LYON

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LYON

Liquid Yield Option Note

A convertible, callable, and putable zero-coupon bond. A LYON is a bond that is convertible to common stock and may be bought or sold as an option, but which does not pay interest. Because it pays no interest, it is issued at a considerable discount from par value of the bond. This guarantees a positive return to the investor, at least until such time as it becomes profitable for the investor to put the bond back to the issuing company for an amount over the issue price. Generally, the total return on a LYON is less than that of the company's common stock, assuming the company does well.
References in periodicals archive ?
With these documents, he persuaded the Lord Lyon King of Arms to give him the stamp of approval.
The pompous peer threatened to bring down the wrath of the Lord Lyon King of Arms on firms which use "Spey Valley" and "Speyside" in their titles instead of his own name.
The row broke out after the Lord Lyon, Sir Malcolm Innes of Edingight, ruled that Milngavie Primary School, near Glasgow, had contravened the Lord Lyon King of Arms Act 1672 by failing to register its badge.
And he says that if they don't, he'll take them to the Lord Lyon King of Arms, who rules on heraldry and titles.