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(Bloomberg) -- Investors looking for bargains in the municipal-bond market may find opportunities in closed-end funds that don’t borrow to boost returns.Most Read from BloombergChina Evergrande Group Files Chapter 15 Bankruptcy in New York‘Poor Man’s Cocaine’ Costing $3 a Pill Threatens to ProliferateBig Tech Logs Year’s Longest Weekly Losing Streak: Markets WrapBitcoin Calm Shatters With Sudden Tumble, Mass LiquidationsChina’s Hidden Financial Dangers Erupt With Shadow Bank CrisisUnlevered muni

Unlevered municipal bond closed-end funds traded at a discount to their net asset value of roughly 12%, according to Bloomberg data.

A federal court ruling against four major cruise lines may further cloud the future of U.S. investments in Cuba after the lines were told to pay $450 million in compensation to heirs of the original owner of Havana port property confiscated by the Communist regime.