NYSE Euronext Bond Guarantees

A Guarantee indicates, in the case of the issuer’s insolvency, whether the debt issue is additionally secured. 

Government/Treasury Guarantee

The debt instrument is guaranteed by a federal or state government.

Guaranteed

The debt instrument is guaranteed by an entity other than the issuer; not a federal or state government.

Secured

A debt issue against which specific assets are pledged to secure the obligation e.g. mortgage, receivables.

Unsecured

The direct obligations of the issuer rest solely on its general credit.

Junior/Subordinated

In the event of insolvency, subordinated debt-holder receives payment only after senior debt is paid in full.

Senior

Senior debt-holders have receiving priority in a debt claim in the event of liquidation.