比公司债更香？“音乐资产证券化”爆红华尔街

Core Insights - The article discusses the record-breaking debt financing of $4.4 billion through song copyrights, marking a shift of "Bowie bonds" into mainstream investment assets driven by Wall Street's pursuit of yields [3][4] Group 1: Market Trends - Major investors like Blackstone, Carlyle, and Michigan State Pension Fund have packaged copyrights of popular artists such as Justin Bieber and Lady Gaga into securities [3] - The debt financing through music copyrights is projected to exceed $3.3 billion in 2025, up from $3 billion in 2021 and no recorded transactions in 2020 [3] - The current surge in music copyright financing coincides with a broader market rebound, benefiting music copyright owners who are seizing financing opportunities [4] Group 2: Historical Context - David Bowie pioneered this financing model in 1997, raising $55 million backed by future royalty income, with a bond yield of 7.9% [4] - Despite initial skepticism, the market for music copyright financing has grown into a multi-billion dollar sector attracting significant global investors [4] Group 3: Investor Sentiment - Investors are increasingly turning to non-traditional assets like music copyrights and drug patents for higher yields due to low returns in traditional markets [5] - The overall size of the music copyright market remains small compared to other structured finance sectors, but it is gaining traction among large investment firms seeking higher yield debt assets [5] Group 4: Asset Characteristics - Music asset-backed securities are perceived to offer relatively low-risk stable returns, with yields higher than similarly rated corporate bonds [5] - The strong growth of the music industry and legal protections for copyrights since the Napster era contribute to the attractiveness of these assets [6]