122  5

   -
 ,  
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  , , 
,    (LIONs  Lehman
Investment Opportunity Notes, TIGRs  Merrill
Lynch's Treasury Securities, CA TS  Salomon
Brothers' Certificates of Accrual on Treasury
Securities). ,   
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 (animals).

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 .

    
  
 .   1985 .
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STRIPS (Separate Trading of Registered Interest
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    (the
book entry system),    
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 , 

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 STRIPS.

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    STRIPS,
    .  -
,    
    -
 STRIPS.

  
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STRIPS   
   .

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.    
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   .

,       
  ,      (default-free
bond),     ,   -
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 .