Not only that, but the credit (bond) markets have an insane amount of "insurance" outstanding against them in the form of CDS (credit default swaps) and other derivatives such as interest rate swaps. There's very little actual capital backing these derivatives, and they're traded over the counter rather than on exchanges with rules. So it doesn't take a whole lot of bond defaults to cause a huge ripple effect.
I've long thought it would be very ironic if tobacco bonds failing were the black swan that triggered the next financial crisis, and a next one there will certainly be, because the problems that caused the last one were never really fixed, they were just swept under the rug.
Vaping had the potential to kill the MSA bonds dead. Is it any wonder that very powerful forces seem to have aligned against it?