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 45 3 919 921 310 000
corporate
THB 155 777 228 600 600
USD 35 15 894 600 000
MYR 2 1 400 000 000
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
Berli Jucker, 4.4% 24mar2027, THB - Domestic bonds TH0002037305 4.4% 5 000 000  THB 03/24/2017 03/24/2027
Khon Kaen Sugar Industry, 2.34% 24feb2017, THB - Domestic bonds TH082803T208 2.34% 1 000 000 000  THB 02/24/2017 02/24/2019
Bangkok Dusit Medical Services, 2.41% 8feb2020, THB - Domestic bonds TH026403U204 2.41% 3 000 000 000  THB 02/08/2017 02/08/2020
Siamgas and Petrochemicals, 3.95% 26jan2020, THB - Domestic bonds TH097903U108 3.95% 2 000 000  THB 01/26/2017 01/26/2020
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
AP (THAILAND), 3.06% 19aug2020, THB - Domestic bonds TH030803U704 3.06% 1 500 000 000  THB 01/19/2017 08/19/2020
Ngern Tid Lor, 2.45% 23dec2018, THB - Domestic bonds TH552003SC09 2.45% 1 000 000  THB 12/23/2016 12/23/2018
Bangkok Commercial Asset Management, 2.41% 22jun2018, THB - Domestic bonds TH615903S600 2.41% 4 300 000 000  THB 12/22/2016 06/22/2018

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: 06/26/2017 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017
Exchange Rates (Emerging Markets)
USD/THB 33.9820 33.9457 33.9700 33.9915 34.0250 33.9696 33.9419
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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: 06/26/2017 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017
RMI CVI - Asia
Thailand CVI value weighted  8.71 8.81 8.80 8.83 8.79 8.77 8.79
Thailand CVI tail  46.93 46.69 46.47 47.30 46.23 47.09 47.34
Thailand CVI equally weighted  14.10 14.09 14.10 14.15 14.09 14.15 14.16
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Macroeconomic Indicators (World economy)

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Thailand) -0.04 0.38 0.76 1.44 1.55
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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% 2019, 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 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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