In relation to a structured note issuance (where debt securities in the form of bonds and notes are divided into different "classes" of debt securities), a "tranche" denotes each class of debt securities that are issued at the same time (by the same issuer). Each tranche will be assigned characteristics that may vary from those of other tranches, such as different rates of interest, repayment terms, credit ratings and priority rankings. Each tranche carries a different risk profile to match the varying risk appetites of investors.

In the context of an Australian medium term note (AMTN) programme, tranche refers to a group of bonds within a series that are identical in all respects (including the issue date, interest rate, repayment terms and all conditions).

In relation to a facility agreement, a loan may consist of a number of tranches, each with differing characteristics (such as availability periods, interest rates, repayment terms, currencies or maturity dates).