Citi’s position as a top-tier debt capital markets house was anchored by major league table momentum across investment-grade and high-yield markets. The bank ranked among the top five in US investment grade and high yield bonds, investment grade loans and leveraged loans in 2024.
But it was Citi’s strategic role – advising on capital structure, timing and issuance format – that elevated its value beyond simple execution. “Debt capital markets are not only a scale business but increasingly an advisory business – our value lies in helping clients decide when, how and why to issue, not just in placing paper,” said Jens Welter, head of North America investment banking coverage.
Citi’s pivotal role in acquisition financing underlined its dominance. It led Kroger’s $10.5 billion senior notes to finance the Albertsons acquisition and was front and centre on Mars’s $13 billion deal to help finance the $36 billion acquisition of Kellanova – the largest M&A financing of the year. Citi also structured and led GTCR’s $9.65 billion debt package for the leveraged buyout of Worldpay, showcasing its expertise across both investment-grade and sponsor-led transactions.
Beyond M&A, Citi managed a wave of strategic credit solutions that reinforced its reputation as a structuring powerhouse. It served as administrative agent or lead arranger on a host of marquee facilities, including Boeing’s $10 billion bridge facility, arranged rapidly to shore up liquidity amid operational turbulence. Citi was also a key player in structuring spin-related financings for iconic firms like General Electric and 3M, managing critical capital transitions during periods of corporate transformation.
Ultimately, Citi’s North American DCM franchise in 2024 was defined by complexity, client trust and capital at scale
On the capital markets side, Citi was equally prolific. It served as lead left or active bookrunner on an impressive array of benchmark deals, including $5.5 billion in senior notes for DiamondBack Energy to fund the acquisition of Endeavor Energy, and $15 billion in senior notes to support AbbVie’s acquisitions of ImmunoGen and Cerevel Therapeutics. In hybrid and subordinated debt, Citi delivered standout executions, including the largest US corporate hybrid issuance of the year at $3 billion from CVS Health.
Citi’s growing market share in US investment-grade bridge loans – over $50 billion underwritten in 2024 – illustrated its ability to provide liquidity at scale and underwrite risk in challenging conditions. Clients repeatedly turned to Citi not just for funding, but for its ability to deliver nuanced interest rate hedging, liability management and global investor access.
Ultimately, Citi’s North American DCM franchise in 2024 was defined by complexity, client trust and capital at scale. In a market shaped by uncertainty and rising issuance needs, Citi didn’t just compete – it led from the front.
