That’s a capitalist to do when the world seems overrun by socialism? If you’re an investment banker, the answer is simple: Underwrite government bonds. Countries around the world have embarked on unprecedented spending sprees in a bid to give their economies a boost. Some analysts question whether the strategy will work in the long run, but the borrowing is certainly providing a hefty stimulus to banks these days. Revenue from arranging bond issues for sovereigns and supranational agencies rose 12.7 percent in the 12 months ended September 24 from a year earlier, to $3.37 billion, according to data provider Dealogic.

JPMorgan Chase & Co. heads the sovereign league table, matching its place atop the overall debt rankings. It had revenue of $273.1 mil-lion, or 8.1 percent of the market. European banks took six of the top ten places, reflecting their governments’ heavy borrowing.