2025: defaults and delays surged
ThaiBMA said Thailand’s growth in 2025 was lower than expected, weighed down by external uncertainty, trade wars and geopolitical tensions, as well as domestic pressures such as high household debt and weak private investment. Corporate bond issuance in 2025 totalled 881.083 billion baht, down 3.51% from 913.141 billion baht in 2024.
From January to December 2025, eight bond issuers — mostly mid-sized and smaller high-yield names — defaulted on bonds totalling 8.319 billion baht:
- CV: three debentures, 883.7 million baht
- WTX: one debenture, 408 million baht
- CHO: four debentures, 745 million baht
- GRAND: two debentures, 502 million baht
- PRIME: three debentures, 2.049 billion baht
- SQ: four debentures, 1.097 billion baht
- TTCL: five debentures, 2.545 billion baht
- AQUA: one debenture delayed, 90.2 million baht
The value of defaults in 2025 rose by 5.147 billion baht, or 162.26%, from 3.172 billion baht in 2024. However, the 2025 default total was still below the 16.363 billion baht recorded in 2023.
Over the same period, bond delays totalled 59.804 billion baht across 21 issuers, with 14 issuers delaying repayment for the first time. Examples listed included:
- EA: 12 debentures, 21.666 billion baht
- PF: 18 debentures, 7.679 billion baht
- MJD: seven debentures, 5.949 billion baht
- GRAND: 11 debentures, 4.2384 billion baht
- CHAYO: five debentures, 3.933 billion baht
- PRIME: six debentures, 3.129 billion baht
- EP: two debentures, 2.169 billion baht
- RICHY: six debentures, 1.534 billion baht
- NRF: one debenture, 1.3 billion baht
- TPCH: one debenture, 1.0 billion baht
(Other issuers listed included CGD, JCK, TPOLY, ECF, B, JTS, CMC, WTX, NAKON, SQ and AQUA.)
ThaiBMA said the value of bond delays in 2025 rose by 21.841 billion baht, or 57.53%, from 37.963 billion baht in 2024 — and far above 12.443 billion baht in 2023.
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