PUBLIC LEAGUE TABLES

Overall Issuer
01/01/2022 - 23/05/2022
#	Issuer	USD (M)	Trades

1	United States of America	1,605,497	39
2	Japan	748,095	331
3	Banco Central de Chile	306,678	229
4	Hong Kong Monetary Authority (HKMA)	200,825	53
5	Deutschland	173,346	49
6	China	167,232	21
7	Vontobel Fin Prod.	164,539	5,974
8	Italy	155,831	65
9	France	146,039	90
10	HSBC Trinkaus and Burkhardt AG	107,278	2,000
11	Spain	97,662	51
12	LBBW	78,660	2,859
13	JP Morgan Structured Products	78,412	10,904
14	Canada	69,904	26
15	Korea	62,335	94
16	KfW	59,519	102
17	Federal Farm Credit Banks Funding Corporation	59,173	283
18	European Union	55,836	16
19	DZ Bank	54,637	6,346
20	China Development Bank [Beijing]	52,791	51
21	Chexim	52,597	74
22	Guangdong	51,274	33
23	Federal Home Loan Bank Of New York	49,103	794
24	United Kingdom	48,788	21
25	FHLB	48,067	378
26	Philippines	43,327	57
27	Agricultural Dev Bk of China	43,257	46
28	Brazil	43,120	260
29	BNP Paribas Issuance B.V.	43,051	7,818
30	Ministry of Finance of India	42,617	43
31	QNB Finance	38,586	32
32	Shandong	33,881	28
33	Australia	33,534	42
34	EIB	32,264	49
35	VTB Bank	31,963	57
36	BankAmerica Corp	31,799	42
37	Bank of Nova Scotia	31,515	107
38	Magallanes, Inc.	30,000	11
39	BNP Paribas Emis-u.handels.	27,842	2,600
40	Goldman Sachs Group	26,231	348
41	Beijing	25,348	34
42	Netherlands, State of the	25,219	9
43	UniCredit Bank	24,927	4,419
44	Sichuan	23,459	52
45	Mexico	23,043	81
46	Goldman Sachs int.	22,263	6,893
47	Austria	22,027	18
48	Citigroup Inc.	22,020	59
49	Henan	21,830	34
50	Dekabank	21,207	433
51	JP Morgan Chase And Co	21,063	64
52	CADES	20,802	6
53	Belgium	20,783	12
54	Jiangsu	19,999	11
55	Indonesia	19,946	229
56	Helaba	19,612	173
57	Asian Development Bank	19,380	57
58	Turkey	19,229	103
59	CIBC [Toronto]	19,036	315
60	Bank of China [Beijing]	18,771	172
61	Hebei	18,104	37
62	Zhejiang	17,559	26
63	ING Bank	17,360	138
64	Ontario	16,852	38
65	Bank Of Korea	16,801	6
66	TD Bank	16,706	99
67	Saudi Arabia	16,697	12
68	IBRD	16,587	69
69	KDB	16,478	89
70	Hubei	16,294	69
71	Russia	16,186	6
72	National Bank of Kazakhstan	16,155	27
73	Ginnie Mae II Pool G2 MA7881	16,148	1
74	Deutsche Bank [Frankfurt]	15,970	205
75	SocGen Effekten Gmbh	15,814	1,456
76	SG Issuer S.A.	15,705	3,900
77	Morgan Stanley	15,559	14
78	ICBC [Beijing]	15,465	8
79	Rabobank	15,464	28
80	China State Railway Group Co., Ltd.	15,454	10
81	RBC	15,142	631
82	Pakistan	15,103	68
83	UBS AG [London]	14,851	9,501
84	HSBC Bank [London]	14,564	8,280
85	Fannie Mae Pool FN MA4563	14,554	1
86	Shanghai	14,442	10
87	Freddie Mac Pool FR SD8200	14,255	1
88	SEK	13,799	77
89	Ginnie Mae II Pool G2 MA7988	13,764	1
90	BBVA RMBS 21 FT	13,679	2
91	SGCC	13,613	12
92	Ministry of Finance of Malawi	13,521	41
93	Jiangxi	13,494	29
94	National Treasury Administration (NTA), Ministry o	13,400	14
95	O-Bank	13,171	9
96	Yunnan	13,031	16
97	Amazon	12,750	7
98	Barclays Bank [London]	12,705	1,199
99	Banco Santander	12,589	192
100	Malaysia	12,428	14

Overall Dealer
01/01/2022 - 23/05/2022
#	Dealer	USD (M)	Trades

1	JP Morgan	151,785	867
2	Citigroup Global Markets	126,016	740
3	Deutsche Bank	106,303	570
4	BofA Securities	98,671	680
5	Goldman Sachs and Co	95,832	493
6	BNP Paribas	94,860	549
7	HSBC	88,719	572
8	Barclays	84,499	509
9	Morgan Stanley	66,201	427
10	Credit Agricole CIB	51,430	374
11	Societe Generale CIB	47,685	216
12	RBC Capital Markets	46,085	322
13	Commerzbank	39,820	248
14	Unicredit	38,763	213
15	Mizuho	38,715	378
16	TD Securities	37,464	270
17	Santander	35,130	199
18	NatWest Markets	35,128	206
19	Wells Fargo Securities	34,749	287
20	UBS Investment Bank	32,530	236
21	Credit Suisse	31,221	258
22	Natixis	30,010	183
23	Nomura	27,585	126
24	BMO Capital Markets	23,849	135
25	MUFG	19,399	195
26	Danske Bank	18,418	158
27	LBBW	16,819	121
28	ING	16,330	127
29	Standard Chartered Bank	16,318	193
30	CIBC	14,327	73
31	DZ Bank	14,034	106
32	SMBC Nikko	13,572	141
33	SEB	12,166	138
34	ANZ	10,837	98
35	BBVA	10,079	67
36	US Bancorp	9,018	98
37	NAB Capital Market	8,633	42
38	Truist	8,304	102
39	Erste Group	8,153	76
40	Jefferies International	7,773	81
41	PNC Capital Markets	7,473	80
42	Westpac	7,172	68
43	Intesa SanPaolo	6,897	51
44	Nordea	6,504	40
45	LLoyds Bank	6,276	47
46	Loop Capital	5,783	63
47	Helaba	5,623	53
48	BayernLB	5,495	56
49	ABN Amro	5,397	41
50	NORDLB	5,367	34
51	Swedbank	5,234	79
52	Rabobank	5,220	45
53	Bank of China	5,210	88
54	Aozora Bank	4,787	1
55	Scotiabank	4,529	25
56	DekaBank	4,329	45
57	CaixaBank	4,156	34
58	Kasikornbank	3,493	79
59	Daiwa Capital Markets	3,318	32
60	DBS Bank	3,279	54
61	Academy Securities	3,064	47
62	Capital One	3,061	23
63	Fifth Third Bancorp	2,873	35
64	Zurich Cantonal Bank	2,743	23
65	CastleOak Securities	2,487	16
66	Bangkok Bank	2,478	55
67	KeyBank	2,464	25
68	Yuanta Securities	2,373	26
69	Svenska Handelsbanken	2,343	42
70	ICBC	2,240	58
71	KGI Securities	2,234	33
72	Bank of New Zealand	2,158	32
73	CLSA	2,111	56
74	E.Sun Bank	2,048	34
75	Mediobanca	1,953	20
76	Bank of Ayudhya	1,951	30
77	China International Capital Corporation	1,944	59
78	China Construction Bank	1,939	44
79	Nykredit	1,930	14
80	DnB Markets	1,875	26
81	Rand Merchant Bank	1,849	74
82	RBI	1,841	18
83	Al Rajhi Capital	1,733	1
84	Industrial Bank of China	1,733	69
85	BNY Mellon	1,702	33
86	Raiffeisen Schweiz Genossenschaft	1,621	20
87	Cantor FitzGerald	1,621	21
88	Bank of Communications	1,524	49
89	Agricultural Bank of China	1,479	43
90	INTL FCStone	1,414	42
91	Dubai Islamic Bank	1,400	6
92	Crédit Mutuel Alliance Fédérale	1,390	8
93	La Banque Postale	1,285	13
94	Regions Securities	1,247	16
95	China Merchants Bank	1,246	48
96	KFW	1,211	3
97	Shanghai Pudong Development Bank	1,207	41
98	Guotai Junan Securities	1,192	39
99	Resona Bank	1,177	7
100	United Overseas Bank	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