| 词条 | Tobacco bond |
| 释义 |
In finance, a tobacco bond is a type of US bond issued by a state to obtain immediate cash backed up with a won lawsuit against a tobacco company. The typical tobacco bond lasts 30 years or less and pays interest every year.[1] By 2014, tobacco bonds made up $94 billion of the $3.7 trillion municipal bond market. They share a revenue stream from the Tobacco Master Settlement Agreement, a 1998 national settlement in which Philip Morris, Lorillard and Reynolds American agreed to make annual payments to states in perpetuity to resolve liabilities for health-care costs related to smoking. Some states — Alaska, California, Iowa, Michigan, New Jersey, New York, Ohio, Rhode Island, West Virginia, as well as Washington, D.C., Puerto Rico and Guam — borrowed against the funds, which are based on cigarette shipments.[2][3] IssuedCaliforniaThe state of California issued $3.1 billion in tobacco bonds in 2005.[4] Rhode IslandThe state of Rhode Island issued $618 million in tobacco bonds in March 2015.[5] See also
References1. ^{{cite news|last1=Podkul|first1=Cezary|title=How Tobacco Bonds Work, and What Can Go Wrong|url=https://www.propublica.org/article/how-tobacco-bonds-work-and-what-can-go-wrong|accessdate=25 February 2015|publisher=Pro Publica|date=18 August 2014|ref=1}} 2. ^{{cite news|last1=Chappatta|first1=Brian|title=Tobacco Bonds Seen Cheap as Default Forecast Raised: Muni Credit|url=https://www.bloomberg.com/news/articles/2014-09-24/tobacco-bonds-seen-cheap-as-default-forecast-raised-muni-credit|accessdate=5 March 2015|publisher=Bloomberg Business|date=24 September 2014|ref=2}} 3. ^{{Cite news| last = Estes| first = Jim| title = How the Big Tobacco Deal Went Bad| work = The New York Times| accessdate = 3 March 2018| date = 6 October 2014| url = https://www.nytimes.com/2014/10/07/opinion/how-the-big-tobacco-deal-went-bad.html}} 4. ^{{cite news|last1=Cherney|first1=Mike|title=California Tobacco Bond Sale a Hit With Investors|url=https://www.wsj.com/articles/SB10001424127887324020504578399012544703592|accessdate=8 March 2015|publisher=Wall Street Journal|date=2 April 2013}} 5. ^{{cite news|last1=Smith|first1=Kate|title=Rhode Island $618 Million Tobacco Bond Ends Seven-Month Wait|url=https://www.bloomberg.com/news/articles/2015-03-03/rhode-island-618-million-tobacco-bond-to-end-seven-month-delay|accessdate=8 March 2015|publisher=Bloomberg|date=3 March 2015}} External links
1 : Government bonds issued by the United States |
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