Bonds and equity are two very different animals. Bonds have few surprises. They have a defined coupon, a termination date, and if held to maturity, usually perform as expected. Equity has none of that, but everyone knows that equity comprises embedded options, intangible assets, that have value. Enter Ireland, which has married the surprise value of options -- real options at that -- with the bland expectations of  bonds.

According to Bloomberg (Feb 28, Flynn), "under proposals to be laid out next month, the government will offer the visas to investors who spend at least 2 million euros ($2.7 million) on a new “low-interest” security, 1 million euros on property or invest in an Irish company. The sale is aimed at people from outside the European Union (EURR002W) who need permits to live and work in the 27-member bloc." That's right: Visa Bonds. Bloomberg adds that "The government hasn’t yet set the coupon, the rate of interest payable to bondholders. Buyers will be able to bring family members with them, the Justice Ministry said."

Huygens gives a tip of the hat to Ireland for innovative intangible asset monetization.