Supporting Thailand’s second Sustainability-Linked Bond
中文标题
支持泰国第二只可持续发展挂钩债券
Core conclusion · Tlines extraction
Thailand has issued its second sovereign sustainability-linked bond, a THB25 billion 15-year 8-month note led by the Public Debt Management Office, with Standard Chartered as Joint Sustainability Structuring Bank, Joint Bookrunner and Joint Lead Arranger. It is Asia's first sovereign SLB to embed biodiversity targets in a sustainability-linked framework. Two KPIs apply: cutting net greenhouse gas emissions to 152 MtCO2e by 2035 (47% below 2019) and raising protected terrestrial and inland water areas to at least 30% of total land area by 2030. The transaction builds on Thailand's inaugural SLB, which raised more than THB230 billion through reopenings.
- Institution
- Standard Chartered
- Published
- 09/17/2026
- Research topic
- Not explicitly stated
- Time horizon
- 2050 · 2024
Key arguments
- Thailand's second sovereign SLB is Asia's first sovereign issuance to embed biodiversity KPIs within a sustainability-linked financing framework, setting a precedent for the 30x30 target under the Kunming-Montreal Global Biodiversity Framework.
- The deal integrates sustainability-linked financing into a sovereign's mainstream funding programme, aiming to mobilise domestic and international capital for long-term development.
- Standard Chartered was the only international bank directly involved in both Thailand's inaugural and second SLB transactions, acting as Joint Sustainability Structuring Bank, Joint Bookrunner and Joint Lead Arranger.
- The transaction is expected to further stimulate Thailand's growing sustainability-linked finance market, building on the momentum of the inaugural SLB and 2024 ESG-linked bond.
Key numbers
- SLB size
- THB25 billion
- SLB tenor
- 15 years 8 months
- 2035 emissions target
- 152 million tonnes CO2e, a 47% reduction from 2019 levels
- 2030 protected area target
- at least 30% of Thailand's total land area
- Inaugural SLB raised
- more than THB230 billion
Main risks
- The KPIs are forward-looking targets to 2030 and 2035; failure to meet them could affect the bond's sustainability-linked characteristics, though the evidence does not specify step-up or penalty terms.
- The evidence does not detail investor demand, pricing, or the additionality of the biodiversity KPI relative to existing Thai conservation policy.
- Sovereign SLB structures depend on continued alignment with international market standards and investor expectations, which may evolve.
Corresponding source evidence
The SLB will be linked to two sustainability key performance indicators (KPIs): • Reducing net greenhouse gas emissions in line with Thailand’s path to NZE 2050, including from land use, land-use change and forestry, to 152 million tonnes of carbon dioxide equivalent by 2035, representing a 47 per cent reduction from 2019 levels.
· 2050The transaction makes Thailand the first sovereign issuer in Asia to embed biodiversity targets within a Sustainability-Linked Financing Framework, setting a precedent for integrating KPIs that support the 30×30 target under the Kunming-Montreal Global Biodiversity Framework.
This second SLB will further stimulate Thailand’s growing sustainability-linked finance market, building on the momentum created by the Kingdom’s inaugural SLB and ESG-linked bond issued in 2024.
· 2024
Context: the conclusion is Tlines' automated extraction, not the institution's wording. Quoted evidence is publisher wording. Scope and date must travel with the conclusion.
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How this page was produced
Tlines extracted the conclusion, arguments, numbers and risks above from the report published by Standard Chartered on 09/17/2026, then structured them for comparison. The publisher's own wording is reachable through the source link on this page and is displayed in full above. Last updated 10/17/2026. Methodology · Source policy · AI usage · Request a correction