Bowie Bonds are part of late rock star’s legacy

David Bowie, who died on Sunday, is widely recognized for his influence on rock music and fashion. But he also had a hand in transforming financial markets, reports Bloomberg.

Bloomberg says, “The musician, who died on Sunday, was the first to securitize royalty streams, selling $55 million of Bowie Bonds in 1997 that were tied to future earnings from hits including ‘Space Oddity’ and ‘Changes.’ Securities backed by royalties allow artists to raise money without selling off their works completely or waiting years for payments to come in.”