Bondholders of South Africa’s state-owned electricity company are watching the latest round of rescue talks from a distance. Yields suggest they’re confident their money is safe, whether or not the discussions result in a sustainable solution for Eskom Holdings SOC Ltd.’s $32 billion debt pile.
Eskom, described by Goldman Sachs as the biggest threat to the South African economy, has become mired in over R480bn debt. With the majority of its bonds being government guaranteed, the state is obliged to step in when Eskom anticipates payment pressure
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