Public League Tables

Overall Issuer
01/01/2021 - 04/03/2021
Rank Issuer USD (m) Trades
1 829,908 17
2 557,290 146
3 201,685 98
4 158,300 28
5 157,303 5,197
6 138,209 18
7 105,634 22
8 85,582 31
9 54,659 27
10 47,572 40
11 46,145 16
12 43,180 13
13 42,001 12
14 37,200 82
15 36,984 18
16 36,027 994
17 35,717 1
18 32,503 41
19 32,005 31
20 31,774 61
21 31,360 36
22 30,511 31
23 30,217 1
24 29,364 21
25 28,455 109
26 27,236 4
27 26,258 1
28 25,764 2,250
29 25,064 51
30 21,737 3
31 21,405 1,790
32 21,095 68
33 20,156 835
34 19,221 10
35 18,177 9
36 18,056 24
37 17,340 8,810
38 16,723 7
39 15,987 7,987
40 15,499 58
41 14,586 48
42 14,282 14
43 14,000 6
44 13,583 1
45 13,488 9
46 12,763 4,886
47 12,037 117
48 12,012 11
49 11,725 60
50 11,467 2
51 11,402 14
52 10,974 25
53 10,950 8
54 10,625 7,809
55 10,265 12
56 10,000 5
57 9,825 3
58 9,733 23
59 9,616 5
60 9,466 11
61 9,006 1,809
62 8,982 10
63 8,974 5
64 8,570 6
65 8,440 3
66 8,375 3,163
67 8,147 251
68 8,000 5
69 7,535 10,609
70 7,495 3,565
71 7,477 14
72 7,429 34
73 7,309 12
74 7,202 8
75 6,962 3
76 6,848 41
77 6,670 6
78 6,574 76
79 6,532 2
80 6,524 22
81 6,466 16
82 6,432 25
83 6,399 13
84 6,374 225
85 6,338 10
86 6,202 2
87 6,045 13
88 6,009 8,476
89 6,000 6
90 5,755 53
91 5,500 4
92 5,500 6
93 5,487 7,194
94 5,477 29
95 5,445 64
96 5,391 2
97 5,220 2
98 5,160 3
99 5,068 31
100 5,039 210
Overall Dealer
01/01/2021 - 04/03/2021
Rank Dealer USD (m) Trades
1 105,677 518
2 79,850 389
3 71,591 306
4 66,564 311
5 65,957 277
6 63,257 304
7 62,607 387
8 55,588 300
9 50,803 258
10 39,826 155
11 33,048 98
12 29,947 182
13 25,908 142
14 22,640 95
15 21,878 198
16 20,403 101
17 19,836 157
18 19,698 76
19 18,907 90
20 18,874 52
21 17,832 78
22 17,468 150
23 15,256 77
24 13,414 116
25 13,185 16
26 12,935 115
27 12,590 67
28 12,309 113
29 12,077 95
30 11,189 41
31 10,064 69
32 7,109 42
33 6,894 6
34 6,492 72
35 6,124 43
36 5,355 27
37 5,259 28
38 4,806 40
39 3,483 43
40 3,357 42
41 3,341 19
42 3,255 38
43 3,156 29
44 2,923 27
45 2,835 45
46 2,636 54
47 2,628 27
48 2,560 49
49 2,502 23
50 2,367 17
51 2,301 15
52 2,268 21
53 2,144 29
54 2,021 16
55 1,996 18
56 1,965 19
57 1,824 15
58 1,803 35
59 1,737 10
60 1,711 11
61 1,660 20
62 1,632 41
63 1,584 5
64 1,539 2
65 1,537 16
66 1,531 39
67 1,334 13
68 1,298 33
69 1,238 7
70 1,208 9
71 1,205 35
72 1,196 3
73 1,140 36
74 1,125 14
75 1,072 11
76 1,039 28
77 1,018 13
78 1,017 11
79 1,012 3
80 956 10
81 955 1
82 935 11
83 923 10
84 906 25
85 879 20
86 871 10
87 863 8
88 811 17
89 789 8
90 756 25
91 753 4
92 746 4
93 720 18
94 711 21
95 708 2
96 702 5
97 692 20
98 671 16
99 657 6
100 632 1

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