Asia Roundup
China Default Review 2026: Where Stress Shows In The Five-Year Crisis
Re-defaults in China's bond market are rising, signaling continued strain in the property sector despite tightened default restrictions, S&P Global Ratings said in its report.
Since 2020, 40% of defaulted onshore bonds re-defaulted after restructuring. Re-defaults first spiked in 2023 after the first round of property weakness in 2022, and again in 2025 after the second round in 2024. A third round this year may lead to the same in 2027.
RRJ, Pimco Invest in HK Developer PCPD’s $500 Million Bond Sale
RRJ Capital and Pacific Investment Management Co. are among investors in a USD 500 million bond offering from Hong Kong billionaire Richard Li’s Pacific Century Premium Developments (PCPD), Bloomberg reported, citing people familiar with the matter.
The investment firms have bought around 80% of the property developer’s new notes that are maturing in May 2029, with RRJ leading the deal. The offering would help refinance PCPD’s USD 800 million bond that’s coming due on 18 June.
Golomt Bank Completes $500 Million Bond Issuance
Mongolia’s Golomt Bank has completed the issuance of a USD 500 million three-year bond with a coupon of 7.95%, according to its statement. Total orders reached around USD 2.1 billion, more than seven times the initial target size.
Golomt Bank said it elected to increase the final issuance size to USD 500 million. “This upsizing meaningfully enhances secondary market liquidity, supports more efficient price discovery, expands index inclusion potential, and further diversifies the bank’s international investor base.”
Indonesia Roundup
Indonesia’s Supreme Court Urges Cross-Border Insolvency Reform
Indonesia’s Supreme Court urged the acceleration of a cross-border insolvency reform via the revision of the 2004 Law on Bankruptcy and Suspension of Debt Payment Obligations (PKPU), Hukumonline reported.
The issue of cross-border insolvency has been discussed for a long time and there’s a greater urgency now for it to be accommodated through a national regulation, according to Supreme Court Judge Syamsul Maarif.
Indonesia should not wait for cross-border insolvency cases to pile up before implementing a legal reform, he reportedly said.
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Danantara Plans 2028 IPO for Clean Energy Arm Denera
Sovereign wealth fund Danantara Indonesia is weighing a potential initial public offering for its clean energy unit Daya Energi Bersih Nusantara (Denera) as early as 2028, Jakarta Globe reported.
Denera is being developed into a major waste-to-energy operator through the consolidation of 33 waste-processing power projects across Indonesia.
Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.