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Thailand:  Political Uncertainty Returns.

THAILAND
  • The Thailand Constitutional Court found Prime Minister Srettha Thavisin guilty of an ethics violation and removed him from office yesterday.
  • Whilst hardly surprising; this is a further blow to sentiment in Thailand with their benchmark SET Index already one of the worst performers globally year to date.
  • Finding Srettha’s replacement in a political environment as difficult as Thailand’s will be challenging and poses further downside risks to growth in the country.
  • Whilst foreign investors have remained cautious on Thai equities, investors in bonds have been piling in this year making the Thai bond markets one of the best performers year to date.
  • Global funds have purchased US$1.7bn of Thai bonds in 2Q this year, the most since 2022.
  • The political upheaval created with last night’s removal of the Prime Minister may cause bond market investors to follow the lead of their equity market counterparts and turn more cautious going forward.
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