ThaiBMA reports 9-month corporate bond issuance at 629.662 billion baht, down 1.61%

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The Thai Bond Market Association, or ThaiBMA, reported that long-term corporate bond issuance in the first nine months of 2026 totalled 629.662 billion baht, down 1.61% from the same period a year earlier. This comprised 593.418 billion baht in investment-grade bonds and 36.244 billion baht in high-yield bonds. Ariya Tiranaprakij, Managing Director of ThaiBMA, said full-year issuance may fall short of the target of 880 billion baht, but could still reach around 800 billion baht, because large companies have turned to bank loans instead of issuing bonds, given the very high liquidity in the banking system, while some have instead issued US dollar bonds overseas, such as Kasikornbank, Bangkok Bank, Advanced Info Service, and Ngern Tid Lor. Foreign investors recorded a net outflow of about 39 billion baht in the third quarter, but a net outflow of only about 9.2 billion baht over the nine months, compared with the 910 billion baht in Thai bonds held by foreign investors, accounting for less than 5% of the Thai bond market. The two-year government bond yield spread between Thailand and the United States stands at about 3.5%, and the 10-year spread at about 3%. As for defaulted bonds in the first nine months, the total value was 15.9235 billion baht from nine issuers, all of them existing issuers with no new ones, bringing net defaulted bonds as of 30 September 2026 to 4.833 billion baht. Meanwhile, bonds under debt restructuring totalled 13.15 billion baht from 12 issuers, and the outstanding value of private sector bonds at the end of the third quarter of 2026 stood at 4.5 trillion baht, down 0.7% from the end of 2025, with the property, banking, and ICT groups posting the largest declines.

Impact on assets 2

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Ngern Tid Lor Public Company Limited
TIDLOR
± MixedCapitalrelevance

Named among large companies that issued US dollar bonds overseas instead of baht bonds, a financing-channel shift with no clear positive or negative implication.