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Treasuries finished the day richer across the curve, twisting steeper as front-end yields entered Thursday close anywhere from ~6-7.5bps richer while long-end of the curve underperformed in comparison. Shortly after cash settlement, 2y yields were through 5.07%, near lows of the day while long-end yields were around 1bp cheaper. Early price action on the day saw USTs initially resume selling off once GDP, jobless claims had passed. Flows on the day were active with better buying of front-end cash as well as solid demand for long-end real yields. Market saw continued interest to own gamma both outright and via distributional structures to hedge rates downside.
In China IG, overall spreads are wrapped around unch. AMCs like HRINTH are about unchanged. Property continued to drip lower, with VNKRLE -0.5-1pt lower this morning on some fast money selling. Ant Group’s consumer finance affiliate is raising RMB4.5b from investors, of which Ant Group will contribute RMB2.25b to maintain its 50% stake; other investors include Sunny Optical, Hangzhou Jintou, Transfar Zhilian, Yuyue Medical, Boguan Technology and Chongqing Yufu. Dalian Wanda Group has started negotiations on a proposal that would allow the conglomerate to avoid repaying about RMB30b to investors if Zhuhai Wanda fails to complete IPO this year. 
In China HY, lethargy setting in for China HY with a combination of Golden week holidays starting tomorrow and sluggish macro and equities, property persisting with the on-going trend of dripping lower as short covering bids go thinner and local flows are quiet, RMs remain better sellers but are not as willing to pull triggers at depressed levels, bonds down 1-3pts today. Macau continues to outperform on a spread basis but overall flows are quiet, bonds getting hit down in the afternoon as rates continued to climb, down -0.125-0.5pts to close. Country Garden dollar bondholders yet to receive 8% 24s coupon due 27 Sep. 
In Sovereigns, INDON/PHIL traded 0.75pt lower led by sell-off in rates. Investors mostly selling duration with locals sidelined. MONGOL traded 0.375pt lower while SRILAN remained unchanged. IG traded 1-2bps wider with sellers of 10Y on PETMK, PTTGC and PSASP.
AT1s closed the day about 0.6pt lower, the worst day of the month by far. The tone was set by govt bond markets, especially BTPs and bunds. Selling from a few asset managers, as well as ETF. German and Italian names were the underperformers, closing 0.75-1pt lower, while short calls and nordic names were less affected. Active names include ABNANV, ERSTBK, SOCGEN, BNP, DB, HSBC, UBS, INTNED.
In SGD, heavy session with better selling seen across. Seeing either switch trades, or outright de-risking as we head into month / quarter end with rates pushing to new highs. Activity running at the brisk pace with volumes at 20% higher than usual. For bank papers, seeing PB continue to chase the new HSBC tier 2, in some cases switching out of some AT1 papers to do so. Levels 30c higher. Also seeing better buying of CMZB and ACAFP with levels about 15c higher. Seeing balanced flow of short-call AT1s. RM flows were muted. For corporate bullets, also better offered with RM lifting 2y high quality papers while selling 3-4y risk. For PB, better selling of 3-4y risk and modest buying of duration. Levels flat to 20c lower in general. For corporate perps, better selling by PB in general with short calls particularly heavy. Levels 10-20c lower. Most notable print was 6m SITB printing above 4%.