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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.
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Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.