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Syndicated Self-Led
Click here to create a customised League Table
Overall Issuer 01/01/2019 - 31/12/2019
Rank Name US$m Trades
1 4,435,677 141
2 3,483,891 600
3 720,255 2,019
4 654,062 5,724
5 557,000 204
6 541,986 19,357
7 529,487 9,513
8 478,701 88
9 424,361 129
10 276,783 102
11 248,755 198
12 231,866 64
13 216,848 7,705
14 185,136 1,749
15 184,785 103
16 153,363 77
17 150,314 164
18 148,835 57
19 141,028 47
20 140,264 6,265
21 139,447 138
22 137,493 190
23 134,791 29
24 128,645 356
25 126,384 13,887
26 126,374 250
27 125,794 902
28 120,946 12,071
29 115,959 540
30 112,399 137
31 100,133 15
32 87,820 135
33 85,230 13,390
34 80,220 104
35 74,110 91
36 73,852 24,498
37 61,757 1,044
38 58,478 108
39 58,445 153
40 56,949 394
41 54,571 957
42 53,263 125
43 52,644 76
44 47,141 33,814
45 46,386 300
46 46,027 67
47 41,517 363
48 40,689 32
49 39,559 19
50 38,917 21,610
51 38,153 120
52 37,546 28
53 35,817 52
54 35,234 37
55 35,166 1,229
56 34,211 49
57 33,682 48
58 33,456 16,496
59 33,402 3,036
60 33,284 7
61 33,125 11,496
62 32,936 193
63 32,838 12,220
64 32,637 43
65 32,498 119
66 32,137 43
67 32,078 27
68 31,934 105
69 31,530 12
70 31,320 63
71 30,156 54
72 29,972 46
73 29,522 19
74 29,278 36
75 28,733 195
76 28,316 16
77 27,623 39
78 27,358 85
79 27,252 242
80 27,219 137
81 26,483 144
82 26,395 52
83 26,357 33
84 26,020 26
85 25,738 12
86 25,217 5,147
87 24,497 44
88 24,491 31
89 24,127 38
90 24,092 11
91 23,819 85
92 23,666 16
93 23,549 111
94 23,522 135
95 23,213 52
96 22,926 32
97 22,848 1
98 22,561 149
99 22,470 91
100 22,355 117
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2019 - 31/12/2019
Rank Name US$m Trades
1 402,168 2,649
2 340,766 2,251
3 314,253 1,760
4 295,647 1,828
5 271,630 1,894
6 217,917 1,357
7 215,164 1,473
8 196,799 1,362
9 183,253 1,241
10 163,769 1,141
11 129,855 997
12 111,317 972
13 107,632 690
14 104,204 833
15 98,919 707
16 82,134 570
17 81,325 439
18 80,396 500
19 78,459 1,076
20 77,548 926
21 61,219 556
22 60,712 414
23 58,810 519
24 52,491 384
25 50,238 498
26 47,134 415
27 41,331 416
28 38,996 285
29 35,980 227
30 31,527 309
31 31,212 227
32 27,923 372
33 25,831 244
34 23,585 247
35 20,804 310
36 20,798 156
37 20,518 238
38 20,432 315
39 19,468 173
40 19,058 163
41 18,886 172
42 15,791 101
43 15,526 199
44 15,410 130
45 14,628 189
46 12,504 86
47 12,234 107
48 12,225 247
49 11,990 157
50 11,786 130
51 11,714 76
52 11,651 29
53 11,561 147
54 10,992 50
55 10,369 69
56 10,290 136
57 10,146 107
58 10,115 152
59 10,079 94
60 9,645 26
61 9,503 157
62 9,499 88
63 9,062 74
64 9,023 173
65 8,149 150
66 7,624 167
67 7,560 58
68 7,540 128
69 7,375 149
70 6,996 128
71 6,909 61
72 6,731 142
73 6,720 109
74 6,701 54
75 6,383 46
76 6,356 229
77 6,248 66
78 6,021 134
79 5,898 145
80 5,879 111
81 5,783 61
82 5,432 99
83 5,398 113
84 5,384 127
85 5,152 136
86 5,016 105
87 4,996 68
88 4,936 75
89 4,919 51
90 4,823 114
91 4,687 92
92 4,525 22
93 4,358 94
94 4,348 229
95 4,189 46
96 4,128 153
97 4,115 48
98 3,989 49
99 3,918 129
100 3,905 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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