Summarize in 200 characters:

September’s violent selloff in USTs continued Wednesday despite solid demand for 5y note auction at the highest yield level since 2007. Yields for several tenors cheapened over 10bps on the day during US afternoon to test fresh multiyear highs. The move had no major catalyst but left yields anywhere from 5-10bps across the curve into Friday close; price action unfolded against a backdrop of rising oil prices and USD strength, seemingly reflecting an emerging consensus that global central bank rates are unlikely to decline any time soon. 

In China IG, largely unch to -2bps tighter today, flows have been quiet ahead of Golden week/month end. Market traded some two-way in TMT. Afternoon market saw some buying AMCs, CCAMCL tightened about 3-5bps, HRINTH traded up +25c, while leasing is unchanged. IG property is still lower along with the rest of the performing names, VNKRLE down 50c. Huarong Intl further repurchased USD108.5m 3.375% 30s, USD15m 3.625% 30s, USD21.554m 5.5% 47s, USD18m 4.95% 47s; the company will continue to monitor market conditions and may make further repurchases in the open market. Ping An Insurance CEO TAN Sin Yin resigned due to family reasons; GUO Xiaotao was appointed as replacement. 

In China HY, entering that final stretch into Golden week with a portion of onshore clients off early for the holiday ahead, price action is also trending as it started this week with property dripping lower on RM sell flows and thin buy flows bonds down 1-4pts, Macau generally grinding alongside with rates movement and industrial trading mixed with rare lines seeing better bids today as China reported stronger industrial profits in August. China Evergrande chairman Hui Ka Yan has been placed under police control. Moody's changed CAR Inc's outlook to stable from negative; B3 ratings affirmed. 

In Sovereigns, INDON/PHIL traded 0.125pt lower with some buying interest in the belly of the curve and selling interest from ETF/passive funds. MONGOL traded unchanged in the front end and 0.5pt lower in the belly of the curve – mostly notable trades were the switching of high cash to low cash price bonds. India IG net selling from mostly real money and Street offers started to widen (especially tighter names like RILIN and EXIMBK). Some demand on the front end (OINLIN 24 for instance), but duration papers were better offered. The Adani complex was slightly better bid after news of a tender offer on the ADSEZ 24s, but price action was quite muted. Spreads are largely unchanged across India IG today. Indon HY bonds were underperforming somewhat as stale shorts were covered and dealers were hesitant to be carrying too much inventory at these levels. Nonetheless, the desk still thinks it was a matter of levels before buying came in. While Philly corporates were still somewhat subdued.

AT1s closed the day 0.2pt lower, with equity and government bond markets resolutely refusing to give any sort of helping hand. Italian names have underperformed, down about 0.5pts, while UBS also marginally suffered, with longer calls down about 0.375pts. Flows were balanced in the morning session, but once govvies started to weaken some selling came from European investors and ETF accounts.  Volumes were decent and a few notable active names were SOCGEN, UBS, AIB, INTNED, ABNANV, BNP and HSBC.