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Sotheby’s Plans $500 Million Bond Sale Secured by Art, Collectibles

Charles Williams and Carmen Arroyo
·2 分鐘文章

(Bloomberg) -- Sotheby’s, the auction house owned by telecom billionaire Patrick Drahi, plans to borrow about $500 million through bonds backed by personal loans made to art collectors.

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Barclays Plc is the sole structuring agent of the asset-backed security and may start premarketing the deal as soon as Wednesday, according to people with knowledge of the matter. BNP Paribas SA and Morgan Stanley are also joint leads on the transaction, according to a company filing.

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The loans Sotheby’s is bundling together are secured by art and other collectibles, making the auction house the first to bring such an ABS-style product to public markets.

The auction house started talking to investors about this deal more than a year ago, before the US regional-banking crisis roiled credit markets. With sentiment more sanguine now, issuers are pursuing niche types of securitizations, such as fiber-backed bonds. ABS issuance is up about 38% year-over year, reaching its highest levels since at least 2016, according to data compiled by Bloomberg.

Barclays declined to comment. A representative for Sotheby’s didn’t respond to requests for comment.

Read more: Sotheby’s Pitches Bond Secured by Art Collections of the Wealthy

Sotheby’s was established in 1744 and provides financing to clients, according to its website. All of their loans are secured by art — including fine art, decorative art, jewelry — and are usually in the form of term loans or short-term advances against a client’s consignments with Sotheby’s.

Drahi bought Sotheby’s in 2019, ending its three decades as a public company. He also owns Altice France SA, a highly levered telecommunications company that suffered cuts to its credit rating in recent weeks.

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