A Guarantee indicates, in the case of the issuer’s insolvency, whether the debt issue is additionally secured.
The debt instrument is guaranteed by a federal or state government.
The debt instrument is guaranteed by an entity other than the issuer; not a federal or state government.
A debt issue against which specific assets are pledged to secure the obligation e.g. mortgage, receivables.
The direct obligations of the issuer rest solely on its general credit.
In the event of insolvency, subordinated debt-holder receives payment only after senior debt is paid in full.
Senior debt-holders have receiving priority in a debt claim in the event of liquidation.