Even as global ESG initiatives face headwinds, Asia is asserting a leadership position in this important domain. In 2024, DBS demonstrated why Asian banks are increasingly shaping the future of ESG finance.
“We are humbled to be recognised as Asia’s best bank for ESG,” says Shilpa Gulrajani, head of sustainable finance, institutional banking group, DBS. “This achievement belongs to our customers and partners who share our vision of enabling a just transition in Asia by pushing boundaries and pioneering sustainable and transition financing solutions. It is a great validation of our ongoing efforts and spurs us to create greater impact for the clients and communities we serve.”
The bank distinguishes itself through its ability to originate and execute complex, often inaugural ESG transactions across diverse markets and issuer types. When Singapore sought to establish its green bond credentials, it appointed DBS as bookrunner and sole green structuring adviser for its S$2.5 billion ($2 billion) 30-year paper. Despite market volatility, the transaction attracted S$6 billion in orders and priced inside existing sovereign curves, demonstrating investor confidence in both the structure and the bank’s execution.
DBS extended its innovation into emerging sectors. The bank structured Asia’s first public sustainability-linked perpetual securities for ST Telemedia Global Data Centres – a S$450 million transaction that was also the first globally from a pure-play data centre issuer. By linking financing costs to renewable energy consumption targets of 60% or higher, the structure addressed both the capital-intensive nature of green infrastructure and the growing energy demands of the digital economy.
The bank’s reach spanned multiple geographies and issuer profiles. In Hong Kong, it facilitated the Airport Authority’s debut HK$4 billion ($510 million) green bond. In mainland China, DBS executed New Development Bank’s Rmb6 billion ($840 million) sustainable development goals bond – the largest 5-year issuance in China’s Panda bond market.
Crucially, DBS integrated ESG considerations into core financing, demonstrating that sustainability enhances value, not compromises it
In the Philippines, it executed complex liability management for San Miguel Global Power, refinancing existing debt while funding solar project pre-development through an $800 million senior perpetual. As the only Asian bank in Volkswagen Financial Services’ €2.25 billion ($2.65 billion) triple-tranche green senior notes syndicate, DBS channelled European capital into zero-emission vehicles.
Crucially, DBS integrated ESG considerations into core financing, demonstrating that sustainability enhances value, not compromises it. When pricing Khazanah Nasional’s dual-tranche $1 billion issuance, the bank achieved the Malaysian sovereign wealth fund’s tightest ever 5/10-year curve spread at 10 basis points.
The numbers reinforce this strategic approach. DBS topped southeast Asia’s green bond league tables with $1.46 billion across 13 deals, capturing 17% market share. It also ranked third in overall ESG bonds, managing $1.58 billion across 17 transactions.
DBS’s approach reflects systematic capability building across currencies, structures and sustainability themes, underpinned by a deep understanding of Asia’s unique ESG trajectory. The bank has created replicable templates that accelerate sustainable finance adoption across the region. This market-building role positions DBS at the centre of Asia’s transition to a sustainable economy.
