The Treasury has upped its weekly short-term borrowing as tax collections slide and investors’ appetite for longer-term debt dwindles, with growing concerns about the outlook for public finances driving up SA’s borrowing costs and its risk premium.

Treasury director-general Duncan Pieterse said issuance of treasury bills had been raised by about R2bn to more than R14bn a week from the beginning of August. Investors are still showing up for the Treasury’s weekly auctions but their resistance is clear from the rise in yields across all maturities of state bond since the February budget...

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