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
