‘Tobacco securitization’ and what it would mean for Kansas

state’s issuance of a tobacco securitization bond. In the seven-year period since state and local issuers began selling tobacco securitization bonds, 2004 was the only year in which there were no tobacco securitization bond sales (see Figure 3). This was due to another lawsuit against cigarette manufacturers which made public

Securitization would mean the state would sell or pledge its expected tobacco settlement payments to a third party. The state would benefit from this plan because it would get the money earlier and.

Kansas officials heard plan to sell off tobacco settlement on bond market. The state receives an annual payment as part of the settlement. It uses the money from the settlement to fund children’s programs, such as Early Head Start and Parents as Teachers. Last year’s payment was more than $62 million.

Despite new challenges to tobacco companies, tobacco settlement bonds remain good investments. Unlike corporate bonds issued directly by tobacco companies, debt service payments on tobacco settlement bonds do not rely on the credit strengths of any particular tobacco company, but on the tobacco industry as a whole and the smokers who continue to use their products.

"Tobacco securitization" would allow the state of Kansas to sell off the rights to part of its 1998 tobacco settlement money for the next 20 to 30 years, in exchange for about $160 million now.

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Tobacco bonds are an important constituent group in high yield municipal bond portfolios, especially in some mutual funds or ETFs. Because of their complex structures, their behavior can be counterin

Tobacco Debt. One source of the pain is a little-known feature found in many of the deals: high-risk debt that squeezed out a few extra dollars for the governments but promised massive balloon payments, some in the billions, down the road.

Kansas Budget Director Shawn Sullivan says. and includes plans to sell off the state’s future share of tobacco settlement money for a one-time payment, a process known as “securitization.” “It’s my.

Take, for example, tobacco settlement securitization. In exchange for a large lump-sum payment up front, Kansas would be surrendering two decades of payouts. It’s a payday loan on a large scale.

We’re not in Kansas. tobacco tin, which is his version of a heart. And it is protection. He’s been through some terrible.