List of Third-Party Trust Preferred Securities

Third-party trust preferreds are securities a Wall Street firm created by buying existing corporate bonds in the institutional market, depositing them in a trust, and selling $25 exchange-traded certificates against them. This list covers the third-party trust preferreds QuantumOnline tracks, including the CorTS, PPLUS, SATURNS, CABCO and CBTCS families.

The distinguishing feature is that the company named in the security never issued it and receives no money from it. The sponsoring brokerage created it from bonds bought on the open market.

Other lists: All Exchange-Traded Income Securities All Preferred Stocks Preferreds Eligible for the 15% Tax Rate Traditional Preferred Stocks Trust Preferred Securities Third-Party Trust Preferred Securities Exchange-Traded Debt Securities Traditional Convertible Securities Mandatory Convertible Securities Convertible Debt Securities

How to use this list

Symbol — click any symbol to open our full security description & information page.
Sort — click a column heading to sort by that column; click again to reverse.
Filter — type in the filter box to narrow the list by ticker symbol or company name.
Prospectus — links to the security's original IPO prospectus filed with the SEC EDGAR system.
"n.a." means not available. This list is dynamic and updated constantly; information is believed accurate but is not guaranteed.

Symbol / CUSIP	Security Description	Exchange	IPO Date	Call Date	Prospectus
CBJCL 126797208	Corporate Asset Backed Corp., CABCO Trust J.C.Penney 7 5/8% Debs	OTOTC	3/19/1999	n.a.	Prospectus
JBK 21988K859	Lehman ABS Corp Bkd Trust Certs 2004-06, Floating Rate Goldman Sachs Cap I	NYSE	3/18/2004	3/19/2006	Prospectus
IPB 45408V203	ML Depositor 6.0518% IndexPlus Trust Series 2003-1 due 5/15/2033	NYSE	12/15/2003	n.a.	Prospectus
PYT 73941X684	ML Depositor PPLUS Trust Floating Rate Goldman Sachs Cap I Certificates GSC-2	NYSE	7/16/2004	8/15/2009	Prospectus
JBR 21988S209	Select Asset, Corp Bkd Call Trust Cert. 2006-1, 7% J.C. Penney Debentures	NYSE	11/24/2006	11/9/2011	Prospectus
SXN.A 81619PAA5	Structured Obligations, Select Notes Trust LT 2003-1 Certificates	AMEX	3/24/2003	n.a.	Prospectus
SXN.B 81619PAB3	Structured Obligations, Select Notes Trust LT 2003-2 Certificates	AMEX	4/25/2003	n.a.	Prospectus
SXN.C 81619PAC1	Structured Obligations, Select Notes Trust LT 2003-3 Certificates	AMEX	7/25/2003	n.a.	Prospectus
SXN.D 81619PAD9	Structured Obligations, Select Notes Trust LT 2003-4 Certificates	AMEX	9/25/2003	n.a.	Prospectus
SXN.E 81619PAE7	Structured Obligations, Select Notes Trust LT 2003-5 Certificates	AMEX	11/17/2003	n.a.	Prospectus
SXN.F 81619PAF4	Structured Obligations, Select Notes Trust LT 2004-1 Certificates	AMEX	6/18/2004	n.a.	Prospectus
KTN 22532R101	Structured Products CorTS, Aon Capital A, 8.205% Certificates	NYSE	1/4/2001	n.a.	Prospectus
KTBA 22080E205	Structured Products CorTS, BellSouth Debentures 7.00% Certificates Due 12/1/2095	OTOTC	6/10/1999	n.a.	Prospectus
COTRP 220803100	Structured Products CorTS, J.C. Penney Debs, 7 5/8% Certificates	OTOTC	5/20/1999	n.a.	Prospectus
KTH 22080R206	Structured Products CorTS, PECO Energy Cap Trust III, 8% Certificates	NYSE	1/25/2001	n.a.	Prospectus
GJH 86311Q204	Synthetic Fixed-Income Sec STRATS 2004-06, 6.375% US Cellular Corp.	NYSE	4/23/2004	4/21/2009	Prospectus
GJO 86312E200	Synthetic Fixed-Income Sec STRATS 2005-04, Float Rate Wal-Mart Stores	NYSE	10/6/2005	n.a.	Prospectus
GJP 78478P889	Synthetic Fixed-Income Sec STRATS 2005-06, Float Rate Dominion Energy, Inc.	NYSE	11/14/2005	n.a.	Prospectus
GJR 863121208	Synthetic Fixed-Income Sec STRATS 2006-01, Float Rate Procter & Gamble	NYSE	2/27/2006	n.a.	Prospectus
GJS 86311R301	Synthetic Fixed-Income Sec STRATS 2006-02, Float Rate Goldman Sachs Group	NYSE	3/31/2006	n.a.	Prospectus
GJT 86310N202	Synthetic Fixed-Income Sec STRATS 2006-03, Float Rate Allstate Corp.	NYSE	4/27/2006	n.a.	Prospectus

Showing 21 of 22 securities

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Why these securities exist

Corporate bonds normally trade in institutional blocks with minimums that put them out of reach for individual investors, and they trade over the counter where retail pricing is poor. Repackaging solves both problems: the trust buys the bonds, and the certificates trade on an exchange in $25 pieces with visible quotes.

For the investor this can open access to an issuer's long-dated debt that would otherwise be unavailable in retail size.

What you need to check

The credit you are exposed to is the underlying bond issuer, not the brokerage whose name appears in the acronym. A CorTS certificate backed by a utility's debentures carries that utility's credit risk.

Read the underlying bond's terms, not just the certificate's. The trust simply passes through whatever the underlying bond does, so its coupon, maturity and call provisions govern. Some trusts hold bonds that are already callable by the original issuer, which can retire the certificate on short notice.

Liquidity is usually thinner than for ordinary preferreds. These are small issues, often $25 to $75 million, and the bid-ask spread can be wide. Limit orders are strongly advisable.

Tax treatment

The underlying instruments are corporate bonds, so distributions are interest income taxed at ordinary rates and are not eligible for the qualified-dividend rate.

About this data

QuantumOnline has tracked exchange-traded income securities since 1997. Every security in this list is researched and maintained by hand from the issuer's prospectus and SEC filings, not scraped from a vendor feed. Where a figure is unavailable we show "n.a." rather than guessing.

Information is believed to be accurate but is not guaranteed, and nothing here is a recommendation to buy or sell. Always confirm terms against the issuer's prospectus before investing.