Eskom bonds punished as investors clamour for faster turnaround
Many want to see more action on operational and organisational changes meant to return the company to sustainability
06 November 2019 - 18:44
Some investors are getting out of Eskom (https://www.bloomberg.com/quote/1001Z:SJ)dollar bonds amid concern SA is taking too long to implement a turnaround plan and explain what it will do about the power utility’s R450bn debt.
Yields on the struggling power company’s dollar bonds due in 2025 climbed to a one-month high on Wednesday, even though the government’s R138bn bailout has bought it some time to reorganise its finances. Besides concern over the debt load, investors want to see faster progress on operational and organisational changes meant to return the company to sustainability...
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