Chord Sells Bonds Tied to Diplo, Twenty One Pilots Royalties

Chord Music Partners, a firm that invests in music rights, sold $500 million of bonds backed by royalties from artists including Twenty One Pilots, Morgan Wallen and Diplo.

The asset-backed securities are tied to a catalog of more than 3,750 works from several artists and songwriters — a group that also includes Ryan Tedder, $uicide Boy$ and ZZ Top, according to a Kroll Bond Rating Agency report. The portfolio is valued at about $830 million.