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Thai Baht, Bonds Have Weekly Gain as Yields Lure Capital Inflows

Thailand’s baht and government bonds advanced for a second week as monetary easing in developed nations boosted inflows into the country’s relatively higher-yielding securities.

The currency touched a six-month high today and the five-year yield dropped to the lowest level in almost a month this week as global funds pumped a net $260 million into Thai sovereign debt, according to data from the Thai Bond Market Association. The nation’s benchmark interest rate of 3 percent compares with a maximum 0.25 percent in the U.S. and Japan.

“With global central banks introducing measures to support their economies, risk sentiment is improving,” said Tsutomu Soma, manager of the investment trust and fixed-income business unit at Rakuten Securities Inc. in Tokyo. “Developed nations will keep interest rates low for a long time and that makes higher yields offered by emerging countries attractive.”

The baht climbed 0.8 percent this week to 30.56 per dollar as of 3:09 p.m. in Bangkok, according to data compiled by Bloomberg. The currency added 0.1 percent today and touched 30.52 earlier, the strongest level since March 9. One-month implied volatility, a measure of exchange-rate swings used to price options, held steady today and this week at 4.27 percent.

Overseas investors bought $98 million more Thai stocks than they sold this week through yesterday, exchange data show.

The European Central Bank is ready to start buying government bonds as soon as the necessary conditions are fulfilled, President Mario Draghi told a press conference in Slovenia yesterday. The Federal Reserve announced in September it would start open-ended purchases of $40 billion of mortgage debt a month.

The yield on the 3.25 percent bonds due June 2017 fell four basis points, or 0.04 percentage point, to 3.27 percent from a week ago, according to data compiled by Bloomberg. The rate, which was little changed today, touched 3.26 percent on Oct. 3, the lowest level since Sept. 9.

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