📰 Weekly Roundup (7-13 April 2026): Bright Spot #18 | Garuda Indonesia’s Saudi Venture | Asian Airlines’ Survival of the Most Liquid
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Dear Valued Contacts,
Asian credit headlines tend to be dominated by defaults, disputes and debt restructurings. Bright Spot is an Acrostics Asia feature that tracks deal flows and moves in the industry – a way to spot opportunities, not just bad news.
☀️ Bright Spot #18 (7 April 2026)
Two themes have recently stood out in Asian credit.
Investors have shown growing interest in sovereign bonds, including those from frontier nations such as Mongolia, Kazakhstan and Uzbekistan. I wrote in October 2025 that the bond tide was “partly a function of demand and supply, as China’s property meltdown blew a hole in Asia’s high-yield universe and investors had to find a way to put their money to work.”
The second theme was the data centre boom. I’ve compiled some of the deals related to AI, data centres or digital infrastructure in the region over the past few months.
In the latest On the Move, Australia’s private credit market has grown to an estimated AUD 234.5 billion in 2025, according to a report by EY-Parthenon. Meanwhile, Kai Yun Tan has joined Ashurst’s restructuring, insolvency and special situations practice as a partner in Singapore.
💼 Brief Take: Garuda Indonesia’s Saudi Venture (8 April 2026)
President Prabowo Subianto ordered Garuda Indonesia to explore a joint venture with Saudi Arabia’s flag carrier to increase the flight efficiency for Muslim pilgrimages. I wrote that while the president’s suggestion may make sense on paper, any traction depends on whether the Middle East nation would seriously consider it.
💼 Brief Take: Asian Airlines’ Survival of the Most Liquid (10 April 2026)
Airlines are in a survival-of-the-fittest mode, defined as who can stretch their liquidity the longest. Garuda has been hit hard as it must pay for rent and maintenance without being able to earn any money from its grounded planes. I laid out why the Indonesian carrier’s leases are such an albatross around its neck.
📒 Quick Take: Lining Up the Garuducks (29 April 2025)
It remains to be seen whether Garuda would pursue a fourth restructuring given the higher barriers. I’ve already outlined the potential route and considerations a year ago, but the problem is the carrier has an even weaker negotiating position now. Still, whoever can crack the Garuda puzzle may have their place in the hall of fame.
Acrostics Asia is an independent Asia credit intelligence provider that takes end-to-end ownership of its signals – from origination to production and distribution.