A structured note whose maturity typically exceeds one year (though at times, it is more than three years). The note combines an equity element and one derivative or more, and offers a return potential (performance) linked to an underlying equity price (e.g., a stock price/ stock index, or an equity basket). For example, a long-term structured note may be packaged out of a four year floating rate bond with a quanto element- i.e., the note is denominated in a domestic currency, while it embeds a short position in a call option (a short call) on a foreign equity index (spanning the same term of the note). The option’s strike is a foreign currency and the payoff is denominated in an foreign equity index (equity exposure).

For shorter maturities, the note is a short-term structured note (SSN).

It is known for short as LSN.