As reported yesterday by our friends at Municipal Market Advisors, Sen. Harkin and Reps. Waxman and Welch have sent a letter to the Atty Gals of the States of CA, IA & VT, urging them to consider adding e-cigarettes to the list of tobacco items covered by the Master Settlement Agreement.

Although tobacco bonds have rallied on the news, we think it’s a bit premature to draw any conclusion at this time. We’re not sure any of the parties to the MSA is anxious to re-open the negotiations at this juncture..We’ll continue to monitor this latest development and report back to you.

In the meantime, here’s a copy of the letter:Harris-Miller-Sorrell-Master-Settlement-Agreement-Tobacco-2014-2-12

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About Triet M. Nguyen

Triet Nguyen is a veteran of the fixed-income markets and a high yield/distressed municipal bond expert. Over his 32 year career, Triet has designed, marketed and managed every type of buy side investment products, from mutual funds (open and closed-end) to managed accounts and hedge funds. He is currently the managing partner of Axios Advisors LLC, an independent municipal research and investment advisory boutique specializing in high income strategies. Triet is the author of “Investing In The High Yield Municipal Market”, to be published in July 2012 by John Wiley/Bloomberg Press. He also moderates the Municipal Credit Research Forum on LinkedIn. His Twitter handle is @HighYieldPro. Before rejoining Axios (which he founded in 2002), Mr. Nguyen was a Senior Vice President at B.C. Ziegler, where he traded tax-exempt high yield and taxable municipal bonds (including Build America Bonds). From January 2004 to January 2008, he was a Managing Director of Saybrook Capital, LLC, managing one of the first ever municipal hedge funds dedicated to a credit strategy. As Director of Information Services at between 2000 and 2001, Triet contributed to the development of a pioneering online muni bond evaluation system. Prior to 2000, he was a Vice President/Portfolio Manager of the John Hancock Funds and a Senior Portfolio Manager of the Putnam Funds. Triet received a B.A. in Economics and an M.B.A. in Finance and Accounting from the University of Chicago.


High Yield Muni Investing, MSA, Tobacco bonds, Tobacco Master Settlement Agreement