sonal desai and jamie patton, thank you for your time. next the auction block. a record week for issuance in europe and strong demand in the u.s.. this is real yield on bloomberg. ♪ sonali: i'm sonali basak. this is bloomberg real yield. it's time for the auction block. there is a healthy appetite for issuance, record week for europe with sales topping 120 billion euros with more than 50% coming from public sector offerings like the u.k. and spain seeing record demand. in the u.s. demand is just as strong. borrowers like mercedes, micron, and t-mobile are seeing robust order books with more than 70 borrowers tapping the high-grade market so far this year. in the u.s. high-yield after a slow start to the year with companies raising around $5 billion this week. hilton grand vacations giving the market r and r with $900 million of the sale. pg ims michael collins lays out his current playbook. michael: clips a coupon in fixed income, and you are still earning attractive yields. interest rates across all sectors of fixed income will be lower in a couple years from n