( ) 5 5 ( interest rate risk liquidity

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					(       )




                                                        ?



                                   5                                                  5

                                                            (
interest rate risk        liquidity risk)
                                                  ?
                                                                (coupon rate)



              •


                                       MLR* MMR*
    3                x%        3              MLR+ y%
              *MMR                                                              MLR


                                                                                          1
               •                                (Zero-coupon Bond)

(face value)

               •


                                     (Hybrid)


      (                                                                  . . .
www.sec.or.th/                   ,                         www.thaibond.com /
                                                                     www.tsi-thailand.org /
                       )


                                            ?
                   ?


                                                                            (Yield to maturity:
YTM) YTM
(                          YTM            www.thaibma.or.th     www.thaibond.com)

               5%            YTM          5%
                 YTM                                                     YTM
                                                                  (
     credit risk   interest rate risk)                          YTM
      (coupon rate)
                                                   ?
                                                       (   )



                                                                                              2
        •                    (call option)
                        10
5                   5



        •       /




        •   /




    (                               )




                                             3
                                    Credit Risk


           Credit risk




                            ?
             issue rating       ? rating outlook             ?
                                           ?
                                                                         credit risk



                                               (                     )




                           (Credit Rating)                                        (credit
rating agency: CRA)            CRA                           . . .
          2                               www.trisrating.com
(           )     www.fitchratingsasia.com


                    issuer rating                                          issue rating

                                                                                            4
    issue rating                  issuer rating
                                 issue rating
                        Investment Grade                                 BBB-
                                                                      credit rating
                credit rating
              Credit Rating

         TRIS          Fitch         Moody s      S&P

          AAA        AA(tha)           Aaa        AAA



          AA         AA(tha)            Aa        AA



          A          A(tha)             A         A

         BBB        BBB(tha)           Baa        BBB



• S&P, Fitch Ratings    TRIS Rating                           +
             3         BBB        BBB+                  BBB- (     AAA
  D                                                            +   -)  Moody s
     1,2      3      1

•                              Fitch Ratings      (tha)


                    CRA
              (rating outlook)



                                                                                      5
                                        CRA                                      (credit alert)


                                           rating BBB-

                                                    (junk bond)
                                                          (issuer rating, issue rating), rating outlook
credit alert
               /                               /




                                                                  (                           /
                /                                                      )

                                    Interest rate Risk


      Interest rate risk




                           ? (interest rate risk)

                                                                  (
          )

                                                                                                   6
                                        interest rate risk




     7                         4                     3




                                   Liquidity Risk


          Liquidity risk




                                                                                    ?
(liquidity risk)           ?
                                                                             2
                                         (
   website . . . www.sec.or.th)
Bond Electronic Exchange (BEX)                                  BEX
                     broker                  BEX (                 www.bex.or.th)
                                                             (SET)


                                                                                    7
TIPS

1.

2.
               /                               credit rating
3.     Credit rating

                            (rating outlook)                   (credit alert)
4.

5.

6.                         interest rate risk




                                  93/1                                       10330
                                0-2695-9999 0-2263-6499        0-2256-7755
             Help Center 0-2263-6000 email: info@sec.or.th website: www.sec.or.th




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