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Protected Equity Participation (PEP)
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(1) Principal guaranteed equity-linked note with upside participation in an individual stock or a basket of stocks and with no cap on return. Identical in structure to a protected index participation (PIP). See also Equity-Linked Note (ELN) (diagrams), Protected Index Participation (PIP). (2) Another name for Debt Exchangeable for Common Stock (DECS).
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