Public League Tables

Overall Issuer
01/01/2020 - 04/06/2020
Rank Issuer US$m Trades
1 2,396,318 72
2 1,101,247 436
3 237,415 40
4 235,799 63
5 228,546 725
6 204,492 76
7 190,307 116
8 182,668 53
9 180,680 48
10 178,017 72
11 167,752 37
12 154,074 5,666
13 139,894 44
14 129,449 118
15 125,194 768
16 116,168 112
17 102,872 81
18 94,849 60
19 89,128 8,793
20 87,871 108
21 85,653 2,895
22 81,436 31
23 81,250 3,686
24 74,360 8,487
25 73,178 112
26 66,598 121
27 58,846 84
28 49,706 34
29 49,506 29
30 46,046 118
31 45,544 125
32 40,684 8,812
33 39,993 61
34 39,657 55
35 38,598 132
36 36,991 77
37 36,834 70
38 36,027 64
39 35,016 79
40 34,818 6,114
41 33,722 46
42 33,332 23
43 32,097 6
44 31,793 89
45 31,221 1
46 28,992 7,361
47 28,683 1
48 27,756 12,576
49 27,447 20
50 27,176 339
51 26,877 8
52 26,396 149
53 26,047 164
54 25,303 89
55 25,000 7
56 24,676 32
57 24,194 10,074
58 23,398 20,120
59 23,124 141
60 22,973 30
61 22,737 11
62 22,667 156
63 22,626 58
64 22,579 42
65 22,282 24
66 21,677 1,235
67 21,658 10,157
68 21,512 103
69 20,967 10
70 20,695 9
71 20,077 177
72 20,000 6
73 19,945 14
74 19,669 40
75 19,000 5
76 18,599 222
77 18,000 10
78 17,921 12
79 17,369 55
80 17,119 10,179
81 16,872 22
82 16,648 1
83 16,597 15
84 16,508 149
85 16,341 524
86 15,908 99
87 15,905 1
88 15,877 5
89 15,823 19
90 15,345 64
91 15,098 1
92 15,085 1
93 14,888 1
94 14,777 10
95 14,721 7
96 14,230 14,559
97 14,221 1,659
98 14,110 48
99 14,047 33
100 13,841 13
Overall Dealer
01/01/2020 - 04/06/2020
Rank Dealer US$m Trades
1 278,228 1,485
2 239,019 1,225
3 213,958 1,183
4 172,794 909
5 161,941 931
6 152,248 804
7 137,695 797
8 133,185 759
9 122,354 680
10 81,518 553
11 78,483 478
12 74,898 483
13 61,179 304
14 60,778 376
15 59,915 427
16 56,380 247
17 46,107 199
18 44,390 430
19 43,344 129
20 42,984 222
21 40,044 217
22 38,603 428
23 38,588 340
24 36,204 269
25 32,263 222
26 30,734 207
27 30,081 177
28 28,551 133
29 26,104 252
30 21,778 207
31 18,091 173
32 14,760 115
33 12,937 83
34 12,570 134
35 11,841 97
36 11,551 91
37 11,488 45
38 10,825 50
39 9,764 72
40 9,755 98
41 9,129 95
42 8,385 59
43 8,353 51
44 8,300 41
45 7,732 88
46 7,488 42
47 7,171 105
48 6,767 92
49 6,539 88
50 6,535 44
51 6,311 78
52 6,292 52
53 6,047 45
54 5,973 46
55 5,369 72
56 5,061 44
57 4,772 39
58 4,419 31
59 4,140 19
60 3,968 52
61 3,911 47
62 3,876 19
63 3,752 45
64 3,570 29
65 3,300 10
66 3,222 19
67 3,212 35
68 3,063 48
69 2,815 51
70 2,737 57
71 2,737 1
72 2,627 37
73 2,591 22
74 2,358 41
75 2,325 41
76 2,168 41
77 2,124 2
78 2,114 46
79 2,084 63
80 2,078 24
81 2,029 30
82 1,980 47
83 1,979 26
84 1,976 25
85 1,954 32
86 1,944 207
87 1,890 51
88 1,863 19
89 1,859 40
90 1,722 54
91 1,702 15
92 1,699 1
93 1,682 16
94 1,677 36
95 1,670 14
96 1,594 21
97 1,589 32
98 1,568 22
99 1,559 14
100 1,526 24

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