Convertible bonds (hereinafter referred to as convertible bonds) are a kind of corporate bonds, also known as convertible bonds, convertible bonds or convertible corporate bonds. It refers to bonds that can be converted into company stocks, that is, financial instruments that use a company bond as a carrier and allow holders to convert into shares of the issuing company or other companies at a specified price within a specified time. Convertible bonds have the dual functions of financing and hedging, and have more advantages than simple financing tools (such as stocks and bonds) and hedging tools (such as futures and options). From the international market, convertible bonds have become an important part of financial assets in most developed countries, and the portfolio without convertible bonds is considered to be an imperfect portfolio.

Subordinated debt refers to a special form of debt whose repayment order is superior to the company's equity but lower than the company's general debt (including priority debt and secured debt). Subordinated debt is only for the order of repayment.