noelle corum from invesco, jose rasco and iain stealey. and coming up, the auction block.igh-yield is heating up and spain gets record orders for its offerings. this is "bloomberg real yield." ♪ taylor: i'm taylor riggs. this is "bloomberg real yield." i want to head over to the auction block, where that drought in high-yield is over. a top headline this week saw the most u.s. junk-bond issuance since early august. it sold bonds to refinance some of its more than $21 billion debt load in an upside deal. meanwhile in europe, ibm helped to wake europe's slumbering corporate bond market. the region's biggest sales since march. the company sold its largest eurobond deal ever. and spain got record orders, about $53 billion in the 10-year sovereign bond sale. investors clamoring for that extra yield by periphery euro area debt. while i am at the desk in new york this week, of course, jonathan ferro, he was out with tom keene at the world economic forum in davos, switzerland. they caught up with guggenheim's cio scott minard to ask him about the leveraged loan market in 2019. sco

noelle corum, jose rasco, and iain stealey. get a check on where the bond markets have been this week. yields coming down across the curve on a weekly basis. two-year, 2.59. 10 year, 2.75. 30-year at 3.06. still ahead, the final spread, the week ahead. u.s.-china trade talks, fomc meeting, and the u.s. jobs report. this is "bloomberg real yield." ♪ ♪ taylor: i'm taylor riggs. this is "bloomberg real yield." time for the final spread. coming up over the next week, there will be another round of earnings and comments from jay powell and ecb's mario draghi. don't forget there will be u.s.-china trade talks, a brexit vote in the u k, and the u.s. jobs report. the shutdown is also looming over the economy. still with me is noelle corum, jose rasco, and iain stealey . we mentioned that that coming up next week and the u.s. jobs report and the shutdown. does any of that change the scenario for jay powell? jose: no. we think he is on hold until september. one thing the market should be vigilant of is the seasonal factors are askew in t

taylor: still with me is noelle corum from invesco, jose rasco from hsbc private bank americas, and iaintealey from jpmorgan asset management. jose, i want to come with you desk come to you. you heard it there. leveraged loans may be expected to get worse this year, but nothing like what we saw in 2008. do you agree with mr. minard? jose: you can agree with some issues. you're basically seeing a rising rate environment in the u.s. now, that said, we think the fed will be on pause through the first half of the year. this is a year of deleveraging, corporate deleveraging in the u.s. that's one important point. don't forget the other big debtor in the world, one of them is china. we're seeing a great deal of deleveraging there as well. we like high-yield because we think the yields are attractive relative to the risk. and we think it's a risk on year because growth will pick up through the year. taylor: right. noelle, you're the high-yield queen. jump in here. what do you think of leveraged loans? noelle: we like leveraged loans here, relative to high-yield, both the valuations are little b