Consider the equity linked note again. If we assume the current stock price is So = $100, the strike price is 93% x So, the risk-free interest rate is 10% per annum, the volatility is 30% per annum, and the tenor of ELN is 1 month. There is no dividends. What is the discount rate of ELN calculated by BSM formula?

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Treasury Market

On-the-run securities are the most recently issued securities in the market depth and are therefore traded at some premium. The off-the-run securities are the ones issued just before the most recent ones. The on-the-run securities have a lower yield to the investor than the off-the-run securities.