ASEAN mergers and acquisitions volumes are up over 30 per cent on-year. Equity capital markets (ECM) and Debt capital markets (DCM) issuance is up by a similar margin according to Dealogic data, with mergers and acquisitions volumes at $140 billion year to date and ECM and DCM volumes at over $180 billion year to date.
Citi, which will have been operating across some ASEAN markets for 125 years next year, has been very active amid the pick-up in banking activity.
Citi ASEAN Investment Banking revenues are up 35 per cent on-year according to Dealogic data, with the bank involved on close to $20 billion of ASEAN mergers and acquisitions year to date.
| Image courtesy of Citi |
Citi has also helped ASEAN clients raise close to $25 billion from global capital markets in 2026 across international bond issuance, initial public offerings, convertible bonds and follow-ons, according to Dealogic data.
Citi is also expecting a very active final quarter (Q4) for 2026 with key financings across debt and equity capital markets in the bank’s pipeline.
It also expects continued mergers and acquisitions activity both inbound and outbound across sectors including tech, consumer and healthcare.
“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.
We also are seeing associated mergers and acquisitions as local corporates go global and increasingly lean into Citi’s leading global network for key strategic financings and advisory work,” said Matthew Nimtz, Citi’s head of Investment Banking for ASEAN.
The bank’s deal credentials in 2026 include advising Indonesia’s Indosat on Zankore’s establishment along with supporting equity and debt financing. Citi also advised global investment firm KKR and Singapore-based telecommunications and technology major Singtel on their $10.9 billion acquisition of Singapore-headquartered data centre provider ST Telemedia Global Data Centres.
During 2026, Citi also led public equity transactions in Singapore for the likes of UI Boustead real estate investment trust, CapitaLand Integrated Commercial Trust and CapitaLand India Trust.
Selected international bond offerings include for the likes of the Republic of the Philippines, Perusahaan Listrik Negara in Indonesia, Advance Info Service in Thailand and Maybank in Malaysia.
Citi has led to close to 30 transactions for ASEAN issues, equivalent to around nearly three per month on average.
In Vietnam, Citi acted as exclusive financial advisor for a large insurance mergers and acquisitions transaction in 2025. The transaction reinforces Citi’s strong position in the mergers and acquisitions industry. Citi is also mandated to be financial advisor for several ECM and DCM transactions in Vietnam.
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