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 ?
Trump had to stop using another coat of arms in 2008 after Scotland's guardian of heraldry, the Lord Lyon King of Arms, warned him he was breaking a 1762 law by using an unofficial crest.
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.
"During my time as Archbishop the Lord Lyon King of Arms granted to the Archdiocese of Glasgow a coat of arms bearing the crossed keys, a sign of the Papacy, and this is because a 15th-century pope described Glasgow as Special Daughter of the Roman Church, a title later extended to the whole of Scotland.
The other is the Lord Lyon King of Arms, the man who looks after the nation's heraldic emblems.
But before he can legally assume the clan title, his nomination has to be ratified by the Lord Lyon King of Arms.