David Bowie's revolutionary royalty 'bonds' investments have hit trouble - financial experts have predicted their value has dramatically slumped.

The LET'S DANCE rocker gave up future royalty payments on his massive back catalogue in 1997 in return for a huge advance payment in a $49.5 million (GBP33 million) deal - giving investors the chance to buy and sell 'bonds' which promised an annual 7.9 per cent return.

However, due to a dramatic slump in record music sales - mainly due to recent innovations in downloading tracks off the internet - the bonds are now at risk of losing their A3 investment-grade credit rating, according to American analysts MOODY'S INVESTORS SERVICE.

Despite speculation artists including SIR Elton John, Sting and GEORGE MICHAEL were considering a similar deal, only James Brown and THE ISLEY BROTHERS joined Bowie in the scheme.

28/05/2003 20:10