similar bonds, we've completed bond audits for the l.a. community college district, unified school district, as well as numerous construction orders for private owners and developers. we'll quickly move on. so the audit scope, we looked at expenditures for the program through june 30th, 2018. the expenditures for bonds totalled $54.4 million, and the total expenditure was $7.5 million, for a total of $61.9million that was expended against the bond. we tested approximately 75% of that value, which was 46.3. 4.3 million for bond sale. which was 57 particulars. 557%.we wanted to make sure that the first test covered there was no operating or government or overhead expenditures billed against the bond, and that they were under the legal setting of the bond. we collected various documents to review, such as change orders, construction contracts, reimbursement requests, and also below market rate, review and analysis rate, which looks at loans given and down payment assistance. in review of all of the expenditures we got, 99% of it tested as app

and when it does, this is bond -- the final bits of this bond will be spent. in summary, all funds from the 2015 geo bond are programed to projects moving forward. we anticipate about 1500 units of production. of course, this does not meet san francisco's affordable housing needs. other funding sources are required to move newly identified projects forward and to support our existing long-term commitments to public housing. i'm happy to answer questions now or we can go on to the parks fund. >> questions for my colleague? seeing none, i think we can move on. >> good morning. i'm the c.f.o. for the port. i'm here to ask that the board award the final issuance of the clean and safe neighborhood parks bond. the 2012 bond included $34.5 million for funding for port parks. to date, we've participated in two of the bond sales and there is $3.1 million remaining in the bond, which the port intends to use to fund improvements at huron's head park and aquavista park. the 2012 bond has funded construction and improvement to six port parks, including construction of the

for this bond program, we've completed two bond sales two date. the first one was $176 million, and then the second bond sale was $52.5 million. and then moving on to slide three, i think in general, from public works' perspective, the projects have been doing well from all components. the bond program covers six bond components, and we've been making great advances from starting with a programming phase to design and moving to construction. so let me just focus quickly on the first section, which is highlights and accomplishments. there will be more deeper dive into each bond component as we move through the slide deck. for now, let me give you a high-level view of where we are currently. so one of the largest bond components is the zuckerburg bond component, and of the 19, 16 are active. roughly one project has been completed, and there are four projects that are in construction,and two in plan approval, and one in design and five other projects not currently in the programming phase. in the community health centre, we're tramaticing four projec

but what are bonds? a bond is an iou. write that down. an iou. it's a statement that the united states government owes you money for so much. see, basically what uncle sam was doing was saying we're going to have people pay us taxes to pay for this thing, but we also are 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? okay. we've got a few hands. how many people have been given something like that for a birthday or a graduation or something of that kind? right? it's a very, very important-looking piece of paper that's 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, and what your parents may 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, what, you can pay for your education, you can pay for this, you can pay for that,

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

but what are bonds? a bond is an iou. write that down. and iou, it is a statement that the united states government owes you money. see, basically what uncle sam was doing was saying, we are going to have people pay taxes to pay for this thing, but we also have to go into debt to pay for this thing. now, a show of hands. how many people have some sort of united states savings bond? okay, we got a few hands. how many people have been given something like that for a birthday or a graduation or something of that kind? right? it is a very, very important looking piece of paper that is not a toy. you open the card, it is not a toy, but it is a very official looking piece of paper with some official looking historical people on it and what your parents may have to explain to you is that it is a u.s. savings bond, which means you keep it. you 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 what? you can pay for your education, pay for this, pay for that, important things. it is an inve

the bond would also go towards this need. we have an older stock of affordable housing that is in need of rehabilitation. the bond funding would go towards the need to rehab and existing stock of affordable housing that are in physical disrepair. $30 million for preservation under the bond would go towards the acquisition i rehab whether it is at risk, due to loss of affordability, or the buildings physical decline. we would be prioritizing. buildings are at imminent risk of conversion to market to rate housing. we would look at neighborhoods prioritizing doing this work in neighborhoods where there are limited affordable housing production and also a documented high eviction or displacement rates. in terms of middle income housing. this is a group of households that we definitely want to serve. unfortunately, the market does not produce housing for middle income housings -- houses. we are also -- we don't see funding sources to meet the need for building middle income housing. the city is a critical source of funding. we pro

probably peripheral bonds. if you get any cb that underwhelm's where the market is very long and in need of a dovish delivery, bonds like spain and italy. i would worry, having been bullish on those bonds if the ecb disappoints, i would be worried there. delivers one ecb what you outlined, that could see a rally in peripherals and in the five-year five-year inflation swaps. the hawkish rhetoric he pointed to, do you read into that as any kind of warning signal, or would it be an attempt by the ecb to manage market expectations? jim: i think it is a little of both. if you take a step back at tenure german bond yield, -70 basis points one the composite pmi in europe is not that far from the long-term average. is the market pricing a lot. all central banks have tried to get markets to get back to something more realistic but there is a risk that they may quantitative easing tomorrow. we think they will but that is a real risk. i'm going to try and speak over -- there is a wonderful voice your. the future of energy

the bond would also go towards this need. we have an older stock of affordable housing that is in need of rehabilitation. the bond funding would go towards the need to rehab and existing stock of affordable housing that are in physical disrepair. $30 million for preservation under the bond would go towards the acquisition i rehab whether it is at risk due to loss of affordability, or the buildings physical decline. we would be prioritizing. buildings are at imminent risk of conversion to market to rate housing. we would look at neighborhoods prioritizing doing this work in neighborhoods where there are limited affordable housing production and also a documented high eviction or displacement rates. in terms of middle income housing. this is a group of households that we definitely want to serve. unfortunately the market does not produce housing for middle income housings -- houses. we are also -- we don't see funding sources to meet the need for building middle income housing. the city is a critical source of funding. we provi

corporate bond market, which is enabling companies to issue bonds. caroline: because you would have thought corporate bond issuance would have helped europe to a certain extent given the negative rates over there. times are really good to be borrowing. is there a lack of demand at the moment and therefore it is because of the yields that it is nominated? hans: no, actually i think the global bond market is seeing a lot of issues. caroline: $150 billion. hans: and half of that is in the u.s.. a lot of issuance in europe as well. i think when foreign investors look at the european corporate bond market, that is one of the few areas they can get a little bit of yield outside of the u.s. it is really sort of lots of demand for bonds globally. part of that is the u.s. corporate bond market and the need to get dollar yields. joe: in your view are the spreads that investors are being offered for this high-grade issuance adequate compensation for whatever credit risk they are taking on by going beyond treasuries? hans: i think so. the thing about most of thi

it was a global move in bond markets. the 30 year bond yield went positive. general risk on rally that seemed yesterday to be driven by data globally, but on optimism on the trade talks. a list to emerging markets. the move in fx not so big today. citigroup saying it is time to cut bearish fx trades in em. today, we are asking, how high can yields go before hurting stocks? join the debate, reach out to the mliv team on your bloomberg. matt: ray dalio, billionaire of them world's largest hedge fund says there is a 25% chance of a u.s. recession this year and next. he added, when the downturn comes, central banks will not have the power to reverse it. he spoke on the david rubenstein show on bloomberg. in 2007, it was easy to calculate debts that would come do. and thatcome due, there was not an adequate amount of funding. those debt prices are something we were positioned well for. those go through calculations, it is not the same. the amount of maturing debt and that problem does not look the same. it looks like a gradual squeeze having to do with a lot of de

su: ftse brussels skipped adding chinese bonds into its flagship world government bond index. and that contrasts with decision for j.p. morgan chase. china and malaysia will remain on the fixed income watchlist, with malaysia still at risk of being taken off the index. asomberg intelligence inclusion to the indexes could drive $130 billion into china's bond market. ftse brussels says it sees significant progress for a future of china. and to airbus, the chipmaker says it has taken steps to improve its defenses against cyberattacks issued via the subcontractors computer system. the rolls-royce is among one of four airbus suppliers that have been targeted in the past year, possibly from china. in january, airbus had a cyber breach that allowed hackers to access some employees' personal information. rival boeing was hit last year. global news, 24 hours a day on air and at tictoc on twitter, powered by more than 2,700 journalists and analysts in more than 120 countries. i'm su keenan. this is bloomberg. rishaad: the philippine central bank delivered a central point cut thursday on

we have the bond futures there. talking about that volatility in the bond market. we've had the worst month since november 2016. the bloomberg bond index is down 82%. the question is this. long treasuries. 1.5 to 1.8. that's the right one. juliette saly standing by in singapore. juliette: nissan numbers not adding to the already downed mood we are seeing in japan. the topics lower for the first session in nine. we see a lot of those exports took a heat -- it today. commodity currencies being sold off ahead of the fed as well. you have the asx 200 closing lower. its first loss in six sections. pretty flat on the hong kong market. we have been watching what is happening in the one-month. a little bit of a squeeze coming through in hong kong today as well. in china, consumer stocks lifting the csi 100. data has once a been been a story of the export shock coming through in the region. japan's exports fell for a ninth straight month. coming down with a drop of a .2% in august. that's actually the biggest drop weve seen since january when had a slight pickup coming thro

the s&p 500 rises and bonds tumble. wework is said to have slashed valuations in its upcoming share sale. shery: let's get you started -- let's get you a quick check on how markets closed. we have equities rallying, treasury yields rallying, strong economic data. the s&p 500 jumped to the highest level in five weeks. it actually broke above its 50-day moving average. tech shares led the gains. from thest losers trade tensions between china and the u.s. we also have banks rallying as we saw the two-year yield at one point seeing the biggest jump in about a decade. the focus is shifting toward that we arembers getting out tomorrow. today, very strong private payrolls numbers, but at the same time, jobless claims numbers little changed, so the focus is what happened out of the numbers that we get tomorrow on friday here in the u.s. futures at the moment not doing much, but let's see how we are setting up for the markets in asia. friday, we're looking at this to continue, gold holding onto losses after spot prices fell near

bonds are not clear. we don't even know what the sign of that correlation could be in bonds versus stocks. that is how bad it is. erik: from an investor's point of view, there are a number of ways of looking at this. you should be concerned about the risk you are taking relative to the reward you might get, but some people are just looking for returns, and they say a year ago the 10 year treasury was yielding 3%. today it is yielding 1.60%. some people think it is headed negative. that is the case, i just need to hold and mike a lot of money. mark: i can't argue with that. you make a great point in that we need to think about a trade like that. we need to think about bond investing is much more of a technical allocation as opposed to a strategic one. , youhnical one would be got to make this call right. you're making this macro call. you better be right. a strategic one would be more about how you structure your portfolio for the long run. how you raise your compounding based on how all of these pieces mo

bond market. if dollar bond sales for september are set for the best start for the month ever with over $5 billion of bonds priced so far this week with investment grade issuers in full position. this after the slowdown we saw anaugust when orders fell to 11 month low. the scene may be set for yield chasers who have been less flush with cash. just receding a touch from that level. says do not be surprised to see better rated names treating debt markets like a buffet. shery: a catholic a call on thursday. -- a wake-up call on thursday. on trading is a two-way street. kathleen hays has been sifting through the wreckage. it really was a perfect storm. kathleen: it certainly was. john email me. he said it is like everybody was on one end of the boat and they all went to the other end. it started in the morning as bond traders came in and solve the white house, china, talking about getting together at a trade talk table in october. that started this all off. it was around 10:00 eastern when sm services

buying up all these bonds really dominating market by printing money. that's to $64000.00 question how stable the system is because the transmission mechanism the processes do not really work with the banking system the banking system is weak we have politicized central banks all over the world i really cannot answer the question i am very doubtful about the future of the monetary policy system whereas having sat that so far it works but the jury's out whether it will survive or not in the end will present a god change your opinion on that not really she she will look into the strategy o c c e c b she announced it already she will look into whether one different policy mechanisms and instruments. will work and that will end in the end bring a positive result we'll look into inflation target and. and all these kind of things but as politicized form of politician she will probably not be a hawk in the monetary policy environment because as well thank you very much for coming in today thing. for the united states will suspend its planned 5 percent increase

adding toll skipped asian bonds into its flagship two asiann bonds into its flagship index. bloomberg intelligence estimated that inclusion into the wg b.i. and jp morgan indexes could drive $130 billion into china's bond market. says it has taken steps to improve its defenses against cyberattacks issued via some tractors -- subcontractors computer systems. rolls-royce is among four targets from china. in january, airbus said a cyber breach allowed hackers to access employee's information. boeing was hit last year. arabia is changing one of its most fundamental rules. it is dropping the dress code for foreign women. the dramatic move is part of the kingdom's attempts to boost tourism as it tries to diversify the economy away from fossil fuels. foras been mandatory attire decades although the rule will now change, foreign women will be instructed to wear modest clothing. >> it is optional. will be cleared in the online visa applications. some women would like to experience it, and they see it as -- some will decide not to wear that. jessica: global news, 24 hours a day, on ai