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Investors’ unease about SA’s ability to contain its debt has pushed the country’s long-term borrowing costs to a record high relative to shorter-dated debt, raising concern about the sustainability of government borrowing.

The difference in yield, or spread, between the three- and 10-year government bonds widened to 495 basis points (bps) on Monday, the widest on record and up from just 100 bps at the start of 2020, according to data from Bloomberg. This comes at a time when Covid-19 and its economic shock have left the government facing a budget deficit of more than 15% for the current fiscal year...

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