Dealogic’s preliminary first-half 2026 league tables show JP Morgan holding the top spot in global debt capital markets by volume, while Morgan Stanley and Goldman Sachs register the most significant upward moves in the top ten. In EMEA, BNP Paribas and Deutsche Bank withstand pressure from US banks pushing into the region, while APAC’s DCM rankings remain a domestic story dominated by Chinese state-linked houses.
JP Morgan heads the global DCM volume bookrunner table for the first half of 2026 with US$370.4 billion across 1,460 transactions, giving it a 6.8% market share. BofA Securities holds second with US$318.6 billion (5.8%), and Citi third with US$282.4 billion (5.2%). Both retain the positions they held at the equivalent point in 2025.
Morgan Stanley has moved up one place to fourth with US$266.8 billion (4.9%), having ranked sixth at this point last year — a gain of two positions driven by a particularly strong showing in US domestic issuance. Goldman Sachs makes the bigger jump, rising two places to fifth with US$257.8 billion (4.7%) having ranked seventh in 2025 YTD. Together, the pair have displaced Barclays and BNP Paribas from the positions they occupied a year ago.
Barclays falls two places to sixth with US$221.6 billion (4.1%) — a decline from fourth — while BNP Paribas drops one place to seventh with US$214.2 billion (3.9%), having ranked sixth. Both remain firmly within the top ten, but the movement suggests the two European banks are ceding ground in global DCM to the bulge-bracket US houses as the latter broaden their footprint across regions.
Deutsche Bank holds steady in eighth with US$186.8 billion (3.4%). HSBC rises one place to ninth with US$158.0 billion (2.9%), while Wells Fargo drops one place to tenth with US$147.8 billion (2.7%), swapping positions with HSBC from the prior year.
In the domestic US market, JP Morgan takes first place with US$252.6 billion (10.7%) across 1,039 deals — reclaiming the number one position from BofA Securities, which ranked first at this point in 2025 and now sits second with US$220.9 billion (9.4%). Citi holds third with US$194.2 billion (8.2%), unchanged year on year.
Morgan Stanley makes the most significant move in the US table, climbing two places to fourth with US$185.2 billion (7.8%), having ranked sixth in 2025 YTD. Goldman Sachs holds fifth with US$170.9 billion (7.2%), unchanged year on year.
Wells Fargo registers the most notable decline, falling two places to sixth with US$139.1 billion (5.9%) — having ranked fourth at this point last year. The drop is material given the tightness of the US market’s top tier.
Further down the table, two European banks post the strongest upward moves. Deutsche Bank climbs three places from twelfth to ninth with US$69.4 billion (2.9%), while HSBC rises four places from thirteenth to tenth with US$68.5 billion (2.9%) — the largest single-ranking gain in the US top ten and potentially a sign of growing cross-border issuance activity being channelled through both banks’ US desks.
BNP Paribas retains first place in EMEA DCM with US$128.2 billion (6.7%) across 447 deals, defending its position from 2025. JP Morgan holds second with US$121.3 billion (6.3%), and Deutsche Bank third with US$104.0 billion (5.4%) — both unchanged year on year, marking notable stability at the top of a region where rankings often shift materially.
Citi climbs two places to fourth with US$102.0 billion (5.3%), up from sixth, while BofA Securities makes the most significant upward move in the EMEA top five — rising three places from eighth to fifth with US$95.9 billion (5.0%). The BofA gain comes at the expense of HSBC, which falls two places to sixth with US$95.1 billion (4.9%) having ranked fourth, and Barclays, which falls two places to seventh with US$86.1 billion (4.5%) having ranked fifth.
The displacement of both HSBC and Barclays from the EMEA top five is the headline theme of the regional rankings. Both remain close to their displaced positions in volume terms — the spread between HSBC in sixth and BofA in fifth is under US$1 billion — but the directional signal is consistent with the broader pattern of US banks expanding their share of European issuance activity.
Goldman Sachs enters the EMEA top ten at eighth with US$80.5 billion (4.2%), having ranked tenth in 2025 YTD. Credit Agricole CIB holds ninth with US$77.5 billion (4.0%), dropping two places from seventh. Morgan Stanley enters at tenth with US$68.1 billion (3.5%), up from eleventh — a modest gain but notable given how compressed the volume differentials are across positions six through ten.
The Asia Pacific (APAC) ex-Japan DCM table is dominated by Chinese domestic institutions, with the top five positions all held by mainland or Hong Kong-headquartered houses. CITIC Securities leads with US$59.5 billion (5.5%) across 843 deals, followed by Guotai Haitong Securities at US$50.1 billion (4.6%) and China Securities Co Ltd at US$47.3 billion (4.4%). All three held the same positions in 2025 YTD, reflecting the structural entrenchment of the top Chinese houses in a market where domestic origination drives the bulk of volume.
Bank of China holds fourth with US$32.6 billion (3.0%) and CICC fifth with US$30.1 billion (2.8%), also both unchanged year on year. The stability of the entire top five in APAC DCM stands in contrast to all three other regions, where at least some top-five positions changed hands.
The biggest moves in the APAC table come further down. Westpac enters the top ten at seventh with US$26.6 billion (2.5%), having ranked fourteenth in 2025 YTD — a seven-place rise that represents the largest upward move in any regional DCM top ten in this dataset. The Australian bank’s climb reflects growing regional bond issuance in Australian dollars and its expanded role in domestic and cross-border transactions across the Asia-Pacific corridor.
Shenwan Hongyuan Securities Co Ltd also posts a significant rise, moving from fifteenth to eighth with US$24.3 billion (2.3%) — a gain of seven places that mirrors the broader expansion of second-tier Chinese brokers into DCM bookrunner roles as domestic issuance volumes grow.
Industrial Bank Co Ltd falls from eighth to ninth with US$22.5 billion (2.1%), while China CITIC Bank Corp holds tenth with US$22.4 billion (2.1%), unchanged year on year.
©Markets Media Europe 2025
