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Zero Coupon Accrual Note
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A variant of the range accumulation note with an initial price below par, a negligible or zero coupon rate and a supplementary interest accrual determined by an embedded range accumulation option feature. Typically, the total redemption payment is capped at par with automatic maturity and principal redemption. The more accurate the range forecast, the higher the return and the earlier the opportunity to reinvest in a new forecast.
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