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Certificates of Accrual on Treasury Securities - CATS
Issued by the U.S. Treasury and stripped by a financial intermediary, these products are sold at a significant discount from face value and pay no interest during their lifetime. However, they return full face value and cannot be called away. Secure investments backed by the U.S. Government, CATS are part of the feline family of U.S. Treasury zero-coupon offerings (CATS, COUGRs and TIGRs).
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