The prioritisation of the payment of a coupon and repayment of the principal depends on the ranking of the Eurobond. Most commonly, Eurobonds rank above other credit facilities the issuer may have and are said to have a “Senior” ranking. Senior ranked bonds can be either “Secured” (secured with collateral) or “Unsecured”.
One of the lowest ranks is “Subordinated”, which by itself can have a “Senior Subordinated” or “Junior Subordinated” ranking. Please see below for an overview from highest ranking to lowest ranking.
At present, all Nigerian Eurobonds are ranked Senior Unsecured, with the June 2023 Seplat Petroleum Eurobond as an exception: