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Syndicated Self-Led
Click here to create a customised League Table
Overall Issuer 01/01/2019 - 17/10/2019
Rank Name US$m Trades
1 3,331,581 106
2 2,925,231 354
3 651,499 5,718
4 486,461 8,731
5 476,295 1,514
6 427,743 167
7 404,483 14,394
8 335,714 100
9 263,172 44
10 223,154 65
11 202,636 157
12 184,798 54
13 176,168 6,215
14 163,871 33
15 154,872 1,225
16 148,989 86
17 128,106 47
18 114,991 838
19 114,627 151
20 113,886 60
21 111,027 526
22 109,632 4,886
23 101,084 11,317
24 101,074 34
25 99,136 107
26 98,282 9,722
27 96,500 201
28 96,109 274
29 85,444 84
30 80,727 80
31 79,647 107
32 76,811 13
33 74,059 11,697
34 55,297 129
35 52,477 65
36 52,078 67
37 51,115 61
38 50,050 331
39 49,952 843
40 44,598 75
41 44,158 757
42 41,696 19,217
43 40,412 31
44 40,251 59
45 35,522 279
46 35,048 25,864
47 34,974 50
48 32,412 289
49 31,403 170
50 31,094 16,105
51 30,177 13,235
52 29,646 50
53 28,459 22
54 28,173 15
55 27,643 980
56 27,636 39
57 27,385 53
58 26,863 8,595
59 25,738 12
60 25,479 9,082
61 25,431 125
62 25,280 2,286
63 24,985 83
64 24,747 95
65 24,589 6
66 24,491 31
67 23,616 44
68 23,574 124
69 22,810 20
70 22,464 91
71 22,239 114
72 22,215 90
73 22,112 28
74 21,978 191
75 21,423 11
76 21,361 9
77 21,340 36
78 20,956 18
79 20,785 9
80 20,393 38
81 20,374 67
82 19,649 1
83 19,537 10
84 19,394 46
85 19,341 29
86 19,277 10
87 19,127 10
88 19,000 9
89 18,951 75
90 18,775 1,622
91 18,736 110
92 18,632 3,941
93 18,620 80
94 18,352 9
95 17,728 37
96 17,564 12
97 17,329 63
98 16,943 95
99 16,872 34
100 16,471 1
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2019 - 17/10/2019
Rank Name US$m Trades
1 319,701 2,088
2 271,233 1,798
3 228,005 1,361
4 223,856 1,434
5 216,992 1,537
6 174,195 1,086
7 172,889 1,159
8 161,870 1,076
9 146,049 938
10 109,315 825
11 91,487 734
12 88,920 537
13 87,863 683
14 86,613 603
15 85,771 689
16 73,470 418
17 71,704 469
18 62,272 849
19 59,795 666
20 51,480 437
21 51,252 345
22 49,792 443
23 45,881 244
24 42,391 340
25 41,019 288
26 40,909 408
27 31,193 218
28 30,718 304
29 29,678 281
30 29,511 192
31 23,832 293
32 20,624 176
33 18,657 155
34 18,599 186
35 18,120 151
36 17,420 133
37 16,372 250
38 15,863 138
39 15,557 210
40 15,389 168
41 15,056 138
42 12,925 139
43 12,140 157
44 10,862 69
45 10,376 71
46 10,114 62
47 10,007 123
48 9,784 122
49 9,351 77
50 9,196 97
51 8,773 99
52 8,682 76
53 8,586 171
54 8,416 117
55 8,070 70
56 7,521 96
57 7,250 135
58 7,097 59
59 6,916 130
60 6,743 48
61 6,466 50
62 6,356 100
63 6,305 131
64 6,247 123
65 5,898 145
66 5,820 46
67 5,543 40
68 5,405 58
69 5,398 113
70 5,134 117
71 4,928 95
72 4,863 49
73 4,837 74
74 4,680 103
75 4,564 104
76 4,535 93
77 4,376 33
78 4,307 47
79 4,173 22
80 4,143 6
81 4,054 84
82 3,961 80
83 3,887 100
84 3,871 83
85 3,712 73
86 3,680 77
87 3,680 46
88 3,675 54
89 3,544 21
90 3,544 35
91 3,483 31
92 3,449 41
93 3,381 25
94 3,239 80
95 3,003 18
96 2,998 31
97 2,875 23
98 2,867 48
99 2,834 25
100 2,591 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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