Middle Eastern debt capital markets (DCM) in 2025 were defined by scale, diversification and execution discipline. HSBC led across all three.
It finished the year as the region’s number-one DCM house, with more than $130 billion of issuance and approximately 12% market share, maintaining a leadership position built in more than a decade. But volume alone does not explain its edge. The more important point is how that volume was delivered – and what it reveals about the bank’s role in shaping the market.
The sovereign calendar provides the clearest evidence.
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