certificates of accrual on treasury securities Hear it!

certificates of accrual on treasury securities (CATS) Finance Definition
Zero-coupon instruments created by stripping U.S. Treasury securities. Also may be called STRIPS or Stripped Treasury Securities, although zero-coupon bonds were created and issued by broker/
dealers before the U.S. Treasury Department started its STRIPS program in 1985. CATS were issued by Salomon Brothers, which is now part of Citigroup Inc.