Bowie Bond

Definition

Asset-backed security (ABS) whose underlying collateral consists of an intellectual property right. In this arrangement a copyright owner (such as lyricist or singer) sells bonds which are serviced and redeemed from the revenue generated by the sales his works (such as records). It is named after the UK rock star David Bowie (famous for the classics such Changes, China Girl, Let's Dance) whose 1997 bond issue (underwritten by the Prudential Insurance Co.) was bought by a group of insurance companies for 55 million dollars. He pledged the future royalties from 25 of his pre-1990 albums as collateral.

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