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It’s “one of the last really exciting and last really cheap deals priced in the high yield area with size and liquidity in the last couple of months," said John Miller, Nuveen’s co-head of fixed income. Nuveen’s $15.6 billion high yield fund owned $370 million American Dream bonds as of August 31. The fund returned 9.3 percent through the third quarter. Miller invested about 7.5 percent of the fund’s assets in tobacco debt. Nuveen also reaped a windfall from its bet on its hometown school district. Chicago school bonds rallied after Illinois Governor Bruce Rauner signed a measure that boosts funding to the district by an additional $1.1 billion over the next five years. Chicago Board of Education bonds with a 7 percent coupon maturing in 2044 have returned 27 percent this year, Miller said. Nuveen owns $263 million of the securities. The performance of the American Dream bonds took Dreyfus, which doesn’t own any, by surprise.
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The ban covers all nicotine delivery systems including vaping or "e-cigarettes" — the most commonly used tobacco product among millennials, according to the state Department of Health. Guilderland supervisor Peter Barber said two residents spoke against the ban before the Tuesday vote primarily because they felt smoking was sufficiently regulated. Four spoke in favor of the ban. The ban covers Fred D. Abele Park, DiCaprio Park, Fort Hunter Park, Roger Keenholts Park, McKownville Park, Nott Road Park and Dog Park, Tawasentha Park and Winter Recreation Area, and Volunteer Firefighters Memorial Park. Barber said the desire for the ban was driven by aesthetics as well as health. "We have fishing areas and scenic trails that we want to keep free of cigarette litter," he said. Vaping advocates argue that e-cigarettes are not combustible, so second-hand smoke does not pose a health threat. Barber told the Times Union the ban was focused on protecting children from second-hand smoke as well as the temptation to smoke themselves. And he disagrees that e-cigarettes are harmless to the non-users who are in the vicinity of vaping. "Children watch and observe, and vaping might look like something they would want to do someday," Barber says.