parks bond. >> right. >> those have not been issued. >> i'm talking about the 2012 parks bond. it's that. >> right. a more detailed report would be key. >> got it. >> and with the content they get from here, i'll reach out and meet up and see if we can get to the bottom of it and get a report. >> and we'll talk about it in our next meeting. that will end up having some concerns, particularly as we go into the sea wall where we will have a lot more money. >> we certainly can do as part of our work planning for next fiscal year is to revisit the bonds we have audited and figure out which portions or projects are attributed to the port and we can use that as our way to narrow down the scope of our o g.o. bond projects. >> okay. >> great, thank you. >> okay, next item 1c is the schedule of upcoming bond issuances. you have a memo in your packet and our director of public fitness -- finance is here to answer any questions or comment. >> the sea wall, will that go to the board in april? >> it went to t

but what are bonds? a bond is an iou. write that down. it's a statement that the united states government owes you money. basically what uncle sam was doing was saying, we are going to have people pay us taxes to pay for this thing, but we are also going to have to go into debt to pay for this thing. now, show of hands, how many people have some sort of united states savings bond? we got a few hands. how many people have been given something like that for a birthday, graduation, or something of that kind? it's a very important looking piece of paper that is not a toy. you open the card. it's not a toy, but it's a very official looking piece of paper with some very official historical looking people on it. what your parents have to explain to you is that it is a u.s. savings bond, which means, you keep it, don't do anything with it for a while, but in a few years you will be able to cash it and get money so that you can pay for your education, you can pay for important things. it's an investment in the future by having uncle sam go into de

regarding the 2020 bond thank you for your thoughtful prework on that bond. we have seen that the bonds are much more thoughtful and well written when that type of work is done ahead of time. >> thank you. >> and it sounds like you're being thorough in trying to address that. you mentioned the deferred maintenance of 950 million. is that teasing the idea that you're going to put a bunch of deferred maintenance on that bond? it's hard to do that. >> the data actually just came in. in addition it's just to understand for our maintenance and operations team how to prioritize their work. you know in the past we're great at repairing the lot. we're not great at being proactive. it's actually understanding the life cycle of all our assets. so with this effort with this asset management system it will allow our operations team to prioritize the work. through that effort it elongates the life cycle itself and part of the work we'll be doing as the next bond also and some of the future work i anticipate will happen. >> okay. because $950 million is a lot. >> sorry? >>

any bonds today? bonds of freedom, that's what i'm selling any bonds today?ere comes the freedom man. by a pair of freedom today. we all invest in the usa sammy. my uncle sammy. buy a share of freedom today. anything. any bond today. ♪ [end of video clip] prof. taylor: look at that. i want you to freeze your attention on that image. united states saving bonds. the u.s. treasury adopted this symbol. this is the minuteman soldier. this is from the revolutionary days. you have to impress upon the american people that this world war ii we are involved in is just as important as the revolutionary war in 1776. if you want to be in that grand tradition of the patriots of 1776, then you have to do your part for defense in buying united states savings bonds. this was a very prevalent symbol around the country, advertising the need to buy savings bonds and stamps. it even made its way into the first issue of wonder woman's own magazine. this is a panel from a story, from the end of the story of one of the adventures wonder woman had in wonder woman number one. wonder w

2010 bonds by march 1st, 2020. that concludes my presentation. i will invite russ to talk about my disclosure. >> good evening, members of the commission, i will skip the whity joke given the hour. proceed to my topic. they asked to speak just a little bit about the disclosure responsibilities in connection with the public financing. so, these are securities, bonds are securities. the municipal market is very deep, it's multi trillion dollar market. what you are doing is consistent with many other agencies across the state. issuing public debt. in each case of the public offering, there's a disclose your document. it's a big thick one that will appear before you before final approval in october. in preparing that document, your staff has been mindful of a few basic securities law requirements which you will want to keep in mind as well. the first and most important is and at the federal rule there's a touch stone for disclosure that there be month material misstatement and after the orange county bankruptcy made cl

the equity story is the demise, bonds will be paid back.he blue line is wework, 83% of face value in terms of bond prices. we seem to have moved past the vc enthusiasm, and the company doesn't own any assets, and the risk, about an $8 billion valuation. moving aside from this individual case, are we seeing a movement of particularly the sorts of unicorns, and riskier companies deciding we need to show profit rather than growth? bob: i think the market is raising its required return expectation to continue funding a number of different business models. you can see it in the clo space. the weakness in the triple b, it is not sector specific. it is very idiosyncratic. it is poor business models or poorly structured clo's, or the documentation is not investor friendly. we are seeing those types of are kind ofwhich late cycle phenomenon. i think that is consistent with where we are. caroline: everyone will be sticking with me, i am pleased to say. still ahead, the final spread. mario draghi host his final news conference. ♪ caroline: i am in for

bond yields trade back down to 150. yesterday miss retail sales today housing starts bond yields back above 175 there is a message there of some immunity to bad news >> breaking news here on the united auto workers strike jane wells has the latest. jane >> reporter: guys just a minute i've been trying to -- i'm going off camera a second. hold on peek around the corner to see if they are academic up they are not but at any moment the uaw leadership and presidents will hold a news conference someone inside the meeting came pout and told us that the union leadership has convinced the 200 local chapter presidents to ratify the vote and ratify the contract and send to rank and file for vote. but here is what we also herron learn. the nbc affiliate in detroit, the 200 chapter presidents decided that workers will not come back to work until the ratification vote is completed and that -- the deadline according to the local affiliate is a woke from tomorrow. that means very bold move by the leadership that they would be out of w

to bonds but young investors, you just don't belong in bonds.more ahead. when a bear market takes a bite of your money. plus, i'm not kidding around if you want to ensure a strong retirement you'll want to listen to my advice and take action tomorrow morning i'm answering the questions you sent on twitter. why not stay with cramer >> from the time the whistle blows to the last play of the game -- >> market's getting hammer today. >> i know it's not easy but i promise to keep fighting for you. >> jim cramer, leveling the playing field for all. >> the road is a tough one but the payoff can be your greatest win of all >> announcer: join "mad money's" training camps weeknights. your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevag

bonds selloff, yields go higher.onds selloff, yields go higher. this is all a because the bank of japan and their bond buying speculation. this shows all the people out there saying negative yields actually makes sense in a slow growth, low growth world, where it is worthwhile paying to park your money somewhere. those get thrown out. this is purely technical. the second there is any pullback, it is going to be a global. that is significant. i think lisa is raising a very interesting point. the data has been absolutely awful on a global basis for a year now. the only asset class that really reflected that cleanly was bonds. bond yields have been falling steadily, and now you find yourself in a situation where further negative news on the economic data doesn't necessarily trigger bond buying because the price has already been priced, so something has to give. i think with this could set us for is an environment where in q4, we may have this challenge where bond yields need to reprice to an equilibrium. they need to re

and so this is the previous bond breakout was on the first bond sale. we were planning -- we are planning on a second bond sale. we were shooting for early 2020, but right now because of the current burn rate we may push that out into the late second quarter. this is a breakout for zuckerberg, the spend. we are about 23% through the original first bond sale. a lot of our projects have not hit the construction mark yet. once we do we expect to have that spending to increase. this is the community health center bond, they're a little bit ahead of us on the spend, they're at 42%. and, again, as they progress in the southeast they will get a new contractor on board they'll be proceeding and the next one we presented at last presentation and this is the breakout of each individual project and grouping them together in how we're working with the budget. right now we are overall in the black. and even though the political improvements are showing in the red. overall we're juggling the dollars around to make sure that all aspects of funded. and we have some sav

that's the problem with the chinese government bond market is that access to the bond market is very, so when you take a look at this chart, you can see the selloff in .overnment bonds has continued it's up the most since april. monetary policy is not expected to be too aggressive so we will see this trend continue. forline: stay with sherry more on this. and don't miss the story on daybreak asia. the fedeantime, announces a rate decision tomorrow. >> i will be watching u.s. at 830c data and gdp a.m. >> apple reports earnings tomorrow. ♪ when it comes to using data, everyone is different. which is why xfinity mobile is a different kind of wireless network that lets you design your own data. choose unlimited, shared data, or mix lines of each and switch any line, anytime. giving you more choice and control compared to other top wireless carriers. save up to $400 a year when you switch. plus, get 50% off when you buy any new lg phone. xfinity mobile. click, call or visit a store today. ♪ ♪ taylor: i am taylor riggs in for emily chang in san francisco. this is "bloomberg technology," an

we ask what he favors in bond markets.his is bloomberg. ♪ yvonne: the latest headlines, hp t slash the workforce to boost sales growth. it will eliminate as many as 9000 positions by the end of fiscal year 2022. the new ceo plans to step down next month. rishaad: wework saying job cuts are coming, as well. the company meeting thursday, includeus it will layoffs the bosses said would be handled as humanely as possible. cutsk is considering job to the effect of 2000 positions. yvonne: google cloud operation is estimated to be worth $225 billion. deutsche bank says the unit could report compound annual growth of more than 50% between 2018 and 2022 and reach annual sales of $38 billion by the middle of next decade. the estimate is nearly twice the market value of ibm. rishaad: going for the japanese lunch break. that is the imperial palace. nikkei, down .1%. yvonne: breaking lines coming through on china's tiger met, professional clinical research services that provide research for a lot of pharma companies domestic and foreig

what the bond markets are telling you is there is no way out. this is the way things will be for the foreseeable future. it is not as much for returns as it is for a hedge or safety, in case things don't work out in the equity markets. bob: can i offer a quick comment on this topic?i agree on a sentiment . what investors should be thinking about is we have not yet seen the limit of innovation from developed markets central banks. monetary policy is not dead in my opinion. think about the innovations we since the crisis. negative rate interest, qe. i think we are going to move over the next several years toward greater fiscal monetary cooperation. i think in some of the since th. large developed market economies, we will see monetization of one form or another. ultimately, i think we will witness helicopter money being used in a number of these economies, going direct to the economic actors in the economy, as opposed to by passing it through some form of fiscal monitor operation. placea: if there is a where that is needed today, it's probably eur

i invested in his bonds a couple of times. david: ok. [laughter] those we high-grade bonds? [laughter] paul: they were on the date of issue. [laughter and applause] david: they later became high-yield? - and below. - right. [laughter] david: so have yousieen him since he's pnt, and have you given him any advice? paul: i visited the white hous d we chatted a bit about taxes and economic policy. david: you have given a lot of money, raised a lot of money for republicans. do you think you've gotten value for your money? do you meet anybody? do they listen to you? how much influence do you get for all the money that you've give to these people? paul: i n't think of in terms of value for your money. it's a very interesting thing with politics, and not that many of my peers have it's athe staying power thing or stubbornness or stupidity in to persist as longany he political arenave of donor, activist, funder, fundraiser as i, and many people find and feel that the reliability and effectiveness that they expect and find in their businesses is not what they find in politics, and so

driver and -- the federal war bond drive and the images were adopted for the second bond drive and theconcept was americans would invest, pay money for a bond that would mature in a number of years. it was about $18 and in 10 years it would pay you back $25. but the concept was -- the idea was that they needed the nation to come together quickly to raise the funds for munitions and to equip the nation's soldiers appropriately. ♪ hollywood's most famous movie stars help the government sell war bonds. irene dunn, ronald coleman all part of a contingent of some 50 people helping the war effort. >> in the second war bond driver -- drive the four freedoms were , adopted as images of the bond drive and publicity campaign that went to 17 different cities starting in washington, d.c. and rockwell came to the department store in d.c. and they showed off the posters and they printed in the millions duplicate sets of the four freedoms. a set of four smaller images that were given to you when you bought the bonds. so you bought a bond you received images of the four freedoms to put up in your home

$30 million and outstanding 2010 bonds. we are requesting authority to issue up to $27 million in new bonds. we expect to only use -- or to issue about $23.5 million in new bonds. and we are estimating that the port will realize approximately $13 million in savings from this refunding with the net value of $7.9 million. the maturity base of these bonds would remain the same. the key thing that i just want to tell the commission this afternoon is that we are asking for you to approve a resolution authorizing the sale of 2020 bonds in an amount not to exceed $27 million. we are asking the commission to approve a third supplement to be indenture of trust, a bond purchase agreement a preliminary official statement continuing disclosure certificate and escrow agreements one for each of the series of the 2010 bonds that are being refunded. if you approve this item today we will be introducing legislation at the board of supervisors next tuesday. and we hope to have the transaction concluded and all of the outstanding bonds repaid

bond market getting to fresh highs. we have seen a lot of money moving back into bonds.ople seeing that backup and yields being a flash in the pan. could be testing multiyear lows pretty soon. australian yields have been down this morning on the 10 year. they are only 10 basis points or so away from hitting fresh all-time lows. so clearly that is a trade back on. it is emboldening. the question for equities is how much further do they believe central banks can support the cause. we saw a little bit of an uptick in pricing for another fed cup at the end of the year. and equity markets are starting to show that maybe things have run pretty much as far as they can go. we saw notable declines in u.s. equities. looks like it is a pretty disappointing number showing just how weak economic growth is at the moment. shery: at least when it comes to japanese equities. what do they like? this is many regards the tried and tested argument coming from people who want to be bullish on the japanese equity market and that is the valuation discount you are getting for japanese stocks. yo

if you look at the fx market and bond market, very quick to buy bonds when it slacks off.hanged somewhat. toward the end of this year, it has done well, it has people taking profit and protecting profit before the next year. we are little cautious at the moment that with that said, if that follow solely -- volatility will hold with the new cabinet coming in, we will probably see good numbers next year. haslinda: how closely are you watching the cabinet? as a bond investment destination, this is probably the key to the entire puzzle. whether the finance ministers stays where she is or becomes economic advisor, but she gets more power on top of that role because at the moment, the financers are getting more power in terms of actual operations and policies. if she does, it will keep the indonesian government bonds in an attractive space. yvonne: you've been focusing more on the negative yielding debt we see in the world, it's really spurring people to more asia dollar bonds. what does this mean when it comes to the dollar prospects? some are saying the pound of strengthening

inflation linked bonds.d you are thinking of changing strategy look at the global growth scenario and the prospect for u.s. china trade. is this one you might stand to change at all taking that into account and develops over brexit? >> yes i think if we stand back and ask what is the strategy about, it is about the pricing differential between in the short-term between u.k. inflation excitations which are still pretty elevated because of the brexit currency jeremy corbyn related risks which are putting a premium in u.k. inflation protection. and u.s. inflation citations are incredibly subdued despite that we have seen cpi now on a real at life basis pick up and wage growth pick up. structurally, that is the story we like on that relative to frame it. that is not really affected by the short-term backwards and forwards we have seen on these two big political stories of the last week. manus: the data from china this ppi.ng was on the how much does that build the story for global deflation risks? >> a great que

space, they stick most of that to the bond space, to the sovereign bond space. say we will keep the target rather than the interest-rate level on the amount of bonds, so my guess is it will go rather in this an broadening the portfolio of what you're buying, and really going into the risky space where they have not been yet. alix: part of that also leaves how much more negative can you go on the deposit rate. we were talking earlier was jens nordvig that if you look at sweden and say they really forecast that hike, the appetite is being eroded a bit for lower deposit rates in negative territory. do you have a read on that on how sentiment is in europe on that? david: when we look at the bank lending survey, the latest shift of the ecb seems to have loosened monetary conditions, so lending conditions have loosened again. , you can doe rates very little on the credit demand side. speakhink the ecb should very cautious to negative territory. be the malaise which , and this trial has to be done by the governments. the most the ecb can do here is with the financial u

bond council on the transaction, the bonds do not con constitute a debt of the city. if there are questions, i'll be happy to answer and the borrower is here as well. >> that was very thorough. thank you. there is no b l.a. required on this. opening up for public comment. any public comment on item number two? seeing none, public comment is closed. colleagues, any questions or comments? seeing none, i would like to move it to the board with a positive recommendation. thank you good to see you. thank you madam clerk. call item number three. >> resolution retroactively approving the contract for electric monitoring program for term of three years from august 1st, 2019, through 2022 with two one year options to approve. >> we have the sheriff's department here. >> good morning supervisors. i'm here requesting retroactive approval of a contract we have with sentinel. we were here in july and this body approved the program scope and legislation today approves the contract as a whole, not simply the scope. otherwise it is unchanged. but still i'll give program history. elec

they should join in the fight to get the bonds funded via the tax. if the arm -- if the officer class of the army were to refuse to lay down their arms with peace, you have the strongest lobby, literally the strongest that there is. you have an armed force behind this. this was a very dangerous thing to try and do, as washington told hamilton a little later. this was a threat potentially to the republican nature of the country that was supposedly being formed to the states. they did it though, they tried. think of the incredible audacity, the incredible fearlessness, the incredible ability to take risks with his future reputation and maybe his life. his relationships with his father-in-law, if this had come to light in the way that it could have, think of the incredible high wire act this was. hamilton goes as far as to try and get washington involved in to lead this effort. washington demurrers. what happened is by the way, people city nuremberg crisis was a failure, in many ways it was, washington was not deposed by angry officers. the system conti

loans generally look more like a secured high-yield bond market than the historical bond market. -- historicaloan market. there are pockets where you can find good spread and risk, but similar to the high-yield market, you have to be careful. kathy: we have not liked the loan market for some time. why are you buying loans when rates are going down? jonathan: that is my question. is this about floating rate and no appetite for it or credit risk building? kathy: both. you see the decline in credit quality, you have seen falling rates, and the covenant light business. you are seeing investors push back on it, deals not getting done. the combination -- why be in the loan market? colin: jim's point about finding the right bonds is the most critical part. in general, do not like leveraged loans, but to the point that it behaves more like the high-yield market, you have to make sure that you are involved in the right securities. i am getting paid for the fact that the securities now look like true high-yield. jonathan: some of the issues we are seeing in leveraged loans are similar to what we saw at

5 years low liquidity but even the last 5 years the correlation with traditional asset stocks and bonds is only about 15 percent point $15.00 that means it has huge diversifying power so let's just take this if the endowments there is $600000000000.00 of money in endowments of 5 years ago they had taken half a percent from stocks half a percent from bonds instead of making 7.2 percent over the past 5 years they would have made 9.2 percent now let's say because we would have failed and have gone to 00 a half a percent exposure 11 percent half percent versus one percent if that one percent of gone to 0 their return would have been 7 so point 2 points of downside 2 points of upside $10.00 to $1.00 upside down side risk and that's because of the low correlation thing that people don't see most as they fear the volatility of the asset because in particular i think no volatility is a good thing we love volatility we all want upside volatility the only thing we fear is downside volatility in fact i got to have dinner with the markets once real pleasure right when the nobel prize and i said dr

yvonne: how do you see this flood of bond issuance plane to the bond market?- play into this bond market? how are you seeing that in terms of where yields go? they: this year so far, chinese banks supply has been underwhelming rather than overwhelming. years, chineseus banks have been low issuance in the u.s. dollar bond markets but this year, we see the supply is lower than expected. david: the economy is slowing. when you look at china, it is slowing and in hong kong, the economy is under trouble. any signs from both those things in's credit spreads? is it coming out? jenny: credit spreads have had pretty good performance so far. we are getting into a different credit cycle and will need to be nimble about what type of credit risks you are taking. for example, we see defaults picking up in china. offshore, there are more events happening in the offshore dollar market. those are the areas more export driven or cash tight companies. they are running a stretched allen street -- sheet -- balanced sheet. that is where you run into problems. be careful of names li

ensure that our bonds and future bonds will not be opposed by the tenants community. i do think there's a fair argument to be made that both tenants and landlorded benefit from capital infrastructure improvements that general obligation bonds fund, and we all have an obligation to support these citywide b benefits. that being said, there are folks living on limited incomes that should have the opportunity to petition for waivers. this would allow legislation for tenants who have received a pass through of a general obligation bond repayment cost from their landlord to petition the board for just such a hardship waiver. in addition, it seeks to address the issue of banking pass throughs by creating a new use it or lose it klaus for owners who assume control of a property. finally, it extends the time period for tenants to pay. i want to thank the san francisco tenants union, housing rights committee, the asian law caucus, rent board members, and the san francisco apartment association as well as the affordable housing alliance, the educators of san francisco for provid

the bond strengthens with the years. she believes in him. helpmate.y share in the joy of victory, but their bond is also tempered in the crucible of defeat. >> if this trend does continue and he becomes our next president, that he will have my wholehearted support. [applause] ♪ >> the men she shares the triumph, the nation welcomes a new president and a new first lady. pat knows that the white house is many things. center of official ceremony, executive headquarters, but more than any time before, it is the place where the people are welcome. at every reception, guests find the first lady a hostess of dignity and warmth. in their first two years, the president and his first lady entertained 13,000 guests at dinner alone. pat is the president's lady and more. out of her desire to serve from with her deep interest and rapport with people she emerges , as a force in her own right. her ready warmth extends itself across the nation. when the president against his -- begins his legacy and parks program, turning the eye of government land into -- idle govern