Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 04-6 A1 3.50
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- Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 (NYSE: JBK) operates as a static common law trust that issues floating-rate trust certificates backed by corporate securities. The trust's core asset consists of 6.345% fixed-to-floating rate capital securities due February 15, 2034, issued by Goldman Sachs Capital I, a Delaware statutory trust and wholly-owned subsidiary of The Goldman Sachs Group, Inc.; these are paired with an interest rate swap originally between the trust and Lehman Brothers Special Financing Inc. to enhance yield and manage interest rate risk. Certificate holders receive quarterly distributions initially at a 3.50% fixed rate ($0.875 per $25 face value certificate) through May 2004, thereafter resetting to three-month LIBOR plus 0.75% (floored at 3.50% and capped at 7.50%), with payments on February 15, May 15, August 15, and November 15; following any swap termination event, distributions shift to semiannual in February and August. The certificates, designated Class A-1 with CUSIP 21988K859, were publicly offered in 2004 at $25 per unit by Lehman ABS Corp., an indirect wholly-owned subsidiary of Lehman Brothers Inc., which served as depositor and swap counterparty under the Standard Terms for Trust Agreements dated January 16, 2001, as supplemented for Series 2004-6; U.S. Bank Trust National Association acts as trustee. The trust maintains no employees or independent operations, functioning solely to hold the specified securities and swap, collect payments, and distribute proceeds to investors net of expenses; certificates became exchangeable after March 19, 2006, under terms involving swap adjustments detailed in the prospectus. Initially rated A- by S&P and A1 by Moody's, the securities trade on the NYSE with a par value of $25, targeting institutional and retail fixed-income investors seeking enhanced yield on Goldman Sachs-backed obligations. Geographic operations are U.S.-centric, with headquarters notionally aligned to the depositor's principal office at 1271 Avenue of the Americas, New York, New York 10021, and listings on the NYSE. The trust formed in 2004 amid structured finance activity by Lehman Brothers, which filed for bankruptcy in 2008, though the trust's assets decoupled via the pre-negotiated Barclays asset sale and ongoing SIPC liquidation concluded in 2022 with over $115 billion returned to creditors. Target customers include yield-focused investors in preferred securities and corporate-backed trusts within the financial services sector. Recent developments include routine trustee distribution statements filed via Form 8-K, with the latest covering periods through 2022 and earnings reports as of April 1, 2025; a tender offer for the certificates was announced and increased to $26.00 per $25 principal amount, reflecting market dynamics amid low volatility (beta 0.02) and yields around 6.17%-12.39%. No major acquisitions, funding rounds, or strategic shifts occurred in the last 1-2 years, as the trust remains static post-Lehman collapse; ongoing SEC filings confirm stable operations with quarterly dividends, such as ex-date August 14, 2025.