Subordinated debt refers to bonds issued by commercial banks. The order of repayment of principal and interest is listed before the commercial bank and other liabilities, and prior to the equity capital of the commercial bank. It belongs to the bank's auxiliary capital.

Subordinated bonds are issued in the inter-bank bond market, and their investor scope is all investors in the inter-bank bond market. After the issuance is completed, they can be traded in the inter-bank bond market with the approval of the central bank. They are characterized by simple issuance procedures and short cycle.

, if investors judge that the overall business environment is good and the demand for corporate and personal loans is strong, then subordinated debt is a good supplement to the bond market. However, the risk and interest rate cost of subordinated debt are generally higher than other bonds issued by banks.

bonds.