Business Context and Reporting Period
This Form 8-K is a current report filed by Structured Products Corp. on behalf of the CorTS Trust for PECO Energy Capital Trust III. The report covers the distribution event dated April 30, 2009. The Trust holds PECO Energy Capital Trust III 7.38% Capital Trust Pass-Through Securities due April 6, 2028, as underlying Term Assets.
Key Financial Metrics
| Metric | Value |
|---|---|
| Distribution Date | April 30, 2009 |
| Distribution per $25 Certificate | $1.000000 (Interest only) |
| Principal Distribution | $0.000000 |
| Aggregate Term Assets Held | $27,500,000 |
| Outstanding Certificates | 1,014,750 |
| Aggregate Certificate Principal Balance | $25,368,750 |
| Unpaid Interest | $0.000000 |
| Trustee Fees Paid | None |
Material Changes
The filing does not provide comparative financial data or prior period metrics to assess material changes in revenue, profit, or cash flow. The report focuses solely on the execution of the scheduled quarterly distribution.
Guidance, Outlook, and Risks
Management Commentary: The Trustee, U.S. Bank Trust National Association, 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 information.
Risks and Contingencies: The filing notes that there can be no assurance that events affecting the issuer (PECO Energy Company) or the underlying securities have not occurred or been disclosed which might affect the accuracy of public documents. The current credit rating of the Term Assets is not provided in this report.
Investor Verification Checklist
- Verify the current credit rating of the PECO Energy Capital Trust III Term Assets with Standard & Poor's or Moody's, as it is not included in this filing.
- Confirm the financial health and reporting status of the underlying issuer, PECO Energy Company (File No. 000-16844), given the Trustee's disclaimer regarding due diligence.
- Review the Trustee's Report (Exhibit 1) for any additional details on the distribution mechanics not summarized here.