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Not only was David Bowie a musical genius, but the one-time glam rocker was a financial innovator as well.
In 1997, Bowie, together with Wall Streeter David Pullman, packaged the rights to 25 albums — roughly 300 songs and publishing rights — into $55 million of bonds that provided the singer with a desired upfront cash payment without having to sell his rights.
Bowie, who died Sunday at the age of 69, was the first to securitize future royalties. Many followed.
A trend-setter in finance, the securities would become known as “Bowie Bonds.” The concept was copied by Ashford & Simpson, James Brown and Iron Maiden, among others.
And not only did they set a trend, the “Bowie Bonds” sold to Prudential Insurance, posted a return of 7.9 percent over 10 years — well above the rate of other similarly-rated bonds.
“People initially thought we were crazy, but three months later they were calling it a good idea,” Pullman told The Post. “And within six months everybody was acting as if it was their idea.”
Bowie, who first thought he would have to sell the rights to raise the cash, used some of the money raised with the bonds to buy out rights to his catalogue that had fallen into the hands of a former manager.
And he liked the idea so much Pullman remembers him saying, “After these bonds mature, we can do it again.”
A second edition of “Bowie Bonds” were never issued.


