☀️ Bright Spot #18
Asia’s Frontier Bonds | Data Centre Boom | EY Parthenon Launches Australian Private Debt Market Overview | Kai Yun Tan Joins Ashurst
Bright Spot is an Acrostics Asia feature that tracks deal flows and moves in the industry.
Two themes have recently stood out in Asian credit:
The growing interest in sovereign bonds, including those from frontier nations.
Data centre financing boom.
🌻 Asia’s Frontier Bonds
In March 2026, Mongolia successfully issued a USD 500 million six-year bond at a 5.95% yield to refinance debt and extend some of its maturities. Kazakhstan also plans to sell its debut yuan panda bonds and may seek to raise the equivalent of USD 500 million, Bloomberg reported.
And last week, Uzbekistan placed its “largest-ever sovereign international bonds denominated in the national currency”, amounting to USD 1 billion equivalent, at a historic low interest rate of 12.25%, according to its official statement.
I wrote in October 2025 that the returning bond tide was “partly a function of demand and supply, as China’s property meltdown blew a hole in Asia’s high-yield universe and investors had to find a way to put their money to work.” I also noted in December 2025 that Asian sovereign issuers were wading back to a more receptive offshore market.
🌻 Data Centre Boom
“Few sectors generated as much attention as data centres, which lenders see as one of the clearest structural growth areas in the Asia-Pacific region,” according to some of the takeaways from the Asia Pacific Loan Market Association (APLMA)’s Global Loan Market Summit.
This is my compilation of the deals related to AI, data centres or digital infrastructure in the region over the past few months:
WongPartnership advised Meta Platforms in its acquisition of Singapore-based Manus AI, as well as KKR in the SGD 6.6 billion (USD 5.1 billion) acquisition of STT GDC.
Allen & Gledhill’s associate firm, Rahmat Lim & Partners, advised a Malaysian subsidiary of Yondr Group as Malaysian counsel related to credit facilities exceeding USD 900 million granted by a consortium of lenders.
DLA Piper advised DayOne on its THB 28 billion (USD 770 million) green financing to develop Thailand’s largest data centre.
A&O Shearman advised Digital Edge on its USD 665 million green loan for the first phase of its data center campus in Indonesia. Milbank advised the finance parties.
⏩ On the Move
🔸 EY Parthenon Launches Australian Private Debt Market Overview
Australia’s financial landscape is shifting as private credit moves from a niche product to a mainstream funding source. With banks retreating from higher-risk and complex lending under tighter regulatory settings, Australia’s private credit market has grown to an estimated AUD 234.5 billion in 2025, according to a report released by EY Parthenon.
🔸 Kai Yun Tan Joins Ashurst as a Partner in Singapore
Ashurst is strengthening its restructuring, insolvency and special situations practice with the appointment of Kai Yun Tan as a partner in Singapore. Kai Yun brings over a decade of experience in restructuring and insolvency, and regularly advises corporate debtors, sponsors, creditors, distressed investors, and turnaround professionals. She also maintains an active maritime and shipping practice.
Acrostics Asia is an independent Asia credit intelligence provider that takes end-to-end ownership of its signals – from origination to production and distribution.