David Bowie's financial legacy is actually Hunky Dory. That may not be obvious from the landmark 1997 securitization of songs by the legendary British singer, who passed away at age 69 on January 10, 2016: because of music-industry-specific issues, Bowie’s bonds were later downgraded. But despite a global financial crisis, the wider field of esoteric asset-backed securities (ABS) kick-started by the Thin White Duke has a genuine future.

For an absolute beginner in the world of finance, Bowie’s legacy endures beyond a “Drive-in Saturday” or “Five Years.” The original $55 million of Bowie bonds, sold in 1997 and arranged by financier David Pullman, were the first rated ABS backed by a music catalog. Other artists like James Brown and Iron Maiden followed suit.

The Bowie bonds have a checkered history. Bowie’s career had peaked long before 1997, the year they were issued. His album of that same year, Earthling, was an unsuccessful foray into the drum and bass genre. Bowie’s ABS were downgraded by Moody’s in 2004 after sales disappointed. A decade later, the financial crisis seemed to permanently tar the spirit of innovation that defined the Bowie bonds, as the subprime mortgage bubble wrecked the western financial system.

Yet, eight years after the financial crisis, the broader asset class of esoteric ABS remains surprisingly vibrant. Loose monetary policy and the thirst for yield have forced investors to look for alternatives to ordinary corporate or government bonds. Sales of non-traditional asset-backed debt made up 11 percent of the total last year, according to SIFMA – roughly the same as in 2007, before the crisis. Citigroup expects sales of $27 billion this year.

Sure, today the assets are more humdrum. Music-royalty deals have given way to assets classes like installment loans and cell towers. Yet esoteric ABS remains at the forefront of structured finance innovation. Recent deals include the first securitizations of peer-to-peer loans and green-energy loans.

The risks are high: Assets with little history are hard to model and vulnerable to sudden changes in regulation or government intervention. But enough of them are likely to succeed for Bowie’s financial oddity to stay in “Fashion.”