Investment banking fees generated in the Asia-Pacific region excluding Japan dropped 3% year-on-year to an estimated US$12.1 billion during the first six months of 2026. Data from the London Stock Exchange Group (LSEG) Deals Intelligence team reveals that nearly all business lines experienced a downturn over the period, with the sole exception of equity capital market underwriting revenues. Specifically, advisory fees from completed mergers and acquisitions suffered a 22% year-on-year decline to US$1.5 billion, debt capital markets fees dropped 4% to US$6.7 billion, and syndicated lending fees fell 20% to reach US$1 billion.
Bucking the broader contraction, equity capital markets underwriting fees surged 23% year-on-year to hit US$2.9 billion during the first half of the year. Among individual financial institutions, CITIC claimed the top spot in the overall Asia-Pacific investment banking league table, capturing US$795.8 million in total fees and commanding a 6.6% market wallet share. CITIC also secured the top position as the leading debt capital markets bookrunner for the six-month period. Meanwhile, Citi emerged as the premier financial advisor for mergers and acquisitions in the first half of the year, and China International Capital Corporation took the lead as the top bookrunner for equity capital markets.
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