Definition of "tranche" []

• A slice, section or portion. (noun)
• One of a set of classes or risk maturities which comprise a multiple-class security, such as a CMO or REMIC; a class of bonds; collateralized mortgage obligations are structured with several tranches of bonds that have various maturities. (noun)

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• "The equity tranche is supposed to be very high risk and carries commensurate high yields."
• "Mr. Poetsch confirmed that Porsche plans a capital increase of up to € 5 billion in the first half of 2011, mainly to repay a € 2.5 billion credit tranche from a syndicated loan, which is due June 30, 2011."
• "The more-conservative investors, insurance companies, chose the longest-term tranche; money managers settled in the middle."