Asia-Pacific investment banks underwrote fewer bond deals in the first half of 2026 as primary bond issuance dropped 3.8% year-on-year, according to LSEG Deals Intelligence. Total bond issues fell 12.5% over the same period. Despite the pullback from 2025’s record levels, issuers across the region (excluding Japan) raised $2.5 trillion, making H1 2026 only the second time since tracking began in 1980 that first-half issuance breached the $2 trillion threshold.
China continued to anchor the regional market, generating $2 trillion—an 80% market share—despite a 5% dip in volume. Australia followed in second place with $148.9 billion (up 33.3% year-on-year, capturing 5.9% market share), while South Korea ranked third with $137.9 billion (down 11.3%, holding a 5.5% share).
By sector, sovereign and agency issuers dominated fundraising with $1.2 trillion raised (46.4% market share, roughly flat year-on-year). Financial institutions generated $836.1 billion (33.3% share, down 6.7%), while industrial issuers raised $197.3 billion (7.9% share, down 6.8%). On the underwriting front, CITIC topped the regional league tables, bringing in $156.1 billion in bond proceeds to capture a 6.2% market share.
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