David Bowie: Starman of structured finance

摘要

David Bowie, who sadly passed away last week, was not just a giant in the music and fashion businesses. He made a significant contribution to the bond market, in particular structured finance, by pioneering intellectual property securitisation - via so-called Bowie Bonds. The bonds - actually called Bowie Assisted Living bonds - were downgraded by Moody's (from an initial A3) during their life, but they made good money for investors. They were called at 100 in January 2004 having paid holders a coupon of 7.9% since their launch in 1997.