Asia Roundup
Shapoorji Refinancing Delays Spur Some Bondholders to Seek Exit
Some bondholders of Shapoorji Pallonji Group, India’s largest private credit borrower, are attempting to sell debt linked to one of its units as prolonged refinancing talks test investor patience, Bloomberg reported, citing people familiar with the matter.
Traders in Singapore and Hong Kong have been offering the so-called non-convertible debentures, a type of private credit in India, of subsidiary Goswami Infratech at about 90% of par in the past two weeks, although it wasn’t immediately clear whether any trades were executed.
Development Bank of Mongolia Returns to International Capital Markets with USD 500 Million Bond
The Development Bank of Mongolia (DBM) has returned to the international public bond market with a USD 500 million five-year bond, according to Capital Markets Mongolia (CMM).
DBM tightened pricing by 40 basis points from initial guidance, allowing the bond to price with a 6.90% coupon and a 7.20% re-offer yield. “More importantly, the transaction established the tightest spread ever achieved by a Mongolian non-sovereign issuer relative to the sovereign yield curve,” CMM wrote.
Mainland Chinese Mining Executive Buys Hong Kong Trophy Home at $28 Million Receivership Sale
The president of a Shanghai-listed mining company has been identified as the buyer of a luxury house in Hong Kong’s Stanley district, paying HKD 220 million (USD 28 million) for a receiver-owned property, as lenders accelerate the disposal of distressed assets, South China Morning Post reported.
Many veteran investors built fortunes through investments in shops and commercial buildings, often using luxury homes as collateral to support broader borrowing. As commercial property values slumped and refinancing became more difficult, some of those homes were drawn into receivership.
At the same time, the return of mainland buyers following the removal of all residential cooling measures in 2024 has provided banks with a growing pool of potential buyers.
Indonesia Roundup
Prabowo Risks Prompt Global Banks to Pull Cash Out of Indonesia
The three biggest foreign banks in Indonesia have shipped around $640 million of their earnings out of Southeast Asia’s largest economy since 2024 as they pare exposure amid President Prabowo Subianto’s increasingly state-focused economic policies, Bloomberg reported.
The Indonesian units of Citigroup, Standard Chartered and HSBC remitted a total of IDR 11.5 trillion ($640 million) over the last two years, slightly exceeding their combined profits for the period, according to an analysis of their financial statements.
One of the earliest flashpoints for foreign banks came when Danantara sought commitments for a $10 billion loan facility. During a meeting in early 2025 with 10 banks, Danantara Chief Investment Officer Pandu Sjahrir encouraged each lender to contribute as much as $1 billion to the package as a show of support for Indonesia and the sovereign wealth fund, Bloomberg reported, citing people familiar with the discussions.
Firmus Plans Massive Indonesian Expansion
Firmus will embark on a major new data centre project on an Indonesian island off the coast of Singapore that the company says could bring it $43 billion in revenue in its first six years of operation alone, AFR reported.
The development in Batam is backed by Nvidia, the American chipmaker that has become central to a growing artificial intelligence ecosystem, and comes amid greater scrutiny on Firmus’ projects from governments and communities in Australia, according to AFR.
Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.