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 - 30/06/2022
# Issuer USD (M) Trades
1 2,080,846 52
2 985,250 431
3 461,436 116
4 425,732 402
5 224,364 89
6 208,681 29
7 206,428 60
8 199,875 7,296
9 190,135 112
10 124,279 68
11 107,278 2,000
12 105,211 3,855
13 85,338 13,923
14 84,785 31
15 83,683 1,231
16 77,890 115
17 73,703 94
18 70,736 123
19 69,490 335
20 67,951 7,883
21 67,403 20
22 65,596 30
23 63,353 42
24 60,443 56
25 57,192 9,739
26 57,076 81
27 55,322 93
28 49,936 299
29 48,373 401
30 48,204 69
31 46,404 44
32 45,660 49
33 42,896 81
34 41,157 7,588
35 41,037 3,878
36 40,153 57
37 38,407 54
38 38,232 56
39 34,409 123
40 33,937 52
41 33,343 55
42 32,061 11
43 31,807 44
44 30,471 19
45 30,105 116
46 30,048 33
47 30,000 11
48 28,541 21
49 27,973 450
50 26,969 15
51 26,229 8,146
52 26,111 124
53 25,999 79
54 25,793 522
55 25,750 216
56 25,466 102
57 25,364 279
58 25,348 34
59 24,772 236
60 24,163 36
61 23,765 154
62 23,587 19
63 22,901 128
64 22,525 48
65 22,473 34
66 22,414 74
67 22,397 40
68 21,890 74
69 21,532 120
70 21,386 6
71 21,383 54
72 21,345 385
73 20,993 275
74 20,444 5,365
75 20,341 306
76 19,282 805
77 18,778 38
78 18,437 143
79 17,992 98
80 17,823 6
81 17,815 17
82 17,807 106
83 17,357 1,608
84 17,279 9
85 16,869 39
86 16,801 6
87 16,779 11,831
88 16,773 75
89 16,409 42
90 16,295 19
91 16,255 9,851
92 16,186 6
93 16,148 1
94 16,109 61
95 15,754 6,481
96 15,720 56
97 15,576 19
98 15,536 25
99 15,520 11
100 15,454 10
Overall Dealer
01/01/2022 - 30/06/2022
# Dealer USD (M) Trades
1 179,262 1,091
2 144,897 970
3 124,231 700
4 120,841 911
5 119,372 721
6 113,288 622
7 107,526 682
8 106,269 721
9 85,217 551
10 75,299 537
11 58,308 312
12 57,716 408
13 55,291 296
14 51,579 513
15 48,002 340
16 46,809 343
17 44,453 370
18 43,888 267
19 41,524 250
20 39,685 328
21 38,120 240
22 36,929 291
23 36,563 170
24 32,872 184
25 24,023 258
26 22,882 182
27 22,449 187
28 20,860 197
29 20,653 241
30 19,407 146
31 16,314 90
32 16,262 178
33 16,165 109
34 16,030 177
35 13,441 123
36 13,017 66
37 11,834 143
38 11,347 126
39 11,333 59
40 10,944 106
41 10,289 116
42 10,029 91
43 10,015 106
44 9,246 62
45 9,043 98
46 7,423 63
47 7,267 65
48 7,222 46
49 6,947 93
50 6,820 80
51 6,468 113
52 6,201 45
53 6,024 68
54 5,079 28
55 4,787 1
56 4,766 53
57 4,617 114
58 4,602 54
59 4,576 73
60 4,556 38
61 4,424 69
62 3,664 44
63 3,617 84
64 3,616 30
65 3,579 37
66 3,385 59
67 3,228 24
68 3,109 82
69 3,037 48
70 2,997 48
71 2,907 35
72 2,826 19
73 2,781 86
74 2,709 20
75 2,668 76
76 2,555 44
77 2,532 12
78 2,406 54
79 2,397 44
80 2,385 32
81 2,360 46
82 2,344 91
83 2,284 40
84 2,253 25
85 2,095 101
86 2,061 58
87 2,048 25
88 2,024 15
89 2,005 32
90 1,972 59
91 1,927 60
92 1,904 14
93 1,808 28
94 1,733 1
95 1,706 20
96 1,702 60
97 1,650 16
98 1,631 56
99 1,623 56
100 1,569 5

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