Energy Groups and GULF Accelerate Bond Issuance for Expansion

Prachachat•Economy•1d ago

Reader Briefing

Thai private sector issued 507 billion baht in bonds during the first seven months of 2026, led by the energy sector.

•The Thai Bond Market Association reports 507 billion baht in private bond issuance from the start of the year to August 20, 2026.
•GULF has issued 35 billion baht in bonds this year for New S-Curve investments and acquisitions.
•Large commercial banks are reducing new bond issuances by using existing excess liquidity to repay maturing bonds.
•The total bond issuance target for the entire year is estimated at 880-900 billion baht.

Overview

•Private sector bond issuance from the start of the year to August 20, 2026, totaled 507 billion baht, compared to 517 billion baht during the same period last year.
•The number of companies issuing bonds decreased from 123 companies to 105 companies.
•Large commercial banks, including Bank of Ayudhya, SCB X, and Kasikornbank, are not issuing replacement bonds because they have excess liquidity from decreased lending.
•GULF has issued 35 billion baht in bonds for business expansion and takeovers and plans to sell 6 more sets of bonds in October.
•PTT and PTTEP issued only 13 billion baht in new bonds against 22.5 billion baht in maturing bonds because they have few large-scale investment projects.
•DoubleA (1991) redeemed bonds before their maturity date in August to build investor confidence.
•Ariya Tiranakaprakit stated that bond defaults involve existing cases such as Property Perfect and Grand Asset Hotels and Property, who are attempting to sell land assets to repay investors.
•The Thai Bond Market Association expects interest rates to remain stable through the end of the year, facilitating continued bond issuance.

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Key Quotes

Ariya Tiranakaprakit

"In the past 2-3 years, there have been almost no new faces in bond defaults."

ช่วง 2-3 ปีนี้หุ้นกู้ผิดนัดชำระแทบไม่มีหน้าใหม่

Key Entities

Organization

Thai Bond Market Association(สมาคมตลาดตราสารหนี้ไทย)

The organization providing data and analysis on Thai private sector bond issuances.

GULF

An energy company issuing bonds for New S-Curve projects and business takeovers.

TCAP

A company that issued bonds this year.

TISCO

A company that issued bonds this year.

Bank of Ayudhya(ธนาคารกรุงศรีอยุธยา)ℹ️

A large bank that did not issue replacement bonds for 13 billion baht in maturing debt.

SCB X(บมจ.เอสซีบี เอกซ์)

A company that did not issue replacement bonds for 1.16 million baht in maturing debt.

Kasikornbank(ธนาคารกสิกรไทย)ℹ️

A bank that did not issue replacement bonds for 6.5 billion baht in maturing debt.

True Corporation(บมจ.ทรู คอร์ปอเรชั่น)ℹ️

A company that saw its credit rating improve from BBB+ to A after merging with dtac.

PTT(บมจ.ปตท.)

An energy company that issued new bonds worth 13 billion baht.

PTTEP(บมจ.ปตท.สำรวจและผลิตปิโตรเลียม)ℹ️

An energy company that issued new bonds worth 13 billion baht.

DoubleA (1991)(บมจ.ดั๊บเบิ้ล เอ (1991))

A company that redeemed bonds before their maturity date in August.

Property Perfect(บริษัท พร็อพเพอร์ตี้ เพอร์เฟค)

A company that has faced bond defaults and requested redemption extensions.

Grand Asset Hotels and Property(บมจ.แกรนด์ แอสเสท โฮเทลส์ แอนด์ พรอพเพอร์ตี้)

A company that has faced bond defaults and requested redemption extensions.

Monetary Policy Committee(คณะกรรมการนโยบายการเงิน)

The body whose decisions on interest rate adjustments are being monitored.

PTTGC

A business entity listed as waiting to offer bonds.

BJC(บีเจซี)

A business entity listed as waiting to offer bonds.

Person

Ariya Tiranakaprakit(อริยา ติรณะประกิจ)

Managing Director of the Thai Bond Market Association.