JP Morgan has retained its top spot in global debt capital markets rankings by volume for Q1 2025, according to Dealogic.
With US$178.5 billion, 806 deals and a 6.9% market share, the bank was the only player in the top 10 who did not move in the rankings year-on-year (YoY). Citi fell from second to third place, trailing Bank of America Securities’ US$155 billion in volumes with US$153.8 billion – despite reporting a greater number of deals (694 to 593). Both took 6% of the market.
Barclays stayed steady in fourth place, with US$113.5 billion, 529 deals and 4.4% market share. BNP Paribas overtook Morgan Stanley for fifth place, Goldman Sachs surpassed Deutsche Bank for seventh, and HSBC fell into tenth place behind Wells Fargo.
More movement was seen in corporate bonds, with Bank of America Securities rising from third to first place over the year. With US$34.3 billion in volumes and 159 deals, the bank took 6.2% of the market. Citi, last year’s victor, dropped back to third place with US$30.8 billion, 136 deals and 5.5% market share. Between the two, JP Morgan retained its runner-up position with US$32.3 billion, 158 deals and 5.8% market share.
Volumes below the top three were more than US$5 billion behind the frontrunners. BNP Paribas saw significant improvement YoY, however, moving into fourth place from sixth. The bank reported volumes of US$25.6 billion and 117 deals, accounting for 4.6% of the market. It usurped Mizuho, which fell back from fourth to fifth and took 4% of the market with US$22.2 billion and 115 deals.
In sovereign, supranational, and agency (SSA) bonds, JP Morgan – again – led the pack. Moving up one place since Q1 2024, the bank’s US$59.9 billion in volumes and 175 deals gave it 8% of the market. Bumped down to second place, Citi’s volumes were more than US$9 billion behind at US$50.6 billion.
This still gave the bank a long lead ahead of Deutsche Bank in third place, with US$44 billion. The bank moved up a spot over the year, overtaking Barclays, which reported US$41.3 billion in the first quarter. The two took 5.9% and 5.5% of the market respectively.
BNP Paribas held fifth place, US$39 billion across 91 deals resulting in a 5.2% market share. The bank made just 91 deals over the quarter.
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