C · Earnings call · 2026Q3T · Full report

Capital Markets Activity

CITIGROUP INC · 2026-10-13 · Importance 17 · Surprise 24

Management described Citi’s investment-banking pipeline as solid, with the United States remaining the center of advisory and capital-markets activity and some pickup in Europe and Asia. The debt-capital-markets pipeline is strong, supported by clients acting before rates potentially move higher and remain elevated, while investment-grade refinancing activity is expected to stay high because spreads are tight. IPO activity remains selective and favors issuers with durable earnings, while sponsors continue to hold aged assets and are slower to monetize them. Citi expects elevated capital expenditure and strategic dialogue and an above-average wallet for the rest of 2026, despite a possible pullback from near-record levels.

Key facts