More than two decades after Wall Street started pumping out a new type of bonds — those backed by the legal-settlement payments governments receive from cigarette companies — one batch has finally been driven into a default. It almost certainly won’t be the last.
Source: [Bloomberg Markets](https://www.bloomberg.com/news/articles/2026-06-17/a-first-ever-default-shakes-an-80-billion-corner-of-muni-market)