Public League Tables

Overall Issuer
01/01/2020 - 03/12/2020
Rank Issuer USD (m) Trades
1 3,662,836 105
2 2,723,189 880
3 634,046 207
4 605,875 98
5 539,719 145
6 498,611 244
7 486,279 1,653
8 446,156 15,701
9 369,796 72
10 313,641 350
11 305,880 2,018
12 270,722 139
13 252,308 99
14 234,136 125
15 231,654 225
16 230,313 781
17 224,032 82
18 224,011 70
19 213,259 131
20 210,420 71
21 177,400 6,079
22 165,299 103
23 163,641 149
24 160,979 216
25 160,958 91
26 153,185 322
27 150,484 6,674
28 148,733 15,400
29 145,662 26,567
30 120,557 11,465
31 114,615 176
32 108,473 89
33 101,971 298
34 96,233 54
35 91,279 26
36 90,246 220
37 84,932 138
38 80,733 153
39 68,205 80
40 66,856 294
41 66,249 443
42 64,138 10,592
43 60,583 1
44 58,009 22
45 57,139 27,730
46 55,031 72
47 54,456 17,050
48 53,322 127
49 52,015 296
50 51,878 15,110
51 51,616 54
52 51,211 16
53 50,942 96
54 50,894 127
55 49,661 695
56 48,389 3,019
57 48,067 8
58 47,906 72
59 47,295 185
60 46,355 15
61 46,310 17
62 45,628 197
63 45,129 1
64 43,573 77
65 43,473 33
66 41,775 37,378
67 41,602 144
68 41,385 110
69 41,223 381
70 41,077 50
71 40,907 49
72 40,645 144
73 40,558 44
74 40,496 123
75 40,331 21
76 39,953 80
77 39,022 51
78 38,280 247
79 36,775 70
80 36,582 21,380
81 35,915 142
82 35,090 37
83 34,548 69
84 34,386 43
85 34,375 178
86 34,248 1,145
87 34,219 44
88 34,188 124
89 33,802 163
90 33,751 255
91 33,563 41
92 32,926 40
93 32,902 1
94 32,766 36
95 32,737 22
96 32,340 40
97 31,604 36,584
98 31,596 1
99 31,221 1
100 30,462 19
Overall Dealer
01/01/2020 - 03/12/2020
Rank Dealer USD (m) Trades
1 548,385 3,113
2 467,335 2,602
3 429,278 2,523
4 361,716 1,956
5 336,245 1,702
6 303,918 1,607
7 302,602 1,949
8 290,150 1,691
9 247,985 1,519
10 195,456 1,440
11 160,120 1,036
12 152,211 1,015
13 134,361 814
14 130,890 442
15 121,415 658
16 106,180 907
17 103,814 523
18 101,641 972
19 101,353 1,191
20 97,284 559
21 86,672 471
22 76,543 667
23 74,770 815
24 66,714 458
25 60,123 365
26 57,132 484
27 49,689 383
28 46,358 11
29 45,599 274
30 44,974 440
31 44,502 467
32 37,348 334
33 34,696 126
34 33,932 290
35 33,123 284
36 32,776 167
37 30,653 246
38 29,663 321
39 25,609 141
40 25,208 173
41 22,531 119
42 20,988 183
43 20,278 282
44 19,644 182
45 18,302 88
46 17,884 178
47 14,601 120
48 14,457 153
49 14,097 290
50 13,761 109
51 13,289 210
52 13,078 172
53 12,544 172
54 11,728 93
55 11,721 63
56 11,646 10
57 11,451 81
58 11,125 86
59 11,116 88
60 10,972 115
61 10,076 126
62 9,827 89
63 9,499 81
64 9,322 107
65 9,267 134
66 8,691 65
67 8,254 114
68 8,097 81
69 8,072 50
70 7,730 109
71 7,505 39
72 7,474 116
73 7,077 77
74 7,069 128
75 7,014 170
76 6,853 79
77 6,820 87
78 6,819 103
79 6,639 157
80 6,620 104
81 6,084 124
82 5,920 145
83 5,787 109
84 5,771 95
85 5,638 191
86 5,451 46
87 5,398 122
88 5,189 51
89 5,158 104
90 5,054 37
91 5,029 116
92 4,820 5
93 4,716 71
94 4,711 127
95 4,611 54
96 4,516 110
97 4,481 59
98 4,479 98
99 4,363 59
100 4,261 68

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