Treasury set to reduce debt issuance

Thanks to more upbeat revenue collections that have bumped up the government’s cash balances, the National Treasury is set to reduce its bond issuance this year, it said in the 2021 Budget Review.

The move is likely to be welcomed by the local capital market, which came under pressure after marked global financial volatility sparked a sell-off by international investors, and SA received a series of ratings downgrades from all three ratings agencies, leaving it firmly in sub-investment grade...