The major global FI markets have.......>

BOND SUMMARY: The major global FI markets have stuck to tight ranges in early

Asia-Pacific trade. Comments from NY Fed's Logan (head of market ops monitoring

& analysis at the New York Fed) had little impact on U.S. rates, as she

discussed repo matters, Tsy purchases & bank reserve issues.

- Little interest given to reports in the NY-Asia crossover suggesting that

North Korea has tested a "tactical weapon." The country has implemented similar

tests in recent times (including when negotiations have broken down with the

U.S.), with watchers suggesting that the latest move doesn't represent a shift

back towards long-range missile testing.

- T-Notes last 122.29, U.S. yields trade 0.6-1.0bp lower across the curve.

- The AU curve continues to edge steeper, but is back from highs, with YM/XM at

53.0 and the cash equivalent at 49.1bp. YM & XM trade +0.5 tick. Bills trade

unchanged to 1 tick higher through the reds.

- JGB futures trade 6 ticks above settlement after a modest recovery overnight,

with yields a touch lower across the curve.

- German FI a touch higher, Schatz +0.5 tick, Bobls +2.0 ticks, Bunds +9 ticks.