Take the bacon out of the fridge 30-minutes prior to baking to come to room tempurature*.
Place a wire rack over a baking sheet (for easy clean up, line the baking sheet with tin foil before adding the wire rack) set aside.
Add the stout, balsamic, honey and chili powder to a pot over high heat. Boil, stirring occasionally until thickened and reduced, about 8 minutes.
Wrap each asparagus with bacon, place on the wire rack.
Bake for 8 minutes, then brush with glaze, bake for 8 additional minutes, brush with glaze once more and bake until bacon is crispy, about 5 more minutes.
Serve immediately.
Notes
*Dish works best with thin strips of bacon that are at room temperature and thick stalks of asparagus that are ice cold but not frozen (right from a cold fridge), this will help the bacon crisp before the asparagus becomes over cooked.