Asia Roundup
Evergrande Property Services Stake Sale Collapses
Talks to sell a controlling stake in Evergrande Property Services Group have collapsed after liquidators of its bankrupt parent, China Evergrande Group, failed to reach a formal agreement with a prospective buyer, Caixin reported.
Liquidators have been trying to sell the 51.02% stake since September 2025. After a screening process, they entered a 30-working-day exclusive negotiation period with a selected bidder on 14 April.
Caixin learned at the time that the bidder was Guangdong Provincial Tourism Holdings, a state-owned enterprise, and that the acquisition had initially been coordinated by local government authorities. The collapse of the latest deal coincided with a leadership change at Guangdong Provincial Tourism Holdings.
Private Credit Competition Squeezing Top-End Spreads in India
Intensifying competition in India’s private credit market is compressing yields for large, plain-vanilla sponsor-backed deals, but mid-market transactions continue to offer better pricing power, Moneycontrol reported, citing Lighthouse Canton’s managing director and business head (India Alternatives, Credit & Hybrid Strategies) Pranob Gupta.
Gupta said the spike in the number of private credit funds chasing Indian deals has made the market more competitive, especially at the top where large, sponsor-backed deals tend to attract multiple lenders.
“Competition is real and growing,” Gupta said, adding that spread compression is most visible in plain-vanilla paper involving large names. In the mid-market, however, spreads have held up because these transactions require stronger origination capabilities, bespoke structuring and deeper monitoring, according to Gupta.
Moody’s Upgrades Uzbekistan’s Rating to Ba2
Moody’s has upgraded Uzbekistan’s long-term issuer and senior unsecured debt ratings to Ba2 from Ba3, Xinhua reported.
The rating agency attributed the upgrade to the steady strengthening of Uzbekistan’s institutional and economic frameworks, improved fiscal indicators, and the rising efficacy of its policy implementation.
Indonesia Roundup
Indonesia Set to Boost Cash Placed in State Banks to $22 Billion
The Indonesian government will put an estimated IDR 400 trillion ($22 billion) of its standby funds in state-owned lenders to keep on fueling economic growth, Bloomberg reported.
The government currently keeps some IDR 200 trillion in long-term placements in state banks, Finance Minister Purbaya Yudhi Sadewa said in a briefing in Jakarta. They had reduced it several weeks ago, but it tightened liquidity.
Under President Prabowo Subianto’s instructions, the ministry transferred the money back to state lenders to “keep the economy running” and potentially drive loan growth to as high as 15% this year, the finance chief said.
Indonesia Delays $1 Billion Panda Bond Sale as Chinese Demand Builds
Indonesia has postponed the launch of its inaugural Panda Bond from early July to the end of the month after strong interest from Chinese investors prompted requests for additional time to complete internal investment approvals, Jakarta Globe reported.
Finance Minister Purbaya Yudhi Sadewa said that several Chinese asset managers and major banks needed more time to submit investment proposals to their respective investment committees before participating in the bond offering.
Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.