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Syndicated Self-Led
Click here to create a customised League Table
Overall Issuer 01/01/2019 - 09/04/2019
Rank Name US$m Trades
1 1,249,053 39
2 994,722 219
3 647,459 5,678
4 206,595 64
5 188,975 94
6 156,228 5,497
7 140,578 526
8 113,037 34
9 110,491 108
10 82,109 23
11 78,516 28
12 75,603 43
13 74,994 1,321
14 74,739 56
15 74,320 29
16 71,980 64
17 59,769 30
18 53,560 1,821
19 48,317 107
20 44,674 13
21 42,744 6,288
22 42,373 1,864
23 39,762 41
24 38,589 9
25 38,399 95
26 38,134 15
27 33,307 12
28 31,332 22
29 30,777 47
30 29,306 71
31 28,985 226
32 28,705 127
33 27,874 20
34 27,845 3,161
35 26,934 13
36 25,727 109
37 25,335 2,392
38 23,155 15
39 21,010 319
40 19,203 8
41 18,025 8
42 16,478 18
43 16,292 11
44 15,590 13
45 15,582 7
46 15,415 23
47 15,196 246
48 15,020 2
49 14,256 8
50 14,074 44
51 13,823 4,376
52 13,474 19
53 13,332 89
54 13,204 14
55 13,130 45
56 12,762 50
57 12,465 37
58 12,276 17
59 12,198 143
60 11,893 4
61 11,821 8,288
62 11,624 111
63 11,570 3
64 11,431 26
65 11,000 5
66 10,956 4,175
67 10,887 5
68 10,869 18
69 10,661 88
70 10,292 7
71 10,273 4
72 10,173 354
73 9,924 14
74 9,760 126
75 9,541 21
76 9,336 6,275
77 9,309 14
78 9,017 47
79 8,976 7
80 8,942 25
81 8,888 2,450
82 8,695 4
83 8,647 473
84 8,585 19
85 8,478 12
86 8,389 27
87 8,185 24
88 8,102 36
89 7,982 27
90 7,915 6
91 7,862 35
92 7,558 26
93 7,333 38
94 7,202 2
95 6,961 55
96 6,820 8
97 6,808 33
98 6,800 5
99 6,732 48
100 6,595 8
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2019 - 09/04/2019
Rank Name US$m Trades
1 118,170 686
2 106,724 628
3 95,228 498
4 87,368 461
5 81,936 502
6 78,848 411
7 68,318 368
8 61,025 345
9 52,632 296
10 45,636 278
11 32,184 219
12 32,069 156
13 30,553 157
14 29,543 204
15 28,435 150
16 28,337 173
17 22,571 158
18 21,975 155
19 20,463 218
20 19,159 213
21 18,820 116
22 18,751 98
23 17,737 150
24 16,133 140
25 12,929 98
26 12,898 70
27 12,775 83
28 12,550 65
29 11,482 71
30 10,856 84
31 10,799 69
32 8,773 88
33 7,084 62
34 6,563 55
35 6,021 46
36 5,997 40
37 5,219 46
38 5,197 29
39 4,654 38
40 4,406 70
41 4,257 39
42 4,095 14
43 3,953 25
44 3,916 29
45 3,808 41
46 3,753 49
47 3,435 33
48 3,405 36
49 3,128 38
50 3,064 20
51 3,045 38
52 3,039 20
53 3,038 21
54 2,911 17
55 2,903 8
56 2,838 41
57 2,834 23
58 2,769 30
59 2,587 39
60 2,532 23
61 2,515 46
62 2,500 55
63 2,383 18
64 2,320 55
65 2,240 33
66 2,181 34
67 2,180 56
68 2,092 18
69 2,039 4
70 2,023 4
71 1,997 26
72 1,879 39
73 1,852 9
74 1,761 15
75 1,656 3
76 1,553 7
77 1,505 9
78 1,495 23
79 1,474 30
80 1,456 10
81 1,409 12
82 1,407 23
83 1,401 4
84 1,350 16
85 1,297 21
86 1,289 16
87 1,260 25
88 1,255 12
89 1,250 2
90 1,194 4
91 1,183 3
92 1,178 8
93 1,170 21
94 1,161 5
95 1,080 11
96 1,049 4
97 1,041 17
98 1,002 18
99 996 21
100 986 21
© 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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