Goldman Sachs has usurped UBS as the top equity capital market bookrunner in Europe in the first half of the year as issuance surged by more than a fifth to reach $109.3bn (€87.2bn), according to preliminary figures from investment banking research company Thomson Financial.

The US bank rose from third for the same period last year to first in the six months to the end of June, with $11.8bn of deals in Europe. Morgan Stanley climbed from sixth to second spot, displacing JP Morgan. Deutsche Bank remained in fourth place, ahead of UBS, which slipped from the top spot at this stage last year to fifth.