SA is being priced out of desirable long-term, fixed-rate, rand-denominated debt. Debt pricing developments bring to mind the sentiment in Ernest Hemingway’s famous quote: “How did you go bankrupt? Two ways. Gradually, then suddenly.”

In many ways debt distress is not an event but the gradual build-up of fragility. Along the way there are signs that there will be trouble down the line. Domestic bond yields continue to flash amber, and policymakers had better take heed...

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