Debt securities whose returns are based on, among other things, equity indexes, a single equity security, a basket of equity securities, interest rates, commodities, and/or foreign currencies. Consequently, the return is “linked” to the performance of a reference asset or index. As with all debt securities, it has a fixed maturity and include two components — a bond component and an embedded derivative. Some examples include principal protected notes, reverse convertible notes, enhanced participation or leveraged notes and hybrid notes that combine multiple characteristics. Pertains to debt.

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