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Life is a Circus for Bowie banker

Ziggy: innovative

David Bowie was a big hit when he debuted in the securities market. His $55 million bond issue securitized by future royalties on his back catalogue of records was an innovative transaction, appeared to herald a slew of similar deals, and made a star out of banker David Pullman.

It's been five years since the deal and the 8% bond has matured. The market, however, has not. Only Pullman has survived as a player in intellectual property securitization. The Pullman Group has trademarked such deals as Pullman Bonds and he has structured similar deals for James Brown, Ashford and Simpson, the Isley Brothers and Holland, Dozier and Holland. Other hopeful entrants, notably Nomura, have pulled out.

To celebrate his success and the fifth anniversary of the Bowie deal, Pullman has arranged for songs included in the deals to be played on United Airlines flights.

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