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Syndicated Self-Led
Click here to create a customised League Table
Overall Issuer 01/01/2018 - 15/07/2018
Rank Name US$m Trades
1 568,148 4,483
2 331,000 131
3 238,529 1,139
4 230,144 7,584
5 209,810 79
6 190,561 257
7 189,621 40
8 147,175 12,663
9 146,617 12
10 124,881 30
11 121,306 206
12 121,163 4,053
13 112,917 73
14 105,790 4,848
15 104,012 245
16 95,811 34
17 91,425 75
18 90,402 9,557
19 71,081 23
20 65,716 27
21 59,836 44
22 57,410 84
23 54,039 10,158
24 53,466 147
25 53,368 75
26 51,076 7
27 47,231 22,527
28 45,661 462
29 43,769 13
30 43,670 21
31 40,943 19,400
32 40,000 9
33 37,917 13
34 37,695 81
35 33,672 576
36 32,733 22
37 30,352 10
38 29,215 13
39 25,933 255
40 24,477 145
41 23,461 13
42 23,184 24
43 22,781 10,065
44 22,121 731
45 21,139 6,340
46 21,040 6,500
47 20,593 34
48 20,157 14
49 19,827 29
50 19,659 48
51 19,152 59
52 18,538 891
53 18,200 95
54 17,971 55
55 17,867 74
56 17,506 10,040
57 17,228 11
58 16,977 5
59 16,709 278
60 16,250 9
61 16,110 59
62 16,050 7
63 15,789 54
64 15,750 17
65 15,000 8
66 14,978 30
67 14,889 12
68 14,321 7
69 14,289 11
70 14,039 6
71 13,949 37
72 13,729 18
73 13,531 222
74 13,378 11
75 13,248 151
76 13,107 28
77 13,040 76
78 12,770 39
79 12,503 15
80 12,427 29
81 12,250 7
82 12,040 11,637
83 12,039 55
84 12,016 39
85 11,956 46
86 11,826 8
87 11,627 10,312
88 11,500 6
89 11,387 194
90 11,272 7
91 11,174 51
92 11,160 7
93 11,142 55
94 11,054 3
95 10,757 912
96 10,661 74
97 10,593 14
98 10,409 56
99 10,110 20
100 10,046 38
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2018 - 15/07/2018
Rank Name US$m Trades
1 173,946 1,263
2 159,970 1,041
3 145,681 938
4 138,199 794
5 128,736 801
6 121,782 748
7 113,740 598
8 100,316 649
9 75,192 485
10 67,571 471
11 55,155 368
12 53,439 237
13 51,197 415
14 48,754 323
15 47,667 319
16 47,393 266
17 38,603 276
18 35,826 177
19 33,186 262
20 33,176 368
21 32,967 282
22 30,915 194
23 29,353 164
24 28,617 306
25 26,956 242
26 23,382 195
27 22,325 109
28 19,936 97
29 19,373 150
30 18,478 133
31 18,379 161
32 12,853 96
33 12,611 60
34 11,885 84
35 11,650 104
36 11,039 144
37 10,790 114
38 10,279 96
39 8,554 84
40 8,449 102
41 8,446 69
42 7,359 66
43 7,305 44
44 7,232 71
45 7,176 82
46 7,125 58
47 6,946 93
48 6,550 97
49 6,275 77
50 6,160 74
51 5,947 58
52 5,650 37
53 5,332 57
54 5,064 61
55 4,883 59
56 4,334 57
57 4,261 46
58 3,766 74
59 3,516 47
60 3,510 30
61 3,430 45
62 3,238 25
63 3,225 24
64 3,160 64
65 3,127 55
66 2,998 30
67 2,891 55
68 2,831 28
69 2,761 24
70 2,592 34
71 2,572 29
72 2,369 76
73 2,337 51
74 2,252 29
75 2,214 39
76 2,191 52
77 2,171 46
78 2,168 34
79 2,156 48
80 2,154 13
81 2,101 47
82 2,088 18
83 2,031 29
84 2,030 39
85 1,945 27
86 1,937 15
87 1,834 40
88 1,743 8
89 1,741 18
90 1,741 12
91 1,669 22
92 1,623 22
93 1,594 28
94 1,566 12
95 1,564 14
96 1,530 12
97 1,521 6
98 1,509 10
99 1,490 5
100 1,486 42
© 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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