29 July 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 13%.SA gained the major portion or by 76% of total outright trading value , following by Govt and CORP bonds,respectively.Govt bonds yields increased by 0 to 10 bp.Govt clean price index ended lower by -19 bp and corp index (BBB up) closed lower by -6 bp.The most active issue was CB25O30A.

Trading & Outstanding valueMln. (THB)Chg.(%)
 Outstanding Value 17,386,399.28   -0.05  
 Number of issues 2,861  
 Total Trading Value 1,510,235.73   13.36  
   Outright/Cash Trading 107,543.53   18.19  
   Financing 1,402,109.27   13.21  
   Others 582.93   -78.68  
Price value of basis point (PVBP)BAHT
 PVBP of Government bond 779,131,488.54  


 
ThaiBMA Bond Index                                                                                                                      
TypeClean PriceGross PriceTotal ReturnAvg. YieldAvg. DurAvg. Convex
Government Bond 114.45 -0.19 114.87 -0.18 366.90 -0.58 1.88   9.55   184.27  
    Group 1 ( 1 < TTM <=3 ) 71.95 -0.02 72.28 -0.02 228.16 -0.06 1.30   2.09   5.74  
    Group 2 ( 3 < TTM <= 7 ) 109.08 -0.12 109.50 -0.11 336.24 -0.34 1.36   4.60   25.65  
    Group 3 ( 7 < TTM <= 10 ) 145.67 -0.34 146.24 -0.34 465.96 -1.07 1.49   7.86   70.66  
    Group 4 ( 10 < TTM ) 199.45 -0.48 200.07 -0.46 651.06 -1.51 2.01   15.72   362.10  
    Group 5 (<= 10) 91.07 -0.09 91.44 -0.08 284.93 -0.26 1.39   4.01   24.52  
SOE (G) Bond Index 105.14 -0.11 105.72 -0.12 200.99 -0.19 1.58   4.51   35.16  
SOE (NG) Bond Index 113.26 -0.17 114.02 -0.19 231.28 -0.33 2.12   5.85   55.72  
Corporate Bond Index (BBB up) 108.66 -0.06 109.37 -0.05 231.50 -0.1 2.57   2.92   16.08  
Corporate Bond Index (BBB+ up) 109.00 -0.06 109.71 -0.05 231.35 -0.1 2.56   2.95   16.26  
 
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.  CB25O30A SA 0.00000   30-Oct-25 0.25   1.391854   99.654364   50,438.06  
2.  CB25821A SA 0.00000   21-Aug-25 0.06   1.390252   99.916433   4,935.87  
3.  SLB406A GB 2.70000   17-Jun-40 14.90   1.732614   112.637960   3,923.57  
4.  LB336A GB 3.35000   17-Jun-33 7.89   1.450505   114.091815   3,353.94  
5.  CB25807A SA 0.00000   07-Aug-25 0.02   1.401506   99.969218   2,893.11  
 
 
 
 Market News
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811.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
812.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
813.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
814.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
815.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
816.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
817.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
818.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
819.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
820.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
821.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
822.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
823.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
824.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
825.       22-May-25 13:39     TRIS Rating Upgrades Company & Senior Unsecured Debt Ratings on “NTL” to “A+” from “A”, with “Stable” Outlook
 
 
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