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1 Senior-Tranche
Senior-Tranche f BANK, FIN senior tranche (Synonym: vorrangig besicherte Tranche; meistens mit AAA-Rating; a debt issue which, in the event of liquidation, is repaid before junior mezzanine capital = nachrangiges Mezzanine-Kapital or a before a junior tranche = Nachrangtranche = nachrangig besicherte Tranche) -
2 Tranchierung
Tranchierung f FIN, BÖRSE tranching (new issues of CDOs or ABS are bundled and broken up into tranches by the originating bank for sale to investors; each tranche has a different credit rating –senior, mezzanine, junior and equity– with the higher risk tranches carrying the lowest ratings and highest yield; the first-loss position in securitizations often is sold by the originator so that the risk of default = Kreditausfallrisiko no longer remains on the books of the originating bank – resulting possibly in a slipping of its lending standards; die Cashflows = Zahlungsströme aus den zur Besicherung eingesetzten Forderungstiteln verteilen sich nacheinander kaskadenförmig, je nach Ausfallrisiko, auf die einzelnen Tranchen, zuletzt auf die risikoreichste Tranche, die Equitytranche = equity piece = Erstverlusttranche = FLP = first loss piece = first loss position, die umgekehrt als erste möglicherweise auftretende Zahlungsausfälle trägt; cf originate-to-distribute business model = Originate-to-distribute-Geschäftsmodell)
См. также в других словарях:
tranche — / trä sh/ n [French, literally, slice, from Old French, from trenchier trancher to cut]: a division or portion of a pool or whole: as a: an issue of bonds derived from a pooling of like obligations that is differentiated from other issues esp. by … Law dictionary
Sénior — Senior La définition de senior est liée à l’âge, mais ou commence la limite varie de façon subjective. Le mot « senior » peut être synonyme de personne âgée ou être antérieur en tranche d’âge. Un senior peut commencer à 50, 60, 70 ans… … Wikipédia en Français
Tranche — In structured finance, a tranche (misspelled as traunch or traunche) is one of a number of related securities offered as part of the same transaction. The word tranche is French for slice, section, series, or portion. In the financial sense of… … Wikipedia
Tranche de crédit — En financement structuré, un crédit peut être divisé en plusieurs tranches de crédit ayant chacune un prêteur ou garant distinct. En anglais, le mot français tranche est employé pour désigner une tranche de crédit. Collateralised debt obligation… … Wikipédia en Français
Z-Tranche — A special type of bond class in a sequential pay collateralized mortgage obligation. This class of bond does not receive any interest or principal payments until all other tranches have been completely paid off. In a Z tranche, the interest that… … Investment dictionary
equity tranche — One name for the lowest quality (highest credit risk) tranche in a CDO structure. Sometimes called junior subordinated notes, preferred stock or income notes. The contractual rules for the cash flow distributions in a CDO structure enable the… … Financial and business terms
Collateralized debt obligation — Financial markets Public market Exchange Securities Bond market Fixed income Corporate bond Government bond Municipal bond … Wikipedia
Credit enhancement — Securities Securities Bond Stock Investment fund Derivative Structured finance Agency security … Wikipedia
Collateralised Debt Obligation — Collateralized Debt Obligation (CDO) ist ein Überbegriff für Finanzinstrumente, die zu der Gruppe der forderungsbesicherten Wertpapiere (Asset Backed Securities) und strukturierten Kreditprodukte gehören. CDOs bestehen aus einem Portfolio aus… … Deutsch Wikipedia
Collateralized Debt Obligation — (CDO) ist ein Überbegriff für Finanzinstrumente, die zu der Gruppe der forderungsbesicherten Wertpapiere (Asset Backed Securities) und strukturierten Kreditprodukte gehören. CDOs bestehen aus einem Portfolio aus festverzinslichen Wertpapieren.… … Deutsch Wikipedia
Sequential Pay CMO — A type of collateralized mortgage obligation (CMO) in which there are several tranches. Each tranche s holder receives interest payments as long as the tranche s principal amount has not been completely paid off. The senior tranche receives all… … Investment dictionary
