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vi ASEAN+3 Bond Market Guide | Volume 1 | Part 2 Section 10: Thailand Bond Market Guide Tables Table 1.1 Segmentation of the Market: Outstanding Value by Type of Issuers a (THB billion)...........................6 Table 1.2 ThaiBMA Monthly Summary of Investments in the Bond Market (August 2011 and November 2011).......................................................................................13 Table 1.3 Extract and Summary of Approval and Filing of Bonds in Thailand...............................................14 Table 1.4 Summary of Credit Rating System...........................................................................................18 Table 1.5 Summary of ASEAN Bond Market Development Scorecard for Thailand.......................................30 Table 2.1 Filing and Approval Criteria for Plain Debt.................................................................................41 Table 2.2 Filing and Approval Criteria for Plain Debt and Complex Debt.....................................................42 Table 2.3 Regimes in the Thai Bond Market...........................................................................................43 Table 2.4 Minimum Lead Time for Registration Approval..........................................................................43 Table 2.5 Regulations on Corporate Bond Offering..................................................................................43 Table 2.6 Long-Term Foreign Currency Ratings........................................................................................48 Table 2.7 Duties and Tax on Dividends and Fixed Income.........................................................................51 Table 2.8 Summary of Taxation Framework and Tax Requirements in Thailand............................................53 Table 4.1 Factors Inhibiting the Development of the Corporate Bond Market in Thailand.............................60 Table 5.1 Information on Post-Trade Integrated (as of 31 January 2008)...................................................63 Table 6.1 Transfer Fees for Government Bonds and Other Securities ........................................................70 Table 6.2 Brokerage/Commission Fees on Securities Transactions............................................................71 Table 6.3 Maintaining of Securities Depository Account Fee.....................................................................71 Table 7.1 Size of the Market for Debt Instruments, 2009........................................................................73 Table 7.2 Data for Corporate Bond by Type of Issue (USD million).............................................................73 Table 7.3 Total Corporate Bond Trades in the Secondary Market, 2005–2009...........................................74 Table 7.4 Size of the Market per Type of Bonds, 2009............................................................................74 Table 7.5 Main Buyers in the Corporate Bond Market..............................................................................74 Table 7.6 Size of Thailand Financial Market, 2002-2010.........................................................................75 Table 7.7 Thailand Bond Market Association Outright Trading and Outstanding Value, 2009–2010 (THB million)......................................................................................................75 Table 7.8 Size of Local Currency Bond Market, Local Sources (USD billion)...............................................75 Table 7.9 Size of Local Currency Bond Market in Percentage of Gross Domestic Product, Local Sources.......77 Table 7.10 Foreign Currency Bonds to Gross Domestic Product Ratio..........................................................78 Table 7.11 Foreign Currency Bonds Outstanding, Local Sources (USD billion)..............................................79 Table 7.12 Issuance Volume of Local Currency Bond Market (USD billion)...................................................80 Table 7.13 Foreign Holdings in Local Currency Government Bonds (THB billion)............................................82 Table 7.14 Domestic Financing Profile.....................................................................................................83 Table 7.15 Trading Volume (USD billion)..................................................................................................83 Table 10.1 Group of Thirty Compliance Recommendations.........................................................................93 Table 10.2 Group of Experts Barrier Report Market Assessment – Thailand..................................................93 Table A1.1 ASEAN Bond Market Development Scorecard: Thailand.............................................................99 Table A1.2 ASEAN Bond Market Development Scorecard: ASEAN.............................................................102
ASEAN+3 Bond Market Guide | Volume 1 | Part 2 Section 10: Thailand Bond Market Guide vii Acknowledgement The Asian Development Bank (ADB) Team, comprising Satoru Yamadera (Economist, ADB Office of Regional Economic Integration, - September2011), Seung Jae Lee (Principal Financial Sector Specialist), Shinji Kawai (Senior Financial Sector Specialist, Banking), Shigehito Inukai (ADB consultant), Taiji Inui (ADB consultant), and Matthias Schmidt (ADB consultant), would like to express their sincere gratitude to national members and expert institutions: Bank of Thailand (BOT), Securities and Exchange Commission (SEC), Thai Bond Market Association (Thai BMA), Stock Exchange of Thailand (SET), Thai Securities Depository (TSD), and Thai Clearing House (TCH). They kindly provided answers to the questionnaires prepared by the ADB team, thoroughly reviewed the draft of Market Guide, and gave their valuable comments. The ADB team also would like to express special thanks to Citibank, Deutsche Bank AG, The Hongkong and Shanghai Banking Corporation, J.P. Morgan, and State Street for their contribution as international experts in providing information from their respective market guides, as well as their valuable expertise. Because of their cooperation and contribution, the ADB Team started their research on solid ground. Last but not least, the Team would like to thank all the interviewees who gave their comments and responses to questions during the market consultations. It should be noted that any part of this report does not represent the official views and opinions of any institution which participated in this activity as ABMF members and experts. The ADB Team bears responsibility for the contents of this report. February 2012 Asian Development Bank (ADB) Team
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