Business: Corporate Asset Backed Corp., CABCO Trust Certificates, principal amount $25 per trust certificate. The underlying securities are the J.C. Penney Co. Inc. 7 5/8% debentures due 3/01/2097. The certificates are redeemable any time at the issuer's option at $25 plus an additional redemption premium amount based on the present value of the remaining scheduled payments based on a certain benchmark interest rate plus 20 basis points which appears to make the actual redemption of these securities unlikely prior to the maturity date. The certificates pay distributions of 7 5/8% ($1.90625) per annum semiannually on 3/1 & 9/1. The certificates are expected to trade flat, which means accrued interest will be reflected in the trading price and the purchasers will not pay and the sellers will not receive any accrued and unpaid interest. To be issued the certificates must be rated at least A by S&P and A2 by Moody's. For further information on the CABCO Trust Certificates, see the IPO Prospectus by clicking on the link provided below. Corporate Asset Backed Corp. is a subsidiary of UBS PaineWebber.