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STRIPS

An acronym for Separately Traded Registered Interest and Principal Securities. Zero coupon notes and bonds are created by trading note and bond coupon and principal payments stripped from Treasury securities. Also called Certificate of Accrual on Treasury Securities (CATS), Certificate of Government Receipts (COUGRs), Treasury Investment Growth Receipts (TIGRs), Treasury STRIPS, Treasury Receipts (TRs). Comparable to Zero Coupon Euro-Sterling Bearer or Registered Accruing (ZEBRA) Certificate. Other acronyms have included LION, COUGRs, DOGs, GATORs, EAGLEs, STARs.

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