Singapore investment banking fees down 24% to $881 million in 2023: LSEG

SINGAPORE – Investment banking fees generated in Singapore so far in 2023 fell 24 per cent to US$664.9 million (S$881 million) from the same period in 2022, indicated preliminary London Stock Exchange Group (LSEG) data released on Dec 22.

Overall, DBS Bank took the lead in the Republic’s investment banking fee league table, taking 14 per cent or US$94.4 million of the total fee pool.

LSEG found that advisory fees from completed mergers and acquisitions (M&A) fell 41 per cent year on year to US$205.2 million.

This came as the value of announced M&A transactions with Singapore involvement hit US$50.7 billion so far in the year – the lowest annual total since 2013. Although deal value was 57 per cent lower year on year, the number of deals rose 8 per cent.

Singapore-target M&A value shed 66 per cent to US$14.2 billion year on the year, while domestic M&A activity tumbled 68 per cent to US$5.6 billion. Inbound M&A stood at US$8.6 billion, declining 64 per cent from 2022, while outbound M&A fell 53 per cent to US$24.8 billion worth of announced deals.

Fees generated from equity capital markets were down 34 per cent on the year to US$76.8 million, supported by the US$3.2 billion raised from Singapore equity and equity-related issuances.

Singapore-domiciled companies raised US$2.8 billion via follow-on offerings, 3.6 per cent higher than the same period a year ago. Initial public offerings by Singapore companies raised 61 per cent more proceeds, totalling US$110.6 million so far.

Meanwhile, debt capital markets fees fell 27 per cent to US$91.3 million. Primary bond offerings from Singapore-domiciled issuers were 25 per cent lower year on year at US$20.1 billion raised so far this year.

Environmental, social and governance-related bonds from Singaporean issuers accounted for 18 per cent of total Singapore-issued bond proceeds so far. THE BUSINESS TIMES

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