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Examples

  • Mr. Franklin calls it the "Tranche" program, a reference to the French word for slice or layer.

    Banks Pressed on Sour Home Loans 2010

  • Terms: Tranche 1: Amount: $188 million; maturity: Nov. 1, 2015; coupon: 1.375%; price: 99.248; yield: 1.532%; spread: 38 basis points more than Treasurys.

    New Securities Issues 2010

  • Tranche 3: Amount: $300 million; maturity: Nov. 15, 2040; coupon: 5.05%; price: 99.876; yield: 5.058%; spread: 105 basis points more than Treasurys.

    New Securities Issues 2010

  • Terms: Tranche 1: Issuer: U.S. Bancorp; amount: $500 million; maturity: Oct. 30, 2013; coupon: 1.125%; price: 99.853; yield: 1.175%; spread: 63 basis points more than Treasurys.

    New Securities Issues 2010

  • Tranche 2: Amount: $250 million; maturity: Nov. 1, 2020; coupon: 2.95%; price: 98.33; yield: 3.146%; spread: 53 basis points more than Treasurys.

    New Securities Issues 2010

  • Tranche 3: Amount: $750 million; maturity: Jan. 15, 2021; coupon: 4.25%; price: 99.645; yield: 4.294%; spread: 95 basis points more than Treasurys; call: make-whole callable at Tsys +15 bps.

    New Securities Issues 2011

  • Terms were as follows: Tranche 1: Amount: $375 million; maturity: Jan. 10, 2014; coupon: 1.50%; price: 99.732; yield: 1.592%; spread: 58 basis points more than Treasurys; call: make-whole callable at Tsys +10 bps.

    New Securities Issues 2011

  • Tranche 3: Amount: $500 million; maturity: Nov. 2, 2040; coupon: 5.20%; price: 99.940; yield: 5.204%; spread: 115 basis points more than Treasurys.

    New Securities Issues 2010

  • Tranche 2: Amount: $375 million floating-rate notes; maturity: Jan. 10, 2014; coupon: 3-month London interbank offered rate plus 33 basis points; price: par; yield: 3-month Libor plus 33 basis points.

    New Securities Issues 2011

  • Tranche 2: Amount: $700 million; maturity: March 15, 2021; coupon: 3.50%; price: 99.668; yield: 3.539%; spread: 90 basis points more than Treasurys.

    New Securities Issues 2010

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