Topical Terminology > ZENS
ZENS
For ZENS we have a term and definition in Derivatives.
ZENS (Derivatives) 
Zero-coupon exchangeable notes. Equity-linked notes that pay at maturity the greater of 100% of the appreciated value of original principal invested in stock or the original principal amount. Any time before maturity, the bondholders can exchange the bonds for 95% of the appreciated value of the corresponding stock. The bondholders pay for their embedded options by accepting a lower coupon plus quarterly dividend payments. ("RELIANT ISSUES $1b IN EQUITY-LINKED NOTES," Power Finance & Risk, 9/27/99.)
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