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Syndicated Self-Led
Click here to create a customised League Table
Overall Issuer 01/01/2018 - 30/12/2018
Rank Name US$m Trades
1 3,561,612 126
2 2,539,592 730
3 937,454 7,498
4 817,231 53
5 806,821 303
6 687,548 197
7 529,877 103
8 483,225 2,105
9 474,705 16,120
10 328,109 92
11 317,495 526
12 279,152 244
13 253,681 74
14 223,733 100
15 222,999 10,450
16 222,758 19,763
17 210,574 124
18 201,680 6,891
19 190,404 71
20 190,252 34
21 155,135 467
22 151,772 16,238
23 144,304 46
24 140,866 2,450
25 137,415 269
26 133,445 48
27 118,333 303
28 111,568 89
29 108,073 16,170
30 106,310 51
31 96,655 166
32 92,638 69
33 92,095 833
34 85,562 125
35 77,937 215
36 75,711 36,912
37 67,865 28
38 63,264 32,496
39 59,252 1,017
40 58,090 31
41 56,795 82
42 53,863 591
43 53,375 205
44 47,853 9,307
45 41,738 14
46 40,868 1,369
47 40,000 9
48 38,552 666
49 38,525 207
50 38,481 212
51 37,461 10,823
52 37,276 61
53 36,220 51
54 35,539 41
55 35,245 23
56 34,226 28
57 34,040 33
58 33,011 48
59 32,955 17,783
60 32,509 129
61 32,507 14,861
62 32,015 17
63 31,715 375
64 31,640 46
65 31,376 20
66 31,360 65
67 31,130 38
68 31,000 16
69 30,936 95
70 30,934 209
71 30,391 33
72 30,190 96
73 30,102 21
74 29,827 80
75 29,279 38
76 29,164 763
77 28,948 10
78 28,825 116
79 28,799 34
80 28,779 11
81 27,909 99
82 27,728 102
83 27,643 43
84 27,560 14
85 26,749 28
86 26,112 39
87 26,065 26
88 25,933 20
89 25,919 27
90 25,596 20
91 24,616 34
92 24,501 1,613
93 24,288 42
94 24,201 146
95 24,042 14
96 23,843 92
97 23,343 66
98 23,248 108
99 22,928 115
100 22,693 908
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2018 - 30/12/2018
Rank Name US$m Trades
1 305,427 2,217
2 269,443 1,814
3 243,031 1,639
4 234,766 1,390
5 230,098 1,444
6 197,615 1,090
7 197,230 1,242
8 165,543 1,076
9 144,983 942
10 110,050 932
11 93,426 452
12 93,054 734
13 92,252 639
14 82,570 546
15 76,631 520
16 70,120 450
17 67,791 693
18 66,170 621
19 64,819 492
20 63,868 509
21 61,824 473
22 55,360 290
23 50,272 299
24 47,438 442
25 46,983 329
26 41,946 405
27 38,381 322
28 35,160 184
29 31,186 141
30 30,622 322
31 29,849 453
32 29,845 252
33 28,342 304
34 25,104 310
35 23,389 150
36 22,553 183
37 21,462 258
38 19,656 116
39 18,768 251
40 17,628 173
41 14,163 170
42 13,466 175
43 13,128 230
44 12,511 108
45 11,509 98
46 11,381 75
47 11,244 96
48 11,094 154
49 9,978 20
50 9,296 95
51 9,149 105
52 9,138 114
53 9,074 200
54 8,987 110
55 8,951 92
56 8,776 121
57 8,199 75
58 8,170 164
59 7,383 52
60 7,358 109
61 7,264 71
62 7,147 143
63 6,628 133
64 6,601 113
65 6,419 56
66 6,193 82
67 6,006 61
68 5,907 61
69 5,390 114
70 4,603 69
71 4,575 73
72 4,564 63
73 4,496 37
74 4,200 86
75 4,070 60
76 3,983 10
77 3,897 91
78 3,886 87
79 3,875 101
80 3,842 50
81 3,825 41
82 3,813 57
83 3,767 27
84 3,570 74
85 3,392 15
86 3,335 44
87 3,272 78
88 3,219 1
89 3,218 26
90 3,076 59
91 3,036 1
92 3,036 1
93 2,988 46
94 2,911 22
95 2,690 35
96 2,648 20
97 2,598 1
98 2,498 14
99 2,491 7
100 2,400 51
© 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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