Bond yields traded higher on Wednesday even as escalating U.S.-Iran tensions pushed oil prices and global bond yields higher.
In the global market, U.S. Treasury yields rose on Tuesday as renewed tensions in the Middle East drove global government borrowing costs to their highest point going back to early last year. Furthermore, Oil prices rose on Wednesday, extending the previous session's surge, as concerns over supply disruption intensified after the US and Iran exchanged strikes overnight, dimming hopes for a quick easing of tensions in the Middle East.
Back home, the yields on new 10 year Government Stock were trading 2 basis points higher at 6.97% from its previous close of 6.95% on Tuesday.
The benchmark five-year interest rates were trading 2 basis points lower at 6.56% from its previous close of 6.58% on Tuesday.