S.Africa's Eskom bonds see biggest jump since June after debt pledge

02/06/2020 | 10:41am

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)

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