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Treasuries flattened today with the back end trading well in the face of supply. Leading index came a bit weaker to expectation at -0.8%, but it was a quiet day with low volumes. Barkin was on tape emphasizing the data dependency of the Fed in determining future policy moves. It was clear there was a consistent buyer of the back end from the early New York session, and so market went into the $16bb 20yr auction close to the highs of the day. The auction itself was strong, coming 1bp thru the 1pm level, with dealers taking down a low 9.5%. Post auction, the back end continued to trade well with the curve hitting the flattest levels just ahead of the close. Flows saw CBs buying 3s, while HFs bought 20yrs and sold 30yrs. Tomorrow market gets Chicago Fed Nat Activity Index, Existing Home Sales, and the FOMC minutes. At 1pm, the Treasury will auction $15bb 10yr TIPS. 

In China IG, originally slow day to kick off the week but strong session after London gets in. Spreads generally about 3-5 tighter with most of the high beta names, while low beta TMT names also outperformed with some small buying flows. Otherwise, AMC names has seen better buying from local accounts. Xiaomi 3Q23 revenue RMB70.9b, +0.6% y-y, flat to estimate. Moody's revises Weibo's outlook to stable from negative; affirms Baa2 ratings. 

In China HY, idiosyncratic trends started with mostly sideways with the rally last week in Macau. Market continues to trade a good amount of switch flows between names and on extension trades while outright flows are mostly better profit taking. In China property, whole dynamics were changed post whitelist headlines, LNGFOR/VNKRLE all gapping 4-6pts higher as named entities to the news while the rest of the space anywhere from 1-4pts higher. ROADKG front end also gapping on toll road disposal to China merchants, 24s up 9pts while 25/26s are 3-6pts higher. NWD saw two-way flows post headlines and NWS disposal finalising today, bonds unch to 0.5pts higher on better buying on the bullets. Industrials were quiet, but the theme is still better buying in the large cap structures as FOSUNI and GLP saw FM buying to up 1pt while the rest are generally unch to 0.5pts higher on two-way flows.

In Non-China IG, bonds opened wider to start the week but grinded tighter with better buying from PBs and bids on the street. SEA IG were flat to 2bps tighter, more two-ways, RM/ETF/PB in names like PETMK/ KNBZMK/EXIMBK/BHARTI/long end of PTTGC, and some global RM and FM better sellers as spreads continue to tighten.

In Non-China HY, slow start to the week but with healthy macro backdrop, bonds continue to consolidate after the recent strong run. India HY closed largely unchanged on day, actives were ADSEZ 29/ADANIG 24/ADGREG 24/ACMSOL 26/INCLEN 27/MEDCIJ/VEDLN/POWFIN.
In Sovereigns, quiet start with cash prices shrugging off this move in rates from Friday’s close. Unchanged to 0.25pt lower in parts with spreads 2-4bp tighter retracing some of the weakness in spreads from Friday. Mongolia announced a tender of the 24s along with meetings for a new long 5y. The curve ran into some demand here and is trading ~0.25pt higher on the day.

AT1 closed flat to +0.25pt with Italian names outperforming and BAERVX underperforming. Italian names got a boost from Moody's removal of the sovereign's negative outlook, closing about 30c higher. Some new issue indigestion as can be seen by BACR 9.625 Perp not really breaking 100 and SANTAN 5y also struggling. Active names traded were SOCGEN, BNP, ACAFP, HSBC, LLOYDS, BACR, STANLN, LPTY, UBS and SHBASS.

SGD Corporates continues to be firm with both PB/RM better buyers across. Spreads 2-3bps tighter as dealer inventory continues to be thin, especially for T2s.