Certificate of Government Receipts

Treasury securities that have been stripped of their coupons. This means that COUGRs are bonds that pay no interest and simply mature at face value. The financial firm A.G. Becker Paribas offers COUGRs as synthetic debt securities, selling them at a discount to their face value, which guarantees a profit for buyers. Because they are U.S. Treasury securities, COUGRs are risk-free. See also: CATS, TIGRs.

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