A bonding material includes: fine silver particles having an average primary particle diameter of 1 to 50 nm, each of the fine silver particles being coated with an organic compound having a carbon number of not greater than 8, such as hexanoic acid; silver particles having an average primary particle diameter of 0.5 to 4 µ m, each of the silver particles being coated with an organic compound, such as oleic acid; a solvent containing a primary alcohol solvent and a terpene alcohol solvent; and a dispersant containing a phosphoric acid ester dispersant (or a phosphoric acid ester dispersant and an acrylic resin dispersant), wherein the content of the fine silver particles is in the range of from 5 wt% to 30 wt%, and the content of the silver particles is in the range of from 60 wt% to 90 wt%, the total content of the fine silver particles and the silver particles being not less than 90 wt%, and wherein the bonding material further includes a sintering aid of a monocarboxylic acid having an ether bond.