colin robertson alongside andrea di censo and alan higgins.e markets this week, a check on the treasuries. twos, tens, 30's, solid. front end up five basis points to 255. you end up with a flatter yield curve. still ahead, the final spread, the week ahead, featuring a central bank all-star panel. powell, draghi and kuroda. this is "real yield." ♪ ♪ jonathan: i'm jonathan ferro, this is bloomberg "real yield." it is time now for the final spread, over the next week, another round of data on u.s. housing and some central bank decisions from the bank of mexico and brazil. plus, the opec meeting to look ahead to. draghi, kuroda and powell altogether. a lot of stuff you don't want to miss. still with me, colin robertson, andrea di censo, and alan higgins. i want to wrap things up with a conversation i've been having through the week. basically, whether you want leverage loans or exposure to high yields. the debate seems to be either/or. how are you thinking about that debate right now? andrea: really, it comes down to rate sensitivity. that's what

alan higgins, colin robertson, andrea di censo.ut the treasury getting away, a significant amount of supply. there's no problem whatsoever so far as i can see. i think it is a problem of the countries. andrea: i agree -- colin: i agree that it hasn't been a problem at all. but i think part of why it hasn't been a problem is because interest rates in the u.s. and the fact that the demand is andl outstripping supply fixed income in general, certainly here in the u.s., it is a problem for others, and the strong dollar to me is, i think, the most important pressure. jonathan: do you think the stronger dollar, the issuance of the treasury, the balance sheet unwinding, is starting to cause cracks globally, outside of the u.s.? andrea: that's right. i think the magic 3% number on ten-year treasuries -- alan: we haven't had that kind of risk free income stream for a long time. but there's a lot of idiosyncratic factors. if it'slook at e.m., going to go badly wrong, it will in china. given that the chinese currency is so well behaved leaves

still with me, alan higgins, andrea di censo, colin robertson.in, i want to begin with you and talk about emerging markets but start with the treasury in that perspective. big worries about the treasury getting away, a significant amount of supply. there's no problem whatsoever so far as i can see. i see it being a problem for other countries. colin: i agree that it hasn't been a problem at all. there was a lot of concern headed into the year, as you said, but i think part of why it hasn't been a problem is because of interest rates in the u.s. and the fact that the demand is still outstripping supply and fixed income in general, and certainly in the united states. it is a problem for others, and the strong dolar, i think, to me, is the most important piece ofhe puzzle that will put pressure on the debt of emerging markets. jonathan: do you think the pressures coming from the u.s., the stronger dollar, the issuance of the treasury, the balance sheet unwind, is starting to cause cracks elsewhere globally, ex-u.s.? alan: i think that's right. i thi