Public League Tables

Overall Issuer
01/01/2020 - 28/10/2020
Rank	Issuer	US$m	Trades

1	United States of America	3,072,976	92
2	Japan	2,420,471	780
3	United Kingdom	572,141	185
4	China, Peoples Republic of	555,736	89
5	Italy, Republic Of	462,569	122
6	FHLB	449,255	1,531
7	France, Republic	429,448	219
8	Vontobel Fin Prod.	361,523	12,833
9	Deutschland	346,914	66
10	South Africa	312,845	311
11	Freddie Mac	273,079	1,808
12	Spain, Kingdom Of	249,222	133
13	China Development Bank [Beijing]	230,806	228
14	Russia	215,312	87
15	Hong Kong Monetary Authority	209,364	67
16	Canada	203,476	64
17	Brazil	199,500	701
18	Russian Federation Central Bank	196,409	66
19	Korea, The Republic of	184,369	107
20	Argentina, Republic Of	173,858	94
21	LBBW	162,404	5,567
22	Agricultural Dev Bk of China	158,878	213
23	Fannie Mae	157,408	140
24	Australia, Commonwealth Of	140,445	80
25	HSBC Trinkaus and Burkhardt AG	138,820	6,182
26	VTB Bank	136,830	277
27	DZ Bank	127,307	13,224
28	SocGen Effekten Gmbh	124,254	22,369
29	Chexim	115,021	175
30	BNP Paribas Emis-u.handels.	112,377	10,768
31	Bank of Thailand	107,020	87
32	Indonesia	93,921	270
33	Netherlands, State of the	86,337	24
34	India	85,014	41
35	EIB	84,462	136
36	IBRD	76,564	203
37	KfW	75,641	138
38	Banco Central de Chile	73,589	49
39	Lithuania, Republic Of	67,880	74
40	Deutsche Bank [Frankfurt]	61,891	274
41	UniCredit Bank AG	57,302	9,346
42	Israel, State of	56,025	371
43	Shandong	53,535	70
44	Goldman Sachs International	51,551	25,361
45	AT and T	51,211	16
46	Guangdong	50,942	96
47	Sichuan	50,894	127
48	Jiangsu	50,418	19
49	Republic of Turkey	50,000	121
50	Belgium, Kingdom Of	49,839	52
51	KDB	49,046	279
52	SG Issuer S.A.	48,262	13,661
53	BankAmerica Corp	46,810	71
54	Bosnia and Herzegovina	46,310	17
55	Poland, Republic Of	46,279	171
56	Bank Of Korea	45,726	14
57	Helaba	45,249	624
58	BNP Paribas Issuance B.V.	45,135	15,019
59	Fannie Mae Pool FN MA4055	45,129	1
60	Da Afghanistan Bank	41,077	50
61	Broadcom Inc	40,331	21
62	Bank of Nova Scotia	39,898	138
63	National Bank of Kazakhstan	39,531	70
64	Zhejiang	38,533	47
65	Egypt, Republic Of	38,333	98
66	Philippines	37,675	73
67	UBS AG [London]	37,574	33,788
68	Barclays Bank [London]	37,451	2,263
69	Hubei	37,118	107
70	Hebei	36,479	37
71	Bristol-Myers Squibb	36,473	27
72	Henan	36,034	45
73	Czech Republic	35,488	64
74	Asian Dev. Bk	34,846	119
75	Saudi Arabia	34,757	34
76	JP Morgan Chase And Co	34,363	111
77	Hungary	33,740	340
78	Anhui	33,563	41
79	Austria, Republic Of	33,512	41
80	Banco Santander SA	33,479	230
81	KHFC	33,412	217
82	Ginnie Mae II Pool G2 MA6765	32,902	1
83	Jiangxi	32,766	36
84	Wells Fargo	32,737	22
85	NRW, Land	32,161	38
86	New Zealand, Govt Of	32,021	110
87	Federal Farm Credit Banks Funding Corporation	31,971	162
88	Malaysia	31,661	40
89	Ginnie Mae II Pool G2 MA6865	31,596	1
90	Pemex	31,451	8
91	Fannie Mae Pool FN MA4019	31,221	1
92	HSBC Bank [London]	31,029	19,659
93	Yunnan	30,477	38
94	Dekabank	30,298	1,014
95	Romania	29,890	163
96	Ginnie Mae II Pool G2 MA6709	29,116	1
97	Ginnie Mae II Pool G2 MA6655	28,718	1
98	Ginnie Mae II Pool G2 MA6409	28,683	1
99	Fannie Mae Pool FN MA4078	28,639	1
100	Credit Suisse Intl [Milan]	28,550	32,054

Overall Dealer
01/01/2020 - 28/10/2020
Rank	Dealer	US$m	Trades

1	JP Morgan	516,101	2,926
2	Citigroup Global Markets	440,403	2,443
3	BofA Securities	406,952	2,358
4	Barclays	344,582	1,839
5	Goldman Sachs and Co	313,879	1,580
6	HSBC	281,011	1,811
7	BNP Paribas	274,875	1,475
8	Deutsche Bank	271,314	1,570
9	Morgan Stanley	235,435	1,439
10	Wells Fargo Securities	185,985	1,351
11	Credit Agricole CIB	144,864	958
12	RBC Capital Markets	143,413	946
13	Nomura	125,256	428
14	TD Securities	123,203	754
15	Societe Generale CIB	113,375	612
16	Credit Suisse	100,819	849
17	Unicredit	96,025	478
18	Commerzbank	95,480	4,408
19	Mizuho	93,112	912
20	Santander	90,359	515
21	NatWest Markets	76,542	424
22	UBS Investment Bank	71,970	637
23	MUFG	69,728	756
24	Natixis	61,107	421
25	BMO Financial group	57,704	340
26	Standard Chartered Bank	52,693	450
27	ING	46,596	364
28	Raiffeisen Bank	46,358	11
29	US Bancorp	42,779	439
30	BBVA	41,034	258
31	SMBC Nikko	40,826	399
32	Danske Bank	34,427	313
33	Intesa SanPaolo	31,951	121
34	LBBW	30,952	250
35	Westpac	29,449	153
36	ANZ	28,614	240
37	SEB	27,631	300
38	LLoyds Bank	24,543	134
39	DZ Bank	23,486	194
40	Jefferies International	23,375	163
41	National Bank Financial	22,812	115
42	CIBC	20,100	172
43	BNY Mellon	19,017	176
44	PNC Capital Markets	17,198	171
45	Bank of China	16,898	246
46	Erste Group	16,364	80
47	NORDLB	13,813	110
48	DBS Bank	13,252	175
49	Nordea	13,154	145
50	ICBC	12,611	196
51	Truist	12,141	261
52	Loop Capital	12,075	99
53	Swedbank	11,193	158
54	ABN Amro	11,055	86
55	CaixaBank	10,794	76
56	NAB Capital Market	10,740	82
57	DekaBank	10,456	110
58	Scotiabank	10,180	81
59	Academy Securities	10,003	54
60	Daiwa Capital Markets	9,514	82
61	Rabobank	9,043	81
62	DnB Markets	8,902	110
63	BayernLB	8,694	123
64	CastleOak Securities	8,316	64
65	Helaba	8,247	91
66	Cantor FitzGerald	7,955	78
67	Yuanta Securities	7,349	115
68	First Abu Dhabi Bank	6,983	42
69	INTL FCStone	6,927	168
70	VTB Capital	6,694	95
71	Amherst Pierpont Securities	6,639	157
72	Itau Unibanco	6,620	33
73	RBI	6,443	72
74	Zurich Cantonal Bank	6,441	71
75	Fifth Third Bancorp	6,411	81
76	Gazprombank	5,951	88
77	Bank of Communications	5,655	117
78	Agricultural Bank of China	5,618	103
79	Svenska Handelsbanken	5,613	94
80	KGI Securities	5,587	89
81	Guotai Junan Securities	5,483	133
82	China Construction Bank	5,397	115
83	Bank of New Zealand	5,319	42
84	KBC Bank	5,054	37
85	First Horizon National Corp	5,029	116
86	Mediobanca	5,024	48
87	Kasikornbank	4,999	119
88	Banca MPS	4,827	5
89	Raymond James	4,761	172
90	CITIC Sec Corp	4,749	94
91	China Merchants Bank	4,300	116
92	Citizens Financial Group	4,236	55
93	Credit Bank of Moscow	4,138	63
94	Raiffeisen Schweiz Genossenschaft	4,122	50
95	Sberbank CIB	4,108	80
96	Incapital	4,036	160
97	PKO Bank Polski	3,955	12
98	Bangkok Bank	3,942	93
99	Overseas Chinese Bank Corp	3,879	38
100	China International Capital Corporation	3,805	98

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

Public League Tables

League Table Criteria