Like the revival of a phoenix, the EMEA equity capital markets experienced a much-needed resurgence in 2024.

While volumes didn’t quite reach the heady heights of 2021, the year showed clear signs of resilience, as the market shook off volatility to post a stronger performance than the previous year.

JPMorgan led the charge, finishing at the top of Dealogic’s rank-eligible league table for EMEA ECM deals, with total volumes of USD 15bn.

A bumper June cemented its dominance, thanks to its pivotal role in Saudi Aramco’s [TADAWUL:2222] USD 12.5bn secondary public offering (SPO) and National Grid’s [LON:NG] USD 9bn capital raise.

Follow-ons were the main contributors to JPM’s total USD 13bn volume this year.

Goldman Sachs claimed second place with a strong performance across the board, totalling USD 13bn. The bulge bracket topped the IPO charts for 2024 with USD 2.2bn apportioned revenue following mandates for three of the most notable IPOs of the year, namely:  Puig Brands [BME:PUIG], Galderma [SWX:GALD] and CVC Capital Partners [AMS:CVC]. Goldman Sachs also topped the converts rankings with USD 893m.

Morgan Stanley secured third place with USD 10.2bn, leaning heavily on its follow-on practice. Notable deals included its work on KfW’s sell-down in Deutsche Telekom [ETR:DTE], demonstrating its expertise in large-scale transactions.

Rounding out the top five were BofA Securities and Barclays, posting volumes of USD 9.3bn and USD 8.9bn, respectively.

Completing the top ten were Citi (USD 7.4bn), UBS (USD 6.1bn), BNP Paribas (USD 5.8bn), HSBC (USD 5.7bn), and Deutsche Bank (USD 5.4bn).

Goldman Sachs had a strong finish to the year, with volumes of USD 3.8bn in 4Q. HSBC also finished with a flourish with USD 2.4bn, achieved with a strong quarter for IPOs.

Morgan Stanley, BofA Securities and Deutsche Bank completed the top five in the last quarter of the year.

Looking ahead, 2025 could be another milestone in the recovery of EMEA equity capital markets, with volumes expected to rise steadily year-on-year.

However, the return of a Trump presidency could clip the phoenix’s wings and send it spiraling back to earth. Time will tell.