Summarise in 200 characters:

Treasuries opened a bit weaker during the Tokyo session, but similar to yesterday, buyers showed up on the London open, and treasuries spent most of the session bull flattening led by the back end. With no material news, this move seems positioning induced as steepeners and longs in the front end are well advertised, resulting in the front end cheaper on the day, and the back end richer by 9bps. At 1pm, the $40bb 10yr auction came close to the highs of the day, tailed 0.8bps, with dealers taking 15.1%, lower than last month’s 18.7%, but higher than the 13.6% average of the last four. Overall an ok result considering it came close to the highs of the day and after a 50bps rally. The back end continued to trade well post the auction going out close to the highs and the flats. Flows saw HFs selling 2s,5s,30s, buying 10s. 

In China IG, massive moves this morning starting with XINAOG, which announced its tender offer, bonds tightened 20bps on back of the news. Next, MEITUA got upgraded to BBB, bonds initially moved 20bps tighter as well and the rest of the TMT space also got repriced another 10bps tighter although market came off the tights in the afternoon as sellers stepped in. Low beta TMT space actually saw more selling, been hit a block of baba 27. TMT long ends also well bid from RM side, BABA 61 trading up with TENCNT long ends lagging. Performing property continues a 5th day of gains after a reported meeting between PBOC, CSRC, NAFR and several developers (GEMDAL, LNGFOR, VNKRLE, POLYRE, CRL). Bonds are 2-3pts higher now in names like CHJMAO and VNKRLE long ends. YUEXIU mandates snr unsecured CNY notes, bonds +1pt. YXREIT still lagging in the sector. Recent new issues have also been lagging: BOCAVI 28N & New STANLNs still firmly wrapped around reoffer spreads. 

In China HY, China property continues to trade higher with opportunistic buyers among the FM community and locals for the most part, space is trading 0.5-3pts higher with lower cash laggards like GEMDAL/Seazen catching a bid as better performing property lines have rallied in the last few sessions, flows remain two-way but reluctance to sell is setting in with RM sell flows sizing lower on the day. Macau/industrials continues to grind with rare lines catching a bid in industrials while Macau is two-way, mostly trading within a 0.5pt range. 

In Sovereigns, highlight was mostly on the new INDOIS where it was just one way with sellers from the break. The slid of the USTs didn't help wrapping prices around reoffer after being as much as ~50c higher. The rest of the trade traded firmer with some demand on PHIL across the curve & some buying in INDON duration. Frontiers MONGOL inched higher with no supply and the incessant OWICs. In IG, quietly constructive session today with things mostly unchanged to 1bp tighter. Overnight had light flows with RM selling vs ETF buying. SBIIN will be tapping their 28s tentatively on the first week of December with a USD 250mm add-on, curve is about 2-4bps wider as a result. Rest of the space generally seeing better buying although ran into some selling towards the close. Malay light buying of PETMK across the curve in the morning with RM seller of PETMK 30 in the afternoon, better selling of KNBZMK 33 towards the close, unch-1bp tighter. India: SBIIN 28 down +118 (+4) but paying on. Still usual PB buying in EXIMBK/RILIN, mostly unchanged. Thai: Small selling of BBLTB new issues, PB buying of TOPTB long end vs selling of PTTGC long end. TOPTB ~2bps tighter.   

AT1s closed the day a couple of cents higher on average with most of the focus on the new SOCGEN 10% and the UBS dual tranche deal. Some idiosyncratic underperformers, all related to real estate exposure, with PBBGR down 6.5pts, AARB down 1.75pts and BAERVX down 1.25pts. New SOCGEN 10% were very active and the deal closed closing 100.70/100.85. Active names include BNP, HSBC, ACAFP, KBCBB, SABSM, TD and UBS.