What coupon did the Bowie Bonds pay?
Correct!
Wrong!
Over a ten-year term.
What term did the notes run for?
Correct!
Wrong!
Issued in 1997 and repaid at maturity in 2007.
Which albums did the securitisation cover?
Correct!
Wrong!
A defined back catalogue.
What rating did Moody’s initially assign?
Correct!
Wrong!
Investment grade, and their first on a music royalty deal.
In which year did Moody’s cut the bonds’ rating to Baa3?
Correct!
Wrong!
March 2004, seven years after issue, citing falling recorded-music sales.
What happened when the notes reached maturity in 2007?
Correct!
Wrong!
Every payment was made early or on time. The bonds did not fail.
Which record company held the licensing deal behind the royalties?
Correct!
Wrong!
A 1997 licensing arrangement.
Why was Bowie’s timing favourable to him?
Correct!
Wrong!
The buyer took the downside.
Which artists followed with comparable deals?
Correct!
Wrong!
The structure was copied quickly.
Why should the $55 million not be counted as net worth?
Correct!
Wrong!
Counting it would double-count the same income.
David Bowie Quiz: Medium Challenge
Casual
The basics are solid; the detail is harder.
Well Informed
A strong round on a tougher set.
Expert
That was not an easy ten.