Subordinated debt is issued by many banks in the world. Its priority is lower than ordinarydebt, and higher than equity.
次级债券为求偿顺序低于普通债务而高于股权的债务形式,目前普遍为国际各银行所发行。
2
Even that proved a stopgap; on December 3rd it was announced that the Banks would swap the debt for 75% of the ordinary equity and a slug of preference shares.