DBS Obtains Bond Underwriting License in China
Singapore-based DBS continues to expand its capabilities in mainland China with the latest license for bond underwriting.
DBS’ China unit has been granted a principal underwriting licence for non-financial corporate bonds in mainland China's interbank bond market by the country’s National Association of Financial Market Institutional Investors (NAFMII), according to a statement. The license will allow the Singapore lender to lead-manage all onshore corporate bond deals, including coordinating syndicates.
DBS is a significant foreign player in the issuance of panda bonds – yuan-denominated bonds sold onshore by non-Chinese issuers – with a 38 percent market share as of the end of last year. Panda bond issuance in China's interbank market reached 173.3 billion yuan ($25.1 billion) in 2025, marking a 26 percent compound annual growth rate in the last five years, according to Chinese data provider Wind Information.
