Asia Roundup
Deutsche Bank Earns Over $50 million in Fees from Repeat SP Group Refinancings
Deutsche Bank has earned more than $50 million in fees over the past four years by arranging a series of debt refinancing transactions for India’s Shapoorji Pallonji Group, Moneycontrol reported, citing people familiar with the matter.
The fees have come from multiple refinancing rounds linked to group entities, including Goswami Infratech, as the multi-business conglomerate has repeatedly turned to private credit and structured debt markets to meet repayment obligations backed largely by its stake in Tata Sons.
The repeated refinancings have created a steady fee pool for arrangers even as SP Group’s cost of borrowing has remained elevated. Deutsche Bank earned more than $14 million from one recent refinancing round alone.
Airlines at ‘Tipping Point’ as Fuel Surge Threatens to Ground Planes
Airlines are approaching a critical tipping point as the war in the Middle East drags on with no clear end in sight, threatening deeper cuts to flight operations and the grounding of aircraft, The Edge reported.
“We are nearing a tipping point where flying actually loses more money than staying on the ground. The industry is likely to see a strategic retreat,” said Datuk Captain Izham Ismail, former managing director of Malaysia Aviation Group (MAG).
S&P Assigns ‘B+’ Rating to Golomt Bank’s Proposed Senior Unsecured Notes
S&P Global Ratings assigned a 'B+' long-term foreign currency issue rating to the USD-denominated senior unsecured notes that Mongolia’s Golomt Bank proposes to issue.
Golomt Bank intends to use the net proceeds to finance ordinary business operations, including lending, and to partially repurchase its existing $400 million senior unsecured notes through a tender offer before they mature in May 2027, according to S&P’s statement.
Indonesia Roundup
Indonesia Tightens Rule on FX Purchases After Rupiah Hit New Record Low
Indonesia further tightened rules on dollar purchases to support the beleaguered rupiah after the currency slumped to a series of record lows, Bloomberg reported.
Cash purchases of foreign currency without supporting documents will be cut to $25,000 from $50,000, to aid the rupiah, Bank Indonesia Governor Perry Warjiyo said.
Danantara Buys Into GoTo, Aims for Larger Share
Indonesian sovereign fund Danantara’s CEO Rosan Roeslani confirmed that his team had channelled capital into technology company GoTo, with plans to increase its stake, Antara reported.
“We have bought into the company, and we will gradually raise our shares,” he reportedly said.
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