Asia Roundup
BlackRock Fund Faces Test in Recovering Defaulted China Loan
BlackRock is trying to recoup money it’s owed on a private credit loan in China, setting up a test for how Asia’s burgeoning reputation as a comparatively safer market for such deals will play out in reality, Bloomberg reported.
After a unit of Chinese cold-chain logistics provider Metcold defaulted on a USD 27.5 million portion of a BlackRock loan in early April, the US investment giant has been looking to enforce a personal guarantee from Henry Ha, Metcold’s founder and CEO.
India’s SP Group Unit Receives Debt Downgrade Ahead of $3 Billion Refinancing
An Indian rating agency has downgraded a bond issued by Goswami Infratech, a Shapoorji Pallonji (SP) Group unit, citing delays in group-level fundraising versus earlier timelines and highlighting mounting refinancing risks, Reuters reported.
The real estate and civil engineering firm’s non-convertible debentures were downgraded to B+, from BB-, CareEdge said.
AirAsia to Start New Airline, Stays Defiant on Fuel Hedging
AirAsia X co-founder Tony Fernandes said he’s preparing to launch a new airline, betting that expanding while the aviation industry’s being roiled by high oil prices will pay off in the future, Bloomberg reported.
The new airline will be announced in the next month or two, Fernandes said. The low-cost Southeast Asian carrier group is moving some planes for the business it’s starting.
Indonesia Roundup
Indonesia Central Bank to Make Big Interventions to Stabilise Rupiah
Indonesia’s central bank has sufficient foreign exchange reserves to make the strong market interventions required to stabilise the rupiah, Reuters reported, citing Governor Perry Warjiyo.
The central bank will intervene not only in domestic but also offshore markets around the clock, he added.
Indonesia’s 5.61% Growth Not Fully Felt by Businesses, Association Says
Indonesia’s economy expanded 5.61% year-on-year in the first quarter of 2026, but the gains have yet to be fully reflected in business activity, Jakarta Globe reported, citing a business association.
Shinta Kamdani, chairwoman of the Indonesian Employers' Association (Apindo), said companies are facing rising cost pressures despite signs of resilient domestic demand.
Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.