Public League Tables

Overall Issuer
01/01/2020 - 17/09/2020
Rank Issuer US$m Trades
1 2,635,571 80
2 2,063,254 689
3 518,985 78
4 478,349 157
5 407,235 107
6 381,556 1,370
7 346,972 184
8 311,983 253
9 308,192 58
10 297,277 10,646
11 242,340 1,543
12 210,145 83
13 210,112 220
14 208,056 65
15 204,730 114
16 194,788 587
17 188,287 58
18 172,844 72
19 172,397 98
20 155,702 206
21 153,266 138
22 152,140 51
23 138,528 4,737
24 122,359 5,482
25 121,762 184
26 117,841 233
27 114,053 11,722
28 111,309 58
29 105,988 67
30 104,636 84
31 103,907 10,047
32 98,384 19,253
33 80,075 124
34 70,483 34
35 69,256 19
36 67,347 187
37 67,127 215
38 61,753 123
39 60,554 239
40 52,826 8,989
41 46,250 15
42 46,239 12,419
43 46,140 312
44 45,682 45
45 45,629 22,642
46 45,267 105
47 45,129 1
48 44,022 252
49 43,349 59
50 43,076 12
51 42,096 158
52 41,017 46
53 40,331 21
54 39,738 12,789
55 39,668 541
56 37,404 97
57 36,473 27
58 36,290 64
59 36,027 64
60 35,062 61
61 34,847 15
62 34,581 64
63 34,353 30
64 34,156 2,075
65 34,067 106
66 33,949 57
67 33,354 30,505
68 32,902 1
69 32,737 22
70 32,515 81
71 31,585 204
72 31,560 46
73 31,375 205
74 31,221 1
75 31,214 89
76 30,875 40
77 29,880 32
78 29,711 13
79 29,702 17,865
80 29,670 40
81 29,152 100
82 29,116 1
83 28,914 12
84 28,904 294
85 28,757 36
86 28,718 1
87 28,683 1
88 28,639 1
89 27,998 9
90 27,916 151
91 26,963 36
92 26,353 1
93 26,331 873
94 26,023 87
95 26,009 23
96 25,915 28,076
97 25,111 17
98 25,070 29
99 25,000 7
100 24,811 69
Overall Dealer
01/01/2020 - 17/09/2020
Rank Dealer US$m Trades
1 445,230 2,557
2 384,611 2,132
3 356,127 2,092
4 259,967 1,504
5 259,674 1,426
6 246,553 1,578
7 227,773 1,373
8 226,915 1,296
9 213,858 1,235
10 132,837 989
11 126,905 844
12 124,919 828
13 103,631 633
14 96,563 529
15 93,792 776
16 85,440 3,335
17 82,822 298
18 77,718 752
19 76,317 410
20 75,879 461
21 65,037 564
22 64,383 363
23 62,355 673
24 55,641 321
25 50,246 361
26 48,058 393
27 46,328 10
28 40,049 329
29 39,129 404
30 38,404 359
31 37,759 228
32 30,315 278
33 28,394 213
34 24,568 135
35 24,065 206
36 22,773 253
37 22,510 109
38 22,474 107
39 21,797 69
40 20,346 7
41 19,728 162
42 18,239 151
43 15,609 155
44 14,428 224
45 13,034 107
46 12,762 68
47 12,458 96
48 12,427 162
49 11,773 180
50 11,722 133
51 11,135 108
52 10,602 80
53 10,265 167
54 10,175 68
55 10,073 138
56 9,027 88
57 8,994 69
58 8,145 61
59 7,958 98
60 7,314 113
61 7,247 69
62 6,510 85
63 6,326 33
64 6,201 31
65 6,033 61
66 5,975 79
67 5,871 62
68 5,809 73
69 5,365 110
70 5,290 127
71 5,280 55
72 4,937 34
73 4,887 81
74 4,872 103
75 4,756 71
76 4,692 92
77 4,644 79
78 4,566 90
79 4,428 97
80 4,384 42
81 4,002 118
82 3,987 51
83 3,943 33
84 3,873 16
85 3,846 105
86 3,799 40
87 3,732 85
88 3,573 72
89 3,569 54
90 3,551 43
91 3,475 89
92 3,456 76
93 3,453 57
94 3,446 11
95 3,429 79
96 3,414 91
97 3,319 4
98 3,316 101
99 3,299 69
100 3,236 43

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