APAC investment banking fees dip 3% in H1 on lower M&A and DCM fees

Only ECM underwriting fees bucked the trend during the period.

Investment banking fees generated in Asia Pacific excluding Japan dipped 3% year-on-year (YoY) in the first six months of 2026.

An estimated $12.1b worth of investment banking fees were generated in APAC during the period, with all but equity capital market (ECM) underwriting fees registering declines, according to data from the London Stock Exchange Group (LSEG) Deals Intelligence team.

Advisory fees earned in the region from completed mergers and acquisitions (M&As) were down 22% YoY to $1.5b, LSEG said.

Debt capital markets (DCM) fees dropped 4% YoY to $6.7b, whilst syndicated lending fees fell by 20% YoY to $1b.

ECM underwriting fees bucked the trend, rising 23% YoY to $2.9b during the first six months of 2026.

Amongst financial institutions, CITIC took the top position for overall investment banking fees in APAC ex. Japan, with a total of $795.8m. This accounted for 6.6% of the wallet share.

CITIC was also the DCM top book runner for the period.

Citi was the top M&A financial advisor for H1, and China International Capital Co was the ECM top book runner.