Citi expects 2026 to mark a record year for investment banking across Southeast Asia, as accelerating mergers and acquisitions (M&A), artificial intelligence-related financing and capital-market fundraising drive deal activity, with the Philippines among markets accessing international debt investors.
M&A transactions across the Association of Southeast Asian Nations (ASEAN) exceeded $140 billion year-to-date, up more than 30% year-on-year, while equity and debt capital-market issuances rose by a similar margin to more than USD180 billion, according to Dealogic data.
Citi’s ASEAN investment banking revenues climbed 35 percent, supported by its participation in nearly USD20 billion worth of M&A transactions. The bank also helped regional clients raise close to USD25 billion through international bonds, initial public offerings, convertible bonds and follow-on share offerings.
The Philippines featured in Citi’s sovereign debt transactions, alongside corporate issuers in Indonesia, Thailand and Malaysia. The activity underscores continued access to global funding markets across the region, although financing conditions and investor appetite may vary by issuer and market.
“ASEAN is one of Citi’s key regions globally. It is home to a growing class of world class corporates and emerging champions who are increasingly using capital markets at competitive levels to fund growth ambitions,” said Matthew Nimtz, Citi’s ASEAN head of investment banking.
Among the major transactions cited by the bank were KKR and Singtel’s USD10.9-billion acquisition of STT GDC and financing support for Indonesia’s Indosat.
Citi expects dealmaking to remain active through the fourth quarter, with additional debt and equity transactions in its pipeline. It also anticipates sustained inbound and outbound acquisitions in technology, consumer and healthcare, as regional companies pursue expansion beyond their domestic markets.
The outlook points to continued momentum in ASEAN’s capital markets, though whether activity translates into a full-year record will depend on transaction execution, funding conditions and the completion of deals still in the pipeline.
