Wishful thinking...I own notes I bought at 5c last week. The...

Wishful thinking...


I own notes I bought at 5c last week. The thing I'm unable to work out is:

If the banks are secured, then noteholders rank clearly behind them and we're going to struggle to get much, if anything.

If banks are unsecured, where do we rank? Equal, or still behind (in which case, the issue of whether the banks are secured or unsecured is a non-event).

I bought a small amount picking they'd struggle on and I'd have a fantastic yield going forward- not the case unfortunately. Just trying to get some clarity- many conflicting scenarios going around.