<![CDATA[Acrostics Asia: Roundups]]>https://www.acrosticsasia.com/s/roundupshttps://substackcdn.com/image/fetch/$s_!O4hQ!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcc71899c-4e7b-485c-8587-157c234cc2c4_1280x1280.pngAcrostics Asia: Roundupshttps://www.acrosticsasia.com/s/roundupsSubstackFri, 17 Apr 2026 11:12:14 GMT<![CDATA[🗞️ Asia & Indonesia Roundup (17 April 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-17-aprilhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-17-aprilFri, 17 Apr 2026 08:53:48 GMTAsia Roundup

Vietnam Proposes Steep Cuts to Clean Energy Payouts in Protracted $13 Billion Dispute

Vietnam’s state utility has proposed retroactively slashing payments to 173 renewable energy projects by as much as 43% and clawing back part of the incentives already paid, The Business Times reported.

The proposed cuts by Vietnam Electricity (EVN) cover projects with a combined capacity of about 12 gigawatts and an estimated value of roughly USD 13 billion, and apply only to electricity generated during periods when the projects were deemed to have fallen short of approval conditions.

The move is the clearest sign yet of how Hanoi may settle a long-running dispute over eligibility for Vietnam’s earlier feed-in tariff regime, which through EVN, guaranteed fixed and generous tariffs for up to 20 years for qualified solar and wind power plants.

China’s PBOC Raises Leverage Ratios for Foreign Lenders to Support Outbound Investment

Beijing has raised the limit on banks’ overseas lending – a move that analysts say will support Chinese firms in outbound investment expansions while helping to stabilise the yuan, South China Morning Post reported.

Regulators raised the overseas loan leverage ratio for foreign banks in China and their joint ventures with Chinese lenders from 0.5 to 1.5, according to a statement published by the central bank and the foreign exchange regulator.

In a separate statement, the regulators said that the new rules would better address the financing needs of firms expanding abroad, as overseas loan volumes have grown steadily and some banks have raised concerns about lending limits.

Australia’s Housing Crisis Set to Worsen on Iran War Fallout

Higher construction costs caused by the war in the Middle East could worsen Australia’s ongoing housing crisis and threaten the country’s ability to meet ambitious housing targets, builders and economists have warned, The Business Times reported.

A surge in oil prices since the start of the US-Iran conflict has resulted in cost spikes of as much as 40% for some materials in the building sector, which is heavily dependent on diesel for fuel.

Indonesia Roundup

Indonesia’s Cabinet Secretary Sparks Debate with Remarks Targeting Analysts

Indonesia’s Cabinet secretary Teddy Indra Wijaya has sparked controversy with his remark about an “inflation of observers”, with critics saying it is the latest sign of the authorities’ shrinking tolerance for dissent in the democratic country, CNA reported, citing agencies.

Teddy claimed such commentators were shaping public opinion against President Prabowo Subianto’s administration.

“[It’s fine to] criticise us, but let’s not make statements that create anxiety or unsettle the public,” he said. “Everything is stable, everything is under control.”

Ginting & Reksodiputro Advises Bank Mandiri on $750 Million Bond Offer

Ginting & Reksodiputro, in association with A&O Shearman, advised Bank Mandiri on its offering of USD 750 million senior unsecured notes, according to the Indonesian law firm’s LinkedIn post.

”The issuance is a benchmark deal for the region as one of the first US Dollar bonds issued by a Southeast Asian bank following recent Middle East tensions,” the statement said, adding that the offering was oversubscribed by more than 3.3 times.

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

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (16 April 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-16-aprilhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-16-aprilThu, 16 Apr 2026 15:31:45 GMTAsia Roundup

China Imposes Lifetime Accountability for Officials’ Investment Decisions

China has introduced a lifetime accountability system for officials responsible for government investment decisions, aiming to curb local debt risks and improve capital efficiency as part of a sweeping overhaul of the country’s project approval process, Caixin reported.

The guidelines, released by the State Council, underscore Beijing’s efforts to tighten control over state spending and address industrial overcapacity amid weak domestic demand and persistent local government debt pressures.

Evergrande’s EV Bankruptcies Leave Over $2 Billion in Debt

The three primary manufacturing bases of Hong Kong-listed China Evergrande New Energy Vehicle Group have all entered bankruptcy proceedings, with nearly CNY 18 billion (USD 2.6 billion) in confirmed debt, Caixin reported.

Bondholders Seek Sweeteners as Shapoorji Unit Pushes Extension

Bondholders in a unit of India’s Shapoorji Pallonji Group are asking for compensation after the construction conglomerate sought a two-month extension to repay its debt, Bloomberg reported, citing people familiar with the matter.

Investors are bracing for tough negotiations. They plan to push for better terms in exchange for agreeing to the delay, such as higher yields, extra collateral, or a fee.

Indonesia Roundup

Hajj Costs Jump 26.5% as Oil Prices Surge, Government to Cover Gap

Indonesia will absorb a sharp increase in Hajj costs for 2026, as surging global oil prices and heightened geopolitical risks in the Middle East drive up travel expenses, Jakarta Globe reported.

Hajj and Umrah Minister Mochamad Irfan Yusuf said total Hajj-related costs have climbed by 26.5% or IDR 1.77 trillion (USD 103 million). The spike is largely tied to higher aviation fuel prices and additional risk-related charges.

Startup Founder Faces Decade in Jail After $300 Million Meltdown

Indonesian prosecutors demanded a 10-year prison sentence for the founder of eFishery, who admitted to inflating revenues after his company racked up some USD 300 million of investor losses to become one of Southeast Asia’s biggest startup failures, Bloomberg reported.

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

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (15 April 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-15-aprilhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-15-aprilWed, 15 Apr 2026 09:59:23 GMTAsia Roundup

Shenzhen Taps 12 Financial Institutions to Rescue Distressed Property Projects

Shenzhen has assembled 12 major financial institutions to form an advisory panel tasked with restructuring debt and injecting fresh capital into the city’s distressed real estate projects, Caixin reported.

The newly established panel pairs state lenders, asset managers and brokerages with local government departments. At its inaugural meeting on 8 April 2026, the group began reviewing an initial list of 82 priority projects.

Air India Asks Tata, Singapore Air for Funds After $2.4 Billion Loss

Air India racked up a wider-than-expected annual loss of more than INR 220 billion rupees (USD 2.4 billion), prompting the company to seek financial aid from its shareholders, Bloomberg reported, citing people familiar with the situation.

Air India’s controlling shareholder, Tata Group, as well as Singapore Airlines which owns 25.1% in the carrier, are in talks to inject some much-needed cash. The size of the infusion is still being discussed but may be less than what the carrier needs, meaning Air India would have to look for other financing options.

Vingroup Says Vienna Stock Exchange Accepted $350 Million Bonds for Listing

Vietnamese conglomerate Vingroup submitted an application for the listing of up to USD 350 million of bonds on the Vienna Stock Exchange through its international legal counsel, Latham & Watkins, according to its statement.

Vingroup said it received confirmation dated 9 April 2026 from the Vienna Stock Exchange, accepting the bonds for listing and trading.

Indonesia Roundup

Indonesia’s Rating Most at Risk in Southeast Asia Amid War, S&P Says

Sovereign ratings in Southeast Asia are expected to come under strain, with Indonesia’s particularly at risk in case of a prolonged Middle East conflict, Bloomberg reported, citing S&P Global Ratings.

“The credit quality of sovereigns with thinner rating cushions could slip in the scenario of a protracted energy market disruption. In Southeast Asia, we believe the sovereign ratings on Indonesia would be more vulnerable if the conflict drags on,” S&P said in a report.

Higher energy prices will increase Indonesia’s subsidy costs and weigh on its budget, while costlier oil imports will widen the current account deficit, S&P said. Faster inflation could also lead to higher market interest rates, which would push up the government’s borrowing costs.

Danantara to Step Up Middle East, Energy Security Investments

Indonesian sovereign wealth fund Danantara plans to double down on investments in the Middle East in spite of the war in Iran, and also plans to allocate more money this year to energy security, Bloomberg reported, citing Chief Investment Officer Pandu Sjahrir.

The year-old fund intends to deploy some $14 billion in 2026 across various asset classes, according to Pandu.

“Given what is going on today, there’s probably going to be a bias towards energy security,” he said, adding that more energy is also needed to support the growth in artificial intelligence and digital infrastructure. There will also “be a bias towards critical minerals.”

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

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (14 April 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-14-aprilhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-14-aprilTue, 14 Apr 2026 13:53:06 GMTAsia Roundup

BlackRock’s Asia Private Credit Fund Sees China Borrower Default

A BlackRock private credit fund in Asia has suffered the first default by a borrower in its portfolio after a Chinese company failed to repay a loan, Bloomberg reported, citing people familiar with the matter.

The delinquency occurred on 1 April, after Metcold Holdings, a Shanghai-based cold-chain infrastructure service provider, failed to repay the loan’s outstanding principal of $27.5 million. The unpaid interest is around $12 million.

While delinquencies in private credit aren’t unusual, concerns are growing that they may start rising due to risks such as AI’s disruptive effects on businesses and elevated borrowing costs.

China Court Orders Bankruptcy Liquidation for Zhongzhi Group and 316 Affiliates

A Beijing court has ordered the liquidation of Zhongzhi Enterprise Group and more than 300 related ​entities, in a major step towards resolving one ‌of China’s biggest shadow banking collapses and managing systemic financial risks, Reuters reported.

Creditors have until 10 June to file their claims with the ​administrator, Beijing Dacheng Law Offices, according to a ​court statement.

The court ruled ⁠that Zhongzhi and 316 affiliated firms would undergo a ​consolidated bankruptcy process, which means the assets and liabilities ​of the companies will be treated as a single pool in the proceedings.

Global Banks Play Hedge Card After RBI Blow on Rupee Bets

Some of the large foreign banks are trying to soften the blow from the Reserve Bank of India (RBI)’s sudden clampdown on speculative bets against the rupee, The Economic Times reported.

They are understood to have passed off some of the arbitrage deals, which were hit by the recent regulatory directives, as transactions done to hedge the capital received from overseas parents.

Arbitrage deals are cut to profit from price differences in the local foreign exchange forward market and the offshore market for non-deliverable forwards (NDFs).

Indonesia Roundup

Indonesian Employers Group Says 1.5 Million Left Jobless Every Year

Indonesia is facing a growing labor market imbalance, with around 1.5 million people left unabsorbed each year, Jakarta Globe reported, citing the Indonesian Employers Association (Apindo).

According to Bob Azam, head of labor affairs at Apindo, about 3.5 million people enter the workforce annually, while the economy is only able to absorb roughly 2 million.

“Our labor conditions are showing warning signs,” he said during a hearing with a parliamentary commission.

Despite Indonesia’s steady economic growth of around 5%, job creation remains limited. The imbalance risks pushing more workers into the informal sector, where job security and income stability are typically lower.

Danantara Says Exploring Garuda Indonesia JV with Middle Eastern Airlines

Indonesian sovereign fund Danantara is exploring a potential joint venture between flag carrier Garuda Indonesia and Middle Eastern airlines, including Saudia, Emirates and Etihad, for Muslim pilgrimages, Bisnis reported.

Internally, Garuda is pursuing operational efficiency amid a jump in oil prices, but it will take time, Danantara CEO Rosan Roeslani reportedly said.

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

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets

]]><![CDATA[🗞️ Asia & Indonesia Roundup (13 April 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-13-aprilhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-13-aprilMon, 13 Apr 2026 12:30:48 GMTAsia Roundup

SP Group Looks to Defer INR 143 Billion Bond Payment

Shapoorji Pallonji Group is seeking a two-month extension on INR 143 billion (USD 1.5 billion) of bonds maturing this month, as foreign exchange volatility and tighter hedging conditions disrupt its refinancing plans, The Economic Times reported. The original payment deadline is 30 April.

CapitaLand Investment Raises $320 Million for Second Regional Credit Fund

CapitaLand Investment (CLI) has achieved the final close of CapitaLand Asia Pacific Credit Program II, raising USD 320 million for its second regional credit fund, according to its LinkedIn post. CLI focuses senior secured, asset-backed real estate credit in the region.

ADB Sees Vietnam’s Economy Outpacing Indonesia and Malaysia

The Asian Development Bank (ADB) expects Vietnam to be the fastest-growing economy in ASEAN this year, IDN Financials reported.

In its Asian Development Outlook April 2026 report, ADB forecasts Vietnam’s economy to grow by 7.2% in 2026.

Indonesia is projected to rank second, with economic growth of 5.2%. Meanwhile, Malaysia is expected to rank third, with growth projected at 4.6%.

Indonesia Roundup

Indonesia Insists on Growth Target as World Bank Cuts Forecast

The Indonesian government has doubled down on its growth target for gross domestic product, insisting that it will achieve or even exceed the figure set in the state budget despite the World Bank’s move to downgrade its projection, The Jakarta Post reported.

Coordinating Minister for Economic Affairs Airlangga Hartarto told reporters that GDP growth this year would be “greater than or equal to” the 5.4% targeted in the budget.

Danantara Defends China Dominance in Waste-to-Energy Rollout

Sovereign wealth fund Danantara has defended the current Chinese dominance in Indonesia’s waste-to-energy rollout, Jakarta Globe reported.

When asked about China’s landslide win in the first tender and whether it will make sure the megaproject stays inclusive to other countries, Danantara Managing Director Rohan Hafas replied: "China, why not?”

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

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[📰 Weekly Roundup (7-13 April 2026): Bright Spot #18 | Garuda Indonesia’s Saudi Venture | Asian Airlines’ Survival of the Most Liquid]]>https://www.acrosticsasia.com/p/weekly-roundup-7-13-april-2026-brighthttps://www.acrosticsasia.com/p/weekly-roundup-7-13-april-2026-brightMon, 13 Apr 2026 02:22:22 GMTDear Valued Contacts,

Asian credit headlines tend to be dominated by defaults, disputes and debt restructurings. Bright Spot is an Acrostics Asia feature that tracks deal flows and moves in the industry – a way to spot opportunities, not just bad news.

☀️ Bright Spot #18 (7 April 2026)

Two themes have recently stood out in Asian credit.

Investors have shown growing interest in sovereign bonds, including those from frontier nations such as Mongolia, Kazakhstan and Uzbekistan. I wrote in October 2025 that the 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.”

The second theme was the data centre boom. I’ve compiled some of the deals related to AI, data centres or digital infrastructure in the region over the past few months.

In the latest On the Move, Australia’s private credit market has grown to an estimated AUD 234.5 billion in 2025, according to a report by EY-Parthenon. Meanwhile, Kai Yun Tan has joined Ashurst’s restructuring, insolvency and special situations practice as a partner in Singapore.

💼 Brief Take: Garuda Indonesia’s Saudi Venture (8 April 2026)

President Prabowo Subianto ordered Garuda Indonesia to explore a joint venture with Saudi Arabia’s flag carrier to increase the flight efficiency for Muslim pilgrimages. I wrote that while the president’s suggestion may make sense on paper, any traction depends on whether the Middle East nation would seriously consider it.

💼 Brief Take: Asian Airlines’ Survival of the Most Liquid (10 April 2026)

Airlines are in a survival-of-the-fittest mode, defined as who can stretch their liquidity the longest. Garuda has been hit hard as it must pay for rent and maintenance without being able to earn any money from its grounded planes. I laid out why the Indonesian carrier’s leases are such an albatross around its neck.

📒 Quick Take: Lining Up the Garuducks (29 April 2025)

It remains to be seen whether Garuda would pursue a fourth restructuring given the higher barriers. I’ve already outlined the potential route and considerations a year ago, but the problem is the carrier has an even weaker negotiating position now. Still, whoever can crack the Garuda puzzle may have their place in the hall of fame.

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

Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (10 April 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-10-aprilhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-10-aprilFri, 10 Apr 2026 13:50:28 GMTAsia Roundup

Kazakhstan SWF Closes Order Book for Debut Panda Bond

Kazakhstan sovereign wealth fund Samruk-Kazyna has closed the order book for its debut panda bond at a record-low yield of 2.18%, according to its LinkedIn post.

The panda bond issuance totalled CNY 3 billion (USD 439.1 million), with a three-year tenor in China’s domestic debt market. “The placement is being carried out under a registered program of up to CNY 10 billion, ensuring the Fund’s continued presence in the Chinese capital market,” Samruk-Kazyna said.

Uzbekistan Wealth Fund Confirms Plan for London IPO

Uzbekistan’s national wealth fund has confirmed plans to plough ahead with a London initial public offering, City AM reported.

In an update to the stock exchange, the National Investment Fund of the Republic of Uzbekistan (UzNIF) announced it expected to float on both the London and Tashkent stock exchanges.

Vingroup Signs Pact with India’s Maharashtra to Explore $6.5 Billion Investments

Vietnam’s largest conglomerate Vingroup signed a memorandum of understanding with Maharashtra’s state government to explore USD 6.5 billion in investments, Reuters reported via CNA.

The move will deepen Vingroup’s footprint in India, where its electric vehicle unit VinFast operates a manufacturing facility in the state of Tamil Nadu.

Indonesia Roundup

Indonesia’s Finance Minister Calls World Bank GDP Growth Downgrade a ‘Serious Mistake’

Indonesia’s Finance Minister Purbaya Yudhi Sadewa has pushed back against the World Bank’s decision to lower the country’s 2026 economic growth forecast from 4.8% to 4.7%, calling it a “serious mistake” that could undermine market and investor confidence in the country, local media reported via CNA.

Purbaya attributed the lower forecast partly to assumptions of high global oil prices, saying that such conditions will not last long and that projections will improve as energy prices normalise.

“The World Bank has created a negative sentiment about us. I’ll wait for their apology when oil prices return to normal levels and they revise their economic projections again,” Purbaya said, as quoted by news outlet Kompas.

Indonesia’s Prabowo Calls for Criminal Charges Against Firms Resisting Forest Crackdown

Indonesian President Prabowo Subianto ordered prosecutors to file criminal charges against companies that refuse to cooperate with a task force he launched to crack down on illegal activities in the country’s forests, Reuters reported via The Straits Times.

The task force, made up of military personnel, prosecutors and environmental regulators, has since early 2025 been seizing areas controlled by companies and individuals, ordering them to pay fines for what they describe as illegal business operations in designated forest areas.

Indonesia’s Richest Man Sells Stakes as Ownership Rules Tighten

Indonesia’s richest man has begun selling small stakes in his listed companies as tighter ownership rules push firms to increase shares available to public investors, Bloomberg reported.

Billionaire Prajogo Pangestu sold a 0.56% stake in Petrindo Jaya Kreasi to boost the company’s free float, according to a stock exchange filing. Pangestu-affiliated Green Era Energy this week also sold a fraction of its stake in Barito Renewables Energy.

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

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (9 April 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-9-aprilhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-9-aprilThu, 09 Apr 2026 10:31:25 GMTAsia Roundup

IMF Reaches Staff-Level Agreement with Sri Lanka on $700 Million Funding

IMF staff and the Sri Lankan authorities have reached staff-level agreement on economic policies to conclude the combined fifth and sixth reviews of Sri Lanka’s reform program, according to IMF’s statement. Once the review is approved by the IMF Executive Board, Sri Lanka will have access to about USD 700 million in financing.

The economic reforms implemented by the Sri Lankan authorities have continued to support the recovery, with reserves accumulating and real GDP growth and revenue mobilization outperforming expectations, according to the IMF.

“However, Sri Lanka is significantly exposed to the Middle East conflict and needs to build back better following Cyclone Ditwah.”

Asian Airlines Hoard Liquidity to Survive Worst Oil Shock Since 1980s

Asian airlines are shifting their focus from capacity growth to liquidity preservation as an infrastructure-led oil shock weighs heavily on industry margins, The Business Times reported, citing Thai Airways chief executive Chai Eamsiri.

Carriers are now in survival mode after the destruction of Middle East oil infrastructure and the effective closure of the Strait of Hormuz on 2 March. Aviation leaders noted that it will take months for the global jet fuel supply to stabilise.

China Considers Financial Aid for Airlines Hit by Oil Shock

China is considering financial relief and other measures for its struggling state-run airlines as the Iran war sends fuel costs soaring, in what could be the industry’s biggest lifeline since the Covid pandemic, Bloomberg reported, citing people familiar with the matter.

Government subsidies, preferential tax treatment and state-backed low-interest loans are options being explored by authorities. Mergers are also being considered.

Indonesia Roundup

Indonesia Aims to Cut Hajj Costs Despite Fuel Spike

Indonesia aims to reduce Hajj costs by about IDR 2 million (USD 117) per pilgrim despite the increase in fuel prices, Bernama reported on 9 April 2026. This reflects the government’s commitment to protect the lower-income community, President Prabowo Subianto was quoted as saying.

Acrostics Asia wrote on 8 April 2026 that the president’s suggestion for Garuda Indonesia to explore a joint venture with Saudi Arabia’s flag carrier may make sense on paper, but any traction depends on whether the Middle East nation would seriously consider the proposed joint venture.

Acrostics Asia also noted yesterday that Garuda will likely try to avoid a major increase in pilgrimage fares given the political sensitivity in Indonesia.

Danantara Orders Construction SOEs to Complete Restructurings Before Merger

Indonesian sovereign fund Danantara has ordered the state-owned builders to complete their restructurings before a planned merger by the end of this year, Bisnis reported.

One of the construction SOEs, Wijaya Karya, aims to restructure its bank loans and bonds by June 2026, so the Indonesia Stock Exchange will allow its suspended shares to resume trading in the second half of this year.

Danantara to Consolidate SOEs in Sugar Sector

Danantara is consolidating the state-owned enterprises in the sugar sector, CNN Indonesia reported, citing the sovereign fund’s Chief Operating Officer Dony Oskaria.

The sugar factories owned by ID Food should be transferred to Sinergi Gula Nusantara or Sugar Co, according to the report.

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

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (8 April 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-8-aprilhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-8-aprilWed, 08 Apr 2026 15:07:48 GMTAsia Roundup

FTSE Russell Confirms Vietnam’s Emerging Market Status

FTSE Russell confirmed it will upgrade Vietnam to emerging market status from frontier status in September based on ​an interim review, the final seal of approval for the long-awaited move, Reuters reported.

Vietnam ‌will be added to FTSE Russell’s global equity indices beginning on 21 September in phases that will continue into 2027.

China Corruption Probe Highlights Local Debt Strains

An investigation into a senior transport official in China’s Guizhou province has delayed subsidy payments to infrastructure projects, disrupting loan servicing and highlighting vulnerabilities in local government-linked debt, Caixin reported.

Zhang Yin, a former head of Guizhou’s transportation department, is under investigation for suspected corruption, the province’s top anti-graft agency said.

Asian Coal Bonds Beat Peers as Iran War Triggers Energy Rethink

An unprecedented global energy crisis is driving Asia back to coal, in a pivot that’s generating a surprise boon for miners of the dirtiest fossil fuel and their bondholders, Bloomberg reported.

Notes of coal miners and related entities in the Asia Pacific, the destination of roughly 80% of the crude oil that transits the Strait of Hormuz, have returned 0.3% since the war started, according to prices compiled by Bloomberg. That compares with a 0.4% loss on debt of peers outside the region and a 2.4% slump in a broader gauge of global corporate bonds.

Indonesia Roundup

FTSE Keeps Indonesia’s Market Status Amid Ongoing Reforms

FTSE Russell will “closely monitor” Indonesia’s capital market reforms after the postponement of a March index review of the nation’s equities, Bloomberg reported.

The index compiler said it is not considering Indonesia for inclusion on the watch list, and the country’s Secondary Emerging market status remains unchanged.

Indonesia Finalizes Restructuring Plan for China Train Debt

Indonesia said that it had finalized its debt restructuring plan for the China-backed Jakarta-Bandung bullet train or Whoosh, Jakarta Globe reported.

The fund’s chief operating officer, Dony Oskaria, told reporters that the government would make a public announcement within two weeks on what they had in mind to tackle the problem.

Indonesia’s FX Reserves Hit Two-Year Low on Rupiah Defense

Indonesia’s foreign exchange reserves fell for a third straight month in March to the lowest level in nearly two years as the central bank stepped up market intervention to stabilize the falling rupiah, Bloomberg reported.

Foreign reserves declined $3.7 billion to $148.2 billion, the lowest since July 2024, due to Bank Indonesia’s steps to stabilize the currency and the government’s external debt repayments, the central bank said in a statement. The stockpile shrank by $8.3 billion in the first three months of this year.

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

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (7 April 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-7-aprilhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-7-aprilTue, 07 Apr 2026 15:07:51 GMTAsia Roundup

Underwater Mortgages Force China’s Banks to Get More Creative

Sinking real estate values in China are pushing millions of mortgages underwater, increasing the risk of losses for lenders and property owners, Bloomberg reported. Behind the scenes, Chinese bankers and officials are getting creative to contain the fallout.

Several state-owned banks have approached cash-strapped borrowers and offered them payment holidays on their mortgages for as long as two years. Some lenders are working with individual customers to find buyers for their homes, instead of calling defaults and foreclosing on the properties.

Top Indian Court Refuses to Interfere with Order Allowing Adani to Acquire JAL

In a setback to Vedanta Group, India’s Supreme Court declined to stay the implementation of Adani Enterprises’ resolution plan for debt-ridden Jaiprakash Associates Ltd (JAL), NDTV reported.

A bench led by Chief Justice Surya Kant noted that the insolvency proceedings are already listed for a final hearing before the National Company Law Appellate Tribunal (NCLAT) on 10 April 2026, and therefore found no reason to intervene at this stage.

Vinpearl Aims to Raise VND 8 Trillion via Preferred Share Offering

Vietnam’s Vinpearl has proposed a private placement of up to 100 million preferred shares in 2026, Vilasia wrote, citing a local report. These shares are convertible into common shares and carry a 6% cumulative annual dividend.

The offering price is set at VND 80,000 VND per share, with a target to raise a maximum of VND 8 trillion (USD 303.8 million at today’s exchange rate), according to the report.

Malaysia’s Sunway Fails in Bid to Take Over IJM

Sunway’s bid to take over IJM Corp has failed as it did not get enough support from IJM’s shareholders, The Edge reported.

On 6 April, the closing date of the offer, Sunway had received acceptances amounting to only 33.43% – below the 50% threshold.

Indonesia Roundup

Indonesia’s Central Bank Intervenes in FX Market After Rupiah Hits Record Low

Bank Indonesia has intervened to maintain the rupiah's stability and avoid excessive volatility after the currency hit a record low against the dollar, Reuters reported, citing Senior Deputy Governor Destry Damayanti.

The rupiah weakened to 17,090 per dollar on Tuesday morning, according to LSEG data. The currency has fallen by more than 2% against the dollar in 2026, which is in line with some of its regional peers.

Indonesia Moves to Reclaim 1,700-Hectare Illegal Mine After Arrest of Tycoon Samin Tan

Top Indonesian law enforcement officials and cabinet members inspected a nearly 1,700-hectare illegal coal mining site in Central Kalimantan – linked to mining tycoon Samin Tan – following his recent arrest, Jakarta Globe reported.

The site was operated by Asmin Koalindo Tuhup, a company owned by Samin, whose mining license was revoked by the government in 2017. Samin was arrested by the Attorney General’s Office on 28 March and named a suspect in a corruption case.

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

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (6 April 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-6-aprilhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-6-aprilMon, 06 Apr 2026 13:35:49 GMTAsia Roundup

China’s Property Slump Far from Over Despite Country Garden’s Return to Profit

A string of earnings reports from major Chinese property developers released this week is doing little to suggest the sector’s prolonged slump is over, despite a return to profit by debt-ridden Country Garden, The Business Times reported.

Guangdong-based Country Garden, which was once China’s largest developer by contracted sales, swung back into the black in 2025 for the first time in three years. However, analysts said the one-off improvement was driven mainly by debt restructuring rather than a recovery in its core business operations.

Results from other major Chinese developers, including embattled state-linked Vanke and state-owned China Overseas Land and Investment, suggest that China’s property sector remains under strain.

Uzbekistan Places USD 1 Billion Equivalent of Bonds

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

Interest rates on Uzbekistan’s previous issuances of three-year international bonds in its national currency stood at 16.625% in 2024 and 15.5% in 2025.

India’s SP Group Gets Relief on $3.4 Billion Private Credit Debt

A unit of India’s Shapoorji Pallonji Group has secured approval from its major lenders to ease a key debt condition after falling collateral values pushed it closer to its borrowing limits, Bloomberg reported.

Its financing arm, Porteast Investment, will temporarily raise its loan-to-value limit to 40% from 34% for four months through 15 July.

The pressure follows a decline in the derived value of Tata Sons shares pledged as collateral. Tata Sons, the unlisted holding company of Tata Group, gets much of its value from its stake in Tata Consultancy Services (TCS). Shares of TCS have slumped more than 22% so far this year amid a broader selloff in software stocks.

AirAsia X to Raise Fares, Cut Capacity over Middle East War

Budget carrier AirAsia X said it will need to raise fares and cut some flights in places where it can no longer cover fuel costs, with oil prices surging due to the conflict in the Middle East, Reuters reported via CNA.

The company has raised fuel surcharges by about 20%, while fare prices have increased between 31% and 40%.

Indonesia Roundup

Indonesia Raises Jet Fuel Surcharge, Flight Ticket Prices as Oil Soars

Indonesia announced a 28-percentage-point rise in the surcharge on jet fuel, and said it will allow airlines to raise the domestic ticket price – which the government caps – by up to 13%, AFP reported via The Straits Times.

As global oil prices soar on the back of the Middle East war, Coordinating Minister for Economic Affairs Airlangga Hartarto told reporters the jet fuel surcharge would rise from 10 to 38%, and the base ticket price between 9 and 13%.

Danantara Pushes Asset Manager Merger With $159 Million Deal

Indonesia’s sovereign wealth fund is advancing a plan to combine the asset management units of state-owned lenders in order to boost their regional competitiveness, Bloomberg reported.

Danantara unit Danantara Asset Management signed deals to acquire the investment management subsidiaries of Bank Mandiri, Bank Rakyat Indonesia, Bank Negara Indonesia and Permodalan Nasional Madani, subject to regulatory approvals, according to stock exchange filings.

The wealth fund will acquire stakes for a total of IDR 2.7 trillion (USD 158.8 million), as it seeks to create “a champion with strong competitiveness,” Bloomberg reported.

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

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[📰 Weekly Roundup (31 March-6 April 2026): Garuda Indonesia | Supreme Courts of Singapore and Indonesia Sign MOU on Cross-Border Insolvency Cooperation]]>https://www.acrosticsasia.com/p/weekly-roundup-31-march-6-april-2026https://www.acrosticsasia.com/p/weekly-roundup-31-march-6-april-2026Mon, 06 Apr 2026 02:14:19 GMTDear Valued Contacts,

I was away last week so Acrostics Asia’s flows went down. Nevertheless, I kept an eye on some of the key names in Asia credit including Garuda Indonesia, which is closely watched by banks, bondholders, lessors and advisors.

Most of what I wrote last year has proven accurate so far – the divergence is that I thought Indonesian sovereign fund Danantara’s money would have bought Garuda a couple of years at least, but now the oil jump may accelerate the erosion of the flag carrier’s buffer.

These are some excerpts from my take on 25 April 2025 that laid out why a fourth restructuring would be challenging for Garuda:

The difficulty level for a new round of restructuring has increased because Garuda already went through a local in-court restructuring (PKPU) in 2022. The bankruptcies of Sritex and Arpeni Pratama Ocean Line are a cautionary tale for Garuda as it’s unlikely to get another chance if it defaults on its PKPU agreement.

Indonesian coal miner Bumi Resources also attempted a post-PKPU restructuring, but faced a potential holdout given that a Chinese bank’s request to be repaid faster risked upsetting the balance with other creditors. In the end, local conglomerates Salim Group and Bakrie Group swooped in with an equity deal partly to safeguard Bumi’s key mineral assets.

Garuda may struggle to find a white knight like Bumi did because most of its planes are leased and any prospective investor would have to deal with the Indonesian government. The airline is also running out of carrots as it already dangled the promise of a listing on the Indonesia Stock Exchange during its second restructuring.

As a state-controlled airline and publicly listed company, Garuda comes under more scrutiny than Lion Air Group, which is privately owned by Indonesian tycoon Rusdi Kirana and his family.

Lion Air also had to restructure its debt after being hit by the pandemic, but Kirana managed to get lessors to play ball by setting up a new airline, Super Air Jet, and waving the stick of leaving dissenting creditors behind.

Another notable development in the restructuring scene was the MOU signed by the Supreme Courts of Singapore and Indonesia on cross-border insolvency cooperation.

The aim is to improve communication and cooperation in insolvency and restructuring, especially through the appointment of points of liaison, according to their media statement.

“This is helpful, especially for parties trying to coordinate parallel schemes, or run a Singapore-seated restructuring alongside an Indonesian PKPU in an offshore and onshore pairing,” Jo Tay wrote in her LinkedIn post.

“I think we should definitely see these developments alongside the expansion of the Singapore International Commercial Court’s jurisdiction to hear restructuring and insolvency proceedings.”

I’m back on the grid so Acrostics Asia’s flows should resume this week. Have a good week ahead!

Best,

E

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

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[📰 Weekly Roundup (24-30 March 2026): Serba Dinamik’s Castle of Illusion | Indonesian Restructuring Case Studies | Garuda Indonesia’s Quicksand | Asian Sovereign Signals]]>https://www.acrosticsasia.com/p/weekly-roundup-24-30-march-2026-serbahttps://www.acrosticsasia.com/p/weekly-roundup-24-30-march-2026-serbaMon, 30 Mar 2026 03:18:30 GMTNote: Eveline will be away this week.

Dear Valued Contacts,

Last week I focused on a couple of deep dives in Malaysia and Indonesia. Also do check out the compilation of Acrostics Asia’s sovereign signals across Indonesia, Vietnam, Singapore, China, Sri Lanka and Mongolia.

📒 Quick Take: Serba Dinamik’s Castle of Illusion (25 March 2026)

How did Serba Dinamik fool lenders including banks and offshore bondholders before the Malaysian energy services company’s auditor blew the whistle?

Across various sectors and countries, the common pattern is to raise money from investors or lenders by making them believe that more money will be made down the road, even though the underlying business is not generating enough cash. In short, the game is to create and maintain the illusion of a real business.

Serba’s modus operandi can be boiled down into four categories:

  1. Working Capital Management

  2. Elevated Margins

  3. Questionable Transactions

  4. Overseas Foray

📚 Acrostics Anatomy: Indonesian Restructuring Case Studies (25 September 2024)

The tricks used by Serba over the years were remarkably similar to the toolkits deployed by bankrupt Indonesian textile company Sri Rejeki Isman (Sritex). I’ve republished the Indonesian Restructuring Case Studies that I wrote back in September 2024, as some of the takeaways are applicable to other situations.

📒 Quick Take: Garuda Indonesia’s Quicksand (26 March 2026)

I wrote in May 2025 that given the restructuring fault lines in Indonesia, the options left for Garuda were to restructure its debt one by one, protect its key units, or start a new company. “All three options are unpalatable for Garuda, so officials might be tempted to throw just enough cash at the problem and pray that it’ll resurface later rather than sooner.”

The Indonesian flag carrier has now landed on quicksand, as the capital injection from sovereign fund Danantara risks drying up faster than expected. This erosion may accelerate because of three factors:

  1. The Iran War has pushed up oil prices and forced some airlines to fly longer routes to avoid the geopolitical minefield.

  2. The weaker rupiah has increased the costs of repairs and maintenance.

  3. Nearly 40% of Garuda’s fleet was reportedly grounded, meaning that the airline has to keep paying for maintenance without being able to fly those planes.

🚨 Newsflash: Garuda Indonesia Says PKPU Ratification Recognized by French Court (27 March 2026)

There’s some good news for Garuda and its lawyers, as its local in-court restructuring (PKPU) was recognized by a French court. The Paris Civil Court also ordered Greylag Goose Leasing to pay legal costs to the flag carrier and its French subsidiary.

Greylag is one of Garuda’s lessors that waged a multi-year, multi-jurisdiction war against the airline. Garuda scored victories on critical battlegrounds, such as getting its restructuring recognized in Singapore and successfully asserting foreign state immunity in Australia.

👟 Walk the Talk: Asian Sovereign Signals (27 March 2026)

Acrostics Asia has been delivering forward-looking insights across Asian sovereigns and state-linked entities as part of its daily flow. The proof is in the file.

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (27 March 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-27-marchhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-27-marchFri, 27 Mar 2026 09:59:31 GMTAsia Roundup

Australia Ramps Up Private Credit Scrutiny, Demanding More Data

Australia’s corporate regulator is boosting supervision of the private credit industry by requesting more detailed data from funds on a weekly basis, Bloomberg reported.

In a questionnaire sent this week to private credit fund managers, the Australian Securities & Investments Commission asked for data on key metrics such as defaults, redemption requests, the composition of retail and wholesale investors, liquidity and leverage. ASIC has asked for the data to be submitted every Thursday for the next six weeks.

Vietnam Police Bust Multi-Billion Dollar Crypto Scam

Police in Vietnam said they busted a multi-billion-dollar scam that centered on selling fake digital currency to unsuspecting victims on an “exceptionally large scale”, AFP reported via CNA.

At least seven people were arrested in connection with the fraudulent platform that was visited by millions of Vietnamese people.

Unlike neighbouring China, which has banned cryptocurrencies outright, Vietnam has allowed blockchain technology to develop in a legal grey area – barring its use for payments but letting people speculate unimpeded.

Malaysia’s Sunway Makes Case for IJM Buy

Sunway believes its offer to acquire IJM Corp is appropriately valued amid some skepticism from the general public and an early rejection from the latter’s 13.5% shareholder, Permodalan Nasional Bhd (PNB), The Star reported.

The group retained its stance that it will walk away from this proposed acquisition if it did not obtain a majority of IJM’s shareholders approval (50% plus one share).

Commenting on PNB’s reported rejection, Sunway’s chairman Jeffrey Cheah said the fund may not have been serious as they had rejected it three weeks ahead of the deadline.

“My take is that they are playing a bit of poker but my hope is that they will come to their good reasoning and vote for this takeover when the time comes on 6 April – and I believe they will, based on our compelling offer,” he said.

Indonesia Roundup

MSCI Deadline Tests Indonesia’s Resolve to Fix Opaque Ownership

A looming MSCI decision over Indonesia’s market status is highlighting the challenge regulators face to address opaque ownership structures and poor disclosures by the nation’s biggest companies, Bloomberg reported.

Regulators are trying to identify ultimate ownership and stakes in a system where tycoons routinely hide behind a web of related parties and affiliates to avoid scrutiny. The clash is pitting understaffed regulators with a patchy track record against powerful elites who have used that system to dominate large parts of Southeast Asia’s largest economy.

Garuda Indonesia Says PKPU Ratification Recognized by French Court

Garuda Indonesia said its local in-court restructuring (PKPU) ratification has been recognized by the French court.

The Paris Civil Court also ordered Greylag Goose Leasing to pay legal costs to the Indonesian flag carrier and its French subsidiary, Garuda Indonesia Holiday France, according to its stock exchange filing.

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (26 March 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-26-marchhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-26-marchThu, 26 Mar 2026 12:05:10 GMTAsia Roundup

Singapore Fund Winds Down as $1.4 Billion Student Dorm Bet Sours

Singapore’s Mapletree Investments will liquidate a property fund that once had assets above USD 1.4 billion, after its bets on college accommodation in the UK and US suffered years of underperformance, Bloomberg reported.

The Mapletree Global Student Accommodation Private Trust, almost three years after halting regular payments to investors, finally came to an end on 16 March 2026. Its net internal rate of return by the end of last year was just 1.1%, well short of its initial target of 12%.

The fund – which now has assets of around USD 700 million – asked its investors to give it more time before returning their capital. But at a vote earlier this month its investors rejected the plans. That has pushed the fund into wind-down, meaning it may ultimately need to sell assets at steep losses to give investors their money back.

Malaysia’s Sunway Wins Shareholder Approval for IJM Takeover Bid

Malaysian conglomerate Sunway won shareholder approval ​for its proposed takeover of construction firm IJM Corp with 99.97% ‌voting in favour at an extraordinary general meeting, Reuters reported, citing its chairman Jeffrey Cheah.

The vote marks a significant step for Sunway, which launched the takeover ​offer on 12 January in a bid to acquire IJM in a RM 11 billion ⁠(USD 2.76 billion) deal.

The offer, however, has ​faced pushback from IJM’s independent adviser, which urged shareholders to reject ​the bid, saying the offer price represented a discount of between 46.1% and 51.4% ‌to ⁠the estimated value of IJM shares.

Opposition to the deal also intensified after Malaysia’s largest asset manager, Permodalan Nasional Bhd, said on 16 March it would not accept Sunway’s voluntary takeover offer for its 13.5% stake in ​IJM.

Vietnam’s VietJet Adjusts Schedules over Potential Fuel Shortages

Vietnamese budget airline VietJet said it has adjusted its flight schedule due to potential fuel shortages, Reuters reported via The Straits Times.

Vietnam, which is heavily reliant on imported energy, has been struggling with surging fuel prices and tight supplies due to the war in the Middle East. VietJet said it will adjust flight frequency on selected routes but will maintain services on all of its 64 international routes.

Indonesia Roundup

Bond Boom in Indonesia Stymied by Oil-Driven Inflation Risks

Indonesia’s local credit market is coming under strain as the Iran war drives oil prices higher, stoking inflation risks, accelerating capital outflows and sharpening concern over the country’s creditworthiness, Bloomberg reported.

Local-currency borrowing costs for top-rated issuers have climbed nearly 70 basis points this month to the highest in almost a year, as investors price in the risk that energy will feed into inflation and complicate the policy outlook.

With the rupiah near record lows and concerns over the sovereign rating intensifying, offshore bond markets and external loans have become increasingly difficult to access – even for higher-rated borrowers – leaving issuers more exposed to tightening conditions at home.

Indonesia Weighs Fare Hike as Airlines Push for 15% Increase

The Indonesian National Air Carriers Association (INACA) has proposed a 15% increase in airline ticket ceiling prices for both jet and propeller aircraft, citing rising operational costs driven by global geopolitical tensions, Tempo reported.

INACA Secretary General Bayu Sutanto said the proposal aims to anticipate a potential increase in aviation fuel prices by state energy firm Pertamina starting 1 April 2026.

Indonesia Eyes 1 April Launch for Coal Levy as Budget Pressures Mount

Indonesia is racing to finalize a coal export levy for an April rollout, seeking fresh revenue as soaring oil prices threaten to widen the budget deficit, Jakarta Globe reported.

Finance Minister Purbaya Yudhi Sadewa said the policy is still being finalized and will be decided in a cross-ministerial coordination meeting, leaving uncertainty over whether the timeline will hold.

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (25 March 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-25-marchhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-25-marchWed, 25 Mar 2026 15:15:08 GMTAsia Roundup

Sri Lanka Orders Nationwide Blackout Measures to Avert Power Collapse

Sri Lanka ordered streetlights, neon signs and billboard lighting to be switched off as part of measures to cut energy consumption by 25% to tackle supply shortages, AFP reported.

Government spokesman Nalinda Jayatissa said all state institutions had been asked to reduce the use of air conditioning as the Middle East war entered its fourth week, driving up oil and gas prices.

Vingroup’s Hospitality Arm Seeks $300 Million in Private Debt

The hospitality unit of Vingroup is seeking a private credit loan of as much as USD 300 million for refinancing, Bloomberg reported.

The proposed four-year debt for Vinpearl is structured as convertible preferred shares that offer dividends, with the potential for upside in returns when certain milestones are achieved.

Vingroup, which has businesses ranging from real estate to private education, has tapped the private credit market previously. In September, the conglomerate’s EV unit VinFast Auto secured a USD 150 million loan for working capital, after raising USD 510 million in private debt two months prior.

Share Buybacks in Singapore Surge 62% in 2025

Share buybacks in Singapore surged 62.3% year on year in 2025 to reach USD 1.5 billion, as global buybacks hit a record high, The Business Times reported, citing a study by US investment management firm Capital Group.

This growth in Singapore was driven mainly by the banking sector, especially United Overseas Bank (UOB), which initiated a large buyback program in early 2025.

Indonesia Roundup

Indonesia Mulling Cuts in Free Meal Distribution, Minister Says

Indonesia is considering cuts in ​the distribution of ‌free student meals from six days a week ​to five, ​in a bid to save ⁠the country’s budget ​amid the ongoing ​conflict in the Middle East, Reuters reported.

Finance Minister Purbaya Yudhi Sadewa said ​the measure could save IDR 40 ‌trillion ⁠(USD 2.37 billion). The proposal came from the head of Indonesia’s national ​nutrition ​agency ⁠and would need to be ​approved by President ​Prabowo ⁠Subianto, he added.

Indonesia Financial Regulator Approves Phased Three-Year Implementation of Free Float Rules

Indonesia’s financial regulator has approved the phased three-year implementation of free float requirements drawn up by the Indonesia Stock Exchange, its chief capital market supervisor Hasan Fawzi reportedly said.

Fawzi said that the legally-binding “implementing rule” for the free float plan will be issued by the end of March.

The 15% free float requirement is part of a series of capital market reforms designed to allay concerns raised by index provider MSCI about transparency in Southeast Asia’s biggest economy.

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (24 March 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-24-marchhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-24-marchTue, 24 Mar 2026 09:40:03 GMTAsia Roundup

India’s Bad Bank Framework Set for Overhaul with NARCL-IDRCL Merger

Five years after being floated, India’s bad bank framework is set for a structural change, with plans underway to merge the National Asset Reconstruction Co (NARCL) and India Debt Resolution Co (IDRCL), The Economic Times reported, citing people familiar with the matter.

China’s Trust Firms Pivot From Risky Debt After Crackdown

Standardized assets such as stocks and bonds accounted for more than half of China’s fund trusts by value as of June 2025, Caixin reported, citing industry data. The change highlights a critical transformation in China’s multitrillion-dollar trust industry, once the core of the country’s shadow banking system.

Driven by a regulatory crackdown on risk in the financial system, the industry is being forced to abandon its old, highly profitable model of funneling funds into non-standard debt for real estate projects and local governments in favor of becoming genuine asset managers that compete on performance, according to Caixin.

Cathay Pacific Counts on Southeast Asia’s Burgeoning Middle Class to Drive Growth

Hong Kong-based Cathay Pacific is counting on Southeast Asia’s fast-expanding middle class to power its next phase of growth, even as geopolitical tensions continue to disrupt global aviation flows, The Business Times reported.

Despite near-term headwinds from the Gulf conflict, the carrier said growth will come from its established key markets of China and North Asia – but Southeast Asia will also be increasingly important.

Indonesia Roundup

Prabowo Says Indonesia Never Pledged $1 Billion to Board of Peace

Indonesia will not be paying USD 1 billion to US President Donald Trump’s Board of Peace, President Prabowo Subianto said, emphasising that Jakarta’s role is limited to peacekeeping support, CNA reported.

His comments were aimed to dispel concerns that Indonesia’s state budget could be burdened by the financial obligation, following remarks from Finance Minister Purbaya Yudhi Sadewa that the contribution could be sourced from the defence ministry’s budget.

Indonesia Targets Investment Banks for ‘Alleged Capital Market Crimes’

Indonesia is scrutinising investment banks as it looks to regain investor confidence after a downgrade warning from index provider MSCI in January triggered the country’s worst market rout in decades, Financial Times reported.

In recent weeks, authorities have penalised Singapore’s UOB Kay Hian and opened investigations into the Indonesian units of South Korean financial groups Mirae Asset and Shinhan Bank for their roles in initial public offerings and related trades.

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (23 March 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-23-marchhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-23-marchMon, 23 Mar 2026 09:23:25 GMTAsia Roundup

OCBC’s Claim Over Capsized Oil Rig Fails at Singapore’s Highest Court After 5-Year Battle

The ripples caused by a jack-up oil rig that capsized in 2018 on its maiden voyage from Vietnam to Taiwan continue to hit Singapore. The latest fallout involves home-grown OCBC Bank – the mortgagee of the vessel – which had its USD 56 million insurance claim dismissed by Singapore’s apex court after a five-year court battle, The Straits Times reported.

The Court of Appeal on 19 March 2026 held that the bank had not proved that the vessel was lost due to what courts refer to as “perils of the seas” and that it was a total loss.

The highest court, comprising Chief Justice Sundaresh Menon, Justice Steven Chong and Justice Hri Kumar Nair, allowed an appeal by five insurers, overturning an earlier High Court decision that had ruled in favour of OCBC.

Liberty Bell Bay Placed into Voluntary Administration After Years of GFG Alliance Financial Struggles

The owner of the Bell Bay manganese smelter in northern Tasmania has entered voluntary administration, ABC reported.

Ernst and Young has been appointed as administrator of Liberty Bell Bay (LBB), and says it will work with governments and unions to ensure the smelter’s ongoing operations. It will also meet with the company’s estimated 216-strong workforce.

Ernst and Young will attempt to secure further funding for operational costs and for employee wages, with its primary role to restructure or sell the company.

The Australian Securities and Investments Commission (ASIC) applied to wind up and liquidate LBB – a subsidiary of Sanjeev Gupta’s GFG Alliance – over its failure to lodge financial statements for five years.

Del Monte Foods Completes Sale Transactions Across All Business Segments

Del Monte Foods has completed its three previously announced sale transactions for substantially all of its assets and business operations as going-concern businesses, according to its statement.

The completed transactions include:

  • The sale to Fresh Del Monte Produce of the company’s vegetable, tomato, and refrigerated fruit business assets.

  • The sale to B&G Foods of all assets in the broth & stock business segment.

  • The sale to Pacific Coast Producers of the shelf-stable fruit business assets (other than production assets).

The Del Monte Foods entities are the US indirect subsidiaries of Del Monte Pacific Limited.

Indonesia Roundup

Indonesia Eyes $4.7 Billion in Savings to Brace for Middle East War Impact

Indonesia is eyeing up to IDR 80 trillion (USD 4.7 billion) in savings to cushion its economy from the fallout of the war in the Middle East, AFP reported via CNA.

Southeast Asia’s largest economy is also mulling fuel-saving measures including one day of remote working per week for government and certain public sector workers as US-Israeli strikes on Iran and Tehran’s retaliatory response in the Gulf have sent global oil prices soaring.

Businesses See Downside to Indonesia’s Work from Home Plan to Tackle Oil Shock

Indonesian business groups are raising concerns over a government plan to expand work-from-home (WFH) arrangements, warning the policy could weigh on household consumption and slow economic activity despite its intended energy-saving benefits, Jakarta Globe reported.

Indonesian Chamber of Commerce and Industry deputy chair Sarman Simanjorang said the proposed WFH policy for both government employees and private sector workers risks dampening spending, particularly in urban areas where office activity drives demand across multiple sectors.

Indonesia Steps Up Bid to Become Regional Data Centre Hub

Indonesia’s data centre industry is expanding rapidly, driven by its booming digital economy and rising demand for artificial intelligence and cloud services, CNA reported.

Nearly 200 data centres of varying sizes are already operating across the country. More are on the way, as global tech giants and regional players ramp up investments and the country positions itself as a potential data centre hub amid growing competition in Southeast Asia, according to CNA.

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[📰 Weekly Roundup (17-23 March 2026): Acrostics Asia Library | Garuda Indonesia 2025 Results | Research Corner #2 | Bright Spot #17 | Repeat Builder]]>https://www.acrosticsasia.com/p/weekly-roundup-17-23-march-2026-acrosticshttps://www.acrosticsasia.com/p/weekly-roundup-17-23-march-2026-acrosticsMon, 23 Mar 2026 03:00:03 GMTDear Valued Contacts,

Eid Mubarak/Selamat Hari Raya to those who celebrate it!

Image source: Canva

I organized the rapidly growing content on Acrostics Asia’s site (www.acrosticsasia.com) over the past week, with new features including a Newsfeed section and Key Topics (right bar on the web and bottom on mobile) for faster navigation.

🎒 Acrostics Asia Library

I also built a ‘library’ that compiles Acrostics Asia’s key coverage across Asia’s credit markets – categorized by topic and country for easy reference.

I unpacked Garuda Indonesia’s latest results to gauge the impact of Danantara’s capital injection on its financial health. Overall, the recapitalization improved the flag carrier’s balance sheet, but has not turned around its operations.

I wrote on 21 November 2025 that Garuda was handing out stakes in return for the support from Danantara and its fellow SOEs, but this may limit the room for the airline and its subsidiaries to obtain equity financing from third parties. After its capital injection, Danantara has become Garuda’s biggest shareholder with a 91.11% stake.

Renegotiating Garuda’s costly leases would have been a logical move to reduce its burden, but the airline is likely hamstrung by its local in-court restructuring (PKPU) agreement. Back on 13 May 2025, I wrote that PKPU is like a last chance saloon where borrowers have one shot at an in-court restructuring and risk being filed into bankruptcy if they re-default.

🔎 Research Corner #2 (1-21 March 2026)

Apart from producing original insights, Acrostics Asia also pulls research and commentaries from the region that can help readers to make sense of the evolving trends.

The latest edition of Research Corner highlights insights across China’s economy, the emerging fault lines in India’s private credit market, the impact of the Iran War on the aviation sector, data centre financing in Asia Pacific, a potential overhaul of Mongolia’s Minerals Law, as well as legal updates in Singapore and Vietnam.

Lianhe Zaobao China News Editor Yang Danxu wrote a refreshingly blunt take on how slogans alone can’t solve China’s economic woes. In India, Shilpy Sinha’s report on the early signs of stress in the nation’s USD 25 billion private credit market is a must-read amid the ongoing euphoria.

☀️ Bright Spot #17 (17 March 2026)

I created Bright Spot after one of my friends complained that my newsletters were full of defaults, disputes and debt restructurings. Seventeen editions later, Bright Spot has become a way to track deal flows and moves in the industry.

In the latest edition, a judge at the Singapore International Commercial Court (SICC) shared why Singapore is growing as a hub for cross-border restructurings, while IndiGo was the first Indian airline to tap Japanese equity financing via a JOLCO structure.

Zhong Lun advised Seazen’s USD 355 million high-yield bond offer, signalling a gradual re-entry of Chinese real estate issuers into the offshore capital markets. Down under, the first Australian receiver-led creditors’ scheme of arrangement was approved by the Federal Court of Australia, according to Clayton Utz.

🧱 Repeat Builder

Within a year, Acrostics Asia has built:
🔸 A verifiable track record of delivering forward-looking insights across Asia’s credit markets.
🔸 A collaborative model that draws signal from a network of local experts for readers including investors, bankers and advisors.
🔸 Partnerships with respected institutions in the industry.
🔸 A website designed for clarity and ease of navigation.
🔸 A growing email distribution that sends original insights and curated roundups straight to inboxes.
🔸 More than 2,000 organic LinkedIn followers in an Asia-focused niche.

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]><![CDATA[🗞️ Asia & Indonesia Roundup (20 March 2026)]]>https://www.acrosticsasia.com/p/asia-and-indonesia-roundup-20-marchhttps://www.acrosticsasia.com/p/asia-and-indonesia-roundup-20-marchFri, 20 Mar 2026 09:22:24 GMTAsia Roundup

Hong Kong’s New World Clan Bets on Property Rebound for Lifeline

Unwilling to cede control over New World Development, Hong Kong’s billionaire Cheng family is now betting on the revival of the city’s property market and mulling options like a public share sale to meet the embattled developer’s debt obligations, Bloomberg reported.

After high-profile flirtations with investors including Blackstone, the Chengs are now convinced that the property market rebound will gather pace, alleviating the pressure on them to strike a deal that would involve giving up a controlling stake.

Suning Founder’s Retail Empire Unravels After Years of Reckless Investments

Suning is moving forward with its debt restructuring plan as approved by the Nanjing Intermediate People’s Court, which is expected to be completed in June or July this year, Caixin reported.

The ongoing restructuring marks the grim finale for what was once China’s undisputed king of home appliance retail. Driven to the brink by years of blind diversification into sports, entertainment and commercial real estate, compounded by a continuous decline in the profitability of its core business, Suning saw its debt crisis fully erupt in the second half of 2020.

According to a draft reorganization plan recently obtained by Caixin, the scale of Suning’s debt, which comprises both amounts preliminarily confirmed by administrators and those temporarily suspended due to pending litigation, exceeds CNY 200 billion (USD 29 billion).

Singapore Court Rules Banks Cannot Intervene in Winding-Up Bids by 1MDB-Linked Firms

The Singapore High Court has ruled that Standard Chartered Bank and BSI Bank cannot intervene in winding-up applications brought by offshore companies in relation to the 1Malaysia Development Bhd (1MDB) scandal, The Business Times reported.

In a judgment released on 19 March 2026, the court said that the banks have no standing to participate in the winding-up, even though they could face claims if the applications succeed.

The applicants were four entities: Alsen Chance, Brightstone Jewellery, Brazen Sky and Blackstone Asia Real Estate Partners.

Indonesia Roundup

Indonesian Government Pledges Not to Increase Fuel Prices

Indonesia’s government is holding subsidised fuel prices steady through year-end as global oil price tops USD 100 a barrel, with Finance Minister Purbaya Yudhi Sadewa saying the state will absorb the shock rather than pass it on to consumers, The Straits Times reported.

“No, (fuel prices will not increase). The pressure will be absorbed in the state budget. If we allow (fuel prices to increase), like in other countries, people could panic,” the minister reportedly said.

Indonesia to Raise Coal Output as Iran War Triggers Price Spike

Indonesia will allow miners to boost coal production after prices surged following disruptions to global energy markets caused by the war in Iran, Bloomberg reported.

The government will increase production quotas for coal miners in response to the escalating conflict in the Middle East, Coordinating Economic Minister Airlangga Hartato said. The country is also reviewing export taxes on the fossil fuel to boost state revenues.

⚡ Visit www.acrosticsasia.com for more insights that connect the dots across Asia’s credit markets.

]]>