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Thailand

Market Watch
Close of
October 12, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.954 0.2 ▲ 4.5 ▲ 49.2
5 Year 2.440 ▲ 0.3 ▲ 0.5 ▲ 59.1
10 Year 2.825 2.3 4.1 ▲ 50.1

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
THB per USD 32.748 0.1 ▲ 0.2 0.5
THB per JPY 0.292 0.0 1.1 1.0

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D BIBOR 1.501 ▲ 0.1 ▲ 0.0 ▲ 0.1
3M BIBOR 1.602 ▲ 0.7 ▲ 0.8 ▲ 3.1

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(20-Jun-2018)
Previous Rate
(16-May-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

More details

  • 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
  • Foreign Bond Flows
  • 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 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 1 June and 15 August, declining yields on local currency (LCY) government bonds were observed at both ends of the curve, while yields in the belly of the curve increased. With Bank of Thailand maintaining its key policy rate, expectations of interest rates remaining low, at least in the immediate-term, contributed to the lower bond yields. Yield increases for medium-term securities can be traced to the central bank signaling that eventually a policy hike would be forthcoming. Uncertainties emanating from global and local developments also influenced the climb in yields.

Size and Composition

Thailand’s total LCY bond market reached a size of THB11.9 trillion (USD362 billion) at the end of June on growth of 4.7% quarter-on-quarter (q-o-q), faster compared with the previous quarter’s expansion. The size of the government bond market expanded 5.6% q-o-q, amounting to THB8.7 trillion at the end of June. The segment’s growth outpaced the expansion in corporate bonds market, which grew 2.4% q-o-q to THB3.3 trillion. Government bonds account for 72.5% of the LCY bond market and corporate bonds accounted for 27.5% at the end of June.

Policy, Institutional and Regulatory Developments

Thailand’s cabinet approved the medium-term fiscal plan for 2019-2020 in accordance with the Fiscal Responsibility Act, which seeks to maximize the effectiveness of budget spending and prevent pork barrel schemes. Under the approved plan, the government is set to increase tax collections and reduce infrastructure expenditures through public–private partnerships and the Thailand Future Fund. In addition, the government will run a budget deficit of THB450 billion in 2018–2019, THB452 billion in 2020, and THB524 billion in 2021.

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