Hello, can explain more about this question? what is the asymmetric information problem? it is a moral hazard or adverse selection or ?TQ

1. Recently the performer David Bowie raised over $55 million by issuing personal bonds, which he agreed to pay off when they mature in ten years. Bowie offered royalty sales from his past album,which asymmetric information problem would exist if Bowie offered royalty sales from future albums as collateral?