为什么subordinated逾期也是信用事件？

问题如下：

On 1 July 20X3, UNAB fails to make a scheduled interest payment on the outstanding subordinated unsecured obligation after a grace period; however, the company does not file for bankruptcy- Morrison asks Watt to determine if UNAB experienced a credit event and, if so, to recommend a settlement preference.

Should Watt conclude that UNAB experienced a credit event?

选项：

A.

Yes

B.

No, because UNAB did not file for bankruptcy.

C.

No, because the failure to pay occurred on a subordinated unsecured bond

解释：

Correct Answer: A

UNAB experienced a credit event when it failed to make the scheduled coupon payment on the outstanding subordinated unsecured obligation. Failure to pay, a credit event, occurs when a borrower does not make a scheduled payment of principal or interest on any outstanding obligations after a grace period, even without a formal bankruptcy filing.

B is incorrect because a credit event can occur without filing for bankruptcy. There are three general types of credit events: bankruptcy, failure to pay, and restructuring.