In Thailand we spoke to a real money client based in London who indicated their preference to go more underweight Thailand and this was followed up by their sell flows yesterday as they gave us 200mln LB296A and did some 400mln LB25DA and LB236A away. Real money remain better receivers of NDIRS (notably 3yr on switch selling in LB21DA) but macro funds took profit and paid back their risk - perhaps due to the move in Treasuries over the last 48hours.