KINGDOM OF THAILAND BOND MARKET FINANCING THAILAND’S FUTURE & CONNECTING ASEAN
Q4/FY2016
Public Debt Management Office, Ministry of Finance, Kingdom of Thailand Progress Update
Basic & Essentials
» Committing to FY2016 Fund Raising Plan » T-Bill Plan Q4/FY2016 » GOVT Bond Auction Results » GOVT Bond Auction Schedule Q4/FY2016 » SOE Bond Auction Schedule Q4/FY2016 » PDMO Bond Calendar FY2016
» Bond Market Development Strategy » Public Debt Outstanding and Its Composition » Total Domestic Public Debt » Bond Market Capitalization and Its Composition » Supporting Inclusive Growth Through ASEAN Bond Market Integration » Non-Resident Holding in Domestic Bond
Quick Facts Public Debt Outstanding (as of April 2016)
14
6,050,596 THB Mil. (44.09% of GDP)
Well-Developed Bond Market Improved GOVT Direct Debt Profile Dramatically (as of April 2016) » Average-Time-to-Maturity (ATM) 11yrs 4mths » Average Cost 3.84% » Well-Balanced Fixed : Floating Ratio 88 : 12 » Well-Distributed Maturity Profile 38:19:43 (TTM<5 : 6-10 : >10yrs)
15
Bond Market Capitalization (as of June 2016)
16
10,399,964 THB Mil. (75% of GDP)
GOVT Bond 38% of total Bond Market outstanding BOT Bond 29% SOEs Bond 8% Corp Bond 24% Baht Bond 1%
Baht Bond Outstanding and its Market Share (as of June 2016)
67,499 THB Mil. (1% of Bond Outstanding)
19
Non-Resident Holding in Domestic Bond (as of June 2016) » Annual Capital Flow (YTD) GOVT Bond :
147,556 THB Mil.
22
BOT Bond :
» NR Holding in THB Bond GOVT Bond : BOT Bond : Others :
16,950 THB Mil. 130,606 THB Mil.
720,495 THB Mil. (6.9% of Thai Bond Market Cap.) 571,482 THB Mil. (14.6% of GOVT Bond Outstanding) 148,077 THB Mil. (4.9% of BOT Bond Outstanding) 936 THB Mil.
Progress Update Total Fund Raising Plan FY2016 T-Bills Plan Q4/FY2016 GOVT Bond Auction Results GOVT Bond Auction Schedule Q4 /FY2016
SOE Bond Auction Schedule Q4/FY2016 PDMO Bond Calendar FY2016
1
2
2016 - 2022
Government Funding Needs
700 - 950 THB Bil. per Year
In
873,xxx THB mil. 86MB
New Borrowing
350 - 450 THB Bil. Per year
2,XXXMB
3XXMB
4,XXXMB
38,XXXMB
59,XXXMB
38,XXXMB
Deficit Bill
Insurance Decree Substitution for foreign currency bond On-Lending
390,000
58,940
(2016-2022)
200,666
344,084
300,000
250,000
250,000
390,000
390,000
390,000
390,000
390,000
453,367
114,286
112,708
GOVT 140,192
Rollover 350 - 500 THB Bil. Per year
Bond Switching
252,898 15,000
50,000
52,000
(2016-2022)
50,000
-0-
149,209
231,000
307,945
187,898
162,713
177,545
FIDF
FY 2016
113,014
340,122
191,095
129,124
59,374
104,236
256,981
102,059
101,800
37,900
109,000
FY2011
FY2012
FY2013
FY2014
FY2015F
FY2016
FY2017F
FY2018F
FY2019F
FY2020F
FY2021F
FY2016
-Tentative-
Insurance Decree
466,XXX MB
-0FY2022F
873,XXX MB
Total GOVT Fund Raising Plan
“Revised” New Borrowing
286,104
3xx
Substitution for Foreign Currency On-lending
Deficit
38,xxx 38,xxx
390,xxx
Promissory Notes and Others
Saving Bonds
70,xxx
Bond Switching (LB176A)
50,xxx
Bond Supply (Uncommitted)
Roll Over 407,XXX MB
Benchmark Bond (Committed) Debt Refinance (Bond Switching) Water and Road Refinance MRTA Debt Refinance
50,xxx 50,xxx 15,xxx
Rollover Govt Debt
188,xxx
Rollover FIDF Debt
104,xxx
By bills
Loan Bond 5-10-15-20-30-50 yrs
518,xxx By Instruments
518,XXX MB
FY2016 GOVT Fund Raising Plan = 902,xxx MB
Demand – Tools – Liquidity
THB mil.
148%
Liquidity 1,390,000MB
128% 1,500,000
Tools
113%
Demand
100%
873,xxx
1,250,000MB Fx Bond
1,055,200MB MB
50,000
TL
Co-op & Non-profit 51,600
1,000,000
200,000
Existing Liquidity
PN 70,000 Mutual Fund
ILB 80,000
(from maturing debt)
250,400
675,000
LBA 100,000 SB 100,000
500,000
0
Insurance & GPF & SSO
Issuing New Debt
LB
298,200
466,000
New Liquidity
Rollover of Maturing Debt 407,000
Household Deposit 455,000
650,000
715,000
Rollover + Deficit + Repayment + Bond Switching
New Demand for Fixed-income investment
Full Capacity of GOVT Funding Instruments
Liquidity for GOVT & SOE Borrowing
ThaiBMA
PDMO
Estimated by :
(from econ. growth)
BOT
(June 2015)
(July 2015)
Benchmark Bond Supply has remained unchanged for two years THB mil.
17% increase in FY2016
Amount of Benchmark Bond to Actual Fund Raising (FY2009 – FY2016) Benchmark Bond
Others
1,000,000
750,000
-11%
1%
17%
37% 2%
500,000
10% 49%
250,000
0
3
ALL FY2016
Benchmark Bond is approximately 518 Bil.
59% of FY2016 Funding Needs 873 Bil.
THB Mil.
500,000
400,000
Benchmark Bond New in Q4 Auction Size
Tenors
OLD
5-yrs 10-yrs 15-yrs 20-yrs 30-yrs 50-yrs
LB206A LB25DA LB296A LB366A LB446A LB666A
LB226A LB26DA LB316A LB466A -
Total
20,000 – 30,000 15,000 – 16,000 14,000 – 16,000 518,000Mil. 10,000 – 14,000 10,000 – 12,000 10,000 – 13,000
Total Benchmark Bonds
518,xxx MB
300,000
15 10
Top-up in Q4
FY2016
-
New-Issue in Q4
20
-
50
30
-
-
LB666A LB666A
LB446A LB446A ILB353A
15
10
LBA37DA LB383A LB396A LB406A LB416A
New-Issue in Q4
20
LB366A LB366A
New-Issue in Q4
5
TTM
30
ILB353A
0
10
LB15DA LBF165A LB167A LB16NA LB171A LB175A LB176A LB17OA LB183A LB183B LB191A LB193A LB196A LB198A LB19DA LB206A LB206A LB213A LB214A ILB217A LB21DA LB226A LB226A LB22NA LB233A LB236A LB244A LB24DA LB25DA LB25DA LB267A LB26DA LB26DA LB27DA ILB283A LB283A LB296A LB296A
100,000
30
15
LB616A
5
LB466A LB466A
5
LB316A LB316A LB326A
200,000
-
50
Low Cost of Funding High Volume of Short-term Demand
T-Bill Auction Result
Basis Points
THB Mil. 75,000
10
Q1
60,000
Q3
Q2
Q4 8
45,000 5 30,000 T-bill 3m 15,000
T-1= 00
0.7 -0.4
-0.6 -0.8
-1.2
-15,000
0.9 0.4 0.2 0.1 0.00.1 -0.2 -0.6 -0.9 -1.0 -2.4 -2.1 -2.5
-30,000
-1.9 -1.8 -1.9 -2.0 -2.3 -2.6 -2.7 -3.2 -3.8
-2.6
-3.1
-60,000
-5.5
-1.5 -1.7
-1.5 -1.6
-2.5 -3.0
-1.8 -2.3
-1.5
-3 -2.6
-5
-4.3
-4.4 -5.0
-4.9 -5.2 -5.4
0
0.6 0.3
0.2
-4.4
-45,000
3
2.4
-5.0 -5.4
-8
T-bill 3 month T-bill 6 months R-bill 3/6 months
T-bill (Allocated Amount) Participated Amount (Excess Demand) Spread [AAY-Yield(T-1)]
-8.4
-75,000
-10 Oct-15
4
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Q3FY2015-Present GOVT Bond Auction Results Classified by Auction Schedule Short-term Benchmark Bond (<10 yrs) Long-term Benchmark Bond (>10 yrs) Inflation-linked Bond Amortized Bond
Participated Amount (Excess Demand) Spread [AAY-Yield (T-1)]
THB Mil. 120,000
Basis Points 30
FY2015
100,000 80,000
40,000
20 66,409
64,588
60,475
58,919
8.2
17,845 10,060 8,563
2.7
T-1= 00
1.7
0.5
0.4
-1.0 -2.4
16,190 14,330
11,920
16,807 17,409 16,764
17,890 17,923 13,893
5
4.6 2.9
-0.1 0.2
0
0.2 -2.2 -1.9-1.9 -2.6
-2.8
-2.4
-1.2
-2.1
-2.7
-4.0
-5.2
-5.3
-6.4
33,860 25,693 24,270 24,915 21,700
4.4
-0.5
-0.8
-4.1 -6.1
-40,000
-0.4
-2.7
-3.4
24,420 22,472 21,525 15,895 19,829 16,761 15,407
21,145 24,909 19,580 16,555 14,365 15,650 13,200 11,800 5.4 10,120 4,775
0.2
-20,000
10
37,355 29,850
28,602 15,438 15,480 15,250
15
52,335
36,610
3,496
25
81,300
75,696
60,000
20,000
FY2016
96,320
-5
-3.2
-5.8
-6.4 -6.2
-10
-7.8
-7.9 -9.4
-9.9
-11.2
-11.3
-60,000
-15 -16.5
-80,000
-17.7
-18.8
-20
-19.9
-100,000
-25 -30
29-Jun-2016
22-Jun-2016
15-Jun-2016
8-Jun-2016
15-Jun-2016
27-Apr-2016
18-May-2016
5-Apr-2016
20-Apr-2016
5-Apr-2016
30-Mar-2016
9-Mar-2016
16-Mar-2016
2-Mar-2016
17-Feb-2016
27-Jan-2016
10-Feb-2016
20-Jan-2016
6-Jan-2016
13-Jan-2016
8-Dec-2015
23-Dec-2015
2-Dec-2015
25-Nov-2015
18-Nov-2015
28-Oct-2015
11-Nov-2015
21-Oct-2015
21-Oct-2015
9-Sep-2015
23-Sep-2015
2-Sep-2015
2-Sep-2015
26-Aug-2015
19-Aug-2015
28-Jul-2015
11-Aug-2015
8-Jul-2015
15-Jul-2015
8-Jul-2015
3-Jun-2015
24-Jun-2015
27-May-2015
20-May-2015
6-May-2015
20-May-2015
29-Apr-2015
22-Apr-2015
8-Apr-2015
-120,000
22-Apr-2015
-25.1
Q3FY2015 – Present GOVT Bond Auction Results Classified by Tenor Basis Points
THB Mil.
Benchmark Bond 5 – 10yr
120,000
5yr
80,000
20,000
20yr
30
30yr
50yr 25
81,300
20
75,696 64,588 60,475 58,919
66,409
15
55,899
36,610
4,0003,779
T-1= -0
4,405 3,707 3,779 436 4,000
1.7
-2.4
10
37,355 33,860
22,200 20,000 20,000 20,000 20,000 20,000 20,000 20,000 18,900
-20,000
15yr
96,320
60,000
40,000
10yr
(Exclusivity)
100,000
Benchmark Bond 15 – 50yr
-0.4-0.5 -1.0 -1.2 -1.9-2.4-2.1
24,420 19,580 19,829 15,250 11,800
16,555 13,496 10,120
16,000 16,000 13,000 13,000 13,000 13,000 10,000 9,000 2.710,000
0.5 -0.8
0.2
8,080
-3.2
4.4
15,895 11,920
8, 563
22,145 18,438 14,365
16,764
17,923
5
0
-0.1 -2.8
-1.9
-2.2
-3.4 -6.4
-40,000
24,915
24,909
7,000 13,000 12,400 10,700 10,000 10,000 10,000 10,000 11,000 10,000 10,000 10,000 10,000 6,660 7,000 10,000 10,000 10,000 9,100 2.9 9,000 9,000 8,325 8,000 8,000 6,000 4,255
0.2 0.4
0.2
-2.6-2.7
24,270 21,700 16,807 17,409 16,761 15,407 16,190 13,893 14,330 4.6
21,525 17,890
29,850 25,693 22,472
28,602
-5.8
-6.2 -7.8
-6.1
-5
-4.0
-5.3-5.2 -6.4
-10
-9.4
-9.9 -11.2
-11.3
-60,000
-15 -16.5
-80,000
-100,000
-120,000
-18.8
Short-term Benchmark Bond (<10 yrs) Long-term Benchmark Bond (>10 yrs) Greenshoe Amount Average Accepted Yield
-17.7
-20
-19.9
-25 -25.1
-30
5
6 13,000
LB666A 50-yrs
15,000
-
16,000
10,000
30,000
10,000
Total
LB226A = LB366A = LB316A = LB26DA = LB666A =
LB466A =
17-Jun-2022
1.875%
Coupon
Maturity Date
50,000
Total
28 September 2016
Re-open
(Re-open
17-Dec-2026
TBA
Re-open
20-Jun-2031
3.65%
16,000
3)
Re-open
17-Jun-2036
3.40%
21,000
21,000
17-Jun-2046
2.875%
)
17-Jun-2066
4.00%
13,000
136,000
-
20,000
13,000
14 September 2016
21 September 2016
-
11,000
7 September 2016
31 August 2016
15,000
MPC
11,000
10,000
LB466A 30-yrs New
11,000
11,000
10,000
LB366A 20-yrs
24 August 2016
15,000
MPC
16,000
LB316A 15-yrs Reopen
-
20,000
30,000
LB26DA 10-yrs New
17 August 2016
10 August 2016
3 August 2016
27 July 2016
20 July 2016
13 July 2016
6 July 2016
Auction Date
LB226A 5-yrs New
Bond Auction Schedule for Q2/FY2016 Q4/FY2016 GOVTGovernment Bond Auction Schedule (Jul â&#x20AC;&#x201C; Sep 16)
7
29
NHA MG 800
24
Gauranteed and Serviced by GOVT
Partially Guaranteed by GOVT
GG :Gov. Guarantee
P :Partial
Sources
Auction
Next 5 working days
0.00
841.87
0
800
395.40
Guaranteed by GOVT
Thursday
NHA MG 2,300
EGAT NG 0 1,400
0
0
0
0
1,100
10,000
0
3
395.40 841.87 13,137.27 3,700
SRT MG 841.87
33
MG :MOF Guarantee
0
SRT MG 395.401
30
Next 5 working days (since pricing date)
27
Total
Not Guaranteed by GOVT
SRT MG 3,565 1,100 800
SRT MG 1,100
21
Term/Loan (month)
NG :Non Guarantee
Tuesday
10,000
4,400
27
BMTA MG
22
SRT MG 10,000
18
20
15
13
8
6
1
30
25
23
18
16
11
9
4
2
28
26
21
19
14
Auction Condition
Total
Syndication
Wk. 39
Wk. 38
Wk. 37
Wk. 36
Wk. 35
Wk. 34
Wk. 33
Wk. 32
Wk. 31
Wk. 30
Wk.29
Wk. 28
7
5
12
Week-Date
Wk. 27
ที่มา : สานักจัดการหนี้ 2 สานักงานบริหารหนี้สาธารณะ
September
August
July
Month
Quarter 4 6
0
7
0
Total
New borrowing for investment
New borrwing for capital substitution
Rollover
Borrowing
2,000
MEA NG 2,000
5
Note: Bridge Financing SRT
5,000
SRT MG 5,000
4
9
BAAC GG 16,955
10
38,792
4,000
42,792.27
5,295.401
6,700.00
100%
12%
16%
72%
Share
16,955
1,000
MPC
EGAT NG 1,000
MPC
Asalha Bucha
30,796.867
Amount
0
8
Bond (year)
Total
(Plan)
0
12
0
14
260,797
42,792
86,912
66,445
64,648
Total
16%
33%
25%
25%
100%
%
Borrowing summary
0
13
119,921
13,137
56,912
27,590
22,281
Term loan
1,000
MEA NG 1,000
15
due to obtaining cash from selling rice and low disbursement
Borrowing summary is expected to be lower than public debt plan as amount of 6,147 THB billion
Quarte 4
Quarte 3
Quarte 2
Quartet 1
0
11
THB Mil.
1,400
6,000
0
2,300
0
1,100
10,000
16,955
Total
Grand
0.00
841.87
0
2,800
140,876
29,655
30,000
38,855
42,366
Bond
46:54
31:69
66:34
42:58
34:66
Share
29,655 42,792.27
0
0
0
2,000
1,000 1,395.40
1,400
6,000
0
2,300
0
0
0
16,955
Totaal
Q4/FY2016 SOE Bond Auction Schedule (Jul – Sep 16)
Quarter 2
Quarter 1
8
Mar 2016
Feb 2016
Jan 2016
Dec 2015
Nov 2015
Oct 2015
Makha Bucha Day
22
21
29
15
14
28
8
7
Quarterly PD Market Dialogue
1
23
22
29
16
15
9
2
1
8
26
25
12
11
19
5
4
18
29
28
15
22
Baht Bond 1/FY2016
8
21
14
H.M. The King's Birthday observed
1
30
7
24
23
10
3
27
20
13
17
Last day of submission for Baht Bond Application (1/2016)
First day of submission for Baht Bond Application (1/2016)
Auction T-bill
Retail Only
Auction T-bill
Issue Regular Saving Bond 1/2016(3y) : 50,000 MB (19 Oct 15 - 29 Feb 16)
Auction T-bill
Auction T-bill
6
16
9
2
26
19
12
5
Mon
First day of submission for Baht Bond Application (2/2016)
MOF Outright PD Committee : Quarterly PD's Evalution
Quarterly PD Market Dialogue
Action LB446A (30Y) : 10,000MB
MOF Outright PD Committee
Tue
30
23
16
9
2
24
17
10
3
27
20
13
6
30
23
16
9
2
25
18
11
4
28
21
14
7
Action LB366A (20Y) : 10,000MB NEW 20Y
MPC
Action LB296A (15Y) : 10,000MB
Action LB666A (50Y) : 10,000MB NEW 50Y
Action LB25DA (10Y) : 13,000MB
Action LB446A (30Y) : 10,000MB
Action LB206A (5Y) : 20,000MB
MPC
Action LB296A (15Y) : 10,000MB
Action LB366A (20Y) : 11,000MB NEW 20Y
Action LB666A (50Y) : 10,000MB NEW 50Y
Action LB25DA (10Y) : 14,000MB
Action LB206A (5Y) : 27,000MB
MPC
Action LB296A (15Y) : 13,000MB
Action LB666A (50Y) : 9,000MB NEW 50Y
Action LB366A (20Y) : 11,000MB NEW 20Y
Action LB25DA (10Y) : 13,000MB
MPC
Action LB296A (15Y) : 13,000MB
Action LB206A (5Y) : 24,000MB LB446A (30Y) : 9,000MB
Wed
31
24
17
10
3
25
18
11
4
28
21
14
7
31
24
17
10
3
26
19
12
5
29
22
15
8
1
PDMO Bond Calendar FY 2016
Last day of submission for
New Year's Eve
Constitution Day
Thu
1
25
18
11
4
26
19
12
5
29
22
15
8
1
25
18
11
4
27
20
13
6
30
23
16
9
2
Quarterly Macroeconomics Report (FPO)
New Year's Day
Quarterly Macroeconomics Report (FPO)
Chulalongkorn Day
Fri
2
26
19
12
5
27
20
13
6
30
23
16
9
2
26
19
12
5
28
21
14
7
31
24
17
10
3
27
20
13
6
28
21
14
7
31
24
17
10
3
27
20
13
6
29
22
15
8
1
25
18
11
4
Sat Sun 3
Quarter 3
Quarter 4
9
Sep 2016
Aug 2016
Jul 2016
Jun 2016
May 2016
Apr 2016
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 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
Auction T-bill
Auction T-bill
Special Holiday
First day of submission for Baht Bond Application (3/2016)
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
Auction T-bill
5
27
20
13
6
30
23
16
9
2
26
19
12 Auction T-bill
5
28
21
14
7
31
24
17
Auction T-bill
10
3
26
Auction T-bill
19
Asalha Bucha
Action LB206A (5Y) : 20,000MB LB446A (30Y) : 10,000MB
12 Auction T-bill
MOF Outright PD Committee : Quarterly PD's Evalution
Auction T-bill
Auction T-bill
Labor Day observed
Long-term Investor Meeting
Auction T-bill
Auction T-bill
Baht Bond 2/FY2016
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
Action LB226A (5Y) : 20,000MB NEW 5Y
MPC
21
14
7
30
23
16
9
2
26
19
12
5
28
21
14
7
Auction T-bill
Quarterly PD Market Dialogue
Coronation Day
Last Day of submission for MOF Outright PD's Application
Songkran Festival Day
First Day of submission for MOF Outright PD's Application
29
22
15
8
1
25
18
11
4
Annual PDMO-Market Dialogue + MOF Awards
MOF Outright PD Committee : Final Review
Baht Bond 3/FY2016
Action 28 LB366A (20Y) : 10,000MB
Action LB666A (50Y) : 13,000MB
Action LB366A (20Y) : 11,000MB
Action LB466A (30Y) : 11,000MB NEW 30Y
Action LB26DA (10Y) : 15,000MB NEW 10Y
MPC
Action LB316A (15Y) : 16,000MB Reopen 15Y
Buddhist Lent Day
Action LB226A (5Y) : 30,000MB NEW 5Y
Action LB466A (30Y) : 10,000MB NEW 30Y
Action LB25DA (10Y) : 16,000MB
Action LB666A (50Y) : 10,000MB
Action LB206A (5Y) : 20,000MB LB346A (20Y) : 10,000MB
Action LB296A (15Y) : 10,000MB
Action LB666A (50Y) : 10,000MB
Action LB296A (15Y) : 10,000MB
Action LB25DA (10Y) : 16,000MB
Songkran Festival Day
Chakri Day
Special Holiday
Quarterly Macroeconomics Report (FPO)
H.M. The Queen's Birthday
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
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
Remark : Royal Ploughing Ceremony Day- waiting for an annoucement This schedule is subject to change without prior notice.
30
23
16
9
2
26
19
12
5
Mid-year Bank Holiday
Visakha Bucha
Quarterly Macroeconomics Report (FPO) Last day submission for Baht Bond Application
29
22
15
8
1
24
17
10
3
27
20
Auction T-bill
Songkran Festival Day
12 - 15 May 2016: Money Expo
13
6
29
22
15
8
10
Peers Comparison
BOND market capitalization Source : Asian Bond online (ADB)
BOND mkt. cap : GDP
227%
Government BOND Yield Curve
% Yield
200%
Public Sector (GOVT + CB + SOE) Private Sector
Hundreds
% : GDP 250%
130%
150%
9%
97%
100%
10%
75%
Indonesia
8%
59%
50%
21%
Vietnam
7%
0% 6%
5%
Malaysia
Share of PUBLIC sectorâ&#x20AC;&#x2122;s Bond to Total BOND mkt. cap.
Philippines
4% % : BOND mkt. cap.
USD Billions 300
97%
100%
87%
China
2.75%
3%
83% 75%
1.74%
2%
GOVT 117
50%
58%
Singapore USA
2.02%
150
1%
USD Billions
85
BOT 78
Philippines
Thailand
38
Japan
0%
SOE 22
161
136
-1%
0%
Te n o r
0 Vietnam
Indonesia
Thailand
Korea
55%
USD Billions
125
3.14%
Singapore
Malaysia
As of June 30th ,2016
Government BOND Yield Matrix
ASEAN & Peers
As of June 30th ,2016
6m
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
Japan
-0.31
- 0.32
- 0.30
- 0.31
- 0.32
- 0.32
- 0.34
- 0.34
- 0.31
- 0.29
- 0.24
0.05
0.09
0.11
USA
0.35
0.46
0.62
0.74
0.89
1.03
1.17
1.30
1.37
1.43
1.50
1.86
2.30
-
0.88
1.03
1.19
1.35
1.51
1.59
1.67
1.74
1.82
1.90
2.26
2.36
Korea
1.29
1.30
1.28
1.25
1.28
1.30
1.34
1.37
1.41
1.44
1.48
1.56
Thailand
1.44
1.46
1.57
1.57
1.63
1.74
1.79
1.85
1.92
1.96
2.02
2.48
Philippines
1.55
1.82
2.38
3.07
3.25
2.81
2.85
2.89
3.29
3.68
4.08
4.21
China
2.27
2.40
2.51
2.56
2.63
2.70
2.81
2.87
2.87
2.86
2.86
Malaysia
2.76
2.76
3.01
3.22
3.29
3.36
3.49
3.61
3.65
3.68
3.72
Vietnam
-
4.49
4.91
5.40
5.79
6.19
6.44
6.69
6.78
6.88
6.98
Indonesia
5.83
6.66
7.08
7.26
7.34
7.39
7.43
7.47
7.52
7.56
7.61
Singapore
50 yr
2.75
3.00
3.14
3.42
3.54
3.63
3.70
4.30
4.62
7.96
8.07
Brunei Cambodia Laos Myanmar below 1%
2.01% - 3%
over 4%
1.01% - 2%
3.01% - 4%
no data
11
Basic & Essentials Bond Market Development Strategy Public Debt Outstanding Total Domestic Public Debt Bond Market Capitalization Liquidity & Secondary Market Trading Supporting Inclusive Growth Through ASEAN Bond Market Integration
Non-Resident Holding in Domestic Bond
12
Funding Infrastructure Investment Connecting ASEAN
Domestic Bond Market in Transition
Funding Infrastructure Investment Connecting ASEAN (2013 - 2016) 2016 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 (1st execution: 28 Nov 14)
Appointed 14 MOF-Outright PD
Market Infrastructure
Strengthening PD system
Activated Public Debt Management Fund
(Exclusivity, League Table, Greenshoes Option)
STRIPS Bond Saving Bond Online
Inaugural 10-yr Inflation-Linked Bond (10-yr)
Innovation / Product Development
Long-term Fixed Promissory Notes (25-35-45-yr)
Super- Size Inaugural 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
• 75 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) 1% Non-rated
Baht Bond 1%
A % 2424 %
Government Government
3838 % %
SOEs 8%
12%
SOEs SOEs 8% 8%
4%
Government Government
39% 38%
BOT BOT
BOT BOT
29 29%%
2928 % %
Total of 10.4 THB Trillion
Source : ThaiBMA (End of June 2016)
Household 5%
Mutual Funds 2%
Other 1%
BBB
A % 12
Corp Bond Corp Bond
Government Debt Securities (Classified by Types of Investors)
Total of 10.4 THB Trillion
Source : ThaiBMA (End of June 2016)
Financial Institution 3%
Bot 6%
Non- profit organization 1%
Contractual Funds 27%
NR 14%
Depository Corporation 14% Depository Corporation NR 13% %
31
Insurance Company 28%
Total of 3.9 THB Trillion
Source : BOT (End of April 2016)
13
Public Debt Outstanding (as of Apr 2016) = 6.05 THB Trillion (44.09% of GDP) Components of Public Debt
Units : THB Mil.
3,491,049 983,170 1,039,689 524,403 12,285
1. Government Debt (excluded FIDF)
2. Government Debt (for FIDF) 3. Non-Financial State Enterprise Debt 4. Special Financial Institutions Guaranteed Debt 5. Autonomous Agency Debt
Autonomous Agency Debt
0.20% Special Financial Institutions Guaranteed Debt
8.67
% 524,403 THB Mil.
6,050,596
Public Debt Outstanding
12,285 THB Mil.
Note : Included External Debt
Non-Financial State Enterprise Debt
17.18% 1,039,689 THB Mil.
GOVT Debt 57.70% 3,491,049 THB Mil.
GOVT Debt (for FIDF)
16.25% 983,170 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 ”
6.05 THB Trillion
3.92 THB Trillion
Autonomous Agency Debt
Special Financial Institutions Guaranteed Debt
0.20% 12,285 THB Mil.
serviced by the government
8.67% 524,403 THB Mil.
Non-Financial State Enterprise Debt
17.18% 1,039,689 THB Mil.
Special Financial Institutions Guaranteed Debt
Autonomous Agency Debt
serviced by the government 0.03%
7.22%
GOVT Debt 57.70%
GOVT Debt 53.31 % % 56.84
3,491,049 THB Mil.
GOVT Debt (for FIDF)
16.25% 983,170 THB Mil.
As of Apr 2016
14
Non-Financial State Enterprise Debt
100%
serviced by the government
0.74%
65%
Total Domestic Public Debt = 5.70* THB Trillion Assumptions : 6 months BIBOR = 1.72%, 6 months Fixed Deposit Rate = 1.23%, Inflation = 0.7%
Non-financial SOEs
400,000
financial SOEs
As of Apr 2016
Autonomous-Agencies
SOE Debt (Serviced by GOVT) = 483,771 THB Mil.
300,000 200,000
Excluding Not serviced by GOVT 828,439 THB Mil. External SOE debt (Serviced by GOVT) 62,427 THB Mil. External SOE debt (Not-Serviced by GOVT) 201,740 THB Mil.
18,500
2,600
8,000
25,000
10,400 400
2,987 8,000
28,000
0
ATM Avg. Cost Fixed : Floating Callable
86% 8% Next 5 yrs
FIDF 1
400,000
FIDF 1
GOVT Debt (for FIDF) = 983,170 THB Mil.
ATM Avg. Cost Fixed : Floating Callable
74,000 28,198
126,850
Next 5 yrs
Budget Deficit
T-Bill
400,000
TKK
On-lending Loan
GOVT Direct Debt
3,000
300,000
Water RW DPL Ext. Guaranteed Debt (exclude FIDF) THB Mil. (Excluding foreign debt 91,029 THB mil. )
= 3,400,020
10 yrs +
= 11yrs 4mths = 3.84% = 88: 12 = 6% Maturity Profile
3,900
19%
165,902
27,600
29,400
128,057
20,000 5,500
95,936
196,379
33,581 35,000
204,252
2,400
43%
38%
12,000
0 41,900
43,000
239,798
81,656
59,141
53,664
286,104
100,872 11,836
2,625
10%
6-10 yrs
ATM Avg. Cost Fixed : Floating Callable
13,000 3,717 158,501
431,367
= 3yrs 11mths = 4.02% = 93: 7 = 4% Maturity Profile
24,700
76,700 18,900
0
16,000
100,000
20,000 1,381 13,758 9,619 12,000
176,164
29,482 116,630
10,302
4,584 30,000
146,713
100,000
20,000
200,000
10 yrs +
31%
TTM Fiscal Year
22,000
6%
6-10 yrs
59%
71,000
101,800
25,000
0
40,000 69,000
60,688
25,000
143,913
77,059
128,000
300,000
100,000
Maturity Profile
10,000
TTM Fiscal Year
200,000
= 2yrs 9mths = 2.86% = 62: 38 = 38%
8,000 97,814
9,755
160,055
10,926
68,748
100,000
Note : * Not included External Debt
29,000
TTM Fiscal Year
Next 5 yrs
(1) (2) (3) (4)
Well-Developed Bond Market Improved GOV’T Direct Debt Profile Dramatically
6-10 yrs
10 yrs +
ATM Lengthened Cost Lowered Well-Balanced Fixed-Float Ratio Well-Distributed Maturity Profile
Note : Government Direct Debt = 3,400,020 THB Mil. (exclude FIDF and external debt)
As of Dec 2007
ATM
Average-Time-to-Maturity LENGTHENED by 6yrs 1mth
Avg. Cost LOWERED by 66 bps.
As of Apr 2016
11yrs 4mths
ATM
5yrs 3mths
Avg. cost
4.5%
(While ATM Lengthened by 6yrs 1 mth)
Avg. cost
3.84% 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
43%
38%
18% 10 10 yrs yrs ++
12%
19%
Next 5 yrs
6-10 yrs
10 yrs +
15
Bond Market Cap.= 10.4 THB Trillion ($295 Bil.)*
% Share of GDP
GOVT Bond = 4.0 THB Trillion ($111 Bil.)*
Domestic Bond Market Classified by Issuer
140%
128%
120%
101% 100%
99% 80%
2,569,043 THB Mil
60% 40% Asian Fin. Crisis
20%
24%
806,635 THB Mil.
12%
Bank Loan /GDP
Equity/GDP
Bond Market / GDP
29%
Mar-16 Apr-16 May-16 Jun-16
0%
3,029,662 THB Mil.
Maturity Profile BOT vs GOVT Bond
38%
BOT ATM = 7mths GOVT ATM = 10yrs 7mths
12%
*As of June 2016
3,927,124 THB Mil.
Remark : Excluded PN,TL
77%
≤
18%
23%
10%
1<yr≤3
3<yr≤5
26%
34%
5<yr≤10
10<yr≤50
As of 30 June, 2016
*Source: BOT Exchange rate as of 30 Jun 2016
Full Capacity* of All Government Funding Instruments
1,250,000 THB Mil. per Year
* Under favorable market liquidity + using All funding instruments
% 4.00 3.75 3.50
LB 3 yrs LB 5 yrs LB 7 yrs LB 10 yrs LB 15 yrs LB 20 yrs LB 30 yrs LB 50 yrs
($4.3 Bil.)** ($3.4 Bil.) ($2.3 Bil.) ($2.3 Bil.) ($1.7 Bil.) ($1.7 Bil.) ($1.4 Bil.) ($1.4 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. 50,000 THB Mil. 50,000 THB Mil.
($35.5 Bil.)**
Thailand’s Loan Bonds (LBs) weighting in international indices
GBI-EM Global JP Morgan
iBoxx Asia ex Japan Markit
8.0%
Benchmark Bond
Asian Local Markets HSBC
9.6%
8.0%
Last Update : End of June 2016
3.25
50
3.00
30
2.75 2.50
15
20
2.25
10
2.00
7
1.75 1.50 1.25
The “Missing Composition” of Leader role in the Bond Market Government Funding Instruments
5
3
Infrastructure
liquidity
1.00 0.75
Benchmark Bond
($18.5 Bil.) ($2.8 Bil.) ($2.8 Bil.) ($2.3 Bil.)
Benchmark Bond
~650,000THB Mil. (52%)
Savings Bond
~100,000THB Mil. (8%)
Amortized Bond
~100,000THB Mil (8%)
Inflation-Linked Bond
~80,000THB Mil. (6%)
(2.0 Bil.) ($1.4 Bil.) ($5.7 Bil.)
Promissory Note
~70,000THB Mil. (6%)
Floating Rate Bond Bank Loan
($35.5 Bil.) Total
~50,000THB Mil. (4%) ~200,000THB Mil. (16%)
1,250,000 THB Mil. (100%)
0.50
TTM
16
Source: ThaiBMA Government Bond Yield Curve (end of June 2016)
**Source: BOT Exchange rate (As of 30th June,2016)
Tier 1 > 100,000 THB Mil. in Size (90% of Trading Volume)
Total GOVT Bond = 40 Series (End of June 2016)
Tier 2 > 50,000 THB Mil. in Size
(5% of Trading Volume)
Outstanding (THB Mil.)
Tier 1: >100,000MB
450,000
FY2015 Market Share of Trading Volume in Secondary Market Tier 1 Tier 2
(12 Series) 400,000
90%
Outstanding size (THB Mil.)
350,000
0
300,000
5%
5%
50
100
Tier 2: 50,000 – 100,000MB
250,000
(13 Series)
15
200,000
10 5 30
150,000
100,000 100,000
50
20
50,000
LB383A
LB396A
LB406A
LB183A
LB244A
LB22NA
LB214A
LB19DA
LB171A
LB316A
LB366A
LB175A
LB666A
LB24DA
LB267A
LB233A
LB167A
LB198A
LB283A
LB16NA
LB191A
LB326A
LB213A
LB193A
LB27DA
LB183B
LB17OA
LB416A
ILB217A
LB446A
ILB283A
LB616A
LB206A
LB236A
LB25DA
LB176A
LBA37DA
LB296A
LB196A
LB21DA
0
FY 2016 on-the-run Benchmark Bond
Source : ThaiBMA
GBI-EM Thailand – JPMCB0
FY2016 Secondary Trading Volume
9 of 10 most Trading Volume have outstanding size over 100 bil.
As of June 2016
Outstanding (THB Mil.)
Trading Volume Current Outstanding ≥ THB 100 Bil. Current Outstanding = THB 50-100 Bil. Current Outstanding ≤ THB 50 Bil.
10 GOVT Bond series are included in JPMCB Index
450,000
3 of which are on-the-run Benchmark Bond (5-10-15-yr)
450,000
FY 2016 on-the-run Benchmark Bond
400,000
400,000
GBI-EM Thailand - JPMCB Trading Volume
350,000
350,000
300,000
300,000
250,000
200,000
250,000
15 5
200,000
10 30
150,000
150,000
100,000 100,000
100,000
50
20
50,000
50,000
LB396A
LB22NA
LB383A
LB233A
LB214A
LB183A
LB416A
LB283A
LB267A
LB244A
LB19DA
LB316A
LB616A
LB406A
LB326A
LB24DA
LB213A
LB198A
LB171A
LB175A
LB167A
LB27DA
LB16NA
LB17OA
LB193A
LBA37DA
LB183B
LB666A
LB191A
ILB283A
LB446A
ILB217A
LB366A
LB296A
LB236A
LB176A
LB25DA
LB196A
LB206A
0 LB21DA
0
17
Linking CGIF & BAHT BOND to the Development of Bond Market
00
Total Outstanding 10,399,964THB Mil.
CGIF
00
00
(As of 30th June, 2016 )
00
Inaugural (Noble, Hong Kong)
00
00
Baht Bond (Foreign Issuers Bond)
BAHT BOND
1%
THB
67,499 Mil.
THB 2,850 Mil.
00
00
00
00
Corp Bond
24%
SOEs Bond
8%
0
2013 2014 2015 2016 2017 2018 2019 2020
Natural Hedging
111111 Inv’t Grade
BOT Bond
MHBK CABEI
29%
KEXIM
WOORI EDLGEN
Targeted Industry
GOVT Bond
Why now?
MOFL
What next? Broadening Issuer Base : AEC Becoming bond market leader of the region
Entering ASEAN Economic Community (AEC)
(PDDF.)
18
38%
Baht Bond’s Maturity Profile (Classified by Issuers)
2016 - 2025
Public Debt Management Office, Ministry of Finance
THB Mil.
CLMV
30,000
67,499 THB Mil.
40
%
26,590 THB Mil.
34
Non-Gov’t
10%
%
(23,066) MHBK
(6,500 THB Mi ) l.
Baht
Lao PDR (Government)
30%
Size : 3,000 THB Mil. Issue: Sept 28th, 2015
20,000
IFIs , International Credit Rating
(20,090 THB Mil.)
(40,909 THB Mil.)
60
%
15
KEXIM
%
12
(10,000)
%
10,000
9
8
%
%
(5,668)
2
%
CITI
(1,434) ADB
Lao PDR (Gov,t)
Today
WOORI
HANA
WOORI
WOORI CABEI
0
KEXIM
(6,330)
Lao PDR (Gov,t)
EDL-Gen Lao PDR (Gov,t)
Lao PDR (Gov,t)
(8,000)
9
%
(5,701) KEXIM CABEI
2
EDL-Gen
(1,500)
Lao PDR (Gov,t)
KEXIM
%
4
%
(2,800) KEXIM
5
KEXIM
%
(3,000)
Lao PDR (Gov,t)
EDL-Gen
Source : PDMO (As of 30th June , 2016)
19
2007 - 2015
Growth of Corporate Bond Outstanding has Accelerated
Baht Bond Outstanding
Total Outstanding 10,399,964 THB Mil.
Corporate Bond Outstanding % Share of Corporate Bond Outstanding to Bond Market Capitalization % Share of Baht Bond Outstanding to Bond Market Capitalization
Baht Bond 1% 67,499 THB Mil
25% Corp Bond 24% 67,499 THB Mil.
20%
2,569,043
18%
THB Mil.
SOEs Bond BOT Bond
8%
29%
3,029,662 THB Mil. GOVT Bond
1.4%
0.6%
0.6%
38%
3,927,124 THB Mil.
End of June 2016
Source : ThaiBMA (As of 30th June, 2016 )
Corporate Bond & Baht Bond Outstanding (Classified by TTMs)
Average size per issuance:
2,100 THB Mil.
THB Mil. 1,000,000
38% 33,564
Total Outstanding : Number of Corporate Bond: Average size per issuance:
2,236,717 1,065 2,100
THB Mil.
(Series) THB Mil.
850,268
Baht Bond Corporate Bond
500,000
17%
16%
2,934
15,701
12%
343,838
4,300
393,179
281,229
13% 11,000 283,476
4% -
TTM (Years) 0
83,757
Source : ThaiBMA (As of 30th June, 2016 )
20
-
-
-
-
Remark : Excluded Commercial Papers (less than 1 year at issue)
31%
Corporate Bond & Baht Bond Outstanding (Classified by Size) THB Mil. 200,000
Corporate Bond
Outstanding (THB Mil.)
are 6 Major Corporates No. of Issuers
% Share of Outstanding
A Rated Group (AAA, AA, A)
CPALL
B Rated Group (BBB, BB)
SCG PTT
≥ 50,001
6
31%
10,001 – 50,000
56
55%
≤ 10,000
132
14%
Total
194
100%
Unrated
Baht Bond 150,000 Baht Bond Lao PDR (Gov’t)
BahtLaoBond PDR (EDL-Gen)
100,000
CPF BAY THAI
50,000 50,000
Lao PDR (Gov’t) (BBB+) 20,090 THB Mil.
Lao PDR (EDL-Gen) (BBB+) 6,500 THB Mil.
10,000 0
Issuer 1
Issuer 194
Source : ThaiBMA (As of 30th June, 2016 )
Remark : Excluded Commercial Papers (less than 1 year at issue)
49%
Corporate Bond & Baht Bond Outstanding (Classified by Credit Rating) THB Mil. 200,000
Corporate Bond
Rating
CPALL
AA Rated
150,000
No. of Issuers
375,242
17%
12
AA
389,578
17%
27
1,131,502
49%
51
BBB Rated
PTT
% Share of Outstanding
AAA
A Rated
SCG
Outstanding (THB Mil.)
AAA Rated
is A Rated
BB Rated
A
Unrated
BBB
324,349
14%
49
BB
28,663
1%
3
Baht Bond Baht Bond
Baht Lao Bond PDR (Gov’t) Lao PDR (EDL-Gen)
Unrated Total
53,913
2%
52
2,236,717
100%
194
100,000
CPF
Lao PDR (Gov’t)
BAY
(BBB+) 20,090 THB Mil.
THAI
50,000 50,000
Lao PDR (EDL-Gen) (BBB+) 6,500 THB Mil.
10,000 0
AAA
AA
Source : ThaiBMA (As of 30th June, 2016 )
A
BBB
BB
Unrated
Remark : Excluded Commercial Papers (less than 1 year at issue)
21
Annual Capital Flow classified by GOVT & BOT Bond (2007 – 2016)
147,556 THB mil. (2016YTD)
THB Mil. 350,000
300,000
147,556 THB mil
.
250,000
+93,249
BOT Bond 130,606THB mil.
200,000
GOVT Bond 16,950 THB mil.
+84,003 150,000 +23,052 100,000
+196,463 130,606 +129,454
50,000
0
+30,216 0
-50,000
-22,494
-2,793
+117,144
+96,738 29,642
-1,598 -7,506
-53,807
-27,157
16,950
-71,124
-100,506 -37,994
-100,000
-150,000
2016 YTD
Non-resident Net Buy/Sell in BOT Bond Non-resident Net Buy/Sell in GOVT Bond
2016 Weekly (The past 26 weeks) THB Mil.
150,000
As of 30th June, 2016
Net Change in Non-resident Holding (YTD) BOT Bond vs GOVT Bond
As o
(1 USD/ THB) THB Mil.
Accumulative NR Holding = 147,556THB mil.
41
(Since 1 Jan – 30 June 2016)
40
125,000
BOT Bond
100,000
130,606 THB mil.
39
75,000
38
50,000
37
GOVT Bond
25,000
16,950 THB mil.
36
0
0
-25,000
35
1 USD = 35.245 THB
-50,000
34
-75,000
33
-100,000
32
-125,000
Foreign Exchange (USD/THB)
NR Holding in GOVT Bond
31
NR Holding in BOT Bond
WK1 WK2 WK3 WK4 WK5 WK6 WK7 WK8 WK9 WK10 WK11 WK12 WK13 WK14 WK15 WK16 WK17 WK18 WK19 WK20 WK21 WK22 WK23 WK24 WK25 WK26 WK27 WK28 WK29 WK30 WK31 WK32 WK33 WK34 WK35 WK36 WK37 WK38 WK39 WK40 WK41 WK42 WK43 WK44 WK45 WK46 WK47 WK48 WK49 WK50 WK51 WK52
-150,000
As of 30th June, 2016
22
T
Non-Resident Holding in THB Bond = 720,495 THB Mil.
Outstanding
Thai Bond Market Cap. =10,399,964 THB Mil.
GOVT Bond GOVT Bond
574,063 571,482
BOT Bond Bond BOT
118,177 148,077
SOE Bond Bond SOE
0 71
6.24% 5.495% 1.390% 1.28% 1.424% 1.28 0.00% 0.001% 0.01 0.008% 0.01%
865 666
720,495
TOTAL TOTAL
7.53% % 6.928
692,906
GOVT Bond Outstanding 3,927,124
BOT Bond Outstanding 3,029,662
THB Mil.
THB Mil.
Non-Resident 148,077THB Mil.
Non-Resident 571,482 THB Mil.
29%
% of Thai Thai Bond Bond Market Market Cap. % Share of (9,202,573 THB Million)
Non-Res i dent Hol di ng Non-Resident Holding (THB Mi l l i on) (THB Million)
Issuer Issuer
Corp Bond Corp Bond
3,029,662 THB Mil. Domestic Investors
Domestic Investors
38%
2,881,585 THB Mil.
3,355,642 THB Mil.
95.1
85.4
3,927,124 THB Mil.
%
%
As of 30th June, 2016
Peers Comparison
Non-Resident Holding in Thai GOVT Bond is 571,482 THB mil. or 14.6 % of Total GOVT Bond Outstanding
(C
Percentage share of Non-resident Holding in Local Government Bond (Mar 2008 - Present)
40%
Indonesia
38.48% Mar’ 15
Malaysia 34.11% Mar’ 15
30%
Peak @ 19.1% (Apr’ 13)
Thailand
20%
14.6%
As of 30th June,16
Japan 10.72%
10%
Dec’ 15
Korea 10.05 % Dec’15
2008
2009
Source : AsianBondsOnline, ThaiBMA
2010
2011
2012
2013
2014
2015
Sep-16
Dec-16
Jun-16
Mar-16
Dec-15
Jun-15
Sep-15
Mar-15
Dec-14
Jun-14
Sep-14
Mar-14
Dec-13
Jun-13
Sep-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
Sep-08
Dec-08
Jun-08
0%
Mar-08
e a
2016
2016 As of 30th June, 2016
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
Nantachod Samarnwong
Economist
Sittan Sathianphattanakool
Economist
Nattakarn Boonsri, Director
Government Bond Market Development Division
Nattakarn Boonsri, Senior Expert
Kittipoom Ounjai
Economist
Phimonphan Tanwattana
Economist
Wanthanee Phongam
Economist
Paroche Hutachareon, Director
Senior Expert on Bond Market Development
Executive Director
Upama Jaihong
Bond Market Development Bureau
Fund Management and Bond Market Infrastructure Development Division
Sunee Eksomtramate Executive Director
Pimpen Ladpli
Ekaraj Khuankhunsathid Executive Director
Executive Director
Policy and Planning Bureau
Sriarpa Ruangruchira
Senior Economist
Phacharaporn Khotnarin
Economist
Oraporn Thomya, Acting Director
International Bond Market Policy Division
Public Infrastructure Project Financing Bureau
Public Infrastructure Project Management and Evaluation Viriyataveekul Jindarat Viriyataveekul JindaratBureau Acting Executive Director Executive Director
Sirasa Kanpittaya
Theeraj Athanavanich
Debt Management Bureau 2
Deputy Director-General
Suwit Rojanavanich
Director-General
Deputy Director-General
Debt Management Bureau 1
Wisut Chanmanee Bond Market Advisor
Bond Market Advisor
Front Office Middle Office Back Office Support Offic
Siribha Satayanon Secretary
Office of the Secretary
Chanikarn Chaiyasena
Economist
Nakarin Prompat, Acting Director
Financial Product Development Division
Teeralak Sangsnit Executive Director
Payment Administration Bureau
Risk Management Group
Information Technology Center
Legal Advisory Group
Public Sector Development Group
Internal Audit Group
Ace Viboolcharern Public Debt Advisor
Public Debt Advisor
For Further Information : Upama Jaihong
upama@pdmo.go.th
Executive Director of Bond Market Development Bureau
Nattakarn Boonsri
nattakarn@pdmo.go.th
Acting Senior Expert on Bond Market Development Director of Government Bond Market Development Division
Paroche Hutachareon
paroche@pdmo.go.th
Director of Fund Management and Bond Market Infrastructure Development Division
Oraporn Thomya
oraporn@pdmo.go.th
Acting Director of International Bond Market Policy Division
Nakarin Prompat
nakarin@pdmo.go.th
Acting Director of Financial Product Development Division