U.S. Treasury fixed-income securities that are stripped of their coupon payments and provide payment of face value. These are synthetic securities offered by the A.G. Becker Paribas firm. 

|||COUGRs are part of the "feline" family of synthetic zero-coupon Treasury securities, which includes CATS and TIGRs. This default-free family of products provides safety of principal and transparent profits. COUGRs sold at a discount and redeemed at face value because there are no interest payments during the life of the security.