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Syndicated Self-Led
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Overall Issuer 01/01/2020 - 26/03/2020
Rank Name US$m Trades
1 1,245,873 39
2 590,014 255
3 168,378 493
4 128,434 29
5 113,111 4,155
6 97,979 29
7 96,390 36
8 89,531 21
9 87,846 33
10 76,010 51
11 72,580 18
12 71,798 20
13 60,165 45
14 58,379 361
15 53,722 1,927
16 49,930 2,255
17 47,017 4,384
18 43,047 34
19 41,315 17
20 40,632 52
21 38,754 66
22 38,298 4,551
23 35,615 47
24 32,088 53
25 29,218 53
26 28,791 26
27 28,683 1
28 26,396 149
29 25,923 6,864
30 25,582 13
31 25,153 37
32 23,918 83
33 22,012 18
34 21,149 8
35 21,067 3,419
36 20,808 10,108
37 19,406 28
38 19,059 7,827
39 18,239 5,170
40 15,905 1
41 15,484 792
42 15,085 1
43 14,888 1
44 14,861 3
45 14,797 181
46 14,567 74
47 13,710 32
48 13,530 13,864
49 13,232 47
50 13,053 61
51 12,576 205
52 12,166 93
53 12,165 8
54 11,993 650
55 11,677 17
56 11,578 10
57 11,493 1,354
58 11,327 25
59 11,191 40
60 11,038 7,290
61 10,675 7
62 10,250 9
63 10,230 1
64 10,193 7
65 9,830 59
66 9,661 316
67 9,628 94
68 9,464 6
69 9,250 6
70 9,141 12
71 9,100 559
72 9,075 11
73 9,041 9
74 9,011 8,928
75 8,961 8
76 8,797 38
77 8,683 84
78 8,500 5
79 8,003 6
80 7,944 8
81 7,898 9
82 7,630 10
83 7,600 2
84 7,569 74
85 7,513 30
86 7,509 10
87 7,379 3
88 7,181 6,803
89 7,108 37
90 7,057 1
91 6,977 7
92 6,839 39
93 6,833 6
94 6,780 8
95 6,753 9
96 6,684 22
97 6,538 7
98 6,500 6
99 6,493 43
100 6,491 29
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2020 - 26/03/2020
Rank Name US$m Trades
1 118,108 649
2 93,949 533
3 91,251 537
4 69,957 446
5 69,620 412
6 67,931 351
7 60,372 379
8 56,498 300
9 53,685 337
10 37,143 227
11 36,753 247
12 28,708 226
13 26,859 143
14 26,001 179
15 25,725 217
16 24,732 124
17 21,811 120
18 19,221 112
19 17,577 203
20 17,341 93
21 17,112 71
22 16,518 236
23 15,812 54
24 15,676 146
25 14,541 109
26 13,663 129
27 13,592 109
28 11,007 99
29 10,060 85
30 9,770 85
31 9,423 96
32 8,888 106
33 7,121 42
34 6,552 25
35 6,400 67
36 5,676 49
37 5,073 34
38 5,060 40
39 4,534 61
40 4,438 22
41 4,344 64
42 3,911 22
43 3,899 23
44 3,783 53
45 3,532 57
46 3,292 24
47 3,237 38
48 3,210 56
49 3,196 27
50 3,182 27
51 3,028 21
52 2,861 27
53 2,654 40
54 2,619 21
55 2,453 20
56 2,294 48
57 2,221 31
58 2,186 24
59 2,145 31
60 1,909 15
61 1,834 39
62 1,797 30
63 1,780 8
64 1,699 1
65 1,681 13
66 1,614 14
67 1,613 16
68 1,581 36
69 1,506 13
70 1,462 36
71 1,454 12
72 1,408 41
73 1,391 10
74 1,365 34
75 1,330 17
76 1,234 136
77 1,162 19
78 1,083 14
79 1,077 6
80 1,047 4
81 1,039 15
82 1,029 12
83 1,027 19
84 1,023 26
85 988 32
86 980 19
87 962 16
88 937 8
89 933 4
90 930 13
91 930 2
92 925 6
93 904 11
94 880 26
95 876 26
96 857 20
97 841 18
98 841 11
99 837 28
100 823 14
© 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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