This is a physical deal.  Leg 4 is unwinding Leg 1.  Leg 1 had the Price and 
Basis components and Leg 3 had the Index component.  I am in Chicago today 
and tomorrow.  If you have any further questions, please let me know.

DG


   
	Enron North America Corp.
	
	From:  Derek Bailey @ ENRON                           01/16/2001 09:34 AM
	

To: Darron C Giron/HOU/ECT@ECT
cc:  
Subject: NW2862

Darron:

Leg 4 of this deal is in TAGG as a physical swap instead of a physical 
forward.  Is this a physical or financial deal?

Thank you:

Derek