Asia Roundup
Mongolia to Issue USD Bond for Liability Management
The government of Mongolia plans to issue a six-year USD-denominated sovereign bond mainly for liability management, Capital Markets Mongolia (CMM) wrote.
While the final size and pricing are yet to be confirmed, CMM said its initial expectation is for an issuance of around USD 500 million.
Proceeds from the new bond should be used to repay Mongolia’s due-2026 bond and to fund a tender offer for portions of its outstanding due-2028 and due-2029 bonds, according to CMM.
Mongolia has an outstanding USD 174.27 million bond due 2026, USD 541.73 million bond due 2028, and USD 350 million bond due 2029, according to its filing to the Singapore Exchange.
CapitaLand Investment Dragged into Red by China Asset Losses
Singapore’s CapitaLand Investment (CLI) was dragged into the red for the second half of 2025, as China’s property woes continue to hit companies with exposure there, The Business Times reported.
Over the past five years, China valuations were down about SGD 1.6 billion (USD 1.3 billion) from cumulative write-downs, with an average decrease of 12%, CLI group chief financial officer Paul Tham said.
In the past financial year alone, the valuation of CLI’s China assets was down 5% or SGD 545 million, with offices and business parks hardest hit. This came amid challenging market conditions, which continued to weigh on rental rates and occupancies.
Philippines May Draw $3 Billion If Added to JPMorgan Bond Index
The Philippines may see inflows of about USD 3 billion if the nation’s government bonds are added to JPMorgan Chase & Co’s benchmark emerging-market index this year, Bloomberg reported, citing National Treasurer Sharon Almanza.
Manila will likely have an initial weight of about 1% on the index, Almanza said. That would translate to about USD 3 billion in foreign flows.
An update on the Philippines’ status may come as early as March, with any changes to the index likely to take effect in October. If the country’s bonds fail to make the inclusion this round, it would mean another year of discussions.
Indonesia Roundup
Indonesia Extends IDR 200 Trillion Bank Deposit Program Until September 2026
Indonesia has extended the placement of IDR 200 trillion (USD 11.9 billion) in government funds at state-owned commercial banks through September 2026, Jakarta Globe reported, citing Finance Minister Purbaya Yudhi Sadewa.
Originally set to mature on 13 March 2026, the funds would be rolled over for another six months to help maintain banking liquidity and stimulate lending to productive sectors.
Acrostics Asia wrote on 18 February 2026:
📒 Quick Take: Indonesia’s Year of Living Dangerously
The minister was perhaps disappointed that the liquidity boost did not translate into more meaningful loan growth. However, there was simply not enough loan demand from cautious businesses, while the state-owned banks likely hesitated to lend to the weaker borrowers for fear of adding to their non-performing loans.
Indonesian Wealth Fund Co-CIO Resigns as Leadership Gap Widens
Indonesia Investment Authority (INA)’s Co-Chief Investment Officer Andry Setiawan has resigned, deepening a leadership vacuum at the country’s first sovereign wealth fund and raising questions about its future direction, Bloomberg reported, citing people familiar with the matter.
Setiawan, one of the two chief investment officers, resigned earlier this month and is serving his notice period. His resignation leaves just two of INA’s five board positions filled by regular, rather than acting, appointments.
INA’s Chief Executive Officer Ridha Wirakusumah concluded his full term on 15 February and a successor has yet to be named. The leadership uncertainty at INA come as Indonesia’s other sovereign wealth fund, Danantara, is expanding rapidly.
Green Group Files SGX Complaint Against OCBC
A complaint has been lodged with the Singapore Exchange (SGX) against OCBC for potentially failing to comply with sustainability reporting requirements, The Business Times reported.
Environmental group Market Forces said that OCBC did not provide complete information material to investors, including the true extent of its exposure to carbon-intensive companies that are powering their operations with off-grid coal plants, which are known as captive coal plants.
Market Forces previously flagged OCBC, along with UOB and DBS, for financing coal-powered nickel smelters and refineries run by Indonesia’s Harita Group.