The Bloomberg Sustainable Business Summit returns to Singapore on July 22nd.

Our fifth annual Asia Pacific Summit will explore how business and finance leaders are shaping

the next phase of globalization by strengthening resilience and driving a multi-speed

energy transition across Asia's diverse markets. Join us for solutions-driven discussions

and networking opportunities.

Thank you to our participating sponsor, Burrito Renewables.

Learn more at Bloomberg Live.com slash sbs-S-Signapore.

Bloomberg Audio Studios, Podcasts Radio News.

This is the Bloomberg Surveillance Podcasts. Catch us live weekdays at 7 a.m. Eastern on Apple CarPlay or Android Auto with the Bloomberg business app. Listen on demand wherever you get your podcasts or watch us live on YouTube.

Joining us now, Kay here. She's been very patient here watching the festivities. Again, Sarah will show images of the iconic Buckham Palace, so we await some news from there. With the instabilities of British

politics, I love you, have a pro paragraph.

I'm not going to waste time and read. But you talk about the dispersion within investment-grade bonds.

They're winners and losers now. Who's who? Say, good morning. Lovely to be with you, too.

I mean, the fun thing is, I never know what we're gonna talk about and I never know

Tom I never would have imagined we'd be wearing a red socks jersey I've been watching the World Cup

I know that's why I might have thought Spain something oh no we're doing Spanish music here you know

You know yes folks we will play Macarena you have seen Cair doing the Macarena years ago. Tell me about the spread in IG right now. There's winners and losers. There's absolutely winners and losers. And I think the two things that people should be focused on are, number one, the fundamentals. So we're moving away from last week, which was an economic heavy week, if you had tier one data, you had a lot of Fed speak, a lot of focus on Warsh. This week we're moving solidly into earnings season. We're in the Fed blackout period, so don't expect any Fed commentary. We've got a lot of earnings this week and next week. And I think the two drivers are the fundamentals. Investors are looking at what are the earnings,

what are the returns going to be from these investments that companies are making? And then the

second is the supply side. Tom, as you and Paul know, the issuance in the investment grade

corporate bond market can be very lumpy. So last week, investment grade bond market priced

$45 billion. Interestingly, four times oversubscribed, something like a 2.3 new issue concession.

But if you look at those deals from last week alone, and there wasn't any hyperscalor issuance,

...