DEFINITION of 'Treasury Investment Growth Receipts - TIGRs'
Stripped Treasury securities offered at a significant discount to face value and backed by the U.S. government. TIGRs were introduced by Merrill Lynch and were originally issued between 1982 and 1986. TIGR bonds were discontinued when the U.S. government began issuing public STRIPS in 1986.
BREAKING DOWN 'Treasury Investment Growth Receipts - TIGRs'
TIGRs are one of a small class of bonds known as "feline" securities, due to their catlike acronyms. Created before the more popular Treasury STRIPS, this form of investment vehicle is progressively deteriorating. TIGRs are generally traded on secondary markets to individuals wishing to ensure future cash flows or profit from interest rate volatility.