Bond traders are betting South African Finance Minister Pravin Gordhan will deliver the spending cuts and tax increases needed to avoid a credit-rating downgrade to junk when he tables his annual budget on Wednesday. Demand soared at the weekly Treasury debt auction on Tuesday, with 14.7 billion rand ($966 million) of bids. That’s more than six times the 2.35 billion rand of securities on sale, the highest ratio this year.
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