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  • Monday, April 28, 2025
  • The Financial Encyclopedia
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FL Piece

It stands for first-loss piece or first-loss position; a tranche that comes with the lowest priority amongst the entire set...

    Multitranche Instrument

    A debt instrument which gives the issuer the right to deliver more instruments (i.e., bonds)- considered a new tranche by...

      Collateralized Debt Obligation Tranche

      The tranche of a CDO (collateralized debt obligation) that has its own risk characteristics and loss-absorption priority (seniority). There are...

        CMO

        An abbreviation for collateralized mortgage obligation. A mortgage-backed bond where holding investors are divided into tranches (maturity classes) and principal…

          Funged Tranche

          In relation to fungible bonds (funged bonds) and parent bonds, it is a tranche (part of different tranches) that are...

            Tranche Coupon Leg

            One of the two legs of a tranche (vanilla tranche/ plain vanilla tranche), with the other one being a tranche…

              Tranche Premium Leg

              One of the two legs of a tranche (vanilla tranche/ plain vanilla tranche), with the other one being a tranche...

                Tranche Protection Leg

                One of the two legs of a tranche (vanilla tranche/ plain vanilla tranche), with the other one being a tranche...

                  Tranche Default Leg

                  One of the two legs of a tranche (vanilla tranche/ plain vanilla tranche), with the other one being a tranche...

                    Sub-Tranche

                    A synonym for fungible issue; a debt issue that is attached to an existing issue (a parent bond), with the...