Friday, December 23, 2011 12:26:08 AM
Knew this was coming, good or bad?
In structured finance, a tranche (often misspelled as traunch or traunche) is one of a number of related securities offered as part of the same transaction. The word tranche is French for slice, section, series, or portion, and is cognate to English trench ('ditch'). In the financial sense of the word, each bond is a different slice of the deal's risk. Transaction documentation (see indenture) usually defines the tranches as different "classes" of notes, each identified by letter (e.g. the Class A, Class B, Class C securities) with different bond credit ratings (ratings).
The term "tranche" is used in fields of finance other than structured finance (such as in straight lending, where "multi-tranche loans" are commonplace), but the term's use in structured finance may be singled out as particularly important. Use of "tranche" as a verb is limited almost exclusively to this field.
In other fields, notably aviation, the noun tranche is used to denote a block of units sharing a common standard. The Eurofighter Typhoon which is used by a number of European air forces, was built to a number of successive tranches.
http://www.marketwatch.com/story/fidelis-energy-announces-final-tranche-of-30-million-financing-from-empres-voss-capital-2011-12-22?siteid=bigcharts&dist=bigcharts
Get behind the bull,not in front of it.
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