Asia Roundup
Pakistan Returns to International Markets with $500 Million Bond
After four years, Pakistan has returned to the international capital markets with the issuance of a USD 500 million three-year bond, Standard Chartered’s Rehan Shaikh said in his LinkedIn post. The bank acted as the sole bookrunner.
“The successful issuance delivered in a challenging global environment, signals a meaningful shift in investor sentiment and renewed confidence in Pakistan’s outlook,” Shaikh wrote.
AirAsia Tests Market With Deutsche-Led $230 Million Private Debt
Deutsche Bank is marketing a USD 230 million private credit deal for Malaysian budget airline AirAsia Aviation Group, Bloomberg reported.
The 18-month transaction takes the form of a revenue bond backed by ticket sales of several AirAsia routes. Deutsche Bank has underwritten and fully funded the deal, and is now approaching selected banks and funds for syndication.
Autobahn Rent A Car Directors Declared Bankrupt over SGD 50 million Each Owed to DBS
The directors of Autobahn Rent A Car have been declared bankrupt, after racking up a combined debt of more than SGD 100 million owed to DBS, The Business Times reported.
According to the Government Gazette published on 17 April, a bankruptcy order was made against Tan Boon Kee on 9 April. A separate edition of the Gazette published in March stated that a bankruptcy order was made against Sanjay Kumar Rai on 26 February.
DBS filed the bankruptcy application after serving statutory demands to the two in December 2025.
Indonesia Roundup
Indonesia Energy Minister Defends Pertamina’s Move to Raise Fuel Prices
Energy and Mineral Resources Minister Bahlil Lahadalia defended Indonesian state-owned energy company Pertamina’s decision to raise non-subsidized fuel prices, saying the adjustments follow market mechanisms tied to global oil prices and currency movements, Jakarta Globe reported.
KFC Franchisee in Indonesia Cuts Outlets, Workforce
Fast Food Indonesia (FAST), the operator of the Kentucky Fried Chicken restaurant chain in Indonesia, closed 25 outlets across the country in 2025, Jakarta Globe reported.
According to the company’s financial report, FAST operated 690 KFC outlets as of 31 December 2025, down from 715 outlets a year earlier.
The reduction in store numbers was accompanied by a decline in staffing levels. FAST said it employed 11,664 workers at the end of 2025, compared with 13,106 employees in 2024.
UOB Kay Hian’s Indonesia Unit Suspended Over IPO Lapses
The Indonesian unit of UOB Kay Hian has been fined and suspended from underwriting new listings after regulators discovered due diligence breaches and lapses in its handling of share allocations during an initial public offering (IPO), The Straits Times reported.
Kay Hian Sekuritas, previously known as UOB Kay Hian Sekuritas, was the underwriter for property developer Repower Asia Indonesia, which went public in 2019.
Recent investigations by Indonesia’s financial watchdog OJK found that before trading began, shares reserved for independent investors were allocated to eight individuals, who had earlier declared in their bank account opening documents that they were employees of the issuing company.
OJK also found that their stock purchase was funded by Singapore-based UOB Kay Hian Credit, an affiliate of Kay Hian Sekuritas. A source from OJK called this a “coordinated backdoor financing structure”.
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