Sovereign bonds saw a sell-off on Wednesday led by concerns over a surge in US treasury yields and spike in oil prices. The yield on the old 10-year benchmark (maturing in 2027) closed at 7.44% on Wednesday, hitting the highest level since it was introduced in May last year. The yield on the new 10-year benchmark bonds (maturing in 2028), introduced last week, also closed at the highest level of 7.26%, up 10 points from Tuesday\u2019s close. Yield on a 10-year bond was last near these levels only in end-June 2016. Experts attribute the sell-off in bonds to a surge in the 10-year US treasury yield, which crossed 2.5% on Tuesday. Dealers also took note of a tweet by bond guru Bill Gross of Janus Henderson on Tuesday: \u201cBond bear market confirmed today.\u201d On Wednesday evening, the US treasury yield was around 2.595% levels, the highest since March 2017. Also aiding the sell-off was a spike in oil prices \u2014 Brent crude was trading at a three-year high of $69.27 a barrel.