A few banks have dented Citigroup's ego in a few debt product areas in the past year, but none comes close to its strength across the board by product or by geography.
According to Dealogic, Deutsche Bank has finally taken the number one spot from Citigroup for overall global international bond issuance, with a market share of 9.21% to Citigroup's 8.35%. For its success on both sides of the Atlantic, Deutsche also replaces Citigroup as top asset-backed securities house. In Europe, Deutsche's dominance over Citigroup is even more apparent: Deutsche comes top for issuance in euros and for western European issuers while Citi ranks third in both tables. However, Citigroup still has a strong liability management franchise in Europe and a leading MTN desk. It is also the top bookrunner for western European sovereigns and supranationals.
For emerging-market debt, JPMorgan takes the top place in our awards, largely because of its volumes in the active Latin American market in the past year. But Citi still achieves broad success in this area. It is Euromoney's top regional debt house for Asia and for emerging Europe. The bank has increased its investment in Europe, Asia and Latin America.