Indonesia is firmly on the radar this week, as officials battle outflows while sovereign fund Danantara hits the road to market its proposed offshore notes.
I wrote on 4 February 2026 that Finance Minister Purbaya Yudhi Sadewa’s swashbuckling style may jar with the international community, who’s more used to his predecessor Sri Mulyani Indrawati’s pragmatic and cautious approach.
While the current finance minister was not solely responsible for a series of market crashes, speculation has grown that he would be replaced and one of the top candidates is Chatib “Dede” Basri, who held the same role under former President Susilo Bambang Yudhoyono in 2013-2014.
On 9 June, the same day Bank Indonesia announced a surprise rate hike, Chatib said in response to reporters’ questions after his meeting with President Prabowo Subianto that he wasn’t offered the position. They discussed the economy instead, Chatib said, noting that the weakening rupiah risked pushing up prices and impacting the lower-to-middle-income class.
Meanwhile, Danantara’s investment arm, Danantara Investment Management (DIM), had its own meetings with international investors. I reported yesterday that some of the questions asked by these investors revolved around governance, investment scope, as well as DIM’s relationship with Danantara Asset Management (DAM) and the broader fund.
Another buyside friend updated me that there were also questions about the potential flow of funds from the parent entity, BPI Danantara, into DIM and whether capital support or equity injection would be prioritized if such an event materializes.
While the consensus among the rating agencies is that the Indonesian government would support Danantara, these investors were likely trying to map the specific support mechanism for DIM, which would be the bond issuer.
The second key topic is the use of bond proceeds. Even though the proceeds were stated to be for general corporate purposes, potential investors still want to know how their money will be spent.
Two sources said they were told that the bond would be for investments, but Bloomberg reported on 8 June that part of the proceeds would help to refinance a USD 1 billion loan that Danantara got earlier this year.
A source familiar with the fund said that “cash is fungible”, meaning that issuers have the flexibility of deploying cash for corporate purposes, such as tapping bond proceeds to refinance a loan used for investments.
We should know after Danantara’s roadshow whether bondholders are convinced.
🌏 Around the Region
Philippines
Del Monte Pacific’s proposed USD 1.2 billion restructuring hinges on the resolution of its Philippine unit’s preference shares as well as consent from the broader group of creditors. Del Monte Pacific also reportedly sold its remaining stake in India’s Sundrop Brands to shore up liquidity and pay down debt at the Philippine unit.
San Miguel Global Power conducted an exchange and tender for its outstanding perpetual capital securities alongside a new issuance.
Malaysia
DDSP achieved the financial close of a USD 283 million green financing for its hyperscale data centre campus in Johor.
Deloitte Malaysia concluded the restructuring of Leader Cable Industry, a Malaysian manufacturer and distributor of power and telecommunications cables.
Vietnam
Masan Group clinched a USD 750 million senior unsecured syndicated loan facility, which it called “the largest and most competitively priced international corporate borrowings of its tenor for a Vietnamese privately owned enterprise.”
Novaland received consent to its proposed waivers and amendments from holders representing USD 262.2 million or around 85.66% of its outstanding offshore notes. This was above the 66% threshold.
Singapore
Allen & Gledhill advised Singapore Commodities Group in successfully resisting winding-up proceedings. “In this significant judgment, the Court of Appeal reaffirmed Singapore’s strong pro-arbitration stance in the insolvency context, holding that where a debt is genuinely disputed and subject to arbitration, winding-up proceedings should generally not be used to circumvent an arbitration agreement,” according to the law firm’s post.
🤝🏻 People to Watch
Thapanee Techajareonvikul, the youngest daughter of Thailand’s beer billionaire Charoen Sirivadhanabhakdi, told CNBC that she never doubted women belonged at the top.
Her late mother, Wanna Sirivadhanabhakdi, was instrumental in building TCC Group into a multi-billion-dollar empire spanning beverages, property, retail and manufacturing.
Charoen Sirivadhanabhakdi, her father, ensured his two sons and three daughters received equal opportunities within the family business, according to CNBC. Today, each sibling oversees a different part of the empire.
Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.