Business Context and Reporting Period
This Form 8-K filing by Structured Products Corp. on behalf of the CorTS Trust for PECO Energy Capital Trust III reports a distribution event for the period ending November 2, 2020. The Trust holds $27,500,000 in aggregate principal amount of PECO Energy Capital Trust III 7.38% Capital Securities due April 6, 2028 (the "Term Assets").
Key Financial Metrics
- Distribution Amount: $1.000000 per $25 Class A Certificate (entirely interest; $0.000000 principal).
- Outstanding Certificates: 1,014,750 Class A Certificates.
- Aggregate Certificate Principal Balance: $25,368,750.
- Unpaid Interest: $0.000000 as of the Distribution Date.
- Trustee Fees: No fees were paid from the proceeds of the Term Assets.
- Credit Ratings: The filing does not provide the current rating of the Term Assets.
Material Changes
The filing does not disclose material changes in financial position compared to prior periods, as it is a routine notification of a scheduled distribution. The aggregate principal amount of the underlying Term Assets remains at $27,500,000.
Guidance, Outlook, and Risks
Management Commentary: The Trustee explicitly states that neither Structured Products Corp. nor the Trustee participated in the preparation of the issuer's reporting documents, conducted due diligence, or verified the accuracy of the underlying issuer's information.
Risks and Contingencies: The filing notes that there can be no assurance that events affecting the underlying issuer (PECO Energy Company) have not occurred or been disclosed which might affect the accuracy of publicly available documents. Investors are directed to contact rating agencies directly for current credit ratings.
Investor Verification Checklist
- Verify the current credit rating of the underlying PECO Energy Capital Trust III 7.38% Capital Securities with Standard & Poor's or Moody's, as the filing does not include this data.
- Confirm the status of the underlying issuer, PECO Energy Company, via its own Exchange Act filings (File No. 000-16844).
- Review the Trustee's Report (Exhibit 1) for the specific calculation of the $1.000000 interest distribution per certificate.
- Note that the Trustee has not verified the accuracy of the underlying issuer's financial reports.