Bond yields edged higher on Thursday, as investors remained cautious ahead of a fresh supply of notes tomorrow.
In the global market, the gap between U.S. short-dated and long-dated U.S. Treasury yields contracted to its tightest in a decade after data showed a pickup in U.S. underlying inflation and an unexpected rise in retail sales, as the market priced in further interest rate hikes next year. Furthermore, Oil markets were weighed down by rising U.S. crude production and inventories, but prices were prevented from falling by expectations that OPEC will extend an ongoing production cut during a meeting at the end of this month.
Back home, the yields on new 10 year Government Stock were trading 3 basis points higher at 7.05% from its previous close of 7.02% on Wednesday.
The benchmark five-year interest rates were trading 3 basis points higher at 6.88% from its previous close of 6.85% on Wednesday.