In July 2001, Shaw Communications issued a convertible zero coupon debt and raised \(\$ 790\) million. The debt is called a liquid yield option note or LYON. The LYONs were issued at \(\$ 639.23\) per \(\$ 1,000\) and the maturity date is May 1,2021 . The yield to maturity is 2.25 percent over 20 years. The LYONs are both redeemable after May 1, 2007, and convertible by the holders at any time into 8.82988 common shares per LYON. When this debt was issued, the yield ranged between 6 and 7 percent. A magazine article has noted, "It's easy to see why corporations like to issue debt that does not pay interest. But why would anybody want to buy that kind of paper?"'

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Explain why an investor would buy a LYON with a zero interest rate.