Thailand Bond Market Guide - Personal File Sharing - Asian ...

More documents

Recommendations

Info

viii ASEAN+3 Bond Market Guide | Volume 1 | Part 2 Section 10: Thailand Bond Market Guide List of Interviewees: Bangkok, 12 May 2011 Bank of Thailand (BOT) The Hongkong and Shanghai Banking Corporation, Bangkok Standard Chartered Bank, Bangkok Bangkok, 13 May 2011 Securities and Exchange Commission (SEC) Siam Premier Law Firm Thai Bond Market Association (ThaiBMA) Stock Exchange of Thailand (SET) Thai Securities Depository (TSD) Thai Clearing House (TCH)
ASEAN+3 Bond Market Guide | Volume 1 | Part 2 Section 10: Thailand Bond Market Guide 1 I. Structure, Type, and Characteristics of the Market Thailand’s bond market has developed significantly since the 1997–1998 Asian financial crisis, with increased bond issuance and an actively traded local market. The Ministry of Finance (MOF) has stepped up issuance of government bonds for its financing requirements and built a reliable yield curve in support of market-risk pricing. Government bonds still dominate the market. Since the late 1990s, both government and corporate issuers have used bonds to raise capital. However, the issues are generally straight fixed-rate or floating-rate notes. The structured bond market is still in the early stages of development. A. Overview 1 1. Background The Thai bond market has experienced rapid growth in recent years after the 1997 economic crisis. To help support cash-strapped financial institutions, the government issued government bonds for the first time in June 1998. The total amount of government bonds issued under that program was THB500 billion, which opened a new era for the Thai bond market. The government continued to issue bonds since then with the primary objective to finance the budget deficit in each financial year, or when the expenditures exceeded the revenue, to support social and economic development and to restructure public debt. 2 The substantial amount of new government bonds coupled with the successive downtrend of interest rates have contributed to the robustness of the bond market as evidenced by a significant increase in both market size and trading volume. Government bonds still dominate the market, making up about 80% of all bonds issued. With the introduction of regulations governing corporate bond issuance, a variety of issuers have entered the market, including multinationals, supranational, and local companies. 1 An overview of the bond market in Thailand can be found in the Thailand Bond Market Association website, http://www.thaibma.or.th/main.html and in International Monetary Fund (IMF). 2009. Thailand: Financial Sector Assessment Program—Technical Note—Fixed Income Markets. IMF Country Report No. 09/151. http:// www.imf.org/external/pubs/ft/scr/2009/cr09151.pdf 2 Bank of Thailand (BOT).http://www.bot.or.th/English/FinancialMarkets/IntroductionToGovernmentDebtSecurities/ InterestingContent/Pages/Type.aspx
Page 1: ASEAN+3 Bond Market Guide | Volume
Page 4 and 5: iv ASEAN+3 Bond Market Guide | Volu
Page 6 and 7: vi ASEAN+3 Bond Market Guide | Volu
Page 10 and 11: 2 ASEAN+3 Bond Market Guide | Volum
Page 18 and 19: 10 ASEAN+3 Bond Market Guide | Volu
Page 22 and 23: ASEAN+3 Bond Market Guide | Volume
Page 58 and 59:
50 ASEAN+3 Bond Market Guide | Volu
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
ASEAN+3 Bond Market Guide | Volume
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
104 ASEAN+3 Bond Market Guide | Vol
Page 114 and 115:
Page 116:
show all

Thailand Bond Market Guide - Personal File Sharing - Asian ...

Create successful ePaper yourself

Delete template?

Save as template?