LSEG’s Deals Intelligence team has released its Singapore Investment Banking Activity Report for the first quarter of 2025, revealing an 18% year-on-year increase in investment banking fees, totalling $191m. Despite this rise, equity capital markets underwriting fees fell by 43% to $7.3m, marking the lowest first-quarter total since 2016. Conversely, debt capital markets fees surged by 139% to $56.9m, whilst advisory fees from completed mergers and acquisitions (M&A) transactions rose by 145% to $104.4m. Syndicated lending fees, however, saw a 73% decline to $22.4m.
M&A activities involving Singapore reached $15.5b, a 6.4% decrease from the previous year, with a notable 32.5% drop in the number of announced deals. The High Technology sector led the M&A activity, capturing 16.2% of the market with deals worth $2.5b, an 81.6% increase from the previous year. Citi emerged as the top financial adviser for M&A, handling transactions worth $2.6b.
In the equity capital markets, Singapore saw a 52.4% decline in activity, totalling $265.7m, the lowest since 2016. Three initial public offerings (IPOs) were launched on Nasdaq, raising $31.2m. The Real Estate sector dominated the equity capital market proceeds, accounting for 61.8% of the total.
Debt capital markets experienced a significant boost, with primary bond offerings reaching $11.9b, a 73.7% increase from the previous year. The Financials sector dominated, capturing 77.9% of the market share. United Overseas Bank led the bonds underwriting league table with $1.3b in related proceeds.
These developments highlight the dynamic shifts within Singapore’s investment banking landscape, with significant growth in debt capital markets and advisory fees, despite challenges in equity markets.
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