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Thailand

Market Watch
Close of
December 12, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.753 ▲ 0.6 1.6 ▲ 29.1
5 Year 2.275 ▲ 1.2 1.3 ▲ 42.6
10 Year 2.667 ▲ 2.6     0.0 ▲ 34.3

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
THB per USD 32.760 ▲ 0.2 0.0 0.6
THB per JPY 0.289 ▲ 0.1 ▲ 0.1 0.0

* 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 0.1 0.1     0.0
3M BIBOR 1.612 0.0 0.1 ▲ 4.1

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(19-Sep-2018)
Previous Rate
(8-Aug-2018)
YTD
Rate
1-day Repurchase Rate 1.500     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 2018-06-12
Non-Regional Rating Institutions
Fitch BBB+ stable 2018-06-07
S&P BBB+ stable 2017-12-15

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  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Issuance Volume of LCY Bond Market
  • Breakdown of LCY Government 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 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.

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* Download previous issues PDF
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

Thailand’s local currency (LCY) government bond yields rose across all tenors between 31 August and 15 October. Double-digit increases in yields were observed for most tenors, averaging 17 basis points, while for the 1-month and 10-, 16-, 20-, and 30-year bonds, yield increases were in single digits. Yields rose during the period on expectations that the Bank of Thailand would soon increase its benchmark policy rate. Rising interest rates, especially in the United States, may have prompted investors to demand higher returns, thus translating into the upward movement in local government bond yields. Uncertainties brought about by contagion fears from the recent emerging market rout and trade tensions also influenced the climb in yields.

Size and Composition

Thailand’s LCY bonds outstanding expanded in the third quarter of 2018 at rates of 2.1% quarter-on- quarter (q-o-q), slower compared with the second quarter of 2018. LCY bonds outstanding reached THB12,174 billion at the end of September, lifted by both the government and corporate segments, which comprised about 72% and 28% of the total, respectively. The amount of total government bonds outstanding reached THB8,808 billion at the end September, reflecting growth of 2.0% q-o-q, while total corporate bonds outstanding grew modestly in third quarter of 2018 at 2.5% q-o-q to THB3,366 billion.

Policy, Institutional and Regulatory Developments

The Thai Bond Market Association is studying the development of a digital token or “bond coin” to facilitate settlement and clearing of corporate bonds. The aim will be to shorten traditional banking processes and corporate bond clearing. The plan will come in three phases: (i) the development of a bond registrar subscription system to record bond transactions between participants; (ii) the inclusion of additional features such as bond deposit servicing and system development; and (iii) structuring of the “bond coin,” which will include a clearing and settlement infrastructure using the digital token.

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