South Africa’s Eskom is not very good at keeping the lights on, but it’s providing excellent profits for bondholders. Eskom’s dollar bonds due 2028 — which don’t have an explicit government guarantee — have handed investors a total return of 10% this year, more than three times that of the emerging-market benchmark. Securities due in 2025 and 2027 are also among the best performers in the 2 100-member Bloomberg Emerging Markets Hard Currency Aggregate Index.
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