Asia Roundup
Ex-Regulator Jailed for 16 Years in China’s ‘Revolving Door’ Crackdown
A former Chinese banking regulator who oversaw major corporate debt restructurings has been sentenced to 16 years in prison for bribery, a high-profile conviction in Beijing’s sweeping financial anti-graft campaign, Caixin reported.
A Beijing court found Zhang Jinsong guilty of accepting bribes during and after his government tenure. He was also fined 2.5 million yuan ($370,000).
Zhang’s heavy penalty underscores Beijing’s intensifying crackdown on “escape-style resignations.” Authorities are penalizing officials who abruptly leave their posts to monetize residual bureaucratic power, aiming to sever illicit government-business ties that have fuelled financial risks.
Shapoorji Closes One of India’s Biggest Private Credit Deals
India’s Shapoorji Pallonji Group completed one of the country’s largest private credit transactions, raising around INR 151 billion ($1.6 billion), Bloomberg reported, citing people familiar with the matter.
A group of local investors including InCred Capital Financial Services, DSP Finance and IIFL Capital Services subscribed to the rupee-denominated bonds. Other buyers of the bonds include ASK Asset & Wealth Management Group and Nuvama Wealth Management.
Global investors including Farallon Capital Management, Davidson Kempner Capital Management and Cerberus Capital Management each bought roughly $175 million to $200 million worth of the bonds.
Novaland Plans VND 2.05 Trillion Loans to Subsidiaries
Vietnamese developer Novaland approved plans to lend more than VND 2.05 trillion (USD 82 million) to two subsidiaries to settle overdue debts, financial obligations and payables, Vilasia wrote, citing a local media report.
The funding is expected to come from its proposed VND 8.007 trillion (USD 320.3 million) rights offering.
Indonesia Roundup
Indonesia Markets First Panda Bonds as It Broadens Funding
Indonesia has begun marketing its inaugural yuan-denominated bonds in China’s domestic debt market, as Southeast Asia’s largest economy seeks to diversify funding sources amid currency volatility and fiscal challenges, Bloomberg reported.
The country is offering three-year and five-year panda bonds, targeting a combined initial issuance size of as much as 7 billion yuan ($1 billion), according to bond offering documents. It has secured approval to issue up to 30 billion yuan of panda bonds in China’s interbank bond market over the next two years.
Indonesia Layoffs Rise to 32,389 in First Half amid Manufacturing Slowdown
Indonesia recorded 32,389 layoffs in the first half of this year, with nearly one-fifth of the job losses concentrated in West Java, The Jakarta Post reported, citing the Manpower Ministry.
The ministry noted that the figures only covered workers classified as participants in the Job Loss Insurance (JKP) program.
Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.