anna: joining us in london, stephen isaacs. stephen, a very good morning to you.'s talk about oil. oil whenoncerned about we see the trump administration move away from the around deal -- from the iran deal? >> i was listening on the radio this morning when you are hearing the $100 a barrel calls. it makes you worried. first of all, what happened with iran last week was hardly new news. it was highly anticipated. he said it would be a campaign promise. . think that is built into it more importantly, opec was working on the quotas. they are very difficult to negotiate. so it will be the easiest ring in the world for them to relax those quotas -- it will be the easiest thing in the world for them to relax those quotas. they don't even rely on changing the quotas. anna: you don't believe $100 oil is on the cards? because opec doesn't want it to be? stephen: i think opec would like to see quite higher prices. who wouldn't? though we will see the seeds of problems further down the line. opec must be congratulating itself, arresting the dangerous collapse in the prices

stephen isaacs, chairman of investment committee, alvine will stickagement, with us.ll ask him what to do in that kind of situation. a look at italian bonds right now, they yield on italian debt absolutely jumping. at the same time we see yields on german bunds dropping. are down below 30 basis points. this is bloomberg. ♪ matt: welcome back to the european open. i am matt miller in london, guy johnson is out this week. bonds are most sensitive to moves in borrowing costs, may have been hit hard this year. investors continue to pile in with some of the weakest junk rated companies, triple see that. -- triple-c debt. will investors pay heed. dani burger joins us. what is behind this rally in this week that? dani: we talk about this move into havens. not classifyould as havens. a whopping 30 basis points this year. a lot of this is foreign investors moving into this. goldman sachs, they like to use this expected loss, it shows that triple c -- are the most overvalued since 2007. very overvalued. investorsy of saying are not getting adequate compensation for the risk the