In the world of bonds, the term junior means having less claim to repayment.
If you own a junior security and the issuing company goes out of business, you have less claim on any assets than an investor who owns a senior security issued by the same company.
But all bondholders, whether they own junior or senior securities, are senior to, or have a greater claim than, holders of preferred stock, who in turn are senior to holders of common stock.
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- Asset-backed bond, Debenture, Hypothecation, Secured bond, Senior bond, Subordinated debt, Unsecured bond
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