Bank of America has cried wolf more often than its rivals when it comes to developing its European capital markets business, but less than three months into 2006 it is claiming this will be a defining year.

The debt capital market league tables add weight to rival bankers' claims that BoA is a long way from being a recognised force in Europe, despite having a London presence since 1932. Last month the US bank was ranked 45th among bookrunners of European bonds. The bank was 27th at the end of last year, which was its highest full-year ranking in at least five years, according to investment banking research company Dealogic.