DBS secures China bond underwriting licence
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DBS China has been granted a principal underwriting licence for non-financial corporate bonds in China’s interbank bond market.
ST PHOTO: KUA CHEE SIONG
SINGAPORE - DBS Group, Singapore’s biggest bank by assets, said on March 4 its China unit has been granted a principal underwriting licence for non-financial corporate bonds in China’s interbank bond market.
The licence from China’s National Association of Financial Market Institutional Investors, or NAFMII, allows DBS Bank to lead-manage all onshore corporate bond deals, including coordinating syndicates, it said in a statement.
DBS, which is also the largest bank in South-east Asia, said DBS China was one of the most active foreign banks for panda bonds in 2025, commanding a 38 per cent market share after having participated in 65.8 billion yuan (S$12.2 billion) of issuance.
Panda bonds are renminbi-denominated bonds sold in China’s onshore market by non-Chinese issuers. DBS also said it is the first and only Singapore-headquartered bank licensed to lead-underwrite all corporate bonds issued in the China interbank bond market.
Panda bond issuance in China’s interbank bond market rose at a 26 per cent compound annual growth rate over the last five years to 173.3 billion yuan in 2025 from 54.5 billion yuan in 2020, DBS said, citing Wind Information data.
DBS said it became the first Singapore bank to be appointed a renminbi-clearing bank in 2025
