Sotheby’s Plans $500 Million Bond Sale Secured by Art, Collectibles
- Barclays may start premarketing process as soon as Wednesday
- More issuers have been pursuing niche types of securitizations
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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.
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.