From star man to Spider-Man - The growth of intellectual property ABS

Asset-backed securities


It's rare that a rock star starts a trend in bond securitisation. But when David Bowie issued $55 million in 'Bowie bonds' backed by the royalties from the sale of his songs seven years ago, he did just that. Asset-backed securities (ABS) collateralised by intellectual property, whether that property is a song library, a portfolio of drug patents or a fashion brand, have been gradually growing since 1997. An estimated $10-15 billion in deals have been sold in the US to date, at a

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