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Syndicated Self-Led
Click here to create a customised League Table
Overall Issuer 01/01/2019 - 13/11/2019
Rank Name US$m Trades
1 3,733,077 120
2 3,079,199 405
3 653,501 5,720
4 535,297 1,723
5 502,693 9,030
6 491,918 184
7 475,993 16,972
8 384,591 60
9 367,443 109
10 261,367 81
11 218,486 171
12 206,346 60
13 186,980 6,583
14 175,087 34
15 164,700 96
16 163,845 1,354
17 140,908 52
18 128,929 925
19 123,615 67
20 121,929 167
21 119,975 5,351
22 115,959 540
23 111,041 12,251
24 110,509 37
25 106,265 224
26 102,831 113
27 102,770 108
28 102,388 100
29 101,404 10,005
30 98,729 285
31 85,987 122
32 81,211 12,959
33 59,466 79
34 56,361 140
35 54,140 903
36 53,779 353
37 52,557 70
38 51,900 63
39 51,803 21,385
40 48,561 838
41 47,894 89
42 45,300 284
43 44,193 62
44 40,412 31
45 38,936 28,453
46 35,443 313
47 34,078 18,688
48 34,003 48
49 31,775 179
50 31,484 6
51 30,967 14,577
52 30,928 1,092
53 30,088 53
54 29,776 24
55 28,972 9,613
56 28,573 55
57 28,173 15
58 27,848 9,990
59 27,636 39
60 27,613 2,573
61 27,574 126
62 27,491 91
63 26,469 31
64 26,010 25
65 25,879 134
66 25,791 102
67 25,738 12
68 24,491 31
69 24,443 45
70 23,243 117
71 22,950 29
72 22,938 100
73 22,863 4,327
74 22,470 91
75 22,438 10
76 22,258 197
77 22,037 11
78 21,972 73
79 21,852 9
80 21,801 140
81 21,464 44
82 21,423 11
83 21,419 13
84 21,381 103
85 21,361 9
86 21,346 36
87 20,945 39
88 20,640 59
89 20,043 87
90 20,005 99
91 19,949 14
92 19,757 51
93 19,682 11
94 19,649 1
95 19,489 10
96 19,447 84
97 19,341 29
98 19,318 19
99 19,285 1,784
100 19,000 9
© CMD.
Click here to customise this League Table
Overall Dealer 01/01/2019 - 13/11/2019
Rank Name US$m Trades
1 341,997 2,240
2 288,767 1,928
3 247,913 1,554
4 239,830 1,462
5 239,546 1,667
6 190,227 1,176
7 185,294 1,263
8 179,006 1,195
9 158,526 1,024
10 119,363 892
11 98,249 792
12 95,525 743
13 93,389 573
14 91,644 737
15 91,180 649
16 78,881 516
17 77,524 450
18 66,703 893
19 65,293 730
20 55,013 372
21 54,912 487
22 54,325 468
23 49,361 268
24 46,765 325
25 45,348 448
26 44,788 377
27 34,697 331
28 33,691 236
29 30,553 201
30 30,420 291
31 25,422 314
32 23,671 218
33 21,404 218
34 19,262 158
35 18,636 143
36 18,602 155
37 18,531 281
38 18,053 156
39 17,670 204
40 16,439 223
41 16,376 149
42 13,428 151
43 13,203 176
44 12,068 77
45 11,509 111
46 11,322 73
47 10,499 136
48 10,410 129
49 10,183 62
50 9,949 214
51 9,826 106
52 9,677 87
53 9,591 82
54 9,327 137
55 8,964 82
56 8,652 71
57 8,642 144
58 8,238 109
59 7,726 149
60 7,135 52
61 7,114 112
62 6,884 145
63 6,755 49
64 6,491 130
65 6,439 52
66 6,297 44
67 5,898 145
68 5,748 108
69 5,746 59
70 5,631 58
71 5,407 87
72 5,398 113
73 5,337 123
74 4,899 49
75 4,770 115
76 4,728 109
77 4,648 93
78 4,624 97
79 4,510 89
80 4,450 24
81 4,428 89
82 4,403 36
83 4,303 111
84 4,287 92
85 4,143 6
86 3,933 43
87 3,872 82
88 3,847 45
89 3,846 48
90 3,815 96
91 3,675 54
92 3,655 22
93 3,547 26
94 3,483 31
95 3,370 35
96 3,100 51
97 3,040 24
98 3,003 18
99 2,939 26
100 2,900 59
© 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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