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Senior Mortgage Bond

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Senior mortgage bond
A bond that, in the event of bankruptcy, will be redeemed before any other bonds are repaid.
Senior Mortgage Bond
A bond secured by a mortgage on one or more properties that, in the event of bankruptcy and/or liquidation, has priority over other liabilities secured by the same mortgages. See also: Absolute Priority Rule, Second Mortgage.
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The policy was issued in support of a $95 million securitization of Senior Mortgage Bonds on behalf of BACS I Mortgage Trust.
Sovereign Risk Announces Completion of Second Capital Markets ... by Business Wire
The ratings reflect the strength of the cross-collateralized and mostly well-located portfolio of 13 properties in the asset pool; the conservative loan-to-value ratio and strong debt service coverage ratio; sound collateral package and legal structure; an interest rate hedge agreement that protects the borrower's payments under the underlying senior mortgage bond from interest rate fluctuations; and certain additional structural protections.
S&P Assigns Ratings to J-CMBS-1 Y21 Bil FR Notes by Business Wire
The preliminary ratings reflect the strength of the cross-collateralized and the mostly well-located portfolio of 13 properties in the asset pool; the conservative loan-to-value ratio and strong debt service coverage ratio; sound collateral package and legal structure; an interest rate hedge agreement that protects the borrower's payments under the underlying senior mortgage bond from interest rate fluctuations; and certain additional structural protections.
S&P Assgns Prelim Rtgs to J-CMBS Y21B Fltg-Rate Nts by Business Wire
 
 
 
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