In finance, seniority refers to the order of repayment in the event of bankruptcy. Senior debt must be repaid before subordinated debt is repaid. Bonds that have the same seniority in a company's capital structure are described as being pari passu.

The levels of bond recognised in FpML (Financial products Markup Language) are as follows:

FpML Value	Description
Senior	Top precedence
SubLowerTier2	Subordinate, Lower Tier 2
SubUpperTier2	Subordinate, Upper Tier 2
SubTier1	Subordinate, Tier 1

[edit] See also

• Security interest
• Secured creditor
• Senior debt
• Unsecured creditor
• Preferential creditor

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