Thai bond market follows global trend

Thailand's bond market overtook the equities market in 2025, with outstanding value climbing to 17.9 trillion baht, cementing its role asa pillar of financial stability, according to the Thai Bond Market Association (ThaiBMA).

- NUNTAWUN POLKUAMDEE

Thailand’s total financial market tallied 51.8 trillion baht last year, equivalent to 279% of GDP.

Bank loans remained the largest single component at 18 trillion baht, or 34.8% of the total, followed closely by bonds at 17.9 trillion, or 34.5%. Equities accounted for 15.9 trillion baht or 30.7%.

The figures highlight a more balanced funding structure, reducing the country’s historical dependence on bank lending as the dominant source of capital.

Somjin Sornpaisarn, president of ThaiBMA, said the bond market’s expansion has been striking, growing steadily from less than 10 trillion baht in the late 1990s to nearly 18 trillion today.

Bonds have become a critical funding channel for both the public and private sectors, providing stability amid rising global economic uncertainty and heightened geopolitical risks, he said.