tranches

n. piece, slice

In structured finance, the word tranche (sometimes traunche) refers to one of several related securitized bonds offered as part of the same deal. The word tranche is French for slice; in the financial sense of the word, each bond is a slice of the deal's risk. The legal documents (see indenture) usually refer to the tranches as "classes" of notes identified by letter (e.g. the Class A, Class B, Class C securities).
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n. slice, piece, tranche; slab

v. cut, slice; sever, chop; resolve, determine, arbitrate, take a decision

adj. distinct, clear, contrasted, sharp