Tranches

Some articles on tranches, tranche:

Tranche - How Tranching Works
... All the tranches together make up what is referred to as the deal's capital structure or liability structure ... (and generally unsecured), although certain tranches with the same security may be paid pari passu ... The more senior rated tranches generally have higher bond credit ratings (ratings) than the lower rated tranches ...
Internal Credit Enhancement - Subordination or Credit Tranching
... The senior/subordinated structure thus consists of several tranches, from the most senior to the most subordinated (or junior) ... The subordinated tranches function as protective layers of the more senior tranches ... bottom up (from the most junior to the most senior tranche) ...
Collateralized Mortgage Obligation - Coupon Tranching
... tranching is done on the collateral without any prepayment tranching, then the resulting tranches are called 'strips' ... The benefit is that the resulting CMO tranches can be targeted to very different sets of investors ... will produce a pair (or set) of complementary CMO tranches ...
Residential Mortgage-backed Security - Continuing Evolution
... Ranieri also had a hand in developing the concept of "tranches", which were used to put a spin on a typical RMBS ... With tranches, a pool of mortgages would be divided into different layers of varying risk ... Senior" tranches were the safest part of the investment, and the purchasers of these slices would be paid back in full before the next lower tranche, called "mezzanine", would see any ...
Collateralized Debt Obligation - Transaction Participants - Underwriter
... the underwriter structures debt and equity tranches ... This includes selecting the debt-to-equity ratio, sizing each tranche, establishing coverage and collateral quality tests, and working with the credit rating agencies to ... a trust incorporated in the Cayman Islands) that will purchase the assets and issue the CDO's tranches ...