South African bonds suffered after an official announced that tax revenue fell short of estimates. Yields on 2044 bonds rose four bps on Tuesday to 12.73%, the highest on a closing basis since July 2. The spread over the 2026 yield widened this week to 370 bps, the most in two years after the government signaled its intention to increase borrowing to fund a debt-relief program for state-owned power utility Eskom. That comes on the heels of warnings from the central bank about the market nearing its debt absorption limit.