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Securities

Securities Bond Equities Investment Fund Derivatives Structured finance Agency securities

Markets Bond market Stock market Futures market Foreign exchange market Commodity market Spot market Over-the-counter Market (OTC)

Bonds Bonds by coupon Fixed rate bond Floating rate note Zero-coupon bond Inflation-indexed bond Commercial paper Perpetual bond

Bonds by issuer Corporate bond Government bond Municipal bond Pfandbrief Sovereign bonds

Equities (Stocks) Stock Share IPO Short Selling

Investment Funds Mutual fund Index Fund Exchange-traded fund (ETF) Closed-end fund Segregated fund Hedge fund

Structured finance Securitization Asset-backed security Mortgage-backed security Commercial mortgage-backed security Residential mortgage-backed security Tranching Collateralized debt obligation Collateralized fund obligation Collateralized mortgage obligation Credit-linked note Unsecured bond Agency Securities

Derivatives Options Warrants Futures Forwards Swaps Credit Derivatives Hybrid Securities

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In finance, unsecured debt refers to any type of debt or general obligation that is not collateralized by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation.

In the event of the bankruptcy of the borrower, the unsecured creditors will have a general claim on the assets of the borrower after the specific pledged assets have been assigned to the secured creditors, although the unsecured creditors will usually realize a smaller proportion of their claims than the secured creditors.

In some legal systems, unsecured creditors who are also indebted to the insolvent debtor are able (and in some jurisdictions, required) to set-off the debts, which actually puts the unsecured creditor with a matured liability to the debtor in a pre-preferential position.

[edit] See also

• debt
• high-yield debt