Jan Metzger, co-head of Japan, Asia North and Australia (JANA) and Asia South, investment banking coverage, links the rebound in activity to a more supportive backdrop through 2025, as lower rates helped close valuation gaps and brought confidence back to boards. Citi cites 2025 M&A deal value in Asia-Pacific excluding Japan rising 30% y-o-y to US$933 billion, while equity and equity-related offerings rose 38% to US$260 billion, and primary bond offerings climbed 23% to US$278 billion.
Citi expects Asia-Pacific investment banking to remain busy in 2026, driven by a stronger deal pipeline, easing rate pressures and sustained funding demand for digital infrastructure and AI.
Citi’s investment banking client revenues in Asia-Pacific in 2025 were the strongest the bank has seen in more than a decade. Dealogic data put Citi’s 2025 investment banking revenues at US$514 million ($650 million), up 33% from 2024, with strength led by M&A and equity capital markets (ECM). Citi also said it helped Asian clients raise more than US$250 billion from global capital markets during the year.
