 11/21/2017
2017-11-01 3.94 11/22/2017
2017-11-02 3.93 11/23/2017
2017-11-03 3.97 11/24/2017
2017-11-06 3.96 11/27/2017
2017-11-07 3.98 11/28/2017
2017-11-08 3.99 11/29/2017
2017-11-09 4.00 11/30/2017
2017-11-10 4.03 12/1/2017
2017-11-13 4.03 12/4/2017
2017-11-14 4.03 12/5/2017
2017-11-15 4.00 12/6/2017
2017-11-16 3.97 12/7/2017
2017-11-17 3.97 12/8/2017
2017-11-20 3.96 12/11/2017
2017-11-21 3.98 12/12/2017
2017-11-22 3.96 12/13/2017
2017-11-23 3.96 12/14/2017
2017-11-24 3.96 12/15/2017
2017-11-27 3.93 12/18/2017
2017-11-28 3.92 12/19/2017
2017-11-29 3.96 12/20/2017
2017-11-30 3.91 12/21/2017
2017-12-01 3.90 12/22/2017
2017-12-04 3.91 12/25/2017
2017-12-05 3.90 12/26/2017
2017-12-06 3.89 12/27/2017
2017-12-07 3.91 12/28/2017
2017-12-08 3.92 12/29/2017
2017-12-11 3.92 1/1/2018
2017-12-12 3.94 1/2/2018
2017-12-13 3.93 1/3/2018
2017-12-14 3.92 1/4/2018
2017-12-15 3.92 1/5/2018
2017-12-18 3.93 1/8/2018
2017-12-19 3.94 1/9/2018
2017-12-20 3.96 1/10/2018
2017-12-21 3.97 1/11/2018
2017-12-22 3.97 1/12/2018
2017-12-25 3.97 1/15/2018
2017-12-26 3.97 1/16/2018
2017-12-27 3.96 1/17/2018
2017-12-28 3.95 1/18/2018
2017-12-29 3.95 1/19/2018
2017-12-31 3.75 1/22/2018
2018-01-01 3.75 1/23/2018
2018-01-02 3.75 1/24/2018
2018-01-03 3.74 1/25/2018
2018-01-04 3.74 1/26/2018
2018-01-05 3.74 1/29/2018
2018-01-08 3.74 1/30/2018
2018-01-09 3.76 1/31/2018
2018-01-10 3.78 2/1/2018
2018-01-11 3.77 2/2/2018
2018-01-12 3.78 2/5/2018
2018-01-15 3.78 2/6/2018
2018-01-16 3.77 2/7/2018
2018-01-17 3.78 2/8/2018
2018-01-18 3.80 2/9/2018
2018-01-19 3.82 2/12/2018
2018-01-22 3.83 2/13/2018
2018-01-23 3.81 2/14/2018
2018-01-24 3.81 2/15/2018
2018-01-25 3.80 2/16/2018
2018-01-26 3.81 2/19/2018
2018-01-29 3.85 2/20/2018
2018-01-30 3.86 2/21/2018
2018-01-31 3.88 2/22/2018
2018-02-01 3.91 2/23/2018
2018-02-02 3.94 2/26/2018
2018-02-05 3.96 2/27/2018
2018-02-06 3.95 2/28/2018
2018-02-07 3.95 3/1/2018
2018-02-08 4.01 3/2/2018
2018-02-09 4.07 3/5/2018
2018-02-12 4.05 3/6/2018
2018-02-13 4.05 3/7/2018
2018-02-14 4.08 3/8/2018
2018-02-15 4.09 3/9/2018
2018-02-16 4.06 3/12/2018
2018-02-19 4.06 3/13/2018
2018-02-20 4.09 3/14/2018
2018-02-21 4.09 3/15/2018
2018-02-22 4.10 3/16/2018
2018-02-23 4.09 3/19/2018
2018-02-26 4.06 3/20/2018
2018-02-27 4.06 3/21/2018
2018-02-28 4.11 3/22/2018
2018-03-01 4.11 3/23/2018
2018-03-02 4.11 3/26/2018
2018-03-05 4.10 3/27/2018
2018-03-06 4.11 3/28/2018
2018-03-07 4.12 3/29/2018
2018-03-08 4.12 3/30/2018
2018-03-09 4.13 4/2/2018
2018-03-12 4.13 4/3/2018
2018-03-13 4.12 4/4/2018
2018-03-14 4.12 4/5/2018
2018-03-15 4.13 4/6/2018
2018-03-16 4.13 4/9/2018
2018-03-19 4.16 4/10/2018
2018-03-20 4.18 4/11/2018
2018-03-21 4.20 4/12/2018
2018-03-22 4.18 4/13/2018
2018-03-23 4.19 4/16/2018
2018-03-26 4.20 4/17/2018
2018-03-27 4.18 4/18/2018
2018-03-28 4.17 4/19/2018
2018-03-29 4.16 4/20/2018
2018-03-30 4.16 4/23/2018
2018-03-31 4.12 4/24/2018
2018-04-02 4.13 4/25/2018
2018-04-03 4.12 4/26/2018
2018-04-04 4.12 4/27/2018
2018-04-05 4.12 4/30/2018
2018-04-06 4.11 5/1/2018
2018-04-09 4.13 5/2/2018
2018-04-10 4.16 5/3/2018
2018-04-11 4.16 5/4/2018
2018-04-12 4.16 5/7/2018
2018-04-13 4.17 5/8/2018
2018-04-16 4.19 5/9/2018
2018-04-17 4.19 5/10/2018
2018-04-18 4.19 5/11/2018
2018-04-19 4.22 5/14/2018
2018-04-20 4.25 5/15/2018
2018-04-23 4.28 5/16/2018
2018-04-24 4.28 5/17/2018
2018-04-25 4.32 5/18/2018
2018-04-26 4.31 5/21/2018
2018-04-27 4.31 5/22/2018
2018-04-30 4.35 5/23/2018
2018-05-01 4.37 5/24/2018
2018-05-02 4.40 5/25/2018
2018-05-03 4.43 5/28/2018
2018-05-04 4.43 5/29/2018
2018-05-07 4.44 5/30/2018
2018-05-08 4.48 5/31/2018
2018-05-09 4.52 6/1/2018
2018-05-10 4.47 6/4/2018
2018-05-11 4.46 6/5/2018
2018-05-14 4.47 6/6/2018
2018-05-15 4.52 6/7/2018
2018-05-16 4.53 6/8/2018
2018-05-17 4.55 6/11/2018
2018-05-18 4.56 6/12/2018
2018-05-21 4.55 6/13/2018
2018-05-22 4.52 6/14/2018
2018-05-23 4.50 6/15/2018
2018-05-24 4.47 6/18/2018
2018-05-25 4.45 6/19/2018
2018-05-28 4.44 6/20/2018
2018-05-29 4.40 6/21/2018
2018-05-30 4.43 6/22/2018
2018-05-31 4.51 6/25/2018
2018-06-01 4.54 6/26/2018
2018-06-04 4.56 6/27/2018
2018-06-05 4.56 6/28/2018
2018-06-06 4.59 6/29/2018
2018-06-07 4.62 7/2/2018
2018-06-08 4.61 7/3/2018
2018-06-11 4.64 7/4/2018
2018-06-12 4.66 7/5/2018
2018-06-13 4.66 7/6/2018
2018-06-14 4.66 7/9/2018
2018-06-15 4.67 7/10/2018
2018-06-18 4.68 7/11/2018
2018-06-19 4.69 7/12/2018
2018-06-20 4.68 7/13/2018
2018-06-21 4.67 7/16/2018
2018-06-22 4.65 7/17/2018
2018-06-25 4.64 7/18/2018
2018-06-26 4.65 7/19/2018
2018-06-27 4.64 7/20/2018
2018-06-28 4.66 7/23/2018
2018-06-29 4.65 7/24/2018
2018-06-30 4.65 7/25/2018
2018-07-02 4.67 7/26/2018
2018-07-03 4.66 7/27/2018
2018-07-04 4.66 7/30/2018
2018-07-05 4.65 7/31/2018
2018-07-06 4.62 8/1/2018
2018-07-09 4.61 8/2/2018
2018-07-10 4.61 8/3/2018
2018-07-11 4.61 8/6/2018
2018-07-12 4.62 8/7/2018
2018-07-13 4.60 8/8/2018
2018-07-16 4.59 8/9/2018
2018-07-17 4.60 8/10/2018
2018-07-18 4.60 8/13/2018
2018-07-19 4.61 8/14/2018
2018-07-20 4.59 8/15/2018
2018-07-23 4.60 8/16/2018
2018-07-24 4.60 8/17/2018
2018-07-25 4.58 8/20/2018
2018-07-26 4.57 8/21/2018
2018-07-27 4.56 8/22/2018
2018-07-30 4.56 8/23/2018
2018-07-31 4.59 8/24/2018
2018-08-01 4.62 8/27/2018
2018-08-02 4.65 8/28/2018
2018-08-03 4.62 8/29/2018
2018-08-06 4.61 8/30/2018
2018-08-07 4.63 8/31/2018
2018-08-08 4.67 9/3/2018
2018-08-09 4.70 9/4/2018
2018-08-10 4.70 9/5/2018
2018-08-13 4.75 9/6/2018
2018-08-14 4.75 9/7/2018
2018-08-15 4.76 9/10/2018
2018-08-16 4.72 9/11/2018
2018-08-17 4.72 9/12/2018
2018-08-20 4.72 9/13/2018
2018-08-21 4.71 9/14/2018
2018-08-22 4.70 9/17/2018
2018-08-23 4.70 9/18/2018
2018-08-24 4.72 9/19/2018
2018-08-27 4.72 9/20/2018
2018-08-28 4.72 9/21/2018
2018-08-29 4.73 9/24/2018
2018-08-30 4.75 9/25/2018
2018-08-31 4.78 9/26/2018
2018-09-03 4.78 9/27/2018
2018-09-04 4.82 9/28/2018
2018-09-05 4.82 10/1/2018
2018-09-06 4.80 10/2/2018
2018-09-07 4.81 10/3/2018
2018-09-10 4.84 10/4/2018
2018-09-11 4.87 10/5/2018
2018-09-12 4.86 10/8/2018
2018-09-13 4.83 10/9/2018
2018-09-14 4.83 10/10/2018
2018-09-17 4.82 10/11/2018
2018-09-18 4.83 10/12/2018
2018-09-19 4.84 10/15/2018
2018-09-20 4.82 10/16/2018
2018-09-21 4.80 10/17/2018
2018-09-24 4.79 10/18/2018
2018-09-25 4.80 10/19/2018
2018-09-26 4.78 10/22/2018
2018-09-27 4.73 10/23/2018
2018-09-28 4.74 10/24/2018
2018-09-30 4.77 10/25/2018
2018-10-01 4.77 10/26/2018
2018-10-02 4.76 10/29/2018
2018-10-03 4.77 10/30/2018
2018-10-04 4.85 10/31/2018
2018-10-05 4.86 11/1/2018
2018-10-08 4.86 11/2/2018
2018-10-09 4.86 11/5/2018
2018-10-10 4.87 11/6/2018
2018-10-11 4.84 11/7/2018
2018-10-12 4.83 11/8/2018
2018-10-15 4.82 11/9/2018
2018-10-16 4.81 11/12/2018
2018-10-17 4.81 11/13/2018
2018-10-18 4.84 11/14/2018
2018-10-19 4.83 11/15/2018
2018-10-22 4.85 11/16/2018
2018-10-23 4.85 11/19/2018
2018-10-24 4.84 11/20/2018
2018-10-25 4.85 11/21/2018
2018-10-26 4.84 11/22/2018
2018-10-29 4.85 11/23/2018
2018-10-30 4.89 11/26/2018
2018-10-31 4.95 11/27/2018
2018-11-01 4.94 11/28/2018
2018-11-02 4.94 11/29/2018
2018-11-05 4.93 11/30/2018
2018-11-06 4.93 12/3/2018
2018-11-07 4.92 12/4/2018
2018-11-08 4.95 12/5/2018
2018-11-09 4.96 12/6/2018
2018-11-12 4.96 12/7/2018
2018-11-13 4.97 12/10/2018
2018-11-14 4.97 12/11/2018
2018-11-15 4.98 12/12/2018
2018-11-16 4.98 12/13/2018
2018-11-19 4.98 12/14/2018
2018-11-20 5.02 12/17/2018
2018-11-21 5.03 12/18/2018
2018-11-22 5.03 12/19/2018
2018-11-23 5.03 12/20/2018
2018-11-26 5.05 12/21/2018
2018-11-27 5.07 12/24/2018
2018-11-28 5.07 12/25/2018
2018-11-29 5.02 12/26/2018
2018-11-30 5.07 12/27/2018
2018-12-03 5.02 12/28/2018
2018-12-04 5.00 12/31/2018
2018-12-05 5.01
2018-12-06 5.01
2018-12-07 4.99
2018-12-10 4.99
2018-12-11 4.99
2018-12-12 4.98
2018-12-13 4.97
2018-12-14 4.96
2018-12-17 4.93
2018-12-18 4.92
2018-12-19 4.92
2018-12-20 4.92
2018-12-21 4.95
2018-12-24 4.94
2018-12-25 4.94
2018-12-26 4.93
2018-12-27 4.93
S&P Emerging BMI Index
S&P
http://us.spindices.com/indices/equity/sp-emerging-bmi-us-dollar
Five years
Daily
S&P
Emerging
BMI (US
Dollar)
Gross Total
Return Return
Daily Std
385.62 Deviation = 0.85%
Annualized
Std
385.64 0.01% Deviation= 13.68%
382.15 -0.90%
378.92 -0.85%
376.38 -0.67%
376.33 -0.01%
377 0.18%
372.95 -1.07%
376.04 0.83%
378.19 0.57%
377.61 -0.15%
378.8 0.32%
377.51 -0.34%
376.63 -0.23%
376.03 -0.16%
375.88 -0.04%
378.03 0.57%
373.54 -1.19%
367.56 -1.60%
360.8 -1.84%
361.97 0.32%
361.25 -0.20%
361.1 -0.04%
361.08 -0.01%
358.1 -0.83%
355.97 -0.59%
354.85 -0.31%
360.03 1.46%
362.81 0.77%
362.32 -0.14%
365.85 0.97%
368.86 0.82%
366.57 -0.62%
370.54 1.08%
373.15 0.70%
371.69 -0.39%
372 0.08%
369.49 -0.67%
371.81 0.63%
372.03 0.06%
369.92 -0.57%
369.61 -0.08%
372.54 0.79%
373.61 0.29%
367.65 -1.60%
371.33 1.00%
372.22 0.24%
376.93 1.27%
374.94 -0.53%
371.19 -1.00%
371.04 -0.04%
367.84 -0.86%
366.79 -0.29%
364.85 -0.53%
366.77 0.53%
370.62 1.05%
370.01 -0.16%
366.66 -0.91%
368.02 0.37%
370.92 0.79%
372.93 0.54%
375.56 0.71%
377.1 0.41%
380.97 1.03%
384.94 1.04%
387.64 0.70%
389.32 0.43%
387.42 -0.49%
387.7 0.07%
387.86 0.04%
390.99 0.81%
392.17 0.30%
394.35 0.56%
391.47 -0.73%
390.14 -0.34%
385.77 -1.12%
386.84 0.28%
389.99 0.81%
390.51 0.13%
390.65 0.04%
389.83 -0.21%
387.94 -0.48%
388.09 0.04%
384.19 -1.00%
383.23 -0.25%
386.35 0.81%
384.77 -0.41%
385.33 0.15%
388.59 0.85%
387.92 -0.17%
388.97 0.27%
388.97 0.00%
390.09 0.29%
389.64 -0.12%
393.4 0.96%
395.28 0.48%
398.6 0.84%
397.28 -0.33%
398.4 0.28%
400.28 0.47%
398.41 -0.47%
399.62 0.30%
403.52 0.98%
404.87 0.33%
404.64 -0.06%
401.54 -0.77%
403.02 0.37%
403.27 0.06%
399.92 -0.83%
400.92 0.25%
403.12 0.55%
401.47 -0.41%
403.74 0.57%
408.39 1.15%
410.67 0.56%
413.23 0.62%
412.75 -0.12%
412.96 0.05%
411.31 -0.40%
410.58 -0.18%
409.54 -0.25%
410.13 0.14%
412.36 0.54%
410.76 -0.39%
409.85 -0.22%
412.22 0.58%
410.48 -0.42%
411.97 0.36%
412.21 0.06%
414.27 0.50%
414.84 0.14%
417.92 0.74%
419.24 0.32%
420.07 0.20%
420.7 0.15%
420.3 -0.10%
419.22 -0.26%
419.82 0.14%
418.86 -0.23%
421.3 0.58%
422.42 0.27%
423.45 0.24%
421.2 -0.53%
421.71 0.12%
422.13 0.10%
426.47 1.03%
428.03 0.37%
429.83 0.42%
428.98 -0.20%
428.64 -0.08%
427.79 -0.20%
426.44 -0.32%
421.76 -1.10%
419.96 -0.43%
423.62 0.87%
421.29 -0.55%
419.01 -0.54%
417.06 -0.47%
415.7 -0.33%
421.95 1.50%
422.98 0.24%
425.27 0.54%
425.7 0.10%
426.49 0.19%
428.09 0.38%
430.91 0.66%
431.26 0.08%
431.03 -0.05%
430.79 -0.06%
432.2 0.33%
432.74 0.12%
435.02 0.53%
432.22 -0.64%
432.83 0.14%
434.12 0.30%
434.24 0.03%
440.41 1.42%
439.88 -0.12%
439.58 -0.07%
439.08 -0.11%
435.54 -0.81%
430.48 -1.16%
429.29 -0.28%
425.72 -0.83%
423.39 -0.55%
422.15 -0.29%
424.96 0.67%
424.08 -0.21%
423.22 -0.20%
417.52 -1.35%
414.75 -0.66%
415.85 0.27%
411.44 -1.06%
411.04 -0.10%
405.39 -1.37%
404.07 -0.33%
401.7 -0.59%
400.7 -0.25%
402.56 0.46%
408.41 1.45%
408.05 -0.09%
404.34 -0.91%
408.02 0.91%
400.48 -1.85%
400.32 -0.04%
400.01 -0.08%
396.23 -0.94%
391.25 -1.26%
394.94 0.94%
396.01 0.27%
397.06 0.27%
398.5 0.36%
396.95 -0.39%
398.11 0.29%
394.14 -1.00%
400.88 1.71%
404.53 0.91%
406.35 0.45%
410.41 1.00%
408.98 -0.35%
408.78 -0.05%
405.61 -0.78%
402.19 -0.84%
401.38 -0.20%
404.65 0.81%
403.59 -0.26%
404.67 0.27%
403.4 -0.31%
403.62 0.05%
400.91 -0.67%
401.66 0.19%
402.32 0.16%
403.14 0.20%
408.99 1.45%
411.07 0.51%
410.12 -0.23%
411.08 0.23%
410.39 -0.17%
407.54 -0.69%
399.63 -1.94%
399.24 -0.10%
400.43 0.30%
400.46 0.01%
399.86 -0.15%
395.74 -1.03%
390.36 -1.36%
388.21 -0.55%
383.87 -1.12%
380.76 -0.81%
373.95 -1.79%
367.07 -1.84%
370.99 1.07%
379 2.16%
382.09 0.82%
386.61 1.18%
384.53 -0.54%
384.29 -0.06%
384.12 -0.04%
384.92 0.21%
387.72 0.73%
386.92 -0.21%
387.99 0.28%
388.07 0.02%
387.24 -0.21%
382.53 -1.22%
380.03 -0.65%
382.75 0.72%
389.39 1.73%
389.68 0.07%
386.98 -0.69%
388.57 0.41%
386.93 -0.42%
388.56 0.42%
387.95 -0.16%
385.49 -0.63%
387.85 0.61%
394.94 1.83%
398.58 0.92%
401.08 0.63%
400.07 -0.25%
400.42 0.09%
398.36 -0.51%
394.05 -1.08%
389.47 -1.16%
390.69 0.31%
395.59 1.25%
396.13 0.14%
397.23 0.28%
395.1 -0.54%
392.87 -0.56%
390.99 -0.48%
388.97 -0.52%
393.78 1.24%
399.35 1.41%
398.47 -0.22%
397.85 -0.16%
398.79 0.24%
398.91 0.03%
398.62 -0.07%
398.08 -0.14%
399.85 0.44%
400.7 0.21%
401.29 0.15%
400.41 -0.22%
399.8 -0.15%
398.41 -0.35%
394.58 -0.96%
394.68 0.03%
392.41 -0.58%
388.47 -1.00%
382.75 -1.47%
382.13 -0.16%
385.1 0.78%
380.85 -1.10%
381.28 0.11%
383.34 0.54%
386.66 0.87%
389.36 0.70%
391.8 0.63%
394.14 0.60%
394.8 0.17%
393.52 -0.32%
388.97 -1.16%
387.36 -0.41%
392.1 1.22%
394.25 0.55%
398.35 1.04%
402.42 1.02%
402.58 0.04%
406.98 1.09%
407.56 0.14%
414.65 1.74%
418.29 0.88%
419.72 0.34%
423.15 0.82%
420.64 -0.59%
420.42 -0.05%
425.66 1.25%
421.23 -1.04%
416.63 -1.09%
420.39 0.90%
422.8 0.57%
424.81 0.48%
427.66 0.67%
430.12 0.58%
431.21 0.25%
428.38 -0.66%
424.11 -1.00%
423.42 -0.16%
424.9 0.35%
424.24 -0.16%
421.22 -0.71%
415.13 -1.45%
420.51 1.30%
421.05 0.13%
418.09 -0.70%
420.66 0.61%
421.58 0.22%
425.23 0.87%
424.54 -0.16%
424.83 0.07%
422.84 -0.47%
422.37 -0.11%
423.79 0.34%
422.85 -0.22%
420.07 -0.66%
418.85 -0.29%
414.41 -1.06%
412.83 -0.38%
413.71 0.21%
413.05 -0.16%
411.25 -0.44%
408.14 -0.76%
405.76 -0.58%
403.69 -0.51%
400.43 -0.81%
404.01 0.89%
403.39 -0.15%
405.27 0.47%
401.71 -0.88%
399.99 -0.43%
401.76 0.44%
405.2 0.86%
403.65 -0.38%
408.31 1.15%
409.63 0.32%
410.52 0.22%
409.04 -0.36%
405.56 -0.85%
397.32 -2.03%
402.73 1.36%
402.3 -0.11%
402.15 -0.04%
399.02 -0.78%
390.65 -2.10%
384.54 -1.56%
373.61 -2.84%
381.2 2.03%
387.03 1.53%
391.58 1.18%
391.86 0.07%
390.1 -0.45%
392.19 0.54%
392.76 0.15%
390.64 -0.54%
391.94 0.33%
387.84 -1.05%
385.45 -0.62%
380.06 -1.40%
370.72 -2.46%
369.56 -0.31%
373.24 1.00%
371.72 -0.41%
374.56 0.76%
370.27 -1.15%
371.03 0.21%
371.61 0.16%
369.22 -0.64%
369.6 0.10%
371.29 0.46%
367.05 -1.14%
359.6 -2.03%
360.46 0.24%
360.7 0.07%
357.59 -0.86%
354.12 -0.97%
350.64 -0.98%
345.92 -1.35%
338.5 -2.15%
319.74 -5.54%
326.59 2.14%
325.26 -0.41%
337.22 3.68%
339.09 0.55%
338.46 -0.19%
330.98 -2.21%
329.44 -0.47%
332.38 0.89%
326.85 -1.66%
323.28 -1.09%
328.75 1.69%
335.55 2.07%
333.12 -0.72%
332.93 -0.06%
334.93 0.60%
334.69 -0.07%
340.67 1.79%
341.91 0.36%
342.12 0.06%
337.75 -1.28%
333.75 -1.18%
327.95 -1.74%
325.44 -0.77%
327.27 0.56%
323.63 -1.11%
321.64 -0.61%
327.47 1.81%
328.96 0.46%
333.53 1.39%
340.88 2.20%
343.01 0.62%
351.32 2.42%
349.68 -0.47%
354.64 1.42%
356.9 0.64%
352.47 -1.24%
350.4 -0.59%
356.35 1.70%
357.16 0.23%
357.6 0.12%
356.89 -0.20%
353.96 -0.82%
354.67 0.20%
358.62 1.11%
359.02 0.11%
357.42 -0.45%
356.72 -0.20%
351.27 -1.53%
352.32 0.30%
353.05 0.21%
356.85 1.08%
360.19 0.94%
358.82 -0.38%
354.71 -1.15%
351.12 -1.01%
347.55 -1.02%
347.45 -0.03%
347.81 0.10%
342.58 -1.50%
341.22 -0.40%
344.94 1.09%
344.38 -0.16%
349.89 1.60%
352.75 0.82%
351.79 -0.27%
350.21 -0.45%
348.69 -0.43%
348.98 0.08%
344.51 -1.28%
341.82 -0.78%
345.57 1.10%
345.03 -0.16%
344.21 -0.24%
341.65 -0.74%
340.73 -0.27%
335.73 -1.47%
335.03 -0.21%
332.34 -0.80%
324.67 -2.31%
324.34 -0.10%
328.28 1.21%
331.94 1.11%
335.98 1.22%
332.66 -0.99%
333.29 0.19%
334.1 0.24%
337.77 1.10%
338.15 0.11%
338.36 0.06%
337.09 -0.38%
337.4 0.09%
334.32 -0.91%
335.55 0.37%
335.71 0.05%
325.14 -3.15%
325.35 0.06%
322.12 -0.99%
312.4 -3.02%
312.71 0.10%
305.73 -2.23%
305.54 -0.06%
306.84 0.43%
304.85 -0.65%
298.34 -2.14%
295.79 -0.85%
300.29 1.52%
291.77 -2.84%
290.03 -0.60%
298.17 2.81%
299.99 0.61%
297.44 -0.85%
299.46 0.68%
301.94 0.83%
310.48 2.83%
310.41 -0.02%
305.28 -1.65%
302.54 -0.90%
309.04 2.15%
308.65 -0.13%
306.1 -0.83%
304.11 -0.65%
304.44 0.11%
297.76 -2.19%
297.71 -0.02%
303.97 2.10%
306.11 0.70%
308.6 0.81%
312.59 1.29%
311 -0.51%
315.32 1.39%
312.77 -0.81%
309.57 -1.02%
308.54 -0.33%
311.02 0.80%
311.43 0.13%
317.59 1.98%
323.73 1.93%
327.59 1.19%
332.53 1.51%
334.3 0.53%
331.6 -0.81%
332.06 0.14%
332.16 0.03%
336.39 1.27%
337.24 0.25%
331.45 -1.72%
332.17 0.22%
342.21 3.02%
346.09 1.13%
347.55 0.42%
347.49 -0.02%
343.94 -1.02%
341.04 -0.84%
340.67 -0.11%
340.67 0.00%
340.97 0.09%
349.02 2.36%
350.35 0.38%
347.3 -0.87%
347.05 -0.07%
341.96 -1.47%
340.45 -0.44%
340.09 -0.11%
343.69 1.06%
346.92 0.94%
349.47 0.74%
355.75 1.80%
355.92 0.05%
355.88 -0.01%
355.04 -0.24%
358.64 1.01%
357.56 -0.30%
358.46 0.25%
355.37 -0.86%
352.78 -0.73%
354.31 0.43%
354.45 0.04%
355.09 0.18%
354.04 -0.30%
352.2 -0.52%
345.71 -1.84%
342.88 -0.82%
341.33 -0.45%
339.36 -0.58%
337.76 -0.47%
340.53 0.82%
340.9 0.11%
340.06 -0.25%
336.26 -1.12%
337.53 0.38%
339.08 0.46%
336.42 -0.78%
331.13 -1.57%
332.88 0.53%
333.65 0.23%
334.67 0.31%
338.21 1.06%
340 0.53%
342.48 0.73%
342.88 0.12%
342.65 -0.07%
342.49 -0.05%
343.17 0.20%
346.35 0.93%
349.83 1.00%
353.96 1.18%
356.34 0.67%
354.04 -0.65%
348.75 -1.49%
343.49 -1.51%
340.79 -0.79%
343.32 0.74%
339.93 -0.99%
342.94 0.89%
348.52 1.63%
350.14 0.46%
351.81 0.48%
354.73 0.83%
343.62 -3.13%
339.59 -1.17%
344.11 1.33%
351.35 2.10%
356.15 1.37%
357.66 0.42%
359.65 0.56%
355.15 -1.25%
351.42 -1.05%
353.92 0.71%
355.36 0.41%
362.07 1.89%
365.67 0.99%
366.28 0.17%
370.2 1.07%
370.53 0.09%
371.57 0.28%
370.88 -0.19%
372.52 0.44%
372.64 0.03%
372.12 -0.14%
371.95 -0.05%
372.14 0.05%
373.68 0.41%
374.15 0.13%
373.37 -0.21%
376.31 0.79%
374.44 -0.50%
371.82 -0.70%
375.02 0.86%
378.8 1.01%
382.82 1.06%
384.39 0.41%
385.27 0.23%
387.5 0.58%
388.84 0.35%
391.7 0.74%
391.22 -0.12%
389.35 -0.48%
392.12 0.71%
389.64 -0.63%
387.41 -0.57%
387.63 0.06%
384.05 -0.92%
384.41 0.09%
386.31 0.49%
384.14 -0.56%
385.41 0.33%
383.27 -0.56%
382.73 -0.14%
386.41 0.96%
389.59 0.82%
395.71 1.57%
396.49 0.20%
397.2 0.18%
390.33 -1.73%
383.23 -1.82%
381.22 -0.52%
381.13 -0.02%
383.16 0.53%
381.67 -0.39%
386.51 1.27%
386.73 0.06%
389.61 0.74%
395.34 1.47%
393.85 -0.38%
388.74 -1.30%
390.34 0.41%
391.32 0.25%
390.96 -0.09%
387.68 -0.84%
391.73 1.04%
393.59 0.47%
393.83 0.06%
393.99 0.04%
393.18 -0.21%
394.46 0.33%
390.07 -1.11%
388.71 -0.35%
384.05 -1.20%
386.85 0.73%
385.6 -0.32%
391.36 1.49%
393.17 0.46%
393.41 0.06%
393.27 -0.04%
395.88 0.66%
396.16 0.07%
393.31 -0.72%
391.2 -0.54%
390.34 -0.22%
391.13 0.20%
389.8 -0.34%
384.89 -1.26%
381.87 -0.78%
379.76 -0.55%
386.01 1.65%
388.78 0.72%
380.47 -2.14%
378.03 -0.64%
367.23 -2.86%
363.59 -0.99%
364.48 0.24%
366.6 0.58%
366.7 0.03%
365.77 -0.25%
367.11 0.37%
370.51 0.93%
369.43 -0.29%
368.21 -0.33%
369.94 0.47%
372.74 0.76%
370.83 -0.51%
372.58 0.47%
370.22 -0.63%
368.42 -0.49%
369.1 0.18%
371.75 0.72%
374.46 0.73%
378.25 1.01%
378.12 -0.03%
375.6 -0.67%
377.62 0.54%
375.58 -0.54%
369.74 -1.55%
368.84 -0.24%
366.46 -0.65%
366.34 -0.03%
366.84 0.14%
363.2 -0.99%
363.32 0.03%
363.32 0.00%
364.5 0.32%
368.08 0.98%
371.28 0.87%
373.45 0.58%
373.28 -0.05%
375.37 0.56%
377.01 0.44%
381.4 1.16%
381.05 -0.09%
380.15 -0.24%
383.03 0.76%
382.7 -0.09%
386.59 1.02%
386.37 -0.06%
383.97 -0.62%
386.03 0.54%
387.21 0.31%
385.97 -0.32%
385.37 -0.16%
389.21 1.00%
392.42 0.82%
393.76 0.34%
394.85 0.28%
394.74 -0.03%
393.46 -0.32%
392.62 -0.21%
394.23 0.41%
395.33 0.28%
397.28 0.49%
398.59 0.33%
397.78 -0.20%
399.34 0.39%
401.32 0.50%
403.47 0.54%
406.13 0.66%
405.14 -0.24%
408.59 0.85%
410.31 0.42%
407.75 -0.62%
409.83 0.51%
410.22 0.10%
412.36 0.52%
412.82 0.11%
409.17 -0.88%
408.27 -0.22%
406.21 -0.50%
407.31 0.27%
406.01 -0.32%
405.05 -0.24%
406.68 0.40%
406.88 0.05%
405.82 -0.26%
401.15 -1.15%
402.24 0.27%
406.5 1.06%
407.14 0.16%
408.79 0.41%
417.01 2.01%
417.65 0.15%
420.24 0.62%
419.66 -0.14%
417.3 -0.56%
418.06 0.18%
418.91 0.20%
416.9 -0.48%
418.9 0.48%
419.66 0.18%
419.17 -0.12%
414.91 -1.02%
417.74 0.68%
418.34 0.14%
420.56 0.53%
418.78 -0.42%
418.22 -0.13%
417.34 -0.21%
416.43 -0.22%
417.61 0.28%
418.63 0.24%
417.68 -0.23%
419.06 0.33%
416.88 -0.52%
415 -0.45%
417.18 0.53%
417.93 0.18%
421.66 0.89%
425.89 1.00%
425.59 -0.07%
424.47 -0.26%
424.31 -0.04%
425.12 0.19%
428.02 0.68%
426.83 -0.28%
423.82 -0.71%
422.72 -0.26%
424 0.30%
426.12 0.50%
429.34 0.76%
430.4 0.25%
431.54 0.26%
435.13 0.83%
436.74 0.37%
433.91 -0.65%
424.45 -2.18%
428.29 0.90%
430.49 0.51%
430.66 0.04%
430.96 0.07%
434.24 0.76%
435.53 0.30%
434.72 -0.19%
433.99 -0.17%
431.41 -0.59%
433.04 0.38%
435.39 0.54%
436.4 0.23%
435.7 -0.16%
436.52 0.19%
437.85 0.30%
436.89 -0.22%
433.76 -0.72%
434.2 0.10%
435.54 0.31%
431.26 -0.98%
431.71 0.10%
435.5 0.88%
433.12 -0.55%
433.47 0.08%
434.17 0.16%
435.09 0.21%
438.64 0.82%
437.26 -0.31%
436 -0.29%
436.51 0.12%
435.79 -0.16%
437.9 0.48%
435.43 -0.56%
436.56 0.26%
435.92 -0.15%
434.74 -0.27%
437.41 0.61%
440.76 0.77%
446.07 1.20%
450.21 0.93%
452.92 0.60%
454.42 0.33%
455.02 0.13%
458.31 0.72%
457.87 -0.10%
457.47 -0.09%
459.05 0.35%
458.6 -0.10%
459.53 0.20%
462 0.54%
461.41 -0.13%
462.66 0.27%
463.92 0.27%
464.43 0.11%
463.53 -0.19%
464.78 0.27%
468.52 0.80%
469.67 0.25%
466.68 -0.64%
460.79 -1.26%
456.06 -1.03%
460.25 0.92%
459.81 -0.10%
463.22 0.74%
463.97 0.16%
462.52 -0.31%
464.35 0.40%
467.79 0.74%
469.13 0.29%
472 0.61%
473.65 0.35%
473.89 0.05%
472.44 -0.31%
475.56 0.66%
476.73 0.25%
478.86 0.45%
476.67 -0.46%
477.83 0.24%
477.64 -0.04%
479.93 0.48%
480.24 0.06%
483.84 0.75%
484.92 0.22%
483.84 -0.22%
483.85 0.00%
484.75 0.19%
487.69 0.61%
486.37 -0.27%
487.3 0.19%
485.76 -0.32%
483.2 -0.53%
475.12 -1.67%
472.56 -0.54%
471.85 -0.15%
469.96 -0.40%
474.1 0.88%
474.79 0.15%
481.17 1.34%
483.75 0.54%
484.41 0.14%
484.52 0.02%
483.22 -0.27%
486.9 0.76%
487.66 0.16%
489.43 0.36%
491.61 0.45%
494.13 0.51%
490.96 -0.64%
491.42 0.09%
487.63 -0.77%
488.44 0.17%
486.55 -0.39%
485.4 -0.24%
485.94 0.11%
483.84 -0.43%
483.93 0.02%
485.74 0.37%
486.44 0.14%
489.34 0.60%
488.9 -0.09%
487.95 -0.19%
490.46 0.51%
491.41 0.19%
491.64 0.05%
491.33 -0.06%
489.2 -0.43%
487 -0.45%
484.7 -0.47%
481.1 -0.74%
486.27 1.07%
491.14 1.00%
491.47 0.07%
497.64 1.26%
499.59 0.39%
498 -0.32%
498.93 0.19%
496.63 -0.46%
496.92 0.06%
494.41 -0.51%
487.76 -1.35%
485.19 -0.53%
487 0.37%
484.81 -0.45%
478.52 -1.30%
478.18 -0.07%
482.7 0.95%
486.95 0.88%
483.45 -0.72%
486.05 0.54%
487.45 0.29%
486.7 -0.15%
492.33 1.16%
492.88 0.11%
493.65 0.16%
496.4 0.56%
498.96 0.52%
498.93 -0.01%
498.43 -0.10%
500.76 0.47%
503.87 0.62%
506.47 0.52%
506.16 -0.06%
514.64 1.68%
517.6 0.58%
522.31 0.91%
525.31 0.57%
527.64 0.44%
527.26 -0.07%
525.33 -0.37%
525.68 0.07%
529.61 0.75%
530.32 0.13%
532.35 0.38%
535.56 0.60%
537.66 0.39%
540.21 0.47%
544.44 0.78%
549.11 0.86%
552.88 0.69%
553.58 0.13%
558.13 0.82%
554.91 -0.58%
547.17 -1.39%
549.96 0.51%
547.83 -0.39%
540.84 -1.28%
532.07 -1.62%
516.7 -2.89%
517.2 0.10%
512.37 -0.93%
504.47 -1.54%
508.42 0.78%
512.65 0.83%
520.96 1.62%
529.07 1.56%
527.9 -0.22%
527.22 -0.13%
525.41 -0.34%
532.5 1.35%
529.71 -0.52%
535.87 1.16%
537.79 0.36%
533.2 -0.85%
527.28 -1.11%
526.02 -0.24%
521.99 -0.77%
519.77 -0.43%
525.89 1.18%
522.92 -0.56%
524.74 0.35%
529.38 0.88%
535.39 1.14%
535.57 0.03%
533.27 -0.43%
532.23 -0.20%
530.58 -0.31%
526.88 -0.70%
528.83 0.37%
529.28 0.09%
523.11 -1.17%
514.81 -1.59%
519.17 0.85%
519.91 0.14%
510.89 -1.73%
513.39 0.49%
513.98 0.11%
513.36 -0.12%
513.97 0.12%
508.55 -1.05%
512.85 0.85%
512.05 -0.16%
511.54 -0.10%
517.01 1.07%
517.46 0.09%
518.28 0.16%
515.12 -0.61%
511.98 -0.61%
512.11 0.03%
516.47 0.85%
519.24 0.54%
513.17 -1.17%
508.4 -0.93%
507.81 -0.12%
501.59 -1.22%
502.27 0.14%
506.86 0.91%
509.78 0.58%
508.84 -0.18%
505.09 -0.74%
499.21 -1.16%
499.46 0.05%
500.87 0.28%
502.13 0.25%
503.24 0.22%
507.69 0.88%
510.89 0.63%
513.11 0.43%
505.74 -1.44%
507.86 0.42%
503.91 -0.78%
500.32 -0.71%
500 -0.06%
502.85 0.57%
497.38 -1.09%
498.62 0.25%
499.49 0.17%
499.86 0.07%
495.41 -0.89%
491.8 -0.73%
495.09 0.67%
498.75 0.74%
505.38 1.33%
503.51 -0.37%
506.62 0.62%
506.08 -0.11%
500.8 -1.04%
502.49 0.34%
503.31 0.16%
500.83 -0.49%
498.16 -0.53%
493.78 -0.88%
491.33 -0.50%
482.28 -1.84%
485.44 0.66%
480.28 -1.06%
482.86 0.54%
476.18 -1.38%
474.71 -0.31%
467.34 -1.55%
465.87 -0.31%
475.81 2.13%
473.01 -0.59%
472.01 -0.21%
471.61 -0.08%
471.38 -0.05%
473.74 0.50%
481.22 1.58%
481.85 0.13%
477.19 -0.97%
480.86 0.77%
482.22 0.28%
479.98 -0.46%
480.55 0.12%
480.03 -0.11%
476.17 -0.80%
480.34 0.88%
480.74 0.08%
486.49 1.20%
490.49 0.82%
489.97 -0.11%
491.36 0.28%
490.46 -0.18%
489.16 -0.27%
488.89 -0.06%
481.19 -1.57%
483.98 0.58%
482.75 -0.25%
486.44 0.76%
485.86 -0.12%
485.2 -0.14%
478.65 -1.35%
469.87 -1.83%
469.3 -0.12%
460.08 -1.96%
459.99 -0.02%
460.17 0.04%
465.21 1.10%
469.2 0.86%
471.67 0.53%
470.36 -0.28%
470.8 0.09%
479.29 1.80%
479.47 0.04%
478.87 -0.13%
472.64 -1.30%
471.97 -0.14%
468.1 -0.82%
464.06 -0.86%
456.53 -1.62%
455.32 -0.27%
457.67 0.52%
451.42 -1.37%
447.69 -0.83%
448.84 0.26%
454.91 1.35%
458.79 0.85%
454.22 -1.00%
455.13 0.20%
460.08 1.09%
462.12 0.44%
468.17 1.31%
463.32 -1.04%
463.05 -0.06%
465.19 0.46%
466.8 0.35%
465.53 -0.27%
464.98 -0.12%
460.58 -0.95%
461.32 0.16%
450.88 -2.26%
445.86 -1.11%
443.9 -0.44%
442.78 -0.25%
439.59 -0.72%
427.86 -2.67%
438.42 2.47%
435.68 -0.62%
441.65 1.37%
440.16 -0.34%
435.14 -1.14%
434.54 -0.14%
439.33 1.10%
430.77 -1.95%
427.34 -0.80%
426.56 -0.18%
423.12 -0.81%
421.13 -0.47%
421.19 0.01%
430.15 2.13%
438.38 1.91%
447.44 2.07%
446.18 -0.28%
445.69 -0.11%
449.06 0.76%
446.28 -0.62%
439.12 -1.60%
434.4 -1.07%
434.84 0.10%
436.55 0.39%
441.83 1.21%
444.74 0.66%
445.69 0.21%
438.89 -1.53%
440.94 0.47%
441.2 0.06%
438.31 -0.66%
441.06 0.63%
442.27 0.27%
447.51 1.18%
450.53 0.67%
449.98 -0.12%
458.68 1.93%
457.41 -0.28%
452.46 -1.08%
442.41 -2.22%
443.48 0.24%
434.86 -1.94%
436.15 0.30%
442.33 1.42%
445.08 0.62%
440.06 -1.13%
437.99 -0.47%
436.07 -0.44%
437.77 0.39%
435.1 -0.61%
432.91 -0.50%
431.06 -0.43%
429.7 -0.32%
430.52 0.19%
431.46 0.22%
436.12 1.08%
437.93 0.42%
Data
Region Average - Adj. Default SpreaAverage - Country Risk Premi Average - Equity Risk Premi
Africa 6.00% 7.38% 13.34%
Asia 3.24% 3.98% 9.94%
Australia & New Zealand 1.69% 2.08% 8.04%
Caribbean 4.05% 4.98% 10.94%
Central and South America 4.89% 6.02% 11.98%
Eastern Europe & Russia 3.59% 4.42% 10.38%
Middle East 2.76% 3.39% 9.35%
North America 0.00% 0.00% 5.96%
Western Europe 1.23% 1.51% 7.47%
Total Result 3.60% 4.42% 10.38%
Average - Corporate Tax Rate
29.15%
23.10%
19.33%
18.64%
27.93%
16.69%
20.23%
25.75%
20.02%
22.42%
Country GDP (in billions) Moody's rating Adj. Default SpreadTotal Risk Premium
Angola 124.21 B3 7.34% 14.99%
Benin 9.27 B1 5.08% 12.21%
Botswana 17.41 A2 0.96% 7.14%
Burkina Faso 12.87 B2 6.21% 13.60%
Cameroon 34.80 B2 6.21% 13.60%
Cape Verde 3.20 B2 6.21% 13.60%
Congo (Democratic Rep 37.24 B3 7.34% 14.99%
Congo (Republic of) 8.72 Caa2 10.16% 18.46%
Côte d'Ivoire 40.39 Ba3 4.06% 10.96%
Egypt 235.37 B3 7.34% 14.99%
Ethiopia 80.56 B1 5.08% 12.21%
Gabon 14.62 Caa1 8.46% 16.37%
Ghana 47.33 B3 7.34% 14.99%
Kenya 74.94 B2 6.21% 13.60%
Morocco 109.14 Ba1 2.82% 9.43%
Mozambique 12.33 Caa3 11.28% 19.83%
Namibia 13.24 Ba1 2.82% 9.43%
Nigeria 375.77 B2 6.21% 13.60%
Rwanda 9.14 B2 6.21% 13.60%
Senegal 16.37 Ba3 4.06% 10.96%
South Africa 349.42 Baa3 2.48% 9.02%
Swaziland 3.72 B2 6.21% 13.60%
Tanzania 52.09 B1 5.08% 12.21%
Tunisia 40.26 B2 6.21% 13.60%
Uganda 25.89 B2 6.21% 13.60%
Zambia 25.81 Caa1 8.46% 16.37%
Africa 1774.1156030028 5.42% 12.63%
Bangladesh 249.72 Ba3 4.06% 10.96%
Cambodia 22.16 B2 6.21% 13.60%
China 12237.70 A1 0.79% 6.94%
Fiji 5.06 Ba3 4.06% 10.96%
Hong Kong 341.45 Aa2 0.56% 6.65%
India 2597.49 Baa2 2.15% 8.60%
Indonesia 1015.54 Baa2 2.15% 8.60%
Japan 4872.14 A1 0.79% 6.94%
Korea 1530.75 Aa2 0.56% 6.65%
Macao 62.40 Aa3 0.68% 6.80%
Malaysia 314.50 A3 1.35% 7.63%
Maldives 4.60 B2 6.21% 13.60%
Mauritius 13.34 Baa1 1.80% 8.18%
Mongolia 11.49 B3 7.34% 14.99%
Pakistan 304.95 B3 7.34% 14.99%
Papua New Guinea 21.09 B2 6.21% 13.60%
Philippines 313.60 Baa2 2.15% 8.60%
Singapore 323.91 Aaa 0.00% 5.96%
Solomon Islands 1.30 B3 7.34% 14.99%
Sri Lanka 87.17 B1 5.08% 12.21%
Taiwan 970.90 Aa3 1.80% 8.18%
Thailand 455.22 Baa1 1.80% 8.18%
Vietnam 223.86 Ba3 4.06% 10.96%
Asia 25980.341108484 1.20% 7.43%
Australia 1323.42 Aaa 0.00% 5.96%
Cook Islands 1.20 B1 5.08% 12.21%
New Zealand 205.85 Aaa 0.00% 5.96%
Australia & New Zeala 1530.4728382547 0.00% 5.96%
Aruba 3.00 Baa1 1.80% 8.18%
Bahamas 12.16 Baa3 2.48% 9.02%
Barbados 4.80 Caa3 11.28% 19.83%
Bermuda 6.20 A2 0.96% 7.14%
Cayman Islands 1.90 Aa3 0.68% 6.80%
Cuba 81.60 Caa2 10.16% 18.46%
Curacao 1.00 A3 1.35% 7.63%
Dominican Republic 75.93 Ba3 4.06% 10.96%
Jamaica 14.77 B3 7.34% 14.99%
Montserrat 1.50 Baa3 2.48% 9.02%
St. Maarten 1.50 Baa2 2.15% 8.60%
St. Vincent & the Gren 0.77 B3 7.34% 14.99%
Trinidad and Tobago 22.10 Ba1 2.82% 9.43%
Turks and Caicos Islan 1.50 Baa1 1.80% 8.18%
Caribbean 228.73456755554 6.22% 13.61%
Argentina 637.59 B2 6.21% 13.60%
Belize 1.84 B3 7.34% 14.99%
Bolivia 37.51 Ba3 4.06% 10.96%
Brazil 2055.51 Ba2 3.39% 10.13%
Chile 277.08 A1 0.79% 6.94%
Colombia 309.19 Baa2 2.15% 8.60%
Costa Rica 57.06 B1 5.08% 12.21%
Ecuador 103.06 B3 7.34% 14.99%
El Salvador 24.81 Caa1 8.46% 16.37%
Guatemala 75.62 Ba1 2.82% 9.43%
Honduras 22.98 B1 5.08% 12.21%
Mexico 1149.92 A3 1.35% 7.63%
Nicaragua 13.81 B2 6.21% 13.60%
Panama 61.84 Baa2 2.15% 8.60%
Paraguay 29.73 Ba1 2.82% 9.43%
Peru 211.39 A3 1.35% 7.63%
Suriname 3.32 B2 6.21% 13.60%
Uruguay 56.16 Baa2 2.15% 8.60%
Venezuela 250.00 C 18.00% 28.10%
Central and South Ame5378.4076460377 3.78% 10.61%
Albania 13.04 B1 5.08% 12.21%
Armenia 11.54 B1 5.08% 12.21%
Azerbaijan 40.75 Ba2 3.39% 10.13%
Belarus 54.44 B3 7.34% 14.99%
Bosnia and Herzegovin 18.17 B3 7.34% 14.99%
Bulgaria 56.83 Baa2 2.15% 8.60%
Croatia 54.85 Ba2 3.39% 10.13%
Czech Republic 215.73 A1 0.79% 6.94%
Estonia 25.92 A1 0.79% 6.94%
Georgia 15.16 Ba2 3.39% 10.13%
Hungary 139.14 Baa3 2.48% 9.02%
Kazakhstan 159.41 Baa3 2.48% 9.02%
Kyrgyzstan 7.56 B2 6.21% 13.60%
Latvia 30.26 A3 1.35% 7.63%
Lithuania 47.17 A3 1.35% 7.63%
Macedonia 50.36 Ba3 4.06% 10.96%
Moldova 8.13 B3 7.34% 14.99%
Montenegro 4.77 B1 5.08% 12.21%
Poland 524.51 A2 0.96% 7.14%
Romania 211.80 Baa3 2.48% 9.02%
Russia 1577.52 Ba1 2.82% 9.43%
Serbia 41.43 Ba3 4.06% 10.96%
Slovakia 95.77 A2 0.96% 7.14%
Slovenia 48.77 Baa1 1.80% 8.18%
Tajikistan 7.15 B3 2.82% 9.43%
Ukraine 112.15 Caa2 10.16% 18.46%
Eastern Europe & Russ3572.3370432335 2.66% 9.24%
Abu Dhabi 415.00 Aa2 0.56% 6.65%
Bahrain 35.31 B2 6.21% 13.60%
Iraq 197.72 Caa1 8.46% 16.37%
Israel 350.85 A1 0.79% 6.94%
Jordan 40.07 B1 5.08% 12.21%
Kuwait 120.13 Aa2 0.56% 6.65%
Lebanon 51.84 B3 7.34% 14.99%
Oman 72.64 Baa3 2.48% 9.02%
Qatar 167.61 Aa3 0.68% 6.80%
Ras Al Khaimah (Emira 5.20 A2 0.96% 7.14%
Saudi Arabia 683.83 A1 0.79% 6.94%
Sharjah 5.00 A3 1.35% 7.63%
United Arab Emirates 382.58 Aa2 0.56% 6.65%
Middle East 2527.7654496956 1.63% 7.96%
Canada 1653.04 Aaa 0.00% 5.96%
United States 19390.60 Aaa 0.00% 5.96%
North America 21043.646795255 0.00% 5.96%
Andorra (Principality o 3.01 Baa2 2.15% 8.60%
Austria 416.60 Aa1 0.45% 6.51%
Belgium 492.68 Aa3 0.68% 6.80%
Cyprus 21.65 Ba2 3.39% 10.13%
Denmark 324.87 Aaa 0.00% 5.96%
Finland 251.88 Aa1 0.45% 6.51%
France 2582.50 Aa2 0.56% 6.65%
Germany 3677.44 Aaa 0.00% 5.96%
Greece 200.29 B3 7.34% 14.99%
Guernsey (States of) 0.50 Aa3 0.68% 6.80%
Iceland 23.91 A3 1.35% 7.63%
Ireland 333.73 A2 0.96% 7.14%
Isle of Man 7.40 Aa2 0.56% 6.65%
Italy 1934.80 Baa3 2.48% 9.02%
Jersey (States of) 1.00 Aa3 0.68% 6.80%
Liechtenstein 6.70 Aaa 0.00% 5.96%
Luxembourg 62.40 Aaa 0.00% 5.96%
Malta 12.54 A3 1.35% 7.63%
Netherlands 826.20 Aaa 0.00% 5.96%
Norway 398.83 Aaa 0.00% 5.96%
Portugal 217.57 Baa3 2.48% 9.02%
Spain 1311.32 Baa1 1.80% 8.18%
Sweden 538.04 Aaa 0.00% 5.96%
Switzerland 678.89 Aaa 0.00% 5.96%
Turkey 851.10 Ba3 4.06% 10.96%
United Kingdom 2622.43 Aa2 0.56% 6.65%
Western Europe 17798.295070152 0.93% 7.11%
Region Weighted Average: TRP Weighted Average: CRP
Weighted Average: Default Spreads Tax Rate
Africa 12.63% 6.67% 5.42% 28.53%
Asia 7.43% 1.47% 1.20% 26.65%
Australia & New Zealand 5.96% 0.00% 0.00% 29.71%
Caribbean 13.61% 7.65% 6.22% 23.09%
Central and South America 10.61% 4.65% 3.78% 31.22%
Eastern Europe & Russia 9.24% 3.28% 2.66% 18.52%
Middle East 7.96% 2.00% 1.63% 29.60%
North America 5.96% 0.00% 0.00% 25.12%
Western Europe 7.11% 1.15% 0.93% 22.27%
Global 7.39% 1.43% 1.16% 25.40%
For updating industry average spreadsheets

ERP Default Spread Tax rate
Africa & Mid East 9.51% 2.89% 29.25%
Australia, NZ & Canada 5.96% 0.00% 28.04%
Latin America & Caribbean 10.74% 3.32% 27.15%
Japan 6.94% 0.79% 30.86%
US 5.96% 0.00% 25.00%
Europe 7.11% 0.93% 22.29%
Emerging Markets 8.53% 1.85% 26.79%
Small Asia (No India, China & 8.31% 1.71% 20.00%
India 9.05% 2.20% 35.00%
China 6.94% 0.60% 25.00%
Global 7.39% 1.16% 30.00%
Country Risk Premium Corporate Tax Rate Region GDP Weight
9.03% 30.00% Africa 7.00%
6.25% 30.00% Africa 0.52%
1.18% 22.00% Africa 0.98%
7.64% 28.00% Africa 0.73%
7.64% 33.00% Africa 1.96%
7.64% 28.00% Africa 0.18%
9.03% 35.00% Africa 2.10%
12.50% 28.00% Africa 0.49%
5.00% 25.00% Africa 2.28%
9.03% 23.00% Africa 13.27%
6.25% 30.00% Africa 4.54%
10.41% 30.00% Africa 0.82%
9.03% 25.00% Africa 2.67%
7.64% 30.00% Africa 4.22%
3.47% 31.00% Africa 6.15%
13.87% 32.00% Africa 0.70%
3.47% 32.00% Africa 0.75%
7.64% 30.00% Africa 21.18%
7.64% 30.00% Africa 0.51%
5.00% 30.00% Africa 0.92%
3.06% 28.00% Africa 19.70%
7.64% 28.00% Africa 0.21%
6.25% 30.00% Africa 2.94%
7.64% 25.00% Africa 2.27%
7.64% 30.00% Africa 1.46%
10.41% 35.00% Africa 1.45%
6.67% 28.53% 100.00%
5.00% 25.00% Asia 0.96%
7.64% 20.00% Asia 0.09%
0.98% 25.00% Asia 47.10%
5.00% 20.00% Asia 0.02%
0.69% 16.50% Asia 1.31%
2.64% 35.00% Asia 10.00%
2.64% 25.00% Asia 3.91%
0.98% 30.86% Asia 18.75%
0.69% 25.00% Asia 5.89%
0.84% 12.00% Asia 0.24%
1.67% 24.00% Asia 1.21%
7.64% 0.00% Asia 0.02%
2.22% 15.00% Asia 0.05%
9.03% 33.00% Asia 0.04%
9.03% 30.00% Asia 1.17%
7.64% 30.00% Asia 0.08%
2.64% 30.00% Asia 1.21%
0.00% 17.00% Asia 1.25%
9.03% 30.00% Asia 0.01%
6.25% 28.00% Asia 0.34%
2.22% 20.00% Asia 3.74%
2.22% 20.00% Asia 1.75%
5.00% 20.00% Asia 0.86%
1.47% 26.65% 100.00%
0.00% 30.00% Australia & New Zealand 86.47%
0.00% 29.71%
2.22% 25.00% Caribbean 1.31%
3.06% 0.00% Caribbean 5.32%
13.87% 30.00% Caribbean 2.10%
1.18% 0.00% Caribbean 2.71%
0.84% 0.00% Caribbean 0.83%
12.50% 24.00% Caribbean 35.67%
1.67% 22.00% Caribbean 0.44%
5.00% 27.00% Caribbean 33.20%
9.03% 25.00% Caribbean 6.46%
3.06% 27.98% Caribbean 0.66%
2.64% 35.00% Caribbean 0.66%
9.03% 20.00% Caribbean 0.34%
3.47% 25.00% Caribbean 9.66%
2.22% 0.00% Caribbean 0.66%
7.65% 23.09% 100.00%
7.64% 30.00% Central and South America 11.85%
4.65% 31.22% 100.00%
6.25% 15.00% Eastern Europe & Russia 0.37%
3.28% 18.52% 100.00%
0.69% 55.00% Middle East 16.42%
7.64% 0.00% Middle East 1.40%
10.41% 15.00% Middle East 7.82%
0.98% 23.00% Middle East 13.88%
6.25% 20.00% Middle East 1.59%
0.69% 15.00% Middle East 4.75%
9.03% 15.00% Middle East 2.05%
3.06% 15.00% Middle East 2.87%
0.84% 10.00% Middle East 6.63%
1.18% 0.00% Middle East 0.21%
0.98% 20.00% Middle East 27.05%
1.67% 20.00% Middle East 0.20%
0.69% 55.00% Middle East 15.13%
2.00% 29.60% 100.00%
0.00% 26.50% North America 7.86%
0.00% 25.00% North America 92.14%
0.00% 25.12%
2.64% 10.00% Western Europe 0.02%
0.55% 25.00% Western Europe 2.34%
0.84% 29.00% Western Europe 2.77%
4.17% 12.50% Western Europe 0.12%
0.00% 22.00% Western Europe 1.83%
0.55% 20.00% Western Europe 1.42%
0.69% 33.00% Western Europe 14.51%
0.00% 15.00% Western Europe 20.66%
9.03% 29.00% Western Europe 1.13%
0.84% 0.00% Western Europe 0.00%
1.67% 20.00% Western Europe 0.13%
1.18% 12.50% Western Europe 1.88%
0.69% 0.00% Western Europe 0.04%
3.06% 24.00% Western Europe 10.87%
0.84% 20.00% Western Europe 0.01%
0.00% 12.50% Western Europe 0.04%
0.00% 26.01% Western Europe 0.35%
1.67% 35.00% Western Europe 0.07%
0.00% 25.00% Western Europe 4.64%
0.00% 23.00% Western Europe 2.24%
3.06% 21.00% Western Europe 1.22%
2.22% 25.00% Western Europe 7.37%
0.00% 22.00% Western Europe 3.02%
0.00% 18.00% Western Europe 3.81%
5.00% 22.00% Western Europe 4.78%
0.69% 19.00% Western Europe 14.73%
1.15% 22.27% 100.00%
Total GDP Weight Weight *ERP Weight*CRP
1774.11560300281 2.22% 0.28% 0.15%
25980.3411084837 32.54% 2.42% 0.48%
1530.47283825471 1.92% 0.11% 0.00%
228.734567555534 0.29% 0.04% 0.02%
5378.40764603766 6.74% 0.72% 0.31%
3572.33704323353 4.47% 0.41% 0.15%
2527.76544969561 3.17% 0.25% 0.06%
21043.646795255 26.36% 1.57% 0.00%
17798.2950701523 22.29% 1.59% 0.26%
79834.1161216708
Weigth*Default SpreadWeight*ERP Weight*CRP Weight * Tax Rate
0.51% 1.05% 0.63% 2.10%
0.03% 0.06% 0.03% 0.16%
0.01% 0.07% 0.01% 0.22%
0.05% 0.10% 0.06% 0.20%
0.12% 0.27% 0.15% 0.65%
0.01% 0.02% 0.01% 0.05%
0.15% 0.31% 0.19% 0.73%
0.05% 0.09% 0.06% 0.14%
0.09% 0.25% 0.11% 0.57%
0.97% 1.99% 1.20% 3.05%
0.23% 0.55% 0.28% 1.36%
0.07% 0.13% 0.09% 0.25%
0.20% 0.40% 0.24% 0.67%
0.26% 0.57% 0.32% 1.27%
0.17% 0.58% 0.21% 1.91%
0.08% 0.14% 0.10% 0.22%
0.02% 0.07% 0.03% 0.24%
1.32% 2.88% 1.62% 6.35%
0.03% 0.07% 0.04% 0.15%
0.04% 0.10% 0.05% 0.28%
0.49% 1.78% 0.60% 5.51%
0.01% 0.03% 0.02% 0.06%
0.15% 0.36% 0.18% 0.88%
0.14% 0.31% 0.17% 0.57%
0.09% 0.20% 0.11% 0.44%
0.12% 0.24% 0.15% 0.51%
0.04% 0.11% 0.05% 0.24%

0.01% 0.01% 0.01% 0.02%
0.37% 3.27% 0.46% 11.78%
0.00% 0.00% 0.00% 0.00%
0.01% 0.09% 0.01% 0.22%
0.21% 0.86% 0.26% 3.50%
0.08% 0.34% 0.10% 0.98%
0.15% 1.30% 0.18% 5.79%
0.03% 0.39% 0.04% 1.47%
0.00% 0.02% 0.00% 0.03%
0.02% 0.09% 0.02% 0.29%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.01%
0.00% 0.01% 0.00% 0.01%
0.09% 0.18% 0.11% 0.35%
0.01% 0.01% 0.01% 0.02%
0.03% 0.10% 0.03% 0.36%
0.00% 0.07% 0.00% 0.21%
0.00% 0.00% 0.00% 0.00%
0.02% 0.04% 0.02% 0.09%
0.07% 0.31% 0.08% 0.75%
0.03% 0.14% 0.04% 0.35%
0.03% 0.09% 0.04% 0.17%
0.00% 5.15% 0.00% 25.94%

0.00% 0.01% 0.00% 0.00%
0.00% 0.80% 0.00% 3.77%
0.02% 0.11% 0.03% 0.33%

0.13% 0.48% 0.16% 0.00%
0.24% 0.42% 0.29% 0.63%
0.03% 0.19% 0.03% 0.00%
0.01% 0.06% 0.01% 0.00%
3.62% 6.58% 4.46% 8.56%
0.01% 0.03% 0.01% 0.10%
1.35% 3.64% 1.66% 8.96%
0.47% 0.97% 0.58% 1.61%
0.02% 0.06% 0.02% 0.18%
0.01% 0.06% 0.02% 0.23%
0.02% 0.05% 0.03% 0.07%
0.27% 0.91% 0.34% 2.42%
0.01% 0.05% 0.01% 0.00%
7.65%
0.74% 1.61% 0.91% 3.56%
0.00% 0.01% 0.00% 0.01%
0.03% 0.08% 0.03% 0.17%
1.30% 3.87% 1.59% 12.99%
0.04% 0.36% 0.05% 1.34%
0.12% 0.49% 0.15% 1.90%
0.05% 0.13% 0.07% 0.32%
0.14% 0.29% 0.17% 0.48%
0.04% 0.08% 0.05% 0.14%
0.04% 0.13% 0.05% 0.35%
0.02% 0.05% 0.03% 0.11%
0.29% 1.63% 0.36% 6.41%
0.02% 0.03% 0.02% 0.08%
0.02% 0.10% 0.03% 0.29%
0.02% 0.05% 0.02% 0.06%
0.05% 0.30% 0.07% 1.16%
0.00% 0.01% 0.00% 0.02%
0.02% 0.09% 0.03% 0.26%
0.84% 1.31% 1.03% 1.58%
0.02% 0.04% 0.02% 0.05%

0.02% 0.04% 0.02% 0.06%
0.04% 0.12% 0.05% 0.23%
0.11% 0.23% 0.14% 0.27%
0.04% 0.08% 0.05% 0.05%
0.03% 0.14% 0.04% 0.16%
0.05% 0.16% 0.06% 0.28%
0.05% 0.42% 0.06% 1.15%
0.01% 0.05% 0.01% 0.15%
0.01% 0.04% 0.02% 0.13%
0.10% 0.35% 0.12% 0.35%
0.11% 0.40% 0.14% 0.89%
0.01% 0.03% 0.02% 0.02%
0.01% 0.06% 0.01% 0.17%
0.02% 0.10% 0.02% 0.20%
0.06% 0.15% 0.07% 0.14%
0.02% 0.03% 0.02% 0.03%
0.01% 0.02% 0.01% 0.01%
0.14% 1.05% 0.17% 2.79%
0.15% 0.53% 0.18% 0.95%
1.25% 4.16% 1.53% 8.83%
0.05% 0.13% 0.06% 0.17%
0.03% 0.19% 0.03% 0.56%
0.02% 0.11% 0.03% 0.26%
0.01% 0.02% 0.01% 0.04%
0.32% 0.58% 0.39% 0.57%
0.09% 1.09% 0.11% 9.03%

0.09% 0.19% 0.11% 0.00%
0.66% 1.28% 0.81% 1.17%
0.11% 0.96% 0.14% 3.19%
0.08% 0.19% 0.10% 0.32%
0.03% 0.32% 0.03% 0.71%
0.15% 0.31% 0.19% 0.31%
0.07% 0.26% 0.09% 0.43%
0.05% 0.45% 0.06% 0.66%
0.00% 0.01% 0.00% 0.00%
0.21% 1.88% 0.26% 5.41%
0.00% 0.02% 0.00% 0.04%
0.08% 1.01% 0.10% 8.32%
0.00% 0.47% 0.00% 2.08%

0.00% 5.49% 0.00% 23.04%
0.00% 0.00% 0.00% 0.00%

0.01% 0.15% 0.01% 0.59%
0.02% 0.19% 0.02% 0.80%
0.00% 0.01% 0.01% 0.02%
0.00% 0.11% 0.00% 0.40%
0.01% 0.09% 0.01% 0.28%
0.08% 0.96% 0.10% 4.79%
0.00% 1.23% 0.00% 3.10%
0.08% 0.17% 0.10% 0.33%
0.00% 0.00% 0.00% 0.00%
0.00% 0.01% 0.00% 0.03%
0.02% 0.13% 0.02% 0.23%
0.00% 0.00% 0.00% 0.00%
0.27% 0.98% 0.33% 2.61%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
0.00% 0.02% 0.00% 0.09%
0.00% 0.01% 0.00% 0.02%
0.00% 0.28% 0.00% 1.16%
0.00% 0.13% 0.00% 0.52%
0.03% 0.11% 0.04% 0.26%
0.13% 0.60% 0.16% 1.84%
0.00% 0.18% 0.00% 0.67%
0.00% 0.23% 0.00% 0.69%
0.19% 0.52% 0.24% 1.05%
0.08% 0.98% 0.10% 2.80%
Weight*Default Spread Weight* Tax Rate
0.12% 0.63%
0.39% 8.67%
0.00% 0.57%
0.02% 0.07%
0.25% 2.10%
0.12% 0.83%
0.05% 0.94%
0.00% 6.62%
0.21% 4.97%
Country GDP (in billions) Moody's rating Adj. Default SprEquity Risk Pre
Abu Dhabi 415.00 Aa2 0.56% 6.65%
Albania 13.04 B1 5.08% 12.21%
Andorra (Principality 3.01 Baa2 2.15% 8.60%
Angola 124.21 B3 7.34% 14.99%
Argentina 637.59 B2 6.21% 13.60%
Armenia 11.54 B1 5.08% 12.21%
Aruba 3.00 Baa1 1.80% 8.18%
Australia 1323.42 Aaa 0.00% 5.96%
Austria 416.60 Aa1 0.45% 6.51%
Azerbaijan 40.75 Ba2 3.39% 10.13%
Bahamas 12.16 Baa3 2.48% 9.02%
Bahrain 35.31 B2 6.21% 13.60%
Bangladesh 249.72 Ba3 4.06% 10.96%
Barbados 4.80 Caa3 11.28% 19.83%
Belarus 54.44 B3 7.34% 14.99%
Belgium 492.68 Aa3 0.68% 6.80%
Belize 1.84 B3 7.34% 14.99%
Benin 9.27 B1 5.08% 12.21%
Bermuda 6.20 A2 0.96% 7.14%
Bolivia 37.51 Ba3 4.06% 10.96%
Bosnia and Herzegovi 18.17 B3 7.34% 14.99%
Botswana 17.41 A2 0.96% 7.14%
Brazil 2055.51 Ba2 3.39% 10.13%
Bulgaria 56.83 Baa2 2.15% 8.60%
Burkina Faso 12.87 B2 6.21% 13.60%
Cambodia 22.16 B2 6.21% 13.60%
Cameroon 34.80 B2 6.21% 13.60%
Canada 1653.04 Aaa 0.00% 5.96%
Cape Verde 3.20 B2 6.21% 13.60%
Cayman Islands 1.90 Aa3 0.68% 6.80%
Chile 277.08 A1 0.79% 6.94%
China 12237.70 A1 0.79% 6.94%
Colombia 309.19 Baa2 2.15% 8.60%
Congo (Democratic Re 37.24 B3 7.34% 14.99%
Congo (Republic of) 8.72 Caa2 10.16% 18.46%
Cook Islands 1.20 B1 5.08% 12.21%
Costa Rica 57.06 B1 5.08% 12.21%
Côte d'Ivoire 40.39 Ba3 4.06% 10.96%
Croatia 54.85 Ba2 3.39% 10.13%
Cuba 81.60 Caa2 10.16% 18.46%
Curacao 1.00 A3 1.35% 7.63%
Cyprus 21.65 Ba2 3.39% 10.13%
Czech Republic 215.73 A1 0.79% 6.94%
Denmark 324.87 Aaa 0.00% 5.96%
Dominican Republic 75.93 Ba3 4.06% 10.96%
Ecuador 103.06 B3 7.34% 14.99%
Egypt 235.37 B3 7.34% 14.99%
El Salvador 24.81 Caa1 8.46% 16.37%
Estonia 25.92 A1 0.79% 6.94%
Ethiopia 80.56 B1 5.08% 12.21%
Fiji 5.06 Ba3 4.06% 10.96%
Finland 251.88 Aa1 0.45% 6.51%
France 2582.50 Aa2 0.56% 6.65%
Gabon 14.62 Caa1 8.46% 16.37%
Georgia 15.16 Ba2 3.39% 10.13%
Germany 3677.44 Aaa 0.00% 5.96%
Ghana 47.33 B3 7.34% 14.99%
Greece 200.29 B3 7.34% 14.99%
Guatemala 75.62 Ba1 2.82% 9.43%
Guernsey (States of) 0.50 Aa3 0.68% 6.80%
Honduras 22.98 B1 5.08% 12.21%
Hong Kong 341.45 Aa2 0.56% 6.65%
Hungary 139.14 Baa3 2.48% 9.02%
Iceland 23.91 A3 1.35% 7.63%
India 2597.49 Baa2 2.15% 8.60%
Indonesia 1015.54 Baa2 2.15% 8.60%
Iraq 197.72 Caa1 8.46% 16.37%
Ireland 333.73 A2 0.96% 7.14%
Isle of Man 7.40 Aa2 0.56% 6.65%
Israel 350.85 A1 0.79% 6.94%
Italy 1934.80 Baa3 2.48% 9.02%
Jamaica 14.77 B3 7.34% 14.99%
Japan 4872.14 A1 0.79% 6.94%
Jersey (States of) 1.00 Aa3 0.68% 6.80%
Jordan 40.07 B1 5.08% 12.21%
Kazakhstan 159.41 Baa3 2.48% 9.02%
Kenya 74.94 B2 6.21% 13.60%
Korea 1530.75 Aa2 0.56% 6.65%
Kuwait 120.13 Aa2 0.56% 6.65%
Kyrgyzstan 7.56 B2 6.21% 13.60%
Latvia 30.26 A3 1.35% 7.63%
Lebanon 51.84 B3 7.34% 14.99%
Liechtenstein 6.70 Aaa 0.00% 5.96%
Lithuania 47.17 A3 1.35% 7.63%
Luxembourg 62.40 Aaa 0.00% 5.96%
Macao 62.40 Aa3 0.68% 6.80%
Macedonia 50.36 Ba3 4.06% 10.96%
Malaysia 314.50 A3 1.35% 7.63%
Maldives 4.60 B2 6.21% 13.60%
Malta 12.54 A3 1.35% 7.63%
Mauritius 13.34 Baa1 1.80% 8.18%
Mexico 1149.92 A3 1.35% 7.63%
Moldova 8.13 B3 7.34% 14.99%
Mongolia 11.49 B3 7.34% 14.99%
Montenegro 4.77 B1 5.08% 12.21%
Montserrat 1.50 Baa3 2.48% 9.02%
Morocco 109.14 Ba1 2.82% 9.43%
Mozambique 12.33 Caa3 11.28% 19.83%
Namibia 13.24 Ba1 2.82% 9.43%
Netherlands 826.20 Aaa 0.00% 5.96%
New Zealand 205.85 Aaa 0.00% 5.96%
Nicaragua 13.81 B2 6.21% 13.60%
Nigeria 375.77 B2 6.21% 13.60%
Norway 398.83 Aaa 0.00% 5.96%
Oman 72.64 Baa3 2.48% 9.02%
Pakistan 304.95 B3 7.34% 14.99%
Panama 61.84 Baa2 2.15% 8.60%
Papua New Guinea 21.09 B2 6.21% 13.60%
Paraguay 29.73 Ba1 2.82% 9.43%
Peru 211.39 A3 1.35% 7.63%
Philippines 313.60 Baa2 2.15% 8.60%
Poland 524.51 A2 0.96% 7.14%
Portugal 217.57 Baa3 2.48% 9.02%
Qatar 167.61 Aa3 0.68% 6.80%
Ras Al Khaimah (Emir 5.20 A2 0.96% 7.14%
Romania 211.80 Baa3 2.48% 9.02%
Russia 1577.52 Ba1 2.82% 9.43%
Rwanda 9.14 B2 6.21% 13.60%
Saudi Arabia 683.83 A1 0.79% 6.94%
Senegal 16.37 Ba3 4.06% 10.96%
Serbia 41.43 Ba3 4.06% 10.96%
Sharjah 5.00 A3 1.35% 7.63%
Singapore 323.91 Aaa 0.00% 5.96%
Slovakia 95.77 A2 0.96% 7.14%
Slovenia 48.77 Baa1 1.80% 8.18%
Solomon Islands 1.30 B3 7.34% 14.99%
South Africa 349.42 Baa3 2.48% 9.02%
Spain 1311.32 Baa1 1.80% 8.18%
Sri Lanka 87.17 B1 5.08% 12.21%
St. Maarten 1.50 Baa2 2.15% 8.60%
St. Vincent & the Gre 0.77 B3 7.34% 14.99%
Suriname 3.32 B2 6.21% 13.60%
Swaziland 3.72 B2 6.21% 13.60%
Sweden 538.04 Aaa 0.00% 5.96%
Switzerland 678.89 Aaa 0.00% 5.96%
Taiwan 970.90 Aa3 1.80% 8.18%
Tajikistan 7.15 B3 2.82% 9.43%
Tanzania 52.09 B1 5.08% 12.21%
Thailand 455.22 Baa1 1.80% 8.18%
Trinidad and Tobago 22.10 Ba1 2.82% 9.43%
Tunisia 40.26 B2 6.21% 13.60%
Turkey 851.10 Ba3 4.06% 10.96%
Turks and Caicos Isla 1.50 Baa1 1.80% 8.18%
Uganda 25.89 B2 6.21% 13.60%
Ukraine 112.15 Caa1 8.46% 16.37%
United Arab Emirates 382.58 Aa2 0.56% 6.65%
United Kingdom 2622.43 Aa2 0.56% 6.65%
United States 19390.60 Aaa 0.00% 5.96%
Uruguay 56.16 Baa2 2.15% 8.60%
Venezuela 250.00 C 18.00% 28.10%
Vietnam 223.86 Ba3 4.06% 10.96%
Zambia 25.81 Caa1 8.46% 16.37%
Country Risk Premium
Corporate Tax RateRegion
0.69% 55.00% Middle East
6.25% 15.00% Eastern Europe & Russia
2.64% 10.00% Western Europe
9.03% 30.00% Africa
7.64% 30.00% Central and South America
2.22% 25.00% Caribbean
0.00% 30.00% Australia & New Zealand
5.00% 25.00% Asia
13.87% 30.00% Caribbean
6.25% 30.00% Africa
1.18% 22.00% Africa
7.64% 28.00% Africa
7.64% 20.00% Asia
7.64% 33.00% Africa
0.00% 26.50% North America
7.64% 28.00% Africa
0.98% 25.00% Asia
9.03% 35.00% Africa
12.50% 28.00% Africa
5.00% 25.00% Africa
12.50% 24.00% Caribbean
9.03% 23.00% Africa
6.25% 30.00% Africa
5.00% 20.00% Asia
10.41% 30.00% Africa
9.03% 25.00% Africa
0.69% 16.50% Asia
2.64% 35.00% Asia
2.64% 25.00% Asia
0.98% 30.86% Asia
7.64% 30.00% Africa
0.69% 25.00% Asia
0.84% 12.00% Asia
1.67% 24.00% Asia
7.64% 0.00% Asia
2.22% 15.00% Asia
9.03% 33.00% Asia
3.47% 31.00% Africa
13.87% 32.00% Africa
3.47% 32.00% Africa
7.64% 30.00% Africa
9.03% 30.00% Asia
7.64% 30.00% Asia
2.64% 30.00% Asia
7.64% 30.00% Africa
5.00% 30.00% Africa
0.00% 17.00% Asia
9.03% 30.00% Asia
3.06% 28.00% Africa
6.25% 28.00% Asia
7.64% 28.00% Africa
2.22% 20.00% Asia
6.25% 30.00% Africa
2.22% 20.00% Asia
7.64% 25.00% Africa
7.64% 30.00% Africa
0.00% 25.00% North America
5.00% 20.00% Asia
10.41% 35.00% Africa
Country S&P Rating Moody's rating
Abu Dhabi AA Aa2 G
Albania B+ B1
Andorra (Principality of BBB Baa2 S&P: These are the S&P sovereign local currency ratings
Angola B- B3 Moody's: These are the Moody's local currency rating
Argentina B+ B2 In red: These are countries where S&P has a rating
Armenia NA B1 Moody's equivalent rating for these countries.
Aruba BBB+ Baa1 S&P Moody's
Australia AAA Aaa A A2
Austria AA+ Aa1 A- A3
Azerbaijan BB+ Ba2 A+ A1
Bahamas BB+ Baa3 AA Aa2
Bahrain B+ B2 AA- Aa3
Bangladesh BB- Ba3 AA+ Aa1
Barbados SD Caa3 AAA Aaa
Belarus B B3 B B2
Belgium AA Aa3 B- B3
Belize B- B3 B+ B1
Benin B+ B1 BB Ba2
Bermuda A+ A2 BB- Ba3
Bolivia BB- Ba3 BB+ Ba1
Bosnia and Herzegovin B B3 BBB Baa2
Botswana A- A2 BBB- Baa3
Brazil BB- Ba2 BBB+ Baa1
Bulgaria BBB- Baa2 C C2
Burkina Faso B B2 C- C3
Cambodia NA B2 C+ C1
Cameroon B B2 CC Ca2
Canada AAA Aaa CC- Ca3
Cape Verde B B2 CC+ Ca1
Cayman Islands NA Aa3 CCC Caa2
Chile AA- A1 CCC- Caa3
China A+ A1 CCC+ Caa1
Colombia BBB Baa2
Congo (Democratic Repu CCC+ B3
Congo (Republic of) B- Caa2
Cook Islands B+ B1
Costa Rica BB- B1
Côte d'Ivoire NA Ba3
Croatia BB+ Ba2
Cuba NA Caa2
Curacao A- A3
Cyprus BB+ Ba2
Czech Republic AA A1
Denmark AAA Aaa
Dominican Republic BB- Ba3
Ecuador B- B3
Egypt B B3
El Salvador CCC+ Caa1
Estonia AA- A1
Ethiopia B B1
Fiji B+ Ba3
Finland AA+ Aa1
France AA Aa2
Gabon NA Caa1
Georgia BB- Ba2
Germany AAA Aaa
Ghana B- B3
Greece B+ B3
Guatemala BB Ba1
Guernsey (States of) AA- Aa3
Honduras BB- B1
Hong Kong AA+ Aa2
Hungary BBB- Baa3
Iceland A A3
India BBB- Baa2
Indonesia BBB- Baa2
Iraq B- Caa1
Ireland A+ A2
Isle of Man NA Aa2
Israel AA- A1
Italy BBB Baa3
Jamaica B B3
Japan A+ A1
Jersey (States of) AA- Aa3
Jordan B+ B1
Kazakhstan BBB- Baa3
Kenya B+ B2
Korea AA Aa2
Kuwait AA Aa2
Kyrgyzstan NA B2
Latvia A- A3
Lebanon B- B3
Liechtenstein AAA Aaa
Lithuania A A3
Luxembourg AAA Aaa
Macao NA Aa3
Macedonia BB- Ba3
Malaysia A A3
Maldives NA B2
Malta A- A3
Mauritius NA Baa1
Mexico A- A3
Moldova NA B3
Mongolia B- B3
Montenegro B+ B1
Montserrat BBB- Baa3
Morocco BBB- Ba1
Mozambique B- Caa3
Namibia NA Ba1
Netherlands AAA Aaa
New Zealand AA+ Aaa
Nicaragua B B2
Nigeria B B2
Norway AAA Aaa
Oman BB Baa3
Pakistan B B3
Panama BBB Baa2
Papua New Guinea B B2
Paraguay BB Ba1
Peru A- A3
Philippines BBB Baa2
Poland A- A2
Portugal BBB- Baa3
Qatar AA- Aa3
Ras Al Khaimah (Emirat A A2
Romania BBB- Baa3
Russia BBB Ba1
Rwanda B B2
Saudi Arabia A- A1
Senegal B+ Ba3
Serbia BB Ba3
Sharjah BBB+ A3
Singapore AAA Aaa
Slovakia A+ A2
Slovenia A+ Baa1
Solomon Islands NA B3
South Africa BB+ Baa3
Spain A- Baa1
Sri Lanka B+ B1
St. Maarten NA Baa2
St. Vincent & the Gren NA B3
Suriname B B2
Swaziland NA B2
Sweden AAA Aaa
Switzerland AAA Aaa
Taiwan AA- Aa3
Tajikistan B- B3
Tanzania NA B1
Thailand A- Baa1
Trinidad and Tobago BBB+ Ba1
Tunisia NA B2
Turkey BB- Ba3
Turks and Caicos Island BBB+ Baa1
Uganda B B2
Ukraine B- Caa1
United Arab Emirates NA Aa2
United Kingdom AA Aa2
United States AA+ Aaa
Uruguay BBB Baa2
Venezuela CCC- C
Vietnam BB- Ba3
Zambia B- Caa1
GOVERNMENT BOND RATINGS
In local currency
are the S&P sovereign local currency ratings
ese are the Moody's local currency rating
se are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate the
uivalent rating for these countries.
Country Region
Abu Dhabi Middle East
Albania Eastern Europe & Russia
Andorra Western Europe
Angola Africa
Argentina Central and South America
Armenia Eastern Europe & Russia
Aruba Caribbean
Australia Australia & New Zealand
Austria Western Europe
Azerbaijan Eastern Europe & Russia
Bahamas Caribbean
Bahrain Middle East
Bangladesh Asia
Barbados Caribbean
Belarus Eastern Europe & Russia
Belgium Western Europe
Belize Central and South America
Benin Africa
Bermuda Caribbean
Bolivia Central and South America
Bosnia and Herzegovina Eastern Europe & Russia
Botswana Africa
Brazil Central and South America
Bulgaria Eastern Europe & Russia
Burkina Faso Africa
Cambodia Asia
Cameroon Africa
Canada North America
Cape Verde Africa
Cayman Islands Caribbean
Chile Central and South America
China Asia
Colombia Central and South America
Congo (Democratic Republic ofAfrica
Congo (Republic of) Africa
Cook Islands Australia & New Zealand
Costa Rica Central and South America
Côte d'Ivoire Africa
Croatia Eastern Europe & Russia
Cuba Caribbean
Curacao Caribbean
Cyprus Western Europe
Czech Republic Eastern Europe & Russia
Democratic Republic of CongoAfrica
Denmark Western Europe
Dominican Republic Caribbean
Ecuador Central and South America
Egypt Africa
El Salvador Central and South America
Estonia Eastern Europe & Russia
Ethiopia Africa
Fiji Asia
Finland Western Europe
France Western Europe
Gabon Africa
Georgia Eastern Europe & Russia
Germany Western Europe
Ghana Africa
Greece Western Europe
Guatemala Central and South America
Guernsey (States of) Western Europe
Honduras Central and South America
Hong Kong Asia
Hungary Eastern Europe & Russia
Iceland Western Europe
India Asia
Indonesia Asia
Iraq Middle East
Ireland Western Europe
Isle of Man Western Europe
Israel Middle East
Italy Western Europe
Jamaica Caribbean
Japan Asia
Jersey (States of) Western Europe
Jordan Middle East
Kazakhstan Eastern Europe & Russia
Kenya Africa
Korea Asia
Kuwait Middle East
Kyrgyzstan Eastern Europe & Russia
Latvia Eastern Europe & Russia
Lebanon Middle East
Liechtenstein Western Europe
Lithuania Eastern Europe & Russia
Luxembourg Western Europe
Macao Asia
Macedonia Eastern Europe & Russia
Malaysia Asia
Maldives Asia
Malta Western Europe
Mauritius Asia
Mexico Central and South America
Moldova Eastern Europe & Russia
Mongolia Asia
Montenegro Eastern Europe & Russia
Montserrat Caribbean
Morocco Africa
Mozambique Africa
Namibia Africa
Netherlands Western Europe
New Zealand Australia & New Zealand
Nicaragua Central and South America
Nigeria Africa
Norway Western Europe
Oman Middle East
Pakistan Asia
Panama Central and South America
Papua New Guinea Asia
Paraguay Central and South America
Peru Central and South America
Philippines Asia
Poland Eastern Europe & Russia
Portugal Western Europe
Qatar Middle East
Ras Al Kaminah Middle East
Republic of the Congo Africa
Romania Eastern Europe & Russia
Russia Eastern Europe & Russia
Rwanda Africa
Saudi Arabia Middle East
Senegal Africa
Serbia Eastern Europe & Russia
Sharjah Middle East
Singapore Asia
Slovakia Eastern Europe & Russia
Slovenia Eastern Europe & Russia
Solomon Islands Asia
South Africa Africa
Spain Western Europe
Sri Lanka Asia
St. Maarten Caribbean
St. Vincent & the Grenadines Caribbean
Suriname Central and South America
Swaziland Africa
Sweden Western Europe
Switzerland Western Europe
Taiwan Asia
Tajikistan Eastern Europe & Russia
Tanzania Africa
Thailand Asia
Trinidad and Tobago Caribbean
Tunisia Africa
Turkey Western Europe
Turkmenistan Eastern Europe & Russia
Turks and Caicos Caribbean
Uganda Africa
Ukraine Eastern Europe & Russia
United Arab Emirates Middle East
United Kingdom Western Europe
United States North America
Uruguay Central and South America
Venezuela Central and South America
Vietnam Asia
Zambia Africa
CDS CDS
Country Moody's Spread Spread CDS % Country
rating Change
Rating Default Spread (1/1/Updated Default Spread (1/1/19)
(1/1/18) (1/1/19)
A1 72 79 Abu Dhabi Aa2 1.12% 1.12% 0.00% Abu Dhabi
A2 87 96 Argentina B3 3.66% 8.20% 124.04% Algeria
A3 123 135 Australia Aaa 0.36% 0.42% 16.67% Angola
Aa1 41 45 Austria Aa1 0.34% 0.30% -11.76% Argentina
Aa2 51 56 Bahrain Ba2 3.37% 3.72% 10.39% Australia
Aa3 62 68 Belgium Aa3 0.38% 0.49% 28.95% Austria
Aaa 0 0 Brazil Ba2 2.65% 2.87% 8.30% Bahrain
B1 462 508 Bulgaria Baa2 1.47% 1.30% -11.56% Belgium
B2 564 621 Chile Aa3 1.02% 1.11% 8.82% Brazil
B3 667 734 China A1 0.97% 1.14% 17.53% Bulgaria
Ba1 256 282 Colombia Baa2 2.00% 2.37% 18.50% Cameroon
Ba2 308 339 Costa Rica Ba2 2.26% 4.43% 96.02% Canada
Ba3 369 406 Croatia Ba2 1.61% 1.51% -6.21% Chile
Baa1 164 180 Cyprus B1 1.75% 1.57% -10.29% China
Baa2 195 215 Czech Republic A1 0.71% 0.75% 5.63% Colombia
Baa3 226 248 Denmark Aaa 0.32% 0.26% -18.75% Costa Rica
Ca 1230 1354 Dubai 2.00% 1.71% -14.50% Croatia
Caa1 769 846 Egypt B3 4.39% 4.58% 4.33% Cyprus
Caa2 923 1016 Estonia A1 0.76% 0.87% 14.47% Czech Rep
Caa3 1025 1128 Finland Aa1 0.37% 0.28% -24.32% Denmark
NR NA NA France Aa2 0.42% 0.61% 45.24% Dubai
Germany Aaa 0.26% 0.29% 11.54% Egypt
Greece 4.83% 5.10% 5.59% El Salvado
Hong Kong Aa2 0.68% 0.67% -1.47% Estonia
Hungary Baa3 1.36% 1.40% 2.94% Finland
Iceland A3 0.95% 0.80% -15.79% France
India Baa3 1.26% 1.85% 46.83% Germany
Indonesia Baa3 1.55% 2.18% 40.65% Greece
Ireland A3 0.58% 0.68% 17.24% Guatamel
Israel A1 1.02% 1.11% 8.82% Hong Kon
Italy Baa2 1.81% 2.44% 34.81% Hungary
Japan A1 0.48% 0.44% -8.33% Iceland
Kazakhstan Baa3 1.88% 1.32% -29.79% India
Korea Aa2 0.79% 0.64% -18.99% Indonesia
Kuwait 1.28% 1.17% -8.59% Iraq
Latvia A3 1.00% 1.13% 13.00% Ireland
Lebanon B2 5.40% 7.92% 46.67% Israel
Lithuania A3 0.95% 1.14% 20.00% Italy
Malaysia A3 1.08% 1.77% 63.89% Japan
Mexico A3 1.85% 2.35% 27.03% Kazakhsta
Morocco Ba1 1.95% 1.65% -15.38% Kenya
Netherlands Aaa 0.35% 0.30% -14.29% Korea
New Zealand Aaa 0.42% 0.39% -7.14% Kuwait
Nigeria B1 4.55% 4.51% -0.88% Latvia
Norway Aaa 0.32% 0.26% -18.75% Lebanon
Pakistan B3 3.76% 5.09% 35.37% Lithuania
Panama Baa2 1.41% 1.42% 0.71% Malaysia
Peru A3 1.47% 1.61% 9.52% Mexico
Philippines Baa2 1.10% 1.44% 30.91% Morocco
Poland A2 0.90% 1.09% 21.11% Netherlan
Portugal Ba1 1.68% 1.36% -19.05% New Zeala
Qatar Aa3 1.58% 1.29% -18.35% Nigeria
Romania Baa3 1.50% 1.52% 1.33% Norway
Russia Ba1 2.03% 2.05% 0.99% Oman
Saudi Arabia A1 1.53% 1.50% -1.96% Pakistan
Slovakia A2 0.84% 0.87% 3.57% Panama
Slovenia Baa3 1.18% 1.39% 17.80% Peru
South Africa Baa3 2.64% 2.92% 10.61% Philippine
Spain Baa2 1.00% 1.20% 20.00% Poland
Sweden Aaa 0.30% 0.26% -13.33% Portugal
Switzerland Aaa 0.40% 0.26% -35.00% Qatar
Thailand Baa1 0.87% 0.84% -3.45% Romania
Tunisia Ba3 3.97% 3.71% -6.55% Russia
Turkey Ba1 2.70% 4.19% 55.19% Rwanda
Ukraine Caa3 5.90% 7.63% 29.32% Saudi Arab
United Kingdom Aa1 0.44% 0.61% 38.64% Senegal
United States Aaa 0.39% 0.30% -23.08% Serbia
Venezuela Caa3 NA NA NA Slovakia
Vietnam B1 1.91% 2.44% 27.75% Slovenia
Average 10.05% South Afri
Median 5.61% Spain
Sweden
Switzerlan
Thailand
Tunisia
Turkey
Ukraine
United Ki
United Sta
Uruguay
Venezuela
Vietnam
CDS
### Country Spread
(1/1/18)
1.12% Abu Dhabi 1.12%
1.24%
5.79%
8.20% Argentina 3.66%
0.42% Australia 0.36%
0.30% Austria 0.34%
3.72% Bahrain 3.37%
0.49% Belgium 0.38%
2.87% Brazil 2.65%
1.30% Bulgaria 1.47%
6.02%
0.53%
1.11% Chile 1.02%
1.14% China 0.97%
2.37% Colombia 2.00%
4.43% Costa Rica 2.26%
1.51% Croatia 1.61%
1.57% Cyprus 1.75%
0.75% Czech Rep 0.71%
0.26% Denmark 0.32%
1.71% Dubai 2.00%
4.58% Egypt 3.87%
5.38%
0.87% Estonia 0.76%
0.28% Finland 0.37%
0.61% France 0.42%
0.29% Germany 0.26%
5.10% Greece 4.83%
2.55%
0.67% Hong Kon 0.68%
1.40% Hungary 1.36%
0.80% Iceland 0.95%
1.85% India 1.26%
2.18% Indonesia 1.55%
6.10%
0.68% Ireland 0.58%
1.11% Israel 1.02%
2.44% Italy 1.81%
0.44% Japan 0.48%
1.32% Kazakhsta 1.88%
5.90%
0.64% Korea 0.79%
1.17% Kuwait 1.28%
1.13% Latvia 1.00%
7.92% Lebanon 5.40%
1.14% Lithuania 0.95%
1.77% Malaysia 1.08%
2.35% Mexico 1.85%
1.65% Morocco 1.95%
0.30% Netherlan 0.35%
0.39% New Zeala 0.42%
4.51% Nigeria 4.55%
0.26% Norway 0.32%
4.23%
5.09% Pakistan 3.76%
1.42% Panama 1.41%
1.61% Peru 1.47%
1.44% Philippine 1.10%
1.09% Poland 0.90%
1.36% Portugal 1.68%
1.29% Qatar 1.58%
1.52% Romania 1.50%
2.05% Russia 2.03%
4.36%
1.50% Saudi Arab 1.53%
4.41%
1.65%
0.87% Slovakia 0.84%
1.39% Slovenia 1.18%
2.92% South Afri 2.64%
1.20% Spain 1.00%
0.26% Sweden 0.30%
0.26% Switzerlan 0.40%
0.84% Thailand 0.87%
3.71% Tunisia 3.97%
4.19% Turkey 2.70%
7.63% Ukraine 5.90%
0.61% United Ki 0.44%
0.30% United Sta 0.39%
2.39%
NA Venezuela NA
2.44% Vietnam 1.91%
CDS Spread
Country Moody's rating (1/1/19) CDS Spread adj for US
Updated: July 2017
Abu Dhabi Aa2 1.12% 0.82%
Albania B1 NA NA
Andorra (Principality of Baa2 NA NA
Angola B3 5.79% 5.49%
Argentina B2 8.20% 7.90%
Armenia B1 NA NA
Aruba Baa1 NA NA
Australia Aaa 0.42% 0.12%
Austria Aa1 0.30% 0.00%
Azerbaijan Ba2 NA NA
Bahamas Baa3 NA NA
Bahrain B2 3.72% 3.42%
Bangladesh Ba3 NA NA
Barbados Caa3 NA NA
Belarus B3 NA NA
Belgium Aa3 0.49% 0.19%
Belize B3 NA NA
Benin B1 NA NA
Bermuda A2 NA NA
Bolivia Ba3 NA NA
Bosnia and Herzegovin B3 NA NA
Botswana A2 NA NA
Brazil Ba2 2.87% 2.57%
Bulgaria Baa2 1.30% 1.00%
Burkina Faso B2 NA NA
Cambodia B2 4.63% 4.33%
Cameroon B2 6.02% 5.72%
Canada Aaa NA NA
Cape Verde B2 NA NA
Cayman Islands Aa3 1.01% 0.71%
Chile A1 1.11% 0.81%
China A1 1.14% 0.84%
Colombia Baa2 2.37% 2.07%
Congo (Democratic Repu B3 NA NA
Congo (Republic of) Caa2 NA NA
Cook Islands B1 NA NA
Costa Rica B1 4.43% 4.13%
Côte d'Ivoire Ba3 NA NA
Croatia Ba2 1.51% 1.21%
Cuba Caa2 NA NA
Curacao A3 NA NA
Cyprus Ba2 1.57% 1.27%
Czech Republic A1 0.75% 0.45%
Denmark Aaa 0.26% 0.00%
Dominican Republic Ba3 NA NA
Ecuador B3 NA NA
Egypt B3 4.58% 4.28%
El Salvador Caa1 5.38% 5.08%
Estonia A1 0.87% 0.57%
Ethiopia B1 NA NA
Fiji Ba3 NA NA
Finland Aa1 0.28% 0.00%
France Aa2 0.61% 0.31%
Gabon Caa1 NA NA
Georgia Ba2 NA NA
Germany Aaa 0.29% 0.00%
Ghana B3 NA NA
Greece B3 5.10% 4.80%
Guatemala Ba1 2.55% 2.25%
Guernsey (States of) Aa3 NA NA
Honduras B1 NA NA
Hong Kong Aa2 0.67% 0.37%
Hungary Baa3 1.40% 1.10%
Iceland A3 0.80% 0.50%
India Baa2 1.85% 1.55%
Indonesia Baa2 0.11% 0.00%
Iraq Caa1 6.10% 5.80%
Ireland A2 0.68% 0.38%
Isle of Man Aa2 NA NA
Israel A1 1.11% 0.81%
Italy Baa3 2.44% 2.14%
Jamaica B3 NA NA
Japan A1 0.44% 0.14%
Jersey (States of) Aa3 NA NA
Jordan B1 NA NA
Kazakhstan Baa3 1.32% 1.02%
Kenya B2 5.90% 5.60%
Korea Aa2 0.64% 0.34%
Kuwait Aa2 1.17% 0.87%
Kyrgyzstan B2 NA NA
Latvia A3 1.13% 0.83%
Lebanon B3 7.92% 7.62%
Liechtenstein Aaa NA NA
Lithuania A3 1.14% 0.84%
Luxembourg Aaa NA NA
Macao Aa3 NA NA
Macedonia Ba3 1.54% 1.24%
Malaysia A3 1.77% 1.47%
Maldives B2 NA NA
Malta A3 NA NA
Mauritius Baa1 NA NA
Mexico A3 2.35% 2.05%
Moldova B3 NA NA
Mongolia B3 NA NA
Montenegro B1 NA NA
Montserrat Baa3 NA NA
Morocco Ba1 1.65% 1.35%
Mozambique Caa3 NA NA
Namibia Ba1 NA NA
Netherlands Aaa 0.30% 0.00%
New Zealand Aaa 0.39% 0.09%
Nicaragua B2 NA NA
Nigeria B2 4.51% 4.21%
Norway Aaa 0.26% 0.00%
Oman Baa3 NA NA
Pakistan B3 5.09% 4.79%
Panama Baa2 1.42% 1.12%
Papua New Guinea B2 NA NA
Paraguay Ba1 NA NA
Peru A3 1.61% 1.31%
Philippines Baa2 1.44% 1.14%
Poland A2 1.09% 0.79%
Portugal Baa3 1.36% 1.06%
Qatar Aa3 NA NA
Ras Al Khaimah (Emirat A2 1.42% 1.12%
Romania Baa3 1.52% 1.22%
Russia Ba1 2.05% 1.75%
Rwanda B2 4.36% 4.06%
Saudi Arabia A1 1.50% 1.20%
Senegal Ba3 4.41% 4.11%
Serbia Ba3 1.65% 1.35%
Sharjah A3 NA NA
Singapore Aaa NA NA
Slovakia A2 0.87% 0.57%
Slovenia Baa1 1.39% 1.09%
Solomon Islands B3 NA NA
South Africa Baa3 2.92% 2.62%
Spain Baa1 1.20% 0.90%
Sri Lanka B1 NA NA
St. Maarten Baa2 NA NA
St. Vincent & the Gren B3 NA NA
Suriname B2 NA NA
Swaziland B2 NA NA
Sweden Aaa 0.26% 0.00%
Switzerland Aaa 0.26% 0.00%
Taiwan Aa3 NA NA
Tajikistan B3 NA NA
Tanzania B1 NA NA
Thailand Baa1 0.84% 0.54%
Trinidad and Tobago Ba1 NA NA
Tunisia B2 3.71% 3.41%
Turkey Ba3 4.19% 3.89%
Turks and Caicos Island Baa1 NA NA
Uganda B2 NA NA
Ukraine Caa1 7.63% 7.33%
United Arab Emirates Aa2 NA NA
United Kingdom Aa2 0.61% 0.31%
United States Aaa 0.30% 0.00%
Uruguay Baa2 NA NA
Venezuela C NA NA
Vietnam Ba3 2.44% 2.14%
Zambia Caa1 NA NA
Updated: July 2017
CDS
Spread
Country ### net of US
Abu Dhabi 1.12% 0.82%
Algeria 1.24% 0.94%
Angola 5.79% 5.49%
Argentina 8.20% 7.90%
Australia 0.42% 0.12%
Austria 0.30% 0.00%
Bahrain 3.72% 3.42%
Belgium 0.49% 0.19%
Brazil 2.87% 2.57%
Bulgaria 1.30% 1.00%
Cameroon 6.02% 5.72%
Canada 0.53% 0.23%
Chile 1.11% 0.81%
China 1.14% 0.84%
Colombia 2.37% 2.07%
Costa Rica 4.43% 4.13%
Croatia 1.51% 1.21%
Cyprus 1.57% 1.27%
Czech Republic 0.75% 0.45%
Denmark 0.26% -0.04%
Dubai 1.71% 1.41%
Egypt 4.58% 4.28%
El Salvador 5.38% 5.08%
Estonia 0.87% 0.57%
Finland 0.28% -0.02%
France 0.61% 0.31%
Germany 0.29% -0.01%
Greece 5.10% 4.80%
Guatamela 2.55% 2.25%
Hong Kong 0.67% 0.37%
Hungary 1.40% 1.10%
Iceland 0.80% 0.50%
India 1.85% 1.55%
Indonesia 2.18% 1.88%
Iraq 6.10% 5.80%
Ireland 0.68% 0.38%
Israel 1.11% 0.81%
Italy 2.44% 2.14%
Japan 0.44% 0.14%
Kazakhstan 1.32% 1.02%
Kenya 5.90% 5.60%
Korea 0.64% 0.34%
Kuwait 1.17% 0.87%
Latvia 1.13% 0.83%
Lebanon 7.92% 7.62%
Lithuania 1.14% 0.84%
Malaysia 1.77% 1.47%
Mexico 2.35% 2.05%
Morocco 1.65% 1.35%
Netherlands 0.30% 0.00%
New Zealand 0.39% 0.09%
Nigeria 4.51% 4.21%
Norway 0.26% -0.04%
Oman 4.23% 3.93%
Pakistan 5.09% 4.79%
Panama 1.42% 1.12%
Peru 1.61% 1.31%
Philippines 1.44% 1.14%
Poland 1.09% 0.79%
Portugal 1.36% 1.06%
Qatar 1.29% 0.99%
Romania 1.52% 1.22%
Russia 2.05% 1.75%
Rwanda 4.36% 4.06%
Saudi Arabia 1.50% 1.20%
Senegal 4.41% 4.11%
Serbia 1.65% 1.35%
Slovakia 0.87% 0.57%
Slovenia 1.39% 1.09%
South Africa 2.92% 2.62%
Spain 1.20% 0.90%
Sweden 0.26% -0.04%
Switzerland 0.26% -0.04%
Thailand 0.84% 0.54%
Tunisia 3.71% 3.41%
Turkey 4.19% 3.89%
Ukraine 7.63% 7.33%
United Kingdom 0.61% 0.31%
United States 0.30% 0.00%
Uruguay 2.39% 2.09%
Venezuela NA NA
Vietnam 2.44% 2.14%
Country Std deviation in Equities (weekly) sBond sEquity/ sBond s (CDS) CDS
Argentina 38.11% NA NA NA NA
Bangladesh 13.48% NA NA NA NA
Bosnia 8.96% NA NA NA NA
Botswana 4.89% NA NA NA NA
Ghana 8.33% NA NA NA NA
Greece 43.21% 45.54% 0.95 NA NA
Jamaica 16.93% NA NA NA NA
Jordan 7.14% NA NA NA NA
Kenya 10.90% NA NA NA NA
Kuwait 10.77% NA NA NA NA
Laos 16.00% NA NA NA NA
Macedonia 11.59% NA NA NA NA
Malta 7.75% NA NA NA NA
Mauritius 5.40% NA NA NA NA
Mongolia 17.21% NA NA NA NA
Montenegro 20.08% NA NA NA NA
Namibia 21.83% NA NA NA NA
Nigeria 27.08% NA NA NA NA
Oman 17.56% NA NA NA NA
Palestine 9.33% NA NA NA NA
Serbia 10.18% NA NA NA NA
Singapore 11.27% NA NA NA NA
Sri Lanka 8.88% NA NA NA NA
Taiwan 14.02% NA NA NA NA
Tanzania 19.44% NA NA NA NA
UAE 31.74% NA NA NA NA
Ukraine 29.74% NA NA NA NA
US 12.69% NA NA 0.1100% NA
Venezuela 51.23% 44.85% 1.14 1.3700% NA
Pakistan 14.21% NA NA 0.3219% 6.56%
Tunisia 8.44% NA NA 0.4039% 6.33%
Egypt 27.71% NA NA 0.2988% 5.48%
Brazil 23.52% 12.21% 1.93 0.4111% 5.09%
Lebanon 6.33% 3.15% 2.01 0.3565% 5.00%
Costa Rica 8.31% NA NA 0.3136% 4.86%
Bahrain 7.93% NA NA 0.3200% 4.00%
South Africa 14.79% 20.21% 0.73 0.3821% 3.99%
Russia 22.90% 40.10% 0.57 0.5519% 3.67%
Kazakhastan 32.79% NA NA 0.3585% 3.55%
Vietnam 17.55% NA NA 0.2610% 3.52%
Turkey 20.97% 9.46% 2.22 0.3261% 3.39%
Croatia 7.77% NA NA 0.2240% 3.23%
Colombia 17.48% 7.09% 2.47 0.4247% 3.22%
Portugal 22.96% 7.14% 3.22 0.5728% 3.18%
Indonesia 15.19% 10.00% 1.52 0.3922% 2.96%
Morocco 8.16% NA NA 0.3185% 2.69%
Cyprus 32.96% NA NA 0.5916% 2.66%
Mexico 13.68% 4.74% 2.89 0.4093% 2.48%
Peru 15.94% 8.51% 1.87 0.3400% 2.35%
Panama 4.69% NA NA 0.3181% 2.32%
India 14.93% 2.93% 5.10 0.3731% 2.25%
Malaysia 10.65% NA NA 0.5214% 2.21%
Bulgaria 14.54% 13.05% 1.11 0.2917% 2.13%
Thailand 12.08% 6.87% 1.76 0.3830% 2.05%
Hungary 17.05% NA NA 0.3111% 2.03%
Saudi Arabia 24.27% 17.55% 1.38 0.6852% 1.93%
Italy 20.08% 7.23% 2.78 0.5215% 1.93%
China 29.13% NA NA 0.3936% 1.76%
Philippines 11.29% 30.36% 0.37 0.3890% 1.68%
Romania 12.79% NA NA 0.2938% 1.66%
Qatar 21.16% NA NA 0.4138% 1.63%
Slovenia 14.17% 5.78% 2.45 0.2665% 1.62%
Spain 22.89% 6.37% 3.59 0.5239% 1.55%
Chile 12.29% 8.04% 1.53 0.3765% 1.54%
Poland 13.93% 12.13% 1.15 0.2970% 1.38%
Latvia 17.53% NA NA 0.2699% 1.30%
Lithuania 7.63% NA NA 0.2612% 1.26%
Iceland 10.01% 4.02% 2.49 0.3686% 1.26%
Israel 10.30% 4.86% 2.12 0.2495% 1.19%
Ireland 17.41% 3.08% 5.65 0.4114% 1.06%
Korea 12.40% NA NA 0.4744% 0.89%
Slovakia 17.69% 7.91% 2.24 0.1457% 0.88%
Czech Republ 13.82% 4.93% 2.80 0.3475% 0.81%
Estonia 10.89% NA NA 0.3969% 0.80%
Average 2.15
Median 2.01
Average 1.98
Median 1.87
CVCDS sEquity/ sCDS
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
NA NA
4.90% 2.90
6.38% 1.32
5.45% 5.08
8.07% 2.91
7.13% 0.89
6.45% 1.29
8.00% 0.99
9.58% 1.54
15.05% 1.52
10.10% 3.25
7.41% 2.37
9.61% 2.18
6.93% 1.12
13.19% 1.33
18.03% 1.27
13.27% 1.14
11.84% 0.69
22.24% 1.48
16.50% 0.83
14.50% 1.10
13.70% 0.34
16.59% 0.90
23.59% 0.45
13.69% 1.06
18.73% 0.65
15.33% 1.11
35.50% 0.68
27.09% 0.74
22.36% 1.30
23.22% 0.49
17.72% 0.72
25.42% 0.83
16.47% 0.86
33.85% 0.68
24.50% 0.50
21.57% 0.65
20.76% 0.84
20.73% 0.37
29.31% 0.34
20.97% 0.49
38.81% 0.45
53.60% 0.23
16.63% 1.06
42.90% 0.32
49.71% 0.22
1.14
0.89
1.33
1.10
Country GDP (in billions) Country Name
Abu Dhabi 415 #N/A Afghanistan
Albania 13.04 SourceWorld Bank 13.04 Albania
Andorra (Principality of) 3.01 Year 2017 3.01 Algeria
Angola 124.21 124.21 American Samoa
Argentina 637.59 637.59 Andorra
Armenia 11.54 11.54 Angola
Aruba 3 Antigua and Barbuda
Australia 1323.42 1323.42 Arab World
Austria 416.6 416.60 Argentina
Azerbaijan 40.75 40.75 Armenia
Bahamas 12.16 40.75 Aruba
Bahrain 35.31 35.31 Australia
Bangladesh 249.72 249.72 Austria
Barbados 4.8 4.80 Azerbaijan
Belarus 54.44 54.44 Bahamas, The
Belgium 492.68 492.68 Bahrain
Belize 1.84 1.84 Bangladesh
Benin 9.27 9.27 Barbados
Bermuda 6.2 Belarus
Bolivia 37.51 37.51 Belgium
Bosnia and Herzegovina 18.17 18.17 Belize
Botswana 17.41 17.41 Benin
Brazil 2055.51 2055.51 Bermuda
Bulgaria 56.83 56.83 Bhutan
Burkina Faso 12.87 12.87 Bolivia
Cambodia 22.16 22.16 Bosnia and Herzegovina
Cameroon 34.80 34.80 Botswana
Canada 1653.04 1653.04 Brazil
Cayman Islands 3.2 0.00 British Virgin Islands
Cape Verde 1.9 Brunei Darussalam
Chile 277.08 277.08 Bulgaria
China 12237.70 12237.70 Burkina Faso
Colombia 309.19 309.19 Burundi
Congo (Democratic Repub 37.24 37.24 Cabo Verde
Congo (Republic of) 8.72 8.72 Cambodia
Cook Islands 1.2 Cameroon
Costa Rica 57.06 57.06 Canada
Côte d'Ivoire 40.39 40.39 Caribbean small states
Croatia 54.85 54.85 Cayman Islands
Cuba 81.6 #REF! Central African Republic
Curacao 1.0 0.00 Central Europe and the Baltics
Cyprus 21.65 21.65 Chad
Czech Republic 215.73 215.73 Channel Islands
Denmark 324.87 324.87 Chile
Dominican Republic 75.93 75.93 China
Ecuador 103.06 103.06 Colombia
Egypt 235.37 Comoros
El Salvador 24.81 24.81 Congo, Dem. Rep.
Estonia 25.92 25.92 Congo, Rep.
Ethiopia 80.56 80.56 Costa Rica
Fiji 5.06 5.06 Cote d'Ivoire
Finland 251.88 251.88 Croatia
France 2582.50 2582.50 Cuba
Gabon 14.62 14.62 Curacao
Georgia 15.16 15.16 Cyprus
Germany 3677.44 3677.44 Czech Republic
Ghana 47.33 47.33 Denmark
Greece 200.29 200.29 Djibouti
Guatemala 75.62 75.62 Dominica
Guernsey (States of) 0.5 75.62 Dominican Republic
Honduras 22.98 22.98 Early-demographic dividend
Hong Kong 341.45 341.45 East Asia & Pacific
Hungary 139.14 139.14 East Asia & Pacific (excluding high income)
Iceland 23.91 23.91 East Asia & Pacific (IDA & IBRD countries)
India 2597.49 2597.49 Ecuador
Indonesia 1015.54 1015.54 Egypt, Arab Rep.
Iraq 197.72 197.72 El Salvador
Ireland 333.73 333.73 Equatorial Guinea
Isle of Man 7.4 #REF! Eritrea
Israel 350.85 350.85 Estonia
Italy 1934.80 1934.80 Eswatini
Jamaica 14.77 14.77 Ethiopia
Japan 4872.14 4872.14 Euro area
Jersey (States of) 1 Europe & Central Asia
Jordan 40.07 40.07 Europe & Central Asia (excluding high income)
Kazakhstan 159.41 159.41 Europe & Central Asia (IDA & IBRD countries)
Kenya 74.94 74.94 European Union
Korea 1530.75 1530.75 Faroe Islands
Kuwait 120.13 120.13 Fiji
Kyrgyzstan 7.56 7.56 Finland
Latvia 30.26 30.26 Fragile and conflict affected situations
Lebanon 51.84 51.84 France
Liechtenstein 6.7 #REF! French Polynesia
Lithuania 47.17 47.17 Gabon
Luxembourg 62.40 62.40 Gambia, The
Macao 62.40 62.40 Georgia
Macedonia 50.36 50.36 Germany
Malaysia 314.50 314.50 Ghana
Maldives 4.60 4.60 Gibraltar
Malta 12.54 12.54 Greece
Mauritius 13.34 13.34 Greenland
Mexico 1149.92 1149.92 Grenada
Moldova 8.13 8.13 Guam
Mongolia 11.49 11.49 Guatemala
Montenegro 4.77 4.77 Guinea
Montserrat 1.5 4.77 Guinea-Bissau
Morocco 109.14 109.14 Guyana
Mozambique 12.33 12.33 Haiti
Namibia 13.24 13.24 Heavily indebted poor countries (HIPC)
Netherlands 826.20 826.20 High income
New Zealand 205.85 205.85 Honduras
Nicaragua 13.81 13.81 Hong Kong SAR, China
Nigeria 375.77 375.77 Hungary
Norway 398.83 398.83 IBRD only
Oman 72.64 72.64 Iceland
Pakistan 304.95 304.95 IDA & IBRD total
Panama 61.84 61.84 IDA blend
Papua New Guinea 21.09 21.09 IDA only
Paraguay 29.73 29.73 IDA total
Peru 211.39 211.39 India
Philippines 313.60 313.60 Indonesia
Poland 524.51 524.51 Iran, Islamic Rep.
Portugal 217.57 217.57 Iraq
Qatar 167.61 167.61 Ireland
Ras Al Khaimah (Emirate 5.2 167.61 Isle of Man
Romania 211.80 211.80 Israel
Russia 1577.52 1577.52 Italy
Rwanda 9.14 9.14 Jamaica
Saudi Arabia 683.83 683.83 Japan
Senegal 16.37 16.37 Jordan
Serbia 41.43 41.43 Kazakhstan
Sharjah 5 1.49 Kenya
Singapore 323.91 323.91 Kiribati
Slovakia 95.77 95.77 Korea, Dem. People’s Rep.
Slovenia 48.77 48.77 Korea, Rep.
Solomon Islands 1.30 1.30 Kosovo
South Africa 349.42 349.42 Kuwait
Spain 1311.32 1311.32 Kyrgyz Republic
Sri Lanka 87.17 87.17 Lao PDR
St. Maarten 1.5 1.71 Late-demographic dividend
St. Vincent & the Grenad 0.8 0.00 Latin America & Caribbean
Suriname 3.32 3.32 Latin America & Caribbean (excluding high inco
Swaziland 3.72 3.32 Latin America & the Caribbean (IDA & IBRD coun
Sweden 538.04 538.04 Latvia
Switzerland 678.89 678.89 Least developed countries: UN classification
Taiwan 970.9 0.00 Lebanon
Tajikistan 7.15 7.15 Lesotho
Tanzania 52.09 52.09 Liberia
Thailand 455.22 455.22 Libya
Trinidad and Tobago 22.10 22.10 Liechtenstein
Tunisia 40.26 40.26 Lithuania
Turkey 851.10 851.10 Low & middle income
Turks and Caicos Islands 1.5 0.00 Low income
Uganda 25.89 25.89 Lower middle income
Ukraine 112.15 112.15 Luxembourg
United Arab Emirates 382.58 382.58 Macao SAR, China
United Kingdom 2622.43 2622.43 Macedonia, FYR
United States of America19390.60 19390.60 Madagascar
Uruguay 56.16 56.16 Malawi
Venezuela 250 0.86 Malaysia
Vietnam 223.86 223.86 Maldives
Zambia 25.81 25.81 Mali
Malta
Marshall Islands
Mauritania
Mauritius
Mexico
Micronesia, Fed. Sts.
Middle East & North Africa
Middle East & North Africa (excluding high inco
Middle East & North Africa (IDA & IBRD countri
Middle income
Moldova
Monaco
Mongolia
Montenegro
Morocco
Mozambique
Myanmar
Namibia
Nauru
Nepal
Netherlands
New Caledonia
New Zealand
Nicaragua
Niger
Nigeria
North America
Northern Mariana Islands
Norway
Not classified
OECD members
Oman
Other small states
Pacific island small states
Pakistan
Palau
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Post-demographic dividend
Pre-demographic dividend
Puerto Rico
Qatar
Romania
Russia
Rwanda
Samoa
San Marino
Sao Tome and Principe
Saudi Arabia
Senegal
Serbia
Seychelles
Sierra Leone
Singapore
Sint Maarten (Dutch part)
Slovak Republic
Slovenia
Small states
Solomon Islands
Somalia
South Africa
South Asia
South Asia (IDA & IBRD)
South Sudan
Spain
Sri Lanka
St. Kitts and Nevis
St. Lucia
St. Martin (French part)
St. Vincent and the Grenadines
Sub-Saharan Africa
Sub-Saharan Africa (excluding high income)
Sub-Saharan Africa (IDA & IBRD countries)
Sudan
Suriname
Sweden
Switzerland
Syrian Arab Republic
Tajikistan
Tanzania
Thailand
Timor-Leste
Togo
Tonga
Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Turks and Caicos Islands
Tuvalu
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Upper middle income
Uruguay
Uzbekistan
Vanuatu
Venezuela, RB
Vietnam
Virgin Islands (U.S.)
West Bank and Gaza
World
Yemen, Rep.
Zambia
Zimbabwe
2017 (in billions)
20.82
13.04
170.37
3.01
124.21
1.53
2591.05
637.59
11.54
1323.42
416.60
40.75
12.16
35.31
249.72
4.80
54.44
492.68
1.84
9.27
2.51
37.51
18.17
17.41
2055.51
0.00
12.13
56.83
12.87
3.48
1.75
22.16
34.80
1653.04
69.33
0.00
1.95
1450.75
9.98
#REF!
277.08
12237.70
309.19
0.65
37.24
8.72
57.06
40.39
54.85
#REF!
0.00
21.65
215.73
324.87
1.84
0.56
75.93
11249.36
23999.25
14742.32
14713.97
103.06
235.37
24.81
12.49
0.00
25.92
4.41
80.56
12589.50
21438.52
3300.50
3879.86
17277.70
#REF!
5.06
251.88
830.73
2582.50
0.00
14.62
1.01
15.16
3677.44
47.33
0.00
200.29
#REF!
1.12
#REF!
75.62
10.50
1.35
3.68
8.41
728.77
51475.41
22.98
341.45
139.14
28648.52
23.91
30741.80
915.34
1186.02
2099.62
2597.49
1015.54
439.51
197.72
333.73
#REF!
350.85
1934.80
14.77
4872.14
40.07
159.41
74.94
0.20
0.00
1530.75
7.13
120.13
7.56
16.85
20452.88
5954.67
4723.05
5704.71
30.26
1062.64
51.84
2.64
2.16
50.98
#REF!
47.17
29236.81
549.65
6504.16
62.40
50.36
11.34
11.50
6.30
314.50
4.60
15.29
12.54
0.20
5.02
13.34
1149.92
0.34
3265.75
1431.75
1417.01
28682.70
8.13
0.00
11.49
4.77
109.14
12.33
69.32
13.24
0.11
24.47
826.20
0.00
205.85
13.81
8.12
375.77
21049.98
#REF!
398.83
0.00
49626.41
72.64
402.19
9.69
304.95
0.29
61.84
21.09
29.73
211.39
313.60
524.51
217.57
47087.04
1297.07
#REF!
167.61
211.80
1577.52
9.14
0.86
1.66
0.39
683.83
16.37
41.43
1.49
3.77
323.91
0.00
95.77
48.77
481.21
1.30
7.37
349.42
3291.74
3291.74
#REF!
1311.32
87.17
0.95
1.71
0.00
0.79
1648.71
1647.23
1648.71
117.49
3.32
538.04
678.89
0.00
7.15
52.09
455.22
2.95
4.81
0.43
22.10
40.26
851.10
42.36
0.00
0.04
25.89
112.15
382.58
2622.43
19390.60
22168.42
56.16
48.72
0.86
0.00
223.86
#REF!
14.50
80683.79
#REF!
25.81
17.85
Country S&P Rating
Moody's Rating FC
Abu Dhabi AA Aa2 Abu Dhabi Aa2
Albania B+ B1 Albania B1
Andorra (Principality of) BBB NA
Angola B- B3 Angola B3
Argentina B+ B2 Argentina B2
Armenia NA B1 Armenia B1
Aruba BBB+ NA
Australia AAA Aaa Australia Aaa
Austria AA+ Aa1 Austria Aa1
Azerbaijan BB+ Ba2 Azerbaijan Ba2
Bahamas BB+ Baa3 Bahamas Baa3
Bahrain B+ B2 Bahrain B2
Bangladesh BB- Ba3 Bangladesh Ba3
Barbados SD Caa3 Barbados Caa3
Belarus B B3 Belarus B3
Belgium AA Aa3 Belgium Aa3
Belize B- B3 Belize B3
Benin B+ NA
Bermuda A+ A2 Bermuda A2
Bolivia BB- Ba3 Bolivia Ba3
Bosnia and Herzegovina B B3 Bosnia and Herzegovina B3
Botswana A- A2 Botswana A2
Brazil BB- Ba2 Brazil Ba2
Bulgaria BBB- Baa2 Bulgaria Baa2
Burkina Faso B NA
Cambodia NA B2 Cambodia B2
Cameroon B B2 Cameroon B2
Canada AAA Aaa Canada Aaa
Cape Verde B NA
Cayman Islands NA Aa3 Cayman Islands Aa3
Chile AA- A1 Chile A1
China A+ A1 China A1
Colombia BBB Baa2 Colombia Baa2
Congo (Democratic Republ CCC+ B3 Congo (Democratic Republi B3
Congo (Republic of) B- Caa2 Congo (Republic of) Caa2
Cook Islands B+ NA
Costa Rica BB- B1 Costa Rica B1
Côte d'Ivoire NA Ba3 Cote d'Ivoire Ba3
Croatia BB+ Ba2 Croatia Ba2
Cuba NA Caa2 Cuba Caa2
Curacao A- NA
Cyprus BB+ Ba2 Cyprus Ba2
Czech Republic AA A1 Czech Republic A1
Denmark AAA Aaa Denmark Aaa
Dominican Republic BB- Ba3 Dominican Republic Ba3
Ecuador B- NA Ecuador B3
Egypt B B3 Egypt B3
El Salvador CCC+ NA El Salvador B3
Estonia AA- A1 Estonia A1
Ethiopia B B1 Ethiopia B1
Fiji B+ Ba3 Fiji Ba3
Finland AA+ Aa1 Finland Aa1
France AA Aa2 France Aa2
Gabon NA Caa1 Gabon Caa1
Georgia BB- Ba2 Georgia Ba2
Germany AAA Aaa Germany Aaa
Ghana B- B3 Ghana B3
Greece B+ B3 Greece B3
Guatemala BB Ba1 Guatemala Ba1
Guernsey (States of) AA- NA Guernsey (States of)
Honduras BB- B1 Honduras B1
Hong Kong AA+ Aa2 Hong Kong Aa2
Hungary BBB- Baa3 Hungary Baa3
Iceland A A3 Iceland A3
India BBB- Baa2 India Baa2
Indonesia BBB- Baa2 Indonesia Baa2
Iraq B- Caa1 Iraq Caa1
Ireland A+ A2 Ireland A2
Isle of Man NA Aa2 Isle of Man Aa2
Israel AA- A1 Israel A1
Italy BBB Baa3 Italy Baa3
Jamaica B B3 Jamaica B3
Japan A+ A1 Japan A1
Jersey (States of) AA- NA Jersey (Channel Islands)
Jordan B+ B1 Jordan B1
Kazakhstan BBB- Baa3 Kazakhstan Baa3
Kenya B+ B2 Kenya B2
Korea AA Aa2 Korea Aa2
Kuwait AA Aa2 Kuwait Aa2
Kyrgyzstan NA B2 Kyrgyz Republic B2
Latvia A- A3 Latvia A3
Lebanon B- B3 Lebanon B3
Liechtenstein AAA NA Liechtenstein
Lithuania A A3 Lithuania A3
Luxembourg AAA Aaa Luxembourg Aaa
Macao NA Aa3 Macao Aa3
Macedonia BB- NA
Malaysia A A3 Malaysia A3
Maldives NA B2 Maldives B2
Malta A- A3 Malta A3
Mauritius NA Baa1 Mauritius Baa1
Mexico A- A3 Mexico A3
Moldova NA B3 Moldova B3
Mongolia B- B3 Mongolia B3
Montenegro B+ NA Montenegro B1
Montserrat BBB- NA
Morocco BBB- Ba1 Morocco Ba1
Mozambique B- Caa3 Mozambique Caa3
Namibia NA Ba1 Namibia Ba1
Netherlands AAA Aaa Netherlands Aaa
New Zealand AA+ Aaa New Zealand Aaa
Nicaragua B B2 Nicaragua B2
Nigeria B B2 Nigeria B2
Norway AAA Aaa Norway Aaa
Oman BB Baa3 Oman Baa3
Pakistan B B3 Pakistan B3
Panama BBB NA Panama Baa2
Papua New Guinea B B2 Papua New Guinea B2
Paraguay BB Ba1 Paraguay Ba1
Peru A- A3 Peru A3
Philippines BBB Baa2 Philippines Baa2
Poland A- A2 Poland A2
Portugal BBB- Baa3 Portugal Baa3
Qatar AA- Aa3 Qatar Aa3
Ras Al Khaimah (Emirate A NA
Romania BBB- Baa3 Romania Baa3
Russia BBB Ba1 Russia Ba1
Rwanda B B2 Rwanda B2
Saudi Arabia A- A1 Saudi Arabia A1
Senegal B+ Ba3 Senegal Ba3
Serbia BB Ba3 Serbia Ba3
Sharjah BBB+ A3 Sharjah A3
Singapore AAA Aaa Singapore Aaa
Slovakia A+ A2 Slovakia A2
Slovenia A+ Baa1 Slovenia Baa1
Solomon Islands NA B3 Solomon Islands B3
South Africa BB+ Baa3 South Africa Baa3
Spain A- Baa1 Spain Baa1
Sri Lanka B+ NA Sri Lanka B2
St. Maarten NA Baa2 Sint Maarten Baa2
St. Vincent & the Grenad NA B3 St. Vincent & the Grenadine B3
Suriname B B2 Suriname B2
Swaziland NA B2 eSwatini B2
Sweden AAA Aaa Sweden Aaa
Switzerland AAA Aaa Switzerland Aaa
Taiwan AA- Aa3 Taiwan Aa3
Tajikistan B- B3 Tajikistan B3
Tanzania NA B1 Tanzania B1
Thailand A- Baa1 Thailand Baa1
Trinidad and Tobago BBB+ Ba1 Trinidad and Tobago Ba1
Tunisia NA B2 Tunisia B2
Turkey BB- Ba3 Turkey Ba3
Turks and Caicos Islands BBB+ NA
Uganda B B2 Uganda B2
Ukraine B- Caa1 Ukraine Caa1
United Arab Emirates NA Aa2 United Arab Emirates Aa2
United Kingdom AA Aa2 United Kingdom Aa2
United States AA+ Aaa United States of America Aaa
Uruguay BBB Baa2 Uruguay Baa2
Venezuela CCC- C Venezuela C
Vietnam BB- Ba3 Vietnam Ba3
Zambia B- Caa1 Zambia Caa1
LC Local currency ratings
Aa2 Abu Dhabi AA
B1 Albania B+
Andorra BBB
B3 Angola B-
B2 Argentina B+
B1
Aruba BBB+
Aaa Australia AAA
Aa1 Austria AA+
Ba2 Azerbaijan BB+
Baa3 Bahamas BB+
B2 Bahrain B+
Ba3 Bangladesh BB-
Caa3 Barbados SD
B3 Belarus B
Aa3 Belgium AA
B3 Belize B-
Benin B+
A2 Bermuda A+
Ba3 Bolivia BB-
B3 Bosnia and Herzegovina B
A2 Botswana A-
Ba2 Brazil BB-
Baa2 Bulgaria BBB-
Burkina Faso B
B2
B2 Cameroon B
Aaa Canada AAA
Cape Verde B
Aa3
A1 Chile AA-
A1 China A+
Baa2 Colombia BBB
B3 Congo (DRC) CCC+
Caa2 Congo-Brazzaville B-
Cook Islands B+
B1 Costa Rica BB-
Ba3
Ba2 Croatia BB+
Caa2
Curacao A-
Ba2 Cyprus BB+
A1 Czech Republic AA
Aaa Denmark AAA
Ba3 Dominican Republic BB-
Ecuador B-
B3 Egypt B
El Salvador CCC+
A1 Estonia AA-
B1 Ethiopia B
Ba3 Fiji B+
Aa1 Finland AA+
Aa2 France AA
Caa1
Ba2 Georgia BB-
Aaa Germany AAA
B3 Ghana B-
B3 Greece B+
Ba1 Guatemala BB
Guernsey AA-
B1 Honduras BB-
Aa2 Hong Kong AA+
Baa3 Hungary BBB-
A3 Iceland A
Baa2 India BBB-
Baa2 Indonesia BBB-
Caa1 Iraq B-
A2 Ireland A+
Aa2
A1 Israel AA-
Baa3 Italy BBB
B3 Jamaica B
A1 Japan A+
Jersey AA-
B1 Jordan B+
Baa3 Kazakhstan BBB-
B2 Kenya B+
Aa2 Korea AA
Aa2 Kuwait AA
B2
A3 Latvia A-
B3 Lebanon B-
Liechtenstein AAA
A3 Lithuania A
Aaa Luxembourg AAA
Aa3
Macedonia BB-
A3 Malaysia A
B2
A3 Malta A-
Baa1
A3 Mexico A-
B3
B3 Mongolia B-
Montenegro B+
Montserrat BBB-
Ba1 Morocco BBB-
Caa3 Mozambique B-
Ba1
Aaa Netherlands AAA
Aaa New Zealand AA+
B2 Nicaragua B
B2 Nigeria B
Aaa Norway AAA
Baa3 Oman BB
B3 Pakistan B
Panama BBB
B2 Papua New Guinea B
Ba1 Paraguay BB
A3 Peru A-
Baa2 Philippines BBB
A2 Poland A-
Baa3 Portugal BBB-
Aa3 Qatar AA-
Ras Al Khaimah A
Baa3 Romania BBB-
Ba1 Russia BBB
B2 Rwanda B
A1 Saudi Arabia A-
Ba3 Senegal B+
Ba3 Serbia BB
A3 Sharjah BBB+
Aaa Singapore AAA
A2 Slovakia A+
Baa1 Slovenia A+
B3
Baa3 South Africa BB+
Baa1 Spain A-
Sri Lanka B+
Baa2
B3
B2 Suriname B
B2
Aaa Sweden AAA
Aaa Switzerland AAA
Aa3 Taiwan AA-
B3 Tajikistan B-
B1
Baa1 Thailand A-
Ba1 Trinidad and Tobago BBB+
B2
Ba3 Turkey BB-
Turks and Caicos BBB+
B2 Uganda B
Caa1 Ukraine B-
Aa2
Aa2 United Kingdom AA
Aaa United States AA+
Baa2 Uruguay BBB
C Venezuela CCC-
Ba3 Vietnam BB-
Caa1 Zambia B-
B
Country Tax Rate Country
Abu Dhabi 0.00% Afghanistan
Albania 15.00% Albania
Andorra (Principality of) 0.00% Algeria
Angola 30.00% Andorra
Argentina 35.00% Angola
Armenia 20.00% Anguilla
Aruba Aruba Antigua and Barbuda
Australia 30.00% Argentina
Austria 25.00% Armenia
Azerbaijan 20.00% Aruba
Bahamas 0.00% Australia
Bahrain 0.00% Austria
Bangladesh 25.00% Azerbaijan
Barbados 25.00% Bahamas
Belarus 18.00% Bahrain
Belgium 33.99% Bangladesh
Belize 28.21% Barbados
Benin 0.00% Belarus
Bermuda 25.00% Belgium
Bolivia 10.00% Benin
Bosnia and Herzegovina 22.00% Bermuda
Botswana 34.00% Bolivia
Brazil 10.00% Bonaire, Saint Eustatius an
Bulgaria 27.50% Bosnia and Herzegovina
Burkina Faso 20.00% Botswana
Cambodia 33.00% Brazil
Cameroon 26.50% Brunei Darussalam
Canada 0.00% Bulgaria
Cape Verde 28.21% Burkina Faso
Cayman Islands 25.50% Burundi
Chile 25.00% Cambodia
China 34.00% Cameroon
Colombia 35.00% Canada
Congo (Democratic Republic of 28.21% Cayman Islands
Congo (Republic of) 0.00% Chile
Cook Islands 30.00% China
Costa Rica 25.00% Colombia
Côte d'Ivoire 20.00% Congo (Democratic Republic
Croatia 27.98% Costa Rica
Cuba 22.00% Croatia
Curacao 12.50% Curacao
Cyprus 19.00% Cyprus
Czech Republic 22.00% Czech Republic
Denmark 27.00% Denmark
Dominican Republic 22.00% Djibouti
Ecuador 22.50% Dominica
Egypt 30.00% Dominican Republic
El Salvador 20.00% Ecuador
Estonia 30.00% Egypt
Ethiopia 20.00% El Salvador
Fiji 20.00% Estonia
Finland 33.33% Ethiopia
France 30.00% Fiji
Gabon 15.00% Finland
Georgia 29.79% France
Germany 25.00% Gabon
Ghana 29.00% Gambia
Greece 25.00% Georgia
Guatemala 0.00% Germany
Guernsey (States of) 25.00% Ghana
Honduras 16.50% Gibraltar
Hong Kong 9.00% Greece
Hungary 20.00% Grenada
Iceland 30.00% Guatemala
India 25.00% Guernsey
Iraq 15.00% Honduras
Iraq 12.50% Hong Kong SAR
Ireland 0.00% Hungary
Isle of Man 24.00% Iceland
Israel 24.00% India
Italy 25.00% Indonesia
Jamaica 30.86% Iraq
Japan 20.00% Ireland
Jersey (States of) 20.00% Isle of Man
Jordan 20.00% Israel
Kazakhstan 30.00% Italy
Kenya 22.00% Ivory Coast
Kuwait 15.00% Jamaica
Kuwait 15.00% Japan
Kyrgyzstan 15.00% Jersey
Latvia 15.00% Jordan
Lebanon 12.50% Kazakhstan
Liechtenstein 15.00% Kenya
Lithuania 27.08% Korea, Republic of
Luxembourg 12.00% Kuwait
Macao 10.00% Kyrgyzstan
Macedonia 24.00% Latvia
Maldives 35.00% Lebanon
Malta 15.00% Libya
Mauritius 30.00% Liechtenstein
Mexico 12.00% Lithuania
Moldova 25.00% Luxembourg
Mongolia 9.00% Macau
Montenegro 27.98% Macedonia
Montserrat 31.00% Madagascar
Morocco 32.00% Malawi
Mozambique 32.00% Malaysia
Maldives
Namibia 25.00% Malta
Netherlands 28.00% Mauritius
New Zealand 30.00% Mexico
Nicaragua 30.00% Moldova
Nigeria 24.00% Monaco
Norway 15.00% Mongolia
Oman 31.00% Montenegro
Pakistan 25.00% Morocco
Panama 30.00% Mozambique
Papua New Guinea 10.00% Myanmar
Paraguay 29.50% Namibia
Peru 30.00% Netherlands
Philippines 19.00% New Zealand
Poland 21.00% Nicaragua
Portugal 10.00% Nigeria
Qatar 0.00% Norway
Ras Al Khaimah (Emirate of) 16.00% Oman
Romania 20.00% Pakistan
Russia 30.00% Palestinian Territory
Rwanda 20.00% Panama
Saudi Arabia 30.00% Papua New Guinea
Senegal 15.00% Paraguay
Serbia 0.00% Peru
Sharjah 17.00% Philippines
Singapore 21.00% Poland
Slovakia 19.00% Portugal
Solomon Islands 28.00% Qatar
South Africa 25.00% Romania
Spain 28.00% Russia
Sri Lanka 34.50% Rwanda
St. Maarten 27.98% Saint Kitts and Nevis
St. Vincent & the Grenadines 36.00% Saint Lucia
Swaziland 27.50% Saint Vincent and the Grena
Swaziland 22.00% Samoa
Sweden 17.77% Saudi Arabia
Switzerland 17.00% Senegal
Tajikistan 0.00% Serbia
Tanzania 20.00% Sierra Leone
Thailand 25.00% Singapore
Trinidad and Tobago 30.00% Sint Maarten (Dutch part)
Tunisia 20.00% Slovakia
Turkey 0.00% Slovenia
Turks and Caicos Islands 30.00% Solomon Islands
Uganda 18.00% South Africa
Ukraine 55.00% Spain
United Arab Emirates 20.00% Sri Lanka
United Kingdom 21.00% St Maarten
United States 25.00% Sudan
Uruguay 34.00% Suriname
Venezuela 20.00% Swaziland
Zambia 35.00% Sweden
Switzerland
Syria
Taiwan
Tanzania
Thailand
Trinidad and Tobago
Tunisia
Turkey
Turkmenistan
Turks and Caicos Islands
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States
Uruguay
Uzbekistan
Vanuatu
Venezuela
Vietnam
Yemen
Zambia
Zimbabwe
Tax Rate: 2017 Africa average 28.21% Country
20.00% Americas average 25.66% Abu Dhabi
15.00% Asia average 21.28% Albania
26.00% EU average 21.51% Andorra (Principality
10.00% Europe average 19.54% Angola
30.00% Global average 24.25% Argentina
0.00% Latin America average27.98% Armenia
25.00% North America averag 23.75% Aruba
35.00% Oceania average 28.67% Australia
20.00% OECD average 24.07% Austria
25.00% South America averag 27.98% Azerbaijan
30.00% Bahamas
25.00% Bahrain
20.00% Bangladesh
0.00% Barbados
0.00% Belarus
25.00% Belgium
30.00% Belize
18.00% Benin
29.00% Bermuda
30.00% Bolivia
0.00% Bosnia and Herzegovi
25.00% Botswana
25.00% Brazil
10.00% Bulgaria
22.00% Burkina Faso
34.00% Cambodia
18.50% Cameroon
10.00% Canada
28.00% Cape Verde
30.00% Cayman Islands
20.00% Chile
33.00% China
26.50% Colombia
0.00% Congo (Democratic Re
26.00% Congo (Republic of)
25.00% Cook Islands
33.00% Costa Rica
35.00% Côte d'Ivoire
30.00% Croatia
18.00% Cuba
22.00% Curacao
12.50% Cyprus
19.00% Czech Republic
22.00% Denmark
25.00% Dominican Republic
25.00% Ecuador
27.00% Egypt
22.00% El Salvador
23.00% Estonia
30.00% Ethiopia
20.00% Fiji
30.00% Finland
20.00% France
20.00% Gabon
33.00% Georgia
30.00% Germany
31.00% Ghana
15.00% Greece
30.00% Guatemala
25.00% Guernsey (States of)
10.00% Honduras
29.00% Hong Kong
30.00% Hungary
25.00% Iceland
0.00% India
25.00% Indonesia
16.50% Iraq
9.00% Ireland
20.00% Isle of Man
35.00% Israel
25.00% Italy
15.00% Jamaica
12.50% Japan
0.00% Jersey (States of)
24.00% Jordan
24.00% Kazakhstan
25.00% Kenya
25.00% Korea
30.86% Kuwait
20.00% Kyrgyzstan
20.00% Latvia
20.00% Lebanon
30.00% Liechtenstein
22.00% Lithuania
15.00% Luxembourg
10.00% Macao
15.00% Macedonia
15.00% Malaysia
20.00% Maldives
12.50% Malta
15.00% Mauritius
26.01% Mexico
12.00% Moldova
10.00% Mongolia
20.00% Montenegro
30.00% Montserrat
24.00% Morocco
21.28% Mozambique
35.00% Namibia
15.00% Netherlands
30.00% New Zealand
12.00% Nicaragua
33.00% Nigeria
25.00% Norway
9.00% Oman
31.00% Pakistan
32.00% Panama
25.00% Papua New Guinea
32.00% Paraguay
25.00% Peru
28.00% Philippines
30.00% Poland
30.00% Portugal
24.00% Qatar
15.00% Ras Al Khaimah (Emir
31.00% Romania
15.00% Russia
25.00% Rwanda
30.00% Saudi Arabia
10.00% Senegal
29.50% Serbia
30.00% Sharjah
19.00% Singapore
21.00% Slovakia
10.00% Slovenia
16.00% Solomon Islands
20.00% South Africa
30.00% Spain
33.00% Sri Lanka
30.00% St. Maarten
33.00% St. Vincent & the Gre
27.00% Suriname
20.00% Swaziland
30.00% Sweden
15.00% Switzerland
30.00% Taiwan
17.00% Tajikistan
35.00% Tanzania
21.00% Thailand
19.00% Trinidad and Tobago
30.00% Tunisia
28.00% Turkey
25.00% Turks and Caicos Isla
28.00% Uganda
35.00% Ukraine
35.00% United Arab Emirates
36.00% United Kingdom
28.00% United States
22.00% Uruguay
18.00% Venezuela
28.00% Vietnam
17.00% Zambia
30.00%
20.00%
25.00%
25.00%
22.00%
20.00%
0.00%
30.00%
18.00%
55.00%
19.00%
25.00%
25.00%
7.50%
0.00%
34.00%
20.00%
20.00%
35.00%
25.00%
Tax Rate 2018
55.00%
15.00%
10.00%
30.00%
30.00%
20.00%
25.00%
30.00%
25.00%
20.00%
0.00%
0.00%
25.00%
30.00%
18.00%
29.00%
28.21%
30.00%
0.00%
25.00%
10.00%
22.00%
34.00%
10.00%
28.00%
20.00%
33.00%
26.50%
28.00%
0.00%
26.00%
25.00%
33.00%
35.00%
28.00%
0.00%
30.00%
25.00%
18.00%
24.00%
22.00%
12.50%
19.00%
22.00%
27.00%
25.00%
23.00%
30.00%
20.00%
30.00%
20.00%
20.00%
33.00%
30.00%
31.00%
15.00%
25.00%
29.00%
25.00%
0.00%
25.00%
16.50%
9.00%
20.00%
35.00%
25.00%
15.00%
12.50%
0.00%
23.00%
24.00%
25.00%
30.86%
20.00%
20.00%
20.00%
30.00%
25.00%
15.00%
10.00%
20.00%
15.00%
12.50%
15.00%
26.01%
12.00%
10.00%
24.00%
0.00%
35.00%
15.00%
30.00%
12.00%
33.00%
9.00%
27.98%
31.00%
32.00%
32.00%
25.00%
28.00%
30.00%
30.00%
23.00%
15.00%
30.00%
25.00%
30.00%
10.00%
29.50%
30.00%
19.00%
21.00%
10.00%
0.00%
16.00%
20.00%
30.00%
20.00%
30.00%
15.00%
20.00%
17.00%
21.00%
19.00%
30.00%
28.00%
25.00%
28.00%
35.00%
20.00%
36.00%
28.00%
22.00%
18.00%
20.00%
20.00%
30.00%
20.00%
25.00%
25.00%
22.00%
0.00%
30.00%
18.00%
55.00%
19.00%
25.00%
25.00%
34.00%
20.00%
35.00%
Country PRS Score Total Equity Risk P Rating-based Defaul Final ERP
Abu Dhabi 6.65% 0.56% 6.65%
Albania 71.00 12.21% 5.08% 12.21%
Andorra (Principality of) 8.60% 2.15% 8.60%
Angola 57.30 14.99% 7.34% 14.99%
Argentina 60.80 13.60% 6.21% 13.60%
Armenia 67.80 12.21% 5.08% 12.21%
Aruba 8.18% 1.80% 8.18%
Australia 77.50 5.96% 0.00% 5.96%
Austria 80.80 6.51% 0.45% 6.51%
Azerbaijan 70.80 10.13% 3.39% 10.13%
Bahamas 76.00 9.02% 2.48% 9.02%
Bahrain 67.30 13.60% 6.21% 13.60%
Bangladesh 64.30 10.96% 4.06% 10.96%
Barbados 19.83% 11.28% 19.83%
Belarus 65.00 14.99% 7.34% 14.99%
Belgium 76.50 6.80% 0.68% 6.80%
Belize 14.99% 7.34% 14.99%
Benin 12.21% 5.08% 12.21%
Bermuda 7.14% 0.96% 7.14%
Bolivia 65.50 10.96% 4.06% 10.96%
Bosnia and Herzegovina 14.99% 7.34% 14.99%
Botswana 78.50 7.14% 0.96% 7.14%
Brazil 69.30 10.13% 3.39% 10.13%
Bulgaria 77.00 8.60% 2.15% 8.60%
Burkina Faso 64.80 13.60% 6.21% 13.60%
Cambodia 13.60% 6.21% 13.60%
Cameroon 61.30 13.60% 6.21% 13.60%
Canada 81.80 5.96% 0.00% 5.96%
Cape Verde 13.60% 6.21% 13.60%
Cayman Islands 6.80% 0.68% 6.80%
Chile 75.80 6.94% 0.79% 6.94%
China 72.30 6.94% 0.79% 6.94%
Colombia 67.30 8.60% 2.15% 8.60%
Congo (Democratic Republ 56.50 14.99% 7.34% 14.99%
Congo (Republic of) 61.00 18.46% 10.16% 18.46%
Cook Islands 12.21% 5.08% 12.21%
Costa Rica 73.30 12.21% 5.08% 12.21%
Côte d'Ivoire 61.30 10.96% 4.06% 10.96%
Croatia 76.00 10.13% 3.39% 10.13%
Cuba 68.30 18.46% 10.16% 18.46%
Curacao 7.63% 1.35% 7.63%
Cyprus 74.50 10.13% 3.39% 10.13%
Czech Republic 79.80 6.94% 0.79% 6.94%
Denmark 83.80 5.96% 0.00% 5.96%
Dominican Republic 72.80 10.96% 4.06% 10.96%
Ecuador 64.00 14.99% 7.34% 14.99%
Egypt 62.80 14.99% 7.34% 14.99%
El Salvador 67.50 16.37% 8.46% 16.37%
Estonia 74.80 6.94% 0.79% 6.94%
Ethiopia 59.80 12.21% 5.08% 12.21%
Fiji 10.96% 4.06% 10.96%
Finland 81.80 6.51% 0.45% 6.51%
France 72.80 6.65% 0.56% 6.65%
Gabon 64.00 16.37% 8.46% 16.37%
Georgia 10.13% 3.39% 10.13%
Germany 83.00 5.96% 0.00% 5.96%
Ghana 69.30 14.99% 7.34% 14.99%
Greece 72.30 14.99% 7.34% 14.99%
Guatemala 72.00 9.43% 2.82% 9.43%
Guernsey (States of) 6.80% 0.68% 6.80%
Honduras 68.00 12.21% 5.08% 12.21%
Hong Kong 83.00 6.65% 0.56% 6.65%
Hungary 76.50 9.02% 2.48% 9.02%
Iceland 82.80 7.63% 1.35% 7.63%
India 69.30 8.60% 2.15% 8.60%
Indonesia 67.80 8.60% 2.15% 8.60%
Iraq 65.80 16.37% 8.46% 16.37%
Ireland 82.80 7.14% 0.96% 7.14%
Isle of Man 6.65% 0.56% 6.65%
Israel 76.50 6.94% 0.79% 6.94%
Italy 75.50 9.02% 2.48% 9.02%
Jamaica 70.50 14.99% 7.34% 14.99%
Japan 82.50 6.94% 0.79% 6.94%
Jersey (States of) 6.80% 0.68% 6.80%
Jordan 63.80 12.21% 5.08% 12.21%
Kazakhstan 69.50 9.02% 2.48% 9.02%
Kenya 64.30 13.60% 6.21% 13.60%
Korea 82.30 6.65% 0.56% 6.65%
Kuwait 78.30 6.65% 0.56% 6.65%
Kyrgyzstan 13.60% 6.21% 13.60%
Latvia 72.50 7.63% 1.35% 7.63%
Lebanon 54.80 14.99% 7.34% 14.99%
Liechtenstein 5.96% 0.00% 5.96%
Lithuania 72.30 7.63% 1.35% 7.63%
Luxembourg 87.00 5.96% 0.00% 5.96%
Macao 6.80% 0.68% 6.80%
Macedonia 10.96% 4.06% 10.96%
Malaysia 76.30 7.63% 1.35% 7.63%
Maldives 13.60% 6.21% 13.60%
Malta 80.50 7.63% 1.35% 7.63%
Mauritius 8.18% 1.80% 8.18%
Mexico 68.80 7.63% 1.35% 7.63%
Moldova 65.80 14.99% 7.34% 14.99%
Mongolia 66.50 14.99% 7.34% 14.99%
Montenegro 12.21% 5.08% 12.21%
Montserrat 9.02% 2.48% 9.02%
Morocco 68.50 9.43% 2.82% 9.43%
Mozambique 57.30 19.83% 11.28% 19.83%
Namibia 69.50 9.43% 2.82% 9.43%
Netherlands 83.00 5.96% 0.00% 5.96%
New Zealand 82.30 5.96% 0.00% 5.96%
Nicaragua 59.50 13.60% 6.21% 13.60%
Nigeria 63.30 13.60% 6.21% 13.60%
Norway 89.30 5.96% 0.00% 5.96%
Oman 73.00 9.02% 2.48% 9.02%
Pakistan 58.00 14.99% 7.34% 14.99%
Panama 74.00 8.60% 2.15% 8.60%
Papua New Guinea 67.50 13.60% 6.21% 13.60%
Paraguay 69.30 9.43% 2.82% 9.43%
Peru 73.00 7.63% 1.35% 7.63%
Philippines 70.50 8.60% 2.15% 8.60%
Poland 76.50 7.14% 0.96% 7.14%
Portugal 77.30 9.02% 2.48% 9.02%
Qatar 76.50 6.80% 0.68% 6.80%
Ras Al Khaimah (Emirate of) 7.14% 0.96% 7.14%
Romania 70.50 9.02% 2.48% 9.02%
Russia 70.00 9.43% 2.82% 9.43%
Rwanda 13.60% 6.21% 13.60%
Saudi Arabia 76.00 6.94% 0.79% 6.94%
Senegal 64.00 10.96% 4.06% 10.96%
Serbia 69.00 10.96% 4.06% 10.96%
Sharjah 7.63% 1.35% 7.63%
Singapore 86.30 5.96% 0.00% 5.96%
Slovakia 73.00 7.14% 0.96% 7.14%
Slovenia 75.50 8.18% 1.80% 8.18%
Solomon Islands 14.99% 7.34% 14.99%
South Africa 67.80 9.02% 2.48% 9.02%
Spain 75.00 8.18% 1.80% 8.18%
Sri Lanka 63.50 12.21% 5.08% 12.21%
St. Maarten 8.60% 2.15% 8.60%
St. Vincent & the Grenadines 14.99% 7.34% 14.99%
Suriname 67.00 13.60% 6.21% 13.60%
Swaziland 13.60% 6.21% 13.60%
Sweden 83.30 5.96% 0.00% 5.96%
Switzerland 88.50 5.96% 0.00% 5.96%
Taiwan 83.80 6.80% 0.68% 6.80%
Tajikistan 14.99% 7.34% 14.99%
Tanzania 65.30 12.21% 5.08% 12.21%
Thailand 71.50 8.18% 1.80% 8.18%
Trinidad and Tobago 75.00 9.43% 2.82% 9.43%
Tunisia 60.80 13.60% 6.21% 13.60%
Turkey 58.80 10.96% 4.06% 10.96%
Turks and Caicos Islands 8.18% 1.80% 8.18%
Uganda 63.00 13.60% 6.21% 13.60%
Ukraine 63.80 16.37% 8.46% 16.37%
United Arab Emirates 78.50 6.65% 0.56% 6.65%
United Kingdom 76.80 6.65% 0.56% 6.65%
United States 77.80 5.96% 0.00% 5.96%
Uruguay 73.30 8.60% 2.15% 8.60%
Venezuela 43.50 28.10% 18.00% 28.10%
Vietnam 70.00 10.96% 4.06% 10.96%
Zambia 64.80 16.37% 8.46% 16.37%
Algeria 65.00 6.21% 13.60%

Brunei 80.50 0.79% 6.94%
Gambia 63.30 7.34% 14.99%
Guinea 54.30 13.54% 22.61%
Guinea-Bissau 62.00 8.46% 16.37%
Guyana 66.50 5.08% 12.21%
Haiti 60.00 10.16% 18.46%
Iran 69.30 3.39% 10.13%
Korea, D.P.R. 53.00 13.54% 22.61%
Liberia 53.50 13.54% 22.61%
Libya 66.50 5.08% 12.21%
Madagascar 64.00 7.34% 14.99%
Malawi 61.00 8.46% 16.37%
Mali 61.30 8.46% 16.37%
Myanmar 62.00 8.46% 16.37%
Niger 54.50 13.54% 22.61%
Sierra Leone 54.80 13.54% 22.61%
Somalia 53.50 13.54% 22.61%
Sudan 38.80 18.00% 28.10%
Syria 51.80 13.54% 22.61%
Togo 61.00 8.46% 16.37%
Yemen, Republic 48.00 18.00% 28.10%
Zimbabwe 59.30 10.16% 18.46%
Tax Rate CRP PRS Score
55.00% 0.69% More than Less than ERP CRP
15.00% 6.25% 0 50.000 28.10% 18.00%
10.00% 2.64% 50.001 55.000 22.61% 13.54%
30.00% 9.03% 55.001 57.000 19.83% 11.28%
30.00% 7.64% 57.001 60.000 18.46% 10.16%
20.00% 6.25% 60.001 62.000 16.37% 8.46%
25.00% 2.22% 62.001 64.000 14.99% 7.34%
30.00% 0.00% 64.001 66.000 13.60% 6.21%
25.00% 0.55% 66.001 68.000 12.21% 5.08%
20.00% 4.17% 68.001 69.000 10.96% 4.06%
0.00% 3.06% 69.001 72.000 10.13% 3.39%
0.00% 7.64% 72.001 74.000 8.60% 2.15%
25.00% 5.00% 74.001 76.000 8.18% 1.80%
30.00% 13.87% 76.001 80.000 7.14% 0.96%
18.00% 9.03% 80.001 82.500 6.94% 0.79%
29.00% 0.84% 82.501 85.000 6.51% 0.45%
28.21% 9.03% 85.001 90.000 5.96% 0.00%
30.00% 6.25%
0.00% 1.18% Rating Updated Default Spread (1/1/19)
25.00% 5.00% Aaa 0
10.00% 9.03% Aa1 45
22.00% 1.18% Aa2 56
34.00% 4.17% Aa3 68
10.00% 2.64% A1 79
28.00% 7.64% A2 96
20.00% 7.64% A3 135
33.00% 7.64% Baa1 180
26.50% 0.00% Baa2 215
28.00% 7.64% Baa3 248
0.00% 0.84% Ba1 282
26.00% 0.98% Ba2 339
25.00% 0.98% Ba3 406
33.00% 2.64% B1 508
35.00% 9.03% B2 621
28.00% 12.50% B3 734
0.00% 6.25% Caa1 846
30.00% 6.25% Caa2 1016
25.00% 5.00% Caa3 1128
18.00% 4.17% Ca 1354
24.00% 12.50%
22.00% 1.67%
12.50% 4.17%
19.00% 0.98%
22.00% 0.00%
27.00% 5.00%
25.00% 9.03%
23.00% 9.03%
30.00% 10.41%
20.00% 0.98%
30.00% 6.25%
20.00% 5.00%
20.00% 0.55%
33.00% 0.69%
30.00% 10.41%
31.00% 4.17%
15.00% 0.00%
25.00% 9.03%
29.00% 9.03%
25.00% 3.47%
0.00% 0.84%
25.00% 6.25%
16.50% 0.69%
9.00% 3.06%
20.00% 1.67%
35.00% 2.64%
25.00% 2.64%
15.00% 10.41%
12.50% 1.18%
0.00% 0.69%
23.00% 0.98%
24.00% 3.06%
25.00% 9.03%
30.86% 0.98%
20.00% 0.84%
20.00% 6.25%
20.00% 3.06%
30.00% 7.64%
25.00% 0.69%
15.00% 0.69%
10.00% 7.64%
20.00% 1.67%
15.00% 9.03%
12.50% 0.00%
15.00% 1.67%
26.01% 0.00%
12.00% 0.84%
10.00% 5.00%
24.00% 1.67%
0.00% 7.64%
35.00% 1.67%
15.00% 2.22%
30.00% 1.67%
12.00% 9.03%
33.00% 9.03%
9.00% 6.25%
27.98% 3.06%
31.00% 3.47%
32.00% 13.87%
32.00% 3.47%
25.00% 0.00%
28.00% 0.00%
30.00% 7.64%
30.00% 7.64%
23.00% 0.00%
15.00% 3.06%
30.00% 9.03%
25.00% 2.64%
30.00% 7.64%
10.00% 3.47%
29.50% 1.67%
30.00% 2.64%
19.00% 1.18%
21.00% 3.06%
10.00% 0.84%
0.00% 1.18%
16.00% 3.06%
20.00% 3.47%
30.00% 7.64%
20.00% 0.98%
30.00% 5.00%
15.00% 5.00%
20.00% 1.67%
17.00% 0.00%
21.00% 1.18%
19.00% 2.22%
30.00% 9.03%
28.00% 3.06%
25.00% 2.22%
28.00% 6.25%
35.00% 2.64%
20.00% 9.03%
36.00% 7.64%
28.00% 7.64%
22.00% 0.00%
18.00% 0.00%
20.00% 0.84%
20.00% 9.03%
30.00% 6.25%
20.00% 2.22%
25.00% 3.47%
25.00% 7.64%
22.00% 5.00%
0.00% 2.22%
30.00% 7.64%
18.00% 10.41%
55.00% 0.69%
19.00% 0.69%
25.00% 0.00%
25.00% 2.64%
34.00% 22.14%
20.00% 5.00%
35.00% 10.41%
26.00% 7.64% Row Labels Average of Corporate Tax Rate

18.50% 0.98% Africa 29.15%
31.00% 9.03% Asia 23.10%
29.15% 16.65% Australia & New Zeala 19.33%
29.15% 10.41% Caribbean 18.64%
18.64% 6.25% Central and South Ame 27.93%
18.64% 12.50% Eastern Europe & Russ 16.69%
20.23% 4.17% Middle East 20.23%
23.10% 16.65% North America 25.75%
29.15% 16.65% Western Europe 20.02%
20.00% 6.25%
20.00% 9.03%
30.00% 10.41%
29.15% 10.41%
25.00% 10.41%
28.21% 16.65%
30.00% 16.65%
29.15% 16.65%
35.00% 22.14%
28.00% 16.65%
29.15% 10.41%
20.00% 22.14%
25.00% 12.50%
Below Ca
Ca
Caa3
Caa2
Caa1
B3
B2
B1
Ba3
Ba2
Baa2
Baa1
A2
Aa3
Aa1
Aaa
Corporate Tax Rate

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Country Risk Premiums

Step 1: Estimating mature market risk premium

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

Step 4: Compute a total equity risk premium

Step 5: Compute regional averages and regional weighted averages

t a total equity risk premium.

spread for the country (if one exists)

he BAML Emerging Public Bond index standard deviation

u can change it to 1, if you would

Country Default Spread (based on 0.45%

Country Risk Premium (CDS) 0.00%

Country Risk Premium (simple av 3.98%

Country Risk Premium (GDP weig 1.47%

PRS Score 38.80

the Regional Weighted Averages Worksheet

Country Africa Moody's rating Rating-based Default Spread

Frontier Markets (no sovereign ratings)

Rating Default spread in basis points

Updated January 1, 2019

Sovereign CDS, net

DATE VALUE Effective dat

2013-12-27 4.61 Average = 4.52 In spread % 12/31/2013

2013-12-30 4.59 Std Dev = 0.50221531 In spread % 1/1/2014

For updating industry average spreadsheets

0.04% 0.11% 0.05% 0.24%

0.00% 5.15% 0.00% 25.94%

0.02% 0.11% 0.03% 0.33%

0.02% 0.04% 0.02% 0.05%

0.09% 1.09% 0.11% 9.03%

0.00% 0.47% 0.00% 2.08%

0.00% 0.00% 0.00% 0.00%

Algeria 65.00 6.21% 13.60%

26.00% 7.64% Row Labels Average of Corporate Tax Rate

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