Series: How to Read a Bond Indenture — A Value Investor’s Framework Introduction When investors say a bond is “senior,” they usually stop thinking right there. That is a mistake. In modern corporate structures, legal seniority does not determine recovery.Structural position does. Two bonds can both be labeled senior unsecured yet one recovers 70 cents … Continue reading Post #7 — Guarantees, Subsidiaries & Structural Subordination: Who Actually Owes You the Money