In a volatile interest rate environment, Citi was not only prolific in volume but delivered critical financing solutions that defined the market. The bank was instrumental in structuring and executing strategic debt raises across all verticals – corporate, sovereign, sponsor-led and sustainable – often setting records in size, innovation or pricing.
As Jens Welter, Citi’s head of North America investment banking coverage, puts it: “Debt capital markets are not only a scale business but increasingly an advisory business – our value lies in helping clients decide when, how and why to issue, not just in placing paper.”
In North America, Citi led several of the year’s largest and most complex transactions. It served as lead left bookrunner on Kroger’s $10.5 billion senior notes for the acquisition of Albertsons, and for Mars in its $13 billion issuance – financing the largest M&A deal of 2024. Citi also led a $9.65 billion multi-tranche loan and bond package for GTCR’s acquisition of Worldpay, highlighting its prowess in sponsor-led leveraged deals.
Its ability to anchor mega financings extended to investment grade markets as well. Citi was the lead on Stellantis’s $12 billion revolving credit facility – the largest in Europe – and administered multi-billion-dollar bridge loans for Boeing and other global corporates, demonstrating its capabilities in scale, structuring and syndication.
Citi’s reach in Asia-Pacific was also commanding. The bank underwrote $28.8 billion in G3 currency bonds across the region, leading in every major geography and consistently ranking among the top three in all categories – from Korea and Japan to southeast Asia.
Notably, Citi was number one in sustainable bond underwriting in APAC, executing $4.5 billion in ESG bonds and acting as ESG structuring adviser in a series of high-profile transactions, including sovereign and quasi-sovereign issuances.
Citi’s DCM strength was not limited to execution, but evident in its ability to win repeat mandates
In Korea, Citi executed 51 transactions in 2024, securing a dominant 11% market share in G3 bonds and leading numerous AT1 and Tier II capital issues. In Greater China, the bank pioneered debt issuance from Taiwan’s insurance sector, executing landmark transactions for Cathay Life and Nan Shan Life. These were not just large deals, they were firsts, and they demonstrated Citi’s capability to shape markets and regulatory pathways.
The firm’s leadership extended to liability management, sustainability frameworks, hybrid capital, and innovative foreign subsidiary structures. Citi’s structuring of Alibaba’s $5 billion USD/CNH multi-tranche return to global bond markets marked the largest Asian corporate deal since 2021, and the largest CNH corporate bond issuance in history.
Across the globe, Citi’s DCM platform adapted rapidly to client needs in 2024. Whether advising on currency mix, tenor or market timing, Citi helped clients navigate rate volatility, rating agency scrutiny, and shifting investor preferences. The firm also maintained top-three positions in the US investment-grade loan and bond league tables, and led the market in leveraged loan issuance.
Citi’s DCM strength was not limited to execution, but evident in its ability to win repeat mandates. Trusted by some of the world’s most iconic brands, the bank consistently delivered high-impact outcomes – whether refinancing, funding acquisitions or optimising capital structure.
Citi’s DCM franchise is a reflection of long-term investment, product depth and client trust. The bank’s formula – a global platform with local insight – set it apart in a market increasingly defined by complexity and cross-border needs.
