Sub-ordinate debts (Sub-debt) are financial instruments that use to raise funds for company operations. The government agencies, financial institutions as well as private enterprises issue these instruments to investors. The holder of these sub-debt is the lender, while the issuer of these bonds is the borrower. The borrower can issue this sub-debt to the lender, only by promising to pay back the loan at a specific maturity date with a fixed interest rate. This interest rate is generally lower than other debts and NCDs.