Public League Tables

Overall Issuer
01/01/2020 - 06/08/2020
Rank Issuer US$m Trades
1 2,082,874 66
2 1,655,289 586
3 376,348 126
4 334,528 90
5 312,404 1,178
6 295,174 157
7 269,036 47
8 239,190 46
9 238,806 8,670
10 196,156 1,218
11 190,405 56
12 188,514 101
13 182,174 164
14 165,800 49
15 161,424 60
16 143,289 133
17 131,312 174
18 116,215 41
19 116,091 3,948
20 112,422 5,061
21 110,587 171
22 107,436 65
23 102,088 81
24 98,974 10,355
25 96,660 188
26 90,896 8,949
27 74,645 15,034
28 72,835 53
29 64,593 100
30 57,360 14
31 55,761 202
32 54,698 161
33 49,000 95
34 47,989 179
35 47,482 340
36 46,202 13
37 46,080 8,126
38 45,129 1
39 44,305 11,019
40 42,716 40
41 40,174 266
42 39,341 10
43 37,899 15
44 37,743 53
45 37,451 19
46 36,473 27
47 36,393 17,962
48 36,027 64
49 35,930 79
50 35,522 10,557
51 34,847 15
52 34,526 461
53 33,487 23
54 33,328 44
55 33,123 52
56 32,975 102
57 32,902 1
58 31,560 46
59 31,467 180
60 31,253 92
61 31,221 1
62 30,940 26,511
63 30,130 53
64 29,711 13
65 29,439 53
66 29,211 1,732
67 29,116 1
68 28,718 1
69 28,683 1
70 28,639 1
71 28,021 140
72 28,015 9
73 27,916 151
74 27,400 34
75 26,353 1
76 26,245 9,808
77 25,993 32
78 25,187 27
79 25,000 7
80 24,835 23
81 24,618 65
82 24,477 188
83 24,455 77
84 24,279 19
85 23,760 15,077
86 23,433 27
87 23,275 14
88 23,053 14
89 23,038 232
90 23,000 8
91 22,973 30
92 22,763 1
93 21,938 724
94 21,868 22,471
95 21,827 26
96 21,364 117
97 21,089 1
98 20,941 255
99 20,778 12
100 20,679 20
Overall Dealer
01/01/2020 - 06/08/2020
Rank Dealer US$m Trades
1 369,409 2,115
2 312,322 1,769
3 287,689 1,740
4 219,399 1,191
5 217,434 1,280
6 208,698 1,348
7 194,803 1,126
8 190,058 1,180
9 174,801 1,008
10 106,944 721
11 104,879 805
12 102,386 686
13 87,092 475
14 81,395 529
15 80,728 668
16 69,849 369
17 64,914 766
18 64,815 344
19 63,350 635
20 62,554 223
21 58,324 317
22 52,944 432
23 51,738 576
24 46,328 10
25 43,336 266
26 42,313 328
27 39,788 314
28 36,082 296
29 34,136 338
30 33,813 197
31 32,732 311
32 24,863 227
33 21,683 159
34 21,201 182
35 21,089 63
36 20,346 7
37 19,565 204
38 17,704 94
39 16,700 135
40 15,935 84
41 15,556 103
42 15,173 128
43 13,845 137
44 11,322 171
45 11,100 130
46 10,784 117
47 10,645 80
48 10,279 60
49 10,135 80
50 9,920 147
51 9,746 61
52 9,485 84
53 9,105 71
54 9,045 132
55 7,979 104
56 7,755 73
57 7,666 60
58 7,095 90
59 6,100 29
60 6,095 61
61 6,035 47
62 5,992 80
63 5,647 55
64 5,637 71
65 5,354 57
66 5,335 64
67 4,976 59
68 4,556 87
69 4,521 99
70 4,491 25
71 4,490 32
72 4,401 48
73 4,043 67
74 4,007 64
75 3,873 16
76 3,753 65
77 3,750 82
78 3,720 37
79 3,655 68
80 3,602 43
81 3,438 9
82 3,365 71
83 3,319 4
84 3,263 41
85 3,133 26
86 2,979 80
87 2,945 4
88 2,921 59
89 2,891 60
90 2,888 43
91 2,855 49
92 2,825 36
93 2,771 89
94 2,737 1
95 2,706 21
96 2,706 71
97 2,674 288
98 2,659 57
99 2,652 8
100 2,619 61

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