1. Finance. a.
one part or division of a larger unit, as of an asset pool or investment: The loan will be repaid in three tranches.
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.
any part, division, or installment: We’ve hired the first tranche of researchers.
verb (used with object), tranched, tranching.
Finance. to divide into parts: tranched debt; A credit portfolio can be tranched into a variety of components that are then further subdivided.
literally, ‘a slice’ < Old French,
‘to cut’; see trench