Resolution
If the bounce messages for a mailing have been purged the message "no bounce message received" will be displayed even if there was a bounce message because after the message is purged Listmanager does not remember it got the bounce message.
The setting that controls retention of bounce messages can be viewed and adjusted in Utilities: Administration: Server: Server Settings: Automatic Maintenance: Purging Old Data.
To retain the bounce messages for more days to review later,
Navigate to Utilities: Administration: Server: Server Settings: Automatic Maintenance: Error Mail
"Bounce handling" should be set to "Keep bounce messages to research user issues".
Then set "Clean incoming mail queue" under the tab "Purging Old Data" to the number of days you want to retain the messages.
