Pricing Supplement No. Euro D117 Dated 8/25/94 Rule 424(b)(3)
(To Prospectus dated December 14, 1993 and File No. 33-51269,
Prospectus Supplement dated December 14, 1993) 33-57922 and 33-49136
Salomon Inc
Medium-Term Notes, Series D
(Bearer Notes--Floating Rate or Indexed Rate)
Due More Than Nine Months from Date of Issue
Principal Amount or Face Amount: Yen 2,000,000,000
Issue Price: 100%
Proceeds to Company on original issuance: Yen 1,995,000,000
Commission or Discount on original issuance: Yen 5,000,000
Salomon Brothers International Limited's capacity on original issuance:
|x| As agent | | As principal
If as principal:
| | The Bearer Notes are being offered at varying prices related to
prevailing market prices at the time of resale.
| | The Bearer Notes are being offered at a fixed initial public
offering price of % of Principal Amount or Face Amount.
Original Issue Date: 8/25/94
Stated Maturity: 11/25/97
Specified Currency: Yen
(If other than U.S. Dollars)
Authorized Denominations: Yen 100,000,000
(If other than as set forth in the Prospectus Supplement)
Interest Payment Dates: 5/25 & 11/25. 1st coupon pays 11/25/94.
(If other than as set forth in the Prospectus Supplement)
Indexed Principal Note: | | Yes (see attached) |x| No
Floating Rate: |x| Indexed Rate: | | (see attached)
Initial Interest Rate: 5.4375. Calculated on the basis of the actual number
of days in the relevant interest period, and
a year of 365 or 366 days, as applicable.
Base Rate: | | CD Rate | | Commercial Paper Rate | | Federal Funds Rate
| | LIBOR Telerate | | Libor Reuters | | Treasury Rate
| | Treasury Rate Constant Maturity |x| Other (see attached)
Interest Reset Dates: 5/25 & 11/25.
Optional Reset Dates (if applicable):
Index Maturity: See Attached
Spread (+/-):
Spread Multiplier:
Spread Reset: |x| The Spread or Spread Multiplier may not be changed prior to
Stated Maturity.
| | The Spread or Spread Multiplier may be changed prior to Stated
Maturity (see attached).
Maximum Interest Rate:
Minimum Interest Rate: 0%
Amortizing Note: | | Yes |x| No
Amortizing Schedule:
Optional Redemption: | | Yes |x| No
Optional Redemption Dates:
Redemption Prices:
Optional Repayment: | | Yes |x| No
Optional Repayment Dates:
Optional Repayment Prices:
Discount Note: | | Yes |x| No
Total Amount of OID:
Yield to Maturity:
NOT WITHSTANDING THE STATEMENT IN PROSPECTUS SUPPLEMENT, THE NOTE OFFERED
HEREBY WILL NOT BE LISTED ON THE LUXEMBOURG STOCK EXCHANGE.
Pricing Supplement dated August 23, 1994
(to Prospectus Supplement dated December 14, 1993
to Prospectus dated December 14, 1993)
RISK FACTORS
The interest rate on this Note is inversely linked to
Yen LIBOR with an Index Maturity of 6 Months, and will decline as
Yen LIBOR with an Index Maturity of 6 Months increases, although
it will never decline below 0%. If Yen LIBOR with an Index
Maturity of 6 Months is equal to or greater than 7.75% on the
tenth Business Day preceding any Interest Reset Date, the Note
will earn no interest for the succeeding Interest Reset Period.
Holders of the Note should be prepared not to earn any interest
after November 25, 1994.
DESCRIPTION OF THE NOTE
General
The description in this Pricing Supplement of the
particular terms of the Bearer Note offered hereby (the "Note")
supplements, and to the extent inconsistent therewith replaces,
the descriptions of the general terms and provisions of the
Bearer Notes set forth in the accompanying Prospectus and
Prospectus Supplement, to which descriptions reference is hereby
made.
The Note will not be listed on the Luxembourg Stock
Exchange.
Interest
From November 25, 1994, the Note will bear interest at
a rate equal to (i) 7.75% minus (ii) Yen LIBOR with an Index
Maturity of 6 Months, calculated on the basis of the actual
number of days in the relevant Interest Reset Period and a year
of 365 or 366 days, as applicable, subject to the Minimum
Interest Rate. The LIBOR Determination Date with respect to any
Interest Reset Period shall be the tenth Business Day prior to
the Interest Payment Date occuring at the end of such Interest
Reset Period. For example, for the period from November 25, 1994
to but excluding May 25, 1995, the Note will bear interest at a
rate equal to (i) 7.75% minus (ii) Yen LIBOR with an Index
Maturity of 6 Months, calculated on the basis of the actual
number of days in such period and a year of 365 days, subject to
the Minimum Interest Rate; with the LIBOR Determination Date for
such Yen LIBOR rate being the tenth Business Day prior to May 25,
1995.
DESCRIPTION OF JAPANESE YEN
The yen is the national currency of Japan. Japanese
bank notes are issued by The Bank of Japan, which was established
in 1882 and is the country's central bank and the sole bank of
issue. On August 22, 1994, the noon buying rate for cable
transfers in New York City payable in yen, as reported by the
Federal Reserve Bank of New York, was Yen 98.01 = $1.00.
The exchange rate between the yen and the dollar is at
any moment a result of the supply of and the demand for the two
currencies, and changes in the rate result over time from the
interaction of many factors directly or indirectly affecting
economic conditions in Japan and in the United States, including
economic and political developments in other countries. Of
particular importance are rates of inflation, interest rate
levels, the balance of payments (both on capital and current
account) and the extent of governmental surpluses or deficits in
Japan and in the United States, all of which are in turn
sensitive to the monetary, fiscal and trade policies pursued by
the governments of Japan, the United States and other countries
prominent in international trade and finance. In recent years,
rates of exchange between the U.S. dollar and the Japanese yen
have been highly volatile.
