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Sonsonate Travel on This prior claim is a form of ranking, or seniority of a specific bond over other bonds of the same issuer. Unsecured bonds rank alongside general creditors, but above junior bonds whose claim is deferred to the claims of other bonds of a similar class. The claim of subordinated bonds is further deferred according to both class and repayment conditions. Bond issues are governed by contracts, in which the above features are set out if applicable. These contracts are often called indentures or trust deeds and specify the obligations of both the bond issue and the bondholder. Often the trust deed will also detail a trustee who shall act for the interests of bondholders. This contract will also specify any covenants that may govern a particular issue. Sonsonate Travel 2016.