Thai government bonds are mostly lower as offshore players continue to take profit after recent gains. "The dollar's recent strength against the baht is probably encouraging them (foreigners) to sell local bonds," says a bond dealer. The secondary bond market is largely unmoved by Wednesday's auction as the size is small and ultra-long tenors attract only certain type of investors; the MOF sold THB7 billion of government bonds due June 2061 Wednesday at a weighted average accepted yield of 4.2106, with bid coverage of 2.36X. Yields are expected to rise by two-three bps Thursday. The bid/offer yield for bonds due December 2015 is at 3.27%/3.255 from 3.27%/3.25% late Tuesday, the June 2017 yield is at 3.35%/3.33% from 3.33%/3.31% and the December 2021 yield is at 3.47%/3.45% from 3.44%/3.41%.
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