jonathan: eric stein, from eaton vance, great to catch up with you.e will stay with us along with robert tipp of pgim and kathy jones with schwab. coming up on the program, the market check on where bonds have been through this week, to's, tens, and 30 years. yields up, eight points on the 10 year. up next, the week ahead featuring the world economic forum and decisions from the ecb and the boj. this is "bloomberg real yield." jonathan: i'm jonathan ferro. this is "bloomberg real yield." it's time now for the final spread. coming up, over a shortened trading holiday week here in the united states, u.k. prime minister theresa may presenting plan b for brexit, maybe, monday. that's what's scheduled. we also get earnings reports. gdp rates from china and rate decisions from both the ecb and the boj. plus, my colleagues and i will be at the world economic forum in davos, switzerland. so look out for some great interviews coming up through the week. still with me around the table in new york is robert tipp from pgim fixed income, kathy jones from schwab, a

tipp,with me as robert kathy jones and eric stein from eaton vance.credit, a lot of people look at this rebound in high-yield, not much issuance coming through , it just started in the primary market starting to heat up little bit. a real lack of participation in investment-grade. why isn't investment-grade running with the rest of the market? uma: ms. jones: is way doubt --ms. jones: it's a way to down by the pond are once -- the preponderance of triple these. the widening and spread is still there and the profit growth is slowing down. we have economic growth but it's slowing down. we have high debt levels of the corporate balance sheets. and we still don't know where isde is going, for some bigger global companies. all those factors are still very much a play and actually, if the economy does pretty well in the first half, the fed is back in play. we don't have a driver there. it'shan: ubs says premature to short triple b's. mr. tipp: the problem is the answer is no. if you are in, you are in good shape and the economy looks good. if you're in the

at eaton vance, they always had sovereign credit risk in them despite the fact the market and -- marketot think about that. certainly there can be opportunities there but there certainly are sovereign credit risks. jonathan: eric stein and robert tipp and kathy jones. sticking with us. coming up on the program, the market share on where bonds have been to this week. tuesday on the tens, and 30 years. yields up, eight points on the 10 year. next, the week ahead featuring the world economic forum and decisions from the ecb and the boj. this is "bloomberg real yield." ♪ ♪ jonathan: i'm jonathan ferro. this is "bloomberg real yield." time for the final spread. over a shortened trading week in the u.s., the u.k. prime minister theresa may presenting plan b for brexit, maybe one -- maybe monday. we also get earnings reports, gdp rates from china and rate decisions from both the ecb and the boj. plus my colleagues and i will be at the world economic forum in davos, switzerland. still with me is robert tipp, stein.ones, and eric on credit, a lot of people look at this big rebound in high-yield.

joining us tonight is kathleen gaffney, director o diversified income with eaton vance. good to see foyou, thank joining us tonight. >> thank you. great to see you, bill. >> i guess it would make senpa for ces to issue more debt over time when we were enjoying record low interest rates, right? >> a >> were you surprised at how much debt they took on, though? >> well, it is, i would think, a normal response to interest rates moving lower. and as long as the companies can still payon the back, that's not a problem. >> we have a chart we can show that was p together by a money manager that is based on information from the federal reserve and the commerce department and "the wall street journal" and it shows the rise and fall of corporate debt as a ratio of corporate debt to the size of the economy, going back to t 1980s. each time there was a peak in that ratio, the economy went into a recession. every single time. now we seem to be at a peak are you concerned about the level of the debt, its relationship to the economy and the possibility of a recession? >> i am not overly

taylor: more scrutiny on these utilities. , muniyou, nisha patel portfolio manager with eaton vance.nie: crude oil futures are trading up in advance of gains $.87e session, 53 dollars -- $53.87. the department of energy says there were 919,000 barrels last week, a much smaller build then anticipated. gasoline inventories, we saw a drawdown of 2.2 3 million barrels. refinery utilization was down by 2.9%. pretty mixed response. indeed, we are getting a bigger rally now in wti trading, above $54 a barrel. also want to break some brexit related headlines. jean-claude juncker speaking with the european parliament, saying the eu must stay calm, united and determined, and that a disorderly brexit is now more likely. juncker will speak with theresa need forhe defends the an irish backstop and cedi withdrawal accord won't be really got -- and said the withdrawal accord won't be renegotiated. this following the decision to give theresa may a mandate to renegotiate this part of the withdrawal agreement. the thing is, europe doesn't want to renegotiated. he says he thinks there will be a brick s