KBRA says in a new report that it has rated more than $12.9 billion in music royalty bonds since 2020 alone. But it expects music ABS issuance to fall by approximately 25% in 2026, dropping from over $3.3 billion in each of the past two years to slightly more than $2.5 billion – “primarily because of continued issuer consolidation.” KBRA noted that consolidation “may have mixed implications for music ABS, potentially improving collateral diversification and servicing scale while reducing issuance activity.”
Source: KBRA expects music-royalty backed bonds issuance to fall 25% in 2026