- Singapore investment banking fees jumped 28.9% in 2025 to US$864.6 million, the highest since 2021.
- Fee growth was led by M&A advisory (+55%), equity underwriting (more than doubled), and debt capital markets (+56%), while syndicated lending fell ~24%.
- DBS topped the league tables with US$72.9 million in fees (8.4% share), leading equity, equity-linked and bond underwriting.
- Despite higher fees, Singapore-related M&A value slipped ~9% to US$70.4 billion as outbound deals hit a decade low, and IPOs by Singapore issuers raised US$2.5 billion.
Read More
In 2025, Singapore’s investment banking market saw a strong rebound in fee income across multiple business lines, mainly driven by the combination of volatile global conditions which, paradoxically, created opportunity in capital markets and advisory work. A nearly 30% increase in overall fees to US$864.6 million (from 2024) stands out versus the sharp declines seen in 2023, when activity dropped ~24%.
The growth was uneven: M&A advisory fees rose ~55% to US$265.1 million, equity underwriting fees more than doubled to reach a four-year high (US$210.9 million), and debt capital markets fees up ~56% to US$155.2 million. These gains compensated for a ~24% decline in syndicated lending fees. This suggests a market leaning toward fee-rich transactions (ECM, bond underwriting, advisory) when lending markets cool.
Key players benefitted in divergent ways. DBS emerged as the top fee earner in Singapore with US$72.9 million, claiming ~8.4% of the fee pool and leading in underwritten equity, equity-linked, and bonds. Other global banks made strong showings, especially in H1, with Citi leading mid-year fees. This reflects both domestic bank strength and selective success by internationals.
However, there are important structural limits. Total M&A deal value involving Singapore slipped ~9% to US$70.4 billion, despite higher average fees—suggesting fewer but larger or structurally complex deals. Outbound M&A dropped, while inbound grew modestly. IPO activities were observable but not yet dominant: 38 IPOs by Singapore issuers raised US$2.5 billion, most of that via offshore listings.
Strategic implications include revenue diversification for investment banks, potential pressure to innovate in syndication/lending given falling fees there, and opportunity for local players and incumbents to consolidate market share in underwriting. Open questions remain regarding sustainability: will momentum carry into 2026? Can the slowdown in deal volume in late 2025 reverse? And how will macro risks (interest rates, geopolitical tension) affect underwriting and cross-border deals?
Supporting Notes
- Total Singapore investment banking fees in 2025: US$864.6 million, up 28.9% YoY; highest since 2021.
- M&A advisory fees from completed deals rose 55.3% to US$265.1 million.
- Equity capital markets underwriting fees more than doubled YoY, reaching US$210.9 million (4-year high).
- Debt capital markets fees rose 55.9% to US$155.2 million.
- Syndicated lending fees declined 24.1% to US$233.4 million.
- DBS earned US$72.9 million in fees (8.4% wallet share), leading underwriter in equity, equity-linked, bonds.
- Total M&A value involving Singapore in 2025: US$70.4 billion, down ~9% YoY; domestic and outbound M&A fell, inbound grew 16%.
- 38 IPOs by Singapore-based companies raised US$2.5 billion; majority (27) listed offshore raising US$662.1 million; local bourse raised US$1.9 billion from 11 issuers.
- Primary bond offerings by Singapore-domiciled issuers totaled US$41.3 billion, up 30.5% YoY; financials sector dominated.
- Sector trends: energy & power deal value doubled to US$12.2 billion; high tech up ~37.6% to US$9.8 billion; real estate works down slightly.