In 1999, the intellectual property (IP) and sports-related asset-backed markets experienced a number of firsts. These included the first ratings on transactions backed by future licensing agreements in the music and trademark areas, the first future film transaction to include a fund earmarked for distribution expenses, and the first asset-backed sports arena receivables-backed transaction rated by Moody's.

In 1999, Moody's rated a total of just under $1 billion in six privately placed transactions in the IP and sports areas (including a transaction priced in late 1999 that closed in early 2000), up from under $100 million in 1998. The assets securitized in those IP transactions included licensing receivables, music royalties, and income from future films.

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