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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:-
• 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.
• International Bonds: are debt
securities that may take either Global or Eurobond form or be a domestically
structured bond where 25% of the issue must be proven to be placed outside
the country of issue in the primary markets. Government debt is included if
it is underwritten by an international syndicate. Yankee and Samurai bonds
are not regarded as international unless at least 25% of the bond is sold
outside of the North America and Japanese
markets respectively.
• Cross Border (Foreign) Bonds: are
debt securities that are sold into a domestic market but are issued by a
non-domestic issuer (eg: Samurai issues).
• Domestic Bonds:
are debt securities denominated in the national
currency of the issuers, underwritten by domestic banks and sold into the
domestic market.
• Corporate High Yield Bonds: are debt
securities issued by industrials, corporates, banks
and financials which have non-investment grade issuer ratings at the time of
launch from Standard & Poor's, Moody's or Fitch, or which are unrated by
these agencies and felt to be clearly of non-investment grade quality.
• Investment Grade Bonds:
are debt securities issued by industrials, corporates,
sovereigns, banks and financials which have investment grade issuer ratings
at the time of launch from Standard & Poor's, Moody's or Fitch.
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$, Euro, Yen. Samurai and Yankee bonds are
included.
•G3 Investment Grade–
Asia (excluding Japan):
lists the top 10 Bookrunners (by volume) of all
bonds satisfying investment grade criteria, where the deal nationality (see
below) is from Asia (excluding Japan). Bonds must be denominated
in US$, Euro, Yen.
•G3 Corporate High
Yield– Asia (excluding Japan):
lists the top 10 Bookrunners (by volume) of all
bonds satisfying corporate high yield criteria where the deal nationality (see
below) is from Asia (excluding Japan). Bonds must be denominated
in US$, Euro, Yen.
•Subordinated Bonds- Asia (excluding Japan): lists the top 10 Bookrunners (by volume) of all bonds satisfying
subordinated criteria, where the deal nationality (see below) is from Asia
(excluding Japan).
•Hong Kong Dollar Bonds: lists the top 10 Bookrunners (by volume) of all bonds are denominated in
Hong Kong Dollar.
•Singapore Dollar Bonds: lists the top 10 Bookrunners (by volume) of all bonds are denominated in
Singapore Dollar.
Transaction Eligibility
• Fixed and Floating Rate issues, Medium Term Notes (MTN), Short-term
debt, Securitised deals (asset-backed and mortgage
backed securities), non-convertible preferred stock,
collateralized debt obligations are eligible for inclusion.
• Transactions from Sovereigns and Agencies will be included unless
otherwise specified, Supranational issuance (e.g.: Asia Development Bank)
will be excluded.
• 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$1mn. “Global
proceeds” of a deal is calculated by summing the proceeds of all rank
eligible tranches. Tranche
proceeds are calculated by multiplying the face value of the security by the
offer price. If the offer price is not disclosed 100% is assumed with the
exception of zero coupon bonds which become rank ineligible.
• Non-underwritten deals are excluded. Best efforts deals as they
relate to MTNs are included.
• Bond exchange offers where existing debt is replaced by new debt are
not rank eligible unless new money is raised. If the new debt offered exceeds
the debt it replaces then the difference of the proceeds is rank eligible.
• Certificates of Deposit, loan-style FRNs,
and money market transactions are excluded unless otherwise specified.
• Auctions and non-underwritten government debt are excluded.
Ranking
Methodology
• Nation classifications are based on deal nationality. Deal
nationality reflects the nationality of the deal mandate, regardless of
issuer incorporation or, in some circumstances issuer head quarters. Secured
deals are categorized in terms of the nationality of the collateral.
Securities issued by emerging markets subsidiaries of North American or Western
European parent companies which are viewed in the market as emerging markets
and priced as emerging markets are categorized in terms of the nationality of
the subsidiary rather than as North American or Western European. Unsecured
and non-emerging markets debt securities are categorized in terms of the
business nationality of the group head. Business nationality is defined as
the center of business of a company, taking business operations, revenue,
headquarters and incorporation into consideration
• All amounts are based on global proceeds (face value * offer price)
in US$. 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 10am on Friday 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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