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noun 1. Finance.

  1. one part or division of a larger unit, as of an asset pool or investment: The loan will be repaid in three tranches.
  2. a group of securities that share a certain characteristic and form part of a larger offering: The second tranche of the bond issue has a five-year maturity.

2. any part, division, or installment: We've hired the first tranche of researchers.

verb (used with object), tranched, tranching. 3. Finance. to divide into parts: tranched debt; A credit portfolio can be tranched into a variety of components that are then further subdivided.

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Q: What is a tranche?
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