Lombard loans in Thailand.
Private credit against Thailand-listed shares — pledged, not sold, with ownership retained.
A Lombard loan against Thailand-listed shares is credit secured by a pledge of equity listed on the SET. The holder pledges the shares as collateral, draws cash against a fraction of their market value, keeps beneficial ownership and dividends subject to structuring, and recovers the position in full on repayment.
- Lombard loans are arranged against shares listed on the SET (SET).
- The pledge is not a sale: ownership, dividends, and the upside stay with the holder.
- Loan-to-value is calibrated to the specific position, funded in THB or cross-currency.
- Structured under the SEC (Thai) regime, with disclosure from 5%.
Eligible collateral and venues
Lombard Financing arranges facilities against equity listed on the principal Thailand venue: Stock Exchange of Thailand (SET). Eligibility at the position level turns on the liquidity and free float of the specific line, its volatility, and the size of the holding relative to its typical traded volume — the same variables that drive the loan-to-value.
Regulator and disclosure
Shares listed in Thailand are regulated by Securities and Exchange Commission, Thailand (SEC (Thai)). Substantial-shareholding disclosure is triggered from 5%, and a pledge over a large line is structured with that reporting regime in view so that the transaction remains discreet and compliant. Where a holding sits near a control or takeover threshold, the structure is arranged to avoid disturbing the position.
Funding, custody, and structuring
Facilities are typically arranged for a tenor of twelve to thirty-six months, funded in THB or in another currency on a cross-currency basis. Throughout the facility the pledged shares are held by a qualified custodian under bankruptcy-remote arrangements, so the security is clean and the holder’s ownership is preserved. Non-recourse, limited-recourse, and full-recourse structures are available, and the choice interacts with the loan-to-value and the pricing.
| Listing venue(s) | Stock Exchange of Thailand (SET) |
|---|---|
| Regulator | Securities and Exchange Commission, Thailand (SEC (Thai)) |
| Currency | THB (cross-currency available) |
| Disclosure threshold | From 5% substantial-holding disclosure |
| Principal indices | SET Index, SET50, SET100 |
| Indicative tenor | 12–36 months, renewable by agreement |
| Recourse | Non-recourse / limited-recourse / full-recourse |
Considering a Lombard loan against a Thailand-listed position?
Request terms →Lombard loans across Asia-Pacific.
On this market, specifically.
Disclosure and regulation
Thai-listed shares fall under Thailand’s Securities and Exchange Commission, whose reporting rule — SEC Notification TorJor. 7/2552 — requires substantial-shareholder reports at 5% and on each further 5% change, a coarser set of steps than most regional peers. The market’s defining feature for a foreign holder is the foreign-ownership limit that applies to many Thai companies, and the NVDR (Non-Voting Depository Receipt) structure that exists to let non-residents hold economic exposure where the foreign limit on ordinary shares is reached. A Lombard loan is arranged around whichever instrument the client actually holds, with the pledge and any enforcement mapped to that share class.
An illustrative example
Consider a private holding of THB 800 million in an energy or banking line among the SET50 constituents that anchor the index. At an illustrative loan-to-value of 45% — within the disclosed 20–65% range, set to reflect a mid-tier market — the facility releases roughly THB 360 million while the shares stay pledged and owned. Where the holding is in NVDR form, the pledge is arranged over that instrument. Funding can be drawn in THB or on a cross-currency basis, and the holder keeps distributions and the upside, recovering the position on repayment.
Illustrative only — not an offer, a quotation, or a commitment to lend.