What exactly is the significance of the terms "pro rata tranche" and "institutional tranche". First what is the difference between the two, and secondly what is the significance of the language( i.e. pro rate vs. institutional) describing the different tranches.
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i see you've read the S&P lcd material...
There are two types of loans, the ones held by the banks and the ones sold to institutions like CLOs, hedge funds, mutual funds etc... The market doesnt refer to them in that terminology, only S&P calls them that, you'll hear Term Loan A (tla) and TLb and below...
the main difference is their amortization profiles, the A piece amortizing rapidly, the way banks want and the B and below pieces slowly amortizing with better pricing to optimize returns... Also they maybe synthetically subordinated in a bankruptcy...
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