Thailand: Market Summary
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Market Summary
Yield Movements
Between 1 December 2024 and 28 February 2025, Thailand’s local currency (LCY) government bond yields fell for all tenors on Bank of Thailand’s (BOT) monetary policy easing amid weaker-than-expected economic performance. The BOT reduced its policy rate by 25 basis points to 2.00% on 26 February to help address downside risks to economic growth.
Local Currency Bond Market Size and Issuance
At the end of the fourth quarter (Q4) of 2024, Thailand’s LCY bonds outstanding amounted to THB17.1 trillion, down 0.1% quarter-on-quarter (q-o-q) due to contractions in corporate and BOT bonds. LCY bond issuance contracted 5.7% q-o-q to THB2.1 billion in Q4 2024, dragged down by subdued debt sales from both public and private sectors amid weak economic performance.
Sustainable Bond Market
Thailand’s sustainable bond market grew 6.3% q-o-q and 18.1% year-on-year to reach USD24.1 trillion at the end of Q4 2024. Sustainability bonds accounted for 65.6% of the market, followed by green bonds with an 18.4% share. Over two-thirds of outstanding sustainable bonds were government-issued instruments, which typically have longer maturities. As a result, the size-weighted average tenor of Thai sustainable bonds (8.9 years) was among the longest in emerging East Asia.