JP Morgan tops global league tables.

Globally, syndicated lending reached a record high in 2024, as financing proceeds rose 32% in the year to US$5.9 trillion, according to data from LSEG Data & Analytics.

The financial sector led the way with US$1.3 trillion worth of total borrowing, up 42% during the year. Rounding out the top three sectors were energy and power and industrials, LSEG reported.

By region, the U.S. was the leading source of syndicated lending activity, accounting for US$3.6 trillion worth of deals in 2024, an increase of 46% from the previous year.

Syndicated lending activity was also up in Canada, rising 22% year to year to US$309.7 billion, LSEG reported.

Elsewhere, syndicated lending activity was up 40% in Europe to US$1.0 trillion — whereas the Asia-Pacific region saw proceeds decline by 9% in the year to US$567.4 billion. In particular, lending was down by 43% in China, and declined by 9% in Japan, LSEG noted.

JP Morgan topped the global underwriting league tables, pushing BofA Securities down to second place, LSEG reported.

The rankings for the rest of the top five global underwriters remained unchanged, with Citi in third place, followed by Wells Fargo & Co. and Mizuho Financial Group.

RBC Capital Markets climbed to ninth place in the global rankings, up one spot from last year, and BMO Capital Markets climbed to 13th place from 16th in 2023.