The Collaborative Market Data Network -
serving the Public interest of Transparency in Debt Capital Markets
The Collaborative Market Data Network
Serving Transparency in Capital Markets
The Collaborative
Market Data Network

PUBLIC LEAGUE TABLES

Overall Issuer
01/01/2021 - 02/12/2021
# Issuer USD (m) Trades
1 4,502,675 98
2 2,186,463 847
3 947,767 744
4 786,277 122
5 564,053 142
6 553,801 18,619
7 443,598 138
8 407,160 188
9 360,995 258
10 305,885 134
11 276,181 3,364
12 263,181 75
13 237,255 284
14 220,870 71
15 210,137 104
16 205,569 66
17 200,564 22,319
18 185,068 122
19 184,023 6,070
20 181,703 249
21 176,417 3,546
22 165,957 155
23 157,368 21
24 155,943 390
25 141,728 203
26 140,316 555
27 136,632 13,807
28 134,251 688
29 120,808 17
30 99,231 206
31 96,902 8,253
32 92,694 105
33 86,885 436
34 84,116 10
35 81,674 33,369
36 79,407 50
37 76,688 146
38 72,725 31
39 71,454 72
40 67,476 151
41 67,377 66
42 67,339 1
43 66,025 96
44 64,300 305
45 62,264 314
46 61,003 142
47 56,811 163
48 55,622 278
49 53,047 171
50 51,871 26
51 50,950 701
52 49,429 44
53 49,390 229
54 48,256 4,167
55 47,719 87
56 47,457 73
57 46,763 25,487
58 45,955 9,743
59 45,412 1
60 44,586 50
61 44,249 33,594
62 44,153 38
63 42,729 20
64 41,593 114
65 41,298 56
66 41,043 1
67 40,906 39
68 40,467 26
69 40,418 51
70 39,686 14,282
71 38,907 133
72 38,368 24
73 36,846 21
74 36,785 164
75 36,491 76
76 36,479 129
77 36,431 17
78 35,978 2,542
79 35,920 158
80 35,835 51
81 35,717 1
82 35,583 30
83 35,457 40
84 35,418 87
85 35,002 1,162
86 34,548 418
87 34,476 1
88 34,373 64
89 34,062 144
90 33,494 1
91 33,191 65
92 33,130 140
93 33,105 103
94 32,626 45
95 32,579 34,198
96 32,556 20
97 31,994 385
98 31,834 42
99 31,446 364
100 31,327 183
Overall Dealer
01/01/2021 - 02/12/2021
# Dealer USD (m) Trades
1 475,748 2,882
2 391,845 2,434
3 331,141 2,370
4 324,775 1,895
5 310,240 1,763
6 307,780 1,676
7 295,188 1,668
8 284,685 1,800
9 253,654 1,528
10 171,710 1,145
11 139,683 1,057
12 121,480 535
13 118,536 1,102
14 114,501 962
15 112,110 1,017
16 111,000 785
17 98,737 595
18 90,776 786
19 87,411 535
20 87,125 654
21 80,884 450
22 74,091 710
23 73,165 442
24 72,487 260
25 68,300 415
26 66,513 523
27 55,608 591
28 50,221 454
29 47,430 499
30 44,730 312
31 43,195 386
32 39,437 278
33 38,926 197
34 35,203 226
35 30,817 251
36 30,812 370
37 28,483 245
38 28,113 381
39 27,254 105
40 27,156 279
41 26,131 308
42 20,481 241
43 20,449 242
44 18,294 133
45 16,643 315
46 16,199 239
47 16,067 229
48 14,844 115
49 14,599 136
50 12,964 95
51 12,104 117
52 11,799 96
53 11,762 118
54 11,532 60
55 10,980 92
56 10,410 126
57 10,324 137
58 9,992 113
59 9,885 25
60 9,682 221
61 9,507 121
62 9,458 107
63 8,945 73
64 8,600 124
65 8,358 88
66 8,165 94
67 7,986 183
68 7,442 106
69 7,354 81
70 7,194 78
71 7,131 67
72 6,987 206
73 6,811 77
74 6,704 87
75 6,701 82
76 6,642 218
77 6,215 49
78 6,107 198
79 5,940 162
80 5,929 113
81 5,887 73
82 5,886 65
83 5,698 198
84 5,583 162
85 5,455 153
86 5,351 12
87 5,258 61
88 5,130 185
89 5,128 3
90 5,024 16
91 4,974 156
92 4,847 5
93 4,770 115
94 4,763 56
95 4,686 38
96 4,675 162
97 4,658 64
98 4,654 27
99 4,464 4
100 4,390 84

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