16
INTERNATIONAL MONETARY FUND
Figure 4. Thailand: Capital Markets and Mutual Fund Industry
Capital market developments are broadly on par with regional peers, but the corporate bond market is less
developed.
The domestic bond market is dominated by government
and central bank papers.
While the size of the government bond market is similar to
that in Malaysia and Singapore, the corporate bond
market is less developed.
Equity market capitalization has tripled since 2008…
…and is at a similar level compared to Malaysia and the
Philippines.
The largest five asset management companies, accounting
for 70 percent of AUM, are all part of bank conglomerates.
Roughly half of the AUM are in fixed income, but equity
and infrastructure funds have been growing.
Sources: The BoT, Asian Bonds online, dXdata, Association of Investment Management Companies.
0
20
40
60
80
100
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Domestic Debt Securities Outstanding
(In percent of GDP)
Government bonds and t-bills
SOE bonds
Monetary authority bonds
Corporate bonds
Others
0
5
10
15
20
25
30
35
0
20
40
60
80
100
120
140
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Capital Markets: Equity and Unit Trusts
(In percent of GDP)
Market cap (SET)
Unit trusts NAV (RHS)
0
100
200
300
400
Equity Market Capitalization
(In percent of GDP, 2018)
0
10
20
30
40
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Types of Funds
(In percent of GDP)
Others
Infrastructure fund
Property fund
Mixed fund
Fixed income
Equity
FIF (share of total AUM)
0
20
40
60
80
100
120
Malaysia Singapore Thailand Philippines Vietnam Indonesia
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