The potential of SMEs bond Issuance in Thailand

Name: Somphob Sakpunpanom

LCSH: Kasetsart University -- Dissertations. Ph.D. (Economics) 2020

Classification :.LCCS: HG4651

LCSH: Kasetsart University. -- Department of Economics -- Dissertations

LCSH: Corporate bonds -- Thailand

LCSH: Bonds -- Thailand

LCSH: Small business -- Thailand

LCSH: Bond market -- Thailand

Abstract: The aim of this study is to develop a better understanding of the accessibility of Thai SMEs in accessing the capital compared with other countries and the potential of non-listed Thai SMEs bond issuance to increase financial alternatives to compensate the financing gap. The focus group of interviews will conclude the possibility, obstacle and the recommendation of SMEs bond issuance in Thailand. The respondents are from the related partied of bond issuance in Thailand, regulators, credit rating agencies, securities firms, institutional investors and auditing firms. The SMEs in Thailand and other neighboring countries still depend on the bank loan. The theory of asymmetric information and adverse selection will make the cost of capital of this source too high. The findings are summarized that there still be the potential of SMEs bond issuance in Thailand. The SEC has rules for issuing and offering for sale of funds through debt instruments of businesses in order to issue debt instruments under the protection of investors at the appropriate level. The guaranteed by another organization such as Credit Guarantee and Investment Facility (CGIF) will serve to increase the credit. The medium-size bond, named Smart-M bond is proposed. It is straight bond and owner-guaranteed, no conversion and no option features. with less than 5 years of maturity, coupon rate between 5% and 7%, semiannual payment, issue size between 120 – 150 M.THB. It uses the credit scoring of the company and the series, and offering in private placement method. The issuing instruments are legally supervised by SEC and Thai BMA.

Kasetsart University. Office of the University Library

Address: Bangkok

Email: tdckulib@ku.ac.th

Name: Saksit Budsayaplakorn

Role: Thesis Advisor

Name: Sumalee Santipolvut

Role: Thesis CO-Advisor

Created: 2020

Modified: 2025-06-27

Issued: 2025-06-27

วิทยานิพนธ์/Thesis

application/pdf

URL: https://www.lib.ku.ac.th/KUthesis/2563/somphob-sak-all.pdf

CallNumber: HG4651 .S66

eng

Spatial: Thailand

Spatial: Thailand

Spatial: Thailand

Spatial: Thailand

DegreeName: Doctor of Philosophy

Level: Doctoral Degraee

Descipline: Economics

Grantor: Kasetsart University

©copyrights Kasetsart University

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