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Bull-cum-Bear Options
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A zero coupon note made up of a deep in-the-money call and a deep in-the- money put, either of which can be closed out prior to maturity to convert the overall position into either a call or a put. Because both options are deeply in the money, the structure could be viewed as a bond attached to offsetting long and short forward contracts, either of which can be terminated early to provide desired market exposure.
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