Bond yields edged lower on Monday, tracking fall in U.S. Treasury yields and as strong demand seen at a domestic weekly debt sale last week signalled investors’ improved appetite.
In the global market, U.S. Treasury yields fell on Friday, with benchmark yields hitting three-week lows, as the euro reached a near two-year high against dollar, raising doubts whether the European Central Bank would scale back its bond purchases later in 2017. Furthermore, oil prices were little changed following a steep fall in the previous session amid growing expectations that the joint OPEC and non-OPEC ministerial meeting later in the day would address rising production from Nigeria and Libya, two OPEC members exempted from the cuts.
Back home, the yields on new 10 year Government Stock were trading 3 basis points lower at 6.41% from its previous close of 6.44% on Friday.
The benchmark five-year interest rates were trading 1 basis point lower at 6.50% from its previous close of 6.51% on Friday.