Bond Market Monitor: Thai Corporations UnSmiled

397 Views07 Aug 2025 23:24

SUMMARY

We sample blue-chip and household Thai corporations and plot the 12-month probability of default (PD) using iRAP
The median 12-month PD of the above samples was 11.15 basis points (bps), up from 5bps last November, with a trend showing continuing deterioration in the next 12 months
We expect more political upheaval and economic adjustment from the military conflict with Cambodia and the19% tariff on exports to the US to be quite detrimental to the Thai economy.

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