Eskom dollar-bonds fall after company says to step up power cuts

Dollar-denominated bonds issued by South Africa’s Eskom fell across the curve on Monday after the struggling state power firm said it would step up power cuts in the wake of six additional generating units going offline unexpectedly.

The 2028 issue dropped 1.7 cents to 101.875 cents in the dollar with the bond suffering the steepest daily fall in more than two months, according to Eikon Refinitiv data.

Read: Load shedding : Outlook not good 

The country’s Public Enterprises Minister Pravin Gordhan was also due to meet Eskom executives to find solutions to the country’s electricity crisis.