10-K: Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 Trust Annual Report

This is the annual report for the Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 Trust, detailing compliance and financial information for the year ended December 31, 2023.

Summary

• This document is the annual report on Form 10-K for the Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 Trust.
• The trust's assets consist solely of capital securities issued by Goldman Sachs Capital I.
• The certificates do not represent obligations of, or interests in, the Depositor or the Trustee.
• The Goldman Sachs Group, Inc., the issuer of the underlying debentures, is subject to the reporting requirements of the Securities Exchange Act of 1934.
• The report includes certifications from the Vice President of the Depositor and an officer of the Trustee, confirming compliance with the trust agreement.
• An independent accountant's report confirms that the Depositor and Trustee have complied with the Trust Agreement in all material respects for the year ended December 31, 2023.

Sentiment

Score: 7

Explanation: The document is a routine compliance report with no significant issues or surprises. The sentiment is neutral to slightly positive due to the confirmation of compliance.

Positives

• The independent accountant's report confirms compliance with the Trust Agreement.
• Both the Depositor and Trustee have certified that the reports do not contain any untrue statements or omissions of material facts.
• There were no significant deficiencies reported in the compliance by the Trustee and the Depositor with the minimum servicing standards.
• The trust certificates are listed on the NYSE, providing liquidity for investors.

Risks

• The report notes that neither the Depositor nor the Trustee has verified the accuracy or completeness of the information provided by The Goldman Sachs Group, Inc.
• There is a risk that events affecting the issuer of the underlying securities or the underlying securities have occurred or have not yet been publicly disclosed which would affect the accuracy or completeness of the publicly available documents.

Future Outlook

The document does not contain any specific forward-looking statements or guidance for the future.

Management Comments

• Paul Edwards, Vice President of the Depositor, certified that the report does not contain any untrue statements or omissions of material facts.
• William H. Hall, an officer of the Trustee, certified that the Trustee has fulfilled its obligations under the trust agreement.

Industry Context

This report is specific to a structured finance product, a trust backed by securities issued by Goldman Sachs. It is part of the regulatory reporting requirements for such entities.

Comparison to Industry Standards

• The report follows standard SEC reporting requirements for asset-backed securities trusts, similar to other trusts backed by corporate debt.
• The compliance certifications and independent accountant's report are standard practices for these types of trusts, ensuring transparency and adherence to the trust agreement.
• The structure of this trust is similar to other corporate-backed trust certificates, where the underlying assets are debt securities of a single issuer, in this case, Goldman Sachs Capital I.

Stakeholder Impact

• The report provides assurance to certificate holders that the trust is being managed in compliance with the trust agreement.
• The report provides transparency to investors regarding the trust's operations and compliance.

Key Dates

Keywords

Trust Certificates, Goldman Sachs, Securities-Backed, Annual Report, Compliance, Trust Agreement, NYSE, Form 10-K