Singapore holds top spot in Southeast Asia's loan market despite 7.3% drop

LSEG says SG hosted the region's largest syndicated financing in the second quarter.

Singapore remained Southeast Asia's largest syndicated loan market in the first half of 2026, despite lending activity falling 7.3% year on year (YoY) to $41.21b (US$31.9b), according to a review by the London Stock Exchange Group (LSEG).

The city also hosted the region's largest syndicated financing during the second quarter with aircraft leasing company SMBC Aviation Capital Hong Kong 2 Ltd secured a $4.78b (US$3.7b) term financing that attracted 33 banks during general syndication, according to LSEG.

Across Southeast Asia, syndicated lending declined 9.7% YoY to $60.07b (US$46.5b) in the first six months of 2026. Singapore accounted for the largest share of lending in the sub-region despite the overall slowdown.

Regionally, syndicated lending in Asia-Pacific, excluding Japan, fell 20.2% to $281.08b (US$217.6b) in the first half from $352b (US$272.5b) a year earlier.

LSEG said the total represented the region's lowest first-half syndicated loan volume since 2013. Second-quarter lending also declined 19.4% YoY to $153.97b (US$119.2b).

LSEG said the Asia-Pacific syndicated loan market remained subdued in the first half amidst political and geopolitical headwinds.

It said trade tensions, policy uncertainty, and energy shocks delayed borrowing, whilst tighter credit conditions increased caution. The report added that activity shifted towards refinancing and alternative funding.

The number of syndicated loans across Asia-Pacific also declined, with a total of 501 deals were completed in the first half, down 29% from 706 transactions in the same period last year.

During the second quarter, 248 deals were completed, compared with 253 in the preceding quarter.

Merger and acquisition-related lending was an exception to the broader slowdown.

M&A loan volume increased 22.8% YoY to $30.87b (US$23.9b) in the first half, up from $25.19b (US$19.5b) in the corresponding period last year.

Australia was the region's largest syndicated loan market in the first half, accounting for 26.1% of Asia-Pacific loan volume despite lending falling 4.6% to $73.37b (US$56.8b).

China and Hong Kong recorded syndicated loan volumes of $25.83b (US$20b) and $53.35b (US$41.3b), respectively.

Lending in China fell 61.8% YoY, whilst Hong Kong posted a decline of almost 22%.

On the mandated arranger league table for Asia-Pacific excluding Japan, Bank of China retained the top position, followed by DBS Bank and OCBC Bank.

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