Bond Market Credit Risk: Analysing Subordination and Creditor protection in Debt Products

Whilst fixed income continues to be one of the most dominant asset classes for issuers and investors, often the analysis of the credit risk associated with the instrument remains limited to a simple review of the instrument’s credit rating.

This course seeks to address this issue – reviewing not just the credit risk profile of the issuer, but also the structural features of this instrument that can make an investor’s position either weak or strong.


This course has been designed to suit anyone involved in fixed income – from sales to origination, and from trading to operational support, critically:
•Traders, asset managers and bond sales staff seeking to improve their knowledge of fixed income from the credit perspective
•Infrastructure staff seeking to gain a better understanding of the fixed income product beyond pricing and yield curves

Learning Outcomes

By the end of the programme delegates will be able to:

  • Describe how a bond can become structurally subordinated and how this structural subordination might be defeated

Course Content

  • A comparison of debt products and the levels of investor protection that they afford given the capital structure of the enterprise
  • Investment grade unsecured
  • High yield secured bonds and unsecured bonds
  • Private placement collateral trust bonds
  • ABS and collateralised bonds
  • Subordination – defining contractual, structural and cash flow-based subordination
  • How structural subordination can arise in a variety of corporate structures
  • Defeating structural subordination


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We are focused on mining the embedded organisational intellectual capital for the benefit of the next generation. We create and curate best in class practice gathered from our experience with the leading financial institutions. We design our programmes with the end in mind – what results are you trying to achieve with this intervention? What metrics will we set ourselves to achieve that?

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