September 23, 2021
|Govt. Bond Yields||Latest Yield||Previous Day||Previous Week||YTD|
|2 Year||0.529||▼ 0.1||▲ 0.5||▲ 15.9|
|5 Year||1.025||▼ 0.5||▲ 4.6||▲ 44.1|
|10 Year||1.784||▼ 0.7||▲ 10.6||▲ 46.3|
* Government bond yield changes are expressed in basis points.
|Currencies||Latest Rate||Previous Day||Previous Week||YTD|
|THB per USD||33.394||▲ 0.2||▼ 0.8||▼ 11.5|
|THB per JPY||0.303||▲ 0.7||▼ 0.3||▼ 4.3|
* Exchange rate changes are expressed as a percentage change.
|Interest Rates||Latest Rate||Previous Day||Previous Week||YTD|
|1D BIBOR||0.500||0.0||▼ 0.1||0.0|
|3M BIBOR||0.623||▲ 0.0||▲ 0.1||▲ 0.1|
* Interest rate changes are expressed in basis point change.
|Policy Rates||Latest Rate
|1-day Repurchase Rate||0.500||0.0||0.0|
* Policy rate changes are expressed in basis point change.
|Regional Rating Institutions|
|Non-Regional Rating Institutions|
ASEAN+3 Bond Market Guide is a comprehensive explanation of the region's 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. View Report
Implementation Guidelines for Thailand
The ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF) Implementation Guidelines for Thailand are provided to review the AMBIF Elements and detail the corresponding features of Thailand market in relation to each element.
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Between 15 June and 15 August, Thailand’s local currency (LCY) government bond yield curve flattened, with yields slightly rising at the shorter-end but moving slightly downward at the longer-end. Bonds with maturities of less than 1 year gained an average of 2 basis points (bps), while bonds with maturities of 1 year or longer shed an average of 22 bps. The overall decline in Thai LCY bond yields, particularly medium- and long-term yields, tracked the regional decline in government bond yields amid the resurgence of COVID-19 cases. The spread between the 2-year and the 10-year tenors narrowed to 110 bps on 15 August from 135 bps on 15 June. The Bank of Thailand’s (BOT) monetary policy remained accommodative. The Monetary Policy Committee of the BOT held the policy rate at 0.50% in August. Since the onset of the pandemic, the BOT has reduced its policy rate by a total of 75 bps.
Thailand’s LCY bonds outstanding totaled THB14,203.5 billion (USD443.4 billion) at the end of June. The bond market expanded 2.6% quarter-on-quarter in the second quarter of 2021, reversing the 0.6% quarter-on-quarter decline in the previous quarter. Both the government and corporate segments contributed to the overall expansion in the LCY bond market. On a year-on-year basis, the growth of outstanding LCY bonds picked up, rising 5.6% in the second quarter of 2021 versus 5.1% in the prior quarter. Government bonds continued to dominate the Thai LCY bond market, accounting for 72.7% of total bonds outstanding at the end of June.
In June, Thailand’s House of Representatives approved an executive decree authorizing the Ministry of Finance to borrow up to an additional THB500 billion for relief measures in response to the impacts of COVID-19. Up to THB30 billion will be allocated for the Ministry of Public Health. The rest of the loan amount was earmarked for assistance to individuals (THB300 billion) and businesses (THB170 billion) affected by the pandemic.