The government has increased the amount of money it plans to raise through bonds, as it sold a record amount, attracting strong bidding.
File image. Photo: 123RF
The Debt Management Office says it now intends to borrow $29 billion for the year ended June, up $4bn on the programme in last month's budget.
Borrowing has been raised dramatically to pay for the various government funded programmes to cushion the impact of the Covid-19 pandemic.
Meanwhile, a record $7bn worth of bonds, maturing in 2024, were sold today through a one-off sale.
The offer attracted $14bn worth of bids pointing to strong overseas demand for the debt.
The sale was done through a syndicate of investment firms to make it easier to raise such a large amount of money.