ThaiBMA reports corporate bond issuance in the first nine months of 2026 fell 1.61% to 629,662 million baht. Large firms are switching to bank loans because banks are competing hard on rates, so the gap between bank and bond borrowing costs is narrow. Bond yields on Thai government paper have edged up, but private borrowing costs have not risen much. For a small business, this means bank credit is currently competitively priced; it is worth comparing loan offers now. The main risk flagged is baht and US-Thai yield spread pressure, which is not yet a major outflow issue. No direct action is required.