The embattled company’s dollar-denominated bonds maturing in 2025, 2027 and 2028 are all among December’s biggest laggards in the Bloomberg Emerging Markets Hard Currency Aggregate Index, which has 2,100 members.
The gap may point to idiosyncratic risk surrounding Eskom, according to Jones Gondo, a Johannesburg-based credit research analyst at Nedbank Ltd. Eskom has debt of about 400 billion rand and is also struggling to supply enough electricity from its fleet of old and poorly maintained power plants to meet demand — blackouts were at the sixth level of an eight-grade scale on Thursday. South Africa in October said ithas announced
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