Summarise it within 200 characters:

The market was well bid most of the day as market was buying before the Fed. There was aggressive buying in the long end of the curves. The hawkish tone from the FOMC, even though it was not totally unexpected, led to a change of sentiment. Equities sold off first, but it took a while for treasuries to react. The long bond lost 1 point in the last 45mn of the session. On the back of that, market started to see selling from EM accounts. Spreads still managed to close tighter on the day, off from the day's tights, but the EM market has not fully reacted to the treasury move yet and market expect EM to open weaker tomorrow morning. It is significant that some tough to cover bonds were being offered at the end of the day. 

In China IG, 1-3bps tighter in TMT space, driven by rates and better buying. Block TENCNT 10yr went through. Rest of the SOE space has seen buying mostly in the 5yr basket. HRINTH is 1-2pts higher after the company announced that they have been buying back USD 300mm of bonds over the last year, which may or may not continue. Sunny Optical obtains investment license to build a USD150m plant to produce, assemble camera modules, cameras for mobile phones and other electronics devices in Vietnam. Midea Group is in active discussions with relevant parties for a HK listing.

In China HY, continuation of yesterday's flows, same list of names dripping lower on light flows, mostly in China property. Performing space see the 40-60 bucket weakening with bonds selling off on low volumes to level towards pre-mortgage stimulus levels, bonds generally 1-5pts lower across today with some recent outperformers like GEMDAL selling off more. Macau also trading a tad weaker with overnight sellers and rates higher, Asia's been quite muted on the flows front however. NWDEVL also lower with PB flows skewing seller now and incremental buyers far and few, bonds trading 2pts lower. Country Garden announced it has completed extension of all onshore bonds, which will continue to be suspended from trading. 

In Sovereigns INDON/PHIL traded 0.125-0.375pt lower with spreads unchanged to marginally tighter given the overnight rates selloff. Fairly balanced flows today with some RM/ETF selling vs FM/Local buying. In frontiers, SRILAN is unchanged while MONGOL firmer at 0.25-0.5pt higher. In IG, flows were lighter but balanced with CDS roll/FOMC in focus but tone was somewhat constructive, spreads mostly unchanged to 1bp tighter. Was quiet in PTTGC today although the curve gapped 3-5bps tighter with tone bid. Buyers in BBLTB were mostly RM/Treasury buying interest in the 5y with levels initially subdued in the morning, but grinded 1-2bps tighter in the afternoon with some street lifts. Also active in EXIMBK with better buying in the 10yr, while RM sellers of BHARTI. There was some light RM selling in. PTTGC 3-5bps tighter and BBLTB news 1-2bps tighter. In HY, marginal better selling ahead of FOMC night but levels were broadly unchanged across non-China bonds despite move in rates. GMRLIN outlook revised positive. Bonds up 0.25-0.5pt in light flow since its tighter than other sectors with even higher rating. VEDLN continues to grind higher with dealers bidding up in street. Some front end such as SHFLIN 24 came out.

AT1s closed the day about 0.05pt higher, with some decent buying in the morning session ahead of the Fed tonight. In the afternoon, activity subsided however small buying due to street short covering in lower backend issues, especially in EUR. UK names marginally outperformed, up about 0.125pts mostly attributed to BACR and VMUKLN. Volumes overall were decent, especially in the morning. Active names include HSBC, SOCGEN, BNP, ABNANV, ERSTBK, RBIAV, ISPIM, RABOBK, BNS, INTNED and VMUKLN.