ASEAN Bond Market : ThaiBMA

13 January 2026

Service Manager : Sineerat (0-2257-0357 # 301)

> ASEAN Bond Market

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 increased by 10%.SA gained the major portion or by 59% of total outright trading value , following by Govt and CORP bonds,respectively.Govt bonds yields fluctuated within a range of -4 to 3 bp.Govt clean price index ended lower by -7 bp while corp index (BBB up) closed higher by 4 bp.The most active issue was CB26416A.

Trading & Outstanding value	Mln. (THB)	Chg.(%)
Outstanding Value	17,901,140.86	0.03
Number of issues	2,761
Total Trading Value	1,605,281.47	9.79
Outright/Cash Trading	143,244.92	54.12
Financing	1,461,434.44	6.75
Others	602.11	202.48

Price value of basis point (PVBP)	BAHT
PVBP of Government bond	727,181,945.64

ThaiBMA Bond Index
Type	Clean Price		Gross Price		Total Return		Avg. Yield	Avg. Dur	Avg. Convex
Government Bond	110.14	-0.07	110.44	-0.06	357.39	-0.21	2.24	8.95	165.01
Group 1 ( 1 < TTM <=3 )	71.81	0.01	72.09	0.02	230.03	0.05	1.18	1.91	4.95
Group 2 ( 3 < TTM <= 7 )	108.41	0.05	108.75	0.06	338.23	0.19	1.37	4.29	22.41
Group 3 ( 7 < TTM <= 10 )	142.46	0.3	142.89	0.31	460.91	0.99	1.73	7.85	70.24
Group 4 ( 10 < TTM )	185.07	-0.43	185.48	-0.42	612.07	-1.38	2.49	15.30	343.74
Group 5 (<= 10)	90.36	0.06	90.65	0.07	285.99	0.21	1.48	3.98	25.00
SOE (G) Bond Index	104.16	0.08	104.71	0.09	201.09	0.17	1.74	4.31	33.31
SOE (NG) Bond Index	111.54	0.15	112.25	0.16	230.63	0.32	2.31	5.78	52.61
Corporate Bond Index (BBB up)	108.36	0.04	109.05	0.05	234.47	0.1	2.56	2.92	15.99
Corporate Bond Index (BBB+ up)	108.76	0.04	109.46	0.05	234.40	0.11	2.51	2.98	16.51

Top 5 Most Active Bond
	Bond	Type/ Issue Rating	Coupon Rate (%)	Maturity Date	TTM (Years)	Last Exec.Yield(%)	Weight Avg.Price(%)	Trading Value (THB mln.)
1.	CB26416A	SA	0.00000	16-Apr-26	0.25	1.084015	99.730467	50,583.29
2.	LB303A	GB	1.66000	17-Mar-30	4.18	1.302766	101.450621	6,320.25
3.	CB26319A	SA	0.00000	19-Mar-26	0.18	1.073179	99.811682	3,583.24
4.	LB456A	GB	2.98000	17-Jun-45	19.44	2.545412	106.629505	3,514.44
5.	CB26507A	SA	0.00000	07-May-26	0.31	1.080468	99.668989	3,212.33

No.	Date/Time	Headlines

Market News
1 \| 2 \| 3 \| 4 \| 5 \| 6 \| 7 \| 8 \| 9 \| 10 \| >
Found 65367 headlines
1.	13-Jan-26 14:04	State Own Enterprise Bond Auction Results: BMTA362A
2.	13-Jan-26 10:25	Central Bank Bill Auction Results: CB26416A
3.	13-Jan-26 09:58	TRIS Rating assigns a rating of “A” to AP (Thailand) PLC (AP)’s proposed issue of up to THB3.5 billion senior unsecured debentures due within five years. At the same time, we affirm the issuer credit rating on AP and the ratings on its outstanding senior unsecured debentures at “A” with a “stable”
4.	13-Jan-26 09:58	TRIS Rating assigns a rating of “A” to AP (Thailand) PLC (AP)’s proposed issue of up to THB3.5 billion senior unsecured debentures due within five years. At the same time, we affirm the issuer credit rating on AP and the ratings on its outstanding senior unsecured debentures at “A” with a “stable”
5.	13-Jan-26 09:58	TRIS Rating assigns a rating of “A” to AP (Thailand) PLC (AP)’s proposed issue of up to THB3.5 billion senior unsecured debentures due within five years. At the same time, we affirm the issuer credit rating on AP and the ratings on its outstanding senior unsecured debentures at “A” with a “stable”
6.	13-Jan-26 09:58	TRIS Rating assigns a rating of “A” to AP (Thailand) PLC (AP)’s proposed issue of up to THB3.5 billion senior unsecured debentures due within five years. At the same time, we affirm the issuer credit rating on AP and the ratings on its outstanding senior unsecured debentures at “A” with a “stable”
7.	13-Jan-26 09:58	TRIS Rating assigns a rating of “A” to AP (Thailand) PLC (AP)’s proposed issue of up to THB3.5 billion senior unsecured debentures due within five years. At the same time, we affirm the issuer credit rating on AP and the ratings on its outstanding senior unsecured debentures at “A” with a “stable”
8.	13-Jan-26 09:58	TRIS Rating assigns a rating of “A” to AP (Thailand) PLC (AP)’s proposed issue of up to THB3.5 billion senior unsecured debentures due within five years. At the same time, we affirm the issuer credit rating on AP and the ratings on its outstanding senior unsecured debentures at “A” with a “stable”
9.	13-Jan-26 09:58	TRIS Rating assigns a rating of “A” to AP (Thailand) PLC (AP)’s proposed issue of up to THB3.5 billion senior unsecured debentures due within five years. At the same time, we affirm the issuer credit rating on AP and the ratings on its outstanding senior unsecured debentures at “A” with a “stable”
10.	13-Jan-26 09:58	TRIS Rating assigns a rating of “A” to AP (Thailand) PLC (AP)’s proposed issue of up to THB3.5 billion senior unsecured debentures due within five years. At the same time, we affirm the issuer credit rating on AP and the ratings on its outstanding senior unsecured debentures at “A” with a “stable”
11.	13-Jan-26 09:58	TRIS Rating assigns a rating of “A” to AP (Thailand) PLC (AP)’s proposed issue of up to THB3.5 billion senior unsecured debentures due within five years. At the same time, we affirm the issuer credit rating on AP and the ratings on its outstanding senior unsecured debentures at “A” with a “stable”
12.	13-Jan-26 09:58	TRIS Rating assigns a rating of “A” to AP (Thailand) PLC (AP)’s proposed issue of up to THB3.5 billion senior unsecured debentures due within five years. At the same time, we affirm the issuer credit rating on AP and the ratings on its outstanding senior unsecured debentures at “A” with a “stable”
13.	13-Jan-26 09:58	TRIS Rating assigns a rating of “A” to AP (Thailand) PLC (AP)’s proposed issue of up to THB3.5 billion senior unsecured debentures due within five years. At the same time, we affirm the issuer credit rating on AP and the ratings on its outstanding senior unsecured debentures at “A” with a “stable”
14.	13-Jan-26 09:58	TRIS Rating assigns a rating of “A” to AP (Thailand) PLC (AP)’s proposed issue of up to THB3.5 billion senior unsecured debentures due within five years. At the same time, we affirm the issuer credit rating on AP and the ratings on its outstanding senior unsecured debentures at “A” with a “stable”
15.	13-Jan-26 09:58	TRIS Rating assigns a rating of “A” to AP (Thailand) PLC (AP)’s proposed issue of up to THB3.5 billion senior unsecured debentures due within five years. At the same time, we affirm the issuer credit rating on AP and the ratings on its outstanding senior unsecured debentures at “A” with a “stable”

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