Key Highlights:

• December 2024 bond issuance value increased by 64.6% MoM to 65 billion baht.
• Summary of Credit rating changes in 2024.
• In January 2025, there were no changes in Issuer ratings, but there were changes in bond issue ratings.
• Bond offerings in February 2025.

Figure 1 : New registered bonds (THB Billion)

( Source : FynnCorp IAS’s compilation from SEC and ThaiBMA )

• In January 2025, we saw a significant increase in corporate bond value, up 64.6% MoM from the previous month, reaching 65 billion baht. This is due to seasonal factors at the end of the year, where demand decreased due to purchases of other financial products for tax deductions in December. The offerings can be divided into Investment Grade bonds, which are 92.6% or 60 billion baht, and Non-Investment Grade bonds, which are 7.4% or 4.8 billion baht.

Figure 2 : Maturity Vs. New Registered Bonds (THB Billion)

Figure 3 : Outstanding Value of Long-term Bond with Maturity by sector

( Source : FynnCorp IAS’s compilation from SEC and ThaiBMA )

Bonds Offered in January 2025

• Investment grade bonds from 12 companies (Issue rating) including S, BTSG, CPF, NOBLE, SIRI, AP, SC, MTC, TOLC, BTG, TTA, and BSRC, with a total value of approximately 60 billion baht.
• Non-investment grade bonds from 7 companies (Issue rating) including INET, MQDC, RML, DHOUSE, GRAND, TTCL, and AGE, with a total value of approximately 4.8 billion baht.
• (Figure 3) From the long-term corporate bonds registered in January 2025, although the offering value was much higher, we found that 6 out of 19 issuing companies were unable to raise funds as targeted.

Credit change (Issuer Rating)

• TRIS Rating assigned and announced credit ratings to a total of 248 companies that issued corporate bonds in 2024, comprising 190 general companies and 54 financial institutions.
• 11 companies had their credit ratings upgraded, while 39 companies experienced downgrades.
• There were 5 issuers who requested and received approval from bondholders for debt maturity extensions. Only one issuer, EA, had an investment grade rating. The remaining issuers requesting extensions had credit ratings below investment grade (lower than “BBB-”).
• There were 4 bond issuers that defaulted on their debt payments. All were small, non-listed companies in Thailand, with a total value of approximately 1.9 billion baht. These companies were PPH, CISSA, IRIS, and WTX.

Figure 4 : Company rating changes during 2019-2024

( Source : FynnCorp IAS’s compilation from SEC and ThaiBMA )

Credit change (Issue Rating)

• SENA: Tris Rating assigned a “BBB-” rating to the new issue of unsecured and unsubordinated bonds of Sena Development Public Company Limited, with a value of up to 1.5 billion baht and a maturity of no more than 5 years. The proceeds from the bond issuance will be used for business expansion, working capital and/or debt repayment. At the same time, Tris Rating affirmed the company’s corporate credit rating and the rating of its existing unsecured and unsubordinated bonds at “BBB-” with a “Stable” outlook.
• SHR: Tris Rating assigned a “BBB” rating to the new issue of unsecured and unsubordinated bonds of S Hotel and Resorts Public Company Limited, with a value of up to 2 billion baht and a maturity of 3 years. The proceeds from the bond issuance will be used to repay debt. At the same time, Tris Rating affirmed the company’s corporate credit rating at “BBB+” with a “Negative” outlook, and affirmed the rating of its existing unsecured and unsubordinated bonds at “BBB”.
• SSP: Tris Rating assigned a “BBB” rating to the new issue of unsecured and unsubordinated bonds of Sermsang Power Corporation Public Company Limited, with a value of up to 600 million baht and a maturity of 3 years. The bond rating is one notch below the corporate credit rating, reflecting the structural subordination of the bonds compared to the debt of the company’s subsidiaries. At the same time, Tris Rating also assigned a “AAA” rating to the new issue of guaranteed bonds of the company, with a value of up to 1.2 billion baht and a maturity of 5 years. The guaranteed bonds are guaranteed by the Export-Import Bank of Thailand (EXIM) (rated “AAA/Stable”*). The company intends to use the proceeds from the new bond issuance to redeem existing bonds and to fund new renewable energy projects. In addition, Tris Rating affirmed the company’s corporate credit rating at “BBB+” with a “Stable” outlook.
• TFG: Tris Rating assigned a “BBB” rating to the new issue of unsecured and unsubordinated bonds of Thai Foods Group Public Company Limited, with a value of up to 2 billion baht and a maturity of 3 years. The company will use the proceeds from the bond issuance for working capital of up to 1.5 billion baht and for business expansion in various projects, such as a retail store expansion project of up to 0.5 billion baht.
• BCP: Tris Rating assigned a “A+” rating to the new issue of unsecured and unsubordinated bonds of Bangchak Corporation Public Company Limited, with a value of up to 4 billion baht and a maturity of no more than 5 years. The company will use the proceeds from the bond issuance as a reserve for business operations. At the same time, Tris Rating affirmed the company’s corporate credit rating and the rating of its existing unsecured and unsubordinated bonds at “A+” with a “Stable” outlook.
• AP: Tris Rating assigned a “A” rating to the new issue of unsecured and unsubordinated bonds of AP (Thailand) Public Company Limited, with a value of up to 3 billion baht and a maturity of 3 years. The company will use the proceeds from the new bond issuance to repay debt and/or to expand its business. At the same time, Tris Rating affirmed the company’s corporate credit rating and the rating of its existing unsecured and unsubordinated bonds at “A” with a “Stable” outlook.
• GULF: Tris Rating assigned a “A” rating to the new issue of unsecured and unsubordinated bonds of Gulf Energy Development Public Company Limited, with a value of up to 30 billion baht and a maturity of no more than 10 years. The company will use the proceeds from the new bond issuance to expand its business and/or to repay debt. At the same time, Tris Rating affirmed the company’s corporate credit rating at “A+” and affirmed the rating of its existing unsecured and unsubordinated bonds at “A” with a “Positive” outlook.
• PRIN: Tris Rating assigned a “BBB-” rating to the new issue of unsecured and unsubordinated bonds of Prinsiri Public Company Limited, with a value of up to 800 million baht and a maturity of 3 years. The company will use the proceeds from the new bond issuance to repay debt. At the same time, Tris Rating affirmed the company’s corporate credit rating and the rating of its existing unsecured and unsubordinated bonds at “BBB-” with a “Stable” outlook.

New Registered Bond in February 2025

• The corporate bonds to be offered in February 2025 include MJD, PF, CMC, CWTTH, PTH, PLE, SKE, SASST, PD, JTS, BCP, TRUE, SHR, SSP, MUD, SCAP, RML, EL, NCH, SUPER, ORI, and VRANDA.

Figure 5 : New Registered Bond in February 2025