In finance, seniority refers to the order of repayment in the event of bankruptcy. Senior debt must be repaid before subordinated debt is repaid. Bonds that have the same seniority in a company's capital structure are described as being pari passu.

The levels of bond recognised in FpML (Financial products Markup Language) are as follows:

FpML Value Desription
Senior Top precedence
SubTier1 Subordinate Tier 1
SubUpperTier2 Subordinate, Upper Tier 2
SubLowerTier2 Subordinate, Lower Tier 2
SubTier3 Subordinate, Tier 3

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