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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 58 5 808 436 791 000
corporate
THB 1841 3 733 202 041 000
USD 73 17 000 368 936
MYR 3 1 970 000 000

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.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
PTT Global Chemical, 4.25% 19sep2022, USD - International bonds USY3004DAA29 4.25% 495 894 000  USD 06/26/2018 09/19/2022
Nirvana Daii, 5% 22jun2020, THB - Domestic bonds TH650203U607 5% 1 000 000 000  THB 06/22/2018 06/22/2020
Univentures, 3.6% 22jun2023, THB - Domestic bonds TH0136033600 3.6% 1 000 000 000  THB 06/22/2018 06/22/2023
Bangkok Commercial Asset Management, 3.88% 21jun2025, THB - Domestic bonds TH6159035604 3.88% 370 000 000  THB 06/21/2018 06/21/2025
Bangkok Commercial Asset Management, 4.3% 21jun2028, THB - Domestic bonds TH6159038608 4.3% 2 400 000 000  THB 06/21/2018 06/21/2028
Bangkok Commercial Asset Management, 2.18% 21dec2019, THB - Domestic bonds TH6159A3TC00 2.18% 2 230 000 000  THB 06/21/2018 12/21/2019
Bangkok Commercial Asset Management, 2.5% 21jun2021, THB - Domestic bonds TH6159031603 2.5% 3 000 000 000  THB 06/21/2018 06/21/2021
Grande Asset Hotels and Property, 6.25% 21jun2021, THB - Domestic bonds TH0763031604 6.25% 1 000 000 000  THB 06/21/2018 06/21/2021
Nirvana Daii, 5.25% 21jun2019, THB - Domestic bonds TH650207T600 5.25% 200 000 000  THB 06/21/2018 06/21/2019
Siam Global House, 2.44% 12jul2021, THB - Domestic bonds TH0991031707 2.44% 500 000 000  THB 06/20/2018 07/12/2021

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Thai international bonds, USD bln 13.100 13.200 15.500 11.300 10.700 10.700 10.800
BIS net issues of international-bond market of emerging countries
International-bond net issue of Thailand, USD bln -0.200 -2.300 4.200 0.500 0.100 0.100 1.000

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Asia)
Annual new issues of Thailand sovereign international bonds, USD bln 0.000 0.000 0.000 0.000
Annual new issues of Thailand corporate international bonds, USD bln 1.667 1.150 0.567 3.927
Annual new issues of Thailand corporate international bonds, (financial sector) USD bln 0.590 0.850 0.567 2.025
Annual new issues of Thailand corporate international bonds, (non-financial sector) USD bln 1.077 0.300 0.000 1.901

Emerging Markets International Bonds

Monthly indices

Type Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018
Asian International Bonds Markets
Thailand international bonds, USD bln 15.064 14.079 14.087 14.131 13.484 14.204 14.207
Thailand corporate international bonds, USD bln 15.064 14.079 14.087 14.131 13.484 14.204 14.207
Thailand sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Currencies

Daily indices

Type: 07/20/2018 07/19/2018 07/18/2018 07/17/2018 07/16/2018 07/13/2018 07/12/2018
Exchange Rates (Emerging Markets)
USD/THB 33.3442 33.4558 33.3076 33.3277 33.2810 33.3298 33.1944
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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: 07/20/2018 07/19/2018 07/18/2018 07/17/2018 07/16/2018 07/13/2018 07/12/2018
RMI CVI - Asia
Thailand CVI value weighted  5.18 5.35 5.42 5.44 5.46 5.34 5.35
Thailand CVI tail  82.62 85.75 83.14 84.33 84.97 82.86 82.63
Thailand CVI equally weighted  19.63 19.92 19.83 19.88 20.04 19.88 19.78
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jun 2018 May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Thailand) 1.38 1.49 1.07 0.79 0.42 0.68 0.78
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Yearly indices

Type 2017 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Thailand) 41.80 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
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% 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, 2.25% 11sep2018, USD   USD 09/11/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Krung Thai Bank, 5.2% 26dec2024, USD   USD 12/26/2024 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Krung Thai Bank, 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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