still with me, gershon distenfeld, kathleen gaffney, and luke hickmore. a lot of people talking about liquidity, illiquidity, and making sure you have some liquidity. gershon, talk me through why that is so significant at this state of the cycle? gershon: i think we over emphasize liquidity in the short run in general as it relates to the end investor. we talked in the previous segment about having continuous liquidity in etf. -- etf versus daily etf. most investors should not have data liquidity. it actually hurts them. it is important in this part of the cycle, professional managers that want to move their portfolio around, if there is not proper liquidity, it will be very difficult or very costly. jonathan: size matters here? kathleen: size definitely definitely matters here. being nimble is a great advantage. when you are large, it is very difficult to make meaningful moves. luke, yourocate thoughts on this subject? luke: i think it depends what instruments you have got available to you. there are more liquid instruments than physical cash for sure, a

gershon distenfeld, kathleen, and luke hickmore.igh yield in issuance continues, reaching a level we haven't seen in a decade. this is bloomberg "real yield." ♪ jonathan: i am jonathan ferro and this is bloomberg "real yield." more than $220 billion worth of treasuries were auctioned off this week. i want to focus on the $16 billion, the offering received strong demand and had a primary dealer award of 22%, the second lowest on record. tesla planning to offer more than $800 million of bonds backed by auto leases and found strong demand for the inaugural bond sale in february and the company plans to become a regular issuer. in the u.s. high-yield issuance, there is a drought. december would be the first month of no issuance since november 2008. still with me is gershon distenfeld and caffeine -- kathleen gaffney and luke hickmore. your thoughts on that stack in high-yield. where is the supply? kathleen: there is no supply and high-yield managers are feeling the pain and reaching for yield. there aren't a lot of choices. that makes f

alix: gershon distenfeld is sticking with me. tina davis, good to see you.ials breaking a pg&e after wildfires er lines. the powe this is bloomberg. ♪ alix: time now for the bottom line, three companies worth watching this morning. joining me now is our bloomberg deals reporter. i want to look at nissan. they finally change some corporate governance due to the court -- carlos ghosn thing. two companies you cannot hold the same kind of stakes. why now? where were you before? to gets about time, nice it done before the end of the year, before proxy season rolls around. that is about all i can say about that. what they are implementing enough to stop what happened with carlos ghosn, allegedly? >> they will say it is a one-off. there are a series of governance failures that this company has been plagued by, obviously over a number of years. i think they will turn around and say at least we are doing something about it now. if we could not have stopped it before, we are putting in place the policies to make sure it doesn't happen again. deals,ou cover renault-nis