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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 45 4 185 025 791 000
corporate
THB 1764 3 797 001 941 000
USD 42 17 360 501 000
MYR 3 1 970 000 000
TRY 1 520 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Moody's Investors Service *** LT- local currency ***
Moody's Investors Service *** LT- foreign currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
National Rating Agency *** Global scale ***
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
Sea Limited, 2.25% 1jul2023, USD (Conv.) - International bonds USG7948TAA72 2.25% 500 000 000  USD 06/14/2018 07/01/2023
Thai Oil, 4.875% 23jan2043, USD - International bonds US88323AAB89 4.875% 327 587 000  USD 04/09/2018 01/23/2043
Thai Oil, 3.625% 23jan2023, USD - International bonds US88323AAA07 3.625% 283 619 000  USD 04/09/2018 01/23/2023
Ratchaburi Electricity, 4.5% 27mar2028, USD - International bonds XS1791752154 4.5% 300 000 000  USD 03/20/2018 03/27/2028
Kasikornbank, 3.256% 12jul2023, USD - International bonds XS1717207960 3.256% 400 000 000  USD 01/09/2018 07/12/2023
Bank of China (Thai), FRN 21aug2027, USD - International bonds 3M LIBOR USD + 0.3% 70 000 000  USD 08/21/2017 08/21/2027
PTTEP Treasury Center, 4.875% perp., USD - International bonds USY7150MAB38 4.875% 354 695 000  USD 07/26/2017
PTTEP Treasury Center, 4.6% perp., USD - International bonds USY7150MAA54 4.6% 500 000 000  USD 07/12/2017
Singha Estate, 2% 20jul2022, USD (Conv.) - International bonds XS1629745487 2% 180 000 000  USD 07/12/2017 07/20/2022
EXIM Thailand, FRN 21apr2022, USD - International bonds XS1601471565 6M USD Libor+0.37% 120 000 000  USD 04/18/2017 04/21/2022

World Bond market statistics

Quarterly indices

Type IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016 II 2016
BIS volume of international-bond market of emerging countries
Thai international bonds, USD bln 13.200 15.500 11.300 10.700 10.700 10.800 9.700
BIS net issues of international-bond market of emerging countries
International-bond net issue of Thailand, USD bln -2.300 4.200 0.500 0.100 0.100 1.000 0.300

New issues of Emerging markets International Bonds

Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Asia)
Annual new issues of Thailand sovereign international bonds, USD bln 0.000 0.000 0.000 0.000
Annual new issues of Thailand corporate international bonds, USD bln 1.667 1.150 0.567 3.927
Annual new issues of Thailand corporate international bonds, (financial sector) USD bln 0.590 0.850 0.567 2.025
Annual new issues of Thailand corporate international bonds, (non-financial sector) USD bln 1.077 0.300 0.000 1.901

Emerging Markets International Bonds

Monthly indices

Type May 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017
Asian International Bonds Markets
Thailand international bonds, USD bln 14.121 14.131 14.271 15.183 15.186 14.758 14.753
Thailand corporate international bonds, USD bln 14.121 14.131 14.271 15.183 15.186 14.758 14.753
Thailand sovereign international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.000
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Currencies

Daily indices

Type: 06/18/2018 06/15/2018 06/14/2018 06/13/2018 06/12/2018 06/11/2018 06/08/2018
Exchange Rates (Emerging Markets)
USD/THB 32.6884 32.6704 32.2033 32.1479 32.0953 32.0253 32.0551
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Credit Risk Indicators

Daily indices

Type: 02/17/2017 02/15/2017 02/14/2017 02/13/2017 02/10/2017 02/09/2017 02/07/2017
CDS Emerging markets (sov.) 
CDS 5Y Thailand mid * * * * * * *
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Risk Management Institute

Daily indices

Type: 06/12/2018 06/11/2018 06/08/2018 06/07/2018 06/06/2018 06/05/2018 06/04/2018
RMI CVI - Asia
Thailand CVI value weighted  4.44 4.47 4.52 4.47 4.45 4.48 4.51
Thailand CVI tail  69.52 68.59 74.38 74.79 75.23 77.43 79.01
Thailand CVI equally weighted  18.14 18.07 18.57 18.74 18.81 18.74 18.71
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Bangkok Bank, 2.750% 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, 3.0% 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 PCL, 2.25% 11sep2018, USD   USD 09/11/2018 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Krung Thai Bank PCL, 5.2% 26dec2024, USD   USD 12/26/2024 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Krung Thai Bank PCL, 7.378% perp., USD   USD 05/18/2016 *** * 05/18/2016 ***.* *
PTT Exploration and Production, 3.71% 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, 6.350% 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, 4.50% 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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200 000
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170
countries
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200 000
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countries
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