Shapoorji Pallonji Group Bonds Hit Record Highs on Tata Sons Listing Bets

Dollar bonds issued by the Shapoorji Pallonji Group reached a record high this week, driven by investor anticipation of a potential listing of Tata Sons Pvt. Investors believe a public listing would enable the Indian construction company to unlock significant value from its stake in the holding company, providing the necessary capital to repay expensive debt.

Specifically, the $650 million 14.5% three-year dollar notes issued by Mercury Finance Co. rose 1.8 cents on the dollar to a record 101.9 cents. Mercury Finance Co. is a Mauritius-incorporated special purpose vehicle overseen by the SP Group. This price increase represents the strongest weekly performance for these notes since they were first issued in July.