Yield demands climb at gov’t debt auctions

Friday, December 05, 2025 | 90 Views |

Tough task: The Finance Ministry needs to raise funding, while keeping government’s borrowing costs stable

Government is facing upward pressure on its borrowing costs, as lenders at its monthly debt raising activities in the capital market demand increasingly higher returns, BusinessWeek trend analysis shows.

According to figures published by the Bank of Botswana (BoB), which is government’s agent in the capital market, the highest bid received for the various bonds offered in the monthly auctions has been ticking up over the months.

Whilst the central bank does not automatically accept the highest bid received and, in fact, nearly always rejects it, the rising rates indicate how the market is pricing government debt.

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