Debt and equity capital markets saw vigorous engagement in 2025 as issuers and borrowers stepped up their fundraising forays to finance business growth plans. As the US rates cycle turned last year, the markets took an upward trajectory, generally bucking the tariff-induced economic uncertainties and heightened geopolitical risks. After a lull in activity following US President Donald Trump’s “Liberation Day” in April, the markets started printing deals as the investment sentiment in Asia turned positive, with investors seeking exposure to technology-driven growth stocks and other asset classes.