What is the difference between a bond and a leveraged loan?

• Bonds are the senior secured floating-rate piece, while loans sit beneath them as unsecured fixed-rate debt held by the public market
• Loans carry a fixed coupon set at issuance, whereas bonds reset periodically off a floating reference rate plus a spread
• The two are effectively interchangeable instruments and differ only in the market where they are placed
• Loans are usually senior secured and floating-rate; bonds are typically unsecured and fixed-rate
• Bonds sit above loans in the capital structure, so they are repaid first in a default