Global debt capital markets (DCM) revenues remained almost identical year-on-year (YoY) for the first nine months of 2025, with Mizuho the only new entrant. Sneaking into the top ten, the bank took a 2.4% share with US$525 million.
This was driven by US activity, with the Japanese bank up one spot by revenue to eighth (with US$279 million and a 3.3% share) and jumping from 11th to ninth by DCM volumes, with a 3.2% share and US$94.2 billion.
By DCM revenues in the US, JP Morgan, BofA Securities and Citi held strong in the top three. BNP Paribas rose from 11th to ninth place, taking a 3.3% share with US$257 million in revenues.
By volume, BofA took top spot in the US, up from third place last year. The bank had a 9.4% share with US$273.9 billion.
Globally only a minimal shift saw BofA Securities overtake Citi for third place by volume. Both banks hold a 5.5% share, with BofA reporting US$377 billion to Citi’s US$374.5 billion.
In EMEA, JP Morgan overtook BNP Paribas for first place in revenues, with a 6.8% share and US$407 million. SG Corporate & Investment Banking entered the fray at 10, up from 12, with a 3.4% share and US$203 million in revenues.
By volumes, the bank was up from 11 to nine with 3.7% and US$86.3 million, overtaking Goldman Sachs. Retaining its crown, BNP Paribas took a 6.5% share with US$149.5 billion.
DCM revenues were led by regional banks in APAC (ex-Japan), with Guotai Haitong Securities Co (US$332 million, 7.9% share), CITIC Securities (US$305 million, 7.3% share) and China Securities Co (US$279 million, 6.7% share) taking the top three spots. The largest move in the table was Orient Securities Co, which went from 20th to 20th place with US$74 million and a 1.8% share.
A similar story was seen in DCM volumes for the area, with CITIC Securities, Guotai Haitong Securities Co and China Securities Co maintaining their positions YoY.
ICBC jumped from 10th to seventh place with US$36.5 billion and a 2.4% share, while China Construction Bank Corp climbed from 14th to ninth with US$31.7 billion and a 2.1% share.
©Markets Media Europe 2025
