One slice of a larger bond sale, with its own maturity and coupon. Splitting a deal into tranches spreads repayments over time and matches different investors' needs.
分档
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| — | Kimberly-Clark offers bonds to help fund Tylenol maker takeover 分档 · 第 3 张术语卡 | Up to five tranches, with maturities from two to 10 years. 为什么不分一档发完？一是避免「到期墙」——十年后一次性还几百亿，再融资风险太大；二是买盘分层：货币基金只要 2–3 年，保险公司偏好 7–10 年。承销商会按各期限的询价热度分配规模，哪一档需求旺就多发一点。所以「五档」既是融资安排，也是一次读者调查：市场愿意在哪个期限上借钱给你。 |