Use: Select one of the options from the Other Category.
Default: N/A
Notes: Select Only to see only offerings with this criteria, select N/A to do nothing with this criteria or select Omit to not include this criteria on any offerings returned.
Description: Often the last tranche in a CMO, the Z-tranche receives no cash payments for an extended period of time until the previous tranches are retired. While the other tranches are outstanding, the Z-tranche receives credit for periodic interest payments that increase its face value but are not paid out. When the other tranches are retired, the Z-tranche begins to receive cash payments that include both principal and continuing interest.