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 - 10/05/2021
Rank Issuer USD (m) Trades
1 1,676,001 36
2 1,050,280 311
3 466,790 68
4 455,860 259
5 283,618 9,426
6 248,758 54
7 247,691 33
8 175,953 66
9 121,117 28
10 115,356 57
11 112,958 86
12 94,602 27
13 82,313 32
14 81,676 199
15 80,528 9,475
16 77,896 68
17 77,699 84
18 72,212 2,191
19 70,591 1,710
20 64,489 42
21 61,752 82
22 60,216 262
23 59,172 58
24 55,201 119
25 54,170 5,202
26 53,487 7
27 53,259 74
28 51,862 103
29 48,427 149
30 48,046 676
31 46,232 94
32 45,556 5,756
33 45,523 3,824
34 45,412 1
35 41,043 1
36 40,976 19
37 35,797 13
38 35,717 1
39 35,237 16,398
40 34,476 1
41 33,266 50
42 31,182 19
43 30,217 1
44 30,136 1
45 28,784 36
46 27,345 15
47 26,438 94
48 26,275 25
49 26,258 1
50 24,904 35
51 24,547 12
52 23,545 5
53 23,282 31
54 23,218 15
55 23,020 1
56 22,825 13
57 22,793 1,938
58 22,752 106
59 22,278 12,632
60 22,197 69
61 21,411 14
62 21,398 14,903
63 21,130 98
64 20,847 244
65 20,603 191
66 19,680 12
67 19,636 85
68 19,144 43
69 18,009 11
70 17,437 70
71 17,254 45
72 16,264 17
73 16,144 3,548
74 15,960 16
75 15,856 26
76 15,500 7
77 15,470 16,488
78 15,000 6
79 14,940 1
80 14,778 13
81 14,248 6
82 14,000 6
83 13,758 16
84 13,583 1
85 13,442 16
86 13,298 63
87 13,253 4
88 12,865 430
89 12,733 30
90 12,682 6
91 12,638 62
92 12,582 6
93 12,570 76
94 12,555 998
95 12,328 7
96 12,182 14
97 12,082 1
98 11,989 6,850
99 11,902 33
100 11,886 4
Overall Dealer
01/01/2021 - 10/05/2021
Rank Dealer USD (m) Trades
1 220,239 1,182
2 183,749 952
3 148,627 701
4 147,026 683
5 134,872 910
6 132,855 648
7 132,721 692
8 131,221 689
9 112,609 608
10 79,788 221
11 72,120 417
12 56,558 399
13 54,323 121
14 52,528 447
15 48,014 380
16 47,644 293
17 45,207 221
18 37,322 348
19 35,701 203
20 34,149 158
21 32,859 183
22 32,348 223
23 28,181 145
24 27,916 200
25 27,307 262
26 26,587 252
27 24,514 237
28 23,041 215
29 22,511 39
30 20,050 124
31 17,357 158
32 17,032 138
33 15,849 109
34 12,658 12
35 12,449 142
36 12,313 80
37 11,067 68
38 10,542 130
39 9,508 69
40 8,731 100
41 8,343 92
42 8,217 77
43 7,385 7
44 7,000 82
45 6,554 46
46 6,398 72
47 6,224 94
48 6,004 49
49 5,812 46
50 5,660 111
51 5,172 44
52 5,140 39
53 4,912 45
54 4,901 4
55 4,878 84
56 4,758 38
57 4,714 24
58 4,420 34
59 4,082 35
60 3,920 52
61 3,884 35
62 3,867 48
63 3,433 37
64 3,403 49
65 3,216 32
66 3,202 36
67 2,774 27
68 2,742 34
69 2,701 63
70 2,615 22
71 2,516 25
72 2,417 66
73 2,383 72
74 2,318 20
75 2,290 24
76 2,246 27
77 2,192 20
78 2,142 30
79 2,058 71
80 2,017 54
81 1,991 64
82 1,977 34
83 1,929 57
84 1,864 21
85 1,851 25
86 1,815 23
87 1,811 47
88 1,770 11
89 1,751 16
90 1,729 15
91 1,673 47
92 1,614 17
93 1,521 39
94 1,513 41
95 1,489 28
96 1,436 47
97 1,423 15
98 1,421 4
99 1,380 8
100 1,369 51

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