Apollo Sells $1.8 Billion Bond Backed by Concord Music Royalties

Apollo Global Management Inc. has priced $1.8 billion of bonds backed by music copyrights in Concord Music Royalties’ first securitization, having bought the largest debt of the securities it marketed.

The Concord transaction is the largest music royalties asset-backed bond ever, according to Bret Leas, head of asset-backed finance at Apollo. It repackages royalty payments — both publishing and sound recording rights — from a catalog of more than one million music assets including those of Genesis, R.E.M. and Rodgers and Hammerstein.

The alternative asset manager officially started marketing the bond after the US Thanksgiving break through its Capital ...