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Treasuries opened the session bid after weak UK retail sales pushing 10s below 4.40%. Bid faded as NY came in while better housing starts and building permits left little impact on prices. Fed speak was more the focus as Collins re-emphasized Fed shouldn’t take further hikes off the table pushing back on cuts priced in market as they are far from declaring victory. 2s as such underperformed pushing back up near 4.92% bear flattening the curve. In the afternoon, better bid returned to the back end adding to the flattening pressure into the close; 5s30s back to 13bps. Flows market saw better RM selling at the highs and more two-way in the afternoon. Holiday starts with Thanksgiving next week but still have 20yr (Nov43) on Monday and 10yr TIPs on Tues. Data is cooling although recent run up admittedly has been fast and a local pullback would not be surprising. 

In China IG, mostly unchanged in low beta with BABA initially trying to move wider although back to unchanged as it is more of an equity story. Market also traded block HKAA perps. In AMCs, lots of HRINTH trading two-way with profit taking/RM adding. 27/29/Perps still look attractive. Levels are 25c lower on day with spreads about ~+10bps. Rest of AMC seeing buyers in GRWALL front ends. Performing property had a strong week overall, quiet session this morning and largely unchanged. It does feel like market is set for a grind still with more opportunistic buying in quality names.

In China HY, active day in Macau with more rating agencies following suit on positive rating action, bonds are another 0.25-1.5pts higher in MPEL and STCITY, some profit taking on the other lines at the highs while MPEL/STCITY held gains to end the day, WYNMAC/MGMCHI generally unch to -0.25pts. In property and industrials, finding some liquidity prints with PBs and RMs, bonds are wrapped around +/- 1pts in property on two-way flows with some weakness post London hours in LNGFOR with bonds down 1pt, industrials is better bought with FOSUNI another 1-2pts higher.

In IG, rebound in rates after jobless claims, better selling by RM overnight although volumes weren't sizeable following by better buying today in scrappy sizes. In Malay RM two-way in PETMK, overnight buying vs light two-way today KNBZMK had two-way between RM traded unchanged-2bps wider. In India PB still looking for EXIMBK 10y vs overnight RM selling, 1-3bps wider. In Thai small PB buy enquiries but otherwise quiet, TOPTB long ends slightly wider. In HY, mostly two-way to conclude the week with levels 0.25-0.75pt higher. Front-end continues to lag with trimming seen into strength while 3yr and out see buying. Activity mainly in INCLEN ACMSOL SHFLIN MEDCIJ STENGE. India renewables +0.125-0.5pt with INCLEN ACMSOL lifted by RM. Two-way traded GRNKEN 26 +0.375pt. Adani +0.125-0.25pt , uneventful day with bonds consolidating after the recent strong run. Buying in ADSEZ 29,  2 way ADANIG 24 ADGREG 24  Seller ADANEM ADTIN 26. HY India corps +0.125-0.75pt, rates led. Block SHFLIN was traded and 24s selling interest continues. TTMTIN better buyer 25 26. India Airport unchanged-0.125pt. Active INAPIN, continued buying interest. VEDLN unchanged without headlines. POWFIN opened unchanged with 31s  +170/165 , quiet flow yesterday without seeing seller taking advantage of rate move.

AT1s closed the day about 0.1pt lower, with some late fatigue setting in after another very busy week of primary. Over the last two weeks, 9.3bn of new AT1 issued, with BAMIIM printing 300mm today at 9.5% in EUR. SANTAN's new deals struggled initially but eventually found their feet, with the PNC10 closing 100.50/101 and the PNC5 closing 99.75/100.25. Asian investors were adding risk in the morning session in mid-call bonds, and in the afternoon a few sellers of called bonds to fund upcoming new issue settlements. Activity mainly in ACAFP, SOCGEN, BNP, HSBC, STANLN, LLOYDS, SANTAN, BACR, CMZB, WSTP and NWG.