📰 Weekly Roundup (5-11 May 2026): Keeping the SP Dream Alive | SP Group Notes | Bright Spot #20 | Indonesian Sovereign
Weekly newsletter
Dear Valued Contacts,
There were notable developments in Indian high-yield/private credit and Southeast Asia’s restructuring and insolvency scene last week.
💼 Brief Take: Keeping the SP Dream Alive (8 May 2026)
BlackRock is reportedly considering an initial investment of USD 100 million to USD 200 million in a dollar bond to be issued by a unit of India’s Shapoorji Pallonji Group (SP Group). I unpacked the likely reasons why some lenders are still participating in the musical chairs despite the high risk.
SP Group’s refinancing story hinges on the shared incentives among the company, creditors and arrangers to maintain the hope of monetizing the group’s stake in Tata Sons.
📖 SP Group Notes (9 May 2026)
SP Group is one of the hottest names in Asian credit because everyone is watching whether India’s top private credit borrower can pull off its latest refinancing or fall off the tightrope. The local media have been shedding light on the stress points and underlying incentives that were helpful to understand the conglomerate’s refinancing machinery.
☀️ Bright Spot #20 (9 May 2026)
A lot has happened in Southeast Asia’s restructuring scene over the last six months:
Vietnam introduced a new Rehabilitation and Bankruptcy Law that prioritizes rehabilitation over liquidation.
The Supreme Courts of Singapore and Indonesia signed an MOU that – for the first time – provides a formal channel for judges in both countries to coordinate on the same insolvency or restructuring case.
Malaysia saw its first “cross-class cramdown” (overcoming a holdout creditor class) decision.
In the latest On the Move, Zaid Ibrahim & Co acted as sole transaction counsel related to Malaysia’s first tokenized Sukuk issuance by Khazanah Nasional.
Adnaan Noor launched Ashmere Law Asia in Singapore, while Aisling Dwyer won the 2026 Melnik Award, which is given to a member whose contributions to the International Women’s Insolvency & Restructuring Confederation (IWIRC) over time have been exceptional.
👟 Indonesian Sovereign (5 May 2026)
Within a year, Acrostics Asia has built a track record of accurately flagging the real deal on Indonesia’s economy, sovereign fund and state-owned enterprises – even if it runs against the mainstream narrative.
Indonesia’s Economy
State-Owned Banks
Danantara
Garuda Indonesia
Wijaya Karya
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