Читать книгу The Sterling Bonds and Fixed Income Handbook - Mark Glowrey - Страница 33

Subordinated bonds are securities where the investors claim on the company’s assets has been pushed down the credit hierarchy. As such, they are a higher risk than senior or secured bonds from the same organisation.

These types of bonds are generally issued by banks and insurance companies, who have large and complex balance sheets. Such bonds will typically yield more than the two senior bonds above, and show higher volatility. [You can read more about these bonds in chapters 11 and 13.]