ThaiBMA reports polarized recovery in corporate bond market

Thansettakij•Economy•22h ago

Reader Briefing

ThaiBMA reports a polarized recovery in the private corporate bond market where high-credit issuers thrive while lower-rated issuers face challenges.

•Cumulative corporate bond issuance reached 550,000 million baht as of September 11, 2026.
•The annual issuance target for 2026 is set between 880,000 and 900,000 million baht.
•Foreign investors have sold net Thai bonds for three consecutive months, with outflows totaling approximately 29,700 million baht from July to September.
•Investment grade bonds rated AA and above remain highly attractive due to narrow credit spreads.

Overview

•Cumulative corporate bond issuance as of September 11, 2026, stands at approximately 550,000 million baht, representing 61-63% of the annual target.
•The corporate bond market shows a polarized recovery where large companies with high credit ratings raise funds quickly, while lower-rated issuers may need to offer higher returns or additional collateral.
•The top three industries for bond issuance since the beginning of the year are Energy (113,000 million baht), Finance (98,000 million baht), and Real Estate (88,000 million baht).
•PTT Group has bonds maturing this year totaling 44,000 million baht across PTT, PTTEP, PTTGC, GPSC, and IRPC, but has only issued approximately 25,000 million baht in new bonds.
•Foreign capital outflows are driven by a wide yield gap of nearly 3% between the US 10-year government bond (nearly 5%) and the Thai 10-year government bond (around 2.3%).
•Domestic liquidity remains high with over 10 trillion baht in commercial bank deposits, serving as a primary funding base for bonds and government debt.
•ThaiBMA identifies US Bond Yield, the Thai Baht exchange rate, and the Thai-US Yield Gap as the three main variables for investors to monitor.

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Source: Thansettakij (Original)

Key Quotes

Ariya Tirana-prakit

"Although there is a chance that bond issuance totals will be lower than expected, we have not yet revised the target down, and will closely monitor government bond yield volatility, investor confidence, and large company funding plans in the final quarter."

แม้มีโอกาสที่ยอดออกหุ้นกู้จะต่ำกว่าคาด แต่เรายังไม่ปรับลดเป้าหมาย โดยจะติดตามความผันผวนของอัตราผลตอบแทนพันธบัตรรัฐบาล (Bond Yield) ความเชื่อมั่นของนักลงทุน ตลอดจนแผนระดมทุนของบริษัทขนาดใหญ่ในช่วงไตรมาสสุดท้ายอย่างใกล้ชิด

Key Entities

Organization

ThaiBMA(สมาคมตลาดตราสารหนี้ไทย)

The organization providing data and analysis on the Thai corporate bond market.

Thansettakij(ฐานเศรษฐกิจ)

The media outlet to which Ariya Tirana-prakit provided information.

PTT(ปตท.)

A parent company with high liquidity and bonds maturing this year totaling 15,000 million baht.

PTTEPℹ️

A PTT Group company that raised approximately 17,000 million baht.

PTTGC

A PTT Group company whose latest bond offering was fully subscribed.

GPSCℹ️

A company within the PTT Group with bonds maturing this year.

IRPCℹ️

A PTT Group company that issued approximately 8,500 million baht in bonds.

GULF

A large issuer that has issued approximately 35,000 million baht in bonds.

BANPU

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

TPIPP

A company that issued approximately 9,500 million baht in bonds.

Person

Ariya Tirana-prakit(อริยา ติรณะประกิจ)

The Managing Director of ThaiBMA.