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Syndicated Self-Led
Click here to create a customised League Table
Overall Issuer 01/01/2018 - 17/09/2018
Rank Name US$m Trades
1 660,381 5,261
2 484,570 192
3 335,113 11,244
4 334,037 122
5 326,499 61
6 265,188 443
7 241,529 1,140
8 188,617 15
9 185,773 16,290
10 160,481 38
11 154,231 5,204
12 149,419 272
13 146,864 87
14 141,692 50
15 140,514 60
16 126,043 5,714
17 116,363 321
18 112,175 11,871
19 100,176 32
20 92,923 1,615
21 92,169 76
22 77,178 12,896
23 76,002 23
24 75,024 117
25 64,683 98
26 62,878 29
27 60,899 46
28 58,698 169
29 54,396 24,205
30 54,313 27,438
31 49,002 112
32 47,652 20
33 45,661 462
34 45,149 15
35 42,806 742
36 40,000 9
37 38,202 21
38 37,243 13
39 35,007 7,575
40 33,167 54
41 31,418 27
42 30,352 10
43 29,220 8,089
44 28,817 978
45 26,257 429
46 26,103 12,722
47 25,933 255
48 25,775 41
49 25,090 15
50 25,078 153
51 24,108 27
52 23,556 13,487
53 23,367 62
54 21,744 122
55 21,672 71
56 21,399 17
57 20,436 37
58 19,715 73
59 19,554 21
60 19,385 15
61 18,290 66
62 18,138 24
63 17,916 1,131
64 17,867 74
65 17,769 46
66 17,693 24
67 17,415 19
68 17,387 27
69 17,377 74
70 16,613 14
71 16,558 51
72 16,250 9
73 16,064 86
74 16,050 7
75 15,999 282
76 15,188 16
77 15,000 8
78 14,889 12
79 14,873 2,520
80 14,823 50
81 14,681 177
82 14,326 12,270
83 14,321 7
84 14,288 6
85 14,221 44
86 14,039 6
87 13,799 42
88 13,759 258
89 13,589 13,254
90 13,337 89
91 13,295 60
92 12,997 5
93 12,893 62
94 12,880 43
95 12,472 61
96 12,362 64
97 12,250 7
98 11,958 1,242
99 11,862 260
100 11,849 633
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2018 - 17/09/2018
Rank Name US$m Trades
1 196,757 1,493
2 179,568 1,190
3 169,508 1,119
4 159,077 938
5 141,510 893
6 139,857 861
7 129,242 681
8 115,875 758
9 89,763 560
10 78,489 565
11 63,879 303
12 62,343 424
13 57,940 470
14 55,705 369
15 54,499 315
16 52,914 349
17 44,771 343
18 41,167 202
19 41,013 314
20 38,281 331
21 37,141 429
22 35,545 373
23 34,940 234
24 32,173 189
25 29,199 279
26 27,569 230
27 25,142 123
28 22,031 176
29 22,027 113
30 21,697 175
31 20,132 181
32 16,894 121
33 15,791 103
34 14,007 70
35 13,304 123
36 12,416 133
37 11,816 121
38 11,790 108
39 11,725 167
40 10,497 99
41 9,044 116
42 8,997 78
43 8,937 75
44 8,806 67
45 8,244 49
46 7,768 115
47 7,212 107
48 7,176 82
49 6,545 81
50 6,423 79
51 6,020 62
52 5,936 41
53 5,652 65
54 5,617 73
55 5,372 59
56 5,296 52
57 5,064 61
58 4,739 91
59 4,022 76
60 3,693 35
61 3,661 27
62 3,645 68
63 3,553 48
64 3,496 29
65 3,430 45
66 3,348 33
67 3,127 55
68 3,115 32
69 2,993 35
70 2,925 63
71 2,734 39
72 2,690 59
73 2,643 30
74 2,579 16
75 2,481 50
76 2,369 76
77 2,303 25
78 2,299 51
79 2,284 35
80 2,246 26
81 2,244 14
82 2,156 48
83 2,088 18
84 2,040 46
85 2,031 29
86 2,030 39
87 2,017 38
88 1,945 27
89 1,937 15
90 1,788 45
91 1,773 55
92 1,760 24
93 1,733 25
94 1,703 8
95 1,651 7
96 1,644 15
97 1,637 12
98 1,574 4
99 1,561 13
100 1,509 10
© 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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