DBS China has been granted a principal underwriting licence for non-financial corporate bonds by China's National Association of Financial Market Institutional Investors (NAFMII), positioning it among the only Singapore-headquartered banks licensed to lead underwrite all corporate bonds issued in the China Interbank Bond Market.
The licence is described as the most comprehensive underwriting authorisation granted by NAFMII. The development strengthens DBS's position as an access point for foreign investors and issuers seeking to participate in China's bond market, the second largest in the world by size.
Market activity and Panda bond growth
Panda bond issuances in the China Interbank Bond Market have grown at a compound annual growth rate of 26% over the past five years, rising from approximately USD 7.9 billion (RMB 54.5 billion) in 2020 to USD 25.1 billion (RMB 173.3 billion) in 2025, according to Chinese financial data provider Wind Information.
In 2025, DBS China participated in USD 9.5 billion (RMB 65.8 billion) of Panda bond issuances in the China Interbank Bond Market, representing a 38% market share and cementing its position as one of the most active foreign banks in this segment.
Broader RMB infrastructure
The licence builds on a series of RMB-related capabilities DBS has established in recent years. In 2025, DBS became the first Singapore bank to be appointed an RMB clearing bank, and DBS Singapore was admitted as an overseas direct participant of China's Cross-Border Interbank Payment System (CIPS), complementing DBS China's direct participation in CIPS since 2015. DBS Singapore also received approval to operate in the onshore over-the-counter bond market, and recently completed its first pilot trade by facilitating the sale of a USD 14.5 million (RMB 100 million) bond to DBS's Korea branch.
Ginger Cheng, CEO of DBS Bank China, said the licence recognises the bank's long-term commitment to the Chinese financial market and enables DBS to serve cross-border capital flows, with a focus on attracting international issuers to the Panda bond market and helping overseas investors allocate RMB assets more efficiently.
Adding to this, Clifford Lee, Global Head of Investment Banking at DBS Bank, noted that the bank has acted as joint lead underwriter of all Panda bond issuances by European financial institutions since 2024 and is working with Middle Eastern financial institutions on inaugural Panda bond issuances, describing the licence as an acceleration of DBS' efforts to open Asia's capital markets to a global audience.
