Global debt capital market (DCM) deal count year-to-date is down 5% year on year, according to Dealogic data. However, the local market pictures present a more nuanced view, and Europe is the clear source of failing numbers, but is bolstering volume. business. Despite the fall in count, volume of deals is down just 0.5% to date YoY.
The US was the most muted region this year. It saw nearly 50% rise in deal volumes YTD in 2024, and has fallen 4% from that height this year, with deal count also down 5%.
Having tracked higher earlier, the EMEA region saw an uptick in DCM volumes in 2023 with a smaller bump in 2024. Yet the region has continued to see volumes rise with value of deals hitting over US$2 billion in 2025 YTD, up 5% on 2024. At the same time, deal count was down 7% YoY to date so fewer, larger deals are landing in the region.
Asia Pacific has tracked the US market more closely, only seeing an uptick in deal activity in 2024, and with deal volume down 3% and deal count down 5% year to date in 2025.
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