sothebys art backed securitization collectible cars 900 million 1234771306

Sotheby's Financial Services has priced a $900 million securitization deal backed by loans secured against artworks and, for the first time, collectible cars. The transaction bundles hundreds of loans, using the assets as collateral, and sells bonds representing the future loan payments to institutional investors, providing Sotheby's with upfront capital to issue new loans.