DBS Bank, a Singaporean firm, became the first of its kind in China’s onshore bond market, boosting its role in the growing panda bond sector.

DBS Bank's China unit has received a principal underwriting license from China’s NAFMII, making it the first and only Singapore-headquartered bank authorized to lead non-financial corporate bond issuances in China’s onshore interbank market. The license enables DBS to coordinate syndicates and underwrite bond deals, expanding its role in facilitating foreign issuers, particularly in the growing panda bond market. In 2025, DBS captured a 38% market share in panda bond issuance, totaling 65.8 billion yuan, with issuance volumes rising at a 26% compound annual rate over the past five years. The move underscores DBS’s deepening presence in China’s capital markets, supported by its 2025 appointment as the first Singaporean renminbi clearing bank.