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November 30, 2026
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never heard of something being called "unsubordinated" and I worked in restructuring for a few years...my guess is it would fall right behind the senior secured in the capital structure (ie highest unsecured) like your guess.
In the context of recent implementation of statuory subordination in many EU countries I guess you are asking about senior non preffered. If yes then its between tier2 and senior preffered
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