The Business Times
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OUTLOOK 2026

Recovery in investment banking activity likely to continue into 2026 amid positive macro environment

Singapore IPO pipeline expected to be even stronger in the coming year

Summarise
Tan Nai Lun

Tan Nai Lun

Published Mon, Dec 1, 2025 · 07:00 AM
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    • If interest rates remain around current levels and global growth stays resilient, bankers are confident that the momentum seen in 2025 can continue into the next year.
    • If interest rates remain around current levels and global growth stays resilient, bankers are confident that the momentum seen in 2025 can continue into the next year. PHOTO: BT FILE

    [SINGAPORE] Improved macroeconomic conditions have led to a recovery in investment banking activity across Asean this year – and bankers expect the momentum to continue into 2026.

    Interest rates eased in 2025, after the US Federal Reserve cut interest rates twice in the year to date.

    This has lowered the cost of capital, revived confidence and made refinancing, expansion and acquisition plans more feasible, said Clifford Lee, global head of investment banking at DBS.

    Outlook 2026investment bankingIPODebt capital marketsM&A

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