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Syndicated Self-Led
Click here to create a customised League Table
Overall Issuer 01/01/2018 - 25/04/2018
Rank Name US$m Trades
1 332,237 2,636
2 262,155 69
3 242,725 89
4 152,667 4,946
5 137,642 12
6 119,648 153
7 109,218 588
8 101,509 23
9 98,161 8,234
10 92,677 46
11 90,055 49
12 89,264 21
13 85,483 161
14 85,146 65
15 79,394 36
16 75,211 3,226
17 70,367 2,320
18 64,282 25
19 62,584 100
20 46,118 12
21 44,825 4,497
22 43,659 14
23 41,461 95
24 40,000 9
25 39,003 51
26 34,089 52
27 33,401 4
28 33,313 13,865
29 30,909 10
30 30,406 23
31 26,212 28
32 23,718 11,640
33 23,475 228
34 22,455 382
35 21,871 9
36 20,851 9
37 17,708 19
38 17,380 6,757
39 17,016 12
40 16,674 12
41 16,528 8
42 15,849 28
43 15,287 495
44 15,201 42
45 14,636 51
46 13,746 4,120
47 13,513 4,182
48 13,417 5,993
49 12,882 109
50 12,561 9
51 12,302 4
52 12,250 7
53 12,038 29
54 11,931 19
55 11,821 47
56 11,786 31
57 11,471 35
58 11,254 27
59 11,000 3
60 10,849 64
61 10,668 45
62 10,497 6,494
63 10,016 93
64 10,000 6
65 9,923 65
66 9,917 36
67 9,846 14
68 9,826 6
69 9,705 28
70 9,522 551
71 9,401 20
72 9,337 38
73 9,287 23
74 9,240 5
75 9,125 11
76 9,087 135
77 8,981 22
78 8,925 23
79 8,803 133
80 8,645 3
81 8,416 5
82 8,393 5
83 8,346 7,928
84 8,293 14
85 8,270 6,940
86 8,186 33
87 8,121 16
88 8,067 37
89 8,066 45
90 7,794 10
91 7,539 640
92 7,500 3
93 7,010 126
94 6,987 10
95 6,911 11
96 6,849 4
97 6,503 26
98 6,476 7
99 6,457 4
100 6,435 6
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2018 - 25/04/2018
Rank Name US$m Trades
1 113,286 710
2 108,037 638
3 97,865 566
4 95,090 455
5 81,650 445
6 75,489 434
7 73,542 339
8 62,902 364
9 45,011 280
10 41,203 146
11 40,039 240
12 35,557 181
13 33,167 204
14 30,397 235
15 27,936 109
16 27,906 189
17 26,310 147
18 25,427 157
19 22,911 140
20 22,874 138
21 19,619 105
22 19,110 168
23 19,106 200
24 18,357 150
25 18,223 68
26 15,469 115
27 14,766 156
28 14,474 108
29 14,372 59
30 12,190 80
31 11,644 93
32 9,872 37
33 8,045 64
34 7,574 61
35 7,506 99
36 7,315 3
37 6,989 50
38 5,662 53
39 5,009 51
40 4,936 43
41 4,932 61
42 4,888 36
43 4,879 48
44 4,710 38
45 4,654 53
46 4,580 39
47 4,480 26
48 4,421 27
49 4,412 57
50 4,011 55
51 3,494 35
52 3,401 48
53 3,191 42
54 3,090 34
55 2,886 34
56 2,823 28
57 2,810 35
58 2,774 19
59 2,586 31
60 2,539 48
61 2,429 48
62 2,427 18
63 2,403 25
64 2,337 31
65 2,316 23
66 2,220 13
67 2,187 20
68 2,096 5
69 2,062 45
70 1,798 14
71 1,759 34
72 1,578 5
73 1,574 12
74 1,568 8
75 1,524 32
76 1,352 33
77 1,351 16
78 1,347 11
79 1,320 8
80 1,259 10
81 1,246 32
82 1,228 1
83 1,203 12
84 1,201 27
85 1,185 12
86 1,166 1
87 1,159 14
88 1,157 7
89 1,149 13
90 1,137 14
91 1,065 6
92 1,059 2
93 1,023 8
94 1,018 25
95 1,015 5
96 1,015 7
97 984 21
98 983 2
99 981 4
100 976 20
© 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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