Any negotiable Debt instrument (Bond, Note, MTN, CP, CD,
Bill) that is sold by a primary market dealer that belongs to the same Group as the Issuer is self led. By definition the concept of Self Led only
applies to privately placed securities. It therefore does not apply to
Syndicated issues or to issues sold through Auctions. By definition Self Led issues are excluded from third party Issuer and Dealer League tables. Third party league tables therefore rank institutions for their ability to place paper through unconnected parties.