Among the guarantee bonds, the first mortgage bond or the first lien bond has the highest repayment level. The collateral of the former is physical assets, while the collateral of the latter can be assets such as houses, patents and brands.
In addition, there are secondary mortgage bonds and tertiary mortgage bonds. The right to compensation of secured assets has also gradually increased.
Among unsecured bonds, senior unsecured bonds are the second mode of corporate bonds, with the highest repayment level.