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Syndicated Self-Led
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Overall Issuer 01/01/2017 - 21/09/2017
Rank Name US$m Trades
1 1,218,998 10,765
2 372,369 100
3 343,197 12,453
4 295,015 72
5 247,425 73
6 184,374 17,012
7 148,325 74
8 148,293 12
9 148,271 228
10 147,436 1,141
11 136,254 52
12 133,589 6,165
13 128,120 91
14 116,614 13,770
15 108,121 3,868
16 108,119 796
17 98,050 11,869
18 89,767 22
19 83,286 25,407
20 79,979 30
21 71,228 91
22 71,162 35
23 58,867 19
24 53,863 86
25 50,097 43
26 49,740 148
27 44,591 732
28 44,498 23
29 40,958 34
30 40,243 21
31 37,799 67
32 33,927 25
33 31,860 18
34 30,956 32
35 30,879 1,092
36 30,795 331
37 30,274 1,093
38 30,151 16,665
39 28,768 281
40 27,928 12,102
41 27,578 9
42 27,310 14,608
43 27,013 23
44 26,941 27
45 25,081 13
46 24,000 8
47 23,671 50
48 23,664 11
49 23,513 1,594
50 22,909 48
51 22,511 227
52 22,018 74
53 21,602 30
54 20,561 15
55 20,149 13
56 20,004 11
57 19,366 24
58 18,915 38
59 18,500 15
60 18,104 400
61 17,861 27
62 17,771 8
63 17,327 116
64 17,209 4,758
65 17,073 30
66 17,000 7
67 16,568 14,582
68 16,000 7
69 15,469 14
70 15,204 63
71 15,145 43
72 14,867 46
73 14,654 7
74 14,267 1,384
75 14,251 8
76 13,621 8
77 13,550 4
78 13,436 164
79 13,289 47
80 13,214 347
81 13,175 5,118
82 13,157 10,845
83 13,124 63
84 13,030 4
85 12,874 114
86 12,670 60
87 12,614 33
88 12,532 9
89 12,347 13
90 11,798 3
91 11,753 37
92 11,675 23
93 11,599 20
94 11,552 38
95 11,245 109
96 11,224 18
97 11,153 516
98 11,000 9
99 10,813 93
100 10,763 11
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2017 - 21/09/2017
Rank Name US$m Trades
1 262,963 1,719
2 224,168 1,403
3 213,049 1,208
4 188,329 1,135
5 182,357 1,051
6 164,411 939
7 163,040 811
8 134,179 1,321
9 118,250 673
10 74,138 91
11 67,647 547
12 65,915 384
13 65,104 497
14 62,528 432
15 60,063 433
16 52,998 392
17 51,559 400
18 51,507 302
19 50,538 425
20 47,266 249
21 42,139 207
22 41,971 336
23 35,396 282
24 29,794 197
25 28,213 259
26 28,083 172
27 27,999 199
28 24,991 128
29 24,610 155
30 22,916 151
31 21,779 127
32 21,566 120
33 19,055 88
34 16,801 128
35 15,211 137
36 15,065 143
37 14,141 166
38 12,906 126
39 12,496 103
40 11,964 127
41 11,104 70
42 10,444 153
43 10,252 121
44 9,940 113
45 9,842 92
46 9,003 72
47 8,968 88
48 8,139 37
49 7,661 71
50 7,371 64
51 7,354 101
52 7,169 63
53 6,931 28
54 6,722 40
55 6,691 49
56 6,358 23
57 6,008 53
58 5,813 43
59 5,477 46
60 5,429 58
61 4,850 38
62 4,728 65
63 4,639 67
64 4,494 32
65 4,493 43
66 4,482 72
67 4,428 65
68 4,259 49
69 4,166 64
70 3,895 27
71 3,766 2
72 3,617 52
73 3,568 34
74 3,531 10
75 3,530 4
76 3,428 28
77 3,230 17
78 3,218 41
79 3,039 22
80 3,022 16
81 2,825 16
82 2,822 17
83 2,723 23
84 2,625 19
85 2,417 22
86 2,396 42
87 2,375 39
88 2,264 21
89 2,251 69
90 2,165 25
91 1,973 21
92 1,951 28
93 1,925 14
94 1,887 17
95 1,708 4
96 1,675 20
97 1,657 11
98 1,627 12
99 1,621 11
100 1,618 28
© 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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