📰 Weekly Roundup (17-23 March 2026): Acrostics Asia Library | Garuda Indonesia 2025 Results | Research Corner #2 | Bright Spot #17 | Repeat Builder
Weekly newsletter
Dear Valued Contacts,
Eid Mubarak/Selamat Hari Raya to those who celebrate it!
I organized the rapidly growing content on Acrostics Asia’s site (www.acrosticsasia.com) over the past week, with new features including a Newsfeed section and Key Topics (right bar on the web and bottom on mobile) for faster navigation.
I also built a ‘library’ that compiles Acrostics Asia’s key coverage across Asia’s credit markets – categorized by topic and country for easy reference.
📸 Snapshot: Garuda Indonesia 2025 Results (19 March 2026)
👟 Walk the Talk: Garuda Indonesia’s Recapitalization (20 March 2026)
📒 Quick Take: Indonesia’s Restructuring Fault Lines (13 May 2025)
I unpacked Garuda Indonesia’s latest results to gauge the impact of Danantara’s capital injection on its financial health. Overall, the recapitalization improved the flag carrier’s balance sheet, but has not turned around its operations.
I wrote on 21 November 2025 that Garuda was handing out stakes in return for the support from Danantara and its fellow SOEs, but this may limit the room for the airline and its subsidiaries to obtain equity financing from third parties. After its capital injection, Danantara has become Garuda’s biggest shareholder with a 91.11% stake.
Renegotiating Garuda’s costly leases would have been a logical move to reduce its burden, but the airline is likely hamstrung by its local in-court restructuring (PKPU) agreement. Back on 13 May 2025, I wrote that PKPU is like a last chance saloon where borrowers have one shot at an in-court restructuring and risk being filed into bankruptcy if they re-default.
🔎 Research Corner #2 (1-21 March 2026)
Apart from producing original insights, Acrostics Asia also pulls research and commentaries from the region that can help readers to make sense of the evolving trends.
The latest edition of Research Corner highlights insights across China’s economy, the emerging fault lines in India’s private credit market, the impact of the Iran War on the aviation sector, data centre financing in Asia Pacific, a potential overhaul of Mongolia’s Minerals Law, as well as legal updates in Singapore and Vietnam.
Lianhe Zaobao China News Editor Yang Danxu wrote a refreshingly blunt take on how slogans alone can’t solve China’s economic woes. In India, Shilpy Sinha’s report on the early signs of stress in the nation’s USD 25 billion private credit market is a must-read amid the ongoing euphoria.
☀️ Bright Spot #17 (17 March 2026)
I created Bright Spot after one of my friends complained that my newsletters were full of defaults, disputes and debt restructurings. Seventeen editions later, Bright Spot has become a way to track deal flows and moves in the industry.
In the latest edition, a judge at the Singapore International Commercial Court (SICC) shared why Singapore is growing as a hub for cross-border restructurings, while IndiGo was the first Indian airline to tap Japanese equity financing via a JOLCO structure.
Zhong Lun advised Seazen’s USD 355 million high-yield bond offer, signalling a gradual re-entry of Chinese real estate issuers into the offshore capital markets. Down under, the first Australian receiver-led creditors’ scheme of arrangement was approved by the Federal Court of Australia, according to Clayton Utz.
Within a year, Acrostics Asia has built:
🔸 A verifiable track record of delivering forward-looking insights across Asia’s credit markets.
🔸 A collaborative model that draws signal from a network of local experts for readers including investors, bankers and advisors.
🔸 Partnerships with respected institutions in the industry.
🔸 A website designed for clarity and ease of navigation.
🔸 A growing email distribution that sends original insights and curated roundups straight to inboxes.
🔸 More than 2,000 organic LinkedIn followers in an Asia-focused niche.