Citi has taken the top spot in global financing this year, reaping the rewards of a multi-year investment in coverage, product and team building.
In debt capital markets, Citi maintained its strong leadership position, coming third in US high yield and investment grade issuance with an 8.2% market share, along with a 7.4% share of the loans market. In 2024, the bank also held the lead as the number one for reverse corporate Yankee issuance (non-US corporate issuance in the dollar market with proceeds for US operations or linked to US assets), with key deals including the €2.5 billion/$4 billion senior notes programme from Johnson & Johnson to fund the acquisition of Shockwave Medical in May 2024.
Beyond the public markets, Citi also continued to grow its capabilities in private financing, highlighted by a multi-year $25 billion partnership with Apollo to deliver private credit solutions to large-cap corporate borrowers. This agreement enables Citi to combine its origination and relationship banking strengths with Apollo’s deployment capacity – further enhancing its ability to offer bespoke capital structures outside traditional DCM.
Leveraged finance remains a cornerstone of the bank’s offering, and Citi expanded its position as a trusted adviser and arranger to both corporate issuers and private equity sponsors. The bank significantly expanded its presence, executing a broad array of Term Loan B and high-yield transactions. The bank’s market share in North American leveraged finance reached 4.2% by wallet share, placing it firmly within the top tier of arrangers. More importantly, Citi led some of the most significant and structurally complex transactions in the market, particularly by increasing its foothold in committed leveraged buyout/M&A transactions in 2024 following an internal mandate from the top of the house.
Citi’s leveraged lending franchise continued to gain traction with financial sponsors and corporate clients alike, executing deals for sectors ranging from software and infrastructure to financial services and healthcare. The variety and velocity of deals Citi led underscored the bank’s ability to navigate complex credit profiles, manage syndicate risk, and close transactions across a range of industries and structures.
Citi’s strength extended into investment-grade financing, where the bank ranked as a top-five player in both US bond and loan markets, according to Dealogic. It played a lead role in financing the $36 billion acquisition of Kellanova by Mars, the largest M&A deal of 2024, in which Citi was exclusive financial adviser to Mars, jointly led the financing strategy and provided committed financing to Mars. It was also lead bookrunner on Kroger’s $10.5 billion senior notes issuance to fund its acquisition of Albertsons, and in April was lead left on a $5.5 billion senior bond offering for DiamondBackw Energy to fund its acquisition of Endeavor Energy. These landmark deals showcased Citi’s ability to deliver certainty of capital in competitive, high-stakes M&A scenarios.
Citi’s award win reflects more than deal count or league table position – it reflects execution leadership in high-impact transactions
The bank also led some of the market’s largest revolving credit facilities and bridge loans. In December, Citi acted as administrative agent on $21 billion of revolving credit facilities, with additional mandates including $20 billion in October and $12 billion in November. Clients such as 3M, General Electric, and Boeing turned to Citi to manage critical financing needs during restructurings, spin-offs and liquidity events. Citi arranged a $10 billion bridge facility for Boeing in the wake of operational disruptions, further cementing its reputation as the bank of choice during moments of corporate stress.
Beyond loans and bonds, Citi executed complex hybrid financing solutions combining equity and debt features to meet strategic client objectives. Citi helped Boeing raise $24 billion in a dual-tranche offering of common stock and mandatory convertibles – the largest US offering of its kind in history. In Asia, Citi advised Lenovo on a $2 billion private convertible bond and $1.8 billion warrants issuance, and was sole bookrunner on Wiwynn’s $1.4 billion concurrent equity and convertible bond deal, the largest ever combo financing in Taiwan’s capital markets.
These transactions demonstrate Citi’s unique ability to integrate advisory, product and market expertise across capital structure layers. Whether executing underwritten bridge financings, syndicating leveraged loans or managing multi-instrument hybrid structures, Citi consistently delivered bespoke solutions tailored to its clients’ most strategic financing needs.
“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,” said Jens Welter, head of North America investment banking coverage.
Citi’s award win reflects more than deal count or league table position – it reflects execution leadership in high-impact transactions. From enabling transformative M&A to engineering complex debt packages and hybrid financings, Citi has positioned itself as the go-to bank for global corporates and sponsors.
