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Treasury Inflation Protected Securities and Zero Coupon Bonds Amy Patterson Federal Investments Branch Bureau of the Public Debt Bureau of the Public Debt.

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Presentation on theme: "Treasury Inflation Protected Securities and Zero Coupon Bonds Amy Patterson Federal Investments Branch Bureau of the Public Debt Bureau of the Public Debt."— Presentation transcript:

1 Treasury Inflation Protected Securities and Zero Coupon Bonds Amy Patterson Federal Investments Branch Bureau of the Public Debt Bureau of the Public Debt April 12, 2007

2 What is a TIPS? (In the Government Account Series (GAS) Program) Treasury Inflation Protected Security (TIPS)  mirror-image market-based note or bond designed to protect investors from inflation  principal of a TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price Index (CPI)  has a stated rate of interest payable semiannually that is applied to the inflation-adjusted principal  purchased or redeemed at inflation-adjusted premium or discount  currently auctioned with 5, 10, or 20 year maturities  matures at the higher of the inflation-adjusted principal or original principal (not less)

3 What is a ZCB? (In the Government Account Series (GAS) Program) Zero Coupon Bond (ZCB or Zero)  market-based bond having a maturity date that coincides with that of a marketable STRIPS security.  Does not have interest payments  Purchased or redeemed at a discount  Matures at Par  Maturity date over 5 years Note: (STRIPS is for Separate Trading of Registered Interest and Principal of Securities. A STRIPS security is a principal or interest component of an eligible Treasury Note or Bond that has been stripped off and can be held or traded separately in the secondary market. STRIPS are not issued by Treasury)

4 Who may invest in them? TIPS securities may be purchased by all of the GAS program agencies TIPS securities may be purchased by all of the GAS program agencies ZCB securities may only be purchased by an agency that has entered into a written memorandum of understanding (MOU) with Treasury ZCB securities may only be purchased by an agency that has entered into a written memorandum of understanding (MOU) with Treasury

5 Agencies with MOU for Zeros: Pension Benefit Guaranty Corporation (PBGC) Pension Benefit Guaranty Corporation (PBGC) Department of Energy (DOE) Department of Energy (DOE) Federal Deposit Insurance Corporation (FDIC) Federal Deposit Insurance Corporation (FDIC) Department of Defense (DOD) Department of Defense (DOD) Railroad Retirement Board (RRB) Railroad Retirement Board (RRB) However, only two of these agencies hold ZCB securities currently

6 Therefore… We are going to cover TIPS first and when we get to the Zeros please feel free to take a break if you want!

7 More about TIPS… Investors buy TIPS Securities at lower yields because their return is protected if an era of high inflation is encountered that would erode the value of traditional note or bonds Investors buy TIPS Securities at lower yields because their return is protected if an era of high inflation is encountered that would erode the value of traditional note or bonds General expectation is that inflation will increase over time General expectation is that inflation will increase over time On a daily basis, the Investor’s principal of the TIPS security is adjusted for inflation On a daily basis, the Investor’s principal of the TIPS security is adjusted for inflation When interest is paid to the Investor it is calculated on the inflated principal value When interest is paid to the Investor it is calculated on the inflated principal value Therefore, as long as inflation increases, the Investor’s Interest Revenue increases Therefore, as long as inflation increases, the Investor’s Interest Revenue increases

8 Things to consider…PROS Upon early redemption, after a period of inflation, the cash received for the PAR would be greater than the original PAR value Upon early redemption, after a period of inflation, the cash received for the PAR would be greater than the original PAR value Upon early redemption, after a period of inflation, interest received and any premium/discount would be calculated on an inflated PAR value Upon early redemption, after a period of inflation, interest received and any premium/discount would be calculated on an inflated PAR value Semi Annual interest payments, after a period of inflation, would be computed on a inflated PAR value Semi Annual interest payments, after a period of inflation, would be computed on a inflated PAR value If held to maturity, the cash received for PAR will never be less than the original PAR even in deflation If held to maturity, the cash received for PAR will never be less than the original PAR even in deflation CONS Upon early redemption, after a period of deflation, the cash received for the PAR would be less than the original PAR value Upon early redemption, after a period of deflation, interest received and any premium/discount would be calculated on a deflated PAR value Some or even possibly all semi- annual interest payments could be computed on a deflated PAR value

9 Consumer Price Index (CPI) TIPS securities are adjusted based on changes in the Consumer Price Index-Urban, Non-Seasonally Adjusted index CPI-U (NSA), with a 3-month lag TIPS securities are adjusted based on changes in the Consumer Price Index-Urban, Non-Seasonally Adjusted index CPI-U (NSA), with a 3-month lag The CPI-U is a measure of the average change in prices paid by urban consumers for a fixed market basket of goods and services The CPI-U is a measure of the average change in prices paid by urban consumers for a fixed market basket of goods and services The CPI is calculated by the Bureau of Labor Statistics (BLS) The CPI is calculated by the Bureau of Labor Statistics (BLS) BLS changed the CPI precision to three decimal places beginning with the January 2007 CPI BLS changed the CPI precision to three decimal places beginning with the January 2007 CPI

10 CPI-U NSA Statistics Over the last 10 years… There has been inflation from one month to the next 80% of the time Overall the CPI has increased by 30% Chart from:

11 TIPS Investment/Redemption Rules Must invest in a TIPS with at least 6 months remaining to maturity Must invest in a TIPS with at least 6 months remaining to maturity Must be in $1,000 increments Must be in $1,000 increments Request must be on Face (par) basis Request must be on Face (par) basis May redeem FIFO or Specific ID inventory method May redeem FIFO or Specific ID inventory method Request must be received by 3p.m. EST Request must be received by 3p.m. EST

12 Example of TIPS Investment Request in FedInvest The Premium, Discount and Accrued Interest are calculated the same as any other Market Based Note/Bond EXCEPT that each is inflated (or deflated) by multiplying by the Index Ratio The inflated Par Value at the date of purchase is shown as Inflation Compensation ##X#####

13 The Index Ratio The Index Ratio is used to calculate the TIPS inflated (deflated) value The Index Ratio is calculated by dividing the Ref CPI for the date you are valuing by the Ref CPI on the Security’s Dated Date For example, On Oct. 2, 2006 the Index Ratio = ( /177.5= ) The Ref CPI on the Dated Date is also known as the Base CPI and it stays the same throughout the term of the Security

14 Example Calculation of Purchase Results Premium = Price-100/100*Principal*Index Ratio ((( )/100)*11,500,000,000* =3,242,765,867.19) Accrued Interest = Rate/2/days in semi-annual period*days since last interest pay date*Principal*Index Ratio ((.03375/2/183/170)*11,500,000,000* =206,696,180.72) Inflation Compensation = (Principal*Index Ratio)-Principal ((11,500,000,000* )-11,500,000,000=1,685,325,000) Sales Price = Principal-Inflated Discount+Inflated Premium+Inflated Accrued Interest+Inflation Compensation (11,500,000,000+3,242,765, ,696, ,685,325,000=16,634,787,048.03)

15 Initial Investment Entry (Budgetary entry omitted) AGENCY 1610 Investments in BPD 13,185,325, Premium on Investments 3,242,765, Interest Receivable 206,696, Fund Balance with Treasury 16,634,787,048 BPD 6320Interest Expense 206,696, Premium on Securities 3,242,765, Securities Issued 13,185,325,000 Note: Inflation Compensation is added to the Par Value – SGLs 1610 & 2530

16 Daily Inflation Compensation Daily, the par value of the TIPS is adjusted to its inflated (deflated) value Daily, the par value of the TIPS is adjusted to its inflated (deflated) value The Daily Inflation Compensation is the change in the inflation adjusted value from the previous day and is calculated using the current day index ratio as follows: The Daily Inflation Compensation is the change in the inflation adjusted value from the previous day and is calculated using the current day index ratio as follows:  Find the current day inflated par value (Original Par value*Current day Index Ratio)  Subtract the current day inflated par value from the previous day inflated par value For our previous example, the Daily Inflation Compensation for Oct. 3, 2006 is $805,000 For our previous example, the Daily Inflation Compensation for Oct. 3, 2006 is $805,000(11,500,000,000* =13,186,130,000)(13,186,130,000-13,185,325,000=805,000)

17 FedInvest Daily Inflation Compensation Report $805, ##X#### ##X##### $805, $2,005,000.00

18 Daily Inflation Compensation Entry (Budgetary entry omitted) AGENCY 1610 Investments in BPD 805, Interest Revenue 805,000 BPD 6320 Interest Expense 805, Securities Issued 805,000

19 Impact on FMS SF224 The Daily Inflation Compensation is recorded on the SF 224 as an disbursement to the Subclass 88 Investment principal and a receipt to the Earnings account (either Subclass 76 or.2 Account), therefore the Section II total is $0 (No IPAC) (76)/.2 ##X####

20 Weekend/Holiday Inflation Compensation The Code of Federal Regulations (CFR) states that “If any principal or interest payment date is a Saturday, Sunday, or other day on which the Federal Reserve System is not open for business, we will make the payment (without additional interest) on the next business day” The Code of Federal Regulations (CFR) states that “If any principal or interest payment date is a Saturday, Sunday, or other day on which the Federal Reserve System is not open for business, we will make the payment (without additional interest) on the next business day” Although Inflation Compensation is not a payment but rather an adjustment of principal, it is not reported until the next business day for cash basis reporting Although Inflation Compensation is not a payment but rather an adjustment of principal, it is not reported until the next business day for cash basis reporting For month-end accrual basis reporting when month-end falls on a non business day, the Inflation Compensation Adjustment needs to be accrued and therefore recognized as earnings by the Agencies and as Interest Expense by BPD For month-end accrual basis reporting when month-end falls on a non business day, the Inflation Compensation Adjustment needs to be accrued and therefore recognized as earnings by the Agencies and as Interest Expense by BPD

21 Cash vs Accrual Basis The month-end for September (and FY06) ended on a non business day Agencies & BPD reported Inflation Compensation Adjustments for Saturday 9/30/06 on cash basis reports in October 2006 (SF 224, MTS, DTS) BPD did not accrue 9/30/06 inflation adjustments in IRAS or on the Schedule of Federal Debt (BPD system limitation requires the accrual of inflation adjustments as par to be reported to the DTS in September) Agencies had trouble accruing the 9/30/06 inflation adjustment as par using SGL 1610 because it would not pass the FACTS II and 2108 edit checks unless they also reported it on the SF 224 in September Some agencies reported the 9/30/06 inflation adjustment as interest receivable SGL 1340 instead of par SGL 1610

22 Elimination Issues These reporting issues and system limitations caused elimination differences in IFCS & IRAS for the $16 million Inflation Adjustment for 9/30/06: BPD reported it as Par in IFCS but not at all in IRAS Some Agencies reported it as Par in IFCS & IRAS Some Agencies reported it as Interest Receivable in IFCS & IRAS

23 Solution Beginning with March 2007 When the last day of the month falls on a non- workday, report the inflation compensation for the last day(s) of the month as accrued interest. When the last day of the month falls on a non- workday, report the inflation compensation for the last day(s) of the month as accrued interest. AGENCY 1340 Interest Receivable 805, Interest Revenue 805,000 BPD 6320 Interest Expense 805, Interest Payable 805,000

24 March 2007 EOM Reporting posted as accrued interest for accrual reporting (Schedule of Federal Debt) posted as accrued interest for accrual reporting (Schedule of Federal Debt) reported in IRAS & IFCS as accrued interest reported in IRAS & IFCS as accrued interest Not included on 3/30/07 DTS or March MTS Not included on 3/30/07 DTS or March MTS Not reported on the March SF 224 & GWA Account Statements Not reported on the March SF 224 & GWA Account Statements

25 Entry for the Next Business Day On the next business day (4/2/07), record the Inflation Adjustment (for 3/31/07) as Principal On the next business day (4/2/07), record the Inflation Adjustment (for 3/31/07) as Principal AGENCY 1610Investments in BPD 805, Interest Receivable 805, Interest Receivable 805,000 BPD 2140 Interest Payable 805, Securities Issued 805,000

26 April 2007 EOM Reporting The inflation adjustment for 3/31/07 was: Included on 4/02/07 DTS & April MTS Included on 4/02/07 DTS & April MTS Reported on the April SF 224 & GWA Account Statements Reported on the April SF 224 & GWA Account Statements

27 Any Questions so far?

28 So…. OUT with the TIPS and…

29 IN with the STRIPS!

30 Let’s review, What are Zeros again?  market-based bond w/maturity date = to marketable STRIPS security.  No interest payments  Purchased/Redeemed at a Discount  Mature at Par Value  Maturity date > 5 years  MOU required

31 Why is a MOU required? Generally it is done to ensure an understanding by the Agency of the potential risks involved with investing in ZCBs. Longer maturity and lower coupon instruments are more price sensitive to interest rate movements. There is a potential for large losses when they are early redeemed.

32 Effort to Standardize MOUs Different MOUs = Different rules Different MOUs = Different rules FedInvest = need for similar rules FedInvest = need for similar rules Operating Circular provides a basis of defining standard rules Operating Circular provides a basis of defining standard rules

33 ZCB Investment Rules  At least 5 years remaining to maturity and same maturity date as a marketable STRIPS  STRIPS component at least $1 Billion outstanding 1  Specify principal or interest STRIPS 2  Initial investment must result in at least $50 million par  Must be in increments of $1 million par 3  Limited to 5 requests per business day  May purchase on Available or Face (par) basis  Request must be received by 11:00 am (EST)  Requests are binding once received by BPD 1 Currently, this is being reconsidered by Treasury 2 If not specified, one with the lower yield will be used 3 Investment Fund Operating Circular states $5 million (needs revised)

34 ZCB Redemption Rules  Must not reduce remaining holding less than $50 million par, if so the entire holding will be redeemed  Must be in increments of $5 million par  Limited to 5 requests per business day  Must redeem on Face (par) basis  May redeem FIFO or Specific ID inventory method  Request must be received by 11:00 am (EST)  Requests are binding once received by BPD

35 Example of Requests in FedInvest ##X##### Zero Acct

36 Request initiates notification to BPD ##X##### Zero Acct Zero customer is sent by BPD to the Office of Debt Management (ODM) for pricing

37 ODM prices ZCB request at 12:00 noon Discount rate calculated via a survey of dealer quotes Note: BPD also calculates ZCB pricing in case of contingency

38 ODM Pricing results sent to BPD by approximately 1:00 p.m. BPD applies price to transaction BPD applies price to transaction BPD notifies agency of memo # BPD notifies agency of memo # Agency obtains confirmation from FedInvest Agency obtains confirmation from FedInvest

39 Confirmation from FedInvest ##X##### Zero Acct

40 Agency Accounting Guidance Intent is “Held to Maturity” follow FASAB Standard 1 - Accounting for Selected Assets and Liabilities Intent is “Held to Maturity” follow FASAB Standard 1 - Accounting for Selected Assets and Liabilities  Carry at acquisition cost less discount  Adjust for amortization using the interest method  Disclose market value Intent is “Available for Sale” follow FASB Statement Accounting for Certain Investments in Debt and Equity Securities Intent is “Available for Sale” follow FASB Statement Accounting for Certain Investments in Debt and Equity Securities  Carry at market value  Unrealized Gains or Losses

41 OMB Business Rules for Intragovernmental Fiduciary Transactions For Zero Coupon Bonds: BPD & Agencies amortize interest method BPD & Agencies amortize interest method BPD carry ZCBs at amortized cost with market adjustments BPD carry ZCBs at amortized cost with market adjustments Agency with ZCBs available for sale may recognize market adjustments Agency with ZCBs available for sale may recognize market adjustments

42 Impact on Debt Subject to Limit Treasury policy is to score the ZCBs against the debt subject to limit on the Market Value Basis The market adjustment and discount amortization are included in the unamortized Discount line of the Daily Treasury Statement (DTS)

43 “Market value adjustment” vs “Amortization” BPD only has SGL 2533 (Amortization of Discount and Premium) to record both the amortization of discount and the market value adjustments of the ZCBs BPD only has SGL 2533 (Amortization of Discount and Premium) to record both the amortization of discount and the market value adjustments of the ZCBs Therefore, prior to FY 06, BPD did not amortize the discount of the ZCBs but instead calculated the market value adjustment on the cost value instead of amortized cost value Therefore, prior to FY 06, BPD did not amortize the discount of the ZCBs but instead calculated the market value adjustment on the cost value instead of amortized cost value Beginning with FY 06, BPD separated the amortization and market value adjustment calculations Beginning with FY 06, BPD separated the amortization and market value adjustment calculations

44 Example of BPD change for FY 06

45 BPD provides Market Value Amounts (Old Method) BPD provided their Market Value Adjustment to the agencies BPD provided their Market Value Adjustment to the agencies However, the Agencies have separate SGL Accounts for Amortization & Market Value Adjustments However, the Agencies have separate SGL Accounts for Amortization & Market Value Adjustments Therefore, the Agency would need to back out their amortization from the BPD provided amount Therefore, the Agency would need to back out their amortization from the BPD provided amount

46 Old method caused problems with “Held to Maturity” Agency Agency holding ZCBs to maturity carry at Amortized Cost & Disclose Market Value Agency holding ZCBs to maturity carry at Amortized Cost & Disclose Market Value They have SGL 1639 as a Contra Account for this purpose They have SGL 1639 as a Contra Account for this purpose However, They did not “back out” their amortization from the BPD provided amount & instead recorded entire amount to SGL 1638 & 1639 However, They did not “back out” their amortization from the BPD provided amount & instead recorded entire amount to SGL 1638 & 1639 Resulted in overstating the Market Value Adjustments Resulted in overstating the Market Value Adjustments

47 SGL/TFM Guidance needs revised It seems that the SGL & TFM Guidance for reporting Zero Coupon Bond Investments was based on the Held to Maturity Agency reporting only the BPD provided market adjustment on the SF 224 and as.931 activity (unamortized discount) on the FMS 2108 It seems that the SGL & TFM Guidance for reporting Zero Coupon Bond Investments was based on the Held to Maturity Agency reporting only the BPD provided market adjustment on the SF 224 and as.931 activity (unamortized discount) on the FMS 2108 However, the BPD market adjustment calculated using the old method should be the same as the total of the agency’s amortization and market value adjustment However, the BPD market adjustment calculated using the old method should be the same as the total of the agency’s amortization and market value adjustment Therefore, both the amortization and the market value adjustment amounts should be reported on the SF224 as Subclass (72) and on the FMS 2108 as.931 activity Therefore, both the amortization and the market value adjustment amounts should be reported on the SF224 as Subclass (72) and on the FMS 2108 as.931 activity This problem was discovered when BPD began calculating the market adjustment using the new method This problem was discovered when BPD began calculating the market adjustment using the new method FMS is currently working on revising the guidance FMS is currently working on revising the guidance

48 Entry for initial purchase AGENCY 1630 Investments in ZCBs 340,000, Discount on ZCBs 249,142, Fund Balance with Treasury 90,857,952 BPD 2531 Discount on Securities Issued 249,142, Securities Issued 340,000,000

49 Entry for Amortization (Budgetary entry omitted) AGENCY 1633 Amortization of Discount on ZCBs 365, Interest Revenue - Investments 365,246 BPD 6320Interest Expense on Securities 368, Amortization of Discount on Securities 368,116 Note: Immaterial Difference of 2,870 due to use of Different Effective Interest Methods of Amortization (BPD uses Scientific Level Yield - Effective Interest Method)

50 End of Month Market Valuation BPD provides the Agencies with the EOM Market Value of each of their ZCB tax lots in an excel spreadsheet format BPD provides the Agencies with the EOM Market Value of each of their ZCB tax lots in an excel spreadsheet format The Market Value is calculated by BPD using the ZCB pricing formula discussed in previous slide with the Discount Rate equal to the prior day bid close from Bloomberg Generic pricing source The Market Value is calculated by BPD using the ZCB pricing formula discussed in previous slide with the Discount Rate equal to the prior day bid close from Bloomberg Generic pricing source The BPD calculation is compared against ODM spreadsheets for accuracy The BPD calculation is compared against ODM spreadsheets for accuracy

51 Example of BPD Spreadsheet provided to Agency BPD does not provide the amount the agency is required to record as the Market Value Adjustment, however this spreadsheet may be used to calculate it

52 Agency calculation of EOM market adjustment balance Step 1: Column I - Add the Amortized Cost Balance (Net amount of SGL 1630, 1631, & 1633) Step 2: Column J - Add formula to subtract Amortized Cost balance from Tax Lot Market Value. This is the balance that needs to be in the Market Adjustment account (SGL 1638).

53 Agency calculation of market adjustment entry for current period Step 3: Column K - Add the prior EOM Market Adjustment balance (SGL 1638 Beginning Balance) Step 4: Column L - Add formula to subtract Beginning Balance from the Ending Balance. This is the amount required for the current period market adjustment entry.

54 Entry for Market Adjustment Available for Sale Agency (Budgetary entry omitted) AGENCY 7280 Unrealized Loss-Investments 4,731, Market Adjustment-Investments in ZCBs 4,731,425 BPD 2533 Amortization of Discount 4,734, Interest Expense 4,734, Interest Expense 4,734,295 Entries would be reversed and 7180 Unrealized Gain used instead of 7280 if the market adjustment is a positive amount Note: Same Immaterial Difference of 2,870 between Agency & BPD due to difference in Amortized Cost Value

55 Entry for Market Adjustment Held to Maturity Agency (Budgetary entry omitted) AGENCY 1639 Contra Market Adjustment-ZCBs 4,731, Market Adjustment-ZCBs 4,731,425 BPD 2533 Amortization of Discount 4,734, Interest Expense 4,734, Interest Expense 4,734,295 Entries would be reversed if the market adjustment is a positive amount Note: Same Immaterial Difference of 2,870 between Agency & BPD due to difference in Amortized Cost Value

56 ZCB Elimination Issues Large differences exist in the Intragovernmental Fiduciary Confirmation System (IFCS) because the Agency SGLs that include the market adjustment amounts are not included, however the SGLs that BPD uses for market adjustments and amortization are included Large differences exist in the Intragovernmental Fiduciary Confirmation System (IFCS) because the Agency SGLs that include the market adjustment amounts are not included, however the SGLs that BPD uses for market adjustments and amortization are included Large differences exist in the Intragovernmental Reporting and Analysis System (IRAS) between BPD and Held to Maturity Agencies because BPD carries ZCBs at Market Value and the Agency carries them at Amortized Cost Value Large differences exist in the Intragovernmental Reporting and Analysis System (IRAS) between BPD and Held to Maturity Agencies because BPD carries ZCBs at Market Value and the Agency carries them at Amortized Cost Value No overall difference exists in IRAS between BPD and Available for Sale agencies No overall difference exists in IRAS between BPD and Available for Sale agencies BPD has proposed changes to SGL guidance for ZCB market adjustment entries to help alleviate elimination issues BPD has proposed changes to SGL guidance for ZCB market adjustment entries to help alleviate elimination issues

57 BPD SGL Proposal New Liability SGL Account for BPD market adjustments (instead of using 2533 Amortization of Discount) New Liability SGL Account for BPD market adjustments (instead of using 2533 Amortization of Discount) New Expense SGL Account for BPD market adjustments (instead of using 6320 Interest Expense) New Expense SGL Account for BPD market adjustments (instead of using 6320 Interest Expense) New Contra-Unrealized Gain/Loss Account for Held to Maturity Agency market adjustments New Contra-Unrealized Gain/Loss Account for Held to Maturity Agency market adjustments

58 BPD Proposed Entry for Market Adjustment Available for Sale Agency (Budgetary entry omitted) AGENCY 7280 Unrealized Loss-Investments 4,731, Market Adjustment-Investments in ZCBs 4,731,425 BPD 2XXX Market Adjustment-ZCBs 4,734, X Market Adjustment Expense-ZCBs 4,734, X Market Adjustment Expense-ZCBs 4,734,295

59 BPD Proposed Entry for Market Adjustment Held to Maturity Agency (Budgetary entry omitted) AGENCY 1639 Contra Market Adjustment-ZCBs 4,731, Market Adjustment-ZCBs 4,731,425 BPD 2XXX Market Adjustment-ZCBs 4,734, X Market Adjustment Expense-ZCBs 4,734, X Market Adjustment Expense-ZCBs 4,734, Unrealized Loss – Investments 4,731,425 7XXXContra Unrealized Gain/Loss 4,731,425

60 IRAS Reporting Available for Sale Agency NO OVERALL DIFFERENCES PROPOSED - INDIVIDUAL SGL DIFFERENCES DUE TO AMORTIZATION METHODS

61 IRAS Reporting Held to Maturity Agency PROPOSED - DIFFERENCES DUE TO AMORTIZATION METHODS ARE APPARENT AND OVERALL DIFFERENCES = AMOUNTS IN AGENCY CONTRA ACCOUNTS

62 Now that the fun is finally over…. Are there any Questions?

63 For more information…. Contact the Federal Investments Branch at:


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