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Syndicated Self-Led
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Overall Issuer 01/01/2017 - 23/07/2017
Rank Name US$m Trades
1 912,687 8,517
2 271,724 10,189
3 140,276 13,555
4 119,726 25
5 96,217 4,643
6 90,117 30
7 77,757 2,860
8 75,475 9,319
9 66,130 13
10 65,846 624
11 64,838 8,685
12 61,157 106
13 55,705 65
14 52,238 368
15 49,289 19
16 49,151 16
17 48,332 9
18 47,994 6
19 46,600 18,729
20 46,347 15
21 46,094 15
22 44,668 132
23 44,029 25
24 39,000 3
25 37,347 58
26 36,695 19
27 36,511 588
28 28,659 21
29 24,914 13,440
30 24,088 9,724
31 23,433 855
32 22,890 852
33 22,486 11,902
34 21,710 16
35 20,355 41
36 19,424 17
37 18,500 15
38 17,825 10
39 17,538 9
40 17,002 24
41 17,000 7
42 16,850 175
43 16,360 29
44 16,047 8
45 15,966 140
46 15,748 15
47 15,613 19
48 14,986 148
49 14,968 1,211
50 14,550 3,675
51 13,968 315
52 13,550 4
53 12,944 11,074
54 12,850 292
55 12,796 16
56 12,309 35
57 11,921 13
58 11,872 7
59 11,609 46
60 11,022 34
61 11,000 9
62 10,946 11
63 10,925 1,085
64 10,746 8
65 10,608 4
66 10,525 81
67 10,481 3,528
68 10,424 8
69 10,227 64
70 10,029 369
71 10,001 7,926
72 9,877 34
73 9,855 9
74 9,740 26
75 9,684 8
76 9,483 5
77 9,018 6
78 9,010 13
79 9,000 2
80 8,835 1,770
81 8,713 31
82 8,629 51
83 8,558 4
84 8,522 13
85 8,519 136
86 8,515 12
87 8,442 97
88 8,423 18
89 8,416 53
90 8,389 12
91 8,332 12
92 8,320 9
93 8,291 20
94 8,227 10
95 8,168 48
96 7,942 4
97 7,750 4
98 7,743 142
99 7,715 9
100 7,560 20
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2017 - 23/07/2017
Rank Name US$m Trades
1 191,094 1,258
2 163,333 967
3 139,267 772
4 138,683 834
5 136,746 775
6 122,104 676
7 114,736 571
8 106,715 1,326
9 82,654 456
10 52,898 325
11 47,716 347
12 45,153 339
13 44,463 312
14 43,704 271
15 37,792 170
16 36,997 221
17 36,665 252
18 35,701 264
19 31,958 280
20 28,756 220
21 26,473 214
22 23,922 147
23 22,906 127
24 22,265 141
25 20,776 172
26 18,701 100
27 18,043 130
28 16,671 93
29 16,366 80
30 15,216 81
31 11,512 61
32 10,849 91
33 10,329 77
34 9,945 117
35 9,814 43
36 9,483 69
37 9,274 84
38 8,769 105
39 8,738 43
40 8,384 79
41 7,907 70
42 7,526 107
43 6,977 57
44 6,727 25
45 6,666 27
46 6,560 81
47 6,184 51
48 5,859 27
49 5,859 43
50 5,794 61
51 5,671 72
52 5,415 57
53 4,987 34
54 4,673 33
55 4,425 43
56 3,846 31
57 3,766 2
58 3,525 52
59 3,402 25
60 3,349 45
61 3,264 40
62 3,255 23
63 3,136 44
64 3,126 37
65 3,013 27
66 2,976 24
67 2,835 28
68 2,816 12
69 2,605 32
70 2,548 16
71 2,300 15
72 2,279 27
73 2,232 11
74 2,147 21
75 2,120 12
76 2,110 17
77 2,035 26
78 1,912 26
79 1,831 15
80 1,825 6
81 1,821 11
82 1,813 17
83 1,812 16
84 1,791 53
85 1,708 21
86 1,688 15
87 1,657 11
88 1,528 10
89 1,505 16
90 1,500 2
91 1,465 12
92 1,425 8
93 1,389 3
94 1,334 7
95 1,276 15
96 1,271 13
97 1,244 20
98 1,196 23
99 1,179 61
100 1,155 17
© 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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