HSBC is on course to finish 2015 as the top bank in the European debt capital markets for the first year ever, while its UK rival Barclays has also overhauled Deutsche Bank, which with just a week left of the year is on the verge of losing the crown it has worn since 2010.

The imminent shake-up in the rankings comes after a year in which DCM activity globally has declined to multi-year lows, chiefly on the back of the level of issuance in Europe, the Middle East and Africa.