Thailand: Market Summary
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Market Summary
Yield Movements
Between 2 February and 29 May, local currency (LCY) government bond yields rose for most tenors, driven by mounting inflationary pressures stemming from the global energy crisis.
Local Currency Bond Market Size and Issuance
Thailand's LCY bond market expanded 1.7% quarter-on-quarter (q-o-q) to in the first quarter (Q1) of 2026 to reach THB18.1 trillion at the end of March, supported by increased government issuance. Sovereign bond sales rose 8.6% q-o-q as the government accelerated issuance to support the economy. However, total LCY bond issuance fell 2.1% q-o-q to THB2.2 trillion, dragged down by declines in central bank and corporate bond sales.
Sustainable Bond Market
Thailand's sustainable bond market expanded 6.0% q-o-q to reach USD38.6 billion at the end of Q1 2026. While sustainability bonds remained the predominant instrument type, sustainability-linked instruments' share increased notably since the third quarter of 2024. The size-weighted average tenor of Thai sustainable bonds at the end of Q1 2026 was 9.7 years, owing to the predominance of longer-term bonds issued by the public sector.