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 - 14/10/2021
# Issuer USD (m) Trades
1 3,863,758 84
2 1,953,470 791
3 815,049 643
4 658,873 96
5 559,843 125
6 482,349 119
7 480,347 16,073
8 368,475 158
9 313,932 227
10 275,435 123
11 231,201 64
12 222,721 2,721
13 207,908 243
14 192,194 60
15 175,936 3,525
16 174,793 85
17 160,313 5,249
18 156,862 108
19 155,176 50
20 150,073 215
21 145,763 133
22 138,984 15
23 132,615 316
24 128,876 173
25 115,264 435
26 114,515 11,587
27 109,034 564
28 108,194 19,081
29 92,210 14
30 90,518 191
31 86,292 7,290
32 81,161 8
33 80,099 403
34 79,154 43
35 73,942 131
36 73,389 29
37 69,527 29,274
38 67,339 1
39 65,126 60
40 60,846 249
41 60,045 57
42 57,212 127
43 56,454 79
44 55,666 81
45 53,287 141
46 51,455 232
47 49,831 113
48 48,180 205
49 46,973 37
50 46,527 21
51 46,461 66
52 45,412 1
53 44,126 602
54 43,974 201
55 43,304 73
56 42,659 8,934
57 42,626 147
58 41,567 23,068
59 41,043 1
60 40,545 35
61 39,617 3,386
62 38,527 29,560
63 36,846 21
64 35,717 1
65 35,580 152
66 34,992 15
67 34,782 29
68 34,476 1
69 34,076 17
70 34,058 135
71 33,494 1
72 33,245 12,327
73 32,975 100
74 31,728 105
75 31,636 2,246
76 31,370 41
77 30,925 43
78 30,849 56
79 30,841 84
80 30,538 351
81 30,217 1
82 30,070 29,313
83 29,904 1
84 29,806 70
85 29,805 980
86 29,201 34
87 29,168 336
88 28,672 98
89 28,029 35
90 27,259 160
91 27,141 12
92 26,691 29
93 26,567 32
94 26,362 126
95 26,258 1
96 26,075 29
97 25,785 43
98 25,627 1
99 25,571 16,176
100 25,450 105
Overall Dealer
01/01/2021 - 14/10/2021
# Dealer USD (m) Trades
1 426,096 2,488
2 353,844 2,092
3 289,346 2,040
4 287,224 1,618
5 283,543 1,524
6 267,088 1,430
7 259,573 1,413
8 256,896 1,535
9 224,540 1,315
10 153,387 969
11 121,817 903
12 120,374 471
13 105,329 965
14 100,645 833
15 100,241 895
16 92,662 656
17 90,162 513
18 77,273 542
19 76,705 669
20 74,847 443
21 73,303 236
22 70,057 379
23 64,549 613
24 62,004 375
25 57,756 418
26 57,717 345
27 50,548 513
28 44,071 390
29 41,878 431
30 39,201 255
31 38,052 329
32 34,883 236
33 32,499 165
34 27,771 193
35 26,947 213
36 26,688 316
37 26,526 93
38 24,901 327
39 22,917 231
40 22,554 263
41 21,559 198
42 18,482 198
43 17,421 210
44 16,415 113
45 14,265 209
46 14,033 192
47 13,747 266
48 13,580 102
49 12,522 115
50 11,392 58
51 10,886 102
52 10,663 104
53 10,631 75
54 9,943 78
55 9,334 112
56 8,856 19
57 8,662 91
58 8,518 77
59 8,474 95
60 8,445 108
61 8,180 65
62 7,913 182
63 7,547 176
64 7,416 111
65 6,992 98
66 6,677 99
67 6,601 72
68 6,561 67
69 6,389 78
70 5,983 79
71 5,941 66
72 5,883 56
73 5,870 191
74 5,551 107
75 5,537 179
76 5,516 42
77 5,402 59
78 5,360 69
79 5,187 168
80 5,170 63
81 5,128 3
82 5,066 149
83 5,024 16
84 4,911 169
85 4,906 139
86 4,881 54
87 4,847 5
88 4,803 14
89 4,654 27
90 4,510 51
91 4,433 36
92 4,347 57
93 4,259 152
94 4,163 119
95 4,082 93
96 4,073 43
97 3,898 117
98 3,702 46
99 3,694 129
100 3,666 76

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