Bowie Bonds On Watch

Burns, Mairin
June 2003
Investment Dealers' Digest;6/2/2003, Vol. 69 Issue 22, p10
Trade Publication
One of the much heralded intellectual property in structured finance, Bowie Bonds, has been under threat of a downgrade. The brainchild of David Pullman, founder and chief executive of the New York-based Pullman Group, the Bowie bonds were designed to give British pop star David Bowie instant access to future royalties from copyrights on a catalog of his songs. The predictability of the revenue streams instilled the credit rating agencies with the confidence to award the transaction single-A ratings. But the decline in retail sales across the music entertainment industry led Moody's Investors Service Inc. to put the securitization on review for a possible downgrade from its current A3 level.


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