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Syndicated Self-Led
Click here to create a customised League Table
Overall Issuer 01/01/2017 - 26/06/2017
Rank Name US$m Trades
1 698,266 6,527
2 248,148 9,306
3 112,869 24
4 107,813 10,520
5 92,911 4,357
6 90,117 30
7 69,662 2,560
8 66,244 8,119
9 66,130 13
10 61,568 556
11 57,480 99
12 52,228 367
13 50,399 6,944
14 49,001 18
15 48,455 54
16 47,994 6
17 46,094 15
18 44,029 25
19 42,905 121
20 40,840 8
21 39,000 3
22 37,789 14
23 37,230 15,629
24 33,163 516
25 32,923 10
26 31,178 16
27 22,419 721
28 21,644 16
29 21,597 8,672
30 21,182 10,645
31 20,492 15
32 20,311 10,431
33 19,424 17
34 19,289 707
35 17,000 7
36 16,860 22
37 16,850 175
38 15,748 15
39 15,012 126
40 14,986 148
41 14,545 18
42 14,327 1,048
43 13,550 4
44 13,466 8
45 13,308 34
46 12,889 4,526
47 12,678 253
48 12,303 6
49 12,000 10
50 11,996 3,053
51 11,940 274
52 11,921 13
53 11,872 7
54 11,755 25
55 11,609 46
56 11,140 33
57 11,062 9,519
58 11,000 9
59 10,946 11
60 10,883 30
61 10,820 6
62 10,746 8
63 10,608 4
64 10,424 8
65 10,328 31
66 10,226 63
67 10,180 72
68 9,793 310
69 9,684 8
70 9,595 24
71 9,295 12
72 9,010 13
73 9,000 2
74 8,959 6
75 8,707 868
76 8,622 32
77 8,588 6,911
78 8,558 4
79 8,415 12
80 8,306 1,555
81 8,218 11
82 8,147 47
83 8,022 18
84 8,007 127
85 7,849 9
86 7,750 4
87 7,715 9
88 7,607 25
89 7,500 7
90 7,299 2
91 7,198 125
92 7,161 43
93 7,017 12
94 7,000 6
95 6,989 13
96 6,937 14
97 6,892 84
98 6,814 4
99 6,700 54
100 6,605 3
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2017 - 26/06/2017
Rank Name US$m Trades
1 174,033 1,136
2 144,091 864
3 128,106 697
4 124,273 685
5 120,299 723
6 111,295 625
7 97,439 510
8 94,405 1,090
9 74,708 416
10 47,726 292
11 42,649 309
12 39,556 288
13 39,057 246
14 38,422 308
15 33,293 197
16 33,199 205
17 33,019 236
18 31,713 144
19 28,858 258
20 26,509 200
21 23,492 204
22 21,912 129
23 19,088 158
24 18,302 107
25 18,252 110
26 17,032 121
27 15,886 85
28 15,873 92
29 13,266 69
30 13,222 75
31 10,950 55
32 9,703 86
33 9,410 36
34 8,962 66
35 8,956 78
36 8,458 98
37 8,378 60
38 8,126 39
39 8,124 73
40 7,679 67
41 7,631 82
42 7,028 101
43 6,452 26
44 6,295 17
45 5,946 48
46 5,877 73
47 5,520 24
48 5,415 57
49 5,351 39
50 5,106 54
51 5,102 63
52 4,496 45
53 4,250 27
54 3,971 41
55 3,766 2
56 3,511 28
57 3,349 45
58 3,237 23
59 3,131 45
60 3,111 34
61 3,081 42
62 3,073 36
63 3,002 21
64 2,900 19
65 2,860 26
66 2,803 22
67 2,628 10
68 2,626 25
69 2,439 31
70 2,232 11
71 2,118 14
72 2,111 24
73 2,110 17
74 2,035 26
75 1,831 15
76 1,825 6
77 1,821 11
78 1,813 17
79 1,723 23
80 1,688 15
81 1,657 11
82 1,633 16
83 1,580 13
84 1,571 52
85 1,538 17
86 1,505 16
87 1,500 2
88 1,465 12
89 1,425 8
90 1,389 3
91 1,334 7
92 1,271 13
93 1,255 14
94 1,228 9
95 1,179 61
96 1,155 17
97 1,091 6
98 1,055 12
99 1,046 11
100 1,011 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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