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Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Treasury Investment Growth Receipt

A Treasury security whose coupons have been stripped by Merrill Lynch. TIGRs therefore pay no interest. They are sold at a significant discount from par and mature at par. TIGRs fluctuate in price, sometimes dramatically, because changes in interest rates have made them more or less desirable. TIGRs can be invested IRAs and other pension accounts; they are also exempt from state and local taxes. They were originally issued between 1982 and 1986, becoming more-or-less obsolete when the U.S. Treasury began issuing its own stripped bonds. They still exist, but are fairly uncommon investments. See also: zero-coupon bonds, STRIPS.

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References in periodicals archive ?
The de Havilland Tiger Moth II on display at Cosford and, inset, in flight
UPS AND DOWNS The Jersey Tiger moth is going great guns - though we can't expect to see any in the North for a while yet.
The latest example of this, the restoration of three Tiger Moths, was started four years ago, and finally reached fruition when the first of these, G-AMIV, was test flown on 2nd May 2011.
New Zealand resident David Bruce took a flight in a Tiger Moth to celebrate his 80th birthday, after taking a 40-year break from flying.
WWII pilot Geoffrey Wellum, who was 19 when he began flying tells them how tricky the Tiger Moth was to fly.
There were no proper drawings for the first Tiger Moth: it just evolved when the RAF requested alterations to an existing Gipsy Moth.
But this is also a man who ran away from home at the age of 14, to avoid being sent to Rugby school, made his way by tramp steamer to Australia, and later earned a fortune in the gold mines of South Africa, before spending eight days flying a Tiger Moth solo to England, so that he could take part in the war.
Wind up the arm and press the button atop the control tower, and the Tiger Moth biplane that can be attached to the end of the arm revolves in sweeping circles around the airfield as its propeller spins jauntily, while another button controls its altitude.
One day it will make a cocoon and change into a tiger moth. Tiger moths have orange bodies and black stripes, just like tigers.
Keen to take to the air, Colin "Hoppy" Hodgkinson was just 19 when he began to learn to fly in a Tiger Moth biplane.
Alan, a part-time pilot from Holmfirth, runs Tiger Moth Experience, who offer flying enthusiasts the chance to take to the skies in vintage Tiger Moth biplanes with profits going to the charity.