In a year defined by tariff shocks, geopolitical fragmentation and sharp bouts of market volatility, BNP Paribas delivered a performance across the full span of European investment banking that sets the benchmark for cross-product franchise excellence.
From equity capital markets to debt issuance, sustainability finance and strategic advisory, the bank demonstrated the breadth and depth of a platform genuinely operating at the top of the European market.
The equity capital markets record was arguably the most striking. BNP Paribas led 77 transactions across EMEA to claim first place in deal count among all bookrunners, with Bloomberg designating the firm as the region’s leading IPO house for the year.
The defining moments came in scale and complexity: the bank served as joint global coordinator on Ørsted’s €8 billion rights issue, the largest-ever equity raise in the Nordics and the biggest renewable energy equity transaction globally; on Iberdrola’s €5 billion primary accelerated bookbuild, the largest ABB in the European energy and utilities sector since 2000; and on the €2.2 billion Elia private investment in public equity and rights issue combination, the largest equity-linked transaction in Belgium since 2009.
The ability to mobilise the whole platform rapidly and consistently is what sets us apart when the stakes are highest
Mark Lynagh
The bank also led nine IPOs including Verisure, Ottobock and the £400 million Princes listing – the largest deal completed under the new UK listing rules, on which BNP Paribas served as the sole European bank and sole joint global coordinator.
Multicurrency depth
In debt capital markets, the bank ranked first in euro-denominated issuance for the full year, with €161 billion placed across 767 transactions at a 7.9% market share. Three consecutive years at the top of the insurance DCM league table confirmed structural leadership in that sector, while a 30% share in Swiss franc capital markets reflected genuine multicurrency depth.
Landmark transactions spanned Novo Nordisk’s €6 billion multi-tranche Eurobond, the largest euro issuance ever by a Nordic corporate, Alphabet’s €6.75 billion inaugural euro transaction, NTT’s jumbo multicurrency deal encompassing €5.5 billion and $12.25 billion, and Apollo’s £4.5 billion private credit transaction for Hinkley Point C, the largest sterling-denominated private credit deal on record.
Advisory performance reinforced the cross-product proposition. The acquisition of Royal Mail by EP Group, a mandate built over years of relationship investment in a high-profile public takeover, the Nuveen acquisition of Schroders’ asset management business, and a major cross-border UK infrastructure transaction all demonstrated a firm capable of structuring complex, politically sensitive mandates with financing and capital markets fully integrated from the outset.
Across ESG, BNP Paribas ranked first globally in sustainable finance bonds and led the EMEA sustainable bond league table for a sixth consecutive year – a position grounded in genuine market building, from inaugural European Green Bond Standard deals to blue bond innovation and multilateral development bank hybrid structuring.
“Our long-term client relationships mean the advisory conversation is very often the entry point for everything else – risk management, debt, equity, cross-border structuring,” says Mark Lynagh, head of global banking for the UK and head of global capital markets across EMEA. “The ability to mobilise the whole platform rapidly and consistently is what sets us apart when the stakes are highest.”
