Allen & Overy (A&O) has held on to top spot in the latest international debt capital markets rankings, with the magic circle firm seizing an 8% market share for 2007.

A&O advised managers on 651 deals worth a combined $331.8bn (£170.4bn) over the last year to top the table, compiled by Thomson Financial.

The result means A&O has claimed top spot in the rankings for three consecutive years, although the City giant has seen its market share dip by 1.6% compared to 2006.