Investment banking fees in Singapore have reached their highest level in four years, totalling US$418.4m in the first half of 2026, according to the London Stock Exchange Group’s (LSEG) Deals Intelligence team. This marks a 3.1% increase compared to the same period in 2025, highlighting Singapore’s growing prominence in the Asia Pacific region, where it accounted for 3% of total fees.
The report reveals that advisory fees from completed mergers and acquisitions (M&A) transactions rose to US$142.5m, an 8.5% increase from the previous year. However, equity capital markets underwriting fees saw a decline of 6.1%, totalling US$85.7m. Debt capital markets fees also fell by 30.2% to US$56.1m, whilst syndicated lending fees surged by 30.3% to US$134.2m.
DBS Group Holdings led the investment banking fee league table in Singapore, generating US$50.1m in fees, which represents a 12% share of the overall fee pool. In M&A, Singapore saw a significant increase, with transactions totalling US$77.4b, more than doubling from the previous year. Notably, outbound M&A reached a record US$37.6b, driven by Anthropic’s US$30b funding round led by GIC Pte Ltd.
Equity capital markets activity in Singapore also showed growth, with proceeds totalling US$3.6b, a 7.4% increase from 2025. The number of issues, however, decreased by 41.9%. Real estate issuers dominated the market, accounting for 85.6% of proceeds.
In the debt capital markets, primary bond offerings from Singapore-domiciled issuers reached US$20.6b, marking a 16.7% increase in proceeds compared to last year. The Financials sector led the issuance, capturing a 69.8% market share.
The report underscores Singapore’s robust performance in investment banking, with significant growth in M&A and debt capital markets, positioning the city-state as a key player in the region.
