A note whose redemption value is linked to a price index or a commodity price. The note gives the holder, on redemption, an amount exceeding its principal if the underlying index or price has advanced. The amount will, likewise, be less than the principal in the opposite scenario (in case of a decline). The note would increase in price when the underlying variable performs well. Price indexes and commodity price advance when economic performance is well, in which case interest rates decline. Therefore, bull notes are positively correlated with the direction taken by the broader economy.

A bull note is a combination of a standard note and an option to tap into upside potential.