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Syndicated Self-Led
Click here to create a customised League Table
Overall Issuer 01/01/2018 - 15/11/2018
Rank Name US$m Trades
1 2,926,864 106
2 2,117,137 609
3 909,631 7,282
4 735,980 273
5 589,340 170
6 487,055 89
7 422,671 14,288
8 385,931 1,887
9 294,049 84
10 249,126 446
11 242,883 209
12 231,496 66
13 212,070 18,823
14 199,848 112
15 199,807 88
16 190,123 27
17 181,941 6,199
18 168,250 408
19 161,855 7,513
20 144,675 56
21 140,071 14,966
22 135,041 41
23 127,128 2,208
24 117,710 42
25 116,196 229
26 101,894 15,444
27 101,386 259
28 99,808 47
29 85,818 134
30 84,705 115
31 77,704 736
32 76,293 205
33 70,824 58
34 67,595 31,858
35 66,332 8
36 63,317 26
37 60,111 30,929
38 53,365 911
39 52,465 27
40 52,409 34
41 52,204 73
42 50,263 534
43 41,738 14
44 40,000 9
45 38,086 8,713
46 38,082 1,256
47 35,539 41
48 35,280 57
49 35,196 9,965
50 34,649 587
51 32,981 186
52 32,882 41
53 32,015 17
54 31,376 20
55 31,262 14,304
56 31,150 23
57 31,130 38
58 31,000 16
59 30,673 335
60 29,788 16,375
61 29,722 193
62 29,714 161
63 29,712 19
64 29,491 61
65 29,373 37
66 29,279 38
67 28,779 11
68 28,190 694
69 27,901 89
70 27,783 83
71 27,667 96
72 27,587 18
73 27,103 24
74 27,074 237
75 26,411 27
76 26,112 39
77 25,933 20
78 25,919 27
79 25,804 69
80 25,698 105
81 24,699 44
82 24,096 39
83 23,976 132
84 23,384 113
85 23,343 66
86 23,130 8
87 23,113 82
88 22,981 24
89 22,792 104
90 22,653 857
91 22,486 30
92 22,413 17
93 22,209 31
94 22,137 106
95 22,096 118
96 21,851 1,432
97 21,652 53
98 21,563 24
99 21,559 103
100 21,529 287
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2018 - 15/11/2018
Rank Name US$m Trades
1 286,298 2,044
2 254,311 1,674
3 222,172 1,494
4 220,497 1,273
5 216,057 1,324
6 188,016 1,017
7 179,801 1,128
8 153,590 1,000
9 136,054 845
10 101,564 837
11 90,906 430
12 87,045 602
13 86,115 666
14 79,514 523
15 74,001 478
16 68,294 411
17 62,536 624
18 59,813 458
19 59,745 547
20 57,566 433
21 57,254 458
22 52,233 262
23 50,309 275
24 46,390 316
25 40,796 397
26 40,529 404
27 33,641 161
28 33,071 277
29 28,393 267
30 28,281 273
31 27,975 134
32 25,133 233
33 23,106 143
34 20,907 168
35 20,100 198
36 19,336 197
37 18,539 108
38 18,411 204
39 16,411 224
40 16,256 161
41 15,923 171
42 12,056 103
43 11,967 150
44 11,507 97
45 11,075 152
46 11,055 154
47 10,934 93
48 10,135 70
49 9,391 159
50 9,020 103
51 8,881 88
52 8,674 106
53 8,585 103
54 7,921 71
55 7,397 102
56 7,286 48
57 6,528 63
58 6,238 79
59 6,010 114
60 5,887 111
61 5,876 98
62 5,862 71
63 5,622 56
64 5,553 70
65 5,281 48
66 4,456 50
67 4,408 68
68 4,162 57
69 3,986 34
70 3,970 47
71 3,940 90
72 3,899 78
73 3,842 50
74 3,727 53
75 3,725 40
76 3,605 54
77 3,489 81
78 3,445 81
79 3,335 70
80 3,241 42
81 3,219 1
82 3,170 72
83 3,076 72
84 3,036 1
85 3,036 1
86 3,021 22
87 2,858 12
88 2,851 54
89 2,833 43
90 2,590 34
91 2,498 14
92 2,491 7
93 2,312 20
94 2,281 19
95 2,244 14
96 2,230 26
97 2,225 81
98 2,156 10
99 2,152 57
100 2,150 44
© 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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