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AMEX INTRODUCES THE FIRST HYBRID DEBT SECURITIES LINKED TO S & P'S MIDCAP 400 INDEX; PAINE WEBBER GROUP INC. IS FIRST ISSUER

 NEW YORK, May 26 /PRNewswire/ -- The American Stock Exchange today began trading the first Stock Index Return Securities on Standard & Poor's MidCap 400 Index. Listed under ticker symbol, SIS, the securities mature on June 2, 2000.
 Paine Webber Group Inc. issued 2.8 million units of the new securities, which were offered by underwriter PaineWebber Incorporated.
 At the start of today's trading, the Stock Index Return Securities opened at $10 on 2,000 units.
 "Stock Index Return investments represent a relatively new form of security which combine both equity and debt features," said American Stock Exchange Senior Vice President of Capital Markets Ben Krause. "Financially engineered products that provide a mechanism for principal preservation, capital appreciation and flexibility are key ingredients in meeting the investment needs and objectives of today's investor," he added.
 If the S & P MidCap 400 Index rises in value at maturity, investors will receive 115 percent of the appreciation plus the initial principal of $10. If the Index declines or remains unchanged at maturity, investors will receive the initial $10 unit value.
 The AMEX has been trading options on the MidCap 400 Index (ticker symbol: MID) since February of 1992, under an exclusive licensing agreement with S & P. The S & P MidCap Index is a compilation of 400 stocks with a total market value of approximately $475 billion.
 A leader in the derivative securities arena, the American Stock Exchange was the first U.S. marketplace to trade single and multiple currency warrants based on the value of the U.S. dollar in relation to the Japanese yen, German mark and British pound.
 The AMEX also pioneered the trading of warrants based on foreign indices such as Japan's Nikkei 225 Stock Average, France's CAC-40 Index, and London's Financial Times Stock Exchange (FT-SE) 100 Index. In addition, the Exchange also trades Contingent Value Rights (CVR's) as well as units of beneficial interest in the Salomon Phibro Oil Trust.
 -0- 5/26/93
 /CONTACT: Kathleen Fitzpatrick, manager - derivative securities communications of AMEX, 212-306-1697/


CO: American Stock Exchange ST: New York IN: SU: PDT

WB -- NY027 -- 2399 05/26/93 11:19 EDT
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Publication:PR Newswire
Date:May 26, 1993
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