The bank reportedly commanded a total issuance volume double to its closest rival.

Citi has emerged as the top underwriter for equity capital markets (ECM) in Asia excluding Japan for the first three months of 2024, according to data from Dealogic.

As of end-Q1, Citi reportedly commanded a total issuance volume that was double that of Goldman Sachs, who was second on the list.

In a press statement, Citi attributed its performance to a plethora of notable transactions over the quarter. These include the $2.1b block trade by British American Tobacco (BAT) in ITC Limited; the US$2b combination block trade for Hana Bank; the US$1.1b block trade by Tata Sons in Tata Consultancy Services (TCS); and the US$689m GDR for GlobalWafers.

“We continue to see increased activity levels and have a strong pipeline of transactions waiting for the right windows to come to market. Investors continue to pivot to growth, and the Asia region outperforms in this regard across several sectors and thematics,” said Udhay Furtado, head of Asia North/Australia and Asia South ECM Origination and Solutions at Citi, commenting on the Dealogic league table results for the quarter.

Citi also took the top spot as the leading ECM underwriter for India in Q1.