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Syndicated Self-Led
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Overall Issuer 01/01/2019 - 12/12/2019
Rank Name US$m Trades
1 4,140,098 132
2 3,277,176 555
3 654,055 5,723
4 622,816 1,883
5 529,431 9,512
6 523,186 199
7 516,492 18,440
8 452,886 85
9 400,614 121
10 274,737 101
11 238,460 188
12 231,866 64
13 206,850 7,337
14 176,212 100
15 175,681 1,561
16 156,667 33
17 147,564 73
18 146,554 56
19 137,397 46
20 136,084 968
21 133,139 5,945
22 130,797 181
23 128,645 356
24 126,288 125
25 121,368 13,314
26 118,380 11,538
27 115,959 540
28 115,791 240
29 111,780 118
30 110,630 133
31 85,792 127
32 84,005 13,293
33 77,737 99
34 74,110 91
35 65,475 23,630
36 59,188 999
37 58,158 151
38 55,912 377
39 52,761 921
40 52,644 76
41 52,633 115
42 46,386 300
43 45,917 65
44 43,350 31,911
45 40,412 31
46 39,541 354
47 37,817 20,755
48 36,089 27
49 35,319 38
50 34,213 1,194
51 34,003 48
52 33,284 7
53 32,725 16,111
54 32,379 192
55 31,532 2,884
56 31,530 12
57 31,320 63
58 31,260 10,968
59 31,086 26
60 31,061 44
61 30,737 11,166
62 30,626 101
63 30,220 43
64 30,156 54
65 29,972 46
66 29,278 36
67 28,316 16
68 26,955 131
69 26,874 225
70 26,129 110
71 26,020 26
72 25,879 137
73 25,738 12
74 25,576 4
75 24,497 44
76 24,491 31
77 24,127 38
78 24,092 11
79 23,600 83
80 23,488 122
81 23,447 110
82 23,445 4,886
83 23,213 52
84 22,848 1
85 22,670 111
86 22,576 153
87 22,470 91
88 21,981 115
89 21,852 9
90 21,723 18
91 21,465 1,950
92 21,423 11
93 21,361 9
94 21,023 18
95 20,723 49
96 20,606 30
97 20,598 83
98 20,488 14
99 20,246 59
100 20,188 89
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2019 - 12/12/2019
Rank Name US$m Trades
1 395,632 2,561
2 339,388 2,217
3 309,046 1,715
4 292,062 1,788
5 265,441 1,855
6 211,259 1,443
7 211,030 1,328
8 194,740 1,334
9 178,738 1,219
10 161,915 1,116
11 127,820 970
12 108,573 948
13 106,869 679
14 101,725 818
15 98,253 694
16 81,304 556
17 80,486 488
18 80,343 428
19 76,742 1,033
20 76,559 909
21 59,974 542
22 59,259 399
23 57,040 501
24 51,543 374
25 49,967 491
26 46,925 412
27 40,774 413
28 36,076 269
29 35,228 219
30 31,128 219
31 30,750 297
32 27,427 360
33 25,294 237
34 23,007 238
35 20,616 305
36 20,369 153
37 20,291 314
38 20,014 228
39 19,425 171
40 18,937 163
41 18,377 166
42 15,285 195
43 14,811 93
44 14,614 188
45 12,463 84
46 12,186 239
47 12,184 107
48 11,879 120
49 11,842 152
50 11,714 76
51 11,631 28
52 11,536 129
53 11,168 133
54 10,902 47
55 10,223 64
56 10,079 94
57 10,025 150
58 9,941 92
59 9,645 26
60 9,461 85
61 9,315 127
62 9,162 73
63 8,996 173
64 8,935 155
65 8,005 141
66 7,917 61
67 7,554 57
68 7,552 165
69 7,523 126
70 7,240 146
71 7,017 128
72 6,593 54
73 6,498 140
74 6,297 102
75 6,297 44
76 6,173 64
77 6,156 222
78 5,911 131
79 5,898 145
80 5,783 61
81 5,398 113
82 5,351 126
83 5,040 133
84 5,002 103
85 4,996 68
86 4,899 49
87 4,874 72
88 4,822 102
89 4,708 94
90 4,505 21
91 4,496 25
92 4,360 80
93 4,353 93
94 4,258 104
95 4,201 221
96 4,143 6
97 4,128 153
98 4,106 48
99 4,053 45
100 3,988 49
© 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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