How do subordinated bonds and contingent capital securities differ from ordinary bonds?

Subordinated bonds are repaid after ordinary (senior) bonds if the issuer goes bankrupt, and in return pay higher interest.

Contingent capital securities may be written off or converted into shares if certain events occur, such as the issuer being designated an insolvent financial institution, so you may not receive principal and interest. Even if the credit rating looks high, be sure to check the repayment priority and the write-off and conversion conditions in the prospectus.