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Some states and cities borrowed against the payments, which are based on cigarette shipments. Altria Group Inc. , estimated that domestic cigarette industry shipment volume decreased by about 3.5 percent in the first half of 2017. Moody’s Investors Service projects 80 percent of the securities won’t make scheduled payments based on historical declines of 3 percent to 4 percent in U.S. smoking. A U.S. Food and Drug Administration proposal in July to cut the amount of nicotine in cigarettes to non-addictive levels cut tobacco bond returns 0.4 percentage point in the third-quarter, a potential buying opportunity, Barton said. Tobacco companies are expected to vigorously oppose the proposal. “Near-term, we don’t see a ban of nicotine in cigarettes," Barton said. There’s also value in certain zero-coupon tobacco bonds trading at discounts of more than 50 percent to accreted value that may be refinanced, said Ben Barber, who manages Goldman Sachs Asset Management’s $5.2 billion high-yield muni fund. The fund returned 8.2 percent through the third quarter and had 8.8 percent of assets in tobacco debt at the end of August.

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Oct 3, 2017 - Evansville Courier & Press Gary Thurby, left, and Heath Thurby are third- and fourth-generation tobacco farmers at Thurby Farms in Henderson County, Ky., Friday afternoon. They are hoping the tobacco crop this year makes up for the meager harvest of the past two years. DENNY SIMMONS / COURIER & PRESS ( continue reading ) Click one of the buttons below or search. Here you can find useful examples and description about searching the news archive. Read it carefully to get the best results. If you need more help, please contact us. Searching is case insensitive. Words music and mUSIC return the same results. Some of the common words like the, is, etc. are not included in your search.

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