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Liquid Yield Option Note - LYON

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Dictionary Says

Definition of 'Liquid Yield Option Note - LYON'

A zero coupon bond that is callable (by issuer), putable (by investor), and convertible. LYONs are synthetic products that are financially engineered by Merrill Lynch.
Investopedia Says

Investopedia explains 'Liquid Yield Option Note - LYON'

A LYON typically assures the holder a positive return. This return is maintained until the opportunity to put the security back to the issuer at a premium over the issue price no longer exists.

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