On 13th March, 1991 Goldman Sachs launched a series of "stripped" zero coupon bonds issued through trust receipts of the coupons and principal of the recent Republic of Italy ECU 2.5 billion 91/4;% bonds due 2011.
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The issue of stripped bonds is of a total size of ECU 1.14 billion, and is divided into 21 tranches. They are secured on ECU 400 million of the underlying Italy issue. There are in all 20 coupon series, each secured by individual coupons amounting to ECU 37 million and ranging in maturity from 1992 to 2011, and one final tranche secured by the principal amount of ECU 400 million maturing in 2011.
