☀️ Bright Spot #19
Mega Deals | Asia Bond Wave | Sun Pharma’s Bold US Bet | Allianz GI’s Asia Pacific Infrastructure Credit Fund | Jacqueline Chan Named President of TMA Southeast Asia
Bright Spot is an Acrostics Asia feature that tracks deal flows and moves in the industry.
In the previous Bright Spot, I noted the AI and data centre boom that has swept the region over the past few months.
The bonanza has continued since then, but with a caveat.
🌻 Mega Deals
One of the jumbo financings being assembled in the market is a USD 10 billion two-year margin loan secured by Japanese conglomerate SoftBank’s shares in OpenAI.
Data centre operator AirTrunk is also reportedly looking to raise at least AUD 500 million (USD 358 million) via asset-backed bonds in the second half of the year to refinance its bank loans.
However, China’s move to block Meta’s acquisition of Singapore-based AI startup Manus was a reminder that regulatory risk is a real risk for M&As involving perceived technology transfers.
Despite its efforts at China-shedding, Manus could not shake off its “Chinese DNA”, Lianhe Zaobao China News Editor Yang Danxu wrote in a piece published by ThinkChina.
“Manus’s experience shows that offshore ‘shell’ structures – once used by Chinese-incubated companies to achieve cross-border compliance in legal terms – can no longer serve as a reliable shield against regulatory scrutiny or thorough reviews.”
🌻 Asia Bond Wave
I wrote in October 2025 that the bond tide has returned to Asia as investors were keen for fresh debt supply beyond China property. This tide has gathered force into a full wave, with a slate of new bond deals over the last few weeks alone.
These are some of the notable bond issuances:
Hong Kong’s airport operator Airport Authority Hong Kong raised HKD 19 billion (USD 2.4 billion) from what is expected to be its only public bond sale this year.
Vietnamese conglomerate Vingroup listed USD 350 million of bonds on the Vienna Stock Exchange.
Australian coal miner New Hope issued AUD 300 million convertible notes due 2032 and repurchased its existing 2029 bond.
⏩ On the Move
🔸 Sun Pharma’s Bold US Bet
India’s Sun Pharmaceutical Industries made a bold bet by acquiring US healthcare company Organon in a USD 11.75 billion deal.
Sun Pharma has reportedly lined up a bridge loan to back the acquisition, with at least three banks – MUFG, JPMorgan and Citigroup – committing to the funding.
Check out the cast of advisers who worked on the deal here.
🔸 Allianz GI’s Asia Pacific Infrastructure Credit Fund
Allianz Global Investors has secured USD 270 million in commitment for the first close of its private credit fund targeting infrastructure investment in Asia Pacific. The fund will focus on areas such as renewable energy, digital infrastructure and transport.
🔸 Jacqueline Chan Named President of TMA Southeast Asia
Jacqueline Chan, a partner in Milbank LLP’s Singapore office, has been named President of the Turnaround Management Association (TMA)’s Southeast Asia Chapter.
Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.