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celebrity bond
A celebrity bond is commercial debt security issued by a holder of fame-based intellectual property rights to receive money upfront from investors on behalf of the bond issuer and their celebrity clients in exchange for assigning investors the right to collect future royalty monies to the works covered by the intellectual property rights listed in the bond. Typically backed by music properties, the investment vehicle was pioneered in 1997 by rock and roll investment banker David Pullman through his $55 million David Bowie bond deal.
==Background==
Celebrity bonds are commercial debt securities issued by a holder of fame-based intellectual property rights to receive money upfront from investors on behalf of the bond issuer and their celebrity clients in exchange for assigning investors the right to collect future royalty monies to the works covered by the intellectual property rights listed in the bond. While a celebrity bond can cover any work of art whose future royalties are based in part on a widespread reputation of the creator of the work, celebrity bonds often are music-based celebrity bonds. For a music-based celebrity bond, a music celebrity bond issuer seeks to put together intellectual property rights of one or various artists to "songs that have stood the test of time," typically "top-40 greatest hits across genres from jazz to rap to rhythm and blues."〔 In addition to getting money upfront, artists additionally retain ownership of their work and do not have to pay tax on what the IRS considers a loan, since yet-to-be received royalties are re-characterized by the bond agreement as loan interest and principal payments.〔 The artists also passes on the risk to investors that the works backing up the celebrity bond will lose their appeal, where the investors are in a better position than the artist to assess such a risk.〔
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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