SP Group bonds fail to get a lift as market takes it step by step

264 at the previous close, according to Bloomberg data. "There hasn't been any meaningful rally in the bonds because the market sees this (monetisation of Tata stake) as a long-drawn process," said a person familiar with the debt. "SP Group bonds fail to get a lift as market takes it step by stepShapoorji Pallonji Group's dollar notes saw little change Tuesday. A potential Tata Sons listing could unlock liquidity for the debt-heavy group. Investors view monetizing the Tata stake as a long-drawn process. Thin trading volumes also limited any immediate price reaction. Read more: Sebi plans shorter disaster recovery drills, stronger backup rules for exchangesTrading volumes in the rupee bonds also remained thin, limiting any immediate price reaction, people familiar with the market said. 75% yield. Read more: Prashant Jain’s 3P India among anchors as Hero Motors raises Rs 300 crore ahead of IPOThe notes were issued by Mercury Finance Company, a Mauritius-based special purpose vehicle, as part of the SP Group's recent dual-currency refinancing. The muted reaction is different from expectations that a favourable development around Tata Sons could provide an immediate mark-to-market benefit to the SP Group debt. Investors, however, appear to be waiting for greater clarity on whether and how the development ultimately leads to liquidity for the group, people familiar with the matter said. The offshore notes formed part of a ₹21,350 crore financing completed by the group through Eqyizen Investment. The financing was raised to refinance existing debt of group entities and meet capital requirements.