A First-Ever Default Shakes an $80 Billion Corner of Muni Market (opens original article in a new tab)

An $80 billion segment of the municipal bond market experienced its first default, involving bonds backed by legal settlement payments from cigarette companies, with more defaults likely.

• An $80 billion segment of the municipal bond market experienced its first default
• Bonds backed by legal settlement payments from cigarette companies have defaulted
• This default may not be the last in this market segment