DBS Group, the largest financial institution in Singapore by total assets, announced Wednesday that Chinese regulators have approved its subsidiary to serve as a primary underwriter for corporate bonds within China’s interbank market.
The authorization comes from China’s National Association of Financial Market Institutional Investors (NAFMII) and enables DBS to take the lead role in managing corporate bond transactions on the mainland, including organizing underwriting groups, according to the bank’s announcement.
The Southeast Asian banking giant reported that its Chinese operations emerged as one of the most prominent foreign institutions in the panda bond sector during 2025, capturing a substantial 38% portion of the market through involvement in deals worth 65.8 billion yuan, equivalent to approximately $9.54 billion.
Panda bonds represent yuan-currency debt securities marketed within China’s domestic financial system by international companies and organizations.
DBS highlighted that it stands as the sole Singapore-based financial institution authorized to lead the underwriting process for all types of corporate bonds within China’s interbank market.
Market data from Wind Information, cited by the bank, shows panda bond activity in China’s interbank system expanded significantly over recent years, growing at a 26% annual rate from 54.5 billion yuan in 2020 to reach 173.3 billion yuan in 2025.
The financial institution also noted its historic achievement in 2025 as the first Singapore bank selected to serve as a renminbi clearing institution.
