PUBLIC LEAGUE TABLES

Overall Issuer
01/01/2022 - 30/06/2022
#	Issuer	USD (M)	Trades

1	United States of America	2,080,846	52
2	Japan	985,250	431
3	Hong Kong Monetary Authority (HKMA)	461,436	116
4	Banco Central de Chile	425,732	402
5	Italy	224,364	89
6	China	208,681	29
7	Deutschland	206,428	60
8	Vontobel Fin Prod.	199,875	7,296
9	France	190,135	112
10	Spain	124,279	68
11	HSBC Trinkaus and Burkhardt AG	107,278	2,000
12	LBBW	105,211	3,855
13	JP Morgan Structured Products	85,338	13,923
14	Canada	84,785	31
15	Federal Home Loan Bank Of New York	83,683	1,231
16	Korea	77,890	115
17	Ministry of Finance of India	73,703	94
18	KfW	70,736	123
19	Federal Farm Credit Banks Funding Corporation	69,490	335
20	DZ Bank	67,951	7,883
21	European Union	67,403	20
22	United Kingdom	65,596	30
23	Guangdong	63,353	42
24	China Development Bank [Beijing]	60,443	56
25	BNP Paribas Issuance B.V.	57,192	9,739
26	Chexim	57,076	81
27	VTB Bank	55,322	93
28	Brazil	49,936	299
29	FHLB	48,373	401
30	Philippines	48,204	69
31	Shandong	46,404	44
32	Agricultural Dev Bk of China	45,660	49
33	Sichuan	42,896	81
34	UniCredit Bank	41,157	7,588
35	BNP Paribas Emis-u.handels.	41,037	3,878
36	Hebei	40,153	57
37	Australia	38,407	54
38	Henan	38,232	56
39	Bank of Nova Scotia	34,409	123
40	Anhui	33,937	52
41	EIB	33,343	55
42	Netherlands, State of the	32,061	11
43	BankAmerica Corp	31,807	44
44	Belgium	30,471	19
45	Hubei	30,105	116
46	Zhejiang	30,048	33
47	Magallanes, Inc.	30,000	11
48	Austria	28,541	21
49	Goldman Sachs Group	27,973	450
50	Jiangsu	26,969	15
51	Goldman Sachs int.	26,229	8,146
52	TD Bank	26,111	124
53	JP Morgan Chase And Co	25,999	79
54	Dekabank	25,793	522
55	Helaba	25,750	216
56	Mexico	25,466	102
57	Indonesia	25,364	279
58	Beijing	25,348	34
59	Bank of China [Beijing]	24,772	236
60	Guangxi Zhuang Autonomous Region	24,163	36
61	ING Bank	23,765	154
62	Saudi Arabia	23,587	19
63	KDB	22,901	128
64	Fujian	22,525	48
65	National Bank of Kazakhstan	22,473	34
66	Citigroup Inc.	22,414	74
67	Jiangxi	22,397	40
68	Asian Development Bank	21,890	74
69	Turkey	21,532	120
70	CADES	21,386	6
71	Ontario	21,383	54
72	CIBC [Toronto]	21,345	385
73	Banco Santander	20,993	275
74	SG Issuer S.A.	20,444	5,365
75	Deutsche Bank [Frankfurt]	20,341	306
76	RBC	19,282	805
77	Bank of Montreal [Quebec]	18,778	38
78	Poland	18,437	143
79	Pakistan	17,992	98
80	Agricultural Bank of China	17,823	6
81	SGCC	17,815	17
82	KEXIM	17,807	106
83	SocGen Effekten Gmbh	17,357	1,608
84	ICBC [Beijing]	17,279	9
85	Rabobank	16,869	39
86	Bank Of Korea	16,801	6
87	UBS AG [London]	16,779	11,831
88	IBRD	16,773	75
89	Thailand,	16,409	42
90	Malaysia	16,295	19
91	HSBC Bank [London]	16,255	9,851
92	Russia	16,186	6
93	Ginnie Mae II Pool G2 MA7881	16,148	1
94	Ministry of Finance of Malawi	16,109	61
95	Citigroup Global Markets Fund SCA	15,754	6,481
96	National Australia Bank	15,720	56
97	Yunnan	15,576	19
98	Chongqing	15,536	25
99	Morgan Stanley	15,520	11
100	China State Railway Group Co., Ltd.	15,454	10

Overall Dealer
01/01/2022 - 30/06/2022
#	Dealer	USD (M)	Trades

1	JP Morgan	179,262	1,091
2	Citigroup Global Markets	144,897	970
3	Deutsche Bank	124,231	700
4	BofA Securities	120,841	911
5	BNP Paribas	119,372	721
6	Goldman Sachs and Co	113,288	622
7	Barclays	107,526	682
8	HSBC	106,269	721
9	Morgan Stanley	85,217	551
10	Credit Agricole CIB	75,299	537
11	Societe Generale CIB	58,308	312
12	RBC Capital Markets	57,716	408
13	Unicredit	55,291	296
14	Mizuho	51,579	513
15	Commerzbank	48,002	340
16	TD Securities	46,809	343
17	Wells Fargo Securities	44,453	370
18	Santander	43,888	267
19	NatWest Markets	41,524	250
20	Credit Suisse	39,685	328
21	Natixis	38,120	240
22	UBS Investment Bank	36,929	291
23	Nomura	36,563	170
24	BMO Capital Markets	32,872	184
25	MUFG	24,023	258
26	Danske Bank	22,882	182
27	ING	22,449	187
28	LBBW	20,860	197
29	Standard Chartered Bank	20,653	241
30	DZ Bank	19,407	146
31	CIBC	16,314	90
32	SEB	16,262	178
33	BBVA	16,165	109
34	SMBC Nikko	16,030	177
35	ANZ	13,441	123
36	Intesa SanPaolo	13,017	66
37	Truist	11,834	143
38	US Bancorp	11,347	126
39	NAB Capital Market	11,333	59
40	Erste Group	10,944	106
41	Jefferies International	10,289	116
42	Westpac	10,029	91
43	PNC Capital Markets	10,015	106
44	LLoyds Bank	9,246	62
45	Helaba	9,043	98
46	ABN Amro	7,423	63
47	Rabobank	7,267	65
48	Nordea	7,222	46
49	Swedbank	6,947	93
50	Loop Capital	6,820	80
51	Bank of China	6,468	113
52	NORDLB	6,201	45
53	BayernLB	6,024	68
54	Scotiabank	5,079	28
55	Aozora Bank	4,787	1
56	DekaBank	4,766	53
57	Kasikornbank	4,617	114
58	Daiwa Capital Markets	4,602	54
59	DBS Bank	4,576	73
60	CaixaBank	4,556	38
61	Academy Securities	4,424	69
62	Fifth Third Bancorp	3,664	44
63	Bangkok Bank	3,617	84
64	Zurich Cantonal Bank	3,616	30
65	KeyBank	3,579	37
66	KGI Securities	3,385	59
67	Capital One	3,228	24
68	ICBC	3,109	82
69	Bank of New Zealand	3,037	48
70	Yuanta Securities	2,997	48
71	RBI	2,907	35
72	CastleOak Securities	2,826	19
73	China International Capital Corporation	2,781	86
74	Globlex Securities	2,709	20
75	CLSA	2,668	76
76	Svenska Handelsbanken	2,555	44
77	Crédit Mutuel Alliance Fédérale	2,532	12
78	China Construction Bank	2,406	54
79	Bank of Ayudhya	2,397	44
80	DnB Markets	2,385	32
81	E.Sun Bank	2,360	46
82	Industrial Bank of China	2,344	91
83	BNY Mellon	2,284	40
84	Mediobanca	2,253	25
85	Rand Merchant Bank	2,095	101
86	INTL FCStone	2,061	58
87	Raiffeisen Schweiz Genossenschaft	2,048	25
88	Nykredit	2,024	15
89	Cantor FitzGerald	2,005	32
90	Agricultural Bank of China	1,972	59
91	Bank of Communications	1,927	60
92	First Abu Dhabi Bank	1,904	14
93	Overseas Chinese Bank Corp	1,808	28
94	Al Rajhi Capital	1,733	1
95	United Overseas Bank	1,706	20
96	China Merchants Bank	1,702	60
97	La Banque Postale	1,650	16
98	Guotai Junan Securities	1,631	56
99	Shanghai Pudong Development Bank	1,623	56
100	CDS Clearing	1,569	5

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