DBS China secures NAFMII underwriting licence for onshore bonds

DBS plans to attract more high-quality international issuers to issue Panda bonds.

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).

DBS is the only Singapore-headquartered bank licensed to play a leading role in managing all onshore corporate bond issuances in the China Interbank Bond Market, the bank said in a press release on 4 March 2026.

China’s bond market is the second largest globally, and institutional access continues to deepen, said DBS Bank (China) CEO Ginger Cheng.

“We will seize this opportunity to attract more high-quality international issuers to issue Panda bonds, whilst simultaneously helping overseas investors allocate RMB assets more efficiently and conveniently,” Cheng said.

Panda bond issuances in the China Interbank Bond Market registered a 26% compound annual growth rate over the past five years, hitting S$32.1b (RMB173.3b) in 2025.

DBS China participated in S$12.2b (RMB65.8b) of Panda bond issuances in the market in 2025. The value accounts for a 38% market share, it said.