# Equity-Linked Note

*Derivatives & Options — Finicade finance glossary*

A bond whose payoff is tied to a stock or index instead of a fixed coupon — a packaged bet dressed as a note. Convenient, but the embedded options make its true value and risk hard to see through.

**Also known as:** equity-linked-notes, eln

**Related terms:** [Structured Product](https://finicade.com/glossary/structured-product), [Principal Protection](https://finicade.com/glossary/principal-protection), [Reverse Convertible](https://finicade.com/glossary/reverse-convertible)

**Taught in:** Quant Quest — Popular Structured Products

Source: https://finicade.com/glossary/equity-linked-note