By Ron Borod, Esq., partner and the head of, the Structured Finance Group of Brown Rudnick Berlack Israels LLP

Intellectual property securitization continues to be a hot item in the ABS zeitgeist. Although the volume of rated IP-backed transactions has been limited, a sufficient variety of deals have been rated and closed to inspire confidence that this will be a growing asset category. The earliest ABS deals involved music royalty securitization, beginning with the much-heralded 1997 transaction backed by the revenues generated by the David Bowie music catalog, rated A3 by Moody's Investors Service.

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