S.Africa utility Eskom’s Eurobond up 1.4 cent as new board apppointed

PUBLISHED: Mon, 22 Jan 2018 12:32:27 GMT

South African power utility Eskom’s 2021 dollar-denominated Eurobond rose to 2-1/2-month high on Monday after a new board was appointed at the weekend.

The 2021 issue was up 1.4 cents to trade at 100.9 cents in the dollar, according to Tradeweb data, its highest since early November.

State-run Eskom has been in a leadership crisis after several board members, including the chairman and chief executive, resigned in 2017 amid growing governance concerns.. Analysts said they saw the appointments as part of the reform promised by new ruling party head Cyril Ramaphosa.

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