DBS China has been granted a principal underwriting licence for non-financial corporate bonds by China’s National Association of Financial Market Institutional Investors. This licence allows DBS to lead the underwriting of all corporate bonds in the China Interbank Bond Market, making it the only Singapore-headquartered bank with such a capability. The move enhances DBS’s role as a gateway for global issuers and investors to access China’s vast bond market.
The licence comes as foreign issuers increasingly seek financing in China’s bond markets. Panda bond issuances have seen a 26% compound annual growth rate over the past five years, according to Wind Information. In 2025, DBS China participated in RMB 65.8b (S$12.2b) of Panda bond issuances, securing a 38% market share.
DBS has also expanded its RMB solutions, becoming the first Singapore bank appointed as an RMB clearing bank in 2025. It has been admitted as an overseas direct participant of China’s Cross-Border Interbank Payment System, enhancing its ability to provide RMB-denominated instruments and seamless cross-border settlements.
Ginger Cheng, CEO of DBS Bank (China), highlighted the significance of the licence, stating, “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.”
Clifford Lee, Global Head of Investment Banking at DBS, noted the growing interest in Panda bonds among foreign issuers, emphasising the bank’s active role in developing this market. The new licence is expected to accelerate DBS’s efforts to open Asia’s capital markets to the world.
