Why spend money on a pinup girl's book, when you can cash in on her success?

That's the thinking behind a new type of bond being offered by Japan Digital Contents Inc.

The Tokyo-based company has announced plans to issue short-term bonds whose returns are secured by royalties from the careers of five up-and-coming female idols, a deal known as securitization. The securities, tied to the girls' book and DVD sales, would mature in March 2006.

The Idol Bonds "will become a kind of fan club," said company spokesman Tomoki Hamao, adding that the goal is to raise 5 million yen for each young lady.

Securitization packages a property or a commodity as an investment opportunity. Investors shoulder much of the risk but can potentially score big returns.

In recent years, the domestic securitization market has been expanding rapidly, with companies applying the idea to everything from deadbeat companies' debt to video games and undiscovered rock musicians.

The idea of securitizing a person is relatively new. British pop star David Bowie became the first to sell bonds whose returns were tied to his music royalties in the 1990s.

Hamao wouldn't say how much investors could expect to make. But he said, "If the girls make it big, you can expect high returns."

Earlier this year, Jurassic Park Institute Tour Inc., which runs a dinosaur theme park in Japan, attracted 1.5 billion yen from investors whose returns hinge on the park's ticket sales.