In a remarkable surge, Singapore’s investment banking landscape has shown robust growth, with estimated fees reaching $683 million in the first nine months of 2025, marking a notable 31.5% increase from the same period last year, according to data from the London Stock Exchange Group (LSEG). This uptick is underpinned by a significant rise in equity capital markets (ECM) underwriting and merger and acquisition (M&A) advisory fees, both of which more than doubled.
Equity capital markets underwriting fees soared to a four-year high of $140.1 million, showcasing the renewed confidence among investors. This rise indicates a flourishing ecosystem where companies are more eager to tap into public capital. Meanwhile, the advisory fees from M&A transactions rocketed 105.3% to reach $238.9 million, illustrating a vigorous appetite for deal-making in the region.
The Debt Capital Market (DCM) also experienced growth, with fees climbing 44.5% to $126.8 million. However, it’s a mixed bag for the syndicated lending sector, which saw fees decline by 29.3%, down to $177.2 million, reflecting a cooling in that particular area of finance.
In terms of institutional leaders, Citi proudly secured the top spot in Singapore’s investment banking fee rankings, commanding an 8.3% share of the wallet with $57 million in fees. Morgan Stanley, not to be outdone, led the M&A league table, with transactions totaling $4.4 billion, representing an 8.2% market share. It’s almost like they are competing for the title of “Investment Banking Champion” in Singapore’s bustling financial arena.
DBS Group Holdings has also made significant strides, topping both the equity and bond underwriting league tables. Singapore’s largest bank by assets reported an impressive $661.3 million in equity-linked proceeds alongside $4.7 billion in bond underwriting proceeds. This solid performance affirms DBS’s dominant position in the financial sector, as it continues to set benchmarks for competitors in the market.
What factors contributed to the increase in investment banking fees in Singapore?
The rise in fees is largely driven by a doubling of ECM underwriting and M&A advisory fees, signaling increased investor confidence and a robust appetite for acquisitions.
How did Citi and Morgan Stanley perform in the investment banking sector?
Citi led in overall investment banking fees with an 8.3% market share, while Morgan Stanley topped the M&A table, handling $4.4 billion in transactions, showcasing their strong foothold in Singapore’s competitive environment.
What trend is evident in the syndicated lending fees?
Syndicated lending fees experienced a notable decline of 29.3%, suggesting a potential cooling off in that segment, possibly due to changing market conditions and investor preferences.
