"Fixed Income": Second lien debt
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Questions 1:
Which of the following bonds is most likely to trade at a lower price relative to an otherwise identical option-free bond?
A 、Convertible bond
B、 Putable bond
C、 Callable bond
Questions 2:
Which bonds most likely rank the highest with respect to priority of claims?
A 、Subordinated debt
B、 Second lien debt
C、 Senior unsecured bond
C is correct. A callable bond benefits the issuer because it gives the issuer the right to redeem all (or part) of the bonds before the maturity date. Thus, the price of a callable bond will typically be lower than the price of an otherwise identical non-callable bond.
A is incorrect because a convertible bond also benefits bondholders as it gives them the right to convert the bonds into the issuer’s common stock. All else being equal, the price of a convertible bond will typically be higher than the price of an otherwise identical non-convertible bond.
B is incorrect because a putable bond benefits bondholders as it gives them the right to sell the bonds back to the issuer before the maturity date. All else being equal, the price of a putable bond will typically be higher than the price of an otherwise identical non-putable bond.
B is correct. Second lien debt has a secured interest in the pledged assets and ranks higher than the unsecured debt, such as senior unsecured bonds and subordinated debt.
A is incorrect because subordinated debts are the lowest rank among those three.
C is incorrect because senior unsecured bonds are a type of unsecured claim. They rank lower than second lien debts, which are secured claims to the pledged assets.
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