finance
Tobacco Settlement Bonds Enter Default After More Than 20 Years
One batch of bonds backed by state payments from tobacco company legal settlements has entered default. The securities were issued more than two decades ago.
Jun 17, 1:34 PM·1m read1 source
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One batch of bonds backed by payments from tobacco company legal settlements has entered default.
More than two decades ago, Wall Street issued bonds backed by legal-settlement payments that state governments receive from cigarette companies. These securities allowed states to receive upfront cash in exchange for future settlement payments.
One batch of these bonds has now been driven into a default.
The development marks the first default among this type of security since they began trading.
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