TIERS CORPORATE BOND-BACKED CERTIFICATES
TRUST C 1998-6
FINANCIAL STATEMENT
FOR THE YEAR ENDED JUNE 30, 1999
TOGETHER WITH AUDITORS' REPORT
TIERS CORPORATE BOND-BACKED CERTIFICATES TRUST C 1998-6
TABLE OF CONTENTS
DESCRIPTION PAGES
Independent Auditors' Report 3
Schedule of Cash Receipts and Disbursements 4
for the year ended June 30, 1999
Notes to Financial Statement 5 - 6
REPORT OF INDEPENDENT AUDITORS
The Trustee of TIERS Corporate Bond-Backed
Certificates Trust C 1998-6
We have audited the accompanying Schedule of Receipts and
Disbursements (the "Schedule") of TIERS Corporate Bond-Backed
Certificates Trust C 1998-6 for the year ended June 30, 1999.
This Schedule is the responsibility of TIERS Corporate
Bond-Backed Certificates Trust C 1998-6 Trustees. Our
responsibility is to express an opinion on this Schedule based
on our audit.
We conducted our audit in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the Schedule is free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the Schedule. An audit also includes assessing
the accounting principles used and significant estimates made by
the Trustees, as well as evaluating the overall Schedule
presentation. We believe that our audit provides a reasonable
basis for our opinion.
As described in Note 2, the financial statement presents
receipts and disbursements of the TIERS Corporate Bond-Backed
Certificates Trust C 1998-6 in accordance with the trust
indenture and is not intended to be a presentation of financial
statements in accordance with generally accepted accounting
principles.
In our opinion, the Schedule referred to above presents fairly,
in all material respects, the receipts and disbursements of the
TIERS Corporate Bond-Backed Certificates Trust C 1998-6 for the
year ended June 30, 1999 on the basis of accounting as described
in Note 2.
New York, New York
September 30, 1999
3
TIERS Corporate Bond-Backed Certificates Trust, Series C 1998-6
Schedule of Receipts and Disbursements
For the year ended June 30, 1999
RECEIPTS
Interest on $50,000,000 p.a Chrysler Corporation
7.40% Debentures due August 1, 2097 $3,700,000
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Total Cash Receipts $3,700,000
==========
DISBURSEMENTS
Interest paid on TIERS Corporate Bond-Backed Certificates
Trust, Series C 1998-6 $2,706,371
Principal paid on TIERS Corporate Bond-Backed Certificates
Trust, Series C 1998-6 993,629
-----------
Total Cash Disbursements $3,700,000
===========
The accompanying notes are an integral part of financial statements
ASTON BELL & ASSOCIATES
4
TIERS CORPORATE BOND-BACKED CERTIFICATES TRUST C 1998-6
NOTES TO FINANCIAL STATEMENT
FOR THE YEAR ENDED JUNE 30, 1999
NOTE 1
- ------
TIERS Corporate Bond-Backed Certificates Trust C 1998-6 (the "Trust") was formed
pursuant to the Trust Agreement dated as of May 21, 1998 (the "Closing Date"),
between Structured Products Corp., as depositor, and U.S. Bank Trust National
Association, as trustee, as supplemented by the Series C 1998-6 Supplement dated
as of May 21, 1998. The Trust Agreement was qualified as an indenture under the
Trust Indenture Act of 1939, as amended.
Securites of the Trust are Certificates, each of which represents a fractional
undivided beneficial interest in the Trust; these securities were issued
pursuant to the Trust Agreement and consisted of two classes: the ZTF Class
Certificates and the Amortizing Class Certificates. In addition, the Term Assets
are the sole assets of the Trust from which Certificateholders will receive any
distributions.
NOTE 2
- ------
The financial statement presents receipts and disbursements of the TIERS
Corporate Bond-Backed Certificates Trust C 1998-6 in accordance with the trust
indenture and is not intended to be a presentation of financial statements in
accordance with generally accepted accounting principles. Certain financial
statement items are defined in the trust indenture as follows:
Term Assets - The Term Assets consist of $50,000,000 aggregate principal amount
of Chrysler Corporation 7.40% Debentures, due 2097, having the characteristics
described in a prospectus dated February 19, 1997 and a supplement thereto dated
July 15, 1997. The Term Assets were issued and sold as part of an underwritten
public offering of $500,000,000 aggregate principal amount of such securities.
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TIERS CORPORATE BOND-BACKED CERTIFICATES TRUST C 1998-6
NOTES TO FINANCIAL STATEMENT
FOR THE YEAR ENDED JUNE 30, 1999
NOTE 2 - CONTINUED
- ------------------
ZTF Class Certificates - The ZTF Class Certificates consist of $50,000,000
aggregate Certificate Principal Balance. Except in the case of a Special Event
Redemption,no cash distributions will be made on the ZTF Class Certificates.
Instead,the ZTF Class Certificates outstanding on August 1, 2018 will be
terminated and deemed involuntarily surrendered by the holders thereof in
exchange for a principal amount of the Term Assets underlying such ZTF Class
Certificates equal to the aggregate Certificate Principal Balance of such ZTF
Class Certificates.
Amortizing Class Certificates - The Amortizing Class Certificates consist of
$41,250,000 aggregate initial Certificate Principal Balance. Distributions on
the Amortizing Class Certificates will consist of semiannual Fixed Payments
payable on each Distribution Date up to and including August 1, 2018.
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