Our debt instruments are in the form of either Capital Notes or subordinated debt.
![Challenger](/-/media/challenger/images/banners/secondary-hero-banners/debt-instruments.jpg?h=220&w=2500&hash=71F31CD4C07876657A568954C9C1827D)
Debt instruments
![Capital notes CGFPA](/-/media/challenger/images/cards/product-cards/challenger-capital-notes-cgfpa.jpg?h=228&iar=0&mh=334&mw=550&w=376&hash=0D008592F53E84314DC0DB817ED739B0)
Challenger Capital Notes (ASX:CGFPA)
Challenger Capital Notes are perpetual, subordinated, unsecured notes issued by Challenger Limited in October 2014.
![Capital notes 2 CGFPB](/-/media/challenger/images/cards/product-cards/challenger-capital-notes-2-cgfpb.jpg?h=228&iar=0&mh=334&mw=550&w=376&hash=C320EB94A265AD5AA0ADF012571BFD68)
Challenger Capital Notes 2 (ASX:CGFPB)
Challenger Capital Notes 2 are perpetual, subordinated, unsecured convertible notes issued by Challenger Limited in April 2017.
![Capital notes 3 card](/-/media/challenger/images/cards/product-cards/capital-notes-3-card.jpg?h=228&iar=0&mh=334&mw=550&w=376&hash=6BA71F154E5EB0C534BDBF211E8A54A8)
Challenger Capital Notes 3 (ASX:CGFPC)
Challenger Capital Notes 3 are perpetual, subordinated, unsecured convertible notes issued by Challenger Limited in November 2020.
![53578 Capital Notes 4 CPW Banners R1 376x228 FINAL](/-/media/challenger/images/cards/product-cards/capital-notes-4.jpg?h=228&iar=0&mh=334&mw=550&w=376&hash=9D240002596B904BD0919D07706436A1)
Challenger Capital Notes 4 (ASX:CGFPD)
Challenger Capital Notes 4 are perpetual, subordinated, unsecured convertible notes issued by Challenger Limited on 5 April 2023
![CLC subordinated notes](/-/media/challenger/images/cards/product-cards/clc-subordinated-notes.jpg?h=228&iar=0&mh=334&mw=550&w=376&hash=DC68EF5FFEBED5AC974D8573ED7FAE66)
CLC Subordinated Notes
Challenger Life Company Limited (CLC) Tier 2 Subordinated Notes.