A French word meaning "slice" used to refer to a portion of a financing deal that has different risk characteristics, returns, terms or offering locations to other securities issued as part of the overall deal. For example, an investment bank might assist an issuer in offering more than one tranche of a bond package deal with differing maturities or currency denominations that can help hedge the issuer's forex Exposure.
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bank transfer
two-tier tender offer
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effective exchange rate