LONDON (Reuters) – South Africa’s beleaguered state power firm Eskom got a lift in financial markets on Thursday, as a pledge of help from the country’s President Cyril Ramaphosa gave some of its bonds their best day since June.
A spokeswoman for Ramaphosa had said on Wedndesday that he was “favourably disposed” to a trade union proposal to use funds from a state-owned asset manager to reduce the debt of Eskom, which generates more than 90% of the country’s electricity.
The firm’s 2023- to 2028-maturing bonds were last up between 1 and 1.8 cents on the dollar.
Reporting by Marc Jones; Editing by Tom Arnold
Source: Reuters.com © 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. “Reuters” and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.Follow us: