Assiduous Readers will be well aware that there are many levels of bank debt, each with its own mix of risk and reward.
In the following article, I attempted to summarize the levels to provide a little perspective. Look for the research link!
Update, 2008-7-19: There is an error in Table 1. Innovative Tier 1 Capital should be shown with a subordination of 7.09% (the same as preferred shares) and a yield of 5.55%.