Thai private corporate bond issuance reached 507 billion baht from January to 20 August 2026, close to last year's 517 billion, but fewer companies issued (105 vs 123). Energy is the heaviest issuer, led by GULF with 35 billion baht so far, to fund new projects and acquisitions. Several large banks are repaying maturing bonds from excess liquidity rather than issuing, as lending has slowed. ThaiBMA expects interest rates to stay stable for the last five months of the year. For an SME, this means big borrowers are competing for funds, and bank liquidity is ample, so bank loan pricing may stay favourable. Bond yields are not expected to move much despite US volatility.