Eskom is groaning under more than $30bn of debt, and does not generate enough cash to service it. Investors, however, cannot get enough of it.

The state-owned utility’s 2028 dollar securities have handed bondholders a whopping 22.3% return in 2019, more than the debt of any other emerging-market utility and almost three times the average for developing-nation hard-currency bonds, according to Bloomberg Barclays indexes. Its other dollar bonds are also among the best performers in the 130-member Bloomberg Barclays EM USD utilities sub-index...

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