How David Bowie changed finance

The world lost one of the most innovative and successful artists of all time. But David Bowie was also the man who sold the world … a new type of bond.

During half a century, Bowie recorded dozens of albums. The music and fashion icon released his last album “Blackstar” on his 69th birthday, January 8, 2016, just two days before his death.

In 1997, with banker David Pullman, he created bonds backed by the royalties from 25 of his albums released from his golden years starting from 1969 to 1990. The bonds were bought by Prudential (PRU) for $55 million and had a 7.9% coupon and amortized over 10 years. Because they were technically interest-paying bonds and thus considered a loan, Bowie got the money without the tax liability.......


To this day, bonds issued by artists are sometimes referred to as “Bowie Bonds” in honor of the man who changed music – and finance.