Summarise in 200 characters:

Treasury market traded well during today’s session and took down the 1st clip of upsized auctions with ease. The market retraced yesterday’s sell off in the back end with CT10s trading back to 4.55% and 5/30s got to 17.5 at the flats. Strips data showed that the jump in Yields in October produced the second highest monthly total on record (~$10.3Billion ZC bonds were created). Today’s 3yr auction received strong results with little setup for the event, stopping .1bp thru the 1pm level and dealers taking 16.3% vs 16% avg of the last 5 auctions. Corporate supply was active again today ~12 more deals today but a lower notional amount. Today market saw CB and RM buying 2s, 3s and 5s, HF selling 20s and 30s. 

In China IG, weak day which was in line with the overall market. Names that rallied most like those high beta TMT names generally saw profit taking from clients. MEITUA/XIAOMI/WB all about 3-5bps wider while low beta names still holding up well given rates sold off. On the other hand, performing property names continued to lead performance albeit on thin volumes. VNKRLE front ends +2pts/back end +5pts, while CHJMAO & PINGRE also catching a bid +2-4pts. IG space trading sluggish with recent new issues +2bps in the likes of STANLN. Heavy supply calendar and tons of bonds around. Of course BOCAVI had to do a tap at FPG +130 ~200mm and bonds gapped 5bps wider (from +123 to 128). AMCs side still quiet with HRINTH +/- 0.25pt. 

In China HY, active day throughout with profit taking in performing sectors like Macau as rates edge up and stocks trading lower post data. Good size trading across both front end and long end for Macau with RM sellers for the most part, bonds 0.375-1.25pts lower as a result. China property is mixed again but for the most part see better buying with laggards catching up to the moves in VNKRLE with LNGFOR/CPDEV/GRNCH/SHUION 3-6pts higher, while beaten down lines like FTLNHD/FUTLAN/ROADKG finally see small amounts of clearing and trading 0.25-1pt higher. Rest of the space is trading in small with two-way flows on FOSUNI front end while other industrials is generally unch. NWD also seeing two-way flows, mostly so on the bullets and specific tranches on the perps, mostly unch on day. 

In the Asia sovereign IG space, bonds are +2-3bp wider in spreads. 30 yr cash curves were marked -0.5pt underperformed the rally in Treasuries. There is a new 5 and 10y INDOIS deal being marketed. In Frontiers, PKSTAN closed -1pt lower after the strong performance of late, with IMF talks continuing for the loan tranche disbursement at the moment, and some HF selling having happened yesterday for the 5 and 10y parts of the curve. SRILAN -0.125pt on passive selling. In IG corps, seems like it was a turn with flows skewed towards better selling. In HY, overall a quiet session with mixed performance across sectors. Call it -0.25 to +0.5pt with shorts getting squeezed while duration marked down on the back of rates. 

AT1 close the day ~.25pts lower, marginally off the lunchtime lows as treasuries and bunds rally. The reopening of the primary market was the main theme however, with SOCGEN building a >7bil book for their USD PNC5.5.  Flows were mixed, with selling in the morning and some buying in the afternoon as the SOCGEN book grew.