Introduction
In 2025, Citi has emerged as the top performer in global financing, marking a defining year driven by years of strategic investment in coverage expansion, product innovation, and team development. This recognition by Euromoney highlights the bank's ability to execute complex, high-impact transactions across public and private markets, showcasing the full breadth of Citi’s capabilities in debt capital markets, leveraged finance, investment-grade lending, and hybrid financing solutions.
Market Outlook
2024 was a year of cautious optimism in the global financing landscape. Market participants navigated high interest rates, geopolitical uncertainty, and tighter credit conditions. Despite this backdrop, strategic M&A activity rebounded, sponsors returned to the market with renewed confidence, and companies sought creative financing solutions to support transformational transactions. This climate rewarded institutions that could offer agility, certainty of capital, and multi-dimensional execution—capabilities that Citi demonstrated consistently throughout the year.
Achievements: Citi vs. Market and Year-on-Year Performance
1. Debt Capital Markets Leadership
Citi ranked 3rd in US high yield and investment-grade issuance with an 8.2% market share, and held a 7.4% share in the loans market. It led the reverse Yankee issuance space, including a €2.5 billion/$4 billion Johnson & Johnson bond deal.
2. Growth in Private Financing
Through a $25 billion private credit partnership with Apollo, Citi offered tailored private financing solutions for large-cap borrowers—diversifying beyond traditional public markets.
3. Leveraged Finance Expansion
With a 4.2% wallet share in North American leveraged finance, Citi rose into the top tier of arrangers. The bank increased its presence in LBO/M&A transactions and executed across a wide range of sectors.
4. Investment-Grade and M&A Financing Excellence
- $36 billion Mars–Kellanova acquisition financing
- $10.5 billion bond for Kroger’s Albertsons acquisition
- $5.5 billion DiamondBack Energy issuance
5. Bridge Loans & Revolving Credit Facilities
Citi arranged over $50 billion in RCFs and bridge loans in Q4 2024 alone, including a $10 billion bridge for Boeing following operational disruptions.
6. Innovation in Hybrid Financing
Citi led the largest US hybrid equity/debt deal in history with Boeing’s $24 billion dual-tranche issuance. Other notable deals include Lenovo’s $3.8 billion convertible/warrants structure and Wiwynn’s $1.4 billion combo issuance in Taiwan.
A Final Thought on Performance
Citi’s 2025 performance reflects long-term strategic alignment and deep client trust. From executing industry-defining M&A transactions to structuring complex, multi-layered financings, Citi proved its role as a trusted global partner. As Jens Welter, Head of North America Investment Banking, stated:
“We are more embedded with our clients than ever before, and that’s reflected in the trust they place in us to advise, finance, and execute – not just in the US, but across their global footprint.”
More than just a league table leader, Citi has positioned itself as the go-to bank for sponsors and corporates navigating strategic transformations worldwide.
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