Throughout this report, the terms "Swapco" and "the
Company" refer to Salomon Swapco Inc. "Salomon"
refers to Salomon Inc, Swapco's ultimate parent, or to
any of its affiliates other than Swapco. "SBHC" refers
to Salomon Brothers Holding Company Inc, Swapco's
immediate parent. "Salomon Brothers Inc" or "SBI"
refers to Salomon Brothers Inc, the U.S. broker-dealer
affiliate of Swapco. "Salomon Brothers" refers to
Salomon Brothers Inc or other affiliates of SBHC.
Copyright Salomon Swapco Inc
All Rights Reserved.
This interim report and more information about Swapco are available on
the Internet at www.salomon.com/Swapco
Salomon Swapco Inc
To Our Clients
April 15, 1997
For the first quarter, Swapco added $6.2 billion in
net notional, bringing the book to $172.4 billion.
The quarter's notional growth is more moderate
than the Company has experienced in the past, but
represents an annualized growth rate of almost
15%. Growth in reported notional has been
impacted somewhat by the strength of the dollar
over this period. A strengthening dollar decreases
the reported value of foreign-denominated
notional balances. Deal count over the quarter is
up 379, or 13.6%, to 3,167 at March 31.