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To: yard_man who wrote (101480)	5/11/2001 9:14:43 AM
From: Bid Buster	Respond to of 436258

STRIPS are Marketable Securities secured by the full faith and credit of the U.S. Government, comprised of interest or principal payments stripped from U. S. Treasury Notes, Bonds, or TIPS, with bookkeeping and custody functions performed by the U.S. Treasury. Generic Treasury Receipt Securities differ from STRIPS in three ways: first, that their bookkeeping and custody are performed by commercial banks, thereby placing a potential intermediary in the full faith and credit guarantee; second, there are fewer of them outstanding than there are STRIPS, thereby impairing somewhat their liquidity; third, they have not been created from TIPS. Agency Zero Coupon Obligations are created from interest and principal payments on Agency Securities.

To: yard_man who wrote (101480)	5/11/2001 9:19:23 AM
From: Bid Buster	Read Replies (2) \| Respond to of 436258

i should add that REFCO refers to the Resolution Funding Corporation created by Congress in 1989 to bail out the savings and loan industry.