Bond yields traded flat on Wednesday, as investors remained cautious ahead of gross domestic product (GDP) data, to be released tomorrow.
In the global market, U.S. benchmark 10-year Treasury yields posted their largest one-day drop on Tuesday since Britain voted to exit the European Union nearly two years ago, as a political crisis in Italy, the third-largest euro zone economy, fueled a flight to safe-haven assets. Furthermore, Oil prices retreated under pressure from expectations that Saudi Arabia and Russia would pump more oil to counter potential supply shortfalls from Venezuela and Iran, even as U.S. output has surged in recent years.
Back home, the yields on new 10 year Government Stock were trading flat at its previous close at 7.56% on Tuesday.
The benchmark five-year interest rates were trading 1 basis point higher at 7.80% from its previous close of 7.79% on Tuesday.