PUBLIC LEAGUE TABLES

Overall Issuer
01/01/2021 - 17/06/2021
Rank	Issuer	USD (m)	Trades
1	United States of America	2,287,375	48
2	Japan	1,303,699	367
3	Banco Central de Chile	547,695	351
4	Spain	500,382	84
5	Italy	333,338	74
6	Vontobel Fin Prod.	324,869	10,789
7	China	307,940	44
8	France	246,102	89
9	China Development Bank [Beijing]	184,024	134
10	Deutschland	182,233	38
11	United Kingdom	173,763	82
12	Canada	117,020	35
13	Russia	109,426	49
14	Korea	108,840	91
15	HSBC Trinkaus and Burkhardt AG	107,985	2,336
16	Brazil	106,833	247
17	Agricultural Dev Bk of China	105,606	124
18	LBBW	94,523	2,943
19	Russian Federation Central Bank	92,854	63
20	BNP Paribas Issuance B.V.	91,243	12,254
21	European Union	89,834	9
22	Chexim	87,108	117
23	FHLB	85,910	1,101
24	India	80,803	72
25	VTB Bank	74,367	168
26	Federal Farm Credit Banks Funding Corporation	72,172	330
27	DZ Bank	71,392	6,917
28	Monetary Authority of Singapore	67,918	11
29	EIB	59,937	90
30	Netherlands, State of the	55,379	23
31	KfW	55,020	117
32	Indonesia	54,203	198
33	South Africa	53,955	137
34	SocGen Effekten Gmbh	53,508	4,486
35	Goldman Sachs International	45,816	20,517
36	Freddie Mac Pool FR SD8146	45,412	1
37	Ginnie Mae II Pool G2 MA7192	41,043	1
38	Goldman Sachs Group	40,122	69
39	BankAmerica Corp	36,364	24
40	National Bank of Kazakhstan	36,118	33
41	Guangdong	35,748	61
42	JP Morgan Chase And Co	35,731	51
43	Freddie Mac Pool FR SD8134	35,717	1
44	Ginnie Mae II Pool G2 MA7311	34,476	1
45	Shandong	32,480	28
46	Verizon Communications	31,182	19
47	Poland	31,099	114
48	Philippines	31,080	56
49	Fannie Mae Pool FN MA4255	30,217	1
50	Freddie Mac Pool FR SD8140	29,904	1
51	Australia, Commonwealth Of	29,796	42
52	IBRD	29,428	106
53	Turkey	28,942	136
54	CADES	28,523	14
55	Asian Development Bank	28,183	103
56	HSBC Bank [London]	28,057	15,684
57	ISDB TRUST SERVICES NO.2 S.A R.L.	27,500	2
58	Belgium	27,099	22
59	Helaba	26,616	335
60	UniCredit Bank AG	26,514	5,369
61	BNP Paribas Emis-u.handels.	26,362	2,240
62	Fannie Mae Pool FN MA4281	26,258	1
63	KDB	25,849	106
64	UBS AG [London]	25,728	18,444
65	Fannie Mae Pool FN MA4356	25,627	1
66	Israel, State of	24,819	231
67	Kosovo	24,656	16
68	Egypt	23,223	64
69	ING Bank	22,928	133
70	Jiangsu	22,223	9
71	Austria	22,220	19
72	Ginnie Mae II Pool G2 MA7312	22,185	1
73	Henan	22,136	25
74	Mexico	21,488	53
75	Hong Kong Monetary Authority	21,418	13
76	SG Issuer S.A.	21,100	7,640
77	Thailand,	19,505	40
78	Sichuan	19,141	12
79	Morgan Stanley	18,896	12
80	JP Morgan Structured Products	18,729	19,628
81	Amazon	18,500	8
82	Macedonia	18,458	17
83	Zhejiang	18,379	17
84	Ministry of Finance of Japan	18,010	66
85	CCB Trust Co., Ltd.	17,708	50
86	Malaysia	17,560	25
87	Hubei	17,532	41
88	EFSF	17,507	6
89	Hellenic Republic	17,444	8
90	Intesa Sanpaolo [Milan]	17,139	89
91	Dekabank	16,926	565
92	Saudi Arabia	16,901	18
93	Ginnie Mae II Pool G2 MA7418	16,723	1
94	Citigroup Inc.	16,689	41
95	Rabobank	16,299	18
96	KHFC	16,296	98
97	Citigroup Global Markets Fund SCA	16,268	9,152
98	Guizhou	16,139	12
99	Ireland	16,038	11
100	Fannie Mae Pool FN MA4379	16,026	1

Overall Dealer
01/01/2021 - 17/06/2021
Rank	Dealer	USD (m)	Trades
1	JP Morgan	280,451	1,545
2	Citigroup Global Markets	223,829	1,233
3	HSBC	196,251	914
4	Deutsche Bank	192,440	960
5	BofA Securities	176,974	1,241
6	BNP Paribas	176,416	877
7	Goldman Sachs and Co	173,028	864
8	Barclays	167,870	920
9	Morgan Stanley	153,714	810
10	Credit Agricole CIB	94,309	550
11	Santander	86,066	271
12	RBC Capital Markets	73,788	535
13	Credit Suisse	68,330	584
14	Wells Fargo Securities	65,546	525
15	TD Securities	61,588	399
16	BBVA	58,485	158
17	Societe Generale CIB	57,685	308
18	Mizuho	52,854	486
19	NatWest Markets	49,473	222
20	Commerzbank	44,895	305
21	Unicredit	41,709	258
22	Nomura	40,221	220
23	UBS Investment Bank	38,774	363
24	BMO Capital Markets	37,373	207
25	Natixis	36,215	256
26	MUFG	35,063	351
27	Standard Chartered Bank	32,893	319
28	DZ Bank	28,195	145
29	SMBC Nikko	27,990	268
30	ING	25,570	227
31	CaixaBank	24,203	55
32	LBBW	22,664	128
33	Danske Bank	21,862	183
34	Intesa SanPaolo	21,349	91
35	Truist	17,163	195
36	Jefferies International	16,569	117
37	CIBC	15,838	103
38	SEB	14,774	178
39	(Auction)	14,037	14
40	US Bancorp	13,312	151
41	PNC Capital Markets	11,560	132
42	ANZ	11,203	117
43	Westpac	9,059	104
44	Swedbank	8,781	106
45	DBS Bank	8,417	126
46	LLoyds Bank	8,274	59
47	Nordea	7,861	68
48	Banca Akros	7,738	11
49	NAB Capital Market	7,710	60
50	DekaBank	7,370	59
51	Rabobank	7,091	51
52	Bank of China	6,970	145
53	Erste Group	6,441	57
54	National Bank Financial	6,020	35
55	NORDLB	5,804	45
56	ICBC	5,619	103
57	DnB Markets	5,365	44
58	VTB Capital	5,208	50
59	ABN Amro	5,132	44
60	BayernLB	5,006	59
61	Pohjola Bank	4,905	15
62	Helaba	4,503	57
63	Fifth Third Bancorp	4,476	64
64	KGI Securities	4,388	64
65	Mediobanca	4,313	41
66	Scotiabank	4,305	39
67	China International Capital Corporation	4,144	91
68	First Abu Dhabi Bank	3,998	32
69	Bank of New Zealand	3,898	37
70	Emirates NBD Bank	3,783	34
71	KeyBank	3,750	47
72	Yuanta Securities	3,619	56
73	Guotai Junan Securities	3,403	108
74	Garant-M	3,308	4
75	R. Seelaus	3,270	22
76	Loop Capital	3,191	34
77	Kasikornbank	3,158	76
78	RBI	3,142	30
79	Bank of Communications	3,124	101
80	CITIC Sec Corp	3,097	89
81	Zurich Cantonal Bank	3,077	36
82	China Minsheng Banking	2,890	102
83	China Merchants Bank	2,870	90
84	Itau Unibanco	2,754	22
85	Region BC	2,723	37
86	China Construction Bank	2,715	76
87	Stifel Nicolaus	2,500	41
88	Academy Securities	2,490	27
89	E.Sun Bank	2,455	61
90	Citizens Financial Group	2,422	32
91	Standard Bank	2,409	40
92	Overseas Chinese Bank Corp	2,376	35
93	CLSA	2,333	62
94	Credit Bank of Moscow	2,224	39
95	Capital One	2,222	24
96	Agricultural Bank of China	2,206	66
97	Gazprombank	2,205	41
98	Raiffeisen Schweiz Genossenschaft	2,083	24
99	Belfius	2,030	15
100	KBC Bank	2,029	14

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