Consider that the average yield for single-B senior unsecured notes issued in the second half of 2012 is 7.07%.

FORBES: Connect

Like all MLP exchange-traded products on the market today, MLPG is packaged as exchange-traded notes (ETNs), which are unsecured debt obligations.

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There are two more twists to principal-protected notes that investors need to understand: First, they're unsecured obligations of the banks that issue them.

FORBES: Magazine Article