(Bloomberg) -- Apollo Global Management Inc. is selling a $1.65 billion bond backed by Phil Collins and R.E.M. songs in Concord Music Royalties’ first securitization, according to people with knowledge of the matter.

The private equity firm is leading the bond sale and has already secured an anchor order for a large chunk of the debt, said the people, who asked not to be identified as the transaction is private. The deal repackages royalty payments -- both publishing and sound recording rights -- from a catalog of music by several singers and songwriters. 

A spokesperson for Concord said the firm is considering selling bonds, and directed further inquiries to Apollo, a representative for which declined to comment.

The bond offering isn’t the only music royalty securitization that has come to the market this year. Hipgnosis Song Management priced a debut music royalty deal back in August while KKR Credit Advisors printed an inaugural trade in February.

Kroll Rating Bond Agency is expected to rate Concord’s securities and is set to assign them an A+ rating, according to a presale report. The transaction will be collateralized by royalties from a music catalog of content from over 1 million assets from artists and songwriters including R.E.M., Creed, Genesis, Phil Collins, Mike + The Mechanics, and Evanescence.

Read more: Justin Timberlake Royalties to Help Back $222 Million of Bonds

(Updates with comment from Concord in the third paragraph)

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