Core Viewpoint - Nuveen predicts that long-term U.S. Treasury yields will not decline in line with the Federal Reserve's policy interest rates, expecting the 10-year Treasury yield to remain around current levels for the next two years [1] Group 1: Economic Outlook - The company highlights that the primary driver for a steepening yield curve is the fiscal backdrop, with ongoing high deficits expected to increase U.S. debt levels by approximately 20% of GDP over the next decade [1] - Nuveen indicates that the deteriorating fiscal environment alone could provide about 75 basis points of upward pressure on the 10-year Treasury yield, effectively offsetting any downward pressure from potential Fed rate cuts [1]

Let's bring in Dan Close, the head of municipals over at New. Dan, thank you very much for being here. Now, we always talk about general obligation revenue.This is a true revenue kind of bond situation developing. What exactly are sales tax bonds and why are MUN investors keying more on them these days. And >> thanks for having me on the exchange, Tom.I always love coming back here and talking munis. So, when you're going to the mall on Black Friday, you're going in and buying on Cyber Monday and you're swi ...

Core Viewpoint - Nuveen Global High Income Fund has announced the preliminary results of its rights offering, which allows rights holders to subscribe for additional common shares, with the offering expected to generate approximately $61.8 million in gross proceeds [1][2]. Summary by Sections Rights Offering Details - The rights offering expired on November 20, 2025, and is expected to result in the issuance of approximately 4.9 million common shares at a subscription price of $12.49 per share, representing 90% of the Fund's net asset value at the close of trading on the expiration date [1][2]. - The common shares subscribed for are anticipated to be issued on or about November 28, 2025, following the completion of all shareholder payments [3]. Financial Overview - The gross proceeds from the rights offering are projected to be around $61.8 million, indicating a significant capital influx for the Fund [2]. - The final subscription price was lower than the initially estimated price, and any excess payments will be returned to the subscribing rights holders [3]. Company Background - Nuveen is a prominent sponsor of closed-end funds, managing $53 billion in assets across 44 closed-end funds as of September 30, 2025, catering to income-focused investors [5]. - The company manages a total of $1.4 trillion in public and private assets globally, with over 125 years of investment experience [6].

Group 1 - Income funds can serve as an effective hedge against equity market uncertainty, especially as market indices approach all-time highs [1] - Not all income funds are created equal, highlighting the importance of understanding their construction [1] - A hybrid investment strategy that combines classic dividend growth stocks with Business Development Companies, REITs, and Closed End Funds can enhance investment income while achieving total returns comparable to traditional index funds like the S&P [1]

Economic Outlook - The discussion revolves around the state of the economy [1] - The strength of the labor market is a key focus [1] - The impact on the Federal Reserve's interest rate outlook is being analyzed [1] Expert Commentary - Roger Ferguson, former Federal Reserve Vice Chairman, provides insights [1] - Saira Malik, Nuveen CIO, shares her perspective [1]

Core Insights - The retail industry is evolving to align with consumer trends and demographic shifts, emphasizing the importance of understanding customer behavior in real estate investments [1][2][3] Group 1: Retail Real Estate Evolution - The session at the Apparel & Retail CEO Summit highlighted the need for retail real estate to adapt to a rapidly changing market [2] - A holistic approach that combines real estate analytics with consumer trends is essential for success in retail investments [3] Group 2: Retail-Landlord Relationships - A synergistic relationship between retailers and landlords is crucial, focusing on mutual growth rather than an adversarial approach [4] - Leveraging landlords' lower capital costs can facilitate faster expansion for retailers, with tenant improvements (TIs) identified as growth opportunities [4] Group 3: Industry Challenges - The retail sector faces a talent deficit, with 40% of commercial real estate professionals expected to retire in the next decade, creating a "talent cliff" [5] - CBRE is actively working on succession strategies to ensure sustainable growth targets amidst these challenges [5]

Core Insights - The article presents a league table for the U.S. ETF market, highlighting the distinction between ETF brands and issuers [1] Group 1: ETF Market Overview - The league table reflects daily flows on October 29, 2025, providing insights into the performance of various ETFs [1] - The brand of an ETF refers to its marketed name, such as "iShares," while the issuer is the legal entity behind it, like "BlackRock" [1] - Many issuers license their ETF infrastructure to third parties, necessitating the presentation of data from both brand and issuer perspectives [1]

Core Insights - Cushman & Wakefield has successfully advised Urban Industrial on a €470 million refinancing, marking it as one of the largest Logistics & Industrial refinancings in the Netherlands [1][2]. Financing Structure - The refinancing package combines a shorter-term floating rate loan with longer-term fixed debt, tailored to support Urban Industrial's operational needs and long-term growth strategy [3]. - This transaction is designed to optimize group capital and facilitate continued growth, including the completion of the Groothandelsmarkt (GHM) facility in Rotterdam [3]. Company Statements - Richard Baltus, Managing Partner at Urban Industrial, emphasized that this refinancing is a landmark moment for their platform, showcasing the strength of their business and commitment to investing in industrial real estate in the Netherlands [4]. - David Gingell, Co-Head of EMEA Debt Advisory at Cushman & Wakefield, highlighted the successful match of Urban Industrial's platform with innovative debt capital, demonstrating the capabilities of Cushman & Wakefield's Capital Markets platform [5]. Market Position - Cushman & Wakefield's Debt Advisory practice is emerging as a leader in Europe's industrial financings, having placed nearly €1.5 billion in the last quarter alone [7]. - The firm maintains a consistent dialogue with over 350 lenders, providing high-probability capital solutions through market intelligence and collaboration across its EMEA platform [7]. Strategic Focus - The momentum of the refinancing aligns with Cushman & Wakefield's broader strategy to execute larger transaction volumes and support clients in complex deals across Europe [8].

Why was prep of bankruptcy temporarily pause. I know we mentioned a Trump era ruling, but what happened. Yeah.Back in August, the Trump administration decided to fire all but one of PREPA board members. PREPA is the Puerto Rico Electric Power Authority, and it's the main supplier of electricity on the island. So it's just this vital source for the residents and businesses there and that the oversight board manages purpose, bankruptcy, and also the island's finances. And so the Trump administration wanted to ...

Bond Holdings - Nuveen sold major holdings of Chicago's cash-strapped school district bonds [1] - Nuveen traded out of debt positions held for close to a decade [1]