Holders of the riskiest parts of three asset-backed securities deals may see losses.
The auction house plans to securitize loans made to the wealthy, with art used as collateral.
MBS made up 45% of TCW's Metropolitan West Total Return Bond Fund's $64 billion portfolio -- its biggest holding -- as of Sept. 30.
The transaction could serve as a blueprint for other owners of media properties that are looking to borrow.
Fund managers are pouring money into asset-backed securities, bonds typically backed by bundles of consumer loans.
Spreads have widened to levels that are hard to pass up, he said.
Corporations have sold more than $58 billion of asset-backed securities supported by auto loans this year.
Applications to refinance mortgages have fallen about 45% in the last six months.
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