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Suppose you structured a bond deal for Kanye West that paid him $20 million upfront, with future royalties and streaming revenues from his past albums
Suppose you structured a bond deal for Kanye West that paid him $20 million upfront, with future royalties and streaming revenues from his past albums going towards payments to bondholders. Each bond had a face value of $1,000 and a coupon rate of 9.0% with semi-annual coupons. If the bonds have 6 years remaining until maturity and the current yield to maturity is 11.0%, how much is the bond worth? Round to the nearest cent.
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