{"id":1039,"date":"2020-12-17T20:58:00","date_gmt":"2020-12-17T20:58:00","guid":{"rendered":"https:\/\/www.africa-press.com\/south-africa\/?p=1039"},"modified":"2020-12-17T20:58:00","modified_gmt":"2020-12-17T20:58:00","slug":"eskom-bailout-emerging-as-equity-swap-by-pic","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/eskom-bailout-emerging-as-equity-swap-by-pic","title":{"rendered":"Eskom bailout emerging as equity swap by PIC"},"content":{"rendered":"

Africa-Press<\/a> – South-Africa<\/a>. <\/strong><\/span>South Africa’s biggest pot of available cash – R1.91
\ntrillion of civil-servant pensions and unemployment funds managed by the Public
\nInvestment Corporation – is emerging as the key to rescuing the debt-stricken
\nnational power monopoly.The money manager has approached its parent agency, the
\nNational Treasury, with a proposal to ease the R464-billion load of obligations
\ncrushing Eskom, signalling officials are gearing up for the complex financial
\nand political operation to convert about R95 billion of Eskom debt held by the
\nPIC into equity.”There’s still a need to undertake a due diligence to
\nconfirm the viability of this proposal,” the Treasury said in an 11 December
\nresponse to questions from Bloomberg, its first statement connecting the PIC to
\nan Eskom bailout. “It is important that the PIC be allowed space to follow
\nits internal governance processes in line with its standard investment
\nevaluation process to mitigate against any possible breach of governance or
\nwhat could be perceived as political interference.”While international investors are cheering efforts to
\ncontrive a durable fix for Eskom, the idea of tapping the fund is already
\ndrawing warnings over the potential fallout. The swap, which could put Eskom
\ninto technical default, would pit the government against its own employees, set
\na precedent that could see other flailing state-owned companies knocking on the
\nPIC’s door, and rattle a private sector concerned that its money could be next.Speculation of a PIC role has intensified in recent weeks
\nsince President Cyril Ramaphosa told Bloomberg that “innovative ideas”
\nwere being discussed, and Finance Minister Tito Mboweni said the fund was
\nwilling to contribute to a solution for Eskom. Labour, business and the
\ngovernment last week agreed to work jointly to reduce the utility’s debt in the
\nso-called Eskom Social Compact.”The sustainability of Eskom’s debt and the risks it
\nposes to state finances are now arousing political interests who are increasingly
\ninterested in grasping a solution,” said Peter Attard Montalto, head of
\ncapital markets research at Intellidex. “Eskom’s debt needs to be solved.”The decision to begin installing new steam generators at the
\nKoeberg plant near Cape Town underscores state-owned Eskom’s confidence that it
\nwill win approval to prolong production of low-emissions nuclear power into the
\nmiddle of the century.The scope of the task has increased since Goldman Sachs
\nGroup described the utility in 2017 as the biggest threat to South Africa’s
\neconomy, which is just exiting its longest recession in 28 years. Eskom’s
\ninability to provide reliable power since 2008, when outages began, has crimped
\noutput and disrupted everything from aluminium smelters to household kitchens.The deterioration was worsened by years of looting under
\nRamaphosa’s predecessor, Jacob Zuma, leading to the 2019 bailout that totalled R128
\nbillion over three years. But that’s merely keeping the wolf from the door and
\nthe search for a long-term solution is under way for the too-big-to-fail
\noperation.READ | PIC may convert Eskom debt to equity’Materially cheap’Plans to rescue Eskom, which has said it can’t afford to
\nservice more than R200 billion of debt, have also included dipping into the surpluses of state-run unemployment
\nand compensation funds and converting some of its mostly government-guaranteed
\ndebt into sovereign bonds.Credit analysts have been talking up Eskom as a 2021 top pick,
\nciting the government’s efforts, says Lutz Roehmeyer, the chief investment
\nofficer at Capitulum Asset Management GmbH in Berlin, who holds Eskom dollar
\nbonds and isn’t adding any more. “Investors are very bullish on the name
\nand expect the sovereign to solve the problem,” he said.JPMorgan Chase & Co. this week called Eskom bonds “materially
\ncheap” compared with sovereign debt.”As long as debt declines and becomes more sustainable,
\nthat’s really the number one priority,” said Guido Chamorro, co-head of
\nemerging-market hard-currency debt at Pictet Asset Management in London, which
\nmanages $10 billion in developing-nation assets, including Eskom 2028 notes. “There
\nare 101 different ways to do it. I mean, the government as the sole shareholder
\ncould even assume the debt. Or use its lower funding costs to borrow and then
\ntransfer the funds to Eskom.”The PIC is recovering from a government inquiry last year
\ninto how political meddling influenced decision-making. The probe led to the
\ndeparture of several senior executives following disclosures that included
\nbailing out one of the country’s biggest retailers ahead of a national election
\nagainst the advice of its investment professionals.While the Congress of South African Trade Unions, a key ally
\nof the ruling African National Congress, has backed using PIC funds to help
\nEskom, other labour groups, including the 235,000-member Public Servants
\nAssociation, and business leaders have opposed it.Eskom’s own employee pension fund has signalled resistance to
\nthe idea. It doesn’t want to change the “risk-return characteristics”
\nof its R2-billion investment in the company’s debt or add to the holding, said
\nChief Investment Officer Ndabezinhle Mkhize.PitfallsAll of the options being considered have their pitfalls. A
\ndebt-to-equity swap may have to be offered to all creditors and could be
\nclassified by ratings firms as a default. Converting Eskom debt into sovereign
\nbonds could flood the market and unnerve holders of South Africa’s R2.62
\ntrillion of junk-rated government bonds.”We could lower the rating by one or more notches if
\nthe utility undertakes a debt restructuring, which, in our view, could be
\ntantamount to a default,” Standard & Poors’ said in a 25 November
\nstatement.Eskom CEO Andre de Ruyter has been credited with improving
\noperations since taking over January but has said the debt question is in the
\nhands of the government. He has spoken of using green finance to help reduce
\ncoal use and cut its debt. He didn’t give specifics.Ultimately, unpalatable as it might be, the government may
\nfind it just has to meet the utility’s obligations by paying off its debt at it
\nfalls due.”Everybody knows Eskom needs to do something about its
\ndebt, no one knows what that looks like,” said Olga Constantatos, head of
\ncredit at Futuregrowth Asset Management, which has R194 billion under
\nmanagement, including Eskom debt. “It’s in a utility death spiral as well
\nas a debt spiral.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. South Africa’s biggest pot of available cash – R1.91 trillion of civil-servant pensions and unemployment funds managed by the Public Investment Corporation – is emerging as the key to rescuing the debt-stricken national power monopoly.The money manager has approached its parent agency, the National Treasury, with a proposal to ease the R464-billion […]<\/p>\n","protected":false},"author":84,"featured_media":1038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,304,129,302,127,303,305,275],"class_list":["post-1039","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-debt","tag-electricity","tag-energy-crisis","tag-eskom","tag-load-shedding","tag-pic","tag-south-africa-2"],"yoast_head":"\nEskom bailout emerging as equity swap by PIC - South Africa<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/eskom-bailout-emerging-as-equity-swap-by-pic\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eskom bailout emerging as equity swap by PIC\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – South-Africa. South Africa’s biggest pot of available cash – R1.91 trillion of civil-servant pensions and unemployment funds managed by the Public Investment Corporation – is emerging as the key to rescuing the debt-stricken national power monopoly.The money manager has approached its parent agency, the National Treasury, with a proposal to ease the R464-billion […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/eskom-bailout-emerging-as-equity-swap-by-pic\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-17T20:58:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2020\/12\/img-5fdbb68d9eeff.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"684\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/eskom-bailout-emerging-as-equity-swap-by-pic#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/eskom-bailout-emerging-as-equity-swap-by-pic\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Eskom bailout emerging as equity swap by PIC\",\"datePublished\":\"2020-12-17T20:58:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/eskom-bailout-emerging-as-equity-swap-by-pic\"},\"wordCount\":1043,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/eskom-bailout-emerging-as-equity-swap-by-pic#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2020\/12\/img-5fdbb68d9eeff.jpg\",\"keywords\":[\"Africa Press\",\"debt\",\"electricity\",\"energy crisis\",\"Eskom\",\"load shedding\",\"pic\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/eskom-bailout-emerging-as-equity-swap-by-pic#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/eskom-bailout-emerging-as-equity-swap-by-pic\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/eskom-bailout-emerging-as-equity-swap-by-pic\",\"name\":\"Eskom bailout emerging as equity swap by PIC - 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