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Thailand

Market Watch
Close of
November 19, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.297 0.6 2.6 45.3
5 Year 1.446 0.4 1.0 69.2
10 Year 1.702 ▲ 0.1     0.0 78.1

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
THB per USD 30.187 ▲ 0.0 ▲ 0.5 ▲ 6.6
THB per JPY 0.278 0.1 ▲ 0.1 ▲ 5.6

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D BIBOR 1.250     0.0 ▲ 0.0 50.0
3M BIBOR 1.377     0.0 0.1 48.7

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(7-Aug-2019)
Previous Rate
(19-Dec-2018)
YTD
Rate
1-day Repurchase Rate 1.500 25.0 25.0

* Policy rate changes are expressed in basis point change.

More details

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 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 31 August and 15 October, Thailand's local currency (LCY) government bond yield curve flattened. Yields rose an average of 4 basis points for bonds with maturities between 2 years and 20 years and dropped at the shorter and longer ends of the curve. The spread between the 2-year and 10-year tenors increased from 9 bps on 31 August to 15 bps on 15 October. The drop in short-term yields followed the Bank of Thailand's policy rate cut in early August. The rise in yields of medium-term and long-term bonds was partly driven by capital outflows from the Thai bond market. The review period saw net foreign outflows totaling THB16.9 billion following the implementation of policies designed to rein in the Thai baht. The sharp 49 bps drop in the 30-year bond yield reflected the weakened growth outlook for the Thai economy.

Size and Composition

Thailand's LCY bonds outstanding amounted to THB12,857.3 billion (USD420.1 billion) at the end of the third quarter (Q3) of 2019, down from THB13,036.9 (USD424.9 billion) at the end of the second quarter (Q2) of 2019. The 1.4% quarter-on-quarter (q-o-q) contraction in the third quarter (Q3) of 2019 reversed the 3.1% q-o-q growth posted in the previous quarter. On a year-on-year basis, Thailand's LCY bond market expanded 5.9% in Q3 2019, down from the 9.4% growth posted in the Q2 2019. The bond market in Thailand remains dominated by government bonds, which accounted for 72.1% of the LCY bonds outstanding in Q3 2019.

Policy, Institutional and Regulatory Developments

A tax regulation amendment affecting the bond market came into effect on August 20. Investments in mutual funds became subject to a 15.0% withholding tax on gross income. The amendment was intended to reduce discrepancies in the tax burden imposed on direct investments in debt instruments compared to investments in debt instruments through mutual funds. In August, the Thai cabinet approved a THB316.0 billion stimulus package to boost the sluggish economy. The stimulus package included additional allowances for low-income earners and the elderly, debt relief and loans for farmers affected by the ongoing drought, incentives for domestic tourism and investment, credit support for small- and medium-sized enterprises, and low-interest loans for home buyers.

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