Preferred Stock IPOs


In order to better service our customers' needs in fixed-income area, we provide access to Initial Public Offerings (IPO) of Preferred Stock. These offers are usually good only for a day or two, therefore, we urge you to have an account opened in advance and subscribe to our IPO Alert e-mail notification service. Your account should be funded prior to placing orders. Please note that IPO shares are subject to availability. Though we will try our best, placing the order does not automatically guarantee the allocation of shares to you. We will inform you, usually within 20 minutes after placing the order, whether your order was filled.


IPOs Currently Available


NO PREFERRED STOCK IPOs ARE CURRENTLY AVAILABLE


Recently Closed IPOs


DELPHI TRUST I - October, 2003

Price: $25.00 per share
Yield: 8.25%
Rating: Baa3/BB
Maturity: 10/15/33
Call: Non-Call 5 years, then Callable at Par
Distribution: Quarterly, First Pay 01/15/04
Dividends are exempt from tax withholding for non-US residents (non-resident aliens)
Cumulative
Minimum: 100 shares
Prospectus

Delphi Corporation (NYSE:DPH) is a global supplier of vehicle electronics, transportation components, integrated systems and modules and other electronic technology. The Company operates its business along three major product sectors that work closely together to coordinate product development and marketing efforts. Its three product sectors are Electronics and Mobile Communication, which included its automotive electronics and audio and communication systems, Safety, Thermal and Electrical Architecture, which included its safety and interior systems, thermal systems, electrical power and signal distribution systems and Dynamics and Propulsion, which included its engine and emission management systems, energy systems and vehicle dynamic systems, including braking, steering and ride control. Delphi also has a Product and Service Solutions group that offers vehicle electronics, batteries, climate control products, diesel products, undercar products and consumer electronics.

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MORGAN STANLEY CAPITAL TRUST V - 07-09 July, 2003

Price: $25.00 per share
Yield: 5.75%
Rating: A1/A-
Maturity: 7/15/33
Call: Non-Call 5 years, then Callable at Par
Distribution: Quarterly, First Pay 10/15/03
Dividends are exempt from tax withholding for non-US residents (non-resident aliens)
Cumulative
Minimum: 100 shares
Prospectus

Morgan Stanley is a global financial services firm that operates in four business segments: Institutional Securities, Individual Investor Group, Investment Management and Credit Services. The Company's Institutional Securities business includes investment banking; sales, trading, financing and market-making activities; and other activities, such as principal investing and aircraft financing. The Company's Individual Investor Group business provides comprehensive financial planning and investment advisory services designed to accommodate individual investment goals and risk profiles. The Company's Investment Management business provides global asset management products and services for individual and institutional investors. The Company's Credit Services business offers Discover-branded cards and other consumer finance products and services, and includes the operation of Discover Business Services, a network of merchant and cash access locations primarily in the United States.

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DELPHI FINANCIAL GROUP - 12-14 May, 2003

Price: $25.00 per share
Yield: 8.00%
Rating: Ba1/BBB
Maturity: 30 year
Call: Non-Call 5 years, then Callable at PAR
Distribution: Quarterly, First Pay 09/01/03
Dividends are exempt from tax withholding for non-US residents (non-resident aliens)
Non-Cumulative
Minimum: 100 shares
Prospectus
Listed: NYSE:DFY

Delphi Financial Group (NYSE:DFG) offers a diverse portfolio of group employee products, including life, disability, workers compensation, and personal accidental insurance. The Company also offers asset accumulation products, primarily annuities, to individuals and groups.

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PARTNERRE LTD - 04-05 May, 2003

Price: $25.00 per share
Yield: 6.75%
Rating: Baa1/BBB
Maturity: Perpetual
Call: Non-Call 5 years, then Callable at PAR
Distribution: Quarterly, First Pay 09/01/03
Dividends are exempt from tax withholding for non-US residents (non-resident aliens)
Cumulative
Minimum: 100 shares
Prospectus
Listed: NYSE:"PRE PRC"

PartnerRe Ltd (NYSE:PRE) is an international reinsurance group. The Company provides multi-line reinsurance to insurance companies on a worldwide basis through its wholly owned subsidiaries, Partner Reinsurance Company Ltd (Partner Reinsurance Company), PartnerRe SA and Partner Reinsurance Company of the U.S. Risks reinsured include, but are not limited to, property, casualty, motor, agriculture, aviation/space, catastrophe, credit/surety, engineering/energy, marine, special risk, other lines and life/annuity and health.

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BANK OF AMERICA - 22-23 April, 2003

Price: $25.00 per share
Yield: 5.875%
Rating: Aa3/A-
Maturity: 05/05/33
Call: Non-Call 5 years, then Callable at PAR
Distribution: Quarterly, First Pay 08/01/03
Dividends are exempt from tax withholding for non-US residents (non-resident aliens)
Cumulative
Minimum: 100 shares
Prospectus
Listed: NYSE:"BAC PRU"

Bank of America Corporation (NYSE:BAC) is a bank holding company and a financial holding company that provides a diversified range of banking and non-banking financial services and products. The Company operates in four segments: consumer and commercial banking, asset management, global corporate and investment banking and equity investments.


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The information contained herein is obtained from reliable industry sources, however we do not guarantee its accuracy. Offerings may be subject to changes in price, yield, availability, and to prior sale. Lower rated bonds are subject to higher default risk. YTM value may be invalid for bonds in default. All corporate bonds are subject to market risk. White Pacific Securities, Inc. may act as principal for all types of fixed-income transactions.