The bond issuance is backed by the master recordings and compositions from artists such as Creed, R.E.M. and Phil Collins, American Banker reported, citing data from Kroll Bond Ratings Agency (KBRA). According to ratings agency Moody’s, the proceeds will be used to repay a bond issuance that Concord completed in 2022. At the time, it was described as “the largest asset-backed securitization offering of music rights in the industry to date.”
Source: Concord prepares to issue $1.75bn in bonds, in ABS transaction backed by 1 million music copyrights