yieldr 3% nominal actually looks worse than a local currency yields. >> when does it start to look more attractive? >> cross currency swaps have been negative. there is a lot of market plumbing that no one can predict or understand. >> sticking with me. everybody sticking with me. coming up, the auction block. steve mnuchin and the u.s. treasury have a record-setting first quarter. this is bloomberg real yield. ♪ >> this is bloomberg real yield. i want to head to the auction block. a record quarter for first quarter issuance from the treasury. billion, the8 biggest quarterly amount of debt sold since 2008. the treasury said this week that will boost the amounts to $73 billion this quarter. may could be a strong month. it has been the largest month over the last three years with an average of $171 billion. america, the nerves surrounding yield rates has spread. me is michael. purvis, if you are throwing rates up, what do you need to do to get this done? >> argentina is a specific case. discussion, there is a lot of specifics. days when the the cost of equity was 3% the cost. there has be