Demand at SA’s weekly bond auction fell after the country raised issuance to a record, partly to fund the rescue of troubled state-owned enterprise (SOE) Eskom.

Traders placed R10.3bn of orders, or 2.3 times the R4.53bn of securities on sale, at the scheduled weekly Treasury auction on Tuesday, according to data published by the Reserve Bank. This compares with a bid-to-cover ratio of 3.3 at the previous sale on July 30. The average for the previous four auctions was 3.6...

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