DBS China can now act as lead underwriter for non-financial corporate bonds in the China Interbank Bond Market after receiving a principal underwriting licence.
The licence, granted by the National Association of Financial Market Institutional Investors, allows DBS China to manage underwriting syndicates for non-financial corporate bond issuances in the interbank market.
With this and its existing mandates, DBS said it is now the only Singapore-headquartered bank licensed to play a leading role across all onshore corporate bond issuances in the China Interbank Bond Market.
Data from Wind Information shows Panda bond issuances in the interbank market grew at a 26 percent compound annual rate over the past five years, rising from RMB 54.5 billion in 2020 to RMB 173.3 billion last year.
Panda bonds are renminbi-denominated bonds issued in China by non-Chinese companies, governments and organisations.
In 2025, DBS China participated in RMB 65.8 billion of Panda bond issuances in the interbank market, accounting for a 38 percent market share.
Ginger Cheng, CEO of DBS Bank China, said,
“This licence is a recognition of our long-term commitment to the Chinese financial market and enables DBS to be a crucial lever for serving cross-border capital flows.
We will seize this opportunity to attract more high-quality international issuers to issue Panda bonds, while simultaneously helping overseas investors allocate RMB assets more efficiently and conveniently.”
DBS Singapore was appointed an RMB clearing bank in 2025 and admitted as an overseas direct participant of China’s Cross-Border Interbank Payment System, adding to DBS China’s direct participation since 2015.
Last year, DBS Singapore received approval to operate in China’s onshore over-the-counter bond market and completed its first pilot trade, facilitating the sale of an RMB 100 million bond to its Korea branch.
Clifford Lee, Global Head of Investment Banking at DBS, said,
“As the only Asia-headquartered investment bank operating across the region in all asset classes, DBS has been actively developing this market.
This includes acting as the joint lead underwriter of all Panda bond issuances by European financial institutions since 2024 and working with Middle Eastern financial institutions to explore their inaugural Panda bond issuances. This licence accelerates DBS’ efforts to open Asia’s capital markets to the world.”
This article first appeared on Fintech News Singapore.
Featured image: Edited by Fintech News Hong Kong, based on image by DBS
