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GLOSSARY
TRANCHES (ISSUANCE IN)
- Accrued coupon
- Bond
- Book-entry
- Competitive auction
- Coupon
- Debt line
- Exchange
- Explicit yield
- Fungibility
- Implicit yield
- Interest
- Issuance
- Issuing at a discount
- Letra
- Liquidity
- Management Institution
- Maturity
- Nominal (or face) value
- Primary market
- Principal
- Redemption of a Security
- Redemption value
- Repo
- Return
- Secondary market
- Security
- Sell-buybacks
- Stripping
- Strips
- Tranches (issuance in)
- Zero-coupon bond
An issuance mechanism by which a security -identified by its code-is issued in successive auctions. Securities with exactly the same features thus join other securities previously issued, all of them being fully fungible. The main goal is to reach a total size for the security big enough to ensure liquidity in the secondary market.
