Formerly-issued Treasury securities whose coupons had been stripped by an intermediary. Receipt zeros therefore paid no interest. They were sold at a significant discount from par and matured at par. Receipt zeros fluctuated in price because changes in interest rates made them more or less desirable. Common receipt zeros in the 1980s were CATS, which were issued by Salomon Brothers. Receipt zeros became largely obsolete after 1986, when the U.S. Treasury began issuing its own stripped bonds.
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