Kingdom of Thailand Bond Market booklet 2561

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