. >> that depends on how much qeger draghi is engaging in and when the tapering against. that's the big question. >> that's a different investment thesis. am i making a long-term value investment in this ready? -- security western mark this is it -- security? central bank is going to continue to buy the thing. that's a much different look at the decision process. doeshan: if you do get it, credit stay high in europe? >> i don't think it can last. bothe at levels between u.s. levels and european levels the can't be persistent. at some point, they need to diverge a bit. i think personally over the long run, meaning the rest of this year going into next year, you are looking at whiter spreads in both u.s. and europe. jonathan: you're sticking with us. program, goingis super long. the treasury looks poised to deliver ultralong debt. this is bloomberg. ♪ jonathan: this is bloomberg real yields are in -- yield. corporate on issuance has slowed after an uncertain backdrop is companies focus on refinancing and not dealmaking. with yields below previous auctions, demand will stabl