certificates of accrual on treasury securities investment & finance definition
Zero-coupon instruments created by
stripping U.S. Treasury securities. Also may be called STRIPS or Stripped
Treasury Securities, although zero-coupon
bonds were created and issued by broker/
dealers before the U.S. Treasury Department started its STRIPS program in 1985.
CATS were issued by Salomon Brothers, which is now part of Citigroup Inc.