The Bank of Thailand Bond Issuance Programme for 2024
The Bank of Thailand (BOT) issues BOT bonds as one of the monetary policy instruments used to manage money market liquidity, while fostering the development of a liquid debt securities market in Thailand. The annual BOT bond issuance programme is regularly communicated to the market at the start of each year to facilitate smooth and efficient liquidity management among market participants.
For 2024, the bond issuance programme considers the projected liquidity condition in the market, the expected demand for public debt securities and the overall public sector bond supply. To this end, the BOT and the Public Debt Management Office (PDMO) have been collaborating closely on bond issuance, in order to maintain an appropriate level of overall public sector bond supply throughout the year. Moreover, the BOT will continue to promote the development of THOR, Thai Overnight Repurchase Rate, as a reference rate by regularly issuing the floating-rate bonds (FRB) linked to THOR.
Comparing to the BOT bond issuance in the previous year, the minimum auction sizes for 3-month and 1-year bills are raised in 2024 as short-term bond demand has firmly returned to normal levels. Since the Covid-19 outbreak, the minimum auction sizes of those tenors have been lowered to provide greater flexibility in adjusting BOT bill issuance sizes to changes in investors’ demand and government financing plans. In 2024, the BOT, therefore, raises the minimum auction sizes for 3-month and 1-year bills back to approximately pre-Covid levels, which are 30,000 and 20,000 million baht per auction, respectively.
BOT Bond Auction Schedules for 2024
| Types of Bonds and Bills 1/ | Auction Days | Auction Frequency |
| 1. Bills | ||
| - 3-month | Tuesday | Weekly |
| - 1-year | Tuesday | Monthly |
| 2. Fixed-coupon Bonds | ||
| - 2-year | Thursday | Every odd month |
| 3. THOR-linked Floating-rate Bonds (FRB) | ||
| - 6-month | Thursday | Monthly |
| - 1-year | Thursday | Monthly |
| - 2-year | Thursday | Every even month |
BOT Bond Auction Sizes for 2024
| Types of Bonds and Bills 1/ | Issue Size per Auction (Million Baht) | Outstanding size per issue 2/ (Million Baht) | Number of issues per year |
| 1. Bills | |||
| - 3-month | 30,000 – 80,000 | 30,000 – 80,000 | 50 - 52 |
| - 1-year | 20,000 – 60,000 | 20,000 –72,000 | 12 |
| 2. Fixed-coupon Bonds | |||
| - 2-year | 10,000 – 40,000 | 30,000 – 144,000 | 2 |
| 3. THOR-linked Floating-rate Bonds (FRB) | |||
| - 6-month | 10,000 – 40,000 | 10,000 – 40,000 | 12 |
| - 1-year | 10,000 – 40,000 | 10,000 – 48,000 | 12 |
| - 2-year | 10,000 – 40,000 | 30,000 – 288,000 | 1 |
1/ There is still no auction for BOT 6-month bills and 3-year fixed rate bonds in 2024
2/ The outstanding size per issue includes additional 20% maximum amount that may be allocated in the Post-Auction Options (PAO).
For the monthly bond schedule, auction sizes will be determined based on the prevailing conditions in the money and bond markets, as well as the government and SOE’s bond supply at the time. The BOT will continue to collaborate closely with the PDMO and will announce the monthly auction calendars on the BOT website as customary.
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