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Thailand

Market Watch
Close of
August 13, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 0.436 0.4 ▲ 0.6 72.3
5 Year 0.770 0.2 ▲ 4.6 47.6
10 Year 1.288 1.1 ▲ 9.2 19.0

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
THB per USD 31.051 ▲ 0.1 ▲ 0.2 4.5
THB per JPY 0.290 ▲ 0.1 ▲ 1.5 6.2

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D BIBOR 0.501     0.0 ▲ 0.1 74.9
3M BIBOR 0.629 ▲ 0.0 ▲ 0.0 74.1

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(24-Jun-2020)
Previous Rate
(20-May-2020)
YTD
Rate
1-day Repurchase Rate 0.500     0.0 75.0

* Policy rate changes are expressed in basis point change.

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Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I A- stable 2019-10-31
RAM BBB1 stable 2019-06-07
Non-Regional Rating Institutions
Fitch BBB+ stable 2020-03-17
S&P BBB+ stable 2020-04-13

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
  • 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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ASEAN+3 Multi-Currency Bond Issuance Framework

Implementation Guidelines for Thailand
August 2015


The ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF) Implementation Guidelines for Thailand are provided to review the AMBIF Elements and detail the corresponding featur​es of Thailand market in relation to each element.

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* Download previous issues PDF
2020 Jun Mar
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 28 February and 15 May, the local currency (LCY) government bond yield curve in Thailand shifted downward at the shorter-end and slightly upward at the long-end. Yields fell an average of 28 basis points for tenors with maturities of up to 6 years, while yields rose an average of 9 basis points for maturities of 7 years or longer. The decline in yields at the shorter-end of the curve stemmed primarily from the easing of the Bank of Thailand's (BOT) monetary policy in response to the economic headwinds brought by the coronavirus disease (COVID-19). Declining growth prospects and heightened risk, which resulted in capital outflows, caused the uptick on long-term bond yields.

Size and Composition

Thailand's LCY bonds outstanding amounted to THB13,168.9 billion (USD402.1 billion) at the end of March after a 0.5% quarter-on-quarter contraction in the first quarter of 2020. Contraction in the government bond segment, coupled with tepid growth in the corporate bond segment, drove the quarterly decline in outstanding LCY bonds. On an annual basis, the growth of outstanding LCY bonds decelerated to 4.1% in Q1 2020 from 16.0% in the previous quarter. The Thai bond market is largely composed of government bonds, which accounted for 71.0% of the total bonds outstanding at the end of March.

Policy, Institutional and Regulatory Developments

In March, Thailand's Public Debt Management Office adjusted its bond issuance plan to include shorter-dated bonds amid weak demand for government bonds due to heightened uncertainties caused by the COVID-19 pandemic.

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