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 - 06/10/2022
# Issuer USD (M) Trades
1 2,934,004 78
2 1,369,797 609
3 679,167 79
4 677,946 581
5 374,850 96
6 344,657 13,020
7 306,527 164
8 304,026 239
9 297,507 126
10 279,692 2,250
11 276,680 13,586
12 274,217 84
13 178,772 200
14 175,968 234
15 162,794 108
16 158,481 5,887
17 129,678 162
18 117,683 46
19 113,513 56
20 110,620 224
21 108,034 529
22 107,030 1,993
23 105,707 167
24 99,822 11,810
25 99,810 31
26 92,610 172
27 91,333 19,785
28 86,690 466
29 73,695 49
30 62,044 57
31 61,484 98
32 59,649 5,808
33 54,249 30
34 52,584 92
35 52,555 421
36 51,551 85
37 49,993 76
38 49,605 9,901
39 48,192 72
40 48,047 32
41 47,605 50
42 47,094 940
43 46,200 442
44 44,513 76
45 42,859 60
46 41,483 58
47 41,419 195
48 41,312 214
49 41,050 48
50 40,523 104
51 40,113 327
52 39,476 14
53 39,303 159
54 38,632 157
55 38,218 47
56 37,568 58
57 36,390 487
58 36,213 719
59 35,567 169
60 34,576 179
61 34,532 115
62 34,127 688
63 34,031 165
64 33,689 578
65 33,217 217
66 32,831 14
67 32,280 51
68 32,233 10
69 30,764 10,087
70 30,000 11
71 29,696 31
72 29,296 160
73 28,809 571
74 28,793 35
75 28,622 43
76 27,885 172
77 27,700 7,730
78 27,636 119
79 27,436 71
80 27,379 91
81 27,350 41
82 26,965 31
83 26,667 203
84 26,666 35
85 26,323 51
86 25,688 67
87 25,586 2,219
88 24,914 90
89 24,849 377
90 24,738 44
91 24,522 1,356
92 24,194 25
93 24,108 55
94 23,794 30
95 23,718 78
96 23,586 18,499
97 23,364 2,763
98 23,125 11
99 21,885 2,036
100 21,669 15
Overall Dealer
01/01/2022 - 06/10/2022
# Dealer USD (M) Trades
1 212,617 1,299
2 172,074 1,117
3 160,140 1,161
4 139,341 840
5 133,605 819
6 132,693 728
7 129,252 719
8 119,571 817
9 110,640 686
10 85,286 649
11 74,771 440
12 73,537 769
13 72,994 328
14 67,987 495
15 63,526 419
16 61,040 486
17 54,210 435
18 49,913 338
19 49,359 286
20 48,168 351
21 43,452 244
22 39,407 290
23 38,795 376
24 38,204 189
25 36,716 222
26 29,554 354
27 28,657 265
28 27,997 278
29 27,226 280
30 25,407 211
31 22,416 174
32 17,794 140
33 17,072 125
34 16,465 172
35 15,402 111
36 15,059 122
37 14,949 169
38 14,767 138
39 14,234 181
40 14,144 166
41 13,921 129
42 12,744 82
43 12,680 78
44 12,677 175
45 12,657 153
46 12,244 81
47 11,988 134
48 9,229 71
49 8,938 158
50 8,532 73
51 8,395 92
52 8,310 99
53 7,759 67
54 7,695 57
55 7,602 104
56 7,581 77
57 7,268 50
58 5,833 3
59 5,792 178
60 5,192 70
61 4,875 101
62 4,766 84
63 4,745 56
64 4,672 103
65 4,632 46
66 4,534 97
67 4,469 23
68 4,344 46
69 4,335 114
70 4,251 48
71 4,242 31
72 3,972 32
73 3,931 17
74 3,809 21
75 3,685 57
76 3,663 52
77 3,539 115
78 3,381 115
79 3,228 62
80 3,186 99
81 3,180 39
82 3,172 24
83 3,140 132
84 3,133 19
85 3,125 3
86 3,029 43
87 3,000 1
88 2,980 48
89 2,970 91
90 2,918 151
91 2,878 24
92 2,809 37
93 2,772 31
94 2,762 34
95 2,696 65
96 2,685 19
97 2,651 81
98 2,544 69
99 2,493 19
100 2,482 75

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