The Collaborative Market Data Network -
serving the Public interest of Transparency in Debt Capital Markets
The Collaborative Market Data Network
Serving Transparency in Capital Markets
The Collaborative
Market Data Network

PUBLIC LEAGUE TABLES

Overall Issuer
01/01/2021 - 23/09/2021
# Issuer USD (m) Trades
1 3,520,355 77
2 1,781,209 739
3 759,985 613
4 621,047 86
5 571,109 122
6 474,382 15,866
7 466,549 105
8 347,849 148
9 306,726 216
10 258,462 114
11 219,705 61
12 198,568 2,393
13 197,600 228
14 177,649 82
15 176,715 55
16 151,533 103
17 146,009 4,746
18 138,575 200
19 136,678 2,839
20 136,065 14
21 135,124 122
22 133,184 44
23 122,752 293
24 120,501 164
25 107,643 406
26 106,661 17,882
27 104,576 10,562
28 100,975 523
29 92,210 14
30 81,755 6,907
31 81,161 8
32 79,567 170
33 78,992 40
34 78,160 350
35 72,852 124
36 67,339 1
37 66,298 27,865
38 65,677 27
39 59,569 231
40 57,639 51
41 56,454 79
42 56,146 54
43 54,274 115
44 51,118 73
45 50,139 222
46 49,497 103
47 49,090 398
48 46,869 35
49 46,527 21
50 45,412 1
51 43,304 73
52 42,609 160
53 41,043 1
54 40,416 547
55 40,069 176
56 39,800 138
57 39,663 123
58 39,523 27
59 38,633 7,979
60 38,553 22,305
61 37,461 52
62 36,741 28,359
63 35,860 30
64 35,717 1
65 35,288 3,006
66 34,992 15
67 34,476 1
68 34,076 17
69 32,182 20
70 32,172 146
71 31,960 78
72 31,271 118
73 30,217 1
74 30,216 11,574
75 29,904 1
76 29,701 98
77 29,044 320
78 29,041 2,108
79 28,574 68
80 28,415 40
81 28,279 320
82 27,141 12
83 26,939 881
84 26,802 156
85 26,691 29
86 26,567 32
87 26,389 27,205
88 26,258 1
89 25,748 41
90 25,639 30
91 25,627 1
92 25,450 105
93 25,290 29
94 25,130 41
95 24,656 16
96 24,593 81
97 24,194 15,112
98 24,178 15
99 23,987 78
100 23,954 205
Overall Dealer
01/01/2021 - 23/09/2021
# Dealer USD (m) Trades
1 401,710 2,276
2 331,860 1,931
3 270,736 1,479
4 268,384 1,887
5 267,596 1,402
6 249,536 1,301
7 247,226 1,312
8 237,629 1,386
9 208,931 1,192
10 141,558 876
11 115,782 425
12 107,657 786
13 99,430 908
14 94,305 769
15 92,741 839
16 84,893 586
17 84,427 459
18 71,943 403
19 70,989 495
20 70,899 619
21 70,704 225
22 65,051 343
23 57,892 561
24 56,335 328
25 51,515 306
26 50,715 388
27 47,587 495
28 39,126 397
29 37,126 335
30 35,622 214
31 34,852 294
32 32,244 203
33 27,386 142
34 26,076 87
35 24,666 289
36 23,811 181
37 23,610 296
38 23,588 168
39 22,369 220
40 20,358 232
41 19,376 183
42 17,685 179
43 16,454 201
44 15,129 101
45 13,775 200
46 13,564 101
47 13,155 170
48 12,445 244
49 11,827 102
50 11,246 57
51 10,455 94
52 10,247 68
53 10,235 97
54 9,228 72
55 8,696 17
56 8,196 83
57 8,100 93
58 7,813 92
59 7,786 70
60 7,392 169
61 6,882 56
62 6,702 97
63 6,292 93
64 6,251 69
65 6,057 61
66 6,056 151
67 5,767 64
68 5,687 84
69 5,568 95
70 5,549 72
71 5,349 68
72 5,272 172
73 5,252 56
74 5,183 177
75 5,167 50
76 5,128 3
77 5,024 16
78 4,979 160
79 4,847 5
80 4,832 53
81 4,811 55
82 4,727 38
83 4,701 162
84 4,654 27
85 4,645 142
86 4,585 62
87 4,526 90
88 4,354 128
89 4,276 33
90 4,154 13
91 4,073 43
92 3,915 51
93 3,804 109
94 3,759 136
95 3,698 77
96 3,650 75
97 3,554 105
98 3,543 43
99 3,524 122
100 3,398 81

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