A type of toggle tranche that maintains its changed repayment priority until full retirement. Being a toggle tranche, it may receive principal repayments before other tranches with specific precedence order, and even if such tranches are still not retired, if market developments give rise to a “triggering” event (e.g., a drop in Treasury yields to a specific level or a prepayment pattern that deviates from set assumptions by a certain proportion.)
February 22, 2025
