Barclays and Deutsche Bank, both facing tough questions over their strategies in the past year, have been making gains on the European debt front, a business that has long been the cornerstone of their investment banking units.

The two banks have moved up the league tables for European debt capital markets so far this year, with Barclays topping the league table with an 8% market share, and Deutsche Bank ranking second with a 7% share, according to Dealogic's preliminary first quarter figures. The two ranked second and third last year, with a 7.5% and 6.8% market share respectively.