Kingdom of Thailand Bond Market
Financing Thailand’s Future & Connecting ASEAN
Highlights MOF awards 2013 & ILB Achievements Savings Bond & Money Expo 2014 Government Bond Auction Schedule Q3/FY2014 T-Bill Issuance Program
Progress Update Greenshoe Option: MOF Outright PDs Privilege in FY2015 Bond Switching & Consolidation Work Plan GGLB Rollover Plan Towards ASEAN “Preferred Destination”
Basic & Essentials • • • • •
Public Debt Outstanding and Its Composition Bond Market Capitalization and Its Composition Total GOVT Bond Supply Issuing in FY2014 Government Bond Auction Result in First Half of FY2014 Non-Resident Holding in Domestic Bond
Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
Domestic Bond Market Development A. Highlights • • • •
MOF Awards 2013 & ILB Achievements
Savings Bond & Money Expo 2014 Government Bond Auction Schedule Q3/FY2014
1
T-Bill Issuance Program
B. Progress Update • • • •
Greenshoe Option : MOF Outright PDs Privilege in FY2015 Bond Switching & Consolidation Work Plan GGLB Rollover Plan Towards ASEAN “Preferred Destination”
12
C. Basic & Essentials • Public Debt Outstanding and Its Composition (As of Jan 2014)
= 5,466,198 THB Mil. (45.75% of GDP)
• Bond Market Capitalization and Its Composition (As of Mar 2014) = 9,202,573 THB Mil. (76% of GDP)
• Total GOVT Bond Supply Issuing in FY2014 • GOVT Bond Auction Result in First Half of FY2014 • Non-Resident Holding in Domestic Bond
NR Holding in THB Bond (As of Mar 2014)
(GOVT Bond : 559,677 THB Mil., BOT Bond 118,713 THB Mil., Corp Bond : 747 THB Mil.) Net Change in NR Holding (Jan – Mar 2014) = -28,238 THB Mil.
= 679,137 THB Mil.
(GOVT Bond : Net Sell -36,164 THB Mil., BOT Bond : Net Buy +7,926 THB Mil.)
This booklet is produced and printed in-house by Bond Market Development Bureau Public Debt Management Office , Ministry of Finance, Kingdom of Thailand This booklet can be downloaded at www.pdmo.go.th
e-book
18
A: Highlights • MOF Awards 2013 & ILB Achievements • Savings Bond & Money Expo 2014 • Government Bond Auction Schedule Q3/FY2014 • T-Bill Issuance Program
1
MOF Awards 2013 Presented at Best Bond Awards 2013 on April 1, 2014 Organized by Thai Bond Market Association
Winner Runner Ups (In alphabetical order)
: Bangkok Bank Public Company Limited : Kasikorn Bank Public Company Limited : Krung Thai Bank Limited
(In descending order)
Winner Runner Ups (In alphabetical order)
: Deutsche Bank AG., Bangkok Branch : Bangkok Bank Public Company Limited : Citibank N.A.
(In descending order)
2
*Highest percentage share of allocation of all GOVT Bonds issued in FY2013 in the primary market. **Highest percentage share of trading of all GOVT Bonds issued in FY2013 in the secondary market . There are approximately 25-30 participants in the market.
MOF Awards 2013 Presented at Best Bond Awards 2013 on April 1, 2014 Organized by Thai Bond Market Association
Winners (Tied)
: Bangkok Bank Public Company Limited : The Hongkong and Shanghai Banking Corporation Limited
Bangkok Bank PCL.
Deutsche Bank AG., Bangkok Branch
The Hongkong and Shanghai Banking Corporation Limited
*** Highest scores voted by PDMO’s Executives
3
Looking Back @ ILB
Innovation for sophisticated investors Instrument to hedge against Asian Inflation First and only ILB in ASEAN since 2011 Achievement awards Deal of the Year 2013 From Best Bond Awards 2013 (Thai Bond Market Association) (L) Dr. Prasarn Trairatvorakul, Governor, Bank of Thailand (R) Ms. Chularat Suteethorn, Director General Public Debt Management Office, Ministry of Finance 1 April, 2014
- Best Thailand Deal 2011 - Best Local Currency Bond 2011 From Finance Asia Achievement Awards 2011 Mr. Suwit Rojanavanich, Bond Market Advisor, PDMO, MOF 2 February, 2012 (Hong Kong) - Deal of the Year 2011 - Most Creative Issue 2011 From Best Bond Awards 2011 (Thai Bond Market Association) (L) Dr. Prasarn Trairatvorakul, Governor, Bank of Thailand (R) Dr. Pimpen Ladpli, Acting Executive Director, Bond Market Development Bureau 10 May, 2012 (Bangkok)
Best Sovereign Bond Deal of the Year 2013 in Southeast Asia At The 7th Annual Alpha Southeast Asia Deal and Solution Awards 2013 (R) Mr. Nattakarn Boonsri Director, Government Bond Market Development Division 23 January, 2014 (Kuala Lumpur)
4
• Best Sovereign Bond Deal of the Year 2013 in Southeast Asia
Thailand Capital Market Deal of the Year 2011
• Best Thailand Deal 2011 • Best Local Currency Bond 2011
Outstanding Issuer of the Year 2011
• Best Thailand Deal of the Year 2011 • Best Sovereign Bond of the Year 2011
The Most Impressive Local Currency Bond 2011
• Deal of the Year 2011 • Most Creative Issue 2011 • Deal of the Year 2013
Deal of the Year 2011
Looking Forward Building up ILB283A to 100,000 MB Enforcing market making responsibility as PDs’ duties Possible issuance of 30yr ILB to extend ILB Yield Curve Including in global indices (1.6% weight in Barclays EMGILB Ex-Argentina Ex-Columbia Constrained Index, as of April 2014)
To be issued in FY 2015
100,872MB* 5,000MB 5,000MB 5,000MB
To be issued by end of FY 2014
64,160MB*
TTM
ILB217A
ILB283A
7
14
To be launched in FY 2015-16
30
* Outstanding at the end of Q2/FY14
Thailand’s Inflation during the past 3 decades “Moderate & stable” (headline = 3.5% / core = 2.8%) (1985-2014 avg.)
Past 10 year avg.
3%
1.5%
Source : Bank of Thailand
5
MONEY EXPO 2014 “CONNECTING LIFE”
IMPACT CHALLENGER HALL 2 – 3 8th – 11th May 2014 Booth # M2
The Launch of
SAVINGS BOND* (SB175A) 3-year tenor
MONEY EXPO 2014 Impact Challenger Hall 2 – 3 8th – 11th May 2014 Public Debt Management Office Booth [M2] * Eligible for Individuals and Non-Profit Institutions such as foundations, Thai Red Cross Society, and the National Council on Social Welfare of Thailand
SAFE HAVEN
SAVINGS BOND 6
08
2545
Structure Shift‌ between Non-Resident and Retail Investor Holding in GOVT BOND THB Mil.
% Share of Government Bond
Non-Resident holding in Government Bond % Share of Government Bond Retail Investor holding in Government Bond % Share of Government Bond 29%
Savings Bond for FIDF
4%
Savings Bond for Deficit
16%
8% 424,311MB
483,839MB 381,796MB
366,490MB 255,675MB
Today
7%
Outstanding size
137,733MB
v v
25,000MB
1%
90,160MB
(End of Mar 2014)
-0-
31,577MB
-0-
Between FY 2002-2011 Average Savings Bond Outstanding is equivalent to 400,xxx THB Mil.
Savings Bond : The Safe Haven for Retail 09
The last series will expire in FY 2018
10
11 12 13 (Current Outstanding : 259,470 THB Mil. , 11 Series)
A FY2014 Expiration of SB 137,733 THB Mil. (53%) B FY2016 Expiration of 3 SB 90,160 THB Mil. (35%) C FY2018 Expiration of 1 SB 31,577 THB Mil. (12%)
Today 2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018 2561
334 MB
1. SB145A 2. SBST147A 80,000 MB 3. SB148A
43,303 MB 78 MB
4. SB148B 5. SB149A
10,821 MB
6. SB149B
459 MB
7. SB149B
2,738 MB
A 8. SB15NA 9. SBST166A 10. SB16DA
11. SB189A
3,930 MB
Zero
82,230 MB 4,000 MB
B 31,577 MB
C Bond Tenors
-0-
8
:
20,000
5,000
10,000
LB296A = LBA37DA = LB446A = LB616A =
LB196A = 2. LB = ILB283A =
Maturity Date
13-Jun-2019
(Re-open
16-Jun-2023
3.625%
(Re-open
(Re-open
(Re-open
12-Mar-2028
1.25%
22-Jun-2029
4.875%
(Re-open
(Re-open
(Re-open
12-Dec-2037
4.26%
29-Jun-2044
4.675%
)
17-Jun-2061
4.85%
3.875%
Coupon
113,000
18,000
9,000
40,000
Total
15,000
9,000
9,000
25-Jun-2014 16,000
-
20,000
18-Jun-2014
11-Jun-2014
16,000
9,000
28-May-2014
4-Jun-2014
-
15,000
14-May-2014
21-May-2014
-
7-May-2014
19,000
29-Apr-2014
9,000
Total
9,000
LB616A 50-yr
23-Apr-2014
15,000
LB446A 30-yr
-
10,000
25-yr
LBA37DA LBA37DA
16-Apr-2014
16,000
5,000
LB296A 15-yr
25,000
20,000
15-yr
ILB283A ILB283A
Amortized Bond
9-Apr-2014
LB236A 10-yr
Government Bond Auction Schedule for Q3/FY2014
-
5-yr
LB196A LB196A
Inflation-Linked Bond
2-Apr-2014
Auction Date
Exclusivity MOF Outright PD ONLY
Exclusivity
9
ACHIEVEMENTS PUBILC DEBT MANAGEMENT OFFICE INNOVATION INFLATION-LI NKED BOND PIONEER PDDF CGIF DEDICATION BENCHMARK BOND FISCAL DISCIP LINE COMMITMENT BOND MARKET DEVELOPMENT ACHIEVEMENTS PUBILC D EBT MANAGEMENT OFFICE INNOVATION INFLATION-LINKED BOND PIONEER PD DF CGIF DEDICATION BENCHMARK BOND FISCAL DISCIPLINE COMMITMENT B OND MARKET DEVELOPMENT ACHIEVEMENTS PUBILC DEBT MANAGEMENT OF FICE INNOVATION INFLATION-LINKED BOND PIONEER PDDF CGIF DEDICATION BE NCHMARK BOND FISCAL DISCIPLINE COMMITMENT BOND MARKETDEVELOPM ENT ACHIEVEMENTS PUBILC DEBT MANAGEMENT OFFICE INNOVATION INFLATIO N-LINKED BOND PIONEER PDDF CGIF DEDICATION BENCHMARK BOND FISCAL DI SCIPLINE COMMITMENT BOND MARKET DEVELOPMENT ACHIEVEMENTS PUBI LC DEBT MANAGEMENT OFFICE INNOVATION INFLATION-LINKED BOND PIONEER PDDF CGIF DEDICATION BENCHMARK BOND FISCAL DISCIPLINE COMMITMENT BOND MARKET DEVELOPMENT ACHIEVEMENTS PUBILC DEBT MANAGEMENT OF FICE INNOVATION INFLATION-LINKED BOND PIONEER PDDF CGIF DEDICATION BE NCHMARK BOND FISCAL DISCIPLINE COMMITMENT BOND MARKET DEVELOP MENT ACHIEVEMENTS PUBILC DEBT MANAGEMENT OFFICE INNOVATION INFLAT ION-LINKED-BOND PIONEER PDDF CGIF DEDICATION BENCHMARK BOND FISCAL DISCIPLINE COMMITMENT BOND MARKET DEVELOPMENT ACHIEVEMENTS PU BILC DEBT MANAGEMENT OFFICE INNOVATION INFLATION-LINKED BOND PIONE ER PDDF CGIF DEDICATION BENCHMARK BOND FISCAL DISCIPLINET COMMMITM ENT BOND MARKET DEVELOPMENT ACHIEVEMENTS PUBILC DEBT MANAGEMEN T OFFICE INNOVATION INFLATION-LINKED BOND PIONEER PDDF CGIF DEDICATIO N BENCHMARK BOND FISCAL DISCIPLINE COMMITMENT BOND MARKET DEVE LOPMENT ACHIEVEMENTS PUBILC DEBT MANAGEMENT OFFICE INNOVATION IN FLATION-LINKED-BOND PIONEER PDDF CGIF DEDICATION BENCHMARK BOND FI SCAL DISCIPLINE COMMITMENT BOND MARKET DEVELOPMENT ACHIEVEMEN TS PUBILC DEBT MANAGEMENT OFFICE INNOVATION INFLATION-LINKED BOND P IONEER PDDF CGIF DEDICATION BENCHMARK BOND FISCAL DISCIPLINE COMMM ITMENT BOND MARKET DEVELOPMENT ACHIEVEMENTS PUBILC DEBT MANAGE MENT OFFICE INNOVATION INFLATION-LINKED BOND PIONEER PDDF CGIF DEDI CATION BENCHMARK BOND FISCAL DISCIPLINE COMMITMENT BOND MARKET DEVELOPMENT ACHIEVEMENTS PUBILC DEBT MANAGEMENT OFFICE INNOVATIO N INFLATION-LINKED BOND PIONEER PDDF CGIF DEDICATION BENCHMARK BON D FISCAL DISCIPLINE COMMITMENT BOND MARKET DEVELOPMENT ACHIEVE MENTS PUBILC DEBT MANAGEMENT OFFICE INNOVATION INFLATION-LINKED-BO ND PIONEER PDDF CGIF DEDICATION BENCHMARK BOND ACHIEVEMENTS PUBIL C DEBT MANAGEMENT OFFICE INNOVATION INFLATION-LINKED BOND PIONEER PDDF CGIF DEDICATION BENCHMARK BOND FISCAL DISCIPLINE COMMITMENT BOND MARKET DEVELOPMENT ACHIEVEMENTS PUBILC DEBT MANAGEMENT OF 10FICE INNOVATION INFLATION-LINKED BOND PIONEER PDDF CGIF DEDICATION BE
To Meet : Short Term Demand To Manage : Funding Risk
T-Bill Supply
FY 2014
Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
Basis Point
Allocated Participated
Million Baht
bps
Wednesday 7 May 2014
75,000 BCR 4.49 2.56
12
1M (32 Days) : 20,000 MB 3M (95 Days) : 20,000 MB
2.45
50,000
8 2.75
1.63
2.60
1.20
1.32
1.26 1.03
1.01
0.56
25,000
2.13
1.53
1.18 1.08
0.98
1.91 1.93 1.73
0.77
3M 20,000
2.42
1.45
2.60
1.79 1.58
4
1.07
1.02
20,000
1 M 20,000
20,000
20,000
20,000
20,000
20,000
20,000
20,000
15,000
15,000
15,000
15,000
15,000
15,000
15,000
0.6
15,000
15,000
15,000
15,000
15,000
0.4
15,000
1.3
1.27
20,000
20,000 20,000
20,000
19,275
25,000
24,491
25,000
25,000
25,000
25,000
25,000
14,006
25,000
25,000
25,000
27,135
1.15
T-1=0 -
0 -0.5
-0.8
-0.5 -1.0
-1.3 -1.8
-25,000 -3.9
-3.0 -3.5
-2.0
-2.2
-2.3 -2.9
-2.4
-2.5
-2.9 -3.3
-4.2-4.4 -4.6
-2.5
-2.9 -3.7
-3.9
Q3/FY14
-4
-4.6
-4.9
-5.2
-50,000
-8 Sep
Sep 13
Oct
Oct 13
Nov
Nov 13
Dec
Dec 14
Jan
Jan 14
Feb
Feb 14
Mar
Mar 14
Apr
Apr 14
May 14
May
Jun 14
11
B: Progress Update • • • •
12
Greenshoe Option: MOF Outright PDs Privilege in FY2015
Bond Switching & Consolidation Work Plan GGLB Rollover Plan Towards ASEAN “Preferred Destination”
•
Upgrade MOF Outright PD Privilege
Maintain
• Option
Exclusivity in 5-yr
Greenshoe Option
Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
Cu r rent Pr ivilege FY 2013-20 14
Exclusivity in 5-yr tenor of Government Benchmark Bond MOF Preferred Counterparty Quarterly dialogue with MOF of plan Bond Auction Schedule
BOT outright counterparty Benefit of Incentive program from SET
“Potential” Privilege to be launched in FY2015 Greenshoe Option
5 years 10 years
Greenshoe Option
Term and Condition: Exercising at the AAY (Average Accepted Yield) Price Exercising within 1-2 days next to the auction date (T+1 to T+2)
Right to buy indicated LB in Additional of 10-20% of the allocated amount
Survey Results for Upgrade MOF Outright PD Privilege (13/13PDs) Note: Under the normal market condition, PDs are expected to exercise Greenshoe option when Market Yield < AAY
1
13
5
12 11 10 9
3 2
Most Prefer
Least Prefer
7 6 7
8 7 6 5
4
4 3 2 1
GS 5 Yrs.
GS 10 Yrs.
2 2
Exclu. 10 Yrs.
GS 15 Yrs.
Exclu. 15 Yrs.
GS 7 Yrs.
GS 3 Yrs.
GS 30 Yrs.
Exclu. ILB
Exclu. 3 Yrs.
GS ILB
Results from All 13 MOF Outright PDs Between 27 Jan 2014 - 13 Feb 2014
1st Rank
Additional MOF Outright PD Privileges Survey 1. What is the most preferable Additional Privileges? Please Arrange 1-5 in Space By 1 = Most Prefer 3 = Prefer 5 = Least Prefer . . . . .
.Exclusivity in 10 yr. Benchmark Bond .Exclusivity in other Tenor of Benchmark Bond please specific yr. .Greenshoe Option in 5 yr. Benchmark Bond .Greenshoe Option 10 yr. Benchmark Bond .Greenshoe Option in other Tenor of Benchmark Bond please specific
2. Other Privileges
Greenshoe 5 Yrs
2 = More Prefer 4 = Less Prefer
Greenshoe 10 Yrs yr.
Exclusivity 10 Yrs
7 4 2
PDs
11
PDs
PDs
PDs
13
Bond Switching and Bond Consolidation Timeline Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
FY2014 Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov Dec
Jan
FY2015 Feb Mar Apr May Jun
Jul
Aug
Week 4 : Kick-off
Examine the problem and obstacle • •
Gathering the Problem and Obstacle Planning to Eliminate
Meeting with Related Organization • • • • • • •
-Tentative-
The Revenue Department The Securities and Exchange Commission Federation of Accounting Professions Commission Office of Insurance Commission ThaiBMA BOT Others
Set Transaction Format • Bond Selection • Calculation • Exchange Approach
Marketing & Roadshow BS & BC Execution
18 Months
14
GGLB = BAAC = 100,000
75,000
Bonds of Bank for Agriculture and Agricultural Cooperatives. The principal and interest of the Bonds are guaranteed by the Ministry of Finance, and the Government of Thailand undertakes to make repayments of the principal and interest throughout of the Bonds in all respects Bonds of Bank for Agriculture and Agricultural Cooperatives. The principal and interest of the Bonds are guaranteed by the Ministry of Finance.
PA ST
Now BAAC148A BAAC14OA BAAC14OB BAAC152A BAAC152B BAAC152C BAAC153A BAAC156A BAAC156B BAAC157A BAAC157B BAAC157C BAAC159A BAAC159B BAAC159C BAAC15OA BAAC162A BAAC163A BAAC164A BAAC166A BAAC169A BAAC16OA GGLB16NA BAAC16NA BAAC172A BAAC179A BAAC189A BAAC189B BAAC192A BAAC192B BAAC208A BAAC238A BAAC238B
GGLB16NA Series 32 1
50,000
BAAC GGLB
69,580 THB Mil.
Outstanding (THB Mil.) 191,800 69,580
BAAC238A
BAAC238B
BAAC238B BAAC238B
BAAC192B
BAAC192A
BAAC189B
BAAC189A
BAAC179A
BAAC172A
GGLB16NA GGLB16NA
GGLB16NA
Series 13 20
BAAC GGLB
BAAC238A BAAC238A
50,000
BAAC16NA
BAAC16OA
BAAC169A
BAAC166A
BAAC164A
BAAC163A
BAAC162A
BAAC15OA
BAAC159C
BAAC159B
BAAC157C
BAAC159A
BAAC157B
BAAC156B
BAAC157A
BAAC156A
BAAC152C
BAAC153A
BAAC152B
BAAC152A
BAAC14OB
PRESENT
BAAC208A
75,000
BAAC208A BAAC208A
100,000
BAAC14OA
-
BAAC148A
25,000
Outstanding (THB Mil.) 20,000 240,380
69,580 THB Mil.
Roll Over
BAAC192A BAAC192A
BAAC192B BAAC192B
GGLB189A
BAAC189A BAAC189A
BAAC179A BAAC179A
BAAC172A BAAC172A
GGLB16NB
GGLB16NA
GGLB16OA
BAAC169A BAAC169A
GGLB166A
GGLB164A
GGLB163A
GGLB162A
GGLB15OA
GGLB159B
GGLB159A
BAAC159A
GGLB157C
GGLB157B
GGLB157A
GGLB156B
GGLB156A
GGLB153A
GGLB152A
BAAC152B BAAC152B
BAAC152A BAAC152A
GGLB14OA
GGLB148A
-
BAAC14OA BAAC14OA
25,000
29-Mar-14 GGLB148A BAAC14OA GGLB14OA BAAC152A BAAC152B GGLB152A GGLB153A GGLB156A GGLB156B GGLB157A GGLB157B GGLB157C BAAC159A GGLB159A GGLB159B GGLB15OA GGLB162A GGLB163A GGLB164A GGLB166A BAAC169A GGLB16OA GGLB16NA GGLB16NB BAAC172A BAAC179A BAAC189A GGLB189A BAAC192A BAAC192B BAAC208A BAAC238A BAAC238B
GGLB148A Parallel with SOE Bond Development As of 27 March 2014
Building a Benchmark Enhancing Liquidity Consulting Market
Issue Bond Under GGLB Code to be Benchmark for SOE Bond Re-open GGLB to Build-up Outstanding Size to Enhance Liquidity Publicize information in all dimensions. To Increase confidence in the market.
A
100,000
Coupon 3.53%
3-Yr Benchmark Bond (re-open) 7-Yr Benchmark Bond (new)
B
GGLB148A
C
GGLB189A
20,000 THB Mil.
Coupon 4.02%
GGLB2XXX Coupon .. %
BAAC192B
BAAC192A
GGLB189A
FY2017
BAAC189A BAAC189A
BAAC179A BAAC179A
BAAC172A BAAC172A
GGLB16NB
GGLB16NA
GGLB16OA
FY2016
BAAC169A BAAC169A
GGLB166A
GGLB164A
GGLB163A
GGLB162A
GGLB15OA
GGLB159B
GGLB159A
BAAC159A BAAC159A
FY2015
GGLB157C
GGLB157B
GGLB157A
GGLB156B
GGLB156A
GGLB153A
GGLB152A
BAAC152B
BAAC152A BAAC152A
GGLB14OA
-
BAAC14OA
25,000
BAAC238A
10 Aug 2014
FY2018-2023
BAAC238B
50,000
BAAC208A
75,000
GGLB16NA
Super Size
GGLB16NA
A B C
GGLB148A
มี.ค. 57 8A OA OA 2A 2B 2A 3A 6A 6B 7A 7B 7C 9A 9A 9B OA 2A 3A 4A 6A 9A OA NB NA 2A 9A 9A 9A 2A 2B 8A 8A 8B
Code Name Changed : Almost BAAC are in the scope of GGLB
15
Linking CGIF & BAHT BOND to the Development of Bond Market Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
10,000
CGIF
9,000 8,000
150,000
Total Outstanding 9.2 THB Trillion
7,000 6,000
Baht Bond
5,000
(Foreign Issuers Bond)
2,850
4,000
BAHT BOND
End of March 2014
109,174
1%
THB mln. 100,000
(For Asian Bond 0.03% CGIF Market Initiative)
THB mln.
3,000 2,000 1,000
Corp Bond
22%
SOEs Bond
8%
50,000
0
2013 2014 2015 2016 2017 2018 2019 2020 0
2005 2006 2007 2008 2009 2010 2011 2012 2013 IBRD IBRD
KEXIM (30,700 m)
Natural Hedging
Inv’t Grade
BOT Bond
31% Hana
CABEI
(18,000 m)
AFD KDB
Woori
ING
Targeted Industry
GOVT Bond
38%
(13,000 m)
(10,000 m)
IBK
ADB (10,500 m)
Citi
(12,300 m)
(11,553 m)
Why now?
What next?
Thailand (PDMO) is a Board member Set criteria Select corporate
Toward becoming regional hub Increasing AAA Supply Broadening Issuer Base : Lao PDR
(PDDF.)
Timeline For Baht Bond Application Process
Nov
Dec
SUBMISSION
CONSIDERATION
Jan
Feb
1
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Issuance Period 9 months (Jan - Sep)
SUBMISSION
CONSIDERATION
2
Issuance Period 9 months (May - Jan)
SUBMISSION
CONSIDERATION
3
Issuance Period 9 months (Sep - May)
SUBMISSION
CONSIDERATION
1
Issuance Period 9 months (Jan - Sep)
APPLICATION PROCESS: 3 rounds per year (9-mth issuance period for each round)
* The approval period is based on the fiscal period under Thai government law (October – September)
16
103,434 THB mln.
THE OUTSTANDING BAHT BOND Classified by issuers based on TTM
56% Due within Y2015 THB mln.
40,000
Hana
9%
(64,590 THB mln.)
32%
IBK
KDB
(9,600 THB mln.)
KEXIM
(36,690)
Woori AFD
21
35,000
CABEI
%
30,000
36%
24%
(13,040)
(27,900)
25,000
SEK
CA-CIB
19%
Woori
(22,409)
CA-CIB
70%
CBA Citi ENBD
(71,800 THB mln.)
ING SEK
ADB
KEXIM
ENBD Citi
20,000
(22,034 THB mln.)
IBRD
Lao PD
Noble
KEXIM
15,000
IBK
8%
KDB
10,000
(9,066)
3% Hana
5,000
3%
(3,874)
Hana
4% 2%
(5,000)
(3,000)
(2,235)
2%
1%
2%
(2,800)
(1,500)
(2,000)
IBRD
0
IFIs & ABMI
Korean Issuers
Others
Completely Due (as of March 2014)
Source: PDMO As of March 31st, 2014
Broadening Issuer’s “Qualification” to achieve “ASEAN Chosen Destination” Twin Inaugural 2004
IFIs
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
…
2020
II
Credit Rating
IIIIIIIIIIIIIIIIIIII
SPV
-0-
Issuer’s Government Guarantee CGIF CGIF / Local Credit Rating
AAA
???
LAOS I I
NOBLE
Possible Next Step
COPORATE BOND MARKET CLASSIFICATION 300,000
BY CREDIT RATING
400,000
0
BY TTM 150,000
AA
A
BBB
BB
BY SECTOR
200,000
0
0 AAA
400,000
0–3
4–5
6 – 10
10+
ENERG BANK PROP FIN CONMAT FOOD TRANS PETRO COMM ICT AGRI SPV HELTH PAPER AUTO TOUR MEDIA ETRON
800,000
17
C: Basic & Essentials •
Public Debt Outstanding and Its Composition (As of Jan 2014)
= 5,466,198 THB Mil. (45.75% of GDP)
•
Bond Market Capitalization and Its Composition (As of Mar 2014)
= 9,202,573 THB Mil. (76% of GDP)
•
Total GOVT Bond Supply Issuing in FY2014
•
GOVT Bond Auction Result in First Half of FY2014
•
Non-Resident Holding in Domestic Bond
NR Holding in THB Bond (As of Mar 2014)
= 679,137 THB Mil. (GOVT Bond : 559,677 THB Mil., BOT Bond 118,713 THB Mil., Corp Bond : 747 THB Mil.)
Net Change in NR Holding (Jan – Mar 2014)
= -28,238 THB Mil.
(GOVT Bond : Net Sell -36,164 THB Mil., BOT Bond : Net Buy +7,926 THB Mil.)
18
Public debt Outstanding (as of January 2014) = 5.47 THB Trillion (45.75% of GDP) Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
Components of Public Debt
Units : THB Mil.
1. Government Debt (excluded FIDF) 2. Government Debt (for FIDF) 3. Non-Financial Sate Enterprise Debt 4. Special Financial Institutions Guaranteed Debt 5. Autonomous Agency Debt
2,731,161* 1,107,240 1,090,502 536,460 835
Public Debt Outstanding
5,466,198
Special Financial Institutions Guaranteed Debt
9.8
% 0.54 THB Trillion
Autonomous Agency Debt
0.02% 0.001 THB Trillion
*including 71,901 THB Mil. of External Debt
Non-Financial Sate Enterprise Debt
19.9% 1.09 THB Trillion
GOVT Debt 50.0% 2.73 THB Trillion
GOVT Debt (for FIDF)
20.3
% 1.11 THB Trillion
Source : Information Technology Centre, PDMO
Forecast Public Debt to GDP % of GDP 70%
61.7% 60.9%
60%
50%
40%
Sustainability Framework Public Debt to GDP < 60%
60.6% 56.9% 52.2% 50.6%
48.3%
51.0% 43.5%
35.6%
45.5% 41.7% 45.86% 42.6%
45.2% 39.6% 37.3%
Balance Budget
30%
20%
14.6% 9.12%
10%
10.87%
12.52%
11.54% 11.26%
12.61% 10.20%
4.84%
9.98%
7.41%
0%
Public Debt to GDP
Repayment Budget/Budget Expenditure
Source: Policy and Planning Bureau, as of 2 January 2014, Public Debt Management Office, Ministry of Finance
19
Full Capacity* of All Government Funding Instruments
1,150,000 THB Mil. per Year ($35 Bil.)**
* Under favorable market liquidity + using All funding instruments
Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
%
LB 3 yrs LB 5 yrs LB 7 yrs LB 10 yrs LB 15 yrs LB 20 yrs LB 30 yrs LB 50 yrs
($4.6 Bil.)** ($4.0 Bil.) ($2.4 Bil.) ($2.4 Bil.) ($1.8 Bil.) ($1.8 Bil.) ($0.9 Bil.) ($0.6 Bil.)
150,000 THB Mil. 120,000 THB Mil. 80,000 THB Mil. 80,000 THB Mil. 60,000 THB Mil. 60,000 THB Mil. 30,000 THB Mil. 20,000 THB Mil.
Thailand’s Loan Bonds (LBs) weighting in international indices
GBI-EM Global JP Morgan
iBoxx Asia ex Japan Markit
7.7%
Asian Local Markets HSBC
7.8%
7.8%
Benchmark Bond
Last Update : Feb 2014
50
30 20 15 10 7
The “Missing Composition” of Leader role in the Bond Market
5
Government Funding Instruments Infrastructure
3
liquidity Benchmark Bond
($20.4 Bil.) ($3.5 Bil.) ($3.5 Bil.) ($2.8 Bil.)
Benchmark Bond
~600,000THB Mil. (52%)
Savings Bond
~100,000THB Mil. (8%)
Amortized Bond
~100,000THB Mil (8%)
Inflation-Linked Bond
~80,000THB Mil. (7%)
($1.4 Bil.) ($1.0 Bil.) ($7.0 Bil.)
Promissory Note
~40,000THB Mil. (4%)
Floating Rate Bond
~30,000THB Mil. (3%)
Bank Loan
($40 Bil.) Total
~200,000THB Mil. (18%)
1,150,000 THB Mil. (100%)
TTM (yrs.) Source: ThaiBMA Government Bond Yield Curve as of 31 March 2014
20
**Source: BOT Exchange rate as End of Mar 2014
Average-Time-to-Maturity (ATM) = 8yrs 4mths Average Cost = 4.19% Fixed : Floating = 87 : 13 As of Jan 2014
Total GOVT Debt = 3.77* THB Trillion * Excluding 71,901 THB Mil. of Foreign Debt
Public Debt Management Office, Ministry of Finance, Kingdom of Thailand Assumptions : 6 months BIBOR = 2.47%, 6 months Fixed Deposit Rate = 1.79%, Inflation = 1.93%
FIDF 1
300,000
GOVT Debt (for FIDF) = 1,107,240 THB Mil.
128,000
200,000
ATM Avg. Cost Fixed : Floating Callable
FIDF 3
= 4yrs 7mths = 4.29% = 85: 15 = 13%
Maturity Profile
60%
35%
35,000 14,000
101,850
5%
39,000
69,000 40,000
101,800
37,900
75,000
68,441 39,836
25,000
27,887 58,440
141,963
64,124 40,000
100,000
0
Next 5 yrs
6-10 yrs
10 yrs +
TTM Fiscal Year
Budget Deficit
On-lending Loan
Water Decree
22,000
TKK
Callable
41%
Next 5 yrs
6-10 yrs
10 yrs +
0
95,205
27,800
29,800
14,000
20,000
95,936
5,500
6,500
71,000
35,000 41,900
33,581
2,200
192,730
67,000
47,000
43,000
15,700
18,900 32,500
80,025
100,872
184,110
273,994
5,783
123,704
= 8% Maturity Profile 33% 26%
9,250 114,271
164,297
242,222
100,000
187,727
T-Bill
GOVT Direct Debt (exclude FIDF) = 2,659,260** THB Mil. 16,000
86,630
11,257 10,000
60,000 58,247
200,000
13,248
300,000
ATM = 9yrs 10mths Avg. Cost = 4.15% Fixed : Floating = 88 : 12
TTM Fiscal Year
**Excluding 71,901 THB Mil. of Foreign Debt
(1) (2) (3) (4)
Well-Developed Bond Market Improved
GOV’T Direct Debt Profile Dramatically
ATM Lengthened Cost Lowered Well-Balanced Fixed-Float Ratio Well-Distributed Maturity Profile
Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
Note : Government Direct Debt = 2.66 THB Million (exclude FIDF)
As of Dec 2007
Average-Time-to-Maturity LENGTHENED by 5 yrs
As of January 2014 ATM
9yrs 10mths ATM
5yrs 3mths Avg. cost
Avg. Cost LOWERED by 40 bps. (While ATM Lengthened by 5 yrs)
4.5%
Avg. cost
4.1% Floating
Well-Balanced Fixed/Floating Ratio (Target : Fixed/Float ratio = 80 : 20)
5441 % % Well-Distributed Maturity Profile
10%
Floating
Fixed
Fixed
90%
88%
28 26%%
33%
18%
41% 26%
12%
33%
(Maturing Debt in the next 5 yrs is less than 50% of Total Debt) next 5 yrs year - 6 -10
10 yrs +
next 5 yrs year 6 -10
10 yrs +
21
Bond Market Cap. = 9.2 THB Trillion
GOVT Bond = 3.4 THB Trillion ($107 Bil.)*
($283 Bil.)*
Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
% Share of GDP
Domestic Bond Market Classified by Issuer
140% 128% 120%
Baht Bond
103%
100%
(For Asian Bond CGIF Market Initiative) 0.03%
101%
80%
1%
76%
60%
Corp Bond
22%
SOEs Bond
8%
BOT Bond
31%
24%
40%
Asian Fin. Crisis
20% 12% Mar 2014
0%
Bank Loan /GDP
Equity/GDP
2,835,122 THB Mil.
Bond Market / GDP
Maturity Profile BOT vs GOVT Bond BOT ATM = 8mths GOVT ATM = 8yrs 4mth
GOVT Bond 38% 3,492,013 THB Mil.
11% BOT 76%
17%
≤
24%
17%
MOF 28%
27%
1<yr≤3
3<yr≤5
5<yr≤10
10<yr≤50
BOT Bond Supply Rose Dramatically (2004 – Mar 2014)
*Source: BOT Exchange rate as End of Mar 2014
End of Mar 2014
Market share rose nearly… 3 Folds Outstanding size rose by… 9 times Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
60%
% Share of Domestic Bond Market
54%
(1,286,620 THB Mil.)
Domestic Bond Market 2014
38% GOVT
50%
40%
BOT 31%
30%
20%
Classified by Issuer Baht Bond CGIF
0.03%
Corp Bond
22%
SOEs Bond
8%
BOT Bond 2,835,122 THB Mil.
31%
Corp Bond 22%
GOVT Bond 10%
1%
(Foreign Issuers Bond)
13%
(312,340 THB Mil.)
SOEs Bond 8%
3,492,013 THB Mil.
38%
Baht Bond 1%
0%
Mar 2014
22
End of Mar 2014
FY2007 – FY2014
Innovation of GOVT Debt Securities Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
• Lengthen average-time-to-maturity of Total Government Debt Portfolio • Meet Long-term investors’ demand
Floating Rate Bond
• Increase floating debt ratio of Total Government Debt Portfolio • Promote BIBOR (Bangkok Interbank Offered Rate)
Step-up Savings Bond
• Broaden investor base – Retail investors • Low interest burden at the initial periods of bond
Fixed Rate Promissory Note
• Broaden investor base – Insurance / Long-term investors • Non-Benchmark tenors
50-yr Benchmark Bond
• Combat low interest rate + Lengthen average time-to-maturity • 4th country in the world (1st : UK 2nd : France 3rd : China)
10-yr Inflation-Linked Bond (ILB)
• Strong anti-inflationary signal • Deepen the Development of the Bond market • 1st country in Emerging Asian Economies
Electronic Retail Savings Bond
• Lower Minimum Amount to Purchase / Offer throughout the year • Develop the retail bond into an electronic form Scripless System • Can be purchased via ATM, in addition of Bank Retail Branches
Amortized Bond
• Suitable financing instrument for the government’s investment mega-project in the form of PPP • Pay back the bond principal by installments Promote the government’s fiscal discipline
FY 2012-2014
FY 2011
FY 2007-10
30-yr Benchmark Bond
Bond Switching & Consolidation
• Allow both issuer and investors to improve their portfolio • Larger outstanding size + Less bond series Enhance liquidity in the secondary market
PDDF Activated
Upgrade PD Privileges
(Public Debt Restructuring and Domestic Bond Market Development Fund)
15-yr ILB
CGIF Activated
Baht Bond
(Credit Guarantee and Investment Facility)
Equilibrium of Domestic Bond Market Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
Issuers
• 77 percent of Thailand’s debt securities are issued by Government, Bank of Thailand and State-Owned Enterprises
Credit Rating
• 97 percent of Thailand’s debt securities are classified as Investment Grade
Investors
• Thailand’s government debt securities are held by a wide group of investor types
Domestic Bond Market (Classified by Issuers)
Domestic Bond Market (Classified by Credit Rating) BBB Non-rated 2% 3%
Baht Bond
CGIF 0.03%
Government Debt Securities (Classified by Types of Investors)
1% A
Corp Bond
8%
22%
AA 4%
Government
Government
38%
SOEs
8%
38%
SOEs 8%
BOT
BOT
31%
31%
Total of 9.2 THB Trillion
Source : ThaiBMA (End of Mar 2014)
Total of 9.2 THB Trillion
Source : ThaiBMA (End of Mar 2014)
NR 17% Household and Non-profit
BOT 6%% Insurance and Other Corporation
36%
7% Depository Corporation
33% 34 Total of 3.4 THB Trillion
Source : BOT (End of Feb 2014)
23
FY2008-FY2013 Key Success Indicators
1. 1. Trading Volume 2. Turnover Ratio 3. 3. Demand Concentration 4. Auction Price Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
Benchmark Bond 5 yrs and Below : Highest secondary trading volume in every year Unit: % Share of Market Trading Volume
5-yr Benchmark Bondâ&#x20AC;&#x2122;s Higher Turnover Ratio : Even the higher outstanding size, turnover ratio is still more than 2 times Unit: Times
LB155A LB133A
9
29%
28%
27% 20%
LB145B
20%
7%
LB15DA
3.1
LB133A
21%
4.2
LB176A
2.8
2.4
1.5
4.2
LB196A
2.9
Top 10 GOVT Bond Series : Accounted for 90% of all GOVT bond trading volume in secondary market
Well-Developed Benchmark Bond Pays Off : Even with greater size of issuance, the cost of funding is still at market rate
Unit: % Share of Secondary Trading Volume
Unit: USD Bil. +0.9 bps
90% 90%
+3.2 bps
84% 75%
76% 77%
80%
+1.4 bps +1.2 bps
14.7
12.8
15.9
13.7
7.5 -0.4 bps
To be Updated
24
16.5
-0.2 bps
Tier 1 > 100,000 THB Mil. in Size (90% of Trading Volume)
(3,021,XXX THB Mil.)
Tier 2 > 50,000 THB Mil. in Size
(as of Q2/FY2014)
(8% of Trading Volume)
Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
Tier 1: >100,000MB
THB Mil.
FY2014 Q2 Market Share of Trading Volume in Secondary Market Tier 2 Tier 1
(9 Series)
300,000
5
250,000
Outstanding size (THB Mil.)
90% 0
8% 2% 8% 50
100
200,000
Tier 2: 50,000 – 100,000MB
10
(15 Series)
150,000
50
LBA
100,000 100,000
25 15
ILB 15
50,000
LB267A LB24DA LB191A LB14DA LB175A LB25DA LB316A LB171A LB214A LB19DA LB157A LB244A LB22NA LB183A LB406A LB446A LB446A LB145A LB396A LB383A
LB416A LB183B LBA37DA LBA37DA LB296A LB296A LB17OA LB27DA LB193A LB213A LB326A ILB283A ILB283A LB283A LB16NA LB198A LB167A LB233A
0
LB196A LB196A LB176A LB21DA LB236A LB236A LB155A LB15DA LB145B LB616A LB616A ILB217A
30
FY 2014 on-the-run Benchmark Bond FY 2014 on-the-run Innovative Bond
Source : ThaiBMA
Well-Distributed Bond Maturity Profile (as of Q2/FY2014)
The outstanding size of loan bond maturing in the next 5 years is 1,069,019 THB Mil. (35% of Total GOVT Bond) Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
THB Mil.
Current Outstanding Current Outstanding Current Outstanding
300,000
≥ THB 100 Bil. = THB 50-100 Bil. ≤ THB 50 Bil.
FY 2014 on-the-run Benchmark Bond
5
250,000
FY 2014 on-the-run Innovative Bond
200,000
10 150,000
50
LBA
100,000 100,000
ILB 15
25
15 50,000
1 Source : ThaiBMA
2
3
4
5
6 – 10 years
LB616A
LB244A LB24DA LB25DA LB267A LB27DA ILB283A ILB283A LB283A LB296A LB296A LB316A LB326A LBA37DA LBA37DA LB383A LB396A LB406A LB416A LB446A LB446A
TTM
LB191A LB193A LB196A LB198A LB19DA LB213A LB214A ILB217A LB21DA LB22NA LB233A LB236A LB236A
30
LB145A LB145B LB14DA LB155A LB157A LB15DA LB167A LB16NA LB171A LB175A LB176A LB17OA LB183A LB183B
LB21DA LB176A
Total GOVT Bond = 43 Series
11 – 50 years
25
FY 2014
610,xxx THB Mil.
Total Fund Raising Plan
Last Updated: March 2014
Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
Water
Q: Will the “pause” of the
9,xxx Savings Bond Dollar Bond Non-Benchmark New Product
Bank Loan
Infrastructure
6 mths – 4 yrs
250,000 MB.
New Borrowing
(As of Sep 25th,2013)
250,000
A: No, they will not.
123,000
Savings Bond and Others
Deficit
Water Decree and Infrastructure Bill affect the Announced Government Bond Supply?
The Water Decree and Infrastructure Bill were planned to be raised through short-term “Bank Loan” which provide more flexibility and cost saving. Then, they will be converted to long-term instrument later.
55,000
Amortized Bond – 25 years Inflation Linked Bond
25,000
360,124 MB
Roll Over
Benchmark Bond (5 - 15 - 30 - 50-yr)
Rollover Govt Debt
231,000
Rollover FIDF Debt
278,000
129,124
Benchmark Bond (10-yr)
82,000
Promissory Notes
47,124
By Instruments
By Bills
FY 2014
Government Bond Supply
7 Fixed Coupon Bonds 5 Benchmark Bonds Series 1 Inflation-Linked Bond 1 Amortized Bond
Public Debt Management Office, Ministry of Finance, Kingdom of Thailand
FY 2014 Indicative Benchmark Bond Plan-to-issue Amount in FY 2014 Outstanding Amount as of the beginning of FY 2014
Super size 300,000MB
300,000
($10 Billion)
120,000
10
15-yr
25-yr
Inflation-Linked Bond
Amortized Bond
200,000
82,000
50
26
50,000 50,000 LB446A
30
81,205
54,000 LBA37DA
55,000
55,000 25,000 50,000 58,000 LB296A
ILB283A
115,850 LB236A
LB196A
0
181,994
15 100,000
LB616A
Outstanding size (THB Mil.)
5
D P L
Firm
FY 2014 Government Bond Auction Result
GOVT Bond Auction is decoupled from political situation
Classified by Quarterly Auction Schedule
: red
Public Debt Management Office, Ministry of Finance
5-10 yr Benchmark Bond Amortized Bond
13
Million Baht
15-30-50 yr Benchmark Bond Inflation-linked Bond
75,000
Basis Points
Basis Points
15
Dissolution of the parliament
10
50,000
6.3
5
25,000 3.9 3.2
2.9
10,000
12,000
2.7
T-1= 0-
20,000
7,000
5,000
13,000
5,000
0.8
5,000
20,000
8,000
12,000
9,000
4,160
10,000
20,000
9,000
13,000
16,000
LB5y
LB15y
LB50y
LB10y
LB30y
ILB15y
LB5y
LB50y
-25,000
LBA25y
LB15y
LB10y
LB30y
ILB15y
LB15y
-1.2
LB5y
LB50y
-5.4
-6.1
ution of ament
9,000
-0.2
-0.4 LBA25y
LB10y
0
LB30y
-5
-5.4 -7.0
Dec 13
-7.8
-8.3
-8.9
-50,000
-75,000
-10
-15
FY 2014 GOVT Bond Auction Results Classified by Tenor
A B
Q2/FY14
26 Mar 14
19 Mar 14
26 Feb 14
19 Feb 14
19 Feb 14
5 Feb 14
29 Jan 14
29 Jan 14
8 Jan 14
12 Feb 14
Q1/FY14
Dec 13
18 Dec 13
11 Dec 13
11 Dec 13
3 Dec 13
27 Nov 13
20 Nov 13
13 Nov 13
6 Nov 13
-15.0
6 Nov 13
MC : apered
-8.1
-9.6
ALL Benchmark Bond : Fully Allocated 30-to-50-yr Benchmark Bond : Avg.Accepted LOWER than Market Price Public Debt Management Office, Ministry of Finance
5-10 yr Benchmark Bond Million Baht
15-30-50 yr Benchmark Bond
Basis Points
Benchmark Bond 5 – 10yr
25,000
10yr
5yr
Basis Points
Benchmark Bond 15 – 50yr
15yr
30yr
15
50yr
(Exclusivity)
A
20,000
Fully Allocated
15,000
10
10,000 5 5,000
3.9
T-1= -0
20,000
20,000
20,000
13,000
12,000
16,000
7,000
10,000
10,000
5,000
9,000
9,000
5,000
8,000
9,000
0
-0.2
-0.4
-5,000
3.2
2.9
2.7
-1.2
B -5
-10,000 -6.1 -7.0
-15,000
-7.8 -8.9
-8.1
-8.3
-10
-9.6
-20,000
-25,000
-15.0
-15
27
Net Change in Non-Resident Holding (YTD) Net Outflow = -28,238 THB Mil.
BOT : Net Buy +7,926 MB. GOVT : Net Sell -36,164 MB.
Sell -26,727 MB. Buy +34,653 MB. Sell -48, 902MB. Buy +12,738 MB.
End of Mar 2014
THB Mil.
Non-resident Net Buy/Sell in BOT Bond Non-resident Net Buy/Sell in GOVT
-28,238 THB Mil. BOT
GOVT
BOT Bond
+7,926
0 -36,164 GOVT Bond
2014 YTD (End of Mar 2014)
2014 (The past 13 weeks)
End of Mar 2014
YTD in Non-resident Holding BOT Bond & GOVT Bond
THB Mil.
T
BOT Bond
+
+
+
+7,926 THB Mil.
+
0
GOVT Bond -36,164 THB Mil
.
2014 28
Peers Comparison
NR Holding in Thai GOVT Bond
End of Mar 2014
is 559,677 THB Mil. or 16% of Total GOVT Bond Outstanding
Relatively “moderate” share of NR holding by region average 40%
Percentage share of Non-resident Holding in Local Government Bond (Mar 2008 - Present)
Indonesia
32.54% Dec’ 13
Malaysia 29.4%
30%
Dec’ 13 Peak @ 19.1% (Apr’ 13)
20%
Thailand
Korea 9.5%
16%
End of Mar’ 14
Sep’13
10%
Japan 8.02% Dec’ 13
2008
2009
2010
2012
2011
Mar-14
Dec-13
Sep-13
Jun-13
Mar-13
Dec-12
Sep-12
Jun-12
Mar-12
Dec-11
Sep-11
Jun-11
Mar-11
Dec-10
Sep-10
Jun-10
Mar-10
Dec-09
Sep-09
Jun-09
Mar-09
Dec-08
Sep-08
Jun-08
Mar-08
0%
2013
2014
Source : AsianBondsOnline, ThaiBMA
2014 Outstanding
Non-resident Holding in THB Bond = 679,137 THB Mil. (7.38% of Thai Bond Market Capitalization)
(% share of Bond Market)
Thai Bond Market Cap. = 9,202,573
THB Mil. Classified by Issuer (End of March 2014)
Non-Resident Holding (THB Million)
Issuer
End of Mar 2014
% Share of Thai Bond Market Cap. (9,202,573 THB Million)
GOVT Bond
559,677
6.08%
1%
BOT Bond
118,713
1.29%
CGIF Market Initiative) 0.03%
SOE Bond
0
Baht Bond (Foreign Issuers Bond) (For Asian Bond
Corp Bond
747
22%
SOEs Bond
8%
GOVT Bond Outstanding 3,492,013
31%
7.38%
BOT Bond Outstanding 2,835,122
THB Mil.
Non-Resident 559,677 THB Mil.
BOT Bond
0.01%
679,137
TOTAL
Corp Bond
0%
THB Mil.
Non-Resident 118,713 THB Mil. %
%
2,835,122 THB Mil. GOVT Bond
38%
Domestic Investors 2,932,336 THB Mil.
84
%
3,492,013 THB Mil.
Domestic Investors 2,716,409 THB Mil.
95.8
%
29
Chularat Suteethorn Director-General, Public Debt Management Office Suwit Rojanavanich Bond Market Advisor Bond Market Development Bureau, Public Debt Management Office Ministry of Finance, Kingdom of Thailand
For Further Information : Pimpen Ladpli
+66 2271 7999 ext. 5802
pimpen@pdmo.go.th
Senior Expert on Bond Market Development Acting Executive Director of Bond Market Development Bureau
Nattakarn Boonsri
+66 2271 7999 ext. 5803
nattakarn@pdmo.go.th
Director of Government Bond Market Development Division
Sophida Sritomya
+66 2271 7999 ext. 5804
sophida@pdmo.go.th
Director of Fund Management and Bond Market Infrastructure Development Division
Nakarin Prompat
+66 2271 7999 ext. 5812
nakarin@pdmo.go.th
Acting Director of International Bond Market Policy Division
Chakrit Phothisuk
+66 2271 7999 ext. 5811
chakrit@pdmo.go.th
+66 2271 7999 ext. 5806
kasirat@pdmo.go.th
+66 2271 7999 ext. 5816
phimonphan@pdmo.go.th
+66 2271 7999 ext. 5809
kittiya@pdmo.go.th
+66 2271 7999 ext. 5818
chanikarn@pdmo.go.th
+66 2271 7999 ext. 5801
pathida@pdmo.go.th
Economist
Kasirat Suwanpen Economist
Phimonphan Tanwattana Economist
Kittiya Chaithep Economist
Chanikarn Chaiyasena Economist
Pathida Rattanapinyo Economist
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