Public League Tables

Overall Issuer
01/01/2020 - 28/10/2020
Rank Issuer US$m Trades
1 3,072,976 92
2 2,420,471 780
3 572,141 185
4 555,736 89
5 462,569 122
6 449,255 1,531
7 429,448 219
8 361,523 12,833
9 346,914 66
10 312,845 311
11 273,079 1,808
12 249,222 133
13 230,806 228
14 215,312 87
15 209,364 67
16 203,476 64
17 199,500 701
18 196,409 66
19 184,369 107
20 173,858 94
21 162,404 5,567
22 158,878 213
23 157,408 140
24 140,445 80
25 138,820 6,182
26 136,830 277
27 127,307 13,224
28 124,254 22,369
29 115,021 175
30 112,377 10,768
31 107,020 87
32 93,921 270
33 86,337 24
34 85,014 41
35 84,462 136
36 76,564 203
37 75,641 138
38 73,589 49
39 67,880 74
40 61,891 274
41 57,302 9,346
42 56,025 371
43 53,535 70
44 51,551 25,361
45 51,211 16
46 50,942 96
47 50,894 127
48 50,418 19
49 50,000 121
50 49,839 52
51 49,046 279
52 48,262 13,661
53 46,810 71
54 46,310 17
55 46,279 171
56 45,726 14
57 45,249 624
58 45,135 15,019
59 45,129 1
60 41,077 50
61 40,331 21
62 39,898 138
63 39,531 70
64 38,533 47
65 38,333 98
66 37,675 73
67 37,574 33,788
68 37,451 2,263
69 37,118 107
70 36,479 37
71 36,473 27
72 36,034 45
73 35,488 64
74 34,846 119
75 34,757 34
76 34,363 111
77 33,740 340
78 33,563 41
79 33,512 41
80 33,479 230
81 33,412 217
82 32,902 1
83 32,766 36
84 32,737 22
85 32,161 38
86 32,021 110
87 31,971 162
88 31,661 40
89 31,596 1
90 31,451 8
91 31,221 1
92 31,029 19,659
93 30,477 38
94 30,298 1,014
95 29,890 163
96 29,116 1
97 28,718 1
98 28,683 1
99 28,639 1
100 28,550 32,054
Overall Dealer
01/01/2020 - 28/10/2020
Rank Dealer US$m Trades
1 516,101 2,926
2 440,403 2,443
3 406,952 2,358
4 344,582 1,839
5 313,879 1,580
6 281,011 1,811
7 274,875 1,475
8 271,314 1,570
9 235,435 1,439
10 185,985 1,351
11 144,864 958
12 143,413 946
13 125,256 428
14 123,203 754
15 113,375 612
16 100,819 849
17 96,025 478
18 95,480 4,408
19 93,112 912
20 90,359 515
21 76,542 424
22 71,970 637
23 69,728 756
24 61,107 421
25 57,704 340
26 52,693 450
27 46,596 364
28 46,358 11
29 42,779 439
30 41,034 258
31 40,826 399
32 34,427 313
33 31,951 121
34 30,952 250
35 29,449 153
36 28,614 240
37 27,631 300
38 24,543 134
39 23,486 194
40 23,375 163
41 22,812 115
42 20,100 172
43 19,017 176
44 17,198 171
45 16,898 246
46 16,364 80
47 13,813 110
48 13,252 175
49 13,154 145
50 12,611 196
51 12,141 261
52 12,075 99
53 11,193 158
54 11,055 86
55 10,794 76
56 10,740 82
57 10,456 110
58 10,180 81
59 10,003 54
60 9,514 82
61 9,043 81
62 8,902 110
63 8,694 123
64 8,316 64
65 8,247 91
66 7,955 78
67 7,349 115
68 6,983 42
69 6,927 168
70 6,694 95
71 6,639 157
72 6,620 33
73 6,443 72
74 6,441 71
75 6,411 81
76 5,951 88
77 5,655 117
78 5,618 103
79 5,613 94
80 5,587 89
81 5,483 133
82 5,397 115
83 5,319 42
84 5,054 37
85 5,029 116
86 5,024 48
87 4,999 119
88 4,827 5
89 4,761 172
90 4,749 94
91 4,300 116
92 4,236 55
93 4,138 63
94 4,122 50
95 4,108 80
96 4,036 160
97 3,955 12
98 3,942 93
99 3,879 38
100 3,805 98

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