Deutsche may turn collateral damage in Tata mess
DB•Deutsche Bank is trying to offload three-year zero-coupon notes issued by Shapoorji Pallonji group unit Eqyizen Investment at yields up to 18.75%. A public power struggle over Tata Sons’ possible listing may delay a debut and complicate the group’s efforts to repay more than 541 billion rupees in borrowings.
1. Deutsche seeks buyers
Deutsche Bank helped Shapoorji Pallonji group raise debt and is now trying to offload Eqyizen Investment’s three-year zero-coupon notes at yields up to 18.75%, down from 18.95% in July. In July, Deutsche was sole arranger for bonds worth 214 billion rupees and took up 29% of the offer, data cited in the article showed.
2. Tata listing uncertain
The notes are backed by Tata Sons shares. The SP group owns an 18% stake in Tata Sons, which may be worth at least 250 billion rupees, and has borrowings exceeding 541 billion rupees ($5.64 billion). Tata Sons chair N. Chandrasekaran supports a listing, while Tata Trusts chair Noel Tata opposes it; the article says their conflict could lead to legal battles and delay a capital markets debut.
3. Repayment pressure
The SP group is seeking an extension on 35 billion rupees ($365 million) due September 30. It raised 286 billion rupees, roughly $3 billion, from Ares Management, BlackRock and others in May 2025 in what the article describes as India’s largest onshore private credit transaction.
