JOHANNESBURG (Reuters) – Eskom’s dollar-denominated bonds rose 2-2.6 cents in the dollar on Wednesday, after South Africa’s Treasury said the government would take on part of the struggling state-owned power utility’s $22 billion debt.
The National Treasury said in its mid-term budget that it could take on between a third and two-thirds of the local debt of the utility, which is mired in financial crisis and record electricity outages, but it did not commit to specific details or a timeframe.
Eskom’s 2028 dollar-denominated bond rose the most, according to Tradeweb data, climbing 2.648 cents to 86.977 cents in the dollar, its highest price for a month.
(Reporting by Rachel Savage, Editing by Marc Jones)
