As tranche (French: piece, slice ) is that portion of a whole.
Tranches in the economy
In economics, this term is used in different contexts, when an agreed total quantity ( quota ) is converted to money or goods in several parts.
Begebungstranchen a securities issue
Designation for the partial amount of securities issue, the emission of the individual tranches may be issued at different dates. The design of the individual tranches in emission, Tilgungsdenomination and nominal interest rate can also be designed differently.
Installments on the sale of loans ( Zessionshandel )
To mitigate the liquidity risk from short-term deposits and long -term loans, the financial product industry developed in the 1990s, a securitization of long term bank loans awarded. These learned a weighted according to risk structuring in three tranches:
So that at least the mezzanine and senior papers specifically also to institutions (especially insurance and pension funds ) could be sold, which is otherwise prohibited by law to inverse animals in risky securities. "With the help of this technique was from a portfolio of relatively risky loans up to 97 percent of securities" magic ", which were considered to be very safe or safe.", The Expert Council of the Federal Government to assess the overall economic development compared these " magic " in its Annual Report 2007 / 08 with a conversion of land in wine quality wine.
Provides ranches an order for goods
In business, a precisely determined quantity of goods is mostly about a framework agreement, ordered through an equally well-defined period of time. Since the end of the order does not require these goods usually all at once, the amount will be divided into several tranches and delivered to each specific dates exactly to the order ends. The division of a framework agreement in several tranches while both ends of the order as well as for suppliers considerable advantages. The order must end that is only ever pay for and store, which is supplied in a single tranche in relation to goods. The supplier, however, can plan accordingly over the period of the framework contract its production.
Example: The automaker X ordered from the supplier Y 120,000 injection pumps, injection pumps, these are in the course of a framework agreement with a term of twelve months, to be delivered in tranches of 10,000 pieces per month.
Disbursement tranches of a loan
In the banking sector working with credit tranches. One example is the financing of construction projects. There the installments as follows can divide
Everyday life and art of cooking
Especially in Switzerland tranche is used as a synonym for disc. A tranche of bread or meat produced when carving.