ThaiBMA: H2/69 Debenture Market ~500B Baht; Focus on Restoring Confidence & Primary Market

MGR Online•Economy•21d ago

Reader Briefing

ThaiBMA anticipates a substantial 500 billion baht in new corporate bond issuance in the second half of 2026, aiming to rebuild market confidence following a rise in defaults and planning to enhance primary market oversight.

•ThaiBMA projects 500 billion Baht in new corporate debenture issuance during H2/69, adding to the 410 billion Baht issued in H1/69.
•The association plans to strengthen its role in regulating the primary bond market to restore investor confidence, addressing an increase in defaults.
•The total outstanding bond market value reached 18.3 trillion Baht by the end of Q2/69, with government bonds being a significant driver of increase.
•Foreign investors maintained net purchases of Thai debt instruments in Q2/69, contributing to a total holding of 9.47 trillion Baht.

Overview

•ThaiBMA projects approximately 500 billion Baht in new corporate debentures to be issued in the second half of 2026.
•Over 410 billion Baht in corporate debentures were issued in the first half of 2026.
•The total outstanding bond market value reached 18.3 trillion Baht by the end of Q2/69, representing 96% of GDP.
•The increase in market value was primarily driven by government bonds, with a 2% rise from the end of 2025.
•Private sector long-term debt issuance in H1/69 increased by 2.7% year-on-year, reaching 409,670 million Baht, due to increased issuance of Investment Grade bonds.
•ThaiBMA aims to restore market confidence due to a continuous increase in corporate bond defaults over the past 2-3 years, exacerbated by economic conditions post-COVID-19.
•ThaiBMA plans to expand its regulatory role to encompass oversight of the primary bond market, in addition to its current focus on the secondary market.
•ThaiBMA plans to launch BOND AI in Q3/69 to assist investors and promote new forms of tokenized instruments, as part of its 4-year strategic plan (2026-2029) focused on Trust, Innovation, and Sustainability.

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Key Quotes

Ariya Tirananrakij

"The problem of defaulting debentures has been ongoing for 2-3 years, a result of the economy not recovering since the COVID-19 outbreak, forcing small and medium-sized companies to seek other funding methods."

ปัญหาหุ้นกู้ผิดนัดชำระหนี้มีมาอย่างต่อเนื่อง 2-3 ปีแล้ว เป็นผลจากเศรษฐกิจยังไม่ฟื้นตัว ซึ่งลากยาวมาตั้งแต่สถานการณ์โควิดระบาด ทำให้บริษัทรายกลางและรายเล็กไม่สามารถใช้วิธีออกหุ้นกู้ได้ก็จะหันไปใช้ช่องทางอื่น

Ariya Tirananrakij

"ThaiBMA wants to push under the strategic framework, a 4-year plan during the Managing Director's term, which is to expand roles and regulations to cover the primary market as well."

ThaiBMA ต้องการผลักดันภายใต้กรอบยุทธศาสตร์ เป็นแผน 4 ปีที่ที่ดำรงวาระกรรมการผู้จัดการ คือ การขยายบทบาท การขยายกฎเกณฑ์ต่างๆ ให้ครอบคลุมการดูแลตลาดแรกด้วย

Key Entities

Organization

ThaiBMAℹ️

The Thai Bond Market Association, responsible for market oversight and development.

Thai Bond Market Association(สมาคมตลาดตราสารหนี้ไทย)ℹ️

The official name of ThaiBMA, involved in the Thai bond market.

ENERGY

An industry sector that has had high issuance of corporate bonds.

FINANCE

An industry sector that has had high issuance of corporate bonds.

PROPERTY

An industry sector that has had high issuance of corporate bonds.

SEC(ก.ล.ต.)ℹ️

The Securities and Exchange Commission, Thailand, which collaborates with ThaiBMA on bond registration systems.

Person

Ariya Tirananrakij(นางสาวอริยา ติรณะประกิจ)

Managing Director of ThaiBMA, focused on restoring market confidence and expanding regulatory roles.