• (America) IPA: /tɹæntʃ/
  • (RP) IPA: /tɹɑːnʃ/

tranche (plural tranches)

  1. A slice, section or portion.
  2. (insurance) A distinct subdivision of a single policyholder's benefits, typically relating to separate premium increments.
  3. (pensions) A pension scheme's or scheme member's benefits relating to distinct accrual periods with different rules.
  4. (finance) One of a set of classes or risk maturities that compose 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.

tranche (tranches, present participle tranching; past and past participle tranched)

  1. (finance, transitive) To divide into tranches.
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