ABSTRACT
Bonds were first issued in Thailand in 1933 by the ministry of finance on behalf of the government. One of the most significant developments affecting Thailand's bond market in the 1990s was the enactment of the Securities and Exchange Act in 1992. There are basically two categories of underwriters of debt instruments. The first is the Bank of Thailand, which is technically not an underwriter but at its discretion will purchase unsold national government bonds. The second category consists of finance companies, banks, securities companies, and finance companies. Some of Thailand's major participants in the securities industry can be grouped according to the licenses issued by the ministry of finance on the recommendation of the Securities and Exchange Commission (SEC). One of the important changes in the types of bonds in the Thai bond market since the early 1990s has been the introduction of debentures with warrants.
