The first half of 2009 saw the Bank of Thailand (BOT) lowering its policy interest rate three times to 1.25%; consumer price inflation easing; and announcements of more bond issuances by the Thai government to finance its economic stimulus program. This led the Thai government bond yield curve to steepen by the end of June 2009 compared to end-2008, with yields falling on the shorter end of the curve, while rising on the longer end.

As of June 2009, total local currency (LCY) bonds outstanding in Thailand was at THB5.4 trillion, as it rose by 7.8% year-on-year (y-o-y), or 3.6% from the previous quarter. This was spearheaded by the increase in both LCY government bonds (5.6% y-o-y) and LCY corporate bonds (17.1% y-o-y). Also, as of June 2009, about 36% of total corporate and state-owned enterprise (SOE) bonds were made by the ten largest corporate and SOE issuers.

Trading volume and turnover ratio of Thai government bonds in June were THB1.4 trillion and 0.32, respectively, both of which were higher than in the previous month. Thai corporate bond turnover was at THB15.7 billion in June from THB12.5 billion in May; but corporate bond turnover ratio remained unchanged at 0.01 since April.

As of June 2009, financial corporations are the largest holders of Thai government bonds, while individual retail investors are the largest corporate bondholders in the country. 

In early August, the BOT relaxed regulations on overseas investments in derivatives and securities transactions by institutional investors and "persons in Thailand." Also, the Senate approved of a bill that would allow the Ministry of Finance to borrow THB400 billion in loans. Last June, the Senate, House of Representatives, and the Constitutional Court, approved of an executive decree of the Ministry of Finance to avail of loans worth THB400 billion.