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Syndicated Self-Led
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Overall Issuer 01/01/2017 - 20/11/2017
Rank Name US$m Trades
1 1,505,993 13,187
2 410,429 14,742
3 392,666 107
4 378,362 104
5 347,380 103
6 223,209 20,331
7 222,240 1,557
8 219,965 74
9 197,933 178
10 197,000 16
11 194,056 306
12 186,731 71
13 183,104 135
14 163,933 8,016
15 156,475 39
16 140,186 4,984
17 138,702 916
18 129,482 17,839
19 114,000 13,556
20 108,176 66
21 95,535 32,002
22 81,920 116
23 68,694 60
24 67,997 24
25 63,690 21
26 60,405 153
27 59,729 214
28 54,909 47
29 54,392 904
30 51,934 28
31 49,406 506
32 47,267 7
33 47,087 26
34 47,055 480
35 40,690 48
36 39,916 76
37 38,369 15
38 37,700 20,645
39 37,433 1,321
40 37,175 54
41 35,576 28
42 35,219 33
43 34,799 18,435
44 34,013 29
45 33,955 1,396
46 33,249 19
47 31,632 14,230
48 30,366 29
49 29,319 345
50 28,411 12
51 28,284 16
52 27,462 57
53 26,290 55
54 25,650 10
55 25,400 2,042
56 25,130 91
57 25,032 12
58 24,513 173
59 24,201 110
60 24,136 58
61 23,373 32
62 23,000 18
63 22,340 485
64 21,855 84
65 21,843 148
66 21,258 30
67 21,192 6
68 21,041 5,942
69 20,422 28
70 20,149 13
71 20,091 7,505
72 20,061 14
73 20,006 11
74 19,688 17,512
75 18,804 101
76 18,785 19
77 18,775 40
78 18,527 154
79 18,355 26
80 18,008 10
81 17,934 29
82 17,910 40
83 17,682 19
84 17,562 459
85 17,550 8
86 17,508 53
87 17,433 148
88 17,349 13,364
89 17,000 7
90 16,929 4
91 16,658 62
92 16,482 103
93 16,408 28
94 16,033 1,550
95 16,028 11
96 16,000 7
97 15,978 44
98 15,948 85
99 15,500 8
100 14,900 16
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2017 - 20/11/2017
Rank Name US$m Trades
1 336,586 2,227
2 275,074 1,773
3 253,972 1,454
4 227,947 1,355
5 224,020 1,398
6 217,419 1,183
7 204,582 1,030
8 160,344 955
9 140,816 834
10 88,394 677
11 85,233 638
12 83,900 622
13 78,597 498
14 74,071 530
15 71,188 293
16 67,472 440
17 66,672 496
18 65,557 493
19 64,436 555
20 59,450 324
21 55,365 426
22 47,464 256
23 40,014 333
24 39,592 256
25 35,129 326
26 35,093 218
27 34,902 275
28 33,375 189
29 30,068 257
30 29,431 162
31 26,587 150
32 25,855 115
33 21,074 156
34 20,725 181
35 17,443 165
36 17,264 213
37 17,001 134
38 16,612 169
39 14,824 156
40 14,609 141
41 14,370 161
42 12,960 179
43 12,468 113
44 11,977 115
45 11,960 114
46 10,547 88
47 10,441 44
48 10,242 61
49 9,678 131
50 9,526 75
51 9,118 75
52 9,084 84
53 8,762 66
54 8,482 47
55 8,294 100
56 7,846 80
57 7,522 87
58 7,106 55
59 7,038 53
60 6,470 101
61 6,370 76
62 6,259 53
63 6,184 96
64 5,836 43
65 5,566 88
66 5,550 83
67 5,533 50
68 5,098 65
69 5,033 25
70 5,006 50
71 4,860 73
72 4,688 98
73 4,514 11
74 4,388 32
75 4,105 55
76 4,100 29
77 3,984 11
78 3,983 64
79 3,792 35
80 3,766 2
81 3,530 4
82 3,455 23
83 3,435 22
84 3,154 46
85 3,039 33
86 2,826 9
87 2,825 16
88 2,793 9
89 2,649 27
90 2,643 35
91 2,625 19
92 2,529 78
93 2,523 45
94 2,475 26
95 2,393 38
96 2,388 58
97 2,353 44
98 2,314 40
99 2,302 39
100 2,294 26
© 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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