Main Entry: tranche

Pronunciation: \ˈträⁿsh\

Function: noun

Etymology: French, literally, slice, from Old French, from trenchier, trancher to cut — more at trench

Date: 1930

: a division or portion of a pool or whole; specifically : an issue of bonds derived from a pooling of like obligations (as securitized mortgage debt) that is differentiated from other issues especially by maturity or rate of return