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Syndicated Self-Led
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Overall Issuer 01/01/2019 - 01/03/2019
Rank Name US$m Trades
1 962,053 31
2 637,083 152
3 392,983 3,426
4 134,539 63
5 130,659 41
6 116,246 4,080
7 90,792 89
8 83,981 346
9 81,882 20
10 65,017 21
11 50,483 27
12 46,884 15
13 44,869 13
14 44,042 35
15 41,825 37
16 39,671 11
17 37,763 5,381
18 36,700 643
19 34,793 1,151
20 31,279 25
21 29,084 1,277
22 27,350 14
23 27,257 9
24 26,212 63
25 23,601 56
26 23,475 51
27 22,005 2,070
28 21,998 95
29 21,701 10
30 18,292 10
31 18,164 7
32 18,155 16
33 17,663 30
34 17,345 1,959
35 16,292 11
36 15,500 6
37 15,191 121
38 14,998 203
39 14,755 10
40 14,283 5
41 12,948 66
42 12,656 13
43 11,880 5
44 11,823 4
45 10,972 58
46 10,934 30
47 10,550 4
48 10,364 6
49 10,273 4
50 10,158 36
51 9,993 27
52 9,703 143
53 9,585 12
54 8,934 7
55 8,520 3
56 8,456 2,692
57 7,563 11
58 7,415 2,263
59 7,132 7
60 7,100 243
61 6,974 16
62 6,960 16
63 6,895 18
64 6,810 2
65 6,800 5
66 6,792 74
67 6,671 7
68 6,630 88
69 6,595 8
70 6,271 9
71 6,256 9
72 5,995 15
73 5,752 19
74 5,738 4
75 5,661 24
76 5,648 1
77 5,633 4,084
78 5,609 11
79 5,550 3
80 5,513 4
81 5,500 5
82 5,427 13
83 5,406 49
84 5,390 3,148
85 5,277 271
86 5,216 23
87 5,190 14
88 5,145 8
89 5,075 6
90 5,049 7
91 5,000 6
92 5,000 2
93 4,911 5
94 4,875 54
95 4,864 1
96 4,798 38
97 4,564 4
98 4,550 3
99 4,500 4
100 4,443 13
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2019 - 01/03/2019
Rank Name US$m Trades
1 72,304 369
2 71,235 361
3 60,824 276
4 57,209 314
5 54,044 259
6 47,885 243
7 43,211 209
8 42,505 209
9 39,801 171
10 27,365 170
11 21,593 128
12 21,264 85
13 19,956 97
14 19,045 126
15 18,938 92
16 15,294 99
17 15,227 97
18 13,310 99
19 11,849 111
20 11,196 69
21 11,109 52
22 10,676 90
23 10,003 38
24 8,860 111
25 8,491 45
26 8,372 42
27 6,858 73
28 6,803 45
29 6,417 52
30 6,382 44
31 6,307 24
32 5,376 50
33 4,605 35
34 3,927 26
35 3,603 29
36 3,376 26
37 3,274 30
38 3,131 29
39 2,684 29
40 2,389 15
41 2,350 28
42 2,322 26
43 2,261 35
44 2,124 13
45 2,092 4
46 1,920 24
47 1,848 11
48 1,832 22
49 1,805 13
50 1,803 11
51 1,730 11
52 1,702 3
53 1,658 5
54 1,656 3
55 1,646 12
56 1,589 26
57 1,467 18
58 1,467 14
59 1,458 11
60 1,401 4
61 1,397 30
62 1,258 9
63 1,250 2
64 1,241 20
65 1,205 2
66 1,204 20
67 1,165 5
68 1,138 14
69 1,138 8
70 1,121 2
71 1,110 17
72 960 17
73 903 24
74 883 17
75 882 3
76 848 5
77 810 18
78 784 7
79 764 8
80 743 6
81 737 16
82 722 2
83 714 13
84 696 3
85 684 4
86 675 21
87 667 6
88 645 5
89 641 6
90 634 9
91 633 3
92 625 3
93 598 12
94 578 5
95 576 11
96 573 2
97 549 5
98 544 3
99 544 3
100 542 9
© 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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