Corporate bonds on the secondary market: reading the coupon, credit rating, yield to maturity and clean price

The bonds page lists Thai corporate bonds that have not yet matured and trade on the secondary market. Use it to see how much interest each bond pays, its credit rating, how long it has left, and what yield to maturity its secondary market price gives.

Reading the bond table

• Corporate bond: the bond's symbol and the issuer's name, with a badge saying whether it was offered to "Retail investors" or "Institutional / high-net-worth investors"
• Credit rating: such as AAA, AA+ or A-. The closer to AAA, the lower the chance of default
• Coupon: the annual interest rate on the bond and how often it is paid, such as every 3 months or every 6 months, or "No coupon" for zero-coupon bonds
• Maturity: the date you get your principal back, and the time left, such as "1 month left"
• Yield (YTM): the yield per year you would get by buying at today's market price and holding to maturity, before tax on interest
• Clean price: the price per THB 100 of par value, excluding accrued interest. Below the price is the date it last traded

Where the data comes from

Bond details such as the coupon, credit rating, maturity date and related parties come from SEC data. Secondary market prices and yields to maturity come from the Thai Bond Market Association (ThaiBMA). Coupon payments and the day count convention refer to ThaiBMA. The end of each section on the detail page gives the date of the SEC data used.

Each bond's detail page

• Bond terms: full name, issuer, ISIN, type (such as senior, unsecured), par value, issue size, issue date, maturity date, coupon rate, coupon payments, day count convention and who it was offered to
• Credit rating history: the rating over each period, marked as upgraded or downgraded. The SEC does not specify which rating agency gave the rating
• Secondary market price and yield: the clean price per THB 100, the yield to maturity per year and the last traded date
• Related parties: the bondholder representative, the bond registrar and the underwriters at issuance

How to use it

1. Open the bonds page. The table is sorted with the nearest maturity date first
2. Tap a column header, such as Yield (YTM) or Credit rating, to sort by that column. Tap again to reverse the order
3. On a large screen, tap a bond's row to see its summary in the side panel, then press "Open bond page", or tap the bond symbol to go straight to the detail page
4. The table shows 10 bonds at a time. Press the load more button at the bottom to see the next ones
5. On the detail page, use the bar at the top to jump to bond terms, credit rating history, price and yield, or related parties