Asia Roundup
India’s SP Group Opens Debut Dollar Debt Issue After Multiple Delays
India’s Shapoorji Pallonji Group opened its first-ever USD bond issue for subscription on Friday, looking to raise $650 million, Reuters reported, citing three sources aware of the matter.
The bond issue, delayed several times since the start of the year, is part of the company’s planned 255 billion rupees ($2.68 billion) fundraise, mostly to refinance existing debt. Mercury Finance, an SP Group company, is selling three-year securities at a yield of 14.50%, with a right to redeem them at the end of one year.
Is Vietnam Heading for a Property Bubble?
Home prices in Vietnam’s biggest cities are soaring, leaving many struggling to afford a place of their own. As investors fuel the boom, CNA Insight asks: is this a sign of lasting growth or the warning signs of a property bubble?
Del Monte Pacific Defends Going-Concern Status
Del Monte Pacific has defended its ability to remain a going concern, pushing back against regulatory concerns over its working capital deficit and thin cash reserves, The Business Times reported.
Responding to queries from the Singapore Exchange (SGX) about its financial year 2026 results, the dual-listed canned food producer said that its operating business remains “fundamentally sound”, and that its liquidity issues are tied to its capital structure, not deteriorating operations.
Del Monte Pacific is working with an external financial restructuring adviser to finalise an integrated plan to reorganise its obligations.
While one principal banking counterparty has formally waived covenant requirements through September 2027, waivers from the company’s other main lenders are set to expire in or around September 2026.
Indonesia Roundup
Indonesia Police-Military Tensions in Focus After Jakarta Raids
Indonesian officials sought to play down signs of a rift between security agencies after police raids in Jakarta brought several alleged graft cases into public view and drew a senior prosecutor into a widening controversy, Bloomberg reported.
Police this week seized gold bars, cash and foreign currencies worth tens of millions of dollars in a series of raids in and around the capital, saying the searches were linked to at least three corruption and money-laundering investigations, including alleged coal-supply graft tied to recent power blackouts.
Tokopedia Denies Mass Lay-Offs, But ‘Restructuring’ Deepens Tech Winter Fears
Reports of sweeping lay-offs at Tokopedia, the Indonesian e-commerce giant majority-owned by China’s ByteDance, have renewed concerns about Southeast Asia’s largest digital economy as analysts warn the country’s tech winter shows few signs of easing, South China Morning Post reported.
Tokopedia cut more than 450 technology roles earlier this month, leaving just 35 such workers at the company, CNBC Indonesia reported, citing an unnamed company source.
Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.