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DCM
Criteria & Definitions
All tables are year to date (from Jan 1st to present), updated weekly and based
on the following:-
League Tables
•
G3 Bonds – Asia (excluding Japan): lists the top 10
Bookrunners (by volume) of all bonds where the deal nationality (see below) is
from Asia (excluding Japan). Bonds must be
denominated in US$, Euro, Yen. Samurai and Yankee bonds are included.
• G3
Corporate Investment Grade– Asia (excluding Japan): lists the
top 10 Bookrunners (by volume) of all bonds satisfying corporate investment
grade criteria, where the deal nationality (see below) is from Asia (excluding
Japan). Bonds must be denominated in US$, Euro, Yen.
• G3
High Yield– Asia (excluding Japan): lists the top 10 Bookrunners
(by volume) of all bonds satisfying high yield criteria where the deal
nationality (see below) is from Asia (excluding Japan). Bonds must be
denominated in US$, Euro, Yen.
• G3 FIG - Asia (excluding Japan):
lists the top 10 Bookrunners (by volume) of all bonds from banks and finance
companies where the deal nationality (see below) is from Asia (excluding Japan).
Bonds must be denominated in US$, Euro, Yen.
• Offshore RMB DCM:
lists the top 10 Bookrunners (by volume) of all RMB-denominated bonds issued outside of China.
• Local
Currency – Asia (excluding Japan): lists the top 10 Bookrunners
(by volume) of all bonds where the nationality (see below) is from Asia
(excluding Japan). Bonds must be denominated in Asia (excluding Japan)
currencies.
Definitions
•
Asia includes North Asia, South East Asia and the Indian Sub
Continent
North
Asia: China, Hong Kong, Japan, Korea, Macau, Mongolia, Taiwan.
South East
Asia:
Brunei
Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam.
Indian
Sub Continent: Bangladesh, Bhutan, India, Maldives, Mauritius,
Nepal, Pakistan, Sri Lanka.
•
Australasia includes Australia, New Zealand and the South
Pacific Islands.
•
Corporate
Investment
Grade Bonds: are debt securities issued by industrials and
utilities which have Investment Grade issuer ratings at the time of launch from
Standard & Poor's, Moody's or Fitch.
•
High Yield
Bonds: are below investment grade issues at designated time of
pricing. In the event of no issue rating, the existence of one or both of the
following covenants will determine High Yield status: 1) restricted payment
test; 2) debt incurrence test. Should the issuer be unrated and no covenant
package be made available, the issue will default to Investment Grade. High
Yield volume includes transactions from corporate issuers from Emerging Market
countries; however excludes any sub-Investment Grade deals from a Bank or
Financial issuer.
• FIG Bonds:
are debt securities from the following types of issuers: Banks and Finance
companies. Sovereign, supranational and agency offerings as well as securitized
deals and covered bonds are not eligible for FIG rankings.
Transaction Eligibility
• Fixed and Floating Rate issues, Medium Term Notes (MTN), Short-term debt,
non-convertible preferred stock, collateralized debt obligations are eligible
for inclusion. Securitised deals (asset-backed and mortgage backed securities)
will not be included.
• Transactions from Sovereigns, Agencies and Supranationals will be included
unless otherwise specified.
• Self-led and Self-funded deals will be included unless otherwise specified.
• Pre-IPO convertibles, where the company is not due to float within three years
are included.
• Re-openings are rank eligible and are subject to the same ranking criteria as
the original offering.
• Closed and open-end investment funds are eligible.
• Corporate bonds and MTNs must have a minimum maturity of 18 months to be
eligible for inclusion. Other debt securities must have minimum maturity of 12
months.
Exclusions:
• Corporate bonds maturing less than 18 months after settlement date. Maturity
is defined as the legal maturity of the offering.
• Deals with global proceeds of less than US$1mn. “Global proceeds” of a deal is
calculated by summing the proceeds of all rank eligible tranches. Tranche
proceeds are calculated by multiplying the face value of the security by the
offer price. If the offer price is not disclosed 100% is assumed with the
exception of zero coupon bonds which become rank ineligible.
• Non-underwritten deals are excluded. Best efforts deals as they relate to MTNs
are included.
• Bond exchange offers where existing debt is replaced by new debt are not rank
eligible unless new money is raised. If the new debt offered exceeds the debt it
replaces then the difference of the proceeds is rank eligible.
• Certificates of Deposit, loan-style FRNs, and money market transactions are
excluded unless otherwise specified.
• Auctions and non-underwritten government debt are excluded.
Ranking Methodology
• Nation classifications are based on the nationality of the guarantor if
present, and otherwise on business nationality of the issuer parent. Business
nationality is defined as the headquarters location. In certain circumstances,
other factors, such as nationality of operations or expertise, may be taken into
account.
• All amounts are based on global proceeds (face value * offer price) in US$. In
the event that one or more tranches of a multi-tranche deal do not meet rank
eligibility qualifications those tranches are excluded from the global proceeds
amount.
• Proceeds are apportioned among bookrunners on a tranche by tranche basis.
• Deal count consolidates all tranches of a deal.
Submission Guidelines
Submissions to Dealogic can be sent to the below contact details with the
following items in respect to each tranche.
• Issuer Name
• Pricing and Settlement Date
• Currency and Face value
• Tenor
• Coupon Details
• Offer price
• Issue Type
• Underwriters
• Credit ratings
• Spread to Benchmark
• Fee details
• Use of proceeds
Tables will be updated each week on Friday. Deals must be received by 6pm on
Thursday for inclusion.
Dealogic (Hong Kong)
Tel: 852 3698 4700
Email: hkinfo@dealogic.com
Dealogic (Japan)
Tel: 813 6731 2000
Email: jpinfo@dealogic.com
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