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AMEX LISTS FIRST PUBLICLY OFFERED DEBT SECURITIES LINKED TO COMMON STOCK

 NEW YORK, July 27 /PRNewswire/ -- The American Stock Exchange today listed the first publicly offered debt securities tied to the performance of an unrelated company's common stock-- Salomon Inc 6.75 percent DEC (Digital Equipment Corporation) Common Equity-Linked Securities(sm). The new securities pay interest quarterly and expire on Aug. 2, 1996.
 Trading under the ticker symbol, "DLK," the Equity-Linked Securities opened at $37.50 on 55,000 shares.
 Unlike ordinary debt securities, the principal amount to be paid at maturity is not fixed, but is based on the price of DEC common stock. At that time, the holder of a DLK will receive the lesser of either 135 percent of the issue price of DLK or the average closing price per share of DEC common stock for the ten trading days immediately prior to maturity. The securities are not subject to redemption prior to maturity.
 Salomon Inc, a parent company of various units engaged in the securities, energy trading and oil refining industries issued 1.6 million 6.75 percent Equity-Linked Securities and Salomon Brothers Inc, a subsidiary, was the managing underwriter. Digital Equipment Corporation of Maynard, Mass., a supplier of networked computer systems, software and services, is neither affiliated with Salomon nor involved in the offering.
 "Equity-Linked Securities are another example of financially- structured products that are designed to meet the needs of today's investors," said Benjamin Krause, Amex senior vice president of capital markets. "The fusion of equity and debt characteristics into a single instrument attempts to balance current return against market risk," he said.
 Known for being a leader in derivative securities, the Amex has pioneered the development of several new products. Domestically, it is the home of Standard & Poor's Depositary Receipts(TM), SPDRs(TM) (pronounced "spiders").
 Internationally, it is the only U.S. marketplace that currently trades warrants based on London's Financial Times Stock Exchange Eurotrack 200 Index and France's CAC-40 Index. It also trades single and multiple currency warrants based on the value of the U.S. dollar in relation to the Japanese yen, German mark and the British pound.
 -0- 7/27/93
 /CONTACT: Kathleen Fitzpatrick, manager - derivative securities communications of American Stock Exchange, 212-306-1697/
 (DLK)


CO: American Stock Exchange; Salomon Inc 6.75 Percent DEC Common
 Equity-Linked Securities ST: New York IN: SU:


MP -- NY032 -- 6157 07/27/93 10:50 EDT
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Publication:PR Newswire
Date:Jul 27, 1993
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