From Wall Street Journal:

Smoking continues to be a tough habit to kick, with a recent rise in tobacco usage reported in Germany. In a rare intersection between smoking and government spending, American tobacco companies agreed to pay $206 billion over 25 years to 52 U.S. states and territories in exchange for giving up future legal claims against them. The terms of the agreement have been adjusted over the years, but the payments are now effectively in perpetuity, shaping the dynamics of both tobacco and government finances.



Read more: Tobacco Bonds Are on Fire, Defying the Odds