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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 81 6 564 554 761 000
corporate
THB 1820 3 717 522 751 000
USD 73 16 924 868 936
MYR 3 1 970 000 000
EUR 1 80 000 000

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
Thai Oil, 4.625% 20nov2028, USD - International bonds US88323AAC62 4.625% 400 000 000  USD 11/15/2018 11/20/2028
Thai Oil, 5.375% 20nov2048, USD - International bonds US88323AAD46 5.375% 600 000 000  USD 11/15/2018 11/20/2048
EXIM Thailand, FRN 20nov2023, USD - International bonds XS1910821682 3M LIBOR USD+0.9% 300 000 000  USD 11/13/2018 11/20/2023
Major Development, 7% 10apr2020, THB - Domestic bonds TH096003U405 7% 1 100 000 000  THB 10/12/2018 04/10/2020
Finansa, 5.25% 12jan2023, THB - Domestic bonds TH0686033109 5.25% 300 000 000  THB 10/12/2018 01/12/2023
Minor International, 3.63% 10oct2033, EUR - Domestic bonds TH012803DA05 3.63% 80 000 000  EUR 10/10/2018 10/10/2033
Origin Property, 4.3% 10oct2021, THB - Domestic bonds TH6830031A08 4.3% 1 238 700 000  THB 10/10/2018 10/10/2021
Bank of Thailand, 0% 11apr2019, THB (182D) - Domestic bonds TH0655A7T487 0% 38 130 000 000  THB 10/09/2018 04/11/2019
Ananda Development, 8.5% perp., THB - Domestic bonds TH4101A30001 8.5% 500 000 000  THB 10/05/2018
Land and Houses, 3.02% 5oct2021, THB - Domestic bonds TH0143031A02 3.02% 5 000 000 000  THB 10/05/2018 10/05/2021

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 Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Volume of Asian International Bonds Markets
Thailand international bonds, USD bln 13.370 13.878 14.701 15.201 15.064 14.079 14.087
Thailand corporate international bonds, USD bln 13.370 13.878 14.701 15.201 15.064 14.079 14.087
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: 11/16/2018 11/15/2018 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018
Exchange Rates (Emerging Markets)
USD/THB 32.8486 32.9296 32.9872 32.9811 33.1380 33.0854 32.9627
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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: 11/16/2018 11/15/2018 11/14/2018 11/13/2018 11/12/2018 11/09/2018 11/08/2018
RMI CVI - Asia
Thailand CVI value weighted  6.49 6.48 6.27 6.21 6.20 5.98 5.86
Thailand CVI tail  94.31 94.31 85.07 86.14 90.54 82.86 82.70
Thailand CVI equally weighted  22.31 22.30 21.71 22.14 21.18 21.13 20.81
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Macroeconomic Indicators (World economy)

Monthly indices

Type Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Thailand) 1.23 1.33 1.62 1.46 1.38 1.49 1.07
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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, 2.75% 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 *** -*.*
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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