colin robertson, jeffrey rosenberg, and craig bishop. coming up, the auction block.talian bonds and btp's continuing to rally with yields threatening to break through. that conversation is next. this is "bloomberg real yield." ♪ ♪ i'm jonathan ferro, this is "bloomberg real yield." i want to head to the auction block right here in u.s. with the treasury auction, the treasury department selling $24 billion of 10 year notes for yield is 2.615%, the lowest since the january 2018 auction. deal forg on a debt johnson controls. the package for about $7 billion of dollar denominated high-yield bonds and loans had already ofounced almost $30 billion orders. finally, we had to the eurozone, where the enthusiasm for italian buy, investors offering to 1.36 times the amount of securities sold. that brings us to our next story. do and gloom still stalking the eurozone. you wouldn't tell that looking at the price action. the call in europe is not on valuation, valuation is always cheap. it's about the potential for european growth. i see some positive signs coming from fiscal easi

jonathan: want to bring you colin robertson of northern trust and two other guests still with us.ds like a contrary and -- a contrary and trade -- contrarian trade to be long europe because so many people sound doom and gloomy on what is happening on the continent. but when you look the price action, craig, it is interesting that everything is going well. including italian bonds as well. is it that much of a contrarian call to say europe is going to do well this year? >> at this point, we are past the contrarian call because of what the central banks have done. going into 2018, the central bank convergence story was that the fed would leave central banks to move rates higher. i think it goes back to something that just said earlier. the banks pivot has caused or given the market the view that there is a support for risk assets out there. whether it be equities or high-yield credit. that is happening not just in the u.s., but globally. jonathan: is that the u.s.? jeff, what are your thoughts? >> it is the central bank pivot, the reach for yield. we are talking about fixed income. y

jonathan: want to bring you colin robertson and the others still with us.sounds like a contrary and trade to be long europe because so many people sound doom and gloomy on what is happening on the continent. when you look the price action, craig, that everything is going well -- it is interesting that everything is going well. is it that much of a contrarian >> may think at this point we are past the contrary and call -- contrarian call because of what the central banks have done. i think it goes back to something that just said earlier. the convergence story is back on. it goes back to something jeff said earlier. the central bank pivot has caused or given the market the view that there is a support for risk assets out there. whether it be equities or high-yield credit. >> whether it is the united states or europe. jeff, what are your thoughts? >> the central bank pivot, the reach for yield. we are talking about fixed income. you were talking about equity. it is unique. german bund yields are making new lows. pretty much a bearish signal if we take it text