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 48 4 113 834 262 000
corporate
THB 99 711 605 320 000
USD 35 15 894 600 000
SGD 1 195 000 000
JPY 1 36 000 000 000
CNY 1 600 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** 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
EXIM Thailand, FRN 21apr2022, USD - International bonds XS1601471565 6M USD Libor+0.37% 120 000 000  USD 04/18/2017 04/21/2022
Siam Commercial Bank, 3.2% 26jul2022, USD - International bonds XS1555809927 3.2% 400 000 000  USD 01/23/2017 07/26/2022
Green River Holding, 0% 25jan2022, USD (Conv.) - International bonds XS1543666793 0% 42 600 000  USD 01/19/2017 01/25/2022
EXIM Thailand, FRN 7oct2024, USD - International bonds XS1489961562 6M Libor USD + 0.6% 150 000 000  USD 09/30/2016 10/07/2024
Kasikornbank, 2.375% 6apr2022, USD - International bonds XS1496392330 2.375% 400 000 000  USD 09/29/2016 04/06/2022
CP All, 0.5% 22sep2021, USD (Conv.) - International bonds XS1491998297 0.5% 300 000 000  USD 09/15/2016 09/22/2021
Thailand, LB 2.125 17dec2026 - Domestic bonds TH0623036C06 2.125% 59 000 000 000  THB 08/10/2016 12/17/2026
Thailand, LB 1.875 17jun2022 - Domestic bonds TH0623032602 1.875% 186 956 000 000  THB 07/13/2016 06/17/2022
Thailand, LB 2.875 17jun2046 - Domestic bonds TH062303Q605 2.875% 47 345 000 000  THB 07/06/2016 06/17/2046
Central Bank of Thailand, 1.49% 23feb2018, THB - Domestic bonds TH065503S207 1.49% 115 000 000 000  THB 06/16/2016 02/23/2018

World Bond market statistics

Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of emerging countries
Thai international bonds, USD bln 10.700 10.800 9.700 9.400 9.400 9.400 9.500
BIS net issues of international-bond market of emerging countries
International-bond net issue of Thailand, USD bln 0.100 1.000 0.300 -0.100 -0.100 0.100 -0.700

Currencies

Daily indices

Type: 04/21/2017 04/20/2017 04/19/2017 04/18/2017 04/17/2017 04/14/2017 04/13/2017
Exchange Rates (Emerging Markets)
USD/THB 34.3630 34.4028 34.4016 34.3377 34.3085 34.3387 34.3416
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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: 04/20/2017 04/19/2017 04/18/2017 04/17/2017 04/14/2017 04/13/2017 04/12/2017
RMI CVI - Asia
Thailand CVI value weighted  10.31 10.30 10.12 10.02 9.85 9.85 9.85
Thailand CVI tail  44.78 44.66 44.83 43.89 44.14 44.14 44.14
Thailand CVI equally weighted  11.56 11.33 11.32 11.20 11.02 11.02 11.02
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Macroeconomic Indicators (World economy)

Monthly indices

Type Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Thailand) 1.44 1.44 1.55
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Yearly indices

Type 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Thailand) 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% 2019, THB (Conv.)   THB 09/18/2019 05/18/2016 *** -*.** 05/18/2016 *** -*.*
Indorama Ventures Public Company, 3.73% 7oct2025, SGD   SGD 10/07/2025 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 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 ***.*** *.*
PTTEP, 3.71% 16sep2018, USD   USD 09/16/2018 05/18/2016 ***.*** *.** 05/18/2016 *** *.**
PTTEP, 4.875% perp., USD   USD 05/18/2016 **.* * 05/18/2016 **.* *
PTTEP, 5.692% 5apr2021, USD   USD 04/05/2021 05/18/2016 ***.*** * 05/18/2016 ***.*** *.**
PTTEP, 6.350% 12jun2042, USD   USD 06/12/2042 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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