Can I show the Picklist Option Name in a Field Merge, instead of the Option Value?

Hi,

I have a CDO that uses a picklist "Sede", I created a Field Merge pointing to that picklist in order to use it in emails, but the Field Merge is showing the Option VALUE, instead of the option NAME 😟

Is there a way a Field Merge can show the picklist Option Name instead of the Option Value?

Thanks in advice,

David