Linklaters has topped the Thomson Reuters European debt and equity capital markets rankings, advising managers on twice as many equity deals over the first half of 2009 as its nearest rival and overtaking Allen & Overy (A&O) in the debt rankings.

The magic circle firm advised underwriters on 21 European equity capital markets (ECM) deals worth $37bn (£22.5bn) during the first six months of this year, with key deals including a role advising JP Morgan and Goldman Sachs on HSBC’s £12.5bn rights issue – the largest so far this year.