Eskom dollar bonds fall

Eskom’s dollar bonds dropped to nearly 14-month lows on Monday as the South African state power firm resumed nationwide power cuts.

The company’s August 2028 issue slipped 4.6 cents to 100.5 cents on the dollar, its lowest level since January 2019, while the August 2023 issue shed 3 cents, according to Tradeweb data.

Eskom resumed nationwide power cuts on Monday, cutting up to 1,000 megawatts (MW) from the grid due to unplanned breakdowns of generating units.

The power cuts, which may last until Thursday, will end at 11 p.m on Monday.