Thailand Financial Sector Assessment Program : Fixed Income
The debt market in Thailand has made important strides since the financial crisis of 1997. The Thai government has made significant progress in building an orderly yield curve and is beginning to establish some benchmarks. However, more needs to be...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/452831468117867439/Thailand-Fixed-income-technical-note http://hdl.handle.net/10986/28231 |
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okr-10986-28231 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO INFORMATION ACTIVE DEBT AMOUNT OF DEBT ASIAN BOND MARKETS AUCTION AUCTIONS BANK BONDS BANK LOANS BANKING SECTOR BANKING SYSTEM BENCHMARK BOND BENCHMARK BONDS BENCHMARK STOCKS BID BIDS BOND BOND AUCTION BOND AUCTIONS BROKER BROKERS BUDGET DEFICIT CAPITAL MARKETS CAPITAL REQUIREMENTS CASH FLOW CASH MANAGEMENT CENTRAL BANK CENTRAL BANK BILLS COLLATERAL COMMERCIAL BANK COMMERCIAL BANK LENDING COMMERCIAL BANKS COMMERCIAL CODE COMMERCIAL LOAN COMMERCIAL PAPER COMPETITIVE BIDDING CORPORATE BOND CORPORATE BOND ISSUES CORPORATE BOND MARKET CORPORATE BOND TRANSACTIONS CORPORATE BONDS CORPORATE DEBT CORPORATE DEBT MARKET CORPORATE DEBT SECURITIES CUSTODY DEBT DEBT EXCHANGES DEBT ISSUANCE DEBT ISSUE DEBT ISSUES DEBT MARKET DEBT OFFERING DEBT OFFERINGS DEBT OUTSTANDING DEBT REPAYMENTS DEBT RESTRUCTURING DEBT SECURITIES MARKET DEBT SECURITY DERIVATIVE DERIVATIVE PRODUCT DERIVATIVE PRODUCTS DERIVATIVES DEVELOPMENT BANK DISCLOSURE REQUIREMENTS DOMESTIC BANKS DOMESTIC DEBT DOMESTIC MARKET DUE DILIGENCE EXCHANGE COMMISSION EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKET FISCAL POLICY FIXED INCOME FIXED INCOME MARKETS FIXED INCOME SECURITIES FIXED RATE BONDS FLOATING RATE FLOATING RATE NOTE FOREIGN BANKS FOREIGN CURRENCY FOREIGN INVESTORS FUND MANAGERS FUTURES FUTURES CONTRACT FUTURES EXCHANGE GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BOND MARKETS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT SAVINGS GOVERNMENT SECURITIES GOVERNMENT SECURITIES AUCTIONS GOVERNMENT SECURITIES MARKET HOLDINGS ILLIQUID MARKET ILLIQUID SECURITIES ILLIQUID SECURITY INDIVIDUAL INVESTORS INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTEREST RATE INTEREST RATE FUTURES INTEREST RATE RISK INTEREST RATE SWAP INTEREST RATE SWAPS INTERNATIONAL BANK INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL SETTLEMENT INTERNATIONAL SWAPS INVENTORIES INVENTORY INVESTMENT CAPITAL INVESTOR BASE INVESTOR PROTECTION ISSUANCE ISSUANCE OF BONDS LEGAL PROHIBITIONS LEGAL PROVISIONS LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUID MARKET LIQUIDITY LOAN LOAN APPLICATIONS LOCAL GOVERNMENTS LONG BOND LONG-TERM DEBT LONG-TERM INTEREST LONG-TERM INTEREST RATE MARKET BENCHMARKS MARKET CAPITALIZATION MARKET DEEPENING MARKET FOR GOVERNMENT SECURITIES MARKET INFRASTRUCTURE MARKET INTERMEDIARIES MARKET MAKING MARKET PARTICIPANTS MARKET SHARE MARKET TRADES MARKET TRANSPARENCY MARKET-MAKING MATURITIES MATURITY MEDIUM TERM NOTES MONETARY FUND MONETARY POLICY MONEY MARKET MONEY MARKETS MUTUAL FUND MUTUAL FUND INDUSTRY MUTUAL FUNDS NATIONAL TREASURY OPEN MARKET PENSION PENSION FUND PORTFOLIO PRIMARY DEALER PRIMARY DEALER SYSTEM PRIMARY DEALERS PRIMARY MARKET PRIMARY MARKETS PRIVATE INVESTMENT PRIVATE PLACEMENT PUBLIC DEBT PUBLIC DEBT INSTRUMENTS PUBLIC DEBT MANAGEMENT PUBLIC DEBT MARKET PUBLIC DEBT SECURITIES PUBLIC OFFERING REGIONAL BOND MARKET REGULATORY AUTHORITIES REGULATORY FRAMEWORK REGULATORY SYSTEM REGULATORY SYSTEMS REPO REPO FACILITY REPO MARKET REPO MARKETS REPO TRANSACTIONS RESERVES RETAIL INVESTORS RETURN RETURNS RISK CAPITAL RISK MANAGEMENT SECONDARY BOND MARKETS SECONDARY DEBT SECONDARY DEBT MARKET SECONDARY MARKET SECONDARY MARKET ACTIVITY SECONDARY MARKET LIQUIDITY SECONDARY MARKET TRADING SECONDARY MARKETS SECURITIES EXCHANGE STOCK EXCHANGE TAX TAX POLICIES TOTAL DEBT TRADING TRADING SYSTEM TRANSACTION TRANSACTION COSTS TREASURY TREASURY BILL TREASURY BILLS TURNOVER UNDERWRITERS UNIFORM PRICE UNIFORM PRICE AUCTION VALUATION WAREHOUSE YIELD CURVE |
| spellingShingle |
ACCESS TO INFORMATION ACTIVE DEBT AMOUNT OF DEBT ASIAN BOND MARKETS AUCTION AUCTIONS BANK BONDS BANK LOANS BANKING SECTOR BANKING SYSTEM BENCHMARK BOND BENCHMARK BONDS BENCHMARK STOCKS BID BIDS BOND BOND AUCTION BOND AUCTIONS BROKER BROKERS BUDGET DEFICIT CAPITAL MARKETS CAPITAL REQUIREMENTS CASH FLOW CASH MANAGEMENT CENTRAL BANK CENTRAL BANK BILLS COLLATERAL COMMERCIAL BANK COMMERCIAL BANK LENDING COMMERCIAL BANKS COMMERCIAL CODE COMMERCIAL LOAN COMMERCIAL PAPER COMPETITIVE BIDDING CORPORATE BOND CORPORATE BOND ISSUES CORPORATE BOND MARKET CORPORATE BOND TRANSACTIONS CORPORATE BONDS CORPORATE DEBT CORPORATE DEBT MARKET CORPORATE DEBT SECURITIES CUSTODY DEBT DEBT EXCHANGES DEBT ISSUANCE DEBT ISSUE DEBT ISSUES DEBT MARKET DEBT OFFERING DEBT OFFERINGS DEBT OUTSTANDING DEBT REPAYMENTS DEBT RESTRUCTURING DEBT SECURITIES MARKET DEBT SECURITY DERIVATIVE DERIVATIVE PRODUCT DERIVATIVE PRODUCTS DERIVATIVES DEVELOPMENT BANK DISCLOSURE REQUIREMENTS DOMESTIC BANKS DOMESTIC DEBT DOMESTIC MARKET DUE DILIGENCE EXCHANGE COMMISSION EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKET FISCAL POLICY FIXED INCOME FIXED INCOME MARKETS FIXED INCOME SECURITIES FIXED RATE BONDS FLOATING RATE FLOATING RATE NOTE FOREIGN BANKS FOREIGN CURRENCY FOREIGN INVESTORS FUND MANAGERS FUTURES FUTURES CONTRACT FUTURES EXCHANGE GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BOND MARKETS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT SAVINGS GOVERNMENT SECURITIES GOVERNMENT SECURITIES AUCTIONS GOVERNMENT SECURITIES MARKET HOLDINGS ILLIQUID MARKET ILLIQUID SECURITIES ILLIQUID SECURITY INDIVIDUAL INVESTORS INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTEREST RATE INTEREST RATE FUTURES INTEREST RATE RISK INTEREST RATE SWAP INTEREST RATE SWAPS INTERNATIONAL BANK INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL SETTLEMENT INTERNATIONAL SWAPS INVENTORIES INVENTORY INVESTMENT CAPITAL INVESTOR BASE INVESTOR PROTECTION ISSUANCE ISSUANCE OF BONDS LEGAL PROHIBITIONS LEGAL PROVISIONS LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUID MARKET LIQUIDITY LOAN LOAN APPLICATIONS LOCAL GOVERNMENTS LONG BOND LONG-TERM DEBT LONG-TERM INTEREST LONG-TERM INTEREST RATE MARKET BENCHMARKS MARKET CAPITALIZATION MARKET DEEPENING MARKET FOR GOVERNMENT SECURITIES MARKET INFRASTRUCTURE MARKET INTERMEDIARIES MARKET MAKING MARKET PARTICIPANTS MARKET SHARE MARKET TRADES MARKET TRANSPARENCY MARKET-MAKING MATURITIES MATURITY MEDIUM TERM NOTES MONETARY FUND MONETARY POLICY MONEY MARKET MONEY MARKETS MUTUAL FUND MUTUAL FUND INDUSTRY MUTUAL FUNDS NATIONAL TREASURY OPEN MARKET PENSION PENSION FUND PORTFOLIO PRIMARY DEALER PRIMARY DEALER SYSTEM PRIMARY DEALERS PRIMARY MARKET PRIMARY MARKETS PRIVATE INVESTMENT PRIVATE PLACEMENT PUBLIC DEBT PUBLIC DEBT INSTRUMENTS PUBLIC DEBT MANAGEMENT PUBLIC DEBT MARKET PUBLIC DEBT SECURITIES PUBLIC OFFERING REGIONAL BOND MARKET REGULATORY AUTHORITIES REGULATORY FRAMEWORK REGULATORY SYSTEM REGULATORY SYSTEMS REPO REPO FACILITY REPO MARKET REPO MARKETS REPO TRANSACTIONS RESERVES RETAIL INVESTORS RETURN RETURNS RISK CAPITAL RISK MANAGEMENT SECONDARY BOND MARKETS SECONDARY DEBT SECONDARY DEBT MARKET SECONDARY MARKET SECONDARY MARKET ACTIVITY SECONDARY MARKET LIQUIDITY SECONDARY MARKET TRADING SECONDARY MARKETS SECURITIES EXCHANGE STOCK EXCHANGE TAX TAX POLICIES TOTAL DEBT TRADING TRADING SYSTEM TRANSACTION TRANSACTION COSTS TREASURY TREASURY BILL TREASURY BILLS TURNOVER UNDERWRITERS UNIFORM PRICE UNIFORM PRICE AUCTION VALUATION WAREHOUSE YIELD CURVE International Monetary Fund World Bank Thailand Financial Sector Assessment Program : Fixed Income |
| geographic_facet |
East Asia and Pacific Thailand |
| description |
The debt market in Thailand has made
important strides since the financial crisis of 1997. The
Thai government has made significant progress in building an
orderly yield curve and is beginning to establish some
benchmarks. However, more needs to be done if the government
is to achieve its objective of enhancing liquidity in the
market. In particular, liquidity in the secondary market
would be enhanced by reducing the frequency of auctions,
while increasing the size of each individual offering. Such
a change will require primary dealers to change their mode
of operation from effectively a broking operation to the
provision of greater underwriting and market making
services; consequently a review of the primary dealer system
is warranted. Nevertheless, prospects for development of the
government securities market will be constrained overall by
the likely limited financing need going forward, unless the
authorities can secure some additional flexibility to
restructure the existing portfolio or otherwise establish
more meaningful benchmarks. The corporate debt market
suffers from too few issuers of corporate debt and too
little diversity of debt offerings. This reflects, in part
the limited corporate need for long-term financing, the
ready availability of alternative financing by commercial
banks at competitive rates, and regulatory policies that
emphasize investor protection by imposing substantial
limitations on the ability of institutional investors to
purchase anything but investment grade debt, which
effectively precludes issuance of below investment grade debt. |
| format |
Report |
| author |
International Monetary Fund World Bank |
| author_facet |
International Monetary Fund World Bank |
| author_sort |
International Monetary Fund |
| title |
Thailand Financial Sector Assessment Program : Fixed Income |
| title_short |
Thailand Financial Sector Assessment Program : Fixed Income |
| title_full |
Thailand Financial Sector Assessment Program : Fixed Income |
| title_fullStr |
Thailand Financial Sector Assessment Program : Fixed Income |
| title_full_unstemmed |
Thailand Financial Sector Assessment Program : Fixed Income |
| title_sort |
thailand financial sector assessment program : fixed income |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/452831468117867439/Thailand-Fixed-income-technical-note http://hdl.handle.net/10986/28231 |
| _version_ |
1764466137144229888 |
| spelling |
okr-10986-282312021-04-23T14:04:47Z Thailand Financial Sector Assessment Program : Fixed Income International Monetary Fund World Bank ACCESS TO INFORMATION ACTIVE DEBT AMOUNT OF DEBT ASIAN BOND MARKETS AUCTION AUCTIONS BANK BONDS BANK LOANS BANKING SECTOR BANKING SYSTEM BENCHMARK BOND BENCHMARK BONDS BENCHMARK STOCKS BID BIDS BOND BOND AUCTION BOND AUCTIONS BROKER BROKERS BUDGET DEFICIT CAPITAL MARKETS CAPITAL REQUIREMENTS CASH FLOW CASH MANAGEMENT CENTRAL BANK CENTRAL BANK BILLS COLLATERAL COMMERCIAL BANK COMMERCIAL BANK LENDING COMMERCIAL BANKS COMMERCIAL CODE COMMERCIAL LOAN COMMERCIAL PAPER COMPETITIVE BIDDING CORPORATE BOND CORPORATE BOND ISSUES CORPORATE BOND MARKET CORPORATE BOND TRANSACTIONS CORPORATE BONDS CORPORATE DEBT CORPORATE DEBT MARKET CORPORATE DEBT SECURITIES CUSTODY DEBT DEBT EXCHANGES DEBT ISSUANCE DEBT ISSUE DEBT ISSUES DEBT MARKET DEBT OFFERING DEBT OFFERINGS DEBT OUTSTANDING DEBT REPAYMENTS DEBT RESTRUCTURING DEBT SECURITIES MARKET DEBT SECURITY DERIVATIVE DERIVATIVE PRODUCT DERIVATIVE PRODUCTS DERIVATIVES DEVELOPMENT BANK DISCLOSURE REQUIREMENTS DOMESTIC BANKS DOMESTIC DEBT DOMESTIC MARKET DUE DILIGENCE EXCHANGE COMMISSION EXTERNAL DEBT FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKET FISCAL POLICY FIXED INCOME FIXED INCOME MARKETS FIXED INCOME SECURITIES FIXED RATE BONDS FLOATING RATE FLOATING RATE NOTE FOREIGN BANKS FOREIGN CURRENCY FOREIGN INVESTORS FUND MANAGERS FUTURES FUTURES CONTRACT FUTURES EXCHANGE GOVERNMENT BOND GOVERNMENT BOND MARKET GOVERNMENT BOND MARKETS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT SAVINGS GOVERNMENT SECURITIES GOVERNMENT SECURITIES AUCTIONS GOVERNMENT SECURITIES MARKET HOLDINGS ILLIQUID MARKET ILLIQUID SECURITIES ILLIQUID SECURITY INDIVIDUAL INVESTORS INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INSURANCE COMPANY INTEREST RATE INTEREST RATE FUTURES INTEREST RATE RISK INTEREST RATE SWAP INTEREST RATE SWAPS INTERNATIONAL BANK INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL SETTLEMENT INTERNATIONAL SWAPS INVENTORIES INVENTORY INVESTMENT CAPITAL INVESTOR BASE INVESTOR PROTECTION ISSUANCE ISSUANCE OF BONDS LEGAL PROHIBITIONS LEGAL PROVISIONS LIFE INSURANCE LIFE INSURANCE COMPANIES LIQUID MARKET LIQUIDITY LOAN LOAN APPLICATIONS LOCAL GOVERNMENTS LONG BOND LONG-TERM DEBT LONG-TERM INTEREST LONG-TERM INTEREST RATE MARKET BENCHMARKS MARKET CAPITALIZATION MARKET DEEPENING MARKET FOR GOVERNMENT SECURITIES MARKET INFRASTRUCTURE MARKET INTERMEDIARIES MARKET MAKING MARKET PARTICIPANTS MARKET SHARE MARKET TRADES MARKET TRANSPARENCY MARKET-MAKING MATURITIES MATURITY MEDIUM TERM NOTES MONETARY FUND MONETARY POLICY MONEY MARKET MONEY MARKETS MUTUAL FUND MUTUAL FUND INDUSTRY MUTUAL FUNDS NATIONAL TREASURY OPEN MARKET PENSION PENSION FUND PORTFOLIO PRIMARY DEALER PRIMARY DEALER SYSTEM PRIMARY DEALERS PRIMARY MARKET PRIMARY MARKETS PRIVATE INVESTMENT PRIVATE PLACEMENT PUBLIC DEBT PUBLIC DEBT INSTRUMENTS PUBLIC DEBT MANAGEMENT PUBLIC DEBT MARKET PUBLIC DEBT SECURITIES PUBLIC OFFERING REGIONAL BOND MARKET REGULATORY AUTHORITIES REGULATORY FRAMEWORK REGULATORY SYSTEM REGULATORY SYSTEMS REPO REPO FACILITY REPO MARKET REPO MARKETS REPO TRANSACTIONS RESERVES RETAIL INVESTORS RETURN RETURNS RISK CAPITAL RISK MANAGEMENT SECONDARY BOND MARKETS SECONDARY DEBT SECONDARY DEBT MARKET SECONDARY MARKET SECONDARY MARKET ACTIVITY SECONDARY MARKET LIQUIDITY SECONDARY MARKET TRADING SECONDARY MARKETS SECURITIES EXCHANGE STOCK EXCHANGE TAX TAX POLICIES TOTAL DEBT TRADING TRADING SYSTEM TRANSACTION TRANSACTION COSTS TREASURY TREASURY BILL TREASURY BILLS TURNOVER UNDERWRITERS UNIFORM PRICE UNIFORM PRICE AUCTION VALUATION WAREHOUSE YIELD CURVE The debt market in Thailand has made important strides since the financial crisis of 1997. The Thai government has made significant progress in building an orderly yield curve and is beginning to establish some benchmarks. However, more needs to be done if the government is to achieve its objective of enhancing liquidity in the market. In particular, liquidity in the secondary market would be enhanced by reducing the frequency of auctions, while increasing the size of each individual offering. Such a change will require primary dealers to change their mode of operation from effectively a broking operation to the provision of greater underwriting and market making services; consequently a review of the primary dealer system is warranted. Nevertheless, prospects for development of the government securities market will be constrained overall by the likely limited financing need going forward, unless the authorities can secure some additional flexibility to restructure the existing portfolio or otherwise establish more meaningful benchmarks. The corporate debt market suffers from too few issuers of corporate debt and too little diversity of debt offerings. This reflects, in part the limited corporate need for long-term financing, the ready availability of alternative financing by commercial banks at competitive rates, and regulatory policies that emphasize investor protection by imposing substantial limitations on the ability of institutional investors to purchase anything but investment grade debt, which effectively precludes issuance of below investment grade debt. 2017-09-08T18:46:37Z 2017-09-08T18:46:37Z 2008-04 Report http://documents.worldbank.org/curated/en/452831468117867439/Thailand-Fixed-income-technical-note http://hdl.handle.net/10986/28231 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work East Asia and Pacific Thailand |