There are convertible bonds, primary debt, secondary debt, pure debt, credit debt, ultra-short debt and so on.
The risk from high to low is:
Convertible bond base, secondary debt base, primary debt base, credit debt base, pure debt base and ultra-short debt base.
Among them, the risk of credit debt base also depends on whether the debt base is allowed to invest in the secondary market, and if it is allowed, the risk will increase.
In other words, the credit debt base is not necessarily a pure debt base.