LaSalle National Bank has introduced a fixed-income investment designed for those seeking a combination of attractive yield and high credit quality.

The investment, Freddie Mac Callable Pass Through, is being marketed under the name CAPTN by the broker-dealer services division at the Chicago- based subsidiary of ABN Amro Holding.

William C. Miller, senior vice president of the Boca Raton, Fla.-based brokerage, said that CAPTNs are designed for conservative investors willing to take on the added risk that the investment will be called away in a year should interest rates drop in exchange for a slightly higher return.

"This investor might be getting 80 basis points better than a 10-year Treasury because he is adding to the call risk," Mr. Miller said. Though the investment isn't callable for one year, it can be called away thereafter at par value.

CAPTNs, which pay a fixed coupon of 7%, are issued by the Federal Home Loan Mortgage Corp. and are collateralized by high-grade, government-issued Ginnie Maes.

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