|
|
Values
|
|
|
|
| Row Labels
|
Average of Adj. Default Spread
|
Average of Country Risk Premium
|
Average of Equity Risk Premium
|
Average of Corporate Tax Rate
|
| Africa
|
4.81%
|
5.59%
|
9.83%
|
26.04%
|
| Angola
|
5.53%
|
6.43%
|
10.67%
|
25.00%
|
| Benin
|
3.83%
|
4.45%
|
8.69%
|
30.00%
|
| Botswana
|
1.02%
|
1.19%
|
5.43%
|
22.00%
|
| Burkina Faso
|
4.68%
|
5.44%
|
9.68%
|
28.00%
|
| Cameroon
|
4.68%
|
5.44%
|
9.68%
|
33.00%
|
| Cape Verde
|
5.53%
|
6.43%
|
10.67%
|
0.00%
|
| Congo (Democratic Republic of)
|
6.38%
|
7.41%
|
11.65%
|
30.00%
|
| Congo (Republic of)
|
7.66%
|
8.90%
|
13.14%
|
28.00%
|
| Côte d'Ivoire
|
3.06%
|
3.56%
|
7.80%
|
22.81%
|
| Egypt
|
4.68%
|
5.44%
|
9.68%
|
22.50%
|
| Ethiopia
|
7.66%
|
8.90%
|
13.14%
|
30.00%
|
| Gabon
|
6.38%
|
7.41%
|
11.65%
|
30.00%
|
| Ghana
|
5.53%
|
6.43%
|
10.67%
|
25.00%
|
| Kenya
|
4.68%
|
5.44%
|
9.68%
|
30.00%
|
| Mauritius
|
1.62%
|
1.88%
|
6.12%
|
15.00%
|
| Morocco
|
2.13%
|
2.47%
|
6.71%
|
31.00%
|
| Mozambique
|
7.66%
|
8.90%
|
13.14%
|
32.00%
|
| Namibia
|
3.06%
|
3.56%
|
7.80%
|
32.00%
|
| Nigeria
|
4.68%
|
5.44%
|
9.68%
|
30.00%
|
| Rwanda
|
4.68%
|
5.44%
|
9.68%
|
30.00%
|
| Senegal
|
3.06%
|
3.56%
|
7.80%
|
30.00%
|
| South Africa
|
2.56%
|
2.97%
|
7.21%
|
28.00%
|
| Swaziland
|
5.53%
|
6.43%
|
10.67%
|
27.50%
|
| Tanzania
|
4.68%
|
5.44%
|
9.68%
|
30.00%
|
| Tunisia
|
6.38%
|
7.41%
|
11.65%
|
15.00%
|
| Uganda
|
4.68%
|
5.44%
|
9.68%
|
30.00%
|
| Mali
|
6.38%
|
7.41%
|
11.65%
|
22.81%
|
| Togo
|
5.53%
|
6.43%
|
10.67%
|
22.81%
|
| Niger
|
5.53%
|
6.43%
|
10.67%
|
22.81%
|
| Asia
|
3.00%
|
3.49%
|
7.73%
|
25.09%
|
| Bangladesh
|
3.06%
|
3.56%
|
7.80%
|
32.50%
|
| Cambodia
|
4.68%
|
5.44%
|
9.68%
|
20.00%
|
| China
|
0.60%
|
0.70%
|
4.94%
|
25.00%
|
| Fiji
|
3.83%
|
4.45%
|
8.69%
|
20.00%
|
| Hong Kong
|
0.51%
|
0.60%
|
4.84%
|
16.50%
|
| India
|
1.87%
|
2.18%
|
6.42%
|
30.00%
|
| Indonesia
|
1.62%
|
1.88%
|
6.12%
|
35.00%
|
| Japan
|
0.60%
|
0.70%
|
4.94%
|
30.62%
|
| Korea
|
0.42%
|
0.49%
|
4.73%
|
25.00%
|
| Macao
|
0.51%
|
0.60%
|
4.84%
|
22.81%
|
| Malaysia
|
1.02%
|
1.19%
|
5.43%
|
24.00%
|
| Maldives
|
6.38%
|
7.41%
|
11.65%
|
22.81%
|
| Mongolia
|
5.53%
|
6.43%
|
10.67%
|
25.00%
|
| Pakistan
|
5.53%
|
6.43%
|
10.67%
|
29.00%
|
| Papua New Guinea
|
4.68%
|
5.44%
|
9.68%
|
30.00%
|
| Philippines
|
1.62%
|
1.88%
|
6.12%
|
30.00%
|
| Singapore
|
0.00%
|
0.00%
|
4.24%
|
17.00%
|
| Solomon Islands
|
6.38%
|
7.41%
|
11.65%
|
30.00%
|
| Sri Lanka
|
7.66%
|
8.90%
|
13.14%
|
24.00%
|
| Taiwan
|
0.51%
|
0.60%
|
4.84%
|
20.00%
|
| Thailand
|
1.36%
|
1.58%
|
5.82%
|
20.00%
|
| Laos
|
7.66%
|
8.90%
|
13.14%
|
22.81%
|
| Australia & New Zealand
|
1.28%
|
1.48%
|
5.72%
|
28.81%
|
| Australia
|
0.00%
|
0.00%
|
4.24%
|
30.00%
|
| Cook Islands
|
3.83%
|
4.45%
|
8.69%
|
28.43%
|
| New Zealand
|
0.00%
|
0.00%
|
4.24%
|
28.00%
|
| Caribbean
|
3.27%
|
3.80%
|
8.04%
|
17.37%
|
| Aruba
|
1.62%
|
1.88%
|
6.12%
|
25.00%
|
| Bahamas
|
3.06%
|
3.56%
|
7.80%
|
0.00%
|
| Barbados
|
6.38%
|
7.41%
|
11.65%
|
5.50%
|
| Bermuda
|
0.72%
|
0.84%
|
5.08%
|
0.00%
|
| Cayman Islands
|
0.51%
|
0.60%
|
4.84%
|
0.00%
|
| Cuba
|
10.21%
|
11.87%
|
16.11%
|
27.18%
|
| Curacao
|
1.62%
|
1.88%
|
6.12%
|
22.00%
|
| Dominican Republic
|
3.06%
|
3.56%
|
7.80%
|
27.00%
|
| Jamaica
|
4.68%
|
5.44%
|
9.68%
|
25.00%
|
| Montserrat
|
1.87%
|
2.18%
|
6.42%
|
27.18%
|
| St. Maarten
|
2.56%
|
2.97%
|
7.21%
|
27.18%
|
| St. Vincent & the Grenadines
|
5.53%
|
6.43%
|
10.67%
|
27.18%
|
| Trinidad and Tobago
|
2.56%
|
2.97%
|
7.21%
|
30.00%
|
| Turks and Caicos Islands
|
1.36%
|
1.58%
|
5.82%
|
0.00%
|
| Central and South America
|
4.21%
|
4.90%
|
9.14%
|
27.20%
|
| Argentina
|
10.21%
|
11.87%
|
16.11%
|
25.00%
|
| Belize
|
8.51%
|
9.89%
|
14.13%
|
27.18%
|
| Bolivia
|
4.68%
|
5.44%
|
9.68%
|
25.00%
|
| Brazil
|
2.56%
|
2.97%
|
7.21%
|
34.00%
|
| Chile
|
0.60%
|
0.70%
|
4.94%
|
27.00%
|
| Colombia
|
1.62%
|
1.88%
|
6.12%
|
31.00%
|
| Costa Rica
|
4.68%
|
5.44%
|
9.68%
|
30.00%
|
| Ecuador
|
8.51%
|
9.89%
|
14.13%
|
25.00%
|
| El Salvador
|
6.38%
|
7.41%
|
11.65%
|
30.00%
|
| Guatemala
|
2.13%
|
2.47%
|
6.71%
|
25.00%
|
| Honduras
|
3.83%
|
4.45%
|
8.69%
|
25.00%
|
| Mexico
|
1.36%
|
1.58%
|
5.82%
|
30.00%
|
| Nicaragua
|
5.53%
|
6.43%
|
10.67%
|
30.00%
|
| Panama
|
1.62%
|
1.88%
|
6.12%
|
25.00%
|
| Paraguay
|
2.13%
|
2.47%
|
6.71%
|
10.00%
|
| Peru
|
1.36%
|
1.58%
|
5.82%
|
29.50%
|
| Suriname
|
8.51%
|
9.89%
|
14.13%
|
36.00%
|
| Uruguay
|
1.62%
|
1.88%
|
6.12%
|
25.00%
|
| Eastern Europe & Russia
|
2.72%
|
3.16%
|
7.40%
|
15.79%
|
| Albania
|
3.83%
|
4.45%
|
8.69%
|
15.00%
|
| Armenia
|
3.06%
|
3.56%
|
7.80%
|
18.00%
|
| Azerbaijan
|
2.56%
|
2.97%
|
7.21%
|
20.00%
|
| Belarus
|
5.53%
|
6.43%
|
10.67%
|
18.00%
|
| Bosnia and Herzegovina
|
5.53%
|
6.43%
|
10.67%
|
10.00%
|
| Bulgaria
|
1.36%
|
1.58%
|
5.82%
|
10.00%
|
| Croatia
|
2.13%
|
2.47%
|
6.71%
|
18.00%
|
| Czech Republic
|
0.51%
|
0.60%
|
4.84%
|
19.00%
|
| Estonia
|
0.60%
|
0.70%
|
4.94%
|
20.00%
|
| Georgia
|
2.56%
|
2.97%
|
7.21%
|
15.00%
|
| Hungary
|
1.62%
|
1.88%
|
6.12%
|
9.00%
|
| Kazakhstan
|
1.62%
|
1.88%
|
6.12%
|
20.00%
|
| Kyrgyzstan
|
4.68%
|
5.44%
|
9.68%
|
10.00%
|
| Latvia
|
1.02%
|
1.19%
|
5.43%
|
20.00%
|
| Lithuania
|
0.72%
|
0.84%
|
5.08%
|
15.00%
|
| Macedonia
|
3.06%
|
3.56%
|
7.80%
|
10.00%
|
| Moldova
|
5.53%
|
6.43%
|
10.67%
|
12.00%
|
| Montenegro
|
3.83%
|
4.45%
|
8.69%
|
9.00%
|
| Poland
|
0.72%
|
0.84%
|
5.08%
|
19.00%
|
| Romania
|
1.87%
|
2.18%
|
6.42%
|
16.00%
|
| Russia
|
1.87%
|
2.18%
|
6.42%
|
20.00%
|
| Serbia
|
2.56%
|
2.97%
|
7.21%
|
15.00%
|
| Slovakia
|
0.72%
|
0.84%
|
5.08%
|
21.00%
|
| Slovenia
|
1.02%
|
1.19%
|
5.43%
|
19.00%
|
| Tajikistan
|
5.53%
|
6.43%
|
10.67%
|
22.81%
|
| Ukraine
|
5.53%
|
6.43%
|
10.67%
|
18.00%
|
| Uzbekistan
|
3.83%
|
4.45%
|
8.69%
|
7.50%
|
| Middle East
|
3.19%
|
3.71%
|
7.95%
|
20.38%
|
| Abu Dhabi
|
0.42%
|
0.49%
|
4.73%
|
55.00%
|
| Bahrain
|
4.68%
|
5.44%
|
9.68%
|
0.00%
|
| Iraq
|
6.38%
|
7.41%
|
11.65%
|
35.00%
|
| Israel
|
0.60%
|
0.70%
|
4.94%
|
23.00%
|
| Jordan
|
3.83%
|
4.45%
|
8.69%
|
20.00%
|
| Kuwait
|
0.60%
|
0.70%
|
4.94%
|
15.00%
|
| Lebanon
|
17.50%
|
20.34%
|
24.58%
|
17.00%
|
| Oman
|
3.06%
|
3.56%
|
7.80%
|
15.00%
|
| Qatar
|
0.51%
|
0.60%
|
4.84%
|
10.00%
|
| Ras Al Khaimah (Emirate of)
|
1.02%
|
1.19%
|
5.43%
|
0.00%
|
| Saudi Arabia
|
0.60%
|
0.70%
|
4.94%
|
20.00%
|
| Sharjah
|
1.87%
|
2.18%
|
6.42%
|
0.00%
|
| United Arab Emirates
|
0.42%
|
0.49%
|
4.73%
|
55.00%
|
| North America
|
0.00%
|
0.00%
|
4.24%
|
26.75%
|
| Canada
|
0.00%
|
0.00%
|
4.24%
|
26.50%
|
| United States
|
0.00%
|
0.00%
|
4.24%
|
27.00%
|
| Western Europe
|
0.83%
|
0.97%
|
5.21%
|
19.25%
|
| Andorra (Principality of)
|
1.62%
|
1.88%
|
6.12%
|
18.98%
|
| Austria
|
0.34%
|
0.39%
|
4.63%
|
25.00%
|
| Belgium
|
0.51%
|
0.60%
|
4.84%
|
25.00%
|
| Cyprus
|
2.13%
|
2.47%
|
6.71%
|
12.50%
|
| Denmark
|
0.00%
|
0.00%
|
4.24%
|
22.00%
|
| Finland
|
0.34%
|
0.39%
|
4.63%
|
20.00%
|
| France
|
0.42%
|
0.49%
|
4.73%
|
26.50%
|
| Germany
|
0.00%
|
0.00%
|
4.24%
|
30.00%
|
| Greece
|
3.06%
|
3.56%
|
7.80%
|
24.00%
|
| Guernsey (States of)
|
0.51%
|
0.60%
|
4.84%
|
0.00%
|
| Iceland
|
0.72%
|
0.84%
|
5.08%
|
20.00%
|
| Ireland
|
0.72%
|
0.84%
|
5.08%
|
12.50%
|
| Isle of Man
|
0.51%
|
0.60%
|
4.84%
|
0.00%
|
| Italy
|
1.87%
|
2.18%
|
6.42%
|
24.00%
|
| Jersey (States of)
|
0.00%
|
0.00%
|
4.24%
|
0.00%
|
| Liechtenstein
|
0.00%
|
0.00%
|
4.24%
|
12.50%
|
| Luxembourg
|
0.00%
|
0.00%
|
4.24%
|
24.94%
|
| Malta
|
0.72%
|
0.84%
|
5.08%
|
35.00%
|
| Netherlands
|
0.00%
|
0.00%
|
4.24%
|
25.00%
|
| Norway
|
0.00%
|
0.00%
|
4.24%
|
22.00%
|
| Portugal
|
1.62%
|
1.88%
|
6.12%
|
21.00%
|
| Spain
|
1.36%
|
1.58%
|
5.82%
|
25.00%
|
| Sweden
|
0.00%
|
0.00%
|
4.24%
|
20.60%
|
| Switzerland
|
0.00%
|
0.00%
|
4.24%
|
14.93%
|
| Turkey
|
4.68%
|
5.44%
|
9.68%
|
20.00%
|
| United Kingdom
|
0.51%
|
0.60%
|
4.84%
|
19.00%
|
| Grand Total
|
3.04%
|
3.53%
|
7.77%
|
21.90%
|
