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 - 17/06/2021
Rank Issuer USD (m) Trades
1 2,287,375 48
2 1,303,699 367
3 547,695 351
4 500,382 84
5 333,338 74
6 324,869 10,789
7 307,940 44
8 246,102 89
9 184,024 134
10 182,233 38
11 173,763 82
12 117,020 35
13 109,426 49
14 108,840 91
15 107,985 2,336
16 106,833 247
17 105,606 124
18 94,523 2,943
19 92,854 63
20 91,243 12,254
21 89,834 9
22 87,108 117
23 85,910 1,101
24 80,803 72
25 74,367 168
26 72,172 330
27 71,392 6,917
28 67,918 11
29 59,937 90
30 55,379 23
31 55,020 117
32 54,203 198
33 53,955 137
34 53,508 4,486
35 45,816 20,517
36 45,412 1
37 41,043 1
38 40,122 69
39 36,364 24
40 36,118 33
41 35,748 61
42 35,731 51
43 35,717 1
44 34,476 1
45 32,480 28
46 31,182 19
47 31,099 114
48 31,080 56
49 30,217 1
50 29,904 1
51 29,796 42
52 29,428 106
53 28,942 136
54 28,523 14
55 28,183 103
56 28,057 15,684
57 27,500 2
58 27,099 22
59 26,616 335
60 26,514 5,369
61 26,362 2,240
62 26,258 1
63 25,849 106
64 25,728 18,444
65 25,627 1
66 24,819 231
67 24,656 16
68 23,223 64
69 22,928 133
70 22,223 9
71 22,220 19
72 22,185 1
73 22,136 25
74 21,488 53
75 21,418 13
76 21,100 7,640
77 19,505 40
78 19,141 12
79 18,896 12
80 18,729 19,628
81 18,500 8
82 18,458 17
83 18,379 17
84 18,010 66
85 17,708 50
86 17,560 25
87 17,532 41
88 17,507 6
89 17,444 8
90 17,139 89
91 16,926 565
92 16,901 18
93 16,723 1
94 16,689 41
95 16,299 18
96 16,296 98
97 16,268 9,152
98 16,139 12
99 16,038 11
100 16,026 1
Overall Dealer
01/01/2021 - 17/06/2021
Rank Dealer USD (m) Trades
1 280,451 1,545
2 223,829 1,233
3 196,251 914
4 192,440 960
5 176,974 1,241
6 176,416 877
7 173,028 864
8 167,870 920
9 153,714 810
10 94,309 550
11 86,066 271
12 73,788 535
13 68,330 584
14 65,546 525
15 61,588 399
16 58,485 158
17 57,685 308
18 52,854 486
19 49,473 222
20 44,895 305
21 41,709 258
22 40,221 220
23 38,774 363
24 37,373 207
25 36,215 256
26 35,063 351
27 32,893 319
28 28,195 145
29 27,990 268
30 25,570 227
31 24,203 55
32 22,664 128
33 21,862 183
34 21,349 91
35 17,163 195
36 16,569 117
37 15,838 103
38 14,774 178
39 14,037 14
40 13,312 151
41 11,560 132
42 11,203 117
43 9,059 104
44 8,781 106
45 8,417 126
46 8,274 59
47 7,861 68
48 7,738 11
49 7,710 60
50 7,370 59
51 7,091 51
52 6,970 145
53 6,441 57
54 6,020 35
55 5,804 45
56 5,619 103
57 5,365 44
58 5,208 50
59 5,132 44
60 5,006 59
61 4,905 15
62 4,503 57
63 4,476 64
64 4,388 64
65 4,313 41
66 4,305 39
67 4,144 91
68 3,998 32
69 3,898 37
70 3,783 34
71 3,750 47
72 3,619 56
73 3,403 108
74 3,308 4
75 3,270 22
76 3,191 34
77 3,158 76
78 3,142 30
79 3,124 101
80 3,097 89
81 3,077 36
82 2,890 102
83 2,870 90
84 2,754 22
85 2,723 37
86 2,715 76
87 2,500 41
88 2,490 27
89 2,455 61
90 2,422 32
91 2,409 40
92 2,376 35
93 2,333 62
94 2,224 39
95 2,222 24
96 2,206 66
97 2,205 41
98 2,083 24
99 2,030 15
100 2,029 14

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