First mortgage 相当于 Senior secured是吗?

问题如下：

In the event of default, the recovery rate of which of the following bonds would most likely be the highest?

选项：

First mortgage debt

Senior unsecured debt

Junior subordinate debt

解释：

A is correct.

First mortgage debt is senior secured debt and has the highest priority of claims. First mortgage debt also has the highest expected recovery rate. First mortgage debt refers to the pledge of specific property. Neither senior unsecured nor junior subordinate debt has any claims on specific assets.

考点：Seniority Ranking

解析：由下图可知，选项A正确。