But it would apply to all subordinated securities and would be at least equivalent in value to the common equity.
但它将适用于所有次级证券，并至少与普通股等值。
Securities that have priority ahead of all other unsecured or subordinated debt in ranking for payment in the event of default.
指在呈现违约时，在付出次序上优先于扫数其他无包管或次级债务的证券。
However, China Merchants Securities Subordinated Debt is not the issue for the industry and which is known to too many people.
然而，中国招商证券次级债并非是该行业的问题，这是人所共知的人太多。
Article 4 a subordinate debt of a securities company with a term of two years or more shall be a long-term subordinated debt.
第四条证券公司借入期限在2年以上(含2年)的次级债务为长期次级债务。
Article 4 a subordinate debt of a securities company with a term of two years or more shall be a long-term subordinated debt.
第四条证券公司借入期限在2年以上(含2年)的次级债务为长期次级债务。
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