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Formerly-issued Treasury securities whose coupons had been stripped by an intermediary. Felines therefore paid no interest. They were sold at a significant discount from par and matured at par. Felines fluctuated in price, sometimes dramatically, because changes in interest rates made them more or less desirable. There were a variety of different felines during the early 1980s, all with "feline" acronyms, such as CATS, COUGRS, and TIGRS. They became largely obsolete after 1986, when the U.S. Treasury began issuing its own stripped bonds. See also: zero-coupon bonds, STRIPS.
Zero-coupon receipts on U.S. Treasury securities that have been repackaged and sold to investors under names such as CATS®, TIGRSM, and LIONS. Also called felines. See also coupon stripping.