Asia: Finance and Banking

A valuable asset does not solve a debt problem if it cannot generate cash before the debt falls due for long term projects, like infrastructure projects and engineering groups. Projects, operating businesses and long-term investments may take years to generate or release cash, while holding-company debt falls due on a fixed date. The group has to turn its assets into cash, refinance the debt or extend the maturity before the choices become more limited.

Vietnam's power sector requires projects that can secure financing and allocate construction, offtake, grid and market risks effectively. This analysis examines the contractual frameworks, bankability requirements, and investment incentives that determine whether capacity targets translate into executable, financeable projects in Vietnam's evolving energy market.

Project finance transactions involving Kazakhstan insurance organisations present unique challenges when foreign lenders seek to create comprehensive security packages. This article examines the Reinsurance Assignment Deed (RAD), an instrument widely used in international practice but novel in the Kazakhstan market, analyzing its structure under English law and the critical Kazakhstan law considerations that arise despite the choice of foreign governing law.

Two separate regimes now govern Indonesian natural resource exports and must be checked on every shipment: the DSI/Export SoE export monopoly under GR 24/2026, which currently covers coal, crude palm oil and ferro-alloy and channels their export exclusively through Export SoE; and DHE SDA, the foreign exchange retention regime that requires most mining, plantation...

Novation has existed in Indian over the counter ("OTC") derivative markets for years, but as derivative volumes and market maker turnover grew, the absence of a comprehensive framework spanning asset classes became a genuine gap. In July 2025, the Reserve Bank of India ("RBI") released a draft titled "Reserve Bank of India (Novation of OTC Derivative Contracts) Directions, 2025", seeking to close this gap through a unified set of directions. After consultation with various stakeholders, RBI finalised the framework on 22 September 2026, but abandoned the standalone Directions format.

Since 2020, the portfolio management services (PMS) industry has grown significantly. The assets under management (AUM) rose from INR 18.07 lakh crore in April 2019 to INR 42.61 lakh crore as on 31 May 2026.

Tata Sons has been compelled to go public, which is an empire valued around 15 lakh crore rupees. And in an attempt to avoid this, it has already repaid over 21,000 crores in debt. Tata Sons sits at the very top of the Tata group and what makes it even more special is who owns it. Two-thirds of it belongs to Tata Trusts which is the charitable trust. This means a significant portion of Tata’s profits supports schools, scholarships and hospitals.

Vietnam's Ministry of Finance has issued Circular No. 138/2026/TT-BTC, implementing a comprehensive new framework for corporate bond issuances that strengthens investor protections...

Vietnam's corporate bond market enters a transformative phase with new regulations establishing stricter disclosure requirements, enhanced investor protections, and clearer frameworks for both domestic private placements and international bond issuances. The reforms introduce mandatory credit ratings, collateral requirements, and debt-to-equity limits designed to create a more transparent and sustainable capital raising platform for Vietnamese companies seeking domestic and international debt financing.

Treasury proposes enhanced data collection for managed investment schemes following recent fund collapses, while ASIC intensifies scrutiny of private credit products through interim stop orders...

In the October 2026 edition of our monthly newsletter "Legalaxy", our team analyses some of the key developments in securities market, banking and finance, labour and consumer protection.

On 8 October 2026, ASIC issued an interim stop order on the product disclosure statement (PDS) of units in several registered managed investment schemes (the Funds). The Funds invested in short-term mortgages...