General secured bonds - General secured bonds

...A general term for bonds other than secured bonds. In addition to unsecured bonds in the narrow sense, which have no real or personal collateral, guaranteed bonds (such as government-guaranteed bonds) in which a third party provides a personal guarantee for the payment of the bond's principal and interest, and generally secured bonds (such as electric power bonds) issued by companies established by special laws that give the bondholder a right to receive payment of the claim from the company's total assets in preference to other creditors (this security right is called a general security or general mortgage) are also unsecured bonds. In Japan, unsecured bonds were initially the norm, but in the early Showa period, there were a series of cases of bonds being unable to be redeemed, which led to a bond cleanup movement, and an agreement was reached among financial institutions to make the issuance of bonds secured as a rule. Since then, with the exception of financial bonds, both ordinary and convertible bonds have been secured by security.

*Some of the terminology used to refer to "general secured bonds" is listed below.

Source | Heibonsha World Encyclopedia 2nd Edition | Information

…担保付社債以外の社債の総称。物的･人的担保のまったくない狭義の無担保社債のほか，第三者が社債の元利金の支払につき人的保証を与えている保証社債(政府保証債など)や，特別法によって設立された会社の発行する社債で，その法律によって社債権者が他の債権者に優先して会社の総財産から債権の弁済を受ける権利(この担保権を一般担保またはゼネラル･モーゲージという)を与えられている一般担保付社債(電力債など)も無担保社債である。　日本では，当初，無担保社債が主流であったが，昭和初期に社債償還不能事件が続出したので社債浄化運動が起こり，社債の発行は担保付きを原則とする旨の金融機関の申合せが成立して以来，金融債を除いて，一般事業債では普通社債･転換社債ともに担保付きとされてきた。…

※「一般担保付社債」について言及している用語解説の一部を掲載しています。

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