Course 205: TIGRs, CATS, and LIONs
TIGRs, CATS, and LIONs Are a Twist on a Popular Kind of Bond
In this course
1 Introduction
2 What Are TIGRs, CATS, and LIONs?
3 Evolution of TIGRs, CATS, and LIONs
4 Comforts of TIGRs, CATS, and LIONs
5 TIGRs, CATS, and LIONs Are a Twist on a Popular Kind of Bond

TIGRs, CATS, LIONs, and the rest of the menagerie of proprietary names that came out of the mid-1980s, were zero-coupon bonds based on the interest of U.S. Treasury securities. Brokerage firms held the Treasury bonds in escrow and issued new bonds based on their interest payments in a process known as coupon stripping. Though they are no longer issued, they are still traded on the secondary market, where they are prized for their low risk and reliable returns.

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