tranche

tranche
tranche /'trä sh/ n [French, literally, slice, from Old French, from trenchier trancher to cut]: a division or portion of a pool or whole: as
a: an issue of bonds derived from a pooling of like obligations that is differentiated from other issues esp. by maturity or rate of return
b: a bond series issued for sale in a foreign country

Merriam-Webster’s Dictionary of Law. . 1996.

tranche
United Kingdom
From the French word meaning "slice", the term "tranche" is predominantly used in two scenarios:
• In relation to a structured note issuance, (being debt securities (debt security) in the form of bonds or notes which are divided into different "classes" of debt securities), a "tranche" denotes each class of notes comprising the same issue. A tranche will be assigned characteristics which may vary from those of other tranches, such as different rates of interest, repayment terms, credit rating and priority ranking); essentially affording each class a different risk profile to match the varrying risk appetites of investors.
For more on tranched securities, see PLC Finance, Practice note, Collateralised debt obligations (CDOs): overview - Structuring a CDO - Tranching (www.practicallaw.com/9-385-8080).
• In relation to a facility agreement, a loan may consist of a number of tranches (sometimes also referred to as alphabet notes), each with differing characteristics, such as availability periods, interest rates, repayment terms, currencies or maturity dates.
+ tranche
USA
A group of securities issued at the same time by the same issuer that have differing characteristics such as risk, reward, maturity, and credit rating.
In structured finance, it refers to one of several related securitized bonds offered as part of the same collateralized debt obligation, where each bond is a slice of the deal's risk. Tranches are usually identified by letters, with AAA ("triple A") the most senior, least risky, lowest return bond, down through AA, A. A junior, unsecured tranche may be rated BB. However, ratings can fluctuate after the debt is issued and even senior tranches could be rated below investment grade (less than BBB). The bond's indenture usually details the payment of the tranches in a section often referred to as the waterfall (because the moneys flow down).
In a loan agreement, a loan may consist of a number of tranches with separate drawdowns, interest rates and repayment terms.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

См. также в других словарях:

  • tranche — [ trɑ̃ʃ ] n. f. • 1213; de trancher ♦ Ce qui est coupé, tranché. A ♦ Sens propre 1 ♦ Morceau assez mince, coupé sur toute la largeur d une chose comestible. Tranche de pain. ⇒ tartine, toast. Tranche de viande, de bœuf (⇒ bifteck) , de veau (⇒… …   Encyclopédie Universelle

  • tranché — tranche [ trɑ̃ʃ ] n. f. • 1213; de trancher ♦ Ce qui est coupé, tranché. A ♦ Sens propre 1 ♦ Morceau assez mince, coupé sur toute la largeur d une chose comestible. Tranche de pain. ⇒ tartine, toast. Tranche de viande, de bœuf (⇒ bifteck) , de… …   Encyclopédie Universelle

  • tranché — tranché, ée (tran ché, chée) part. passé de trancher. 1°   Coupé, séparé en coupant. •   Il opina, sans s appuyer sur rien, que M. Fouquet aurait la tête tranchée à cause du crime d État, SÉV. Lett. à Pompone, 17 déc. 1664. •   La partie la plus… …   Dictionnaire de la Langue Française d'Émile Littré

  • tranche — Tranche. s. f. v. Morceau coupé en long & un peu mince. Il ne se dit guere que des choses qu on mange. Tranche de boeuf, de jambon, de pasté, d esclanche, de longe de veau, de poulet d inde, de canard. tranche de cimier de boeuf. tranche de melon …   Dictionnaire de l'Académie française

  • tranche- — ⇒TRANCHE , élém. de compos. Élém. issu d une forme du verbe trancher, représentant ce verbe au sens de « séparer en deux, détacher d un tout, en coupant net, à l aide d un instrument », entrant dans la constr. de qq. termes. V. tranche montagne… …   Encyclopédie Universelle

  • Tranche — 〈[trã:ʃ] f. 19〉 1. fingerdicke Scheibe von Fleisch od. Fisch 2. Teil einer Anleihe [→ tranchieren] * * * Tran|che [ trã:ʃ(ə) ], die; , n […ʃn̩] [frz. tranche, zu: trancher, ↑ tranchieren]: 1. (Kochkunst) fingerdicke Scheibe von Fleisch od. Fisch …   Universal-Lexikon

  • tranche — [tränsh] n. 〚Fr, lit., a slice〛 a portion, share, installment, etc. [the final tranche of the loan] * * * …   Universalium

  • Tranche — [ trã:ʃ(ə)] die; , n [...ʃn̩] <aus gleichbed. fr. tranche zu trancher, vgl. ↑tranchieren>: 1. fingerdicke Fleisch od. Fischschnitte. 2. Teilbetrag einer Wertpapieremission (Wirtsch.) …   Das große Fremdwörterbuch

  • tranche — (n.) c.1500, from Fr. tranche, from trancher, trencher to cut (see TRENCH (Cf. trench)). Economic sense is from 1930 …   Etymology dictionary

  • tranche — s. f. 1. Pedaço cortado. = FATIA 2. Parte separada. = PARCELA   ‣ Etimologia: francês tranche …   Dicionário da Língua Portuguesa


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