SubordinatedDebt is a kind of corporate debt, and its creditor's rights have a low priority, and it is usually used to repay subordinated debts after repaying priority debts (such as bank loans and bonds). Subordinated debt is usually guaranteed by the company's own assets, not by the company's shareholders.

The characteristics of subordinated debt include:

1. Creditor's rights have lower priority: in the order of debt repayment, subordinated debts have lower priority, ranking behind the priority debts. This means that if the company faces bankruptcy or debt default, the priority creditors will be paid off first, and then it is the turn of the secondary creditors.

2. Higher risk: The subordinated debt has higher risk because of its lower priority. Investors need to bear higher credit risk when buying subordinated debt.

3. Higher returns: In order to attract investors to take higher risks, subprime loans usually provide higher interest or returns.

4. Long term: Subordinated debt usually has a long term, usually exceeding 10 years.

Subordinated debt is usually issued by financial institutions (such as banks and insurance companies) to raise long-term funds and support business development. For investors, subordinated debt is a high-risk investment, which needs to be selected according to their own risk tolerance. At the same time, investors should also pay attention to the issuer's credit rating, financial status and other factors when purchasing subordinated debt, so as to reduce investment risks.