Bond Issuance to Surpass 400 Billion Baht in H2 2026

Post Today•Economy•20d ago

Reader Briefing

Thailand's corporate bond market anticipates a surge in issuance to over 400 billion baht in the latter half of 2026, driven by large companies seeking to fund expansion and refinance maturing debt.

•Thai corporate bond issuance is projected to exceed 400 billion baht in the second half of 2026.
•Energy, Finance, and Property sectors are expected to lead bond issuance and maturities.
•Bond defaults and restructures totaled 7,422 million and 1,188 million baht respectively in the first half of 2026.
•Interest rates are expected to remain stable, with the MPC likely holding the policy rate at 1.00% throughout the second half of 2026.

Overview

•ThaiBMA maintains its target for long-term private bond issuance in 2026 at 880,000-900,000 million baht.
•In the first half of 2026, private long-term bond issuance reached 409,670 million baht, a 2.7% increase year-on-year.
•Investment Grade bond issuance was 389,740 million baht, up 4.57%, while High Yield issuance was 19,930 million baht, down 23.72% compared to the same period last year.
•The Energy sector showed significant bond issuance growth in the first half of 2026, with major issuers including GULF, PTTEP, and BANPU, to support business expansion.
•Commercial sectors like CPALL and BJC also increased bond issuance, while commercial banks saw a decrease due to high liquidity and slowed lending, reducing their need for new fundraising or bond rollovers.
•In the first half of 2026, 7,422 million baht in bonds from 7 issuers defaulted, and 1,188 million baht from 7 issuers were restructured.
•Over 400,000 million baht in new bonds are expected to be issued in the second half of 2026, aligning with 416,877 million baht in maturing bonds.
•The policy interest rate is expected to remain stable in the second half of 2026, with market participants predicting the MPC will maintain the rate at 1.00%.

Full article content is available on the original source.

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Key Quotes

Ariya Tirananontakij

"Issuance in the second half depends on the decisions of large companies with high fundraising options, such as temporarily using bank loans to wait for bond yields to decrease before reissuing new bonds."

ยอดการออกในช่วงครึ่งปีหลังขึ้นอยู่กับการตัดสินใจของบริษัทขนาดใหญ่ที่มีทางเลือกในการระดมทุนสูง เช่น การกลับไปใช้สินเชื่อจากธนาคารชั่วคราวเพื่อรอจังหวะที่อัตราผลตอบแทนพันธบัตร (Bond Yield) ปรับตัวลดลงก่อนจะกลับมาออกหุ้นกู้ใหม่อีกครั้ง

Key Entities

Organization

Thai Bond Market Association(สมาคมตลาดตราสารหนี้ไทย)ℹ️

An association that sets targets and analyzes the Thai bond market.

GULF

A major issuer of bonds in the energy sector, having issued over 35,000 million baht in the first half of 2026.

PTTEPℹ️

A significant energy company that issued approximately 10,000 million baht in bonds.

BANPUℹ️

An energy company that issued approximately 10,000 million baht in bonds.

CPALLℹ️

A commercial company that increased its bond issuance in the first half of 2026.

BJCℹ️

A commercial company that increased its bond issuance in the first half of 2026.

MPC(กนง.)ℹ️

Monetary Policy Committee, responsible for setting Thailand's policy interest rate.

Person

Ariya Tirananontakij(นางสาวอริยา ติรณะประกิจ)

Managing Director of the Thai Bond Market Association, providing analysis on bond issuance and market trends.