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Liquid Yield Option Note (LYON)
Liquid Yield Option Note -LYON
Image 1 A zero coupon, callable (by issuer), putable (by investor) convertible bond created by Merrill Lynch.

Image 2 A LYON usually assures a positive return at least until after the last opportunity to put the security back to the issuer at a premium over the issue price.


Convertible Bond

Merrill Lynch

Zero Coupon Bond