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Market Watch
Close of
September 17, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.360 0.3 3.3 39.0
5 Year 1.374 ▲ 0.1 6.5 76.4
10 Year 1.546 1.8 9.7 93.7

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
THB per USD 30.534 0.0 ▲ 0.3 ▲ 5.5
THB per JPY 0.282 0.0 ▲ 0.8 ▲ 4.2

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D BIBOR 1.500     0.0     0.0 25.0
3M BIBOR 1.621 0.0 0.1 24.3

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
Previous Rate
1-day Repurchase Rate 1.750     0.0     0.0

* Policy rate changes are expressed in basis point change.

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Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I BBB+ stable 2017-10-24
RAM BBB1 stable 2019-06-07
Non-Regional Rating Institutions
Fitch BBB+ stable 2018-06-07
S&P BBB+ stable 2017-12-15

More details

  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Breakdown of LCY Bond Market Issuance
  • G3 Currency Bond Issuance
  • Government Securities Maturity Profile - LCY
  • Corporate Securities Maturity Profile - LCY
  • Investor Profile - Government Bonds
  • Foreign Holdings in LCY Government Bonds
  • Trading Volume
  • Bonds Turnover Ratio
  • Interest Rate Spread - 2yrs vs 10yrs - LCY Bond
  • Yield Volatility - 10yr LCY Bonds
  • iBoxx ABF Index Family
  • Bid-Ask Spreads (Survey data)
  • Government Bond Market Structural Issues
  • Corporate Bond Market Structural Issues

ASEAN+3 Bond Market Guide

ASEAN+3 Bond Market Guide 2016: Thailand

ASEAN+3 Bond Market Guide is a comprehensive explanation of the regionís bond markets. It provides various information such as the history, legal and regulatory framework, speciic characteristics of the market, trading and transaction including settlement systems, and other relevant information. Bond Market Guide 2016 for Thailand is an outcome of the strong support and kind contributions of ASEAN+3 Bond Market Forum members and experts, particularly from Thailand. The report should be recognized as a collective good to support bond market development among ASEAN+3 members.

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* Download previous issues PDF
2019 Sep Jun Mar
2018 Nov Sep Jun Mar
2017 Nov Sep Jun Mar
2016 Nov Sep Jun Mar
2015 Nov Sep Jun Mar
2014 Nov Sep Jun Mar
2013 Nov Sep Jun Mar
2012 Nov Sep Apr
2011 Nov Sep Mar
2010 Nov Oct Jul Mar
2009 Nov Sep

Market Summary

Yield Movements

Between 1 June and 15 August, Thailand's local currency (LCY) government bond yields fell for all tenors, shifting the entire yield curve downward. The spread between 2- and 10-year tenors narrowed significantly from 52 bps on 1 June to 4 bps on 15 August. The downward shift of the Thai LCY government bond yield curve followed the global trend of falling government bond yields, which has been driven by a surge in investor demand for safe-haven assets, particularly sovereign bonds, amid concerns over slowing global growth and escalating trade tensions between the People's Republic of China and the United States. On 7 August, the Bank of Thailand (BOT) decided to reduce its policy rate by 25 bps to 1.5% to boost economic growth and push inflation up toward the target range.

Size and Composition

Thailand's LCY bond market expanded in size to THB13,036.9 billion (USD424.9 billion) at the end of the second quarter (Q2) of 2019 from THB12,649.0 billion in the previous quarter. The growth of 3.1% quarter-on-quarter (q-o-q) in Q2 2019 surpassed the 1.6% q-o-q growth in the previous quarter, driven by faster expansion of both government and corporate bonds. The bond market in Thailand remains largely dominated by government bonds, which accounted for 71.5% of the LCY bonds outstanding in Q2 2019.

Policy, Institutional and Regulatory Developments

In July, the BOT issued new measures to stem the impact of short-term capital inflows amid the strengthening baht. The BOT lowered the limit on the outstanding balance of nonresident baht accounts and nonresident accounts for securities to THB200.0 million from THB300.0, and tightened reporting requirements for nonresident holdings of debt securities issued in Thailand. In addition, the BOT trimmed its supply of short-term bonds for the month of July by THB60.0 billion.

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