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Thailand

Market Watch
Close of
October 22, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 0.555 ▲ 0.1 0.8 60.4
5 Year 0.798 1.1 ▲ 0.9 44.8
10 Year 1.328 0.7     0.0 15.0

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
THB per USD 31.309 0.4 0.3 5.4
THB per JPY 0.299 0.2 0.9 9.2

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D BIBOR 0.500 0.0     0.0 75.0
3M BIBOR 0.627     0.0 0.0 74.3

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(23-Sep-2020)
Previous Rate
(5-Aug-2020)
YTD
Rate
1-day Repurchase Rate 0.500     0.0 75.0

* Policy rate changes are expressed in basis point change.

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Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I A- stable 2019-10-31
RAM BBB1 stable 2019-06-07
Non-Regional Rating Institutions
Fitch BBB+ stable 2020-03-17
S&P BBB+ stable 2020-04-13

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
  • 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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ASEAN+3 Multi-Currency Bond Issuance Framework

Implementation Guidelines for Thailand
August 2015


The ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF) Implementation Guidelines for Thailand are provided to review the AMBIF Elements and detail the corresponding featur​es of Thailand market in relation to each element.

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* Download previous issues PDF
2020 Sep Jun Mar
2019 Nov 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 15 June and 15 August, Thailand's local currency government bond yields rose for most tenors, gaining an average of 4 basis points across all tenors. The rise in yields for most tenors reflected weakened appetite for Thai sovereign bonds as the spread of the coronavirus disease drove the economy to its deepest contraction since the global financial crisis. Thailand's gross domestic product plunged 12.2% year-on-year (y-o-y) in the second quarter of 2020 after declining 1.9% y-o-y in the first quarter. Thailand's economy was among the hardest hit by the pandemic in emerging East Asia due to its heavy reliance on exports and tourism.

Size and Composition

Thailand's local currency bonds outstanding reached THB13,448.9 billion (USD435.1 billion) at the end of June on growth of 2.1% quarter-on-quarter and 3.2% y-o-y. The quarter-on-quarter rise in Q2 2020 was driven by strong growth in the government bond segment as the government issued debt to finance measures to combat the negative effects of COVID-19 on the economy. The Thai bond market is largely composed of government bonds, which accounted for 72.4% of the total bonds outstanding at the end June.

Policy, Institutional and Regulatory Developments

On June 24, Public Debt Management Office of the Ministry of Finance issued THB200 million worth of savings bonds at an unprecedented face value of THB1 each through Krungthai Bank's blockchain-based e-wallet. Using the blockchain system, the Public Debt Management Office was able to lower the amount of the savings bond face value from the regular THB1,000. The small-ticket bonds were part of the government's plan to encourage low-income earners to invest in risk-free assets.

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