DELTA drags Thai stocks below 1,600 points after $1.5 billion convertible bond

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โดย HoonVision·TH·Read original
Summary · why it matters

The Thai stock market swung lower and fell below the 1,600-point level during September 14-18, 2026, with DELTA the main stock weighing on the index after its parent company issued a $1.5 billion convertible bond exchangeable into DELTA shares. The conversion price was set at a premium of 15-20% for a one-year tenor, equivalent to 289-302 baht, and 30-40% for a five-year tenor, equivalent to 327-353 baht. As a result, bondholders short-sold the shares to reduce price risk. The bond was split into a one-year tranche worth $500 million and a five-year tranche worth $1.0 billion, issued by Delta of Taiwan to fund business expansion. Meanwhile, the Fed meeting raised interest rates by 25 basis points to 3.75-4.00%, as the market expected, and the Dot Plot projected rates at 4.1% for both end-2026 and end-2027. Tourism-related stocks AOT, MINT and CENTEL were pressured by the delay of the Thai Tiew Thai Plus measure from late 2026 to 2027. Oil and refinery stocks TOP, SPRC and BCP were pressured by an announcement in the Royal Gazette cutting the ex-refinery price for high-speed diesel by 4.00 baht per litre, from a previous reduction of 2.40 baht per litre. Banking stocks KBANK, KTB and BBL, along with insurers BLA and TLI, rose on expectations that interest rates are on an upward trend.

Impact on stocks 14

Financials▲ · 4 stocks
Thai Life Insurance PCL
TLI
▲ PositiveMonetaryrelevance

Thai Life Insurance rose on expectations that interest rates are on an upward trend after the Fed hiked 25bp.

Consumer Discretionary▼ · 2 stocks
Energy Transition & Power Demand▼ · 2 stocks
Thai Oil Public Company Limited
TOP
▼ NegativePricingrelevance

Thai Oil pressured by the Royal Gazette cut in the ex-refinery price for high-speed diesel by 4.00 baht per litre.

Electrification & Mobility▼ · 1 stocks
Energy▼ · 1 stocks
Star Petroleum Refining Co Ltd
SPRC
▼ NegativePricingrelevance

SPRC was pressured by the Royal Gazette cut of the ex-refinery price for high-speed diesel by 4.00 baht per litre.

Industrials▼ · 1 stocks
Airports Of Thailand PCL
AOT
▼ NegativeRegulationrelevance

AOT pressured by the delay of the Thai Tiew Thai Plus tourism stimulus measure from late 2026 to 2027.

Digital Finance & Tokenization▲ · 1 stocks
Bangkok Bank PCL
BBL
▲ PositiveMonetaryrelevance

Bangkok Bank rose on expectations that interest rates are on an upward trend after the Fed's 25bp hike.

Others▲ · 2 stocks
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