Junior subordinated debt, which ranks next in the queue, trades at 15-45 cents on the dollar and senior subordinated debt at 65-70 cents.

依照清偿顺序，排在之后的初级次级债务1美元仅值15-45美分，高级次级债务大约65-70美分。

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Debt over which senior debt takes priority; in bankruptcy, subordinated debt-holders receive payment only after senior debt is paid off in full.

清偿次序排在优先债务之后的债务。企业破产时，次要债务持有人要在优先债务全部偿还后才能获得清偿。

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The Irish have already imposed "haircuts" on subordinated-debt holders in their banks, though they were stopped from doing this for senior bondholders (see article).

爱尔兰现在已经对银行次级债持有人强硬“理发”，但不会对高级债券持有人采取相同的做法。

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The concluding statement of the European Council meeting of March 24-25, 2011, addressing the terms under which EU sovereigns may borrow from the European Stability Mechanism (ESM) confirms our previously published expectations that (i) sovereign debt restructuring is a potential pre-condition to borrowing from the ESM, and (ii) senior unsecured government debt will be subordinated to ESM loans.

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Since subordinated debt has less protection than senior, secured debt in bankruptcy proceedings, Triangle is able to charge higher, junk-bond rates to borrowers.

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