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11 January 2016 at 12:23 GMT
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British rock legend David Bowie, who died at age 69 on Sunday, was a financial pioneer in addition to his musical stardom. He was a leader in the 1990s in the securitisation of his songs to create asset-backed securities, said Reuters Breakingviews columnist Neil Unmack. "The original $55 million of Bowie bonds, sold in 1997 and arranged by financier David Pullman, were the first rated securitisation of bonds backed by music back catalogues," Unmack said. "Other artists like James Brown and Iron Maiden followed suit." The Bowie bonds were later downgraded, but the broader ABS asset class remains vibrant as loose monetary policy and thirst for yield force investors to look for alternatives to ordinary corporate or government bonds, Unmack said. "Despite a global financial crisis, the wider field of esoteric asset-backed securities kick-started by the Thin White Duke has a genuine future."
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