A&O acts on 472 deals as Thomson Reuters data shows impact of economic crisis on capital markets volume

Allen & Overy (A&O) and Linklaters have topped Thomson Reuters' EMEA rankings for bank roles on debt and equity capital markets (ECM) transactions in 2011 – a year in which the volume of debt issues fell more than 7%.

A&O advised managers on 472 debt issues generating proceeds of $272.5bn (£175.1bn) to head the bank-side rankings across the EMEA region, with Linklaters, Clifford Chance (CC), Davis Polk & Wardwell and Cahill Gordon & Reindel making up the rest of the top five.