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Commentary: ProPublica Throws the Kitchen Sink at Tobacco Bond Issuers

Commentary: Puerto Rico's Recovery Act Had a Big Effect on the Market

Commentary: California Tax Allocation Bonds Heat Up

Commentary: Regulation of MAs: Bring it On

Commentary: How to Apply Leveraged-Loan Guidance to Public Entities

Commentary: The Municipal Bankruptcy Crisis — Lessons from Detroit

Commentary: BDA, Broker Dealers Have Constructively Engaged on MA Rule

Commentary: Puerto Rico's Debt Mess May Spur Solutions for High-Risk Territories

Commentary: July 1 - A Date for the Muni Market History Books

Commentary: Exemptions May Ease Pain of Advisor Rule

Commentary: Federal Funding for Water Projects Expected to Flow

Commentary: Pseudo-Pension Reforms Under Consideration Once Again in Pennsylvania

Commentary: Expediency Overcomes Sustainability in Illinois, New Jersey

Commentary: Bond Insurance is Making a (Modest) Comeback

The New Disclosure Program and What it Means for Issuers

Commentary: Puerto Rico's Billionaires Strategy

Commentary: Getting Back to the Future - Build America Bonds 2.0

Commentary: Pricing 5% Bonds with Shorter Calls

Commentary: N.Y. State Budget Omits P3s and Design-Build Procurement

Commentary: Shaky Puerto Rico Needs a New Renaissance of Sorts

Pension Disclosure Can Curb the 'Giant Financial Tapeworm'

Commentary: SEC OKs Incorporation of Requirements in Suitability Ruling

Commentary: 2014 Regs in the Muni Securities Market: What's in Store?

Commentary: A Wrong-Headed Approach to Addressing the Nation's Infrastructure Needs

Commentary: California's Drought Poses Threat to State Finances

Commentary: Time of Trade Disclosure: Why a New Rule, Why the Delay?

Commentary: SEC Uses Muscle to Push New Secondary Market Disclosure

Commentary: The Critical First and Last Steps in a Municipal Workout

Commentary: Can Washington Prevent the Next Detroit?

Commentary: How Take a Tax Loss and Then Profit From Obamacare

Commentary: MA Rule May Help Rectify Blurred Lines

Commentary: Some Thoughts on Puerto Rico and Other Distressed Issuers

Commentary: Puerto Rico Bonds' October Rebound Reveals Cross-Currents

Commentary: Betting on Puerto Rico?

Commentary: Advice to a Rating Agency

Commentary: An SEC First — A Fine for a Muni Issuer

Commentary: The Role of Issuer's Counsel in a Municipal Bond Offering

Commentary: Long-Awaited Municipal Advisor Regulation Should Not Restrict Issuers

Commentary: NAIPFA Salutes the SEC's Final Series of Muni Advisor Rules

Commentary: Unbuilding America and Breaking Its Bonds

Commentary: A Role for Lenders in a Municipal Financial Recovery

Commentary: Caution Muni Market: Fed's Inaction Means Volatility Ahead

Dissecting Puerto Rico Bonds' Summer Swoon


Issuance of municipal MSA tobacco bonds by states was the subject of a highly critical article published by ProPublica. The article attempts to make a case that states erred in deciding to issue tobacco bonds. The article was widely circulated across social media. As we frequently observe, the national media focus on the muni market is appreciated, but the facts got muddied in the pursuit of a good story.

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