President Cyril Ramaphosa’s latest pledge to support Eskom Holdings is good news for the cash-strapped electricity company — but some investors are balking at the prospect of increased sovereign-bond issuance to pay for the bailout. Ramaphosa told lawmakers last week South Africa would bring forward part of the R230-billion rearmarked for Eskom over the next ten years. The Treasury hasn’t budgeted for additional support over and above the R23-billion allocated in February for this and each of the next two years.
