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Fixed income
Subordinated bonds
Subordinated bonds, also known as junior debt, are debt securities that rank below other bonds in terms of claims on an issuer's assets and earnings.
In the hierarchy of debt repayment, subordinated bondholders are prioritized after senior debt holders in the event of liquidation or bankruptcy. This means that if the issuer defaults, subordinated bond investors will only receive payment after all senior obligations have been fully met, increasing the risk of potential loss. To compensate for this higher risk, subordinated bonds typically offer higher interest rates or yields compared to senior bonds.
They can take various forms, such as subordinated notes or perpetual bond – bonds without a fixed maturity date – which add flexibility for the issuer. Subordinated bonds are commonly used by financial institutions and corporations to raise capital while providing a cushion for senior creditors, as they absorb losses first. Their unique position in the capital structure makes them an important tool for both issuers and investors seeking higher returns.
