发行证券时，加入同权条款(pari passu clause)，即表示新发行的一批证券与现有的证券享有同等待遇(rank pari passu)。Pari passu在拉丁文是“同步”之意。
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This matters because loans from the EFSF rank pari passu with loans provided by private-sector investors to a buckling sovereign borrower such as Spain, but credit from the ESM would be senior to private sector loans.
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