BOWIE'S BONDS HIT WALL STREET.Byline: Andrew Fraser There are several notable people by the name of Andrew Fraser:
Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. David Bowie, the chameleon chameleon (kəmē`lēən, –mēl`yən), small- to medium-sized lizard of the family Chamaeleonidae. About eighty species are found in sub-Saharan Africa, with a few in S Asia. of rock n' roll who has taken many gambles in reinventing his career over three decades, has passed his risks on to Wall Street. The British icon, whose stage persona has transformed from Ziggy Stardust star·dust n. 1. A dreamlike, romantic, or uncritical sense of well-being. 2. A cluster of stars too distant to be seen individually, resembling a dimly luminous cloud of dust. Not in scientific use. 3. to the Thin White Duke, is marketing bonds that will pay interest from royalties on some of his old songs. The bonds are creative for both the investment world and the entertainment industry. They allow Bowie to collect $55 million up front instead of waiting for the royalty checks to trickle in over many years. No one has ever thought investors would be enticed by esoteric bonds tied to royalties from a singer's former hits. But Prudential Insurance Co. of America - the staid staid adj. 1. Characterized by sedate dignity and often a strait-laced sense of propriety; sober. See Synonyms at serious. 2. insurer - loosened its tie and snapped up all the bonds. They provide Prudential with a 7.9 percent return on its investment over 10 years - an even higher return than the 6.37 percent yield on the new 10-year Treasury note. The insurer said the risks were minimal. Bowie has opened what is envisioned as a new market for so-called asset-backed bonds, which derive value from payments on such things as home mortgages or car loans. In this case, the asset is Bowie's songs. CAPTION(S): Photo Photo: (Color) Singer David Bowie, seen at a concert last month, has developed a new investment. Associated Press |
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