Singapore investment banking fees hit highest 9M period in five years

M&A deals, equity issues, and primary bond issues rose to new highs.

An estimated $693.8m of investment banking fees were generated in Singapore in the first nine months of 2026, up 9% year-on-year (YoY), and the highest year-to-date since 2021, according to the London Stock Exchange Group’s (LSEG) Deals Intelligence Team.

Advisory fees earned from completed mergers and acquisitions (M&A) transactions totalled $256m, up by 23.7% YoY. Equity capital markets (ECM) underwriting fees rose 11.5% YoY to $159.8m, whilst syndicated lending fees rose 11.3% YoY to $175.9m.

Debt capital market (DCM) fees alone logged a decline, falling by 24.6% YoY to $102.3m compared to a year earlier.

Singapore accounted for 3.4% of APAC investment banking fees and 69.3% of Southeast Asia fee pools during the period.

M&A deals involving Singapore reached $104.3b in 9M 2026, up 98.2% YoY, and marking its strongest year-to-date period since 2021. A record first quarter lifted the segment, although dealmaking slowed in the second and third quarter, according to LSEG.

M&A Q3 activity in Singapore declined 9.9% compared to Q2 to $24.1b, a second consecutive quarterly decrease. Number of announced deals also fell 32.4% to 186 transactions—the lowest quarterly tally on record, LSEG said.

Equity and equity-related activity amassed $7.4b during the 9M 2026 period, a 28.2% YoY increase, and also the segment’s strongest year-to-date period since 2021.

The number of equity issues declined 44.6% YoY to 31 transactions, although activity accelerated in the third quarter to reach $3.9b in proceeds. This is 56.5% higher than the same period in 2026.

LSEG recorded 10 IPOs by Singapore companies during the nine-month period, collectively raising $3.3b, 59.5% YoY higher.

SHEIN Global Holdings’ $1.7b Hong Kong IPO accounted for most of the value. It is the largest Singapore-domiciled equity offering in 2026, LSEG said

Primary bond offerings from Singapore-domiciled issuers rose 6.7% YoY to $37b during the nine month period. This is the strongest year-to-date period since records began in 1980, said LSEG.

Primary bond issuance accelerated in the third quarter, with issuance rising 18.7% YoY to $14.9b.

(All figures in USD)