DBS China captures 38% of Panda bond market in 2025; secures principal underwriting license
Foreign issuers are increasingly tapping China’s bond markets for financing, DBS says
[SINGAPORE] DBS China participated in 65.8 billion yuan (S$12.2 billion) of Panda bond issuances in 2025, representing a 38 per cent market share of the China Interbank Bond Market (CIBM), based on a statement released on Wednesday (Mar 4).
The performance data was released alongside the announcement that DBS China has been granted a principal underwriting licence for non-financial corporate bonds by China’s National Association of Financial Market Institutional Investors. The licence is the most comprehensive underwriting authority granted by the regulator.
The new licence allows DBS to take a leading role in managing all onshore corporate bond issuances in the CIBM. DBS is currently the only Singapore-headquartered bank licensed to lead-manage such deals, which includes the coordination of bank and broker-dealer syndicates.
Ginger Cheng, chief executive of DBS Bank (China), said: “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.”
Panda bonds – renminbi-denominated notes issued by foreign entities in China – have seen an increase in activity. Foreign issuers are increasingly tapping China’s bond markets for financing, DBS said.
Citing data from Wind Information, the bank noted that issuances in the CIBM grew at a 26 per cent compound annual growth rate over the last five years, rising from 54.5 billion yuan in 2020 to 173.3 billion yuan in 2025.
Clifford Lee, global head of investment banking at DBS, stated that the bank has acted as a joint lead underwriter for all Panda bond issuances by European financial institutions since 2024. The bank is also currently working with Middle Eastern financial institutions to explore inaugural Panda bond offerings.
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