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The following table illustrates the ISTAR Refresh/Valuation derivation for capital structure codes, based on the value of SECURITYDBO.FIXED_INCOME.OBLIGOR assigned to the security. The derived value is assigned to the security and stored in the NAIC_CAP_STRUCTURE_CODE field in the ISTAR XReference table unless a security level override exists.

Capital Structure Code

Obligor

1

SR SECURED

3

SR SUB DEBS

3

SR SUB NOTES

3

SR SUBORDINATED

3

SUB NOTES

3

SUBORDINATED

Note:

Per NAIC guidance, as a general rule, a security is Senior Unsecured Debt unless otherwise indicated. By default, for debt securities, if the Obligor is any other value or is not assigned, Eagle defaults a value of 2 (Senior Unsecured Debt)
A Capital Structure Code of 4 is automatically assigned to Exchange Traded Funds – as Identified by the SVO and Bond Mutual Funds – as Identified by the SVO.
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