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Thailand

Market Watch
Close of
January 22, 2021
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 0.432 0.6 0.8 ▲ 6.2
5 Year 0.679 1.6 5.6 ▲ 9.5
10 Year 1.319 ▲ 1.1 1.8 0.2

* Government bond yield changes are expressed in basis points.

More details

Currencies Latest Rate Previous Day Previous Week YTD
THB per USD 29.989 0.2 ▲ 0.3 0.1
THB per JPY 0.289 ▲ 0.1 ▲ 0.2 ▲ 0.4

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
1D BIBOR 0.500     0.0     0.0     0.0
3M BIBOR 0.624 ▲ 0.1 ▲ 0.2 ▲ 0.2

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(20-Nov-2020)
Previous Rate
(23-Sep-2020)
YTD
Rate
1-day Repurchase Rate 0.500     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 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 2020-11-18

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 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. View Report

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.

Download Report

* Download previous issues PDF
2020 Nov Sep 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

Movements in Thailand's local currency (LCY) government bond yield curve were mixed between 31 August and 30 October. Bonds with maturities of 2 years or below gained 3 basis points (bps) on average, while the 3-year tenor held steady, and the 4-year tenor jumped 10 bps. Meanwhile, yields fell an average of 6 bps for bonds with maturities of 5 years or longer. The spread between the 2-year and 10-year tenors narrowed from 89 bps to 78 bps during the review period. Thailand's benchmark interest rate remained at a record low as the Monetary Policy Committee of the Bank of Thailand (BOT) decided to leave it unchanged at 0.5% in September. Since the beginning of the year, the BOT has reduced the benchmark rate by a total of 75 bps in response to the COVID-19.

Size and Composition

Thailand's LCY bonds outstanding amounted to THB14,018.4 billion (USD443.7 billion) at the end of September on growth of 4.2% quarter-on-quarter and 8.3% year-on-year. Growth in the third quarter of 2020 accelerated from 2.1% quarter-on-quarter and 3.2% year-on-year in the second quarter, driven primarily by strong growth in the government bond segment as the government continued to issue debt to finance relief measures to boost the economy amid the COVID-19 pandemic. Government bonds dominate Thailand's LCY bond market, accounting for a 73.2% share at the end of September.

Policy, Institutional and Regulatory Developments

In August, the Public Debt Management Office issued Thailand's first sustainable government bonds. The issuance was divided in two tranches. The first tranche, amounting to THB10.0 billion, will be used to finance green infrastructure, the Mass Rail Transit's Orange Project. The second tranche, amounting to THB20.0 billion, will be used to finance measures to combat the adverse effects of COVID-19.

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