Public League Tables

Overall Issuer
01/01/2020 - 17/09/2020
Rank	Issuer	US$m	Trades

1	United States of America	2,635,571	80
2	Japan	2,063,254	689
3	China, Peoples Republic of	518,985	78
4	United Kingdom	478,349	157
5	Italy, Republic Of	407,235	107
6	FHLB	381,556	1,370
7	France, Republic	346,972	184
8	South Africa	311,983	253
9	Deutschland	308,192	58
10	Vontobel Fin Prod.	297,277	10,646
11	Freddie Mac	242,340	1,543
12	Argentina, Republic Of	210,145	83
13	China Development Bank [Beijing]	210,112	220
14	Hong Kong Monetary Authority	208,056	65
15	Spain, Kingdom Of	204,730	114
16	Brazil	194,788	587
17	Russian Federation Central Bank	188,287	58
18	Russia	172,844	72
19	Korea, The Republic of	172,397	98
20	Agricultural Dev Bk of China	155,702	206
21	Fannie Mae	153,266	138
22	Canada	152,140	51
23	LBBW	138,528	4,737
24	HSBC Trinkaus and Burkhardt AG	122,359	5,482
25	Chexim	121,762	184
26	VTB Bank	117,841	233
27	DZ Bank	114,053	11,722
28	Banco Central de Chile	111,309	58
29	Australia, Commonwealth Of	105,988	67
30	Bank of Thailand	104,636	84
31	BNP Paribas Emis-u.handels.	103,907	10,047
32	SocGen Effekten Gmbh	98,384	19,253
33	EIB	80,075	124
34	India	70,483	34
35	Netherlands, State of the	69,256	19
36	IBRD	67,347	187
37	Indonesia	67,127	215
38	KfW	61,753	123
39	Deutsche Bank [Frankfurt]	60,554	239
40	UniCredit Bank AG	52,826	8,989
41	Bosnia and Herzegovina	46,250	15
42	SG Issuer S.A.	46,239	12,419
43	Israel, State of	46,140	312
44	Belgium, Kingdom Of	45,682	45
45	Goldman Sachs International	45,629	22,642
46	Republic of Turkey	45,267	105
47	Fannie Mae Pool FN MA4055	45,129	1
48	KDB	44,022	252
49	Shandong	43,349	59
50	Bank Of Korea	43,076	12
51	Poland, Republic Of	42,096	158
52	Da Afghanistan Bank	41,017	46
53	Broadcom Inc	40,331	21
54	BNP Paribas Issuance B.V.	39,738	12,789
55	Helaba	39,668	541
56	Sichuan	37,404	97
57	Bristol-Myers Squibb	36,473	27
58	Bank of Nova Scotia	36,290	64
59	Guangdong	36,027	64
60	National Bank of Kazakhstan	35,062	61
61	Jiangsu	34,847	15
62	Philippines	34,581	64
63	Saudi Arabia	34,353	30
64	Barclays Bank [London]	34,156	2,075
65	JP Morgan Chase And Co	34,067	106
66	Czech Republic	33,949	57
67	UBS AG [London]	33,354	30,505
68	Ginnie Mae II Pool G2 MA6765	32,902	1
69	Wells Fargo	32,737	22
70	Egypt, Republic Of	32,515	81
71	Banco Santander SA	31,585	204
72	BankAmerica Corp	31,560	46
73	KHFC	31,375	205
74	Fannie Mae Pool FN MA4019	31,221	1
75	Hubei	31,214	89
76	Henan	30,875	40
77	Jiangxi	29,880	32
78	AT and T	29,711	13
79	HSBC Bank [London]	29,702	17,865
80	NRW, Land	29,670	40
81	Asian Dev. Bk	29,152	100
82	Ginnie Mae II Pool G2 MA6709	29,116	1
83	Ecuador, Republic Of	28,914	12
84	Hungary	28,904	294
85	Austria, Republic Of	28,757	36
86	Ginnie Mae II Pool G2 MA6655	28,718	1
87	Ginnie Mae II Pool G2 MA6409	28,683	1
88	Fannie Mae Pool FN MA4078	28,639	1
89	ABN Amro Bank [Amsterdam]	27,998	9
90	Federal Farm Credit Banks Funding Corporation	27,916	151
91	Malaysia	26,963	36
92	Freddie Mac Pool FR SD8061	26,353	1
93	Dekabank	26,331	873
94	New Zealand, Govt Of	26,023	87
95	Portugal, Republic of	26,009	23
96	Credit Suisse Intl [Milan]	25,915	28,076
97	Ireland, Republic of	25,111	17
98	Hebei	25,070	29
99	Boeing Co.	25,000	7
100	Citigroup Inc.	24,811	69

Overall Dealer
01/01/2020 - 17/09/2020
Rank	Dealer	US$m	Trades

1	JP Morgan	445,230	2,557
2	Citigroup Global Markets	384,611	2,132
3	BofA Securities	356,127	2,092
4	Barclays	259,967	1,504
5	Goldman Sachs and Co	259,674	1,426
6	HSBC	246,553	1,578
7	Deutsche Bank	227,773	1,373
8	BNP Paribas	226,915	1,296
9	Morgan Stanley	213,858	1,235
10	Wells Fargo Securities	132,837	989
11	Credit Agricole CIB	126,905	844
12	RBC Capital Markets	124,919	828
13	TD Securities	103,631	633
14	Societe Generale CIB	96,563	529
15	Credit Suisse	93,792	776
16	Commerzbank	85,440	3,335
17	Nomura	82,822	298
18	Mizuho	77,718	752
19	Unicredit	76,317	410
20	Santander	75,879	461
21	UBS Investment Bank	65,037	564
22	NatWest Markets	64,383	363
23	MUFG	62,355	673
24	BMO Financial group	55,641	321
25	Natixis	50,246	361
26	Standard Chartered Bank	48,058	393
27	Raiffeisen Bank	46,328	10
28	ING	40,049	329
29	US Bancorp	39,129	404
30	SMBC Nikko	38,404	359
31	BBVA	37,759	228
32	Danske Bank	30,315	278
33	ANZ	28,394	213
34	Westpac	24,568	135
35	LBBW	24,065	206
36	SEB	22,773	253
37	LLoyds Bank	22,510	109
38	National Bank Financial	22,474	107
39	Intesa SanPaolo	21,797	69
40	(Auction)	20,346	7
41	DZ Bank	19,728	162
42	CIBC	18,239	151
43	PNC Capital Markets	15,609	155
44	Bank of China	14,428	224
45	Jefferies International	13,034	107
46	Erste Group	12,762	68
47	NORDLB	12,458	96
48	DBS Bank	12,427	162
49	ICBC	11,773	180
50	Nordea	11,722	133
51	BNY Mellon	11,135	108
52	ABN Amro	10,602	80
53	Truist	10,265	167
54	CaixaBank	10,175	68
55	Swedbank	10,073	138
56	DekaBank	9,027	88
57	Scotiabank	8,994	69
58	NAB Capital Market	8,145	61
59	DnB Markets	7,958	98
60	Yuanta Securities	7,314	113
61	Rabobank	7,247	69
62	BayernLB	6,510	85
63	First Abu Dhabi Bank	6,326	33
64	Itau Unibanco	6,201	31
65	Helaba	6,033	61
66	VTB Capital	5,975	79
67	RBI	5,871	62
68	Fifth Third Bancorp	5,809	73
69	Bank of Communications	5,365	110
70	Guotai Junan Securities	5,290	127
71	Zurich Cantonal Bank	5,280	55
72	KBC Bank	4,937	34
73	KGI Securities	4,887	81
74	China Construction Bank	4,872	103
75	Gazprombank	4,756	71
76	Agricultural Bank of China	4,692	92
77	Svenska Handelsbanken	4,644	79
78	CITIC Sec Corp	4,566	90
79	Kasikornbank	4,428	97
80	Mediobanca	4,384	42
81	Raymond James	4,002	118
82	Citizens Financial Group	3,987	51
83	Bank of New Zealand	3,943	33
84	Schweizerische Kantonalbanken	3,873	16
85	China Merchants Bank	3,846	105
86	Korea Investment & Securities	3,799	40
87	Amherst Pierpont Securities	3,732	85
88	Masterlink Securities	3,573	72
89	Loop Capital	3,569	54
90	Raiffeisen Schweiz Genossenschaft	3,551	43
91	Shanghai Pudong Development Ban	3,475	89
92	CLSA	3,456	76
93	Credit Bank of Moscow	3,453	57
94	PKO Bank Polski	3,446	11
95	Bangkok Bank	3,429	79
96	China International Capital Corporation	3,414	91
97	Bank Millennium	3,319	4
98	China Minsheng Banking	3,316	101
99	Sberbank CIB	3,299	69
100	KeyBank	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

Public League Tables

League Table Criteria