DBS has been spearheading several significant transactions over the review period. The firm successfully navigates both onshore and offshore markets under complex market conditions, while addressing client needs with precision.
The bank acted as the sole global coordinator for China Overseas Land and Investment in its Rmb3.19 billion (US$444 million) dim sum bond issuance. This marked one of a few deals within China’s subdued offshore bond market wrestling with high interest rates and heightened investor caution. DBS’s involvement in this issuance played a key role in boosting offshore investor confidence for quality Chinese developers, while encouraging other financial institutions to explore similar structures.
In another headline transaction, the bank facilitated New World China Land’s first-ever onshore commercial mortgage-backed securities issuance. Worth Rmb1 billion, this issuance was secured against the New World Yunmen New Park in Guangzhou. DBS contributed Rmb250 million in investment through its investment banking business.
The bank was also active in sustainable finance, where it played a significant role as the joint underwriter for CapitaLand Investment’s maiden Rmb1 billion sustainability-linked panda bond. The three-year bond issuance registered Rmb200 million in onshore participation, and allowed the client to secure lower-cost RMB financing and expand its funding channels and investor base within China.