Media Archive
Media coverage | Research | Market commentary
Past perspectives
Current relevance
Selected media coverage, published research and market commentary from across my advisory career, spanning financial markets, infrastructure, energy and commodities. The archive brings together external coverage and original analysis, including perspectives on many of the market and policy issues that continue to shape transactions today.
PARTNERSHIPS BULLETIN | 8 OCTOBER 2026
Of Coal and Revolutions - Revisited
South Africa's electricity transition is increasingly a question of who pays for the infrastructure, legacy costs and social obligations as private power purchasing, wheeling and electricity trading expand. The article examines the implications for infrastructure financing, public-private partnerships and the allocation of risk.
Capital has alternatives: What the Burnham agenda will have to prove to financial markets
Originally published by Partnerships Bulletin, 4 September 2026. Republished with permission.
A change in political direction does not automatically mean a clash with financial markets. But if the UK wants private and institutional capital to support a more active state and greater infrastructure investment, credibility, investability and risk allocation will matter.
Selected Research & Market Commentary - Lionel Kruger
Audere Solutions | 2020-2023 Commodities Weekly & Monthly Roundups
Authored by Lionel Kruger for Audere Solutions, this regular commodities research and market commentary covered oil and refined products, metals, China, macroeconomic and geopolitical developments, with a particular focus on their implications for corporate and infrastructure hedging.
Oct 2020
Bitumen & diesel hedging
March 2022
South Africa proxy hedge for war in Ukraine
Jan 2023
Gasoil remains stubbornly high
Selected Research & Market Commentary - Lionel Kruger
JCRA | 2016-2019 South African Markets & Global Macro Commentary
Authored regular research and market commentary for JCRA covering South African interest rates, fiscal and political risk, sovereign ratings, commodities and global macroeconomic developments, with a focus on their implications for financial markets, corporates and infrastructure.
Real Estate FX Hedging in Sub-Saharan Africa
Originally published in Ai Finance/JCRA, 2017
Revisited in 2026: African FX Risk - What Has Changed, and What Hasn't
Many of the practical challenges identified in 2017 remain surprisingly familiar. I revisit the original article from the perspective of today’s African investment and infrastructure markets.
Renewable Energy Investment in South Africa
Originally published in Engineering News, 2017.
Engineering News - Renewable Energy Investment 2017
Industry leaders warn of loss in investments in renewables sector
Revisited in 2026: South African Renewables - From Investment Uncertainty to an Established Asset Class
Nearly a decade after uncertainty threatened South Africa's renewable-energy programme, I revisit how the market has evolved - and why execution, financial close and financial risk now matter more than ever.
When Geopolitical Risk Hits the Oil Market
Originally published in Reuters in 2019
Revisited in 2026: When Geopolitical Risk Hits the Oil Market - What Has Changed, and What Hasn't
What seven years of energy-market shocks tell us about corporate hedging.
Debtwire | 30 August 2019
Green bonds offer hope for African climate investment
Lionel Kruger was interviewed on the development of Africa’s green-bond market, including DFI support, secondary-market liquidity, regulatory constraints and institutional investment.
IFA Magazine | August 2019
Emerging markets - what's going on?
Lionel Kruger commented on weakening emerging-market currencies and equities, slowing global growth, interest-rate cuts and the impact of US–China trade tensions on emerging economies.
The Telegraph | July 2019
Gulf tensions and oil-market risk
Lionel Kruger commented on the impact of escalating Gulf tensions on oil prices and financial markets.
The Armchair Trader | 2 July 2019
Emerging markets: BRICS in the same boat.
Lionel Kruger examined slowing growth across the BRICS economies, including policy credibility, trade tensions, central-bank independence and the structural challenges facing South Africa.
Milano Finanza | June 2019
Italy, fiscal policy and sovereign-market risk
Lionel Kruger commented on tensions between Italy and the EU over fiscal policy, and the implications for investor confidence and the BTP-Bund spread.
