Just as he blazed a trail through the world of rock’n’roll, David Bowie gave financial markets something they had never seen before — pop bonds.
In 1997, the musician, whose death was announced yesterday, sold $55m of “Bowie Bonds”, securities backed by current and future revenues of the 25 albums he recorded before 1990.
Rather than receiving income from works such as The Rise and Fall of Ziggy Stardust and the Spiders from Mars, the bonds allowed Bowie to borrow more money up front. Investors received interest of 7.9 per cent for the 10-year bond.
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