📰 Weekly Roundup (20-26 Jan 2026): Indonesia’s Strongman Part 1 | India’s Musical Chairs on Steroids | Vietnam’s IFC Specialised Courts Law | Bright Spot #12 | Old School Journalists
Weekly newsletter
Dear Valued Contacts,
My progression curve on Acrostics Asia has been building the file, then the grid, and now the lattice which is connecting the signal to the end users. The signal doesn’t just have to come from me, as I can team up with collaborators where it makes sense.
The first Guest Take for the year is a piece shared by Vietnamese law firm Indochine Counsel. I’m on the look-out for more quality signal that can help readers to navigate Asia’s credit markets, so feel free to drop me a note at eveline.danubrata@acrosticsasia.com!
📒 Quick Take: Indonesia’s Strongman Part 1
The rupiah fell to a record low while demand for Indonesian bonds sank to the weakest in 10 months after reports that President Prabowo Subianto had nominated his nephew to be a Bank Indonesia deputy governor.
I wrote that the former general is tightening his grip over the critical nodes in Indonesia’s economy: the country’s financial guardians, state-owned enterprises, and resources sector.
👉🏻 Stay tuned for Part 2 this week that will unpack the implications.
💼 Brief Take: India’s Musical Chairs on Steroids
Asia’s high-yield market is essentially a game of musical chairs where lenders pass a credit to each other and hope that the music doesn’t stop prematurely.
Shapoorji Pallonji Group has taken the game to a new level as the music gets faster with each round. The Indian group faces a high-stakes refinancing after the cost of its private credit facility stepped up to 21.75% following a missed deadline at one of its companies.
I also wrote that while synthetic risk transfers (SRTs) are emerging as an option to protect against defaults, the devil is in the pricing and private credit lenders may have different considerations from the banks.
🤝🏻 Guest Take: Key Insights on Vietnam’s IFC Specialised Courts Law by Indochine Counsel
Indochine Counsel shared how Vietnam is developing a judicial infrastructure to serve investors operating within the International Financial Centre (IFC). This is a timely piece given the growing interest in Vietnam as an investment destination.
Singapore’s United Overseas Bank is reportedly set to become the first foreign lender to build its Vietnam headquarters at the IFC in Ho Chi Minh City. The Asia Pacific Loan Market Association (APLMA) also held a well-attended conference that explored the key themes in Vietnam’s financial landscape.
Elsewhere in Southeast Asia, Deloitte, A&O Shearman and WongPartnership pulled off one of the biggest receiverships in Singapore over the past decade. The latest On the Move also includes the second edition of Global Private Capital Association (GPCA)’s Southeast Asia Women Investors Directory.
📝 Off Grid #1: Old School Journalists
I also created Off Grid to house my writings beyond credit. In the first edition, I unpacked a Reuters Institute survey which confirmed that AI is killing news traffic. While technology has empowered individual “creators” to build a direct relationship with the audience, some journalistic traditions should remain steadfast.
I was recently advised to “grab the bull by the horns” and that reminded me of a song from the Kimberly Akimbo musical, which has such gritty lyrics as these:
When opportunity knocks
When possibility calls
Take the bull by the horns
Grab life by the balls
It was sung by the entertaining Frances Lee in the Singapore production, but the original US version was popularized by Bonnie Milligan.
Don’t bother listening to it if you’re easily offended!
As always, I’m open to tips and feedback. Have a good week ahead!
Best,
E