October 12, 2018
|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.
|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.
|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.
|Policy Rates||Latest Rate
|1-day Repurchase Rate||1.500||0.0||0.0|
* 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.
|* Download previous issues PDF|
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.
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.
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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