Thai energy sector is driving private bond issuance through late August 2026, with GULF Development leading at 35 billion baht raised YTD to fund aggressive expansion and M&A. Private bond issuance reached 507 billion baht over 7 months, down from 517 billion year-ago in volume but fewer firms (105 vs 123). Major banks have largely stopped bond issuance due to excess liquidity and reduced lending, while energy and telecom firms continue raising capital at higher rates.