tranches pronunciation. The meaning of TRANCHE is a division or portion of a pool or whole; specifically : an issue of bonds derived from a pooling of like obligations (such as securitized mortgage debt) that is differentiated from other issues especially by. tranches pronunciation

 
The meaning of TRANCHE is a division or portion of a pool or whole; specifically : an issue of bonds derived from a pooling of like obligations (such as securitized mortgage debt) that is differentiated from other issues especially bytranches pronunciation  In structured finance, a tranche is one of a number of related securities offered as part of the same transaction

Tranches Definition. ”. Last Name <100 in the U. Tranche definition: A portion of a total, especially of a block of assets such as cash or securities. countable noun [usu N of n] In economics, a tranche of shares in a company, or a tranche of a company, is a number of shares in that company. tarife sound ,tarife pronunciation, how to pronounce tarife, click to play the pronunciation audio of tarifeWhen words sound different in isolation vs. Except as provided in Section 2. one part or division of a larger unit, as of an asset pool or investment: The loan will be repaid in three tranches. A tranche will be assigned characteristics which may vary from those of other tranches, such as different rates of interest, repayment terms,. In structured finance, a tranche is one of a number of related securities offered as part of the same transaction. with 1 audio pronunciation and more for Tranche. How to say quatre tranches in English? Pronunciation of quatre tranches with 1 audio pronunciation and more for quatre tranches. one of several parts of a financial arrangement, payment, amount, etc. one of several parts of a financial arrangement, payment, amount, etc. new tranche of arrivals from poorer parts. Learn about tranches. In relation to a structured note issuance, (being debt securities in the form of bonds or notes which are divided into different "classes" of debt securities), a "tranche" denotes each class of notes comprising the same issue. Embed. A portion of a total, especially of a block of assets such as cash or securities: the riskiest tranche of the bond offering; money delivered in two tranches. “Tranche” in structured finance means “slice” or “portion” in French. The pro-rata tranche is syndicated by banks, as opposed to. How And When To Use Traunch. A tranche of sirloin. one of several parts…。了解更多。Wörterbuchverweise. How to say des tranches de in French? Pronunciation of des tranches de with 1 audio pronunciation, 15 translations and more for des tranches de. une tranche de viande - a slice of meat. In case of default during repayment, these tranches carry different maturities, yields, and degrees of risk and. Bond issuances, also known as bond pools, can contain hundreds or thousands of individual bonds. The tranches Tranches Tranches refer to the segmentation of a pool of securities with varying degrees of risks, rewards, and maturities to appeal to investors. Just like asset backed securities and mortgage backed securities (MBS), commercial mortgage backed securities (CMBS) are divided into tranches based on credit risk. La première tranche des travaux commence aujourd'hui. (partie d'une suite) (work) part, round n. This paved the way for future developments in this sector. Uma classificação de crédito é uma avaliação da qualidade de crédito do tomador ou emissor de uma. This is according to priority, with senior debt receiving paid first. This makes them easier to sell or buy. An installment of a loan is a tranche. with 1 audio pronunciations 0 rating Record the pronunciation of this word in your own voice and play it to listen to how you have pronounced it. oignon translation and audio pronunciationThe NAIC 5GI Designation is not appropriate for residual tranches and interests ( see definition from . A collateralized debt obligation ( CDO) is a type of structured asset-backed security (ABS). Start your free trial of our courses: this channe. How to say tranches in English? Pronunciation of tranches with 3 audio pronunciations, 1 meaning, 1 antonym, 11 translations, 8 sentences and more for. Credit Tranche: A system used by the International Monetary Fund (IMF) to govern its lending activities to member countries. Listen to the audio pronunciation in several English accents. The act of slicing something into small portions. The borrower would pay one interest. Collateralized loan obligations are similar to. Single Tranche means the amount of the Financing allocated to the category entitled “Single Tranche” in the table set forth in Part B of Section II of Schedule 1 to this Agreement. CMOs are organized into tranches, or groupings, which are determined by a variety of factors including the maturity date of the mortgage and the risk level. Joseph Stalin - Joseph Vissarionovich Stalin (born Ioseb Besarionis dzе Jughashvili; 18 December [O. Meaning of tranchés. Pronunciation Guide. How to say tranches minces in English? Pronunciation of tranches minces with 1 audio pronunciation, 9 translations and more for tranches minces. Synonyms: cachar, capturar, coller. Aprender más. Définition de « tranchés » Notre dictionnaire de français vous présente les définitions du mot tranches de manière claire et concise, avec des exemples pertinents pour aider à comprendre le sens du mot. . ; Record yourself saying 'tranche' in full sentences, then watch yourself and listen. A tranche sometimes refers to a single issue of a security released at different times. In the event of loan defaults, the lower tranches are the first to suffer losses. However, the presence of Z-tranches also makes the more senior tranches more secure -- after all, those tranches (and their. Commercial Facility means any structure or building, or any portion therefore, other than a residential dwelling. How to say il achète des tranches in French? Pronunciation of il achète des tranches with 1 audio pronunciation and more for il achète des tranches. Tranches are often found in collateralized debt obligations (CDOs) such as mortgage-backed securities (MBS). Definition of tranches in the Definitions. The investment increases as the business reaches the required milestones, reducing risks for businesses and investors. Learn more in the Cambridge English-Chinese simplified Dictionary. 4 /5. Different tranches from the same debt issue can thus have different risk, interest rate, and maturity profiles. 5 Of those 1145 impaired securities, 997 have experienced uncured payments defaults, while 148 were classified as impaired solely based on the fact that they were downgraded to Ca or C. For example, collateralized mortgage obligations (CMO) are structured with a number of tranches that mature on different dates, carry varying levels of risk, and pay different interest rates. one part or division of a larger unit, as of an asset pool or investment: The loan will be repaid in three tranches. See how “tranchés ” is translated from French to English with more examples in context. . Also, you can use it in the following contexts describing; The process of dividing something into portions. 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. Learn more. TRANCHE | definition in the Cambridge English Dictionary Meaning of tranche in English tranche noun [ C ] us / trɑːntʃ / uk / trɑːntʃ / Add to word list finance & economics specialized one of several parts of a financial arrangement, payment, amount, etc. : 2. Il comprend des informations supplémentaires telles que des exemples d'expressions, l'étymologie, les synonymes, les homonymes,. Finance and Tranche. Josip Broz Tito - Josip Broz (Cyrillic: Јосип Броз, pronounced [jǒsip brôːz]; 7 May 1892 – 4 May 1980. Aprender más. Tranche Definition. S. Catalan Pronunciation: Chinese (Mandarin) Pronunciation: Chinese (China) Pronunciation: Chinese (Hong Kong) Pronunciation: Chinese (Taiwan) Pronunciation: Danish Pronunciation: Danish Pronunciation: Danish Pronunciation: Danish Pronunciation: Dutch Pronunciation: Dutch Pronunciation: Dutch Pronunciation:. ; Production is divided into three tranches ( see table below ). Check out the pronunciation, synonyms and grammar. Additional Information: Exactly the same as the more common spelling, Joseph, but replaces the 'ph' with an 'f'. How to say afficher_tranches_requete in French? Pronunciation of afficher_tranches_requete with and more for afficher_tranches_requete. For the Name Tranches; Pronunciation; Meanings and Origins; Fun Facts; What Tranchess Have Visited This Page? Name Poster; Keep scrolling for more. tranquil. Joseph Goebbels - Paul Joseph Goebbels (German: [ˈpaʊ̯l ˈjoːzɛf ˈɡœbl̩s] (listen); 29 October 1897 – 1 May 1945) was a. Splamare les composés obtenus sur des tranches de pain. Pronunciation: How to pronounce "tranches" "tranches" in a sentence "tranches" meaning. 자세히 알아보기. 13 (c). HowToPronounce. read more are created in such a way that senior tranches will bear the lesser risk as they hold the first right to the cash flows Cash Flows Cash Flow is the amount of cash or cash. countable noun [usu N of n] Definition of tranche noun in Oxford Advanced Learner's Dictionary. com is a free online audio pronunciation dictionary which helps anyone to learn the way a word or name is pronounced around the world by listening to its audio pronunciations by native speakers. ABBREVIATIONS; ANAGRAMS; BIOGRAPHIES; CALCULATORS; CONVERSIONS;. How to say TRANCHES de in French? Pronunciation of TRANCHES de with and more for TRANCHES de. A slice, section or portion. Audio and video pronunciation of Judd brought to you by Pronounce Names (a website dedicated to helping people pronounce name. verb (used with object), tranched, tranch·ing. Unitranche debt is a distinct financing arrangement in which senior and junior tiers of debt tranches are blended into a single offering. entrench: [verb] to place within or surround with a trench especially for defense. Pronunciation guide: Learn how to pronounce tranchées in French with native pronunciation. Each portion, or tranche, is one of several related securities offered at the same time but with different risks, rewards. View the translation, definition, meaning, transcription and examples for «Tranches», learn synonyms, antonyms, and listen to the pronunciation for «Tranches»Part 4 of "International banking and financial market developments" (BIS Quarterly Review), December 2014, by Adonis Antoniades and Nikola Tarashev. This video shows you how to pronounce. equity tranche - financial. 'Tranche, tranches' * (f) is French for 'slice, slices'. : 2. Kolias [en] Zaphod [en] [en] [en] Last updated November 18, 2023. 4 or, as the case may be, Section 7; Sample 1 Sample 2. The singular and plural forms are pronounced identically in French. In structured finance, a tranche is one of a number of related securities offered as part of the same transaction. (trɑnʃ ) Word forms: tranches plural. Learn more. The plan envisaged that the number of. n. How to say Le bacon en tranches in French? Pronunciation of Le bacon en tranches with 1 audio pronunciation and more for Le bacon en tranches. The plural form of tranche is tranches . Just like soldiers in a war, investors use tranches for safety. They include auto loans, credit card. below). Tranches are parts of a pooled collection of securities, which usually are debt instruments, that are segregated according to their risk or other characteristics for the purpose of marketing to different investors. 9 billion at year-end 2020 from $117. tranche significado, definición, qué es tranche: 1. TRANCHE definition: In economics , a tranche of shares in a company, or a tranche of a company, is a number. equity tranche - financial. Tranches are commonly found in mortgage-backed securities (MBS) or asset-backed securities (ABS). tranches. Collateralized Debt Obligation or CDO is a structured type. Gratuit Tranches – specu. Record Josef. The singular and plural forms are pronounced identically in French. See tranches meaning in Hindi, tranches definition, translation and meaning of tranches in Hindi. Dictionary Collections Quiz Community Contribute CertificateTranche. one of several parts of a financial arrangement, payment, amount, etc. All the words in the world. second-person singular imperative. ”. You'll be able to mark your mistakes quite easily. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. Both risk drivers affect risk-weights associated with securitisation exposures. The assurance function provides confidence that the resource. Listen to the pronunciation of Tranches and learn how to pronounce Tranches correctly. Learn how to say Tranche with EmmaSaying free pronunciation tutorials. A large senior tranche, relatively immune to the effects of adverse selection, can be sold at a small lemon’s premium. A part of an issue. on the senior tranches will be too high. Je goûterai ta tarte demain car j’ai goûté un fameux tiramisu tout à l’heure. in a sentence, look up the pronunciation first in a dictionary, then use Debt Obligation Squared - CDO-Squared: A special purpose vehicle (SPV) with securitization payments in the form of tranches . The tranches of a larger asset pool are defined in transaction documentation and are assigned a different class of. make uniform. Tranch synonyms, Tranch pronunciation, Tranch translation, English dictionary definition of Tranch. tranches in Chinese. Tranches shall have the meaning ascribed to such term in Section 2. tranche Significado, definición, qué es tranche: 1. Learn and practice the pronunciation of tranches. Forvo: the pronunciation dictionary. tranches according to their seniority. Tranche literally means section, slice or portion in French. In investing, “tranche” refers to a security that can be sold to investors by dividing it into more manageable accounts. Get thousands of audio pronunciations of English; hear words pronounced in both British and American EnglishGérard Lauzier Télécharger Tranches de vie Intégrale tome 0 Tranches de vie intégrale Livre PDF Français Online . As an adjective traunch is divided into portions or. Pursuant to the “P&P Manual, an insurance company is permitted to self -assign an NAIC 5GI to an obligation if it meets all of the following criteria: 1. A junior tranche is a high-risk, unsecured debt with a higher interest rate. Depending on these three parameters, tranches are designed so that they can sit the investor related profile, and a properly well sought investment strategy. to establish solidly. tranche significado, definición, qué es tranche: 1. Dans d'autres modes de réalisation, un moteur peut consister en deux dés qui sont pris en sandwich par liaison tranche-à-tranche. Tranches means Adjusted Base Rate Tranches or Eurodollar Tranches or any combination thereof. ioSynthetic CDO: A synthetic CDO is a form of collateralized debt obligation (CDO) that invests in credit default swaps (CDSs) or other noncash assets to gain exposure to a portfolio of fixed income. How to say Les tranches de pain in French? Pronunciation of Les tranches de pain with 1 audio pronunciation and more for Les tranches de pain. The dictionary meaning of the word Tranche is -“one of several parts of a larger unit- generally of a financial arrangement, payment, or amount. Each of the names has the same notional of 1000000, the same recovery rate of 40% and also the same flat CDS spread of 0. Definition Tranches are portions of debt or securities that are categorized into varying degrees of risk and return. Learn how to say Programmatic with EmmaSaying free pronunciation tutorials. ( 2006) Most of the first tranche of money printed was absorbed by government borrowing and by banks building up their reserves. Here are 4 tips that should help you perfect your pronunciation of 'tranches': Break 'tranches' down into sounds: say it out loud and exaggerate the sounds until you can consistently produce them. Hear the audio till you get your pronunciation right. . Tranches refer to pieces of securities or debts created to group characteristics or divide risk so as to be marketable to various investors. The pension-related loan will be disbursed in three tranches. 6 December] 1878 – 5 March 1953) was a Georgian revolutionary and Soviet politician who led the Soviet U. Listen to the audio pronunciation in several English accents. Tell students how and where to place their tongue to pronounce sounds like “th” and “l. tranquilize. une tranche de pain - a slice of toast. w. Learn more in the Cambridge French-English Dictionary. [2] [3] Like other private label securities backed by assets, a CDO can be thought of as a promise. g. Unitranche debt is a type of debt that combines senior and subordinated debt into one debt instrument; it is usually used to facilitate a leveraged buyout . Dictionary Collections Quiz Community Contribute CertificateHow to say tranches d'emmental in French? Pronunciation of tranches d'emmental with 1 audio pronunciation and more for tranches d'emmental. Break 'tranches' down into sounds: say it out loud and exaggerate the sounds until you can consistently produce them. "drawing in the gold tranches" in Chinese : 黄金份额提款. Planned Amortization Class (PAC) Tranche: A planned amortization class (PAC) tranche is a class of tranche in a planned amortization class (PAC) bond that receives a primary payment schedule. How to say tranches de vie in French? Pronunciation of tranches de vie with 1 audio pronunciation, 12 translations and more for tranches de vie. Sample 1 Sample 2 Sample 3. Phonetic The phonetics of the. . 1. : 2. French Translation of “TRANCHE” | The official Collins English-French Dictionary online. They are used in structured finance, and are particularly common in mortgage-backed securities (MBS). Finance. : 2. one of several parts…. : 2. HowToPronounce. tranche Etymology [ edit] Borrowed from French tranche, form of trancher (“to cut, to slice”), from Old French trenchier (“cut, make a cut”), possibly from Vulgar Latin. Learn how to say and properly pronounce ''Couper en tranches'' in French with this free pronunciation tutorial. SSAP 43R . The Definition of “Tranche”Definition of tranchés in the Definitions. [ + of] 2. in English? Pronunciation of Tranche. : Next month, they will sell a tranche of shares worth up to $500 million. On the contrary, tranches rated BB or B are more risky. Definition and meaning can be found here: w. Tranche. Companion Tranche: A class of tranche found in planned amortization class (PAC) and targeted amortization class (TAC) collateralized mortgage obligations (CMOs) that absorbs variable prepayment. noun. Check pronunciation: tranche. 5, see the spelling and/or phonetic transcription of. Pronunciation of Tranches d'ananas with and more for Tranches d'ananas. : 2. Of the 997 uncuredFurther refined into: geographic area, seniority of tranches, ratings, sub-prime or Alt-A related, or other underlying assets, maturity/vintage, allowances and write-offs EurLex-2 The methodology would result in a significant reduction of the capital charge for non- senior tranches of STS securitisation. Record the pronunciation of this word in your own voice and play it to listen to how you have pronounced it. Les activités se font par tranches d'âge. When a member nation applies for a loan to help with balance of payment. Tranche. The least risky tranche, for example, has first call on the income generated by the underlying assets, while the riskiest has last claim on that income. Can. A tranche of something is a piece, section, or part of it. Each portion or tranche refers to one of the various related securities offered simultaneously but with different risks, maturities, and rewards which can appeal to investors of different types. n. Definition and meaning can be found here:Tranches are parts of a pooled collection of securities, which usually are debt instruments, that are segregated according to their risk or other characteristics for the purpose of marketing to different investors. in successive tranches. Find more words! Instead, as they were in the midst of an ad slump and eager to get their hands on big tranches of money, they leapt at the arrangement. How to say des tranches de pain in French? Pronunciation of des tranches de pain with 1 audio pronunciation and more for des tranches de pain. "drawing in the credit tranches" in Chinese : 信用份额提款. Dictionary Collections Quiz Community Contribute Certificate WEBSITE LANGUAGE. Discussioni su 'tranche' nel forum English Only. A collateralized debt obligation squared (CDO-squared. Go to Preferences page and choose from different actions for taps or mouse clicks. What Does Tranche Mean? What is the definition of tranche? Tranches are commonly used in the collateralized debt obligations (CDOs), the asset-backed securities (ABS), the mortgage-backed securities. Il est délicieux en tranches dans un croque-monsieur ou en sandwich. exp. tranche. TRANCHE definition: 1. less common: determine sth. How to say Tranches de pain in French? Pronunciation of Tranches de pain with 1 audio pronunciation and more for Tranches de pain. Pronunciation of les amendes tranches with and more for les amendes tranches. Z-tranches are the riskiest tranche of an MBS because investors receive no cash payments for an extended period of time and thus may be more likely to be left holding the bag if the underlying mortgages default. the ratio of the height of the temple's colonnade to the width of the entablature and pediment make for an eye-pleasing and eurythmic facadetranchés pronunciation - How to properly say tranchés. Jason Kyrwood: As leverage levels have been forced down by the guidance, the size of second-lien tranches appears to have gotten smaller in some cases, making them less liquid and therefore less attractive to. tranche synonyms, tranche pronunciation, tranche translation, English dictionary definition of tranche. Pronunciation of Josef in Regina, Saskatchewan, Canada. exp. Press and start speaking. I will taste your pie tomorrow, since I have just tasted an excellent tiramisu. A Quick Overview Of Tranche, Tranches. How to say le rapprochement des tranches in French? Pronunciation of le rapprochement des tranches with and more for le rapprochement des tranches. tranches pronunciation - How to properly say tranches. t. A Quick Overview Of Tranche, Tranches. to light, to set light, to set fire, to set in fire. The issuer can retain, on average, significant fractions of smaller subordinate tranches that are more subject to adverse. A synthetic CDO tranche may be either funded. Examples of financial merchandise that can be divided into tranches embody bonds, loans, insurance policies, mortgages, and different debts. Some tranches are highly risky, whereas others have low to moderate risk. Jo as in "Crow". Meaning of tranches. trample on or over something or someone. In particular, SEC-IRBA includes tranche maturity up to five years as an explicit risk driver, while SEC-ERBA includes tranche thickness, for non-senior tranches, as well as tranche. On February 12th he put up for sale a second tranche of 32 state-owned companies. While "mortgage-backed security" is a broad term describing asset-backed securities, a collateralized mortgage obligation is a more specific class of mortgage. in English? Pronunciation of Tranche. In the financial sense of the word, each bond is a different slice of the deal's risk. How to say tranches minces in French? Pronunciation of tranches minces with 2 audio pronunciations, 9 translations and more for tranches minces. Tranches são um conjunto de títulos separados e agrupados com base em várias características e vendidos a investidores. CMBS are Split Into Tranches Based on Credit Risk. How to say tranches de salmão in Portuguese? Pronunciation of tranches de salmão with and more for tranches de salmão. How to say entre les tranches in French? Pronunciation of entre les tranches with 1 audio pronunciation and more for entre les tranches. Our analysis showed that the highest-rated Normal tranches thatA bond tranche is a slice or portion of bond issuance. Collin-Dufresne et al. tranquilize. The subordinated tranches are about 20% of the transaction balance, providing a large proportion of credit enhancement to the investment grade. 75 or 0. sustantivo contable. trancelike. plural of tranche; Anagrams [edit] chanters, resnatch, snatcher, stancher; French [edit] Pronunciation [edit] Audio : Verb [edit] tranches. one of several parts of a financial arrangement, payment, amount, etc. When a number of securities are pooled and offered as collateral, each security becomes a ‘slice’ of that offering i. Visit the Spanish-English Forum. A portion of a series of payments in structural financing. Close. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. 2. All the tranches are usually part of the same series or round of investments. . . Reference: tranche investment. "tranchese. A tranche is a specific portion of an investment that has been divided up into smaller parts. Check the advanced options and discover all the available settings: set the playback speed: x1, x0. You'll be able to mark your mistakes quite easily. tranquilizer. Switch to mobile view. Tranches shall have the meaning ascribed to such term in Section 2. . : 2. Governed by a single credit agreement, unitranche loans combine senior debt and subordinated debt into one credit facility. French Translation of “TRANCHE” | The official Collins English-French Dictionary online. Learn more in the Cambridge English-Chinese traditional Dictionary. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. Tranchen: Wortart: Deklinierte Form Silbentrennung: Tran|chen. Related to Subsequent Tranches. yes. Tranching allows investors to choose to invest in a part of the pool with similar risks and rewards. A tranche is a “slice” of an investment in pooled securities, commonly debt instruments such as mortgages, that is sold separately to investors. Just over a million cards were produced in the first tranche. kredi dilimleri: × Pronunciation in context (out of ) Pronunciation of tranches. one of several parts of a financial arrangement, payment, amount, etc. An investor could invest a total of $250,000 and split their payments into three tranches of $30,000, $70,000, and $150,000. ['ˈtræntʃ'] a portion of something (especially money). in a sentence, look up the pronunciation first in a dictionary, then use Mortgage Obligation. Tranche is a related term of traunch. Much of this evolution reflected the changing fortunes of. The highest-rated, least risky loans will be placed in the highest tranches, while the lowest-rated, riskiest loans will be placed. tranche的意思、解釋及翻譯:1. one of several parts…. (catégorie) group, bracket n. conclude v ( concluded, concluded) L'expert a tranché le débat avec des arguments solides. Pronunciation guide: Learn how to pronounce tranche in French, English, German, Luxembourgish with native pronunciation. Learn more in the Cambridge French-English Dictionary. Definition. oj4. Here, Jennifer Lowe explains how to. Based on 2 documents. Tranches are parts of a larger whole. In investing, “tranche” refers to a security that can be sold to investors by dividing it into more manageable accounts. Definition: A tranche is a percentage of a structured debt product that seeks to spread the interest rate risk across various credit rating securities. The article in brief: A collateralized loan obligation (CLO) is a vehicle that alters credit risk by financial structuring and creates cash flow arbitrage to the equity investor. one of several parts…. English Translation of “TRANCHE” | The official Collins French-English Dictionary online. one slice of bread covered with food. An investor could invest a total of $250,000 and split their payments into three tranches of $30,000, $70,000, and $150,000. Je goûterai ta tarte demain car j’ai goûté un fameux tiramisu tout à l’heure. For example, a company may announce that is intends to issue $10,000,000 in bonds in two tranches of $5,000,000. JO - sef JO rhymes with "Blow" Sef rhymes with "Deaf" Record Josef Upload Audio File Type of Name: First Name. tranche nf. sandwich: [noun] two or more slices of bread or a split roll having a filling in between. tranche translate: (金融协议,付款,金额等的)一部分. Dictionary Collections Quiz Community Contribute Certificate WEBSITE LANGUAGE. /x/ represents a fricative sound as in /lɒx/ for Scottish loch, Irish. Similar words for Tranche. They split financial products into smaller pieces. Tranches. . . 1. When a company goes into liquidation or bankruptcy, the creditors receive payments in order of priority, with senior debt receiving payments first. Tranche. tranquil. It is also referred to as subordinated debt. The conventional securitization structure assumes a three-tier security design—junior, mezzanine, and senior tranches.