It stands for first-loss piece or first-loss position; a tranche that comes with the lowest priority amongst the entire set...

A tranche that comes with the lowest priority amongst the entire set of tranches constituting a securitized structure (CMBS structure,...

A tranche that comes with the lowest priority amongst the entire set of tranches constituting a securitized structure (CMBS structure,...

It stands for first-loss piece or first-loss position; a tranche that comes with the lowest priority amongst the entire set...

A tranche that comes with the lowest priority amongst the entire set of tranches constituting a securitized structure (CMBS structure,...