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 - 22/07/2021
# Issuer USD (m) Trades
1 2,667,701 57
2 1,381,343 580
3 630,260 448
4 531,662 105
5 476,456 67
6 376,357 12,533
7 330,235 88
8 283,892 115
9 234,058 170
10 201,154 93
11 167,041 47
12 146,648 42
13 144,748 168
14 136,394 2,827
15 136,352 1,579
16 132,432 14,617
17 125,494 13
18 118,455 163
19 112,450 3,553
20 111,527 77
21 104,736 59
22 97,559 92
23 93,938 118
24 90,862 211
25 84,346 8,211
26 79,336 383
27 75,821 12
28 75,068 248
29 67,339 1
30 65,841 23
31 65,620 5,520
32 63,962 255
33 63,462 139
34 62,830 105
35 60,570 25
36 56,138 175
37 56,121 23,994
38 46,040 81
39 45,412 1
40 44,216 79
41 43,978 41
42 42,126 27
43 41,043 1
44 38,435 56
45 38,116 155
46 36,105 62
47 35,717 1
48 35,092 52
49 35,059 36
50 34,746 130
51 34,476 1
52 33,491 434
53 32,703 118
54 31,618 6,306
55 31,613 25
56 31,219 18,568
57 31,198 127
58 31,182 19
59 30,217 1
60 29,909 12
61 29,904 1
62 29,247 21
63 28,970 117
64 28,821 42
65 28,803 22,716
66 28,523 14
67 27,520 97
68 26,861 82
69 26,780 14
70 26,398 2,245
71 26,258 1
72 25,949 9,312
73 25,627 1
74 25,193 275
75 24,656 16
76 24,549 64
77 23,740 171
78 23,652 22,241
79 22,452 9
80 22,435 1
81 22,185 1
82 22,182 57
83 21,379 45
84 21,309 24
85 21,032 689
86 20,896 30
87 20,861 13
88 20,751 71
89 20,621 118
90 19,891 1
91 19,882 7
92 19,620 1
93 19,531 11,525
94 19,134 109
95 19,105 21
96 19,010 1,657
97 18,996 18
98 18,614 19
99 18,500 8
100 18,440 18
Overall Dealer
01/01/2021 - 22/07/2021
# Dealer USD (m) Trades
1 324,075 1,817
2 266,028 1,487
3 224,803 1,126
4 220,788 1,178
5 205,999 1,470
6 202,791 1,050
7 197,457 1,120
8 195,156 1,036
9 171,470 965
10 119,154 708
11 97,959 340
12 86,365 638
13 76,593 695
14 76,148 606
15 72,348 390
16 68,214 473
17 66,219 193
18 59,751 592
19 57,212 288
20 55,317 325
21 53,312 378
22 50,565 470
23 50,306 277
24 44,246 423
25 42,619 321
26 42,236 246
27 38,990 398
28 31,500 282
29 31,204 317
30 29,797 165
31 25,980 165
32 25,543 223
33 25,122 71
34 23,386 117
35 20,532 150
36 19,805 232
37 18,760 128
38 17,106 220
39 15,361 128
40 14,927 176
41 13,803 150
42 13,275 160
43 11,727 73
44 10,357 134
45 10,020 127
46 9,704 152
47 9,103 180
48 9,016 76
49 8,859 83
50 8,430 59
51 8,418 72
52 8,399 76
53 8,081 15
54 7,491 59
55 7,243 41
56 6,893 76
57 6,067 76
58 5,780 63
59 5,673 125
60 5,652 50
61 5,617 49
62 5,534 52
63 5,000 81
64 4,996 77
65 4,906 15
66 4,847 5
67 4,776 53
68 4,670 61
69 4,619 116
70 4,455 44
71 4,429 138
72 4,283 49
73 4,272 43
74 4,214 47
75 4,138 71
76 4,115 130
77 3,987 42
78 3,965 28
79 3,910 34
80 3,870 125
81 3,796 111
82 3,795 118
83 3,458 96
84 3,308 4
85 3,299 59
86 3,147 10
87 3,112 58
88 3,033 64
89 2,994 80
90 2,992 37
91 2,969 43
92 2,968 35
93 2,908 41
94 2,907 36
95 2,817 41
96 2,808 49
97 2,795 23
98 2,778 71
99 2,762 94
100 2,726 73

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