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:
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.

Related Terms:
Convertible Bond
Merrill Lynch
Zero Coupon Bond

• Payment Option ARM Minimum Payment
• Payment Shock
• Payout
• Payout Phase
• Payout Ratio
• Payroll Tax
• Pay Yourself First
• Peak
• Peak Oil
• Pearson Coefficient
• Peer Perform
• Pegging
• PEG Payback Period
• PEN
• Penalty Bid
• Pennant
• Penny Stock
• Pension Adjustment (PA)
• Pension Adjustment (PA)
• Pension Benefit Guaranty Corporation (PBGC)
• Pension Benefit Guaranty Corporation (PBGC)
• Pension Fund
• Pension Maximization
• Pension Pillar
• Pension Plan