The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

Securitisation: Blame Bowie – apparently

For those who didn’t see it, there was a report in UK tabloid the Daily Mirror (see http://www.mirror.co.uk/news/top-stories/2009/01/12/david-bowie-s-back-catalogue-bonds-may-have-started-the-credit-crunch-115875-21036649) promoting a new TV series hosted by the BBC’s former economics editor Evan Davis. The show plans to explain the factors behind the global financial crisis (see http://www.bbc.co.uk/programs/b00gtljy).


Davis has a knack of explaining complex concepts simply; in the first program, he blames several of the normal suspects and, somewhat intriguingly, music legend David Bowie. He argues that the issuance of Bowie bonds back in 1997 kick-started the concept of securitisation; the banks then took the concept to a new level with disastrous results. To quote Bowie’s Ziggy Stardust: “He took it all too far, but boy could he play guitar.”

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree