1. portions or installments of something larger, especially money, securities, or loans that are divided and distributed separately
Usage: finance; business

Examples

• The loan was divided into three tranches of $10 million each.
• Investors can purchase different tranches of the bond offering.
• The government released funding in monthly tranches.
• Each tranche carries different risk levels and interest rates.
• The company issued the stock in separate tranches over six months.
• Banks often sell mortgage tranches to other financial institutions.