Two themes have recently stood out in Asian credit:

1. The growing interest in sovereign bonds, including those from frontier nations.

2. Data centre financing boom.

🌻 Asia’s Frontier Bonds

In March 2026, Mongolia successfully issued a USD 500 million six-year bond at a 5.95% yield to refinance debt and extend some of its maturities. Kazakhstan also plans to sell its debut yuan panda bonds and may seek to raise the equivalent of USD 500 million, Bloomberg reported.

And last week, Uzbekistan placed its “largest-ever sovereign international bonds denominated in the national currency”, amounting to USD 1 billion equivalent, at a historic low interest rate of 12.25%, according to its official statement.

I wrote in October 2025 that the returning bond tide was “partly a function of demand and supply, as China’s property meltdown blew a hole in Asia’s high-yield universe and investors had to find a way to put their money to work.” I also noted in December 2025 that Asian sovereign issuers were wading back to a more receptive offshore market.

• 👟 Walk the Talk: Asian Sovereign Signals

• 📒 Quick Take: Asian Credit’s Shifting Currents

• 📒 Quick Take: Asia’s Bond Tide

• 📒 Quick Take: Mongolia’s Financing Window

• 💼 Brief Take: Mongolia’s Bond Gallop

🌻 Data Centre Boom

“Few sectors generated as much attention as data centres, which lenders see as one of the clearest structural growth areas in the Asia-Pacific region,” according to some of the takeaways from the Asia Pacific Loan Market Association (APLMA)’s Global Loan Market Summit.

This is my compilation of the deals related to AI, data centres or digital infrastructure in the region over the past few months:

• WongPartnership advised Meta Platforms in its acquisition of Singapore-based Manus AI, as well as KKR in the SGD 6.6 billion (USD 5.1 billion) acquisition of STT GDC.

• Allen & Gledhill’s associate firm, Rahmat Lim & Partners, advised a Malaysian subsidiary of Yondr Group as Malaysian counsel related to credit facilities exceeding USD 900 million granted by a consortium of lenders.

• DLA Piper advised DayOne on its THB 28 billion (USD 770 million) green financing to develop Thailand’s largest data centre.

• A&O Shearman advised Digital Edge on its USD 665 million green loan for the first phase of its data center campus in Indonesia. Milbank advised the finance parties.

Acrostics Asia

Independent Asia Credit Intelligence

By Eveline Danubrata

⏩ On the Move

🔸 EY-Parthenon Launches Australian Private Debt Market Overview

Australia’s financial landscape is shifting as private credit moves from a niche product to a mainstream funding source. With banks retreating from higher-risk and complex lending under tighter regulatory settings, Australia’s private credit market has grown to an estimated AUD 234.5 billion in 2025, according to a report released by EY-Parthenon.

🔸 Kai Yun Tan Joins Ashurst as a Partner in Singapore

Ashurst is strengthening its restructuring, insolvency and special situations practice with the appointment of Kai Yun Tan as a partner in Singapore. Kai Yun brings over a decade of experience in restructuring and insolvency, and regularly advises corporate debtors, sponsors, creditors, distressed investors, and turnaround professionals. She also maintains an active maritime and shipping practice.

Acrostics Asia is an independent Asia credit intelligence provider that takes end-to-end ownership of its signals – from origination to production and distribution.

🌻 Singapore’s Growing Restructuring Hub

Justice James Peck, International Judge of the Singapore International Commercial Court (SICC), shared his perspectives with The Business Times on Singapore’s growing role as a trusted hub for cross-border restructurings.

These are some extracts from his piece:

“When indicators of distress converge, be it a tightening of trade credit or missed earnings projections, stakeholders seek out jurisdictions such as Singapore for a specific reason: They have little appetite or patience for the ‘slow-motion’ drag of a traditional court process or for courts with limited restructuring experience and unknown commercial sophistication.”

“In the restructuring of Garuda Indonesia, SICC’s recognition of a plan seeking to distribute US$825 million to creditors validated the Indonesian proceedings under the UNCITRAL Model Law. By granting this recognition, SICC prevented attacks by dissident creditors that could have undermined the restructuring and destroyed value. This case demonstrated that Singapore does not seek to displace regional courts, but rather acts as a stabilising force that can harmonise differences and deliver a predictable commercial outcome.”

“In the case of No Va Land involving a Vietnamese real estate enterprise, the court completed the restructuring of US$300 million in New York-law bonds in just 15 days. In the context of the Asian market, where restructurings have historically been protracted and litigious, such a rapid sanctioning provided the legal finality a liability management exercise lacks while respecting the timing expectations of today’s capital markets.”

• 📚 Acrostics Anatomy: Singapore’s Restructuring Strides

• 🤝🏻 Guest Take: Bridging Borders – Singapore’s Embrace of PRC Reorganisation Proceedings by Virtus Law

• 👣 Asia’s Restructuring Milestones: Southeast Asia’s Mixed Platter

• 👟 Walk the Talk: Garuda Indonesia

• 👟 Walk the Talk: Novaland

🌻 IndiGo’s Japanese Equity Financing

The first Japanese Operating Lease with Call Option (JOLCO) with an Indian airline group has closed and was structured through GIFT City, according to SMBC Group’s LinkedIn post.

JOLCO financing has historically been the domain of a select group of established global airlines. The deal with IndiGo’s subsidiary, InterGlobe Aviation Financial Services IFSC Pvt Ltd, to finance two Airbus A320 planes marked India’s entry into that space, channeling Japanese equity into one of aviation’s most dynamic growth markets, according to SMBC.

SMBC acted as the Facility Agent, Security Agent, Debt Arranger and Lender.

• 🎞️ Slideshow: The JOLCO Play

• 👟 Walk the Talk: Asian Airlines

Acrostics Asia

Independent Asia Credit Intelligence

By Eveline Danubrata

⏩ On the Move

🔸 Zhong Lun Advises Seazen on USD 355 Million High-Yield Bond Issuance

Zhong Lun Law Firm advised Seazen Group and its subsidiary, New Metro Global, on the offering of USD 355 million 11.8% notes due 2029.

This transaction represents a milestone in the gradual re-entry into offshore capital markets by Chinese real estate issuers, according to Zhong Lun’s LinkedIn post. The law firm also advised New Metro on its concurrent tender offers to purchase for cash its outstanding 4.5% bonds due 2026 and 11.88% notes due 2027.

🔸 First Australian Receiver-Led Creditors’ Scheme of Arrangement Approved

Insolvency practitioners have another tool in their toolbox, with the first Australian receiver-led creditors’ scheme of arrangement approved by the Federal Court of Australia on 10 March 2026, according to a note written by Clayton Utz.

The creditors’ scheme approved in the matter of Twinza Oil Limited is due to be implemented on 17 March 2026. Clayton Utz acted for the senior secured lenders.

“The Twinza decision confirms creditors’ schemes of arrangement can be used as a useful restructuring tool, and can be used effectively with a simultaneous appointment of receivers, but as with so many aspects of credit deleveraging transactions, there are further opportunities to refine the system,” the law firm wrote.

Chandranath Amarasekara, Deputy Governor of Central Bank of Sri Lanka, wrote a piece for ODI Trade and Economic Development that captured Sri Lanka’s journey out of its economic crisis in 2022.

“Daily life was defined by fuel queues, shortages of essentials and prolonged power cuts. With policy credibility eroded, the country had little choice but to turn to the International Monetary Fund (IMF), relying on its stabilisation programme to restore confidence at a time when recovery seemed distant and uncertain.”

“Today, tourism has surpassed previous records and remittances from overseas workers have reached historic highs. Three consecutive years of current account surpluses have allowed the Central Bank to rebuild reserves through market purchases. Fiscal consolidation has advanced steadily, with revenues rising above 15% of GDP and three consecutive years of primary surpluses replacing deficits.”

“Debt restructuring, meanwhile, has neared completion, and sovereign ratings are finally beginning to improve – reflecting renewed investor confidence.”

Acrostics Asia Coverage

• 👟 Walk the Talk: SriLankan Airlines

• 📒 Quick Take: A Tale of Two South Asian Airlines

• 📚 Acrostics Anatomy: SriLankan Airlines’ Bond Truce

• ☀️ Bright Spot #7: Sri Lanka’s Reform

• ☀️ Bright Spot #4: Sri Lanka’s Rating Lift

🌻 Mongolia’s Emerging Track Record

Mongolia’s government is selling its first USD bond this year, which should anchor the benchmark funding curve for other issuers that are planning to tap the offshore markets.

Mongolia’s credit profile is supported by solid economic growth prospects underpinned by strong demand for key mineral exports, such as copper, alongside an “emerging track record of effective debt and fiscal management,” Moody’s said in its 23 February statement.

However, I wrote that the frontier economy may have to balance the traditional lifestyle of its farmers and nomadic herders with a more rapid pace of development. While mining is a big contributor to Mongolia’s GDP, the local labour is still concentrated in sectors such as agriculture and livestock herding.

Acrostics Asia Coverage

• 📒 Quick Take: Mongolia’s Financing Window

• 💼 Brief Take: Mongolia’s Bond Gallop

• 📒 Quick Take: Asian Credit’s Shifting Currents

• 📒 Quick Take: Asia’s Bond Tide

Acrostics Asia

Independent Asia Credit Intelligence

By Eveline Danubrata

⏩ On the Move

🔸 Milbank Advises Salim Group on USD 300 Million Joint Venture with Eastroc

Milbank has advised Rich Stream Investment, an affiliate of Indonesian conglomerate Salim Group, in connection with the formation of a joint venture with Eastroc Beverage Group, a Chinese beverage producer listed on the Shanghai Stock Exchange.

Under the shareholders agreement signed on 30 January 2026, Rich Stream and Eastroc will jointly invest in Eastroc Vitamin Energy Indonesia, which will establish a production base and sell beverages in Indonesia. The total investment in the project is expected to reach USD 300 million.

🔸 Rabobank Appoints Caroline Oosterbaan as Australian CEO

Rabobank has announced the appointment of Caroline Oosterbaan as Chief Executive Officer of Rabobank Australia and Regional Manager for Australia and New Zealand.

Most recently, she has served as Global Head of Clients & Portfolio Management for Rabobank’s international Wholesale & Rural Business.

🔸 Augustine Wong, Chin Kwang Tay and Kelvin Kong Launch Novarche

Augustine Wong, Chin Kwang Tay and Kelvin Kong have set up Novarche, an advisory firm focused on complex situations across the mid-market segment in Southeast Asia.

Novarche supports mid-market corporates and investors including private equity, lenders and credit funds, and family offices.

Despite government projections that economic growth would slow as Singapore’s economy matures, the city-state has defied expectations for two consecutive years, CNA reported.

In 2025, Singapore’s economy expanded 5%, exceeding forecasts even after the Ministry of Trade and Industry upgraded its projections twice. The year before, growth hit 5.3%.

Selena Ling, chief economist and head of group research at OCBC, highlighted “very broad-based sectoral growth” amid robust foreign direct investment and safe haven capital inflows into Singapore.

• 📚 Acrostics Anatomy: Singapore’s Stock Swing

🌻 Vietnam’s Offshore Loans

Vietnam continues its efforts to streamline administrative procedures for offshore loans, an area of growing importance as businesses increasingly tap international financing sources, Baker McKenzie wrote.

At the end of last year, the State Bank of Vietnam (SBV) issued a new circular that took effect on 25 January 2026. Among the key changes, no SBV registration is needed for enforcement-based repayments, according to the law firm’s note.

• 📒 Quick Take: Vietnam’s Green Shoots

Acrostics Asia

Independent Asia Credit Intelligence

By Eveline Danubrata

⏩ On the Move

🔸 Singapore’s Equity Boost

The Monetary Authority of Singapore (MAS) will reportedly inject another SGD 1.5 billion (USD 1.2 billion) to increase investor participation in Singapore equities.

Prime Minister Lawrence Wong said the top-up to the Financial Sector Development Fund will also help to develop Singapore’s fund management industry.

🔸 Alvarez & Marsal Hires Maggie Cui as Managing Director in Shanghai

Alvarez & Marsal expanded its China restructuring practice with the appointment of Maggie Cui as a Managing Director. Based in Shanghai, she has 30 years of corporate restructuring, cross-border transaction advisory and financial advisory experience across China and Australia.

🔸 Sherlyn Lau Joins DLA Piper

DLA Piper has hired Sherlyn Lau as its Head of Capital Markets and Corporate Finance, APAC, in its Hong Kong office. Joining from Sidley Austin, she brought a team of 12 capital markets practitioners.

I wrote last month that office leasing activities in Hong Kong were picking up in certain pockets as the city’s financial sector showed signs of recovery.

I also noted that some private credit funds may have made a good bet by scooping up distressed commercial assets in prime locations during the worst of the property downturn.

This week, JLL Greater China released a report on “signs of renewed momentum” in Hong Kong’s property market.

“After a multi‑year correction, 2025 marked a turning point with stabilisation emerging across key sectors and early improvements led by demand for prime assets,” JLL said, adding that this year is set to bring a selective and uneven recovery.

• 💼 Brief Take: Hong Kong’s Office Upturn

• 📒 Quick Take: Asia’s Mushrooming Private Credit

🛠️ Vietnam’s Bankruptcy Overhaul

In November 2025, I wrote that Southeast Asia’s restructuring scene was mixed, with milestones for Malaysia and Singapore while Vietnam’s bankruptcy law was considered largely untested.

Vietnam has now overhauled its decade-old bankruptcy legislation and enacted a new law that will take effect on 1 March 2026, A&O Shearman wrote.

This was a response to longstanding concerns that the existing bankruptcy regime has been an ineffective tool for addressing distressed situations, according to the law firm.

• 👣 Asia’s Restructuring Milestones: Southeast Asia’s Mixed Platter

• 👟 Walk the Talk: Novaland

Acrostics Asia

Independent Asia Credit Intelligence

By Eveline Danubrata

⏩ On the Move

🔸 Australia’s IFM to Open Singapore Office

Australian asset manager IFM Investors, which is owned by some of the nation’s biggest pension funds, will open a Singapore office in March, Bloomberg reported.

The move follows its partnership with the Australian government in October to pursue investment opportunities across Southeast Asia.

Hong Ern Lee, IFM’s first Singapore hire, will join as director to source credit deals across the region, according to Bloomberg. Hiran Wanigasekera, executive director and co-head of Asia Pacific diversified credit for debt investments, could relocate to the city-state from Australia.

• 📒 Quick Take: Asian Credit’s Shifting Currents

🔸 PLN’s $1.5 Billion Bond Deal

Clifford Chance has advised the arrangers and dealers on Perusahaan Listrik Negara (PLN)’s recent USD 1.5 billion bond issuance, according to the law firm’s press release.

The transaction marked the Indonesian state-owned electric utility company’s return to the USD bond market for the first time since 2020.

The latest issuance comprised two tranches: USD 500 million 4.75% notes due 2031 and USD 1 billion 5.45% notes due 2036. The proceeds will be used to support the acceleration of electricity infrastructure development in Indonesia, specifically for transmission, distribution, and non-coal related generation projects.

• 📒 Quick Take: Asia’s Bond Tide

• 📚 Acrostics Anatomy: Indonesia’s SOE Circuit

💻 Indonesia’s Data Center Campus

It’s been a bad week for Indonesia, which was hit by fund outflows on concerns about the trend towards centralization, widening deficit and a potential MSCI downgrade.

Nevertheless, there was a bright spot as Digital Edge reportedly plans to invest USD 4.5 billion to build one of Indonesia’s largest data center campuses in Bekasi, on the eastern edge of Jakarta. Digital Edge is an Asian digital infrastructure firm backed by alternative asset manager Stonepeak Partners.

“Indonesia’s digital economy is expanding faster than infrastructure can keep up,” Digital Edge Indonesia CEO Stephanus Oscar said in a statement.

⚖️ Singapore’s Simplified Insolvency Program

An insolvency program for micro and small companies in Singapore will be revamped to make debt restructuring and winding-up more accessible, with simpler eligibility criteria and streamlined processes, Business Times reported.

“This aims to facilitate the orderly winding up of non-viable or dormant businesses and to have better recovery outcomes for viable ones,” according to Singapore’s Ministry of Law.

• Ministry of Law statement

• LinkedIn post of Ministry of Law’s Francis Ng

• 📚 Acrostics Anatomy: Singapore’s Restructuring Strides

• 👣 Asia’s Restructuring Milestones: Southeast Asia’s Mixed Platter

Acrostics Asia

Independent Asia Credit Intelligence

By Eveline Danubrata

⏩ On the Move

🔸 Emma Sacre Joins MUFG as Head of Transaction Banking in Oceania and Head of FI Cash Sales for Asia Pacific

MUFG has appointed Emma Sacre as Head of Transaction Banking in Oceania and for a newly created role as Head of Financial Institutions Cash Sales for Asia Pacific.

🔸 PwC Malaysia Interviews Orion Capital’s Chwee Sing Koo on Private Credit

In an interview with PwC Malaysia, Orion Capital Asia Senior Managing Director Chwee Sing Koo shared his perspectives on the evolution of private credit and how it is deployed across Southeast Asia.

🔸 Cathryn Neo Joins Howden as Head of Contingent & Litigation Risks for Asia

Howden has appointed Cathryn Neo to lead its Contingent & Litigation Risks practice across the region. Alongside this role, she will oversee all M&A, tax, and contingent claims matters in Asia.

🔸 Terence Seah Rejoins Virtus Law

Stephenson Harwood’s alliance firm in Singapore, Virtus Law, has strengthened its Dispute Resolution practice with the arrival of partner Terence Seah.

🏦 Vietnam’s Rising Financial Hub

Singapore’s United Overseas Bank is reportedly set to become the first foreign lender to build its Vietnam headquarters at the International Financial Centre (IFC) in Ho Chi Minh City.

The Asia Pacific Loan Market Association (APLMA) also held a well-attended conference in Ho Chi Minh City last week, which explored the key themes in Vietnam’s financial landscape.

In the first Guest Take on Acrostics Asia this year, Indochine Counsel shared how Vietnam is developing a judicial infrastructure to serve investors operating within the IFC.

💰 Singapore’s DyStar Success

Deloitte Singapore – the receivers appointed by the Singapore International Commercial Court (SICC) – announced the completed sale of shares in dyes and chemicals manufacturer DyStar Global Holdings.

At an implied valuation of around USD 1.8 billion, the transaction is one of the largest receiverships in Singapore over the past decade, according to A&O Shearman, the international counsel advising the receivers. Singapore law firm WongPartnership also acted for the receivers.

• Deloitte’s press release

• A&O Shearman’s press release

• WongPartnership’s press release

Acrostics Asia

Independent Asia Credit Intelligence

By Eveline Danubrata

⏩ On the Move

🔸 GPCA Launches 2nd Edition of Southeast Asia Women Investors Directory

The Global Private Capital Association (GPCA) has released the second edition of its Southeast Asia Women Investors Directory, which features 420 women deploying private capital across asset classes in Southeast Asia.

🔸 Mavis Tan Joins FTI Consulting

FTI Consulting has appointed Mavis Tan as a Senior Managing Director in its Forensic & Litigation Consulting segment in Asia. Based in Hong Kong, she brings more than 20 years of experience as a forensic accountant and has led high-profile disputes and sensitive investigations in Asia Pacific.

🔸 Indonesia’s PSHP Law, Adrem Law Firm Merge

Indonesian law firms PSHP Law and Adrem Law Firm have merged to create PSHP Adrem Law, Asian Legal Business reported. The merged firm will serve domestic and international clients on Indonesian law matters including cross-border transactions and disputes.

Acrostics Asia is kicking off 2026 with the 11th edition of Bright Spot, a curated collection of good news in Asian credit.

This week, Australian household spending beats expectations, China’s brokers rebuild their ranks after a few tough years, and Singapore indie cinema The Projector gets a second chance.

I’ve also expanded Bright Spot to include On the Move, which tracks recent appointments and other moves in the industry.

🦘 Australia’s Upbeat Consumers

Australia’s household spending rose at a faster-than-expected pace in November, indicating that consumers are feeling confident about their finances even as inflation and borrowing costs remain elevated.

💵 Chinese Brokers’ Return

China’s biggest securities firms are back on the offensive after taking a battering over the past few years. The investment banking divisions of major brokerages, including Citic Securities, Huatai Securities and CSC Financial, have recruited dozens of junior and mid-level bankers in recent months.

• 📚 Acrostics Anatomy: China’s Double Helix

• 👣 Asia’s Restructuring Milestones: China’s Bankruptcy Law

🎥 Singapore’s New Filmhouse

Independent cinema Filmhouse will take over the space at Singapore’s Golden Mile Tower that was formerly occupied by The Projector. Backed by a Chinese investor, Filmhouse will be run by The Projector’s former general manager, Sharon Tan, and some of her previous core team members.

• 📒 Quick Take: Costs Killed Singapore’s Cinema Star

• 📒 Quick Take: Singapore’s Rental Quandary

Acrostics Asia

Independent Asia Credit Intelligence

By Eveline Danubrata

⏩ On the Move

🔸 Citi Expands Australia Syndication Team

Citi has appointed Jessica Rowe as Director, Spread Products Syndication for Australia and APAC and Dane Harris as Vice President in the AUD Debt Syndicate team, The Digital Banker reported.

🔸 Eloise Matsui is IWIRC Chair for 2026

Eloise Matsui will serve as the Chair of the International Women’s Insolvency & Restructuring Confederation (IWIRC) this year. Matsui, an Investment Manager at Omni Bridgeway, is the first Asia-based member in this role.

• Read IWIRC’s press release here.

🔸 Gino Bello and Anna Bleazard Join Secretariat

Gino Bello has joined Secretariat as a Managing Director based in Singapore and leads the firm’s Digital Forensics Investigations and eDiscovery practice in Asia Pacific.

Anna Bleazard was appointed as a Managing Director in Secretariat’s Global Investigations and Disputes practice. She leads the firm’s forensic accounting and investigations-related matters in Singapore and Southeast Asia.

🔸 Vanessa Capdevielle Sets Up Octopus Advisory

Vanessa Capdevielle has founded Singapore-based independent consultancy Octopus Advisory. Her new venture provides research and advisory services for pre-transaction due diligence, corporate investigations, asset traces and litigation support.

🌊 Asia’s Returning Bond Tide

A major theme in Asia is the returning bond tide after a multi-year drought caused by China’s property implosion. Offshore bonds are back as a funding option, which should be welcome by borrowers who were starved of liquidity.

I wrote in October that the musical chairs have restarted with banks, bondholders and private credit funds swapping seats with each other. But the set-up and player dynamics have changed:

1. Asian high-yield is more diversified as China’s property sector is estimated to account for only 7% of the market now, down from 38% five years ago.

2. Offshore bondholders are more wary about holding the bag for banks after several high-profile defaults.

In short, the music is back on but it isn’t the same old game anymore.

• 📒 Quick Take: Asian Credit’s Shifting Currents

• 📒 Quick Take: Asia’s Bond Tide

⏪ India’s Self-Correction

I asked two restructuring friends at a recent event: “If a court overturns a ruling that overturned another ruling, is that back to square one?”

On 2 May, India’s Supreme Court scrapped JSW Steel’s acquisition of Bhushan Power & Steel around four years after the deal was finalized under the Insolvency and Bankruptcy Code (IBC). Then three judges led by the Chief Justice decided on 26 September to reverse the earlier ruling and uphold the validity of the acquisition.

The process seemed like a U-turn that may have diverted time and resources, but a third friend noted that India managed to sort it out in the end. This is a fair point, as the legal system has shown the capacity to correct itself and preserve the IBC as an imperfect but functioning insolvency framework.

• 👣 Asia’s Restructuring Milestones: India’s Reversal

• 💼 Brief Take: Go First’s Missing Tyres

➰ Closing Southeast Asia’s Loopholes

Jurisdiction-shopping or court arbitrage has long been a method of some borrowers to avoid paying up.

I wrote in October that creditors typically pick Singapore as the venue for dispute resolution or schemes of arrangement, but lenders often hit the same wall if the key assets are in jurisdictions that are seen to favour the borrowers.

It will take time for legal systems to change, but the move by ASEAN Chief Justices to launch a regional model framework for cross-border insolvency was a step in the right direction.

• 👣 Asia’s Restructuring Milestones: Southeast Asia’s Mixed Platter

Singapore hosted the ASEAN Insolvency Judges and Practitioners Meeting on 14 November 2025, which was moderated by Judicial Commissioner Sushil Nair.

The session featured Justice Nani Indrawati and Dr. Syahdan Hutabarat of Indonesia, Associate Justice Maria Rowena Modesto-San Pedro of the Philippines, alongside Puan Azniza Ali and Lee Shih of Malaysia.

Kudos to the organizers for bringing together judges and practitioners from the region to exchange their thoughts in an insightful session!

These are the agenda of the meeting.

Economics and Ergonomics of Cross-Border Insolvency – Exploring Opportunities and Finding the Right Fit

There is no such thing as “one size fits all” when it comes to ASEAN – a region of rich and diverse cultures and people. However, there is a lowest common denominator amongst all of us – which is the desire to work together and find the right fit for the problems that we are faced with.

The panel explored the current landscape of insolvency laws across the ASEAN region, and how economic trends and geopolitical developments may affect the decision-making process of the various stakeholders in restructuring and insolvency matters.

Practical issues such as challenges in recognition and enforcement of insolvency judgments, as well as the availability and legal treatment of rescue financing in the region, were engaged during the session.

The panel also highlighted successful strategies that have been implemented, and the advantages of having channels of communication between the specialist insolvency judges in the region.

Acrostics Asia Coverage

• 👣 Asia’s Restructuring Milestones: Southeast Asia’s Mixed Platter

• 🚨 Newsflash: ASEAN Chief Justices Launch Regional Model Framework for Cross-Border Insolvency

Diwali (or Deepavali) is the Hindu festival of lights, which celebrates the victory of light over darkness, good over evil, and knowledge over ignorance.

There’s a lot more bad news than the good, partly because newshounds gravitate towards the former. Similarly, credit headlines tend to be dominated by defaults, disputes and debt restructurings.

I created Bright Spot after getting feedback from a friend that my newsletters depressed her. Eight editions later, it’s become a fixed feature at Acrostics Asia. I’ve also expanded it to include interesting stories with a human angle – because life’s not all about debt!

This week, India bets on Diwali tax cuts to fuel consumer spending, while Mongolia gets a rating upgrade. Rounding it up, who says that dating in Singapore has to empty out your pockets? A Singaporean couple had their first date at a subway station and returned to take their wedding photos.

🕯️ Diwali Discounts

Shoppers have long been lured by discounts during the run-up to the annual Diwali festival, but this year’s festivities have been turbocharged by Prime Minister Narendra Modi’s overhaul of national GST rates.

🐎 Mongolia’s Gallop

Moody’s upgraded Mongolia to B1 from B2 with a stable outlook, citing steps to diversify its commodity mix and policy improvements.

• 🖼️ Mongolia Postcard

🚇 Singapore’s Wedding Tracks

Yvette Tow and Adrian Neo were too shy to sit down for a dinner date, so they met at the Somerset MRT station. “If it’s awkward, you can always hop on the train!” Tow’s friend said. Six years later, the couple went back to the same station for their pre-wedding photoshoot.

🌅 Vietnam Rising

Vietnam’s economy grew 8.22% in the third quarter, accelerating from 7.96% in the previous quarter. FTSE Russell also upgraded Vietnam to emerging market status, which could potentially attract billions of dollars into its stock market.

🪴 Sri Lanka’s Reform

The IMF has reached a staff-level agreement with Sri Lanka to complete the fifth review of its reform program. The country will have access to around USD 347 million once the review is approved by the IMF Executive Board, bringing the unlocked funding to USD 2.04 billion.

• 📚 Acrostics Anatomy: SriLankan Airlines’ Bond Truce

🌭 Chinese F&B Comeback

A Chinese businessman went from owning three restaurants to bankruptcy, then made a comeback with a roasted sausage brand. “The thing you keep putting effort into will repay you one day,” he said.

👩‍⚖️ India’s Restructuring Chief

Pooja Mahajan of Chandhiok & Mahajan, Advocates and Solicitors breaks barriers as she was elected as the first female president of INSOL India. She has extensive experience in corporate restructuring, insolvency proceedings, and investments in distressed assets, according to INSOL India’s statement.

• 👣 Asia’s Restructuring Milestones: India’s Reversal

• 💼 Brief Take: Go First’s Missing Tyres

🖼️ Vietnam Postcard

Vietnam’s Phu Quoc island is drawing more tourists from the region with its beauty and growing accessibility.

We can’t progress if we only hear the good stuff, but I think criticism should also come with acknowledgment when progress has been made.

Earlier this year, the Singapore Exchange (SGX) was reportedly in talks with at least five companies from mainland China or Hong Kong to replenish its pipeline after a spate of delistings. This reminded me of the “S-chip” accounting scandal more than a decade ago, when a string of Singapore-listed Chinese companies damaged the trust of retail investors.

“Rather than casting the net wide to catch a bunch of minnows, it might be better to focus on a quality fish that can grow bigger and attract others to Singapore waters. Otherwise, history risks repeating itself,” I wrote on 19 May 2025.

Now, the outlook for SGX has turned brighter after the city-state went all out to boost its equity market. Singapore reportedly overtook London on the list of the world’s top 20 initial public offering (IPO) destinations.

Four companies are also preparing to launch IPOs in Singapore, following the listings of NTT DC REIT, which is backed by Japan’s NTT Group, and US cybersecurity firm AvePoint.

In other news, India and China will resume direct flights after a five-year freeze, while most of the staff behind Singapore private club 1880 – which went bust in June – had set up a new shop with the backing of its landlord.

📈 Singapore Swing

Listing momentum is building on SGX, with a spike in interest from local and regional companies. Singapore also jumped to 9th place on a Bloomberg ranking of the world’s busiest IPO markets after raising USD 1.44 billion this year.

• 📚 Acrostics Anatomy: Singapore’s Stock Swing

🤝 India-China Thaw

India and China will restart direct flights this month, taking another step towards normalizing bilateral ties. There have been no direct flights between the two countries since 2020, following deadly clashes on their shared Himalayan border.

🥂 1880 Reborn

A new private club called The Nanson took over the premises of its predecessor, 1880, at Singapore’s Robertson Quay. The new club will be run by the majority of the team behind 1880, without the involvement of its founders.

• 💼🎞️ Brief Take: Reality Bites for 1880 (21 June 2025)

• 📒 Quick Take: The Aftermath of 1880’s Collapse (24 June 2025)

• 📚 Acrostics Anatomy: Singapore Squeeze

🖼️ Singapore Postcard

I watched the “fly past” during Singapore’s National Day Parade from the Supply & Demand rooftop bar at Esplanade.

In other news, the Asian Development Bank (ADB) has approved its first health sector project in Turkmenistan, while Hong Kong’s underground music scene plays on.

🪔 India’s Resilience

JPMorgan’s global head of advisory and M&A, Anu Aiyengar, said the number of IPOs that the bank is preparing to do in India exceeds any other market.

• 📒 Quick Take: Asian Credit’s Shifting Currents

• 📒 Quick Take: Asia’s Bond Tide

💉 Turkmenistan’s Nursing Boost

Asian Development Bank greenlighted a USD 75 million-equivalent loan and a USD 2 million grant to increase the number and quality of nurses in Turkmenistan.

🎵 Hong Kong’s Base Jam

Small-scale underground gatherings have gained momentum in Hong Kong, with previously niche events drawing larger crowds in the past two years.

🖼️ Hong Kong Postcard

Hong Kong is a bustling trade and finance powerhouse, but the city also has some pockets of refuge from the hectic pace. My favourite spot in Hong Kong was the traditional eatery (cha chaan teng) where I could get good local food. I also liked sitting on the upper deck of the Hong Kong tram (ding ding).

📈 Sri Lanka’s Rating Lift

S&P said its upgrade reflected Sri Lanka’s efforts to complete the restructuring of its remaining commercial debt, including flag carrier SriLankan Airlines’ bond.

• 📚 Acrostics Anatomy: SriLankan Airlines’ Bond Truce

☕ Vietnam’s Coffee Harvest

Vietnam is expected to harvest its biggest coffee crop in four years following good rainfall, which may help to alleviate tight supply and put downward pressure on global prices.

👩‍🍳 Singapore’s Home Cooks

A Singapore duo launched a web-based listing platform that works like a directory for home cafes and food businesses, selling everything from matcha lattes and acai bowls to home-made pasta.

• 📚 Acrostics Anatomy: Singapore Squeeze

🖼️ Sri Lanka Postcard

I travelled to Sri Lanka in March 2024, when the country was climbing out of bankruptcy. One of my guides said that his family couldn’t afford cooking gas when inflation jumped as high as 70% during the economic crisis in 2022.

Since then, Sri Lanka has been gradually getting back on its feet, partly by raising taxes and interest rates. Tourism also made a comeback, which helped locals to earn some income. Sri Lanka is a beautiful country with great food, but what I remember most are the hospitality and resilience of the people there.

💼 China’s Debt Clearance

China may amend its bankruptcy framework to create an exit for bad debt, while some state-owned banks could absorb some of the local government arrears.

• 📚 Acrostics Anatomy: China’s Double Helix

• 👣 Asia’s Restructuring Milestones: China’s Bankruptcy Law

📜 Malaysia’s Cross-Border Insolvency Milestone

Malaysia’s Dewan Negara passed a bill to increase cooperation with other nations involved in cross-border insolvency. It incorporates international principles from the United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency.

• 👣 Asia’s Restructuring Milestones: Southeast Asia’s Mixed Platter

💰 Australia’s Loan Market Shines

Deal volumes have surged this year – as has competition, according to a note published by the Asia Pacific Loan Market Association (APLMA). Liquidity is deepening as more Asian lenders deploy capital into Australia, leading to better terms and tighter pricing for borrowers.

🍃 Goldwind’s Mongolian Wind Bet

Goldwind Science & Technology, the world’s largest wind-turbine maker, plans to invest around CNY 18.9 billion (USD 2.7 billion) on a wind power project in Inner Mongolia.

🖼️ Mongolia Postcard

A friend of mine said I should include more pictures in my Bright Spot, so here it is. In May 2024, I spent a bit of time with a herdsman’s family and stayed in a Mongolian ‘ger’ (similar to a yurt).

Being close to nature is ingrained in their way of life, but it’s not like they completely shun technology or modern advancements. The family has a small solar panel to charge some household appliances as well as a motorbike to herd sheep.

Over the past few days, we’ve had a cornucopia of bad news from the region, particularly Indonesia (violent protests), Thailand (political turmoil) and Singapore (retail closures).

So I’ve published Bright Spot #2, a curated pick of positive stories in a sea of negative headlines.

In this edition, Australian consumers lift the economy down under, Singapore’s beloved bar Wala Wala was resurrected, and two prominent ladies made a splash in their fields.

🦘 Australian Consumers Open Wallets

Australia’s economy grew at the fastest annual pace in almost two years in the second quarter, as consumers started spending after a long fallow.

🍻 Singapore’s Wala Wala Lives On

Wala Wala Café Bar – which has been around for over three decades – is now staying put at its Holland Village home instead of bowing out. The popular nightlife spot was set to close before the end of 2025, but thanks to a tweak in lease policy by its landlord and an outpouring of support from its loyal customers, Wala Wala will continue to welcome guests.

• 📚 Acrostics Anatomy: Singapore Squeeze

🏅 Debby Lim Wins IWIRC Asia Award

Debby Lim, Senior Partner at Dentons Rodyk, won the IWIRC Woman of the Year in Restructuring (Asia) Award for 2025. IWIRC is the International Women’s Insolvency & Restructuring Confederation.

• Excerpts of Debby’s acceptance speech

⚖️ Smitha Menon Joins SIAC Panel

Smitha Menon, WongPartnership’s Head of Restructuring & Insolvency and International Arbitration Practice partner, was appointed to the Singapore International Arbitration Centre (SIAC)’s specialist panel of arbitrators for restructuring and insolvency disputes.

Introducing Bright Spot, a curated pick of uplifting stories in a sea of negative news!

In the first edition, a popular Hong Kong gym received a lifeline, Vietnam ended the state monopoly on its gold market, and female brewers power up India’s craft beer scene.

🏋‍♀️ Hong Kong Gym Gets Lifeline

Pure, the Hong Kong gym chain frequented by the city’s financial elite, has secured commitments for new funding to help it pay down debt.

🪙 Vietnam Opens Up Gold Market

Vietnam is opening up its gold market, ending a state monopoly on imports and exports of raw bullion as well as producing bars.

🍺 Female Brewers Fuel India’s Craft Beer Scene

As a fixture of India’s burgeoning craft beer scene, Varsha Bhat is a rarity twice over: First as a woman who brews alcohol, and second as a woman who drinks it. Bhat is staking a claim to a male-dominated industry in a country where social mores compel most women to stay teetotal.

🧩 Puzzle #1: Eveline’s Takes Edition

If you’ve been reading Eveline’s takes, you should be able to crack this crossword puzzle easily. The row and column will turn green when you type in the right answer – otherwise try again!

• Puzzle

• Solution