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
01/01/2022 - 14/08/2022
# Issuer USD (M) Trades
1 2,504,328 64
2 1,070,659 497
3 598,650 520
4 485,811 59
5 306,050 77
6 285,003 10,629
7 255,835 108
8 254,804 135
9 241,407 71
10 230,855 181
11 165,973 1,674
12 144,467 91
13 136,050 153
14 133,168 4,873
15 129,207 178
16 107,074 1,995
17 100,697 37
18 96,649 125
19 91,927 142
20 88,472 16,610
21 87,105 43
22 81,951 9,468
23 79,585 395
24 78,405 140
25 76,594 24
26 76,388 143
27 73,784 409
28 68,678 46
29 62,700 11,184
30 54,690 52
31 52,219 78
32 49,050 409
33 46,650 918
34 46,098 4,411
35 46,009 84
36 45,039 68
37 44,721 8,632
38 44,246 67
39 43,980 65
40 42,737 51
41 41,826 24
42 41,267 56
43 41,081 45
44 39,073 24
45 37,610 142
46 36,953 96
47 36,494 147
48 34,690 62
49 34,360 13
50 34,355 143
51 34,355 54
52 33,973 184
53 32,280 51
54 32,174 11
55 31,545 6,538
56 31,500 37
57 31,378 350
58 31,131 270
59 31,081 619
60 30,561 124
61 30,274 40
62 30,000 11
63 28,838 544
64 28,241 9,058
65 27,585 187
66 26,641 445
67 26,117 8
68 26,041 151
69 25,853 38
70 24,931 49
71 24,816 320
72 24,709 372
73 24,583 89
74 24,574 134
75 24,407 62
76 24,399 374
77 24,053 29
78 23,923 164
79 23,072 33
80 22,917 19
81 22,810 26
82 22,526 79
83 22,370 21
84 21,969 135
85 21,813 1,051
86 21,665 84
87 21,626 41
88 21,483 25
89 20,564 117
90 20,020 14,768
91 19,948 46
92 19,934 56
93 19,917 54
94 19,510 12
95 19,397 58
96 19,354 23
97 19,103 1,778
98 19,028 8
99 18,439 11
100 18,003 2,232
Overall Dealer
01/01/2022 - 14/08/2022
# Dealer USD (M) Trades
1 205,913 1,284
2 166,014 1,116
3 146,289 1,085
4 142,493 826
5 137,596 812
6 133,360 832
7 127,210 720
8 118,452 811
9 104,006 662
10 79,786 598
11 72,157 445
12 66,030 479
13 61,987 349
14 60,195 635
15 55,296 333
16 54,154 391
17 52,948 429
18 50,165 325
19 46,610 284
20 45,613 213
21 45,510 374
22 44,903 383
23 40,741 267
24 33,804 206
25 32,504 330
26 27,634 250
27 25,504 296
28 22,126 198
29 21,570 202
30 21,489 229
31 20,447 164
32 18,943 134
33 17,317 177
34 17,237 102
35 17,072 226
36 13,339 68
37 13,284 154
38 13,091 149
39 12,982 164
40 12,402 135
41 12,338 86
42 12,212 80
43 11,739 66
44 11,569 119
45 11,151 123
46 10,662 88
47 9,184 101
48 8,481 107
49 7,938 68
50 7,727 126
51 7,513 65
52 7,457 139
53 7,314 92
54 6,424 54
55 6,222 74
56 5,857 94
57 5,790 66
58 5,051 144
59 4,980 51
60 4,787 1
61 4,590 79
62 4,180 83
63 4,148 43
64 4,095 48
65 4,025 32
66 3,889 95
67 3,884 35
68 3,854 75
69 3,664 13
70 3,534 73
71 3,415 107
72 3,376 61
73 3,293 44
74 3,119 57
75 3,081 38
76 3,080 63
77 3,050 22
78 3,037 101
79 3,029 92
80 3,000 1
81 2,962 13
82 2,888 11
83 2,793 44
84 2,748 25
85 2,701 65
86 2,609 13
87 2,589 108
88 2,533 31
89 2,508 28
90 2,444 12
91 2,398 74
92 2,395 123
93 2,386 48
94 2,355 33
95 2,326 60
96 2,207 70
97 2,178 64
98 2,158 6
99 2,108 38
100 2,039 16

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