New issue activity increases in most segments, JP Morgan tops rankings.

Global capital markets activity — both equity and debt issuance — is up so far this year, according to new data from LSEG Data & Analytics.

Through the first nine months of 2025, global equity issuance totalled US$527 billion, up 17% from the same period in 2024. The volume of deals was little changed year over year, with just over 3,500 deals in the year-to-date, down 1% from last year.

The increase in equity issuance comes as global initial public offerings (excluding SPACs) rebounded, rising 25% this year to US$88.1 billion. While U.S. IPO activity is up 17% to US$30.4 billion, China recorded an 83% jump in IPOs to US$15.5 billion, LSEG noted.

Alongside the rebound in IPOs, global convertible offerings rose 50% so far this year to US$121.7 billion, and secondary offerings increased 7% to US$317.3 billion, it reported.

JP Morgan led the equity underwriter league tables, with Morgan Stanley in second place, knocking Goldman Sachs to third. BofA Securities Inc. and Citi rounded out the top five underwriters.

RBC Capital Markets and TD Securities were the only Canadian firms to rank in the top 25, taking 16th and 17th place, respectively.

LSEG also reported that global debt issuance rose 12% in the first nine months of the year to US$9.5 trillion, while deal volume increased 7% year-over-year.

High-yield debt issuance was up 20% so far this year to US$385 billion, while investment-grade corporate debt offerings rose 8% to US$4.5 trillion.

JP Morgan also led the debt league tables, followed by BofA, which edged out Citi for second place. Barclays and Morgan Stanley ranked fourth and fifth, respectively.