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Syndicated Self-Led
Click here to create a customised League Table
Overall Issuer 01/01/2019 - 18/07/2019
Rank Name US$m Trades
1 2,561,641 300
2 2,055,514 67
3 650,973 5,715
4 369,258 114
5 330,355 5,891
6 310,500 10,991
7 293,342 107
8 284,771 1,009
9 229,618 68
10 149,876 49
11 142,207 108
12 129,837 227
13 128,114 59
14 121,079 4,200
15 120,494 25
16 111,736 26
17 109,396 49
18 98,485 105
19 97,497 775
20 94,982 31
21 82,837 24
22 81,646 71
23 80,000 379
24 74,441 3,295
25 69,657 172
26 67,926 7,622
27 67,629 523
28 67,134 23
29 64,114 76
30 63,686 6,132
31 63,368 9,847
32 53,159 24
33 49,816 16
34 45,078 138
35 44,543 33
36 44,053 77
37 43,776 103
38 38,695 17
39 37,212 617
40 36,589 166
41 36,438 47
42 34,693 230
43 33,494 553
44 30,239 23
45 29,112 40
46 28,866 218
47 28,855 150
48 26,740 21
49 26,519 13,442
50 25,937 39
51 25,671 12
52 24,177 11,063
53 23,988 9,587
54 23,539 17,552
55 23,457 21
56 22,544 11
57 21,361 9
58 21,282 43
59 21,256 90
60 20,901 30
61 20,111 107
62 20,101 708
63 19,424 5,498
64 19,409 215
65 19,000 9
66 18,850 10
67 18,837 21
68 18,779 30
69 18,640 49
70 18,414 73
71 18,353 30
72 17,999 24
73 17,918 130
74 17,427 39
75 16,963 49
76 16,624 5,761
77 16,371 9
78 16,292 11
79 16,286 72
80 16,222 26
81 16,061 72
82 16,040 54
83 15,697 36
84 15,457 27
85 15,237 6
86 15,088 5
87 14,875 1,589
88 14,861 2
89 14,239 51
90 13,991 68
91 13,988 1,127
92 13,974 61
93 13,895 12
94 13,462 2,440
95 13,258 101
96 13,202 12
97 13,000 6
98 12,850 28
99 12,805 54
100 12,687 43
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2019 - 18/07/2019
Rank Name US$m Trades
1 212,227 1,339
2 188,299 1,192
3 157,967 893
4 149,122 890
5 144,532 998
6 126,002 786
7 113,631 691
8 110,957 677
9 94,318 574
10 82,070 569
11 63,169 454
12 60,044 331
13 59,981 447
14 59,424 360
15 56,195 282
16 53,732 302
17 52,366 385
18 40,312 477
19 36,398 413
20 36,309 226
21 36,295 304
22 35,101 289
23 31,820 135
24 30,638 208
25 30,235 188
26 29,975 275
27 21,218 165
28 19,397 132
29 19,214 189
30 17,268 117
31 16,117 183
32 15,527 135
33 14,553 135
34 14,493 122
35 12,876 94
36 12,728 180
37 11,069 113
38 10,719 75
39 10,706 86
40 10,358 84
41 9,931 136
42 8,802 109
43 8,353 77
44 7,922 53
45 7,776 43
46 6,800 38
47 6,784 58
48 6,664 68
49 6,430 38
50 6,207 87
51 6,106 73
52 6,058 79
53 5,993 109
54 5,891 45
55 5,387 100
56 5,268 37
57 5,254 36
58 5,224 64
59 5,104 86
60 4,998 87
61 4,994 100
62 4,802 74
63 4,784 27
64 4,292 36
65 4,268 72
66 4,143 6
67 4,130 24
68 3,966 7
69 3,940 72
70 3,837 82
71 3,724 82
72 3,710 62
73 3,619 64
74 3,603 91
75 3,595 33
76 3,586 59
77 3,526 40
78 3,439 33
79 3,419 26
80 3,314 69
81 3,276 14
82 3,076 74
83 2,955 21
84 2,920 57
85 2,762 54
86 2,743 25
87 2,665 42
88 2,622 53
89 2,609 50
90 2,585 39
91 2,583 7
92 2,501 52
93 2,279 16
94 2,232 12
95 2,178 23
96 2,090 23
97 2,000 30
98 1,965 43
99 1,929 16
100 1,874 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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