หมวดหมู่ข่าวสาร
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Macro View in August 2025 (Bond Research).
The corporate bond market experienced a significant surge in August 2025, with total issuance reaching 134 billion Baht. This substantial increase followed the Monetary Policy Committee’s (MPC) decision to cut the policy rate to 1.50%, which revitalized the bond market. Overall issuance grew by a remarkable 244.6% compared to the previous month and 64.6% year-over-year. 5 companies failed to meet their fundraising targets: Out of 26 companies that issued bonds in July, five were unable to raise their targeted capital. These companies were: STELLA, RML, ISTORE, MJD, and SASST. Credit ratings upgraded: 2 companies had their credit ratings upgraded. Credit…
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Macro View in April 2025 (Bond Research).
Corporate bond issuance in April2025: Decreased by 7.05% month-on-month decreased by 35.99% year-on-year Total value: 63 billion baht Summary of bond offerings in April 2025: 9 out of 22 companies failed to fully sell their bond offerings Credit rating changes in April 2025: Downgraded PF GRAND S ROH SHR ITD Bond offerings in May 2025.
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Macro View in March 2025 (Bond Research).
Corporate bond issuance in February 2025: Increased by 8.42% month-on-month Decreased by 21.4% year-on-year Total value: 71 billion baht Summary of bond offerings in February 2025: 9 out of 34 companies failed to fully sell their bond offerings Credit rating changes in February 2025: One downgrade “PRIME” Bond offerings in March 2025.
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KCCH Bond – a Company who Operates in Debt management [FynnCorp IAS Bond Research]
KCCH bonds to institutional investors, high-net-worth individuals, and/or large investors. These are high-risk, unsecured, non-subordinated
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Macro View in February 2025 (Bond Research).
Corporate bond issuance in February 2025: Increased by 8.42% month-on-month Decreased by 21.4% year-on-year Total value: 71 billion baht Summary of bond offerings in February 2025: 9 out of 34 companies failed to fully sell their bond offerings Credit rating changes in February 2025: One downgrade “PRIME” Bond offerings in March 2025.
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ERW: A Leading Hotel Investment and Development Company [FynnCorp IAS Equity Research]
ERW, well-known under brands such as Grand Hyatt Erawan, Novotel, Mercure, Holiday Inn, Ibis, and HOP INN, has enjoyed the performance growth.
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Macro View in January 2025 (Bond Research).
December 2024 bond issuance value increased by 64.6% MoM to 65 billion baht.
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Macro View in December 2024 (Bond Research).
In the past month, we have observed a significant 65.7% month-over-month (MoM) decline in corporate bond issuance, with the total value dropping to 39.5 billion baht. This downturn can be attributed to seasonal factors at the end of the year, as demand waned due to increased investments in other financial products for tax purposes. The issuance was primarily composed of investment-grade bonds, accounting for 84.8% of the total at 33.5 billion baht, while Non-investment-grade bonds represented 15.2% or 5.9 billion baht.
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Macro View in November 2024 (Bond Research).
In the past month, we have witnessed a significant surge in corporate bond issuance compared to the previous month. Investment-grade bonds accounted for a substantial 76.3% of the total issuance, equating to 88.5 billion baht, while non-investment-grade bonds made up the remaining 23.7% at 26.9 billion baht. This surge was primarily driven by large-scale refinancing activities from major issuers such as SCC and ADVANC, which collectively accounted for a significant 56.3% of the total bond issuance in November 2024.
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INET Bond: Full Range of ICT Service Provider [FynnCorp IAS Bond Research]
Strong Financial Performance and Positive Cash Flow from its revenue and net profit for the first nine months of 2024 that grew by 21% and 57% YoY, respectively. This is driven by the growing demand for Digital Transformation among both existing and new business clients.
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ASW Bond: Strong Cash Flow with ability to repay bonds as scheduled [FynnCorp IAS Bond Research]
This analysis was conducted by FynnCorp IAS, a securities advisory firm, with support from the issuer. However, the issuer did not participate in providing opinions or analysis in this report.
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SINGER Bond: The business turned around with a profit for five consecutive quarters [FynnCorp IAS Bond Research]
Turnaround performance is reflected in continuous profits for five consecutive quarters, with an upward trend driven by reducing SG&A expenses and leveraging technology to replace back-office staff and the number of direct sales employees. Besides, the income from “Locked Phone” loans under the new business, SG FINANCE+, operated by the subsidiary, is expected to positively contribute to the growth of mobile phone financing.
![ERW: A Leading Hotel Investment and Development Company [FynnCorp IAS Equity Research]](https://fynncorp.com/wp-content/uploads/2025/02/15-IAS-Macro.jpg)
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Macro View in August 2025 (Bond Research).
The corporate bond market experienced a significant surge in August 2025, with total issuance reaching 134 billion Baht. This substantial increase followed the Monetary Policy Committee’s (MPC) decision to cut the policy rate to 1.50%, which revitalized the bond market. Overall issuance grew by a remarkable 244.6% compared to the previous month and 64.6% year-over-year. 5 companies failed to meet their fundraising targets: Out of 26 companies that issued bonds in July, five were unable to raise their targeted capital. These companies were: STELLA, RML, ISTORE, MJD, and SASST. Credit ratings upgraded: 2 companies had their credit ratings upgraded. Credit…
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Macro View in April 2025 (Bond Research).
Corporate bond issuance in April2025: Decreased by 7.05% month-on-month decreased by 35.99% year-on-year Total value: 63 billion baht Summary of bond offerings in April 2025: 9 out of 22 companies failed to fully sell their bond offerings Credit rating changes in April 2025: Downgraded PF GRAND S ROH SHR ITD Bond offerings in May 2025.
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Macro View in March 2025 (Bond Research).
Corporate bond issuance in February 2025: Increased by 8.42% month-on-month Decreased by 21.4% year-on-year Total value: 71 billion baht Summary of bond offerings in February 2025: 9 out of 34 companies failed to fully sell their bond offerings Credit rating changes in February 2025: One downgrade “PRIME” Bond offerings in March 2025.
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KCCH Bond – a Company who Operates in Debt management [FynnCorp IAS Bond Research]
KCCH bonds to institutional investors, high-net-worth individuals, and/or large investors. These are high-risk, unsecured, non-subordinated
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Macro View in February 2025 (Bond Research).
Corporate bond issuance in February 2025: Increased by 8.42% month-on-month Decreased by 21.4% year-on-year Total value: 71 billion baht Summary of bond offerings in February 2025: 9 out of 34 companies failed to fully sell their bond offerings Credit rating changes in February 2025: One downgrade “PRIME” Bond offerings in March 2025.
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Macro View in January 2025 (Bond Research).
December 2024 bond issuance value increased by 64.6% MoM to 65 billion baht.
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Macro View in December 2024 (Bond Research).
In the past month, we have observed a significant 65.7% month-over-month (MoM) decline in corporate bond issuance, with the total value dropping to 39.5 billion baht. This downturn can be attributed to seasonal factors at the end of the year, as demand waned due to increased investments in other financial products for tax purposes. The issuance was primarily composed of investment-grade bonds, accounting for 84.8% of the total at 33.5 billion baht, while Non-investment-grade bonds represented 15.2% or 5.9 billion baht.
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Macro View in November 2024 (Bond Research).
In the past month, we have witnessed a significant surge in corporate bond issuance compared to the previous month. Investment-grade bonds accounted for a substantial 76.3% of the total issuance, equating to 88.5 billion baht, while non-investment-grade bonds made up the remaining 23.7% at 26.9 billion baht. This surge was primarily driven by large-scale refinancing activities from major issuers such as SCC and ADVANC, which collectively accounted for a significant 56.3% of the total bond issuance in November 2024.
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INET Bond: Full Range of ICT Service Provider [FynnCorp IAS Bond Research]
Strong Financial Performance and Positive Cash Flow from its revenue and net profit for the first nine months of 2024 that grew by 21% and 57% YoY, respectively. This is driven by the growing demand for Digital Transformation among both existing and new business clients.
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ASW Bond: Strong Cash Flow with ability to repay bonds as scheduled [FynnCorp IAS Bond Research]
This analysis was conducted by FynnCorp IAS, a securities advisory firm, with support from the issuer. However, the issuer did not participate in providing opinions or analysis in this report.
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SINGER Bond: The business turned around with a profit for five consecutive quarters [FynnCorp IAS Bond Research]
Turnaround performance is reflected in continuous profits for five consecutive quarters, with an upward trend driven by reducing SG&A expenses and leveraging technology to replace back-office staff and the number of direct sales employees. Besides, the income from “Locked Phone” loans under the new business, SG FINANCE+, operated by the subsidiary, is expected to positively contribute to the growth of mobile phone financing.
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Macro View in October 2024 (Bond Research).
Bond Macro Domestic Macro View in October 2024 (Bond Research). อ่าน 1 นาที Key Highlights: Figure 1 : New registered bonds (THB Billion) (Source : FynnCorp IAS’s compilation from SEC and ThaiBMA) Figure 2 : Maturity Vs. New Registered Bonds (THB Billion) (Source : FynnCorp IAS’s compilation from SEC and ThaiBMA) 2 companies, SNW and […]
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Macro View in August 2025 (Bond Research).
The corporate bond market experienced a significant surge in August 2025, with total issuance reaching 134 billion Baht. This substantial increase followed the Monetary Policy Committee’s (MPC) decision to cut the policy rate to 1.50%, which revitalized the bond market. Overall issuance grew by a remarkable 244.6% compared to the previous month and 64.6% year-over-year. 5 companies failed to meet their fundraising targets: Out of 26 companies that issued bonds in July, five were unable to raise their targeted capital. These companies were: STELLA, RML, ISTORE, MJD, and SASST. Credit ratings upgraded: 2 companies had their credit ratings upgraded. Credit…
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Macro View in April 2025 (Bond Research).
Corporate bond issuance in April2025: Decreased by 7.05% month-on-month decreased by 35.99% year-on-year Total value: 63 billion baht Summary of bond offerings in April 2025: 9 out of 22 companies failed to fully sell their bond offerings Credit rating changes in April 2025: Downgraded PF GRAND S ROH SHR ITD Bond offerings in May 2025.
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Macro View in March 2025 (Bond Research).
Corporate bond issuance in February 2025: Increased by 8.42% month-on-month Decreased by 21.4% year-on-year Total value: 71 billion baht Summary of bond offerings in February 2025: 9 out of 34 companies failed to fully sell their bond offerings Credit rating changes in February 2025: One downgrade “PRIME” Bond offerings in March 2025.
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Macro View in February 2025 (Bond Research).
Corporate bond issuance in February 2025: Increased by 8.42% month-on-month Decreased by 21.4% year-on-year Total value: 71 billion baht Summary of bond offerings in February 2025: 9 out of 34 companies failed to fully sell their bond offerings Credit rating changes in February 2025: One downgrade “PRIME” Bond offerings in March 2025.
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Macro View in January 2025 (Bond Research).
December 2024 bond issuance value increased by 64.6% MoM to 65 billion baht.
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Macro View in December 2024 (Bond Research).
In the past month, we have observed a significant 65.7% month-over-month (MoM) decline in corporate bond issuance, with the total value dropping to 39.5 billion baht. This downturn can be attributed to seasonal factors at the end of the year, as demand waned due to increased investments in other financial products for tax purposes. The issuance was primarily composed of investment-grade bonds, accounting for 84.8% of the total at 33.5 billion baht, while Non-investment-grade bonds represented 15.2% or 5.9 billion baht.
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Macro View in November 2024 (Bond Research).
In the past month, we have witnessed a significant surge in corporate bond issuance compared to the previous month. Investment-grade bonds accounted for a substantial 76.3% of the total issuance, equating to 88.5 billion baht, while non-investment-grade bonds made up the remaining 23.7% at 26.9 billion baht. This surge was primarily driven by large-scale refinancing activities from major issuers such as SCC and ADVANC, which collectively accounted for a significant 56.3% of the total bond issuance in November 2024.
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Macro View in October 2024 (Bond Research).
Bond Macro Domestic Macro View in October 2024 (Bond Research). อ่าน 1 นาที Key Highlights: Figure 1 : New registered bonds (THB Billion) (Source : FynnCorp IAS’s compilation from SEC and ThaiBMA) Figure 2 : Maturity Vs. New Registered Bonds (THB Billion) (Source : FynnCorp IAS’s compilation from SEC and ThaiBMA) 2 companies, SNW and […]
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Macro View in September 2024 (Bond Research).
Macro View in September 2024 (Bond Research).
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ERW: A Leading Hotel Investment and Development Company [FynnCorp IAS Equity Research]
ERW, well-known under brands such as Grand Hyatt Erawan, Novotel, Mercure, Holiday Inn, Ibis, and HOP INN, has enjoyed the performance growth.
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BLC, one of the country’s leading manufacturers and researchers of health products [FynnCorp IAS Equity Research]
Being an Original Innovative Herbal Medicine with over 30 years in pharmaceutical industry, advanced in Thai herbal medicine
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SORKON, a leading Thai food brand loved by consumers [FynnCorp IAS Equity Research]
Well-known brand such as S.Khon kaen and Entrée with an expansion its customer base with production plants in United States and China
![BLC, one of the country’s leading manufacturers and researchers of health products [FynnCorp IAS Equity Research]](https://fynncorp.com/wp-content/uploads/2025/02/10-IAS-Macro.jpg)
![SORKON, a leading Thai food brand loved by consumers [FynnCorp IAS Equity Research]](https://fynncorp.com/wp-content/uploads/2025/02/09-IAS-Macro.jpg)