APAC Credit Roundup: Frontier Asia, POWFIN/RECLIN, GLP China, Macau Gaming

Research evidence excerpt

APAC Credit Roundup: Frontier Asia, POWFIN/RECLIN, GLP China, Macau Gaming

J P M O R G A N Asia Pacific Credit Research

10 July 2026

APAC Credit Roundup

Frontier Asia, POWFIN/RECLIN, GLP China, Macau

Gaming

Asia Pacific Credit Research

Soo Chong Lim AC

(852) 2800-7387

soochong.lim@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited

• Frontier Asia- Better skies, familiar risks Matthew(852) 2800-6518Hughart AC

matthew.hughart@jpmorgan.com• POWFIN / RECLIN - Draft merger scheme announced

• GLP China – Strategic cooperation agreement with Ulanqab AC Alvin Au

• Macau Gaming - The Game Is Still On (852) 2800-8533

alvin.au@jpmorgan.com

Aman Aggarwal AC

(852) 2800-0081

Frontier Asia - Better skies, familiar risks aman.aggarwal@jpmchase.com

The recent ceasefire in the Middle East, if sustained, should improve frontier Asia’s

Shirley Yau ACoutlook and create space for greater policy flexibility, as discussed in a note yesterday

(852) 2800-0566

by our Economic Research and Strategy teams (note). Outturns were less severe than shirley.yau@jpmorgan.com

the feared repeat of the 2022-23 crisis due to the shock being relatively short-lived, J.P. Morgan Securities (Asia Pacific) Limited

ACwith most economies having made macro-adjustment progress prior to the crisis. Emma Xing

Well-calibrated policy responses have helped build credibility in Pakistan and Sri (852) 2800-8727

Lanka, while Bangladesh has lagged and Mongolia has been insulated by its emma.xing@jpmorgan.com

commodity windfall. Vietnam remains unique given its deep integration in global J.P. Morgan Securities (Asia Pacific) Limited

supply chains. Vulnerabilities and risks persist going forward, including from EM, Economic and Policy Research

constrained fiscal space, thin FX buffers, and reform fatigue. Mahmoud Harb