Similar to previous equity index-linked deals from the bank, Salomon Smith Barney continues structuring principal-protected synthetic securities for retail investors, with the advent of a triple-A wrap on the swap payment.

Salomon's most recent deal, which is currently being marketed and will close Oct. 31, will be tied to a semi-conductor index. The deal is called Tiers Principle Protected Asset-Backed Certificate Trust Series Semi-Conductor 2000-14, and is backed by a pool of triple-A rated credit-card securities. Ambac Assurance Corp. is guaranteeing the swap payment by the counterparty, in this case, Salomon Smith Barney Holdings Inc., the entity from which Salomon issues medium term notes.

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