Eskom dollar bonds rally on Godongwana’s debt relief plan
Futuregrowth’s head of credit, Olga Constantatos, says government’s play to relieve Eskom of R254bn of its R423bn debt load is ‘credit positive’
22 February 2023 - 20:19
Eskom’s dollar-denominated bonds rallied after finance minister Enoch Godongwana announced R254bn of debt relief for the beleaguered state power utility that is meant to put it on a better financial footing.
The debt relief package for Eskom will be spread out over the next three years with the utility getting advances from the Treasury of R78bn in the 2023/2024 fiscal year; R66bn in 2024/2025; and R40bn in 2025/2026. In addition to that, the Treasury will directly take over up to R70bn of Eskom’s debt in the 2025/2026 fiscal year...
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