LONDON, March 9 (Reuters) - Yields on benchmark British government bonds turned negative for the first time ever on Monday as panicked investors rushed to the safety of gilts to hedge against the feared economic shock of the coronavirus.
The benchmark two-, three-, four-, six- and seven-year gilts were negative as of 0816 GMT, according to Refinitiv data. Including non-benchmark gilts, 11 bonds were in negative-yielding territory.
Although some yields for non-benchmark gilts turned negative shortly after the 2016 Brexit referendum, this is the first time benchmark gilt yields - used as references for corporate debt issues of similar maturity - have fallen below zero.
The 2-year gilt yield last stood at -0.032%, down 12.6 basis points on the day. (Reporting by Andy Bruce Editing by William Schomberg)