Subordinated

The Jolly Contrarian’s Glossary The snippy guide to financial services lingo.™ →Go uptown Index — Click the ᐅ to expand: Glossary Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

Further back in the queue, in a scenario where it is first-come, first served. Of a pair of creditors who are not pari passu, the more subordinated suffers losses first. The more senior creditors suffer after the subordinated ones. The super-senior creditor suffers last of all.

See also

• Pari passu
• Capital structure