bond and 2020 bonds. on may 12th, we expected we'd close in june. it looks like we're going to be pushed back a little bit in july. the transportation bond is going to be the final issuance to close out the $500 million 2014 transportation bond and allow them to finish their projects ahead of their next ballot. this is the issuance of the 2020 health and recovery bond and we're seeking a not to exceed authorization of $425 million. we may issue that in one or more series, but a good chunk of it is going to be issued this summer to start funding those projects and getting those going and the 2020 issuance we're looking to fund acquisition of fire training facility site, potentially some fire station sites and other issuance of funds into the emergency fire fighting system projects for p.u.c.. so that's what's going to be funded by the easter projects and then the next issuance in the spring of next year for seawall. that would be in the planning stages and i think this will allow them to move a little furt

obligation bonds , cfb bonds are sort of differentin that they are typically nontraded special tax bonds .non-rated meetingthey are not , they do not receive a rating from moody's or snp. so that's typically because it's tied to a slightly higher risk profile than your typical municipal bond. in our case it's pacifically tied todevelopment risk . so it has uniquecredit considerations and risk factors for investors who are purchasing these bonds . and i'll just talk through a few of those areas so for cfb bonds, the department risk that folks should be aware of is that until the development is still fully built out the bonds will carry a degree of development uncertainty . in long multitier departments likeour project , it could be subject to the whims of the market. financially, it can be challenging in real estate markets where projects may be inadvertently affected by cash flow or other types of risk that developers face. that could potentially lead to default in which the developer or the owners cannot pay debt service. another risk is that there's a taxpayer concentration on the bond

bond and 2020 bonds. on may 12th, we expected we'd close in june. it looks like we're going to be pushed back a little bit in july. the transportation bond is going to be the final issuance to close out the $500 million 2014 transportation bond and allow them to finish their projects ahead of their next ballot. this is the issuance of the 2020 health and recovery bond and we're seeking a not to exceed authorization of $425 million. we may issue that in one or more series, but a good chunk of it is going to be issued this summer to start funding those projects and getting those going and the 2020 issuance we're looking to fund acquisition of fire training facility site, potentially some fire station sites and other issuance of funds into the emergency fire fighting system projects for p.u.c.. so that's what's going to be funded by the easter projects and then the next issuance in the spring of next year for seawall. that would be in the planning stages and i think this will allow them to move a little furt

allow the bonds to be sold. that's resolution 16. then, the law offices of alexis chiu who will provide disclosure counsel services to provide the disclosure that you provide in marketing the bonds, and that is resolution 17. lastly, we have urban analytics who performs analysis on the pledged revenues and will be the fiscal consultants [inaudible] official statement provides the key quantitative data which will support the bonds. next slide, please. this is the [inaudible] putting the team together. in each case, the team was selected from a city panel, and the details of those establishments, the panels are listed there, as are the justifications for hiring them. k.n.n. is working with us for the first time, and we're looking forward to getting started on that. every other provider has worked with us and been very satisfactory in the past. next slide, please. this is some of the contract terms, including the contingency. in some cases, it's contingent on the bond closing. if the bonds are not closed, no amount

this is a bond item. please call back in a little bit on the other item. >> thank you for your comments. are there any other caller in the queue? >> we have no more callers in the queue. >> public comment is closed. madam clerk, seeing no one else on the roster, i want to make a motion to move items 4, 5, 6, 7 and 8 together. to the full board with a positive recommendation. if we can have a roll call vote on these items. >> on that motion. vice chair safai. [roll call]. these will go to the full board with a positive recommendation. any other items before us today? >> no other items. >> great. this meeting of the budget and finance committee the now adjourned. i want to take a five minute recess. then we will start budget and appropriations committee for a full items then recess that meeting for another break. colleagues if you will tune in for budget and appropriations in five minutes. >>> so good morning everybody. welcome to george christopher playground. a playground that was dedicated by the way 50

the health and recovery bond. we are asking in this for sale for $425 million. the breakdown is $147 million to supportive housing and $60 million to department of public health and $176.5 million to rec park and $21.5 to public works. next slide. this is a summary of the rec park portion that is requested. we are asking for $176.5 million building upon the successes of the past few bonds. and the proposed investments the into neighborhood parks and in light of the projects noted and actually in advance stage of design where we have done outreach in sayses where we have ceqa approval. the breakdown is 101 million and to the neighborhood parks. we have $4 million for recovery parks and $14.3 million to initiate planning and city wide projects and with the trails and community gardens to name a few. i will now turn it over to the supportive housing. >> good afternoon, chair haney and supervisors. i am emily cohen, the interim director for the department of homelessness and supportive housing. i will review review qu

current 2012 bond 8.3 and other bonds 6.3 for a total or 14.6. so my question is was the plan always on these parks that the current funded that the bond would be augmented by other funds? >> yeah, and i can sort of speak to that. so the during the evolution of the project clearly cost the bid to go up and we continue to look for funding to augment and finish these projects and we sort of got lucky that we were able to augment these funds which we got authority from the commission. these kind of projects these funds are meant for. so i'm glad we're able to use that to finish the project. so essentially what we're doing is leveraged some of the funding to be able to finish this project: >> thank you for the question, member regardwin. so this is exactly right. this other funding line is zero because when the 2012 bond was scoped, we were thinking of 2012 bonds to complete this project. it's now may two thousand twenty-one, and nine years later, additional funds were needed and very often we're not only responding to project escalation, but additio

and all bond issuances will be sized to the amount of revenues generated for that first approved bond sale, the development special tax capacity on the first four parcels will far exceed the debt service coverage required for the initial bonds. [please stand by] that includes paying very larg impacts for two of the vertical parcels . based on these investments the final appraisal which was on february 1, 2021 valued the entire cfd lease holding at 324.9 million which is obviously a very significant increase. 324,900,000w3 gives us a maximum of roughly 108.2 million in phase i bonds so we are here recommending a second issuance of $264.9 million, 43.4 million+64.9 million to get us to that 100.82 million figure in total phase i unimproved land bonds. additional 64 million would have significant benefits to support the projects economics by allowing us to replace that 18 percent developerreturn with lower interest publicfinancing . this allows us to preserve our land values and revenues in later phases . at this point i'd like to handed over to the director of the office of public finan

up next, junk bonds racking up another record.hat conversation as well as treasury sales coming up next. this is bloomberg. ♪ ♪ lisa: i'm lisa abramowicz, in for jonathan ferro. this is bloomberg realreal -- "bloomberg real yield." in the u.s., unit credit and morgan stanley raised a combined $5 billion on wednesday alone, bringing this week's high-grade tally above $36 billion. and another record for u.s. junk bond sales, recording the busiest may on record with the pace of debt sales nearly doubling since the first half of 2020. investors put nearly 1.5 millions of dollars in deals this week. priya, we added before that you could see why yields might go so much higher. could you add why they might go higher with this idea of demand for riskier credit cooling? could there be a similar sign from oath? priya: for riskier credit, you wonder if you are getting paid up for taking on additional credit or liquidity risk. for the market, i would say it is a more liquid market. it is safe, but you are taking on duration risk. if the fed i

they forge bonds of friendship, they were bonds of family to where they literally, many of the men in this unit were very interconnected with familiar tides and best friends. there is no desertion. i found a couple of examples which is unheard of for the 18th century as those connections with family and community that tied them together. another question coming in from elizabeth hickey. what happens next? after the they return home? become privateers, become odyssey one example. he tells more about the afterlife? >> is a complicated story. half the unit may be happy and it stays with this is an extraordinary moment. after a right before the battle washington uses his great or teary abilities to beg and plead the army to state. many step forward and serve. many of them are marble headers. betty of them die including doctor bond. john glover along with other members of the marblehead regiment return home to marblehead. he forms is part of a new brigade they form a new regiment. they take to the sea and the great captains of the greatest fighting captains of the revolutionary war. credit

this is a bond item. please call back in a little bit on the other item. >> thank you for your comments. are there any other caller in the queue? >> we have no more callers in the queue. >> public comment is closed. madam clerk, seeing no one else on the roster, i want to make a motion to move items 4, 5, 6, 7 and 8 together. to the full board with a positive recommendation. if we can have a roll call vote on these items. >> on that motion. vice chair safai. [roll call]. these will go to the full board with a positive recommendation. any other items before us today? >> no other items. >> great. this meeting of the budget and finance committee the now adjourned. i want to take a five minute recess. then we will start budget and appropriations committee for a full items then recess that meeting for another break. colleagues if you will tune in for budget and appropriations in five minutes. - >> shop & dine in the 49 promotes local businesses and challenges resident to do their showing up and dining within t

and all bond issuances will be sized to the amount of revenues generated for that first approved bond sale, the development special tax capacity on the first four parcels will far exceed the debt service coverage required for the initial bonds. [please stand by] that includes paying very larg impacts for two of the vertical parcels . based on these investments the final appraisal which was on february 1, 2021 valued the entire cfd lease holding at 324.9 million which is obviously a very significant increase. 324,900,000w3 gives us a maximum of roughly 108.2 million in phase i bonds so we are here recommending a second issuance of $264.9 million, 43.4 million+64.9 million to get us to that 100.82 million figure in total phase i unimproved land bonds. additional 64 million would have significant benefits to support the projects economics by allowing us to replace that 18 percent developerreturn with lower interest publicfinancing . this allows us to preserve our land values and revenues in later phases . at this point i'd like to handed over to the director of the office of public finan

what happens if bonds are right? people often think about bonds as the smarter asset class. there is this thought, though, that perhaps they are seeing something that equities are not. that is perhaps inflation that is not rising as much. why could that not be the case, and what happens if bonds are right? darrell: you are correct, equities would have to come down and probably reprice because you're going to catch a bid in the bond market, flatten the yield curve and drive it down. second-quarter gdp right now is tracking at 12% on a run rate for q2. i just don't see how that is not getting reflected. some people are calling for be gdp, but there is so much liquidity in the system. there's $2 trillion sitting on s&p balance sheets, 4.7 trillion dollars in money market funds, and almost $16 trillion in commercial bank deposits sitting out there. that money has to go somewhere. it will go somewhere, and that is going to continue to push inflationary pressures higher, notwithstanding supply chain pressures and everything else we talk about. so it is possible, but i would still

yes, i l would be rather worried how amazon might want to explore the bond franchise. bond is bond.come a few weeks ago, at&t were urged warner media with discovery to create another jumbo studio because the sheer scale now to compete is absolutely enormous. it does feel like these companies are going down the same road as tech. there are very few, tech companies around, very few studios around,.— tech companies around, very few studios around,. watch this space. the forthcoming _ studios around,. watch this space. the forthcoming bond _ studios around,. watch this space. the forthcoming bond film - studios around,. watch this space. the forthcoming bond film is - studios around,. watch this space. | the forthcoming bond film is called no time to die, let's hope that this is not the time to franchise dies. sonia from a tom, thank you both very much. lovely to have you. at least it sounds like there might be jam tomorrow and some parts of the country with newjobs, but make sure you have it with clotted cream is welcome a whatever order you put it on. that's it from the papers this ho

we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 >>> the housing market is the hottest it's been since 2006 and got people using the "b" meaning bubble home prices hitting a record median price of $329,000 up from march 17% from march 2020. supply coming in 1.7 million homes for sale representing 2-month supply of available homes. new listings selling on average in 18 days and that is a record pace consumer confidence meantime falling with 48% of consumers saying it is a good time to buy a house. despite this my next guest said he has a strong conviction we are not in a housing bubble. joining me now head of fix income research at

the board of supervisors put the bond on the ballot. and the bond passed overwhelmingly with $623.5 million in funding. and the specific projects for this bond were west side, potable emergency fire-fighting system, a manifold and as i stated early, a salt water pump station analysis with the feasibility of building a pump station on the west side of san francisco. the biggest component of the bond obviously is the west side -- madame president -- the potable emergency fire-fighting water system. this is a hybrid solution to the original solution. it was designed to meet the robust standards that the fire department had. but it's going to utilize the same or better earthquake resistant pipes. on the right, it's earthquake resistant pipe. it's a flexible iron pipe used in japan for many years and its withstood earthquakes of 8.0 on the richter scale. we're going to build a better, faster stronger in the richmond and sunset districts. and the potable emergency fire-fighting water system has two main benefits. number one, it's going to giv

if it wasn't for such a bad thing all of these bonds interest rates and bonds would be much much higher we saw a little last year you know the bond vigilantes of the 1970 s. some people said are quiet now well these rather quiet is because they're being overrun by central banks so i think you know getting back to what we were talking about in currency and avoiding things that are dollars are nominated avoid dollar denominated bonds avoid dollar denominated bank deposits the avoid anything dollars are nominated tangibles or near tangibles like stocks of companies that 110th of wells i think that's the only safe s. are going forward from here in til we turn around and get off this road toward hyperinflation all right james are going to have to have a 2nd segment this is just to get thanks to ban on kaiser apart thanks max and that's the idea for this edition of kaiser report with me max kaiser and stacy herbert want to thank our guests james turk of called money dot com until next time . the headlines in r.t. this cheese the evening half a year of isolation he was seeking to open its door

it's paid by partially the bond and the salary. it's just to have somebody that's going to be meetings oversight. checking on things that are going on. so having that officer that's dedicated to those projects, for us, we feel it's very important to have that. in this case, the captain that's there is going to retire in june and we're looking for a new captain or officer to apply for that position. and now that we have the training facility and other stations that are coming up in the pipeline. we want to have continued oversight use with that. >> commissioner: good enough. thank you very much. >> president: question. yes, commissioner covington. >> commissioner: thank you, madam president. thank you for your report, chief velo. and i just wanted you to, if you can, refresh our memories on how much the grant for the hose tenders was. and the source of grant. >> so, for the hose tenders, there was one that was given to us by the state and two that were in the budget. we got a grant for mini pumpers. the mini pumper grant was for $70

if tech rallies, the bond market rallies.s are highly dependent upon the federal reserve providing money and continuing to pump them up as other assets fall out of favor, like crypto, there will be another asset that comes back into favor if i'm right and the inflation scenario is not playing out the way people fear, then we will find inflation a year from now when we have year over year comparables is significantly lower than where we are today and the market is not priced for that we could see when stocks go down which they will then the bonds are the investment vehicle if stocks don't go down and bonds rally, we will push tech higher and the stock market hi higher >> scott, what is likely to happen over the next six months with the macro equity level in the s&p? stocks go up or down >> i think we are due for a correction i think we will get pull back of 10% or so. ultimately, we will see the s&p at 5,000 and possibly higher >> all right big thanks to scott minerd and the man who called that bitcoin big drop. >>> coming up,

we'll send you our exclusive bond guide, free.can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 liz: viacom cbs going all out for bradley's biggest night after a year-long pandemic the tony awards are making their triumphant return the september cbs and paramount plus will be joining forces for a four hour long celebration of new york theater industry on sunday september 26 starting with an exclusive lifestream of the award ceremony that will go on paramount plus, followed at 9:0e concert special the tony awards present broadway back, that will air on cbs television network, no one is more excited than viacom cbs shares are popping 3.9% we should look at ticketmaster because they sell a lot of the tickets a

and the torpedoes bonds bond sales. so the early 18 seventies with the associates are left with is and indebted railroad, badly built. had to be rebuilt. and very little traffic. it is not something that brings a boom to california. minnesota, kansas iowa they all that the railroads grow much more quickly. and nevada, the other state it goes through, it loses population after the completion of the railroad. so the question is why did this road just go bankrupt like so many other trans continental's the short answer is it nearly did. at first were going to milk this thing for everything they could, and then sell it out. the problem is nobody will buy it. those with money in san francisco, i have loan money to the associates, and they had some idea of what was up for sale they didn't want to touch it. 1873, things get worse for them, because congress is -- it also was going to take the equivalent company, from central pacific which was a contract in finance company, also the construction company designed to build the rail

bond market, yields are lower.m new york city, alongside tom keene and lis abramowitz, i am jonathan ferro. counting down the market opened three hours away. this is "bloomberg." ♪ wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. jonathan: good morning to you. here is the price action. for all the talk about talking about talking about tapering, the bond market. yields were hired by three basis once. taper tantrum. right now 166. yields come in about a basis point. for many people, this was sensible. if you think about a number, what is the number? it is more than two o

bond markets have been stable.spread across most equity markets, and we are seeing counterintuitive action. chinese markets are doing ok. bond markets and fx markets are stable. keep an eye on if the dollar is weaker today. anna: we will keep an eye on that. talking about the tech selloff, it looks as if continuing with nasdaq futures lower. dani burger has a deep dive into the selloff we saw. dani: this idea that bond yields are stable, given this picture and that the nasdaq is selling off -- european futures are playing catch-up. this idea that bond markets no rate increases are not coming soon but down the line that will happen. they be that is why over the weekend that this disinflationary report, we get these pictures and surprisingly these woes coming back into the market. they were telling us when they rebounded friday that that inflationary picture is still in the background. that gives us this picture where you have interest rates raising at some point. maybe that downside cushion is not as strong, so you

you have seen bonds of guilt move lower -- you have seen bond yields move lower.e moved up to the top of the range in the u.s. treasury you still have two yields firmly anchored around 15 basis points, 0.15%, and 10 years around 1.6%. we are at the bottom of the range. you would have to see a material disappointment on inflation in this report to start seeing more expectations that the spike and the near-term spike in inflation really is transitory and we are going to return back to the lows. with regard to positioning, realistically, you look at equity markets that are at all-time highs and i can completely understand this. this is excess capital liquidity finding its way back into financial assets. i think if you are going to see a surprise in inflation, then obviously you want to see these levels of long-term bond yields are in a great position to put some sort of short position on. for me myself, i am absolutely short bond yields. but out of the two and five-year ones, nothing on the long end because volatility is too low. there is lots that have been going th

i know it is not like mortgages, but most bonds are callable. one of my pet peas, i think the spread relationship between triple c's and single b's is irrelevant. it is distorted. all of a sudden it looks like your spreads have tightened, even though the quality of the overall universe has gotten higher. i am not going to make the case that they are incredibly cheap, but we think we are cleansing out of lower rated companies. a lot of restructuring, the weaker players are gone. it might not be as dangerous as some might think. taylor: where do you go? what do you like? noelle: we like the triple b play. we also like leveraged loans. we think the upgrade cycle is still going to be relevant there and demand is there. they did underperform in april when you saw a rates pullback, but still posted positive returns and the demand has been there throughout the year. we think it is a good play, especially if you are sensitive to that rates duration. 0.25 relative high-yield is over three. some did you think about -- something to think about. taylor: is

allow the bonds to be sold.s resolution 16. then, the law offices of alexis chiu who will provide disclosure counsel services to provide the disclosure that you provide in marketing the bonds, and that is resolution 17. lastly, we have urban analytics who performs analysis on the pledged revenues and will be the fiscal consultants [inaudible] official statement provides the key quantitative data which will support the bonds. next slide, please. this is the [inaudible] putting the team together. in each case, the team was selected from a city panel, and the details of those establishments, the panels are listed there, as are the justifications for hiring them. k.n.n. is working with us for the first time, and we're looking forward to getting started on that. every other provider has worked with us and been very satisfactory in the past. next slide, please. this is some of the contract terms, including the contingency. in some cases, it's contingent on the bond closing. if the bonds are not closed, no amount would

that will take longer than the bond market is currently priced for. i recall two months ago, investigators were talking about 3 million payroll gains over the next three months. here is two months later, and we barely have one million job gains over the two months. it is going to take some time for the economy to really show its true colors, but we should be expecting volatility to the upside and downside. jon: let's talk about what the analysis means for this market. this is what greg peters had to say on treasuries. greg: the rate move is largely finished here. you know, we are still pretty constructive on this. we think the curve will flatten. i think there is pressures around that happening over the near term, but i think the near term is difficult. i think longer-term is easier. we see lots of opportunity in treasuries over the medium to long-term. i think rates are too high and the natural rate is lower. jon: colin martin, three points to make it, greg peters thinks the move is done, two, rates are two high, and three, the national neutral rate

we can get into who is buying those kinds of bonds, but people are finally buying those bonds and theredexers buying it. central banks are buying it. a lot of people do not know they own funds that have bonds that are certain to lose their money if they hold them to maturities. that is the point. guy: let's wrap it up with a question about the ecb. do think the ecb will tolerate a positive yielding german 10 year? is that something you think they will be ok with? vineer: i think they will be, with the economy, the inflation running around 2% in germany, at some point they might not have a choice. this is a billion-dollar question. can they keep buying it, and if they can the market will eventually have a say. guy: we believe there. thank you very much, indeed. i think the story will be developing. the near -- vineer bhansali, longtail founder and cio. thank you very much indeed. let's check where european stocks have settled. definitely a turnaround. a positive session fee delivered . the ftse, the dax, and the cac 40 all delivering gains. alix: coming up, something kind i have been wai

really dramatic declines in bond sales and provinces. soe bonds also under pressure. significant thing is beijing is trying to do a delicate dance, allow more to reduce the hazard. at the same time, if we see too much pullback and investors really pullback from the sector, access to funding drive up completely for local as always. then it becomes a cycle where it defaults, because they don't have access to funding. this is the contagion risk, a really delicate stance local government and central government is dealing with right now. haslinda: give us a sense of the pace of defaults among soes. not driving the record pace of -- >> it is extraordinary. we really see defaults rampart this year. we are seeing more state linked firms helping drive the surge in default on shore. we also see real estate firms, default coming earlier this week from the real estate firms. so these sectors are the ones investors are looking closely at first signs of stress. we have crossed the 100 billion yuan mark. we are certainly on pace for another record year of defaults for onshore bonds.

we'll send you our exclusive bond guide, free.h details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-376-4376. that's 1-800-376-4376 >>> ten years ago today. cnbc lost a friend when mike haines died. a fixture at this network from the day it launched until the day he passed away remembered for a lot of things but certainly for the haines bottom when they called the glow in the s&p 500 march 10, 2009. >> everyone, waiting for this. >> i think we're at a bottom i really do. >> in honor of mark auctioning an nft of that famous call from '09 and selling a set amount of tokens for anyone who doesn't want to participate in the auction, online now at mintable.app/cnbc ends 10:30 wednesday morning. all proceeds go autism spea

is that your takeaway that bonds are right believing the fed will hold rates and their bond purchaseshey are for much longer time than stock investors are prepared for? jeff: i think the comparison of the topline level is very difficult to make because underneath the stock market is where all of the action is. it is like the dock on the water. everything is underneath. there is a lot of changes in investor viewpoints. on the bond side, the bond side priced in a rapid increase in growth expectations that we saw through march. those repricing's ran their course. there are a lot of technical factors people were pointing at around the decline in interest rates in april. the bond market faces this technical challenge between demand and supply where the largest provider of demand, the fed, is expected at some point to pull back while treasury supply increases in an environment funding that diminish amount -- that tremendous amount of fiscal stimulus. a lot of what you are seeing is this reflection of a view on inflation. certainly the shape of the curve has steepened. inflation expectation

need to hedge them with bonds.traditional portfolio would think of you want to belong bonds, but in this world, you've really got to hedge against the stagflationary environment where rates are rising, but growth isn't that great. to do that, you really to make sure you are holding cash flows hedged with bonds. that is the opportunity fed policy is giving you right now, cash flows that are better than bonds, but they are extremely vulnerable to a rise in bond yields. guy: bill dudley is being very prolific writing for bloomberg opinion over the last few days. he's very much of the view that the market is underpricing the upside risk on the u.s. 10 year. the 10-year treasury yield, he says, has more than doubled from the current 1.66%, and the yield could go for percent or higher. he says there are plenty of people in the market who have never seen anything like this. do you make of those kinds of numbers? greg: i have to agree. i think everything is happening at warp speed here, so you had inflation in terms of pol

and all bond issuances will be sized to the amount of revenues generated for that first approved bond sale, the development special tax capacity on the first four parcels will far exceed the debt service coverage required for the initial bonds. [please stand by] that includes paying very larg impacts for two of the vertical parcels . based on these investments the final appraisal which was on february 1, 2021 valued the entire cfd lease holding at 324.9 million which is obviously a very significant increase. 324,900,000w3 gives us a maximum of roughly 108.2 million in phase i bonds so we are here recommending a second issuance of $264.9 million, 43.4 million+64.9 million to get us to that 100.82 million figure in total phase i unimproved land bonds. additional 64 million would have significant benefits to support the projects economics by allowing us to replace that 18 percent developerreturn with lower interest publicfinancing . this allows us to preserve our land values and revenues in later phases . at this point i'd like to handed over to the director of the office of public finan

we'll send you our exclusive bond guide, free.onds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-376-4376. that's 1-800-376-4376 new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. >>> the winner of our nft auction, tilman fertitta, will join "power lunch" today at 2:00 p.m. this afternoon and talk about his winning bid of $61,210 for the nft. 30,000 tokers sold for a grand total of $98,210, all made for charity. do not miss that on "power lunch. carl, over to you. >> we'll look for that >>> we have the ex

bonds have done nothing forever. is the 60/40 portfolio dead? should it be 90/10 what is the right makeup >> we don't think the 60/40 is dead over the last decade, that mix has been stable. if you are worried about the economic outlook, really that bond side, the treasury and mortgages are the place to hide out there. is no denial the fixed income environment is challenging right now. you need to rethink the 40%. you need to look at the emerging market debt. high yield and fed securities and think about private real estate these are the areas where you get a pick up and then offset that with stability of the u.s. treasuries and mortgages. >> it is weird, seema. we are talking about inflation all the time the numbers are there. i don't know what it is like over there over here, everything is more expensive. every commodity in the world is up in price. yet, bond yields have done nothing, if not move down the last two months. i know they popped late last year is the bond market sending a different message than we keep hearing otherwise? >> it has b

it's essentially a zero coupon bond. you are dealing with a cyclical company, you're getting a payment periodically, so you can think about that as a coupon paying bond. that has a lower duration. you're getting your money back faster. in a rising rate environment, you want to own shorter duration assets and not like longer duration assets. the same thing happens on the fixed income side. that is the linkage between the 10 year yield and what is going on with the gross value trade -- the growth value trade. jonathan: sticking with this cyclical trade, how do you do that when people cummins show and say we are going back to gdp growth in the next couple of years -- people come on this show and say we are going back to gdp growth in the next couple of years? steve: you disagree. i think the fed is broadly right that you have "transitory" inflation and a return to trend growth coming. we just think that that inflation is not quite as transitory. with get bleeds into next year. likewise, that growth will get back to trend, b

we'll send you our exclusive bond guide, free.s can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763 stuart: it is a selloff down 350 on the dow, 250 on the nasdaq. let's go to the price of gold? bitcoin 32,$000 as we speak, down 24%. that is a selloff. listen to this. >> mister president. >> quick. >> electric has fast acceleration. they do have fast acceleration. there was president biden, in an electric ford 150. the f-series, best-selling car in america, affordable, the electric series at 150, it is not affordable. >> the f 150. the 70 grand for the new f 150 lightning, you load up on other features, expect six speakers for your all electric f150, the gas powered one starts at 21,$000. this new all electri

the bond market down to 1.62 on tens.acking a $50 billion plan to help the world escape the covid crisis and narrow the gap and access to life-saving vaccines that is threatening the global economic recovery from the pandemic. that is the effort, calling for $50 billion spending plan to narrow that gap. the imf out with that story. tom: part of that is a work proposal, they have aligned up of developed nation with serious action about the percent vaccinated in the united kingdom and the u.s., call it 50%. in africa they published 2% is the percent of vaccination. that is the lead quote. this is a proposal they have to line up america. jonathan: inhibition -- an ambitious effort to vaccinate at least 40% of the population and more by 2022. lisa: the imf has been talking about this great divergence, the idea of emerging markets has lagged behind in the middle class is shrinking. to quote the jeopardy -- to quote the deputy general of the united nations, this has become an inequality virus. can you get the developed world to

bonds.ld say it is not a bond market selloff we have seen in the past few days. it is a question of liquidity. but i would not expect the spreads to widen. guy: but the difference between previous times and this time is that italy's debt is much bigger. interest rates are low, but the rate of change is enormous, as is the rate of change in the death level. dr. broyer: we have more debt, that is for sure. but there's less european government bonds to buy from than four years ago. so the government bond market has reached the size of 10 trillion euros after the pandemic, but because of the ecb qe, investors can buy only something like 7.4, 7.5 trillion on the market. so it seems they have less bonds to buy than before, so it is difficult to see how this could rise sharply in this context. alix: the trajectory was quite steep. we are looking at 40 to 50 basis points re-rating this year alone. i am wondering what kind of growth are we going to need to see delivered out of italy to make that ok.

government bonds taking the tapering discussion very much in stride.r attention to geopolitics. antony blinken reiterated washington's commitment to israel's right to self-defense. in talks with benjamin netanyahu in jerusalem. lincoln pledged u.s. funds for reconstruction efforts in gaza. >> the united states will work to rally international support around that effort while also making our own significant contributions including some i will announce later today. we will work with our partners, closely with all to ensure that hamas does not benefit from the reconstruction assistance. at the same time, we need to work to expand opportunity for palestinians in gaza and the west bank including by strengthening the private sector, expanding trade and investment. manus: simone foxman joins us from doha. what sort of response have we seen? what are the headlines that he is delivering? simone: this combination of aid for the palestinians and reconstruction in gaza coupled with his defense for israel's right to defend itself, something he said publicly, this i

let me ask but the bond market. it sees inflation or sort of marketing, if you look at the break even, the five-year break even, highest level of inflation since 2006. we have the new york consumer survey. consumers seeing the highest inflation over the next year since september of 2013. no question everyone from consumers to business all bracing for inflation but how bad will it really be, and how long will it really last? >> we're probably going to see the fastest annual rate of cpi inflation since 2008. tomorrow morning we're getting a report on the april cpi and the annual rate of cpi inflation is expected to jump up i think it was 1.6% in march up to 3.6% in april. that is an incredible jump. that stands to reason that can go ahead to jar the marketplace. for the second quarter, cpi inflation comes in at about 3.5% on average. remainder of the year, second half of 2021 roughly 3%. so you have got to ask yourself why, is the 10-year treasury yield at just over 1.6%? david: right. >> i think the warning is clear.

in 2022 and paid out of 2025 singapore dollar bond.ld bloomberg in a statement it is operating normally with sufficient liquidity, and has doubts about its financial health persists. hong kong tycoon lee because she private investment firm says it will make southeast asia a priority and is planning to deploy more capital in the region. verizon told bloomberg it is setting up a team to explore investments with a focus on indonesia in particular. over the past year, the firm has invested in three startups and funding rounds that have raised more than $210 million. airbus ceo expects china to become a legitimate rival in global plane making by the end of the decade, which would increase prices for boeing and airbus. and risk their supply to china state owned airlines after some delays. than narrow body jet is set to be delivered by the end of the year. , we talked to partner and managing director sandi bragar about the outlook for etf's and where to look for value. this is bloomberg. ♪ ♪ ♪ look, if your wireless carrier was a guy you'd le

if you look at credit spreads, bonds versus sovereign bonds or credit bonds versus sovereign bonds, youre getting fully priced in. it is not a comment on nervousness. genuine nervousness of where to park your money. it was a good trade from the vaccine moment and biden's election. we have reached the point where growth stocks have done their thing. rally stocks have rallied very hard. there is an element to the market and i would argue not much change. u.s. corporations just keep buying back their shares. two things have been driving this market. they have not ultimately changed. the first pillar to be removed would be the ip of the common buyer every day. matt: if nothing has changed, where should you place your money? do you just keep it in exactly what it has been doing? what if the change of tactics because of these valuations? >> i would not be excited by the possibility. i'm just try to reinforce the point that on every metric barring the one everyone has their hats on, bonds look cheap because bonds have been made cheap as deliberate policy decision. commodities are the main bene