In the month ended
July 31, 2006 , five new structured products listed on the NYSE, totaling $1.815 billion.
Protective Life Corporation (NYSE: PL) issued $200 million of 7.25% Capital Securities due 2066 which began trading on the NYSE on July 14, 2006, under the ticker symbol PL Pr D. The securities are junior subordinated debentures which bear interest at a rate of 7.25% per year, payable in arrears quarterly. The Capital Securities, issued in increments of $25, are traded by Kellogg Specialist Group. Protective Life Corporation is a holding company whose subsidiaries provide financial services through the production, distribution, and administration of insurance and investment products. The Company operates in five segments: Life Marketing, Acquisitions, Annuities, Stable Value Products and Asset Protection.
KeyCorp Capital VIII, a statutory trust established by KeyCorp (NYSE: KEY), issued $250 million of 7.00% Enhanced Trust Preferred Securities which began trading on the NYSE on July 14, 2006 , under the ticker symbol KEY Pr D. The only assets of the trust are KeyCorp’s 7.00% Junior Subordinated Debentures due June 15, 2066 . The securities bear interest from the day they are issued at the annual rate of 7.00%, payable quarterly. The Enhanced Trust Preferred Securities, issued in increments of $25, are traded by Spear, Leeds & Kellogg Specialists, LLC. KeyCorp is a financial holding company that, through its subsidiaries, provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance and investment banking products and services to individual, corporate and institutional.
AEGON N.V. (NYSE: AEG) issued $550 million of 6.875% Perpetual Capital Securities, which began trading on the NYSE on July 24, 2006 , under the ticker symbol AEV. The securities have no stated maturity date and bear interest at a rate of 6.875% per year, payable quarterly. The Perpetual Capital Securities, issued in increments of $25, are traded by Spear, Leeds & Kellogg Specialists, LLC. AEGON N.V. is a holding company that, through its member companies that are referred to as the AEGON Group, focuses on life insurance, pensions, savings and investment products. The AEGON Group is also active in accident, supplemental health, general insurance and some limited banking activities. AEGON's three major markets are the United States of America , the Netherlands and the United Kingdom .
Citigroup Capital Trust XIV, a statutory trust established by Citigroup Inc. (NYSE: C), issued $565 million of 6.875% Enhanced Trust Preferred Securities. The securities began trading on the NYSE on July 27, 2006 , under the ticker symbol C Pr O. The only assets of the trust are Citigroup Inc.’s Junior Subordinated Debt Securities due June 30, 2066 . The securities bear interest from the day they are issued at the annual rate of 6.875%, payable quarterly. The Enhanced Trust Preferred Securities, issued in increments of $25, are traded by Bear Wagner Specialists, LLC.Citigroup Inc. (Citigroup) is a diversified global financial services holding company whose businesses provide a broad range of financial services to consumer and corporate customers. The Company is a bank holding company.
PPL Energy Supply, LLC, a wholly owned subsidiary of PPL Corporation (NYSE: PPL), issued $250 million of 7.00% Senior Notes due 2046, which began trading on the NYSE on July 27, 2006 , under the ticker symbol PLS. The Senior Notes are unsecured and unsubordinated obligations of PPL Energy Supply, LLC and will bear interest at a rate of 7.00% per year, payable quarterly. The Senior Notes, issued in increments of $25, are traded by Spear, Leeds & Kellogg Specialists, LLC. PPL Energy Supply, formed in 2000 and headquartered in Allentown, Pennsylvania, is an energy company engaged, through its subsidiaries, in the generation and marketing of electricity primarily in the northeastern and western power markets of the United States, and in the delivery of electricity in the United Kingdom and Latin America.
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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. The Exchange’s Structured Products Group reported a healthy new-listings environment so far for 2006, with 37 new offerings valued at almost $9 billion.
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