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Syndicated Self-Led
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Overall Issuer 01/01/2017 - 26/03/2017
Rank Name US$m Trades
1 342,100 3,205
2 114,904 4,321
3 57,646 5,720
4 55,973 2,628
5 33,334 1,174
6 33,263 311
7 32,313 3,906
8 28,552 78
9 25,514 32
10 19,967 9
11 19,309 270
12 19,079 2,774
13 18,466 7,256
14 18,426 3
15 17,000 7
16 15,489 3
17 13,550 4
18 12,650 61
19 12,475 6
20 11,847 4,353
21 11,219 3
22 11,127 5,650
23 11,000 10
24 10,768 5
25 10,000 6
26 9,918 369
27 9,910 8
28 9,658 340
29 9,453 13
30 9,397 8
31 9,004 10
32 8,884 14
33 8,558 4
34 8,491 21
35 8,052 2,786
36 8,000 2
37 7,600 6
38 7,500 7
39 7,243 7
40 7,005 18
41 6,926 112
42 6,872 4
43 6,619 12
44 6,500 3
45 6,416 1
46 6,383 5
47 6,273 870
48 6,130 5,162
49 6,094 1
50 6,003 18
51 5,975 130
52 5,948 1,471
53 5,512 21
54 5,320 18
55 5,303 5
56 5,300 7
57 5,266 3
58 5,172 8
59 5,153 6
60 5,106 14
61 5,000 1
62 5,000 2
63 5,000 3
64 4,906 10
65 4,802 2
66 4,664 22
67 4,663 2,996
68 4,500 4
69 4,500 4
70 4,492 3
71 4,367 7
72 4,300 4
73 4,255 423
74 4,242 28
75 4,230 1
76 4,198 3,422
77 4,164 74
78 4,164 30
79 4,024 118
80 4,000 2
81 4,000 3
82 4,000 7
83 3,769 6
84 3,662 16
85 3,648 144
86 3,639 1
87 3,571 3
88 3,500 2
89 3,445 92
90 3,410 8
91 3,392 3
92 3,316 5
93 3,301 4
94 3,265 1,029
95 3,262 7
96 3,250 2
97 3,239 20
98 3,230 34
99 3,198 5
100 3,195 1
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2017 - 26/03/2017
Rank Name US$m Trades
1 84,750 527
2 70,214 415
3 64,411 315
4 62,320 364
5 58,395 304
6 54,455 315
7 45,478 221
8 44,638 222
9 37,360 173
10 26,322 150
11 22,075 123
12 20,789 147
13 19,892 111
14 19,756 130
15 15,328 142
16 15,254 70
17 13,832 117
18 13,332 87
19 12,918 104
20 12,666 86
21 11,315 66
22 10,697 76
23 10,636 56
24 10,621 46
25 9,714 53
26 9,307 48
27 8,452 36
28 7,986 29
29 7,815 44
30 6,930 19
31 5,995 42
32 5,343 34
33 5,341 840
34 5,147 33
35 4,368 32
36 4,303 35
37 4,083 29
38 3,829 13
39 3,749 28
40 3,744 18
41 3,697 40
42 3,675 33
43 3,055 27
44 3,023 10
45 2,829 24
46 2,235 17
47 2,099 12
48 2,004 13
49 1,863 11
50 1,846 18
51 1,806 21
52 1,799 13
53 1,724 16
54 1,673 20
55 1,665 11
56 1,625 8
57 1,601 21
58 1,541 16
59 1,514 15
60 1,512 5
61 1,484 19
62 1,425 12
63 1,389 3
64 1,273 8
65 1,258 6
66 1,252 6
67 1,120 11
68 1,104 16
69 1,061 10
70 1,038 7
71 986 5
72 958 8
73 828 4
74 810 11
75 795 6
76 768 9
77 739 6
78 708 7
79 705 1
80 680 9
81 648 9
82 642 7
83 619 7
84 613 10
85 610 6
86 597 3
87 583 2
88 560 4
89 532 1
90 528 1
91 525 3
92 522 4
93 517 3
94 508 4
95 500 7
96 500 1
97 500 1
98 494 8
99 478 3
100 467 6
© CMD. Self-led exc.
Click here to customise this League Table

League Table Criteria

Submission Rules: 

All new issues are subject to the following submission rules: Details of relevant new issues for the period must generally be received within 5 business days of pricing or settlement.

New issues at quarter end must be received before the relevant quarter end.

New issues not received before the relevant quarter end are entered into the database but classified as rank ineligible and are not included in league tables for the relevant quarter end.


General Classifications: 

  • New issues are trade-able debt instruments with either a vanilla or a more complicated interest and or redemption structure.
  • All new issues are eligible whether underwritten or not.
  • Auctioned issues are also eligible.
  • Sole-led takedowns are eligible for league table credit. Some league tables may express that Self-led transactions are excluded.
  • Cancelled or postponed issues are not eligible.
  • Exchange offers are only eligible to the extent that new money is raised.
  • Each League Table will contain summary league table criteria at the bottom of the relevant table.
  • Time periods for league tables are based upon the date we first hear about a new issue or the pricing date whichever is earlier. (Trade Date).
  • League Table rankings are based upon proceeds, including any increases to the borrower and are where the context so requires either expressed in millions or billions of the relevant currency in which they are expressed.
  • US dollar League Tables that incorporate new issues denominated in various (non US dollar) currencies are converted to the US dollar equivalent using the average currency exchange rate on the day of pricing (Trade Date).
  • Euro League Tables that incorporate new issues denominated in various (non Euro) currencies are converted to the Euro equivalent using the average currency exchange rate on the day of pricing (Trade Date).
  • Bookrunners identified as ‘passive’ will not be eligible for league table credit. Only ‘active’ bookrunners will receive standard league table credit.
  • Full credit is given to the bookrunner or dealer, equal if joint books or joint dealers.
  • In cases of underwriter or dealer consolidation, credit is given to the surviving/parent firm.
  • All issuer country/region classifications are determined by the country/region of incorporation of the relevant issuer.
  • All issuer city classifications are determined by the city from where the instruments have been issued. In the case of a foreign branch, this will be the head office of the branch.
  • All (issuer) group country classifications are determined by the country of incorporation of the relevant issuer’s head office.

Maturity Classifications: 

  • New issues that mature or are callable/putable between more than 365 days and less than 1.5 years after settlement are referred to as Short Term.
  • New issues that mature or are callable/putable more than 1.5 years after settlement are referred to as Long Term.

Ratings: 

  • All credit ratings that feature in the CMD League Tables are Capital Market Daily generic ratings and are worked out as the lower average of credit ratings on the relevant issuer available to Capital Market Daily.
  • Investment Grade Corporate Debt is defined as long-term new issues with a CMD generic rating equal to or greater than BBB-.
  • High Yield Corporate Debt is defined as long-term new issues with a CMD generic rating equal to or less than BB+.
  • Emerging Market countries are countries that are not members of the OECD.
  • Bonds offered by issuers in emerging markets are not eligible for high yield corporate debt league table credit however, are eligible for emerging markets league table credit.

Mortgage and Asset-backed Securities: 

  • New issues securitising first mortgages are classified as MBS. All other securitisations are classified as ABS.
  • Self-funded is defined as any securitisation where 50% or more of the securitised assets were originated by the bookrunner/dealer or an affiliate of the bookrunner/dealer.

Marketplace Classification: 

  • International New Issues are new issues where the ISIN starts with XS.
  • Domestic New Issues are new issues where the ISIN does not start with XS.
  • Global New Issues are new issues where the transaction has multiple ISINs or where the prospectus indicates that the security is global and is usually deposited with the DTC and either Clearstream or Euroclear. Global New Issues are typically registered with the SEC and offer tax gross up, have various selling restrictions and have multiple paying agents. Global new issues are typically listed on an international exchange.
  • Yankee new issues are new issues of non-US issuers where the ISIN starts with US and the issue follows the Yankee procedures.
  • 144A new issues are new issues of non-US issuers where the ISIN starts with US and the issue follows the 144A procedures.
  • Samurai new issues are new issues of non-Japanese issuers sold to Japanese domestic investors following a Samurai license from the Japanese Ministry of Finance.
  • Uridashi new issues are new issues of non-Japanese issuers sold to Japanese domestic investors following a Uridashi license from the Japanese Ministry of Finance.
  • Foreign new issues are Domestic new issues where the issuer country (or where the relevant issuer guarantor’s country) does not correspond with the relevant country’s first two digits of the ISIN code. (f.e. the ISIN does not start with DE but the issuer’s or guarantors’ country is Germany)

Issuer Classifications: 

  • Issuer Group include all issuers that belong to a specific group of entities, whether through direct or indirect ownership or through partnership. Each case is judged on its own. The group name is typically the general marketing name used by the group of entities.
  • Supranational agencies are issuers that have various sovereign entities as supporting members.
  • Federal Government entities are autonomous sovereign issuers that have a federal political structure.
  • State Government entities are autonomous sovereign issuers that are either part of a federal political structure or not.
  • Provincial Government entities are semi-sovereign issuers that are not autonomous. This includes provinces and counties.
  • Municipal Government entities are mainly cities, towns and villages.
  • Publicly owned Bank are Banks predominantly owned by a sovereign or semi sovereign entity.
  • Publicly owned Building Society are Building Societies predominantly owned by a sovereign or semi sovereign entity.
  • Publicly owned Corporate are Corporates predominantly owned by a sovereign or semi sovereign entity.
  • Privately owned Bank are Banks not predominantly owned by a sovereign or semi sovereign entity.
  • Privately owned Building Society are Building Societies not predominantly owned by a sovereign or semi sovereign entity.
  • Privately owned Corporate are Corporates not predominantly owned by a sovereign or semi sovereign entity.
  • Partnership are members of a business venture created by contract with no limited liability.
  • A predominant ownership is an ownership of more than 50% of the relevant voting rights or decision making unit.

Increases and reopenings: 

Increases or reopenings are eligible provided they are notified in time.

The increase or reopening date is considered to be the issue date, regardless of earlier terms. They are recorded as separate issues.


MTN transactions: 

All MTN takedowns are eligible for league table credit irrespective of programme size.


For more detail or further information on our league table criteria, please contact the CMD editorial team at analysts@cmdportal.com 

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