KINGDOM OF THAILAND BOND MARKET FINANCING THAILAND’S FUTURE & CONNECTING ASEAN
Jul – Sep 2017
Progress Update
» Committing to FY2017 Fund Raising Plan » GOVT Bond Auction Results » T-Bill Plan Auction Results » GOVT Bond Auction Schedule Q4/FY2017 » SOE Bond Auction Schedule Q4/FY2017 » PDMO Bond Calendar FY2017 Basic & Essentials
» Bond Market Capitalization » Bond Market Development Strategy » Public Debt Outstanding and Portfolio » Liquidity & Secondary Market Trading » Historical Changes in Thai Government Bonds Issuance » Bath Bond Process » Corporate Bond » Non-Resident Holding in Domestic Bond
PUBLIC DEBT MANAGEMENT OFFICE MINISTRY OF FINANCE KINGDOM OF THAILAND
Q4/FY2017
Quick Facts Public Debt Outstanding (as of May 2017)
6,347,824 THB Mil. (42.90 % of GDP)
14
Well-Developed Bond Market Improved GOVT Direct Debt Profile Dramatically (as of May 2017) » Average-Time-to-Maturity (ATM) 12yrs 3mth » Average Cost 3.59 % » Well-Balanced Fixed : Floating Ratio 88 : 12 » Well-Distributed Maturity Profile 33:22:45 (TTM<5 : 6-10 : >10yrs)
15
Bond Market Capitalization (as of June 2017)
16
11,109,027 THB Mil. (75% of GDP)
Baht Bond Outstanding and its Market Share (as of June 2017)
Non-Resident Holding in Domestic Bond (as of June 2017) » Annual Capital Flow (YTD) GOVT Bond : BOT Bond :
» NR Holding in THB Bond GOVT Bond : BOT Bond : Others :
GOVT Bond 38% of total Bond Market outstanding BOT Bond 28% SOEs Bond 7% Corp Bond 26% Baht Bond 1%
78,345 THB Mil. (1% of Bond Outstanding)
19 22
88,558 THB Mil. 95,597 THB Mil. -7,039 THB Mil.
723,011 THB Mil. (6.5% of Thai Bond Market Cap.) 665,676 THB Mil. (15.8% of GOVT Bond Outstanding) 56,395 THB Mil. (1.8% of BOT Bond Outstanding) 940 THB Mil.
Progress Update Total Fund Raising Plan FY2017 GOVT Bond Auction Results T-Bills Plan Auction Results GOVT Bond Auction Schedule Q4 /FY2017 SOE Bond Auction Schedule Q4/FY2017 PDMO Bond Calendar FY2017
1
2
2017 - 2022
750 – 1,150 THB Bil. per year
Government Funding Needs
1,119,xxx
New Borrowing 350 - 600 THB Bil.
86MB
3XXMB
4,XXXMB
38,XXXMB
59,XXXMB 38,XXXMB
THB mil.
Insurance Decree Substitution for foreign currency bond On-Lending
5x,xxxMB
162,xxx
Supplementary Budget Deficit
Per year (2017-2022)
2,XXXMB
390,000
Deficit Bill 58,940
200,666
344,084
300,000
250,000
250,000
390,000
GOVT 140,192
450,000
On-Lending
15,xxxMB
Bond Switching
50,000
Rollover 350 - 550 THB Bil.
Per year (2017-2022)
-0-
52,000
149,209
231,000
307,945
252,898
114,286
189,xxx
177,545
453,367
313,xxx
102,059
101,800
37,900
109,000
-0-
FY2017F
FY2018F
FY2019F
FY2020F
FY2021F
FY2022F
112,708
286,104
FIDF FY 2017
602,XXX MB
New Borrowing
Insurance Decree
Supplementary Deficit
On-Lending
113,014
340,122
191,095
129,124
59,374
104,236
FY2011
FY2012
FY2013
FY2014
FY2015F
FY2016
162,xxx
Promissory Notes R-Bill, and Others
Roll Over 517,XXX MB
Rollover FIDF Debt By Bills Remark :
Auction Size Times (Billion Baht)
Total Issuance (Billion Baht)
Symbol
5
LB226A
20 – 36
5-6
140 – 160
10
LB26DA
18 – 20
5-6
90 – 100
15
LB316A
14 - 16
5-6
70 – 80
20
LB366A
11 – 13
5-6
60 – 70
Benchmark Bond
30
LB466A
11 – 13
5-6
60 – 70
5-10-15-20-30-50 yr
50
LB666A
14 – 16
5-6
80 – 90
15,xxx
189,xxx
Benchmark Bond Auction Plan Tenors
Savings Bond
Rollover Govt Debt
1,119,xxx MB
5x
390,xxx
Rollover SOEs Debt
As of Jun 2017
GOVT Fund Raising Plan
50,xxx
Deficit
FY2017
550,xxx
Tentative Plan for Supplementary Budget Deficit - Borrow by issuing short-term instruments and Benchmark Bond - Short-Term instruments will be converted into Benchmark Bond
313,xxx
By Instruments
1. Exclude external funding for both new borrowing and rollover debt with amount of 71,xxx 2. Exclude T-Bill rollover debt As of Jun 2017
Government Bond Supply Keep Increasing Since 2009 THB mil.
Amount of Benchmark Bond to Actual Fund Raising (FY2009 – FY2017)
1,000,000
Others
Benchmark Bond
750,000
1%
-11%
500,000
9%
17%
37% 2%
10% 49% 250,000
0
As of Jun 2017
ALL FY2017
Benchmark Bond is approximately 550 Bil.
60% of FY2017 Funding Needs 957 Bil.
THB Mil.
500,000
Benchmark Bond Tenors
Symbol
Issuance Size
LB226A
5-yrs
Total
140,000 – 160,000
LB22DA (New Issue in Q4)
400,000
300,000
10-yrs
LB26DA
90,000 – 100,000
15-yrs
LB316A
70,000 – 80,000
20-yrs
LB366A
60,000 – 70,000
30-yrs
LB466A
60,000 – 70,000
50-yrs
LB666A
80,000 – 90,000
550,xxxMil.
Total Benchmark Bonds
Top-up
5
15
TTM
5
Top-up
Top-up
30
10
15
-
20
-
30
-
-
LB666A LB666A
LB616A
LB466A LB466A
LB446A
LBA37DA LB383A LB396A LB406A LB416A
LB366A LB366A
Top-up
Top-up
20
LB316A LB316A LB326A
0
LB16NA LB171A LB175A LB176A LB17OA LB183A LB183B LB191A LB193A LB196A LB198A LB19DA LB206A LB213A LB214A ILB217A LB21DA LB226A LB226A LB22NA LB22DA LB22DA LB233A LB236A LB244A LB24DA LB25DA LB267A LB26DA LB26DA LB27DA ILB283A LB283A LB296A
5
New-Issue in Q4FY2017
10
100,000
Top-up
50
ILB353A
200,000
550,xxx MB
Remark : LB226A on-the-run Benchmark Bond will be replaced by LB22DA in Q4FY2017
-
50
3
Q4FY2016 – Present GOVT Bond Auction Results Classified by Auction Schedule THB Mil.
Q4
120,000
Q2
Q1FY2017
bps
Q3
40
100,000 30
80,000
73,830 69,670
60,000
50,061
20
49,510
49,117
36,455
36,133
40,000
31,700 26,410 18,634
18,605
20,000
18,820
17,380
10,230
14,370 9,560
8,230
9,290
23,515
20,993
18,370 17,507
10,535 10,420
34,854
29,374 29,035
24,815
10
21,410 21,170 17,564 16,480
13,545
11,060
10,822
12,143
9,705
T-1= 0 0
0
-20,000 -10
-40,000 -60,000
-20 Symbol
-80,000
LB466A
LB316A
13,000
11,000
Auction Size (THB mil.) Bid Coverage Ratio
1.84
Overallotment
-100,000
Pre
Accepted Amount
-120,000
Average Accepted Yield
Jul-16
Aug-16
Sep-16
Oct-16
Short-term Benchmark Bond (<10 yrs) Long-term Benchmark Bond (>10 yrs)
Nov-16
Dec-16
Jan-17
Feb-17
1.63 Post
13,000
14,300
3.4472%
3.4506%
Mar-17
Apr-17
-30
Pre
Post
11,000
12,100
3.1268% 3.1286%
May-17
-40
Jun-17
Overallotment Spread [AAY- Yield(T-1)]
Q4FY2016 – Present GOVT Bond Auction Results Classified by Tenor Benchmark Bond 5 – 10yr
THB Mil.
120,000
5-Yr
Benchmark Bond 15 – 50yr
10-Yr
15-Yr
20-Yr
bps
30-Yr
40
50-Yr
100,000 30 80,000 60,000
73,830
69,670
50,061
40,000
36,455 34,854
31,700 24,815
20,000
20
49,510 49,117
26,410
36,133 29,374
29,035
18,820 18,370
18,605 12,143 10,420
17,564
21,410 13,545 11,060 9,560 10,230 10,822 9,705
10
23,515 21,170 20,993 10,535 8,230
18,634
17,507 17,380 14,370 9,290
16,480
T-1= 00
0
-20,000 -10
-40,000 -60,000
Symbol
LB316A
13,000
11,000
Auction Size (THB mil.)
-80,000
Bid Coverage Ratio Overallotment
-100,000
Accepted Amount Average Accepted Yield
-120,000 Short-term Benchmark Bond (<10 yrs) Long-term Benchmark Bond (>10 yrs)
4
LB466A
Overallotment Spread [AAY- Yield(T-1)]
1.84 Pre
1.63 Post
13,000
14,300
3.4472%
3.4506%
Pre
Post
11,000
12,100
3.1268% 3.1286%
-20
-30
-40
FY2017
Low Cost of Funding High Volume of Short-term Demand
T-Bill Auction Result
FY2016
THB Mil.
FY2017
Basis Points
80,000
15
Q4
Q1
Q2
Q3
60,000 10 40,000 5 20,000
2.0 1.3
T-1= 00 0.1
-20,000
-0.1 -0.5
1.6 0.9
0.9 -0.2-0.1
2.7
2.3 1.6 1.0 1.0
-0.2 -0.7 -1.1 -1.9
-1.1
-1.4 -2.2-2.4
-2.4
-2.9-2.9
-3.5-3.2
-3.7
-3.1
-5
-4.1
-4.8
-4.8
0
0.8 0.9
0.5 0.0 -0.5
-5.2 -5.8
-40,000
-5.1 -6.1 -6.8
-7.6
-9.5 -10.2
-60,000
-80,000
-7.5
-8.0 -8.9 -8.6
-8.8
T-bill 1 month T-bill 3/6 months R-bill 3/6 months Jul-16
Aug-16
-10
-9.3
Participated Amount (Excess Demand) Not Fully Allocated or Subscribed Spread [AAY-Yield(T-1)]
-10.2 -10.9 -11.1 -11.2
-15 Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
5
6 6,000 10,000
LB466A 30-yrs
7,000
14,000
LB666A 50-yrs
14,000
14,000
Total
25,000
LB26DA = LB316A = LB366A = LB466A = LB666A =
1. LB22DA =
Maturity Date
Coupon
17-Dec-2022
n/a
50,000
13,000
10,000
21,000
Re-open Re-open Re-open Re-open
17-Dec-2026
2.125%
20-Jun-2031
3.65%
Re-open
Re-open
17-Jun-2036
3.40%
17-Jun-2046
2.875%
17-Jun-2066
4.00%
128,000
-
27 Sep 2017
Total
-
25,000
7,000
20 Sep 2017
13 Sep 2017
20,000
7,000
7,000
30 Aug 2017
6 Sep 2017
-
20,000
10,000
25,000
23 Aug 2017
16 Aug 2017
9 Aug 2017
2 Aug 2017
14,000
LB366A 20-yrs
6,000
14,000
LB316A 15-yrs
26 Jul 2017
20,000
LB26DA 10-yrs
-
25,000
LB22DA New 5-yrs
19 Jul 2017
12 Jul 2017
5 Jul 2017
Auction Date
Bond Auction Schedule for Q2/FY2016 Q4/FY2017 GOVTGovernment Bond Auction Schedule (Jul â&#x20AC;&#x201C; Sep 17)
7
Source : Debt Management Bureau 2
Quarter 4 Term/Loan (year) Week-Date Month 0.5 1 2 2.5 3 Wk. 40 3 MPC 4 6 Wk. 41 10 SRT GG 11 13 5,864 Jul Wk. 42 17 18 20 Wk. 43 24 25 27 Wk. 44 31 1 3 Wk. 45 7 BMTA GG SRT GG 8 10 2,962.3 5,155 Wk. 46 14 Aug MPC 15 17 Wk. 47 21 BMTA GG 22 24 1,777.202 Wk. 48 28 NHA GG 29 31 1,500 Wk. 49 4 5 7 Wk. 50 11 PWA NG 12 700 Sep Wk. 51 14 18 SRT GG BMTA GG 19 21 1,000 2,700 Wk.52 25 MPC 26 28 รวม 3,962 2,700 7,632 1,500 5,864 0
0 21,659
3,700
700
0
1,500
1,777
0
8,117
0
0
0
5,864
Total
A
S
6,000
Next 5 working days
Auction Bond
Next 5 working days (since pricing date)
Syndication Bond
e-Bidding Bond
4
SRT GG Syndication 6,000
Auction Condition
5,000
5,000
BAAC GG
3
Thursday
Tuesday
Monday
Date
17,700
5,000
BAAC GG
0
MPC
MPC
1,100
PWA GG Aution 1,100
Bond (year) 7 8
NHA GG Auction 2,000 EXAT GG Syndication 5,700
5,000
BAAC GG
MPC
5
5,200
MEA NG Auction 3,000
SRT GG Auction 2,200
10
6,000
15 PEA NG Syndication 6,000
20
0
0 41,000
0
5,000
3,000
5,700
8,100
0
0
6,000
2,200
5,000
0
6,000
Total
Q4/FY2017 SOE Bond Auction Schedule (Jul – Sep 17)
0 62,659
3,700
5,700
3,000
7,200
9,877
0
8,117
6,000
2,200
5,000
5,864
6,000
Grand total (Thai Mil.)
Quarter 2
Quarter 1
8
Mar 2017
Feb 2017
Jan 2017
Dec 2016
Nov 2016
Oct 2016
27
20
13
6
27
20
13
6
30
23
16
9
2
26
19
12
5
28
21
14
7
31
24
17
10
3
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Substitution Day for Makha Bucha Day
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Substitution Day for New Year's Day
Auction T-bill
Auction T-bill
Substitution Day for Constitiution Day
H.M. the King's Birthday
Auction T-bill
Auction T-bill
Baht Bond 1/2017 Application Submission
Auction T-bill
Auction T-bill
Substitution Day for Chulalongkorn Memorial Day
Auction T-bill
Auction T-bill
Auction T-bill
Mon
28
21
14
7
28
21
14
7
31
24
17
10
3
27
20
13
6
29
22
15
8
1
25
18
11
4
Quarterly PD Market Dialogue
Substitution Day for New Year's Day
Tue
29
22
15
8
1
22
15
8
1
25
18
11
4
28
21
14
7
30
23
16
9
2
26
19
12
5
Auction LB666A (50Y) : 13,000MB
Auction LB26DA (10Y) : 14,000MB
Auction LB366A (20Y) : 8,000MB
Baht Bond 2/2017 Application Submission
Auction LB466A (30Y) : 12,000MB
Auction LB316A (15Y) : 11,000MB
Auction LB666A (50Y) : 12,000MB
Auction LB26DA (10Y) : 14,000MB
Auction LB366A (20Y) : 8,000MB
Auction LB226A (5Y) : 25,000MB
Auction LB666A (50Y) : 14,000MB
Auction LB226A (5Y) : 24,000MB
Auction LB316A (15Y) : 15,000MB
Auction LB466A (30Y) : 13,000MB
Auction LB26DA (10Y) : 16,000MB
Auction LB366A (20Y) : 12,000MB
Auction LB226A (5Y) : 36,000MB
Auction LB666A (50Y) : 14,000MB
Auction LB316A (15Y) : 15,000MB
Wed
30
23
16
9
Thu
MOF Outright PD Committee : Quarterly PD's Evalution
Quarterly PD Market Dialogue
MOF Outright PD Committee
Auction LB226A (5Y) : 25,000MB
2
23
16
9
2
26
19
12
5
29
22
15
8
1
24
17
10
3
27
20
13
6
PDMO Bond Calendar FY 2017
31
24
17
10
3
24
17
10
3
27
20
13
6
30
23
16
9
2
25
18
11
4
28
21
14
7
Last day of submission for Baht Bond Application (2/2017)
Auction T-bill
Fri
1
25
18
11
4
25
18
11
4
28
21
14
7
31
24
17
10
3
26
19
12
5
29
22
15
8
2
26
19
12
5
26
19
12
5
29
22
15
8
1
25
18
11
4
27
20
13
6
30
23
16
9
2
Sat Sun 1
Quarter 3
Quarter 4
9
Sep 2017
Aug 2017
Jul 2017
Jun 2017
May 2017
Apr 2017
25
18
11
4
28
21
14
7
31
24
17
10
3
26
19
12
5
29
22
15
8
1
24
17
10
3
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Substitution Day for H.M. The Queen's Birthday
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Substitution Day for Asarnha Bucha Day
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
National *Labour Day
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
26
19
12
5
29
22
15
8
1
25
18
11
4
27
20
13
6
30
23
16
9
2
25
18
11
4
Auction LB466A (30Y) : 10,000MB
MOF Outright PD Committee : Quarterly PD's Evalution
Last Day of submission for MOF Outright PD's Application
Auction LB666A (50Y) : 14,000MB
27
20
13
6
30
23
16
9
2
26
19
12
5
28
21
14
7
31
24
17
10
3
26
19
12
5
Auction TBA (new 5Y) : 25,000MB
Auction LB366A (20Y) : 7,000MB
Auction LB666A (50Y) : 7,000MB
Auction LB26DA (10Y) : 20,000MB
Baht Bond 3/2017 Application Submission
Auction TBA (new 5Y) : 25,000MB
Auction LB366A (20Y) : 6,000MB
Auction LB316A (15Y) : 14,000MB
Auction LB666A (50Y) : 14,000MB
Auction LB26DA (10Y) : 20,000MB
Auction LB366A (20Y) : 12,000MB
Auction LB466A (30Y) : 11,000MB
Auction LB316A (15Y) : 11,000MB
Visakha Bucha Day
Auction LB26DA (10Y) : 20,000MB
Auction LB366A (20Y) : 12,000MB
Auction LB226A (5Y) : 25,000MB
Auction LB466A (30Y) : 13,000MB
28
21
14
7
31
24
17
10
3
27
20
13
6
29
22
15
8
1
25
18
11
4
27
20
13
6
Songkran Festival Day
Chakri Memorial Day
Annual PDMO-Market Dialogue + MOF Awards
MOF Outright PD Committee : Final Review
Quarterly PD Market Dialogue
Royal Ploughing Ceremony Day
Coronation Day
Songkran Festival Day
First Day of submission for MOF Outright PD's Application
30
23
16
9
2
26
19
12
5
29
22
15
8
1
24
17
10
3
27
20
13
6
29
22
15
8
24
17
10
3
27
20
13
6
30
23
16
9
2
25
18
11
4
28
21
14
7
30
23
16
9
Remark : Royal Ploughing Ceremony Day- waiting for an annoucement This schedule is subject to change without prior notice.
29
22
15
8
1
25
18
11
4
28
21
14
7
30
23
16
9
2
26
19
12
5
28
21
14
7
10
Basic & Essentials Bond Market Capitalization Bond Market Development Strategy Public Debt Outstanding and Portfolio Liquidity & Secondary Market Trading Historical Changes in Thai Government Bonds Issuance Bath Bond Process Corporate Bond Non-Resident Holding in Domestic Bond
11
Peers Comparison
BOND market capitalization Source : Asian Bond online (ADB) % : GDP 250%
BOND mkt. cap : GDP
Hundreds
Public Sector (GOVT + CB + SOE) Private Sector
200%
150%
138%
Government BOND Yield Curve
% Yield
211%
126% 95%
100%
76%
10%
9%
8%
Indonesia
65%
7%
50%
Vietnam
22%
6%
0%
5%
As of May 31st ,2017
Philippines Malaysia
Share of PUBLIC sectorâ&#x20AC;&#x2122;s Bond to Total BOND mkt. cap.
China
4%
USD
% : BOND mkt. cap.
3.37%
Billions
95%
100%
300 86%
3%
82%
1.97%
2.56%
2%
60%
148
Japan
0%
147
141
BOT 85
80
42
Singapore
1%
150
SOE 23
USD Billions
Korea
54%
USD Billions
50%
Thailand
USA
74%
GOVT 132
3.70%
-1%
0%
0 Vietnam
Indonesia
Philippines
Thailand
Singapore
Malaysia
Te n o r
As of June 30th ,2017
As of March 31st ,2017
Government BOND Yield Matrix
ASEAN & Peers
As of June 30th ,2017
6m Japan Singapore
1 yr
-
2 yr
-
-
3 yr
-
4 yr
-
5 yr
6 yr
-
-
7 yr
8 yr
9 yr
10 yr
20 yr
30 yr
40 yr
50 yr
3.82
3.94
-
-
2.45
Korea USA
8
Thailand China
54
60
84
7
18
29
38
-
6
56
10
7
3.78
3.79 4.67
Malaysia
3 90
Philippines Vietnam
-
Indonesia
-
05
50
5
Brunei Cambodia Laos Myanmar Source : Asian Bond online (ADB)
12
below 1%
2.01% - 3%
over 4%
1.01% - 2%
3.01% - 4%
no data
Funding Infrastructure Investment Connecting ASEAN
Domestic Bond Market in Transition
Funding Infrastructure Investment Connecting ASEAN (2013 – 2017) FY2017 Highlights
Market Deepening Oriented (2010 - 2012)
Sustainable Source of Fund
Water Decree (350,000 THB Mil.)
Full Funding Capacity : 1,200,000 THB Mil.
Thai Khem Khang (350,000 THB Mil.)
1,900,000 THB Mil. Long-Term Infrastructure Inv’t
Baht Bond (Foreign Issuers Bond)
Baht Bond (CLMV) Credit Guarantee Investment Facility (CGIF)
Regional Connectivity / AEC
Debt Folio Enhancement
Foreign Currency Bond (Plan) ATM Lengthened
Well-Distributed Investor Base
Cost Lowered
Well-Balanced Fixed-Floating Ratio
FIDF Decree Passed = 70,000 THB Mil. Fiscal Space
Well-Distributed Maturity Profile / Bond Switching Bond Switching (Multiple-to-Multiple)
Appointed 14 MOF-Outright PD
Market Infrastructure
Strengthening PD system
Activated Public Debt Management Fund
(Exclusivity, League Table, Greenshoes Option)
STRIPS Bond Inaugural 10-yr Inflation-Linked Bond (10-yr)
Innovation / Product Development
Saving Bond Online
Long-term Fixed Promissory Notes (25-35-45-yr)
25-yr Back-End Amortized Bond
Electronic Retail Savings Bond (3-5-yr)
Annual PDMO Market Dialogue Annual PDMO Market Dialogue
Market Consultation
Quarterly PDMO one-on-group MOF Outright PD Dialogue
Quarterly PDMO one-on-one PD Dialogue 50
30
Building Yield Curve / Enhancing Liquidity
15 10 7 5 3
Monthly PDMO one-on-one MOF Outright PD Dialogue
Liquidity-Oriented
300,000 MB
20
8 Tenors of Benchmark Bonds
150,000 MB Outstanding Amount
3 5 7
10
15
20
30
50
Equilibrium of Domestic Bond Market Issuers
• 73 percent of Thailand’s debt securities are issued by Government, Bank of Thailand and State-Owned Enterprises
Credit Rating
• 99 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)
Baht Bond 1%
1% Non-rated
Household 4%
A Corp Bond Government
26%
38% BOT
AAA 4%
SOEs SOEs 8% 8%
28% Total of 11.1 THB Trillion
Source : ThaiBMA (End of Jun 2017)
Financial Institution 4%
A % 12
12%
Government Debt Securities (Classified by Types of Investors)
Government Government Government 38%
39% 38%
BOT
BOT BOT
28%% 2928 % Total of 11.1THB Trillion
Source : ThaiBMA (End of Jun 2017)
NR 14% Depository
Mutual Funds 1%
Other 1%
Bot 7%
Non- profit organization 1%
Contract ual Funds 25%
Corporation 15%
Depository Corporation NR 15% %
31
Insurance Company 27%
Total of 4.2 THB Trillion
Source : BOT (End of Apr 2017)
13
Public Debt Outstanding (as of May 2017) = 6.34 THB Trillion (42.90% of GDP) Components of Public Debt
Units : THB Mil.
3,886,098.26 905,729.34 120,450,00 971,707.95 446,277.21 17,561.61
1. Government Debt (excluded FIDF) 2. Government Debt (for FIDF) - Prefunding for FIDF3 3. Non-Financial State Enterprise Debt 4. Special Financial Institutions Guaranteed Debt 5. Autonomous Agency Debt
6,347,824.37
Public Debt Outstanding
Autonomous Agency Debt
0.28% 17,561.61 THB Mil. Special Financial Institutions Guaranteed Debt
7.03
% 446,277.21 THB Mil.
Non-Financial
* Include Prefunding for FIDF debt (120,450 THB mil.)
State Enterprise Debt
15.31
% 971,707.95 THB Mil.
GOVT Debt
GOVT Debt 61.22% 3,886,098.26 THB Mil.
(for FIDF)
16.16% 1,026,179.34 THB Mil.
Source : Information Technology Centre, PDMO
Portion of Public Debt Serviced by The Government Public Debt Components “All”
Public Debt Components “serviced by the government ”
6.34 THB Trillion
4.30 THB Trillion
Autonomous Agency Debt
0.28% 17,561.61 THB Mil.
Special Financial Institutions Guaranteed Debt 7.03% 446,277.21 THB Mil.
Special Financial Institutions Guaranteed Debt
serviced by the government
Autonomous Agency Debt
serviced by the government 0.02%
6.04%
Non-Financial State Enterprise Debt
15.31% 971,707.95 THB Mil.
GOVT Debt
GOVT Debt 61.22%
(for FIDF)
3,886,098.26 THB Mil.
16.16%
Non-Financial State Enterprise Debt
GOVT Debt 59.97%
serviced by the government
1,026,179.34 THB Mil.
1.64% As of May 2017 * Remark : Include external debt
14
100%
67%
Total Domestic Public Debt = 6.03* THB Trillion Assumptions : 6 months BIBOR = 1.72%, 6 months Fixed Deposit Rate = 1.225%, Inflation = -0.04%
Non-financial SOEs
400,000
Note : * Not included External Debt
financial SOEs
As of May 2017
Autonomous-Agencies
SOE Debt (Serviced by GOVT) = 431,021 THB Mil.
300,000
Excluding Not serviced by GOVT 784,724 THB Mil. External SOE debt (Serviced by GOVT) 57,751 THB Mil. External SOE debt (Not-Serviced by GOVT) 162,049 THB Mil.
200,000
ATM Avg. Cost Fixed : Floating Callable
14%
11,500
10,000
2,001
32,000
25,000
24,500
134,518
5,829 10,400 3,400 37,908 65,275
0
40,000
6,288
TTM Fiscal Year
Next 5 yrs
FIDF 1
28,198 74,000
65%
Next 5 yrs 2,000
3,000 9,000
TKK
On-lending Loan
Water
RW
DPL
Ext. Guaranteed Debt
GOVT Direct Debt (exclude FIDF) = 3,789,146 THB Mil. (Excluding foreign debt 96,952 THB mil. )
2,167
6-10 yrs
ATM Avg. Cost Fixed : Floating Callable
402,742
Maturity Profile 10,000
33%
128,110
165,902
10,000
29,400
128,057 12,000
20,000
95,936
196,379 5,500
76,090
92,420
214,252
33,581 35,000
55,049
239,798
15,000
2,400
59,141
60,742
89,026 59,000
20,000
18,900
10 yrs +
= 12yrs 3mth = 3.59% = 88: 12 = 6%
24,700
76,700
67,653
266,993
1,381
178,652
34,00180,000
100,872
293 24,997
431,367
27,000
200,000
0
T-Bill
27,600
300,000
100,000
Budget Deficit
20,000
400,000
= 3yrs 5mths = 3.65% = 96: 4 = 4% Maturity Profile
3%
TTM Fiscal Year 22,000 11,799
10 yrs +
32%
20,000 16,000
126,850 25,450
40,000 69,000
63,900 7,900
101,800
71,000
0
49,732
100,000
55,000
183,000
* Remark : Include Prefunding for FIDF3 (120,450 THB mil.)
94,349
GOVT Debt (for FIDF) = 1,026,179 THB Mil.
300,000
6%
6-10 yrs
ATM Avg. Cost Fixed : Floating Callable
FIDF 3
400,000
200,000
Maturity Profile
80%
11,575
100,000
= 2yrs 11mths = 2.67% = 70: 30 = 30%
TTM Fiscal Year
Next 5 yrs
(1) (2) (3) (4)
Well-Developed Bond Market Improved
GOV’T Direct Debt Profile Dramatically
45% 22% 6-10 yrs
10 yrs +
ATM Lengthened Cost Lowered Well-Balanced Fixed-Float Ratio Well-Distributed Maturity Profile
Note : Government Direct Debt = 3,789,146 THB Mil. (exclude FIDF and external debt)
As of Dec 2007
ATM
Average-Time-to-Maturity LENGTHENED by 6yrs 10mths
Avg. Cost LOWERED by 91 bps.
As of May 2017
12yrs 3mth
ATM
5yrs 3mths
Avg. cost
4.5%
(While ATM Lengthened by 6yrs 10mths)
Avg. cost
3.59% Floating
Well-Balanced Fixed/Floating Ratio (Target : Fixed/Float ratio = 85 : 15)
10%
Fixed
Fixed
90%
88%
54%
Well-Distributed Maturity Profile (Maturing Debt in the next 5 yrs is less than 50% of Total Debt)
Floating
28%
Next55yrs yrs year 6-10 yrs next 6 -10
18% 10 10 yrs yrs ++
33%
Next 5 yrs
12%
45% 22%
6-10 yrs
10 yrs +
15
Bond Market Cap.= 11 THB Trillion 140%
GOVT Bond = 4.2 THB Trillion
128%
Domestic Bond Market Classified by Issuer
120%
106%
100%
Baht Bond 1%
96% 80%
Corp Bond 26%
60% 40%
24%
12%
BOT Bond 28%
Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17
0%
SOEs Bond 7 % 830,623 THB Mil.
Asian Fin. Crisis
20%
Bank Loan /GDP
Equity/GDP
3,080,299 THB Mil.
Bond Market / GDP
Maturity Profile BOT vs GOVT Bond
8%
Govt Bond 38%
BOTBOT ATMATM = 7mths GOVT ATM = 10yrs 7mths = 7mths GOV ATM = 11yrs 8 mths
4,213,948 THB Mil.
78%
≤
17% 22%
18%
18%
<yr≤
<yr≤
<yr≤
39% <yr≤
As of 30 Jun, 2017
*Source: BOT Exchange rate as of 31 MAr2017
Constantly Loan Bond Issuance Creates an Effective Government Bond Yield Curve % 5.50 5.00 4.50 4.00
Thailand’s Loan Bonds (LBs) weighting in international indices
On-the-run Benchmark Bond in FY2017 Tenor 3 5 7 10 15 20 30 50
Symbol LB226A LB26DA LB316A LB366A LB466A LB666A
GBI-EM Global JP Morgan
Remark Included in GBI Index Included in GBI Index
iBoxx Asia ex Japan Markit
7.42%
Included in GBI Index Included in GBI Index -
10.8%
AGBI Citi
9.98%
Last Update : End of June 2017
50 3.50
30 15
3.00
20
10
2.50
7 2.00 1.50
5 3
1.00 0.50
TTM
16
Source: ThaiBMA Government Bond Yield Curve (end of June 2017)
Benchmark Bond Objectives - 8 tenors of Benchmark Bond (3 5 7 10 15 20 30 and 50 years) build the benchmark yield curve as a reference rate for SOEs and private sectors - Main Government’s financing instrument - Build liquidity in the secondary market
Tier 1 > 100,000 THB Mil. in Size (91% of Trading Volume)
Total GOVT Bond = 38 Series (Since 1 Oct - 30 Jun 2017)
Tier 2 > 50,000 THB Mil. in Size
(8% of Trading Volume)
Outstanding (THB Mil.)
400,000
FY2017 Market Share of Trading Volume in Secondary Market Tier 2 Tier 1
Tier 1: >100,000MB (15 Series)
350,000
91%
Outstanding size (THB Mil.)
300,000
0
8% 50
1%
100
250,000
Tier 2: 50,000 – 100,000MB
5
(13 Series)
200,000
50
150,000
15
10
20
100,000 100,000
30
50,000
LB383A
LB396A
LB406A
LB183A
LB244A
LB22NA
LB214A
LB19DA
LB267A
LB24DA
Lb233A
LB193A
LB198A
Lb191A
LB283A
LB326A
LB213A
LB27DA
LB17OA
LB183B
LB466A
LB416A
LB366A
ILB217A
ILB283A
LB316A
LB26DA
LB446A
LB666A
LB616A
LB206A
LB236A
LB226A
LB25DA
LB296A
LBA37DA
LB196A
LB21DA
0
FY 2017 on-the-run Benchmark Bond
Source : ThaiBMA
GBI-EM Thailand – JPMCB0
FY2017 Secondary Trading Volume
10 of 10 most Trading Volume have outstanding size over 100 bil.
(Since 1 Oct – 30 Jun 2017)
Outstanding
Trading Volume
(THB Mil.)
(THB Mil.) Current Outstanding ≥ THB Bil. Current Outstanding = THB 50-100 Bil. Current Outstanding ≤ THB Bil.
11 GOVT Bond series are included in JPMCB Index 4 of which are on-the-run Benchmark Bond (5-10-15-20-yr)
400,000
800,000
FY 2017 on-the-run Benchmark Bond GBI-EM Thailand - JPMCB
350,000
700,000
Trading Volume
300,000
600,000
250,000
500,000
5 200,000
400,000
50 150,000
300,000
15
10
20
100,000 100,000
200,000
30
50,000
100,000
Source : ThaiBMA
LB396A
LB383A
LB244A
LB406A
Lb233A
LB183A
LB416A
LB19DA
LB267A
LB213A
LB283A
LB616A
LB24DA
LB214A
LB326A
LBA37DA
LB27DA
LB22NA
LB446A
LB198A
Lb191A
LB466A
LB193A
LB183B
ILB283A
LB17OA
ILB217A
LB666A
LB366A
LB296A
LB236A
LB316A
LB25DA
LB26DA
LB206A
LB196A
LB21DA
0
LB226A
0
17
Historical Changes in Thai Government Bonds Issuance by Bond Types THB Mil.
Saving Bonds
Amortizing Bonds
Inflation-Linked
Long-term (>10 yr)
Medium-term (5-10 yr)
Short-term (<5 yr)
700,000 7,367
600,000
20,141 54,000
75,000
7,000 89,379
31,577
500,000
69,073
65,000 82,234
3,814
50,872
29,338 38,000
40,000
400,000
269,862 136,641
152,861
134,000
240,000
61,000 140,733 22,730
148,900
300,000 151,471
221,110
200,000
223,850 266,139
259,826 215,000
274,999
100,000
310,000
202,000
98,850 47,000
96,000 51,605
46,000
0
11,000
Remark : * Estimated from FY2017 Fund Raising Plan
Average Time to Maturity (ATM) VS Average Cost of Funding GOVT Debt and Public Debt ATM (Year)
12
Gov’t Debt ATM*
Public Debt ATM
11
10.21 Yr
Gov’t Debt
10 9 8
8.92 Yr Public Debt
7 6
Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Cost (%)
4.25 Gov’t Debt Avg Cost*
Public Debt Avg. Cost
4 3.57% Gov’t Debt
3.75
3.53% Public Debt
3.5 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17
18Remark : * Include FIDF Debt and Foreing Debt
Baht Bond Process
Who can apply?
Timeline For Baht Bond Application Process APPLICATION PROCESS: 3 rounds per year (9-mth issuance period for each round)
Baht Bond’s Maturity Profile (Classified by Issuers)
2017 - 2028
Public Debt Management Office, Ministry of Finance
THB Mil.
29
25,000
47
%
%
Non-Gov’t
37,156 THB Mil.
(23,066) MHBK
78,345 THB Mil.
CLMV
8%
Baht
l.
& CGIF
MOFL (Government)
(41,189 THB Mil.)
39%
53
(30,656 THB Mil.)
%
15,000 KEXIM
14
%
(11,133) HANA
10,000
WOORI
%
(4,168)
%
(10,000) KEXIM
EDL-Gen
5
5,000
13
13
%
(10,352)
10
KNM
(8,000)
%
KEXIM WOORI
EDL-Gen MOFL MOFL MOFL MOFL 0
Today
5
%
CABEI
WOORI
CABEI
International Credit Rating
Size : 3,000 THB Mil. Issue: Sept 28th, 2015
20,000
IFIs ,
(6,500 THB Mi )
MOFL
2
(3,864)
(1,500)
KEXIM
KEXIM
5
%
(3,000)
%
MOFL
2
%
(1,371) EDL-Gen
KEXIM
MOFL
MOFL
2
%
(1,891) MOFL
Source : PDMO (As of June 30th, 2017)
19
2007 - 2017
Growth of Corporate Bond Outstanding has Accelerated
Baht Bond Outstanding
Total Outstanding 11,109,027 THB Mil.
Corporate Bond Outstanding % Share of Corporate Bond Outstanding to Bond Market Capitalization % Share of Baht Bond Outstanding to Bond Market Capitalization
26%
26%
26%
26%
78,345
Baht Bond 1% 78,345 THB Mil (CGIF 2,780 THB Mil )
27%
THB Mil.
Corp Bond 26%
2,905,813 THB Mil. 2,500, 000
20%
20%
20%
20% 18%
18%
22%
2,905,813 THB Mil
17%
SOEs Bond 7%
19%
2,000, 000
BOT Bond 28% 3,080,299 THB Mil.
1,500, 000
12%
1,000, 000
7%
2%
500,00 0
0.6%
0.9%
1.2%
1.0%
1.1%
1.4%
1.4%
1.0%
0.9%
0.7%
GOVT Bond
0.7%
4,213,948 THB Mil.
-3%
0
38%
End of June
Source : ThaiBMA (As of 30th June, 2017)
Corporate Bond & Baht Bond Outstanding (Classified by TTMs) THB Mil. 1,500,000
48%
Total Outstanding : Number of Corporate Bond:
44,199
Average size per issuance:
1,257,990
Average size per issuance:
1,970 THB Mil. 2,712,426 THB Mil. 1,377 (Series) 1,970 THB Mil. Baht Bond Corporate Bond
1,000,000
17% 11,852
500,000
436,083
8%
11% 6,864
4,168 285,849
11% 9,372 301,920
222,257
TTM (Years)
1,891 129,981
0
-
20
5%
Source : ThaiBMA (As of 30th June, 2017)
-
-
-
-
Remark : Excluded Commercial Papers (less than 1 year at issue)
37%
Corporate Bond & Baht Bond Outstanding (Classified by Size)
are 9 Major Corporates
THB Mil.
Corporate Bond
200,000
Outstanding (THB Mil.)
No. of Issuers
% Share of Outstanding
A Rated Group (AAA, AA, A)
CPALL
B Rated Group (BBB, BB)
≥
,
9
37%
10,001 – 50,000
60
49%
,
149
14%
Total
218
100%
Unrated
SCG
Baht Bond 150,000
≤
Baht Bond
Lao PDR (Gov’t)
PTT
BahtLaoBond PDR (EDL-Gen)
BJC BAY 100,000
Lao PDR (Gov’t) (BBB+) 30,656 THB Mil.
50,000 50,000
Lao PDR (EDL-Gen) (BBB+) 6,500 THB Mil.
10,000 0
Issuer 1
Issuer 218
Source : ThaiBMA (As of 30th June, 2017)
Remark : Excluded Commercial Papers (less than 1 year at issue)
Corporate Bond & Baht Bond Outstanding (Classified by Credit Rating)
5
% is A Rated
THB Mil.
Corporate Bond
200,000
Rating
CPALL
AA Rated A Rated
SCG
BBB Rated
150,000
No. of Issuers
AAA
391,668
14%
11
AA
393,463
15%
25
1,395,789
51%
56
A
D Rated
BBB
402,420
15%
58
BB
38,033
1%
8
D
5,750
0%
1
Baht Bond Baht Bond
Unrated
Lao PDR (Gov’t) Lao PDR (EDL-Gen)
BAY
% Share of Outstanding
BB Rated
Unrated
PTT
Outstanding (THB Mil.)
AAA Rated
Total
85,303
4%
59
2,712,426
100%
218
100,000
Lao PDR (Gov’t) (BBB+) 30,656 THB Mil.
50,000 50,000
Lao PDR (EDL-Gen) (BBB+) 6,500 THB Mil.
10,000 0
AAA AA
Source : ThaiBMA (As of
30th
June, 2017)
A
BBB
BB D
Unrated
Remark : Excluded Commercial Papers (less than 1 year at issue)
21
Annual Capital Flow classified by GOVT & BOT Bond (2010 – 2017)
88,558 THB mil. (2017YTD)
THB Mil.
350,000
300,000
250,000
93,249
200,000
88,558 THB mil
.
84,003 150,000
23,052 100,000
GOVT Bond 95,597 THB mil.
196,463 129,454
117,144
50,000
96,738 29,642
0
15,548
0
-53,807
-50,000
95,597
45,963
-7,039
BOT Bond -7,039 THB mil.
-71,124
-100,506 -37,994
-100,000
-150,000
2017 YTD Non-resident Net Buy/Sell in BOT Bond Non-resident Net Buy/Sell in GOVT Bond
2017 Weekly
As of 30th Jun,2017
Net Change in Non-resident Holding (YTD) BOT Bond vs GOVT Bond
(The past 52 weeks) THB Mil.
(1 USD/ THB) THB Mil. 41
150,000 125,000
Accumulative NR Holding = 88,558 THB mil.
100,000
(Since 1 Jan – 30 June 2017)
40
39 75,000
GOVT Bond 95,597 THB mil.
50,000
38
37
25,000
0
0
36
BOT Bond
-25,000
- 7,039 THB mil.
35
-50,000 34 -75,000
1 USD = 33.961 THB 33
-100,000 32
-125,000
Foreign Exchange (USD/THB)
NR Holding in GOVT Bond
NR Holding in BOT Bond WK25
WK24
WK23
WK22
WK21
WK20
WK19
WK18
WK17
WK16
WK15
WK14
WK13
WK12
WK11
WK10
WK9
WK8
WK7
WK6
WK5
WK4
WK3
WK2
31 WK1
-150,000
As of 30th Jun, 2017
22
2017
Non-Resident Holding in THB Bond = 723,011 THB Mil.
Outstanding
Thai Bond Market Cap. = 11,109,027 THB Mil.
Non-Resident Holding Non-Res Hol di ng (THBi dent Million)
Issuer
Issuer
665,676
6.24%
56,395
0.507% 1.390%
118,177
1.28%
0
0.000% 1.28
0
0.00%
72
0.001% 0.01
666
0.01%
868
0.008%
692,906
7.53%
723,011
4,213,948
6.508% BOT Bond Outstanding 3,080,299
THB Mil.
Domestic Investors
Domestic Investors
38%
3,023,904 THB Mil.
3,548,272 THB Mil.
98.2
84.2
4,213,948 THB Mil.
THB Mil.
Non-Resident 56,395 THB Mil.
Non-Resident 665,676 THB Mil.
28% 3,080,299 THB Mil.
5.992%
574,063
GOVT Bond Outstanding
7%
% Share of Thai Bond Market Cap. (9,202,573 THB Million)
(THB Mi l l i on)
GOVT Bond GOVT Bond BOT Bond BOT Bond SOE Bond SOE Bond Foreign Bond Corp Bond Corp Bond TOTAL TOTAL
26%
% Share of Thai Bond Market Cap.
%
%
As of 30th June, 2017
Peers Comparison
Non-Resident Holding in Thai GOVT Bond is 665,676 THB mil. or 15.8 % of Total GOVT Bond Outstanding
Percentage share of Non-resident Holding in Local Government Bond (Mar 2009 - Present)
40%
Indonesia
38.24% Mar’
30%
Malaysia 25.59% Mar’
Peak @ 19.1% (Apr’ )
Thailand
20%
15.8%
As of 30th Jun,17
Japan 10.49% Dec’ 16
10%
Korea 10.47 % Dec’
2009
2010
Source : AsianBondsOnline, ThaiBMA
2011
2012
2013
2014
2015
2016
Dec-17
Jun-17
Sep-17
Mar-17
Dec-16
Jun-16
Sep-16
Mar-16
Dec-15
Jun-15
Sep-15
Mar-15
Dec-14
Jun-14
Sep-14
Mar-14
Sep-13
Dec-13
Jun-13
Mar-13
Dec-12
Jun-12
Sep-12
Mar-12
Dec-11
Jun-11
Sep-11
Mar-11
Dec-10
Jun-10
Sep-10
Mar-10
Dec-09
Jun-09
Sep-09
Mar-09
0%
2017 As of 30th Jun, 2017
23
Source: Public Sector Development Group, PDMO
Pro-active Debt Management
Develop Domestic Bond Market to be a Sustainable Source of Funding for the Stability of Thailandâ&#x20AC;&#x2122;s Financial System
Foster Strong and Effective Organization
3 PDMOâ&#x20AC;&#x2122;s Strategies
Formulate sound public debt management policies and strategies as well as conduct, monitor and evaluate public debt management operations under the relevant legal framework and guidelines
Mission
Transparency, Discipline, Trustworthiness, Driving Social and Economic Development
Values
Professional in public debt management for sustainable development
Vision
Sunee Eksomtramate Executive Director
Ekaraj Khuankhunsathid Executive Director
Nantachod Samarnwong
Economist
Sittan Sathianphattanakool
Economist
Nakarin Prompat, Director
Government Bond Market Development Division
Nattakarn Boonsri, Senior Expert
Policy and Planning Bureau
Kittipoom Ounjai
Economist
Wanthanee Phongam
Senior Economist
Phimonphan Tanwattana
Economist
Sujitra Numthong, Director
Fund Management and Bond Market Infrastructure Development Division
Teeralak Sangsnit Executive Director
Anchana Wongsawang Acting Executive Director
Sriarpa Ruangruchira
Senior Economist
Puttipong Kanna
Economist
Oraporn Thomya, Director
Front Office Middle Office Back Office Support Office
Siribha Satayanon Secretary
Office of the Secretary
Chanikarn Chaiyasena
Economist
Nakarin Prompat, Acting Director
Financial Product Development Division
Payment Administration Bureau
Risk Management Group Public Infrastructure Project Management and Evaluation Bureau
International Bond Market Policy Division
Anchana Wongsawang Executive Director
Upama Jaihong Executive Director
Public Infrastructure Project Financing Bureau
Bond Market Development Bureau
Legal Advisory Group
Pimpen Ladpli
Sirasa Kanpittaya
Information Technology Center
Public Sector Development Group
Internal Audit Group
Ace Viboolcharern Public Debt Advisor
Public Debt Advisor
Deputy Director-General
Suwit Rojanavanich
Director-General
Deputy Director-General
Jindarat Viriyataveekul Executive Director
Senior Expert on Bond Market Development
Debt Management Bureau 2
Debt Management Bureau 1
Theeraj Athanavanich Bond Market Advisor
Bond Market Advisor
For Further Information : Upama Jaihong
upama@pdmo.go.th
Executive Director of Bond Market Development Bureau
Nattakarn Boonsri
nattakarn@pdmo.go.th
Senior Expert on Bond Market Development
Oraporn Thomya
oraporn@pdmo.go.th
Director of International Bond Market Policy Division
Nakarin Prompat
nakarin@pdmo.go.th
Director of the Government Bond Market Development Division
Sujitra Numthong
sujitra@pdmo.go.th
Director of Fund Management and Bond Market Infrastructure Development Division