ASX listed non-financial subordinated debt issues have been few and far between. The last issue was from Crown Resorts in April 2015. Prior to this, it is necessary to look back to 2012 to see any such issuance. The good news is that a new issue was announced yesterday. But the bad news is that there are no pricing benchmarks in the market against which the new issue can be evaluated. Integrated export and import logistic services provider, Qube Holdings Limited, advised the ASX that it intends to issue A$200 million, more or less, of seven year subordinated notes. The notes will be listed on the ASX under the ticker code QUBHA.The maturity date set for 5 October 2023 extends well beyond the call dates of any of the current issues in the market. Notice the difference in the terminology used here: maturity date versus call date.There are structural differences being offered by Qube that are quite superior to any of the other subordinated notes currently available. This makes the notes more attractive but, again, adds to the difficulty of trying to determine the relative value of the notes being offered.Among the existing non-financial subordinated debt issues listed on the ASX, call dates range from later this year, in the case of the Woolworths Notes II, to June 2019 for the AGL Energy Subordinated Notes. Only the Crown Resorts Subordinated Notes II have a later call date of July 2021 and that is still more than two years earlier than the maturity date of the Qube Subordinated Notes. As at the close of business on Monday, the AGLHA notes had a yield to call of 3.92 per cent per annum, while the yield to call on the CWNHB notes was 8.96 per cent, according to Morgans' ratesheet. There are reasons for these differences but with Qube offering an indicative initial yield to maturity of 5.65 per cent per annum on the seven year notes, the difficulty of assessing relative value starts to become apparent.  But is doesn't end there.In the prospectus released with the announcement of the issue, Qube makes a point of distinguishing between its subordinated note issue and the other issues already in the market, which it refers to a corporate hybrid issues. It is a point well made.The Qube subordinated notes are just that, in the traditional sense. The notes will be subordinated to Qube's senior ranking creditors i.e. its bankers and other creditors that would typically have a senior ranking claim. But there is no provision for coupon payments to be deferred or repayment of principal to be delayed or converted into equity.A failure to pay coupons when due or redeem principal at maturity will be an event of default.The other corporate subordinated debt issues listed on the ASX allow for coupon payments to be deferred, although usually the coupons are cumulative if not paid when due. The distinction between call dates and maturity dates is critical however, because these issues have maturity dates that can extend many