Thailand: Market Summary
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Market Summary
Yield Movements
Between 2 September and 31 October, Thailand's local currency (LCY) government bond yields edged down amid monetary policy easing by the Bank of Thailand (BOT). On 16 October, the BOT reduced its policy rate by 25 basis points to ease the debt servicing burden for borrowers.
Local Currency Bond Market Size and Issuance
Thailand's LCY bond market rebounded in the third quarter (Q3) of 2024, supported by growth in government and BOT bonds. Total LCY bonds outstanding reached a size of THB17.1 trillion at the end of September, rising 1.1% quarter-on-quarter (q-o-q) in Q3 2024 after a nominal contraction of 0.2% q-o-q in the previous quarter. LCY bond issuance fell 2.6% q-o-q to THB2.2 trillion in Q3 2024 as weak corporate bond sales amid political uncertainties capped overall issuance growth.
Sustainable Bond Market
Thailand's sustainable bond market reached a size of USD 22.3 billion at the end of September. Sustainability bonds continued to be the predominant bond type, comprising 67.0% of the sustainable bond market, followed by green bonds with a 20.2% share. A majority (68.4%) of outstanding sustainable bonds were government-issued instruments, which tend to have longer-term maturities. Among all emerging East Asian markets, Thailand had the highest share (98.1%) of LCY-denominated sustainable bonds at the end of September.