Bond yields traded higher ahead of the central bank’s outright bond buyback auction today.
In the global market, U.S. Treasury yields were roughly unchanged across maturities on Wednesday afternoon, as expectations of heavy issuance of new supply offset safe-haven demand amid a dramatic stock sell-off that brought major U.S. stock indexes to one-month lows. Furthermore, oil prices rose in early trading, regaining some of the ground lost in a 5% slump overnight, amid the prospect of tighter short-term supply with two-thirds of U.S. output shut in the Gulf of Mexico as Hurricane Zeta slammed Louisiana.
Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 5.87% from its previous close of 5.85% on Wednesday.
The benchmark five-year interest rates were trading 2 basis points lower at 5.15% from its previous close of 5.17% on Wednesday.