BOWIE BOND
Asset-backed security using an intellectual property right as collateral. The copyright owner sells bonds that are serviced and redeemed from the generated revenue by selling the works. This was named after English musician David Bowie when he used the current and future revenue from 25 albums he recorded as collateral. Recorded before 1990s, its proceeds were used to acquire his old recordings. Upon creating the bonds, he lost royalties for the bond’s life.
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