As Eskom Holdings prepares to talk to investors about plans to address a multibillion-dollar debt load, the performance of the company’s bonds already suggests some skepticism from bondholders. The yield premium of Eskom’s 2028 dollar bonds without a government guarantee over those with state backing has widened almost 50 basis points since the beginning of October to the most in four months. The state-owned electricity company has 402 billion rand ($26 billion) of debt, of which about 70% is guaranteed by the government.
