Syndicated loans in H1 fell to its lowest six-month tally in 3 years.

Syndicated lending in Asia Pacific (excluding Japan) declined 3.39% year-on-year (YoY- to $241.48b in the first six months of 2025, according to data from the London Stock Exchange Group (LSEG).

Economic activity remained ‘uncertain’ due to the overhang of US tariffs, LSEG said.

Only 586 syndicated loan transactions were recorded in H1 2025, 21% lower than a year earlier, and the lowest six-month tally in three years.In contrast, lending related to mergers and acquisitions (M&A) surged 47.26% to $16.56b, with Australia and China accounting for the vast majority of M&A financings.

China accounted for over 50% of M&A loans during the period, the largest financing being the $1.1b five-year facility for Zijin Mining Group’s acquisition of lithium producer Zangge Mining. Zijin Mining Group is a copper and gold producer.

Refinancing accounted for 28.9% of total lending, with India and Macau raising the largest loans during the period.

China accounted for $53.04b of the overall loan volume, whilst Australia and Hong Kong notched deals totalling around $46b apiece in H1 2025.

In South-East Asia, Indonesia and Singapore were the standout markets. Indonesia transacted $5.50b in volume, a 179% rise thanks to two billion-dollar deals for PT Bank Mandiri (Persero) Tbk and Mineral Industri Indonesia Persero PT,.

Singapore’s tally of $32.79b was 11.16% higher than a year earlier.