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 - 23/05/2022
# Issuer USD (M) Trades
1 1,605,497 39
2 748,095 331
3 306,678 229
4 200,825 53
5 173,346 49
6 167,232 21
7 164,539 5,974
8 155,831 65
9 146,039 90
10 107,278 2,000
11 97,662 51
12 78,660 2,859
13 78,412 10,904
14 69,904 26
15 62,335 94
16 59,519 102
17 59,173 283
18 55,836 16
19 54,637 6,346
20 52,791 51
21 52,597 74
22 51,274 33
23 49,103 794
24 48,788 21
25 48,067 378
26 43,327 57
27 43,257 46
28 43,120 260
29 43,051 7,818
30 42,617 43
31 38,586 32
32 33,881 28
33 33,534 42
34 32,264 49
35 31,963 57
36 31,799 42
37 31,515 107
38 30,000 11
39 27,842 2,600
40 26,231 348
41 25,348 34
42 25,219 9
43 24,927 4,419
44 23,459 52
45 23,043 81
46 22,263 6,893
47 22,027 18
48 22,020 59
49 21,830 34
50 21,207 433
51 21,063 64
52 20,802 6
53 20,783 12
54 19,999 11
55 19,946 229
56 19,612 173
57 19,380 57
58 19,229 103
59 19,036 315
60 18,771 172
61 18,104 37
62 17,559 26
63 17,360 138
64 16,852 38
65 16,801 6
66 16,706 99
67 16,697 12
68 16,587 69
69 16,478 89
70 16,294 69
71 16,186 6
72 16,155 27
73 16,148 1
74 15,970 205
75 15,814 1,456
76 15,705 3,900
77 15,559 14
78 15,465 8
79 15,464 28
80 15,454 10
81 15,142 631
82 15,103 68
83 14,851 9,501
84 14,564 8,280
85 14,554 1
86 14,442 10
87 14,255 1
88 13,799 77
89 13,764 1
90 13,679 2
91 13,613 12
92 13,521 41
93 13,494 29
94 13,400 14
95 13,171 9
96 13,031 16
97 12,750 7
98 12,705 1,199
99 12,589 192
100 12,428 14
Overall Dealer
01/01/2022 - 23/05/2022
# Dealer USD (M) Trades
1 151,785 867
2 126,016 740
3 106,303 570
4 98,671 680
5 95,832 493
6 94,860 549
7 88,719 572
8 84,499 509
9 66,201 427
10 51,430 374
11 47,685 216
12 46,085 322
13 39,820 248
14 38,763 213
15 38,715 378
16 37,464 270
17 35,130 199
18 35,128 206
19 34,749 287
20 32,530 236
21 31,221 258
22 30,010 183
23 27,585 126
24 23,849 135
25 19,399 195
26 18,418 158
27 16,819 121
28 16,330 127
29 16,318 193
30 14,327 73
31 14,034 106
32 13,572 141
33 12,166 138
34 10,837 98
35 10,079 67
36 9,018 98
37 8,633 42
38 8,304 102
39 8,153 76
40 7,773 81
41 7,473 80
42 7,172 68
43 6,897 51
44 6,504 40
45 6,276 47
46 5,783 63
47 5,623 53
48 5,495 56
49 5,397 41
50 5,367 34
51 5,234 79
52 5,220 45
53 5,210 88
54 4,787 1
55 4,529 25
56 4,329 45
57 4,156 34
58 3,493 79
59 3,318 32
60 3,279 54
61 3,064 47
62 3,061 23
63 2,873 35
64 2,743 23
65 2,487 16
66 2,478 55
67 2,464 25
68 2,373 26
69 2,343 42
70 2,240 58
71 2,234 33
72 2,158 32
73 2,111 56
74 2,048 34
75 1,953 20
76 1,951 30
77 1,944 59
78 1,939 44
79 1,930 14
80 1,875 26
81 1,849 74
82 1,841 18
83 1,733 1
84 1,733 69
85 1,702 33
86 1,621 20
87 1,621 21
88 1,524 49
89 1,479 43
90 1,414 42
91 1,400 6
92 1,390 8
93 1,285 13
94 1,247 16
95 1,246 48
96 1,211 3
97 1,207 41
98 1,192 39
99 1,177 7
100 1,162 12

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