8-K: Corporate Backed Trust Certificates Distributes $431,333.10 to Holders

A distribution of $431,333.10 was made to holders of the Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 Trust on February 15, 2024.

Summary

• The Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 Trust made a distribution to its certificate holders on February 15, 2024.
• The total distribution amount was $431,333.10, which came from scheduled income received on the underlying securities.
• There were no other reportable transactions or matters during the current reporting period.
• The trust holds $13,596,000 in Goldman Sachs Capital I, 6.345% Capital Securities due February 15, 2034.
• The trust also has a swap agreement with Lehman Brothers Special Financing Inc. with a notional amount of $13,596,000.

Sentiment

Score: 7

Explanation: The document reports a routine distribution, which is positive for certificate holders. There are no significant negative aspects, but also no major positive developments beyond the expected distribution.

Positives

• The trust successfully distributed $431,333.10 to its certificate holders.
• The distribution was funded by scheduled income, indicating a regular income stream from the underlying securities.

Risks

• The document notes that neither Lehman ABS Corporation nor the Trustee has verified the accuracy or completeness of the reports from The Goldman Sachs Group, Inc.
• There is no assurance that events affecting the issuer of the underlying securities have not occurred or have not yet been publicly disclosed which would affect the accuracy or completeness of the publicly available documents.

Future Outlook

The document does not provide any specific forward-looking statements or guidance.

Management Comments

• In preparing this report the Registrant has relied on information provided to it by the Trustee.

Industry Context

This is a routine distribution announcement for a structured finance product, specifically a corporate backed trust certificate. These types of trusts are common in the financial industry and are used to securitize various types of debt.

Comparison to Industry Standards

• The distribution of $431,333.10 appears to be a standard periodic payment based on the income generated by the underlying securities.
• Similar trusts, such as those backed by mortgage-backed securities or other corporate debt, also make regular distributions to their certificate holders.
• The reliance on information from the trustee is standard practice for these types of trusts, as the trustee is responsible for managing the assets and making distributions.
• The trust's holdings of Goldman Sachs Capital I securities is a common type of asset for these types of trusts, as they are generally considered to be relatively stable and generate a predictable income stream.

Stakeholder Impact

• The distribution of $431,333.10 directly benefits the certificate holders of the trust.
• The trust's continued operation and distribution of income is important for the investors who rely on these payments.

Key Dates

Keywords

Distribution, Trust Certificates, Goldman Sachs, Securities, Income, Swap Agreement