NEW YORK , June 16, 2006 – In the month ended May 31, 2006 , four new structured products listed on the NYSE.
Four New Structured Products Join the NYSE in May 2006
Lincoln National Corporation (NYSE: LNC) issued $275 million of 6.75% Capital Securities which began trading on the NYSE on May 1, 2006 under the ticker symbol LNC Pr G. The Capital Securities, due April 20, 2066 , are junior subordinated debentures of Lincoln National Corporation and bear interest at a rate of 6.75% per year, payable quarterly. The Capital Securities, issued in increments of $25, are traded by Banc of America Specialists.
Lincoln National Corporation is a holding company, which operates multiple insurance and investment
management businesses as well as a broadcasting and sports programming business through subsidiary companies.
USB Capital X, a statutory Trust established by U.S. Bancorp (NYSE: USB), issued $500 million of 6.5% Trust Preferred Securities, due April 12, 2066 . The Trust Preferred Securities began trading on the NYSE on May 11, 2006 under the ticker symbol USB Pr I. The only assets of the Trust are 6.5% Income Capital Obligation Notes (ICONs) due April 12, 2066 , issued by
U.S . Bancorp. The Trust Preferred Securities will bear interest from the day they are issued at the annual rate of 6.5%, payable quarterly. The Trust Preferred Securities, issued in increments of $25, are traded by LaBranche & Co. LLC.
U.S. Bancorp operates as a financial holding company. The company provides a range of financial services, including lending and depository services, cash management, foreign exchange and trust and investment management services.
PPLUS Trust Series LTD-1 ,sponsored by Merrill Lynch Depositor, Inc., a wholly owned subsidiary of Merrill Lynch & Co. (NYSE: ML), issued $25 million of PPLUS Class A 6.7% Callable Trust Certificates, due March 1, 2033. The PPLUS Trust Series LTD-1 securities began trading on the NYSE on May 18, 2006 under the ticker symbol PZB. The only assets of the Trust are 6.95% Exchange Debentures due 2033 issued by Limited Brands, Inc. (NYSE: LTD). The PPLUS Trust Series LTD-1 securities will bear interest from the day they are issued at the annual rate of 6.7%, will be paid semiannually. The PPLUS Trust Series LTD-1 Securities, issued in increments of $25, are traded by Van der Moolen Specialists, USA LLC.
Merrill Lynch & Co., Inc. is a holding company that, through its subsidiaries and affiliates, provides broker-dealer, investment banking, financing, wealth management, advisory, asset management, insurance, lending and related products and services on a global basis. Merrill Lynch provides these products and services to an array of clients, including individual investors, small businesses, corporations, financial institutions, governments and government agencies.
The STRATS Trust for Allstate Corporation Securities, Series 2006-3, sponsored by Synthetic Fixed Income Securities, Inc., a wholly owned subsidiary of Wachovia Corporation (NYSE: WB), issued $35 million of Floating Rate Structured Repackaged Asset-Backed Trust Securities (STRATS) Certificates, Series 2006-3, due April 1, 2036 . The STRATS Certificates, Series 2006-3, began trading on the NYSE on May 30, 2006 under the ticker symbol GJT. The only assets of the Trust are 5.95% Notes due 2036 issued by The Allstate Corporation. Interest distributions occur monthly on the first calendar day of each month commencing May 1, 2006 and ending on April 1, 2036. The STRATS Certificates, Series 2006-3, have a fixed interest rate of 8.00% per annum until May 2007, and a floating interest rate equal to the 3-month Treasury bill rates plus 0.80% per annum starting in June 2007, and will be subject to a maximum interest rate of 8.00% per annum. The STRATS Certificates, Series 2006-3, issued in increments of $25, are traded by Spear, Leeds & Kellogg Specialists LLC.
Wachovia Corporation (Wachovia) is registered as a financial holding company and a bank holding company, and provides commercial and retail banking, and trust services through full-service banking offices in Alabama , Connecticut , Delaware , Florida , Georgia , Maryland , Mississippi , New Jersey , New York , North Carolina , Pennsylvania , South Carolina , Tennessee , Texas , Virginia and Washington , D.C.
NYSE “Beyond Equities” – Structured Products
Since 1988, the NYSE has supported the capital-raising needs of qualified companies by providing a market for both debt and equity structured products including capital securities, mandatory convertibles, repackaged securities, equity-linked and index-linked securities, and corporate debt securities traded on the Exchange floor. As the market of choice for structured products, the NYSE trades more than 575 structured products with a total market value greater than $125 billion. The Exchange’s Structured Products Group reported a healthy new-listings environment so far for 2006, with 30 new offerings valued at $11.2 billion.
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