📰 Weekly Roundup (12-18 May 2026): Two Sides of HK Property Coin | Adani’s US Break | SP Group’s Chess Piece | Research Corner #4 | Asia Restructurings
Weekly newsletter
Dear Valued Contacts,
There were some key updates last week on Hong Kong’s commercial property and India’s high-yield space.
💼 Brief Take: Two Sides of Hong Kong’s Property Coin (13 May 2026)
Hong Kong’s commercial property market is on the upswing, and yet bankers handling bad loans in the city are reportedly busier than ever. These pictures may seem contradictory, but they’re actually two sides of the same coin.
I wrote that some loans were structured through special purpose vehicles (SPVs), limiting the recourse that the banks can pursue against the sponsors in the event of a default. While sponsors often request an extension or a restructuring, the banks may decide to enforce the loans during a market rebound rather than kicking the can down the road.
💼 Brief Take: Adani’s US Break (16 May 2026)
Indian billionaire Gautam Adani’s US woes had a breakthrough after he reportedly hired a new legal team led by Robert J. Giuffra Jr., one of President Donald Trump’s personal lawyers and the co-chairman of Sullivan & Cromwell.
It’s unclear if Adani would follow through with a proposed USD 10 billion investment in the US, but it’s a headline number that can be hailed by Trump as a “win” for the Americans. Meanwhile, the easing legal overhang should pave the way for Adani’s conglomerate to get back on its fundraising trajectory.
💼 Brief Take: SP Group’s Chess Piece (16 May 2026)
SP Group’s refinancing machinery is up and running, as the Indian group has reportedly secured commitments for more than half of its planned USD 2.7 billion fundraising. Some investors are likely betting that its 18.4% stake in Tata Sons is an important piece in an emerging power play – and can therefore be monetized one way or another.
🔎 Research Corner #4 (22 April – 15 May 2026)
The Bombay High Court’s decision to freeze the assets of Rolta India’s chairman in support of a New York contempt judgment was a significant development in cross-border enforcement. The ruling was “particularly remarkable” because the chairman was neither a borrower nor a guarantor under the company’s defaulted high-yield bond, according to Kobre & Kim.
The latest edition of Research Corner also includes insights on Indian group Vedanta’s “demerger” plan, China’s regional slowdown, data centres in Southeast Asia, Indonesia’s underlying economic fragilities, and Mongolia’s bond issuance outlook.
👟 Asia Restructurings (12 May 2026)
Within a year, Acrostics Asia has built a track record of accurately flagging companies that would fall into restructurings or liquidations and the likely sticking points.
Sritex
Krakatau Steel
Novaland
Del Monte
SriLankan Airlines
Acrostics Asia is an independent credit intelligence provider that connects the dots across Asian sovereigns, private credit and restructurings.