Thailand: Market Summary
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Market Summary
Yield Movements
Between 1 June and 30 August, local currency (LCY) government bond yields in Thailand fell for all maturities amid heightened expectations of monetary policy easing in the United States. Meanwhile, the Bank of Thailand held its policy rate steady for a fifth straight meeting on 21 August, stating that the current rate of 2.50% was consistent with the economy's growth potential.
Local Currency Bond Market Size and Issuance
Thailand's LCY outstanding fell 0.2% quarter-on-quarter in the second quarter (Q2) of 2024, amounting to THB16.9 trillion at the end of June, as issuance of Bank of Thailand bonds fell, and a large volume of corporate bonds matured. Issuance of LCY bonds in Q2 2024 rose 3.5% quarter-on-quarter to THB2.3 trillion, supported by increased Treasury and corporate bond sales.
Sustainable Bond Market
The sustainable bond market in Thailand primarily comprised sustainability bonds issued by the government. These bonds generally have long-term maturities and are denominated in Thai baht. At the end of June, total sustainable bonds outstanding tallied USD21.1 billion. Issuance of sustainable bonds in Q2 2024 totaled USD244.8 million worth of sustainability and green bonds.