PUBLIC LEAGUE TABLES

Overall Issuer
01/01/2021 - 22/07/2021
#	Issuer	USD (m)	Trades

1	United States of America	2,667,701	57
2	Japan	1,381,343	580
3	Banco Central de Chile	630,260	448
4	Spain	531,662	105
5	China	476,456	67
6	Vontobel Fin Prod.	376,357	12,533
7	Italy	330,235	88
8	France	283,892	115
9	China Development Bank [Beijing]	234,058	170
10	United Kingdom	201,154	93
11	Deutschland	167,041	47
12	Canada	146,648	42
13	Agricultural Dev Bk of China	144,748	168
14	HSBC Trinkaus and Burkhardt AG	136,394	2,827
15	FHLB	136,352	1,579
16	BNP Paribas Issuance B.V.	132,432	14,617
17	European Union	125,494	13
18	Chexim	118,455	163
19	LBBW	112,450	3,553
20	Russian Federation Central Bank	111,527	77
21	Russia	104,736	59
22	Ministry of Finance of India	97,559	92
23	Korea	93,938	118
24	VTB Bank	90,862	211
25	DZ Bank	84,346	8,211
26	Federal Farm Credit Banks Funding Corporation	79,336	383
27	Monetary Authority of Singapore	75,821	12
28	Brazil	75,068	248
29	Fannie Mae Pool FN MA4398	67,339	1
30	Hong Kong Monetary Authority	65,841	23
31	SocGen Effekten Gmbh	65,620	5,520
32	Indonesia	63,962	255
33	KfW	63,462	139
34	EIB	62,830	105
35	Netherlands, State of the	60,570	25
36	South Africa	56,138	175
37	Goldman Sachs int.	56,121	23,994
38	Goldman Sachs Group	46,040	81
39	Freddie Mac Pool FR SD8146	45,412	1
40	Philippines	44,216	79
41	National Bank of Kazakhstan	43,978	41
42	BankAmerica Corp	42,126	27
43	Ginnie Mae II Pool G2 MA7192	41,043	1
44	JP Morgan Chase And Co	38,435	56
45	Turkey	38,116	155
46	Guangdong	36,105	62
47	Freddie Mac Pool FR SD8134	35,717	1
48	Australia, Commonwealth Of	35,092	52
49	Shandong	35,059	36
50	Poland	34,746	130
51	Ginnie Mae II Pool G2 MA7311	34,476	1
52	Helaba	33,491	434
53	IBRD	32,703	118
54	UniCredit Bank AG	31,618	6,306
55	Belgium	31,613	25
56	HSBC Bank [London]	31,219	18,568
57	KDB	31,198	127
58	Verizon Communications	31,182	19
59	Fannie Mae Pool FN MA4255	30,217	1
60	Jiangsu	29,909	12
61	Freddie Mac Pool FR SD8140	29,904	1
62	Austria	29,247	21
63	Asian Development Bank	28,970	117
64	Henan	28,821	42
65	UBS AG [London]	28,803	22,716
66	CADES	28,523	14
67	Banco Santander SA	27,520	97
68	Egypt	26,861	82
69	Morgan Stanley	26,780	14
70	BNP Paribas Emis-u.handels.	26,398	2,245
71	Fannie Mae Pool FN MA4281	26,258	1
72	SG Issuer S.A.	25,949	9,312
73	Fannie Mae Pool FN MA4356	25,627	1
74	Israel, State of	25,193	275
75	Kosovo	24,656	16
76	Mexico	24,549	64
77	ING Bank	23,740	171
78	JP Morgan Structured Products	23,652	22,241
79	Chongqing	22,452	9
80	Freddie Mac Pool FR SD8155	22,435	1
81	Ginnie Mae II Pool G2 MA7312	22,185	1
82	Nigeria	22,182	57
83	Thailand,	21,379	45
84	Zhejiang	21,309	24
85	Dekabank	21,032	689
86	Malaysia	20,896	30
87	Sichuan	20,861	13
88	CCB Trust Co., Ltd.	20,751	71
89	KHFC	20,621	118
90	Freddie Mac Pool FR SD8156	19,891	1
91	EFSF	19,882	7
92	Freddie Mac Pool FR SD8150	19,620	1
93	Citigroup Global Markets Fund SCA	19,531	11,525
94	Intesa Sanpaolo [Milan]	19,134	109
95	Saudi Arabia	19,105	21
96	Barclays Bank [London]	19,010	1,657
97	Yunnan	18,996	18
98	Liaoning	18,614	19
99	Amazon	18,500	8
100	Macedonia	18,440	18

Overall Dealer
01/01/2021 - 22/07/2021
#	Dealer	USD (m)	Trades

1	JP Morgan	324,075	1,817
2	Citigroup Global Markets	266,028	1,487
3	HSBC	224,803	1,126
4	Deutsche Bank	220,788	1,178
5	BofA Securities	205,999	1,470
6	BNP Paribas	202,791	1,050
7	Barclays	197,457	1,120
8	Goldman Sachs and Co	195,156	1,036
9	Morgan Stanley	171,470	965
10	Credit Agricole CIB	119,154	708
11	Santander	97,959	340
12	RBC Capital Markets	86,365	638
13	Credit Suisse	76,593	695
14	Wells Fargo Securities	76,148	606
15	Societe Generale CIB	72,348	390
16	TD Securities	68,214	473
17	BBVA	66,219	193
18	Mizuho	59,751	592
19	NatWest Markets	57,212	288
20	Unicredit	55,317	325
21	Commerzbank	53,312	378
22	UBS Investment Bank	50,565	470
23	Nomura	50,306	277
24	MUFG	44,246	423
25	Natixis	42,619	321
26	BMO Capital Markets	42,236	246
27	Standard Chartered Bank	38,990	398
28	ING	31,500	282
29	SMBC Nikko	31,204	317
30	DZ Bank	29,797	165
31	LBBW	25,980	165
32	Danske Bank	25,543	223
33	CaixaBank	25,122	71
34	Intesa SanPaolo	23,386	117
35	Jefferies International	20,532	150
36	Truist	19,805	232
37	CIBC	18,760	128
38	SEB	17,106	220
39	ICBC	15,361	128
40	US Bancorp	14,927	176
41	ANZ	13,803	150
42	PNC Capital Markets	13,275	160
43	LLoyds Bank	11,727	73
44	Westpac	10,357	134
45	Swedbank	10,020	127
46	DBS Bank	9,704	152
47	Bank of China	9,103	180
48	DekaBank	9,016	76
49	NAB Capital Market	8,859	83
50	NORDLB	8,430	59
51	Erste Group	8,418	72
52	Nordea	8,399	76
53	Banca Akros	8,081	15
54	Rabobank	7,491	59
55	National Bank Financial	7,243	41
56	BayernLB	6,893	76
57	Helaba	6,067	76
58	VTB Capital	5,780	63
59	China International Capital Corporation	5,673	125
60	DnB Markets	5,652	50
61	Scotiabank	5,617	49
62	ABN Amro	5,534	52
63	KGI Securities	5,000	81
64	Fifth Third Bancorp	4,996	77
65	Pohjola Bank	4,906	15
66	Vonovia SE	4,847	5
67	Mediobanca	4,776	53
68	KeyBank	4,670	61
69	Kasikornbank	4,619	116
70	RBI	4,455	44
71	Guotai Junan Securities	4,429	138
72	Zurich Cantonal Bank	4,283	49
73	Emirates NBD Bank	4,272	43
74	Bank of New Zealand	4,214	47
75	Yuanta Securities	4,138	71
76	Bank of Communications	4,115	130
77	Loop Capital	3,987	42
78	R. Seelaus	3,965	28
79	First Abu Dhabi Bank	3,910	34
80	China Minsheng Banking	3,870	125
81	CITIC Sec Corp	3,796	111
82	China Merchants Bank	3,795	118
83	China Construction Bank	3,458	96
84	Garant-M	3,308	4
85	Gazprombank	3,299	59
86	Verband Schweizerischer Kantonalbanken	3,147	10
87	Stifel Nicolaus	3,112	58
88	Bangkok Bank	3,033	64
89	CLSA	2,994	80
90	Capital One	2,992	37
91	Region BC	2,969	43
92	Raiffeisen Schweiz Genossenschaft	2,968	35
93	Citizens Financial Group	2,908	41
94	Academy Securities	2,907	36
95	Sberbank CIB	2,817	41
96	Standard Bank	2,808	49
97	Itau Unibanco	2,795	23
98	E.Sun Bank	2,778	71
99	Shanghai Pudong Development Bank	2,762	94
100	Industrial Bank of China	2,726	73

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