Enron Corp. - University of California | Office of The President

Yosemite Securities Trust I Offering
641.7 On 11/15/99, CitiGroup, as underwriter/initial purchaser sold $750,000,000, 8.25%
Series 1999-A Linked Enron Obligations (LEOs) due 11/15/04 issued by Yosemite Securities Trust
I, pursuant to an Offering Memorandum. The repayment of these notes was dependent upon the
credit, financial condition and ability to pay of Enron. These notes were publicly traded on the
Luxembourg Exchange.
with the SEC:
641.8 The underwriter/initial purchaser of these notes was CitiGroup.
641.9 The Offering Memorandum for this security incorporated the following Enron filings
(a) Annual Report on Form 10-K for the year ended 12/31/98;
(b) Quarterly Report on Form 10-Q for the quarter ended 3/31/99;
(c) Quarterly Report on Form 10-Q for the quarter ended 6/30/99;
(d) Quarterly Report on Form 10-Q for the quarter ended 9/30/99; and
(e) Current Reports on Form 8-K dated 1/26/99 and 3/99.
641.10 It was via this Offering that CitiGroup transferred the credit risk of the bogus Delta
transaction debt to the purchasers of these Yosemite notes.
641.11 The Offering Circular for this security also described Enron's business in detail,
including the following:
DESCRIPTION OF ENRON
Enron is one of the world's leading international integrated natural gas,
electricity and communications companies. Enron's activities are conducted through
its subsidiaries and affiliates which are principally engaged in the transportation of
natural gas through pipelines to markets throughout the United States; the generation
and transmission of electricity to markets in the northwestern United States; the
marketing of natural gas, electricity and other commodities and related risk
management and finance services worldwide; the development, construction and
- 414 -