Public League Tables

Overall Issuer
01/01/2020 - 14/07/2020
Rank Issuer US$m Trades
1 1,866,532 60
2 1,473,612 505
3 293,392 75
4 291,075 99
5 285,460 1,096
6 268,795 142
7 262,613 43
8 231,256 8,406
9 190,405 56
10 190,280 40
11 180,468 93
12 166,093 49
13 162,183 1,008
14 160,097 148
15 147,240 51
16 141,510 125
17 116,056 147
18 103,875 4,691
19 102,805 3,473
20 102,026 37
21 100,984 80
22 100,976 157
23 99,154 57
24 91,183 9,863
25 89,261 8,810
26 83,985 160
27 63,481 95
28 54,802 13,102
29 53,965 169
30 49,596 147
31 46,097 9
32 45,898 46
33 45,203 167
34 45,011 7,840
35 43,734 90
36 42,662 9
37 42,378 10,197
38 39,906 36
39 39,341 10
40 36,027 64
41 35,507 51
42 34,847 15
43 33,545 9,464
44 33,487 23
45 33,456 74
46 33,111 15,958
47 32,686 208
48 32,668 426
49 32,460 49
50 32,184 97
51 31,343 41
52 31,253 92
53 31,221 1
54 29,116 1
55 28,683 1
56 28,639 1
57 28,379 167
58 28,015 9
59 27,777 24,068
60 26,769 43
61 26,659 10,059
62 26,396 149
63 26,213 47
64 26,203 1,581
65 25,695 31
66 25,551 28
67 25,000 7
68 24,411 176
69 24,368 50
70 24,185 61
71 24,115 125
72 24,093 69
73 23,433 27
74 23,275 14
75 23,053 14
76 23,000 8
77 22,973 30
78 22,383 13,345
79 20,674 19
80 20,509 22
81 20,147 48
82 20,108 110
83 20,000 6
84 19,810 196
85 19,696 645
86 19,616 24
87 19,572 25
88 19,451 235
89 19,446 19,499
90 18,711 8
91 18,217 103
92 18,187 22
93 17,921 12
94 17,917 38
95 17,699 6
96 17,632 1
97 16,951 19
98 16,924 1,929
99 16,880 151
100 16,832 21
Overall Dealer
01/01/2020 - 14/07/2020
Rank Dealer US$m Trades
1 342,371 1,944
2 291,140 1,628
3 267,643 1,604
4 207,221 1,170
5 202,492 1,087
6 191,598 1,235
7 182,005 1,043
8 172,540 1,067
9 165,003 937
10 102,945 674
11 99,300 751
12 94,697 635
13 83,758 447
14 77,498 624
15 74,610 480
16 64,362 340
17 58,935 584
18 58,913 201
19 58,524 310
20 52,897 287
21 52,780 481
22 48,460 528
23 46,299 9
24 41,031 397
25 39,628 239
26 39,524 295
27 37,613 285
28 33,985 276
29 32,093 178
30 31,443 315
31 31,156 289
32 24,530 216
33 20,541 58
34 20,334 7
35 19,984 169
36 17,612 184
37 15,621 124
38 15,127 81
39 14,364 123
40 13,210 130
41 12,634 130
42 11,923 91
43 10,415 112
44 10,164 116
45 9,933 149
46 9,743 64
47 9,638 59
48 9,479 74
49 9,479 83
50 9,153 71
51 8,946 56
52 8,736 66
53 8,484 127
54 8,389 126
55 7,079 56
56 6,994 92
57 6,821 84
58 6,551 57
59 5,964 27
60 5,752 58
61 5,706 74
62 5,636 54
63 5,412 66
64 4,988 37
65 4,540 55
66 4,491 25
67 4,444 57
68 4,404 47
69 4,391 31
70 4,160 16
71 4,057 46
72 3,884 88
73 3,876 75
74 3,682 59
75 3,641 36
76 3,599 57
77 3,452 63
78 3,438 9
79 3,420 40
80 3,349 70
81 3,319 4
82 3,235 53
83 2,993 67
84 2,945 4
85 2,787 48
86 2,781 35
87 2,771 89
88 2,737 1
89 2,659 57
90 2,652 8
91 2,624 54
92 2,615 20
93 2,563 19
94 2,561 75
95 2,538 53
96 2,476 4
97 2,472 69
98 2,439 17
99 2,438 64
100 2,433 34

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