Hope for South Africa’s Eskom as dollar bonds rally

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Hope for South Africa’s Eskom as dollar bonds rally
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Dollar-denominated bonds issued by South Africa’s Eskom gained on Thursday after a senior treasury official said the government was weighing extra

The 2023 issue added 0.7 cents in the dollar, while the 2028 issue gained 0.5 cents in the dollar, according to Tradeweb data.

Stuart said that various scenarios were being considered for resolving the “large and complex” issue, with implications for South Africa’s credit rating, a key criterion.“We are looking at which option is best both in terms of fiscal costs and support for the reform process,” he said. “A switch to South African government bonds will be looked at, but we have to confirm the legalities of each option and implications for ratings agencies,” he said.

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