Читать книгу The Sterling Bonds and Fixed Income Handbook - Mark Glowrey - Страница 34

Investors should consider that the senior/subordinated structure does not apply to government bonds. Indeed, many aspects of normal commercial law do not apply to governments, and this is something to bear in mind when dealing with the more risky end of the sovereign bond markets.

Note – seniority is not everything. Better a subordinated bond from a high-quality, conservative borrower than a senior bond from a more speculative issuer.