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FIXtags

FIX TAG 1450

Seniority

StringAdded FIX.5.0SP1 · EP83

Definition

Specifies which issue (underlying bond) will receive payment priority in the event of a default.

Used to define a CDS instrument.

Additional detail from the official source

The payment priority is this: Senior Secured (SD), Senior (SR), Senior Non-Preferred (SN), Subordinated (SB), Mezzanine (MZ), Junior (JR).

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Differences between the selected source snapshots, including wording and errata; not a migration guide.

FIX 5.0 SP2 FIX Latest · EP309

PropertyFIX 5.0 SP2FIX Latest · EP309
Additional source detailNot markedThe payment priority is this: Senior Secured (SD), Senior (SR), Senior Non-Preferred (SN), Subordinated (SB), Mezzanine (MZ), Junior (JR).

Values only in FIX Latest · EP309 3

  • JRJunior
    Additional source detail

    In the context of MiFID II this value is used as identified in RTS 23 Annex I Table 3 Field 23 "Seniority of the bond".

  • MZMezzanine
    Additional source detail

    In the context of MiFID II this value is used as identified in RTS 23 Annex I Table 3 Field 23 "Seniority of the bond".

  • SNSenior Non-Preferred
    Additional source detail

    For CDS reference obligations of non-preferred senior debt issued by European Financials that constitute a layer of debt ranking between the bank's normal senior debt but above the bank's normal tier 2 subordinated debt (reference: ISDA Credit Market Infrastructure Group).

Values 6

ValueMeaning
SD

Senior Secured

SR

Senior

SB

Subordinated

JR

Junior

Additional detail from the official source

In the context of MiFID II this value is used as identified in RTS 23 Annex I Table 3 Field 23 "Seniority of the bond".

MZ

Mezzanine

Additional detail from the official source

In the context of MiFID II this value is used as identified in RTS 23 Annex I Table 3 Field 23 "Seniority of the bond".

SN

Senior Non-Preferred

Additional detail from the official source

For CDS reference obligations of non-preferred senior debt issued by European Financials that constitute a layer of debt ranking between the bank's normal senior debt but above the bank's normal tier 2 subordinated debt (reference: ISDA Credit Market Infrastructure Group).

About the String data type

Alpha-numeric free format strings, can include any character or punctuation except the delimiter. All String fields are case sensitive (i.e. morstatt != Morstatt).

Used in messages 97

Includes nested components and repeating groups. Open a location to see its surrounding requirements.