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Syndicated Self-Led
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Overall Issuer 01/01/2017 - 27/04/2017
Rank Name US$m Trades
1 414,001 3,888
2 162,140 6,088
3 77,704 7,597
4 67,580 3,172
5 46,265 5,509
6 46,057 14
7 43,599 428
8 41,747 1,497
9 37,646 44
10 30,524 92
11 26,505 9
12 25,307 3,797
13 24,572 361
14 24,204 9,777
15 23,775 4
16 23,169 11
17 21,935 5
18 21,169 15
19 17,588 6,001
20 17,000 7
21 14,289 7,400
22 13,838 80
23 13,550 4
24 12,599 474
25 12,475 6
26 12,235 16
27 11,596 3
28 11,545 16
29 11,000 10
30 10,768 5
31 10,639 3,577
32 10,500 7
33 10,453 18
34 10,138 460
35 10,026 18
36 9,250 5
37 9,004 10
38 9,000 2
39 8,828 5,334
40 8,720 23
41 8,558 4
42 8,459 203
43 8,230 6,862
44 8,141 2,035
45 8,000 2
46 7,996 7
47 7,940 142
48 7,853 171
49 7,828 8
50 7,715 9
51 7,500 7
52 7,299 2
53 7,275 2
54 7,214 20
55 6,872 4
56 6,778 1,097
57 6,612 20
58 6,605 3
59 6,561 2
60 6,416 1
61 6,383 5
62 6,183 14
63 6,123 25
64 6,117 606
65 6,094 36
66 6,029 4
67 5,929 20
68 5,614 53
69 5,515 29
70 5,500 6
71 5,483 4,749
72 5,322 11
73 5,284 5
74 5,266 3
75 5,172 8
76 5,076 37
77 5,000 4
78 5,000 1
79 5,000 3
80 4,906 10
81 4,882 2
82 4,867 8
83 4,835 9
84 4,770 32
85 4,750 6
86 4,727 5
87 4,716 29
88 4,687 80
89 4,500 4
90 4,500 4
91 4,492 3
92 4,437 8
93 4,413 25
94 4,411 135
95 4,405 89
96 4,395 22
97 4,350 4
98 4,300 4
99 4,282 36
100 4,279 1
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2017 - 27/04/2017
Rank Name US$m Trades
1 113,779 690
2 91,528 562
3 78,688 400
4 78,688 496
5 70,028 393
6 69,379 413
7 59,206 302
8 59,164 298
9 47,813 231
10 31,591 204
11 28,601 169
12 27,905 208
13 25,439 163
14 25,006 170
15 22,352 129
16 19,587 104
17 19,079 165
18 18,600 145
19 18,142 162
20 17,259 124
21 16,375 70
22 15,302 117
23 13,540 70
24 13,388 78
25 12,497 80
26 12,454 63
27 10,608 65
28 10,595 71
29 10,024 48
30 9,403 41
31 7,295 24
32 7,132 49
33 6,069 39
34 5,792 7
35 5,710 71
36 5,569 47
37 5,457 45
38 5,401 42
39 4,873 41
40 4,739 38
41 4,596 57
42 4,317 37
43 4,287 21
44 4,173 13
45 4,145 45
46 3,888 14
47 3,134 41
48 3,092 40
49 3,073 41
50 2,449 30
51 2,435 26
52 2,376 18
53 2,364 36
54 2,277 16
55 2,260 31
56 2,204 20
57 2,128 13
58 1,959 15
59 1,863 11
60 1,761 10
61 1,730 17
62 1,721 12
63 1,720 20
64 1,683 12
65 1,600 17
66 1,595 11
67 1,576 14
68 1,500 2
69 1,389 3
70 1,360 16
71 1,324 8
72 1,288 13
73 1,273 8
74 1,272 7
75 1,258 6
76 1,103 14
77 1,093 12
78 1,076 9
79 1,073 13
80 1,066 17
81 967 9
82 864 6
83 828 4
84 810 11
85 805 10
86 795 6
87 782 9
88 758 5
89 744 8
90 726 11
91 725 12
92 709 8
93 705 1
94 660 5
95 660 5
96 627 6
97 625 3
98 622 9
99 613 10
100 594 13
© 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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