Certificate of Accrual on Treasury Securities (CATS)
Certificates of Accrual on Treasury Securities were stripped Treasury receipts that separated interest and principal cash flows.
CATS, M-CATS, TIGER, STRIPS, gilt strip, and stripped government-security receipt terms.
Treasury STRIPS, zero-coupon securities, and receipts separate or repackage government-security cash flows into principal-only or coupon-only claims.
Use this branch when cash-flow matching, zero-coupon exposure, duration, tax accrual, or stripped government securities matter.
| Term | What it clarifies |
|---|---|
| Treasury STRIPS | Separate trading of registered interest and principal securities. |
| Certificate of Accrual on Treasury Securities (CATS) | A historical stripped Treasury receipt term. |
| M-CATS | A stripped Treasury receipt term. |
| Treasury Investors Growth Receipt (TIGER) | A historical stripped Treasury receipt term. |
| Gilt Strip | A stripped gilt cash-flow claim. |
Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.
Certificates of Accrual on Treasury Securities were stripped Treasury receipts that separated interest and principal cash flows.
A gilt strip is a zero-coupon UK government security created by separating a gilt's principal and interest cash flows.
M-CATS are municipal zero-coupon securities structured from Treasury cash flows.
Treasury Investors Growth Receipts were stripped Treasury securities sold as zero-coupon instruments backed by Treasury cash flows.
Treasury STRIPS are zero-coupon securities created by separating U.S. Treasury principal and interest payments into individual tradable claims.