Compare the three tranches of the same debt. The yield (return) for these three tranches are different. What are the observable differences between these three tranches that might justify the differences in yield (return)

Hertz's December 2005 Junk Bond issues Tranche 1: Senior Dollar-Denominated Note $1.8 billion December 1, 2014 8.875% Par 8.875% Tranche 2: Senior Euro-Denominated Note 225 million December 1, 2014 7.875% Par 7.875% Tranche 3: Senior Subordinated Dollar-Denominated Note $600 million December 1, 2016 10.5% Face value Maturity Coupon Issue price Yield Rating: Standard and Poor's Moody's Fitch Par 10.5% B B1 BB- B1 BB- B B3 BB+ 17