With Wimbledon in full swing, Goldman Sachs has smashed its way to the top of the 1H25 EMEA bookrunner rankings, outperforming rivals despite a disrupted playing field caused by US President Donald Trump’s “Liberation Day” tariffs.

The US bank served up a winning performance in the Europe, Middle East and Africa (EMEA) equity capital markets in the first half of 2025, topping the bookrunner rankings with USD 9.3bn in deal volume across 44 transactions, according to Dealogic.

That marks an improvement from USD 7.8bn over 40 deals in 1H24. The year-on-year uplift was driven by a strong rally in follow-ons—Goldman volleyed in USD 7.8bn—including clinching a share of the jumbo selldowns of Ferrari NV (USD 3.13bn), Haleon plc (USD 3.1bn), and Novartis AG (USD 2.9bn).

Despite few IPOs making it over the net in the region during the period, Goldman still carved out a solid slice of the action in the largest listing of the half—flynas Co SJSC’s USD 1.1bn debut on the Saudi Exchange—as well as the two biggest convertible bonds: Vonovia SE’s USD 1.5bn dual tranche and Legrand SA’s USD 920m issue.

BNP Paribas came in as runner-up, rallying with volumes of USD 5.9bn in 1H25. While this was a step down from the USD 7.1bn recorded during the same period last year, the French bank proved to be an all-court player with a well-balanced showing across follow-ons—Galderma Group AG’s USD 1.5bn block—IPOs—Asker Healthcare Group AB’s USD 1bn listing—and convertibles, including Legrand SA.

JPMorgan clinched third place with USD 5.4bn in volumes, up from USD 3.7bn in 1H24. The bulk of its dealflow came from follow-ons (USD 5bn), including British American Tobacco plc’s USD 1.5bn block and Elia Group SA/NV’s USD 1.5bn rights issue.

BofA Securities ranked fourth with USD 5.6bn. The bulge bracket bank served strongly in follow-ons (USD 4.7bn), notably ADNOC Gas PLC (USD 2.8bn) and Italgas SpA (USD 1.2bn). It had a respectable showing in convertibles (USD 657m), though IPO activity was modest (USD 210m).

Completing the top five was Morgan Stanley with USD 5.4bn, down sharply from USD 12.4bn in 1H24. Still, the bank delivered a solid performance in follow-ons (USD 4.2bn) and convertibles (USD 768m).

Sixth-placed Citi deserved a notable mention with USD 5bn of issuance. While follow-ons (USD 4bn) accounted for the lion’s share of its activity, the bank topped the leaderboard for IPOs (USD 842m), landing roles on flynas, Asker, and HBX Group International plc’s USD 774m listings.

The remainder of the top ten was in order: HSBC (USD 3bn), Barclays (USD 2.98bn), Deutsche Bank (USD 2.8bn) and UBS (USD 1.96bn).