seniority

Seniority describes the seniority of the issuance in the cap table. A senior security ranks highest in a companies liquidation schedule and hence considered the safest form of debt. subordinated debt ranks below senior debt, and is therefore considered less safe and first loss specifically refers to the least safe debt, just before equity holders.

A secured security is one whose cash flows or credit worthiness is backed by another asset.

first_loss_secured

“first loss tranche” means the most subordinated tranche in a securitisation that is the first tranche to bear losses incurred on the securitised exposures and thereby provides protection to the second loss and, where relevant, higher ranking tranches.

senior_secured

Security that is both senior and secured.

senior_unsecured

Security that is both senior and unsecured.

subordinated_secured

Security that is both subordinated and secured.

subordinated_unsecured”

Security that is both subordinated and unsecured.