Issuance of ABS backed by music royalties will continue to grow, according to KBRA. Also, streaming royalty rates, a large share of music catalog revenues, are expected to increase in coming years.
Music investment company Hipgnosis Song Management is set to issue an ABS tied to royalties on 980 songs. The deal received a slightly lower rating than similar ABS from other firms.
Litigation-finance ABS, backed by advances made to injured individuals in litigation, allow plaintiffs to press for larger settlement payouts from insurance companies.
A subsidiary of Entergy Corp. is offering a $290.0 million securitization backed by system restoration charges on electric customers to help pay for recoveries from storms in southeast Texas in recent years.
A $732.6 million ABS tied to music royalties closed this week. Other esoteric ABS in the market include healthcare-related financing, shipping container leases and property tax liens.
Four firms are currently offering whole-business ABS. Two of the deals received ratings from both KBRA and S&P, though the rating services differed in their assessments.
It will be the 11th issuance of its type by loanDepot.
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