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Syndicated Self-Led
Click here to create a customised League Table
Overall Issuer 01/01/2018 - 22/02/2018
Rank Name US$m Trades
1 106,296 27
2 88,443 402
3 85,642 8
4 82,475 27
5 79,896 608
6 74,560 2,407
7 61,770 13
8 49,256 26
9 48,414 12
10 44,869 69
11 42,987 3,737
12 42,334 32
13 41,736 1,713
14 37,365 18
15 37,127 17
16 32,747 51
17 31,047 75
18 30,486 978
19 26,388 48
20 24,230 7
21 23,426 17
22 22,296 6
23 20,861 7,608
24 20,567 28
25 18,650 1,874
26 15,836 10
27 14,086 135
28 14,016 8
29 12,466 41
30 12,250 7
31 11,901 12
32 11,667 18
33 11,248 4
34 11,087 6,427
35 11,046 5
36 10,825 14
37 10,470 39
38 9,673 180
39 9,386 3
40 9,059 14
41 9,000 3
42 8,542 3,805
43 8,526 32
44 7,996 4,100
45 7,656 245
46 7,617 14
47 7,500 3
48 7,423 2
49 7,267 12
50 7,228 251
51 7,184 72
52 7,052 20
53 6,849 4
54 6,737 2,185
55 6,653 31
56 6,444 14
57 6,378 5
58 6,330 4
59 6,270 5
60 5,737 2,088
61 5,590 3,642
62 5,525 37
63 5,500 5
64 5,392 3
65 5,250 4
66 5,220 3
67 5,209 332
68 5,186 6
69 5,180 19
70 5,107 23
71 5,000 4
72 4,976 3
73 4,925 49
74 4,896 11
75 4,802 10
76 4,571 4,138
77 4,531 28
78 4,500 4
79 4,428 2
80 4,342 12
81 4,280 7
82 4,272 6
83 4,247 3,321
84 4,231 13
85 4,169 54
86 4,089 11
87 4,026 12
88 4,000 2
89 4,000 4
90 3,971 6
91 3,971 2
92 3,945 1
93 3,814 45
94 3,800 2
95 3,752 22
96 3,748 1
97 3,701 3
98 3,690 7
99 3,685 5
100 3,604 12
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2018 - 22/02/2018
Rank Name US$m Trades
1 57,928 261
2 45,585 186
3 44,799 244
4 38,893 215
5 34,289 142
6 31,244 52
7 28,620 162
8 27,473 124
9 25,705 127
10 23,225 121
11 23,169 66
12 19,515 43
13 16,781 81
14 13,737 101
15 13,097 84
16 12,406 75
17 11,620 51
18 11,522 85
19 8,866 57
20 8,275 42
21 7,805 34
22 7,758 56
23 7,719 27
24 6,015 53
25 5,697 66
26 5,579 20
27 5,438 53
28 5,277 21
29 5,231 39
30 5,153 22
31 4,855 2
32 4,763 40
33 4,628 18
34 3,712 33
35 3,694 22
36 3,142 30
37 3,067 29
38 2,743 17
39 2,271 16
40 2,259 19
41 1,991 19
42 1,841 16
43 1,826 18
44 1,795 17
45 1,670 26
46 1,665 18
47 1,575 18
48 1,553 18
49 1,442 21
50 1,437 16
51 1,427 2
52 1,423 16
53 1,406 9
54 1,292 11
55 1,259 17
56 1,238 17
57 1,234 10
58 1,228 1
59 1,227 11
60 1,225 8
61 1,192 13
62 1,191 11
63 1,166 1
64 1,143 10
65 1,123 4
66 1,089 12
67 1,071 12
68 1,024 6
69 1,020 6
70 999 1
71 997 18
72 990 8
73 958 6
74 957 1
75 951 12
76 879 15
77 866 6
78 810 6
79 778 8
80 766 1
81 760 10
82 753 7
83 718 4
84 718 7
85 706 9
86 704 4
87 700 15
88 636 6
89 632 8
90 632 6
91 621 10
92 597 6
93 566 3
94 525 8
95 505 8
96 500 2
97 478 5
98 473 2
99 458 4
100 432 2
© CMD. Self-led exc.
Click here to customise this League Table

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 

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