The world’s biggest bond houses have tightened their stranglehold on debt capital markets (DCM), with Morgan Stanley making the biggest improvement.
All six of the leading bookrunners of corporate and financial bonds increased their market share during the first nine months of 2017 compared with the same period last year, according to Bloomberg’s first 3Q league tables for 2017.
Morgan Stanley, which is known for its equity capital markets credentials, increased its share of the global DCM wallet by nearly one percentage point. Goldman Sachs may be making headlines for its shrinking revenues in its traditionally strong fixed income trading division, but its DCM origination team has increased its market share by 0.62 percentage points.
JP Morgan maintained pole position, working on 6.1% of all deals. It is trailed by Bank of America which knocked Citi from second place in the 2016 league tables. Barclays is the only non-US bank to feature in the top six.
Global issuance of corporate and financial bonds increased nearly 0.5% compared with the first nine months of 2016, while number of deals shrank by 2.75%.
All data sourced from Bloomberg’s first 3Q global capital markets league tables
