Virginia issue signals return of tobacco bonds


After a two-year lull in issuance of so-called tobacco bonds, in May the municipal bond markets received its first supply of securities backed by payments made under the 1998 settlement with the tobacco companies. Virginia, which had sold no tobacco bonds previously, sold $448 million in a deal managed by Bear Stearns.

Virginia’s revised offering statement said the sale was moved forward a little from its planned date in order to “minimize” the risk of a possible negative court decis

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