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Thailand: bonds

The Thai bond market made a significant stride of development following the 1997 Asian crisis when Thai Government issued substantial amount of debt instruments to mobilize funds for the nation’s development in many aspects. At the end of 2006, outstanding value of domestic bonds totaled THB 4,085.26 billion, the majority portions or about 77% of which were government debt securities comprising loan bonds (LB) and treasury bills (TB) issued by the Ministry of Finance (43%), state agency bonds* (22%) and state-owned enterprise bonds (12%). The remaining 23% were long term corporate bonds and commercial papers whereas the Baht denominated foreign bonds shared marginally by less than 1%.
The long term corporate bonds in Thailand are mainly straight and plain. For structured bonds which are featured to be more complicated than general debt instruments, the market is still at an early stage of development. The structured bonds can be categorized into two groups: structured notes and securitization bonds. Most of the structured notes in Thailand are issued by commercial banks and are mainly Equity-Linked Notes (ELN). Although the period 1993-1998 witnessed the emergence of securitization market development in Thailand, it did not gain considerable momentum until late 2003 when Dhanarak Asset Development Company Limited (DAD), an asset management company owned by the Ministry of Finance (MOF), mobilized funds though the issuance of the largest size of securitization bonds in Thailand for the Government Complex Project.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
THB 122 8 259 925 763 000
corporate
THB 1885 3 855 665 851 000
USD 76 18 103 368 936
MYR 4 2 360 000 000
EUR 1 80 000 000
TWD 1 3 300 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Japan Credit Rating Agency *** Foreign Currency Long-term Issuer Rating ***
Japan Credit Rating Agency *** Local Currency Long-term Issuer Rating ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
EXIM Thailand, FRN 12apr2022, USD - International bonds XS1980071705 3M LIBOR USD+0.78 30 000 000  USD 04/04/2019 04/12/2022
Siam Commercial Bank Cayman Islands, 3.9% 11feb2024, USD - International bonds XS1945125463 3.9% 500 000 000  USD 01/29/2019 02/11/2024
Siam Commercial Bank Cayman Islands, 4.4% 11feb2029, USD - International bonds XS1945125547 4.4% 500 000 000  USD 01/29/2019 02/11/2029
Minor International, 4.661% perp., USD - International bonds XS1912662183 4.661% 300 000 000  USD 11/27/2018
Thai Oil, 4.625% 20nov2028, USD - International bonds US88323AAC62 4.625% 400 000 000  USD 11/15/2018 11/20/2028
Thai Oil, 5.375% 20nov2048, USD - International bonds US88323AAD46 5.375% 600 000 000  USD 11/15/2018 11/20/2048
EXIM Thailand, FRN 20nov2023, USD - International bonds XS1910821682 3M LIBOR USD+0.9% 300 000 000  USD 11/13/2018 11/20/2023
Kasikornbank, FRN 30oct2023, USD - International bonds XS1892106045 3M LIBOR USD+0.95% 100 000 000  USD 10/08/2018 10/30/2023
PTT Global Chemical, 4.25% 19sep2022, USD - International bonds USY3004DAA29 4.25% 495 894 000  USD 06/26/2018 09/19/2022
Sea Limited, 2.25% 1jul2023, USD (Conv.) - International bonds USG7948TAA72 2.25% 575 000 000  USD 06/18/2018 07/01/2023

Forex

Daily indices

Type: 04/25/2019 04/24/2019 04/23/2019 04/22/2019 04/19/2019 04/18/2019 04/17/2019
FOREX rates
[3657] USD/THB 32.0672 32.0615 31.9739 31.9018 31.8288 31.8290 31.7824
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BIS

Quarterly indices

Type: III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017 I 2017
BIS international bonds outstanding volume
[10343] Thai international bonds, USD bln 15.500 14.300 13.100 13.200 15.500 11.300 10.700
BIS new international bonds volume
[10527] International-bond net issue of Thailand, USD bln 1.200 1.300 -0.200 -2.300 4.200 0.500 0.100

International bonds outstanding volume

Monthly indices

Type: Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018
Asia international bonds outstanding volume
[21669] Thailand international bonds, USD bln 16.695 16.697 16.588 15.476 14.971 13.370 13.878
[21707] Thailand corporate international bonds, USD bln 16.695 16.697 16.588 15.476 14.971 13.370 13.878
[21745] Thailand sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Asia new international bonds volume
[19479] Annual new issues of Thailand sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000
[19517] Annual new issues of Thailand corporate international bonds, USD bln 4.183 2.167 1.150 0.567 3.927
[19555] Annual new issues of Thailand corporate international bonds, (financial sector) USD bln 0.901 1.090 0.850 0.567 2.025
[19593] Annual new issues of Thailand corporate international bonds, (non-financial sector) USD bln 3.282 1.077 0.300 0.000 1.901

Risk Management Institute

Daily indices

Type: 04/24/2019 04/23/2019 04/22/2019 04/19/2019 04/18/2019 04/17/2019 04/16/2019
RMI CVI - Asia
[8997] Thailand CVI value weighted  6.63 6.64 6.63 6.57 6.53 6.53 6.79
[8999] Thailand CVI tail  78.56 80.01 79.50 80.29 78.49 80.17 82.37
[9001] Thailand CVI equally weighted  19.92 19.87 19.79 19.62 19.63 19.57 20.09
show other indices

Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Bangkok Bank, 2.75% 27mar2018, USD   USD 03/27/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Bangkok Bank, 3.3% 3oct2018, USD   USD 10/03/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Bangkok Bank, 3.875% 27sep2022, USD   USD 09/27/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Bangkok Bank, 4.80% 18oct2020, USD   USD 10/18/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Bangkok Bank, 5% 3oct2023, USD   USD 10/03/2023 05/18/2016 ***.*** *.** 05/18/2016 ***.**** *.*
Bangkok Bank, 9.025% 15mar2029, USD   USD 03/15/2029 05/18/2016 ***.**** *.** 05/18/2016 ***.**** *.**
Bangkok Dusit Medical Services, 0% 18sep2019, THB (Conv.)   THB 09/18/2019 05/18/2016 *** -*.** 05/18/2016 *** -*.*
IRPC, 6.375% 2017, USD   USD 05/25/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.**** *.**
Kasikornbank, 3% 20mar2018, USD   USD 03/20/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.** *
Kasikornbank, 3.5% 25oct2019, USD   USD 10/25/2019 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Kasikornbank, 8.25% 21aug2016, USD   USD 08/21/2016 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Krung Thai Bank, 2.25% 11sep2018, USD   USD 09/11/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Krung Thai Bank, 5.2% 26dec2024, USD   USD 12/26/2024 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Krung Thai Bank, 7.378% perp., USD   USD 05/18/2016 *** * 05/18/2016 ***.* *
PTT Exploration and Production, 3.707% 16sep2018, USD   USD 09/16/2018 05/18/2016 ***.*** *.** 05/18/2016 *** *.**
PTT Exploration and Production, 4.875% perp., USD   USD 05/18/2016 **.* * 05/18/2016 **.* *
PTT Exploration and Production, 5.692% 5apr2021, USD   USD 04/05/2021 05/18/2016 ***.*** * 05/18/2016 ***.*** *.**
PTT Exploration and Production, 6.35% 12jun2042, USD   USD 06/12/2042 05/18/2016 *** *.** 05/18/2016 ***.*** *.**
PTT Global Chemical, 4.25% 19sep2022, USD   USD 09/19/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
PTT PCL, 3.375% 25oct2022, USD   USD 10/25/2022 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
PTT PCL, 4.5% 25oct2042, USD   USD 10/25/2042 05/18/2016 **.*** *.** 05/18/2016 **.*** *.**
PTT PCL, 5.875% 3aug2035, USD   USD 08/03/2035 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Ratchaburi Electricity, 3.5% 2may2019, USD   USD 05/02/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.**** *.**
Siam Commercial Bank, 3.375% 19sep2017, USD   USD 09/19/2017 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Siam Commercial Bank, 3.5% 7apr2019, USD   USD 04/07/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Siam Commercial Bank, 3.90% 14nov2016, USD   USD 11/14/2016 05/18/2016 ***.*** *.** 05/18/2016 ***.** *.**
Thai Oil, 3.625% 23jan2023, USD   USD 01/23/2023 05/18/2016 ***.** *.** 05/18/2016 ***.* *.*
Thai Oil, 4.875% 23jan2043, USD   USD 01/23/2043 05/18/2016 *** *.** 05/18/2016 ***.** *.**
TMB Bank, 3.108% 1oct2021, USD   USD 10/01/2021 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
TMB Bank, 5.5% 9mar2018, CNY   CNY 03/09/2018 05/18/2016 ***.** *.** 05/18/2016 ***.** *.*
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