The Collaborative Market Data Network -
serving the Public interest of Transparency in Debt Capital Markets
The Collaborative Market Data Network
Serving Transparency in Capital Markets
The Collaborative
Market Data Network

PUBLIC LEAGUE TABLES

Overall Issuer
01/01/2021 - 12/04/2021
Rank Issuer USD (m) Trades
1 1,159,231 25
2 859,096 242
3 363,566 196
4 228,437 29
5 223,406 7,416
6 214,254 43
7 191,304 48
8 148,596 58
9 111,860 80
10 101,603 49
11 79,838 87
12 78,936 19
13 75,571 23
14 71,807 25
15 70,173 1,691
16 60,203 1,804
17 57,128 168
18 55,906 58
19 55,795 73
20 52,650 101
21 49,441 32
22 47,745 6
23 46,198 49
24 45,705 85
25 43,581 4,081
26 43,120 88
27 42,492 165
28 41,043 1
29 38,642 3,246
30 37,764 59
31 35,717 1
32 31,182 19
33 30,909 156
34 30,217 1
35 28,010 15
36 26,258 1
37 25,394 31
38 25,225 12,622
39 22,778 1,934
40 21,350 13
41 20,482 33
42 19,917 10,447
43 19,755 7,512
44 19,378 11
45 17,761 23
46 17,618 11,798
47 17,432 75
48 17,191 80
49 16,935 36
50 16,489 64
51 16,187 15
52 15,755 171
53 15,654 152
54 15,091 41
55 15,000 6
56 14,974 15
57 14,854 3,027
58 14,837 15
59 14,804 11
60 14,000 6
61 13,640 54
62 13,583 1
63 13,203 4
64 13,002 20
65 12,836 14
66 12,709 419
67 12,212 61
68 12,082 13
69 11,967 9
70 11,743 4,677
71 11,688 85
72 11,686 58
73 11,467 2
74 11,298 6
75 10,950 8
76 10,895 12
77 10,710 34
78 10,534 354
79 10,417 7
80 10,345 20
81 10,310 14,270
82 10,265 5,523
83 10,177 23
84 10,032 5
85 10,000 7
86 10,000 5
87 9,915 4
88 9,825 3
89 9,700 7
90 9,488 51
91 8,968 72
92 8,933 5
93 8,727 2
94 8,507 3
95 8,304 11,901
96 8,280 6
97 8,185 2
98 8,175 46
99 7,996 18
100 7,888 9
Overall Dealer
01/01/2021 - 12/04/2021
Rank Dealer USD (m) Trades
1 169,046 953
2 136,775 731
3 109,753 546
4 108,334 731
5 99,711 531
6 98,095 483
7 93,822 546
8 92,308 550
9 81,054 461
10 58,107 342
11 43,858 310
12 43,097 182
13 40,499 354
14 40,004 249
15 39,577 185
16 35,474 289
17 31,767 287
18 28,046 132
19 27,970 184
20 27,375 161
21 26,220 151
22 25,876 94
23 24,465 195
24 24,131 167
25 21,618 216
26 20,707 200
27 20,364 120
28 19,394 176
29 16,673 103
30 15,165 91
31 15,107 37
32 12,853 121
33 12,524 101
34 10,514 10
35 9,546 108
36 8,667 54
37 8,279 57
38 7,890 90
39 7,164 88
40 6,827 77
41 6,729 39
42 6,157 58
43 5,898 60
44 5,555 68
45 4,735 72
46 4,518 39
47 4,418 42
48 4,166 31
49 4,117 68
50 4,095 83
51 3,933 32
52 3,775 40
53 3,666 49
54 3,639 28
55 3,502 15
56 3,108 28
57 3,063 28
58 3,043 24
59 2,876 36
60 2,842 32
61 2,808 40
62 2,783 28
63 2,269 50
64 2,265 22
65 2,132 15
66 2,091 26
67 2,082 21
68 2,066 62
69 1,986 55
70 1,912 20
71 1,885 63
72 1,802 16
73 1,770 11
74 1,680 15
75 1,635 54
76 1,621 19
77 1,618 18
78 1,610 47
79 1,593 17
80 1,556 43
81 1,543 16
82 1,539 2
83 1,420 4
84 1,367 15
85 1,346 2
86 1,302 32
87 1,290 13
88 1,275 14
89 1,258 46
90 1,220 10
91 1,201 24
92 1,185 36
93 1,182 22
94 1,159 30
95 1,125 12
96 1,109 33
97 1,080 20
98 1,067 7
99 1,067 11
100 1,058 22

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