29 August 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 increased by 9%.SA gained the major portion or by 48% of total outright trading value , following by Govt and CP bonds,respectively.Govt bonds yields fluctuated within a range of -1 to 8 bp.Govt clean price index ended higher by 2 bp while corp index (BBB up) closed lower by -1 bp.The most active issue was CB25N27A.

Trading & Outstanding valueMln. (THB)Chg.(%)
 Outstanding Value 17,578,083.08   0.4  
 Number of issues 2,855  
 Total Trading Value 1,291,644.98   9.02  
   Outright/Cash Trading 56,623.00   -22.68  
   Financing 1,235,021.98   11.16  
   Others 0.00   -100  
Price value of basis point (PVBP)BAHT
 PVBP of Government bond 823,188,812.70  


 
ThaiBMA Bond Index                                                                                                                      
TypeClean PriceGross PriceTotal ReturnAvg. YieldAvg. DurAvg. Convex
Government Bond 116.68 0.02 117.35 0.03 374.82 0.09 1.68   9.72   190.93  
    Group 1 ( 1 < TTM <=3 ) 72.13 -0.01 72.60 0.00 229.15 0.00 1.14   2.02   5.40  
    Group 2 ( 3 < TTM <= 7 ) 109.82 0.00 110.49 0.01 339.27 0.04 1.18   4.52   24.93  
    Group 3 ( 7 < TTM <= 10 ) 147.91 0.05 148.79 0.06 474.09 0.2 1.28   7.82   69.94  
    Group 4 ( 10 < TTM ) 206.28 0.06 207.36 0.07 674.76 0.24 1.80   15.90   369.90  
    Group 5 (<= 10) 91.63 0.00 92.20 0.01 287.28 0.03 1.21   3.97   24.32  
SOE (G) Bond Index 106.05 -0.01 106.53 -0.03 203.10 -0.01 1.38   4.54   35.59  
SOE (NG) Bond Index 114.56 -0.02 115.36 -0.01 234.46 -0.02 1.92   5.99   57.14  
Corporate Bond Index (BBB up) 109.07 -0.01 109.79 -0.01 233.03 -0.01 2.44   2.95   16.34  
Corporate Bond Index (BBB+ up) 109.47 -0.01 110.20 -0.01 233.01 -0.01 2.39   3.00   16.78  
 
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.  CB25N27A SA 0.00000   27-Nov-25 0.25   1.331171   99.691525   5,343.47  
2.  CB25N20A SA 0.00000   20-Nov-25 0.23   1.355534   99.701013   3,210.37  
3.  CB25911A SA 0.00000   11-Sep-25 0.04   1.366920   99.961115   3,008.83  
4.  LB26DA GB 2.12500   17-Dec-26 1.30   1.151024   101.240390   2,761.15  
5.  LB29NA GB 2.50000   17-Nov-29 4.22   1.144916   105.540799   2,621.92  
 
 
 
 Market News
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61.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
62.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
63.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
64.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
65.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
66.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
67.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
68.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
69.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
70.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
71.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
72.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
73.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
74.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
75.       28-Aug-25 09:23     TRIS Rating Assigns “A+” Rating to Senior Unsecured Debt Worth Up to THB5 Billion of “BANPU”, with “Stable” Outlook
 
 
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