Seriously, why do you care?

You're either not investing so it doesn't matter, or you are and you're happy with the risk

The answer is that the incremental cost and complexity of doing a secured bond vs an unsecured one is not cost-effective for this type of issue and the profile of the likely investors

In short, the average fan investing £500 neither knows nor gives a s**t about the difference

Posted By: CWC, Mar 9, 16:49:13