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Thailand

Market Watch
Close of
September 19, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.917 ▲ 0.7 ▲ 5.2 ▲ 45.5
5 Year 2.367 ▲ 0.4 ▲ 1.4 ▲ 51.8
10 Year 2.864 ▲ 1.5 ▲ 3.3 ▲ 54.0

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
THB per USD 32.410 ▲ 0.5 ▲ 0.9 ▲ 0.5
THB per JPY 0.289 ▲ 0.4 ▲ 1.8 ▲ 0.1

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D BIBOR 1.500     0.0     0.0     0.0
3M BIBOR 1.589 ▲ 0.1 ▲ 0.0 ▲ 1.8

* 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
  • 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 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 March and 15 May, local currency (LCY) government bond yields in Thailand climbed for all tenors except the 6-year and 20-year maturities, which posted slight declines. Thailand’s LCY government bond yields declined earlier this year as bond prices were buoyed by strong investor demand. Toward the end of April, however, bond yields gradually climbed, largely influenced by the rise in yields for United States (US) Treasuries and the broad strengthening of the US dollar. Economic conditions in the US have gained further traction, signaling that the Federal Reserve will proceed with its monetary policy normalization. Tightening liquidity conditions alongside other external risks, including uncertainties relating to rising oil prices and US trade policies, led investors to pull out from most emerging financial markets including Thailand. 

Size and Composition

The size of Thailand’s LCY bond market stood at THB11.4 trillion (USD366 billion) at the end of March, with growth slowing on both a quarter-on-quarter (q-o-q) and year-on-year basis. Growth eased to 1.2% q-o-q in the first quarter of 2018 following a 2.2% q-o-q expansion in the fourth quarter of 2017. On a year-on-year basis, bond market growth slowed to 2.2% from 3.9% in the same period. At the end of March, the total LCY government bond stock rose to THB8.2 trillion and corporate bonds reached THB3.2 trillion. 

Policy, Institutional and Regulatory Developments

In January, the Bank of Thailand raised the frequency of issuance of its 2-year bonds to monthly from the previous schedule of every even month. New issuance of 2-year Bank of Thailand bonds are scheduled for February, May, August, November, while reopenings are scheduled in the months between each new issuance. The maximum issue size for a 2-year bond was also reduced to a range of THB15 billion–THB40 billion due to the increased frequency of issuance. The revision to the issuance plan was made to help ease liquidity conditions. The Bank of Thailand issues bonds for the management of money market liquidity.

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