September 22, 2022
|Govt. Bond Yields||Latest Yield||Previous Day||Previous Week||YTD|
|2 Year||1.673||▲ 1.2||▲ 3.5||▲ 103.7|
|5 Year||2.372||▲ 2.8||▲ 16.8||▲ 102.8|
|10 Year||2.964||▲ 1.9||▲ 14.4||▲ 107.0|
* Government bond yield changes are expressed in basis points.
|Currencies||Latest Rate||Previous Day||Previous Week||YTD|
|THB per USD||37.365||▼ 0.5||▼ 1.1||▼ 12.5|
|THB per JPY||0.262||▼ 1.7||▼ 1.9||▲ 9.1|
* Exchange rate changes are expressed as a percentage change.
|Interest Rates||Latest Rate||Previous Day||Previous Week||YTD|
|1D BIBOR||0.750||▼ 0.1||▼ 0.1||▲ 25.0|
|3M BIBOR||1.050||▲ 1.1||▲ 5.3||▲ 42.7|
* Interest rate changes are expressed in basis point change.
|Policy Rates||Latest Rate
|1-day Repurchase Rate||0.750||▲ 25.0||▲ 25.0|
* 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 rising at the shorter-end but falling along the rest of the curve. Yields rose at the shorter-end of the curve in response to monetary policy tightening by the Bank of Thailand on 10 August. Medium- to long-term inflation expectations remained anchored within the central bank’s target range and contributed to the decline in yields for bonds with maturities of 2 years or longer. Improved market sentiment, buoyed by tourism revival and continued economic recovery, also contributed to the fall in longer-term bond yields.
Thailand’s LCY bond market reached a size of THB15.1 trillion (USD427.3 billion) at the end of June. Overall growth eased to 0.7% quarter-on-quarter (q-o-q) and 6.4% year-on-year in the second quarter (Q2) of 2022 from 1.8% q-o-q and 8.4% year-on-year in the first quarter. The growth slowdown was mainly due to a contraction in the government bond segment, which outpaced the expansion in the corporate bond segment. Issuance of new LCY government bonds amounted to THB1.6 trillion in Q2 2022 after declining 5.9% q-o-q, as the government tapered borrowing to manage fiscal sustainability amid continued economic recovery. At the end of Q2 2022, government bonds comprised 71.9% of total bonds outstanding, while corporate bonds represented the remaining 28.1%.
On 13 May, the Public Debt Management Office announced the results of bond-switching transactions for government bonds totaling THB90.0 billion. The bond swap allowed bond holders to switch bonds with shorter maturities for those with longer maturities. The bond swap involved five source bonds with remaining maturities ranging from 0.6 year to 2.6 years and 10 destination bonds with remaining maturities ranging from 4.6 years to 50.1 years. Bond swap operations provide bond holders with an opportunity to adjust their investment portfolio and allow the government to extend its debt maturity profile, thereby reducing debt redemption pressures and boosting liquidity.