Senior mortgage bond

(redirected from Senior Mortgage Bonds)

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.
References in periodicals archive ?
The policy was issued in support of a $95 million securitization of Senior Mortgage Bonds on behalf of BACS I Mortgage Trust.
Senior Mortgage Bonds of $156 million were placed by Bear Stearns with U.
The structure of the transaction and the investment grade ratings assigned permitted the Senior Mortgage Bonds, at their original launch, to price significantly through the argentine sovereign curve.
Full browser ?