Public League Tables

Overall Issuer
01/01/2021 - 12/04/2021
Rank	Issuer	USD (m)	Trades
1	United States of America	1,159,231	25
2	Japan	859,096	242
3	Banco Central de Chile	363,566	196
4	China	228,437	29
5	Vontobel Fin Prod.	223,406	7,416
6	Italy	214,254	43
7	Spain, Kingdom Of	191,304	48
8	France	148,596	58
9	China Development Bank [Beijing]	111,860	80
10	United Kingdom	101,603	49
11	Agricultural Dev Bk of China	79,838	87
12	Deutschland	78,936	19
13	Canada	75,571	23
14	Russia	71,807	25
15	HSBC Trinkaus and Burkhardt AG	70,173	1,691
16	LBBW	60,203	1,804
17	Brazil	57,128	168
18	Korea	55,906	58
19	Chexim	55,795	73
20	South Africa	52,650	101
21	Russian Federation Central Bank	49,441	32
22	European Union	47,745	6
23	India	46,198	49
24	KfW	45,705	85
25	DZ Bank	43,581	4,081
26	VTB Bank	43,120	88
27	Federal Farm Credit Banks Funding Corporation	42,492	165
28	Ginnie Mae II Pool G2 MA7192	41,043	1
29	SocGen Effekten Gmbh	38,642	3,246
30	EIB	37,764	59
31	Freddie Mac Pool FR SD8134	35,717	1
32	Verizon Communications	31,182	19
33	Indonesia	30,909	156
34	Fannie Mae Pool FN MA4255	30,217	1
35	Netherlands, State of the	28,010	15
36	Fannie Mae Pool FN MA4281	26,258	1
37	Australia, Commonwealth Of	25,394	31
38	Goldman Sachs International	25,225	12,622
39	BNP Paribas Emis-u.handels.	22,778	1,934
40	Belgium, Kingdom Of	21,350	13
41	Goldman Sachs Group	20,482	33
42	HSBC Bank [London]	19,917	10,447
43	BNP Paribas Issuance B.V.	19,755	7,512
44	CADES	19,378	11
45	Philippines	17,761	23
46	UBS AG [London]	17,618	11,798
47	Asian Development Bank	17,432	75
48	IBRD	17,191	80
49	Mexico	16,935	36
50	Turkey	16,489	64
51	National Bank of Kazakhstan	16,187	15
52	Helaba	15,755	171
53	Israel, State of	15,654	152
54	Egypt	15,091	41
55	Oracle	15,000	6
56	Rabobank	14,974	15
57	UniCredit Bank AG	14,854	3,027
58	Austria	14,837	15
59	Hong Kong Monetary Authority	14,804	11
60	Apple Inc.	14,000	6
61	KDB	13,640	54
62	Fannie Mae Poon FN MA4305	13,583	1
63	EFSF	13,203	4
64	Thailand, Kingdom Of	13,002	20
65	Saudi Arabia	12,836	14
66	FHLB	12,709	419
67	Romania	12,212	61
68	JP Morgan Chase And Co	12,082	13
69	Ontario	11,967	9
70	SG Issuer S.A.	11,743	4,677
71	ING Bank	11,688	85
72	Poland	11,686	58
73	SAREB	11,467	2
74	Sichuan	11,298	6
75	7-Eleven, Inc.	10,950	8
76	Malaysia	10,895	12
77	Czech Republic	10,710	34
78	Dekabank	10,534	354
79	NIPPON TELEGRAPH AND TELEPHONE CORPORATION	10,417	7
80	Denmark, Kingdom of	10,345	20
81	JP Morgan Structured Products	10,310	14,270
82	Citigroup Global Markets Fund SCA	10,265	5,523
83	Intesa Sanpaolo [Milan]	10,177	23
84	Ireland	10,032	5
85	Siemens Financierings	10,000	7
86	Broadcom Inc	10,000	5
87	Portugal	9,915	4
88	Boeing Co.	9,825	3
89	Morgan Stanley	9,700	7
90	New Zealand, Govt Of	9,488	51
91	BNP Paribas	8,968	72
92	Hellenic Republic	8,933	5
93	Monetary Authority of Singapore	8,727	2
94	China State Railway Group Co., Ltd.	8,507	3
95	Credit Suisse Intl [Milan]	8,304	11,901
96	Shandong	8,280	6
97	Microsoft Corp	8,185	2
98	Banco Santander SA	8,175	46
99	CCB Trust Co., Ltd.	7,996	18
100	SGCC	7,888	9

Overall Dealer
01/01/2021 - 12/04/2021
Rank	Dealer	USD (m)	Trades
1	JP Morgan	169,046	953
2	Citigroup Global Markets	136,775	731
3	Deutsche Bank	109,753	546
4	BofA Securities	108,334	731
5	HSBC	99,711	531
6	Goldman Sachs and Co	98,095	483
7	BNP Paribas	93,822	546
8	Barclays	92,308	550
9	Morgan Stanley	81,054	461
10	Credit Agricole CIB	58,107	342
11	RBC Capital Markets	43,858	310
12	Santander	43,097	182
13	Credit Suisse	40,499	354
14	TD Securities	40,004	249
15	Societe Generale CIB	39,577	185
16	Wells Fargo Securities	35,474	289
17	Mizuho	31,767	287
18	NatWest Markets	28,046	132
19	Commerzbank	27,970	184
20	Unicredit	27,375	161
21	Nomura	26,220	151
22	BBVA	25,876	94
23	UBS Investment Bank	24,465	195
24	Natixis	24,131	167
25	MUFG	21,618	216
26	Standard Chartered Bank	20,707	200
27	BMO Capital Markets	20,364	120
28	SMBC Nikko	19,394	176
29	DZ Bank	16,673	103
30	LBBW	15,165	91
31	CaixaBank	15,107	37
32	ING	12,853	121
33	Danske Bank	12,524	101
34	(Auction)	10,514	10
35	Truist	9,546	108
36	Jefferies International	8,667	54
37	Intesa SanPaolo	8,279	57
38	US Bancorp	7,890	90
39	SEB	7,164	88
40	PNC Capital Markets	6,827	77
41	CIBC	6,729	39
42	Westpac	6,157	58
43	ANZ	5,898	60
44	Swedbank	5,555	68
45	DBS Bank	4,735	72
46	Erste Group	4,518	39
47	LLoyds Bank	4,418	42
48	Rabobank	4,166	31
49	ICBC	4,117	68
50	Bank of China	4,095	83
51	NORDLB	3,933	32
52	DekaBank	3,775	40
53	Helaba	3,666	49
54	Scotiabank	3,639	28
55	National Bank Financial	3,502	15
56	ABN Amro	3,108	28
57	NAB Capital Market	3,063	28
58	DnB Markets	3,043	24
59	BayernLB	2,876	36
60	Nordea	2,842	32
61	Fifth Third Bancorp	2,808	40
62	KGI Securities	2,783	28
63	China International Capital Corporation	2,269	50
64	Mediobanca	2,265	22
65	RBI	2,132	15
66	KeyBank	2,091	26
67	Emirates NBD Bank	2,082	21
68	Guotai Junan Securities	2,066	62
69	CITIC Sec Corp	1,986	55
70	Loop Capital	1,912	20
71	China Minsheng Banking	1,885	63
72	First Abu Dhabi Bank	1,802	16
73	KBC Bank	1,770	11
74	CastleOak Securities	1,680	15
75	Bank of Communications	1,635	54
76	Yuanta Securities	1,621	19
77	Standard Bank	1,618	18
78	China Merchants Bank	1,610	47
79	Zurich Cantonal Bank	1,593	17
80	China Construction Bank	1,556	43
81	R. Seelaus	1,543	16
82	PKO Bank Polski	1,539	2
83	Schweizerische Nationalbank	1,420	4
84	Raiffeisen Schweiz Genossenschaft	1,367	15
85	Davy Stockbrokers	1,346	2
86	Kasikornbank	1,302	32
87	Amerivet Securities	1,290	13
88	Academy Securities	1,275	14
89	Shanghai Pudong Development Ban	1,258	46
90	Itau Unibanco	1,220	10
91	VTB Capital	1,201	24
92	Agricultural Bank of China	1,185	36
93	Credit Bank of Moscow	1,182	22
94	E.Sun Bank	1,159	30
95	Siebert	1,125	12
96	Rand Merchant Bank	1,109	33
97	Region BC	1,080	20
98	Belfius	1,067	7
99	Pohjola Bank	1,067	11
100	Gazprombank	1,058	22

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