10-year Treasury yield hits highest level since 2002 as global bond rout gathers pace

U.S. Treasury yields hit their highest level in more than two decades on Thursday as a global bond sell-off deepened.

The 10-year Treasury yield breached a level last seen in April 2002, rising 4 basis points to 5.3338%, according to LSEG data. The figure is key to rates for mortgage borrowing, auto loans and credit card debt.

The yield on the 30-year Treasury bond jumped 3 basis points to 5.6702%, its highest level since July 2002. The 2-year yield was 2 basis points higher at 4.91%.

Yields and prices move inversely. One basis point equals 0.01%.

Government borrowing costs were under pressure around the world on Thursday.

The yield on the German 10-year bund, the benchmark for the euro area, was up 4 basis points at 3.6179% — its highest since 2008. Elsewhere in Europe, the French 10-year popped 11 basis points to 4.9501%, Italy's 10-year was up 10 basis points to 4.7171%, while the U.K.'s 10-year yield was up 5 basis points to 5.483%.

Borrowing costs for major economies have surged in recent months as investors express concerns over higher interest rates, government debt loads and fiscal spending plans.

This is a breaking news story and will be updated shortly.