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Thailand: bonds

The Thai bond market made a significant stride of development following the 1997 Asian crisis when Thai Government issued substantial amount of debt instruments to mobilize funds for the nation’s development in many aspects. At the end of 2006, outstanding value of domestic bonds totaled THB 4,085.26 billion, the majority portions or about 77% of which were government debt securities comprising loan bonds (LB) and treasury bills (TB) issued by the Ministry of Finance (43%), state agency bonds* (22%) and state-owned enterprise bonds (12%). The remaining 23% were long term corporate bonds and commercial papers whereas the Baht denominated foreign bonds shared marginally by less than 1%.
The long term corporate bonds in Thailand are mainly straight and plain. For structured bonds which are featured to be more complicated than general debt instruments, the market is still at an early stage of development. The structured bonds can be categorized into two groups: structured notes and securitization bonds. Most of the structured notes in Thailand are issued by commercial banks and are mainly Equity-Linked Notes (ELN). Although the period 1993-1998 witnessed the emergence of securitization market development in Thailand, it did not gain considerable momentum until late 2003 when Dhanarak Asset Development Company Limited (DAD), an asset management company owned by the Ministry of Finance (MOF), mobilized funds though the issuance of the largest size of securitization bonds in Thailand for the Government Complex Project.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
THB 47 4 089 649 931 000
corporate
THB 708 2 441 523 990 000
USD 38 16 399 295 000
MYR 3 1 970 000 000
CNY 1 600 000 000
TRY 1 1 000 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Advanced Wireless, 3.35% 30nov2027, THB - Domestic bonds TH5435037B00 3.35% 9 000 000 000  THB 11/30/2017 11/30/2027
Krung Thai Bank PCL, 3.4% 23nov2027, THB - Domestic bonds TH0150037B00 3.4% 20 000 000 000  THB 11/23/2017 11/23/2027
Quality Houses, 2.2% 21nov2020, THB - Domestic bonds TH025603UB07 2.2% 1 500 000 000  THB 11/21/2017 11/21/2020
Double A (1991), 5.3% 16nov2020, THB - Domestic bonds TH047403UB03 5.3% 612 500 000  THB 11/16/2017 11/16/2020
Thailand, LB 3.6 17jun2067 - Domestic bonds TH062303H604 3.6% 15 400 000 000  THB 11/08/2017 06/17/2067
CH. Karnchang, 2.24% 3nov2020, THB - Domestic bonds TH053003UB05 2.24% 1 000 000 000  THB 11/03/2017 11/03/2020
Bank of Ayudhya, 1.85% 3nov2020, THB - Domestic bonds TH002303UB09 1.85% 10 000 000 000  THB 11/03/2017 11/03/2020
Toyota Leasing Thailand, 2.61% 31oct2024, THB - Domestic bonds TH0811034A01 2.61% 3 500 000 000  THB 10/31/2017 10/31/2024
Toyota Leasing Thailand, 2.02% 30nov2021, THB - Domestic bonds TH0811031B03 2.02% 3 000 000 000  THB 10/31/2017 11/30/2021
Toyota Leasing Thailand, 2.2% 31oct2022, THB - Domestic bonds TH0811032A03 2.2% 3 000 000 000  THB 10/31/2017 10/31/2022

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Thai international bonds, USD bln 10.700 10.700 10.800 9.700 9.400 9.400 9.400
BIS net issues of international-bond market of emerging countries
International-bond net issue of Thailand, USD bln 0.100 0.100 1.000 0.300 -0.100 -0.100 0.100

Currencies

Daily indices

Type: 12/14/2017 12/13/2017 12/12/2017 12/11/2017 12/08/2017 12/07/2017 12/06/2017
Exchange Rates (Emerging Markets)
USD/THB 32.4767 32.5243 32.6098 32.6125 32.6210 32.6143 32.6131
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Credit Risk Indicators

Daily indices

Type: 02/17/2017 02/15/2017 02/14/2017 02/13/2017 02/10/2017 02/09/2017 02/07/2017
CDS Emerging markets (sov.) 
CDS 5Y Thailand mid * * * * * * *
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Risk Management Institute

Daily indices

Type: 12/13/2017 12/12/2017 12/11/2017 12/08/2017 12/07/2017 12/06/2017 12/05/2017
RMI CVI - Asia
Thailand CVI value weighted  5.59 5.59 5.56 5.56 5.56 5.60 5.45
Thailand CVI tail  58.96 60.93 57.41 57.41 56.78 57.01 55.16
Thailand CVI equally weighted  16.05 14.65 15.68 15.68 14.29 15.51 13.34
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Macroeconomic Indicators (World economy)

Monthly indices

Type Nov 2017 Oct 2017 Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Thailand) 0.99 0.86 0.86 0.32 0.17 -0.05 -0.04
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Thailand) 41.20 44.40 42.80

JP Morgan

Daily indices

Type: 08/20/2013 08/19/2013 08/16/2013 08/15/2013 08/14/2013 08/13/2013 08/12/2013
CEMBI (publication was suspended since 20.08.2013) 
CEMBI Thailand * * * * * * *
ELMI (publication was suspended since 20.08.2013) 
ELMI Thailand * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Bangkok Bank, 2.750% 27mar2018, USD   USD 03/27/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Bangkok Bank, 3.3% 3oct2018, USD   USD 10/03/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Bangkok Bank, 3.875% 27sep2022, USD   USD 09/27/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Bangkok Bank, 4.80% 18oct2020, USD   USD 10/18/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Bangkok Bank, 5% 3oct2023, USD   USD 10/03/2023 05/18/2016 ***.*** *.** 05/18/2016 ***.**** *.*
Bangkok Bank, 9.025% 15mar2029, USD   USD 03/15/2029 05/18/2016 ***.**** *.** 05/18/2016 ***.**** *.**
Bangkok Dusit Medical Services, 0% 18sep2019, THB (Conv.)   THB 09/18/2019 05/18/2016 *** -*.** 05/18/2016 *** -*.*
IRPC, 6.375% 2017, USD   USD 05/25/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.**** *.**
Kasikornbank, 3.0% 20mar2018, USD   USD 03/20/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.** *
Kasikornbank, 3.5% 25oct2019, USD   USD 10/25/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Kasikornbank, 8.25% 21aug2016, USD   USD 08/21/2016 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Krung Thai Bank PCL, 2.25% 11sep2018, USD   USD 09/11/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Krung Thai Bank PCL, 5.2% 26dec2024, USD   USD 12/26/2024 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Krung Thai Bank PCL, 7.378% perp., USD   USD 05/18/2016 *** * 05/18/2016 ***.* *
PTT Exploration and Production, 3.71% 16sep2018, USD   USD 09/16/2018 05/18/2016 ***.*** *.** 05/18/2016 *** *.**
PTT Exploration and Production, 4.875% perp., USD   USD 05/18/2016 **.* * 05/18/2016 **.* *
PTT Exploration and Production, 5.692% 5apr2021, USD   USD 04/05/2021 05/18/2016 ***.*** * 05/18/2016 ***.*** *.**
PTT Exploration and Production, 6.350% 12jun2042, USD   USD 06/12/2042 05/18/2016 *** *.** 05/18/2016 ***.*** *.**
PTT Global Chemical, 4.25% 19sep2022, USD   USD 09/19/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
PTT PCL, 3.375% 25oct2022, USD   USD 10/25/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
PTT PCL, 4.50% 25oct2042, USD   USD 10/25/2042 05/18/2016 **.*** *.** 05/18/2016 **.*** *.**
PTT PCL, 5.875% 3aug2035, USD   USD 08/03/2035 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Ratchaburi Electricity, 3.5% 2may2019, USD   USD 05/02/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.**** *.**
Siam Commercial Bank, 3.375% 19sep2017, USD   USD 09/19/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Siam Commercial Bank, 3.5% 7apr2019, USD   USD 04/07/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Siam Commercial Bank, 3.90% 14nov2016, USD   USD 11/14/2016 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Thai Oil, 3.625% 23jan2023, USD   USD 01/23/2023 05/18/2016 ***.** *.** 05/18/2016 ***.* *.*
Thai Oil, 4.875% 23jan2043, USD   USD 01/23/2043 05/18/2016 *** *.** 05/18/2016 ***.** *.**
TMB Bank, 3.108% 1oct2021, USD   USD 10/01/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
TMB Bank, 5.5% 9mar2018, CNY   CNY 03/09/2018 05/18/2016 ***.** *.** 05/18/2016 ***.** *.*
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150 000
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countries
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