Goldman Sachs recently pulled its
Dylan bonds from the market.
Goldman had originally expected to sell $300 million worth of the bonds,
backed by the royalties received from songs written by Bob Dylan. The bonds were expected to be issued with a BBB-
rating, but Goldman pulled the bonds to separate the cash flows into
two classes, or "tranches". The senior tranche will carry a higher
credit rating, while the subordinated, or junior, tranche will have a
lower credit rating and bear more default risk than the senior tranche.