A royalties-backed (future-cash-flow-backed) bond that was issued by rock star David Bowie on his albums (e.g. The Rise and Fall of Ziggy Stardust, the Spiders from Mars, etc). These Bowie bonds promised to pay interest at a rate of 7.9% over 10 years using cash flow generated from Bowie’s albums (those recorded before 1990). At the time, Moody’s Investor Services assigned an investment-grade rating to these bonds, thanks to the earning power of Bowie’s releases. The Prudential Insurance Company purchased the entire bond issue for $55 million, seeking its attractive rate of interest (10-year Treasury bonds were paying then about 6.4% interest). For the rock star, the deal allowed him to capture the present value of 10 years of future cash flow.