Ontario plans to sell more short-term debt in the year ahead to keep borrowing costs in check amid a spike in long-term yields, Bloomberg News reported. The Canadian province, which is the world’s largest sub-sovereign government borrower, plans to increase short-term debt by C$6 billion ($4.8 billion) in the fiscal year starting April 1. That’s six times its net issuance in the current fiscal year, according to budget documents released on Wednesday. The government kept unchanged its forecast for a C$33.1 billion deficit in the coming fiscal year, down 14% from the current year’s C$38.5 billion. Ontario is increasing its reliance on treasury bills at a time when yields on longer-term bonds are rising on signs of a strengthening global economy, which investors are betting will lead to higher inflation. Ten-year provincial debt traded at about 2.14% Wednesday compared to 1.31% at the start of the year, according to Bloomberg data. Read more.