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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 126 8 418 082 633 000
corporate
THB 1864 3 889 899 571 000
USD 74 16 748 673 936
MYR 10 2 360 000 000
EUR 1 80 000 000
TWD 1 3 300 000 000

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
Bank of Thailand, 0% 6aug2019, THB (14D) - Domestic bonds TH0655J7T884 0% 40 000 000 000  THB 07/19/2019 08/06/2019
Bank of Thailand, 0% 17oct2019, THB (91D) - Domestic bonds TH0655G7TA81 0% 35 000 000 000  THB 07/15/2019 10/17/2019
Bank of Thailand, 0% 16jan2020, THB (182D) - Domestic bonds TH0655B7U187 0% 40 000 000 000  THB 07/15/2019 01/16/2020
Bank of Thailand, 0% 30jul2019, THB (13D) - Domestic bonds TH0655L7T781 0% 40 000 000 000  THB 07/12/2019 07/30/2019
Bank of Thailand, 0% 10oct2019, THB (91D) - Domestic bonds TH0655F7TA83 0% 35 000 000 000  THB 07/09/2019 10/10/2019
Bank of Thailand, 0% 9jan2020, THB (182D) - Domestic bonds TH0655A7U188 0% 40 000 000 000  THB 07/09/2019 01/09/2020
Bank of Thailand, 0% 3oct2019, THB (91D) - Domestic bonds TH0655E7TA86 0% 35 000 000 000  THB 07/02/2019 10/03/2019
Bank of Thailand, 0% 2jan2020, THB (182D) - Domestic bonds TH065507U188 0% 40 000 000 000  THB 07/02/2019 01/02/2020
Bank of Thailand, 0% 2jul2020, THB (364D) - Domestic bonds TH065507U782 0% 41 357 000 000  THB 07/02/2019 07/02/2020
Bank of Thailand, 0% 26sep2019, THB (91D) - Domestic bonds TH0655H7T985 0% 40 000 000 000  THB 06/25/2019 09/26/2019

Свалка

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 Thailand 265.53 268.00 268.77 268.90 268.12 268.91 269.18
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Stocks indices

Daily indices

Type: 09/12/2014 09/11/2014 09/10/2014 09/09/2014 09/08/2014 09/05/2014 09/04/2014
Stock market (Asia)
[1865] SET (Thailand)  1 581.36 1 580.87 1 582.13 1 583.18 1 584.77 1 584.32 1 579.73
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Forex

Daily indices

Type: 07/22/2019 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019
FOREX rates
[3657] USD/THB 30.8503 30.8399 30.8094 30.8880 30.9282 30.9014 30.9234
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BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10343] Thai international bonds, USD bln 16.600 15.500 14.300 13.100 13.200 15.500 11.300
BIS new international bonds volume
[10527] International-bond net issue of Thailand, USD bln -0.300 1.200 1.300 -0.200 -2.300 4.200 0.500

GDP

Yearly indices

Type: 2018 2017 2016 2015 2014
Government debt-to-GDP (Asia, excl. Japan)
[15399] Government Debt to GDP(Thailand) 41.80 41.80 41.20 44.40 42.80

International bonds outstanding volume

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Asia international bonds outstanding volume
[21669] Thailand international bonds, USD bln 15.083 16.343 16.061 16.695 16.697 16.588 15.476
[21707] Thailand corporate international bonds, USD bln 15.083 16.343 16.061 16.695 16.697 16.588 15.476
[21745] Thailand sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Inflation

Monthly indices

Type: Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Inflation (Asia, excl. Japan)
[15765] Inflation Rate (Thailand) 0.87 1.15 1.23 1.24 0.73 0.27 0.36
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Asia new international bonds volume
[19479] Annual new issues of Thailand sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000
[19517] Annual new issues of Thailand corporate international bonds, USD bln 4.657 2.167 1.150 0.567 3.927
[19555] Annual new issues of Thailand corporate international bonds, (financial sector) USD bln 0.800 1.090 0.850 0.567 2.025
[19593] Annual new issues of Thailand corporate international bonds, (non-financial sector) USD bln 3.857 1.077 0.300 0.000 1.901

Risk Management Institute

Daily indices

Type: 07/19/2019 07/18/2019 07/17/2019 07/16/2019 07/15/2019 07/12/2019 07/11/2019
RMI CVI - Asia
[8997] Thailand CVI value weighted  5.50 5.60 5.64 5.65 5.61 5.57 5.48
[8999] Thailand CVI tail  74.84 76.69 74.75 74.72 74.72 75.11 74.05
[9001] Thailand CVI equally weighted  19.11 19.45 18.32 19.45 19.45 19.45 18.87
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Bangkok Bank, 2.75% 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 *** -*.*
CIMB Bank (Singapore Branch), 2.12% 30jun2018, SGD   SGD 06/30/2018 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, 3.707% 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, 6.35% 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, 4.5% 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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