Singapore Largest Bank $122 Billion DBS Receives China Principal Underwriting Licence (Non-Financial Corporate Bonds) to Lead Underwriting Corporate Bonds Issued in China Interbank Bond Market, DBS with 38% of $25.3 Billion (CNY 173.3 Billion) Panda Bonds Market Share in 2025
5th March 2026 | Hong Kong
Singapore largest bank DBS ($122 billion market value) has received China principal underwriting licence (Non-Financial Corporate Bonds) to lead underwriting corporate bonds issued in China Interbank Bond Market. DBS has a 38% of the $25.3 billion (CNY 173.3 billion) Panda bonds market share in 2025. Announcement (4/3/26): “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). This is the most comprehensive underwriting licence granted by NAFMII and further strengthens DBS’ position as a gateway for foreign investors and issuers to tap the world’s second-largest bond market. Combined with the bank’s existing capabilities, DBS is now the only Singapore-headquartered bank licensed to play a leading role in managing all onshore corporate bond issuances in the China Interbank Bond Market. This includes helping to manage the group of banks and broker-dealers involved in a bond issuance. Foreign issuers are increasingly tapping China’s bond markets for financing. According to Chinese financial data provider Wind Information, Panda bond issuances in the China Interbank Bond Market registered a 26% compound annual growth rate over the past five years, from RMB 54.5 billion (SGD 10.1 billion) in 2020 to RMB 173.3 billion (SGD 32.1 billion) last year. In 2025, DBS China participated in RMB 65.8 billion (SGD 12.2 billion) of Panda bond issuances in the China Interbank Bond Market, accounting for a 38% market share. This cemented DBS China as one of the most active foreign banks for Panda bonds in the China Interbank Bond Market last year. As a leading financial institution in Asia, DBS has stepped up to deliver more comprehensive and competitive RMB solutions at a time when clients are diversifying their trade and currency exposures: In 2025, DBS became the first Singapore bank to be appointed an RMB clearing bank. In addition, DBS Singapore was admitted as an overseas direct participant of China’s Cross-Border Interbank Payment System (CIPS), building upon DBS China’s position as one of the earliest direct participants of CIPS since 2015. With its clearing bank status and direct access to onshore RMB liquidity, DBS can provide clients with wider access to RMB-denominated instruments and seamless RMB cross-border usage and settlement. In addition, DBS Singapore received approval last year to operate in the onshore over-the-counter (OTC) bond market. The bank recently completed its first OTC pilot trade by facilitating the sale of an RMB 100 million (SGD 18.5 million) bond to DBS’ Korea branch. This demonstrates the bank’s ability to offer overseas investors a more efficient channel to invest in Chinese domestic bonds by facilitating onshore trading while providing custody services offshore.”
“ Singapore Largest Bank $122 Billion DBS Receives China Principal Underwriting Licence (Non-Financial Corporate Bonds) to Lead Underwriting Corporate Bonds Issued in China Interbank Bond Market, DBS with 38% of $25.3 Billion (CNY 173.3 Billion) Panda Bonds Market Share in 2025 “
![](https://www.caproasia.com/wp-content/uploads/2025/08/Air-Charter-Service-728x90-1.png")
Ginger Cheng, CEO of DBS Bank (China): “China’s bond market is entering a new stage of high-quality development. Its market size remains the second largest globally and institutional access continues to deepen. 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.”
Clifford Lee, Global Head of Investment Banking, DBS Bank: “Foreign issuers are increasingly exploring Panda bonds as they recognise the ample liquidity of China’s bond market and the need to diversify capital market access. 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.”
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. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 17 consecutive years from 2009 to 2025. DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.
Singapore Largest Bank $122 Billion DBS Receives China Principal Underwriting Licence (Non-Financial Corporate Bonds) to Lead Underwriting Corporate Bonds Issued in China Interbank Bond Market, DBS with 38% of $25.3 Billion (CNY 173.3 Billion) Panda Bonds Market Share in 2025
Caproasia Users
- Manage $20 million to $30 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2026 Investment Day
- March - Hong Kong
- March - Singapore
- April - Hong Kong
- April - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
