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Syndicated Self-Led
Click here to create a customised League Table
Overall Issuer 01/01/2019 - 12/08/2019
Rank Name US$m Trades
1 3,032,190 318
2 2,648,169 85
3 650,933 5,715
4 430,258 135
5 338,779 12,006
6 330,859 5,900
7 322,689 1,145
8 294,474 114
9 252,724 75
10 180,103 54
11 154,454 118
12 145,411 258
13 139,589 4,887
14 131,494 27
15 128,108 63
16 111,433 26
17 111,270 49
18 110,585 918
19 105,880 36
20 104,138 119
21 89,300 3,960
22 89,134 416
23 87,547 29
24 87,495 79
25 86,551 201
26 81,956 26
27 80,081 617
28 76,462 8,833
29 69,702 72
30 66,161 85
31 64,933 10,187
32 63,686 6,132
33 56,255 18
34 56,007 24
35 55,765 159
36 44,984 107
37 44,881 49
38 44,858 77
39 44,545 33
40 41,492 18
41 40,552 673
42 38,028 173
43 36,978 246
44 36,881 617
45 36,438 47
46 33,045 25
47 32,217 160
48 31,497 252
49 30,357 45
50 30,239 23
51 29,540 15,275
52 29,112 40
53 27,160 24
54 27,023 20,235
55 26,148 12,624
56 26,133 47
57 25,871 10,720
58 25,738 12
59 24,447 247
60 23,475 21
61 22,665 94
62 22,544 11
63 22,219 97
64 22,107 53
65 21,437 6,309
66 21,392 755
67 21,361 9
68 20,901 30
69 20,710 32
70 20,360 108
71 20,144 44
72 19,649 1
73 19,163 6,715
74 19,000 9
75 18,850 10
76 18,832 21
77 18,529 28
78 18,353 30
79 18,213 152
80 17,905 60
81 17,582 78
82 17,542 53
83 17,248 66
84 17,124 76
85 16,471 1
86 16,371 9
87 16,292 11
88 16,222 26
89 16,185 1,765
90 16,000 37
91 15,910 14
92 15,377 2,750
93 15,237 6
94 15,088 5
95 14,861 2
96 14,666 71
97 14,633 1,279
98 14,164 110
99 13,466 30
100 13,204 12
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2019 - 12/08/2019
Rank Name US$m Trades
1 225,017 1,428
2 199,760 1,275
3 170,704 955
4 156,966 940
5 152,201 1,067
6 137,433 840
7 119,432 725
8 114,525 710
9 99,765 620
10 82,643 581
11 68,051 506
12 64,295 358
13 64,096 473
14 63,302 393
15 59,419 445
16 59,239 308
17 57,100 291
18 45,786 570
19 40,227 450
20 37,215 234
21 36,876 312
22 35,893 298
23 33,879 151
24 32,082 218
25 31,781 197
26 30,951 289
27 22,125 219
28 21,955 143
29 21,357 167
30 19,496 130
31 18,234 210
32 15,988 137
33 14,891 124
34 14,583 136
35 13,212 103
36 12,885 183
37 11,662 79
38 11,129 148
39 11,118 114
40 10,941 3
41 10,844 88
42 10,594 88
43 8,883 111
44 8,844 81
45 8,495 48
46 7,922 53
47 7,605 8
48 7,254 68
49 7,151 76
50 7,105 42
51 6,467 39
52 6,408 89
53 6,398 85
54 6,299 116
55 6,223 48
56 6,198 76
57 5,447 40
58 5,388 100
59 5,253 36
60 5,246 86
61 5,223 64
62 5,206 88
63 5,086 29
64 5,044 89
65 5,032 102
66 4,803 74
67 4,292 36
68 4,180 1
69 4,177 26
70 4,143 6
71 4,015 73
72 3,837 82
73 3,814 70
74 3,782 67
75 3,746 43
76 3,724 82
77 3,674 34
78 3,664 65
79 3,660 29
80 3,603 91
81 3,530 15
82 3,450 34
83 3,314 69
84 3,287 58
85 3,214 77
86 3,190 24
87 3,157 59
88 2,919 57
89 2,882 47
90 2,778 25
91 2,742 25
92 2,622 53
93 2,585 39
94 2,583 7
95 2,565 18
96 2,510 53
97 2,438 26
98 2,328 26
99 2,295 14
100 2,110 45
© 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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