Competition in the global debt capital market (DCM) landscape has remained fairly similar to 2025, according to Dealogic’s most recent data – but in APAC, change is afoot.
By global DCM revenue, JP Morgan and BofA Securities remained at the top of the pile, with US$580 million year-to-date (7.6% market share) and US$499 million YTD (6.5% market share) respectively. Morgan Stanley, however, jumped from seventh to third place with US$441 million and a 5.8% market share, the greatest increase of the group. Conversely, Wells Fargo dropped from fifth to ninth position, making US$225 million YTD and holding a 3.3% market share.
The story was similar by volume. JP Morgan and BofA Securities led with US$176 billion (7% market share) and US$153 billion (6.1%) respectively, while Citi also retained third position with US$141 billion (5.6%). BNP Paribas dropped down the rankings from fourth to seventh, with US$108.7 billion and a 4.3% share.
Western banks were once again firmly out of the spotlight in APAC ex-Japan. Although Chinese banks are the most prominent in the space, Australian banks are working their way up the ladder.
CITC Securities overtook Guotai Haitong Securities in DCM revenues. Dealogic reports US$82 million in revenues for the bank (7.9% market share), compared to US$78 million (7.5%) by its competitor.
Far more movement was seen further down the rankings. Orient Securities rose from 23rd to tenth place (US$20 million, 2% market share), Westpac from 20th to eighth (US$21 million, 2%), China Merchants Securities from 19th to seventh (US$22 million, 2.1%) and GF Securities from 14th to ninth (US$20 million, 2%).
Less change was seen by volumes. As in revenues, CITC Securities (US$17 billion, 4.8% market share) overtook Guotai Haitong Securities (US$14 billion, 3.9%) to take top spot. Three new names made it into the top ten, with Westpac moving from 11th to fourth position (US$13.9 billion, 3.9%), China CITC Bank Corp jumping from 15th to ninth (US$7.6 billion, 2.1%) and National Australia Bank taking tenth place up from 12th with US$7.5 billion (2.1%).
As on a global basis, JP Morgan and BofA Securities also topped the US DCM charts both by revenue and volume. According to Dealogic, the former had generated US$361 million (10.2% market share) in revenues and US$110.5 billion (9.5%) in volume and the latterUS$244 million (9.7%) in revenues and US$107 billion (9.2%) in volume.
In Europe, BNP Paribas led by revenues, with US$158 million (6.8% market share), overtaking JP Morgan (US$149 million, 6.4%), and by volumes, where the bank retained its crown with US$66.8 billion and a 6.8% market share.
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