Tranche

1.

One part of a number of different securities that are issued by the same issuer at the same time.

Such securities may differ in terms of risk, yield and/or (most commonly) maturity.

2.

More broadly, any defined part - or slice - of a total.

Tranche means slice, or portion, in French.

See also

• Credit enhancement
• Issuer
• Junior
• Security
• Senior