NISM Series XIII Common Derivatives Certification Exam Notes
Page 209 Of 303
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Puttable Bonds: Investor can redeem early, often at a discount when rates rise.
Secured Debt: Backed by collateral, paid first in liquidation, higher recovery rate.
Unsecured Debt: No specific collateral, paid after secured debt in liquidation.
Subordinated Debt: Riskier, paid before equity in liquidation, used for bank Tier II capital.
Credit Enhanced Bonds: Improve creditworthiness via collateral, insurance, or guarantees.
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