Icarus Asia Research
Research and commentary by Icarus Asia Research, published on Asian Value Investor.
News · Credit · Global · 1 Apr 2026
How higher rates and agentic AI hit the software industry at the same time — and what Tier-1 LPs should do about it. Three foundational assumptions underpinned every software buyout from 2015 to 2025. All three are gone simultaneously. This is not a valuation reset. It is a structural one.
News · Credit · US · 1 Apr 2026
Five primary sources tracked by Icarus Asia point to a credit market that has been systematically repriced against the interests of senior secured lenders. Bankruptcy recoveries in 2025 reached a decade low of 43 cents on the dollar. Moody's forward LGD sits 19 points below its own historical mean. Liability management transactions have wiped out recovery entirely in 14 documented cases.
News · Rates & FX · US · 31 Mar 2026
President Donald Trump wants interest rates at zero. His own foreign policy is making that impossible.
News · Markets · US · 18 Mar 2026
A joint interpretation ends a decade of regulatory limbo, establishes a five-part token taxonomy, and for the first time puts the concept of investment contract termination on firm legal footing.
News · Credit · Global · 10 Mar 2026
HPS Corporate Lending Fund capped withdrawals at 5% after exit requests nearly doubled the limit
News · Rates & FX · Hong Kong · 1 Mar 2026
The HKD peg has held for 40 years. In 2026, two developments demand fresh scrutiny: the first-ever withdrawal from the Exchange Fund for fiscal purposes, and HK$249 billion in Aggregate Balance swings over six weeks that transmitted directly to mortgage and SME funding costs.
News · Policy · US · 21 Jan 2026
The U.S. President's remarks at the World Economic Forum in Davos, Switzerland offer limited reassurance to markets after steep selloff; European allies face escalating trade tensions
News · Ideas · US · 16 Jan 2026
As harsh as it may sound, capitalist or for-profit organizations exist for the sole purpose of maximizing returns for their shareholders. Everything else is carefully crafted spin doctoring, in my opinion.
News · Ideas · India, US · 3 Jan 2026
When Ramalinga Raju struggled to maintain eye contact while defending Satyam Computer Services' improbable earnings in late 2008, I dismissed my unease as overthinking. Two months later, India's fourth-largest software…
News · Markets · US · 8 Jun 2025
Picture this: two titans of ego, once joined at the hip like reality TV stars vying for the same crown, now clawing at each other’s throats in a public spat so vicious it makes a cage match look like a tea party.
News · Markets · US · 23 May 2025
Barry Ritholtz has a blunt message for investors: Stop pretending you can see the future and start admitting what you don't know.
