International Monetary FundWorld Bank2017-09-082017-09-082008-04https://hdl.handle.net/10986/28231The 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.en-USCC BY 3.0 IGOACCESS TO INFORMATIONACTIVE DEBTAMOUNT OF DEBTASIAN BOND MARKETSAUCTIONAUCTIONSBANK BONDSBANK LOANSBANKING SECTORBANKING SYSTEMBENCHMARK BONDBENCHMARK BONDSBENCHMARK STOCKSBIDBIDSBONDBOND AUCTIONBOND AUCTIONSBROKERBROKERSBUDGET DEFICITCAPITAL MARKETSCAPITAL REQUIREMENTSCASH FLOWCASH MANAGEMENTCENTRAL BANKCENTRAL BANK BILLSCOLLATERALCOMMERCIAL BANKCOMMERCIAL BANK LENDINGCOMMERCIAL BANKSCOMMERCIAL CODECOMMERCIAL LOANCOMMERCIAL PAPERCOMPETITIVE BIDDINGCORPORATE BONDCORPORATE BOND ISSUESCORPORATE BOND MARKETCORPORATE BOND TRANSACTIONSCORPORATE BONDSCORPORATE DEBTCORPORATE DEBT MARKETCORPORATE DEBT SECURITIESCUSTODYDEBTDEBT EXCHANGESDEBT ISSUANCEDEBT ISSUEDEBT ISSUESDEBT MARKETDEBT OFFERINGDEBT OFFERINGSDEBT OUTSTANDINGDEBT REPAYMENTSDEBT RESTRUCTURINGDEBT SECURITIES MARKETDEBT SECURITYDERIVATIVEDERIVATIVE PRODUCTDERIVATIVE PRODUCTSDERIVATIVESDEVELOPMENT BANKDISCLOSURE REQUIREMENTSDOMESTIC BANKSDOMESTIC DEBTDOMESTIC MARKETDUE DILIGENCEEXCHANGE COMMISSIONEXTERNAL DEBTFINANCIAL CRISISFINANCIAL INSTITUTIONSFINANCIAL MARKETFISCAL POLICYFIXED INCOMEFIXED INCOME MARKETSFIXED INCOME SECURITIESFIXED RATE BONDSFLOATING RATEFLOATING RATE NOTEFOREIGN BANKSFOREIGN CURRENCYFOREIGN INVESTORSFUND MANAGERSFUTURESFUTURES CONTRACTFUTURES EXCHANGEGOVERNMENT BONDGOVERNMENT BOND MARKETGOVERNMENT BOND MARKETSGOVERNMENT BONDSGOVERNMENT DEBTGOVERNMENT DEBT MARKETGOVERNMENT SAVINGSGOVERNMENT SECURITIESGOVERNMENT SECURITIES AUCTIONSGOVERNMENT SECURITIES MARKETHOLDINGSILLIQUID MARKETILLIQUID SECURITIESILLIQUID SECURITYINDIVIDUAL INVESTORSINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINTEREST RATEINTEREST RATE FUTURESINTEREST RATE RISKINTEREST RATE SWAPINTEREST RATE SWAPSINTERNATIONAL BANKINTERNATIONAL FINANCIAL INSTITUTIONSINTERNATIONAL SETTLEMENTINTERNATIONAL SWAPSINVENTORIESINVENTORYINVESTMENT CAPITALINVESTOR BASEINVESTOR PROTECTIONISSUANCEISSUANCE OF BONDSLEGAL PROHIBITIONSLEGAL PROVISIONSLIFE INSURANCELIFE INSURANCE COMPANIESLIQUID MARKETLIQUIDITYLOANLOAN APPLICATIONSLOCAL GOVERNMENTSLONG BONDLONG-TERM DEBTLONG-TERM INTERESTLONG-TERM INTEREST RATEMARKET BENCHMARKSMARKET CAPITALIZATIONMARKET DEEPENINGMARKET FOR GOVERNMENT SECURITIESMARKET INFRASTRUCTUREMARKET INTERMEDIARIESMARKET MAKINGMARKET PARTICIPANTSMARKET SHAREMARKET TRADESMARKET TRANSPARENCYMARKET-MAKINGMATURITIESMATURITYMEDIUM TERM NOTESMONETARY FUNDMONETARY POLICYMONEY MARKETMONEY MARKETSMUTUAL FUNDMUTUAL FUND INDUSTRYMUTUAL FUNDSNATIONAL TREASURYOPEN MARKETPENSIONPENSION FUNDPORTFOLIOPRIMARY DEALERPRIMARY DEALER SYSTEMPRIMARY DEALERSPRIMARY MARKETPRIMARY MARKETSPRIVATE INVESTMENTPRIVATE PLACEMENTPUBLIC DEBTPUBLIC DEBT INSTRUMENTSPUBLIC DEBT MANAGEMENTPUBLIC DEBT MARKETPUBLIC DEBT SECURITIESPUBLIC OFFERINGREGIONAL BOND MARKETREGULATORY AUTHORITIESREGULATORY FRAMEWORKREGULATORY SYSTEMREGULATORY SYSTEMSREPOREPO FACILITYREPO MARKETREPO MARKETSREPO TRANSACTIONSRESERVESRETAIL INVESTORSRETURNRETURNSRISK CAPITALRISK MANAGEMENTSECONDARY BOND MARKETSSECONDARY DEBTSECONDARY DEBT MARKETSECONDARY MARKETSECONDARY MARKET ACTIVITYSECONDARY MARKET LIQUIDITYSECONDARY MARKET TRADINGSECONDARY MARKETSSECURITIES EXCHANGESTOCK EXCHANGETAXTAX POLICIESTOTAL DEBTTRADINGTRADING SYSTEMTRANSACTIONTRANSACTION COSTSTREASURYTREASURY BILLTREASURY BILLSTURNOVERUNDERWRITERSUNIFORM PRICEUNIFORM PRICE AUCTIONVALUATIONWAREHOUSEYIELD CURVEReportWorld Bank10.1596/28231