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Syndicated Self-Led
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Overall Issuer 01/01/2018 - 13/12/2018
Rank Name US$m Trades
1 3,287,612 117
2 2,395,882 671
3 935,054 7,493
4 802,291 299
5 705,485 46
6 656,195 192
7 526,635 99
8 471,334 16,001
9 425,006 2,005
10 328,109 92
11 291,434 496
12 264,657 229
13 249,095 73
14 223,670 100
15 217,511 19,303
16 206,851 121
17 199,909 9,188
18 193,557 6,592
19 190,130 31
20 176,776 66
21 152,525 453
22 148,926 15,888
23 142,076 45
24 140,809 2,449
25 133,445 48
26 129,702 254
27 111,180 287
28 107,340 16,097
29 102,589 49
30 101,111 76
31 96,166 162
32 92,638 69
33 87,947 801
34 85,182 123
35 77,787 214
36 74,545 36,078
37 67,865 28
38 62,922 32,203
39 58,328 992
40 58,090 31
41 54,994 79
42 50,803 551
43 47,156 9,104
44 43,230 150
45 41,738 14
46 40,659 1,351
47 40,000 9
48 38,525 207
49 38,481 212
50 37,914 642
51 36,191 59
52 36,179 10,528
53 35,539 41
54 35,037 23
55 33,881 49
56 33,740 27
57 32,965 45
58 32,285 17,494
59 32,168 14,695
60 32,015 17
61 31,443 365
62 31,376 20
63 31,360 65
64 31,251 43
65 31,130 38
66 31,000 16
67 30,391 33
68 30,303 29
69 30,102 21
70 29,744 75
71 29,723 193
72 29,279 38
73 29,082 744
74 28,877 87
75 28,799 34
76 28,779 11
77 28,260 114
78 27,906 95
79 27,667 96
80 26,749 28
81 26,253 40
82 26,112 39
83 25,933 20
84 25,919 27
85 25,596 20
86 25,398 91
87 24,830 9
88 24,509 34
89 24,288 42
90 24,186 143
91 23,992 14
92 23,587 1,565
93 23,343 66
94 23,014 106
95 22,986 89
96 22,898 114
97 22,687 897
98 22,528 83
99 22,415 24
100 22,365 54
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2018 - 13/12/2018
Rank Name US$m Trades
1 323,829 2,194
2 267,836 1,794
3 239,323 1,610
4 232,857 1,380
5 228,502 1,390
6 196,987 1,082
7 194,646 1,221
8 164,478 1,065
9 144,763 937
10 108,834 916
11 93,138 446
12 90,811 715
13 90,531 628
14 81,539 543
15 75,598 507
16 69,309 427
17 66,944 681
18 65,105 575
19 64,479 489
20 62,302 484
21 60,522 463
22 55,017 286
23 50,196 297
24 46,983 329
25 46,393 431
26 41,741 402
27 38,067 315
28 34,334 170
29 30,843 140
30 29,851 452
31 29,697 300
32 29,036 243
33 28,319 302
34 25,041 309
35 23,308 149
36 22,278 181
37 20,735 251
38 19,381 114
39 18,498 246
40 17,181 168
41 14,121 169
42 13,322 171
43 13,020 224
44 12,397 107
45 11,669 99
46 11,468 76
47 11,244 96
48 11,087 153
49 9,868 19
50 9,296 95
51 9,149 105
52 8,969 109
53 8,968 109
54 8,915 190
55 8,871 88
56 8,438 114
57 8,114 74
58 8,066 153
59 7,375 51
60 7,264 71
61 6,637 129
62 6,612 132
63 6,419 56
64 6,397 108
65 6,119 78
66 6,030 73
67 5,907 61
68 5,850 59
69 4,847 104
70 4,565 72
71 4,564 63
72 4,510 67
73 4,496 37
74 4,131 84
75 4,070 60
76 3,842 50
77 3,825 41
78 3,807 56
79 3,767 27
80 3,736 83
81 3,730 87
82 3,696 93
83 3,583 10
84 3,570 74
85 3,392 15
86 3,335 44
87 3,219 1
88 3,218 76
89 3,073 58
90 3,036 1
91 3,036 1
92 2,988 46
93 2,767 25
94 2,690 35
95 2,498 14
96 2,491 7
97 2,336 14
98 2,296 47
99 2,281 19
100 2,280 61
© 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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