Definition of "tranches" []

• Plural form of tranche. (noun)

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• "Mortgages now became parts of "tranches," a French word for "pieces," that back securities sold."
• "It will be launched all at once rather than in tranches as with 1911."
• "But that didn't suit the newfangled collateralized debt obligations based on collections of mortgages to be cut in tranches as to their expected risk and sold as securities in an unregulated futures market."