Virginia muni issue signals return of tobacco bonds



After a two-year lull in issuance of so-called tobacco bonds, in May the US municipal bond markets received their first supply of securities backed by payments made under the 1998 settlement with the tobacco companies. Virginia, which up until now had not sold any tobacco bonds, sold $448 million in a deal managed by Bear Stearns.

Virginia's revised offering statement said the sale had been moved forward a little from its planned date in order to "minimise" the risk of a possible negative court

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