KINGDOM OF THAILAND BOND MARKET FINANCING THAILAND’S FUTURE & CONNECTING ASEAN
Progress Update
» Committing to FY2018 Fund Raising Plan » GOVT Bond Auction Results » T-Bill Plan Q1/FY2018 » GOVT Bond Auction Schedule Q1/FY2018 » SOE Bond Auction Schedule Q1/FY2018 » PDMO Bond Calendar FY2018
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
Quick Facts Public Debt Outstanding (as of July 2017) 6,224,989 THB Mil. (41.83 % of GDP)
14
Well-Developed Bond Market Improved GOVT Direct Debt Profile Dramatically (as of July 2017) » Average-Time-to-Maturity (ATM) 13yrs 1mth » Average Cost 3.59% » Well-Balanced Fixed : Floating Ratio 88 : 12 » Well-Distributed Maturity Profile 29:23:48 (TTM<5 : 6-10 : >10yrs)
15
Bond Market Capitalization (as of September 2017) 11,158,577 THB Mil. (74% of GDP)
16
GOVT Bond 39% of total Bond Market outstanding BOT Bond 26% SOEs Bond 8% Corp Bond 26% Baht Bond 1%
Baht Bond Outstanding and its Market Share (as of September 2017) 78,345 THB Mil. (1% of Bond Outstanding)
19
Non-Resident Holding in Domestic Bond (as of September 2017) » Annual Capital Flow (YTD) 180,592 THB Mil. GOVT Bond : 129,402 THB Mil.
22
BOT Bond :
» NR Holding in THB Bond GOVT Bond : BOT Bond : Others :
51,190 THB Mil.
815,246 THB Mil. (7.3% of Thai Bond Market Cap.) 699,481 THB Mil. (15.9% of GOVT Bond Outstanding) 114,624 THB Mil. (4.0% of BOT Bond Outstanding) 1,141 THB Mil.
Progress Update
Total Fund Raising Plan FY2018 GOVT Bond Auction Results
T-Bills Plan Auction Results GOVT Bond Auction Schedule Q1/FY2018 SOE Bond Auction Schedule Q1/FY2018 PDMO Bond Calendar FY2018
1
2
2018 - 2022
750 – 1,150 THB Bil. per year
Government Funding Needs
1,024,xxx
New Borrowing 350 - 600 THB Bil.
2,XXXMB
3XXMB
4,XXXMB
38,XXXMB
Insurance Decree Substitution for foreign currency bond
86MB 59,XXXMB
- Tentative -
THB mil.
5x,xxxMB
38,XXXMB
57,251MB
On-Lending Supplementary Budget Deficit
162,922
Per year (2018-2022) 58,940
200,666
344,084
300,000
250,000
250,000
GOVT
390,000
450,000
15,000
Rollover 350 - 550 THB Bil.
390,000
390,000
On-Lending
16,051MB
14,943
Water and Road Management Bond Switching
56,682
90,000
82,000
342,458
277,632
158,246
101,800
37,900
109,000
FY2017
FY2018F
FY2019F
FY2020F
FY2021F
-0-
(2018-2022)
390,000
50,000 140,192
Per year
Deficit
390,000
189,xxx
52,000
149,209
231,000
307,945
138,161
65,953 FY2016
453,367
114,286
112,708
286,104
FIDF
FY 2018
507,XXX MB
340,122
191,095
129,124
59,374
FY2011
FY2012
FY2013
FY2014
FY2015
450,000 Overallotment
Savings Bond 16,051
Roll Over 516,XXX MB
Rollover SOEs Debt
Rollover Govt Debt
342,458
Benchmark Bond 5-10-15-20-30-50 yr
580,xxx
Benchmark Bond Auction Plan Auction Size Times (Billion Baht)
Total Issuance (Billion Baht)
Tenors
Symbol
5
LB22DA
24 – 40
6-7
180 – 210
10
LB26DA
12 – 18
6–7
90 – 110
15
LB316A
11 – 15
5-6
70 – 90
20
LB366A
10 – 13
5-6
60 – 80
30
LB466A
10 – 13
5-6
60 – 80
50*
LB676A
11 – 15
5-6
70 – 90
Remark : * New Issue in FY2018 Coupon of 50-yr Benchmark Bond will be announced later
158,246
By Bills Remark :
-0-
1,024,xxx MB
Note :
Rollover FIDF Debt
FY2022F
57,251
Promissory Notes R-Bill, and Others Deficit
FY2018
GOVT Fund Raising Plan
On-Lending
New Borrowing
113,014
By Instruments
1. Exclude external funding for both new borrowing and rollover debt with amount of 111,xxx THB mil 2. Exclude T-Bill rollover debt with amount of 80,000 THB mil
Government Bond Supply Keep Increasing Since 2009 - Tentative -
Amount of Benchmark Bond Issuance to Actual Fund Raising (FY2009 – FY2018)
THB mil.
Others + Bond Switching
Benchmark Bond 1,250,000
6% 8% 1,000,000
17% -11% 750,000
37%
1%
2% 49% 500,000
10%
250,000
0
FY2009
FY2010
FY2011
FY2012
FY2013
ALL FY2018
Benchmark Bond is approximately 580 Bil.
FY2014
FY2015
FY2016
FY2017
FY2018
60% of FY2018 Funding Needs 1,024 Tril. - Tentative -
THB Mil.
500,000
Benchmark Bond
400,000
Tenors
Symbol
Issuance Size
5-yr
LB22DA
180,000 – 210,000
10-yr
LB26DA
90,000 – 110,000
15-yr
LB316A
70,000 – 90,000
20-yr
LB366A
60,000 – 80,000
30-yr
LB466A
60,000 – 80,000
50-yr*
LB676A
70,000 – 90,000
Total
580,000 Mil.
300,000
Total Benchmark Bonds Remark : * New Issue in FY2018
10 15
Top-up
20 30
Top-up
Top-up
Top-up
Top-up
5
200,000
580,xxx MB
100,000
5
10
15
-
20
-
30
-
-
LB666A LB676A LB676A
LB616A
LB466A LB466A
LB446A
LBA37DA LB383A LB396A LB406A LB416A
LB366A LB366A
LB316A LB316A LB326A
0
TTM
LB17OA LB183A LB183B LB191A LB193A LB196A LB198A LB19DA LB206A LB213A LB214A ILB217A LB21DA LB226A LB22NA LB22DA LB22DA LB233A LB236A LB244A LB24DA LB25DA LB267A LB26DA LB26DA LB27DA ILB283A LB283A LB296A
New-Issue
50
-
50
3
FY2017 – Present GOVT Bond Auction Results Classified by Auction Schedule THB Mil.
Q2
Q1
bps
Q4
Q3
120,000
40
100,000 30 80,000
73,442
69,670
60,000
60,000
50,061
20
49,510
49,117
46,520
42,270
40,000
29,374 29,035
18,820
20,000
T-1= 0
14,370
9,560
10,535 10,420
36,455
36,133
31,700
18,370 17,507 10,822
9,290
20,993
13,545
11,060
34,854
31,980
21,170 17,564 21,410 16,480
23,515
10
20,956
20,820 15,906
12,260
0
0 12,143
-20,000 -10 -40,000 -60,000
Symbol Auction Size (THB mil.)
-80,000
LB316A
LB466A
LB366A
LB316A
LB336A
LB466A
LB666A
13,000
11,000
11,000
12,000
14,000
6,000
10,000
7,000
Bid Coverage Ratio
1.84
Overallotment
-100,000 -120,000
LB466A
Oct-16
Pre
1.63 Post
Pre
1.97 Post
Pre
1.81 Post
Pre
3.06 Post
Pre
3.47 Post
Pre
3.42 Post
Pre
2.19 Post
Post
7,000
7,700
13,000 14,300 11,000 12,100 11,000 12,100 12,000 13,200 14,000 15,400 6,000
Average Accepted Yield
3.447% 3.451% 3.127% 3.129% 3.427% 3.429% 3.116% 3.118% 2.997% 2.998% 3.063% 3.065% 3.217% 3.219% 3.479% 3.480%
Dec-16
Jan-17
Feb-17
Short-term Benchmark Bond (<10 yrs) Long-term Benchmark Bond (>10 yrs)
Mar-17
Apr-17
Overallotment Spread [AAY- Yield(T-1)]
May-17
6,600 10,000 11,000
Pre
Accepted Amount
Nov-16
Jun-17
-20
Jul-17
Aug-17
-30
-40
Sep-17
Not Fully Allocated or Subscribed Max. (bps)
Min. (bps)
FY2017 – Present GOVT Bond Auction Results Classified by Tenor THB Mil. 120,000
Benchmark Bond 5 – 10yr 5-Yr
Benchmark Bond 15 – 50yr
10-Yr
15-Yr
20-Yr
30-Yr
bps 40
50-Yr
100,000 30 80,000 60,000
20
40,000 10 20,000
T-1= 00
0
-20,000
-10 -40,000 -60,000
Symbol
Auction Size (THB mil.)
-80,000
LB316A
LB466A
LB366A
LB316A
LB336A
LB466A
LB666A
13,000
11,000
11,000
12,000
14,000
6,000
10,000
7,000
Bid Coverage Ratio Overallotment
-100,000
LB466A 1.84 Pre
1.63 Post
Pre
1.97 Post
Pre
1.81 Post
Pre
3.06 Post
Pre
3.47 Post
Pre
Pre
2.19 Post
Pre
6,600 10,000 11,000 7,000
Post
Accepted Amount
13,000 14,300 11,000 12,100 11,000 12,100 12,000 13,200 14,000 15,400 6,000
Average Accepted Yield
3.447% 3.451% 3.127% 3.129% 3.427% 3.429% 3.116% 3.118% 2.997% 2.998% 3.063% 3.065% 3.217% 3.219% 3.479% 3.480%
-120,000
-30
7,700
-40 Short-term Benchmark Bond (<10 yrs) Long-term Benchmark Bond (>10 yrs)
4
3.42 Post
-20
Overallotment Spread [AAY- Yield(T-1)]
Not Fully Allocated or Subscribed Max. (bps) Min. (bps)
FY2017
Low Cost of Funding High Volume of Short-term Demand
T-Bill Auction Result
THB Mil.
Basis Points
100,000
15
Q1
80,000
Q2
Q3
Q4 10
60,000
40,000 5 20,000 1.6 0.9
T-1= 00 -20,000
1.0 0.5 0.0 -0.5
2.9
2.7
2.3 1.6 1.0
0.8
0.9
0.4
-0.2 -0.7 -1.1 -1.9
-1.4
-3.7
-3.5
-5.2 -5.8
-40,000
-3.1
-3.3
-4.1
-4.8
0
-2.4
-2.9-2.9
-3.2
0.2 -0.5 -0.5
-4.6
-5.0
-5.1
-5 -4.8
-6.1 -6.8
-7.6
-80,000
-7.5
-8.0 -8.9-8.6
-60,000
-8.2 -9.5 -10.2
T-bill 1 month T-bill 3/6 months R-bill 3/6 months
Participated Amount (Excess Demand) Not Fully Allocated or Subscribed Spread [AAY-Yield(T-1)]
-9.0
-9.3
-10
-10.0
-10.2 -10.9 -11.1 -11.2 -13.2 -14.6
-100,000
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
-15
Sep-17
5
6 13,000
LB366A 20-yrs
12,000
12,000
LB466A 30-yrs
14,000
14,000
LB676A 50-yrs
-
13,000
40,000
14,000
-
12,000
12,000
14,000
Total
MOF Outright PD
LB26DA LB316A LB366A LB466A
LB366A =
1. LB26DA = LB466A = LB316A = LB676A = LB22DA =
Re-open Re-open Re-open
17-Dec-2026
2.125%
27,000
Re-open (Greenshoe Option) Re-open (Overallotment) LB6767A
17-Dec-2022
2.000%
Coupon
Maturity Date
40,000
Total
27 Dec 2017
20 Dec 2017
13 Dec 2017
20-Jun-2031
3.65%
24,000
17-Jun-2036
2.875%
24,000
17-Jun-2046
40,000 – 48,000
3.40%
13,000
17-Jun-2067
n/a
142,000
-
12,000
13,000
12,000
12,000
12,000
LB316A 15-yrs
6 Dec 2017 13,000
14,000
LB26DA 10-yrs
-
40,000
LB22DA 5-yrs
29 Nov 2017
22 Nov 2017
15 Nov 2017
8 Nov 2017
1 Nov 2017
25 Oct 2017
18 Oct 2017
11 Oct 2017
5 Oct 2017
Auction Date
Auction Schedule for Q2/FY2016 Q1/FY2018 GOVTGovernment BondBondAuction Schedule (Oct – Dec 17)
7
500
349
11,000
Gauranteed and Serviced by GOVT
4,168
Not Guaranteed by GOVT
18,700
4,168
BAAC GG
10
0
15
0
20
0
Total
0
0
0 65,514
0
18,700
A
S
0
Next 5 working days
Auction Bond
Next 5 working days (since pricing date)
Syndication Bond
e-Bidding Bond
Auction Condition
0
4,168 Substitution Day for Constitiution Day
H.M. the King's Birthday
Thursday
Tuesday
Monday
Date
0
0
MPC
3,000
0 3,000
0
0
0
0
1,000
3,000 0
3,000
0
0 68,514
0
18,700
4,168
1,000
4,915
36,341
0
849
0
0 0
0
0
0
1,000
1,541
Grand total (Thai Mil.)
0
4,915
33,341
0
849
Royal funeral
MPC
MPC
Bond (year) 7 8
0
5
0
4
0
3
0
1,000
1,541
Total
0 Substitution Day for Chulalongkorn Memorial Day
BMTA GG
5
NG : Non Guarantee
Sources
29,756
SRT GG 18,700
3
GG : Gov. Guarantee
349
MPC
1,000
4,915 SRT GG
23,341 BMTA GG
MPC
PWA NG
PWA GG
MPC
Term/Loan (year) 1.7 2
10,000
1,541
1,541
1 BMTA GG
BAAC GG
1,000
SRT GG
0.5
BAAC GG
Source : Debt Management Bureau 2
Quarter 1 Week-Date Month 18 19 21 Sep 25 26 28 Wk. 1 2 3 5 Wk. 2 9 10 12 Wk. 3 16 Oct 17 19 Wk. 4 23 24 26 Wk. 5 30 31 2 Wk. 6 6 7 9 Wk. 7 13 14 16 Nov Wk. 8 20 21 23 Wk. 9 27 28 30 Wk. 10 4 5 7 Wk. 11 11 12 Dec Wk. 12 14 18 19 21 Wk.13 25 26 28 รวม
Q1/FY2018 SOE Bond Auction Schedule (Oct – Dec 17)
Quarter 2
Quarter 1
8
Mar 2018
Feb 2018
Jan 2018
Dec 2017
Nov 2017
Oct 2017
27
13
12
26
6
5
20
27
26
19
20
19
13
30
29
12
23
22
6
16
15
5
9
2
1
8
26
25
New Year's Day
19
12
11
18
5
4
Substitution Day for Constitiution Day
28
27
14
13
21
7
6
20
31
30
24
23
Substitution Day for Chulalongkorn Memorial Day
17
10
9
16
3
2
Mon
Quarterly PD Market Dialogue
Substitution Day for New Year's Day
The birthday of His Majesty the late King Bhumibol Adulyadej
Tue
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
Auction LB666A (50Y) : 13,000MB
Auction LB26DA (10Y) : 14,000MB
Auction LB366A (20Y) : 8,000MB
Baht Bond 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 LB466A (30Y) : 12,000MB
Auction LB26DA (10Y) : 13,000MB
Auction LB316A (15Y) : 12,000MB
Auction LB366A (20Y) : 13,000MB
Auction LB22DA (5Y) : 40,000MB
Auction LB676A (50Y) : 14,000MB NEW 50Y
Auction LB316A (15Y) : 12,000MB
Auction LB466A (30Y) : 12,000MB
Auction LB26DA (10Y) : 14,000MB
Wed
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
Thu
Substitution Day for Makha Bucha Day
MOF Outright PD Committee : Quarterly PD's Evalution
Quarterly PD Market Dialogue
MOF Outright PD Committee
Royal Cremation of His Majesty the Late King
PDMO Bond Calendar FY 2018
30
23
16
9
2
23
16
9
2
26
19
12
5
29
22
15
8
1
24
17
10
3
27
20
13
6
Last day of submission for Baht Bond Application (2/2017)
Baht Bond 3/2017 special
His Majesty the late King Bhumibol Adulyadej Memorial Day
Fri
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
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
1
Sat Sun
Quarter 3
Quarter 4
9
Sep 2018
Aug 2018
Jul 2018
Jun 2018
May 2018
Apr 2018
Substitution Day for H.M. The Queen's Birthday
25
11
10
24
4
3
18
28
27
17
21
20
14
31
30
13
24
23
7
17
16
6
10
12
11
9
5
4
3
29
28
26
22
21
2
15
14
25
8
7
19
1
30
18
24
23
Subsitution Day for Songkarn Day
17
10
9
16
3
2
Visakha Bucha Day
MOF Outright PD Committee : Quarterly PD's Evalution
Last Day of submission for MOF Outright PD's Application
National *Labour Day
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 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
Auction LB26DA (10Y) : 20,000MB
Auction LB366A (20Y) : 12,000MB
Auction LB226A (5Y) : 25,000MB
Auction LB466A (30Y) : 13,000MB
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
Royal Ploughing Ceremony Day
Annual PDMO-Market Dialogue + MOF Awards
MOF Outright PD Committee : Final Review
Asarnha Bucha Day
Quarterly PD Market Dialogue
Songkran Festival Day
Chakri Memorial Day
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
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
Remark : Royal Ploughing Ceremony Day- waiting for an annoucement This schedule is subject to change without prior notice.
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
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
BOND mkt. cap : GDP
250%
10
Public Sector (GOVT + CB + SOE) Private Sector
200%
Government BOND Yield Curve
% Yield
211%
9
150%
126% 96%
100%
8
74%
66%
Indonesia 7
50%
21% 0%
Vietnam
6
Philippines As of June 30th ,2017
Malaysia
5
Share of PUBLIC sectorâ&#x20AC;&#x2122;s Bond to Total BOND mkt. cap. USD Billions 300
% : BOND mkt. cap.
96%
100%
1.76% GOVT 124
60% 54%
150
USD Billions
0
156
BOT 91
83
Japan
1
150
SOE 24
150
-1
0%
0 Vietnam
Indonesia
Philippines
Thailand
Korea
2
USD Billions
50%
Thailand
USA Singapore
2.42%
81% 73%
3.50%
3.20% 3
86%
43
China
4
Singapore
5 yr
10 yr
As of September
29th ,2017
30 yr
Malaysia
As of June 30th ,2017
50 yr
Te n o r
Government BOND Yield Matrix
ASEAN & Peers
As of September 30th ,2017
6m
1 yr
2 yr
3 yr
4 yr
5 yr
6 yr
7 yr
8 yr
9 yr
10 yr
15 yr
20 yr
25 yr
30 yr
35 yr
40 yr
Japan
-0.15
- 0.15
- 0.11
- 0.11
- 0.08
- 0.07
-0.05
-0.02
0.01
0.04
0.07
0.29
0.60
0.75
0.89
1.00
1.10
USA
1.21
1.32
1.47
1.62
1.77
1.92
2.04
2.15
2.21
2.27
2.33
2.48
2.63
2.75
2.87
1.22
1.39
1.48
1.56
1.65
1.75
1.85
1.95
2.05
2.15
2.43
2.43
2.47
2.50
3.30
3.39
Singapore Korea
1.35
1.53
1.79
1.89
1.98
2.08
2.14
2.19
2.25
2.31
2.37
2.37
2.37
Thailand
1.36
1.42
1.45
1.54
1.62
1.76
1.91
2.11
2.17
2.27
2.42
2.80
2.88
3.12
3.20
China
3.35
3.47
3.52
3.57
3.60
3.62
3.66
3.69
3.66
3.64
3.61
3.77
3.92
4.08
4.23
Malaysia
2.97
3.06
3.21
3.42
3.51
3.62
3.75
3.88
3.91
3.94
3.95
4.37
4.52
4.59
4.66
Philippines
2.94
2.86
3.79
3.68
4.55
4.61
4.47
4.34
4.44
4.55
4.66
5.05
5.44
Vietnam
3.94
4.11
4.38
4.53
4.68
4.82
4.96
5.16
5.36
5.56
5.99
Indonesia
5.38
5.86
6.06
6.16
6.23
6.31
6.41
6.51
6.62
6.73
7.13
7.35
7.36
7.30
Brunei Cambodia Laos Myanmar
12
below 1%
2.01% - 3%
over 4%
1.01% - 2%
3.01% - 4%
no data
45 yr
50 yr
3.48
3.50
Funding Infrastructure Investment Connecting ASEAN
Domestic Bond Market in Transition
Funding Infrastructure Investment Connecting ASEAN (2013 – 2018) FY2018 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
Innovation / Product Development
Inaugural 10-yr Inflation-Linked Bond (10-yr)
Electronic Bond Switching
Long-term Fixed Promissory Notes (25-35-45-yr)
Saving Bond Online
Electronic Retail Savings Bond (3-5-yr)
25-yr Back-End Amortized Bond 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 Jul 2017) = 6.22 THB Trillion (41.83% of GDP) Components of Public Debt
Units : THB Mil.
3,897,917.98 905,625.98 967,658.32 438,271.67 15,514.79
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
6,224,988.74
Public Debt Outstanding
Autonomous Agency Debt
0.25% 15,514.79 THB Mil. Special Financial Institutions Guaranteed Debt
7.04
% 438,271.67 THB Mil.
Non-Financial
State Enterprise Debt
15.54
% 967,658.32 THB Mil.
GOVT Debt
GOVT Debt 62.62% 3,897,917.98 THB Mil.
(for FIDF)
14.55% 905,625.99 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 ”
6.22 THB Trillion
4.29 THB Trillion
Autonomous Agency Debt
0.25% 15,514.79 THB Mil.
Special Financial Institutions Guaranteed Debt 7.04% 438,271.67 THB Mil.
Special Financial Institutions Guaranteed Debt
serviced by the government
Autonomous Agency Debt
serviced by the government 0.02%
6.05%
Non-Financial State Enterprise Debt
15.54% 967,658.32 THB Mil.
GOVT Debt
GOVT Debt 62.62%
(for FIDF)
3,897,917.98 THB Mil.
14.55%
Non-Financial State Enterprise Debt
GOVT Debt 61.27%
serviced by the government
905,625.98 THB Mil.
1.67% As of Jul 2017 * Remark : Include external debt
14
100%
69%
Total Domestic Public Debt = 6.03* THB Trillion Assumptions : 6 months BIBOR = 1.71%, 6 months Fixed Deposit Rate = 1.225%, Inflation = 0.17%
Non-financial SOEs
400,000
Note : * Not included External Debt
financial SOEs
As of Jul 2017
Autonomous-Agencies
SOE Debt (Serviced by GOVT) = 423,098 THB Mil.
300,000
Excluding Not serviced by GOVT 789,150 THB Mil. External SOE debt (Serviced by GOVT) 61,276 THB Mil. External SOE debt (Not-Serviced by GOVT) 147,918 THB Mil.
200,000
ATM Avg. Cost Fixed : Floating Callable
11,500
10,000
2,001
32,000
10,400 3,400 37,908
29,500
88,575
139,301
15%
5,829 25,000
0
4,287
TTM Fiscal Year
Next 5 yrs
FIDF 1
400,000
28,198 74,000
60%
4% Next 5 yrs
3,000 9,000
On-lending Loan
Water
DPL
Ext. Guaranteed Debt
(Excluding foreign debt 96,840 THB mil. ) 409,378
6-10 yrs
ATM Avg. Cost Fixed : Floating Callable
10 yrs +
= 13yrs 1mth = 3.59% = 88: 12 = 8%
10,000
29% 23%
168,381
165,902
27,600
24,318
29,400
128,057 12,000
20,000
95,936
196,379 5,500
95,890
139,178
214,252
33,581 35,000
75,049
239,798
15,000
2,400
59,141
18,900
100,443 59,000
20,000
60,742
100,872
67,653
24,700
76,700
266,993
40,000
166,958
359,889
25,041
RW
GOVT Direct Debt (exclude FIDF) = 3,801,077 THB Mil.
27,000
1,381
0
TKK
66 2,167
293
100,000
T-Bill
7,682 23,811
300,000 200,000
Budget Deficit
20,000
2,000
= 3yrs 10mths = 3.61% = 91: 9 = 7% Maturity Profile
36%
TTM Fiscal Year
400,000
10 yrs +
20,000 16,000
126,850 25,450
40,000 69,000
71,000
104,246 101,800
55,000
15,732 45,000
0
67,900 45,450
200,000
7%
6-10 yrs
ATM Avg. Cost Fixed : Floating Callable
FIDF 3
GOVT Debt (for FIDF) = 905,626 THB Mil.
300,000
100,000
Maturity Profile
78%
12,569
100,000
= 3yrs = 2.69% = 73: 27 = 31%
TTM Fiscal Year
Next 5 yrs
(1) (2) (3) (4)
Well-Developed Bond Market Improved GOV’T Direct Debt Profile Dramatically
Maturity Profile 48%
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 7yrs 8mths
Avg. Cost LOWERED by 91 bps.
As of Jul 2017
13yrs 1mth
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 ++
29%
Next 5 yrs
12%
48% 23%
6-10 yrs
10 yrs +
15
Bond Market Cap.= 11 THB Trillion
GOVT Bond = 4.3 THB Trillion Domestic Bond Market Classified by Issuer
128%
Baht Bond 1% Corp Bond 26% 24%
SOEs Bond 8 % 847,423 THB Mil.
Asian Fin. Crisis
12%
BOT Bond 26%
2,886,058 THB Mil. Maturity Profile BOT vs GOVT Bond
10%
4,390,648 THB Mil.
80%
≤1
Govt Bond 39%
BOTBOT ATMATM = 7mths GOVT ATM = 10yrs 7mths = 7mths GOV ATM = 11yrs 8 mths
14% 20%
16%
28%
32%
1<yr≤3
3<yr≤5
5<yr≤10
10<yr≤50
As of 29 Sep, 2017
*Source: BOT Exchange rate as of 31 MAr2017
Constantly Loan Bond Issuance Creates an Effective Government Bond Yield Curve % 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 LB22DA LB26DA LB316A LB366A LB466A LB676A
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
3.00
15 2.50
20
10 7
2.00
5 1.50
3
1.00 0.50
TTM
16
Source: ThaiBMA Government Bond Yield Curve (end of Sep 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 = 39 Series (Since 1 Oct 2016 - 30 Sep 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 (16 Series)
350,000
91%
Outstanding size (THB Mil.)
300,000
0
8%
50
1%
100
250,000
Tier 2: 50,000 – 100,000MB (13 Series)
50
200,000
15
150,000
10
20 30
100,000 100,000
5 50,000
LB383A
LB396A
LB406A
LB183A
LB244A
LB22NA
LB214A
LB19DA
LB267A
LB24DA
LB233A
LB22DA
LB193A
LB198A
LB283A
LB191A
LB326A
LB213A
LB27DA
LB183B
LB17OA
LB466A
LB416A
ILB217A
LB366A
ILB283A
LB316A
LB26DA
LB446A
LB616A
LB666A
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 2016 – 30 Sep 2017)
Outstanding
Trading Volume
(THB Mil.)
(THB Mil.)
12 GOVT Bond series are included in JPMCB Index 4 of which are on-the-run Benchmark Bond (5-10-15-20-yr)
400,000
Current Outstanding ≥ THB 100 Bil. Current Outstanding = THB 50-100 Bil. Current Outstanding ≤ THB 50 Bil.
GBI-EM Thailand - JPMCB
350,000
1,000,000
FY 2017 on-the-run Benchmark Bond
875,000
Trading Volume
300,000
750,000
250,000
625,000
50
200,000
10
150,000
500,000
15
375,000
20 100,000 100,000
30
250,000
5 50,000
125,000
0
LB226A LB196A LB21DA LB26DA LB206A LB25DA LB316A LB236A LB296A LB366A LB22DA ILB217A LB666A LB183B LB17OA ILB283A LB191A LB193A LB466A LBA37DA LB27DA LB198A LB446A LB22NA LB213A LB24DA LB326A LB214A LB183A LB616A LB267A LB283A LB416A LB19DA LB233A LB406A LB244A LB396A LB383A
0
Source : ThaiBMA
17
Historical Changes in Thai Government Bonds Issuance by Bond Types THB Mil. 750,000
Saving Bonds
Amortizing Bonds
Inflation-Linked
Long-term (>10 yr)
Medium-term (5-10 yr)
Short-term (<5 yr)
Not included Bond switching 150,000 mb 32,570 40,000
7,367 69,073
20,141 54,000
7,000 89,379
31,577 65,000
500,000 82,234
50,872
3,814
29,338
315,552
38,000
293,000
40,000
269,862 61,000
152,861
136,641
140,733
134,000
22,730 148,900
151,471
250,000 221,110
223,850 266,139
259,826 215,000
309,009
274,999
306,000
202,000
98,850 47,000
96,000 51,605
46,000
11,000
0
F Remark : * Estimated from FY2018 Fund Raising Plan
Average Time to Maturity (ATM) VS Average Cost of Funding GOVT Debt and Public Debt ATM (Year)
13
Public Debt ATM
Gov’t Debt ATM*
12
11.12 Yr Gov’t Debt
11 10 9 8
9.66 Yr Public Debt
Oct-17
Sep-17
Jul-17
Aug-17
Jun-17
Apr-17
May-17
Mar-17
Jan-17
Feb-17
Dec-16
Oct-16
Nov-16
Sep-16
Jul-16
Aug-16
Jun-16
Apr-16
May-16
Mar-16
Jan-16
Feb-16
Dec-15
Oct-15
Nov-15
Sep-15
Jul-15
Aug-15
Jun-15
Apr-15
May-15
Mar-15
Jan-15
Feb-15
Dec-14
Oct-14
Nov-14
Sep-14
7 Cost (%)
4.25
Gov’t Debt Avg. Cost*
Public Debt Avg. Cost 3.57% Gov’t Debt
4.00
3.53%
3.75
Public Debt
3.50
18Remark : * Include FIDF Debt and Foreign Debt
Sep-17
Jul-17
May-17
Mar-17
Jan-17
Nov-16
Sep-16
Jul-16
May-16
Mar-16
Jan-16
Nov-15
Sep-15
Jul-15
May-15
Mar-15
Jan-15
Nov-14
Sep-14
3.25
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
%
10
KNM
(8,000)
%
EDL-Gen MOFL MOFL MOFL
MOFL 0
Today
5
%
CABEI
WOORI
CABEI
%
13
(10,352)
KEXIM WOORI
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 29th September, 2017)
19
2007 - 2017
Growth of Corporate Bond Outstanding has Accelerated
Baht Bond Outstanding
Total Outstanding 11,158,577 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% 26%
26% 26% 26%
78,345 THB Mil.
78,345 THB Mil (CGIF 2,780 THB Mil )
27%
Corp Bond 26%
2,955,104 THB Mil.
2,955,104 THB Mil
2,5 00,00 0
20% 20% 20%
20%
22%
19% 18% 18%
SOEs Bond 8%
2,0 00,00 0
17%
BOT Bond 26% 2,886,058 THB Mil.
1,5 00,00 0
12%
1,0 00,00 0
7%
2%
500 ,000
0.6%
0.9%
1.2%
1.0%
1.4%
1.1%
1.4%
1.0%
0.9%
0.7%
GOVT Bond
0.7%
4,390,648 THB Mil.
-3%
0
39%
End of Sep
Source : ThaiBMA (As of 29th September, 2017)
Corporate Bond & Baht Bond Outstanding (Classified by TTMs) THB Mil. 1,500,000
48%
Total Outstanding : Number of Corporate Bond:
40,434
Average size per issuance:
1,282,793
15%
500,000
13,417
9%
394,515
10%
2,738,037 THB Mil. 1,387 (Series) 1,974 THB Mil.
13% 9,371
4,064
9,168
329,578 278,005
237,778
5% 1,891
137,025
0
-
20
1,974 THB Mil.
Baht Bond Corporate Bond
1,000,000
TTM (Years)
Average size per issuance:
Source : ThaiBMA (As of 29th September, 2017)
-
-
-
-
Remark : Excluded Commercial Papers (less than 1 year at issue)
34%
Corporate Bond & Baht Bond Outstanding (Classified by Size) THB Mil. 200,000
Corporate Bond
Outstanding (THB Mil.)
are 8 Major Corporates No. of Issuers
A Rated Group (AAA, AA, A)
CPALL
B Rated Group (BBB, BB)
≥ 50,001
8
34%
10,001 – 50,000
63
52%
≤ 10,000
151
14%
Total
222
100%
Unrated
SCG
Baht Bond
150,000
Baht Bond Lao PDR (Gov’t)
PTT
% Share of Outstanding
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 222
Source : ThaiBMA (As of 29th September, 2017)
Remark : Excluded Commercial Papers (less than 1 year at issue)
Corporate Bond & Baht Bond Outstanding (Classified by Credit Rating)
50%
is A Rated
THB Mil.
Corporate Bond
200,000
Rating
AA Rated
CPALL
A Rated BBB Rated
SCG 150,000
% Share of Outstanding
No. of Issuers
AAA
402,748
15%
14
AA
438,917
16%
26
1,371,081
50%
56
BB Rated
A
D Rated
BBB
410,833
15%
61
BB
39,266
1%
9
D
5,750
0%
1
Unrated
PTT
Outstanding (THB Mil.)
AAA Rated
Baht Bond Baht Bond Lao PDR (Gov’t) Lao PDR (EDL-Gen)
Unrated Total
69,442
3%
55
2,738,037
100%
222
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
AAA AA Source : ThaiBMA (As of
29th
September, 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)
180,592 THB mil. (2017YTD)
THB Mil.
350,000
180,592 THB mil
300,000
250,000
.
93,249
BOT Bond 51,190 THB mil.
200,000
84,003 51,190
150,000
23,052 100,000
196,463 129,454
0
129,402
117,144
50,000
96,738
45,963 29,642
15,548
0
-53,807
-50,000
GOVT Bond 129,402 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 29th Sep,2017
Net Change in Non-resident Holding (YTD) BOT Bond vs GOVT Bond
(The past 52 weeks)
(1 USD/ THB) THB Mil.
Accumulative NR Holding = 180,592 THB mil.
THB Mil.
(Since 1 Jan – 29 Sep 2017)
150,000
GOVT Bond
125,000
129,402 THB mil.
100,000 75,000 50,000
BOT Bond
25,000
51,190 THB mil.
0
0
-25,000 -50,000
1 USD = 33.369 THB -75,000 -100,000 -125,000
NR Holding in GOVT Bond
Foreign Exchange (USD/THB)
NR Holding in BOT Bond WK37
WK36
WK35
WK34
WK33
WK32
WK31
WK30
WK29
WK28
WK27
WK26
WK25
WK24
WK23
WK22
WK21
WK20
WK19
WK18
WK17
WK16
WK15
WK14
WK13
WK12
WK11
WK9
WK10
WK8
WK7
WK6
WK5
WK4
WK3
WK2
WK1
-150,000
As of 29th Sep, 2017
22
2017
Non-Resident Holding in THB Bond = 815,246 THB Mil.
Outstanding
Thai Bond Market Cap. = 11,158,577 THB Mil.
Non-Resident Holding Non-Res Hol di ng (THBi dent Million)
Issuer
Issuer
699,481
6.24%
114,624
1.027% 1.390%
118,177
1.28%
0
0.000% 1.28
0
0.00%
81
0.001% 0.01
666
0.01%
1,060
0.009%
692,906
7.53%
815,246
4,390,648
7.306% BOT Bond Outstanding 2,886,058
THB Mil.
Domestic Investors
Domestic Investors
39%
2,771,434 THB Mil.
3,691,167 THB Mil.
96.0
84.1
4,390,648 THB Mil.
THB Mil.
Non-Resident 114,624 THB Mil.
Non-Resident 699,481 THB Mil.
26% 2,886,058 THB Mil.
6.269%
574,063
GOVT Bond Outstanding
8%
% 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 29th Sep, 2017
Peers Comparison
Non-Resident Holding in Thai GOVT Bond is 699,481 THB mil. or 15.9% of Total GOVT Bond Outstanding
Percentage share of Non-resident Holding in Local Government Bond (Mar 2009 - Present)
40%
Indonesia
39.47% Jun 17
Malaysia 26.99%
30%
Jun 17
Peak @ 19.1% (Aprâ&#x20AC;&#x2122; 13)
Thailand
20%
15.9%
As of 29th Sep,17
Japan 10.75% Mar 17
10%
Korea 10.79 % Mar 17
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
Sep-14
Dec-14
Jun-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 29th Sep, 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
Paroche Hutachareon, Acting Senior Expert
Nantachod Samarnwong
Economist
Sittan Sathianphattanakool
Economist
Nakarin Prompat, Director
Government Bond Market Development Division
Policy and Planning Bureau
Kittipoom Ounjai
Economist
Wanthanee Phongam
Senior Economist
Angsuporn Suyangkul
Economist
Phimonphan Tanwattana
Economist
Sujitra Numthong, Director
Fund Management and Bond Market Infrastructure Development Division
Teeralak Sangsnit Executive Director
Anchana Wongsawang Acting Executive Director
Puttipong Kanna
Economist
Sriarpa Ruangruchira
Senior Economist
Thitiphan Economist Pairojteerarach
Senior Economist
Oraporn Thomya, Director
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
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
Deputy Director-General
Prapas Kong-Ied
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
For Further Information : Upama Jaihong
upama@pdmo.go.th
Executive Director of Bond Market Development Bureau
Paroche Hutachareon
paroche@pdmo.go.th
Acting 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 Financial Product Development Division
Sujitra Numthong
sujitra@pdmo.go.th
Director of Fund Management and Bond Market Infrastructure Development Division