Yield On U.K. 10-year Gilt Hits All-time Low

The yield on the Britain's benchmark government bond hit a record low Thursday, underscoring a recent rally among European bonds. The yield on the 10-year gilt hit an all-time low of 1.222%, according to Tradeweb. Yields move in opposite direction to prices. Investors appeared to be seeking the relative safety of bonds before the June 23 Brexit referendum in the U.K., which will ask voters whether the country should leave the European Union. After the European Central Bank on Wednesday kicked off its program of corporate-bond purchases, Germany's 10-year bund yield touched an all-time low of 0.03%. On Thursday, the bund yield was down 1 basis point at 0.043%.