Coat the bottom of a large pan with 1 tsp. olive oil; heat the pan on medium until the oil starts to simmer. Add the onions and stir to coat with oil. Spread the onions out evenly and let caramalize, stirring occasionally, for about 4 to 5 minutes. Set aside.
Preheat the oven to 350°F.
Wash the asparagus and break off the tough ends. Bring a large stock pot of salted water to a boil; add the asparagus and blanch for 1 minute. Then remove the asparagus from the water and place immediately into a large bowl of ice cubes to stop the cooking process.
Pat dry with paper towels then tightly wrap 3 to 4 asparagus spears (depending on thickness of stalk) and bundle them together with a slice of bacon. Place the asparagus bundles onto a baking sheet and season with freshly cracked black pepper. Bake for 8 to 10 minutes until bacon is completely cooked.
In a medium sauce pot over medium high heat, combine 2 tbsp. olive oil and garlic; cook for 1 to 2 minutes. Then add the tomatoes, ½ cup caramelized onions, red wine vinegar, brown sugar, Sambal chili paste and salt and pepper to taste. Cook over medium low heat for 20 to 25 minutes, until the jam has reduced to desired consistency. Serve warm as dipping sauce with bacon-wrapped asparagus bundles.