KBRA Releases Research – Sound Check: Music ABS Performance

KBRA releases research on the performance of the music asset-backed securities (ABS) sector.

The music royalties ABS sector has expanded meaningfully in recent years, supported by strong investor demand for uncorrelated cash flows and the growing institutionalization of music rights. Although performance in the asset class has remained largely stable, KBRA has observed variations across individual catalogs that make up the collateral, particularly as transactions have seasoned. Some transactions have benefited more from resilient streaming growth and industry tailwinds, while others have faced pressure from underperforming assets and delayed revenue realization. In this report, we share insights across KBRA’s rated universe of transactions, including historical debt service coverage ratios and the key factors driving differences in catalog performance.

KBRA has assigned 64 ratings on music royalty ABS across 15 issuers since 2020, totaling approximately $8 billion in issuance.

Click here to view the report.

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About KBRA

KBRA, one of the major credit rating agencies, is registered in the U.S., EU, and the UK. KBRA is recognized as a Qualified Rating Agency in Taiwan, and is also a Designated Rating Organization for structured finance ratings in Canada. As a full-service credit rating agency, investors can use KBRA ratings for regulatory capital purposes in multiple jurisdictions.

Doc ID: 1009684

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