and by defining this, you are automatically really big if you have rolloff. or 30 cubic yards. that was looking at a universe where we would be below 600 out of over 6,000 commercial accounts. so we were looking at less than ten% going for the largest for the bigger bang for the buck. >> i'm curious if this ten%, if you can clean up their act, does its address ten% of the problem? >> is a good question. >> it is important to assess the active -- efficacy of this. if you're successful, what did you want to accomplish? >> because these are larger generators and these are much larger than the average generator by several times, it will be a lot more than that ten %. >> the one thing i like about this, at least you included federal and state buildings. >> we do not want them off the hook. nor do we want city agencies off the hook. >> any other questions? do we want to open up to public comment? >> no. >> do you have any more presentation? >> well, we could elaborate more on the refuse rates. i gave you a nutshell about the essence of that savings. if you don't have more questions o

the definition is anyone with a rolloff compactor. a rolloff compactor is one of these large units. 10-30 cubic yards that is so big that a truck cannot empty it on site. they have to pull it up onto a flatbed and drive it all the way to the transfer station or the recycling facility, empty it and bring it back. those are really big units. the smallest is 10 cubic yards. after that, if you don't have a rolloff compactor and you have more than 40 cubic yards, you are included and as i was giving you the visual, that would be a lot of totes. when you look at these big-box bins, they go from one up to 6 cubic yards. the very biggest that people would have. this includes 124 of the largest office buildings. ninety-seven of the large department buildings. they are all high-rise. they are typically well over 100 and averaging 3-600 units. we have a combination of wholesale, retail, shopping centres and some of the largest restaurants at 95 and only about a dozen restaurants now included we have some schools that have been reduced and there'

>> from 30 cubic yards and rolloff compactor, to 40 -- shrunk the businesses. it's no longer on the list, because of the level of waste they are doing. >> that's where we get to the 424. >> yes, i think it's down to 419 now. >> 419. >> so, we are down to universe of 419. one thing we heard from depending upon the time frame recology said to us, well, and this is another thing we did, we rolled back the start date from january 1st to july 1, 2019. we org in a lly were going to go for a 2 or 2 and a half year period, all the audits would happen. we extended that out to three years, we wanted the appropriate spacing. recology does not want to spend all of the time doing audits of businesses that have rolloff compactors. so we spread out that time and we also know, and again, this is just, i know there are some folks from the industry, know that if someone has an audit, fails that audit, and then knows that they are going to have an audit in a very short period of time after that, it's very easy for them to temporarily reorganize themselves on bringing some additio

the ecb is talking about letting bonds rolloff at the next year, what happens to sovereign corporatepreads in that environment? i think they blowout. ira: italy still has a lot of fiscal problems they have to contend with. we don't know what will go on in other peripheral nations like portugal. i think greece is a much different story. jonathan: everyone is taking with me. next up, the auction block. a ballooning u.s. budget shortfall causing the treasury to set a record. that is next. this is "bloomberg real yield." ♪ jonathan: i am jonathan ferro. this is "bloomberg real yield." i want to look at where we stand in 2018. we start with the rise of issuance from the u.s. treasury. there has been $1.2 trillion raised in net new cash, dwarfing previous years. high-yield issuance was the opposite. sales slowing to levels we have not seen since 2009. we are on track for the slowest november since 2008. the search continues. more than $762 billion in new loans issued, with new money rising around 8% over a year ago. we are largely driven by a wave of repricing. joining me is ira jersey, no

this is a bitter harvest the leaves of this rolloff plant are all there is for lunch no bread rice or noodles to be had anywhere the members of the family have to fend for themselves. but you know aid organization has helped us. i've been asking for help for families who are suffering in the war. and go out of. this family is one of many who have fled to the remote region of hijack to escape the fighting between the saudi led coalition and the iran back to save rebels. but the lack of humanitarian aid in hijab means subsisting on leads which don't really nourishing life. you can shock i know what this woman explains that when her husband still had work they could buy anything for their seven children rice fish chicken milk juice whatever they wanted. yet even. the family is far from alone many acutely malnourished children have been brought to have just central hospital the idea being i think she says this year the number of malnourished children is higher than in twenty seventeen years and i think that's a different thing from parish. the u.n. fears that if no ceasefire is forthcomin

mnuchin that the fed could lean heavily on balance sheet rolloff rather than rate hikes? hikes? presumably that would keep his boss happy. would that be an effective way of controlling the economy? komal: if you are talking about just letting the assets drop as they have been doing recently at a pace of about $50 billion off bond reduction in the assets every month, if that alone is going to be there without any increase in assets, the fed may believe it needs to cut back the balance sheet even stronger than it has been doing. not just $50 billion, but $75 billion, $100 billion a month. interest rates are not being increased. that will have a negative impact on liquidity. it will have an impact, on leveraged loans on the economy and the stock market. the problem here is there is no easy way out of the situation. can't say they shouldn't raise interest rates at all because they have given rise to a speculative bubble. on the other hand, honeycutt the balance sheet or stop increasing -- when they cut the balance sheet or stop increasing rates, you are talking about something that

some argue it is the balance sheet rolloff producing this phenomenon, and as a result of which, it ishe fed's problem to fix. reporter: absolutely the fed will have to be accountable for what is happening in that regard, but based on recent public comments from fed officials, they are not after this necessarily to a scarcity of reserves in the banking system. that could arise at a much smiler balance sheet, but they do not believe that is the reason at the moment. instead it could be due to other technical issues in short-term funding markets. vonnie: this is another thing potentially for the minutes that won't be in the statement, most likely. obviously we've had a change in the political environment in the last couple of days. will the fed have chatted about that, and what will the members have said? reporter: i think they will be taking that into account. the most obvious way they will be thinking about this, first of all, with committees changing, oversight of the fed will be shifting to democratic control in the house to the extent that they do have some oversight. beyond that, i

. >> everybody with a rolloff compactor, and 40 cubic yards or more. previously, threshold of 30, supervisor safai was mentioning, and earn 550 account, and knocked 150. >> now 40 cubic rollout, learning the language here. >> that, we would consider those, those are all large generators, and maybe some of those restaurants might consider them a small business but the largest in the city, the largest markets and so forth. >> ok. on this list, how many have, i guess i can do the count. my question is, how many with current contamination charge. looks like there is -- >> currently about 32. >> so, it's not that many. these are the -- these are the worst offenders, the ones that keep offending, factor the fees into a cost of doing business. >> that's right. so, those, the 32, they have been paying for months, well over a year. >> and they are paying because they don't want to come in compliance of the law? >> well, you know, they are given opportunities, they say, we offer any kind of assistance they want, and they are generally just blowing us off. >> ok.

real estate has three and that includes the hall of justice, city hall here because there is a rolloff compactor. we have public health, general hospital, we have sfmta and we have five of the large sites that are included. the public library, a couple of port facilities including pier 39 and a couple of p.u.c. facilities for a total of 15 different properties. i want to say that we have been working closely with city departments for decades and helping them be leaders in the city and internationally and we are really committed to continue working with them and particularly focusing on these properties that are included in the legislation to do everything we can with them to make sure they're doing a great job and that they -- when they get audited in the future, that they have their act together. we can see a couple of -- we have seen a couple of cases where some facilities have used zero waste facilitator type sorters that have really helped. but we have been able to get a lot of departments to be model actors. we think out of the 15, most of them are in good shape. there are only fi

those waivers rolloff.e learn from the trump administration that they are pretty good at messing with iran. it seems they really want to go that way and i do not think it will be any less impactful in 2019. caroline: jan stuart, thank you for joining us. jpmorgan says couldn't talk -- gutentag. why they plan to move across country lines, this is bloomberg. ♪ bloomberg. ♪ caroline: banking on an exit. imorgan is leading a move many major investment banks to frankfurt as a result of brexit. .et's bring in michael it is not just jpmorgan. which banks are starting to move and what is the scale we are talking here? michael: you are seeing citigroup, goldman sachs, morgan stanley joining that movement. reporting,o our collectively about more than 250 billion in assets. this is a major move on the trading side. if you look at jpmorgan, what they have in the u.k. right now, you're talking about a third of that. these are significant moves. joe: what we talking about personnel wise? do we know how much that asset ma

the market somewhat overestimated how it would rolloff in a cliff like way and overestimated the strengthrozone economy. anna: it is thanksgiving so perhaps we should be giving thanks, but i am drawn to the gloominess in your note with the biggest risk to the economy being debt and more debt. we talk a lot about the credit markets and whether we are seeing in high-yield and investment-grade, anything other than idiosyncratic risks or if it is more of a problem. i am fascinated by this credit spreads chart, which puts in long context the two-year high we have reached in credit spreads. it is nowhere near those elevated rates we saw in 2008 and 2009. how worried are you about corporate debt? james: pretty worried. this does not surprise us. we have been a bit surprised about how late in the year this occurred. it is all part of central-bank policy. we have not been able to avoid it as a driver markets for two decades. they are pushing asset prices further down. that is definitely the most important factor. when you throw in the fact it have idiosyncratic bonds going on, that makes for a fai

i want to throw into the next the fact that you're letting the balance sheet rolloff as well.ation. that backstop is being lowered and that is why you were seeing these follow the moves in the market. that might be something we have to get used to. >> could you see the next being at above 20? being the new normal? >> exactly. in the mid-upper teens is a range that is something we could consider normal. a couple of outliers push it up closer to 20. have we have seen these moves in the market and that could persist longer, i would expect the 15-20 vix hold in range as we continue to see these 1% moves in the market. >> an important earnings report -- of walmart pre-tallest walmart. tell us about your trade. >> looking at a call calendar here, the premium going into the announcement, big elevator premiums. i'm looking at a call spread here. 110 call spread. that gives you the opportunity to participate in the upside and have premium on your side and limit your risk in the downside. i like the idea of selling 22 volume in buying a 30 volume. >> it is interesting. i could have an i

he said the company will use dedicated role on, rolloff transports to minimize delivery to europe andid: when you look across asia, there is a not a lot happening come except in the philippines where we got a rate hike yesterday. you can almost hear the site of relief out of manila. a clear-cut performer across the region. 7100 is your level. let's look at the movers here. every stock in the index is higher virtually. that is how it breaks down. in the philippines, every sector group is higher. you get a sense which ones are getting bid up. volumes are on the way of. that is where we are. it is one of the worst performing markets in asia, but we will see where it goes. it is the how performer this friday, up 2% on this market. india,our, markets in counting down to the open. let's bring in our guest to talk about the prospects for the trading session in just under one hour from now. this point, traders and investors will be thinking about the trade deficit number. for october, we did see the trade deficit widened after september was the lowest in five months. the trade deficit stands

the thesis is the dollar starts the rolloff and the euro will rally and hurt the large cap benchmarksso if we move down to small and medium-sized companies with more domestic exposure, a healthier european economy. alix: a savage recession will be coming, what do do with the u.k.? >> i am completely hands-off. it is too hard to see through brexit for the time being. whilst we think the logical outcome is you will see a brexit through themassing of the politics of the situation is making it difficult to call them a so i am in a holding pattern. alix: that report yesterday was unbelievable. david: it was so bad that no one paid attention to it. alix: 10% gdp lost in a year. parity with cable. the calls were insane. you are sticking with us. coming up, global leaders convene in buenos aires. this is bloomberg. ♪ place, the xfinity xfi gateway. and it's strengthened by xfi pods, which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today. alix: t

the ecb is talking about letting bonds rolloff at the next year, what happens to sovereign corporatepreads in that environment? i think they blowout. ira: italy still has a lot of fiscal problems they have to contend with. we don't know what will go on in other peripheral nations like portugal. greece is a much different story. jonathan: everyone is taking with me. up, the auction block. a ballooning u.s. budget shortfall causing the treasury to set a record. that is next. this is "bloomberg real yield." ♪ jonathan: i am jonathan ferro. this is "bloomberg real yield." i want to look at where we stand in 2018. we start with the rise of issuance from the u.s. treasury. there has been $1.2 trillion raised in net new cash, dwarfing previous years. high-yield issuance was the opposite. sales slowing to levels we have not seen since 2009. we are on track for the slowest november since 2008. the search continues. more than $762 billion in new loans issued, with new money rising around 8% over a year ago. we are largely driven by a wave of repricing. joining the is ira jersey, noel jose and