📰 December 2025 Roundup: Acrostics Asia Website | Asian Credit | Garuda Indonesia | Danantara | Novaland | Bright Spot #10
Year-end compilation
Dear Valued Contacts,
Happy New Year! Wishing you health, happiness and success in 2026 and beyond.
I spent a chunk of the year-end building the Acrostics Asia website, which has a better interface than LinkedIn and a search function for my archives. I’m still in the process of transferring my archives and completing the site – in the meantime, do check it out and let me know if you have any feedback!
On the news front, I wrote a recap across Asian sovereigns, private credit and restructurings and what to expect this year.
📒 Quick Take: Asian Credit’s Shifting Currents (9 December 2025)
China stood out as its sovereign bonds sold like hot mooncakes several years after it was labelled as “uninvestable”.
The year was also marked by the rise of Asian sovereign funds such as Indonesia’s Danantara and Mongolia’s Chinggis Khaan.
Asia’s private credit story is not just about loan allocations anymore, as managers are adjusting their pitch to highlight their structuring prowess and local relationships.
In Asia’s high-yield space, Indonesian flag carrier Garuda Indonesia was one of the best performers last year, with a roughly 25-point jump in its due-2031 bond to 90 cents. Grateful to Shukor Yusof – one of the most respected aviation analysts in the region – for mentioning my coverage in his year-end note.
👟 Walk the Talk: Garuda Indonesia
Acrostics Asia reported as early as April 2025 – two months before the formal announcement – that Indonesian officials were discussing a potential capital infusion for Garuda via Danantara.
Acrostics Asia also connected the financial, legal, operational and political dots to accurately map the airline’s trajectory throughout the year.
💼 Brief Take: Danantara’s Sovereignty (4 December 2025)
While Danantara collects dividends from Indonesian state-owned enterprises, it cannot print money or extract taxes.
The fund will likely be able to issue some offshore notes, but the question is whether bondholders would be willing to get repaid after the banks.
💼 Brief Take: Novaland’s Local Blueprint (8 December 2025)
The Vietnamese developer has mostly followed the Chinese template of prioritizing local creditors to avoid angering the authorities.
Novaland’s offshore bondholders will likely face obstacles if they seek enforcement in Vietnam, where the bankruptcy law is largely untested.
Finally, here’s some good news for those who’re feeling the back-to-work blues.
Asia’s Returning Bond Tide
India’s Self-Correction
Closing Southeast Asia’s Loopholes
Have a good week ahead! P.S. I’ll be taking a short break after the site build.
Best,
E