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104-563: The convention center hosted the 2020 Democratic National Convention . The event was initially planned to be held in the nearby Fiserv Forum but was ultimately downsized due to the COVID-19 pandemic . The venue straddles West Wells Street in downtown Milwaukee. It is operated by the Wisconsin Center District, which also operates the adjacent UW–Milwaukee Panther Arena and Miller High Life Theatre . Skywalks connect

208-408: A Chapter 11 bankruptcy at the giant telecommunications company Worldcom , in 2004 its bondholders ended up being paid 35.7 cents on the dollar. In a bankruptcy involving reorganization or recapitalization, as opposed to liquidation, bondholders may end up having the value of their bonds reduced, often through an exchange for a smaller number of newly issued bonds. A number of bond indices exist for

312-423: A convention center since the 1996 Republican National Convention , and the first Democratic convention to be held in such a venue since the 1984 Democratic National Convention . Superdelegates are delegates to the convention who are automatically chosen by the party, rather than by the results of primaries and caucuses. While technically unpledged, in the past many of them have informally pledged themselves to

416-850: A "Live from the Democratic National Couch-vention" special prior to the August 20 broadcast, which featured the premiere of its new documentary short Dress Rehearsal , which chronicled the April 2020 state Supreme Court election in Wisconsin . Following the closing night of the convention, the Democratic Party livestreamed an "after party" on digital platforms hosted by Andy Cohen and headlined by musician Diplo . The program featured segments featuring celebrities filmed from their homes. Celebrities participating in

520-443: A bond in the secondary market may differ substantially from the principal due to various factors in bond valuation . Bonds are often identified by their international securities identification number, or ISIN , which is a 12-digit alphanumeric code that uniquely identifies debt securities. In English , the word " bond " relates to the etymology of "bind". The use of the word "bond" in this sense of an "instrument binding one to pay

624-497: A bond will immediately affect mutual funds that hold these bonds. If the value of the bonds in their trading portfolio falls, the value of the portfolio also falls. This can be damaging for professional investors such as banks, insurance companies, pension funds and asset managers (irrespective of whether the value is immediately " marked to market " or not). If there is any chance a holder of individual bonds may need to sell their bonds and "cash out", interest rate risk could become

728-404: A centralized exchange or trading system. Rather, in most developed bond markets such as the U.S., Japan and western Europe, bonds trade in decentralized, dealer-based over-the-counter markets. In such a market, liquidity is provided by dealers and other market participants committing risk capital to trading activity. In the bond market, when an investor buys or sells a bond, the counterparty to

832-455: A predesignated front-runner in previous elections. The superdelegate system is controversial among Democrats, and supporters of both Clinton and Sanders have called for their removal in 2020. The Unity Reform Commission, created after the 2016 election , recommended that the number of 2020 superdelegates be drastically reduced. In July 2018, the DNC revoked the voting rights for superdelegates on

936-429: A price of 100), their prices will move towards par as they approach maturity (if the market expects the maturity payment to be made in full and on time) as this is the price the issuer will pay to redeem the bond. This is referred to as " pull to par ". At the time of issue of the bond, the coupon paid, and other conditions of the bond, will have been influenced by a variety of factors, such as current market interest rates,

1040-500: A price of 75.26, indicates a selling price of $ 752.60 per bond sold. (Often, in the US, bond prices are quoted in points and thirty-seconds of a point, rather than in decimal form.) Some short-term bonds, such as the U.S. Treasury bill , are always issued at a discount, and pay par amount at maturity rather than paying coupons. This is called a discount bond. Although bonds are not necessarily issued at par (100% of face value, corresponding to

1144-419: A real problem, conversely, bonds' market prices would increase if the prevailing interest rate were to drop, as it did from 2001 through 2003. One way to quantify the interest rate risk on a bond is in terms of its duration . Efforts to control this risk are called immunization or hedging . There is no guarantee of how much money will remain to repay bondholders. As an example, after an accounting scandal and

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1248-438: A second kitchen, The expansion is being built atop land previously occupied by parking lots on the block of the convention center between West Wells Street and West Kilbourn Avenue. In May 2022, the Wisconsin Center District board disclosed that the final cost of the expansion would likely be double the original estimate of $ 420 million, with the board laying blame on inflation . It ultimately cost $ 465 million. The expansion

1352-448: A sum to another" dates from at least the 1590s. Bonds are issued by public authorities, credit institutions, companies and supranational institutions in the primary markets . The most common process for issuing bonds is through underwriting . When a bond issue is underwritten, one or more securities firms or banks, forming a syndicate , buy the entire issue of bonds from the issuer and resell them to investors. The security firm takes

1456-470: A system for them to cast their votes virtually. The following month, in mid-July, members of Congress were also told not to travel to Milwaukee for the event. At the announcement of the downsizing it was declared that Biden would accept his nomination in Milwaukee. It was later announced on July 30, 2020, that his running mate would also accept her nomination in Milwaukee. However, on August 5, 2020, it

1560-503: A total of The expansion is designed to enable the venue to hold two conventions simultaneously, with the convention center's new wing having its own separate entrance, as well as a second ballroom, which is 35,000 square feet (3,300 m) in size. The new exhibition space also includes 24 new meeting rooms, increasing the convention center's total to 52. Other additions the expansion includes are an outdoor terrace, six additional loading docks , 400 new indoor parking spots, new public art,

1664-707: A year and a fixed lump sum at maturity is attractive. Bondholders also enjoy a measure of legal protection: under the law of most countries, if a company goes bankrupt , its bondholders will often receive some money back (the recovery amount ), whereas the company's equity stock often ends up valueless. However, bonds can also be risky but less risky than stocks: Bonds are also subject to various other risks such as call and prepayment risk, credit risk , reinvestment risk , liquidity risk , event risk , exchange rate risk , volatility risk , inflation risk , sovereign risk and yield curve risk . Again, some of these will only affect certain classes of investors. Price changes in

1768-526: Is among the smallest metropolitan areas to have hosted a major party convention. Milwaukee's success in bidding for the convention was viewed in some circles as an upset , as the other two remaining finalist cities were not only larger metropolitan areas, but also had significant experience hosting major events such as Super Bowls . Milwaukee's selection was seen, in part, as emphasizing party's desire to place an focus on winning Midwestern states like Wisconsin, and its desire to win back " blue wall " states in

1872-427: Is only partially correct. Bonds do suffer from less day-to-day volatility than stocks, and bonds' interest payments are sometimes higher than the general level of dividend payments. Bonds are often liquid – it is often fairly easy for an institution to sell a large quantity of bonds without affecting the price much, which may be more difficult for equities – and the comparative certainty of a fixed interest payment twice

1976-537: Is routine for a major party convention, the event had been designated a National Special Security Event . Originally, the United States Department of Justice was to provide $ 50 million in security, but this was decreased to $ 40 million. The boundaries of the planned security footprint, in which increased security measures would be implemented, but in which individuals not attending the convention (including demonstrators) were still to be permitted,

2080-429: Is the definition of the redemption yield on the bond, which is likely to be close to the current market interest rate for other bonds with similar characteristics, as otherwise there would be arbitrage opportunities. The yield and price of a bond are inversely related so that when market interest rates rise, bond prices fall and vice versa. For a discussion of the mathematics see Bond valuation . The bond's market price

2184-434: Is the rate of return received from investing in the bond. It usually refers to one of the following: The quality of the issue refers to the probability that the bondholders will receive the amounts promised at the due dates. In other words, credit quality tells investors how likely the borrower is going to default. This will depend on a wide range of factors. High-yield bonds are bonds that are rated below investment grade by

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2288-453: Is usually expressed as a percentage of nominal value: 100% of face value, "at par", corresponds to a price of 100; prices can be above par (bond is priced at greater than 100), which is called trading at a premium, or below par (bond is priced at less than 100), which is called trading at a discount. The market price of a bond may be quoted including the accrued interest since the last coupon date. (Some bond markets include accrued interest in

2392-430: The 2020 Democratic National Convention . The event was initially planned to be held in the nearby Fiserv Forum but was ultimately downsized due to the COVID-19 pandemic . 43°2′23″N 87°55′2″W  /  43.03972°N 87.91722°W  / 43.03972; -87.91722 2020 Democratic National Convention The 2020 Democratic National Convention was a presidential nominating convention that

2496-478: The AT&;T building that once stood nearby. The expansion that opened in 2024 differs architecturally, featuring a glassy and modern design. These initial segments of the building contained 188,695 square feet (17,530.3 m) of contiguous exhibit space along with a 37,506-square-foot (3,484.4 m) ballroom . The expansion that was opened in 2024 provided an additional 111,000-square-foot (10,300 m) giving

2600-730: The Chase Center on the Riverfront in Wilmington , Delaware . The broadcasts were emceed by their nightly hosts from the studio in Los Angeles. All of the speeches were held behind closed doors with no in-person audience. A stage was set up in a conference room on the second floor of the Wisconsin Center. The stage at the Wisconsin Center saw limited use, with a number of participants from Wisconsin using it as

2704-598: The Chase Center on the Riverfront in Wilmington, Delaware . Biden and Harris went on to win the 2020 election, defeating the Republican Party ticket of incumbent president Donald Trump , and Vice President Mike Pence . The convention was the 49th Democratic National Convention. Bids on the site for the convention were solicited by the Democratic National Committee (DNC) in late 2017. Preliminary requirements for host cities that

2808-659: The Fiserv Forum in Milwaukee just a week before the planned start of the Tokyo Summer Olympics , the convention was postponed to August 17–20, 2020, due to the ongoing COVID-19 pandemic in the United States . The convention was ultimately downsized, with its location shifted to the city's Wisconsin Center. Due to pandemic restraints, Milwaukee's host city role was decreased to that of a headquarters for

2912-888: The Wisconsin State Assembly Gordon Hintz , Attorney General of Wisconsin Josh Kaul , Congressman Ron Kind , Wisconsin secretary of state Doug La Follette , Congressman Mark Pocan , and Wisconsin State Senate minority leader Jennifer Shilling . Additionally, the Host Committee's honorary finance chair was Alex Lasry , the senior vice president of the Milwaukee Bucks . In early February 2020, Milwaukee 2020 Host Committee president Liz Gilbert and her chief-of-staff Adam Lonso were both fired after an investigation found that

3016-431: The bond market . Historically, an alternative practice of issuance was for the borrowing government authority to issue bonds over a period of time, usually at a fixed price, with volumes sold on a particular day dependent on market conditions. This was called a tap issue or bond tap . Nominal, principal, par, or face amount is the amount on which the issuer pays interest, and which, most commonly, has to be repaid at

3120-402: The convention center to the nearby Hilton ( Hilton Milwaukee City Center ) and Hyatt hotels. The convention center features 300,000-square-foot (28,000 m) of exhibition space, including two ballrooms. The architecture of the portions of the building opened in 1998 and 2000 reinterpret the many historic German buildings found in downtown Milwaukee. Along with art-as-design features,

3224-442: The coupon ) over a specified amount of time. The timing and the amount of cash flow provided varies, depending on the economic value that is emphasized upon, thus giving rise to different types of bonds. The interest is usually payable at fixed intervals: semiannual, annual, and less often at other periods. Thus, a bond is a form of loan or IOU . Bonds provide the borrower with external funds to finance long-term investments or, in

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3328-446: The credit rating agencies . As these bonds are riskier than investment grade bonds, investors expect to earn a higher yield. These bonds are also called junk bonds . The market price of a tradable bond will be influenced, among other factors, by the amounts, currency and timing of the interest payments and capital repayment due, the quality of the bond, and the available redemption yield of other comparable bonds which can be traded in

3432-574: The "Wisconsin Center" the following day. In March 2023, local investment firm Robert W. Baird & Co. purchased the convention center's naming rights. This took effect on July 1, 2023. Alongside the Hyatt Regency Milwaukee , the center hosted the 2004 Green National Convention . The first three days of the convention were held at the Hyatt Regency, while the final day was held at the convention center. The center hosted

3536-484: The "after party" broadcast included Alyssa Milano , Aubrey Plaza , Liza Koshy , Zooey Deschanel , Michelle Kwan , Nicole Ehrlich , Cat Cora , Jaime Camil , Elena Delle Donne , Jason Winston George , Keith Powell , and Neil Casey . Also featured in the "after party" program were political figures such as Democratic National Committee Chair Tom Perez, Senator Chris Coons , and Biden campaign advisor Symone Sanders . In April, shortly after Sanders endorsed Biden,

3640-476: The "polkalator", it consisted of an escalator with 22 photos of polka dances on the wall, and a button labeled "Push to Play Polka" that played a random selection from 200 songs. Most of the photos were taken at a 1976 party in Milwaukee celebrating the United States bicentennial . In 2021, the venue suggested the removal of a photo with a man sticking out his tongue, but Blau refused because he considered

3744-673: The 2008 presidential primary, candidates would suspend their candidacies rather than formally withdraw, allowing their already pledged delegates to attend the convention and pick up new ones along the way. They would then formally withdraw when it was too late to reallocate the delegations. Before it was downsized, 50,000 people had been expected to attend the convention. 31 state delegations were to stay in 2,926 Milwaukee-area hotel rooms and 26 delegations were to stay in 2,841 hotel rooms in Lake County and Rosemont , Illinois. Another 11,000 hotel rooms were to house volunteers, members of

3848-414: The DNC laid out included that they should have between 17,000 and 18,000 hotel rooms (including 1,000 luxury suites) located within 30 minutes of the convention venue. The Democratic National Committee made the bids public in the spring of 2018. Las Vegas withdrew and decided to focus on the 2020 Republican National Convention , for which its bid was subsequently defeated by Charlotte . In April 2018,

3952-556: The DNC: Public hearings were live-streamed on the DNCC's YouTube channel on the following topics: Bond (finance) In finance , a bond is a type of security under which the issuer ( debtor ) owes the holder ( creditor ) a debt , and is obliged – depending on the terms – to provide cash flow to the creditor (e.g. repay the principal (i.e. amount borrowed) of the bond at the maturity date as well as interest (called

4056-499: The Democratic National Committee sent requests for proposals to the eight remaining cities that had expressed interest in hosting the event ( Atlanta , Birmingham , Denver , Houston , Miami , Milwaukee , New York City , and San Francisco ). On June 20, 2018, the Democratic National Committee announced four finalists for the convention site (Denver, Houston, Miami, and Milwaukee). Immediately following

4160-507: The Hilton's skywalk entrance foyer floor features a green floor mosaic in the shape of Wisconsin, with Michigan depicted in gold, Minnesota in pink, Iowa in red, and Illinois in gray. Region inlays represent area industries and dairy cows. A half-dozen flush bronze containers contain different soil types. From the venue's opening until 2023, the southwest corner held an interactive art installation by Dick Blau titled "Polka Time!" Also known as

4264-593: The John J. Burke Family Collection is scattered throughout the interior. On the Vel R. Phillips Ave side of the center is an outdoor reliquary garden named City Yard . Created by artist Sheila Klein , it contains many iconic items from Milwaukee's DPW such as fire hydrants and the classic blue police call box. Within this area are planters containing ginkgo trees and a large monument with four limestone lion heads set in relief . These architectural elements were salvaged from

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4368-722: The Milwaukee Health Department barring gatherings over 250 people, the total number of people permitted to gather at the Milwaukee convention hub was ultimately capped at that number. There were no delegates in the Wisconsin Center. While speakers were not traveling to Milwaukee, plans were retained for Chairman of the Democratic National Committee Tom Perez and Secretary of the Democratic National Committee Jason Rae (also secretary of

4472-604: The Milwaukee police chief announced that their department would restrict the use of tear gas and pepper spray by law enforcement during demonstrations and protests. The Wisconsin National Guard then planned to provide hundreds of members to help with security. There had been talk of potentially limiting boat traffic on the Milwaukee River by placing a temporary stay on all bridge openings, but this security measure did not materialize. The official theme of

4576-596: The Wisconsin Center District, with debt payments beginning in 2027. Site work for the expansion began in the summer of 2021. The groundbreaking ceremony was held on October 28, 2021. Designed by Eppstein Uhen Architects and tvsdesign, the expansion differs in architectural style from the existing structure, being more modern and glassy. The expansion roughly doubled the venue's square footage by adding 111,000 square feet (10,300 m) of exhibition space and 1,300,000 square feet (120,000 m) of overall space to

4680-614: The Wisconsin Center, designed to handle hundreds of feeds from across the country, in order to accommodate the remote speeches. Supplementary control rooms existed in other locations, such as in Delaware. Producer Glenn Weiss oversaw the production from a temporary control studio created for him at his personal residence. Also acting as producer was Ricky Kirshner . Speakers appeared from various "satellite locations", including key studios in Los Angeles , New York City, and at

4784-617: The announcement, the finalist city of Denver withdrew from consideration due to apparent scheduling conflicts. Chairman of the Democratic National Committee Tom Perez announced on March 11, 2019, that Milwaukee would host the convention. The selection of Milwaukee made this the first Democratic National Convention to be hosted in the Midwestern United States since Chicago hosted the 1996 Democratic National Convention , and

4888-402: The artwork a fixed set. The installation was removed on August 18, 2023, during the building's expansion project. Blau led an event to document the escalator on its last day. The Baird Center returned the artwork to Blau, who said it would be difficult to find a new venue for it. The convention center was opened in two phases: the first was completed in 1998, and the second completed in 2000. It

4992-513: The bond includes embedded options , the valuation is more difficult and combines option pricing with discounting. Depending on the type of option, the option price as calculated is either added to or subtracted from the price of the "straight" portion. See further under Bond option § Embedded options . This total is then the value of the bond. More sophisticated lattice- or simulation-based techniques may (also) be employed. Bond markets, unlike stock or share markets, sometimes do not have

5096-431: The bonds to match their liabilities, and may be compelled by law to do this. Most individuals who want to own bonds do so through bond funds . Still, in the U.S., nearly 10% of all bonds outstanding are held directly by households. The volatility of bonds (especially short and medium dated bonds) is lower than that of equities (stocks). Thus, bonds are generally viewed as safer investments than stocks , but this perception

5200-401: The broadcast, with most of the convention activities occurring remotely from sites across the United States. Adapting to pandemic restraints, the format was substantially different from previous conventions, with the duration of each day of the convention being significantly shorter than in past conventions and with most of the convention activity occurring held remotely from many venues across

5304-593: The building's naming rights as part of the carrier's recent expansion at Milwaukee's General Mitchell International Airport . The facility changed its name from the Frontier Airlines Center to the Delta Center effective from September 19, 2012; signage was replaced accordingly in November. On June 30, 2013, Delta terminated its naming rights at the center and the facility was officially renamed

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5408-484: The case of government bonds , to finance current expenditure. Bonds and stocks are both securities , but the major difference between the two is that (capital) stockholders have an equity stake in a company (i.e. they are owners), whereas bondholders have a creditor stake in a company (i.e. they are lenders). As creditors, bondholders have priority over stockholders. This means they will be repaid in advance of stockholders, but will rank behind secured creditors , in

5512-491: The city assist the Milwaukee Police Department during the convention. This was decreased to approximately 2,000. By late July there were anticipated to be only 1,100 officers from outside the city assisting the department. However, in late July, more than 100 police agencies announced that they would be withdrawing from their contracts to provide personnel to aid in security during the convention after

5616-463: The committee's "work environment did not meet the ideals and expectations" of the organization's board (with allegations of a "toxic" work environment). Acting as interim leader of the Host Committee was Teresa Vilmain. In late February, new leadership team was announced with Raquel Filmanowicz serving as CEO and Paula Penebaker serving as COO , with both taking these positions formally on March 2, 2020. The host committee raised $ 40 million to stage

5720-459: The convention center's approximately 300,000-square-foot (28,000 m) of exhibition space. Artist Vito Acconci created an indoor-outdoor sculpture titled Walkways Through the Wall . Designed to integrate private and public space, these curled terra cotta colored concrete strips flow through structural boundaries and provide seating at both ends. Art was incorporated early in the design stage;

5824-414: The convention was "Uniting America". The Wisconsin Center was used for the convention's broadcast and production, acting as the control room and "hub" of the convention production. The convention's programming was a mix of pre-recorded segments and live broadcasts from sites across the United States. The convention organizers established a custom video control room in the exhibit hall on the third floor of

5928-539: The convention) to be in Milwaukee. The owner of the Milwaukee Bucks and the Fiserv Forum threatened to sue the Democratic Party, which had paid only $ 5.5 million of the $ 7 million rent on the venue. Following the decision to relocate the venue to Wisconsin Center, Fiserv Forum was later chosen to be as the main venue for the 2024 Republican National Convention , was held on July 15–18, 2024. Due to

6032-483: The convention. The convention was originally scheduled to be held July 13–16, 2020, On April 2, 2020, it was announced that, due to the COVID-19 pandemic , the convention would be delayed to August 17–20. As early as April 2020, the Democratic Party had been bracing for the possibility of a virtual convention. On May 12, 2020, the Democratic National Committee authorized the convention planners to research alternative methods for participants to cast votes, considering

6136-875: The convention. In October 2019, the Host Committee announced its leadership team. The president of the Host Committee was Liz Gilbert. Leadership included a board of directors. Further leadership included co-chairs and vice chairs, as well as honorary vice-chairs. The co-chairs of the Host Committee were Milwaukee mayor Tom Barrett and Congresswoman Gwen Moore . Vice chairs included Milwaukee County executive Chris Abele , U.S. senator Tammy Baldwin , Lieutenant Governor of Wisconsin Mandela Barnes , Governor of Wisconsin Tony Evers , former U.S. senator Herb Kohl . Honorary vice chairs included Milwaukee Common Council president Ashanti Hamilton and Wisconsin state treasurer Sarah Godlewski , Democratic leader for

6240-481: The country rather than at a single venue. Its activities were largely decentralized and it was regarded to be a "virtual" convention. However, the convention was officially considered to centered at the Wisconsin Center, which is where its production was headquartered, its roll call was directed from, and where a limited number of speeches (primarily those by Wisconsin politicians) were delivered. Both Biden and Harris instead delivered their acceptance speeches remotely from

6344-490: The currency, the term of the bond (length of time to maturity) and the conditions applying to the bond. The following descriptions are not mutually exclusive, and more than one of them may apply to a particular bond: The nature of the issuer will affect the security (certainty of receiving the contracted payments) offered by the bond, and sometimes the tax treatment. Some companies, banks, governments, and other sovereign entities may decide to issue bonds in foreign currencies as

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6448-682: The dealers earn revenue by means of the spread, or difference, between the price at which the dealer buys a bond from one investor—the "bid" price—and the price at which he or she sells the same bond to another investor—the "ask" or "offer" price. The bid/offer spread represents the total transaction cost associated with transferring a bond from one investor to another. Bonds are bought and traded mostly by institutions like central banks , sovereign wealth funds , pension funds , insurance companies , hedge funds , and banks . Insurance companies and pension funds have liabilities which essentially include fixed amounts payable on predetermined dates. They buy

6552-400: The end of the term. Some structured bonds can have a redemption amount which is different from the face amount and can be linked to the performance of particular assets. The issuer is obligated to repay the nominal amount on the maturity date. As long as all due payments have been made, the issuer has no further obligations to the bond holders after the maturity date. The length of time until

6656-413: The event of bankruptcy. Another difference is that bonds usually have a defined term, or maturity, after which the bond is redeemed, whereas stocks typically remain outstanding indefinitely. An exception is an irredeemable bond, which is a perpetuity , that is, a bond with no maturity. Certificates of deposit (CDs) or short-term commercial paper are classified as money market instruments and not bonds:

6760-637: The expansion. In February 2020, the Milwaukee Common Council granted the Wisconsin Center District Board approval to finance the planned $ 420 million expansion to the venue. In April 2020, the Wisconsin Center District Board approved the expansion. In the autumn of 2020, the Wisconsin Center District sold bonds to finance the expansion. Plans are to pay off the bonds over a 40-year period, through Milwaukee County hotel, restaurant, and car rental taxes levied by

6864-528: The first ballot, unless a candidate has secured a majority using only pledged delegates. Except for the presidential nomination, superdelegates will vote on all issues. The number of delegates allocated to each of the 50 states and Washington, D.C. , are based on, among others, the proportion of votes each state gave to the Democratic candidate in the 2008, 2012, and 2016 presidential elections. A fixed number of pledged delegates are allocated to each of

6968-490: The first time since the 1980s that any of these three states had voted Republican. The three aforementioned "blue wall" states were, ultimately, won by the Biden-Harris ticket in 2020. Some sources cited DNC chairman Tom Perez's personal connections to Milwaukee as a factor that aided Milwaukee's selection. His wife had originally been from nearby Wauwatosa , they had held their wedding in Milwaukee, and their daughter

7072-431: The first to be hosted in a midwestern city other than Chicago since St. Louis hosted the 1916 Democratic National Convention . This was the first major party convention held in Milwaukee. It was also the first major party convention to be held in any city in the state of Wisconsin . In terms of population, Milwaukee is smaller than other metropolitan areas that had hosted recent major party conventions. Milwaukee

7176-422: The five U.S. territories and Democrats Abroad . The Democratic National Committee's 2020 selection rules state that any candidate who is no longer running loses the statewide delegates they have won and those delegates are then reallocated to candidates still in the race. However, the interpretation of this rule in 2020 races might be different from the interpretation in past races. In previous elections, such as

7280-505: The foreign currency may appear to potential investors to be more stable and predictable than their domestic currency. Issuing bonds denominated in foreign currencies also gives issuers the ability to access investment capital available in foreign markets. A downside is that the government loses the option to reduce its bond liabilities by inflating its domestic currency. The proceeds from the issuance of these bonds can be used by companies to break into foreign markets, or can be converted into

7384-413: The issuer receives are thus the issue price, less issuance fees. The market price of the bond will vary over its life: it may trade at a premium (above par, usually because market interest rates have fallen since issue), or at a discount (price below par, if market rates have risen or there is a high probability of default on the bond). Bonds can be categorised in several ways, such as the type of issuer,

7488-431: The issuing company's local currency to be used on existing operations through the use of foreign exchange swap hedges. Foreign issuer bonds can also be used to hedge foreign exchange rate risk. Some foreign issuer bonds are called by their nicknames, such as the "samurai bond". These can be issued by foreign issuers looking to diversify their investor base away from domestic markets. These bond issues are generally governed by

7592-496: The law of the market of issuance, e.g., a samurai bond, issued by an investor based in Europe, will be governed by Japanese law. Not all of the following bonds are restricted for purchase by investors in the market of issuance. The market price of a bond is the present value of all expected future interest and principal payments of the bond, here discounted at the bond's yield to maturity (i.e. rate of return ). That relationship

7696-422: The length of the term and the creditworthiness of the issuer. These factors are likely to change over time, so the market price of a bond will vary after it is issued. (The position is a bit more complicated for inflation-linked bonds.) The interest payment ("coupon payment") divided by the current price of the bond is called the current yield (this is the nominal yield multiplied by the par value and divided by

7800-410: The main difference is the length of the term of the instrument. The most common forms include municipal , corporate , and government bonds . Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the secondary market . This means that once the transfer agents at the bank medallion-stamp the bond, it is highly liquid on the secondary market. The price of

7904-565: The main programming. In addition to the televised convention programming, further content was livestreamed by the Democratic Party on digital platforms. Prior to the beginning of each night's programming, the hip-hop music channel Behind the Rhyme on Twitch streamed the official pre-show and post-show for each night, with the latter featuring performances by Beverly Bond , Vashtie , DJ Cassidy , Jermaine Dupri on each night respectively. The political podcast Pod Save America also aired

8008-406: The market for United States Treasury securities, there are four categories of bond maturities: The coupon is the interest rate that the issuer pays to the holder. For fixed rate bonds , the coupon is fixed throughout the life of the bond. For floating rate notes , the coupon varies throughout the life of the bond and is based on the movement of a money market reference rate (historically this

8112-423: The markets. The price can be quoted as clean or dirty . "Dirty" includes the present value of all future cash flows, including accrued interest, and is most often used in Europe. "Clean" does not include accrued interest, and is most often used in the U.S. The issue price at which investors buy the bonds when they are first issued will typically be approximately equal to the nominal amount. The net proceeds that

8216-442: The maturity date is often referred to as the term or tenor or maturity of a bond. The maturity can be any length of time, although debt securities with a term of less than one year are generally designated money market instruments rather than bonds. Most bonds have a term shorter than 30 years. Some bonds have been issued with terms of 50 years or more, and historically there have been some issues with no maturity date (irredeemable). In

8320-430: The media, donors, and other attendees. Additionally, dormitories at Milwaukee-area universities and colleges were planned to accommodate some convention guests and volunteers. The Hilton Milwaukee City Center was to serve as the convention's "headquarters hotel". Milwaukee had been planning an extension of its streetcar line to be completed in advance of the convention. However, these plans faltered, and no expansion

8424-416: The ongoing COVID-19 pandemic, a number of protocols have been put in place. Participants at Wisconsin Center were required to self-quarantine for at least 72 hours before arriving, wear personal protective equipment, undergo daily COVID-19 testing , partake in symptom tracking through a daily questionnaire, avoid bars and restaurants, and follow Centers for Disease Control and Prevention guidelines. As

8528-417: The possibility that the Democratic National Committee may decide to hold the entire convention virtually. On June 24, 2020, it was announced that the convention was to be downsized. The venue was shifted from the Fiserv Forum to the Wisconsin Center. But, instead of the entire convention being held in Milwaukee, it would now feature Milwaukee as merely a hub city for the major convention events. The convention

8632-439: The price). There are other yield measures that exist such as the yield to first call, yield to worst, yield to first par call, yield to put, cash flow yield and yield to maturity. The relationship between yield and term to maturity (or alternatively between yield and the weighted mean term allowing for both interest and capital repayment) for otherwise identical bonds derives the yield curve , a graph plotting this relationship. If

8736-419: The public. The bookrunners' willingness to underwrite must be discussed prior to any decision on the terms of the bond issue as there may be limited demand for the bonds. In contrast, government bonds are usually issued in an auction. In some cases, both members of the public and banks may bid for bonds. In other cases, only market makers may bid for bonds. The overall rate of return on the bond depends on both

8840-403: The risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have direct contact with investors and act as advisers to the bond issuer in terms of timing and price of the bond issue. The bookrunner is listed first among all underwriters participating in the issuance in the tombstone ads commonly used to announce bonds to

8944-470: The same time, awarded the contract to serve as the convention's event management firm. A proposal was made for the state to pass legislation that would have extended the permitted hours of operation for bars in the Milwaukee area during the convention. However, this was not passed prior to the COVID-19 pandemic and the proposal was abandoned. The Milwaukee 2020 Host Committee was established to organize

9048-432: The terms of the bond and the price paid. The terms of the bond, such as the coupon, are fixed in advance and the price is determined by the market. In the case of an underwritten bond, the underwriters will charge a fee for underwriting. An alternative process for bond issuance, which is commonly used for smaller issues and avoids this cost, is the private placement bond. Bonds sold directly to buyers may not be tradeable in

9152-529: The trade is almost always a bank or securities firm acting as a dealer. In some cases, when a dealer buys a bond from an investor, the dealer carries the bond "in inventory", i.e. holds it for their own account. The dealer is then subject to risks of price fluctuation. In other cases, the dealer immediately resells the bond to another investor. Bond markets can also differ from stock markets in that, in some markets, investors sometimes do not pay brokerage commissions to dealers with whom they buy or sell bonds. Rather,

9256-497: The trading price and others add it on separately when settlement is made.) The price including accrued interest is known as the "full" or " dirty price ". ( See also Accrual bond .) The price excluding accrued interest is known as the "flat" or " clean price ". Most government bonds are denominated in units of $ 1000 in the United States , or in units of £100 in the United Kingdom . Hence, a deep discount US bond, selling at

9360-399: The two created a "Unity task force" to draft a version of the party platform. The Democratic National Convention Committee set up a series of "virtual platform meetings" to garner input from the general public. The Platform Drafting Committee Chair was Atlanta mayor Keisha Lance Bottoms . The Platform Standing Committee includes a number of party leaders and elected officials appointed by

9464-548: The upper Midwest and Great Lakes region . The swing states of Michigan , Pennsylvania , and Wisconsin had been the states which the Republican ticket of Donald Trump and Mike Pence had won by the narrowest margins in the preceding 2016 election , and had these states been instead won by the 2016 Democratic ticket of Hillary Clinton and Tim Kaine , they would have delivered the Democratic ticket an electoral college victory in 2016. The 2016 election had also been

9568-601: The venue for their participation in the convention. Convention secretary Jason Rae also directed the roll call from the Wisconsin Center stage. The roll call featured votes being presented from locations in each state or territory, with some of the votes presented by special guests emphasizing Biden's history and platform; Bob Casey Jr. appeared from Biden's childhood home in Scranton, Pennsylvania , LGBT rights activists Judy and Dennis Shepard presented Wyoming's votes, and gun control advocate Fred Guttenberg (whose daughter

9672-420: Was a current student at University of Wisconsin–Milwaukee . Several cities made efforts to be selected as the location of the 2020 convention. On June 24, 2020, it was announced that the convention had been downsized and would be held at Milwaukee's Wisconsin Center instead of its originally planned venue, Milwaukee's Fiserv Forum. The change of location made this the first major party convention held in

9776-526: Was announced in January 2020. The streets marking the boundary of the announced footprint were to be Cherry Street on the north, 10th Street on the west, Clybourn Street, and Water Street on the east. On July 24, 2020, the Milwaukee Common Council passed an ordinance that would ban a long list of items from the security footprint, including air rifles , nunchucks , drones , containers of bodily fluids , glass bottles , and coolers . On August 12, 2020, it

9880-423: Was announced that Biden no longer planned to travel to Milwaukee to accept his nomination, and would instead do so from Delaware. It was also announced then that a number of other speakers that had been scheduled to travel to Milwaukee, including Biden's running mate, would also instead be addressing the convention remotely. This was seen as, effectively, moving to make the convention almost entirely virtual. This

9984-477: Was announced that the security footprint had been shrunk significantly. The security footprint ultimately encompassed almost only areas directly surrounding the convention center. Fencing was erected surrounding the Wisconsin Center. Temporary flight restrictions were in place each night from 6:00 to 11:00 p.m. CDT . A ban on drones was also in place. Originally, the city originally budgeted to have approximately 3,000 law enforcement officers from outside

10088-407: Was built before the convention. Organizers were originally planning to recruit 15,000 volunteers. The firm Populous was named as the event architect. Populous was assigned to work in partnership with Milwaukee firm American Design Inc. In February 2020, Milwaukee-based JCP construction was awarded the contract to be the construction general contractor for the convention. Hargrove LLC was, at

10192-528: Was generally LIBOR , but with its discontinuation the market reference rate has transitioned to SOFR ). Historically, coupons were physical attachments to the paper bond certificates, with each coupon representing an interest payment. On the interest due date, the bondholder would hand in the coupon to a bank in exchange for the interest payment. Today, interest payments are almost always paid electronically. Interest can be paid at different frequencies: generally semi-annual (every six months) or annual. The yield

10296-682: Was held from August 17 to 20, 2020, at the Wisconsin Center in Milwaukee, Wisconsin , and virtually across the United States. At the convention, delegates of the United States Democratic Party formally chose former vice president Joe Biden and Senator Kamala Harris of California as the party's nominees for president and vice president, respectively, in the 2020 United States presidential election . Originally scheduled to be held July 13–16, 2020, at

10400-541: Was killed in the Stoneman Douglas High School shooting ) presented Florida's votes. The duration of the convention program was significantly downsized from one that was originally expected to total 24 hours over the four days to one that would total only eight hours. The downsizing led the convention organizers to need far fewer volunteers than the 15,000 they had originally been trying to recruit. Music performances were filmed for inclusion in

10504-454: Was now planned to instead consist of what the DNC said would be "curated content from Milwaukee and other satellite cities, locations, and landmarks across the country". All official business will now be conducted remotely. Organizers canceled official parties and events scheduled to be held in Milwaukee before and coinciding with the convention. Delegates were asked to no longer travel to Milwaukee, and plans were now formally made to implement

10608-471: Was substantially completed on March 29, 2024, and was officially opened on May 16, 2024. When the convention center opened in the 1990s, its naming rights were initially sold to Midwest Airlines . On April 13, 2010, Republic Airways Holdings CEO Bryan Bedford announced that the name would change to Frontier Airlines Center, coinciding with the consolidation of brands between Frontier Airlines and Midwest Airlines. On August 15, 2012, Delta Air Lines purchased

10712-473: Was the first time that a major party presidential candidate had accepted their nomination remotely from the official site of the convention since Franklin D. Roosevelt did so in 1944 . There were initially plans to have up to 5,000 attendees in Milwaukee for the convention at the inception of its downsizing. This was later further reduced to 1,000, and then again reduced 300 people, including both attendees and media granted access. Due to an order imposed by

10816-438: Was the largest design-build project in Wisconsin history. In 1998, $ 1.2   million of public art was installed and named the John J. Burke Family Collection. In December 2019, Eppstein Uhen Architects and tvsdesign were selected by the Wisconsin Center District to be the architecture team of the expansion project. In January 2020, Gilbane Building Company and C.D. Smith were awarded the construction management contract for

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