Hidden risks can still erode your returns—and structural subordination is one of the most overlooked.
It is not about whether your bond is “senior” or “secured.” Structural subordination has nothing to do with the legal terms of the bond itself.
BondWatch Editorial
Published 2 May 2025
comments | 3 min read
Hidden risks can still erode your returns—and structural subordination is one of the most overlooked.
It is not about whether your bond is “senior” or “secured.” Structural subordination has nothing to do with the legal terms of the bond itself.