senior tranche

Senior tranche investors receive principal and interest before junior tranche holders in the repayment waterfall.在还款清偿顺序中，优先层投资者在劣后层持有人之前收到本金和利息。

Senior tranches carry lower yields but are protected from first losses by junior and equity tranche holders below them.优先层收益率较低，但受到其下方劣后层和权益层持有人的保护，免受首波损失的影响。