DBS secures China bond underwriting licence

DBS said its China unit was one of the most active foreign banks for panda bonds in 2025. Read more at straitstimes.com.

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 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.