In a volatile year, BNP Paribas widened the gap on its European rivals in debt capital markets, ending 2025 as the uncontested number one bookrunner in euro-denominated issuance, with €161 billion placed across 767 transactions and a leading 7.93% market share.
The bank’s dominance was most visible in European investment-grade corporate bonds, where it ranked first with €37.2 billion across 383 transactions, a margin of more than €8 billion over the nearest competitor.
BNP Paribas served as global coordinator on Novo Nordisk’s €6 billion five-part deal – the largest euro issuance ever by a Nordic corporate – upsized from its original €5 billion target on the back of a €14.6 billion orderbook. It led Alphabet’s inaugural euro transaction, a €6.75 billion five-tranche deal marking the US technology company’s first foray into European capital markets, and arranged Bosch’s €4 billion acquisition financing for Johnson Controls’ HVAC unit and Carlsberg’s multicurrency deal to fund the purchase of Britvic.
The ability to bring non-European issuers into the euro market and deliver the right structure across any currency or tenor is what separates us
Giulio Baratta
A defining feature of the year was BNP Paribas’s success in attracting non-European issuers into euro markets. US corporates accounted for approximately 22% of total euro corporate investment-grade supply in 2025, with BNP Paribas leading consistently across those mandates. Its roughly 19% market share among Australian issuers further demonstrated the reach of its distribution franchise across a genuinely global client base.
In financial bonds, the bank claimed the top position in European insurance DCM for the third consecutive year, executing 18 RegS transactions including AXA’s dual-tranche restricted tier 1 (RT1) and tier 2 as joint global coordinator, and Achmea’s inaugural 2025 PNC10 RT1, which came in 16.7 times oversubscribed at final terms. BNP Paribas ranked first in EMEA liability management by deal count and executed more FIG euro DCM transactions in the 2025 summer window than any other house.
SSA, ESG superlative
In sovereigns, supranationals and agencies, the bank ranked first in supranational euro long-term issuance with a 10.06% market share, winning mandates across KfW, IBRD, EIB and EFSF while participating in all four French sovereign syndications. Its Swiss franc franchise delivered a 30% share in foreign SSA issuance.
In ESG, BNP Paribas ranked first globally for sustainable finance GSS bonds and has led the EMEA sustainable bond league table for six consecutive years. It was the only bank present on the first five EU Green Bond (EUGB) transactions, spanning all sovereign, supranational, corporate and financial institution segments, and it was present on all SSA EUGB issuance.
The bank’s proprietary AI platforms – Bondflow, which centralises new-issue data across the global franchise in real time, and Alpha, its automated fair-value and new-issue premium prediction service – represent a significant operational advantage that is shortening execution timelines and improving pricing precision across currencies and tenors.
“In 2025, we operated as a single global team, currency and geography agnostic,” says Giulio Baratta, co-head of investment grade finance, DCM at BNP Paribas. “The ability to bring non-European issuers into the euro market and deliver the right structure across any currency or tenor is what separates us – and the results in league tables and mandates won reflect that consistency.”
