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 - 31/12/2021
# Issuer USD (M) Trades
1 4,875,624 108
2 2,357,440 912
3 1,030,300 790
4 786,258 122
5 597,205 20,157
6 567,484 148
7 454,349 140
8 416,755 198
9 362,612 263
10 346,036 3,704
11 314,366 138
12 278,988 79
13 237,255 284
14 231,413 75
15 211,764 109
16 205,569 66
17 203,340 6,659
18 184,868 122
19 182,330 250
20 178,149 167
21 177,036 23,699
22 176,902 3,568
23 169,911 436
24 157,368 21
25 150,053 768
26 144,975 589
27 144,959 210
28 143,474 14,620
29 128,934 18
30 107,198 9,180
31 100,000 1
32 100,000 1
33 99,236 207
34 94,471 107
35 86,877 436
36 85,184 34,601
37 84,794 11
38 79,486 52
39 76,679 145
40 75,286 79
41 75,088 32
42 71,267 72
43 69,568 100
44 67,654 155
45 67,339 1
46 65,248 324
47 65,205 157
48 63,297 330
49 59,842 178
50 57,926 287
51 57,353 29
52 54,503 750
53 54,398 255
54 54,345 185
55 53,286 64
56 52,827 83
57 51,748 4,486
58 51,371 58
59 50,489 91
60 49,659 52
61 48,474 25,729
62 46,994 9,958
63 45,515 59
64 45,412 1
65 45,185 34,701
66 44,936 178
67 44,724 40
68 44,586 50
69 44,247 122
70 42,729 20
71 42,517 28
72 42,316 14,902
73 41,043 1
74 41,017 41
75 40,785 142
76 40,063 84
77 39,517 97
78 39,369 153
79 39,205 141
80 39,199 2,637
81 39,024 18
82 38,421 23
83 38,124 1,259
84 37,726 53
85 37,345 183
86 37,214 34
87 36,846 21
88 36,577 437
89 36,213 161
90 36,147 40
91 36,069 51
92 35,717 1
93 35,695 22
94 35,457 40
95 35,202 70
96 34,818 50
97 34,508 143
98 34,476 1
99 33,984 70
100 33,975 35,443
Overall Dealer
01/01/2021 - 31/12/2021
# Dealer USD (M) Trades
1 494,182 3,058
2 405,470 2,560
3 343,533 2,484
4 329,208 1,967
5 316,882 1,819
6 314,025 1,747
7 306,096 1,743
8 295,098 1,867
9 259,951 1,578
10 175,016 1,195
11 149,632 1,101
12 123,347 555
13 120,157 1,131
14 119,589 1,076
15 118,531 996
16 114,608 809
17 102,359 629
18 94,597 819
19 89,917 697
20 89,073 556
21 82,635 474
22 79,207 514
23 77,965 760
24 73,129 267
25 70,832 434
26 68,098 539
27 57,149 620
28 54,333 484
29 49,510 528
30 45,640 350
31 44,267 409
32 39,378 242
33 39,081 201
34 38,744 293
35 33,323 273
36 31,504 382
37 29,596 257
38 29,379 405
39 28,462 295
40 27,898 321
41 27,590 111
42 21,284 252
43 18,686 134
44 17,357 124
45 17,170 324
46 16,949 250
47 16,711 243
48 14,851 119
49 14,788 137
50 13,047 96
51 12,565 115
52 12,432 187
53 12,258 121
54 11,920 245
55 11,816 121
56 11,532 60
57 11,492 97
58 10,993 146
59 9,970 26
60 9,825 112
61 9,767 225
62 9,622 123
63 8,914 131
64 8,826 208
65 8,795 72
66 8,719 92
67 8,367 101
68 7,672 86
69 7,670 109
70 7,539 86
71 7,483 72
72 7,207 211
73 6,990 92
74 6,927 87
75 6,864 79
76 6,814 224
77 6,548 126
78 6,442 213
79 6,215 49
80 6,162 74
81 5,976 164
82 5,886 65
83 5,795 161
84 5,758 201
85 5,661 166
86 5,379 13
87 5,294 194
88 5,258 61
89 5,197 167
90 5,128 3
91 5,024 16
92 4,941 68
93 4,897 118
94 4,883 59
95 4,847 5
96 4,844 170
97 4,686 38
98 4,654 27
99 4,493 5
100 4,484 68

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