Of the total Debt Capital Market volume of $80.1 billion, India's contribution was around $13 billion, while China's share was much larger with $17.61 billion, data complied by global consulting firm Dealogic show.

Russia led the pack with a volume of over $36 billion, followed by China. Debt capital refers to capital raised by companies through instruments such as bonds. It also includes money secured from derivative instruments, such as futures, options and swaps.

"Russia leads BRIC debt issuance accounting for 45 per cent of the volume, up 13 percentage points from 32 per cent in 2006 year to day, followed by China with 22 per cent," Dealogic said.

India and Brazil together contributed around 33 per cent of the total amount, which when translated into money terms represents about $26.43 billion. The total DCM volume of $80.1 billion raised through 404 deals in 2007 so far was up, 43 per cent from $55.9 billion through 394 deals in the same period in 2006, the data shows.

Corporate investment grade bond issuance in Brazil, Russia, India and China more than doubled in the first seven months this year totalling to $42.6 billion from $16.1 billion in the same period previous year.

While corporate high yield issuance recorded a decline of 14 per cent to $26.7 billion in the period from $31.2 billion till July 2006. Corporate investment grade bonds are relatively safe for investment purposes, while high yield bonds are riskier but pay high returns.

Finance sector, which raised $40 billion, topped the industry rankings so far this year with 191 deals, an increase of 118 per cent from $18.4 billion raised through 168 deals in the corresponding period of 2006.

Global financing major Citigroup topped the chart of book runners with a volume share of seven per cent, while Deutsche Bank trailed with a 5.5 percent market share.