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DBS China Receives License to Underwrite Debt Financing Instruments for Non-Financial Enterprises Including Foreign Issuers in the China Interbank Bank Market, Global Non-Financial Enterprises Can Use DBS to Issue Bonds in China, DBS China Accounts for 10% of China RMB 140 Billion Market & is the Most Active Foreign Bank for Panda Bonds

16th February 2024 | Hong Kong

DBS China has received the license to underwrite debt financing instruments for non-financial enterprises including foreign issuers in the China Interbank Bank Market, allowing global non-financial enterprises to use DBS to issue bonds in China.  DBS China accounts for 10% of China RMB 140 billion ($19.6 billion) market, and is the most active foreign bank for Panda Bonds.  Panda Bond is RMB-denominated issued by a non-China issuer and sold in Mainland China.  DBS: “DBS China has received a licence from China’s National Association of Financial Market Institutional Investors to underwrite debt financing instruments for non-financial enterprises, including foreign issuers, in the China Interbank Bond Market.  As the first Southeast Asian headquartered bank to secure this licence, non-financial enterprises outside of China can now leverage DBS’ track record in helping foreign governments and agencies, supranational organisations, and financial institutions tap the world’s second-largest bond market.  In 2023, DBS China was the joint lead underwriter for RMB 16.5 billion (SGD 3.1 billion) of Panda bonds issued in the China Interbank Bond Market, accounting for over 10% of the RMB 140 billion (SGD 26.2 billion) market that year. This cemented DBS China as the most active foreign bank for Panda bonds in the China Interbank Bond Market, a pole position the bank has held since 2021.  Foreign issuers are increasingly tapping China’s bond markets for financing. According to Chinese financial data provider Wind Information, issuance of Panda bonds in the China Interbank Bond Market last year hit a record RMB 140 billion (SGD 26.2 billion), an almost 70% jump from RMB 83 billion (SGD 15.5 billion) in 2022.”  More info below:

“ DBS China Receives License to Underwrite Debt Financing Instruments for Non-Financial Enterprises Including Foreign Issuers in the China Interbank Bank Market, Global Non-Financial Enterprises Can Use DBS to Issue Bonds in China, DBS China Accounts for 10% of China RMB 140 Billion Market & is the Most Active Foreign Bank for Panda Bonds “

 



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Ginger Cheng, CEO of DBS Bank (China): “The growth of Panda bond issuances highlights the domestic bond market’s depth and rising international standing, driven in part by the government’s initiatives to internationalise its financial markets. As one of the first foreign banks to participate in the China Interbank Bond Market, our new underwriting licence expands DBS’ existing capabilities and networks in helping both foreign and local issuers access this attractive market.”

Clifford Lee, Global Head of Fixed Income, DBS Bank: “DBS has supported several multilateral development banks, foreign governments and European financial institutions to issue Panda bonds, some of which were inaugural issuances. These also include Panda bonds with green, sustainable and social labels, underscoring the Chinese capital market’s growing sophistication and ability to finance the global transition towards a more sustainable future.”

 

 

DBS China Receives License to Underwrite Debt Financing Instruments for Non-Financial Enterprises Including Foreign Issuers in the China Interbank Bank Market, Global Non-Financial Enterprises Can Use DBS to Issue Bonds in China, DBS China Accounts for 10% of China RMB 140 Billion Market & is the Most Active Foreign Bank for Panda Bonds

DBS Singapore

14th Feb 2024 – DBS China has received a licence from China’s National Association of Financial Market Institutional Investors to underwrite debt financing instruments for non-financial enterprises, including foreign issuers, in the China Interbank Bond Market.  As the first Southeast Asian headquartered bank to secure this licence, non-financial enterprises outside of China can now leverage DBS’ track record in helping foreign governments and agencies, supranational organisations, and financial institutions tap the world’s second-largest bond market.

In 2023, DBS China was the joint lead underwriter for RMB 16.5 billion (SGD 3.1 billion) of Panda bonds[1] issued in the China Interbank Bond Market, accounting for over 10% of the RMB 140 billion (SGD 26.2 billion) market that year. This cemented DBS China as the most active foreign bank for Panda bonds in the China Interbank Bond Market, a pole position the bank has held since 2021.

Foreign issuers are increasingly tapping China’s bond markets for financing. According to Chinese financial data provider Wind Information, issuance of Panda bonds in the China Interbank Bond Market last year hit a record RMB 140 billion (SGD 26.2 billion), an almost 70% jump from RMB 83 billion (SGD 15.5 billion) in 2022.

DBS China has established itself as one of the top foreign banks in underwriting onshore debt financing instruments. Some of its milestone achievements include:

  • Participating in RMB 248.7 billion (SGD 46.5 billion) of bond issuances in the China Interbank Bond Market last year, including Supranational, Sovereign, and Agency (SSA) Panda bonds, financial institution Panda bonds, financial bonds[2] and local municipal bonds.
  • Underwriting the first green financial bond issued by a foreign bank
  • Bringing the first financial institution issuer from Korea to the China Interbank Bond Market
  • Acting as the only non-affiliated foreign lead underwriter for eight Panda bond and financial bond issuances last year

 

About DBS

DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.




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