Lombard loans on the SET.
Private credit against Stock Exchange of Thailand-listed shares — pledged, not sold.
A Lombard loan against SET-listed shares is credit secured by a pledge of equity listed on the Stock Exchange of Thailand. The holder pledges the shares, draws cash against a fraction of their market value, retains ownership and dividends subject to structuring, and recovers the position on repayment.
- Facilities are arranged against equity listed on the Stock Exchange of Thailand (SET), Bangkok.
- The pledge preserves ownership, dividends, and the upside for the holder.
- Loan-to-value is set per line; funded in THB or cross-currency.
- Structured under SEC (Thai), with disclosure from 5%.
The venue
Thailand's principal equity venue. Index concentration in energy, banking, and infrastructure; foreign-investor share-class structures (NVDR - Non-Voting Depository Receipt) are a recurring feature of non-resident position structuring.
Regulator and disclosure
The Stock Exchange of Thailand operates under Securities and Exchange Commission, Thailand (SEC (Thai)). SEC Notification TorJor. 7/2552 - substantial-shareholder reports required at 5% and at every 5% change above. A pledge over a substantial line is arranged with that reporting regime in view, so that the facility is both discreet and compliant, and so that positions near a control or takeover threshold are not disturbed.
Structuring a facility here
Lombard facilities against SET-listed shares are typically arranged for a tenor of twelve to thirty-six months, funded in THB or another currency on a cross-currency basis, with the collateral held by a qualified custodian under bankruptcy-remote arrangements. Non-recourse, limited-recourse, and full-recourse structures are available; the choice interacts with the loan-to-value and the spread.
| Exchange | Stock Exchange of Thailand (SET) |
|---|---|
| City · Country | Bangkok · Thailand |
| Regulator | Securities and Exchange Commission, Thailand (SEC (Thai)) |
| Disclosure | From 5% |
| Principal indices | SET Index, SET50, SET100 |
| Segments | SET Main Board; mai (Market for Alternative Investment) |
| Currency · Tenor | THB · 12–36 months |
| Recourse | Non-recourse / limited-recourse / full-recourse |
Financing a position listed on the SET?
Request terms →See also the country overview: Lombard loans in Thailand.
Other exchanges in the region.
On this market, specifically.
Liquidity and the index
The SET Index captures the whole main board, with the SET50 and SET100 isolating the most liquid large-capitalisation names; the mai board carries smaller growth issuers. Turnover is concentrated in energy, the major banks, and infrastructure, and it is the SET50 lines that offer the free float and daily volume a Lombard loan is most comfortable against. A practical complication is share class: the ordinary line, the foreign-registered line, and the NVDR of the same company can trade with different liquidity and at different prices, so the valuation looks specifically at the class actually pledged rather than at the headline quote.
Structuring notes
Structuring in Thailand is organised around the foreign-ownership limit and the NVDR mechanism. Where a client holds ordinary shares within the foreign limit, the pledge is straightforward; where exposure is held through NVDRs, the Lombard facility takes security over the depository receipt and accounts for its non-voting character and its own liquidity. The pledged instrument is held with a qualified custodian on bankruptcy-remote terms. Because a change of holder on enforcement can itself run into the foreign limit, the enforcement path is planned in advance — a point that distinguishes Thai collateral from more openly-held regional markets and rewards careful preparation.