3 December 2025
Service Manager :  Sineerat (0-2257-0357 # 301)
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Bond Market Overview
 
Background
The Thai bond market has grown rapidly in recent years after the 1997's economic crisis. To help support cash-strapped financial institutions, in June1998 the government issued government bonds for the first time in the decade. The total amount of government bonds issued under this program was THB 500 billion and this has opened a new era for the Thai bond market. The government continued to issue bonds since then with the primary objective to finance budget deficit resulted from the crisis. The substantial amount of new government bonds coupled with successively downtrend of interest rates have contributed to the robust of the bond market as evidenced by a significant increase in both market size and trading volume. The outstanding value of total bond market increased from THB 547 billion in 1996 to 498 issues worth THB 1,507 billion at the end of 2001. Trading volume in the secondary market rose from a daily average of only THB 822 million in 1996 to THB 6,472 million in 2001.
Remark: 1. Data excludes FX Bond.
2. The yield on Inflation-linked bond is a real yield to maturity.

Market Wrap up
Total trading value decreased by 15%.Govt gained the major portion or by 57% of total outright trading value , following by SA and CORP bonds,respectively.Govt bonds yields fluctuated within a range of -6 to 3 bp.Govt clean price index ended higher by 23 bp and corp index (BBB up) closed higher by 9 bp.The most active issue was CB26305B.

Trading & Outstanding valueMln. (THB)Chg.(%)
 Outstanding Value 17,902,117.52   0.00  
 Number of issues 2,804  
 Total Trading Value 1,190,156.41   -14.83  
   Outright/Cash Trading 64,161.08   -52.9  
   Financing 1,121,168.05   -10.9  
   Others 4,827.28   67.42  
Price value of basis point (PVBP)BAHT
 PVBP of Government bond 754,361,485.24  


 
ThaiBMA Bond Index                                                                                                                      
TypeClean PriceGross PriceTotal ReturnAvg. YieldAvg. DurAvg. Convex
Government Bond 112.19 0.23 113.39 0.24 362.96 0.76 2.05   9.18   173.86  
    Group 1 ( 1 < TTM <=3 ) 71.84 0.03 72.30 0.03 229.54 0.1 1.21   1.77   4.32  
    Group 2 ( 3 < TTM <= 7 ) 108.63 0.16 109.66 0.17 337.95 0.51 1.35   4.23   22.08  
    Group 3 ( 7 < TTM <= 10 ) 143.42 0.34 144.88 0.35 462.77 1.11 1.65   7.58   66.02  
    Group 4 ( 10 < TTM ) 192.34 0.58 194.83 0.6 634.03 1.94 2.23   15.20   343.43  
    Group 5 (<= 10) 90.58 0.11 91.38 0.11 285.90 0.35 1.43   3.82   22.71  
SOE (G) Bond Index 104.51 0.16 105.08 0.17 201.28 0.32 1.67   4.38   33.73  
SOE (NG) Bond Index 112.21 0.25 112.98 0.26 231.31 0.53 2.23   5.87   54.35  
Corporate Bond Index (BBB up) 108.49 0.09 109.11 0.1 233.86 0.21 2.55   3.01   16.56  
Corporate Bond Index (BBB+ up) 108.89 0.09 109.52 0.1 233.82 0.21 2.50   3.06   17.09  
 
Top 5 Most Active Bond                                                                                                                  
 BondType/
Issue Rating		Coupon Rate
(%)		Maturity
Date		TTM
(Years)		Last
Exec.Yield(%)		Weight
Avg.Price(%)		Trading Value
(THB mln.)
1.  CB26305B SA 0.00000   05-Mar-26 0.25   1.159340   99.713404   7,584.20  
2.  SLB406A GB 2.70000   17-Jun-40 14.55   1.975645   109.109467   6,112.72  
3.  LB26DA GB 2.12500   17-Dec-26 1.04   1.200457   100.939112   4,111.18  
4.  LB456A GB 2.98000   17-Jun-45 19.55   2.255514   111.391383   3,666.07  
5.  ESGLB35DA GB 1.58500   17-Dec-35 10.04   1.663741   99.275961   2,910.64  
 
 
 
 Market News
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Found 65118 headlines
No. Date/Time Headlines
1.       03-Dec-25 14:35     TRIS Rating Assigns “BBB-” Rating to Senior Unsecured Debt Worth Up to THB1.5 Billion of “TSE”, with “Negative” Outlook
2.       03-Dec-25 11:16     TRIS Rating Affirms Company Rating on “BLS” at “AA” with “Stable” Outlook
3.       03-Dec-25 09:42     YUANTA informs to redeem YUANTA25D26B on December 03, 2025.
4.       03-Dec-25 08:45     MUD informs to exercise call option on its debenture (MUD262A).
5.       02-Dec-25 11:35     Loan Bond Auction Results: LB353A, LBA506A
6.       02-Dec-25 10:10     Central Bank Bill Auction Results: CB26305B (update)
7.       02-Dec-25 10:09     TRIS Rating Revises Outlook on “LPN” to “Negative” from “Stable”, Affirms Company & Senior Secured Debt Ratings at “BBB-” and Senior Unsecured Debt Rating at “BB+”
8.       02-Dec-25 10:09     TRIS Rating Revises Outlook on “LPN” to “Negative” from “Stable”, Affirms Company & Senior Secured Debt Ratings at “BBB-” and Senior Unsecured Debt Rating at “BB+”
9.       02-Dec-25 10:09     TRIS Rating Revises Outlook on “LPN” to “Negative” from “Stable”, Affirms Company & Senior Secured Debt Ratings at “BBB-” and Senior Unsecured Debt Rating at “BB+”
10.       01-Dec-25 10:41     TRIS Rating Affirms Issuer & Senior Unsecured Debt Ratings on “TIPH” at “AA” with “Stable” Outlook
11.       01-Dec-25 10:12     TRIS Rating Affirms Company Rating on “SUPER” at “BBB” and Senior Unsecured Debt Rating at “BBB-”, with “Stable” Outlook
12.       01-Dec-25 10:12     TRIS Rating Affirms Company Rating on “SUPER” at “BBB” and Senior Unsecured Debt Rating at “BBB-”, with “Stable” Outlook
13.       01-Dec-25 10:12     TRIS Rating Affirms Company Rating on “SUPER” at “BBB” and Senior Unsecured Debt Rating at “BBB-”, with “Stable” Outlook
14.       01-Dec-25 10:12     TRIS Rating Affirms Company Rating on “SUPER” at “BBB” and Senior Unsecured Debt Rating at “BBB-”, with “Stable” Outlook
15.       01-Dec-25 10:02     Treasury Bill Auction Results: TB26604A
 
 
Disclamer