Shapoorji Pallonji Group secured a record $3.5 billion private credit bond from firms like BlackRock and Pimco, offering a hefty 19.75% yield. The deal, marked by multiple layers of collateral, reflects investor eagerness and SP Group’s financial vulnerabilities.

• High yield signals significant borrower risk.
• Triple collateral includes Tata Sons shares.
• Transferability of pledged assets is uncertain.