Eskom’s comeback in the domestic bond market may propel corporate debt sales in SA to another record year. Year-to-date debt issuance by South African companies, including state-owned enterprises (SOEs), has edged ahead of the amount sold in the same period in 2017, according to data compiled by Bloomberg. Issuers have raised R36.9bn in 2018, an increase of 1.7%. Companies sold R148bn, a record, in the whole of 2017. The year-to-date increase is mostly related to borrowing by Eskom, which increased to R6.4bn, compared with R716m in the comparable period of 2017. The biggest issuer in 2018 so far is Standard Bank, which raised R25bn in 23 sales. Eskom, which is South Africa’s biggest corporate borrower, lost favour with investors, including Futuregrowth Asset Management, amid concern about governance and a series of scandals, including allegations of corruption linked to the politically connected Gupta family. Its board was overhauled in January and the utility planned to recover alm...

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