Playback: Issuance, Industry, and Performance Trends in Music ABS
The music royalties ABS sector has remained active over recent years. Although issuance declined in 2023, consistent with trends across several ABS asset classes, the sector continues to attract new issuers, supporting more consistent annual issuance volumes. Transaction performance has generally remained stable; however, performance differences across issuers have become more pronounced as the sector has matured. These differences reflect variations in catalog composition, asset seasoning, and the timing of projected cash flow realization.
This KBRA report highlights the expansion of the market to 18 unique issuers and reviews performance trends across KBRA-rated transactions through 2026.
Key Takeaways
KBRA-rated music ABS issuance exceeded $3.3 billion in both 2024 and 2025. KBRA expects issuance to decline approximately 25% in 2026 to slightly more than $2.5 billion, primarily because of continued issuer consolidation. Industry consolidation may have mixed implications for…
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