me, comingtick with up, the auction block, u.s. high yields in investment grade issue closing for the year. ♪ jonathan: this is bloomberg real yield. it was a frigid month of december for high yield. for the first time in a decade, there was no issuance last month in a year when u.s. junk-bond sales dropped 42%. u.s. investment grade bonds closed 2018 with over $1 trillion. this came after the slowest december since 1995. typically through january, there is usually an onslaught of new deals. six high-grade debt hit the u.s. market friday with berkshire hathaway and ford. still with me are my guests. very dry december for issuance. yield should build so how big is it? i think the supply will continue to be relatively low. especially with this move up in rates. what would have come as issuance has been drained into the loan market rather than the high-yield bond market and that's a reason why supply has been so low. i'm not looking for any big increases in high-yield issuances. i think the maturity wall is nothing to worry about. the