unsecured bonds are paid after secured bonds in the event of default.
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126.96.36.199. Seniority Ranking d bonds are backed by assets or financial guarantees pledged to ensure debt repayment in the case of default. In contrast, unsecured bonds have no collateral; bondholders have only a general claim on the issuer’s assets and cash flows. Thus, <span>unsecured bonds are paid after secured bonds in the event of default. By lowering credit risk, collateral backing increases the bond issue’s credit quality and decreases its yield.<span><body><html>
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