Deutsche Bank has returned to the top of the equity capital markets league table for Europe, the Middle East and Africa this year, displacing Morgan Stanley, which finished in fifth place after knocking the German bank off the number one spot last year.

Deutsche Bank led deals worth $19.6bn (€23.6bn), giving it an 8.8% market share, and a lead of $2.1bn over JP Morgan, which finished in second place, according to Dealogic, the investment banking research provider.