9477

FILE COPY
A
World
Bank
Glossary
Glossare
Glossary des finances Glosario
of Finance et de de finanzas
and Debt la dette y de deuda
P
u
b
l
i
c

D
i
s
c
l
o
s
u
r
e

A
u
t
h
o
r
i
z
e
d
P
u
b
l
i
c

D
i
s
c
l
o
s
u
r
e

A
u
t
h
o
r
i
z
e
d
P
u
b
l
i
c

D
i
s
c
l
o
s
u
r
e

A
u
t
h
o
r
i
z
e
d
P
u
b
l
i
c

D
i
s
c
l
o
s
u
r
e

A
u
t
h
o
r
i
z
e
d
A World Bank Glossary
Glossaire de la Banque mondiale
Glosario del Banco Mundial
Glossary of Finance and Debt
Glossaire des finances et de la dette
Glosario de finanzas y de deuda
English-French-Spanish
Franais-anglais-espagnol
Espaol-ingls--francs
The World Bank
Washington, D.C., U.S.A.
Copyright 1991
Intemational Bank for Reconstruction
and Development The World Bank
Banque intemationale pour la reconstruction
et le dveloppement 1 Banque mondiale
Banco Intemacional de Reconstruccin
y Fomento Banco Mundial
1818 H Street, N.W.
Washington, D.C. 20433, U.S.A.
AH rights reserved
Tous droits rservs
Reservados todos los derechos
First printing: March 1991
Premiere dition: mars 1991
Primera impresin: marzo de 1991
Manufactured in the United States of America
Publi aux Etats-Unis d'Amrique
Hecho en los Estados Unidos de Amrica
Library of Congress Cataloging in Publication Data
Glossary of finance and debt: English-French-Spanish = Glossaire des
finances et de la dette: franais-anglais-espagnol = Glosario de
finanzas y de deuda: espaol-ingls-francs.
p. cm. - (A World Bank Glossary = Glossaire de la Banque
mondiale)
ISBN 0-8213-1644-3
1. International finance-Dictionaries 2. Debts, Extemal-
-Dictionaries. 3. English language-Dictionaries-Spanish.
4. English language-Dictionaries-French. I. Title: Glossaire des
finances et de la dette. II. Title: Glosario de finanzas y de
deuda. IIL Series: World Bank glossary.
HG151.G629 1990
332'.042'03-dc2O 90-44772
CIP
ii
Contents-Table des matieres-Indice
Foreword v
Avant-propos vi
Prefacio vii
Terminology of Finance and Debt 1
English-French--Spanish
Abbreviations (English) 111
Sigles (franais) 119
Siglas (Espaol) 125
Terminologie des finances et de la dette
Franais-anglais 129
Terninologa de finanzas y de deuda
Espaol-Ingls 181
v
Foreword
This glossary supersedes Borrowing and Lending Terminology, which appeared in 1984.
Borrowing and Lending Terminology was originally produced in response to changes in the
Bank's borrowing program, which had been expanded to increase the sources of borrowing and
to take advantage of changes in the financial markets.
This new glossary adds considerably to those terms, to reflect both the substantial changes in
the financial markets in the 1980s and how the Bank has profited from them. While the major
references are to the US and Eurodollar markets, terminology will be found from most of the
major world financial markets.
The new glossary also adds to the scope of the original, by introducing a wide range of termi-
nology connected with the international debt problem. A variety of innovative features both
within the World Bank and elsewhere has been considered and, in some cases, implemented in
order to deal with the debt burden of the developing countries. This has given rise to a special-
ist terminology, considered here for the first time.
Unfortunately, the activities of the world's financial markets and consideration of international
debt have tended to take place primarily in English. As a result, many of the terms considered
here do not have standard equivalents in French or Spanish and should be considered as pro-
posed translations rather than as standard terms. Naturally, where there is an equivalent used in
French or Spanish, or where the experts in France or Spain and the Latin American countries
have an agreed terrn, it has been used. It should be noted, however, that many of these terms
will be used in English by French- and Spanish-speaking experts, even when there is an ac-
cepted equivalent in French or Spanish. Definitions have been given for nearly all of the terms,
so that translators can decide whether to use the proposed translation or adopt another one.
These definitions are based on the English term, except where otherwise noted, and appear in
the English section.
Besides terminology used in the financial markets, this glossary also contains terms relating to
the World Bank's current lending program, including the currency pool and the pool-based
lending rate (whch are not the same thing), banking, accounting, particularly ratios, as well as
a few terns in the fields of economics and financial analysis. The names of the United States
and the United Kingdom have been consistently abbreviated to "U.S." and "U.K."
This glossary has been prepared by the Terminology Unit of the World Bank's Language Ser-
vices Division, in close collaboration with the French and Spanish Sections. Any comments, in-
cluding proposals for new terms and suggested alternative translations, will be most welcome
and should be addressed to:
Terminology Unit
Language Services Division
The World Bank
1818 H Street, N.W.
Washington, D.C. 20433
U.S.A.
vi
Avant-propos
Ce glossaire remplace la Terminologie des emprunts et des prts parue en 1984. La Termi-
nologie des emprunts et des prts avait t publie la suite des changements apports au pro-
gramme d'emprunt de la Banque, qui venait d'etre largi pour permettre a la Banque de
multiplier ses sources de fonds et de tirer parti de l'volution des marchs des capitaux.
Ce nouveau glossaire a t considrablement enrichi, refltant en cela les profondes transforma-
tions intervenues sur les marchs des capitaux pendant les annes 80 et, d'autre part, la maniere
dont la Banque s'en est servie. La majorit des termes a trait aux marchs des Etats-Unis et des
eurodollars, mais on trouvera en outre des termes provenant de la plupart des grands marchs
mondiaux.
Par ailleurs, la porte du nouveau glossaire a t accrue, puisqu'il englobe dsormais de nom-
breux termes relatifs au problme de la dette. Diverses initiatives ont t envisages et parfois
prises, la Banque et ailleurs, pour aider les pays en dveloppement a faire face au problame
de la dette. Ces efforts ont donn naissance a toute une terminologie spcialise, qui apparait
pour la premire fois dans un glossaire de la Banque.
Malheureusement, les activits des marchs des capitaux et l'examen de la question de la dette
intemationale se droulent essentiellement en anglais; c'est pourquoi un grand nombre des ter-
mes contenus dans ce glossaire n'ont pas d'quivalent accept en franais ou en espagnol. Les
traductions proposes ne sont donc que des suggestions et non pas les termes agrs, sauf bien
entendu lorsqu'il existe un quivalent utilis en franais ou en espagnol, ou lorsque les experts
de France ou d'Espagne ou des pays d'Amrique latine se sont mis d'accord sur un terme don-
n. Presque tous les termes sont accompagns d'une dfmition, afin que les traducteurs puis-
sent dcider entre la traduction propose ou une autre de leur choix. Ces dfinitions portent sur
le terme anglais, sauf indication contraire, et figurent dans la colonne anglaise.
Outre la terminologie des marchs des capitaux, ce glossaire contient des termes relatifs au pro-
gramme de pret en cours de la Banque, ainsi qu'au pool de monnaies et au taux preteur fond
sur un pool (qui sont deux choses diffrentes), aux activits bancaires, la comptabilit, en par-
ticulier les ratios, ainsi que des termes conomiques et d'analyse financilre. Les Etats-Unis
sont dsigns par l'abrviation U.S. et le Royaume-Uni par U.K..
Ce glossaire a t prpar par le Service de terminologie de la Division des services linguisti-
ques de la Banque mondiale, en collaboration troite avec les Sections franaise et espagnole.
Si vous avez des observations a formuler, de nouveaux termes ou des traductions diffrentes a
proposer, adressez-vous :
Terminology Unit
Language Services Division
The World Bank
1818 H Street, N.W.
Washington, D.C. 20433
Etats-Unis
vii
Prefacio
El presente glosario sustituye al de Terminologa de emprstitos y prstamos, publicado en
1984, que se elabor para recoger las modificaciones introducidas en el programa de emprsti-
tos del Banco a fin de ampiiar las fuentes de obtencin de fondos y de aprovechar los cambios
experimentados por los mercados financieros.
Este nuevo glosario incorpora una cantidad considerable de nuevas expresiones que reflejan
tanto los sustanciales cambios que han registrado los mercados financieros en los aos ochenta
como el modo en que el Banco los ha utilizado. Si bien muchos de estos trminos se refieren a
los mercados de los Estados Unidos y del eurodlar, en sus pginas se encontrar terninologa
de la mayora de los principales mercados financieros del mundo.
Adems, el nuevo glosario ampla el mbito del original, pues introduce una gran variedad de
trminos relacionados con el problema de la deuda internacional. A fin de hacer frente a la car-
ga de la deuda de los pases en desarrollo, tanto en el seno del Banco Mundial como en otras es-
feras se ha considerado una gran diversidad de mecanismos innovadores, algunos de los cuales
se han adoptado en la prctica. Esto ha dado lugar a la creacin de una terminologa especiali-
zada, que se recoge aqu por primera vez.
Lamentablemente, en las actividades de los mercados financieros del mundo y en la considera-
cin del problema de la deuda internacional predomina el uso del idioma ingls. Como resulta-
do de ello, muchos de los trminos recogidos aqu no tienen un equivalente exacto en espaol o
francs, por lo que las traducciones que se dan deben considerarse como sugerencias, ms que
como trminos consagrados. Naturalmente, en los casos en que existe un equivalente en espa-
ol o francs, o en que los expertos de Espaa y los pases latinoamericanos o de Francia han
convenido en una expresin tcnica, sta se ha incorporado al glosario. No obstante, cabe sea-
lar que los expertos emplean muchos de estos trminos en ingls, aun cuando exista un equiva-
lente aceptado en espaol o francs. Se dan definiciones de casi todas las expresiones, de
modo que los traductores pueden decidir si usan la traduccin propuesta o adoptan otra. Salvo
indicacin en contrario, las definiciones corresponden al trmino ingls y aparecen en ese idio-
ma en la seccin trilinge.
Adems de la terminologa usada en los mercados financieros, este glosario contiene trminos
relacionados con el programa actual de operaciones crediticias del Banco Mundial, incluidos
los referentes al fondo comn de monedas y al tipo de inters variable basado en una "cesta" de
emprstitos pendientes, banca, contabilidad -en particular coeficientes- y algunas expresio-
nes que se emplean en los campos de la economa y el anlisis financiero. Se indica si el trmi-
no corresponde a los Estados Unidos o al Reino Unido con las abreviaturas "U.S." y "U.K".
Este glosario ha sido preparado por la Unidad de Terminologa de la Divisin de Servicios Lin-
gsticos del Banco Mundial, en estrecha colaboracin con las Secciones de Traducciones al Es-
paol y al Francs. Cualquier comentario ser bien recibido inclusive sugerencias relativas a la
incorporacin de nuevos trminos o a traducciones distintas de las que aparecen en el glosario.
Las comunicaciones deben dirigirse a:
Terminology Unit
Language Services Division
The World Bank
1818 H Street, N.W.
Washington, D.C. 20433
EE.UU.
Terminology of Finance and Debt
English-French-Spanish
3
- A - accrued interest (Al) lbonds]
coupon couru (CC)
intereses devengados y acumulados
accelerable guarantee A bond's accumulated interest made since the last
garantie appelable par anticipation interest payment.
garant(a exigible anticipadamente
A guarantee whereby a cail for payment can be acid-test, liquid, quick ratio
advanced if the loan is declared in default, before ratio de trsorerie rduite
the maturities being guaranteed become payable. relacin activo disponible-pasivo corriente
The standard IBRD defmition is the ratio of cash
acceleration of maturity plus marketable securities plus accounts receivable
exigibilit anticipe; demande de plus other amounts readily convertible into cash to
remboursement anticip current liabilities. Other definitions include ratio of
aceleracin del vencimiento; adelanto del current assets less inventories to current liabilities,
vencimiento ratio of quick assets to current liabilities, ratio of
Declaration by a lender that the outstanding princi- cash plus near-cash assets to current liabilities, and
pal is due and payable immediately, together with ratio of cash plus accounts receivable plus the
the interest due, following non-compliance with loan market value of selected investments to current
covenants. liabilities. In Latin America, relacin de prueba
cida is often found, while in Spain ratio de tesorera
accounting prce is used.
prix comptable
precio de cuenta; precio contable active borrower
A price used for accounting purposes (i.e., not a pays qui continue d'emprunter
market price). Often used synonymously with prestatario (activo)
shadow price. Country which still receives World Bank loans.
accounting rate of interest (ARI) active loana
taux d'intrt comptable (TIC) prts en cours de dcaissement, non encore
tasa de inters de cuenta; tasa de inters rembourss
contable (TIC); tipo de inters de cuenta; tipo prstamos vigentes
de inters contable (TIC) Loan on which disbursement is still being made.
Discount rate used to convert future values of
benefits and costs into equivalent present values. activity ratios
taux d'activit
accounting ratio d ctivit
ratio prix comptable-prix du march coeficientes de actividad
relacin prix iompontable-precix du mearch ; A group of ratios that measure movement in the
relacin precio contable-precio de mercado; activities of a corporation.
coeficiente de cuenta; coeficiente contable
Ratio of accounting price to market price of a actuarial evaluation
good. valuation actuarielle
evaluacin actuarial
apprciation Evaluation of future events, particularly those
apprciation relating to asset appreciation, earning power and
diferencia entre el precio con descuento y el compensation.
valor nominal [bonos]
Adjustment of the difference between the price of
a bond bought at an original discount and the par
value of the bond.
4
admission fee (to a stock exchange) agency fee [Euromarket]
frais de cotation commisson de gestion
comisin de admisin (a cotizacin) comisin de gestin
Fee charged by a stock exchange for applying for a Fee paid to the lead manager in a Euroloan for his
stock to be listed on that exchange. work in collecting and paying out interest payments
and other services.
advanced refunding
refinancement anticip agency securities, obligations
refinanciamiento anticipado obligations mises par des organismes fd-
Refinancing before maturity, to take advantage of raux
favorable market conditions. titulos de organismos federales; obligaciones de
organismos federales [EE.UU.]
advisory committee see steering committee Securities issued by a U.S. federal agency.
African Enterprise Fund agent bank
Fonds des entreprises africaines 1. correspondant;
Fondo para empresas africanas 2. mandataire; agent
A fund established by IFC to expand IFC's assis- 1. banco corresponsal;
tance to small- and medium-sized enterprises in 2. banco agente
Sub-Saharan Africa. It will help entrepreneurs in 1. Bank acting for a foreign bank.
this sector to develop, rehabilitate or expand their 2. Bank handling administration of loan in a syndi-
businesses. The plan is to invest $60 million over cated credit.
three years.
agio
African Facility see Special for Sub-Saharan agio
Africa agio
The premium which the metallic or other currency
Africa Project Development Facility (APDF) of a country may command over legal tender paper
Service de promotion et de dveloppement des money which is its face equivalent.
investissements en Afrique (APDF)
Unidad de preparacin de proyectos para Africa agricultural sector adjustment loan (ASAL)
A UNDP project co-sponsored by the African prt & l'alustement du secteur agricole (PASA)
Development Bank and IFC, with IFC as executing prstamo para ajuste del sector agrcola
agency. Its services are available to countries which Sector adjustment loan in the agricultural sector.
become signatories to the related UNDP project
document. Its purpose is to promote small- and air pocket stock
medium-scale private enterprises in Sub-Saharan action en chute libre
Africa. Staff will be based in Abidjan and Nairobi. accin de calda vertiginosa
Projects will be generated by development institu- A stock whose price has fallen sharply, following an
tions active in the area as well as by ad hoc visits announcement of bad news by the issuing company.
from APDF staff.
alligator spread
after-market marge vorace
apres bourse transaccin en la cual las comisiones eliminan
perodo post-emisin toda posibilidad de utilidades
The period between the issue of the security and Any options transaction in which commissions eat
lifting of syndicate restrictions in the fLxed-interest up all potential profit.
and Eurobond markets. Sometimes used incorrectly
as a synonym for secondary market.
5
allocated transfer risk reserves (ATRR) [U.S.I amortization adjustment factor (currency
rserves obligatoires pour risques de transfert pool]
reservas obligatorias para un pas especffico coefflcient d'alustement de (I'encours) de la
Mandatory and specific country risk reserves for dette
U.S. banks against value lmpalred claims as defined factor de ajuste para fines de amortizacin
by the U.S. Interagency Country Exposure Review The ratio of the current value, in terms of the U.S.
Committee (ICERC). dollar, of the principal outstanding of a loan at the
commencement of business of a day to the corre-
allotment sponding total of withdrawals from the Loan Ac-
attribution; rpartition count, net of recalis for amortization.
distribucin
Allocation of securities to members of the syndicate annuity bond
involved in the issue, in the Eurobond and U.S. titre de rente perptuelle
securities market. bono perpetuo; bono de renta vitalicia
Bonds which pay fixed interest every year in perpe-
all-purpose bank see combined commercial and tuity, i.e. which have no maturity.
investment bank
apex loan
alternative participation instruments (APIS) prt apex; prt en cascade; prt pyramidal
titres alternatifs prstamo en pirmide; prstamo en cascada
No Spanish Loan whereby IBRD lends money to an apex
Securities issued in exchange for debt to all creditor development financial unit which onlends it to
banks of a specific country, enabling all these banks participating financial institutions which, in turn,
to reduce their base exposure by up to the same onlend it to industrial companies.
specified limuit. These instruments are often called
exit instruments or exit bonds. Application for Withdrawal for direct payment
[IBRD]
American Depositary Receipt (ADR) demande de retrait de fonds pour le reglement
certificat amricain de dpt direct de fournisseurs
recibo americano de depsito solicitud de pago directo en nombre del presta-
A document that gives its owner in a foreign coun- tario
try the right to a specified amount of stock of a The standard procedure for a borrower to apply to
United States company registered in the name of a withdraw funds from an IBRD Loan Account to
United States depository bank. make a payment to a third party for amounts due.
American (style) option Application for Withdrawal for reimbursement
option amricaine [IBRD]
opcin americana demande de retrait de fonds pour le
Option containing a provision to the effect that it remboursement d'un paiement
can be exercised at any time between the date of solicitud de reembolso directo al prestatario
writing and the expiration date. See European The standard procedure for a borrower to apply to
(style) option. withdraw funds from an IBRD Loan Account to
reimburse funds already paid.
amortization
amortissement; remboursement [prts] arbitrage see also covered interest arbitrage;
1. amortizacin; index arbitrage trading; switch; time arbitrage;
2. depreciacin triangular arbitrage; two-point arbitrage; yieid
1. The gradual extinguishment of any amount over curve arbitrage
a period of time (e.g., the retirement of a debt).
2. A reduction of the book value of a fixed asset.
6
arbitrage Association of International Bond Dealers
arbitrage (AIBD)
arbitraje Association des courtiers internationaux en
Buying (or borrowing) in one market and selling (or obligations
lending) in another to take advantage of inefficien- Asociacin de Intemediarios Internacionales de
cies or price differences. Bonos
International body which issues rules and recom-
arbitrageur mendations concerning the operation of the interna-
arbitragiste tional securities markets.
arbitrajista
Person systematically engaged in arbitrage dealing. st the money (ATM) (option)
option au cours; parit
arm's length (price) opcin a la par
(prix) normal du march; (prix) de pleine A call or put option that has a strike price equal to
concurrence the price of the underlying asset. Option au cours
precio de plena competencia is the term used in the MATIF.
Price between corporations under fully competitive
conditions (the opposite of transfer price). auction see Dutch auction; foreign exchange
auctions
ask(ed) price; market price
[securities marketj auction market
cours (de 'offre); pied de coupon march d'encheres; march aux enchres
precio vendedor mercado de subasta
The price at which a security or commodity is Market for buying and selling securities through
quoted or offered for sale. brokers on the securities exchanges, as distinguished
from the over-the-counter market, where trades are
asset(-based) swap negotiated. A price is established by competitive
swap d'actifs bidding between brokers acting as agents for buyers
swap de activos; intercambio de activos and sellers.
A swap to convert the coupon on an asset to
another rate or currency and rate basis. automated quotation
cotation assiste en continu (CAC)
asset finance cotizacin automatizada; cotizacin
titres garantis par des actifs computadorizada
No Spanish Price quotations on securities provided automatical-
Mortgage-backed securities and securitization of a ly by a computerized system. In the U.S., the
range of assets such as whole loans, automobile best-known system is the National Association of
receivables and other debt instruments. Though Security Dealers Automated Quotations
relatively recent, it now accounts for more than one (NASDAQ) system, while the CAC system has
third of all U.S. corporate bond issues. recently been introduced in Paris, based on the
Toronto Computer Assisted Trading System
(CATS).
7
automatic resetting mechanism [IFC3 -
mcanisme automatique de rvision (des taux
d'intrt)
mecanismo de reajuste automtico (del tipo, de "B" see 'B' loan
la tasa de inters)
In an IFC fixed rate loan, an option under which baby bond
the interest rate would be reset every five years, mbn-obndgatlon
based on current interest rates. As a result, the bono de valor nominal muy bajo
initial loan rate would be around 1% less than the A bond sold in denominations of Iess than $1000.
normal fixed term rate.
back office
automatic, automated teller machine (ATM) back-offlce; intendance; arribreguichet
guichet automatique de banque (GAB> servicio auxiliar
ventanilla automtica; cajero automtico; cajero In a bank, securities dealer or other fmancial
permanente services organization, the service that deals with all
Computerized machine that processes fmancial activities not directly concerned with selling or
transactions between a fmancial institution and its trading. Because of the growing need for rapid
customers. It usually allows customers to withdraw order processing, back offices have taken on an
cash, make deposits, check on their balance and increasing importance.
issue instructions for payments between accounts or
to third parties. back-tf back (loan, borrowing); matched
funding
availability clause see switch clause 1. change de monnaes diffrentes;
2. (crdit) adoss;
3. (crdit) face face;
availability fee [IFCI 4. opration couple d'emprunts; emprunt de
commission de mise disposition contrepartie; financement coupl
comisin por disponibilidad (de fondos) 1. prstamos cruzados en divisas;
Fee charged by IFC for deferred loan pricing for 2. crdito con garanta de otro crdito;
use of funds only in later years, when the 3. prstamo con intermediacin de un banco; 4.
characteristics of the project may have changed. emprstito de contrapartida
The fee applies from 30 days after loan approval 1. Operations whereby a loan is made in one cur-
until the interest rate is set (from which time the rency in one country against a loan in another
commitment fee applies). currency in another country (e.g., a U.S. dollar loan
in the U.S. against a pounds sterling loan in the
aval U.K.).
aval 2. A credit opened by a bank on the strength of
aval another credit (e.g., if a British merchant buys
Guarantee of the payment of a bill of exchange or cotton in Egypt and sells it to a Belgian who estab-
promissory note with the signature of a third person lishes a credit for payment to the U.K. firm, then
appearing on the blil. the firm may be able to use this as a security for
opening a credit to finance payment to the Egyp-
averaging; dollar cost averaging tian.)
amlioration des prix moyens (d'un titre) 3. A scheme whereby a bank brings together a
inversin peridica de monto constante borrower and a lender so that they agree on a loan
The practice of investing a fixed amount of money contract.
in a particular security, regardless of price. When 4. Refers to a variable rate loan made by IFC to a
the market price is high, the investor receives borrower, for which the funds are borrowed from
proportionally less stock and vice versa. the IBRD. Also called matched funding.
8
bali out
backstop (credit) fbclilty; backup renflouer
(underwrlting) faclllty sacar de apuros
facilit de garantie Provide emergency assistance to financial institution
lnea de crdito contingente experiencing difficulties. Often used for assistance
Facility giving a borrower a standby line of credit, provided by government to banks.
either in the form of direct access to funds or by
underwriting an issue. balance-sheet ratio
ratio tir du bilan
backup lne of credit coeficiente derivado del balance general
ligne (de crdit) de substitution; ligne (de Ratio based on figures appearing in the balance
crdit) de protection; ligne (de crdit) de sheet.
soutien; ligne (de crdit) de garantie
lnea de crdito de apoyo balloon loan
Line of credit given by commercial bank to issuer of prt ballon; prt coupon unique
commercial paper if the placement of the paper is prstamo balloon; prstamo amortizable en su
slow or difficult to accomplish. Used in U.S. mayor parte al vencimiento
market. The ligne de crdit de substitution is the A loan repayment scheme, under which the last
French equivalent used in the billets de trsorerie repayment is larger than the previous repayments.
system. In some cases, the term is used to refer to a
scheme, under which the whole loan is repaid at
backwardation maturity. The French term prt coupon unique
dport refers only to the latter situation.
1. situacin en que el precio al contado es
superior al precio a plazo; bank, banking see agent bank; book-running
2. prima pagada por aplazamiento de entrega lead bank; Central Bank Facility; chartered
1. In the commodity market, when the cash price is bank; city bank; combined commercial and
higher than the forward price. investment bank; commercial bank; electronic
2. In the stock exchange market, a charge paid by banking; exit bank; federally chartered bank;
an investor who has not yet acquired securities, free rider; ful service bank; interbank offered
does not want to do so at the prevailing rate, and, rate; international banking facility; investment
therefore, does not take up delivery of the securities bank; large exposure bank; lead bank; lender of
but carres delivery over to the next accounting last resort; London lnterbank Bid Rate; London
period. (The opposite of contango.) lnterbank Offered Rate; money center banks;
3. In the futures market a market situation in which near-bank; non-bank bank; offshore bank;
the nearby month contract price or the cash price is offshore banking center; offshore banking unit;
higher than the deferred month contract price. parent bank; retail banking; second tier bank;
Sogo bank; trust bank; universal bank(ing);
backwardation rate wholesale banking
intrt de dport
tasa de inters pagado por aplazamiento de bank advisory committee
entrega; tipo de inters pagado por comit consultatif bancaire
aplazamiento de entrega comit de coordinacin de bancos
Rate of interest paid on a backwardation Committee set up by banks to negotiate fmancing
transaction in the commodity market. packages and restructuring arrangements.
See backwardation (defmition 1) above.
bank bill
acceptation de banque
pagar bancario; letra bancaria
Commercial bill accepted by a bank.
9
bankerls acceptance basla (rate) swap
acceptation de banque; acceptation bancaire swap de base; swap taux variable contre taux
aceptacin bancaria variable; swap de rfrence; swap de taux de
U.S. and Canadian term for a bill of exchange rfrence
which has been accepted by a banker. swap de ndices; Intercambio de ndices
Type of lnterest rate swap involving a floating rate
banker's draft against one reference rate to a floating rate against
chque de banque; cheque tir another reference rate.
letra de banco; letra bancaria; giro bancario
A draft payable on demand and drawn by, or on basket tradlng see program trading
behalf of, a bank upon itsel.
bearer bond
banker's markup; banker's spread see gross obligation au porteur
earnings margin bono al portador; obligacin al portador
A bond whose titie is to the bearer (i.e., it is pre-
bank money sumed to be owned by its holder). The same as
monnale scrlpturale coupon bond.
depsitos bancarios; dinero bancario
Money on deposit at a bank. bearer market
march de porteurs
bank quality bond mercado de tftulos al portador
obligation pouvant intresser les banques Market where the majority of instruments is in
bono de calidad bancaria bearer form.
Bonds rated in the top four categories (AAA, AA,
A, and BBB) and generally regarded as eligible for bearer note
bank investment. bon au porteur
bono al portador; pagar al portador
bank trust department A note whose titie is to the bearer (i.e., it is pre-
service bancaire de gestion financiere sumed to be owned by its holder).
departamento fiduciario de banco
The part of a bank that provides trust and agency bearer scrip see scrip certificate
services. It is required to have separate books from
those of the commercial banking department. bearer security
titre au porteur
base lending program tftulo al portador
programme de prt de base A security whose titie is to the bearer (i.e., it is
programa (de financiamiento) bsico presumed to be owned by its holder).
The lending program of projects that will definitely
be ready for the fiscal year in question. bear market
march baisser
basis mercado bajista
base; diffrentiel A prolonged period of falling prices.
dfferencial
The difference paid between the cash price of a bear spread
financial instrument and the price of a related cart baisser
futures contract. especulacin diferencial a la baja
Type of futures contract speculating on the spread
basis point between different delivery months of the same
centime de pour cent, point de base; centime instrument in the futures market. It is profitable if
centsimo de punto porcentual the underlying security or commodity falis in price.
0.01 per cent of yield (e.g., of a security). See bull spread.
lo
bellwether security bill of exchange
titre prcurseur lettre de change
valor precursor de tendencias letra de cambio
A security that seems to lead a market movement An unconditional order in writing, addressed by one
or economic trend. person to another, signed by the person giving it,
requiring the person to whom it is addressed to pay
benchmark lssue on demand, or at a fixed or determinable future
mission modIes time, a sum of money to, or to the order of, a
emisin corriente specified person or to bearer.
A standard issue of a security.
bloque clause
benchmark portfolio [IBRD] clause de drogation temporaire
portefeulile modcle clusula de aplazamiento de pagos
cartera modelo Clause in loan agreement that entitles a borrower to
A portfolio in each major currency representing an postpone payments of interest and principal for
assessment of the most efficient passive portfolio limited periods of time in balance of payments
strategy the Bank could adopt if it decided to difficulties.
abandon its active trading strategy, while keeping an
average portfolio duration of 12 months. biend country
pays pouvant bnficier d'un financement
best effort sale mixte; pays a financement mixte; pays recevant
vente sans garantie d'mission des prts de la BIRD et des crdits de I'IDA
venta sin garanta de suscripcin total pas que puede obtener financiamiento
A new issue which is not underwritten and not combinado (del BIRF y la AIF)
purchased as a whole from the issuer, but is sold by Country eligible to receive financing from both
securities dealers on a sell what can be sold basis. IBRD and IDA.
Used in the U.S. securities and syndicated Eurocr-
edit markets. blended grant element
/ment don rsultant du panachage
beta elemento de donacin del financiamiento
bta combinado
beta Grant element for a blend country receiving both
A mathematical measure of the sensitivity of rates IBRD loans and IDA credits.
of return on a portfolio or a given stock compared
with rates of return on the market as a whole. See biended interest rate
capital asset pricing model. taux d'intret rsultant du panachage
tasa de inters del financiamiento combinado;
bid price tipo de inters del financiamiento combinado
cours acheteur Combined interest rate for a blend country receiv-
precio comprador; precio de compra ing IBRD loan and IDA credit.
The price offered for a security or commodity by a
prospective buyer. blend financing
financement mixte (BIRD/IDA)
bill see bank bill; bond; cash management bill; financiamiento combinado (del BIRF y la AIF)
custom duty bill; hot bill; note; paper; security; Financing from both IBRD and IDA.
Tankoku bill; trade bill; Treasury bili
BN loan
bill broker seo discount house prt 'B'
prstamo "B'
Loan made by the World Bank involving
cofinancing.
11
biock trading bond
ngociation de larges paquets d'actions; obigation
placement de titres par gros paquets bono; obligacin
transaccin de bloques de acciones; Debt instrument with maturity of longer than one
negociacin de bloques de acciones year. Note that U.S. bonds are usually secured,
Trading in large amounts (defined as more than while U.K bonds and Eurobonds are usually
$200,000 worth) of stocks. unsecured.
blue chip bond-anticipation note (BAN)
placement de pere de famille; valeur de pre avance de prmission
de famille; valeur de premier ordre bono previo a una emisin; pagar previo a una
valor de primera clase; accin de primera clase emisin
Share or security of top-rated U.S. corporation. Short-term borrowing that serves as an interim
source of funds for a project that is eventually to be
bond see annuity bond; baby bond; bank fmanced by the sale of bonds.
quaiity bond; bearer bond; bill; bull and bear
bond; bull bond; Bulidog bond; bunny bond; bond certificate
callabie bond; calied bond; collateralized certificat nominatff
(bond); coilateralized floating rate bond; certificado nominativo
commodity-indexed bond; commodity-linked Certificate given to the holder of a registered
bond; corporate bond; coupon(-bearing) bond; security.
cushion bond; daimyo bond; debenture;
deep-discount bond; discount bond; bondholder
double-barreled bond; dual-currency bond; due porteur de titres; porteur d'obligations
bond; equity-related bond; equivalent bond tenedor de bonos; obligacionista
yield; Eurobond; exit bond; extendible bond; One who owns a bond.
external bond issue; floating rate bond; Geisha
bond; general obligation bonds; global bond; bond-rating agency see rating agency
Heaven and Hell Bonds; income bond; indexed
bond; junk bond; kiwi bond; loans-for-bonds bond sold on tap
exchange; matador bond; mortgage bond; obligation vendue a guichet owert
multiple (currency) option bond; new money bono de venta continua
bonds; nominal bond with attached commodity A bond issued on an as required basis (i.e., it is
option; noncallable bond; nonmarketable bond; continuously available and may be obtained on
nonmaturing, nonredeemable government bond; demand). The issuer may determine a maximum
note; obligation; original issue discount (OID) amount for the issue.
bond; petrobond; put bond; red herring issue;
retractable, putable bond; revenue bond; roly bond warrant
poly bond; Samurai bond; savings bond; warrant d'obligations; bon de souscription
security; serial bond; Shogun bond; stepped d'obligations
(rate) bond; straight bond; Sushi bond; certificado para la compra de bonos; warrant
top-rated bond; Treasury bond; warrant bond; para la compra de bonos
wolfhound bond; Yankee bond; zero coupon Warrant for purchasing bonds.
bond
12
bond with bond warrant border price
obligation avec bon de souscrlption prlx frontire; prlx franco frontire
d'obllgations (OBSO) precio en (la) frontera; precio fronterizo
bono con derecho a compra de bonos Price of a tradable good at a countrys border or
adicionales port of entry.
A bond issued with a warrant attached which
entitles the investor to buy more bonds of the same borrower's lndebtedness subaccount
issue or a new issue. [currency pooil]
sous-compte dbiteur de l'emprunteur
bond with equlty warrant subcuenta de endeudamiento del prestatario
obllgation avec bon de souscrlption d'actions An account showing the principal outstanding on a
(OBSA) borrower's loan.
bono con derecho a compra de acciones
Bond with warrant attached which entities the borrowing rate see depositor rate of interest
investor to purchase stock.
borrow-piedge security loan
bond with put option prt de titres garantl par d'autres titres
obllgation assortie d'une option de vente prstamo de valores garantizado por otro(s)
bono con opcin de venta valor(es)
Bond with a right to redeem it before maturity. Security loan where one or more securities are
posted as collateral for the borrowed security.
bonus share
action gratuite bottom line
accin gratuita rsultat net; solde
A share given as a bonus to purchasers of such resultado neto
shares. The net result or net profit after all expenses.
book-entry security bought deal; firm commitment underwriting
titre relev prise ferme
tftuio consistente en un asiento bancario emisin adquirida anticipadamente por un
U.S. term for a security, not in the form of a consorcio bancario
certificate, but as an entry in an account at a bank. Bond issue where a group of investment banks
Eighty percent of marketable U.S. Treasury securi- agree to purchase an entire issue for their own
ties are now held in book-entry form. account or for resale, prior to announcing the issue
to the market.
book-running lead bank; book-running lead
manager break clause see jeopardy clause
teneur de plume
banco director encargado del control de la break-even point [stock market]
emisin niveau d'lndiffrence
In an international bond issue or Eurocredit, when punto de equilibrio
there are several lead managers, the one mandated Point where two strategies are equivalent.
by the borrower to control the distribution of the
issue. break-up value
valeur ventite; valeur dsaggrge
book value valor de cada parte integrante de una empresa
vale&r comptable The market value of all the individual parts of a
valor contable; valor en libros firm if the firm were to be broken up and the
The net amount at which an asset appears on the indivdual parts operated independently.
books of aceount.
13
bridge financing Bruno ratio see domestic resource cost ratio
financement de soudure
financiamiento transitorio; financiamiento de bull and bear bond
transicin; prstamo 'puente" obligation haussiere et baissibre; emprunts
Short-term financing for countries whose interna- sensibifit oppose (ESOP)
tional reserves are very low and where commercial bono alcista y bajista
and official interest arrears are mounting. Bond divided into two tranches, where redemption
on maturity for the first tranche is based on the
broken cross rates; triangular arbitrage increase in a standard index while redemption on
taux crolss divergents maturity for the second tranche is based on the
tipos de cambio cruzados dispares decrease in a standard index. The empnnt
In foreign exchange, disparity among three or more sensibilit oppose (ESOP) is an equivalent French
rates, e.g. if DM 1 = 30 cents and FF 1.5 while FF instrument.
1 = 22 cents a Deutschmark will bring 30 cents if
converted directly but 33 if converted first into buNl bond
francs and then into dollars. mission haussiere; mission d'obligations
haussieres
broker see bill broker; investment broker; bono alcista
jobber Bond issued at par with a fixed interest rate from
which the 6 month LIBOR rate is subtracted every
broker six months. The rate is also a ceiling, so if LIBOR
[stock exchange] agent de change; agent exceeds this rate the coupon will be zero and not
boursier; fforeign exchangel courtier negative. Tried particularly by the U. S. Student
corredor (de cambio, de bolsa); agente (de Loan Marketing Association (Sallie Mae).
cambio y bolsa)
Person who acts as intermediary between buyer and Bulidog bond
seller, usually for a commission. obligation "bouledogue*; obligation trangre
mise A Londres
brokerage bono bulldog
courtage Bond issued in pounds sterling on the London
corretaje market outside the U.K.
Acting as an intermediary between buyer and seller
in securities transactions. bullet issue
emprunt remboursable en une seule fois;
broker loan; broker's loan emprunt remboursable in fine
prt aux courtiers de Bourse prstamo reembolsable de una sola vez a su
prstamo a corredores de bolsa vencimiento
Funds borrowed by a broker, mainly from banks, An issue to be repaid in a lump sum at the end of
for purchasing securities for customers on margin its term rather than gradually.
or other reasons.
bullet maturity
broker loan rate chance in fine
taux d'avances sur titres vencimiento nico
tasa para prstamos a corredores de bolsa con Maturity requiring the entire payment to be made,
garanta de valores; tipo para prstamos a rather than gradual payments over the life of the
corredores de bolsa con garanta de valores loan.
The rate banks charge to securities dealers and
brokers on loans made with stock as collateral.
14
buil market
march haussier
mercado alcista
A rising market. calendar (call) spread see horizontal spread
bull spread callable bond
cart haussier obligation remboursable avant l'chance
especulacin diferencial al alza bono rescatable; bono redimible antes del
Type of futures contract speculating on the spread vencimiento
between different delivery months of the same Bond that can be redeemed by the issue before the
instrument in the futures market. It is profitable if scheduled maturity. They are usually called when
the underlying security or commodity increases in interest rates fall so much that the issuer can save
price. The Bank has considered using this tech- money by floating new bonds at lower rates.
nique for currency options, hedging against dollar
depreciation. See bear spread. callable swap
swap a terme variable
bunching (of maturities) swap de intereses; intercambio de intereses
concentration (des chances) Interest rate swap between fixed and variable rate.
acumulacin (de vencimientos) The party paying the fixed rate can exit from the
Paper all maturing at the same time. swap without penalty, as from a specific date agreed
at the start of the contract.
bunny bond
obligation spciale a coupons a rinvestir call a guarantee
(OSCM) mettre en jeu une garantie
bono con reinversin de intereses exigir el pago de una garanta
A bond that permits investors to reinvest the inter- Demand that a guarantee be paid.
est income into bonds with the same terms and
conditions as the host bond. Note that bunny bond call-and-put option see straddie
is a UK term only. OSCARs, which are used in the
French market, have a maturity of 10 years and called bond
reinvestment is only possible between the first and obligataon dnonce
sixth year. bono rescatado anticipadamente
Bond redeemed before scheduled maturity.
buoyancy see tax buoyancy cali loan
butterfly (calI) spread prt au jour le jour
cart en papilion prstamo a la vista
margen "mariposan A loan on a demand basis (i.e., which either the
Option strategy that involves selling two calls and borrower or lender may terminate at will).
buying two calis, with differing maturity dates. One
of the options has a higher striking price and the call loan rate see cali money rate
other a lower than the other two options.
buyback see debt buyback
buying rate [securities market]
prix acheteur
precio comprador
The price that a buyer will pay for a securlty.
15
calN money; day-to-day money; demand cap see also Global Cap Authority; interest rate
money; money at cal] cap
argent au jour le Jour; crdit a vue; crdit a tres
court terme; avances a vue cap; capped floating rate note
dinero exigible; dinero a la vista cap; contrat de cap; contrat de taux plafonn
Money deposited in an interest-bearing account, bono con tope mximo de Inters; pagar con
that can be called by the depositor on a day's tope mximo de inters
notice. Often applied to money lent by banks to A floating rate note with an upper limit on the
stock exchange brokers, which may be called at any interest rate to be paid.
time.
cali money rate; call loan rate
taux de l'argent au jour le jour; taux des capital asset pricing model (CAPM)
avances a vue modele d'quilibre des actifs financiers
tasa de inters para prstamos a la vista; tipo (MEDAF); modele d'valuation des actifs
de inters para prstamos a la vista financiers (MEDAF)
The interest rate charged by banks for call loans. modelo de valoracin de activos financieros
A mathematical model that attempts to explain how
cali of more (CM) securities should be priced, based on their relative
option dachat du double riskiness in combination with the return on risk-free
opcin de compra doble assets. The model yields beta.
The right to caUl again for the same amount of
goods previously bought. Used primarily in the capital base
purchase of options. assise financiere; parfois fonds propres
base de capital
cali option Total capital of an organization, Le. capital plus
option d'achat; option de rachat; prime reserves.
opcin de compra
Option to purchase designated securities at a capital deepening
predetermined price within a specified time limit. approfondissement du capital; accroissement
du coefficient dlintensit du capital
call premium aumento del capital con respecto al trabajo;
prime de remboursement intensificacin (del uso) de capital
prima de rescate Action which increases the relative value of capital
The amount over the issue price when a bond is in relation to labor (see capital widening).
redeemed.
capital-deepening investment
calN protection investissement de productivit
protection contre un rachat anticip Inversin orientada a aumentar la productividad
proteccin contra rescate anticipado Investment aimed at increasing production efficiency
Protection available in purchase of bonds, whereby and lowering costs.
a period is fixed during which the bond may not be
redeemed. capital issue
mission de titres
cancellation (of a debt) emisin de valores de capital
remise (d'une dette) Issue of securities to finance capital outlays.
condonacin (de una deuda); anulacin (de una
deuda); cancelacin (de una deuda)
Voiding a debt by annulling or paying it.
16
capitalization see also debt capitalization; capital widening
interest capitalization; market capitalization; largissement du capital
recapitalization ampliacin del capital
Investment that increases the absolute value of
capitalization capital (see capital deepening).
capitalisation
capitalizacin capped floating rate note see cap
Total authorized par value of the stocks and bonds
of a corporation. caption
caption
capital market No Spanish
march financier; march de(s) capitaux Instrument combining features of caps and options
mercado de capital(es) whereby the buyer acquires the right (but not the
The market for buying and selling long-term obligation) to make a cap within a specific period of
loanable funds, in the form of bonds, mortgages and time at a rate previously agreed.
the like. Unlike the money market, where
short-term funds are traded, the capital market Caribbean Development Facility
tends to center on well-organized institutions such Mcanisme de dveloppement des Caraibes
as the stock exchange. However, there is no Mecanismo de financiamiento para el desarrollo
clearcut distinction between the two other than that de la regin del Caribe
capital market loans are generally used by business- A UNDP project sponsored by IFC, with IFC as
es, financial institutions and governraents to buy executing agency. Its services are available to
capital goods whereas money-market loans generally countries which become signatories to the related
fill a temporary need for working capital. Note that UNDP project document. Its purpose is to promote
Raymond Barre, in his seminal Economie politique, small- and medium-scale private enterprises in the
defines march des capitaux as the overall market, Caribbean. It is hoped to expand its services into
equivalent to the English financlal market, the Central America.
march montaire as le march des capitaux d court
tenne (= money market) and the march financier carrying cost; carrying charges; cost of carry
as le march des capitaux d long terme (= capital cot d'7nactivit (des capitaux); coOt de
market). However, various Francophone authors dtention (des capitaux)
differ on this issue and you will frequently see costo de inmovilizacin (del capital)
march financier used for the English financial Direct costs paid by an investor to maintain a
market and march de(s) capitaux used for capital security position, e.g. receiving less interest on
market. Note also that, while Barre uses march short-termn investments than is paid for borrowings.
des capitaur, many writers use march de capitaux.
carryover
capital redemption reserve funda report de crdits
compte de rserves pour le rachat du capital saldo traspasado (al ejercicio siguiente)
des actions Funds unused during a financial year which are
fondos de reserva para recompra de acciones transferred to the budget for the following financial
(propias) year.
Special account held by a corporation to repurchase
part of its shares. cash against documents (CAD)
paiement contre documents
capital stock see equity capital pago contra (presentacin de) documentos
Form of payment used in international trade
whereby payment is made on receipt of bill of
lading.
17
cash and carry Central Bank Facility (CBF) [IBRDJ
opration d'achat de titres au comptant et de Compte des banques centrales auprs de la
vente de contrats terme; cash and carry BIRD
operacin de compra de valores al contado y Mecanismo para inversiones de bancos
venta de contratos a trmino centrales [BIRFI
Hedging method consisting of sale of contracts on A World Bank facility designed to increase
the forward market and simultaneous purchase of borrowings from central banks. It is a one-year,
securities on the spot market. See reverse cash U.S. dollar-denominated facility and was set up to
and carry. halt the decline in IBRD borrowing from official
sources.
cashier's check
cheque de banque centrally-managed costa
cheque de caja charges centrales; frais centraux
A check drawn by a bank on its own funds and costos centralizados
signed by the cashier. Performance securities are Costs which are the responsibility, for budgetary
often required in this form. purposes, of the institution as a whole, as opposed
to those that are the responsibility of individual
cash management units (see unit-managed costs).
gestion de (la) trsorerie
gestin de caja; gestin de liquidez; central rate see key money rate
administracin de fondos
Control and use of liquid assets. certificate see bond certificate; debt certificate;
dividend-right certHifcate; investment certificate;
cash management account (CMA) participation certHficate; pass-through certificate;
compte de gestion de trsorerie scrip certificate
cuenta de administracin de fondos
An interest-bearing current account, normally held certificate of deposit see jumbo certHicate of
with a stockbroker. deposit; negotiable time certKficate of deposit;
roll-over certificate of deposit; straight, tap
cash management bill certificate of deposit; strip certificate; tranche
bon du Trsor a tres court terme certHifcate of deposit
bono del Tesoro (EE.UU.) a muy corto plazo
Bill introduced by the U.S. Treasury in 1975, de- certificate of deposit
signed to raise funds quickly for a short period, certificat de dpot
ranging from nine to twenty days' maturity. Pay- certificado de depsito
ment must be made in federal funds. Certificate of an interest-bearing time deposit with
a bank.
cash market see spot market
certificate of indebtedness see debt certificate
cash risk; liquid-holdings risk
risque li a la rentabilit des liquidits
riesgo de liquidez
Risk to actual cash receipts due to difference in
spread between money borrowed medium-term and
reinvested short-term.
cash security loan
prt de titres garanti par des fonds
prstamo de valores con garanta en efectivo
Security loan where cash is posted as collateral for
the borrowed security.
18
certificates of accrual on Treasury securities churning; overtrading
(Cats) multiplication des oprations
chats exceso de transacciones (en la cuenta de un
bonos sin cupn con garanta del Tesoro de los cliente)
EE.UU. Excessive trading of a client's account, in order to
Zero coupon Treasury securities, with the coupon increase brokerage commissions.
stripped. A wide variety of stripped Treasury
certificates with animal names has been issued, circus swap; currency coupon swap
including TIGRs (the first), ZEBRAs, COUGRs swap de monnaies et d'intrt
(Certificates of Government Receipts) and LIONs swap de monedas y de intereses; intercambio
(Lehman Investment Opportunity Notes). DOGs, de monedas y de intereses
GATORs, RATs and EAGLEs are also found. The A cross-currency interest rate swap involving ex-
U.S. Treasury mundanely called its own stripped changes of amounts computed at a fixed rate in one
Treasury securities, Separate Trading of Registered currency against a floating rate in another currency.
Interest and Principal Securities (STRIPS). Note
that the French Treasury issued an equivalent bond, city bank [Japan]
wittily called Fonds d'Etat Libres d'Intrt Nominal grande banque
(FELIN). gran banco
Major commercial bank, located in a city, dealing
certified check with corporations and major accounts (as compared
chque certifi to a local bank).
cheque certificado; cheque intervenido
A check certified to be good by the bank upon classic swap see plain vanilla swap
which it is drawn, by the signature of usually the
cashier or paying teller with the word cetified or clause see bisque clause; cross-default clause;
accepted across the face of the check. Performance drop lock; goodwill clause; illegality clause;
securities are often required in this form. jeopardy clause; multicurrency clause; negative
pledge clause; par passu clause; periodic
changes in working capital statement see review clause; recapture clause; red clause;
statement of changes in financial position sharing clause; switch, availability clause; trigger
clause
charge-off see write off
clean
chartered bank [Canada] (en) blanc; simple; non garanti
banque charte sin garanta documentaria
banco comercial Refers to a money market operation without under-
Financial institution licensed by the Canadian lying documentary security. (Note that in the U.KY
Parliament under the Bank Act to operate as a clean means exclusive of accrued interest.)
bank.
clean advances
chartist avances non garanties
chartiste anticipos sin garanta documentaria
analista de bolsa Financial advances made without documentary
Technical analyst who charts the patterns of stocks, support.
securities and commodities to make buy and sell
recommendations to clients. clean float
flottement pur, non dirig
flotacin limpia
Floating of currency where the value of the currency
is controlled by the market rather than the authori-
ties. Opposite of dirty float.
19
clearing agreement club deal, loan
accord de compensation; accord de paiement crdit consortial (sans chef de file); pret
acuerdo de compensacin syndiqu en circuit ferm
A bilateral agreement between two States under prstamo concedido por un consorcio;
which the authorities in each of the States set up a prstamo concedido sin banco director
system for coilection and payment of debts due to Loan whereby, instead of one bank being designated
and by each other through a special account in a lead bank and others comanagers or underwriters,
central bank. the various functions these carry out are divided
among a limited group of members, in order to save
clearing bank see investment bank fees.
clearing house cocktail swap
chambre de compensation swap 'cocktaiP
cmara de compensacin swap mltiple; intercambio mitiple
An organization set up by financial institutions Transaction involving more than one type of swap.
agreeing to initiate and receive among themselves
electronic transfers of funds authorized by their colead manager see comanager
customers.
collar
ciosed-end (investment) fund, company collar
(CEIC) bono con tope mximo y mnimo de Inters;
socit d'investissement a capital fixe (SICAF); pagar con tope mximo y mnimo de Inters
socit d'investissement ferme; fonds de A floating rate note with an upper and lower limit
placement ferm on the interest rate to be paid.
sociedad de inversin con nmero de acciones
fijo collateral account
U.S. term for an investment company with a fixed compte de nantissement
number of shares outstanding. The shares repre- cuenta de garanta
sent an interest in the fund's portfolio. New shares Method of credit enhancement used in
may not be issued. collateralized debt reduction schemes. It requires
the borrower to fund an account which acts as
closed-out investment [IFC] collateral to the security issue.
investissement sorti du portefeuiile
inversin liquidada collateralization
Term used by IFC to indicate any investment which constitution d'une garantie; constitution d'un
is no longer on its books, i.e. where the loan has gage
been repaid, shares sold, etc. constitucin de una garanta
In a securitization or debt-equity swap operation,
ciosing price an issue of securities by an industrialized country to
dernier prix (de la journe) back the issue of securities by the developing
cotizacin al cierre country.
The final price at which a transaction in a security
takes place on a given day. collateralized (bond)
(obligation) gage
(bono) garantizado
In a securitization or debt-equlty swap, a bond
backed by an issue of securities in an industrialized
country.
20
collateralized (debt) defeasance; debt combined commercial and investment bank;
defeasance multibank; all-purpose bank
plan de rduction de la dette (avec garantie) banque Imultiservices'; banque A tout faire;
anulacin de deudas a cambio de un activo banque a vocation gnrale; banque
financiero polyvalente
Extinguishing debt through the provision of a banco mltiple; multibanco [Chi., Mex.]
financial asset (e.g. zero coupon bond) to be held in Bank offering a full range of services.
a trust account as collateral against the principal of
the debt. The face value and maturity of the combined market rate
collateral instruments are designed to match those 'taux composite' du march
of the debt being defeased so that the proceeds of tasa combinada del mercado; tipo combinado
the collateral instruments at maturity may be used del mercado
to fully repay the principal in a single balloon Weighted average of five national money market
payment. rates that enter into the calculation of the SDR rate
of interest.
collateralized floating rate bond
obligation a taux flottant gag comfort
bono garantizado de inters variable scurit; confort
The formal name given to the recent (January 1988) seguridades (dadas por terceros)
Mexican debt-equity swap, whereby zero coupon 20 Security offered in a commercial loan in the form of
year bonds, backed by the U.S. Treasury, were a guarantee or cofinancing from a parent company,
exchanged for Mexican debt. government, or international organization. See also
letter of comfort.
collateralized mortgage oblgation (CMO)
CMO; obligation garantie par une hypotheque commerclal bank; clearing bank [U.K.]
obligacin con garanta hipotecaria banque de dpt; banque commerciale
Mortgage-backed bond that separates mortgage banco comercial
pools into short-, medium- and long-term portions. A bank that normally specializes in demand deposits
Investors can choose to buy into whatever pool they and commercial loans.
wish, depending on whether they want a faster
return or long-term gains. commercial billa see commercial paper
collection ratio commercial lending
ratio de recouvrement; taux de recouvrement prts A des conditions commerciales
coeficiente de recuperacin prstamos en condiciones comerciales;
The percentage of due and outstanding loans that financiamiento en condiciones comerciales
have been collected. Lending not always at market rate but under normal
market conditions (e.g., as regards maturity,
coloan reimbursement) (see market-related lending).
prt coflnanc
prstamo cofinanciado
A cofmanced loan.
comanager; colead manager
cochet de file
banco codirector; banco coadministrador
Lender ranking next to lead manager in a
Euroloan.
21
commercial paper (CP); commercial billa Committee established by the governors of the
effets de commerce; papler commercial; papler central banks of the Group of Ten countries at the
financler; billets de trsorerle end of 1974 as a result of serious disturbances in
efectos comerciales; papel comercial the international currency and banling markets, it
Promissory notes normally having a mamum consists of representatives of the central banks of
maturity of 270 days sold by companies or institu- Belgium, Canada, France, West Germany, Italy,
tions to raise cash for purposes of working capital. Japan, Luxembourg, the Netherlands, Sweden,
A major borrowing instrument for first-class bor- Switzerland, the United Kingdom and the United
rowers in the U.S. and Canada. The French billets States. It provides a forum for cooperation between
de trsorere system was set up in December 1985 member countries on banking supervision matters.
and is the equivalent of the U.S. commercial paper The Secretariat is provided by the Bank for Interma-
system. tional Settlements. It is often known as the Cooke
Committee, after Mr. W. P. Cooke, Associate
commission see fee; guarantee commission, Director of the Bank of England, who was chairman
fee; management commission, fee; selllng from 1977-1988.
commission
commodlty-lndexed bond
commissioned company [Japan] oblJgation ndexe sur les prix de produits de
socit mandate (par la Banque mondiale base
pour la reprsenter a des missions bono indizado segn el precio de un producto
d'oblgations au Japon) bsico
compaa comisionada; sociedad comisionada; Commodity-linked bond where the interest pay-
agente ments (and/or principal repayment) are denominat-
Agent in Japan which acts for the IBRD (or other ed in units of a particular commodity and hence the
non-Japanese financial institutions) in the issue of payment to the bondholder would depend on the
bonds on the Japanese market. price of the commodity at the time the interest
payment is determined.
commitment authority
pouvoir d'engagement commodity-iinked bond; commodity-backed
facultad para contraer compromisos bond
The authority that a financial institution has to obligation lie aux prix de produits de base
make credit commitments based on the amount of bono con rendimiento vinculado al precio de un
resources it has received or had committed from producto bsico
donors. Bond where the return on financing is linked to the
price of an underlying commodity. See commodity-
commitment fee, charge Indexed bond and nominal bond with attached
commission d'engagement commodity option.
comisin por compromiso; comisin por
inmovilizacin de fondos common stock
Lender's charge for contracting to hold credit actions ordinaires; actions de capital
available. acciones ordinarias
Units of ownership in a public corporation.
Committee on Banking Regulations and
Supervisory Practices; Basie Supervisors' Compensatory and Contingency Financing
Committee; Cooke Committee Facility [IMF]
Comit des rgles et pratiques de controle des Facilit de financement compensatoire et de
oprations bancaires; Comit de contrOle financement pour imprvus
bancaire de BAle; Comit Cooke Servicio de financiamiento compensatorio y
Comit sobre Regulacin Bancaria y Prcticas para contingencias
de Supervisin; Comit de Supervisin Bancaria
de Basilea; Comit Cooke
22
IMF facility to provide timely compensation to contango rate; continuation rate
member countries experiencing temporary shortfalls lntrt de report
in export earnings owing to circumstances largely diferencia entre el precio al contado y el precio
beyond their control or to those experiencing excess pagado realmente
costs of grain imports. The difference between the cash and settlement
prices.
computerlzed entry of ownershlp;
dematerialisation [UK] contestable rnarket
dmatrialisation march disputable
registro computadorlzado; desmaterializacin mercado de acceso irrestricto
Recording of ownership of securities on computer, A market where there is freedom of entry and exit
instead of on paper. is costless. Potential entrants can enter such mar-
kets whenever profits exceed the normal rate.
concerted financing, lending; concerted lend-
lng deal contingency financing facility
financement concert dispositif de financement pour imprvus
financiamiento concertado servico de financiamiento para contingencias
Lending from different sources, agreed on by the Facility for providing additional lending if specified
different lenders, usually in the form of a group of events of adverse circumstances beyond the debtor's
banks. control occur.
consol see nonmaturing, nonredeemable Contingency Mechanism [IBRD/IMF
government bond dispositif d'action conjoncturelle
mecanismo (conjunto) para contingencias
consolidated discount notes A joint scheme between the Bank and Fund to
bons prime (d'mission) consolids assist troubled economies; initially applied to Mexi-
pagars descontados consolidados co.
Consolidation of several issues of discount notes
into one uniform note. contingent investment support facility
dispositif d'appui conditionnel
consumption rato of interest (CRI) I'investissement
taux d'actualisation de la consommation servicio contingente de apoyo a la inversin
tasa de actualizacin del consumo (TICO) Facility provided for Mexico fmancing package
The rate at which the value of a unit of currency whereby extra finance would be provided in case of
destined for consumption falls over time, usually a shortfall in public sector external receipts attribut-
expressed as an annual percentage. able to crude oil prices.
contango contingent obligation [IBRD]
report engagement conditionnel
1. situacin en que el precio al contado es obligacin contingente
inferior al precio a plazo; Type of IBRD "B" loan whereby the loan is initially
2. prima pagada por aplazamiento de pago fmanced entirely by the commercial lender with
In commodity markets, when the cash price is lower IBRD having a contingent commitment to fmance
than the forward price. In the stock exchange at a given date (i.e., at the end of the duration
market, the fee paid by an investor for the privilege considered "normal" by the commercial markets for
of carrying the settlement of a transaction from one the specific borrower) the remaining balance of
account period to another. (The opposite of back- principal (if any), if the commercial lenders choose
wardation.) not to finance this amount.
23
Contingent Swap Facility [IBRD] contract financlng
Mcanisme de couverture de swaps ftnancement sur contrat
Servicio contingente de intercambio de financiamiento con garantia contractual
monedas Project finance, involving the use of commercial
A facility to enable the World Bank to engage in contracts such as a ship charter or take-or-pay
currency swaps with European entities with a credit contract as security for the loan.
standing equivalent to A or AA. Under the facility,
the Bank would enter into swaps directly with contractual savinga institution
European counterparties introduced by Deutsche institution d'pargne contractuelle
Bank or others. institucin de ahorro contractual
Institutions dealing with contractual savings, i.e.
continuation rate see contango rate savings that have to be made, such as pensions.
Continuously Offered Longer-Term Securities controlling interest
(COLTS) bloc de contrle
papier a terme offert en permanence (COLTS) participacin mayoritaria
valores a ms largo plazo de oferta continua Ownership of a corporation in excess of fifty per-
(COLTS) cent. Can also be used for ownership of less than
Program of securities issued by the World Bank, fifty percent if the remainder of the stock is distrib-
starting in 1986. The first amount was $481.5 uted among many owners.
million, followed by an amount of $463.5 million.
Buyers can obtain maturities from 3 to over 30 convenience credit
years, as they choose. The program is indefinte crdit de commodit
(hence continuously offered) and of a longer term crdito cmodo; crdito facil
than the Bank's previous discount note system. It Readily available credit where no charge is openly
will extend the range of paper available in the levied. Refers in particular to credit and charge
medium-term note market (initially medium-term cards.
meant 2-4 years but now covers up to 30 years or
more). Various COLTS products have been of- conversion discount
fered, including fixed rate COLTS offered at par dcote de conversion
(the conventional product of the medium-term note descuento de conversin
market), at a premium and at a discount, zero Ratio of the market value of a convertible security
coupon COLTS, TreasuryWbill based variable rate to its conversion value expressed as a percentage.
COLTS and amortizing COLTS. When the market value of the security is lower than
the conversion value, this ratio is said to be a
Continuously Offered Payment Rights in discount.
Swiss Francs (COPS)
crances comptables mises continuellement conversion from a restricted to a full-service
en francs suisses (COPS) institution
valores de oferta continua en francos suizos banaJisation
(COPS) ampliacin de los servicios de una institucin
Program of securities issued by the Swiss Bank Used in banking to refer to those banks that have
Corporation on the Swiss market on behalf of the converted from offering limited services, such as
World Bank, starting in 1988. The notes are of those of an investment bank to those of a full
three or six months' duration, with a minimum commercial bank.
investment of SFr100,O00. The program is indefi-
nite (hence continuously offered). The rate will be
linked to LIBOR.
24
conversion premlum corporate charge card; corporate credit card
prime de conversion carte de crdit professionnelle; carte de crdit
prima de conversin Institutionnelle
Ratio of the market value of a convertible security tarjeta de crdito institucional
to its conversion value, expressed as a percentage. Charge or credit card issued to the employee of a
When the market value of the security is higher corporation, where the employer plays the annual
than the conversion value, this ratio is said to be a fee and some or all of the charges.
premium.
corporate raider; raider
conversion price prdateur; attaquant
prix de conversion tiburn; depredador
precio de conversin Person who acquires a significant portion of a
The price which an investor must pay for a share, if companys stock, with a view to takeover. See also
he buys a convertible security first and later con- hostile ralder.
verts it into shares.
corporate right
conversion value part soclale
parit de conversion derechos (del accionista)
valor de conversin Rights held by a partner in a corporation.
The conversion price multiplied by the current price
of the security. corporate sector
secteur des entreprises
convertible; convertible security sector empresarial
obligation convertible en actions The business sector.
tftulo convertible
A security that, at the option of the holder, may be cost of carry see carrying cost
exchanged for another asset, generally a fixed
number of shares of common stock. counter-guarantee
contre-garantie
coordinated financing contragaranta
financement coordonn In a guarantee operation, a guarantee provided, in
financiamiento coordinado addition to the primary guarantee, by another
Financing arrangement between two lenders where- guarantor.
by the loans may be for different projects or differ-
ent sectors but one organization takes the lead in country collectibility analysis [IBRD]
coordinating arrangements for the two loans. analyse des probabilits de recouvrement (des
prts un pays)
core inflation anlisis de las probabilidades de recuperacin
inflation de base (de los prstamos otorgados a un pas)
inflacin bsica Analysis carried out by Worid Bank staff of coun-
The basic level of inflation over a period of time tries in non accrual status to determine the likeli-
(e.g. a decade) as opposed to temporary fluctuations hood of them repaying some or all of their out-
in the rate. standing debt to the Bank and therefore of the need
for loan loss provisioning by the Bank.
corporate bond
obligation de socit country collectibility note [IBRD]
bono de una sociedad (annima) note sur les probabilits de recouvrement
Debt instrument issued by a private corporation. (documento de) anlisis de las probabilidades
de recuperacin (de los prstamos otorgados a
un pas)
25
Document giving results of a country collectlbillty coupon paper
analysis. titres assortis de coupons
tftulos con cupn
country exposure Paper with coupon attached.
engagement par pays
compromisos por pases coupon rate
The extent to which a financial institution has lent taux de coupon
money to one country. Inters nominal
Interest to be paid regularly on the face value of a
country fund long-term debt instrument.
fonds mutuel de placement (dans un pays);
fonds pays coupon swap
fondo para (inversiones en) un pas especffico swap taux fixe/taux variable
Mutual funds that invest exclusively in specific conversin de Inters fijo en Inters variable
countries. IFC has set up several such funds in Type of Interest rate swap involving fixed rate to
developing countries. floating rate swap.
coupon covered Interest arbitrage
coupon arbitrage de taux d'lntrt couvert
cupn arbiraje protegido contra riesgos cambiarlos
A slip attached to a bearer bond, which can be Investing dollars in an instrument denominated in a
detached and exchanged for an interest payment or forcign currency and hedging the resulting foreiga
dividend due at a specific date. Also used to exchange risk by selling the proceeds of the invest-
describe the nominal annual rate of interest which ment forward for dollars.
a borrower promises to pay the holder of a fixed-
income security. Colloquially, in the U.S. domestic covered option securities (COPS)
market, used to describe a U.S. Treasury note or titres A options couvertes
bond. valores con moneda de reembolso opcional
Short-term dollar denominated securities that allow
coupon(-bearing) bond the issuer to repay the principal and interest owed
obligation munie de coupon in dollars or at an amount of foreign currency
bono con cupn agreed at the time of issue. In exchange, the yield
Bond with coupon attached. Also called bearer premium is higher than the market price for equiva-
bond. lent debt.
coupon equivalent yield creative financing
rendement converti en taux d'intrt formules nouvelles; formules indites; formules
rendimiento equivalente a un inters nominal originales de financement; financement
The yield obtained from the difference between the novateur
purchase price and the face value of a short-term formas novedosas de financiamiento
noninterest-bcaring instrument, expressed as a Financing using unconventional means, e.g. special
percentage, determined by the difference divided by swaps, etc.
the purchase price.
credit limit see lending ceiling
coupon note
bon-coupon credU enhancement
bono con cupn; pagar con cupn amlioration de la cote de crdit; amlioration
Note with coupon attached. de la signature; rentorcement du crdit
mejoramiento del crdito
Increasing the creditworthiness of a loan, security
issue or other instrument.
26
credit standing; creditworthiness The discount rate that equalizes the net present
honorabilit fclient priv); surface financlere; value of two streams of benefits and/or costs.
sohabilit; capacit d'endettement
crdito; clasificacin crediticia; capacidad cross-shareholidng
crediticia; solvencia patlcipatlon croise
The likelihood of a borrower to pay back a debt, participacin cruzada
based on past credit performance. Situation where two or more corporations hold
shares of stock in the other, particularly with a view
crosa-border swap to controlling a market or industry.
swap International
swap internacional; intercambio internacionai crowdlng In
Swap between two parties in different countries. attraction
atraccin
cross-currency exchange risk Occurs where government bonds are sufficiently
risque de change good money substitutes so that bond issues reduce
riesgo cambiarlo entre dos o ms monedas; a demand for money balances, leading to an expan-
veces entre el dlar y la cesta de monedas que sionary impact via their effect on portfolio composi-
utiliza el Banco Mundial tion.
The exchange risk inherent in carrying out foreign
exchange transactions in two or more currencies. crowding out
viction
cross-currency lnterest hedge; double hedgo despiazamiento
swap Any displacement of private economic activity by
swaps portant la fois sur les taux d'intrt et public economic activity.
sur des monnaies
proteccin de swap doble cumulative preferred stock
Technique that combines shift from a floating to a actions cumulatives privilgies
fixed rate of interest, together with a shift from acciones preferenciales (preferentes, preferidas)
liability in one currency to liability in another. acumuladas
Preferred stock where the unpaid dividend is held
cross-currency lnterest rate swap over, totally or partially, when there are no returns
swap d'intrts et de monnaies in a financial year, or the returns are insufficient to
swap de intereses y monedas; intercambio de distribute the dividend fixed for these shares.
Intereses y monedas
Swap of fixed rate flows in one currency to floating curb market see unlisted securities market
rate flows in another.
currency coupon swap see circus swap
cross-default clause
clause de manquement rciproque; clause currency-linked bond see option bond
d'exigibilit croise; clause de dfaut crois
clusula recproca en caso de incumplimiento currency mix
A clause in a loan agreement specifying that default composition en monnaies; composition
on any other loans to the borrower shall be montaire
regarded as default on this one. combinacin de monedas
The proportion of different currencies borrowed or
cross-over discount rate; equalizing discount lent by the Bank.
rate
taux d'indiffrence; taux d'galisation des currency option bond see option bond
valeurs actuelles
tasa de actualizacin de equilibrio
27
currency pool see loan currency pool; targeted currency swap
currency pool swap de monnaJes; swap de devises
swap de monedas; Intercambio de monedas
currency pool; loan currency pool System whereby an institution with funds in one
pool de monnaies currency converts them into another and enters into
fondo comn de monedas a forward exchange contract to recover the currency
A system set up by the World Bank to equalize borrowed.
among all borrowers at any time the risks inherent
in fluctuations in the exchange rates of the curren- currency translation
cies disbursed and repayable on all Bank loans conversion montaire; conversion comptable
included in the system. Equalization is achieved by des monnaies
pooling all currencies disbursed and outstanding on traduccin de monedas; conversin contable de
participating loans and by expressing the outstand- monedas
ing principal amount of each such loan as a share of Recording in accounts of assets (or liabilities) in
the pool. As a result, loan-service obligations on one currency when they are actually in another. No
each participating loan are related to all amounts in actual exchange of funds takes place. The World
various currencies disbursed and outstanding on all Bank and IFC, for example, translate all their assets
loans in the system. and liabilities into U.S. dollar amounts, regardless
of the actual currency in which they are denominat-
currency pool index ed.
indice de rvaluation du pool
ndice del fondo comn de monedas currency translation exposure
An index of the daily revaluation factors from the risque de conversion comptable des monnaies
start of the currency pooling system to the present. riesgo por traduccin contable de monedas;
riesgo por conversin contable de monedas
currency pooling system The Bank records its assets and liabilities in U.S.
systme du pool de monnaies dollars despite the fact that it has assets and liabili-
sistema de fondo comn de monedas ties in up to forty-five different currencies. As a
A system set up by the World Bank to equalize result, the value of its assets/liabilities in U.S. dollar
among all borrowers at any time the risks inherent terms is liable to fluctuate due to exchange rate
in fluctuations in the exchange rates of the curren- movements between the U.S. dollar and other cur-
cies disbursed and repayable on all Bank loans rencies in which it has assets/liabilities. This is the
included in the system. Equalization is achieved by currency translation exposure.
pooling all currencies disbursed and outstanding on
participating loans and by expressing the outstand- currency twist
ing principal amount of each such loan as a share of distorsion montaire
the pool. As a result, loan-service obligations on distorsin monetaria
each participating loan are related to all amounts in The situation that occurs with the Bank's lending
various currencies disbursed and outstanding on all and borrowing policy whereby loans are made in
loans in the system. primarily low nominal interest rate currencies while
investments are mainly in high nominal interest rate
currency redenomination currencies.
(option de) modification de la monnale d'un
prt currency weight
denominacin de un prstamo en otra moneda pondration des monnaies
Option in restructuring agreement which allows ponderacin por moneda
banks to redenominate existing loans in their
domestic currencies or the ECU.
28
Under the new IBRD lending rate system, currency - D -
specific cost rates from qualified borrowings will be
applied to the amounts in each currency actually
outstanding, thereby effectivelyweighting those rates dally revaluation factor [currency pool
in each currency by their share in the loan currenqy facteur de rvaluation au dour le jour
pool. These weightings are called currency weights. The ratio of the dre ar equivalent value of the
current biend (CB) [IFC] currencies in the currency pool on one day to the
panachage court terme (PC7r doUar equivalent value those same amounts of
ndice combinado de desempeo de la cartera currencies would have had at exchange rates
A rate used by IFC to assist in determining the prevailing on the previous day.
performance of its loan portfolio, it is based on
actual and projected debt-to-equity ratios. dalimyo bond
obllgatlon "dafmyo '
current coupon (rato) bono dalmyo
taux de coupon courant Non-resident bond issue denominated in yen on the
Inters nominal corriente Tokyo market. Its circulation is similar to that of
1. In fixed rate securities, a coupon rate which Eurobonds.
approximates current yield levels for similar securi-
ties. Straight debt securities with current coupons dated date
have prices close to par. date de /ouissance
2. In floating rate securities, the rate of interest on fecha a partir de la cual se calcula el Inters
the Irn floatg rateespeurities. the rate of intereston Date from which interest is calculated on a new
the current interest period. bond or other debt instrument.
current ratio; working capital ratio
ratio de Jiquidit gnrale day-to-day money see cali money
coeficiente corriente [Amrica Latina]; desler [options marketj
coeficiente de solvencia [Esp.] de ontreparte
Ratio of current assets to current liabilities. It s agent de contrepartie
the main liquidity ratio. agente de contrapartida
Party to an options transaction.
cushion bond
'cushion bond dealer [securities market] see securities dealer
bono amortiguador
A high-coupon bond selling at a price above its call dealer [stock marketc
or optional redemption price. agent bourser; oprateur (sur le march)
corredor de bolsa
custom duty bill Individual or firm acting as a principal in the stock
obligation cautionne market.
letra garantizada
Special type of credit in France granted by the state debenture (bond)
to corporations to allow them to pay indirect taxes 1. obligation non garante;
or customs duty, with a guarantee provided by a 2. obligation
bank or other financial nstitution. These bills allow 1. bono sin garanta especfica; debenture [Arg.,
the corporatoio to defer payment of value-added tax Chile];
or mstoms duties. The state draws up a bill for the 2. bono con garanta de activos
amount in question which the corporation agrees to 1. U.S.: Unsecured bond.
pay on maturity. 2. U.K.: Loan secured against specic or gernera
assets of a company.
29
debt see cancellation (of a debt); collateralized debt commodity swap
(debt) defeasance; discounted debt; funded change de crances contre une participation
debt; government debt instruments; highly, aux recettes d'exportation de produits de base;
heavily indebted middie income country (HIC); swap de crances contre recettes
junior debt; long-term debt ratio; moderately d'exportations de produits de base
indebted low-, middie-income country; conversin de la deuda en productos bsicos
nonperforming debt; par debt swap; retired A payment of a developing country debt in kind.
debt; scheduied debt service; senior debt; One procedure used is that the lender takes a
severely indebted low-, middle-income country specific earmarked percentage of the receipts from
the exports of a specific product or group of prod-
debt buyback; debt repurchase ucts, provided that the exports result from promo-
cession de crances; rachat de dettes tion by the lender.
recompra de deuda; compra de deuda
Repurchase by a debtor country of all or a portion debt-debt swap; par debt swap; debt swap;
of its foreign debt at a discount. debt-for-debt swap
swap de dettes; swap de crances
debt capitalization swap de deudas; intercambio de deudas
capitalisation de la dette Swap involving the exchange of a new obligation for
capitalizacin de la deuda an existing obligation held by investors. A tech-
Conversion of debt into equity (see debt-equity nique used recently in the U.S. in conjunction with
swap). original issue discount bonds as a means of realiz-
ing a capital gain on the retirement of a relatively
debt carrying capacity low-coupon existing issue and at the same time
capacit de remboursement de la dette achieving an interest cost saving due to special tax
capacidad de endeudamiento treatment of an original issue discount bond issued
The extent of the ability to pay debts. as part of such a swap.
debt certificate; certificate of indebtedness debt defeasance; collateralized (debt) defea-
certificat de reconnaissance de dette sance
certfficado de adeudo plan de rduction de la dette (avec garantie);
Document issued by a borrower detailing the dfausse de la dette; defeasance
borrower's promise to repay principal and pay anulacin de deudas a cambio de un activo
interest, as well as details of any collateral. financiero
Extinguishing debt through the provision of a
debt-charity swaps fmancial asset (e.g. zero coupon bond) to be held in
acquisition de crances des fins a trust account as collateral against the principal of
philanthropiques; swaps philanthropiques the debt. The face value and maturity of the
conversin de la deuda en fondos benficos collateral instruments are designed to match those
Non-profit organizations purchase debt at a of the debt being defeased so that the proceeds of
discount in secondary markets and exchange it for the collateral instruments at maturity may be used
local currency that is used for philanthropic to fully repay the principal in a single balloon
purposes. payment.
debt defeasance through the sinking fund
mechanism
plan de rduction de la dette (avec garantie)
avec tonds d'amortissement
anulacin de deudas con la garanta de un
fondo de amortizacin
30
Variety of debt defeasance whereby the debt princi- debt(-for)-equity swap, conversion
pal is coilateralized not through an upfront purchase swap de crances contre des participations;
of a zero coupon bond or other fmancial instru- change de dettes contre des fonds propres
ments, but instead through pledging the accumulat- conversin de la deuda en capital;
ed funds of a sinking fund, which is financed capitalizacin (de la deuda)
through periodic future payments by the debtor. A method of converting developing country foreign
currency debt into local currency equity in a domes-
debt distressed country tic firm. The investor may be the bank holding the
pays menac d'asphyxe par endettement; pays loan or a company which buys the loan from a bank
surendett at a discount. The loan is then typically sold at
pas agobiado por la deuda near face value to the central bank of the host
A heavily indebted country. This classification is country for local currency instruments, which in turn
used primarily by the OECD. are used to make the equity investment.
debt domestication debt financing
conversion de la dette en devises; conversion financement par l'emprunt
de la dette en devises en dette en monnaie financiacin mediante endeudamiento
nationale; 'naturalisation' de la dette Obtaining finance by using borrowed money.
argentinizacin, bolivianizacin, etc. de la deuda
Conversion of non-resident foreign currency debt debt-for-cash swap
into resident local currency debt. Has been used by swap de crances contre especes
Chile. swap de deuda por efectivo; intercambio de
deuda por efectivo
debt-equity conversion see debt-equity swap Exchange of debts for cash. This is done through
the secondary market of bank claims where a
debt-equity ratio; debt-to-equity ratio country's debt can be sold for cash at a discount.
ratio d'endettement; ratio d'autonomie Mainly used so far in Chile. Note that the actual
financibre Chilean process is called adquisicin de ttulos de la
relacin deuda-capital; coeficiente de deuda extema. In Ecuador they use the term
endeudamiento sucretizacin to describe the process of converting
Mainly used to describe the ratio of total liabilities foreign debt into the Ecuadorian sucre.
to shareholders' equity (net worth). It can also be
used to describe the ratio of long-term debt to debt-for-debt swap see debt-debt swap
equity, net long-term debt to equity, total or long-
term debt to tangible equity (= equity plus revenue debt-for-development swap
plus capital reserves). All these definitions are used swap de crances contre finances pour le
in the World Bank and IFC, so care should be dveloppement
taken in translation to ensure the correct term is conversin de la deuda en financiamiento para
used. Other definitions are used outside the World el desarrollo
Bank. Swap whereby a debtor country repays its debts in
local currency to a development agency which then
uses this money to fmance a development project in
the country concerned.
31
debt-for-equity swap see debt-equity swap debt/quasi equity swap
swap de dette contre des quasi-partcipations
debt-for-export swap; debt-for-products swap swap de deuda por cuasicapital; intercambio de
swap de crances contre remise de produits deuda por cuasicapital
(exportables) A swap whereby a multinational company with
swap de tftulos de deuda por exportaciones; subsidiaries in the borrower country buys
intercambio de tftulos de deuda por onlendable loans and subsequently extends this loan
exportaciones to the subsidiary. This enables the parent company
Swap whereby a bank arranges to export a variety to fund its subsidiary at a preferential exchange
of domestic products and commodities to offset part rate.
of its outstanding claims in the country.
debt ratio
debt-for-local currency swap ratio de solvabilit; ratio d'endettement
swap de dettes en devises contre dettes en coeficiente de endeudamiento
monnaie nationale Ratio of total liabilities to total assets.
conversin de deudas en divisas en deudas en
moneda nacional debt repurchase see debt buyback
Issue by the central bank of a local currency debt
obligation in exchange for a foreign debt claim. debt restructuring
Domestic residents can thus buy their own country's restructuration de la dette; reconstruction de la
debt in the secondary market, using expatriated dette
capital or foreign currency acquired in the parallel reestructuracin de la deuda
market. Changing the maturity and/or terms of a loan.
debt-for-nature swap debt retirement
change dette/nature amortissement de la dette
conversin de la deuda en medidas de rescate de la deuda
proteccin de los recursos naturales Paying off a debt.
Swap arranged by private conservation group to use
the proceeds of debt conversions to finance conser- debt security
vation projects relating to valuable park land or titre de crance; garantie d'une crance; titre
tropical forests. obligataire
instrumento de deuda; garanta de una deuda
debt-for-products swap see debt-for-export Security representing money borrowed that must be
swap repaid, eg. bond, bil, note.
debt overhang debt-service coverage
encours total de la dette; surendettement couverture du service de dette
deuda pendiente; sobrendeudamiento cobertura dei servicio de la deuda
1. The total outstanding debt. Ratio of net income after taxes plus interest on
2. The total debt that cannot be readily covered by long-term debt plus depreciation to debt service.
expected growth.
debt-service ratio; debt service to exporte
ratio
ratio du service de la dette
coeficiente del servicio de la deuda; relacin
servicio de la deuda-exportaciones
External public debt-service ratio (i.e., interest and
principal payments) as a percentage of export
earnings from goods, nonfactor services, and
workers' remittances.
32
debt service time profile ratio deferred coupon note; deferred interest note
ratio dynamique, futur du service de la dette obligation coupon diffr
coeficiente del perfil futuro del servicio de la bono de inters diferido
deuda Note on which no coupon is paid in the earliest part
The ratio of debt payment for five and ten years to of its life.
the debt outstanding at the end of a given year.
deferred rate resetting [IFC]
debt swap see debt-debt swap report de la dtermination du taux
fijacin diferida del inters
debt-to-equity ratio see debt-equity ratio In IFC loans, the option to select a new rate, up to
12 months after Board approval of loan. The
debt warrant reason for this was because of the long delay
warrant obligataire between Board approval and loan signature (typical-
certificado para compra de bonos; warrant para ly five months) and signature and first disbursement
compra de bonos (typically three months).
Bond warrant, giving an investor the right to buy
additional bonds at a predetermined price/yield. delta
delta
debt workout delta
restructuration de la dette; tratement de la Measure of the relationship between an option price
dette and the underlying futures contract or stock price.
renegociacin de la deuda
The process of moving towards a satisfactory meth- demand money see call money
od of paying off a debt by a debtor country, includ-
ing restructuring, adjustment, obtaining new money dematerialisation see computerized entry of
and servicing existing debt. ownership
deep-discount bond, note de minimis rule
obligation prime d'mission leve regle de minimis
bono de descuento intensivo; pagar de regla de minimis
descuento intensivo Rule whereby banks with exposure below a specified
Bond with relatively low-coupon rate of interest, amount would be exempted from requests to
offered with a discount in excess of what can nor- participate in new money packages.
mally be treated as capital gain by the investor.
depositary receipt
deep market certificat de titre en dpt
march trs actifl certificado de depositario
mercado muy activo A technique devised to permit trading in a security,
A very active market. even though the security does not fulfil the require-
ments for listing on the local stock exchange. A
default interest security is bought and registered in the name of the
intrts moratoires depositary bank or company, which will issue a
inters por mora receipt certifying that the receipt conveys the title to
Extra interest due on a Euroloan if regular the security deposited with it or held to its order.
payments are late. lf the receipt is in bearer form, it can then be freely
bought and sold, whereas direct dealing in the stock
defeasance see also collateralized (debt) would have needed registration of the new owner's
defeasance; debt defeasance namne every time the security changed hands.
33
depositor rate of interest; borrowing rate dirty float
taux d'intrt crditeur flottement impur; flottement contrl; flottement
tasa de inters sobre los depsitos; tipo de dirig; flottement assist; flottement soutenu
inters sobre los depsitos flotacin impura; flotacin dirigida
The rate of interest paid by banks on deposits. Floating of currency where the value of the currency
is controlled by the authorities rather than the
derivative floating rate notes see synthetic market. Opposite of clean float.
floating rate notes
disagio
detachable warrant disagio; dport
warrant dtachable desagio
certificado separable; warrant separable Difference between nominal or par value and
A warrant issued in conjunction with another underlying market value.
security (usually a bond) that can be traded or
exercised separately following the issue date. disaster clause see jeopardy clause
diagonal spread discount see consolidated discount notes;
cart diagonal conversion discount; deep-discount bond, note;
margen diagonal; diferencial diagonal; posicin original issue discount (OID) bond; premium;
diferencial diagonal rediscount
Option strategy based on two puts or two calls in
the same stock at different striking prices and discount, to
different expiration dates. mobiliser
descontar
dilution To discount a bill means to buy it for less than its
dilution face value, the difference between the price paid
dilucin and the face value representing the implied rate of
A drop in earnings per share or book value per interest receivable by the purchaser, during the
share, caused by the potential conversion of period before the bill is repaid.
securities or potential exercise of warrants or
options. discount [bilis]
escompte
direct foreign investment (DFI) descuento
nvestissement direct I'tranger Difference between price paid and face value of a
inversin extranjera directa bill or other paper.
Direct investments made by corporations of the
country in question in foreign corporations. discount [bonds]
prime d'mission
direct participation cofinancing descuento
cofinancement sous forme de participation Difference between par value and purchase price of
directe a bond.
cofinanciamiento mediante participacin directa
Form of cofinancing (also known as "B" loan) discount; markdown [foreign exchangej
whereby the Bank subscribes to a share of a com- dport
mercial bank syndicated credit. The Bank's share is descuento
confined to the later maturities of the loan in order In foreign exchange refers to a situation where
to encourage the lender to extend its own maturi- currency can be bought more cheaply for a future
ties. date than for immediate delivery. For example, if
US$1 buys FF4 for delivery now, while it buys FF5
for delivery twelve months hence, then the franc is
said to be at a discount against the U.S. dollar.
34
discount bond 1. Annualized rate of discount applied to debt
obligation a prime (d'mission) securities issued below par (e.g., U.S. Treasury
bono descontado bills).
Bond selling at a price less than its par value. 2. Rate at which a central bank (Federal Reserve
System in the U.S.) (re)discounts certain bilis for
discounted debt financial institutions.
dette rachete (crances rendus) moyennant
dcote; dette rachete (crances rendus) au discount swap
rabais swap avec dcote
deuda con descuento swap con descuento; intercambio con
Debt acquired at a price lower than its nominal descuento
value. A swap with a below-market rate.
discount from par [securities market] discount window
dcote escompte offciel; rescompte officiel
descuento sobre el valor a la par servicio de redescuento
Amount below face value at which a security is Rediscount facility offered by central bank (Federal
traded. Reserve System in the U.S.).
discount house; bill broker discount without recourse
oprateur principal du march (OPM); maison escompte forfait; escompte en ducroire;
de rescompte escompte sans recours
casa de descuento descuento sin recurso
Intermediary between central bank and banking Purchase of negotiable instruments where the buyer
system, providing liquidity and ensuring the efficient waives the right of recourse in respect of the seller
operation of the money market. Does not exist in of the instrument, to which the buyer would be
the U.S. but does exist in the U.K., France, South entitled.
Africa, and Singapore. In the U.K, a discount
house tends to be larger than a bill broker. In disintermediation
France, the OPM is the basic intermediary and may desintermdiation
be either a discount house (maison de rescompte) desintermediacin
or other financial institution who is closely involved 1. Shift of funds away from financial intermediaries
in the interbank market. Examples include Crdit (commercial banks, etc.) into Treasury bilis and
Lyonnais, Caisse des dpts et consignations and other securities.
the Banque nationale de Paris. 2. Shift by large corporations away from banks to a
parallel market, involving other large corporations.
discount note
bon A prime (d'mission) distress borrowing
bono descontado; pagar descontado emprunts de dtresse
Note (i.e., short- or medium-term bond) issued at a endeudamiento forzoso
discount from its face value. On maturity, the Borrowing in a situation of extreme need when
investor receives the full face value. The discount there is no other alternative.
from par, thus, corresponds to the return on the
investment. distressed loan
prt en difficult
discount rato prstamo en dificultades
1. taux d'actualisation; Loan on which repayment of interest and principal
2. taux d'escompte has been severely delayed or completely suspended.
1. tasa de actualizacin;
2. tipo de redescuento
35
distribution date see payout date domestic resource cost ratio
coefficient de coGt en ressources intrleures
divestiture coeficiente de costo en recursos internos
cession; dsengagement (d'une socit d'Etat); Ratio of the cost of all factors of domestic origin
dmembrement; dmantlement; dpossession (evaluated at their opportunity cost) to the domestic
venta; cesin; privatizacin; desposeimiento added value (at world prices). Also known as
Disposition of an asset or investment by outright Bruno ratio.
sale, employee purchase, liquidation, etc.
double-barreled bond
dividend-right certificate obligation doublement garantie
bon de jouissance bono de doble respaldo
bono de usufructo Tax-exempt bond with at least two potential sources
Equity paper which does not confer any ownership of repayment, such as a highway revenue issue
rights (e.g., voting rights) but grants the holder the backed by tolis and taxes.
right to participate in the net profit and liquidation
proceeds and the right to subscribe to new shares in double bottom configuration
the case of a rights issue. configuration double creux; configuration W
configuracin en W
dividend-right share Form of bar chart used in bar chart analysis of
action de jouissance securities which indicates the movement of a
accin de usufructo security with a tendency to go down, with two
Equity paper, issued in the place of repaid shares, troughs.
conferring membership rights and the right to
participate in the distribution of profits and double hedge swap see cross-currency interest
liquidation proceeds of a corporation. hedge
dividend stock double top configuration
actions bnficiaires configuration double sommet; configuration M
acciones con derecho a dividendo configuracin en M
Stock which entities the holder to receive dividends. Form of bar chart used in bar chart analysis of
securities which indicates the movement of a
dollar cost averaging see averaging security with a tendency to go up, with two peaks.
dollar ($) LIBOR
LIBOR pour les transactions en dollars double-weighted borrowing cost [IBRD]
LIBOR para transacciones en dlares cot des emprunts doublement pondr
The LIBOR for transactions in U.S. dollars. costo de los emprstitos con doble
ponderacin
domestic resource cost (DRC) When calculating borrowings, the IBRD takes the
cot en ressources intrieures; cot rel des amount of the loan, multiplies it by the interest rate,
devises and obtains a total for the interest. AH the loans
costo en recursos internos are added and all the interest totals. The first sum
Cost of resources used in products that are not is then divided by the second to obtain the weighted
imported. average interest. This is the single-weighted bor-
rowing cost. Recently, the IBRD has obtained the
interest total by multiplying the amount of the loan
by the interest and the number of years to maturity,
to take into account the fact that it has loans of
varying maturities. The weighted averaged interest
obtained from this calculation is called the double-
weighted borrowing cost.
36
downgrade (a loan) dual-currency swap
dclasser (un prt) swap double devise
rebajar de categora swap en dos monedas; intercambio en dos
Loans lent to countries are given a category, accord- monedas
ing to how likely they are to be repaid. When a Swap whereby the principal amount is denominated
country looks likely to default, the loan is down- and repayable in one currency and the interest in
graded (e.g. to substandard). This happened recent- another.
ly with loans to Brazil by U.S. banks.
due bond
downstream investment obligation venant chance
investissement en aval bono vencido; bono que vence
inversin posterior A bond that has reached maturity.
Investment at a lower level, e.g. a parent company
in its subsidiaries or a raw materiais company duration (of an investment)
investing in the production sector. duration
duracin
drawdown The weighted average maturity of all cash flows
retrait (inclusive of principal repayments) resulting from an
disminucin; reduccin; giro; utilizacin investment or category of investments, the weighting
Actual withdrawal of money allowed under a loan. to be given to each cash flow being the relative
contribution of its present value to the total current
drop lock market value of such investment or category of
clause 'drop lockm; clause de verrouillage au investments.
taux plancher
congelacin del inters en un nivel mnimo Dutch auction [U.S.]
(cuando la tasa de mercado desciende a menos adjudication a prix uniforme; enchres au
de ese nivel) rabais; adjudication a la hollandaise
Clause in floating rate note whereby, if market adjudicacin a precio uniforme; subasta a la
interest rates fall below a specified minimum, the baja
rate of interest is fixed at that minimum and locked A competitive bidding technique sometimes used in
in for the remaining life of the loan. U.S. securities markets, whereby the lowest price
necessary to sell the entire amount of securities
droppages, cancellations and prepayments offered becomes the price at which all securities are
(DCP) [IFC] sold.
abandons, annulations et remboursements
anticips Dutch auction note
abandono, anulacin y pago anticipado bon A coupon hollandais
Droppage is when a borrower from IFC decides to bono con cupn determinado por subasta a la
cancel a loan before signature. Cancellation is baja; pagar con cupn determinado por
when a loan by a borrower is canceled after signa- subasta a la baja
ture. Note on which the coupon is repriced every 35 days
at a Dutch auction. The notes have a seven year
dual-currency bond maturity.
obligation double devise
bono denominado en dos monedas
Bond where the price and coupon are denominated
in one currency, but the redemption value is set in
a different currency, usually dollars, at a rate
determined at the time of issue.
37
- E - Emrlrng Markets Growth Fund (EMGF>
[IFCJ
Fonds de promotion des marchs naissants
early redemption option bond see retractable Fondo de promocin de mercados incipientes
bond A mutual fund with capitalization of $50 nillion
from institutional investors in the U.S., Europe and
earning assets Asia that will invest in securities of companies listed
avoirs productifs on Third World stock exchanges. It is a closed-end
activos productivos investment company. It is being sponsored by IFC
Loans and investments. and was launched in 1986.
earnings per ehare (EPS) Emerging Markets Investment Fund (EMIF)
bnfice par actJon (BPA) [IFC]
utilidades por accin Fonds d'lnvestissement des marchs naissants
The profit of a corporation divided by the number Fondo para Inversiones en mercados Incipientes
of shares outstanding. Fund set up by IFC in the form of a closed-end
lnvestment company to encourage large Japanese
economic price; efliclency price institutional investors to invest in developing
prix conomique countries.
precio econmico
Price reflecting relative value to be assigned to Enhanced Structural Adjustment Facility
inputs and outputs if the economy is to produce the (ESAF) [IMF]
maximnum value of physical output efficiency. Facilit d'ajustement structurel renforce
economic recovery loan (ERL) (FASR)
economic a reecovment loano(ERL)uServicio financiero reforzado de ajuste
prst au redressement conomque estructural
prstamo para recuperacin econmica IMF facility set up in paraflel to the Structural
World Bank loan made to assist with the economic Adjustment Facility. It is intended to help the
recovery of a cou.rntry. poorest member countries undertake strong three-
year macroeconomic and structural programs to
eificiency price see economic price improve their balance of payments positions and
electronic banking foster growth.
montique enhancement see credit enhancement
operacin bancaria electrnica
Banking transactions using computerized equipment. entrep8t; turntable
entrept; plaque tournante
electronic funds transfer (EFT) bancos intermediarios
transfert lectronique de fonds Banks operating as intermediaries between borrow-
transferenca electrnia de fondosers adlenders located in foreign countries.
System of transferring funds from one account to
another by electronic impulses rather than transfer equalizing discount rate see cross-over discount
of paper (such as a check). rate
emergency reconstruction loan (ERL) equal principal repayment system
pitt A la reconstruction; pret au relvement; systme de remboursements gaux du princi-
pret la rhabilitation de zones sinistres pal; systme de remboursement par tranches
prstamo para reconstruccin de emergencia pgales
World Bank loan for emergency reconstruction after sistema de amortizacin d principal en cuotas
natural disaster. iguales
38
Loan repayment scheme whereby principal repay- equity-like Instrument
ment remains the same over the period of the loan, lnstrument participatff
regardless of interest payments. This means loan Instrumento financiero con caractersticas
repayments are highest in the earlier years of the patrimoniales
loan (when interest payments are higher). This A loan structured in such a way that it can be
scheme has been used by the Bank since 1975. converted into equity. An example is an income
note that acts as equity, i.e. it bears interest only if
equity see bond with equity warrant; debt- the project generates interest. This means it has
equity ratio; debt(-for)-equity swap, conversion; the form of equity (cf. stocks where income is
debt/quasi equity swap; loan with equity kicker; generated only if the company pays a dividend). An
non-equlty direct investment; no-retum equlty; example of the use of this type of instrument is in
quasi-equity; standby equity; stockholders' high-risk countries where an equity investment
equity would be lost at once but an equity-fike instrument,
if dollar-denominated, would guarantee the capital
equity capital; capital stock (of a corporation) and ensure income if the project produced income.
capital social
capital social; capitai accionario equity-linked bonad see equity-related bond
The issued share capital which is neither limited nor
preferred in its participation in the distribution of its equity loan
profits nor in the ultimate distribution of its assets. prt sous forme de prise de participation; prt
Equity capital is sometimes used as a synonym for participatif
stockholders' equity. prstamo en forma de participacin en el capital
Loan in the form of equity participation.
equlty financing; equity lnvestment
participation au capital; prise de participation equity market
au capital social; financement en fonds propres march des actions; march boursier; march
irnersin en capital social; participacin en des tonds propres
capital social bolsa de valores; mercado de valores
Investment that confers whole or partial ownership The market in stocks and shares.
in an enterprise and entities the investor to share in
the profits from its operation. equity option see option
equlty joint venture equity ownership
opration en association; coentreprise avec participation au capital social d'une socit
participation au capital social participacin en el capital social
empresa conjunta de capital social proporcional An interest in a property.
A company created by other companies, with each
owning a proportion of the shares. equity portfolio fund
Fonds commun de participations
Fondo para inversiones de cartera
Fund set up by IFC in developing countries (e.g.
Korea, Thailand, Malaysia) to attract foreign equity
capital to these countries and improve the access of
companies in these countries to world capital
markets.
equity-related bond; equity-linked bond
titre rattach des actions; obligation
apparente aux actions
bono con caractersticas de accin
39
Bond which has equity features, such as a bond with Eurocurrency
equity warrant or a convertible. euromonnaie; eurodevise
euromoneda; eurodMsa
equity-related 9uarantee A currency deposit held outside the country which
garantie de participation au capital issued the currency.
garanta de rentabilidad
Guarantee that ensures an investor an minimum Eurodollar
return on his investment. eurodollar
eurodlar
equity underwriting A dollar deposit acquired by a person or bank not
engagement de prise de participation resident in the U.S. and held outside the U.S.
compromiso de suscripcin de acciones
Underwriting (i.e. finding buyers for a security euro-equities
issue) a share issue. This technique has been used euro-actions
by IFC, e.g. for the Korea Fund, a diversified euroacciones; eurocapital
closed-end investment company investing in Korean Stocks issued on the European market rather than
securities, that plans to offer its shares in the U.S. national markets.
and other markets with IFC as one of the colead
managers. Euroloan
europrt
equivalent bond yield europrstamo
taux de rendement in fine A loan made using Eurocurrency.
rendimiento equivalente al de los bonos
Annual yield on a short-term, non-interest-bearing Euromarket
security calculated so as to be comparable to yields euromarch
quoted on coupon securities. euromercado
The Eurocurrency, Eurocredit and Eurobond
Eurobond market.
euro-obligation
eurobono euronote facilities
A bond issued in a currency other than that of the facilits d'euronotes
market or markets in which it is sold. The issue is servicios financieros para eurodlares
handied by an international syndicate. Incdude priinarily very short-term securities issued
on the Euromarket, which are continually rolled
Eurocommercial paper (ECP) over but with a safety net in the form of a backstop
effets de commerce en eurodevises; eurobillets (a standby eurocredit) if the issue is not taken up.
de trsorerie Four generations have been identified up to now- 1)
efectos comerciales en eurodivisas revolving underwriting facility (RUF); 2) tender
Notes sold in London for same day settlement in panel issues, such as note issuance facilities (NIF),
U.S. dollars in New York. The maturities are more purchase underwriting facilities (PUF), etc.; 3)
tailored to the needs of issuer and investor than the multioption facilities (MOF) or multicomponent
standard Euronote terms of 1, 3 and 6 months. facilities; 4) euronotes and eurocommercial paper.
Eurocredit euronote facility see revolving underwriting
eurocrdit facility
eurocrdito
Any lending made using Eurocurrency, generally a European Composite Unit (EURCO)
medium-term bank loan. unit composite europenne
unidad compuesta europea
40
A nonofficiag private unit of account based on the exercise price ses striking price
currencies of the members of the European
Community. exlt bank
banque sortante
European Currency Unit (ECU) banco que opta por la exdusin
unit montaire europenne (cu) Bank using an ext instrument.
unidad monetaria europea (ECU)
A standard unit of account of European Community exit lnstrument; exit bond; exHt vehicle
member countries. bon de sortie
bono de exclusin; bono de salida; tftulo de
European (style) option salida
option europenne Instruments issued by a debtor country to a creditor
opcin europea bank in place of a bank credit, that allows the
Option containing a provision to the effect that it creditor bank to be exempted from future requests
can be exercised only at maturity. for new money and restructuring. Used by Argenti-
na and the Philippines (with its Philippines Invest-
European UnKt of Account (EUA) ment Notes - PIN).
unit europenne de compte (uec)
unidad de cuenta europea (UCE) export adJustment loan (EAL)
A composite currency unit based on the value of the pret I'ajustement des exportations
currencies of the European Community members prstamo para ajuste del sector exportador
participating in the European Monetary System. Loan made by the World Bank to assist a country
to adjust its export sector.
even par swap
swap d'obligations pour un montant nominal exposure see also country exposure; currency
gal translation exposure; large exposure bank; mark
swap de bonos de igual valor nominal; to market exposure
intercambio de bonos de igual valor nominal
U.S. term for the sale of one block of bonds and exposure
the simultaneous purchase of the same nominal risque; part des risques; engagement;
principal amount of another block of bonds, wthout prsence
regard to the net cash difference. riesgo; prstamos pendientes; compromisos
netos
even rol Amount of investment made, with the additional
refinancement pour un montant gal idea of risk. These translations are proposed. The
refinanciamiento de monto igual translation will often depend on the context.
Refunding, where approximately the same amount
of debt is being issued for the old debt. extendible bond; extendible maturity bond
obligation prorogeable
event risk bono de vencimiento ajustable
risque exceptionnel Bond whose bearer can postpone maturity beyond
nesgo eventual normal maturity date.
Situation occurring when the credit standing of a
corporation changes because of certain events (e.g. extendible maturity bond see extendibie bond
merger, acquisition, leveraged buyout). Some
corporations are subject to event risk because they extendible maturity note see extendible note
are heavily exposed in a specific area (e.g. political
changes for corporations exposed in a certain extendible note; extendible maturity note
country, climatic changes for corporations depen- obligation prorogeable
dent on a specific crop). bono de vencimiento ajustable; pagar de
vencimiento ajustable
41
Note on which the maturity can be extended such - F -
that interest payments continue and the principal
repayment is delayed beyond the original date. face the market
extension feoe Intervenir sur te march
commission de reconduction Intervencin directa en el mercado
comisin de renegociacin; comisin de To act directly in the market, as opposed to through
prrroga an agent.
Supplementary fee payable to lender of a loan
extended beyond original period. face value see par value
external bond issue facility see Africa Project Development Facility;
mission d'obligations 'tranger backstop (credt) facility; Caribbean
emisin de bonos en el exterior Development Facility; Central Bank Facility;
Issue of bonds in a foreign country. Compensatory and Contingency Financing
Facility; contingency financing facility;
External Contingency Mechanism [IMF9 contingent investment support facility;
Mcanisme de financement pour aas Contingent Swap Facility; Enhanced Structural
extrieurs Adjustment Facility; euronote facilities; External
Servicio para contingencias externas Contingency Mechanism; international banking
IMF Facility set up to help maintain the momentum facility; multioption facility; new money facility;
of adjustment in the face of a wide range of adverse non-underwritten facilities; Project Preparation
external shocks. Will operate as a complement to Facility; Regional Project Facility for Sub-
the compensatory financing facility. Saharan Africa; revolving underwriting facility;
Social Dimensions of Adjustment Project
externalization (of debt service payments) Facility; Special Facility for Sub-Saharan Africa;
externalisation (des versements au titre du Structural Adjustment Facility within the Special
service de la dette) Disbursement Account; Swap Insurance Facility;
externalizacin (del servicio de la deuda) trade financing facility; underwritten facilities
Purchase of foreign exchange needed for debt feo see fee
service payments. 'acility underwriting
fade-out agreement; phase-in agreement
accord de retrait progressff
acuerdo de traspaso progresivo (de acciones)
A type of joint venture agreement where the foreign
investor initially has an equity participation of more
than 50% but gradually transfers this equity to one
or more local parties till the local parties have
majority participation.
fast track country
pays en pointe
pas (bien encarrilado) con inversin y
crecimiento
Country with a high level of investment and growth.
42
federal funde [U.S.1 fee see admission fee; agency fee; availability
fonds fdraux fee; commission; commitment fee, charge;
fondos federales extension feo; fiscal agency fee; fiat fee; foreign
Cash balance held by banks with local Federal exchange coverage fee; front-end fee;
Reserve bank. They are immediately available (e.g., guarantee commission, fee; handling fee; loan
for transfer between banks). Note that monnaie origination fee; management commission, fee;
centrale is the money held by a French bank at the participation fee; prepayment fee; processing
Banque de France (central bank) and is the French fee; selling fee; trade inside fees; underwriting
equivalent of federal funds. fee; utilization fee
federal funda rate IU.S.] financial deepening
taux des fonds fdraux augmentation de l'importance des circuits
tasa de los fondos federales; tipo de los fondos financiers; intensification des circuits financiers
federales intensificacin financiera
Rate of interest paid on federal funds. Equivalent Acquisition of fmancial assets at a faster rate than
to interbank rate. nonfmancial assets.
federally chartered bank [U.S.] financial engineering
banque charte fdrale ingnierie financire
banco constituido a nivel federal tcnicas financieras; ingeniera financiera
In the United States, a bank that has been char- [Mxico]
tered by the Comptroller of Currency, that belongs Application of innovative techniques in major
to the Federal Reserve System and mects the national and corporate workouts.
requirements for a national bank as defined under
the National Bank Act. In the U.S. only federally financial futures
and State chartered banks and other authorized instrument financier terme; contrat terme
institutions may receive deposits. financier; future; contrat terme d'instrument
financier (CATIF)
Federal Reserve System futuros financieros
systme fdral de rserve Futures of bilis, notes, bonds, currency, and
Sistema de la Reserva Federal commercial paper.
The central banking system of the U.S. It has
twelve Federal Reserve Banks divided up by geo- financial futures contract
graphical regions. The Board of Governors super- contrat du Matif
vises the operations of the regional banks and contrato de futuros financieros
coordinates monetary policy through its Federal A completed but transferable agreement to make or
Open Market Committee. take delivery of an interest-sensitive security at a
specified time at a specified price.
financial futures market
march terme d'instruments financiers
(MA TIF)
mercado de futuros financieros
Futures market where only fmancial instruments
are negotiated.
financial intermediary
intermdiaire financier
intermediario financiero
Normally, an intermediary between the U.S.
Treasury (or equivalent) and the market.
43
financial Intermediary loan (FIL) financial apread
prat a un intermdiaire financier marge financilre
prstamo a un intermediario financiero margen financiero
World Bank loan to a fmancial intermediary, such Income from loans and investments minus cost of
as a central bank. borrowing.
financialization financing rellef
financialisation; financirisation allegement financier
financializacin alMo financiero
The holding of assets (e.g. savings) in financial form The extent to which a borrower has its debt -- and
(e.g. bilis, bonds, cash) as opposed to in the form of hence its need to find new finance -- reduced, as a
fixed assets (e.g. gold, real property). result of debt reduction or restructuring.
financial market fine-tuning (of the economy)
march des capitaux; march financier rglage de prcision
mercado financiero afinamiento (de la economa)
Market for the exchange of capital and credit in the An effort to steer aggregate demand and output
economy. It is divided into money market and toward a target level through monetary and fiscal
capital market. Note that Rayrnond Barre, in his instruments.
seminal Economie politique, defmes march des
capitaux as the overall market, equivalent to the firm commitment underwriting see bought
English financial market, the march montaire as deal
le march des capitaux d court terme (= money
market) and the march financier as le march des fiscal agency fee
capitaux & long terme ( = capital market). However, commission d'agent payeur
various Francophone authors differ on this issue and comisin del agente financiero
you will frequently see march financier used for the Fee payable for registration of bonds and other
English fmancial market and march de(s) capitaux official requirements.
used for capital market. Note also that, while
Barre uses march des capitaux, many writers use fiscal agent
march de capitaux. agent financier
agente financiero
financial ratios A bank appointed by the borrower as its agent for
ratios de structure; ratios financiers a new issue of securities when no trustee has been
coeficientes financieros appointed. Its functions include those of a principal
Ratios which show a corporation's financial struc- paying agent and a number of the clerical functions
ture. They include liquidity and leverage ratios. but none of the fiduciary responsibilities of a trust-
ee.
financial repression
rpression financiere fiscal drag
represin financiera 1. rosion fiscale des revenus;
Distortion in the financial system, with negative 2. freinage fiscal
interest rates, subsidy interest rates to some privi- 1. lastre fiscal; rmora fiscal;
leged borrowers, selective credit allocation, and 2. freno fiscal
excessive bureaucratic control over the financial 1. Reduction in real income due to the increase in
system. income from inflation, resulting in income earners
being placed in higher tax brackets.
2. Action by public financial authorities with regard
to economic activity.
44
fix see floating rate note wth variable coupon floater see floating rate note
f i,
floating capial
fixing capitaux mobiles; capitaux disponibles;
fixing capitaux flottants
cotizacin capital circulante; capital flotante
Quotation of the price of a commodity in the That portion of the capital of an enterprise not
market. In France, fixing used to apply to all invested in fixed or other capital assets but in
markets but the system is no longer used. It is current and working assets.
used, for example, in the London gold market.
flo8ting rato bond, note see also capped
fiat floating rate note; collar; collateralized floating
tel que! rate bond; flip-flop; floor; inverse floating rate
sin intereses devengados note; mismatch floating rate note; perpetual
Excluding accrued interest. A bond where the floating rate note; reverse floating rate note; risk
interest is included in the price is said to be traded conversion floater; synthetic floating rate notes
flat (une obligation ngocie telle quelle).
floating rate bond
flat fee; front end fee [Euroloan] obligation taux flottant; obligation taux
commission immdiate variable (OTV)
comisin inicial bono con inters variable
When a loan agreement is signed, fee payable in fuil Bond on which the coupon is established periodical-
by the borrower to the lenders in the syndicate. ly and calculated with reference to short-term
interest rates.
flight to quality
rue vers les titres de qualit floating rate note; floater
desplazamiento hacia las emisiones de mayor bon taux flottant, bon taux rvisable
calidad bono con inters variable; pagar con inters
In capital markets, the transfer of assets to higher variable
qualty securities. This occurred after the October Note issued from five to fifteen years with a fixed
1987 stock market crash, as investors sought more spread, usually over the six month London Inter-
reliable investments to avoid losses, rather than seek bank Offered Rate (LIBOR), normally with provi-
large gains from unreliable investments. sion for a minirnum interest rate. Primarily used by
banks to raise dollars for their Euromarket opera-
flip-flop tions.
flip-flop
bono flp-flop floating rate note with variable coupon fix
Floating rate note from which the holder can opt bon taux flottant coupon index
out and into another security, and move back into bono con inters variable indizado; pagar con
the original note under pre-determined conditions. inters variable indizado
Floating rate note on the Euromarket where the
float [banking] coupon is linked to a different index, at the issuer's
moyens de paiement a l'encaissement; moyens choice, the borrower's choice or whichever is
de paiement non recouvrs; moyens de higher/lower. The different methods of choosing
paiement flottant the coupon fix are laid down in the original
efectos en cobro; efectos en cobranza agreement.
Checks, drafts, etc., in the process of collection.
45
f loor forced investment
floor; plancher investissement obligataire
bono con inters variable mnimo; pagar con inversibn forzosa; inversin obligatoria
inters variable mnimo A requirement placed on a commercial bank
A floating rate note with a lower limit on the (usually in a developing country) that it make
interest rate to be paid. specific investments (e.g. x% of its portfolio must be
agricultural investments), sometimes at a specific
floor broker see floor trader (definition) rate.
floor rate of exchange foreign-aimed security; foreign-targeted
taux de change minimum security [U.S.]
tipo de cambio mnimo titre destin a I'tranger
The minimum rate of exchange. valores para inversionistas extranjeros
U.S. security first issued October 24 1984, specially
floor return aimed at attracting foreign investors. It is a hybrid
rendement minimum between a bearer (favored by European investors)
rendimiento mnimo and registered security (as preferred by the Internal
Minimum return on investment. The Bank sets Revenue Service), in that the owner does not have
15% below the return projected at the beginning of to be registered but securities dealers must certify
the fiscal year as its floor return. that the purchaser is not an American citizen or
resident. Interest is paid once a year. Initial issue
floor trader was three-year 11 month notes at 3 tenths of a point
agent oprant directement sur le parquet; agent below ordinary notes.
de change
corredor de bolsa independiente foreign exchange auctiona
Member of an exchange trading for himsel Note vente de devises aux encheres; vente de de-
that floor broker is a broker on the New York vises par adjudication
Stock Exchange who acts for other members of the subastas de divisas
Stock Exchange only. Auctions of foreign currency, as used in some
developing countries, whereby the price obtained for
floor trading the foreign currency at the auction is the rate of
march de la crie exchange applied till the next auction.
transacciones de los corredores en la bolsa
Trading on the exchange for one's own account. foreign exchange coverage fee
frais de couverture de change
flow of funds see funds flow comisin de cobertura cambiaria
Costs incurred by the borrower resulting from
flow-of-fund table [national accounts] changes in the rate of exchange between currencies
tableau des oprations financieres (TOF) disbursed to and to be repaid by the borrower.
cuadro de corrientes financieras
A table showing transactions in financial claims foreign exchange warrant
between institutional units. warrant en devises
certificado en divisas; warrant en dMsas;
libranza en divisas
Warrant which is purchased in one currency and
resold in another.
46
Foreign lnvestment Advisory Service (FIAS) forward rate agreement; future rate agree-
Service-conseil pour I'investissement tranger ment (FRA)
(FIAS) (contrat de) FRA; contrat terme de taux
Servicio de asesora sobre inversin extranjera d'intrt
(FIAS) acuerdo a trmino sobre tasas de inters;
The Foreign Investment Advisory Service helps acuerdo a plazo sobre tasas de inters
member governments to review and adjust policies, An agreement between two parties, one wishing to
regulations, and investment strategies that affect protect itself against a future rise in interest rates
foreign investment. It is currently managed jointly and the other against a future fall. The parties
by IFC and MIGA. agree to an interest rate for a specific period start-
ing at a specific date in the future. At maturity they
foreign-targeted security see foreign-aimed settle by paying or receiving only the difference
security between the interest rate agreed earlier and the
then current interest rate.
forfaling
forfaitage founders' shares; promoters' stock [U.K.]
descuento de bonos a mediano plazo; parts de fondateur; parts bnficiaires
descuento de pagars a mediano plazo acciones de fundador
The business of discounting medium-term promis- Shares subscribed by original owners of a business.
sory notes or drafts related to an international trade
transaction. Repayments are semiannual and fourth market [U.S.]
discounting is at a fixed rate. quatrieme march
cuarto mercado
formula investing Market for large block sales of securities arranged
formule forfaitaire de placement; ordre de by private firms.
placement automatique
inversin conforme a una frmula free-limit loan
Investment technique based on predetermined prt librement accord
timing or asset allocation model that eliminates prstamo de aprobacin autnoma
emotional decisions. Examples include constant A loan which does not exceed the amount above
dollar plan and (dollar cost) averaging. which onlending is subject to Bank approval.
forward contract free limit of loan
contrat reglement mensuel (RM); contrat ptafond de prt librement accord
terme ferme lmite mximo de aprobacin autnoma
contrato a trmino; contrato a plazo The limit on a free-limit loan.
Purchase or sale of a specific quantity of a com-
modity, security, currency or other financial instru- free rider
ment at the current or spot price with delivery and cavalier seul; profiteur; abstentionniste;
settlement at a specified future date. resquilleur; passager clandestin
banco abstencionista
forward cover A bank that collects full interest due on outstanding
couverture a terme loans without contributing to the new money loans
entrega a trmino; entrega a plazo which provide, in part, the resources to pay future
The arrangement of a forward foreign exchange interest.
contract to protect a buyer or seller of foreign
currency from unexpected fluctuations in the ex- front end free see also fiat fee
change rate.
front end fee
forward-forward arbitrage see time arbitrage commission d'ouverture
comisin inicial
47
Fee levied on borrower when a loan is first made. funding pro rata [IBRD]
The World Bank used to levy a front-end fee on its participation proportionnelle
loans but no longer does. participacin proporcional
Type of IBRD "B" loan, whereby IBRD takes a pro
front end financing rata share of about 10 percent in each maturity of
financement supplmentaire the commercial loan.
financiacin suplementaria; financiacin sin
garanta; financiacin sin asegurar funde flow; flow of funda
That part of the fmance of a loan package provided flux financiers
by banks over and above the part that is insured by flujo de fondos; corriente de fondos
an export credit guarantee agency. The flow of purchasing power into and out of an
organization. Inward flows include sales revenue,
front-loaded spending sales of fixed assets and investments, and issues of
dpenses groupes au dbut (d'une priode debentures, loans, and shares. Outward flows
donne) include purchases of fixed assets and investments,
gasto concentrado al comienzo de un perodo repayment of debt, payment of dividends, and
Spending at the beginning of a financial period. taxation on profits.
front-loading of conditionality funds flow statement see statement of changes
imposition de conditions pralables in financial position
imposicin de condiciones previas (a la
aprobacin de un prstamo) funda statement see statement of changes in
In Bank adjustment loans, refers to the establish- financial position
ment of conditions to be met by the borrower prior
to Board presentation (as opposed to actions being funk money see hot money
carried out during the course of the loan).
future rate agreement see forward rate
full, fully paid stock see paid-up stock agreement
full service bank futures see financial futures; interest rate
banque multiservices futures; stock index future; swap future
banco mltiple; multibanco
Bank providing a wide range of services to clients. futures [commodities market]
oprations a terme; futures
fully paid stock see paid-up stock futuros
Agreement to buy or sell a specific amount of
funded debt commodity.
dette consolide
deuda consolidada futures, financial see financial futures
The debt of a business or government in the form
of outstanding bonds and other long-term notes. futures contract
contrat terme
funding latter maturities [IBRD] contrato de futuros
financement des dernieres chances An agreement to take or make delivery of a specific
financiamiento de los ltimos vencimientos commodity or instrument on a particular date. See
Type of IBRD "B" loan, whereby IBRD would take also financial futures contract.
an initial share of the loan up to about 25 percent,
concentrated in the latter maturities.
48
futures market
march a terme
mercado a plazo; mercado a trmino; mercado
de futuros gamma
Market where futures contracts are bought and gamma
sold. gamma
The sensitivity of an option's delta to small unit
tutures option changes in the price of the underlying.
option sur contrats terme
opcin (de un contrato) de futuros the gap [IBRDJ see overall risk profile
A put or calU option on a futures contract.
gap financing
financement du dficit
financiamiento del dficit
Amount of financing needed for which provision has
not yet been made.
gapping
gapping
No Spanish
Analysis of interest rates in order to manage
interest rate margins to improve liquidity. The
French sensibly used the English word.
gearing ratio see leverage ratio
gearing ratio [IBRD]
coefficient d'uti/isation des fonds propres;
rapport encours des prts/fonds propres
relacin prstamos desembolsados y
pendientes-capital y reservas
Ratio of capital plus reserves to loans outstanding
and loans disbursed.
Geisha bond
obligation Geisha
bonos geisha
Bond issued on the Japanese market in currencies
other than yen. (Yen-denominated bonds are
known as Samurai bonds.)
49
General lnvestment Authorization [IBRD/IDA] global bond
pouvoir gnral de placement obligation plantaire; obligation multimarchs
facultad general para efectuar inversiones bono global
Formal name for Bank and IDA investment author- Bond issued simultaneously in the U.S. and other
ity, approved by the Executive Directors April 18, markets. The World Bank issued this kind of bond
1989, which extends the right of the Bank to invest for the first time in June 1989.
in certain instruments. Changes include removal of
specific limnitations on futures and options, authori- Global Cap Authority [IFC]
zation to use currency-hedged, covered forward autorisation globale de cap; montant total des
investments, acceptability of foreign currency de- caps autoriss
nominated government obligations if equivalent to facultad de adquisicin de contratos con Inters
AA rated securities, IDA's authority equivalent to tope
the Bank's and others. Authority given by the Board to IFC to purchase
contracts with interest rate ceilings (caps) and then
Generally Accepted Accounting Principies sell to its borrowers. It reflects the total amount of
(GAAP) caps, in dollars, that IFC is authorized to make.
Principes comptables gnralement admis
principios contables generalmente aceptados Global Swap Authority
Conventions, rules, and procedures governing autorisation globale de swap
accepted accounting practice. These principles are facultad para efectuar swaps
normally followed by the World Bank in its Authority given to IFC by the Board to borrow
accounting statements. In the U.S., they were laid from the markets up to a level of US$250 million
down by the Financial Accounting Standards Board equivalent through private placements and direct
(FASB). institutional loans.
general obligation bond see general goodwill clause
obligations clause de bonne volont
clusula de buena voluntad
general obligations; general obligation bonds A clause in a Paris Club loan agreement that
emprunts de collectivit locale commits the creditors to consider debt relief after
bonos de responsabilidad general the end of the stipulated consolidation period. In
Long-term borrowings, usually by a municipality, return, creditor countries ask the debtor country to
that are backed by the fuil faith, credit, and taxing meet two conditions firstly, the debtor country must
powers of the issuing locality rather than income have secured debt relief from creditors not covered
generated by a specific project. by the Paris Club agreement and secondly at the
time the creditors agree to review the need for
Gensaki further debt relief, the country remains eligible for
Gensaki use of upper credit tranche IMF resources.
(acuerdo) gensaki
A Yen repurchase agreement. government debt instruments
instruments de la dette publique
gilt-edged securities; gilts Instrumentos de la deuda pblica
1. fonds d'Etat britanniques; valeurs garanties Debt instruments issued by governments.
par l'Etat;
2. valeurs de premier ordre government paper
1. bonos del Gobiemo britnico; effets publics
2. bonos de primer orden; valores de primer efectos pblicos
orden Short-term debt instruments issued by governments.
1. British Government bonds.
2. U.S. bonds of AAA standing.
50
government security dealer gross earnings margin; grosa margin;
courtier en fonds d'Etat; courtier d'effets pub- banker's apread; banker's markup [banks]
Ics marge brute
corredor de valores del Estado margen bruto
Secearity dealer specializing in government debt Defined as interest received on loans less interest
instruments. paid on deposits plus other income (interest re-
ceived on investments, gains or losses in foreign
grace period exchange operations and commissions and fees
diffr d'amortissement; franchise de received and paid).
remboursement; dla de grce
perodo de gracia group of creditors
The period allowed in a loan schedule during which groupe de cranciers; club de cranciers
repayments of loan principal need not be made. grupo de acreedores
Group representing the creditors of a specific
grade see rate country or countries.
greenmail growth contingency cofinancing
greenmail; chantage au dollar cofinancement d'intervention au-dessous d'un
compra de las propias acciones para evitar la seuil de croissance donn
absorcin de la empresa cofinanciamiento supeditado al crecimiento
An antitakeover maneuver in which the target firm System used with the Mexico financing package,
purchases the raider's stock at a price above that whereby special financing would be provided from
available to other stockholders. The funds for the colenders if growth failed to reach a preset stan-
purchase are often borrowed; other stockholders are dard.
ordinarily excluded from the transaction.
growth stock
grey, gray market action d'avenir
march gris accin de una empresa prometedora
mercado gris The stock of a firm that is expected to have above
Market in bonds that have not been given a firm average increases in revenues and earnings.
price.
guarantee see also accelerable guarantee; call
gross capital coefficient, ratio a guarantee; counter-guarantee; equity-related
coefficient (taux) de capital brut guarantee; non-accelerable guarantee; rolling
coeficiente de capital bruto guarantee
The amount of capital requirement per dollar of
annual lending, equivalent to the average number of guarantee [IBRD]
years a loan remains disbursed and outstanding. 1. garantie de la BIRD;
2. garantie (de l'Etat)
gross collection ratio 1. garanta;
coefficient (taux) de recouvrement brut 2. garanta (del Estado)
coeficiente de cobro bruto 1. Type of IBRD "B" loan with IBRD guaranteeing
The interest received less prior years' recoveries part of the loan and offering the commercial
divided by the interest received plus net nonaccruals colender a put on the latter maturities of the loan,
for the year. The ratio shows the amount due and which would represent an IBRD commitment to
actually collected during the year (excluding any purchase the designated maturities at the request of
amount collected but overdue from prior years) and the colender.
relates it to the amount that was contractually due 2. Loan made to a domestic corporation guaranteed
during the current year. See also net collection by the state.
ratio.
51
guarantee commission, fee [IBRD] H-
commission de garantie
comisin de garanta
Commission payable periodically (e.g., to IBRD) as handling fee; management fe.
compensation for the risk in guaranteeing a loan. commission de gestion; commission de
grance
Guaranteed Recovery of lnvestment Principal comisin
(Program) (GRIP) [IFC] Fee payable to lead bank for handling bonds.
(Programme de) garantie de recouvrement de
l'apport des investisseurs (GRAI) head and shoulderu configuration
(Programa de) recuperacin garantizada de configuration tte-pau/es
principal de las inversiones (GRIP) configuracin Itricornio'
A fmancial service offered by IFC, involving the Form of bar chart used in bar chart analysis of
structuring of IFC and co-investor equity exposures securities which indicates the movement of a
in such a way as to take advantage of differences n security up and down (or down and up) with three
their risk-preferences and perceptions, generating peaks, the middle one being the higher (and thereby
benefits which can be shared by both. An investor giving the chart the form of a head above a pair of
making an investment in the equity of a developing shoulders).
country enterprise, instead of making the investment
directly, gives the money to IFC in return for a U.S. head of trading
dollar debt instrument. IFC makes the investment in chef arbitragiste
its own name but has a contractual agreement with jefe de operaciones burstiles
the investor regarding voting of shares, management Person responsible for securities trading in an
and long-term strategy for the enterprise. organization.
headroom
marge de dcaissement
margen de maniobra
The difference between the statutory limit on
lending and the value of loans that are disbursed
and outstanding.
heavliy lndebted see highly indebted
hedge [securities market]
valeur de refuge
valor de proteccin
Security acquired to cover possible loss on
speculative investments.
hedge ratio
coefficient de couverture; ratio de couverture
coeficiente de proteccin
In an options contract, a ratio representing the
change expected to occur in the market value of an
options contract as a result of a specified change in
the market value of the securities underlying the
contract.
52
hedging hostile takeover bid; unfriendly takeover bid
couverture des oprations a terme; oprations offre publique d'achat (OPA) hostile; OPA
d'arbitrage en couverture d'actifs; oprations sauvage
en contrepartie; hedging oferta pblica de adquisicin (OPA) hostil (con
operaciones de cobertura; operaciones de fines de absorcin)
proteccin cambiaria An offer to purchase shares from a firm's
Purchase or sale of currency, usually on a forward stockholders when directors of the target firm have
basis, as a means of insuring against loss should an recommended that stockholders do not sell their
exchange rate change. stock.
highly, heavily indebted middle income hot bill
country (HIC) effet brlant
pays revenu intermdiaire fortement endett efecto a la vista o de vencimiento a muy corto
pas de ingresos medianos muy, fuertemente plazo
endeudado Bill which matures at sight or whose maturity is less
Seventeen middle-income countries deemed to have than the period making possible its collection in
encountered severe debt servicing difficulties: good time, necessitating immediate presentation for
Argentina, Bolivia, Brazil, Chile, Colombia, Costa payment.
Rica, Cte d'Ivoire, Ecuador, Jamaica, Mexico,
Morocco, Nigeria, Peru, Philippines, Uruguay, hot money; funk money [U.K.]
Venezuela and Yugoslavia. The Bank uses both capitaux tbriles
heavily and highly. The World Development Re- capitales itinerantes
port, World Debt Tables 1988-1989 and UNDP use Short-term international capital movements,
highly. The IMF and United Nations Statistical motivated by interest rate differentials or
Office use heavily. OECD uses debt-distressed, revaluation hopes/devaluation fears.
while the 1989-1990 World Debt Tables use severely
indebted country. hung-up issue
-mission colle (coince)
highly leveraged see leveraged emisin empantanada; emisin atascada
An issue which dealers have not managed to fully
high quality borrower see prime borrower place.
horizontal spread; calendar (cali> spread; hurdie rate
time (cali) spread taux critique de rentabilit
cart horizontal tasa crtica de rentabilidad
margen horizontal; posicin diferencial A somewhat arbitrary rate of return, related to the
horizontal current cost of borrowing money, set by a
Options strategy that involves buying and selling the government or company to guide investment
same number of options contracts with the same decisions. Below this limit, investment is normally
striking price but different maturity dates. considered inadvisable.
hostile raider hybrid loan
prdateur hostile prt hybride
See corporate raider prstamo hibrido
Corporate raider whose actions are not supported In adjustment lending, refers to a sector adjustment
by the targeted corporation. loan which focuses on both investment structures
and incentive policies. One component supports
policy reform, while another component supports a
sectoral investment program, in some cases a
time-slice of a sectoral investment program.
53
- I - imprest account, fund
compte d'avances de caisse; compte
IDA-eligible country d'avances temporaires
pays admis emprunter y 'IDA; pays llgble cuenta de anticipos; fondo de anticipos
pays ardmista emprunte r IMA I'IDA; pays bligiAn account or fund maintained for payments made
au crdit de J'IDA
pas que puede recibir crdkos, financiamiento in cash, commonly used as a petty cash fund. A
paIsFu puaed eblr crditos, financiamiento fed maximum sum is kept in the fund and, as the
de la AIF; pas habilitado para recibir crditos e fund is depleted, this sum is periodically brought up
Developing country which is entitled to receive IDA to the maximur.
credits because its per capita income is below the income bond; participating bond
IDA norm. obligation participante
IDA reflows bono participatorio
IDA remboursements PIDA; rentres de FIn the U.S., bonds which are guaranteed as to
reemboursernents a la 'ID; refluj s de laAID principal but which have interest payments as a
reembolsos a la AIF; reflujos de la AIF contingent obligation, that are required only if
Payments received by IDA in the form of reim- eonting ent o ationd thaeqired of .f
busmnsfr rdt ae earned and then assented to by the board of
bursements for credits made. directors. Failure to pay interest does not constitute
default. (Note that in the U.K., income bond refers
claedal .l.ase to a type of fLxed-interest investment offered by life
clause d'eilgalit insurance companies, consisting of an immediate
c lusula de exigibilidad del reembolso nitplsadfreanuy.
Clause in a loan agreement which allows the lender annuity plus a deferred annuity.)
to ask for repayment of his funds if a change in index arbitrage trading see program trading
national legislation obliges him to withdraw from
the loan. indexed bond; index-linked bond
obligation indexe
immature investment bono indizado
investissement immature Bond where the coupon rate or redemption value is
inversin todava improductiva; inversin verde idxd(oohrcrece,gl,o ulpie)
Investment which is not yet bringing in any returns.
imnpaired investment indexed currency borrowings
investissement provisionnerm investssement emprunts en devises indexs (dont le taux est
inesismn t dangisoner; investissementcopmi indexJ
invdner;sinvmenstisemntcoprmi emprstitos en divsas con inters indizado
inversin menoscabada Borrowings in a foreign currency where the rate of
An investment which has been reduced by losses or interest is linked to an agreed scale.
other distributions.
indexed currency option note (ICON)
impairment ICON
dprciation; dvalorisation bono con rescate vinculado a un tipo de
desvalorizacin cambio; pagar con rescate vinculado a un tipo
Loss lin value of an investment. de cambio
Notes denominated and paying interest in one
implicit spread currency but whose redemption value is linked to an
marge implcite exchange rate for another currency. Also called
margen impllcito Heaven and Hell Bonds.
The ratio of the present value of costs of the
commitment fee and loan spread to the present
value of outstanding loan balances.
54
indexed loan [currency pooij Informal finance
prt In dex systeme de financement non structur; systme
prstamo indizado de financement non institutionnel; systeme de
Loan indexed to the daily variation of the U.S. financement traditionnel
dollar value of the pool due to exchange rate financiamiento no institucional; financiamiento
fluctuation. Informal
Fmance which takes place outside of the normal
indexing; Index program financial markets.
indicirisation; Indexlng
programa de compra de acciones incluidas en Information memorandum
un ndice mmorandum de placement
A method of portfolio management by buying stocks prospecto confidencial
that compose a well-known index, often the Document sent to all banks involved in Eurocredit,
Standard and Poor 500, and sticking with them. equivalent to a prospectus, though, unlike a
Not to be confused with index-linked (i.e. tied to the prospectus, it is confidential.
rate of inflation).
in house financing; seif-financing
index-iinked bond see indexed bond autofinancement; financement interne;
financement par fonds propres
index option autofinanciamiento; financiamiento con fondos
option sur indice propios
opcin basada en un ndice burstil Financing from own resources rather than
Option which is based on a stock index rather than borrowings.
an underlying security.
initial margin
index program see Indexing dpot de garantie
depsito de garanta
individual retirement account (IRA) The amount a buyer is requested to deposit with a
plan d'pargne retraite personnel (PER) broker before commencing trading.
cuenta de ahorro para jubilacin
Personal, tax-deferred retirement account for initial public offering (PO)
employed persons. introduction en bourse
oferta pblica inicial
industrial and trade policy adjustment loan A firm's first offering of stock to the public.
(ITPAL)
prt a l'aJustement de la politique industrielle et inside, insider dealing
commerciale (PAPIC) dlit d'initi
prstamo para ajuste de la(s) poltica(s) transacciones ilcitas de personas iniciadas
Industrial y comercial Trading in stocks, etc. by those who have advance
World Bank loan made to assist adjustment of a notice of likely changes in the market, due to their
country's industrial and trade policy. inside knowledge.
infiation premium
prime de risque-inflation
prima por inflacin
A premium added to a security to allow for
inflation.
55
institutional ratio lnterest leakage
ratio Institutionnel fluctuation des taux d'intrt due A une fuilte de
coeficiente institucional capltaux
The ratio between Bank subscriptions authorized fluctuacin de las tasas de inters debida a la
solely in general capital increases and IMF quotas fuga de capitales; fluctuacin de los tipos de
obtained solely from general quota increases. Used inters debida a la fuga de capitales
to determine the initial share allocations of Changes in U.S. interest rates due to movement of
countries joining the Bank during the period of the funds from the U.S. to the Eurodollar markets.
1979 General Capital Increase.
lnterest period
interbank offered rate (IBOR) priode d'intrt
taux interbancaire offert perodo de vigencia de la tasa de inters;
tasa de oferta interbancaria; tipo de oferta periodo de vigencia del tipo de inters
interbancaria Period during which an interest rate is fixed. At the
Rate of interest offered by banks for their loans to end of the period the rate may be adjusted.
the most creditworthy banks for a large loan, for a
specific period and in a specific currency. The best interest rate cap
known one is the London one (LIBOR), but they plafond des taux d'intrt; contrat taux
also exist for Abu Dhabi (ADIBOR), Amsterdam d'intret plafonns; contrat a cap de taux
(AIBOR), Bahrein (BIBOR), Brussels (BRIBOR), d'intrt
Hong Kong (HIBOR) or (HKIBOR), Kuwait tope de las tasas de inters; tope de los tipos
(KIBOR), Luxembourg (LUXIBOR), Madrid de inters
(MIBOR), Paris (PIBOR) (occasionally known as A limit on the amount of interest that can be levied
taux interbancaire offert 2 Paris - TIOP), Saudi on a variable rate loan. Proposed for IBRD.
Arabia (SAIBOR), Singapore (SIBOR), 6 month
SDRs (SDRIBOR), Zurich (ZIBOR) and other interest rate futures
fmnancial centers. marchs a terme sur les taux d'intrt
contrato de futuros de instrumentos financieros
interest-bearing notes Contracts on a financial futures exchange denomi-
effets porteurs d'intrt nated in a particular deliverable short- or long-term
bonos que devengan intereses; pagars que fmancial instrument such as a three month certifi-
devengan intereses cate of deposit.
Notes on which interest is paid.
interest rate risk
interest capitalization risque de perte sur les taux d'intrt
capitalisation des intrets riesgo relacionado con las tasas de inters;
capitalizacin de los intereses riesgo relacionado con los tipos de inters
Converting deferred interest payment into new debt Risk due to difference in interest rates.
instruments.
interest rate segmentation
interest coverage ratio fractionnement des taux d'intret; taux d'intrt
ratio de couverture de /'intrt fractionn
coeficiente de cobertura de intereses fragmentacin de la tasa de inters;
Net income before interest expenses divided by fragmentacin del tipo de inters
interest expenses. IFC's definition is "The number Use of different interest rates for different end uses
of times income, after deducting all expenses except or end users having essentially the same maturity,
borrowing charges and provision for losses, covers transaction costs and risk characteristics.
borrowing charges."
56
lnterest-rate swap International branch of a bank in a kind of internal
accord de swap sur les taux d'intrt; swap de free-trade zone in the U.S., which allows banks to
taux d'intrt; contrat d'change de taux engage in international banking without some of the
d'intrts (CETI) usual restrictions facing domestic banks. Those
swap de tasas de Inters; swap de tipos de restrictions from which IBFs are exempt include
Inters; intercambio de tasas de inters; reserve requirements, payment of certain insurance
intercambio de tipos de inters premiums, and special relief from state tax.
An agreement to exchange floating rate payments
for fixed-rate payments in the same currency. International Federation of Stock Exchanges
(FIBV)
interest (rate) switching Fdration internationales des bourses de
modification du rgime des intrts valeurs (FIBV)
modificacin del rgimen de intereses No official name in Spanish
Option in a restructuring agreement which allows Organization that establishes relations between
creditor banks to alter the interest rate base, either stock exchanges.
by having a fixed rate or a variable rate linked to a
specific rate such as LIBOR. International Organization of Securities
Commissions (IOSCO)
interest retiming Organisation internationale des commissions
modification de l'chancier; modification de la de valeurs mobilires (OICV)
priodicit des paiements d'intrts Organizacin Internacional de Comisiones de
modificacin de la periodicidad del pago de Valores (OICV)
intereses International organization representing securities
Agreement whereby the frequency of interest regulators.
payments is altered, usually from 3 or 6 month to 12
month interest periods. International Swap Dealera Association
(ISDA)
intermediation No official name in French
intermdiation No official name in Spanish
intermediacin New York-based international swap trade associa-
Process whereby a financial institution interposes its tion. It has adopted a code for swap dealing as well
names and trustworthiness between a lender and a a master swap agreements.
borrower. For example, instead of buying an issue
directly from a corporation, an investor may deposit in the money (ITM) (option)
funds with a bank which, in turn, invests in the option dans le cours; en dedans; au-dessous
issue. du prix
opcin con un precio superior o inferior al valor
intermediative borrowing verdadero; con dinero
emprunts aupres d'intermdiaires financiers A call option that has a strike price less than the
lnternationaux price of the underlying asset or a put option that
prstamos obtenidos de intermediarios has a strike price more than the price of the under-
financieros lying asset. Option dans le cours is the term used in
Borrowing from financial intermediaries. the MATIF.
International banking facility (IBF)
sen/lce bancaire international
servicio bancario internacional
57
intrinsic value Company that uses its capital to invest in other
valeur Instrinsque companies. The two kinds are open-end lnvestment
valor Intrnseco company and closed-end investment company, the
The financial benefit to be derived if an option is former being by far the most frequent. In France
exercised immediately, reflecting the difference the socits d'investissement capital variable
between the exercise price and the market price of (SICA4) and fonds communs de placement (FCP)
the instrument. are the most common. The OPCVM are the
investment companies in France. They were
inverse floating rate note liberalized by a law of December 23, 1988, which
oblgation & taux flottant a intrt invers came into effect October 1, 1989.
bono con inters variable Inverso a la tasa de
referencia; pagar con inters variable inverso a investment grade paper
la tasa de referencia mission sans risque
Floating rate note where interest is paid in inverse efecto de buena calidad; papel de buena
relationship to the benchmark interest rate, so that calidad
if the benchmark interest rate rises the interest on Issue of paper rated at BBB- or aboye (or
the inverse FRN will go down and vice versa. equivalent) by a rating agency.
investment bank [U.S.]; merchant bank [U.K.] investment leakage
banque d'affaires; maison de titres; banque de dperdition sur I'investissement
trsorerie et d'arbitrage factores imprevistos que encarecen la inversin
banco de inversiones Various unpredicted factors that increase the cost of
Institution that accepts new issues of stocks from a an investment, such as management fees, inflated
corporation and attempts to sell them to the public equipment costs and non-arms length royalties.
at a profit. In the U.S., they have a separate legal
status from commercial banks. The banques de investment securities
trsorerie et d'arbritrage, a category recently created, titres de placement
are intended specifically to deal with the changing valores de inversin a largo plazo
situation in the financial markets. Securities that are particularly suitable for
long-term investment (e.g., bonds). Also includes
investment broker top-rated shares.
courtier en placements
corredor de inversiones involuntary lending
Person who acts as intermediary between investors prets forcs; prts involontaires; prts non
and the fmancial markets. spontans
prstamos no voluntarios
investment certif cate Lending by banks as long as the resulting reduction
certificat d'investissement (Cl) in probability of default, multiplied by the existing
certificado de inversin exposure, exceeds the amount of new money multi-
A non-voting share in France issued mainly by plied by the remaining probability of default even
state-owned enterprises to attract investors without after the new assistance.
the firm being privatized.
inward swap
investment company, fund mise en report
socit d'investissement; organisme de place- recompra de divisas en moneda nacional
ment collectif en valeurs mobililres (OPCVM) Spot sale of foreign exchange and forward repur-
compaa de inversiones; sociedad de chase of same foreign currency against domestic
inversiones; fondo de inversiones currency.
58
lnward switching J .
oprations d'arbitrage vers 'intrleur
concesin de prstamos intemos con fondos
externos jcopardy chuso; disaster cause; ibreak
External funding by banks for domestic lending. clause
clause de sawvegarde; clause de dan ger
issuer clusula de salvaguardia
organisme d'mission; metteur A dause in a Eurocurrency agreement specifying
emisor that, if certain events curtail the lender's activity or
Body e iat puts out new sesrities the operation of the Euromarkets, other designated
actions will come into effect.
issuing calendar
calendrier des missions Jeopdrciy loan
calendario de emisiones prt tres menac; pret en danger
Compulsory timetable for issue of new securities prstamo con riesgo de prdWdas
(Switzerland, Federal Republic of Germany). Term used by IFC to idicate that a loan that has
serious problems. IFC expects to make a loss
(though not necessarily a 100% loss) on a jeopardy
loan.
jobber
agent boursier oprant pour son propre
compte; 7lobber"; intermdiaire en bourse
agiotista
A broker on the London Stock Exchange who acts
on his own behalf.
joint financing
financement conioint
financiamiento conjunto
Disbursement by two lenders for the same parts of
the project in a fixed ratio.
jumbo borrowing
emprunts gants; emprunts jumbo
emprstitos gigantescos
Borrowing in large quantities; usually refers to
amounts in excess of $250,000.
jumbo certificate of deposit [U.S.]
certificat de dpot jumbo (montant minimum de
Us$100.000)
certificado de depsito de US$100.000 o ms
Certificate of deposit of US$100,000 or more.
jumbo loan
prt gant; prt jumbo
prstamo gigantesco
Loan involving very large sums of money.
59
junior debt; subordinated debt K
dette de rang infrleur; dette subordonne
deuda subordinada; deuda de liquidez key Interet rtes
secundaria key Interet rates
Debt which, in case of liquidation, cannot be paid taux d'intrt directeurs
till payments on other obligations have been made. tasas de inters ciave; tipos de inters clave
Opposite of senior debt. The main market interest rates - includes LIBOR,
US. prime rate, U.S. federal funds rate and certain
junk bond; apeculative grade bond others, depending on where it is used.
obligation a risque; obligation pourrie; junk key money rte; central rato
bond tey mote tate cen
bono especulativo; bono basura; bono chatarra tauxc pivot; taux jalon
High-yield, low-rated security. Used as a new way tasa central; tipo central
to raise money quickly as they attract investors who The term used to describe the main interest rate set
like the high yields and are willing to accept by the central bank (or equivalent) and which
increased hisks. effectively governs other market interest rates. In
increased risks. ~~~~~~~~the U.S., it is the federal funds rate.
kicker see loan with equity kicker
kiwi bond
obligation kiwi
bono kiwi
Bond issued in New Zealand dollars on the New
Zealand market by non New Zealand borrowers.
60
- L - iender of record
prteur offlclel
prestamista oficial
iag rlsk [IBduDc Lender that has the official commitment for a loan.
ris que dO au dcalage fO compiter selon le
contexte] lending authority
riesgo relacionado con desfases; riesgo pouvoir de prt; autorisation de prt
relacionado con el desfase entre.. rmonto que el Banco est facultado para prestar
1. Risk of lending at low interest rates and having to The amount of money that the Bank can lend,
fmance at high interest rates at a later date. based on its paid-in capital.
2. Risk run by IDA between the period of
disbursement and receipt of commission. lending ceiling; credit limit
limite du pouvoir de prt; encadrement (du
large exposure bank crdit)
banque tres engage lmite de crdito; lmite crediticio
banco con un gran volumen de prstamos The maximum amount that an organization can
pendientes lend.
Bank with a large amount of outstanding loans.
lend into arrears see loan into arrears
layering
layering letter of comfort
fijacin de vencimientos no coincidentes lettre de confort
Mismatching maturities in order to improve carta de seguridades
liquidity. The French sensibly used the English A written instrument issued by A, where A agrees
word. to make every effort to assure B's compliance with
the terms of a contract, but without committing A
lead bank see arso book-running lead bank; to perform B's obligation in the event that B is
comanager unable to fulfil his obligation. Usually issued by a
parent company on behalf of a subsidiary in another
lead bank; lead manager country.
chef de file
banco director letter of development policy [IBRD]
Bank with main responsibility for arranging a bond dclaration de politque de dveloppement
issue or international Eurocredit. See also carta de intencin sobre la poltica de desarrollo
book-running lead bank, manager. Lead manager Letter from the Government of a country receiving
is also used in the sense of agent bank. a structural adjustment loan to the President of the
Bank, setting out the Government's medium-term
leakage see interest leakage; investment objectives for structural change and the range of
leakage measures that it intends to take over several years
lender of last resort to achieve these objectives.
preteur en dernier ressort; preteur de demier letter of sectoral policy [IBRD]
recours dclaration de politique sectorielle
prestamista en ltima instancia carta de intencin sobre la poltica sectorial
One of the functions and a major raison d'etre of a Letter from the Government of a country receiving
modern central bank whereby the bank has to a sectoral adJustment loan to the President of the
provide liquid assets to the banking system when the Bank, setting out the Government's medium-term
existing liquid assets of the banking system threaten objectives for sectoral change and the range of
to deplete. measures that it intends to take over several years
to achieve these objectives.
61
level annuity system leveraged stockholder
systme d'amortissement par tranches (gales); actionnaire puissant
systme de remboursement par annuits accionista Influyente
sistema de pagos totales iguales de principal e Major stockholder who, because of his holdings and
intereses earning power, can obtain benefits for the company.
The level annuity system entails equal aggregate
payments of principal and interest (Le. with princi- Ibability management
pal repayments made in gradually ascending gestion du passif
amounts). This system was used by the World Bank gestin del pasivo
prior to 1975. Supervision of the claims on the assets of a
company.
level repayment
remboursement en tranches gales LIBID see London lnterbank Bid Rate
reembolso en cuotas iguales
Repayment scheme where repayments are at a fixed LIBOR see London Interbank Offered Rate
level, even though the interest rate may change.
LIMEAN
leverage (ratio) [U.S.]; gearing (ratio) [U.K.] LIMEAN
ratio de levier; ratio de structure du passif; ratio LIMEAN
de solvabilit-endettement The average of London Interbank Offered Rate
nivel de endeudamiento relativo al capital; (LIBOR) and London Interbank Bid Rate (LIBID).
relacin endeudamiento/capital propio
Ratio of debt/liabilities to equity/assets. Includes limited recourse finance
debt and debt-equity ratios. financement avec droit de recours limit
financiamiento con derecho de recurso limitado
(highly) leveraged Finance arranged on the basis of the lender having
endett; parfois: caractris par un fort degr recourse to the borrower only in certain circum-
d'endettement stances (e.g., the loan to British Petroleum (BP) to
con alto coeficiente de endeudamiento fmance the Forties oil field in the North Sea, where
Having a high debt-equity ratio. the lenders had no recourse to BP if there was
insufficient oil).
leveraged buyout (LBO)
prise de contrOle par l'emprunt (LBO); OPA a limit order
crdit ordre a cours limit
compra de una empresa con fondos tomados orden de compra o venta con limitacin de
en prstamos precio
Purchase of a company by a small group of inves- Order to buy or seil a security at a specific price or
tors, often including management, mostly with better.
borrowed funds. The debt is usually repaid from
the company`s cash flow or from the sale of assets. line of credit see backstop (credit) facility;
backup line of credit; swingline
leveraged management buyout (LMBO)
rachat d'entreprise par les salaris; reprise liquid asseta investment authority [IFC]
d'entreprise par les salaris (RES) pouvoir de placement des liquidits de la SFI
compra de una empresa con fondos tomados facultad para invertir en activos lquidos
en prstamos por sus empleados New investment authority for IFC adopted in July
Purchase of a corporation by the employees, using 1989, to make it more in line with the IBRD New
borrowed funds. Investment Authority, including the right to invest
in a variety of negotiable and short-term instru-
ments.
62
liquid-holdings risk see cash risk loan currency pool
pool des monnaies (des prts); pool des
liquidity portfolio; quid assete portfolio monnaies prtes
portefeuille liquide fondo comn de monedas
cartera lquida; cartera de inversiones lquidas Samne as currency pool.
Portfolio of assets in the form of cash or near-cash
instruments. loan into arreara, (to) [Worid Bank]
prt(er) a un pays dont les intrts ne sont pas
liquidity premium comptabiliss
prime de liquidit otorgar prstamos a pases excluidos del
prima de liquidez rgimen de contabilidad en valores devengados
A notional premium paid by borrowers to lenders To make loans to countries that are in non-acerual
to encourage them to lend money at a fixed rate in status. In normal English, the word loan is not a
the long term, when interest rates are likely to rise verb but it is so used in some instances by the Bank.
and it is, therefore, more profitable to invest in
short-term paper. loan loss provisioning
provisionnement des pertes sur prts
liquidity ratio [IBRD] establecimiento de reservas para prdidas por
ratio de liquidit concepto de prstamos
coeficiente de liquidez Making provisions for losses on loans. Till 1988,
The ratio of the actual level of liquidity to projected the Bank made loan loss provisions only against
three year net cash requirements. loans to specific borrowers whose arrears persisted
for an extended period of time. In May 1988, owing
liquidity ratios to the increased number of member countries in
ratios de liquidit; coefficients de liquidit prolonged non-accrual status, the Bank established
coeficientes de liquidez; relaciones de liquidez a single consolidated loan provision applicable to
Ratios which reflect a borrower's ability to meet his the entire set of countries in non-acerual status.
short-term obligations. They include the acid-test See country collectibility analysis, note.
ratio and the current ratio.
loan origination tee
iquid ratio see acid-test ratio frais de constitution de dossier; commission
d'instruction
listed security comisin por tramitacin de solicitud
valeur cote en Bourse The fee typically charged by a DFI to recover the
valor cotizado en bolsa cost of investigating and granting a request by a
An issue of a security accepted for trading on a borrower for a loan.
stock exchange.
loan portfolio
listing (of securities) portefeuille de prts
cotation (de titres en bourse) cartera de prstamos
cotizacin (de valores en bolsa) The unpaid loans of a lending organization.
The process of public quotation on a Stock Ex-
change of a share or bond. loana-for-bonds exchange
change de prts contre des obligations
load fund intercambio de prstamos por bonos
fonds de placement qui prlve une commis- These replace existing debt by long-term securitiles.
sion Since debtor countries have traditionally serviced
fondo de Inversin que cobra una comisin bonds on a preferred basis over syndicated bank
Mutual fund which charges a handling fee. loans, bonds have seniority status.
63
loan stock German term for the rate of interest charged for a
obligation (non garantie) loan against the security of pledged paper. Particu-
obligacin sin garanta larly used with reference to the German Bundes-
A security issued by a UK company in respect of a bank, which normally maintains its Lombard rate at
loan made by investors. Often unsecured. about 1/2 percent above its discount rate.
loan syndicate see syndicate London lnterbank Bid Rate (LIBID)
LIBID
loan with equity kicker UBID
pret avec intressement aux bnfices; pret The bid in a quotation representing the interest rate
participatif at which US. dollar deposits are retraded in
prstamo participatorio; prstamo convertible London. See London Interbank Offered Rate and
en inversin LIMEAN.
Loan at a reduced interest rate; when the proceeds
from the project reach an agreed level, the loan London lnterbank Offered Rate (LIBOR)
converts into a quasi-equity loan, with the lender LIBOR
participating in the proceeds. UBOR
The interest rate at which banks in London are
lock(ed) in (interest rates) prepared to lend funds to first-class banks. It is
(etre) contraint ( payer des taux d'intrt used to determine the interest rate payable on most
levs pendant Iongtemps) sens ngatif]; Eurocredits. See London Interbank Bid Rate,
(Atre) condamn (a payer des taux d'intrt lnterbank offered rate and LIMEAN.
levs pendant longtemps) fsens ngatifl;
s'assurer (de tatu d'intret favorables) [sens long hedge
positif]; profiter (de taux d'intrt favorables) oprations de couverture par achat a terne;
[sens positifJ; verrouiller; figer long hedge
tasa de inters inmodificable; tipo de inters operaciones de cobertura por compra a plazo
inmodHficable Hedging operation by someone who is "long' (i.e.,
With interest rates, refers to a fixed-interest loan who owns more than he has contracts to deliver).
with a long maturity so that the borrower is obliged
to pay the fixed rate over a long period though long position
other market rates may have fallen. position acheteur; position iongue
posicin larga
locked market The net ownership position in a particular security,
march fig e.g. if you own 500 shares of stock of a company
mercado inmovilizado you are said to be long 500 shares of that stock.
Market where bid and offer prices are exactly the The Bank definition is (1) in relation to securities,
same. any security owned by the Bank and (2) in relation
to futures and option contracts, any such contract
lock rate purchased by the Bank which has not expired, been
taux plancher de verrouillage exercised by a seller or canceled through the sale of
tasa de inmovilizacin such contract by the Bank.
Rate at which drop lock clause becomes operative.
long-term blended cost rate (LTB) [IFC]
Lombard rato [Federal Republic of Germanyl panachage de long terme (PL7)
taux des avances sur titres; taux Lombard coeficiente de costos combinados a largo plazo
tasa Lombard; tipo Lombard A rate used by IFC to assist in determining the
performance of its loan portfolio, it is based on
three parts of average costs of borrowed funds and
one part capital resources.
64
long-term debt ratio M
ratio d'endettement long terme
coeficiente de endeudamiento a largo plazo mke a mrket
Ratio of long-term debt to total assets. Otre falseur de march; Otre la fois vendeur et
long-term prime rate (LTPR) [Japan] acheteur
taux de base long terme cotizar un precio de compra o de venta
tasa preferencial a largo plazo; tipo preferencial A dealer is said to make a market when he quotes
a largo plazo bid and offered prices at which he stands ready to
Prime rate used in Japan. buy and sell.
Iump-sum borrowing [IFC] maker (e.g., of a note)
emprunt en vrac metteur
emprstito de suma alzada librador (p. ej. de un pagar)
A currency-specific borrowing made in a lump sum The issuer of a debt instrument.
by IFC from IBRD for its short-term future needs. managedloan
crdit dirig
prstamo dirigido
Syndicated new money extended under the umbrella
of IMF-supported restructuring packages.
management fee see also handling fee
management commission, fee
1. commission de direction; commission
syndicale; commission de chef de file;
2. commission de gestion; frais de gestion
comisin de administracin; comisin de
gestin
1. Fee charged by a bank for managing a credit or
bond issue.
2. Fee charged for portfolio management.
management contract
contrat de gestion
contrato de administracin
Contract where the contractor assumes responsibili-
ty for the management of the investment project or
a significant part of its operations and where his
remuneration substantially depends on the produc-
tion, revenues or profits of the investment project.
management, managing group [Euro-dollar
market]
groupe de direction; syndicat de direction
grupo director
A syndicate responsible for underwriting an issue
in the Eurodollar market.
65
manager (of syndicate) see agent bank markdown see discount
managing group see management group market see after-market; auction market; bearer
market; bear market; buil market; capital
margin account market; combined market rate; contestable
compte A dcouvert market; deep market; Emerging Markets Growth
cuenta de margen; cuenta para operaciones en Fund; Emerging Markets lnvestment Fund;
descubierto equity market; Euromarket; face the market;
Brokerage account allowing customers to buy financlal futures market; financlal market; fourth
securities with money borrowed from the broker. market; futures market; grey, gray market;
locked market; make a market; marking to
marginal reserve requirement market; money market; money market (mutual)
coefficient marginal de rserve fund; money market rate; name market; open
encaje legal adicional; reserva obligatoria market; over-the-counter market; parallel
adicional market; primary market; secondary market;
Additional deposits that by law depository institu- securities market; short-term paper market; spot
tions (e.g., banks) must set aside in their vaults or market; stock market crash; third market; two-
with the central bank. In the U.S., this applies to tier market; unlisted securities market; World
additional reserve requirements on increased man- Bank Capital Markets System
aged liabilities imposed by the Federal Reserve, in
order to curtail the expansion of bank lending. marketable securities
titres ngociables
margin buying [stock exchange] valores negociables
achat dcouvert Equity securities or debt securities that are actively
compra en descubierto traded or which can be otherwise bought or sold.
System whereby the purchaser furnishes only a
specified fraction of the total purchase price of market-based menu approach; market-driven
securities bought, with the broker furnishing the menu approach; menu of optiona
balance and charging interest on that amount. menu ..; approche la carte; carte des options;
menu des options
margin calil mtodo de la lista de opciones
appel de marge; appel de fonds An approach to debt workout whereby the diverse
supplmentaires pour baisse de la couverture; interests and constraints of the banking community
la soulte are taken into consideration by offering different
pedido de operacin en descubierto; pedido de methods of dealing with debt problems.
operacin de margen
A demand for additional funds because of an market borrowers
adverse price movement eroding the value of an pays empruntants sur les marchs financiers
open futures position. pases prestatarios en los mercados financieros
An IMF category of countries, covering those
margin requirements [stock exchange] countries whose borrowings are made on the capital
pourcentage de couverture; couverture de markets, as opposed to those whose borrowings are
l'opration made from development institutions (ofricial bor-
lmites legales (de las compras en descubierto) rowers).
Legal requirements regulating the amount of credit
that may be extended under the margin buying
system.
66
market capitalization marketization
capitalisation boursiere marchisation
capitalizacin burstil; valoracin burstil (del mercadizacin
capital) Increased reliance of banks on funds obtained either
The total value of all of a firm's outstanding shares, from financial markets directly or from clients, but
calculated by multiplying the market price per share where the interest rates are set by reference to
times the total number of shares outstanding. market-determined rates.
market-clearing interest rate market maker
taux d'intrt d'quilibre (du march) teneur de march; adhrent mainteneur de
tasa de inters de equilibrio (del mercado); tipo march (AMM); contrepartiste
de inters de equilibrio (del mercado) principal en el mercado; agiotista
Interest rate which attracts equal number of buyers A bank or a broker that is prepared to make a
and sellers. two-way price (to buy or sell) for a currency or a
security on a continuous basis, in the same way as
market-clearing price a stock jobber in the U.K. market. AMM is the
prix d'quilibre (du march) term used in the MATIF.
precio de equilibrio (del mercado)
A price for an item which attracts just enough market making
buyers as there are buyers. If prices are lower cotation en continu
demand will be too high; if higher demand will be cotizacin firme
too low. Maintain firm bid and offer prices for a security or
currency on a continuous basis.
market-eligible countries
pays qu ont accs aux marchs financiers market order
pases que tienen acceso al mercado financiero ordre au mieux
Countries that have access to fmancial markets. orden de compra o de venta al mejor precio
Order to buy or sell a security at the best available
market failure price.
mauvais fonctionnement du march; dfaillance
du march; dysfonctionnement du march market participants
falla del mercado; disfuncin del mercado acteurs sur le march; oprateurs sur le
The inability of the market to function in its normal march; intervenants sur le march;
manner. participants sur le march
participantes en el mercado; operadores
market intermediation Individuals and corporations active in the market.
intermdiation financiere
intermediacin del mercado market price see asked price
Acting on the market (i.e. buying and/or selling of
securities) on behalf of someone else. market-related lendng
prts aux conditions du march
financiamiento en condiciones de mercado
Lending at market rate and under market condi-
tions (cf commercial lending).
marking to market
marking to market; valorisation au prix du
march
valoracin a precio de mercado
67
The process of recalculating the exposure in a materiaiity criteria
trading position in securities, option contracts or critre de stimulation
futures contracts. In exchange-traded contracts, the criterios de trascendencia; requisitos de que
exchange clearing house marks members' positions una operacin tenga efecto positivo sobre las
to market each day using elosing market prices. perspectivas de desarrollo de un pas
Members must maintain a certain minimum level of The criteria by which Bank loans may be made and,
margin at the exchange clearing house and must in particular, the criteria by which Bank loans are
post additional margin if the marking-to-market deemed to have a material effect on the prospects
process reduces margin below the minimum. of investment in the recipient country. These
criteria are basically that they should be used to
mark to market exposure finance specific projects in the broad sense of this
risque calcul par rfrence au march term, which includes well-defined productive pur-
riesgo calculado a precios de mercado poses but has been extended to include lending
The exposure n securities or other contracts, which serves the Bank's broad objective of facilitat-
calculated at current market prices. ing investment for reconstruction or development,
such as structural/sectoral adjustment lending.
matador bond
obligation matador mature investments
bono matador investissements arrivs a maturit;
Bond issued on the Spanish market, denominated investissements qui commencent a rapporter
in currencies other than the peseta. inversiones que han alcanzado su madurez
Investments which are just at the beginning of the
matched funding see also back-to-back stage at which they will start to become profitable.
matched funding maturity arbitrage see time arbitrage
financement jumel
financiamiento de contraparte; financiamiento maturity mismatch
de contrapartida asymtrie des chances; manque de concor-
Funding needed by the IFC to commit a loan. It dance des chances; manque de
must match the loan in terms of amount and synchronisme des chances; risque de trans-
maturity. formation
asimetra de los vencimientos
matched maturity transaction [IBRDJ Having borrowings and loans with different maturi-
opration a chances symtriques ties. This could mean, for example in the case of the
transaccin de vencimientos simultneos Bank, that borrowings the Bank had made on the
A type of cross-currency interest hedge where the capital market to finance certain loans it had made
proceeds of a short-term instrument program are were due before it had received the money from the
swapped for comparable maturities in other curren- loas.
cies.
maturity transformation
matched sale-purchase transaction transformation d'chances
transaction simultane d'achat et de vente modificacin de los vencimientos
compra y venta simultnea Reborrowing, in order to extend the maturity of a
Selling U.S. Treasury bills for cash and at the same loan.
time purchasing the same issue of bills for redeliv-
ery a day or more later. menu approach see market-based menu ap-
proach
68
menu of options see market-based menu ap- mismatch floating rate note
proach obligation taux variable 'mismatch"; obligation
& tax variable base sur une
merchant bank [U.K.] see investment bank contre-transformation
bono con inters variable reajustable
merry-go-round eftect anticipadamente; pagar con Inters variable
effet de carrousel; effet de retour a la source reajustable anticipadamente
efecto carrusel Floating rate note where the coupons are reset
The circulation of money through various sources, regularly at shorter intervais than the coupon
ending up where it started. For instance the Ger- period.
man Central Bank recycles excess capital by selling
U.S. dollars to banks under a repurchase agreement mismatch risk [IBRD]
and the banks place the U.S. dollars in the risque li au dcalage entre les chances;
Euromarket. As the financial institutions could run risque de transformation
up a U.S. dollar debt on the Euromarket, the riesgo relacionado con vencimientos
Central Bank must buy back the U.S. dollars and asimtricos
sell domestic currency to avoid an excessive increase Risk of having loans and borrowings with mis-
in the mark. matched maturities.
merry-go-round transactiona moderately indebted low-, middie-income
transactions sans cesse renouveles; transac- country (MILIC, MIMIC)
tions aller-retour pays & faible revenu, & revenu intermdiaire
operaciones carrusel modrment endett
Deliberate capital import and re-export operations. pas de bajos Ingresos, de Ingresos medianos
moderadamente endeudado
mezzanine level Low-, middle-income country in which three of the
phase de dveloppement (d'une socit) four key ratios fall in the following ranges: debt to
etapa inmediatamente anterior a la primera GNP (30-50 percent), debt to exports of goods and
colocacin pblica all services (165-275 percent), accrued debt service
In a venture capital operation, the stage in a to exports (18-30 percent) and accrued interest to
company's development immediately before going exports (12-20 per cent). Used in the Worid Bank's
public. World Debt Tables. See severely indebted low-
income, middle-income country.
MiniMax loan
emprunt MiniMax money at call see call money
prstamo minimax
A floating rate loan where the loan is indexed money center banks
(usually to LIBOR) but with a minimum and banques installes sur les principales places
maximum cap. financieres
bancos establecidos en las principales plazas
mirror swap financieras
swap invers Bank based in a large financial center (e.g. New
swap inverso; intercambio inverso (convenido York or London).
con la primera parte)
A reverse swap written with the original money market
counterparty. march montaire; march de l'argent
mercado monetario
69
The market for short-term debt instruments, such as morigage bond
certificates of deposit, commercial paper, banker's obligation hypothcaire; billet de mobilisation
acceptances, Treasury bilis, discount notes and bono hipotecario; ttulo hipotecario; cdula
others. These instruments are all liquid and tend to hipotecaria
be safe. See note to capital market, financial A long-term debt security secured by a lien on
market. specific assets, normally fLxed assets such as real
estate.
money market (mutual) fund (MMF)
fonds commun de placement (FCP) a court multibank see combined commercial and
terme; fonds commun de placement (FCP) de investment bank
trsorerie; fonds commun de placement (FCP)
montaire; socit d'investissement a capital multicurrency clause
variable (SICAV); socit d'investissement clause multidevises
court terme; socit d'investissement de clusula sobre mltiples monedas
trsorerie; socit d'investissement montaire A clause in a loan agreement stating that more than
fondo comn de inversin; fondo mutuo one currency may be used in paying or redeeming
A mutual fund specializing in high yield short-term the loan.
instruments of credit such as Treasury Bilis, certifi-
cates of deposit, commercial paper, bankers' accep- multicurrency option
tances and repurchase agreements. For the option de change; option multidevises
difference between FCP and SICAV, see mutual opcin de cambio de divisa
fund. Procedure which allows a borrower to receive a
loan in a currency other than the one specified,
money market rate provided this currency is available on the market.
taux du march montaire (TMM)
tasa del mercado monetario; tipo del mercado multilateral netting
monetario compensation des crances internes;
The rate of interest in the money market. In the compensation montaire de groupe
U.S., there is no single rate but a series of rates, compensacin de dbitos y crditos entre
including the prime rate, the Federal Reserve filiales
discount rate, the Federal Funds rate, the 1 month Procedure whereby a company with multinational
commercial paper rate and the 3 and 6 month trade flows is able to balance its debits and credits
Treasury Bill rate. between subsidiaries and associates leaving only the
balance to be settled, thereby reducing its need to
moral hazard acquire foreign currency.
hasard moral
riesgo tico; riesgo moral; riesgo subjetivo multioption facility (MOF); multioption
The possibility of loss being caused by or aggravated financing facility (MOFF)
by dishonesty or carelessness. It arises from the MOF; contrat d'ouverture de credit multidevises
character and circumstances of the insured rather options mu/tiples; facilit de financement a
than the inherent nature of what is insured. It has options multiples
become an increasingly important factor in risk servicio financiero con opciones mltiples
insurance in modern financial markets. Type of short-term note facility which allows the
borrower to draw funds in a variety of forms, such
mortgage-backed security (MBS) as short-term advances, swinglines, bankers' accep-
titre garanti par des crances hypothcaires tances, etc.
valor con respaldo hipotecario
Security backed by mortgages, whereby investors
receive payments out of the interest and principal
on the underlying mortgages.
70
multiple (currency) option bond N,
obligation avec option de change; obligation
avec option montaire
bono con opcin de cambio de divisa naked see uncovered
Bond (usually Eurobond) which gives the lender the
right to opt to receive interest and/or capital in a nme mariket
currency other than that in which the bond is march ou la cote de crdit est primordaied
denominated. mercado basado en el prestigio de los
prestatarios
multi-year rescheduling agreement (MYRA); Market where great emphasis is placed on the
multi-year restructuring agreement (MYRA) standing and reputation of the borrowers (e.g., the
accord de rchelonnement pluriannuel; ac- Eurodollar market).
cord de restructuration pluriannuel
acuerdo de reprogramacin multianual de la narrow money
deuda monnas e au sens troit; masse montaire au
Agreement in commercial bank negotiations which sens troit
allowed for restructuring over a period of years dinero en ei sentido estricsto
rather than annually, to reduce the burden imposed vesily available money, f.c. cash, checking accounts,
by annual restructurings. very short-term liquid funds, etc. Equivalent to M1.
mutual fund see also country fund; load fund; national bank see federally chartered bank
money market (mutual) fund; open-end near-bank [Canada]
(investment) fund, company quasi-ban que
mutual fund cuasibanco
fonds commun de placement (FCP); socit Financial institution, excluding standard commercial
d'investissement A capital variable (SICAV) bank, such as savings bank, credit union, etc.
fondo comn de inversin; fondo mutuo
Fund operated by an investment company that near cash instrumentas
raises money from shareholders and invests it in instruments quasimontaires
stocks, bonds, conimodities, financial instruments, instrumentos cuasimonetarios
etc. In France, the FCP has co-ownership status Instrument that can be converted to cash ii a very
(coproprit, can be set up with approval of the short time.
COB and its shares cost a minimum of 5,000 francs,
while a SICAVis always a socit anonyne, requires near-money; quasi-money
ministerial approval and has no legal minimum quasi-monnaie
share amount. See also money market (mutual) cuasiciinero
fund; open-end investment company. Assets which have properties resembling those of
money in the strict sense. Includes savings deposits,
time deposits, certificates of deposits, deposits in
thrift institutions, etc.
negative amortization loan
prt a amortissement ngatif
prstamo de amortizacin inicial negativa
71
Instaliment loan having the annuity principal as a negotiable time certificate of deposit
basis for computation, whose fixed periodic pay- certlficat ngoclable de dpt a terme
ments increase from time to time, e.g. annually, certificado de depsito a plazo negociable
bi-annually. Initial installments typicaUy are insuffi- A deposit evidenced by a negotiable instrument,
cient to meet the interest accruing on the loan which provides on its face that the amount of the
principal and unpaid balances of interest are added deposit is payable to the bearer or to his order on
to the principal outstanding. As the periodic instaUl- a certain date, after a certain specified time, upon
ments increase in value they become sufficient to notice in writing or upon presentation and surrender
meet the interest due and commence reducing the of the instrument, not less than thirty days after the
principal outstanding. date of the deposit.
negative pledge clause net benefit investment ratio
clause de ne pas faire; clause ngative; clause rapport bnfices nets/investissements
de nantissement ngative; clause pari passu; relacin beneficios netos-inversin
clause de non-prfrence de tiers The ratio between the present worth of net benefits
clusula de obligacin negativa; clusula de and the present worth of an investment; alternative-
abstencin ly, the sum of present worths after the incremental
Clause in loan agreement obligating the borrower net benefit stream has become positive, divided by
not to grant security without equally securing the the sum of present worths in the earlier years of the
loan in question. project.
negative pledge waiver see waiver of negative net cash requirements (NCR)
pledge besoins de fonds nets; besoins nets de
trsorerie
negative term transformation necesidades netas de fondos
transformation a l'envers; anti-transformation Gross disbursements plus outstanding debts due to
transformacin inversa mature, less repayments and sales of loans, less net
Borrowing short-term and lending long-term (in income adjusted for non-cash items, less the in-
comparison with transformation which is the crease in usable capital.
opposite).
net collection ratio
negotiable instrument taux de recouvrement net
instrument ngociable coeficiente de cobro neto
instrumento negociable This ratio compares the interest earned during the
Instrument where the title passes on delivery or year to the amount of interest earned plus the net
delivery and endorsement, where the current holder nonaccrual amount for the year. See also gross
can sue in his own name, where no notice of assign- collection ratio.
ment need be given to the person liable on the
instrument, and where a holder in due course takes, net interest margin on average earning as-
free from any defect, in the title of his predecessors. seta
Examples include bilis of exchange, checks and marge nette de I'intrt sur la moyenne des
promissory notes. avoirs productifs
margen neto de rendimiento del promedio de
negotiable order of withdrawal (NOW) los activos productivos
account Average interest return on loans and investments
compte-cheques rmunr less average rate of debt interest expense. Return
cuenta corriente que devenga intereses on investments includes realized capital gains and
Interest-bearing checking account. losses.
72
net nonaccrual rate new money facllty
ratio des intrts non comptabiliss systme pour l'apport d'argent frais
coeficiente de prstamos excluidos del rgimen servicio para la concesin de nuevos fondos
de contabilidad en valores devengados A facility for lending new money as opposed to
Rate of Bank or IFC loans in nonaccrual status. rolling over existing debt.
Interest due but not received less recoveries from
previous years, divided by the interest received plus new money instrumente
the net nonaccrual amount for the year. instruments pour l'octrol d'argent frais
instrumentos de dinero nuevo
netting see multilateral netting Financial instruments for dealing with debt involving
new money rather than rolling over existing debt.
net worth see stockholders' equity
new money packages
New lnvestment Authority (NIA) montages comportant I'apport d'argent frais;
nouweau pouvoir de placement apports d'argent frais
nuevas facultades para efectuar inversiones financiamiento que incluye dinero nuevo
Authority approved by the World Bank Board of Financing package involving additional funds and
Directors on December 2, 1986, authorizing invest- not just rolling over existing debt.
ment in financial futures and options for U.S.
dollars and pound sterling. It also authorized no-load fund
extension of the five-year and three-month maxi- fonds exempt de commission
mum maturity limit in securities eligible for the fondo de inversin que no cobra una comisin
portfolio, investment in eligible securities of all Money market fund that does not charge a fixed fee
maturities and controlling the risk implicit in these commission to investors.
by substituting the five-year three-month maturity
limit on individual securities with the establishment nominal bond with attached commodity
of an average duration range of not less than three option
months and not more than four years for the U.S. obligation nominale a option d'achat ou de
dollar and non-dollar portfolios. See General vente de produit
Investment Authorization. bono nominal con opcin de compraventa de
un producto bsico
new money Form of commodity-linked bond where the bond is
argent frais; prts additionnels; crdit de denominated in nominal terms but incorporates
restructuration; new money options that allow the holder to buy or sell certain
dinero fresco; dinero nuevo; nuevos fondos amounts of the commodity at the specified prices on
In the field of debt restructuring, additional fmance predetermined dates.
provided by lending institutions, as opposed to
rollover of existing financing. non-accelerable guarantee
garantie non appelable par anticipation
new money bonds garanta no exigible anticipadamente
mission d'obligations lie des apports Guarantee where a call for payment cannot be
d'argent frais advanced if the loan is declared in default before
bonos para la obtencin de nuevos fondos the maturities being guaranteed become payable.
Bond issues by debtor countries in exchange for The Bank generally uses this type of guarantee.
existing debt or as prime instruments to raise new
money. nonacerual rate see net nonaccrual rate
73
nonacerual status, In a Any of the following forms of investment which
dont les intrts Impays ne sont pas have terms of at least three years and the other
comptabiliss; class improductif characteristics individually specified. Investments
exclusin del rgimen de contabilidad en such as: producton-sharing contracts, profit-
valores devengados sharing contaets, management contracts, franchis-
When a borrower is placed in nonaccrual status, ing agreements, licensing agreements, turnkey
accrued interest is eliminated from the financial contracts, operating leasing agreements and subordi-
statement receivable balances and interest income nated debentures.
is correspondingly reduced. During the time the
borrower remains in nonaccrual status, interest nonmarketable bond
income is reflected in the fmancial statement only to oblJgation non ngociable
the extent actually received in cash. Placing a bono no negociable
borrower in nonaccrual status in no way affects the Bond that may not be sold by one investor to
interest payment obligations to the borrower; another.
interest continues to be billed on the original terms
of the loan. nonmaturing, nonredeemable government
bond; perpetual bond; annuity bond; consol
nonaccruing loan see nonperforming loan [U.K.]
obligation perptuelle; rente perptuelle
non-bank bank; non-bank financial institution bono perpetuo
institution financibre non bancaire; banque non A debt instrument having no scheduled return of
bancaire; tablissement non bancaire admis(e) principal and thereby perpetual interest payments
au march montaire (ENBAMM); entreprise and no maturity.
non bancaire admis(e) au march montaire
(ENBAMM) nonperforming assets
institucin financiera no bancaria avoirs non productifs
A financial institution offering banking services but activos no redituables; activos improductivos
which is not officially recognized as a bank. In Assets which have no fmancial return.
France, it is defmed as a fmancial institution which
does not generate money but merely lends money nonperforming debt
that it receives in deposits. crances non productives; crances
immobilises
noncallable bond acreencias no redituables; acreencias
obligation ne pouvant tre amortie par improductivas
anticipation A debt which has no financial return (i.e. no inter-
bono no rescatable antes del vencimiento; bono est is paid on it).
no redimible antes del vencimiento
Bond that cannot be recalled or redeemed prior to nonperforming loan; nonaccruing loan
maturity. prt non productif
prstamo no redituable; prstamo Improductivo
noncall period Loan where payment of interest has been delayed
priode d'interdiction de rachat for more than 90 days.
perlodo de prohibicin de rescate
Period during which a borrower may not give notice non-portfolio project [IFC]
to redeem bonds, in Eurobond market. projet hors portefeuille
proyecto no incluido en la cartera
non-equity direct investment Project carried out by IFC that does not form part
autres investissements directs; investissements of its loan portfolio, e.g. providing technical assis-
directs autres que les participations tance.
inversin directa distinta de los aportes de
capital
74
nonrecourse finance note
financement a forfait; financement sans recours bon; obllgation
financiamiento sin posibilidad de recurso bono; pagar
A loan where the lenders look solely to the cash A ibeod with short- or medium-term matuity.
flow generated by the project being financed for
repayment. There is no recourse to the sponsor of note lauance faclity see revoMng
the project, so that the lenders assume all the underwrlting faclity
commercial and political risks of the project.
notional amount
nonrecourse participation base de calcul; montant notionnel
participation a forfait; participation sans recours monto terico
participacin sin posibilidad de recurso The amount, often fictitious, on which a swap is
Sales of participation in a company where the sale based.
is on a "non-recourse" basis, i.e. the buyer has no
recourse against the seller if the project fails to novation
generate money. novation
novacin
nonredeemable government bond see Replacement of a one debt for another one or
non-maturing bond replacement of one creditor for another one.
non-underwritten facilities NOW account see negotiable order of withdrawal
facilits d'missions non cautionnes; facilits
d'missions non souscrites
emisiones no garantizadas
Short-term paper facility without any underwriting
or backstop facility, such as the Eurocommercial
paper facility.
no-return equity
prises de participation non rentables; prises de
participation non productives
capital improductivo; capital no redituable
Equity which brings in no returns but is still in
existence.
note see also bearer note; bill; bond; bond-
anticipation note; capped floating rate note;
consolidated discount notes; country
coilectibility note; coupon note; deep-discount
bond, note; deferred coupon note; discount
note; Dutch auction note; euronote facilities;
extendible note; floating rate note; indexed
currency option note; interest-bearing notes;
inverse floating rate note; mismatch floating rate
note; paper; perpetual floating rate note; project
note; promissory note; revenue-anticipation
note; reverse floating rate note; security; short-
term note; synthetic floating rate notes; tax-
anticipation note; Treasury note
75
. O . offshore banking unH (OBU)
service extraterritorial, offshore
departarnento bancario considerado como
obilgation see agency securities, obligations; extraterritorial
bonti; colateralgei mortgage obiigation; Department within a bank that, in certain countries
contlngent obligation; general obiigatlbns (e.g., Bahrain), is permitted to engage in specific
transactions (usuaily Euromarket business) that
oft-babnce sheet (OBS) actbvities ordinary domestic banks are not allowed to do.
acthvits hors bilan
actividades no incluidas en el balance general off the board market see third market
Banks' business, often fee-based, that does not
generally involve booking assets and taking deposits, off-the-run security
e.g. swaps, options, letters of credit. valeur wpeu en vogue'
emisin especial
offering memorandum A non-standard issue of a security, often other than
mmorandum d'offre the current issue.
precio vendedor; precio de venta; prospecto
Same as prospectus. oniending
rtrocession
ofricial borrower reprstamo
empNrnteurs auprs de sources publiques; Equivalent to relending in connection with new
pays empruntants aupres de sources publiques money loans. The funds are recorded as a deposit
pases prestatarios en fuentes oficiales in the central bank but the foreign bank and the
An IMF category of countries, covering those contractual borrower (usually the Central Bank)
countries which borrow from development agree that the loan proceeds will be made available
institutions as opposed to those borrowing from the to a third party within the country of the borrower.
normal capital markets (market borrowers).
offshore open-end (investment) fund, company
extraterritorial, offshore (OEIC); mutual fund; unit trust [U.K.]
extraterritorial; offshore socit d'investissement a capital variable
extraterritorial (SICAV); fonds commun de placement (FCP);
Refers to fiancial operations transacted outside the socit d'investissement ouverte
country lin question. sociedad de inversiones con nmero variable
de acciones
offshore bank An investment company that selis and reclaims its
banque extraterritoriale, offshore capital stock continuously, selling it at book value,
banco extraterritorial adding a sales charge, and redeeming it at a slight
Bank located outside the country in question. discount or at book value.
offshore banking center opening price
place bancaire extraterritoriale, offshore; centre premier prix (de la journe)
bancaire extraterritorial, offshore cotizacin de apertura; cotizacin inicial
centro bancario extraterritorial The initial price at which a transaction in a security
Financial center where many of the financial institu- takes place on a given day.
tions have little connection with that country's
financial system, usually for taxation purposes. open interest; open market interest
Examples are the Cayman Islands, where many of position ouverte
the corporations are engaged in business in the U.S. inters abierto
and Europe, and London, where many of the
fmiancial institutions are engaged in Eurodollar
trading.
76
Total number of contracts in a commodity or option
options market that are still open. The Bank has a option
limitation of 15% open market interest in any opcin
futures or option contract. A contract giving the holder the right to buy or sell
a stated number of shares (normally one hundred)
open market of a particular security at a fixed price within a
1. open market; predetermined period. The Paris market has three
2. march financier main types of option: prime, option and stellage.
1. mercado abierto; Prme is a calU option. If the purchaser decides not
2. mercado financiero to exercise his option (because the price has gone
1. The market maintained by government securities down), he merely has to pay the seller a fee, called
dealers. As regards U.S. Treasury borrowing a dont, the rate of which is fixed by the Chambre
operations, the open market is the money market in syndicale des agents de change. Option is more
the case of short-term obligations or the capital similar to the U.S. system and can be a put or call
market in the case of long-term obligations. option. The purchaser pays a premium (avec),
2. The general financial market. which is negotiated, whether he exercises the option
or not. Stellage is the equivalent of the U.S. strad-
open pricing die.
fixation libre des prix
emisin de rendimiento indeterminado option swap
Procedure whereby a bond issue is sold on the basis swap d'options
of a yield to be determined after the selling period swap de opciones; intercambio de opciones
is over. Transaction involving the purchase or sale of
options on financial instruments/commodities.
operating ratio They are not true swaps as they primarily entail a
coefficient net d'exploitation series of option trades but are usually treated as
coeficiente de operacin; coeficiente neto de swaps.
explotacin
Ratio of operating costs (including depreciation) to original issue discount (OID) bond
total revenue. obligation prime d'mission
bono emitido con descuento
operating ratios Bond with a rate of interest below that demanded
ratios de gestion by the market place and sold at a price at a
coeficientes de operacin; coeficientes netos de significant discount to par.
explotacin
Ratios used to determine a corporation's operations; out of the money (OTM) (option)
usually relate to sales, profits, and/or turnover. hors du cours; en dehors; au-dessus du prix
opcin de compra de bonos con rendimiento
option see also American (style) option; at the inferior al del bono inicial; sin dinero
money (ATM) (option); bond with put option; A call option with a strike price above the price of
call-and-put option; cali option; caption; covered the underlying asset or a put option with a strike
option securities; European (style) option; price below the price of the underlying asset.
futures option; indexed currency option note; Option hors du cours is the term used in the
index option; in the money (ITM) (option); menu MATIF.
of options; multicurrency option; multioption
facility; multiple (currency) option bond; nominal
bond with attached commodity option; over-the-
counter (OTC) option; put option; stock option;
swaption; takeover option
77
outward swap Market for securities not listed in any of the
report de devises exchanges (about 80 percent of total secufities in
reventa de divisas en moneda nacional the U.S.). In the U.S. includes U.S. Government
Spot purchase of foreign exchange and forward and agency issues, state and local government
resale of the same currency against domestic bonds, railroad bonds and shares, many public
currency. utility bonds and shares, and most corporation and
bank shares.
outward switching operations
oprations de prise en report over-the-counter (OTC) option
operaciones de cambio a divisas option de gr & gr
Movement of domestic currency assets into foreign opcin extraburstil; opcin fuera de bolsa
currency. Option not listed on the regular options
exchanges.
overage loan
prt destin couvrir un ventuel dpassement overtrading see churning
des coDts
prstamo para cubrir posibles sobrecostos owners' equity see stockholders' equity
A special loan issued to cover excess costs on a
project.
overail risk profile [IBRD]
profil des risques de financement
perfil general del financiamiento
Exposure profile of the World Bank. The
difference between outgoings committed and
amount needed to fund these outgoings. Also
known as the gap.
overhang see debt overhang
overhang
offre excdentaire
exceso de oferta
Excess, normally of supply over demand (e.g., in the
bond market).
overnight funda
argent au Jour le jour
fondos de un da para otro
Short-tern funds borrowed to be returned by the
following business day.
over-the-counter market (OTC)
march hors cote
mercado extraburstil; mercado fuera de bolsa
78
p . participating bond see income bond
participation certificate
package loa n [I FC] 1. bon de participation;
prt global; prt consenti par la SFI a une 2. see pass-through certificate
banque nationale de dveloppement pour certificado de participacin
l'octroi de prts a des PME Securiy incorporating the right to participate in the
prstamo global Scrt noprtn h ih opriiaei h
prstamowhic gb . ownership of a corporation but without some of the
A loan which is administered by a national develop- rights granted to shareholders, such as the right to
ment bank or similar organization on behalf of IFC. vote at shareholders' meetings. See also pass-
The development bank subdivides the loan into theoug ceh s t Sotcss
several smaller loans which it lends to SSMEs. It is
not profitable for IFC to manage these small loans participation fee
directly. commission de participation
comisin de participacin
paid-up stock; tully paid stockcoind aiipc6
actidou stock;es fully paid stckA fee given to a bank participating in a Euroloan.
actions libres
acciones pagadas partnership share
Stock fully paid for (i.e., upon which no further part d'association
subscription instalhments are due). participacin en una sociedad
A share in a partnership.
parallel financing
financement parallle par value; face value
financiamiento paralelo valeur nominale; valeur faciale; nominale
Cofinancing, but with the partners fmancing differ- valor nominal
cnt parts of the project. The principal or nominal value appearing on a
nbond, note, coupon, piece of money, or other
parallel marketistue.
march parallele
mercado paralelo pass-through certificate; participation
Market operating in "parallel" to the main money certificate
market (e.g., bank current and savings accounts) certificat de transfert de prts; titre de
and including interbank loans and negotiable certifi- participation a un pool de prts
cates of deposit. certificado de transferencia de prstamos
Certificate representing an interest in a pool of
par debt swap see debt-debt swap funds or in other instruments.
parent bank pass-throughs; pass-through securities
banque d'origine; banque mere valeurs mobilibres amortissables partiellement
casa matriz avant chance et assorties d'autres
Bank in a major industrial country that sets up a conditions variables
subsidiary in a developing country. valor de transferencia de ingresos; tftulo de
transferencia de ingresos
pari passu clause Securities representing pooled debt obligations
tralausepantasu; clause desolidarit drepackaged as shares, that passes income from
traitement; clause de soludant debtors through the intermediary to investors. The
clusula paff passu most common type is a mortgage-backed certificate.
Clause in loan agreement precluding subordination
of the loan to other debt. In the issue of new
shares, it states that the new shares will rank equally
for dividend with an existing similar issue.
79
paylng agent A floating rate note with interest paid on a
agent payeur three-monthly basis but which is renewable every six
agente pagador months, (i.e., it has a floating maturity). In 1985,
In the issue of international securities, firm (usually the French introduced a perpetual floating rate note
a bank) responsible for arranging for the payment known as titre subordonn 4 dure indtermine
of cash or checks to holders of the securities who (TSDI).
will be receiving interest or dividends, etc.
personal stock see registered stock
payment period [IBRD]
tranche petrobond
perodo de pago ptro-obligation
Interval between semiannual dates on which petrobono
repayment on IBRD loans is due. Participation certificates which represent rights to
a specific quantity of oil. Used primarily in Mexico.
payment sharing clause see sharing clause
phase-in agreement see fade-out agreement
payout date; payment date; distribution date
date effective de rentre des fonds; date de piggyback financing
versement financement gigogne
fecha de desembolso financiamiento concatenado
Date on which a due periodic payment, such as Financing studies for a future project as part of a
payment on a bond or a stock dividend, is made. loan to fmance another project usually in the same
sector.
payout price
prix net; rentre nette pipeline factor [IBRD]
precio neto ratio (dparts en) missions d'valuation/
Difference between the face value of a bond and rserve de projets
the net value received by the bondholder, after relacin misiones de evaluacin-operaciones en
deducting commission. el programa crediticio
The ratio of appraisal departures (i.e. loans that
P/E ratio see price/eamings ratio have passed the preparation stage) to the number of
operations in the Bank's lending program.
periodic review clause; review clause
clause de rendez-vous placement memorandum; placing
clusula de examen peridico memorandum
A clause in a loan agreement, particularly note d'information; mmorandum de placement
policy-based lending, which gives the lender the memorando de informacin
right to determine periodically whether the stated A document prepared by the lead manager of a
objectives are being met and whether any problems syndicate in the Eurocredit market which seeks to
have been encountered. If problems occur, further give sufficient information to other potential Ienders
disbursement may be withheld. to enable them to decide whether to participate in
the credit.
perpetual bond see nonmaturing, nonredeemable
government bond plain vanilla swap; vanilla swap; classic swap
swap pur
perpetua floating rato note swap clsico; Intercambio clsico
bon A intrt variable perptuel; titre A five to seven-year swap of six-month
subordonn A dure indtermine (TSDI) LIBOR-based floating rate funds against fixed rate
bono perpetuo con tipo de Inters flotante; funds, both denominated in U.S. dollars.
pagar perpetuo con tipo de Inters flotante
80
policy-based lending; policy loana pooled loan
prts l'appul; prts en faveur de rformes; prt du pool
prts l'ajustement macroconomique prstamo Incluido en el sistema de fondo
prstamos en apoyo de reformas de polfticas; comn de monedas
financiamiento en apoyo de reformas de A loan included in the currency pooling system.
polfticas
Loans made in support of policy and institutional pool of qualified borrowings
changes, rather than for specific projects. Normally pool d'emprunts de rfrence
given under the structural adjustment and sector emprstitos calificados
adjustment lending programs. The pool of IBRD borrowings after July 1, 1982,
used to set the poel-based variable lending rate.
policy framework paper (PFP) [IBRD] The lending rate is 50 basis points above the Bank's
document-cadre de politique conomique average cost of the pool.
(DCPE)
documento sobre parmetros de poltica portfolio manager
econmica (PPE) grant de portefeuille
Vehicles for country authorities to reach agreement gerente de cartera
with the World Bank and International Monetary Person responsible for supervising an investment
Fund on the broad outline of medium-term pro- portfolio.
grams to overcome balance of payments problems
and foster growth. In their final form they are post (a rate)
statements by governments of their objectives and fixer; annoncer (un taux)
policies over a rolling three-year period with annual cotizar
updates and revisions. To set a rate for a financial instrument.
pool-based lending rate system [IBRD] praecipium; praecipuum
systeme de taux prteur fond sur un pool prciput
d'emprunts praecipuum; honorario del banco director
sistema de tasas de inters basadas en una The amnount the lead manager of a Eurocredit takes
Ncesta' de emprstitos pendientes; sistema de for his own fee, before dividing the remainder of
tipos de Inters basados en una "cesta" de the management fee among the rest of the manage-
emprstitos pendientes ment group.
Lending rate system using the pool-based variable
lending rate. preferred stock
actions privilgies; actions de priorit
pool-based variable lending rate [IBRD] acciones preferenciales; acciones preferentes;
taux preteur variable bas sur un pool acciones preferidas
d'emprunts Stock which has a claim upon the earnings (and
tasa de inters variable basada en una "cesta" sometimes upon the assets and control) of a corpo-
de emprstitos pendientes; tipo de inters ration prior to the common or other class stock.
variable basado en una "cesta" de emprstitos
pendientes prematured loan
IBRD lending rate where the lending rate on all prt dont on exige le remboursement anticip;
outstanding balances is adjusted every six months to prt rembours par anticipation
achieve a given spread above the average cost of prstamo cuyo vencimiento se ha anticipado
outstanding borrowings. Loan that matures before time initially specified.
premier borrower see prime borrower
81
premium see cali premium; conversion price/earnings ratio (P/E ratio; PER)
premium; discount; inflation premium; liquidity coefficient de capitalisation des rsultats
premium; prepayment premium; (CCR); rapport cots-bnfice
relacin precio-utilidades
premium [foreign exchange] Market price per ordinary share divided by earnings
report per ordinary share after tax. It expresses the
prima market value placed on the expectation of future
Opposite of discount. A forward exchange rate earnings.
standng at a premium over todays rate means that
the currency concerned is more expensive in the price apread see vertical spread
forward market than now.
pricing (of a loan)
premium [option market] formation du prix; fixation du taux d'intrt
avec determinacin del costo de un prstamo
prima Fixing the cost of a loan, i.e. the interest rate and
Price at which an option sells. any other charges, such as front end fees.
premium [securities] primary dealer
prime; agio courtier (oprant sur le march primaire)
prima; agio spcialiste en valeurs du Trsor (SVl7
The difference between the par value and the corredor (mercado primario)
higher market value of a security expressed as a One of the major banks and investment dealers in
percentage of the par value. the U.S. authorized to buy and sell governnent
securities in direct dealing with the Federal Re-
premium [stocksl serve. In France, the SVTs have a similar function.
prime d'mission
prima de emisin primary market
Difference between the face value and the selling march primaire
price of the share when the selling price is higher. mercado primario; mercado de emisin
Market for new security issues.
premium swap
swap prime primary offering
swap preferencial; intercambio preferencial mission (primaire) dlactions
A swap with an above-market rate. emisin (en el mercado primario)
Offering of a new issue of stocks or bonds.
prepayment fee; prepayment premium
prime de remboursement anticip prime borrower; premier borrower; high
cargo por pago anticipado quaiity borrower; top grade borrower
Fee payable for a loan redeemed before maturity. emprunteur bien cot; emprunteur tres
IFC uses the term fee while the Bank uses the term solvable; emprunteur de premier ordre
premium. prestatario preferencial; prestatario preferente;
prestatario de primera clase
price (of a bond) The most creditworthy type of borrower.
cours; cotation
precio prime rate
The price incdudes the face value, interest and any taux de base; taux privilgi
premium or discount. tasa preferencial; tipo preferencial
Taux de base is the rate charged by banks to prefer-
ential customers; taux privilgi is the rate charged
by nonbank financial institutions (e.g., Crdit
National).
82
private paper program loan; program lending [IBRD]
effets privs pret-programme
efectos privados; papeles privados prstamo para programas; financiamiento para
Paper placed with a limited group of investors and programas
not advertised. Bank loan given not for a specific project but to
help a country overcome unforeseen temporary
prsvate placement difficulties which would otherwise result in inappro-
pacement par voie prive priate long-term policy adjustments to correct
colocacin privada short-term balance of payments problems.
The sale of an issue of debt or equity securities to
a sinle buyer or to a limnited number of buyers program trading; basket trading; index
without a public offering. arbitrage trading
oprations d'arbitrage programmes sur
processing fee ordinateur; courtage par ordinateur
commission d'nstruction operaciones burstiles determinadas por
comrsin por tramitacin; cargo por tramitacin programas computadorizados
Fee which the World Bank has considered levying Using a computer to measure and track the rela-
on the full amnount of loan commitments. It would tionship between a stock's cash value and a variety
be simlar in effect to a front-end fee. of so-called derivative instruments such as stock
options and futures indexes and trading on the
production-sharing contracts results. Program traders often trade in very large
contrats de partage de la production quantities and therefore have a major influence on
contratos de participacin en la produccin the market. Basket trading and program trading
Contract where the contractor makes contributions are often used synonymously but program trading is
to the investment project and his remuneration sometimes associated only with market closing
substarntally (i.e., not necessarily wholly) depends prices.
-e. a share of the production of the investment
prOject, mcluding his right to purchase such share at project note
a predetermined price or a price to be determined bon court terme mis (par une collectivit
under an agreed formula. publique) pour financer un projet
(autoamortissable)
profitability ratios; revenue-covenant ratios bono a corto plazo para financiar un proyecto;
ratos de rentabilit pagar a corto plazo para financiar un proyecto
coeficientes de rentabilidad Short-term paper issued by municipalities to fmance
Ratios that measure the return on assets. short-term cash flows for a specific project.
proilt-sharing contracts Project Preparation Facility (PPF) [IBRD]
conrrats de partage des bnfices Mcanisme de financement de la prparation
contratos de participacin en las utilidades des projets
Contract where the contractor makes contributions Servicio de financiamiento para preparacin de
to the investment project and his remuneration proyectos
substantially depends on the revenues or profits of Established by the Bank in December 1975, it helps
the investment project. fil the gaps in the existing system (e.g. piggyback
financing, additional preparatory work necessary
program adjustment loan (PAL) [IBRD] because the Bank has been unable to fully
prt-programme d'ajustement participate in the supervision of the preparatory
prstamo para programas de ajuste work, other limitations in project preparation) by
Loan te assist a country make adjustment to a providing funds for small tasks.
series of relatively short-term economic policy
objectives.
83
Project Preparation Facility advance [IBRD] IBRD borrowings between July 1, 1981, and June 3,
avance pour la prparation des projets; avance 1982, which were used to calculate the lending rate
PPF for the first years of the pool-based variable lending
anticipo del servicio de financiamiento para la rate.
preparacin de proyectos
An advance under the Project Preparation Facility. public enterprise rationalizatlon loan (PERL)
It is at the Bank (or IDA) rate. It is normally [IBRD]
repaid through reimbursement under the loan/ prt a la rationalisation des entreprises
credit for the project in question. publiques (PREP)
prstamo para racionalizacin de empresas
promissory note pblicas
billet a ordre World Bank loan to help rationalize the finances of
pagar a public enterprise.
An unconditional promise in writing made by one
person to another signed by the maker, engaging to public enterprise reform loan (PERL) [IBRDI
pay, on demand or at a fixed or determinable future prt a la rforme des entreprises publiques
time, a sum of money to or to the order of a (PREP)
specified person, or to bearer. prstamo para reforma de empresas pblicas
World Bank loan to help reform the finances of a
promoters' stock see founders' shares public enterprise.
proprietary interest public enterprise rehabilitation loan (PERL)
participation majoritare dans l'actif; intrt [IBRD]
patrimonial; part de capital prt au redressement des entreprises publiques
inters mayoritario (PREP)
An ownership interest, as in the interest held by an prstamo para rehabilitacin de empresas
equity holder in a company or a patent holder who pblicas
licenses use of the patent by others. World Bank loan to help rehabilitate the fmances of
a public enterprise.
prospectus
prospectus; document public offering (of ahares)
prospecto offre publique de vente (OPV)
A document containing all the pertinent information oferta pblica; colocacin pblica
about a public offering of securities and about the An offering of an original issue of stock through
borrower. It is made available to the appropriate public sale.
legal authorities, stock exchanges, and the
prospective investors by the lead manager. The purchase and resale agreement [Canada]
French term prospectus is used in normal parlance; prise en pension
however, the term document is used in the legal compromiso de compra y reventa
instrument regulating the system (Ordinance No. Equivalent to the U.S. repurchase agreement.
67-833 of September 28, 1967, Articde 6). Also
calied offering memorandum. purchased funds
ressources acquises
provisioning see loan loss provisboning fondos comprados
Include certificates of deposit, Eurodollar borrow-
proxy borrowing [IBRD] ings, Federal funds and repurchase agreements, as
lment du pool (provisoire) d'emprunts opposed to traditional bank liabilities (demand and
emprstitos de referencia time deposits).
84
purchase money security interest [IFC- Q -
sret garantissant un solde dO au titre d'une
participation
garanta prendarla del saldo de una qualified borrowengs (QB> [IBRce
participacin emprunts de rfrence
Type of lien allowed on IFC assets which occurs emprstitos calHicados
when IFC purchases assets (e.g. securities or stock Originally, borrowings by IBRD after July 1, 1982
holding) and does not pay the full amnount up front. (i.e., based on the pool-based variable lendwng
The vendor then has a lien on IFC for the balance rate), using proxr borrowings. Under the new
due. system (May 1989), they would be defined to
exclude borrowings that are determined by the Bank
put to fund investments and any new differentiated loan
option de remboursement anticip au gr du product should the Bank wish to offer one in the
porteur; put future. The extraction of borrowings that fund
opcin de rescate anticipado investments would be made separately for each
A right to redeem a debt instrument before maturi- currency. The term Qualified Borrowings 1982 is
ty at par under specific circumnstances outlined in used to describe the old system. See also pool of
the original agreement. qualified borrowings.
putable bond see also retractable bond quality loan
pret de qualit
put bond; putable bond prstamo de calidad
emprunt fentre A Bank loan which has been carefully prepared and
bono de rescate anticipado is fnancially viable.
Bond that allows it holder to redeem the issue at
specified intervals before maturity and receive full quasi-equity; quasi-capital
face value. The emprunt d fentre is a long-term quasl-capital; quasl-fonds propres
loan, usually of about 18 years, which has six op- cuasicapital
tions for early repayment, three for the borrower, Includes equity-like instruments and other forms of
three for the lender, normally around the 7th, 10th loans that have the form of equity or equity that has
and 14th year of the loan. the form of loans. An exanmple is equitq with a put
agreement, i.e., unlike normal equity, the investor
put option requires return of the equity, for example, in five
option de vente; option de put years at ten per cent interest.
opcin de venta
A contract which entitles one party to it, at his quasi-money see near-money
option, to sell a specified amount of securities or
commodities to the other party, at the price fixed in queue
the contract, during the life of the contract. liste d'attente
lista de espera
The waiting list for the issue of securities
(Switzerland, Federal Republic of Germany).
quick ratio see acid-test ratio
85
R , ratio see accounting ratio; acid-test ratio;
actity ratios; balance-sheet ratio; collection
ratio; current ratio; debt-equity ratio; debt ratio;
raider see corporate ralder; hostile ralder debt-service ratio; debt service time profile ratio;
domestic resource cost ratio; financlal ratios;
RAN see revenue anticipation note gearing ratio; gross capital coefficient, ratio;
gross collection ratio; hedge ratio; institutional
rate, to; grade, to ratio; lnterest coverage ratio; leverage (ratio);
classer; coter liqulidty ratio; liquidity ratios; long-term debt
clasificar ratio; net benefit lnvestment ratio; net collection
Evaluate securities according to their risk. ratio; operating ratio; operating ratios;
price/earnings ratio; profitability ratios; reserve
rato base switch [IFCd ratio; resource mobilization ratio; volatility ratio
conversion d'un type de taux a un autre
conversin de la clase de inters rational expectations
Change from one type of interest rate to another. anticipations rationneJles
rate resetter loan see resetter loan expectativas racionales
A theory based, first, on the assumption that indi-
nviduals and companies will try to maximize their
rating own welfare -- that is, they will try to make their
notation; rating; valuation own economic and other circumstances as desirable
c-lasificacin; rating as possible -- and, second, that, as individuals and
yvaluation of a corporation or of a securids issued companies make economic decisions in their own
by a corporation, particularly as regards the solv- interest, they do so in such a way that markets move
ability of the corporation. Standard and Poor's, towards equilibrium, easing inflation.
Moody's and Fitch's are the best known rating
agencies in the United States; in France the Agence real estate investment trust (REIT)
francaise d'valuation financiere (ADEF) is the socit civile de placement immobilier
major one. Standard and Poor's and Fitch's rating sociedad de inversin inmobiliaria
for bonds ranges from AAA, AA and A for the Organization which collects funds from individuals
highest quality through DDD, DD and D for the for reinvestment in real estate. The funds are
lowest quality. Moodys ranges from Aaa, Aa and normally collected by the sale of shares of owner-
A through Ccc, Cc and C and MIG1 through MIG4 ship in the trust.
for short-term municipal notes. ADEF's ranges
from AAA, AA and A through D for bonds and Ti real interest rato
through T4 for commercial paper. taux d'intrt rel
tasa de inters real; tipo de inters real
rating agency Normal rato less rato of inflation, divided by ono
agence de cotation; agence de classement plus tho rate of inflation.
(des titres); agence de rating; agence
d'valuation financiere
organismo de clasHficacin de valores
Organization that evaluates the credit rating of
prospective borrowers on the securities markets.
The standard French term is agence de rating but
the only French rating agency calls itself Agence
d'valuation financiare.
86
recall [currency pooq rediscount
rappel rescompter
determinacln de la moneda en que se exige redescuento
cada amortizacin Resale of instruments such as banker's acceptancer
With loans made prior to the introduction of the already discounted by lender, usually with central
currency pool, each loan was disbursed in the bank or dlscount house, at a price less than the face
currencies available at that time. As regards repay- value.
ment of the loan, the Bank determines the order in
which currencies shall be repaid (usually according reference zone see target zone
to which currency has the most attractive investment
potential). The choice of currency by the Bank for refinancing risk [IBRD]
repayment purposes is called recall. rsque de refinancement
riesgo relacionado con el refinanciamiento
recapitalization Risk of not being able to refinance short-term
restructuration du capital borrowings under suitable conditions when these
recapitalizacin borrowings mature.
Altering the capital structure of a corporation by
increasing or decreasing its capital stock. Regional Project Facility for Sub-Saharan
Africa
re capture clause Fonds rgional de projets pour l'Afrique
clause de rcupration subsaharienne
clusula de recuperacin Servicio regional de proyectos para Africa al Sur
Clause in a loan agreement that allows a lender to del Sahara
recover part or all of his previously lent assets if Fund set up jointly by the World Bank, United
economic circumstances improve. Nations Development Programme and the African
Development Bank to provide governments with
red clause initial resources needed to build their capacity to
clause rouge consider the social costs of adjustment in their
clusula roja macroeconomic policymaking. The Fund was set up
In a documentary credit, special clause included in December 1987, with initial funding of $10
which allows the seller to obtain an advance from million.
the correspondent bank to finance the manufacture
or purchase of goods to be delivered under the registered security
documentary credit. Liability is assumed by the titre nominatf
issuing bank rather than the corresponding bank. It tftulo nominativo; valor nominativo
is called red clause because red ink used to be used A security whose ownership is determined by the
to draw attention to the clause. name in which it is registered as opposed to a
bearer security whose ownership is determined by
red herring who possesses it.
pravis d'mission
anuncio preliminar de una nueva emisin registered stock; personal stock
Preliminary prospectus issued to obtain an actions nominatives
indication of interest in the issue. It is incomplete acciones nominativas
because it does not contain the public offering price, Stock which cannot be transferred without placing
the underwriter's discount, or the date of issue. the signature of the owner upon the books of the
issuing corporation and delivery of the certificate.
red herring lssue
mission exploratoire
emisin exploratoria
An issue of bonds made on an experimental basis.
87
regular lending program [IBRD] The act or process of transforming or extending a
programme de prt normal credit agreement, whereby the old debt is canceled
programa ordinario de financiamiento by the establishment of a new one.
The Bank lending program that incdudes the base
lending program and the standby program. repurchase agreement (RP; repo)
contrat de report; mise en pension; accord de
rehabilitatlon import credit/loan (RIC, RIL) rmr; prise en rmr
[IBRD] acuerdo de recompra
crdit a l'importation pour le redressement Arrangement by banks and other institutions to
conomique; prt J 'importation pour le borrow short-term (usually one day) money by
redressement conomique transferring securities to the lender, with the agree-
crdito para importaciones con fines de ment that they will buy them back.
rehabilitacin; prstamo para importaciones con
fines de rehabilitacin reserve ratio
Loan, credit to support policies to stabilize the rapport de lquidit (1/1/781/9/88; coefficient
economy and reactivate growth, following a period de liquidit (avant 1/1/78 et aprs 1/9/88)
of economic decline caused inter alia by inappropri- (coeficiente de) reserva; encaje legal
ate policies. The fraction of demand deposit money which a
commercial bank must keep in its reserve account.
reissue This ratio determines the maximum amount of
rouverture d'une mission money a bank may loan out. In the United States,
reemisin the legal reserve requirement is imposed by the
Issue placed into circulation again after a specific Federal Reserve on depository institutions. The
lapse of time. reserves (cash maintained in a bank's own vault or
claims on cash on deposit with compulsoiy or option-
relatively less developed [IDA] al depositories) for transaction accounts are 3% on
relativement moins dvelopp $25 million or less and 12% for larger sums. In
de menor desarrollo relativo France the ratio was 60% with reserves being
Criterion used by IDA to determine eligibility for defined as disponibilits...ralisation des actifs de
IDA lending. The guideline currently defmes it as ngociation facile figurant au bilan. The new system
per capita income of $790 or below at 1985 prices, has been in place since September 1988, with the
though the effective rate (because of scarcity of ratio being set at 100%.
IDA funds and the availability of commercial
lending) has been $570 or below, except for a few resetter loan; rate resetter (RR) loan
very small island economies (e.g. Tonga, Grenada, prt a taux rvisable
Dominica). prstamo con inters modificable
Loan where the interest rate is fixed for a specific
relending period and reset after a specific period of time.
recyclage; rutilisation des prts
reciclaje de los prstamos; reutilizacin de los resource mobilization ratio
prstamos taux de mobilisation des ressources
An operation whereby, when a domestic debtor coeficiente de movilizacin de recursos
repays a foreign debt, the funds are relent by the The ratio between available resources and use of
foreign creditor to a second debtor within the same those resources. IFC uses it to indicate the percent-
country. See onlending. age of funds it allocates to projects.
renewal
novation
renovacibn
88
restructuring see debt restructuring return on average ausett [IFCI
rendement des avoirs
retail banking rendimiento del promedio de los activos
march bancaire des particuliers; services Net income as a percentage of total disbursed loan
bancaires pour les particuliers; banque de and equity investments net of reserves, and liquid
dtail assets averaged for the current period and previous
servicios bancarios para los particulares; fiscal year.
servicios bancarios para el pblico en general
Traditional banking operations conducted with the return on average net worth [IFC]
general public. rendement de l'actif net moyen
rendimiento del promedio del patrimonio
retail investor Net income as a percentage of the paid-in share
investisseur final capital and accumulated earnings averaged for the
inversionista por cuenta propia; inversor por current period and previous fiscal year.
cuenta propia
Investor who buys securities and commodities revaluation factor [currency pool]
futures on his own behalf, not for an organization. facteur de rvaluation
factor de revaluacin
retained earnings A ratio establishing the appreciation or depreciation
report a nouveau; bnfices non distribus due to exchange rate changes in the U.S. dollar
utilidades no distribuidas value of currencies in the pool from one date to
Accumulated net income, less distributions to another. It is calculated by dividing, as of any day,
stockholders and transfers to paid-in capital ac- the total U.S. dollar value at the exchange rates of
counts. that day of the balances of currencies in the pool
brought forward from the previous day, by their
retiming see interest retiming total U.S. dollar value at the exchange rates of the
previous day.
retirement see debt retirement
revenue-anticipation note
retired debt obligation mise par une collectivit publique
dette amortie dans l'attente de rentres non fiscales
deuda amortizada bono municipal a corto plazo rescatable con
A debt that has been paid off. ingresos no tributarios
Short-term municipal borrowings that fund current
retractable, putable bond operations and are to be funded by revenues other
obligation rtractable than taxes, especially U.S. federal aid.
bono rescatable, redimible anticipadamente
Bond where coupon rate is determined for a lirnited revenue bond
nuxmber of years, after which a new coupon is obligation a long terme mise par une
determined, with bondholders at the samne time collectivit publique pour financer un projet
having the right to early redemption. (dont les recettes assureront le
remboursement)
return on assets (ROA) bono a largo plazo pagadero con ingresos (del
rendement de l'actif proyecto)
rendimiento de los activos Long-term borrowings that are used to fund specific
Net income divided by average earning assets (loans projects. They are repaid from the income that will
and nvestment). be generated by the project.
revenue-covenant ratios see profitability ratios
89
reve cash and carry revolving underwrltlng facllity (RUF); note
opration de vente de titres au comptant et lssuance faclllty (NIF); note purchase facilty;
d'achat de contrats a terme; reverse cash and euronote faclilty
carry facilit de crdit spcial (RUF); (pour l'mission
operacin de venta de valores al contado y de papier A court terme); facilit d'mission
compra de contratos a trmino d'effets
Hedgling method consisting of sale of securities on servicio de emisin de tftulos (SET)
the spot market and simultaneous purchase of A medium-term arrangement under which a bor-
forward contracts. See cash and carry. rower can issue short-term paper (Euronotes)
backed up by commercial bank underwriting com-
reverse floating rate note mitments. There are several variations of this
obligation taux flottant inversement indexe system. They include 1) the NIF, where the com-
bono con inters variable inverso mitment is typically from five to seven years, while
Floating rate note carrying a spread inversely the paper is issued on a revolving basis, usually for
related to movements of interbank rates. three- or six-month maturities, though maturities do
range from seven days to a year. Most are denomi-
reverse repurchase agreement nated in U.S. dollars and involve six-figure or higher
contrat de report inverse; mise en pension sums. 2) the short-term note issuance facility
inverse; accord de rmr inverse; prise en (SNIF), a term used for NIFs with short-term notes.
rmr inverse 3) the RUF, which is a variation of the NIF, with
acuerdo de recompra inverso separate underwriting and distribution (the lead
Repurchase agreement initiated by the lender of manager being sole placing agent, while the under-
funds. writers take up any notes which cannot be placed or
extend loans of equivalent amount). 4) the transfer-
reverse swap able RUF (TRUF), where the underwriting com-
swap de compensation; swap compensatoire mitment is transferable. 5) the multiple component
swap inverso; intercambio inverso facility and others such as borrower's option for
A swap which offsets the interest rate or currency notes and underwritten standby (BONUS), revolving
exposure on an existing swap. It can be written acceptance facility by tender (RAFT), securitized
with the original counterparty or with a new note commitment facility (SNCF), etc. Note pur-
counterparty. In either case, it is typically executed chase facility and euronote facility are the generic
to realize capital gains. terms and note issuance facility is often used as a
generic term. French generally uses the English
review clause see periodic review clause term, though the aboye translations have been seen.
revolving credit; rollover credit right (to purchase shares)
crdit renouvelable; crdit reconductible droit
crdito rotatorio; crdito renovable; crdito derecho
refinanciable Usually issued in connection with new share issues.
Any line of credit that be borrowed against up to a Gives the investor the right to purchase further
stated credit limit and into which repayments go for shares at a given price.
crediting.
risk capital
revolving fund capital a risque
fonds renouvelable; caisse d'avances capital de riesgo
fondo rotatorio Capital invested in high-risk or relatively high-risk
A fund for project-related expenditure. securities and enterprises, in expectation of com-
mensurately high returns. It is sometimes used of
equities or ordinary stock, the dividend of which
varies with the profits earned by the corporation.
90
risk convemion floater rollover certificate of deposit; roly poly
risk conversion floater crtfficate of deposit
instrumento de Inters variable y riesgo certficat de dpot a taux renouvel
decreciente certifcado de depsito con tasa de inters
Euromarket instrument based on principle of renovable; certificado de depsito con tipo de
floating rate Eurobond but with high quality collat- Inters renovable
eral which increases over time to substitute for the A package of certflcates of deposit with maturity
borrower's role. of, for example, three years, divided into six
six-month periods. An investor buys the package as
risk premium a whole but he may sell any of the six-month CDs
prime de risque on thc secondary market. He is nevertheless
prima por riesgo; prima de riesgo coinmitted to roliing over the CD by redepositing
The extra yield over the risk-free rate owing to funds to the amount of the next six-month CD.
various types of risk inherent in a particular invest-
ment. For example any issuer other than the U.S. rollover credit see revolving credit
Government must pay a risk premium in the form
of a higher interest rate on bonds as the risk of rollover date
default is less on U.S. government securities than date de reconduction
those of other issuers. fecha de renegociacin
Date of adjustment of interest rate in maturity
rolling guarantee (of interest payments) transformation.
garantie mobile
garanta limitada renovable rollover of gaina
A guarantee that would cover, at any given time, remploi des plus-values
only one or two payment installments but would, if reutilizacin de las ganancias
the covered payments are met, lroll" to subsequent Reinvestment of profits.
payments.
rollover risks
roll-over risques de refinancement
refinancement; reconduction; renouvellement riesgos de refinanciamiento
refinanciamiento; renovacin Risks associated with refmancing a loan.
1. Reinvestment of money received from a maturing
security in a similar security. roly poly bond
2. Term used for a delay allowed by a lender to obligation a taux renouvel
borrower in making a principal payment on a loan. bono con tasa de inters renovable; bono con
With governments, rollovers in the form of tipo de inters renovable
refundings or refmancings are routine. Medium- or long-term bond whose annual coupon
is renewed every three years, at which time the
investor may be reimbursed.
roly poly certificate of deposit see rollover
certfficate of deposit
91
round-tripping S -
dette achete avec dcote et revendue a sa
valeur nominale
compra con descuento de una deuda en divisas 8ale8 agent; 8ellint agent [securities]
y rescate a valor nominal en moneda nacional agentt de placement
Situation whereby foreign currency denominated agente vendedor; corredor
debt is purchased at a discount and redeemed for Firm or individual carrying out the sale of
full face value im the local currency, thereby scors
encouraging capital flight. Samural bond
running (weighted) average obligation samouraT
moyenne (pondre) mobile bono samurai
promedio mvil (ponderado) Bond issued on the Japanese market in yen outside
The average rate of interest applied to an Japan.
outstanding loan, based on the rates applied on allaving bond [Frnce, Belgium, U.S.a
previous disbursements, weighted, where necessary, bon de caisse; bon d'pargne
to allow for different leveis of disbursement.
bono de ahorro
Short- or medium-term fuxed-interest bearer bond
issued by a public credit institution or commercial
bank. It is not marketable. Bons de caisse are
general French savings bonds. Bons d'pawgne are
five-year savings bonds issued at par. The bearer
can ask to be reimbursed after three months but the
amount he is paid increases over the five-year
period.
scheduled debt service
paiements d'intrts prvus I'chancier
servicio de la deuda sin deducir
reprogramaciones ni pagos en mora
Debt service that follows a set schedule.
scoring
valuation par score
evaluacin por puntos
Technique for evaluating a borrower, primarily his
ability to repay a loan.
scrip certificate; bearer scrip
bulletin de livraison; certificat d'action
partiellement libre
certificado provisional; tftulo provisional
Written obligation of a bank acting as paying agent
for an issue, to hand over to the subscriber the
definitive certificates as soon as they have been
issued.
scrip lssue [UK]; stock dividend [U.S.]
dividende en actions; (attribution, distribution
d') actions gratuites; actions-dividendes
dividendo en acciones; accin gratuita
92
The issue of additional stock free of charge to second tier bank
stockholders in proportion to the stock they already banque de second rang
hold. This may be done when a company increases banco de segundo nivel; banco de segundo
its capital by using some of its profits for this piso; banco de segunda Instancia
purpose and feels that the previously issued stock 1. Bank used as secondary source for funds.
capital does not give an accurate picture of the 2. Smaller lenders, i.e. banks other than the main
amount of capital actually employed by the corpora- commercial banks. Used particularly in Latin
tion. America.
SDA Project Faciilty see Social Dimensions of sector see segment
Adjustment Project Facility
sector adjustment loan see agricultural sector
seasoned issue adjustment loan
mission habituelle
emisin confiable sector adjustment loan (SECAL; SAD>
Issue of securities that have gained a reputation in pret d'ajustement sectoriel
the market for reliability. prstamo para <fines de) ajuste sectorial
A loan aiining at major policy improvements in a
secondary market sector.
march secondaire
mercado secundario sector investment and maintenance loan
Market for transactions in existing securities. Note (SIM) [IBRD]
that the French second march corresponds to the prt d'investissement et d'entretien sectoriel
British unlisted securities market and the U.S. (ES)
over-the-counter market or third market and not to prstamo para inversin y mantenimiento
the secondary market. sectoriales
Loan aimed at investing in a particular sector
secondary offering maintaining the level of activity in that sector.
placement d'actions dtenues par les
particuliers sector loan
colocacin en el mercado secundario prt sectoriel
Redistribution of an outstanding block of stock by prstamo sectorial; prstamo para un sector
a securities firm. It is handied privately off the A loan geared towards a particular sector.
organized exchanges after the close of the market,
at a fixed price not exceeding the last sale price on securities analyst
the floor. analyste des valeurs
analista de valores
secondary participant Person carrying out systematic assessment of
sous-participant securities as a basis for investment strategy.
participante secundario; participante ajeno al
consorcio securities dealer; securities firm
Outside bank participating in an underwriting courtier (en valeurs mobilires); maison de
syndicate. titres; socit de placement
corredor de valores; sociedad de valores
secondary public offering Firm acting as a principal rather than an agent in
offre publique sur le march secondaire the securities market.
oferta pblica en el mercado secundario
Public offering of previously issued securities held
by large investors, usually corporations, institutions
others, as opposed to issue of new stock, where the
seller is the issuing corporation.
93
securities margin account securities; mortgage-backed security; note; ofl-
compte d'achat de titres the-run security; option; paper; pass-throughs;
cuenta de compra de valores purchase money security interest; registered
Special account opened by private individuals for security; Separate Trading of Registered lnterest
the purchase of securities, paid for partially by cash and Principal of Securities Program (STRIPS);
payments and partially on credit given by the broker step-down; step-up; steriing transferable
up to a limit fixed by law. accruing govemment securities (STAGs); stock;
swap; tap security; underiying; unlisted; unlisted
securities market securities market; warrant into government
march des valeurs mobilibres securities (WINGS); when issued (wi) security;
mercado de valores; bolsa de valores zero coupon Eurosterling bearer registered
The primary and secondary market for negotiable accruing securities
equity (stocks) and long-term debt instruments
(bonds). security
titre; valeur mobilibre
securitization valor; titulo
1. titrisation; titralisation; mobilirisation; 1. Document giving title to property or claim on
financirisation; dsintermdiation; income.
transformation en titres; 2. Income-yielding paper traded on the stock ex-
2. marchisation change or secondary market.
1. conversin de la deuda en valores;
2. intensificacin del uso de valores security lending [IBRD]
1. Issue of securities in exchange for debt. The prts de titres
Bank has used it to specifically refer to "the packag- prstamo en valores
ing and selling of a pool of creditor risks in the Lending of securities which the IBRD owns (typi-
form of a security. Le Ministre de P'Economie, cally a U.S. Government obligation) against receipt
des Finances et du Budget uses tivisation. of cash or similar securities as collateral in amounts
2. The tendency on financial markets to make equal to or higher than the market value of the
greater use of securities, i.e. firms issue securities security lent.
rather than borrow directly from banks.
segment; sector (of the market)
securitized loan sales compartiment (du march)
cession de prts par mission de titres segmento; sector
venta de prstamos por emisin de valores A particular part of the market, e.g. airline stocks.
Sale of loans by pooling together a group of loans Securities analysts often specialize in one segment
(or other forms of receivables) and issuing securi- of the market.
ties backed by an interest in this pool of loans. The
creditworthiness of the pool is enhanced through self-fnancing see in house financing
the provision of partial guarantees and/or over-
collateralization. self-liquidating credit
crdit autoamortissable
security see also agency securities; bearer crdito autoamortizable
security; bellwether security; bill; bond; book- Credit reimbursed by the income from the opera-
entry security; borrow-pledge security loan; tion for which it was lent.
cash security loan; certificate of deposit;
certificates of accrual on Treasury securities; sell-down
Continuously Offerred Longer-Term Securities rtrocession
(COLTS); convertible; covered option securities; venta de un crdito fuera del consorcio
debt security; foreign-aimed security; gilt-edged The transfer of a credit from a bank within a
securities; government security dealer; syndicate to a bank outside the syndicate.
investment securities; listed securty; marketable
94
selling agent see sales agent serial bond, loan
1. emprunt par obligations mis par sries;
selling commission 2. obligation a lot
commission de guichet 1. bono de vencimiento escalonado;
comisin de venta 2. bono con vencimiento elegido al azar
In a syndicated loan, a commission paid to members 1. Bond issues split into a series of maturities.
for sales of participations in the issue to investors 2. Special type of serial bonds where reimbursement
outside the syndicate. is decided by drawing in lots (used in France).
selling consortium, group, syndicate service a loan
[Euromarket] assurer le service d'un prt
groupe de placement atender el servicio de un prstamo
consorcio; grupo vendedor To pay interest due on a loan.
A group of bank or securities dealers involved in
placing a security as sellers. set aside agreement
accord de domiciliation
selling fee [Euromarket] acuerdo de destinacin especial; convenio de
commission de placement destinacin especial
comisin de venta Agreement for payment receipts from a project to
Fee charged for selling an issue of securities. be designated for a specific purpose.
selling rate set-asides
cours vendeur montants affects; montants rservs
precio vendedor; precio de venta montos reservados; montos afectados
Price proposed (for a security). Loans made by the World Bank to developing
countries to reduce their debt. These loans are only
senior debt made to countries with large outstanding external
dette prioritaire; dette priviligie debts and which have adopted structural adjustment
deuda prioritaria programs approved by the Bank. Set-aside amounts
Debt for which claims on the assets of the borrower will be determined individually but will be normally
rank ahead of other debts in case of liquidation. around 25% of the adjustment program over three
years or 10% of the overall amount of the Bank's
seniority lending program to the country.
rang
prioridad settiement date
The order of priority for repayment of debt. date de reglement
fecha de cierre; fecha de pago
Separate Trading of Registered lnterest and The date on which payment for a transaction must
Principal of Securities Program (STRIPS) be made.
Programme de ngociation distincte des
intrts et du principal concernant ses titres
Programa de venta separada del inters y el
principal de los valores
Program announced by U.S. Treasury January 15
1985 to allow separate trading of registered interest
and principal of securities, initially for long-term
notes and bonds and later for all old and new
eligible securities in circulation. See also
certificates of accrual on Treasury securities.
95
severely indebted low-, middleincome *hare retention agreement [IFC]
country (SILIC, SIMIC) accord de non-rtrocession d'actions
pays A faible revenu, a revenu intermdiaire acuerdo de retencin de acciones
gravement endett Agreement, under which a company agrees not to
pas de bajos ingresos, de ingresos medianos sell the stock of another company in which IFC has
gravemente endeudado an interest, until the loan has been reimbursed.
Low-, middle-income country in which three of the
four key ratios are aboye critical levels. These shares see bonus share; cross-shareholding;
ratios and their critical leveis are debt to GNP (50 didend-right share; eamings per share (EPS);
percent), debt to exports of goods and all services equity; founders' shares; partnership share;
(275 percent), accrued debt service to exports (30 public offering (of shares); right (to purchase
percent) and accrued interest to exports (20 per shares); shareholders' equity; stock; transferable
cent). Used in the World Bank's World Debt share
Tables. See moderately indebted low-income,
middle-income country. sharing clause; payment sharing clause
clause de partage de paements
shadow price see accounting price clusula que estipula que se han de compartir
los reembolsos
shake-out (of the market) Clause in loan agreement that states that if one
tassement participant fails to receive payment, the others will
1. asentamiento; share receipts with the participant(s) not receiving
2. sacudida payments.
1. A moderate stock market or business recession,
usually corrective of an inflationary condition. shelf registration
2. Any movement in the market prices of securities enregistrement en attente
that forces speculators to sell their holdings. autorizacin permanente
A system of standing authorization to issue securi-
shareholders' equity, funde see stockholders' ties given by the U.S. Treasury to certain select
equity borrowers (including the IBRD). Borrowers must
normally wait for formal approval.
share list
cours de la Bourse Shogun bond
lista de acciones con sus cotizaciones obligation 'shogun'
A listing of stocks with their current prices. bono shogun
Non-resident bond issues denominated in foreign
ahare ownership currencies on the Tokyo market. Started June 1985.
avoirs en portefeuille; acquisition de valeurs
mobilieres; acquisition d'actions short hedge
cartera de acciones opration de couverture par vente a terme;
The possession of shares of stock in a corporation. short hedge
operacin de cobertura por venta a plazo
share premium account [IFC] Hedging operation by someone who is "short" (i.e.,
compte "prime d'mssion" who owns less of an item than he has contracts to
cuenta de primas de emisin deliver).
Account of a corporation, in which IFC has a
holding and in which the premiums obtained on
new shares are deposited.
96
short-leash approach Social Dimensions of Adjustment Project
approche a court terme (SDA Project)
mtodo de "rienda cortan Projet Dimensions sociales de l'ajustement
Approach to debt restructuring whereby the (Projet DSA)
restructuring agreement only applies for a short proyectos relacionados con los aspectos
period of time. sociales del ajuste
Project to protect the poorest people during periods
short position of adjustment.
engagement a la baisse; position vendeur;
position courte Social Dimensiona of Adjustment Project
1. posicin en descubierto; Facility; SDA Project Facility
2. posicin corta Mcanisme de financement du Projet Dimen-
Where a dealer in stocks or commodities is commit- sions sociales de l'ajustement
ted to sell more of them than he has available for Servicio de financiamiento de proyectos
sale. The Bank definition is (1) in relation to relacionados con los aspectos sociales del
securities, any security sold but not then owned by ajuste
the Bank and (2) in relation to futures and option Facility created by the World Bank, UNDP and the
contracts, any such contract sold by the Bank which African Development Bank and supported by the
has not expired, been exercised by a seller or Government of Norway, it seeks to help participat-
canceled through the sale of such contract by the ing governments integrate social dimensions in the
Bank. design of their adjustment programs.
short sale Sogo bank
vente a dcorvert Banque 'sogo'
venta en descubierto banco sogo
Sale by dealers of securities they do not own. Regional finance institutions in Japan, dealing
chiefly with smaller enterprises.
short-term note
effet a court terme source and application of funds statement
bono a corto plazo; pagar a corto plazo see statement of changes in financial position
Note with maturity of one year or less.
source and use of funda statement see
short-term paper statement of changes in financial position
effets a court terme; papier a court terme
efectos a corto plazo; valores a corto plazo; sovereign credit
papel a corto plazo emprunt garanti par 'Etat; crdit souverain
Paper with maturity of one year or less. crdito soberano; crdito garantizado por el
Estado
short-term paper market A borrowing guaranteed by the state.
march des effets a court terme
mercado de valores a corto plazo soverelgn risk
Market for paper with maturity of one year or less. risque d'insolvabilit de l'Etat emprunteur;
risque souverain
sinking fund riesgo soberano; riesgo de insolvencia de un
caisse d'amortissement; fonds d'amortissement pas
fondo de amortizacin The risk of changes in a borrowing country`s overail
A fund created by a borrower for the purpose of foreign exchange position, which might affect its
redeeming bonds. The borrower is obliged to ability to repay a loan.
redeem specified amounts of the bond within
specified periods.
97
sovereign risk loan apeculative grade paper
prt comportant un risque souverain mission a caractere spculatif
prstamo con riesgo soberano emisin de valores especulativos
Loan to a State or loan where the State takes the Issue of paper rated at BB+ or below (or equiva-
responsibility for the loan. lent) by a rating agency.
space arbitrage see two-point arbitrage spinoff
cession d'actions (d'une nouvelle socit aux
Special Commitment [IBRD] actionnaires de la socit mre); distribution
engagement spcial d'actions (d'ne nouvelle socit aux
compromiso especial actionnaires de la socit mere)
Bank procedure whereby the Bank provides a cesin de activos (de una sociedad) a cambio
commercial bank with a guarantee to enable it to de acciones (de otra sociedad nueva);
issue a letter of credit to a Bank borrower to transferencia de activos (de una sociedad) a
finance the purchase of goods under a project. cambio de acciones (de otra sociedad nueva)
The transfer by a corporation of a portion of its
Special Facility for Sub-Saharan Africa; assets to a newly formed corporation in exchange
Special Facility for Africa; African Facility for the latter's capital stock, which is thereupon
(SFSA; SFA) distributed as a dividend to the stockholders of the
Fonds spcial d'aide l'Afrique subsaharienne; first corporation.
Fonds d'aide l'Afrique (FAA)
Servicio especial de asistencia para Africa al splinter currency [IBRDO
Sur del Sahara; Servicio especial para Africa; monnaie pineuse; monnale pine
Servicio africano moneda que representa una proporcin mnima
A facility set up as a result of the Joint Program of del saldo pendiente de un prstamo
Action for Sub-Saharan Africa to support policy A currency which constitutes less than 2.5% of a
reform in IDA-eligible countries in sub-saharan fixed currency loan's remaining outstanding balance.
Africa. It will primarily fmance quick-disbursing
structural and sectoral adjustment programs and split; split-up; splitting
rehabilitations projects with a major policy content. division (d'une action en plusieurs titres)
divisin de acciones
special placement Increasing the number of shares of a corporation by
placement spcial some ratio or multiple.
colocacin especial
Placements issued by international development spot credit
institutions and placed directly with central banks, crdit ponctuel
monetary authorities, and governments. crdito negociable
Short-term credit where the amount and conditions
specific investment loan (SIL) [IBRD] are negotiated as required.
prt d'investissement spcifique
prstamo para una inversin especfica spot market; actual market; cash market;
World Bank loan for a specific investment project. physical market [commodities]
march du disponible
specific loss reserve [IFCJ mercado de productos disponibles; mercado de
rserve pour pertes spcifiques entrega inmediata
reserva para Inversiones especfficas Market where goods are sold for cash, for immedi-
The portion of the total loss reserve that is attribut- ate delivery.
ed to the decline in the value of specific investments
below original cost.
speculative grade bond see junk bond
98
spot market; cash market [foreign exchange] Lending operations that are under preparation and
march au comptant are iikely to be ready for the fiscal year following
mercado al contado the fiscal year in question but may be ready sooner
Foreign exchange market where currency is sold for and which could substitute for projects in the fiscal
immediate delivery. See futures market. year in question.
spread see also alligator spread; banker's standby letter of credit
spread; bear spread; buil spread; butterfly (cal>) lettre de crdit standby
spread; diagonal spread; financial spread; carta de crdito contingente
horizontal spread; implicit spread; TED spread; A letter of credit issued to cover against a particular
vertical spread contingency.
spread standby loan
1, 2. cart; prt conditionnel
3. marge; spread prstamo contingente
1, 2, 3. margen; diferencia; diferencial Loan which is not part of the current schedule but
1. Options: Purchase of a call option at one price which can be presented to the Board if other
and resale at another. projects slip.
2. Commodities: Purchase of a contract in one
delivery month and resale in another. Star Trek issue
3. Euromarket, securities: Difference between rate mission rate d'avance
at which bank borrows money on interbank market emisin Star Trek
and rate at which it onlends funds to its customers. Eurodollar issue where interest rates have been set
too low to attract investors. Called Star Trek
spread risk [IBRD] because they were pnced where no man dared to go
risque li a la marge (a reference to the Star Trek TV show).
riesgo relacionado con el margen
Risk due to the spread between IBRD borrowing atatelesa money
and loans being too low or negative. argent apatride
dinero aptrida
standby commitment Money which is not part of the currency of any one
engagement d'attente country. Eurocurrency deposits are an example.
compromiso contingente
A bank commitment to loan money up to a speci- atatement of changes In financial position;
fied amxount for a specific period, to be used only in source and application of funda statement;
a certain contingency. funda statement; source and use of funda
statement; funde flow atatement; changes In
standby equity working capital statement
engagement conditionnel (de participation) tableau de financement; tableau des flux
compromiso contingente de participacin en el estado de flujo de fondos; estado de fuentes y
capital social; compromiso supeditado a la utilizacin de fondos; estado de cambios en la
compra de acciones situacin financiera
In investment an agreement that is conditional on
stock purchase.
standby lending program
programme de prt d'appoint
programa (de financiamiento) de reserva
99
A statement used in conventional accounting which stock; loan stock; paid-up stock; preferred
summarizes the fmancing and investing activities of stock; promoters' stock; registered stock;
an entity, including the extent to which the enter- shares; volatile stock
prise has generated funds from operations during
the period and for completing the disclosure of stock dilution; stock watering
changes in financial position during the period. The dilution du capital; dcapitalisation
first English term is the one recommended by the dilucin del capital (accionario)
U.S. Accounting Principles Board (APB) since 1971; The lessening of an ownership share's earnings and
the second term is the one found most frequently in assets equity, caused by the issue of more ownership
the World Bank and IFC; and the third is the most shares without corresponding increases in eamings
common one used in the U.S. prior to the APB and assets.
recommendation. The other terms are also found.
stock dividend see scrip issue
steering committee; advisory committee
comit de restructuration stockholders' equity; ahareholders' equity;
comit de reestructuracin owners' equity; equity; net worth;
In the field of debt restructuring, a committee shareholders' funds [U.K.]
consisting of the lead banks for loans to these fonds propres; capitaux propres; situation nette
countries, involved in organizing and managing the patrimonio; patrimonio neto; activo neto
additional fmancing needed for the country and for The value of assets less liabilities of a corporation.
negotiating the debt restructuring procedure. All the terms given here are generally synonymous,
but accountants tend to give different slants to these
step-down (security) terms in certain circumstances, so they may, on
(titre ) coupon dgressif multiple occasion, have slightly different meanings. For
(valor) con inters descendente example, capitaux propres and situation nette are
Securities where the coupon rate decreases by a normally synonymous, though capitaux propres
fixed amount every year. sometimes equals situation nette less retained
earnings (report t nouveau).
stepped (rate) bond
obligation a taux flottant fix d'avance stock index future
bono con inters escalonado (fijado contrat a terme sur indices boursiers
anticipadamente) contrato a trmino con ndice burstil
Bond with different coupon rates of interest for Security that combines features of traditional
different periods, fixed in advance of the issue. commodity futures trading with securities trading,
using composite stock indexes. Investors can
step-up (security) speculate on general market performance or can
(titre a) coupon progressif multiple buy an index future contract to hedge a long posi-
(valor) con inters creciente; (valor) con inters tion or short position against a decline in value.
progresivo
Securities where the coupon rate increases by a stock market crash
fixed amount every year. krach boursier
colapso de la bolsa
sterling transferable accruing government A major fall in stock prices. Usually used to refer
securities (STAGs) to the Wall Street Crash of 1929 and, more recently,
obligations d'Etat de qualit a coupon zro the Crash of October 1987.
bonos britnicos sin cupn (STAG)
British zero coupon bonds, based on gilts. stock option
option de souscription; droit de conversion;
stock see air pocket stock; capital stock (of a plan d'achat; plan de souscription d'actions
corporation); common stock; cumulative opcin de compra de acciones
preferred stock; dividend stock; equ-y; growth
100
A right granted by a corporation, usually to atrangle
employees or underwriters, to purchase corporate strangle
stock, under specific price and timing conditions. strangle
An options strategy in which the exercise price of
stock warrant the call is higher - and that of the put lower - than
warrant d'actions; bon de souscription the current price of the underlying stock.
d'actions
certificado para la compra de acciones; warrant striking price; strike price; exercise price
para la compra de acciones prix d'exercice; prix de leve; prix de base
Warrant for purchasing stock. precio fijado en contrato (para ejercitar una
opcin de compra); precio de ejercicio
stop order Price a particular share must reach before an option
ordre stop to purchase the shares can be exercised.
orden tope
An order to buy above or sell below a specified strip certificate
price, if reached. certificat strip; certificat dmembr
certificado separado del cupn
stop-out price A security certificate that has had the coupon
prix d'arret removed by a broker, who selis them separately.
precio mnimo en subasta a la baja
Uniform auction price (i.e., lowest price at which strip of maturities
bids are accepted) at a Dutch auction. tranche d'un pret
parte de cada vencimiento de un prstamo
straddle; cail-nd-put option A time portion of each of the maturities of a multi-
stellage; ordre li; straddle; option cali et put maturity loan.
opcin de venta y compra; posicin a
horcajadas strip participation
Double option consisting of a put and a call with participation a toutes les chances
same striking price. participacin en cada vencimiento (de un
prstamo)
straight bond Participation in each of the maturities of a multi-
obligation classique maturity loan.
bono clsico; bono ordinario
Bond with unquestioned right to repayment of stripping
principal at a specified future date, unquestioned dmembrement; ngociation spare
right to fixed interest payments on stated dates, and separacin
no right to any additional interest, principal, or Separation of future coupon payments and principal
conversion privilege. redemption values.
straight, tap certificate of deposit Structural Adjustment Facility within the
certificat de dpot classique, par lot Special Disbursement Account (SAF) [IMF
certificado de depsito clsico; certificado de Facilit d'aJustement structurel tablie dans le
depsito sin lmite; certificado de depsito de cadre du Compte de versements spcial (FAS)
libre compra Servicio financiero de ajuste estructural dentro
Standard certificate of deposit, without any del marco de la Cuenta Especial de
restrictions on amount available. Desembolsos
101
Facility created by the International Monetary Fund Sushi bond
in March 1986 to provide balance of payments obilgation "sushi'
assistance on concessional terms to low income bono sushi
developing countries. The resources will consist of Eurodollar bonds issued by Japanese corporations
assets received in the Special Disbursement Account on the Japanese market for Japanese investors.
as a result of the termnination of the Trust Fund.
swap see also asset(-based) swap; basis (rate)
subborrower swap; callable swap; circus swap; cocktail
emprunteur secondaire; emprunteur final swap; Contingent Swap Facility [IBRD]; coupon
subprestatario swap; cross-border swap; cross-currency
A smaller loan which is a part of a larger loan, interest rate swap; currency swap; debt-charity
often one provided for onlending. swaps; debt commodity swap; debt-debt swap;
debt(-for)-equity swap; debt-for-cash swap;
subloan debt-for-development swap; debt-for-export
prt secondaire; prt subsidiaire swap; debt-for-local currency swap;
subprstamo debt-for-nature swap; debt/quasi equity swap;
A loan that has been onlent. discount swap; double hedge swap;
dual-currency swap; even par swap; Global
subloan pricing Swap Authority; interest-rate swap; inward
(fixation du) prix des prts secondaires swap; mirror swap; option swap; outward swap;
determinacin del costo de un subprstamo par debt swap; plain vanilla swap; premium
When the Bank or other lending institution lends swap; reverse swap
money to a national development institution which,
in turns, onlends the funds, the cost of the subloan swap (transaction)
is determined by the interest rate and other charges swap; crdit crois; change financier
levied by the national development institution and swap; intercambio de monedas; crdito
by the foreign exchange costs. recproco; conversin; pase financiero
A spot purchase of foreign exchange (currency
subordinated debt see junior debt swaps), fixed or floating rate funds (interest rate
swaps) or assets (asset swaps) with simultaneous
subordinated loan forward sale or vice versa. Pase financiero is an
prt non privilgi Argentinian system, related to the swap system,
prstamo subordinado whereby persons or institutions making capital
A loan where repayment is made subject to other investments are given an "exchange guarantee,"
conditions being met, normally repayment of other which guarantees that the funds can be reexchanged
loans which are deemed to be "senior" (often at a predetermined exchange rate on a specific date.
because they are secured). The French Government is recommending the term
crdit crois but it is fighting a losing battie.
subordinate lender
preteur non privilgi swap, to
prestamista subordinado swapper
Lender holding a subordinated loan. intercambiar; efectuar una operacin de swap;
efectuar un swap; convertir
subscription rlght To carry out a swap transaction.
droit de souscrption
derecho de suscripcin swap future
The samne as right. contrat a terme sur swap
(contrato de) futuros de swaps
Futures contract in swaps (initially interest rate
swaps), introduced in the U.S. market in 1986.
102
Swap lnsurance Facility [IBRD] The value that reverses the ranking of two alterna-
mcanisme d'assurance des swaps tive projects. For example, Farm A will produce
servicio de seguro de swaps beef with high technology equipment and few
Scheme set up by the Bank to provide greater workers, while Farm B will consist of a low-techno-
flexibility in selecting direct counterparties. Enables logy operation employing many farm workers. Up
Bank to negotiate directly with counterparties to a weight of 1.5 on income going to the poor,
previously ineligible because of their credit status Farm A has a higher rate of return. However, if a
and to separate the pricing of the arrangers and weight greater than 1.5 is given, Farm B will have a
credit fees from the pricing of other financial higher rate of return. The switching value, there-
aspects of a swap operation. fore, is 1.5.
swaption; swap option syndicate
swaption; option de swap; swap optionnel consortium; syndicat financier
opcin de swap; swap opcional consorcio (bancario, de financiamiento)
Instrument combining features of swaps and op- A group of bankers and/or brokers who underwrite
tions whereby the buyer acquires the right (but not and distribute a new issue of securities or a large
the obligation) to make a swap within a specific block of an outstanding issue. By extension, can also
period of time at a rate previously agreed. refer to a group of bankcs or securities rirms who
are involved in a Eurocredit or Eurobond issue.
swingline
crdit de scurit; ligne de liquidit; ligne de syndicate, to (a loan)
dcouvert consortialiser
lnea de crdito a corto plazo concertar un prstamo a travs de un consorcio
A short-term line of credit enabling borrowers to (bancario, de financiamiento)
draw at short notice to cover the delay in issuing To arrange for a loan using a syndicate.
notes or making other forms of drawing.
syndicated loan
switch prt syndiqu; prt consortial
arbitrage prstamo de un consorcio
arbitraje Loan made by a syndicate.
Sale of paper which is no longer considered to have
long-term possibilities and investment of the syndication
proceeds in securities considered more worthwhile. formation d'un syndicat financier; formation
d'un consortium
switch, availability clause formacin de un consorcio (bancario, de
clause de disponibilit financiamiento)
clusula de disponibilidad Formation of a syndicate for the purpose of issuing
In a rollover credit agreement, a clause which or underwriting a loan.
allows a lender to lend in a currency other than the
one stipulated in the agreement, if the stipulated synthetic tloating rate notes; derivative
currency is not available. floating rate notes
papier synthtique taux d'intrt flottant
switching see interest (rate) switching; inward titulos sintticos con inters variable
switching; outward switching operations A name for asset swaps which are artificially
packaged and marketed by investment banks rather
switching value than investors themselves.
valeur critique; valeur seull
valor crftico
103
system repurchase agreement T,
contrat de report
acuerdo de reventa (a un precio especfflcado)
Purchase by the Federal Reserve of securities for a takeand-pay contract
short period of time with an agreement to resell contrat de paiement contre livraison
them at a specified price. See also repurchase contrato de compra contra entrega
agreement. A guarantee to buy an agreed amount of a product
or service provided it is delivered.
take In, to (bilis)
prendre (des effets) en pension
redescontar con compromiso de reventa
Rediscount operation with promise to transfer the
credit title back to the original lender.
take-or-pay contract
contrat d'achat ferme; contrat de prise ferme
contrato firme de compra (sin derecho de
rescisin)
An unconditional guarantee to buy an agreed
amount of a product or service whether or not it is
delivered.
take out, to [IBRDI
renoncer
renunciar a una garanta
Waiver by a colender of a guarantee given by the
World Bank, as the guaranteed portion of a coloan
progressively comes within the range of normal
maturities.
takeover bid
offre publique d'achat (OPA)
oferta pblica de adquisicin (OPA) (con fines
de absorcin)
An offer to acquire a controlling interest in a
corporation.
takeover candidate see target company
takeover option [IBRD]
option de reprise (des dernires chances
d'un prt commercial)
opcin de financiamiento residual
Contingent commitment by the IBRD to take over
any residual financing of a loan as it reaches its
ten-year maturity.
Tankoku bill
bon Tankoku
bono tankoku
104
Six-month bill issued by Japanese Government to A wide zone of exchange rates, perhaps plus or
refinance expiring long-term bonds. minus 10 per cent, within which a currency can
freely move against other currencies. Suggested at
tap certificate of deposit the New York Plaza Agreement at the Group of
mission a guichets ouverts Five meeting in September 1985, and proposed by
emisin continua the French Treasury in February 1986, as a way to
A certificate of deposit issued on an as required reduce major currency swings.
basis. See straight certificate of deposit
tax-anticipation note (TAN)
tap issue bon garanti par les recettes fiscales prvues
mission a guichets ouverts bono respaldado por ingresos fiscales previstos;
emisin continua pagar respaldado por ingresos fiscales
An issue of a security made available on an as previstos
required basis. Used primarily in the British mar- Short-term borrowing issued to fill temporary
ket, where the British Government issues Treasury fmancing needs. It is backed by anticipated tax
stock and seeks subscriptions. As the stock is rarely receipts and any unencumbered revenue of the
fully subscribed, the remainder is sold to Stock community.
Exchange jobbers as demand requires. The French
introduced an equivalent system in 1985 called tax buoyancy
obligations assimilables du Trsor (OAT). lasticit globale du systme fiscal par rapport
au produit intrieur brut (PIB)
tap security elasticidad tributaria global
titre mis A jet continu; titre mis a guichets Total elasticity of the tax system (built-in elasticity
ouverts plus elasticity due to discretionary changes in the tax
valor en venta continua system). Measured by the annual mean growth in
Security that is continuously available and may be receipts divided by the annual mean growth in gross
obtained on demand by investors. Used prmarily domestic product (GDP).
in the British market.
tax credit
target company; takeover candidate avoir fiscal; crdit d'impt
socit opable crdito tributario; descuento impositivo
empresa susceptible de absorcin A 100% offset against tax liability.
Company considered ripe for takeover.
technical assistance loan (TAL) [IBRD]
targeted currency pool pret d'assistance technique
pool de monnales fix comme objectif prstamo para asistencia tcnica
(metas para la composicin del) fondo comn World Bank loan for technical assistance purposes.
de monedas
Under the new currency pooling system, the cur- technical decline, drop
rency pool will have targeted ratios for currencies in repil technique
the pool of 1 U.S. dollar for every 125 Japanese yen disminucin tcnica
and 2 Deutsche marks (or the equivalent in a The fall in price of a security or commodity because
composite of Deutsche marks, Swiss francs and of factors relating to operation of the market and
Netherlands guilders). not because of any supply or demand conditions.
target zone; reference zone TED apread
zone de rfrence; plage de rfrence; zone cart entre les bons du Trsor et les dpdts a
cible terme en eurodollars
zona de referencia margen entre los bonos del Tesoro de EE.UU. y
los depsitos a plazo en eurodlares
105
Technically, the apread between U.S. Treasury bill tick
futures and Eurodollar futures but commonly used fluctuation minimele; fluctuation de prix
to refer to the spot market yield apread between minimum
Treasury bills and LIBOR. variacin de precio
A movement in the price or price quotation of a
tender panel securty or contract.
groupe d'enchrisseurs; panel d'offre; syndlcat
d'enchres; syndicat soumlssionnalre; syndicat time arbitrage
de placement arbitrage dans le temps
grupo de bancos licitantes arbitraje de vencimientos
In a Euronote issue, a group of banks separate from Buying and seUing at different maturities.
but usually with many members common to the
group of underwriters. The panel members bid for time (cali) spread see horizontal spread
any notes issued, up to a predetermined maximum
spread. The underwriters take up any notes not bid time-slice loan
for or extend loans of an equivalent amount. The prt par tapes
tender panel banks expect to place any paper they prstamo dividido en perodos
receive rather than hold it themselves. Loan where the lender only finances the loan a part
of the time.
tenor
teneur time value
perodo de reprogramacin valeur temps
The period of debt rescheduling in number of years. valor temporal
The chance that an option will become more
term loan valuable before it expires.
crdit d'quipement
prstamo a mediano o largo plazo tombstone
Medium- or long-term loan undertaken by a corpo- avis financier; encart publicitaire
ration when it cannot or does not want to issue a anuncio de emisin efectuada; esquela;
loan on the financial market. prospecto de emisin
Advertisement which announces that a credit has
term sheet been arranged or a bond issue made.
liste de conditions
(hoja de) plazos y condiciones; hoja de top grade borrower see prime borrower
trminos
List of terms and conditions for a loan. topping up
apports complmentaires; oprations de
term transformation bouclage
transformation des chances aporte de fondos complementarios
transformacin de los plazos de vencimiento Providing extra funds to an existing loan package,
The use of funds from short-term deposits to make rather than a new one.
long-term loans.
top-rated bond
third market; oft-the-board market obilgation de premier ordre
trolslme march; march hors bourse bono de primer orden; bono de primera clase
mercado terciario; mercado fuera de bolsa Bond issued by corporation or organization
Market for security dealing in over-the-counter considered to be particularly creditworthy.
stocks listed on a stock exchange but between firms
that are not members of an exchange and, there-
fore, do not charge regular listed commission.
106
trade bill [U.K.] Cerdflcate of deposit representing a share in a
effet de commerce program of certicate of deposit issues by a bank.
letra comercial; efecto comercia
Commercial bill accepted directly by a corporation. tranchlng
subdMsion d'un prt en plusleurs tranches
trade date divisin de un prstamo en varios tramnos
date d'change Division of a loan (specifically adjustment loans)
fecha de transaccin into several tranches. Release of tranches is
The date on which counterparties commit to a conditional on specific agreed actions being carried
swap. out.
trade financing facility transferable ahare
facilit de financement des importations action au porteur
servicio de financiamiento comercial accin al portador; accin transferible; accin
A financing arrangement by commercial creditors in negociabie
the form of linking financing to particular projects Share of stock on which there are no restrictions on
or trade operations in countries where they have transfer of ownership.
long-term business interests. These facilities enable
commercial banks to maintain closer ties with tranafer price
customers in both the debtor countries and industri- prix de transfert; prix interne; prix de cession
al countries, while providing additional finance for inteme
a country's imports. precio de transferencia interna
Price between a corporation and its subsidiary or
trade inside fees within a corporation (opposite of arm's length
transaction compense price).
transaccin al precio de oferta menos comisin
Said of a security issue traded at a price between transformation see also maturity
the offering price and the offering price less the fees transformation; negative term transformation;
charged. term transformation
trader [stock marketl transformation
arbitragiste transformation (bancaire)
corredor de bolsa transformacin (bancaria)
Individual who buys and selis stock for own profit Medium- and long-term reinvestment operations by
or for a corporation. financial intermediaries, taking in liquid savings or
sight deposits.
trading
spculation tranalation see currency translation
compraventa; especulacin
Buying and selling of securities or commodities for Treasury bill [U.S.]
profit. bon du Trsor en comptes courants
bono del Tesoro (a corto plazo)
trading ticket [securities] Bill issued by U.S. Treasury with short maturity
fiche de Bourse; ordre d'achat; ordre de vente (less than one year).
orden de compra; orden de venta
Purchase/sales order for a security.
tranche certificate of deposit
certificat de dpt par tranche
certificado de depsito en tramos
107
Treasury bond [U.S.I Clause in IBRD loan agreement requiring review
bon du Trsor A long terme after a certain number of years to determine wheth-
bono del Tesoro (a ms de 10 aos) er changes in the countrys economic condition
Long-term (more than ten years) fixed coupon warrant harder or softer loans.
paper issued by the Federal Reserve on behalf of
the U.S. Treasury. trigge rate
seuil de dclenchement
Treasury lnvestment Growth Recelpt (Tiger) tasa de activacin
tigre Rate at which floating rate notes are automaticaily
bono sin cupn respaldado por el Gobierno de converted to fixed rate paper.
EE.UU.
Form of zero-coupon security first created by truncation
Merrill Lynch. They consist of U.S. Government- limitation de la circulation physique des valeurs
backed bonds that have been stripped of their limitacin de la circulacin fsica de los valores
coupons. See also certificates of acerual on Trea- System of limiting the physical crculation of securi-
sury securities. ties in certificate form to save paper and reduce
operating costs. Includes use of computers, micro-
Treasury note [U.S.1 fiche, etc.
bon du Trsor
bono del Tesoro (a mediano plazo) trust bank (Shintaku Ginko) [Japan]
A medium-term (normally from two to ten years) banque de tiducie
coupon security issued by the U.S. Treasury. In banco fiduciario
France, bons du Trsor have a maturity of one to Japanese bank involved in both lending and money
five years. management.
Treasury tax and loan account [U.S.] turntable see entrep8t
compte courant du Trsor auprs des grandes
banques twist see currency twist
cuenta corriente del Tesoro
Current account of the U.S. Treasury in which tax two-point arbitrage; space arbitrage
receipts and the receipts from the sale of bonds to arbitrage dans l'espace
the public are deposited. arbitraje espacial
Buying in one center and selling in another.
trbangle configuration
configuration triangle, en triangle two-tier market
configuracin en tringulo double march
Form of bar chart used in bar chart analysis of mercado de dos niveles
securities where fines drawn round the chart have An exchange rate regime which normally insulates
the shape of a triangle. There are three main a country from the balance of payments effects of
varieties - symmetrical, ascending and descending. capital flows while it maintains a stable exchange
The symmetrical triangle is made up of two positive rate for current account transactions. Capital
forces - buying and selling, while the ascending one transactions are normally required to pass through
indicate a positive buying force but a neutral selling a "financialP market while current transactions go
force and a descending one indicates a positive through an "official" market, though other arrange-
selling force but a neutral buying one. ments are possible. Examples are found in Belgium
and the United Kingdom, though France and Italy
trigger clause [IBRD] have experimented with such systems.
clause de dclenchement
clusula de revisin
108
u U " underwrltten facllities
facNlits d'missions souscrites
servicios de emisin y suscripcin
unbuGdling of financial rbska Short-term paper facility with an underwriting or
dcomposition des risques financiers backstop facility, such as the note lssuance fadlilty
separacin de riesgos financieros (NI)
The separation and separate evaluation of financial
risks. unfrienidly takeover bid see hostile takeover
uncalied capital unidentified loss reserve [IFC]
capital non appel rserve pour pertes non identifies
capital suscrito y no desembolsado reserva para prdidas por concepto de
The amount of capital by which the total capital inversiones no identificadas
authorized by the stockholders exceeds the paid-up Reserve that provides an allowance for losses on
capital. those investments where judgnent of impairment
cannot be made because of a lack of adequate
uncovered; naked operational experience.
dcouJvert
en descubierto unR-managed costs
Unhedged (i.e., a liability exists in the long or short charges administres par les services
term, which is not covered by a corresponding costos descentralizados
position). Costs which are the responsibility, for budgetary
purposes, of individual units, as opposed to those
underiying (security) that centrally-managed.
(titre) sous-Jacent; support; valeur-support
tftulo exigible al ejercer una opcin unit trust see open-end fund
Security (or other instrument) that must be deliv-
ered if an option is exercised. universal bank(ing)
banque 'multiservices"; banque tout faire;
underwrilter banque a vocation gnrale; banque vocation
suscriptor; asegurador; garante multiple; banque polyvalente
Thcriptor;daseguran or; sellnga ante distribubanco(a) de servicios mltiples; multibanco;
The middleman for selling and distributing banco mltiple
securities to investors or the public. Bank providing the full range of banking services.
underwriting consortium, group, syndicate unlisted (security)
1. groupe de garantie; syndicat de garantie; non cot; non admis, non inscrit la cote
2. syndicat de prise ferme offlclelle
1. grupo garante; grupo de suscripcin; no cotizado en la bolsa
2. consorcio de suscriptores Security not fisted for trading on one of the regular
1. Group that agrees with the issuer of securities to stock exchanges and which is, therefore, traded
buy or find buyers for those securities that are not directly or over the counter.
taken up by the public.
2. Group that buys up an entire issue of securities. unlisted securities market (ULM); over-the
counter (OTC) market; third market; curb
underwrlting fee; facrilty see market
commisslon de garantie march des valeurs mob/lires non inscrites
comisin de suscripcin; comisin de garanta /a cote offlclelle; second march; march hors
Fee paid in Euroloan to lead banks that underwrite cote
the operation. mercado de valores que no se cotizan en las
bolsas principales; mercado terciario
109
The market for securities not quoted on the major - v .
exchanges, often those of small- and medium-sized
companies. Unlisted securities market is the British v date
term, since 1980, for the market in stocks of smaller date de valeur
companies; over-the-counter market is the term used fecha de valor
in the U.S. (the system is operated under the Na- fecalde dalor
tional Association of Securties Dealers Automated The calendar date on which a transaction takes
Quotation (NASDAQ) system) and Japan (the OTC place
Market Automated Quotation System is used); third v mpared
market is the U.S. term used to describe the over- velur rmdulte
the-counter market in exchange-listed securites; & valeurradulte
march des valeurs mobilires non inscnites a la cote prstamos con Intereses Impao os
officielle is the official name and second march the Refers to a loan which la doubtful. U.S. banking
common term used in France for the unlisted authorities are obligedbylaw to deare loans with
securities market for small- and mediumsized overdue interest in excess of SLX months value
companies, since 1983, while march hors cote is the impaired.
name used for the general over-the-counter market vanilla swap see pain vanlla swap
for all companies.
unrealized gaina variable lending rato (VLR) system
plus-values latentes systme de taux prteur variable
ganancias no realizadas sistema de tasas de inters variables sobre los
Profits that have not become actual. The gains are prstamos; sistema de tipos de Inters variables
realized when the security or other instrument on sobre los prstamos
which there has been a gain is sold for a profit. Under the original variable lending rate system
applicable to all Bank loans approved after July 1,
unseasoned Investment 1982, the lending rate for each loan was calculated
nvestissement qul n'a pas encore attent son on a semi-annual basis and this rate was applied to
rendement normal all variable rate loans (not just new commitments)
Inversin que no ha alcanzado su pleno at the beginning of each loan's next semi-annual
rendimiento interest period. Under the revised system, which
An investment that is not yet fully producing. will apply to loans whose invitation to negotiate is
sent on or after May 18, 1989, calculation of the
unwind average cost of the Bank's debt for the purpose of
dnouer setting the lending rate will be done by using
contrarrestar currency weights representing the composition of
Reverse a securities transaction through an currencies in the curreney pool rather than the
offsetting transaction. composition of currencies in the Bank's debt,
qualifled borrowlngs will be redefined to exclude
utilization feo those borrowings allocated to the funding of the
commlsslon d'utillsatlon Bank's investment in liquid assets and two technical
comisin por utllizacin adjustments will be made to reduce the lag between
Fee paid for use of a Euronote facilty. the time period over which the Bank's average cost
of debt is calculated and the period over which the
lending rate is applied to balances outstanding on a
given loan, with the new lending rate being calculat-
ed quarterly and new rates being applied at the start
of each quarter rather than at the start of each
interest period.
lo
venture capital w
capital a risque; capital-risque
capital de riesgo
Financing which involves a relatively high risk. waiver of negative pledge; negative pledge
waiver
venture capital company renonciation a la clause de nantissement
socit de financement de l'innovation ngative; renonciation a la clause de
compaa de capital de riesgo nantissement pari passu
Company specializing in providing venture capital dispensa de la clusula de abstencin (de los
fmance. compromisos existentes); dispensa de la
clusula de obligacin negativa; exencin de la
vertical spread; price spread clusula de abstencin (de los compromisos
cart vertical existentes); exencin de la clusula de
margen vertical; posicin diferencial vertical obligacin negativa
Options strategy that involves purchasing an option Situation whereby a lender waives its right to a
at one striking price while simultaneously selling negative pledge (i.e. an agreement that the borrow-
another at the next higher or lower striking price. er will not pledge any of its assets if doing so would
result in less security to the lender covered under
volatile stock the agreement) in a loan agreement. The Bank
action volatile normally will not waive its negative pledge rights but
accin de valor inestable did so recently (along with other creditors) in the
A stock that changes in a manner inconsistent with 1987 Mexican collateralized bond scheme. See
changes in the rest of the market. negative pledge clause.
volatility ratio warrant see also bond warrant; bond with bond
coefficient beta; degr de volatilit warrant; bond with equity warrant; debt warrant;
coeficiente de inestabilidad detachable warrant; foreign exchange warrant;
The ratio by which overali changes in the stock stock warrant
market influence changes in a specific stock.
warrant
voluntary, spontaneous lending warrant
prts spontans; prts volontaires certificado para la compra de acciones o bonos;
prstamos voluntarios warrant para la compra de acciones o bonos
Lending that is made willingly, as opposed to Option to purchase ordinary share or bond of a
lending where the lender has some sort of obliga- particular company, usually purchased by bond-
tion to lend or else the borrower wili not reimburse holder wanting to participate in profit growth of
previous loans. that company. Often attached to new bond issue as
inducement for investors to take up the bond.
warrant bond
obligation 4 warrant; obligation warrante
bono con certificado; warrant
Bond with warrant attached. This may be a bond
with bond warrant or a bond with equity warrant.
warrant into government securities (WINGS)
warrant changeable contre des titres d'Etat
certificado para la compra de bonos dei Tesoro
Warrant which allows the purchaser to acquire,
within a specified period of time, at a fixed price, a
U.S. Treasury bill of specified coupon rate and
maturity.
111
wash sale window (in a market)
transaction fictive, fantme crneau
transaccn ficticia resquicio
Occurs when a person buys and sells a stock, Short-lived opportunity to issue securities that may
thereby recording a price, but with no actual change be taken up by any of a significant number of highly
of ownership having taken place. rated borrowers.
watch list window dressing
liste sous controle habillage de bilan
lista vigilada; lista en observacin manipulacin de la contabilidad (para aparentar
List of securities singled out for special surveillance una mejor situacin)
by a brokerage firm or exchange or other self- Fmancial actions such as stock market trading,
regulatory organization to spot irregularities. Firms whose purpose is to make a corporation's financial
on the list may be takeover candidates, companies situation seem better than it really it is, just before
about to issue new securities or those that seem to the publication of a balance sheet or other financial
have attracted an unusually heavy volume of trading statement.
activity.
wolfhound bond
weighted average see running average obligation ^lvrier d'lrlande^
bono woffhound
when issued (wi) security Bond issued in Irish punt on the Irish market by
titre vendu avant son mission non-Irish borrowers.
valor vendido antes de su emisin
A security sold conditionally as, though it has been working-capital ratio see current ratio
authorized, it has not yet been issued. U.S.
Treasury securities are traded on a when issued working ratio
basis. coefficient brut d'exploitation
coeficiente de explotacin
whole loan sale Cash working expenses divided by operating
vente de prts partiels revenues, expressed as a percentage.
venta de partes de un prstamo
Sale of portions of individual loans in transactions workout see debt workout
negotiated directly with the end investors (typically
banks). The Bank conducted these operations from workout arrangements; workouts
the early 1950s through 1979 and again from 1985 arrangements
through 1988. They have now been discontinued. (acuerdos de) reestructuracin financiera
Arrangements between borrowers and debtors
wholesale banking (usually at international level) to extend repayment
1. transactions interbancaires; schedules and provide new credit at reduced interest
2. banque de gros rates.
1. transacciones entre grandes bancos y entre
stos y otras instituciones financieras; Worid Bank Capital Markets System (CMS)
transacciones interbancarias; [IBRD]
2. servicios bancarios para empresas Systme d'linformation sur les marchs
1. Large-scale dealings in money deposits centered financiers (Banque mondiale)
in the closely-interrelated group of money markets Sistema de informacin del Banco Mundial
which have developed strongly since the mid-1960s. sobre los mercados de capital
2. Banking facilities offering a limited number of A computer-based system set up in 1974 which
services to select clients (generally large collects and verifies data on foreign and internation-
corporations). See retail banking. al bond issues and Eurocurrency credits from 1972
to the present.
112
(Worid Bank) Program of Special Asuistance n y
(to Member Countrles) (SAP)
Programme d'assstance spciale (de la
Banque mondiale aux pays membres) Yankee bond
Programa de asistencia especial (del Banco obligation Yankee
Mundial a los pases miembros) bono yanqui
A program to assist those borrowers making a Bond issued on the U.S. market in U.S. dollars
determined effort to undertake the difficult mea- outside U.S.
sures needed to sustain development despite adverse
external circumstances. It includes acceleration of yleld curve
disbursements, substituting higher priority opera- courbe des rendements
tions that support structural adjustment and policy curva de rendimiento
change for lower priority, slower disbursing opera- Graph relating rates of return to maturity.
tions, expansion of advisory services in the design
and implementation of appropriate policies and yleld curve arbltrage
urging other lenders to make similar efforts. arbitrage sur les courbes de rendeiment
arbitraje conforme a la curva de rendimiento
Worid Bank's Speclal Program of Asmistance Taking a position based on a view of expected
for the Low-lncome Debt-Dlstressed changes in the shape of the yield curve independent
Countries In Sub-Saharan Africa from the general interest rate view as it is expressed
Programme spclal d'assistance de la 8anque by the average duration at which the portfolio is
mondiale en faveur des pays a falble revenu positioned.
surendetts d'Afrique subsaharlenne
Programa especial de asistencia del Banco yinld plckup
Mundial para los pases de bajos Ingresos de gain net de rendement
Africa al Sur del Sahara agobiados por la deuda No Spanish
Program set up by Bank at the end of 1987 to A currency hedged strategy where, because of the
provide quick-disbursing adjustment lending to the difference sin shape of the yield curves of two
poorest Sub-Saharan African countries. currencies, the difference in interest rates between
these two currencies is not reflected in forward
write (an option, a swap) foreign exchange rates, giving arbitrage opportuni-
Acrre ties under which bonds of equivalent duration in
vender (una opcin, un swap) these currencies can be swapped and the currency
Sell a swap. exposure hedged.
write ott; charge-ofl [nounl yleld to maturity (YTM)
wste off; pargeof et proufnts; montants rendement a Pchance
passatlon par pertes et profits; monte rendimiento al vencimiento
passs par peres et proflts; crance The return a security earns assuming that it is held
anulacin en libros; cancelacin en libros until a certain date and put to the borrower at the
When an asset or a portion of an asset is recognized specified put price
as worthless, it is removed from the books of a
corporation and a corresponding loss in the corpor-
ation's capital is recognized.
113
zero coupon bond
obligation A coupon zro
bono sin cupn
Bond that pays no interest but is sold at a steep
dlscount and paid off at par. See also certincates
of accrual on Treasury securities.
zero coupon Eurosterling bearer registered
accruing securities (ZEBRAS)
zAbres
valor zebra
Eurobond, denominated in sterling and sold at steep
discount.
Abbreviations (English)
Sigles (anglais)
Siglas (ingls)
117
Note that not all these abbreviations necessarily appear in the Glossary.
AAD AMA ATM
at a discount Asset Management Account automnatlc teilhr machine
ABT AMEX ATRR
American Board of Trade American Stock Exchange aliocated transfer rdsk
reserves
ACE APB
AMEX Commodkies Accounting Principies Board BAN
Exchange bond anticipation note
APDF
ACH Africa Project Development BBA
automated clearing house Facility British Bankers' Associatlon
ACRS API BDO
accelerated cost recovery alternative participation bottom dropped out
system instrument
BIBOR
ACV APR Bahrein Interbank offered rate
actual cash value annual percentage rate
BONUS
ADIBOR APT borrower's option for notes
Abu Dhabl interbank offered arbitrage pricing theory and underwritten standby
rate
ARI BRIBOR
ADR accounting rate of Interest Brussels lnterbank offered
American Depositary Recelpt rate
ARM
ADR adjustable rate mortgage CAD
asset depreclation range cash against documents
ARP
AFBD adjustable rate preferred CAMEL
Association of Futures stock capital, assete, management,
Brokers and Dealerm sarnings, liquidity
ASAL
Al agricultural sector adjustment CAPM
accrued lnterest loan Capital Asset Pricing Model
AIBD ASE CARD
Association of International American Stock Exchange certificate of amortized
Bond Dealera revolvlng debt
ATM
AIBOR at the money CATS
Amsterdam Interbank offered Certlficate of Accrual on
rate Treasury Securities
CATS
Computer Assisted Trading
System
118
cB CMS EFT
currnt blend Woutd Bank Capital Markets eiectronic funds transfer
System
CBF EME
Central Bank Faciity COLTS European Mercantiie
Continuousiy Offered Exchange (Dublin)
C8OE Longer-Term Securities
Chicago Board Options EMGF
Exchange COPS Emerging Markets Growth
Continuously Offered Fund
CBOT Payment Rights In Swiss
Chicago Board of Trade Francs EMIF
Emerging Markete Investment
CBT COPS Fund
Chicago Board of Trade ccvered option securities
EOE
CD COUGRs European Options Exchange
Certificate of Deposit Certificates of Government (Amsterdam)
Recelpts
CEA EPS
Commodity Exchange CP eamings per share
Authority commercial paper
ERL
CEIC CRI economic recovery loan
closed-end investment consumption rate of lnterest
company ERL
DCF emergency reconstruction
CFBH discounted cash flow loan
Corporation of Foreign
Bondhoiders DCP ESAF
droppages, cancellations and Enhanced Structurai
CFTC prepayments Adjustment Facility
Commodities Futures Trading
Commission DFI ESOP
direct foreign investment employee stock ownership
CM plan
cali of more DRC
domestic resource cost EUA
CMA European Unit of Account
cash-management account DRF
Dally Range Factor EURCO
CME European Composite Unit
Chicago Mercantile EAL
Exchange export adjustment loan FASB
Financial Accounting
CMO ECP Standards Board
collateralzed mortgage Eurocommercial paper
obligation
ECU
European Currency Unit
119
FIAS GUN IRA
Forelgn lnvestment Advisory guarantor undewrltten note Inidduae Retdrement
Service Account
HIBOR
FIBV Hong Kong interbank offered ISDA
International Federation of rato Internatona Swap Dealerm
Stock Exchanges AssocIation
HIC
FIL heaviiy Indobted middle ISRO
financial intermediary loan income country International Securities
Regulatory Organization
FNMA HIC
Federal National Mortgage hlghiy lndebted middle ITM
Association (Fannie Mae) incorne country In the money
FOMC HKIBOR ITPAL
Federal Open Market Hong Kong interbank offered Industrial and trade policy
Committee rate adjustment loan
FRA IBF KIBOR
forward rate agreement; nternationa bankWng facllity Kuwait lnterbank offered rate
future rate agreement
IBOR LBO
FRB interbank offered rate leveraged buyout
Federal Reserve Bank/Board
ICERC LCE
FRN Interagency Country London Commodity
floating rate note Exposure Review Committee Exchange
[U.S.]
FSA UBID
forward spread agreement CON London Interbank Bid Rate
Indexed currency option note
GAAP UBOR
Generally Accepted IMM London lnterbank Offered
Accounting Principies International Monetary Rate
Market
GNMA UCOM
Government National IOM London Interbank Currency
Mortgage Association (Ginnie International Options Market Options Market
Mae)
OSCO UFFE
GOFFEX International Organization of London International
German Options and Securities Commissbons Financiai Futures Exchange
Financial Futures Exchange
IPMA UMEAN
GRIP International Primary Market London Interbank Mean Rate
Guaranteed Recovery of Association
lnvestment Principal
(Program) PO
hnitiai public offerhng
120
UONs MIMIC NOW
Lehman Investment moderately Indebted mlddie- Negotiable Order of
Opportunity Notes Incoma country Withdrawai
LMBO MMF NYFE
leveraged management money market fund New York Futures Exchange
buyout
MMI NYME
LME Major Market ndex New York Mercantile
London Metal Exchange Exchange
MOF
LOCH multioption facility NYSE
London Options Clearing New York Stock Exchange
House MOFF
multioption financing facility OBS
LSE off-balance sheet
London Stock Exchange MTN
medium-term note OBU
LTB offshore banking unit
long-term blended cost rate MYRA
multi-year rescheduling OCC
LTOM agreement; multi-year Options Clearing Corporation
London Traded Options restructuring agreement
Market OEIC
NASD open-end investment
LTPR National Association of company
long-term prime rate Securities Dealers
OID
LUXIBOR NASDAQ original issue discount
Luxembourg interbank National Association of
offered rate Securities Dealers Automated OM
Quotations Optionsmaklarna (Swedish
LYON Options Exchange,
fiquid yleld option note NAV Stockholm)
net asset value
MBS OPM
mortgage-backed security NBV other people s money
net book value
MIBOR OTC
Madrid Interbank Offered NCR over the counter
Rate net cash requirements
OTM
MILIC NCS out of the money
moderately indebted low- non callable securities
Income country PAL
NIA program adjustment loan
New lnvestment Authority
PER
NIF price earnings ratio
note issuance faclllty
121
PERL REIT S&P
public enterprlse real estate Investment trust Standard and Poor
rationalization loan
REPO SAP
PERL repurchase agreement (Worid Bank) Program of
public enterprise reform loan Special Assistance (to
RIC Member Countrles)
PERL rehabilitation Import credit
public enterprise SCP
rehabilitation loan RIL steriing commercial paper
rehabilitation lmport loan
PFP SDA
policy framework paper ROA Social Dimensions of
return on assets Adjustment
PHLX
Philadelphia Stock Exchange ROC SDRIBOR
return on capital 6 month SDRs interbank
PIBOR offered rate
Paris lnterbank Offered Rate ROE
return on equity SEC
PIF Securities and Exchange
purchase issue facility ROI Commission
return on investment
PIN SECAL
Philippines Investment Notes RP sector adjustment loan
Repurchase Agreement
PPF SFA
Proect Preparation Facility RR Special Facility for Africa
rate resetter
PSE SFSA
Pacific Stock Exchange RSI Special Facility for
Relative Strength ndex Sub-Saharan Africa
PUF
purchase underwritng facility RUF SIBOR
revolving underwriting facility Singapore lnterbank Offered
QB Rate
qualified borrowings SAD
sector adjustment loan SIL
RAFT specific investment loan
revolvlng acceptance facility SAF
by tender Structural Adjustment Facility SILIC
severely lndebted low-income
RAN SAIBOR country
revenue anticipation note Saudi Arabia interbank
offered rate SIM
RATs sector lnvestment and
ready assets trusts Salole Mae maintenance loan
Student Loan Marketing
Assoclation SIMIC
severely lndebted mlddle-
lncome country
122
SMA TU
Secondary Market transferabie loan lnstruments
Association
TRUF
SNCF transferable revoMng
securitized note commitment underwrlting facility
facllity (issued by French
railways, SNCF) TSE
Toronto Stock Exchange
SNIF
short-term note issuance TUF
facillty tranche underwritten facility
SOFE ULM
Swedish Options and Future unlisted securities market
Exchange
VLR
STAGs variable lending rate
stering transferable accruing
govemment securities wi
when Issued
STRIPS
Separate Trading of WiNGS
Registered Interest and warrant into govemment
Principal Securities securities
SWIFT YTM
Society for Worldwide Yieid to Maturity
Interbank Financial
Telecommunications ZBB
Zero-Based Budgeting
TAL
technical assistance loan ZEBRAs
zero coupon Eurosteriing
TAN bearer registered accruing
Tax Anticipation Note securities
TBR ZIBOR
Treasury Bill Rate Zurich interbank offered rate
TiGR
Treasury Investment Growth
Recelpt
TLC
transferable loan certificates
TLF
transterable loan facilities
Abbreviations (French)
Sigles (franais)
Siglas (francs)
125
Note that not all these abbreviations necessarily appear in the Glossary.
ADEF BMT CATIF
Agence d'valuation bon des maisona de titres contrat a terme d'instrument
financiere flnancier
SON
ADP bon ordre ngociable CBV
action divdende prioritaire Consell des bourses de
BPA valeura
AFSB bnflce par action
Associatlon franalse des CC
soclts de Bourse BSF coupon couru
bon des soclets financIres
AMI CCIFP
agent du march ST Chambre de compensation
Interbancaire billet de trsorerie des Instruments financiers de
Paris
AMM BTA
adhrent mainteneur de bon taux annuel CCR
march coefficlent de capitailsation
BTAN des rsultats
APDF bon a taux annuel normalis
Service de promotion et de CD
dveloppement des BTF certlficat de dpt
lnvestissements en Afrlque bon a taux fixe
CDN
BALO BTM certlficat de dp6t ngociable
Bulletin des annonces lgales bon a taux mensuel
obligatoires CEA
BTN compte d'pargne en actions
BIC bon du Trsor ngociable
bnfices industrlels et CETI
commerclaux BTT contrat d'change de taux
bon a taux trimestrel d'lntr8ts
BIFS
bon des Instltutions BTV Cl
financilres spcialises bon a taux variable certificat d'lnvestissement
BIM CAC CIP
bon A Intrts mensuels Compagnie des agents de certlficat d'lnvestissement
change privilgl
BIPA
bon a Intrts pays CAC CMT
d'avance cotation assiste en continu Consell des marchs terme
BIPATE COB
bon & taux flxe a lntr8ts Commisslon des oprationa
payables terme echu de Bourse
126
COLTS FASR LEP
papier terme offert en Facilit d'ajustement livret d'pargne populaire
permanence structurel renforce
MATIF
COPS FCC march terme des
crances comptables mises Fonds commun de crance instruments financiers
continuellement en francs
suisses FCP MEA
Fonds commun de Modele d'valuation par
CRH placement arbitrage
caisse de refinancement
hypothcaire FEUN MEDAF
Fonds d'Etat libres d'intret Modeie d'qullibre des actifs
DCPE nominal financiers
document-cadre de poiitlque
conomique FIAS MEDAF
Service-conseil pour Modle d'valuation des
DPA l'investissement tranger actifs financiers
dividende par action
FIBV MONEP
DR Fdration intemationales March des options
dlal de recouvrement des bourses de valeurs ngociables de Paris
DSA GAB OAT
dimensions sociales de guichet automatique de obilgation assimilable du
l'ajustement banque Trsor
cu GIE OBSA
unit montaire europenne groupement d'intret obligation bon de
conomique souscription d'actions
ENBAMM
entreprise, tablissement non GRAI OBSO
bancaire admis(e) au march (Programme de) garantie de obligation bon de
montaire recouvrement de l'apport des souscription d'obligations
Investisseurs
ESOP OICV
emprunt sensibilit lES Organisation Internationale
oppose pret d'lnvestissement et des commissions de valeurs
d'entretien sectoriel mobilires
FAA
Fonds d'alde l'Afrique IPA OLLMC
Intrts payables d'avance obligation livrable la moins
FAS chre
Facilit d'ajustement IPE
structurel Intrets payables OPA
l'chance offre publique d'achat
127
OPCVM PREP SICAF
organisme de piacement prt a la rationalisation des socit d'investissement
collectlf en valeurs mobilieres entreprises publiques capital fixe
OPE PREP SICAV
offre publique d'change prt au redressement des socite d'investissement
entreprises publiques capital variabie
OPM
oprateur principal du PREP SICOVAM
march prt la rforme des socit interprofessionnelle
entreprises publiques de compensation des valeurs
OPV mobileres
offre publique de vente RES
rachat, reprise d'entreprise SVT
ORA par les salaris spcialiste en valeurs du
obligations remboursables en Trsor
actions Rl
reglement immdiat T4M
ORT taux moyen mensuel du
obligation renouvelabie du RM march montaire
Trsor reglement mensuel
TAG
OSCAR RPTA taux annuel glissant
obligation spciale & rpartition proportionnelle
coupons & rinvestir des titres amortis TAM
taux annuel montaire
3TV RSP
obligation taux variable rserve spciale de TBB
participation taux de base bancaire
PAPIC
prt l'ajustement de la SBF TCN
politique hndustrielle et Socit des Bourses titre de crance ngociable
commercia-e francaises
TEB
PASA SCMC taux d'escompte moyen
pr8t l'ajustement du Socit de compensation pondr des bons du Trsor
sectour agricole des marchs conditionneis
TIC
PCT SCPI taux d'lntr8t comptable
panachage court termo soclts civles de placement
Immobllier TIOP
PER taux interbancaire offert
plan d'pargne retraite SDIB Paris
Socit de diffusion des
PLT lnformatbons boursires TME
panachage de long terme taux moyen mensuel de
SFI rendement des emprunts
socit flnancibre d'Etat long terme
d'lnnovation
128
TMM
taux du march montaire
TMO
taux du march obligataire
TMP
taux moyen pondr
TOF
tableau des oprations
financibres
TRA
taux rvisable annuellement
TRIBOR
taux de rfrence de
I'indicateur bancaire d'origine
des ressources
TSDI
titre subordonn dure
indtermine
TSR
tItre subordonn
remboursable
uec
unit europenne de compte
Abbreviations (Spanish)
Sigles (espagnol)
Siglas (espaol)
131
Note that not all these abbreviations necessarly appear in the Glossary.
COLTS UCE
valores a ms largo plazo de unkiad de cuenta europea
oferta continua
COPS
valores de oferta continua en
francos suizos
ECU
unidad monetaria europea
FIAS
Servicio de asesora sobre
Inversin extranjera
GRIP
(Programa de) recuperacin
garantizada del principal de
las inversiones
oiCv
Organizacin Internacional
de Comisiones de Valores
OPA
oferta pblica de adquisicin
PPE
documento sobre parmetros
de politica econmica
SET
servicio de emisin de titulos
nIc
tasa de inters contable
TIC
tipo de inters contable
TiCO
tasa de actualizacin del
consumo
Terninologie des fmances et de la dette
Franais-anglais
135
abandons, annulations et accord de retra-t proslf actioms bnla
remboursements antidps fade-out agreemnt, pJ -i4n dvdend stock
droppages, cancellations and agreernent
prepayments (DCP) [IFCJ atlons cmumlathve
accord de smp sur las tau prvd
abstentionniste d'intrit cumuve prefemd stock
free nder interest-rate swap
actions de priorit
acceptation bancaire accroissement du coeffldeut prefemd stock
banker's acceptance d'intensit du capital
capital deepening actdons-<lvidendes
acceptation de banque scnp ussue [UK]; stock
bank bill achat k dcouvert dividend [USJ
mar8in buying [stock exch ]el
acceptation de banque actons gratuites
banker's acceptance acquisition d'actlons scnp issue JUKJ; stock
share ownership dividend [USJ
accord de compensation
clearing agreement acquisition de crances des actions libres
ris philanthropiques paid-up stock, fully pad stock
accord de domiciliation debt-charity swaps
set aside agreement actions nominatives
acquisition de valeurs rgistered stock, personal stock
accord de non-rtrocession mobilires
d'actions share ownership actions privilgies
share retention agreement preferred stock
JIFCJ acteurs sur le march
market pa~icipants activits hors bilan
accord de paiement off-balance sheet (OBS)
clearing agreement action au porteur activities
tfansferable share
accord de rchelonnement adbrent mainteneur de
pluriannuel action davenir march (AMM)
multi-year rescheduling growth stock market maker
agreement (MYRA); multi-year
restructuring agreement action de jouissance adjudication a la hollandalse
(MYRA) dividend-right share Dutch auction fU.S.1
accord de rmr action en chute libre adjudication k prix uniforme
repurchase agreement (RP; air pocket stock Dutch auction [US.1
repo)
action gratulte adoss
accord de rmr inverse bonus share back-to-back (loan, bofrowing);
reverse repurchase agreement matched funding
action volatile
accord de restructuration volatile stock agence de ciassement (des
pluriannuel titres)
muld-year rescheduling actionnaire puissant rating agency
agreement (MYRA); multi-year leveraged stockholder
restnucturing agreement agence de cotation
(MYRA) ratng agency
136
agence de ratlng amlioration de la cote de apprciation
rating agency crdit accretion
credit enhancement
agence d'valuation financiere approche a court terme
rating agency amlioratfon de la signature short-leash approach
credit enhancement
agent approche k la carte
agent bank amlioration des prix moyens market-based menu approach;
(d'un titre) market-driven menu approach;
agent boursier averaging, dollar cost averaging menu of options
dealer [stock marketJ
amortissement approfondissement du capital
agent boursier amortization capital deepening
broker
amortissement de la dette apres bourse
agent boursier oprant pour debt retirement after-market
son propre compte
jobber analyse des probabilits de arbitrage
recouvrement (des prets k un switch
agent de change pays)
broker country collectibility analysis arbitrage
[IBRD] arbitrage
agent de change
floor trader analyste des valeurs arbitrage dans l'espace
securities analyst two-point arbitrage; space
agent de contrepartie arbitrage
dealer [options market] annoncer (un taux)
post (a rate) arbitrage dans le temps
agent de placement time arbitrage
sales agent; selling agent anticipations rationnelles
[securities] rational expectations arbitrage de taux d'intrt
couvert
agent financier anti-transformation covered interest arbitrage
fiscal agent negative term transformation
arbitrage sur les courbes de
agent oprant directement sur appel de fonds rendement
le parquet supplmentaires pour baisse yield curve arbitrage
floor trader de la couverture
margin cal arbitragiste
agent payeur arbitrageur
paying agent appel de marge
margin call arbitragiste
agio trader [stock market]
agio apports complmentaires
topping up argent apatride
agio stateless money
premium [secunities] apports d'argent frais
new money packages argent au jour le jour
allgement financier ovemight funds
financing relief
137
argent au jour le jour autofinancement avor9 non productlfs
calU money; day-to-day money; in house financing nonperforming assets
demand money; money at call self-financing
avolru productifs
argent frais autorisation de prft eaming assets
new money lending authority
back-offlce
arrangements autorisation globale de cap back office
work out arrangements; Global Cap Authority [IFC!
workouts banalisation
autorisation globale de swap conversion from a restricted to
arriere-guichet Global Swap Authoity a fuli-service institution
back office
autres investissements directs banque k charte
assise financiere non-equity direct investment chartered bank [Canada]
capital base
aval banque k charte fdrale
Association des courtiers aval federally chartered bank [U.S.J
internationaux en obligations
Association of Intemational avance de prmission banque k tout faire
Bond Dealers (AIBD) bond-anticipation note (BAN) combined commercial and
investment bank; multibank;
assurer le service d'un pret avance pour la prparation all-purpose bank
service a loan des projets
Project Preparation Facility banque a tout faire
asyntrie des chances advance [IBRDJ universal bank(ing)
maturity mismatch
avance PPF banque a vocation gnrale
attaquant Project Preparation Facility combined commercial and
corporate raider; raider advance [IBRDJ investment bank; multibank;
all-purpose bank
attraction avances a vue
crowding-in call money; day-to-day money; banque a vocation gnrale
demand money; money at cali universal bank(ing)
attribution
aliotment avances non garanties banque a vocation multiple
clean advances universal bank(ing)
attribution d'actions gratuites
stock dividend avec banque d'affalres
premium [option market] investmnent bank [U.S.J;
au-dessous du prix merchant bank [U.K]
in the money (ITM) (option) avis financier
tombstone banque d'origine
au-dessus du prix parent bank
out of the money (OTM) avoir fiscal
(option) tax credit banque de dtail
retail banking
augmentation de l'importance avoirs en portefeuille
des circuits financiers share ownership banque de fiducie
financial deepening trust bank (Shintaku Ginko)
[apan]
138
banque de second rang base de caleul bon a prime (d'mission)
second tier bank notional amount discount note
banque de trsorerie et bnflce par action (BPA) ben k taux flottant
d'arbitrage eamings per share (EPS) floating-rate note; floater
investment bank [U.S.J;
merchant bank [UK] bnflces non distribus ben a taux llottant k coupon
retained eamings index
banque extraterritoriale, floating rate note with variable
offshore besoins de fonds nets coupon fix
offshore bank net cash requirements (NCR)
ben k taux rvisable
banque mere besoins nets de trsorerle floating-rate note; floater
parent bank net cash requirements (NCR)
bon au porteur
banque multiservices beta bearer note
fuUl service bank beta
bon-coupon
banque multiservices billet a ordre coupon note
universal bank(ing) promissory note
ben de caisse
banque multiservices billet de mobilisation savings bond [France, Belgium,
combined commercial and mongage bond U.S.]
investment bank multibank
al-purpose bank billets de trsorerie bon de jouissance
commercial paper (CP); dividend-right certificate
banque non bancaire commercial bills
non-bank bank non-bank bon d'pargne
financial institution blanc savings bond [France, Belgium,
clean U.S.]
banque polyvalente
combined commercial and bloc de contrle bon de sortie
investment bank multibankl controlling interest exit instnrment; exit bond; exit
all-purpose bank vehicle
bon
banque polyvalente note bon de souscription d'actions
universal bank(ing) stock wanrant
bon a coupon hollandais
Banque "sogo' Dutch auction notes bon de souscription
Sogo bank d'obligations
bon k court terme mis (par bond warrant
banque tres engage une collectivit publique) pour
large eposure bank financer un projet bon du Trsor
(autoamortissable) Treasury note [U.S.]
banques lnstalles sur les project note
principales places financires bon du Trsor k long terme
money center banks bon a intrt variable Treasury bond [U.S.]
perptuel
base perpetual floating-rate note bon du Trsor k tr*s court
basis terme
cash management bil
139
ben du Trsor en comptes capital socal cavalier seul
courants equity capital; capital stock (of free rider
Treasury bill U.S.J a corporation)
centieme de pour cent
bon garanti par les recettes capitalisation basis point
fiscales prvues capitalidation
tax-anticipation note (TAN) centime
capitalisation beursire basis point
bon Tankoku market capitalization
Tankoku bill centre bancaire
capitalisation de la dette extraterritorial, offshore
bons a prime (d'mission) debt capitalization offshore banking center
consolids
consolidated discount notes capitalisation des lntrets certificat amricain de dpbt
interest capitalization American Depositary Receipt
bulletin de livraison (ADR)
scrip certificate; bearer scrip capitaux disponibles
floating capital certificat d'action
caisse d'amortissement partiellement libre
sinking fund capitaux fbriles scrip cenificate; bearer scrip
hot money; funk money [U.K]
caisse d'avances certificat d'investissement
revolving fund capitaux tlottants (Cl)
floating capital investment certificate
calendrier des missions
issuing calendar capitaux mobiles certificat de dp8t
floating capital certificate of deposit
cap
cap; capped floating rate note capitaux propres certificat de dpot a taux
stockholders' equity; renouvel
capacit d'endettement shareholders' equity; owners' roll-over cerificate of deposit;
credit standing, creditworthiness equity; equity; net worth; roly poly certificate of deposit
shareholders' funds [UK]
capacit de remboursement de certificat de dpt classique,
la dette carte de crdit institutionnelle par lot
debt canying capacity corporate charge card; straigh4 tap certificate of
corporate credit card deposit
capital k risque
venture capital; risk capital carte de crdit professionnelle certificat de dpot jumbo
corporate charge card; (montant minimum de
capital a risque corporate credit card US$100.000)
nsk capital jumbo certificate of deposit
carte des options [US]
capital non appel market-based menu approach;
uncalled capital market-driven menu approach; certificat de dpot par
menu of options tranche
capital-risque tranche certificate of deposit
venture capital; risk capital cash and carry
cash and carry
140
certificat de reconnaissance charges administres par les clause de bonne volont
de dette servlces goodwill clause
debt ceftificate; certificate of unit-managed costs
indebtedness
clause de danger
charges centrales jeopardy clause; disaster clause;
certiflcat de titre en dpt centrally-managed costs break clause
depositary receipt
chartiste clause de dclenchement
certlflcat de transfert de prets chartist trgger clause [IBRDJ
pass-through certificate;
pa~tcipation certificate chats clause de dfaut crois
cerificates of accrual on cross-default clause
certificat dmembr Treasury secuities (Cats)
strip certificate clause de drogation
chef arbitragiste temporaire
certificat ngociable de dpot head of trading bisque clause
a terme
negotiable time certificate of chef de file clause de disponibilit
deposit lead bank; lead manager switch, availability clause
certificat nominatif cheque certiri clause de manquement
bond certificate certified check rciproque
cross-default clause
certificat strip cheque de banque
stip certificate cashier's check clause de nantissement
ngative
cession chque de banque negative pledge clause
divestiture banker's draft
clause de ne pas faire
cession d'actions (d'une cheque tir negative pledge clause
nouvelle socit aux banker's draft
actionnaires de la socit
clause de non-prfrence de
mre) class improductif tiers
spinoff nonaccrual status, in a negative pledge clause
cession de crances classer clause de partage de
debt buyback, debt repurchase rate, to; grade, to paiements
shaing clause; payment sharing
cession de prts par mission clause "drop lock" clause
de titres drop lock
securitized loan sales
clause de rcupration
clause d'galit de traitement recapture clause
chambre de compensation pari passu clause
clearing house
clause de rendez-vous
clause d'exigibilit croise periodic review clause; review
chantage au dollar cross-default clause clause
greenmail
clause d'illgalit clause de sauvegarde
illegaliy clause jeopardy clause; disaster clause;
break clause
141
clause de solidarit coelYlcient de capitalisation comit de restructuration
pari passu clause des rsultats (CCR) steerng committee; advisory
price/earnings ratio (P/E ratio; committee
clause de verrouillage au taux PER)
plancher Comit Cooke
drop lock coefliclent de cot en Committee on Banking
ressources lntrleures Regulations and Supervisory
clause multidevises domestic resource cost rallo Practices; Basle Supervisors'
multicurrency clause Committee; Cooke Committee
coemflent de couverture
clause ngative hedge ratio Comit de contrle bancaire
negative pledge clause de Bale
coefficlent de liquidit (avant Committee on Banking
clause pari passu 1/1/78 et apres 1/9/88) Regulations and Supervsory
pari passu clause; negative reserve ratio Practices; Basle Supervisors'
pledge clause Committee; Cooke Committee
coefricient de recouvrement
clause rouge brut Comit des rgles et pratiques
red clause gross collection ratio de contrfle des oprations
bancaires
club de cranciers coefflcient marginal de Committee on Banking
group of creditors rserve Regulations and Supervisory
marginal reserve requirement Practices; Basle Supervisors'
CMO Committee; Cooke Committee
collateralized mortgage coefficient net d'exploitation
obligalion (CMO) operating ratio commission d'agent payeur
fiscal agency fee
cochef de file coefficients de liquidit
comanager; colead manager liquidity ratios commission de chef de file
management commission, fee
coefficient bQta coentreprise avec
volatility ratio participation au capital social commission de direction
equity joint venture management commission, fee
coefricient brut d'exploitation
working ratio cofinancement d'intervention commission de garantie
au-dessous d'un seuil de guarantee comrnission, fee
coefricient d'ajustement de croissance donn [IBRD]
(l'encours) de la dette growth contingency cofinancing
amorhizadton adjustment factor commission de garantie
[currency pool] cofinancement sous forme de underwriting fee; facility fee
participation directe
coefficient d'utilisation des directparticipation cofinancing commission de grance
fonds propres handling fee, management fee
gearng ratio [IBRDJ collar
collar commlssion de gestion
coetTicient de capital brut management commission, fee
gross capital coefficient, ratio comit consultatif bancaire
bank advisory committee
142
commission de gestion compte a dcouvert configuration double sommet
handling fee; management fee margin account double top configuration
commission de gestion compte-cheques rmunr configuration M
agency fee [Euromarket] negotiable order of withdrawal double top configuration
(NOW) account
commission de guichet configuration tte-paules
selling commission compte courant du Trsor head and shoulders
aupr*s des grandes banques configuration
commission de mise a Treasury tax and loan account
disposition [U.S.] configuration triangle, en
availability fee JIFC] triangle
compte d'achat de titres triangle configuration
commission d'engagement secunities margin account
commitment fee, charge configuration W
compte d'avances de caisse double bottom configuration
commission de placement imprest accoun4 fund
selling fee fEuromarket] confort
compte d'avances temporaires comfort
commission de reconduction imprest account, fund
extension fee consortialiser
compte de gestion de syndicate, to (a loan)
commission d'instruction trsorerie
processing fee cash-management account consortium
(CMA) syndicate
commission d'instruction
loan origination fee compte de nantissement constitution d'un gage
collateral account collateralization
commission d'ouverture
frontend fee compte de rserves pour le constitution d'une garantie
rachat du capital des actions collateralization
commission d'utilisation capital redemption reserve
utilization fee funds contraint
lock(ed) in (interest rates)
commission immdiate Compte des banques centrales
flat fee; front end fee auprs de la BIRD contrat k cap de taux d'intret
[Euroloan] Central Bank Facility (CBF) interest rate cap
[IBRDJ
commission syndicale contrat & rglement mensuel
management commission, fee compte "prime d'mission" (RM)
share premium account [IFCJ forward contract
compartiment (du march)
segment; sector (of the market) concentration (des chances) contrat k taux d'intrt
bunching (of maturities) plafonns
compensation des crances interest rate cap
Internes condamn
multilateral netting lock(ed) in (interest rates)
compensation montaire de configuration double creux
groupe double bottom configuration
multilateral netting
143
contrat a terme contrat de paiement contre conversion d'un type de taux
futures contract livraison k un autre
take-and-pay contract rate base switch [IFCJ
contrat k terme de taux
d'intrt contrat de prise ferme conversion montaire
forward rate agreement; future take-or-pay contract currency transtation
rate agreement (FRA)
contrat de report correspondant
contrat a terme d'instrument system repurchase agreement agent bank
financier (CATIF)
financial futures contrat de report cotation
repurchase agreement (RP; price (of a bond)
contrat a terme ferme repo)
forward contract cotation (de titres en bourse)
contrat de report inverse listing (of secunties)
contrat terme financier reverse repurchase agreement
financial futures cotation assiste en contfnu
contrat de taux plafonn (CAC)
contrat a terme sur indices cap; capped floating rate note automated quotation
boursiers
stock index future contrat du Matif cotation assiste en continu
financial futures contract (CAC)
contrat k terme sur swap automated quotation
swap future contrats de partage de la
production cotation en continu
contrat d'achat ferme production-sharing contracts market making
take-or-pay contract
contrats de partage des coter
contrat de cap bnrices rate, to; grade, to
cap; capped floating rate note profit-sharing contracts
coupon
contrat d'change de taux contre-garantie coupon
d'lntrets (CETI) counter-guarantee
interest-rate swap coupon couru (CC)
contrepartiste accrued interest (Al) fbondsJ
contrat de FRA market maker
forward rate agreement; future coupon dgressif multiple
rate agreement (FRA) conversion comptable des step-down (securty)
monnales
contrat de gestion currency translation coupon progressif multiple
management contract step-up (security)
conversion de la dette en
contrat d'ouverture de credit devises courbe des rendements
multidevises a options debt domestication yield curve
mnultiples
multioption facility (MOF); conversion de la dette en cours
multoption financing facility devises en dette en monnale price (of a bond)
(MOFF) nationale
debt domestication
144
cours (de l'offre) cofit d'lnactivit (des crdit a tres court terme
ask(ed) price; market price capitaux) call money; day-to-day money;
[securities marketJ canying cost; canying charges; demand money; money at call
cost of carry
cours acheteur crdit autoamortissable
bid price cot en ressources intrieures self-liquidating credit
domestic resource cost (DRC)
cours de la Bourse crdit a vue
share list cot rel des devises calU money; day-to-day money;
domestic resource cost (DRC) demand money; money at calU
cours vendeur
selling rate couverture k terme crdit consortial (sans chef de
forward cover file)
courtage club deal, loan
brokerage couverture de l'opration
margin requirements [stock crdit crois
courtier exchangel swap (transaction)
broker
couverture des oprations A crdit de commodit
courtier (en valeurs terme convenience credit
mobilieres) hedging
securities dealer; securities finn crdit d'quipement
couverture du service de dette term loan
courtier (oprant sur le debt-service coverage
march primaire) spcialiste crdit de restructuration
en valeurs du Trsor (SVI) crance irrcouvrable new money
pmary dealer write off, charge-off [nounJ
crdit de scurit
courtier d'effets publcs crances comptables mises swingline
govemment security dealer continuellement en francs
suisses (COPS) crdit d'imp6t
courtier en fonds d'Etat Continuously Offered Payment tar credit
govemment security dealer Rights in Swiss Francs (COPS)
crdit dirig
courtier en placements crances immobilises managed loan
investment broker nonperforming debt
crdit face A face
cot de dtention (des crances non productives back-to-back (loan, borrowing);
captaux) nonperforming debt matched funding
carrying cost; carrying charges;
cost of canry crdit adoss crdit ponetuel
back-to-back (loan, borrowing); spot credit
cot des emprunts matched funding
doublement pondr crdit reconductible
double-weighted borrowing cost crdit a l'importation pour le revolving credit; rollover credit
[IBRD] redressement conomique
rehabilitation import crdit renouvelable
credit/loan (RIC, RIL) [IBRD] revolving credit; rollover credit
crdlt souveran
sovereign credit
145
crneau dcomposition des risques demande de retralt de fonds
window (in a market) financiers pour le regiement direct de
unbundling of financial nsks fournlsseurs
critere de stimulation Apptication for Withdrawal for
materiality criteria dcote direct payment [IBRDJ
discount from par [secunities
cushion bond market] dmanRiement
cushion bond divestiture
dcote de conversion
date d'change conversion discount dmatrialisatlon
trade date computerized entry of
dcouvert, k ownership; dematealisadion
date de jouissance uncovered; naked [UKJ
dated date
dfaillance du march dmembrement
date de reconduction market failure divestiture
rollover date
dfausse de la dette dmembrement
date de reglement debt defeasance; collateralized stripping
settlement date (debt) defeasance
dnouer
date de valeur defeasance unwind
value date debt defeasance; collateralized
(debt) defeasance dpenses groupes au dbut
date de versement (d'une priode donne)
payout date; payment date; degr de volatilit front-loaded spending
distribution date volatility ratio
dperdition sur
date effective de rentre des dlai de grce l'investissement
fonds grace period investment leakage
payout date; payment date;
distribution date dlit diniti dport
inside, insider dealing disagio
dcapitalisation
stock dilution; stock watering delta dport
delta discount; ma.*own [foreign
dclaration de politique de exchangel
dveloppement demande de remboursement
letter of development policy anticip dport
JIBRD] acceleration of maturity backwardation
dclaration de politique demande de retrait de fonds dpossession
sectorielle pour le remboursement d'un divestiure
letter of sectoral policy IIBRD] palement
Application for Withdrawal for dpt de garantie
dclasser (un prat) reimbursement [IBRDJ iniial margin
downgrade (a loan)
146
dprciation diffr d'amortissement document
impairment grace period prospectus
dernier prix (de la journe) diffrentiel document-cadre de politique
closing price basis conomique (DCPE)
policy framework paper (PFP)
dsengagement (d'une socit dilution [IBRD]
d'Etat) dilution
divestiture dont les intrets impays ne
dilution du capital sont pas comptabiliss
desintermdiation stock dilution; stock watering nonaccrual status, in a
disintermediation
disagio double march
dsintermdiation disagio two-tier market
securitization
dispositif d'action droit
dette achete avec dcote et conjoncturelle right (to purchase shares)
revendue a sa valeur Contingency Mechanism
nominale [IBRD/IMF] droit de conversion
round-tripping stock option
dispositif d'appui conditionnel
dette amortie l'investissement droit de souscription
retired debt contingent investment support subscription right
facility
dette consolide duration
funded debt dispositif de financement duration (of an investment)
pour imprvus
dette de rang infrieur contingency financing facility dysfonctionnement du march
junior debt; subordinated debt market failure
distorsion montaire
dette prioritaire currency twist cart
senior debt spread
distribution d'actions (d'une
dette priviligie nouvelle socit aux cart baissier
senior debt actionnaires de la socit bear spread
mere)
dette rachete (crances spinoff cart diagonal
rendus) au rabais diagonal spread
discounted debt distribution d'actions
gratuites cart en papillon
dette rachete (crances stock dividend butterfly (cali) spread
rendus) moyennant dcote
discounted debt dividende en actions cart entre les bons du Trsor
scrip issue [UKJ; stock et les dpts a terme en
dette subordonne dividend tUS] eurodollars
junior debt; subordinated debt TED spread
division (d'une action en
dvalorisation plusleurs titres) cart haussier
impairment split; split-up; splitting bull spread
147
cart vertical effets k court terme mission (primaire) d'actions
verical spread; price spread short-term paper primary offering
change de crances contre effets de commerce mission de titres
une participation aux recettes commercial paper (CP); capital issue
d'exportation de produits de commercial bilis
base mission d'obligations k
debt commodity swap effets de commerce en l'tranger
eurodevises extemal bond issue
change de dettes contre des Eurocommercial paper (ECP)
fonds propres mission d'obligations
debt(-for)-equity swap, effets porteurs d'intret haussieres
conversion interest-bearing notes bull bond
change de monnales effets privs mission d'obligations le a
diffrentes private paper des apports d'argent frais
back-to-back (loan, borrowing); new money bonds
matched funding effets publics
govemment paper mission exploratoire
change de prets contre des red hering issue
obligations largissement du capital
loans-for-bonds exchange capital widening mission habituelle
seasoned issue
change dette/nature lasticit globale du systeme
debt-for-nature swap fiscal par rapport au produit mission haussiere
intrieur brut (PIB) buU bond
change financier tax buoyancy
swap (transaction) mission rate d'avance
lment don rsultant du "Star Trek" issue
chance in fine panachage
bullet maturity blended grant element mission sans risque
investment grade paper
crire lment du pool (provisoire)
write (an option, a swap) d'emprunts emprunt a fenetre
proxy borrowing [IBRDJ put bond, putable bond; bond
effet a court terme with put option
short-term note metteur
issuer emprunt de contrepartie
effet brlant back-to-back (loan, borrowing);
hot bill metteur matched funding
maker (e.g., of a note)
effet de carrousel emprunt en vrac
merly-go-round effect mission a caractre lump-sum borrowing [IFCJ
spculatif
effet de commerce speculative grade paper emprunt garanti par l'Etat
trade bill [U.KJ sovereign credit
mission k guichets ouverts
effet de retour a la source tap cerificate of deposit emprunt MiniMax
mery-go-round effect MiniMax loan
mission colle (coince)
hung-up issue
148
emprunt par obligations mis emprunts de rfrence engagement d'attente
par sries qualified borrowings (QB) standby commitment
serial bon4 loan [IBRD]
engagement de prise de
emprunt remboursable en une emprunts en devises Indexs partlcipation
seule fois (dont le taux est index) equity underwniting
bullet issue indexed currency borrowings
engagement par pays
emprunt remboursable in fine emprunts gants country exposure
bullet issue jumbo borrowing
engagement spctal
emprunteur bien cot emprunts jumbo Special Commitment [IBRDJ
prime borrower; premier jumbo borrowing
borrower; high quality borrower; enregistrement en attente
top grade borrower en blanc shelf registration
clean
emprunteur de premier ordre entrept
prime borrower; premier en dedans entrepot; tumtable
borrower; high quality borrower; in the money (ITM) (option)
top grade borrower entreprise non bancaire
en dehors admis(e) au march
emprunteur final out of the money (OTM) montaire (ENBAMM)
subborrower (option) non-bank bank, non-bank
financial institution
emprunteur secondaire encadrement (du crdit)
subborrower lending ceiling credit limit rosion fiscale des revenus
fiscal drag
emprunteur trs solvable encart publicitaire
prime borrower; premier tombstone escompte
borrower, high quality borrower; discount fbillsJ
top grade bonrower encheres au rabais
Dutch auction [U.S.J escompte a forfait
emprunteurs aupres de discount without recourse
sources publiques encours total de la dette
official borrower debt overhang escompte en ducroire
discount without recourse
emprunts a sensibilit endett
oppose (ESOP) (highly) leveraged escompte ofriciel
bull and bear bond discount window
engagement
emprunts aupres exposure escompte sans recours
d'intermdiaires financiers discount without recourse
internationaux engagement k la baisse
intennediative borrowing short position tablissement non bancaire
admls(e) au march
emprunts de collectivit locale engagement conditionnel montaire (ENBAMM)
general obligations; general contingent obligation [IBRDJ non-bank bank; non-bank
obligation bonds financial institution
engagement conditionnel (de
emprunts de dtresse participation)
distress borrowing standby equity
149
etre a la fois vendeur et extemnalisation (des facdlit de fluancement des
acheteur versementa au titre du service Importations
make a market de la dette) trade financing facility
extemalization (of debt ser'ce
etre faiseur de march paymentr) facilit de garantde
make a market backstop (credit) facility;
extraterritorial backup (underwiting) facility
euro-actions offshore
euro-equities facilit d'mission d'effets
face & face revolving undenwriting facility
eurobillets de trsorerie back-to-back (loan; borrowing); (RUF); note issuance facility
Eurocommercial paper (ECP) matched funding (NIF); note purchase facility;
euronote facility
eurocrdit Facilit d'ajustement
Eurocredit structurel tablie dans le facilits d'missions non
cadre du Compte de cautionnes
eurodevise versements spcial (FAS) non-underwntten facilities
Eurocurrency Structural Adjustment Facility
within the Special facilits d'missions non
eurodollar DisbursementAccount (SAF) souscrites
Eurodollar [IMF] non-unde,vritten facilities
euromarch Facilit d'ajustement facilits d'missions
Euromarket structurel renforce (FASR) souscrites
Enhanced Structural underwritten facilities
euromonnale Adjustment Facility (ESAF)
Eurocurrency [IMF] facteur de rvaluation
revaluation factor [currency
euro-obligation facilit de crdit spcial pool]
Eurobond (RUF)
revolving underwriting facility facteur de rvaluation au
europret (RUF); note issuance facility jour le jour
Euroloan (NIF); note purchase facility; daily revaluation factor
euronote facility [currency pool]
valuation
rating facilit de financement a facilits d'euronotes
options multiples euronote facilities
valuation actuarielle multioption facility (MOF);
actuarial evaluation multioption financing facility Fdration internationales des
(MOFF) bourses de valeurs (FIBV)
valuation par score International Federation of
scoring Facilit de rinancement Stock Exchanges (FIBV)
compensatoire et de
viction financement pour imprvus fiche de Bourse
crowding-out Compensatowy and Contingency trading ticket [securities]
Financing Facility [IMF]
exigibilit anticipe riger
acceleration of maturity lock(ed) in (interest rates)
150
financement a forfalt flnancement novateur floor
nonrecourse finance creative financing fpoor
financement avee drolt de fnancement par fonds flottement assist
recours limit propres diy foat
limited recourse finance in house financing;
self-ftnancing flottement control
financement concert diry float
concerted financing lending; financement par l'emprunt
concerfed lending deal debt financing flottement dirig
dity float
financement conjoint flnancement paral1le
jointfinancing parallelfinancing flottement impur
dirty float
flnancement coordonn flnancement sans recours
coordinated financing nonrecourse finance flottement pur, non dirig
clean fpoat
financement coupl financement supplmentaire
back-to-back (loan, borrowing); front-end financing flottement soutenu
matched funding dirty fioat
financement sur contrat
financement des dernires contract financing fluctuation de prix minimum
chances tick
funding latter maturities financialisation
[IBRD] financialization fluctuation des taux d'intret
due k une fuite de capitaux
fhnancement de soudure financirisation interest leakage
bridge financing financialization
luctuation minimale
rinancement du dficit financirisation tick
gap financing securitization
flux financiers
financement en fonds propres rixation du prix des prets funds flow; flow of funds
equity financing; equity secondaires
investment subloan pricing fonds commun de placement
(FCP)
flnancement gigogne fixation du taux d'intret mutual fund
piggyback financing pricing (of a loan)
fonds commun de placement
financement interne rixation libre des prix (FCP)
in house financing open pricing open-end (investment) fun4
self-financing company (OEIC); mutual
fixer fund, unit trust [U.KJ
financement jumel post (a rate)
matched funding fonds commun de placement k
fixing court terme
financement mixte fixing money market (mutual) fund
(BIRD/IDA) (MMF)
blend financing flp-flop
fpip-flop
51
fonds commun de placement Fonds commun de formule forfaltalre de
de trsorerle participations placement
money market (mutual) fund equity portfolio fund formula investing
(MMF)
Fonds d'aide A I'Afrique formules indites
fonds commun de placement (FAA) creative financing
montaire Special Facility for
money market (mutual) fund Sub-Saharan Africa, Special formules nouvelles
(MMF) Facility for Africa, African creative financing
Facility (SFSA; SFA)
fonds d'amortissement formules originales de
sinking fund Fonds de promotion des financement
marchs naissants creative financing
fonds de placement ferm Emerging Markets Growth
closed-end (investment) fund, Fund (EMGF) IFCJ FRA
company (CEIC) forward rate agreement; future
Fonds des entreprises rate agreement (FRA)
fonds de placement qui africaines
prQlve une commission African Enterprise Fund fractionnement des taux
load fund d'intret
Fonds d'investissement des interest rate segmentation
fonds d'Etat britanniques marchs naissants
gilt-edged secunities Emerging Markets Investment frais centraux
Fund (EMIF) lIFCJ centrally-managed costs
fonds exempt de commission
no-load fund Fonds rgional de projets frais de constitution de
pour i'Afrique subsaharienne dossier
fonds fdraux Regional Project Facility for loan origination fee
federal funds [USJ Sub-Saharan Africa
frais de cotation
fonds mutuel de placement Fonds spcial d'aide A admission fee (to a stock
(dans un pays) P'Afrique subsaharienne archange)
country fund Special Facility for
Sub-Saharan Africa; Special frais de couverture de change
fonds pays Facility for Africa; African foreign exchange coverage fee
country fund Facility (SFSA; SFA)
frais de gestion
fonds propres forfaitage management commission, fee
capital base forfaiting
franchise de remboursement
fonds propres formation d'un consortium grace period
stockholders' equity; syndication
shareholders' equity; owners' freinage fiscal
equity; equity; net worth; formation d'un syndicat fiscal drag
shareholders' funds [U.KJ financier
syndication future
fonds renouvelable financial futures
revolving fund formation du prix
pricing (of a loan) futures
futures [commodities market
152
gage grant de portefeulile horu du cours
collateralized (bond) portfolio manager out of the money (OTM)
(option)
gain net de rendement gestion de (la) trsorerle
yield pickup cash management CON
indexed currency option note
gamma gestion du passlf (ICON)
gamma liability management
imposition de conditions
gapping grande banque pralables
gapping city bank [Japan] front-loading of conditionality
garant d'mission greenmail indexing
underwriter greenmail indexing index program
garantie (de l'Etat) groupe de cranciers indice de rvaluation du pool
guarantee [IBRDJ group of creditors currency pool index
garantie appelable par groupe de direction indicirisation
anticipation management, managinggroup indexing, index program
accelerable guarantee fEuro-dollar market]
inflation de base
garantie de la BIRD groupe de garantie core inflation
guarantee [IBRD] underwriting consortium, group,
syndicate ingnierie financire
garantie de participation au financial engineering
capital groupe d'enchrisseurs
equity-related guarantee tender panel institution d'pargne
contractuelle
garantie de recouvrement de groupe de placement contractual savings institution
l'apport des investisseurs selling consortium, group,
(GRAI) syndicate [EuromarketJ instrument financier terme
Guaranteed Recovery of financial futures
Investment Principal (Program) guichet automatique de
(GRIP) [IFC] banque (GAB) institution financiere non
automatc, automated teller bancaire
garantie d'une crance machine (ATM) non-bank bank; non-bank
debt secuity financial institution
habillage de bilan
garantie mobile window dressing instrument ngociable
rolling guarantee (of interest negotiable instnrment
payments) hasard moral
moral hazard instrument participatif
garantie non appelable par equity-like instnument
anticipation hedging
non-accelerable guarantee hedging instruments de la dette
publique
Gensaki honorabilit (client priv] government debt instruments
Gensaki credit standing creditworthiness
153
instruments pour Poctrol lnvestlssement compromis junk bond
d'argent frais impaired investment junk bond, speculativegrade
new money instruments bond
Investissement de productlvlt
lnstruments quasimontaires capital-deepening investment krach boursier
near cash instruments stock market crash
Investlssement direct k
intendance l'tranger layering
back office direct foreign investment (DFI) layering
intensification des circuits investissement en aval lettre de change
financiers downstream investment bill of exchange
financial deepening
investissement en danger lettre de confort
intret de dport impaired investment letter of comfort
backwardation rate
investissement immature lettre de crdit standby
intret de report immature investment standby letter of credit
contango rate; continuation rate
investissement obligataire LIBID
intret patrimonial forced investment London Interbank Bid Rate
proprietary interest (LIBID)
investissement qui n'a pas
intrets moratoires encore atteint son rendement LIBOR
default interest normal London Interbank Offered Rate
unseasoned investment (LIBOR)
intermdiaire en bourse
jobber investissement sorti du LIBOR pour les transactions
portefeuille en dollars
intermdiaire financier closed-out investment [IFC] dollar ($) LIBOR
financial interrnediar'y
investissements arrivs a ligne (de crdit) de garantie
intermdiation maturit back-up line of credit
intermediation mature investments
ligne (de crdit) de protection
intermdiation financiere investissements directs autres back-up line of credit
market intermediation que les participations
non-equity direct investment ligne (de crdit) de soutien
intervenants sur le march back-up line of credit
market pariicipants investissements qui
commencent a rapporter ligne (de crdit) de
intervenir sur le march mature investments substitution
face the market back-up line of credit
investisseur final
introduction en bourse retail investor ligne de dcouvert
initial public offering (IPO) swingline
jobber
investissement k provisionner jobber
impaired investment
154
ligne de liquidit march au comptaut march des valeurs mobilieres
swingline spot market; cash market securities market
[foreign &changel
LIMEAN march des valeurs mobilieres
LIMEAN march aux enchres non inscrites k la cote
auction market omeielle
limitation de la circulation unlisted secuAffes market
physique des valeurs march baWssier (ULM); over-the-counter
truncation bear market (OTC) market; third market;
curb market
limite du pouvoir de prt march bancaire des
lending ceiling, credit limit particuliers march disputable
retail banking contestable market
liste d'attente
queue march boursier march du disponible
equity market spot market; actual market;
liste de conditions cash market; physical market
term sheet march de(s) capitaux [commodities]
capital market
liste sous contrle march fig
watch list march de l'argent locked market
money market
long hedge march financier
long hedge march de la crie capital market
floor trading
maison de rescompte march rinancier
discount house; bill broker march d'encheres financial market
auction market
maison de titres march financier
investment bank [U.S.J; march d'enchres open market
merchant bank [U.K] auction market
march gris
maison de titres march de porteurs grey, gray market
securities dealer; securities firm bearer market
march haussier
mandataire march des actions buil market
agent bank equity mawket
march hors bourse
manque de concordance des march des capitaux third market; off-the-board
chances financial market market
maturity mismatch
march des effets a court march hors cote
manque de synchronisme des terme unlisted securities market
chances short-term paper market (ULM); over-the-counter
matunty mismatch (OTC) market; third market;
march des fonds propres curb market
march k terme d'instruments equity market
financiers (MATIF) march hors cote
financial futures market over-the-counter market (OTC)
155
march montaire marking to market mmorandum d'offre
money market marking to market offering memorandum
march ob la cote de crdit masse montaire au sens mmorandum de placement
est primordiale troit placement memorandum;
name market narrow money [cf. Ml] placing memorandum;
information memorandum
march paralIlle mauvais fonctionnement du
parallel market march menu-.
market failure market-based menu approach;
march primaire market-driven menu approach;
primary market mcanisme automatique de menu of options
rvision (des taux d'intret)
march secondaire automatic resetting mechanism menu des options
secondary market [IFCJ market-based menu approach;
market-driven menu approach;
march tres actif mcanisme d'assurance des menu of options
deep market swaps
Swap Insurance Facility mettre en jeu une garantie
marchisation [IBRDJ call a guarantee
securitization
Mcanisme de couverture de mini-obligation
marchisation swaps baby bond
marketization Contingent Swap Facility
[IBRDJ mise en pension
marchs a terme sur les taux repurchase agreement (RP;
d'intret Mcanisme de dveloppement repo)
interest rate futures des Carailbes
Caribbean Development mise en pension inverse
marge Facility reverse repurchase agreement
spread
Mcanisme de financement de mise en report
marge brute la prparation des projets inward swap
gross eamings margin; gross Project Preparation Facility
margin; bankers spread; (PPF) [IBRDJ mobilirisation
banker's markup [banks] securitization
Mcanisme de financement du
marge de dcaissement Projet Dimensions sociales de mobiliser
headroom l'ajustement discount
Social Dimensions of
marge financire Adjustment Project Facility; modle d'quilibre des actifs
financial spread SDA Project Facility rinanciers (MEDAF)
capital asset pricing model
marge implicite Mcanisme de financement (CAPM)
implicit spread pour alas extrieurs
Extemal Contingency modle d'valuation des actifs
marge vorace Mechanism [IMF] financiers (MEDAF)
alligator spread capital asset pricing model
(CAPM)
156
modification de l'chancier montants passs par pertes et non garantl
interest retiming prolts clean
write off, chage-off [noun]
modifcation de la monnale
notation
d'un pret montants rservs rating
cunrency redenomination set-asides
note d'lnformation
modification de la priodicit moyenne (pondre) mobile placement memorandumr;
des paiements d'intrts running (weighted) average placing memorandum
interest retiming
moyens de paiement k note sur les probabilits de
modification du rgime des l'encaissement recouvrement
intrets float [banking] country collectibility note
interest (rate) switching
[IBRD]
moyens de paiement flottant
MOF float [banking] nouveau pouvoir de placemnent
multioption facility (MOF);
New Investmnent Authority
multioption financing facility moyens de paiement non (NL4)
(MOFF) recouvrs
float [banking] novation
montique
novation
electronic banking multiplication des oprations
chuming overading novation
monnale au sens troit
renewal
narrow money [cf. MI] naturalisation de la dette
debt domestication obligation
monnale pine
bond
splinter currency [IBRDJ ngociation de larges paquets
d'actions obligation
monnaie pineuse block trading debenture (bond)
splinter currency [IBRDJ
ngociation spare obligation
monnale scripturale stripping note
bank money
new money obligation a coupon diffr
montages comportant l'apport new money deferred coupon note; deferred
d'argent frais
interest note
new money packages niveau d'indiffrence
break-even point [stock market] obligation a coupon zro
montant notionnel
zero coupon bond
notional amount nominale
par value; face value obligation double devise
montant total des caps
dual-currency bond
autoriss non admis, non inscrit k la
Global Cap Authority [IFC] cote officielle obligation a long terme mise
unlisted (security) par une collectivit publique
montants affects
pour financer un projet (dont
set-asides non cot les recettes assureront le
unlisted (security) remboursement)
revenue bond
157
obligation A lot obligation a taux variable obligation convertible en
seral bond, loan Wmismatch" actions
mismatch floating rate note converible; convertible secunty
obligation apparente aux
actions obligation a taux variable obligation 'daimyo"
equity-related bond; (OTV) daimyo bond
equity-linked bond floating-rate bond
obligation de premier ordre
obligation prime obligation taux variable top-rated bond
(d'mission) base sur une
discount bond contre-transformation obligation de socit
mismatch floating rate note corporate bond
obligation At prime d'mission
original issue discount (OID) obligation a taux variable obligation dnonce
bond plafonn called bond
capped floating rate note
obligation prime d'mission obligation doublement
levee obligation au porteur garantie
deep-discount bond, note bearer bond double-barreled bond
obligation risque obligation avec bon de obligation mise par une
junk bond; speculative grade souscription d'actions collectivit publique dans
bond (OBSA) l'attente de rentres non
bond with equity warrant fiscales
obligation assortie d'une revenue-anticipation note
option de vente obligation avec bon de
bond with put option souscription d'obligations obligation tranglre mise k
(OBSO) Londres
obligation i taux flottant bond with bond warrant Bulldog bond
floating-rate bond
obligation avec option de obligation gage
obligation a taux tlottant a change collateralized (bond)
intrt invers multiple (currency) option bond
inverse floating rate note obligation garantie par une
obligation avec option hypotheque
obligation k taux flottant fix montaire collateralized mortgage
d'avance multiple (curency) option bond obligaton (CMO)
stepped (rate) bond
obligation A warrant obligation Geisha
obligation a taux flottant gag warrant bond Geisha bond
collateralized floating rate bond
obligation "bouIedogue obligation haussiere et
obligation A taux flottant Bulldog bond baissiere
inversement indexe bul and bear bond
reverse floating rate note obligation cautionne
custom duty bill obligation hypothcalre
obligation A taux renouvel mortgage bond
roly poly bond obligation classique
straight bond
158
obligation indexe obligation perptuelle obligation vendue a guichet
indexed bond; index-linked nonmaturzing, nonredeemable ouvert
bond govemment bond; perpetual bond sold on tap
bond, annuity bond, consol
obligation indexe sur les prix [U.K] obligation warrante
de produits de base warrant bond
commodity-indexed bond obligation plantaire
global bond obligation Yankee
obligation kiwi Yankee bond
kiwi bond obligation pourrie
junk bond, speculative grade obligations d'Etat de qualit a
obligation "lvrier d'Irlande" bond coupon zro
wolfhound bond sterling transferable accruing
obligation pouvant intresser govemment securities (STAGs)
obligation lie aux prix de les banques
produits de base bank quality bond obligations mises par des
commodity-linked bond; organismes fdraux
commodity-backed bond obligation prorogeable agency securities, obligations
extendible bond; extendible
obligation matador matuity bond offre excdentaire
matador bond overhang
obligation prorogeable
obligation multimarchs extendible note; extendible offre publique d'achat (OPA)
global bond maturity note take-over bid
obligation munie de coupon obligation remboursable avant offre publique de vente (OPV)
coupon(-bearing) bond l'chance public offering (of shares)
callable bond
obligation ne pouvant etre offre publique sur le march
amortie par anticipation obligation rtractable secondaire
noncallable bond retractable, putable bond secondary public offering
obligation nominale 3 option obligation samoura! offshore
d'achat ou de vente de Samurai bond offshore
produit
nominal bond with attached obligation "shogun" OPA a crdit
commodity option Shogun bond leveraged buyout (LBO)
obligation (non garantie) obligation spciale A coupons OPA sauvage
loan stock A rinvestir (OSCAR) unfriendly takeover bid
bunny bond
obligation non garantie open market
debenture (bond) obligation Isushi" open market
Sushi bond
obligation non ngociable oprateur (sur le march)
nonmarketable bond obligation venant a chance dealer [stock market]
due bond
obligation participante
income bond, participating
bond
159
oprateur principal du oprations de couverture par option de reprise (des
march (OPM) achat A terme dernires chances d'un prt
discount house; bill broker long hedge commercial)
take-over option [IBRDJ
oprateurs sur le march oprations de prise en report
market participants outward swtching operations option de souscription
stock option
opration a chances oprations en contrepartie
symtriques hedging option de swap
matched matuity transaction swaption; swap option
[IBRDJ option
option option de vente
opration couple d'emprunts put option
back-to-back (loan, borrowing); option amricaine
matched funding American (style) option option europenne
European (style) option
opration d'achat de titres au option au cours
comptant et de vente de at the money (ATM) (option) option multidevises
contrats k terme multicurrency option
cash and carry option call et put
straddle; call-and-put option option sur contrats a terme
opration de couverture par futures option
vente a terme option d'achat
short hedge call option option sur indice
index option
opration de vente de titres option d'achat du double
au comptant et d'achat de call of more (CM) ordre a cours limit
contrats a terme limit order
reverse cash and cany option dans le cours
in the money (I'TM) (option) ordre au mieux
opration en association market order
equity joint venture option de change
multicurrency option ordre d'achat
oprations k terme trading ticket [secunities]
futures [commodities market] option de gr a gr
over the counter (OTC) option ordre de placement
oprations d'arbitrage en automatique
couverture d'actifs option de modification de la formula investing
hedging monnaie d'un prt
currency redenomination ordre de vente
oprations d'arbitrage vers trading ticket [secunties]
l'intrieur option de put
inward switching put option ordre li
straddle; call-and-put option
oprations de bouclage option de rachat
topping up call option ordre stop
stop order
option de remboursement
anticip au gr du porteur
put
160
Organisation internationale papier financier participation sans recours
des commissions de valeurs commercial paper (CP); nonrecourse participation
mobilires (OICV) commercial bilis
Intemational Organization of parts bnficiaires
Securities Commissions papier synthtique a taux founders' shares; promoters'
(IOSCO) d'intret flottant stock [U.K]
synthetic floating rate notes;
organisme d'mission derivative floating rate notes parts de fondateur
issuer founders' shares; promoters'
parit, a stock [U.K]
organisme de placement at the money (ATM) (option)
collectif en valeurs mobilires passager clandestin
(OPCVM) parit de conversion free rider
investment company, fund conversion value
passation par pertes et profits
paiement contre documents part d'association write off; charge-off
cash against documents (CAD) partnership share
pays k faible revenu, k revenu
palements d'intrets prvus t part de capital intermdiaire gravement
P'chancier proprietary interest endett
scheduled debt service severely indebted low-, middle-
part des risques income country (SILIC,
panachage a court terme exposure SIMIC)
(PCi)
current blend (CB) [IFC] participants sur le march pays a faible revenu, revenu
market paticipants intermdiaire modrment
panachage de long terme endett
(PLI) participation k forfait moderately indebted low-,
long-term blended cost rate nonrecourse participation middle-income country
(LTB) [IFC] (MILIC, MIMIC)
participation k toutes les
panel d'offre chances pays a financement mixte
tenderpanel strip participation blend country
papier a court terme participation au capital pays k revenu intermdiaire
short-term paper equity financing, equity fortement endett
investment highly, heavily indebted middle
papier a terme offert en income country (HIC)
permanence (COLTS) participation croise
Continuously Offered cross-shareholding pays admis A emprunter A
Longer-Term Securities l'IDA
(COLTS) participation majoritaire dans IDA-eligible country
l'actif
papier commercial proprietary interest pays ligible au crdit de
commercial paper (CP); I'IDA
commercial bilis participation proportionnelle IDA-eligible country
funding pro rata [IBRDJ
pays empruntants auprs de
sources publiques
official borrower
161
pays empruntants sur les place bancaire plan de rduction de la dette
marchs financiers extraterritoriale, offshore (avec garantie)
market borrowers offshore banking center collateralized (debt)
defeasance; debt defeasance
pays en pointe placement d'actions dtenues
fast track country par les particuliers plan de souscription d'actions
secondary offering stock option
pays menac d'asphyxie par
endettement placement de pere de famille plancher
debt distressed country blue chip floor
pays pouvant bnficier d'un placement de titres par gros plaque tournante
financement mixte paquets entrepot; turntable
blend country block trading
plus-values latentes
pays qui continue placement par vole prive unrealized gains
d'emprunter private placement
active borrower point de base
placement spcial basis point
pays qui ont accs aux special placement
marchs financiers pondration des monnales
market-eligible countries plafond de pret librement currency weight
accord
pays recevant des prets de la free limit of loan pool de monnales rix comme
BIRD et des crdits de l'IDA objectif
blend country plafond des taux d'intrt targeted currency pool
interest rate cap
pays surendett pool d'emprunts de rfrence
debt distressed country plage de rfrence pool of qualified borrowings
target zone; reference zone
priode d'intrt pool des monnales (des prts)
interest period plan d'achat loan currency pool
stock option
ptro-obligation pool des monnales prtes
petrobond plan d'pargne retraite loan currency pool
personnel (PER)
phase de dveloppement individual retirement account portefeuille de prets
(d'une socit) (IRA) loan portfolio
mezzanine level
plan de rduction de la dette portefeuille liquide
pied de coupon (avec garantie) liquidity po~tfolio; liquid assets
ask(ed) price; market price debt defeasance; collateralized ponfolio
[securities market] (debt) defeasance
portefeuille modele
plan de rduction de la dette benchmark portfolio [IBRDJ
(avec garantie) avec fonds
d'amortissement porteur d'obligations
debt defeasance through the bondholder
sinking fund mechanism
162
porteur de titres premier prix (de la journe) pret a la rhabilitation de
bondholder opening pce zones sinistres
emergency reconstruction loan
position acheteur prendre (des effets) en (ERL)
long position pension
take in, to (bills) pret a taux rvisable
position courte resetter loan; rate resetter (RR)
short position prsence loan
exposure
position longue pret a un intermdiaire
long position pret k amortissement ngatif financier
negative amortization loan financial intermediary loan
position ouverte (FIL)
open interest; open market pret a coupon unique
interest balloon loan pret apex
apex loan
position vendeur pret a l'ajustement de la
short position politique industrielle et pret au jour le jour
commerciale (PAPIC) call loan
pourcentage de couverture industrial and trade policy
margin requirements [stock adjustment loan (ITPAL) prt au redressement des
exchangel entreprises publiques (PREP)
pret a l'ajustement des public enterprise rehabilitation
pouvoir d'engagement exportations loan (PERL) [IBRD]
commitment authority export adjustment loan (EAL)
pret au redressement
pouvoir de placement des prt k l'ajustement du secteur conomique
liquidits de la SFI agricole (PASA) economic recovery loan (ERL)
liquid assets investment agricultural sector adjustment
authority [IFC] loan (ASAL) pret au relevement
emergency reconstruction loan
pouvoir de pret pret a l'importation pour le (ERL)
lending authority redressement conomique
rehabilitation mport pret aux courtiers de Bourse
pouvoir gnral de placement credit/loan (RIC, RIL) [IBRDJ broker loan; broker's loan
General Investment
Authorization [IBRD/IDA] pret a la rationalisation des pret aux courtiers de Bourse
entreprises publiques (PREP) broker loan; broker's loan
pravis d'mission public enterprise rationalization
red herring loan (PERL) [IBRDJ pret aux courtiers de Bourse
broker loan; broker's loan
prciput pret k la reconstruction
praecipium; praecipuum emergency reconstruction loan pret avec intressement aux
(ERL) bnfices
prdateur loan with equity kicker
corporate raider; raider pret k la rforme des
entreprises publiques (PREP) pret "B"
prdateur hostile public enterprise reform loan "B" loan
hostile raider (PERL) JIBRDJ
163
pret ballon prt d'investissement et pret non productif
balloon loan d'entretien sectoriel <lES) nonperforming loan;
sector investment and nonaccruing loan
pret cofinanc maintenance loan (SIM)
coloan [IBRDJ pret par tapes
time-slice loan
prt comnportant un risque pret d"nvestissement
souverain spcifique pret participatif
sovereign risk loan specific investment loan (SIL) loan with equity kicker
[IBRD]
pret conditionnel pret participatif
standby loan pret dont on exige le equity loan
remboursement anticip
pret consenti par la SFI a une prematured loan pret-programme
banque nationale de program loan; program lending
dveloppement pour l'octroi pret du pool [IBRD]
de prets a des PME pooled loan
package loan JIFC] pret-programme d'aJustement
prt en cascade program adjustment loan
pret consortial apex loan (PAL) [IBRDJ
syndicated loan
pret en danger pret pyramidal
pret d'ajustement sectoriel jeopardy loan apex loan
sector adjustment loan
(SECAL; SAD) pret en difficult pret rembours par
dlistressed loan anticipation
pret d'assistance technique prematured loan
technical assistance loan pret gant
(TAL) [IBRDJ jumbo loan prOt secondaire
subloan
pret de qualit pret global
quality loan package loan [IFCJ prat sectoriel
sector loan
pret de titres garanti par pret hybride
d'autres titres hybrid loan pret sous forme de prise de
borrow-pledge security loan participation
prt index equity loan
pret de titres garanti par des indexed loan [currency pool]
fonds pret subsidiaire
cash secuity loan pret jumbo subloan
jumbo loan
pret destin a couvrir un pret syndiqu
ventuel dpassement des pret librement accord syndicated loan
coots free-limit loan
overage loan pret syndiqu en circuit ferm
pret non privilgi club deal loan
subordinated loan
164
prt trs menac prets involontaires prise de controle par
jeopardy loan involuntary lending l'emprunt (LBO)
leveraged buyout (LBO)
prt(er) a un pays dont les prets non spontans
intrts ne sont pas involuntary lending prise de participation au
comptabiliss capital social
loan into arrears, (to) [World prts spontans equity financing, equity
Bank] voluntary, spontaneous lending investment
prteur non privilgi prets volontaires prise en pension
subordinate lender voluntary, spontaneous lending purchase and resale agreement
[Canada]
prteur officiel prime
lender of record premium [secunities] prise en rmr
repurchase agreement (RP;
prts additionnels prime repo)
new money call option
prise en rmr inverse
prts k des conditions prime de conversion reverse repurchase agreement
commerciales conversion premium
commercial lending prise ferme
prime de liquidit bought deal; firm commitment
prts a l'ajustement liquidity premium underwriting
macroconomique
policy-based lending, policy prime d'mission prises de participation non
loans premium [stocks] productives
no-retum equity
prts I'appui prime d'mission
policy-based lending, policy discount fbondsJ prises de participation non
loans rentables
prime de remboursement no-retum equity
prts aux conditions du call premium
march prix acheteur
market-related lending prime de remboursement buying rate [securities market]
anticip
prts de titres prepayment fee; prepayment prix comptable
security lending [IBRD] premium accounting price
prts en cours de prime de risque prix d'arrt
dcaissement, non encore risk premium stop-out price
rembourss
active loans prime de risque-inflation prix de base
inflation premium striking pnce; strike pnce;
prts en faveur de rformes exercise price
policy-based lending, policy Principes comptables
loans gnralement admis prix de cession interne
Generally Accepted Accounting transfer price
prts forcs Principles (GAAP)
involuntary lending prix de conversion
conversion pnice
165
prix de leve Programme d'assistance prospectus
stnking price; stnke pnce; spciale (de la Banque prospectus
exercise price mondiale aux pays membres)
(World Bank) Pram of protection contre un rachat
prix de pleine concurrence Special Assistance (to Member anticip
arm's length (price) Countnes) (SAP) call protection
prix d'quilibre (du march) Programme de garantie de provisionnement des pertes
market-clearing price recouvrement de l'apport des sur prets
lnvestisseurs (GRAI) loan loss provisioning
prix de transfert Guaranteed Recovery of
transfer price Investment Principal (Program) put
(GRIP) (IFC] put
prix des prets secondaires
subloan pricing Programme de ngociation quasi-banque
distincte des intrets et du near-bank [Canada]
prix d'exercice principal concernant ses titres
striking price; strike price; Separate Trading of Registered quasi-capital
exercise price Interest and Principal of quasi-equity; quasi-capital
Securities Program (STRIPS)
prix conomique quasi-fonds propres
economic price; efficiency price prograimme de prt d'appoint quasi-equity; quasi-capital
standby lending program
prix franco frontiere quasi-monnaie
border price programme de prt de base near-money; quasi-money
base lending program
prlx frontire quatrieme march
border price programme de prt normal fourth market [US]
regular lending program
prix interne [IBRDJ rachat d'entreprise par les
transfer price salaris
Programme spcial leveraged management buyout
prix net d'assistance de la Banque (LMBO)
payout price mondiale en faveur des pays a
faible revenu surendetts rachat de dettes
prix normal du march d'Afrique subsaharienne debt buyback, debt repurchase
arm's length (price) World Bank's Special Program
of Assistance for the rang
proril des risques de Low-Income Debt-Distressed seniority
financement Countries in Sub-Saharan
overall risk profile [IBRD] Africa rappel
recall [currency pool]
profiter projet hors portefeuille
lock(ed) in (interest rates) non-portfolio project [IFC] rapport bnfices
nets/investissements
profiteur Projet Dimensions sociales de net benefit investment ratio
free rider l'ajustement (Projet DSA)
Social Dimensions of
Adjustment Project (SDA
Project)
166
rapport coats-bnfice ratio de recouvrement reconduction
price/eamings ra~lo (PE ratio; collection rado roll-over
PER)
ratio des lntrets non reconstruction de la dette
rapport de liquidit comptabiliss debt restbucturing
(1/1/78-1/9/88) net nonaccmial rate
reserve rado recyclage
ratio de solvabilit relending
rapport encours des debt rado
prets/fonds propres remploi des plus-values
gearing raio [IBRD] ratio de rollover of gains
solvabilit-endettement
rating leverage (ratio) [US.-; gearing rescompte officiel
atdng (atdo) [U.K] discount window
ratio d'autonomie financiere ratio de structure du passif rescompter
debt-equity ratio; debt-to-equity leverage (rado) [U.S.-; gearing rediscount
ratio (raaio) [UK]
refinancement
ratio de couverture ratio de trsorerie rduite roll-over
hedge ratio acid-test liqui4 quick ratio
refinancemnent anticip
ratio de couverture de ratio du service de la dette advanced refunding
l'intret debt-service ratdo; debt service
interest coverage rado to exports ratio refinancement pour un
montant gal
ratio de levier ratio dynamique, futur du even roll
leverage (ratio) [U.S.]; gearng service de la dette
(rada) [U.KJ- debt service time profile ratio rglage de prcision
fine-tuning (of the economy)
ratio de liquidit ratio institutionnel
liquidity rado [IBRD] institudional raio regle de minimis
de minimis rule
ratio de liquidit gnrale ratio prix comptable-prix du
current rado; worling-capital march relativement moins dvelopp
accounting ratio relatvely less developed [IDA]
ratio d'endettement
debt-equity ratdo; debt-to-equity ratio tir du bilan remboursement [prts]
ratio balance-sheet ratio amortization
ratio d'endettement ratios de gestion remboursements 3 P'IDA
debt ratio operating ratios IDA reflows
ratio d'endettement & long ratios de liquidit remboursement en tranches
terme liquidity ratios gales
long-term debt rado level repayment
ratios de rentabilit
ratio (dparts en) missions profitability ratios; remise (d'une dette)
d'valuation/rserve de revenue-covenant ratios cancellation (of a debo
projets
pipeline factor lIBAD]
167
rendement a l'chance rentres de P'IDA rserves obligatoires pour
yeld to matunty (YTM) IDA reflows risques de tansfert
allocated transfer rsk reserves
rendement converti en taux rouverture d'une mission (ATRR) rUS]
d'intrt reissue
coupon equivalentyeld resquilleur
rpartition free rider
rendement de Pactif allotment
retum on assets (ROA) ressources acquises
repli technlque purchased funds
rendement de l'actif net technical decline, drop
moyen restructuration de la dette
retum on average net worth report debt workout
[IFC] contango
restructuration de la dette
rendement des avoirs report debt restructuring
retum on average assets [IFCJ premium [foreign exchangel
restructuration du capital
rendement minimum report a nouveau recapitalization
floor retum retained eamings
rsultat net
renllouer report de crdits bottom line
bail out carry-over
retrait
renforcement du crdit report de devises drawdown
credit enhancement outward swap
rtrocession
renoncer report de la dtermination du onlending
take ou4 to [IBRDJ taux
deferred rate resetting [IFCJ rtrocession
renonciation a la clause de sell-down
nantissement ngative rpression financiere
waiver of negative pledge; financial repression rutilisation des prts
negative pledge waiver relending
reprise d'entreprise par les
renonciation a la clause par salaris (RES) reverse cash and carry
passu leveraged management buyout reverse cash and carry
negative pledge waiver (LMBO)
risk conversion floater
renouvellement rserve pour pertes non rsk conversion floater
roll-over identifies
unidentified loss reserve [IFCJ risque
rente perptuelle exposure
nonmaturing nonredeemable rserve pour pertes
govemment bond; perpetual spciriques risque calcul par rfrence
bond, annuity bond, consol specific loss reserve [IFC] au march
[U.K] mark to market exposure
rentre nette risque d'insolvabilit de l'Etat
payout price emprunteur
sovereign risk
168
risque de change second march situation nette
cross-currency exchaWge nsk unlisted secunties market stockholders' equity;
(ULM); over-the-counter shareholders' equity; owners'
risque de conversion (OTC) mar*et; third market; equity; equity; net worth;
comptable des monnales curb market shareholders'funds JU.K]
cumency transation exposure
secteur des entreprises socit civile de placement
risque de perte sur les taux corporate sector immohilier
d'intret real estate investment trust
interest-rate risk scurit (REIT)
comfort
risque de refinancement socit d'investissement
refinancing risk [IBRDJ service bancaire de gestion investment company, fund
financire
risque de transformation bank trust department socit d'investissement a
mismatch risk [IBRDJ capital fixe (SICAF)
service bancaire international closed-end (investment) fund,
risque de transformation intemational banking facility company (CEIC)
matudity mismatch (IBF)
socit d'investissement a
risque di au dcalage service extraterritorial, capital variable
lag nisk [IBRDJ offshore money market (mutual) fund
offshore banking unit (OBU) (MMF)
risque exceptionnel
event isk Service-conseil pour socit d'investissement a
l'investissement tranger capital variable (SICAV)
risque li A la marge (FIAS) mutual fund
spread risk [IBRD] Foreign Investment Advisory
Service (FL4S) socit d'investissement a
risque li a la rentabilit des capital variable (SICAV)
liquidits Service de promotion et de open-end (investment) fund,
cash nisk, liquid-holdings risk dveloppement des company (OEIC); mutual
investissements en Afrique fund; unit trust [UK]
risque li au dcalage entre (APDF)
les chances Africa Project Development socit d'investissement 3
mismatch risk [IBRDJ Facility (APDF) court terme
money market (mutual) fund
risque souverain services bancaires pour les (MMF)
sovereign risk particuliers
retail banking socit d'investissement de
risques de refinancement trsorerie
rollover nisks seuil de dclenchement money market (mutual) fund
triger rate (MMF)
rue vers les titres de qualit
flight to quality short hedge socit d'investissement
short hedge ferme
s'assurer (de taux d'intrt closed-end (investment) fund,
favorables) simple company (CEIC)
lock(ed) in (interest rates) clean
169
soelt d'investissement spread swap de base
montalre spread basis (rate) swap
money market (mutual) fund
(MMF) stellage swap de compensation
straddle; call-and-put opton reverse swap
socit d'linvestissement
ouverte straddle smp de crances
open-end (investment) fund, straddle; cal-and-put option par debt swap; debt-debt swap
company (OEIC); mutual
fund, unit trust [U.K] strangle smp de crances
strangle debt-debt swap; par debt swap;
socit de financement de debt swap; debt-for-debt swap
l'innovation subdivision d'un pret en
venture capital company plusieurs tranches swap de crances contre des
tranching participations
socit de placement debt(-for)-equity swap,
secuMties dealer; securities firm support conversionswap de crances
underlying (secunrty) contre especes
socit mandate (par la debt-for-cash swap
Banque mondiale pour la surendettement
reprsenter k des missions debt overhang swap de crances contre
d'obligations au Japon) finances pour le
commissioned company sret garantissant un solde dveloppement
[Japan] d au titre d'une participation debt-for-development swap
purchase money secunity
socit opable interest [IFCJ swap de crances contre
target company; takeover recettes dexportations de
candidate surface rinancire produits de base
credit standing; creditworthiness debt commodity swap
solde
bottom line swap swap de crances contre
swap (transaction) remise de produits
solvabilit (exportables)
credit standing czeditworthiness swap a prime debt-for-export swap;
premium swap debt-for-products swap
soulte, la
margn call swap a terme variable swap de dette contre des
callable swap quasi-participations
sous-compte dbiteur de debt/quasi equity swap
l'emprunteur swap avec dcote
borrower's indebtedness discount swap swap de dettes
subaccount [currency pool] debt-debt swap; par debt swap;
swap 'cocktailP debt swap; debt-for-debt swap
sous-jacent cocktail swap
underlying (secunity) swap de dettes en devises
swap compensatoire contre dettes en monnaie
sous-participant reverse swap nationale
secondary participant debt-for-local currency swap
swap d'actifs
spculation asset(-based) swap swap de devises
trading currency swap
170
swap de mo_aes swaps pliantbroplques systlnme de remboursement
currncyswap debt-chay swaps par tranches gales
equal pnncipal repayment
swmp de monnales et d'latret swaps portant la fob ur la system
crs swap; cuww coupon taux d'intrEt et sur les
swap monnales systeme de remboursements
cross-cuncy interest hedg; gaux du principal
mwap de rfrence double hedge swap equal prncipal repayment
basis (rate) swap system
swaption
smp de taux d'lntret swaption; swap option systme de taux preteur fond
interest-rate swap sur un pool d'emprunts
syndicat d'enchres pool-based lending rate system
swap de taux de rfrence tender panel LIBRDJ
basis (rate) swap
syndicat de direction systme de taux preteur
swap d'intrets et de management, managing grup variable
monnales [Euro-dollar maketJ vadable lending rote (VLR)
cross-currency interest rate swap system
syndicat de garande
swap d'obligations pour un underwriting consorium, gmup, systme du pool de monnales
montant nominal gal ~syndicate currency pooling system
even par swap
syndicat de pbcement systme fdral de rserve
swap d'options tender panel Federal Reserve System
option swap
syndicat de prise ferme systeme pour l'apport
swap double devise undewnting consortiumi, gmup, d'argent frais
dual-currncy swap syndicate new money faciliay
swap International syndicat financier Systme d'information sur les
cross-border swap syndicate marchs financiers (Banque
mondiale)
msp lnvers syndicat soumissionnaire World Bank Capital Makets
minmor swap tender panel System (CMS) [IBRDJ
swap optionnel systme d'amortissement par tableau de financement
swaption; swap option tranches (gales) statement of changes in
level annuity system financial position; source and
swmp sur des dettes application of funds statement;
par debt swap; debt-ebt swap systme de financement non funds statement
institutionnel
smp taux fixe/taux variable infornal finance tableau des flux
coupon swap statement of changes in
systme de flnancement financialposition; source and
msp taux variable contre traditionnel applicadon of funds statement;
taux variable informal finance funds statement
basis (rote) swap
systeme de remboursement
swapper par annults
swap, to level annuity system
171
tablean des oprations taux de coupon courant taux d'lntrft dircteurs
flnancires (TOF) current coupon (tate) key interest rates
flow-of-fund table [national
accountsJ taux de l'argent au jour le taux d'lntret aon
jour interest rate se8mentation
tassement call money rate; calU loan rate
shake-out (of the market) taux d'intret rel
taux de mobillsatioo des real interest rate
taux composite du march ressourca
combined market rate resource mobilizaton tolo taux d'Intret rsultant du
panachage
taux critique de rentabilit taux de recouvrement blended interest rate
hurdle rate collection talio
taux du march montaire
taux croiss divergents taux de recouvrement net (TMM)
broken cross rates; tnangular net collection ratio money market rate
arbitrage
taux de rendement In fine taux Interbancaire offert
taux d'activit equivalent bondyield interbank offered rate (IBOR)
activity talios
taux des avances k vue taux jalon
taux d'actualisation cali money rate; call loan rate key money rate; central rate
discount rate
taux des avances sur titres taux Lombard
taux d'actualisation de la Lombard rate [Federal Lombard rate [Federal
consommation Republic of Germany] Republic of GennanyJ
consumplion rate of interest
(CRI) taux d'escompte taux pivot
discount rate key money rate; central rate
taux d'avances sur titres
broker loan rate taux des fonds fdraux taux plancher de verrouillage
federal funds rate [USJ lock rate
taux d'galisation des valeurs
actuelles taux d'indiffrence taux preteur variable bas sur
cross-over discount rate; cross-over discount rate; un pool d'emprunts
equaliAng discount rate equalizing discount rate pool-based variable lending rate
[IBRD]
taux de base taux d'intrft comptable
prime rate (TIC) taux privilgi
accounting rate of interest prime rate
taux de base a long terme (ARI)
long-term prime rate (LTPR) tel quel
[Japan] taux d'intrit crditeur fiat
depositor rate of interest;
taux de change minimum borrowing rate teneur
floor rate of exchange tenor
taux d'lintret d'quilibre (du
taux de coupon march) teneur de march
coupon rate maket-clearing interest rate market maker
172
teneur de plume titre garantl par des cefances titrisation
book-nnning lead bank hypothcafreu securtization
book-iunning lead manager mongage-backed secuity
(MBS) traitement de la dette
tigre debt workout
Treasury Investment Growth titre nominatif
Receipt (iger) registered secuty tranche
payment period [IBRDJ
titralisation titre obligataire
securitization debt security tranche d'un prt
stip of maturties
titre titre prcurseur
security bellwether security transaction compense
trade inside fees
titre A coupon dgressif titre rattach des actions
multiple equity-related bond; transaction fictive, fantme
step-down (security) equity-Zinked bond wash sale
titre A coupon progressif titre relev transaction simultane
multiple book-entry security d'achat et de vente
step-up (secunty) matched sale-purchase
titre sous-jacent transaction
titre au porteur underlying (security)
bearer security transactions aller-retour
titre subordonn a dure merry-go-round transactions
titre de crance indtermine (TSDI)
debt secunity perpetual floating-rate note transactions interbancaires
hanque de gros
titre de participation a un titres a options couvertes wholesale banking
pool de prts covered option secuities
pass-through certificate; (COPS) transactions
parficipation cetificate renouveles
titres alternatifs meny-go-round transactions
titre de rente perptuelle altemative participation
annuity bond instruments (APIs) transfert lectronique de
fonds
titre destin & I'tranger titres assortis de coupons electronic funds transfer (EFT)
foreign-aimed security; coupon paper
foreign-targeted security tUS] transformation (bancaire)
titres de placement transformation
titre mis A guichets ouverts investment securities
tap security transformation I'envers
titres garantis par des actifs negative term transforrnation
titre mis k jet continu asset finance
tap secunity transformation d'chaiwves
titres ngociables maturity transformation
marketable secunties
transformation des chances
term transfornation
173
transformation en titres valeur mobilire vente de devises par
securitization security adjudicatlon
foreign exchange auctions
troisime march valeur nominale
third market; off-the-board full face value vente de prets partiels
market whole loan sale
valeur nominale
unit composite europenne par value; face value vente sans garantie d'mlssion
European Composite Unit best effort sale
(EURCO) valeur "peu en vogue'
off-the-run secuity verroulller
unit europenne de compte lock(ed) in (interest rates)
(uec) valeur rdulte, k
European Unit of Account value impaired warrant
(EUA) warrant
valeur seuil
unit rnontaire europenne switching value warrant d'actions
(cu) stock warrant
European Currency Unit valeur-support
(ECU) underlying (security) warrant dtachable
detachable warrant
valeur comptable valeur temps
book value time value warrant d'obligations
bond warrant
valeur cote en Bourse valeur ventile
listed security break-up value warrant changeable contre
des titres d'Etat
valeur critique valeurs de premier ordre wamrant into govemment
switching value gilt-edged secunties secunties (WINGS)
valeur de pere de famille valeurs garanties par P'Etat warrant en devises
blue chip gilt-edged securities foreign exchange warrant
valeur de premier ordre valeurs mobilieres zbres
blue chip amortissables partiellement zero coupon Eurosterling bearer
avant chance et assorties a registered accruing secunties
valeur de refuge d'autres conditions variables (ZEBRAs)
hedge [securities market] pass-throughs; pass-through
securities zone cible
valeur dsaggrge target zone; reference zone
break-up value valorisation au prix du
march zone de rfrence
valeur faciale marking to market target zone; reference zone
par value; face value
vente k dcouvert
valeur faciale totale shont sale
full face value
vente de devises aux enchres
valeur instrtnsque foreign exchange auctions
intinsic value
Terminologa de finanzas y de deuda
Espaol-Ingls
177
abandono, anulacin y pago acciones preferenciales acuerdo a plazo sobre tasas
anticipado preferred stock de inters
droppages, cancellations and forward rate agreement; future
prepayments (DCP) [IFC] acciones preferenciales rate agreement (FRA)
(preferentes, preferidas)
accin al portador acumuladas acuerdo a trmino sobre tasas
transferable share cumulative preferred stock de inters
forward rate agreement; future
accin de cada vertiginosa acciones preferentes rate agreement (FRA)
air pocket stock preferred stock
acuerdo de compensacin
accin de primera clase acciones preferidas clearing agreement
blhe chip preferred stock
acuerdo de destinacin
accin de una empresa accionista influyente especial
prometedora leveraged stockholder set aside agreement
growth stock
aceleracin del vencimiento acuerdo de recompra
accin de usufructo acceleration of maturity repurchase agreement (RP;
dividend-right share repo)
aceptacin bancaria
accin de valor inestable banker's acceptance acuerdo de recompra inverso
volatile stock reverse repurchase agreement
acreencias improductivas
accin gratuita nonperforming debt acuerdo de reprogramacin
bonus share multianual de la deuda
acreencias no redituables multi-year rescheduling
accin gratuita nonperforming debt agreement (MYRA); multi-year
scrip issue [UK]; stock restructuring agreement
dividend [US] actividades no incluidas en el (MYRA)
balance general
accin negociable off-balance sheet (OBS) acuerdo de retencin de
transferable share activites acciones
share retention agreement
accin transferible activo neto [IFCJ
transferable share stockholders' equity;
shareholders' equity; owners' acuerdo de reventa (a un
acciones con derecho a equity; equity; net worth; precio especificado)
dividendo shareholders' funds JU.K] system repurchase agreement
dividend stock
activos improductivos acuerdo de traspaso
acciones de fundador nonperformning assets progresivo (de acciones)
founders' shares; promoters' fade-out agreement; phase-in
stock [U.K] activos no redituables agreement
nonperfonning assets
acciones nominativas acuerdo gensaki
registered stock; personal stock activos productivos Gensaki
earming assets
acciones pagadas
paid-up stock; fully paid stock
178
acuerdos de reestructuracin agiotista anulacin de deudas con la
financiera market maker garanta de un fondo de
work out arrangements; amortizacin
workouts alivio financiero debt defeasance through the
financing relief sinking fund mechanism
acumulacin (de
vencimientos) amortizacin anulacin en libros
bunching (of maturities) amortization write off; charge-off [noun]
adelanto del vencimiento ampliacin de los servicios de anuncio de emisin efectuada
acceleration of maturity una institucin tombstone
conversion from a restricted to
adjudicacin a precio a full-seivice institution anuncio preliminar de una
uniforme nueva emisin
Dutch auction [U.S.J ampliacin del capital red herring
capital widening
administracin de fondos aporte de fondos
cash management anlisis de las probabilidades complementarios
de recuperacin (de los topping up
afinamiento (de la economa) prstamos otorgados a un
fine-tuning (of the economy) pas) arbitraje
country collectibility analysis arbitrage
agente [IBRDJ
commissioned company arbitraje
[Japan] analista de bolsa switch
cha iist
agente (de cambio y bolsa) arbitraje conforme a la curva
broker analista de valores de rendimiento
securities analyst yield curve arbitrage
agente de contrapartida
dealer [options market] anticipo del servicio de arbitraje de vencimientos
financiamiento para la time arbitrage
agente financiero preparacin de proyectos
fiscal agent Project reparation Faciity arbitraje espacial
advance [IBRD] two-point arbitrage; space
agente pagador arbitrage
paying agent anticipos sin garanta
documentaria arbitraje protegido contra
agente vendedor clean advances riesgos cambiarios
sales agent; selling agent covered interest arbitrage
[securities] anulacin (de una deuda)
cancellation (of a debt) arbitrajista
agio arbitrageur
premium [secunities] anulacin de deudas a cambio
de un activo financiero argentinizacin de la deuda
agio debt defeasance; collateralized debt domestication
agio (debt) defeasance
asegurador
agiotista underwriter
jobber
179
asimetra de los vencimientos banco constituido a nivel banco(a) de servicios
matuty mismatch federal mltiples
federaly chartered bank [U.S.1 universal bank(ing)
Asociacin de Intemediarios
Internacionales de Bonos banco corresponsal bancos establecidos en las
Association of Intemational agent bank principales plazas financieras
Bond Dealers (AIBD) money center banks
banco de inversiones
atender el servicio de un investment bank [U.S.]; bancos internnediarlos
prstamo merchant bank [UR] entrepot; tumtable
service a loan
banco de segunda instancia base de capital
atraccin second tier bank capital base
crowding-in
banco de segundo nivel beta
aumento del capital con second tier bank beta
respecto al trabajo
capital deepening banco de segundo piso bolsa de valores
second tier bank secutides market
autofinanciamiento
in house financing; banco director bolsa de valores
self-financing lead bank; lead manager equity maret
autorizacin permanente banco director encargado del bolivianizacin de la deuda
shelf registration control de la emisin debt domestication
book-running lead bank,
aval book-nrnning lead manager bono
aval note
banco extraterritorial
banco abstencionista offshore bank bono
free rider bond
banco fiduciario
banco agente tnist bank (Shintaku Ginko) bono a corto plazo
agent bank [JapanJ short-term note
banco coadministrador banco mltiple bono a corto plazo para
comanager; colead manager universal bank(ing) financiar un proyecto
project note
banco codirector banco mltiple
comanager, colead manager full seMice bank bono a largo plazo pagadero
con ingresos (del proyecto)
banco comercial banco mltiple revenue bond
chartered bank [Canada] combined commercial and
investrnent bank, multibank; bono al portador
banco con un gran volumen all-purpose bank bearer note
de prstamos pendientes
large exposure bank banco sogo bono al portador
Sogo bank bearer bond
180
bono alcista bono con inters escalonado bono con rescate vinculado a
bull bond (fiado anticipadamente) un tipo de cambio
stepped (rate) bond indexed currency option note
bono alcista y bajista (ICON)
bull and bear bond bono con Inters variable
floating-rate note; floater bono con tasa de inters
bono amortiguador renovable
cushion bond bono con Inters variable roly poly bond
floating-rate bond
bono basura bono con tipo de inters
junk bond; speculative grade bono con Inters variable renovable
bond indizado roly poly bond
floating rate note with variable
bono "bulldog" coupon fix bono con tope mximo de
Bulldog bond inters
bono con Inters variable cap; capped floating rate note
bono clsico inverso
straight bond reverse floating rate note bono con tope mximo y
mnimo de inters
bono con caractersticas de bono con inters variable collar
accin inverso a la tasa de referencia
equity-related bond; inverse floating rate note bono con vencimiento elegido
equity-linked bond al azar
bono con inters variable serial bond, loan
bono con certificado minimo
warrant bond floor bono chatarra
junk bond; speculative grade
bono con cupn bono con inters variable bond
coupon note reajustable anticipadamente
mismatch floating rate note bono daimyo
bono con cupn daimyo bond
coupon(-bearing) bond bono con opcin de cambio de
divisa bono de ahorro
bono con cupn determinado multiple (currency) option bond savings bond [France, Belgium,
por subasta a la baja U.S.]
Dutch auction notes bono con opcin de venta
bond with put option bono de calidad bancaria
bono con derecho a compra bank quality bond
de acciones bono con reinversin de
bond with equity warrant intereses bono de descuento intensivo
bunny bond deep-discount bond note
bono con derecho a compra
de bonos adicionales bono con rendimiento bono de doble respaldo
bond with bond warrant vinculado al precio de un double-barreled bond
producto bsico
bono con garanta de activos commodity-linked bond, bono de exclusin
debenture (bond) commodity-backed bond exWt instrument; exit bond; exit
vehicle
181
bono de Inters diferido bono del Tesoro (a ms de 10 bono indizado segn el precio
deferred coupon note; deferred afos) de un producto bsico
interest note Treasury bond fU.S.J commodity-indexed bond
bono de primera clase bono del Tesoro (a mediano bono kiwi
top-rated bond plazo) kiwi bond
Treasury note [U.S.J
bono de primer orden bono matador
top-rated bond bono del Tesoro (EE.UU.) a matador bond
muy corto plazo
bono de renta vitalicia cash management bill bono municipal a corto plazo
annuity bond rescatable con ingresos no
bono denominado en dos tributarios
bono de rescate anticipado monedas revenue-anticipation note
put bond; putable bond; bond dual-currency bond
with put option bono no negociable
bono descontado nonmarketable bond
bono de salida discount bond
exit instrument; exit bond; exit bono no redimible antes del
vehicle bono descontado vencimiento
discount note noncallable bond
bono de una sociedad
(annima) bono emitido con descuento bono no rescatable antes del
corporate bond original issue discount (OID) vencimiento
bond noncallable bond
bono de usufructo
dividend-right certificate bono especulativo bono nominal con opcin de
junk bond; speculative grade compraventa de un producto
bono de valor nominal muy bond bsico
bajo nominal bond with altached
baby bond bono flip-flop commodity option
Jlip-flop
bono de vencimiento ajustable bono ordinario
extendible bond; eAtendible bono garantizado straight bond
maturity bond collateralized (bond)
bono participatorio
bono de vencimiento ajustable bono garantizado de inters income bond; participating
extendible note; extendible variable bond
maturity note collateralized floating rate bond
bono perpetuo
bono de vencimiento bono global annuity bond
escalonado global bond
serial bond, loan bono perpetuo
bono hipotecario nonmaturing, nonredeemable
bono de venta continua mortgage bond government bond; perpetual
bond sold on tap bond; annuity bond; consol
bono indizado [UK
bono del Tesoro (a corto indexed bond; index-linked
plazo) bond
Treasury bill [U.S.1
182
bono perpetuo con tipo de bono sushi cajero permanente
inters flotante Sushibond automatic, automated teller
perpetual floating-rate note machine (ATM)
bono tankoku
bono previo a una emisin Tankoku bill calendario de emisiones
bond-anticipation note (BAN) issuing calendar
bono venddo
bono que vence due bond cmara de compensacin
due bond clearing house
bono wolfhound
bono redimible antes del wolfhound bond cancelacin (de una deuda)
vencimiento cancellation (of a debt)
callable bond bono yanqui
Yankee bond cancelacin en libros
bono redimible write off; charge-off [nounJ
anticipadamente bonos britnicos sin cupn
retractable, putable bond (STAG) capacidad crediticia
sterling transferable accruing credit standing, creditworthiness
bono rescatable govemment secuidies (STAGs)
callable bond capacidad de endeudamiento
bonos de primer orden debt canying capacity
bono rescatable gilt-edged securities
anticipadamente capital accionario
retractable, putable bond bonos de responsabilidad equity capital; capital stock (of
general a corporation)
bono rescatado general obligations; general
anticipadamente obligation bonds capital circulante
called bond floating capital
bonos del Gobierno britnico
bono respaldado por ingresos gilt-edged securities capital de riesgo
fiscales previstos risk capital
tax-andcipation note (TAN) bonos geisha
Geisha bond capital de riesgo
bono samurai venture capital; risk capital
Samurai bond bonos para la obtencin de
nuevos fondos capital flotante
bono shogun new money bonds floating capital
Shogun bond
bonos que devengan intereses capital improductivo
bono sin cupn interest-bearing notes no-retum equity
zero coupon bond
bonos sin cupn con garanta capital no redituable
bono sin cupn respaldado del Tesoro de los EE.UU. no-retum equity
por el Goblerno de EE.UU. certificates of accrual on
Treasury Investment Growth Treasury secuwities (Cats) capital social
Receipt (77ger) equity capital; capital stock (of
cajero automtico a corporation)
bono sin garanta especfica automatic, automated teller
debenture (bond) machine (ATM)
183
capital suscrito y no cartera de prstamos certificado de depsito con
desembolsado loan po~tfolio tipo de Inters renovable
uncalled capital roll-over cefificate of deposit;
cartera lquida roly poly cetificate of deposit
capitales itinerantes liquidity portfolio; liquid assets
hot money; funk money [U.KJ portfolio certificado de depsito de
libre compra
capitalizacin cartera modelo straight tap certificate of
capitalization benchmark po~folio [IBRDJ deposit
capitalizacin (de la deuda) casa de descuento certificado de depsito de
debt(-for)-equity swap, discount house; bill broker US$100.000 o ms
conversion jumbo certificate of deposit
casa matriz [US]
capitalizacin burstil parent bank
market capitalization certificado de depsito en
cdula hipotecaria tramos
capitalizacin de la deuda mortgage bond tranche certificate of deposit
debt capitalization
centsimo de punto certificado de depsito sin
capitalizacin de los intereses porcentual lfmite
interest capitalization basis point straigh4 tap certificate of
deposit
cargo por tramitacin centro bancario
processing fee extraterritorial certificado de inversin
offshore banking center investment certificate
carta de crdito contingente
standby letter of credit certificado de adeudo certificado de participacin
debt certificate; certificate of participation certificate
carta de intencin sobre la indebtedness
poltica de desarrollo certificado de transferencia de
letter of development policy certificado de depositario prstamos
[IBRD] depositary receipt pass-through certificate;
participation certificate
carta de intencin sobre la certificado de depsito
poltica sectorial certificate of deposit certificado en divisas
letter of sectoral policy [IBRD] foreign exchange warrant
certificado de depsito a
carta de seguridades plazo negociable certificado nominativo
letter of comfort negotiable time certificate of bond certificate
deposit
cartera de acciones certificado para la compra de
share ownership certificado de depsito clsico acciones
straigh4 tap certificate of stock warrant
cartera de inversiones deposit
liquidas certificado para la compra de
liquidity portfolio; liquid assets certificado de depsito con acciones o bonos
portfolio tasa de inters renovable warrant
roll-over cerfificate of deposit;
roly poy certificate of deposit
184
certificado para la compra de clusula de aplazamiento de clusula sobre mltiples
bonos pagos monedas
bond warnant bisque clause multicurrency clause
certiflcado para la compra de clusula de buena voluntad cobertura del servicio de la
bonos del Tesoro goodwill clause deuda
warrant into govemment debt-servce coverage
securities (W7NGS) clusula de disponibilidad
switch, availability clause coeficiente contable
certificado provisional accounting ratio
scrip cerificate; bearer scrip clusula de examen peridico
periodic review clause; review coeficiente corriente [Amrica
certificado separable clause Latina]
detachable warrant current ratio; working-capital
clusula de exigibilidad del
certificado separado del membolso coeficiente de capital bruto
cupn illegality clause gross capital coefficient, ratio
strip certificate
clusula de obligacin coeficiente de cobertura de
cesin negativa intereses
divestiture negative pledge clause interest coverage ratio
cesin de activos (de una clusula de recuperacin coeficiente de cobro bruto
sociedad) a cambio de recapture clause gross collection ratio
acciones (de otra sociedad
nueva) clusula de revisin coeficiente de cobro neto
spinoff trigger clause [IBRDJ net collection ratio
cheque certificado clusula de salvaguardia coeficiente de costo en
centified check jeopardy clause; disaster clause; recursos internos
break clause domestic resource cost ratio
cheque de caja
cashier's check clusula pari passu coeficiente de costos
pari passu clause combinados a largo plazo
cheque intervenido long-term blended cost rate
cenified check clusula que estipula que se (LTB) [IFCJ
han de compartir los
clasificacin reembolsos coeficiente de cuenta
rating sharing clause; payment shaning accounting ratio
clause
clasificacin crediticia coeficiente de endeudamiento
credit standing, creditworthiness clusula recproca en caso de debt-equity ratio; debt-to-equity
incumplimiento ratio
clasificar cross-default clause
rate, to; grade, to coeficiente de endeudamiento
clusula roja debt ratio
clusula de abstencin red clause
negative pledge clause coeficiente de endeudamiento
a largo plazo
long-term debt ratio
185
coeficiente de explotacin coeficiente de solvencia [Esp.] comlsin
woaring ratio current rado; working-capital handling fee; management fee
coeficiente de inestabilidad coeficiente institucional comisin de administracin
volatility ratio institutional ratio management commission, fee
coeficiente de liquidez coeficiente neto de explotacin comisin de admisin (a
liquidity ratio [IBRD] operaing ratio cotizacin)
adnission fee (to a stock
coeficiente del perfil futuro coeficientes de actividad exchange)
del servicio de la deuda activity ratios
debt service time profile ratio comisin de cobertura
coeficientes de liquidez cambiarla
coeficiente del servicio de la liquidity ratios foreign exchange coverage fee
deuda
debt-sen'ice ratio; debt service coeficientes de operacin comisin de garanta
to expoats ratio operating ratios guarantee commisson, fee
[IBRD]
coeficiente de movilizacin de coeficientes de rentabilidad
recursos profitability radios; comisin de garanta
resource mobilization ratio revenue-caovenant ratios underwiting fee; facility fee
coeficiente de operacin coeficientes netos de comisin de gestin
operating ratio explotacin management commission, fee
operating ratios
coeficiente de prstamos comisin de gestin
excluidos del rgimen de cofinanclamiento mediante agency fee [Euromarket]
contabilidad en valores participacin directa
devengados direct participation cofinancing comisin de prrroga
net nonaccrual rate extension fee
cofinanciamiento supeditado
coeficiente de proteccin al crecimiento comsin de renegociacin
hedge ratio growth contingency cofinancing extension fee
coeficiente de recuperacin colapso de la bolsa comisin de suscripcin
collection ratio stock market crash undevwriding fee; facility fee
coeficiente de reserva colocacin en el mercado comisin de venta
reserve ratio secundario selling fee [Euromarket]
secondary offering
coeficiente de revaluacin del comisin de venta
da colocacin especial selling commission
daily revaluation factor special placement
[currency pool] comisin del agente financiero
colocacin privada fiscal agency fee
coeficiente derivado del private placement
balance general comisin Inicial
balance-sheet ratio colocacin pblica flat fee; front end fee
public offering (of shares) [Euroloan]
186
comisin Inicial Comit sobre Regulacin compra y venta simultnea
front-end fee Bancaria y Prcticas de matched sale-purchase
Supervisin tirnsaction
comisin por compromiso Committee on Banking
commitment fee, charge Regulations and Supervisory compraventa
Practices; Basle Superiisors' trading
comisin por disponibilidad Commiftee; Cooke Committee
(de fondos) compromiso contingente
availability fee [IFC] compaa comisionada standby commitment
commissioned company
comisin por inmovilizacin [lapan] compromiso contingente de
de fondos participacin en el capital
commitment fee, charge compaa de capital de riesgo social
venture capital company standby equity
comisin por tramitacin
processing fee compaa de inversiones compromiso de compra y
investment company, fund reventa
comisin por tramitacin de pu~chase and resale agreement
solicitud compensacin de dbitos y [Canada]
loan ongination fee crditos entre filiales
multilateral netting compromiso de suscripcin de
comisin por utilizacin acciones
utilization fee compra con descuento de una equity underwriting
deuda en divisas y rescate a
comit de coordinacin de valor nominal en moneda compromiso especial
bancos nacional Special Commitment [IBRDJ
bank advisory committee round-tripping
compromiso supeditado a la
comit de reestructuracin compra de deuda compra de acciones
steering committee; advisory debt buyback; debt repurchase standby equity
committee
compra de las propias compromisos netos
Comit Cooke acciones para evitar la exposure
Committee on Banking absorcin de la empresa
Regulations and Supervsory greenmail compromisos por pases
Practices; Basle Supervisors' country exposure
Committee; Cooke Committee compra de una empresa con
fondos tomados en prstamos con alto coeficiente de
Comit de Supervisin leveraged buyout (LBO) endeudamiento
Bancaria de Basilea (highly) leveraged
Committee on Banking compra de una empresa con
Regulations and Supervisory fondos tomados en prstamos con dinero
Practices; Basle Superisors' por sus empleados in the money (ITM) (option)
Committee; Cooke Committee leveraged management buyout
(LMBO) concertar un prstamo a
travs de un consorcio
compra en descubierto (bancario, de financiamiento)
margin buying [stock exchange] syndicate, to (a loan)
187
concesin de prstamos contrato a trmino conversin de deudas en
internos con fondos externos forward contract divisas en deudas en moneda
inward switching nacional
contrato a trmino con ndice debt-for-local currency swap
condonacin (de una deuda) burstil
cancellation (of a debt) stock index future conversin de Inters rgo en
inters variable
configuracin 'tricornio' contrato de administracin coupon swap
head and shoulders management contract
configuration conversin de la clase de
contrato de compra contra inters
configuracin en M entrega rate base switch [IFCJ
double top configuration take-and-pay contract
conversin de la deuda en
configuracin en tringulo contrato de futuros capital
triangle configuration futures contract debt(-for)-equity swap,
conversion
configuracin en W contrato de futuros de
double bottom configuration instrumentos financieros conversin de la deuda en
interest rate futures financiamiento para el
congelacin del inters en un desarrollo
nivel mnimo (cuando la tasa contrato de futuros de swaps debt-for-development swap
de mercado desciende a swap future
menos de ese nivel) conversin de la deuda en
drop lock contrato de futuros fondos benficos
financieros debt-charity swaps
consorcio financial futures contract
selling consortium, group, conversin de la deuda en
syndicate fEuromarketJ contrato firme de compra (sin medidas de proteccin de los
derecho de rescisin) recursos naturales
consorcio (bancario, de take-or-pay contract debt-for-nature swap
financiamiento)
syndicate contratos de participacin en conversin de la deuda en
la produccin productos bsicos
consorcio de suscriptores production-sharing contracts debt commodity swap
underiwting consortium, group,
syndicate contratos de participacin en conversin de la deuda en
las utilidades valores
constitucin de una garanta profit-sharing contracts secutitization
collateralization
convenio de destinacin convertir
contragaranta especial swap, to
counter-guarantee set aside agreement
corredor
contrarrestar conversin sales agent; selling agent
unwind swap (transaction) [securities]
contrato a plazo conversin contable de corredor (de cambio, de
forward contract monedas bolsa)
currency transiation broker
188
corredor (mercado primario) cotn (de valores en crdito negociable
primary dealer bolsa) spot credit
listing (of secunties)
corredor de bolsa crdito para importaciones
dealer [stock marketJ cotizacin al cierre con fines de rehabilitacin
closing price rehabilitation impoat
corredor de bolsa credit/loan (RIC, RIL) [IBRD/
trader [stock marketJ cotizacin automatizada
automated quotation crdito recproco
corredor de bolsa swap (transaction)
independiente cotizacion computadorizada
floor trader automated quotation crdito refinanciable
revolving credit; rollover credit
corredor de inversiones cotizacin de apertura
investment broker opening price crdito renovable
revolving credit; rollover credit
corredor de valores cotizacin firme
securities dealer; securities firm market making crdito rotatorio
revolving credit; rollover credit
corredor de valores del cotizacin inicial
Estado openingpnce crdito soberano
govemment security dealer sovereign credit
cotizar
corretaje post (a rate) crdito tributarlo
brokerage tax credit
cotizar un precio de compra o
corriente de fondos de venta criterios de trascendencia
funds flow; flow of funds make a market materiality criteria
costo de Inmovilizacn (del crdito cuadro de corrientes
capital) credit standing, creditworthiness financieras
carrying cost; canying charges; flow-of-fund table [national
cost of carry crdito autoamortizable accounts]
self-liquidating credit
costo de los emprstitos con cuarto mercado
doble ponderacin crdito cmodo fourth market [US]
double-weighted borrowing cost convenience credit
[IBRDJ cuasibanco
crdito con garanta de otro near-bank [Canada]
costo en recursos Internos crdito
domestic resource cost (DRC) back-to-back (loan, borrowing); cuasicapital
matched funding quasi-equity; quasi-capital
costos centralizados
centrally-managed costs crdito facil cuasidinero
convenience credit near-money; quasi-money
costos descentralizados
unit-managed costs crdito garantizado por el cuenta corriente del Tesoro
Estado Treasury tax and loan account
cotizacin sovereign credit [U.S.J
JUing
189
cuenta corriente que devenga departamento bancario descuento sin recurso
intereses considerado como discount without recourse
negotiable order of withdrawal extraterritorial
(NOW) account offshore banking unit (OBU) descuento sobre el valor a la
par
cuenta de administracin de departamento fiduciario de discount from par [securities
fondos banco market]
cash-management account bank trust department
(CMA) desintermediacin
depsito de garantia disintem7ediation
cuenta de ahorro para initial margin
jubilacin desmaterializacin
individual retirement account depsitos bancarios computerzed entry of
(IRA) bank money ownership; dematenalisation
[UK/
cuenta de anticipos depreciacin
imprest account, fund amortization desplazamiento
crowding-out
cuenta de compra de valores depredador
securities margn account corporate raider; raider desplazamiento hacia las
emisiones de mayor calidad
cuenta de garanta derecho flight to quality
collateral account right (to purchase shares)
desposeimiento
cuenta de margen derecho de suscripcin divestiture
maigin account subscription right
desvalorizacin
cuenta de primas de emisin desagio impairment
share premium account [IFC] disagio
determinacin de la moneda
cuenta para operaciones en descontar en que se exige cada
descubierto discount amortizacin
margin account recall [currency pool]
descuento
cupn discount; markdown determinacin del costo de un
coupon prstamo
descuento de bonos a pricing (of a loan)
curva de rendimiento mediano plazo
yield curve forfaiting determinacin del costo de un
subprstamo
debenture [Arg., Chile] descuento de conversin subloan pnicing
debenture (bond) conversion discount
deuda amortizada
delta descuento de pagars a retired debt
delta mediano plazo
forfaiting deuda con descuento
denominacin de un prstamo discounted debt
en otra moneda descuento Impositivo
currency redenominaton tax credit deuda consolidada
funded debt
190
deuda de liquidez secundaria dinero en el sentido estricto documento de anlisis de las
junior debt; subordinated debt narrow money [cf. MI] probabilidades de
recuperacin (de los
deuda pendiente dinero exigible prstamos otorgados a un
debt overhang call money; day-to-day money; pas)
demand money; money at call country collectibility note
deuda prioritaria [IBRD]
senior debt dinero fresco
new money documento sobre parmetros
deuda subordinada de polftica econmica (PPE)
junior debt; subordinated debt dinero nuevo policy framework paper (PFP)
new money [IBRD]
diferencia
spread disfuncin del mercado duracin
market failure duration (of an investment)
diferencia entre el precio al
contado y el precio pagado disminucin efecto a la vista o de
realmente drawdown vencimiento a muy corto
contango rate; continuation rate plazo
disminucin tcnica hot bill
diferencia entre el precio con technical decline, drop
descuento y el valor nominal efecto carrusel
[bonos] dispensa de la clusula de mery-go-round effect
accretion abstencin (de los
compromisos existentes) efecto comercial
diferencial waiver of negative pledge; trade bill [U.K]
spread negative pledge waiver
efecto de buena calidad
diferencial distorsin monetaria investment grade paper
basis cumrency twist
efectos comerciales
diferencial diagonal distribucin commercial paper (CP);
diagonal spread allotment commercial bills
dilucin dividendo en acciones efectos comerciales en
dilution scrip issue JUK]; stock eurodivisas
dividend [US] Eurocommercial paper (ECP)
dilucin del capital
(accionario) dividendo en acciones efectos en cobranza
stock dilution; stock watering stock dividend float [banking]
dinero a la vista divisin de acciones efectos en cobro
calU money; day-to-day money; split; split-up; splitting fpoat [bankingj
demand money; money at call
divisin de un prstamo en efectos privados
dinero aptrida varios tramos private paper
stateless money tranching
efectos pblicos
dinero bancario govemment paper
bank money
191
efectuar un swap emisin especial encaje legal adicional
swap, to off-the-run security marginal reserve requirement
efectuar una operacin de emisin exploratoria endeudamiento forzoso
swap red hering issue distress borrowing
swap, to
emisin wStar Trek en descubierto
elasticidad tributaria global "Star Trek" issue uncovered; naked
tax buoyancy
emisiones no garantizadas entrega a plazo
elemento de donacin del non-underwritten facilities forward cover
financiamiento combinado
blended grant element emisor entrega a trmino
issuer forward cover
emisin (en el mercado
primario) empresa conjunta de capital especulacin
primary offering social proporcional trading
equity joint venture
emisin adquirida especulacin diferencial a la
anticipadamente por un empresa susceptible de baja
consorcio bancario absorcin bear spread
bought deal; firm commitment target company; takeover
underwriting can didate especulacin diferencial al
alza
emisin atascada emprstito de contrapartida bull spread
hung-up issue back-to-back (loan, borrowing);
matched funding esquela
emisin confiable tombstone
seasoned issue emprstito de suma alzada
lump-sum borrowing [IFCJ establecimiento de reservas
emisin continua para prdidas por concepto
tap ceruficate of deposit emprstitos calificados de prstamos
pool of qualified borrowings loan loss provisioning
emisin de bonos en el
exterior emprstitos calificados estado de cambios en la
extemal bond issue qualified borrowings (QB) situacin financiera
[IBRDJ statement of changes in
emisin de rendimiento financial position; source and
indeterminado emprstitos de referencia application of funds statement;
open pricing proxy borrowing [IBRDJ funds statement
emisin de valores de capital emprstitos en divisas con estado de flujo de fondos
capital issue Inters indizado statement of changes in
indexed currency borowings financial position; source and
emisin de valores application of funds statement;
especulativos emprstitos gigantescos funds statement
speculative grade paper jumbo borrowing
emisin empantanada encaje legal
hung-up issue reserve ratio
192
estado de fuentes y utilizacin exceso de transacciones (en la facultad de adquisicin de
de fondos cuenta de un cliente) contratos con inters tope
statement of changes in chuming oveding Global Cap Authority [IFC]
financial position; source and
application of funds statement; exclusin del rgimen de facultad general para efectuar
funds statement contabilidad en valores inversiones
devengados General Investment
etapa Inmediatamente nonaccrual status, in a Authorization [IBRD/IDA]
anterior a la primera
colocacin pblica exencin de la clusula de facultad para contraer
mezzanine level abstencin compromisos
negative pledge waiver commitment authority
euroacciones
euro-equities exencin de la clusula de facultad para efectuar swaps
abstencin (de los Global Swap Authority
eurobono compromisos existentes)
Eurobond waiver of negative pledge; facultad para invertir en
negative pledge waiver activos lquidos
eurocapital liquid assets investment
euro-equities exencin de la clusula de authority [IFCJ
obligacin negativa
eurocrdito negative pledge waiver falla del mercado
Eurocredit market failure
exigir el pago de una garanta
eurodivisa cal a guarantee fecha a partir de la cual se
Eurocurrency calcula el inters
expectativas racionales dated date
eurodlar rational expectations
Eurodollar fecha de cierre
externalizacin (del servicio settlement date
euromercado de la deuda)
Euromarket etemalization (of debt service fecha de desembolso
payments) payout date; payment date;
euromoneda distribution date
Eurocurrency extraterritorial
offshore fecha de pago
europrstamo settlement date
Euroloan factor de ajuste para fines de
amortizacin fecha de renegociacin
evaluacin actuarial amortization adjustment factor rollover date
actuauial evaluation [cunency pool]
fecha de transaccin
evaluacin por puntos factor de revaluacin trade date
scoring revaluation factor [currency
Pool] fecha de valor
exceso de oferta value date
overhang factores Imprevistos que
encarecen la Inversin fijacin de vencimientos no
investment leakage coincidentes
layering
193
fijacin diferida del inters financiamiento de contraparte financiamiento sin posibilidad
deferred rate resetting [IFC] matched funding de recurso
nonrecourse finance
financiacin mediante financiamiento de
endeudamiento contrapartida financiamiento transitorio
debt financing matched funding bridge financing
financiacin sin asegurar financiamiento de los ltimos flotacin dirigida
front-end financing vencimientos diriy float
funding latter maturities
financiacin sin garanta [IBRDJ flotacin impura
front-end financing dinty float
financiamiento de transicin
financiacin suplementaria bridge financing flotacin limpia
front-end financing clean float
financiamiento del dficit
rinancializacin gap financing fluctuacin de las tasas de
financialization inters debida a la fuga de
financiamiento en apoyo de capitales
financiamiento combinado reformas de polticas interest leakage
(del BIRF y la AIF) policy-based lending, policy
blend financing loans fluctuacin de los tipos de
inters debida a la fuga de
financiamiento concatenado financiamiento en condiciones capitales
piggyback financing comerciales interest leakage
commercial lending
financiamiento concertado flujo de fondos
concerted financing lending financiamiento en condiciones funds flow; flow of funds
de mercado
financiamiento concertado market-related lending fondo comn de Inversin
concerted lending deal mutual fund
financiamiento informal
financiamiento con derecho de informal finance fondo comn de Inversin
recurso limitado money market (mutual) fund
limited recourse finance financiamiento no (MMF)
institucional
financiamiento con fondos informal finance fondo comn de monedas
propios loan currencypool
in house financing7 financiamiento para
self-rfnancing programas fondo de amortizacin
program loan; program lending sinkingfund
financiamiento con garanta [IBRDJ
contractual fondo de anticipos
contract financing financiamiento paralelo imprest account, fund
parallel financing
financiamiento conjunto fondo de Inversin que cobra
joint financing financiamiento que Incluye una comisin
dinero nuevo load fund
financiamiento coordinado new money packages
coordinated financing
194
fondo de inversin que no fondos federales garanta exigible
cobra una comisin federal funds tUS] anticipadamente
no-load fund accelerable guarantee
formacin de un consorcio
fondo de inversiones (bancario, de financiamiento) garanta limitada renovable
investment company, fund syndication rolling guarantee (of interest
payments)
fondo mutuo formas novedosas de
money market (mutual) fund financiamiento garanta no exigible
(MMF) creative financing anticipadamente
non-accelerable guarantee
fondo mutuo fragmentacin de la tasa de
mutual fund inters garanta prendaria del saldo
interest rate segmnentation de una participacin
fondo para (inversiones en) purchase money security
un pas especfico fragmentacin del tipo de interest [IFC]
country fund inters
interest rate segrnentation gasto concentrado al
fondo rotatorio comienzo de un perodo
revolving fund freno fiscal front-loaded spending
fiscal drag
Fondo de promocin de gensaki
mercados incipientes futuros Gensaki
Emerging Markets Growth futures [commodities market]
Fund (EMGF) [IFCJ gerente de cartera
futuros de swaps portfolio manager
Fondo para empresas swap future
africanas gestin de caja
African Enterprise Fund futuros financieros cash management
financial futures
Fondo para inversiones de gestin de liquidez
cartera gamma cash management
equity pojfolio fund gamma
gestin del pasivo
Fondo para inversiones en ganancias no realizadas liability management
mercados incipientes unrealized gains
Emerging Markets Investment giro
Fund (EMIF) [IFC] garante drawdown
underwriter
fondos comprados giro bancario
purchased funds garanta banker's draft
guarantee [IBRDJ
fondos de reserva para gran banco
recompra de acciones garanta de rentabilidad city bank [Japan]
(propias) equity-related guarantee
capital redemption reserve grupo de acreedores
funds garanta de una deuda group of creditors
debt secuity
fondos de un da para otro grupo de bancos licitantes
ovemight funds tender panel
195
grupo de suscripcin institucin financiera no Intercambio de bonos de igual
underwriting consortium, group, bancaria valor nominal
syndicate non-bank bank; non-bank even par swap
financial institution
grupo director intercambio de deuda por
management, managing group instrumento de deuda cuasicapital
[Euro-dollar market] debt security debt/quasi equity swap
grupo garante instrumento de inters Intercambio de deuda por
underwriting consortium, group, variable y riesgo decreciente efectivo
syndicate risk conversion floater debt-for-cash swap
grupo vendedor instrumento financiero con Intercambio de deudas
selling consortium, group, caractersticas patrimoniales par debt swap; debt-debt swap
syndicate [Euromarket] equity-like instrument
Intercambio de deudas
hoja de plazos y condiciones instrumento negociable debt-debt swap; par debt swap;
tern sheet negotiable instrument debt swap; debt-for-debt swap
hoja de trminos instrumentos cuasimonetarios intercambio de ndices
terrn sheet near cash instruments basis (rate) swap
honorario del banco director instrumentos de dinero nuevo intercambio de Intereses
praecipium; praecipuum new money instruments callable swap
imposicin de condiciones instrumentos de la deuda intercambio de intereses y
previas (a la aprobacin de pblica monedas
un prstamo) govemment debt instruments cross-currency interest rate swap
front-loading of conditionality
intensificacin (del uso) de intercambio de monedas
indice combinado de capital swap (transaction)
desempeo de la cartera capital deepening
current blend (CB) [IFC] intercambio de monedas
intensificacin del uso de currency swap
indice del fondo comn de valores
monedas securitizadon Intercambio de monedas y de
currency pool index Intereses
intensificacin financiera circus swap; currency coupon
inflacin bsica financial deepening swap
core inflation
intercambiar intercambio de opciones
ingeniera financiera [Mxicol swap, to option swap
financial engineering
intercambio con descuento Intercambio de prstamos por
institucin de ahorro discount swap bonos
contractual loans-for-bonds exchange
contractual savings institution intercambio de activos
asset(-based) swap Intercambio de tasas de
Inters
interest-rate swap
196
intercambio de tipos de intermediacin Inversin que no ha alcanzado
inters internediation su pleno rendimiento
interest-rate swap unseasoned investment
intermediacin del mercado
intercambio de ttulos de market intermedation Inversin todava
deuda por exportaciones Improductiva
debt-for-exporl swap; intermediario financiero immature investment
debt-for-products swap financial internediary
inversin verde
intercambio en dos monedas intervencin directa en el immature investment
dual-currency swap mercado
face the market inversiones que han alcanzado
intercambio internacional su madurez
cross-border swap inversin conforme a una mature investments
frmula
intercambio inverso formula investing Inversionista por cuenta
reverse swap propia
inversin directa distinta de retail investor
intercambio inverso los aportes de capital
(convenido con la primera non-equity direct investment Inversor por cuenta propia
parte) retail investor
mirror swap inversin en capital social
equity financing, equity jefe de operaciones burstiles
intercambio mltiple investment head of trading
cocktail swap
Inversin extranjera directa lastre fiscal
intercambio preferencial direct foreign investment (DFI) fiscal drag
premium swap
Inversin forzosa letra bancaria
inters abierto forced investment bank bill
open interest; open market
interest Inversin forzosa letra bancaria
forced investment banker's draft
inters mayoritario
proprietary interest Inversin liquidada letra comercial
closed-out investment [IFC] trade bill [U.K]
inters nominal
coupon rate Inversin obligatoria letra de banco
forced investment banker's draft
inters nominal corriente
current coupon (rate) Inversin orientada a letra de cambio
aumentar la productividad bill of exchange
inters por mora capital-deepening investment
default interest letra garantizada
Inversin peridica de monto custom duty biil
intereses devengados y constante
acumulados averaging, dollar cost averaging LIBID
accnued interest (AI) Jbonds] London Interbank Bid Rate
Inversin posterior (LIBID)
downstream investment
197
LIBOR lista en observadn mecanismo de reajuste
London Interbank Offered Rate watch st automtico (del tipo, de la
(LIBOR) tasa de inters)
lista vigilada automatic reseating mechanism
LIBOR para transacciones en watch list [IFCJ
dlares
dollar ($) LIBOR manipulacin de la Mecanismo de financiamiento
contabilidad (para aparentar para el desarrollo de la
librador (p. ej. de un pagar) una mejor situacin) regin del Caribe
maker (e.g., of a note) window dressing Caribbean Development
Facility
libranza en divisas margen
foreign exchange warrant spread Mecanismo para inversiones
de bancos centrales [BIRFI
LIMEAN margen bruto Central Bank Facility (CBF)
LIMEAN gross eamings margin; gross [IBRDJ
margin; banker's spread;
limitacin de la circulacin banker's markup [banksj mejoramiento del crdito
fisica de los valores credit enhancement
truncation margen de maniobra
headroom memorando de informacin
lmite crediticio placement memorandum;
lending ceiling, credit limit margen diagonal placing memorandum
diagonal spread
lmite de crdito menor desarrollo relativo, de
lending ceiling, credit limit margen entre los bonos del relatively less developed [IDA]
Tesoro de EE.UU. y los
lmite mimo de aprobacin depsitos a plazo en mercadizacin
autnoma eurodlares marketization
free fmit of loan TED spread
m-ercado abierto
lmites legales (de las margen financiero open market
compras en descubierto) financial spread
margin requirements [stock mercado al contado
exchangel margen implcito spot market; cash market
implicit spread fforeign exchange]
lnea de crdito a corto plazo
swingline margen "mariposa" mercado alcista
butterfly (call) spread buil market
lfnea de crdito contingente
backstop (credit) facility; margen vertical mercado bajista
backup (underwriting) facility verical spread; price spread bear market
lnea de crdito de apoyo mecanismo (conjunto) para mercado basado en el
back-up line of credit contingencias prestigio de los prestatarios
Contingency Mechanism name market
lista de espera [JBRD/IMFJ
lueue mercado de acceso irrestricto
contestable market
198
mercado de capital(es) mercado extraburstil mtodo de la lista de opciones
capital market over-the-counter market (OTC)
market-based menu approach;
mercado de dos niveles mercado financiero market-driven menu approach;
two-ter mawket financial market menu of options
mercado de emisin mercado financiero mtodo de 'rienda corta"
primary market open market shori-leash approach
mercado de entrega Inmediata mercado fuera de bolsa modelo de valoracin de
spot mawket; actual market; over-the-counter maket (OTC) activos financieros
cash market; physical market capital asset pricing model
[commodties] mercado fuera de bolsa (CAPM)
third market; off-the-board
mercado de futuros market modificacin de la
financieros periodicidad del pago de
financial futures market mercado gris intereses
grey, gray market interest retiming
mercado de productos
disponibles mercado inmovilizado modificacin de los
spot market; actual market; locked market vencimientos
cash market; physical market maturity transformation
[commod&tiesJ mercado monetario
money market modificacin del rgimen de
mercado de subasta intereses
auction market mercado muy activo interest (rate) switching
deep market
mercado de ttulos al moneda que representa una
portador mercado paralelo proporcin mnima del saldo
bearer market parallel market pendiente de un prstamo
splinter currency [IBRDJ
mercado de valores mercado primario
secudities market primary market monto que el Banco est
facultado para prestar
mercado de valores mercado secundario lending authority
equity market secondary market
monto terico
mercado de valores a corto mercado terciario notional amount
plazo unlisted securities market
short-term paper market (ULM); over-the-counter montos afectados
(OTC) market;third market; set-asides
mercado de valores que no se curb market
cotizan en las bolsas montos reservados
principales mercado terciario set-asides
unlisted securities market third market; off-the-board
(ULM); over-the-counter market multibanco
(OTC) market; third market; universal bank(ing)
curb market metas para la composicin
del fondo comn de monedas multibanco
targeted curency pool full service bank
199
multibanco [Chi, Mex.] obligaciones de organismos opcin de compra de acciones
combined commercial and federales [EE.UU.] stock option
investment bank, multibank, agency securities, obligadions
all-purpose bank opcin de compra de bonos
obligaclonista con rendimiento Inferior al
necesidades netas de fondos bondholder del bono Inicial
net cash requirements (NCR) out of the money (OTM)
oferta pblica (option)
negociacin de bloques de public offering (of shares)
acciones opcin de compra doble
block trading oferta pblica de adquisicin call of more (CM)
(OPA) (con fines de
nivel de endeudamiento absorcin) opcin de financiamiento
relativo al capital take-over bid residual
leverage (ratio) [US.]; gearing take-over option [IBRDJ
(ratio) [U.K] oferta pblica de adquisicin
(OPA) hostil (con fines de opcin (de un contrato) de
no cotizado en la bolsa absorcin) futuros
unlisted (security) unfriendly takeover bid futures option
novacin oferta pblica en el mercado opcin de rescate anticipado
novation secundario put
secondary public offering
nuevas facultades para opcin de swap
efectuar inversiones oferta pblica inicial swaption; swap option
New Investment Authority initial public offering (IPO)
(NIA) opcin de venta
opcin put option
nuevos fondos oplon
new money opcin europea
opcin a la par European (style) option
obligacin at the money (ATM) (option)
bond opcin extraburstil
opcin americana over the counter (OTC) option
obligacin al portador American (style) option
bearer bond opcin fuera de bolsa
opcin basada en un ndice over the counter (OTC) option
obligacin con garanta burstil
hipotecaria index option operacin bancaria
collateralized mortgage electrnica
obligation (CMO) opcin con un precio superior electronic banking
o inferior al valor verdadero
obligacin contingente in the money (ITM) (option) operacin de cobertura por
contingent obligalion [IBRD] venta a plazo
opcin de cambio de divisa short hedge
obligacin sin garanta multicurrency option
loan stock operacin de compra de
opcin de compra valores al contado y venta de
call option contratos a trmino
cash and cany
200
operacin de venta de valores Organizacin Internacional de pagar con inters variable
al contado y compra de Comislones de Valores inverso a la tasa de referencia
contratos a trmino (OICV) inverse floating rate note
reverse cash and carry Intemational Organization of
Securities Commissions pagar con inters variable
operaciones carrusel (IOSCO) mnimo
merry-go-round transactions floor
otorgar prstamos a pases
operaciones de cambio a excluidos del rgimen de pagar con Inters variable
divisas contabilidad en valores reajustable anticipadamente
outward switching operations devengados mismatch floating rate note
loan into arrears, (to) [World
operaciones de cobertura Bank] pagar con rescate vinculado
hedging a un tipo de cambio
pagar indexed currency option note
operaciones de cobertura por promissory note (ICON)
compra a plazo
long hedge pagar pagar con tope mximo de
note inters
operaciones de proteccin cap; capped floating rate note
cambiaria pagar a corto plazo
hedging short-term note pagar con tope mximo y
mnimo de inters
operadores pagar a corto plazo para collar
market participants financiar un proyecto
project note pagar de descuento intensivo
orden de compra deep-discount bon4 note
trading ticket [securities] pagar al portador
bearer note pagar de vencimiento
orden de compra o de venta ajustable
al mejor precio pagar bancario extendible note; extendible
market order bank bill maturity note
orden de compra o venta con pagar con cupn pagar descontado
limitacin de precio coupon note discount note
limit order
pagar con cupn pagar perpetuo con tipo de
orden de venta determinado por subasta a la inters flotante
trading ticket [securities] baja perpetual floating-rate note
Dutch auction
orden tope pagar previo a una emisin
stop order pagar con inters variable bond-anticipation note (BAN)
floating-rate note; floater
organismo de clasificacin de pagar respaldado por
valores pagar con inters variable ingresos fiscales previstos
rating agency indizado tax-anticipation note (TAN)
floating rate note with variable
coupon fix pagars descontados
consolidados
consolidated discount notes
201
pagars que devengan paises prestatarios en fuentes participante ajeno al
intereses oficiales consorcio
interest-bearing notes official borrower secondary participant
pago contra (presentacin de) paises prestatarios en los participante secundario
documentos mercados financieros secondary participant
cash against documents (C4D) market borrowers
participantes en el mercado
pas agobiado por la deuda paises que tienen acceso al market participants
debt distressed country mercado financiero
market-eligible countnes pase financiero
pas (bien encarrilado) con swap (transaction)
inversin y crecimiento papel comercial
fast track country commercial paper (CP); patrimonio
commercial bilis stockholders' equity;
pas de bajos ingresos, de shareholders' equity; owners'
ingresos medianos gravemente papel de buena calidad equity; equity; net worth;
endeudado investment grade paper shareholders' funds [U.K]
severely indebted low-, middle-
income country (SILIC, papeles privados patrimonio neto
SIMIC) private paper stockholders' equity;
shareholders' equity; owners'
pas de bajos ingresos, de parte de cada vencimiento de equity; equity; net worth;
ingresos medianos un prstamo shareholders' funds [U.K]
moderadamente endeudado strip of maturities
moderately indebted low-, pedido de operacin de
middle-income country participacin cruzada margen
(MILIC, MIMIC) cross-shareholding margin call
pas de ingresos medianos participacin en cada pedido de operacin en
muy, fuertemente endeudado vencimiento (de un prstamo) descubierto
highiy, heavily indebted middle strip participation margin call
income country (HIC)
participacin en capital social perfil general del
pais habilitado para recibir equity financing, equity financiamiento
crditos e la AIF investment overall risk profile [IBRD]
IDA-eligible country
participacin en una sociedad perodo de gracia
pas que puede obtener partnership share grace period
financiamiento combinado
(del BIRF y la AIF) participacin mayoritaria periodo de pago
blend country controlling interest payment period [IBRD]
pas que puede recibir participacin proporcional perodo de prohibicin de
crditos, financiamiento de la funding pro rata JIBRD] rescate
AIF noncall period
IDA-eligible country participacin sin posibilidad
de recurso periodo de reprogramacin
nonrecourse participation tenor
202
periodo de vigencia de la tasa precio de compra precio vendedor
de Inters bid price ask(ed) pice; market pice
interest period [securities ma>ketJ
precio de conversin
periodo de vigencia del tipo conversion price precio vendedor
de inters offering memorandum
interest period precio de cuenta
accounting pice prestamista oficial
periodo post-emisin lender of record
after-market precio de ejercicio
striking prce; strke price; prestamista subordinado
petrobono exercise price subordinate lender
petrobond
precio de equilibrio (del prstamo a corredores de
ponderacin por moneda mercado) bolsa
currency weight market-clearing price broker loan; broker's loan
posicin a horcajadas precio de plena competencia prstamo a la vista
straddle; call-and-put option arm's length (pice) call loan
posicin corta precio de transferencia prstamo a mediano o largo
short position interna plazo
transfer pnice tenn loan
posicin diferencial diagonal
diagonal spread precio de venta prstamo a un intermediario
offering memorandum financiero
posicin diferencial vertical financial intermediary loan
vertical spread; price spread precio de venta (FIL)
selling rate
posicin en descubierto prstamo amortizable en su
short position precio econmico mayor parte al vencimiento
economic price; efficiency price balloon loan
posicin larga
longposition precio en (la) frontera prstamo "B
M
border price "B loan
praecipuum
praecipium; praecipuum precio fijado en contrato prstamo balloon
(para ejercitar una opcin de balloon loan
precio compra)
price (of a bond) striking pnce; strke prce; prstamo cofinanciado
exercise price coloan
precio comprador
bid pice precio fronterizo prstamo con inters
border price modificable
precio comprador resetter loan; rate resetter (RR)
buying rate [securities market] precio neto loan
payout price
precio contable
accounting price precio vendedor
selling rate
203
prstamo con intermediacin prstamo de valores prstamo no redituable
de un banco garantizado por otro(s) nonperforming loan;
back-to-back (loan, borrowing); valor(es) nonaccnring loan
matchedfunding borrow-pledge security loan
prstamo para ajuste de la(s)
prstamo con riesgo de prstamo dirigido poltica(s) industrial y
prdidas managed loan comercial
jeopardy loan industrial and trade policy
prstamo dividido en perodos adjustment loan (ITPAL)
prstamo con riesgo soberano time-slice loan
sovereign risk loan prstamo para ajuste del
prstamo en cascada sector agrcola
prstamo concedido por un apex loan agricultural sector adjustment
consorcio loan (ASAL)
club deal loan prstamo en dificultades
distressed loan prstamo para ajuste del
prstamo concedido sin banco sector exportador
director prstamo en forma de export adjustment loan (EAL)
club deal, loan participacin en el capital
equity loan prstamo para (fines de)
prstamo contingente ajuste sectorial
standby loan prstamo en pirmide sector adjustment loan
apex loan (SECAL; SAD)
prstamo convertible en
inversin prstamo en valores prstamo para asistencia
loan with equity kicker secunty lending [IBRD] tcnica
technical assistance loan
prstamo cuyo vencimiento se prstamo gigantesco (TAL) [IBRDJ
ha anticipado jumbo loan
prematured loan prstamo para cubrir posibles
prstamo global sobrecostos
prstamo de amortizacin package loan [IFCJ overage loan
inicial negativa
negative amortization loan prstamo hbrido prstamo para importaciones
hybrid loan con fines de rehabilitacin
prstamo de aprobacin rehabilitation import
autnoma prstamo improductivo credit/loan (RIC, RIL) [IBRDJ
free-limit loan nonperforming loan;
nonaccnuing loan prstamo para inversin y
prstamo de calidad mantenimiento sectoriales
quality loan prstamo incluido en el sector investment and
sistema de fondo comn de maintenance loan (SIM)
prstamo de un consorcio monedas [IBRD]
syndicated loan pooled loan
prstamo para programas
prstamo de valores con prstamo indizado program loan; program lending
garanta en efectivo indexed loan [currency pool] [IBRD]
cash security loan
prstamo minimax
MiniMax loan
204
prstamo para programas de prstamo subordinado prestatario preferencial
ajuste subordinated loan pnme borrower; premier
program adjustment loan borrower; high quality borrower;
(PAL) [IBRDJ prstamos con intereses top grade borrower
Impagos
prstamo para racionalizacin value impaired prestatario preferente
de empresas pblicas prime borrower; premier
public enterprise rationalization prstamos cruzados en borrower; high quality borrower;
loan (PERL) [IBRD] divisas top grade borrower
back-to-back (loan, borrowing);
prstamo para reconstruccin matched funding prestatario preferente
de emergencia prime borrower; premier
emergency reconstruction loan prstamos en apoyo de borrower; high quality borrower;
(ERL) reformas de polticas top grade borrower
policy-based lending, policy
prstamo para recuperacin loans prima
econmica premium [option market]
economic recovery loan (ERL) prstamos en condiciones
comerciales prima
prstamo para reforma de commercial lending premium [securities]
empresas pblicas
public enterprise reform loan prstamos no voluntarios prima
(PERL) [IBRDJ involuntary lending premium [foreign exchange]
prstamo para rehabilitacin prstamos obtenidos de prima de conversin
de empresas pblicas intermediarios financieros conversion premium
public enterprise rehabilitation intermediative borrowing
loan (PERL) [IBRDJ prima de emisin
prstamos pendientes premium [stocks]
prstamo para un sector exposure
sector loan prima de liquidez
prstamos vigentes liquidity premium
prstamo para una inversin active loans
especfica prima de rescate
specific investment loan (SIL) prstamos voluntarios call premium
[IBRDJ voluntary, spontaneous lending
prima de riesgo
prstamo participatorio prestatario (activo) risk premium
loan with equity kicker active borrower
prima pagada por
prstamo "puente" prestatario de primera clase aplazamiento de entrega
bridge financing prime borrower; premier backwardation
borrower; high quality borrower;
prstamo reembolsable de top grade borrower prima pagada por
una sola vez a su vencimiento aplazamiento de pago
bullet issue prestatario de primera clase contango
prime borrower; premier
prstamo sectorial borrower; high quality borrower; prima por inflacin
sector loan top grade borrower inflation premium
205
prima por riesgo Progama de venta separada proyectos relacionados con los
risk premium del Inters y el principal de aspectos sociales del ajuste
los valores Social Dimensions of
principal en el mercado Separate rd4ing of Registered Adjustment Project (SDA
market maker Interest and Principal of Project)
Securities Program (STRIPS)
principios contables punto de equilibrio
generalmente aceptados Programa especial de break-even point [stock marketJ
Generally Accepted Accounting asistencia del Banco Mundial
Principles (GAAP) para los paises de bajos rating
Ingresos de Africa al Sur del rating
prioridad Sahara agobiados por la
senioriy deuda rebajar de categora
World Bank's Special Program downgrade (a loan)
privatizacin of Assistance for the
divestiture Low-Income Debt-Distressed recapitalizacin
Countries in Sub-Saharan recapitalization
programa (de financiamiento) Africa
bsico recibo americano de depsito
base lending program promedio mvil (ponderado) American Depositary Receipt
nnning (weighted) average (ADR)
programa de compra de
acciones incluidas en un prospecto reciclaje de los prstamos
ndice offering memorandum relending
indexing, index program
prospecto recompra de deuda
programa (de financiamiento) prospectus debt buyback; debt repurchase
de reserva
standby lending program prospecto confidencial recompra de divisas en
information memorandum moneda nacional
programa ordinario de inward swap
rinanciamiento prospecto de emisin
regular lending program tombstone redescontar con compromiso
[IBRDJ de reventa
proteccin contra rescate take in, to (bills)
Programa de asistencia anticipado
especial (del Banco Mundial a cail protection redescuento
los paises miembros) rediscount
(World Bank) Program of proteccin de swap doble
Special Assistance (to Member cross-currency interest hedge; reduccin
Countries) (SAP) double hedge swap drawdown
Programa de recuperacin proyecto no incluido en la reembolso en cuotas iguales
garantizada del principal de cartera level repayment
las inversiones (GRIP) non-po~folio project [IFC]
Guaranteed Recovery of reembolsos a la AIF
Investment Pnincipal (Program) IDA reflows
(GRIP) [IFCJ
reemisin
reissue
206
reestructuracin de la deuda relacin precio renegociacin de la deuda
debt restructuring contable-precio de mercado debt workout
accounting ratio
reestructuracin financiera renovacin
work out arrangements; relacin precio-utilidades renewal
workouts price/eamnings ratio (P/E ratio;
PER) renovacin
refinanciamiento roll-over
roll-over relacin prstamos
desembolsados y renunciar a una garanta
refinanciamiento anticipado pendientes-capital y reservas take ou4 to [IBRD]
advanced refunding gearing ratio [IBRDJ
represin financiera
refinanciamiento de monto relacin servicio de la deuda- financial repression
igual exportaciones
even roll debt-service ratio; debt service reprstamo
to exports ratio onlending
reflujos de la AIF
IDA reflows relaciones de liquidez requisitos de que una
liquidity ratios operacin tenga efecto
registro computadorizado positivo sobre las perspectivas
computerized entry of rmora fiscal de desarrollo de un pas
ownership; dematerialisation fiscal drag materiality criteria
[UK]
rendimiento al vencimiento rescate de la deuda
regla de minimis yield to maturity (YTM) debt retirement
de minimis rule
rendimiento de los activos reserva
relacin activo retum on assets (ROA) reserve ratio
disponible-pasivo corriente
acid-tes4 liqui4 quick ratio rendimiento del promedio de reserva obligatoria adicional
los activos marginal reserve requirement
relacin beneficios retum on average assets [IFC]
netos-inversin reserva para inversiones
net benefit investment ratio rendimiento del promedio del especificas
patrimonio specific loss reserve [IFC]
relacin deuda-capital retum on average net wolth
debt-equity ratio; debt-to-equity [IFC] reserva para prdidas por
ratio concepto de inversiones no
rendimiento equivalente a un identificadas
relacin inters nominal unidentified loss reserve JIFCJ
endeudamiento/capital propio coupon equivalent yield
leverage (ratio) [U.S.]; gearing reservas obligatorias para un
(ratio) [U.K] rendimiento equivalente al de pas especifico
los bonos allocated transfer risk reserves
relacin misiones de equivalent bond yield (ATRR) [US]
evaluacin-operaciones en el
programa crediticio rendimiento mnimo resquicio
pipeline factor [IBRD] floor retum window (in a market)
207
resultado neto riesgo relacionado con segmento
bottom line desfases segment; sector (of the market)
lag risk [IBRDJ
reutilizacin de las ganancias seguridades (dadas por
rollover of gains riesgo relacionado con el terceros)
desfase entre. comfort
reutilizacin de los prstamos lag risk [IBRDJ
relending separacin
riesgo relacionado con el stripping
reventa de divisas en moneda margen
nacional spread risk [IBRDJ separacin de riesgos
outward swap financieros
riesgo relacionado con el unbundling of financial risks
riesgo refinanciamiento
exposure refinancing risk [IBRD] servicio auxiliar
back office
riesgo calculado a precios de riesgo relacionado con las
mercado tasas de inters servicio bancario
mark to market exposure interest-rate risk internacional
intemational banking facility
riesgo cambiario entre dos o riesgo relacionado con los (IBF)
ms monedas tipos de inters
cross-currency exchange rsk interest-rate nisk servicio contingente de apoyo
a la inversin
riesgo de insolvencia de un riesgo relacionado con contingent investment support
pas vencimientos asimtricos facility
sovereign risk mismatch risk [IBRDJ
servicio de emisin de ttulos
riesgo de liquidez riesgo soberano (SET)
cash risk liquid-holdings risk sovereign risk revolving underwritingfacility
(RUF); note issuance facility
riesgo tico riesgo subjetivo (NIF); note purchase facility;
moral hazard moral hazard euronote facility
riesgo eventual riesgos de refinanciamiento servicio de financiamiento
event risk rollover risks comercial
trade financing facility
riesgo moral sacar de apuros
moral hazard bail out servicio de la deuda sin
deducir reprogramaciones ni
riesgo por conversin saldo traspasado (al ejercicio pagos en mora
contable de monedas siguiente) scheduled debt service
currency translation exposure canyo ver
servicio de redescuento
riesgo por traduccin sector discount window
contable de monedas segment; sector (of the market)
cuwrency transiation exposure servicio de seguro de swaps
sector empresarial Swap Insurance Facility
corporate sector [IBRDJ
208
servicio financiero con Servicio especial de asistencia servicios de emisin y
opciones mltiples para Africa al Sur del Sahara suscripcin
multioption facility (MOF); Special Facility for underwntten facilities
multioption financing facility Sub-Saharan Africa; Special
(MOFF) Facility fr Africa; African servicios financieros para
Facility (SFSA; SFA) eurodlares
servicio para la concesin de euronote facilities
nuevos fondos Servicio especial para Africa
new money facility Special Facility for servico de financiamiento
Sub-Saharan Africa; Special para contingencias
Servicio africano Facililty for Africa; African contingency financing facility
Special Facility for Facility (SFSA; SFA)
Sub-Saharan Africa; Special sin dinero
Facility for Africa; African Servicio financiero de ajuste out of the money (OTM)
Facility (SFSA; SFA) estructural dentro del marco (option)
de la Cuenta Especial de
Servicio contingente de Desembolsos sin garanta documentaria
intercambio de monedas Structural Adjustment Facility clean
Contingent Swap Facility within the Special
[IBRDJ Disbursement Account (SAF) sin intereses devengados
[IMF] flat
Servicio de asesora sobre
inversin extranjera (FIAS) Servicio financiero reforzado sistema de amortizacin del
Foreign Investment Advisory de ajuste estructural principal en cuotas iguales
Service (FIAS) Enhanced Structural equal principal repayment
Adjustment Facilily (ESAF) system
Servicio de financiamiento [IMF]
compensatorio y para sistema de fondo comn de
contingencias Servicio para contingencias monedas
Compensatory and Contingency externas currency pooling system
Financing Facility [IMF] Extemal Contingency
Mechanism [IMF] sistema de pagos totales
Servicio de financiamiento de iguales de principal e
proyectos relacionados con los Servicio regional de proyectos intereses
aspectos sociales del ajuste para Africa al Sur del Sahara level annuity system
Social Dimensions of Regional Project Facility for
Adjustment Project Facility; Sub-Saharan Africa sistema de tipos de inters
SDA Project Facility basados en una "cesta" de
servicios bancarios para el emprstitos pendientes
Servicio de financiamiento pblico en general pool-based lending rate system
para preparacin de retail banking [IBRD]
proyectos
Project Preparation Facility servicios bancarios para
(PPF) [IBRD] empresas
wholesale banking
servicios bancarios para los
particulares
retail banking
209
sistema de tipos de Inters sociedad de valores swap de bonos de Igual valor
variables sobre los prstamos secunties dealer; securities finn nominal
vauiable lending rate (VLR) even par swap
system solicitud de pago dimeto en
nombre del prestatario 9wap de deuda por
Sistema de Informacin del Application for Withdrawal for cuasicapital
Banco Mundial sobre los direct payment [IBRD] debt/quasi equity swap
mercados de capital
Worid Bank Capital Markets solicitud de membolso directo swap de deuda por efectivo
System (CMS) [IBRD] al prestatario debt-for-cash swap
Application for Withdrawal for
Sistema de la Reserva Federal reimbursement JIBRDJ swap de deudas
Federal Reserve System par debt swap; debt-debt swap
solvencia
situacin en que el precio al credit standing creditworthiness swap de deudas
contado es inferior al precio a debt-debt swap; par debt swap;
plazo strangle debt swap; debt-for-debt swap
contango strangle
swap de Indices
situacin en que el precio al subasta a la baja basis (rute) swap
contado es superior al precio Dutch auction [U.S.J
a plazo swap de intereses
backwardation subastas de divisas callable swap
foreign exchange auctions
sobrendeudamiento swap de intereses y monedas
debt overhang subcuenta de endeudamiento cross-currency interest rate swap
del prestatario
sociedad comisionada borrower's indebtedness swap de monedas
commissioned company subaccount [currency pool] currency swap
[Japan]
subprstamo swap de monedas y de
sociedad de inversin con subloan intereses
nmero de acciones fjo circus swap; currency coupon
closed-end (investment) fund, subprestatarlo swap
company (CEIC) subborrower
swap de opciones
sociedad de inversin suscriptor option swap
inmobiliaria underwriter
real estate investment trust swap de tasas de inters
(REIT) swap interest-rate swap
swap (transacton)
sociedad de inversiones swap de tipos de inters
investment company, fund swap con descuento interest-rate swap
discount swap
sociedad de inversiones con swap de tttulos de deuda por
nmero variable de acciones swap de activos exportaciones
open-end (investment) fund, asset(-based) swap debt-for-export swap;
company (OEIC); mutual debt-for-products swap
fiun4 unit trust [UK]
210
swap en dos monedas tasa de inmovilizacin tasa del mercado monetario
dual-currency swap lock rate money market rate
swap internacional tasa de Inters contable (TIC) tasa Lombard
cross-border swap accounting rate of interest Lombard rate [Federal
(ARI) Republic of Germany]
swap inverso
reverse swap tasa de Inters de cuenta tasa para prstamos a
accounting rate of interest corredores de bolsa con
swap inverso (ARI) garanta de valores
mirror swap broker loan rate
tasa de inters de equilibrio
swap mltiple (del mercado) tasa preferencial
cocktail swap market-clearing interest rate prime rate
swap opcional tasa de inters del tasa preferencial a largo plazo
swaption; swap option financiamiento combinado long-term prime rate (LTPR)
blended interest rate [Japan]
swap preferencial
premium swap tasa de inters inmodificable tasas de inters clave
lock(ed) in (nterest rates) key interest rates
tarjeta de crdito institucional
corporate charge card, tasa de inters pagado por tcnicas financieras
corporate credit card aplazamiento de entrega financial engineering
backwardation rate
tasa central tenedor de bonos
key money rate; central rate tasa de inters para bondholder
prstamos a la vista
tasa combinada del mercado call money rate; call loan rate tiburn
combined market rate corporate raider, raider
tasa de inters real
tasa crtica de rentabilidad real interest rate tipo central
hurdle rate key money rate; central rate
tasa de Inters sobre los
tasa de activacin depsitos tipo combinado del mercado
trigger rate depositor rate of interest; combined market rate
borrowing rate
tasa de actualizacin tipo de cambio mfnimo
discount rate tasa de Inters variable floor rate of ecchange
basada en una 'cesta' de
tasa de actualizacin de emprstitos pendientes tipo de Inters contable (TIC)
equilibrio pool-based variable lending rate accounting rate of interest
cross-over discount rate; [IBRDJ (ARI)
equalizing discount rate
tasa de los fondos federales tipo de Inters de cuenta
tasa de actualizacin del federal funds rate tUS] accounting rate of interest
consumo (ICO) (ARI)
consumpdon rate of interest tasa de oferta interbancarla
(CRI) interbank offered rate (IBOR)
211
tipo de inters de equilibrio tipo para prstamos a ttulo nominativo
(del mercado) corredores de bolsa con registered security
market-clearing interest rate garanta de valores
broker loan rate ttulo provisional
tipo de inters del scrip ceflhficate; bearer scnip
financiamiento combinado tipo preferencial
blended interest rate prime rate titulos con cupn
coupon paper
tipo de inters inmodificable tipo preferencial a largo plazo
lock(ed) in (interest rates) long-term prime rate (LTPR) titulos de organismos
IJapan] federales
tipo de inters pagado por agency secunities, obligafions
aplazamiento de entrega tipos de cambio cruzados
backwardation rate dispares ttulos sintticos con Inters
broken cross rates; triangular variable
tipo de inters para arbitrage synthefic floafing rate notes;
prstamos a la vista derivative floating rate notes
call money rate; call loan rate tipos de inters clave
key interest rafes tope de las tasas de inters
tipo de inters real interest rate cap
real interest rate ttulo
security tope de los tipos de Inters
tipo de inters sobre los interest rate cap
depsitos titulo al portador
depositor rate of interest; bearer security traduccin de monedas
borrowing rate currency translation
ttulo consistente en un
tipo de inters variable asiento bancario transaccin al precio de
basado en una 'cesta" de book-entfy security oferta menos comisin
emprstitos pendientes trade inside fees
pool-based variable lending rafe titulo convertible
[IBRD] converlible; convertible securily transaccin de bloques de
acciones
tipo de los fondos federales ttulo de salida block trading
federal funds rafe [US] exif instrument; ext bond; exit
vehicle transaccin de vencimientos
tipo de oferta interbancaria simultneos
interbank offered rafe (IBOR) titulo de transferencia de matched maturity transaction
ingresos [IBRDJ
tipo de redescuento pass-throughs; pass-through
discount rate securities transaccin en la cual las
comisiones eliminan toda
tipo del mercado monetario ttulo exigible al ejercer una posibilidad de utilidades
money market rate opcin alligator spread
underlying (security)
tipo Lombard transaccin ficticia
Lombard rate [Federal titulo hipotecario wash sale
Republic of Germany] mortgage bond
212
transacciones de los Unidad de preparacin de valor de primera clase
corredores en la bolsa proyectos para Africa blue chip
floor trading Africa Project Development
Facility (APDF) valor de proteccin
transacciones entre grandes hedge [securities marketJ
bancos y entre stos y otras utilidades no distribuidas
instituciones financieras retained earnings valor de transferencia de
wholesale banking ingresos
utilidades por accin pass-throughs; pass-through
transacciones interbancarias eanings per share (EPS) securities
wholesale banking
utilizacin valor en libros
transacciones ilcitas de drawdown book value
personas iniciadas
inside, insider dealing valor valor en venta continua
security tap secuity
transferencia de activos (de
una sociedad) a cambio de valor a la par valor intrnseco
acciones (de otra sociedad full face value intrinsic value
nueva)
spinoff valor con inters creciente valor nominal
step-up (security) par value; face value
transferencia electrnica de
fondos valor con inters descendente valor nominal
electronic funds transfer (EFT) step-down (secuwity) full face value
transformacin (bancaria) valor con inters progresivo valor nominativo
transformation step-up (security) registered security
transformacin de los plazos valor con respaldo hipotecario valor precursor de tendencias
de vencimiento mortgage-backed secuity bellwether security
term transformation (MBS)
valor temporal
transformacin inversa valor contable time value
negative term transformation book value
valor zebra
unidad compuesta europea valor cotizado en bolsa zero coupon Eurosterling bearer
European Composite Unit listed security registered accruing securities
(EURCO) (ZEBRAs)
valor crtico
unidad de cuenta europea switching value valoracin a precio de
(UCE) mercado
European Unit of Account valor de cada parte integrante marking to market
(EUA) de una empresa
break-up value valoracin burstil (del
unidad monetaria europea capital)
(ECU) valor de conversin market capitalization
European Currency Unit conversion value
(ECU)
213
valores a ms largo plazo de venta de un crdito fuera del
oferta continua (COLTS) consorcio
Continuously Offered sell-down
Longer-Term Secuwities
(COLTS) venta en descubierto
short sale
valores con moneda de
reembolso opcional venta sin garanta de
covered option secunities suscripcin total
(COPS) best effont sale
valores de inversin a largo ventanilla automtica
plazo automatic, automated teller
investment securities machine (ATM)
valores de oferta continua en warrant
francos suizos (COPS) warrant bond
Continuously Offered Payment
Rights in Swiss Francs (COPS) warrant en divisas
foreign exchange warrant
valores de primer orden
gilt-edged securities warrant para la compra de
acciones
valores negociables stock warrant
marketable securities
warrant para la compra de
valores para inversionistas acciones o bonos
extranjeros wafrant
foreign-aimed security;
foreign-targeted security [US] warrant para la compra de
bonos
variacin de precio bond warrant
tick
warrant separable
vencimiento nico detachable warrant
bullet matuwity
zona de referencia
vender (una opcin, un swap) target zone; reference zone
write (an option, a swap)
venta
divestiture
venta de partes de un
prstamo
whole loan sale
venta de prstamos por
emisin de valores
securitized loan sales
Distributors of World Bank Publications
ARCBNTINA pINLAND MEXICO Pad h ~
C .H,d SRL Ab*s Khif,F INFO TEC Itaimal Sub S
calriad Guen PO. B 125 Aparado Ptl 22-60 P.O. B 41095
Flda 16541 Ir-lk 453/465 SSFDOI 1 140611a1M~DdF. .F.
133 3_ Hi Al 10 laanehn 2D24
do6faIpe. oal,DF zlb
AUSTRAUlA PAPUA NEW GUINEA FIANCES MOOCtaM Mrnc SFAIN
Fui SOLOMON ISLANOS, Waid S ak Publicationo 12 rue M Id. d'Anfa Murmd ib SA
VANUATU, ANO WESTRRN SAMOA 66, av*u d'ia Cblca CaeDo 37
DA.Ba&Jo l 75116.rlo 2M Maddd
648 Wldde Red NETHERLANDS
Mi~U3132 GERMANS FEDERAL REPLICOF inOr-abl-- ib. Librera late.~ AEDOS
V a UNO.Vdg P.O. Boa 14 Ca de Cean 391
Po~d. A 55 7240 BA Lad.anm 09EuB a
AUSTRIA D15Y0 BA 1
Gudd ad Co, NEW 2EALAND SRI LANMA AND THB MALDIVES
Grobea31 GREECB HOS L anAd nO ma S~vi Lr HS Ba Rohop
A-IO W1 WKo IEME Privahell P.O. Boa 244
24, oIp _aSlP P_ New M~ 100, Sir Cht alao A. Gardiner
BAHRAIN AIaA11635 Aund Matd.
Bln R e *nd Cldt CAosbo 2
A~ iM d. GUATBMALA NIGERI
PO. Bo 22103 UbrLt~ eda SsI Unveaity ar lited SWWEN
Mm Towm 317 Se. Cale 745 Three Cme SlBuldingJedirca pFLbktIu
ZRa 1 Pdvate Mail Bg 5095 Fdtrs Fkboksd~rt
BANGLADESH Guaem Clty Ibeden RCB 1 B 16356
Mino hFdu Deve l_tt 5.103 27 Sta&hdm
A~-se Sodety (MIDAS) HONG KONG, MACAO NORWAY
Houe. Red 16 A 20XUd. Na rv nfbaon Center F7rmd
Dhanod R/A 6 1R. 146 Pr~scedwrd B~ok spdmut W~e~em-WW AB
Dbkab 1209 Raod, W. P.O. Boa 6125 Etad Boa 30DD4
Kowhxm N.06D2 Oslo 6 S104 25 Sto&hdm
B9 ~ a/k Hong K-
154 Nur Ahmed Sark OMAN SWlTZERLAND
Cltumgs HUNGARY MEMRB n Info t Fi arIgetIls
7 Aat P.O oa 1613, S bA t Lbrte Payot
76, KD.A. Avenue P.O. Box 149 Muat 6, rue Gran
Nubina 1389 Bdadqe 62 Cane~peae381
FPAIISTAN CH 1211 Genev. 11
BELIURM LSDIA p B" Agj n
Jean De nnoy ABeAPub~Prsvate Ud. 65. ~ hStarhe Am Frs ri$ rs
Av. du RoL 202 7M1 Mouta Rad PO. Boa No. 729 lbrhteie Payot
1060Bra Mada-6002 Lahore3 e drA Ab-a nt.
Case pt 3312
BRAZIL Hd~ a PERU CH 1W2 Lnne
PublcrTe. Itenadle 151N HerediaMee Editoial D-rllo SA
Ltda. B llA Ebate Apostada 3824 TANZANIA
Rae Pdxoto Gomid, 2D9 Brn'cay-4( 03B Liar Oxford Univ--ty Pn
019 SeoPaul.SP P.O. Box 5299
13/14 Ae fAi Road PHILIPPINES DaerruS .In
CANADA New Derihi-1100O92 Na.~ir Baax Stoee
LeDifiuer 701 RizlAvnue THAILAND
C.P. 85.13i1rae Ampio 17 Chi ni Avenue P.O Box 1934 Centrei Depart ruil SI
BmOacvli Q~er Cairna0D072 Metro Mani 306 Sila
Jlayadoa HostriB.6ld g internaui--al BookCite
CHINA Sh Madn Rcad Gand~inagar Fi7t6 Ho.-, Filiprs.a Life Buildins TRINiDAD A TOBAGO, ANTIGUA
Cdaatn dl & Baiosr Publining B.r.oe -56D 009 Ayala A-v Makath BARBUDA. BARBADOS,
HMoe MetroManil DOMINICA. GRENADA, GUYANA.
D, Oa Fo Si DOosgjie 3-5-1129 KiXudr C R JAMAICA, MONTSERRAT. ST.
Beh,ing Hyder -50D027 POLAND KITTS & NEVIS, ST. LuCi4
ORPAN ST. VINCENT & GEENADINES
COLOMBIA Prahana Fha, 2ndFor ORxPANu. i SyNaui SbdlisUt
oilce Ltd. Ne rTtakeB Nav~. 0D-1Wavsaa #9WatStreet
AparAdoA o 3420 Ahmedabed -30009Cr
BqataDl. PORTUGAL Trinidad, We tindirs
PFtlb Haou PLtiva;anol'.ugal
COTEDIVOIRE 16-A Aaok Mg Ru Do Crma 70-74 TURiCEY
Cuentred'Edito et deDihidos- i'h -w 226 D1 120DW Ha~ IKitap-vt. AS.
Alirieso (CEDA) sIa! Cadd,ie No. 469
04 B.7. 541 INDONESIA SAUDI ARABIA. QATAR B uyogi
Abidijan04PIlt.. Pt. Idi. Llmited Jirk BoSkiSte lataibu
l1.Sam Ra~tr 37 P.O. B.. 3196
CYPRUS P.O. BO181 Riy dhll471 UGANDA
MEMRBSi anfrmeionServcs Jkr Prusat Ugmdaa BSok.tp
P.O. Boa 289 MEMES infm;tron SePvi.O. P.O Bcx 7145
Nti iTALY ;ovrrk Jr K. lampala
Uo Co.m.le -rL;r.a ES SPA Al AIa Street
DENMARK Vi Benedetto Frtini, 120/10 Al Da8uu Center UNITED ARAB EMIRATES
Sen,fumdsUt~ebat Casda Paetale 552 Firnt ~ot MiMiB Guif Co.
REeuiamaAtiell 50125Fia.nce P.O.Bo.7i88 P.O. B5o697
DK-1970Federlobere C Riyadh Sharjah
JAPAN
DOMNICAN REUBUC EB tBnSab Se.irc, Ha;jAbiduiih~ iAbrezoBuilding UNiTED IUNGDOM
Editora Taller,C. prA. 37, H.go 3-OmChne, B..ky.lt 113 lKinS IChlodStreet MiotatUfold.
Rraaurardn e hriabdba Cart&lira 319 Tt.kyo P.O. Box 3969 PO. Boa 3
Apartado Pobtal 2190 D;an--n Aitan, Haphitre GUr34 2PG
Santo Dos KENYA Eng,and
AhOco Baok Se;ire (EA.) Ld. 33, Mhu n-d Ha-n Aid Street
EL SALVADOR P.O. Bor 4f245 P.O. Bo 5978 URUGUAY
fuiades Na~ri Jrddrih institto Naci---l dd libro
Avenida Manual EnriOque Araujo *3530 Sanm Je 1116
Edfido SISA,ler. Pbo KOREA, RE4UBUC OF SINGAPORE. TAIWAN, MYANMAR. Mca.tivldeo
San Slivador Pan Knr Bok Cc ttos. BRUNEf
P.O. Ba 10i, KC.agwrihun Infc tion Publvatidoa VENEZUELA
EGYPT. ARAS REUBLIC OF Seoi Psivat. Utd. Ubrli dd lote
Al Ahrm 02-06 1t Fi. Pri-Fu Ind&i Aptdo. 60337
AlGalaStreet XUWAIT Bldg Corroal0lMlA
C;rio MEMRB lnforon S~vti 24 New Indurtial Raed
p.O. Bo. s65 Singap-e 1953 YUGOSLAVIA
ThteMiddie E.st.iC;arvar Jgasldovena K.igp
ii Ch;aw Street MALAYSIA SOUTH AFRICA. BOTSWANA P.O. Box 36
Ca;iro Univernty i Malaya Coapeee6re Forsslegk ils. Teg Repubiike
Bnokahap, Umitad OlorAd Ui-ty Pro Sau the YU-ll0D0~sgeade
P.O. Bat 1127, Jalan Pairtal Barr Alice
Ku;La umpr P.O. Boa 1141
Cape Trn 8
The World Bank
Headquarters European Office Tokyo Office
1818 H Street, N.W. 66, avenue d'lna Kokusai Building
Washington, D.C. 20433, U.S.A. 75116 Paris, France 1-1, Marunouchi 3-chome
Chiyoda-ku, Tokyo 100, Japan
Telephone: (202) 477-1234 Telephone: (1) 40.69.30.00
Facsimile: (202) 477-6391 Facsimile: (1) 47.20.19.66 Telephone: (3) 214-5001
Telex: WUI 64145 WORLDBANK Telex: 842-620628 Facsimile: (3) 214-3657
RCA 248423 WORLDBK Telex: 781-26838
Cable Address: INTBAFRAD
WASHINGTONDC
Este glosario recoge trminos
Les termes et expressions prsents relacionados con las finanzas y la deuda
dans ce glossaire, qui proviennent des que se utilizan en los principales
principaux marchs des capitaux du mercados financieros del mundo. En l
monde, concernent les finances et se presta especial atencin a los
This glossary contains terninology l'endettement. Le glossaire fait une sistemas de fondo comn de monedas y
related to finance and debt from the large place aux systmes de pool de de tasas de inters basadas en una
major world financial markets. Special monnaies et de taux bass sur un pool 'cesta' de emprstitos pendientes que
emphasis is given to the World Bank's d'emprunts. Il contient aussi des emplea el Banco Mundial. Comprende
currency pool and pool-based lending termes relatifs au problme de la dette, asimismo trminos vinculados con el
systems. Also included is terminology au programme d'emprunt de la Banque problema de la deuda internacional y
connected with the international debt mondiale (surtout pour ce qui touche con el programa de emprstitos del
problem, terms related to the World aux marchs financiers internationaux), Banco Mundial (particularmente en lo
Bank's borrowing program (particu- et quelques termes utiles dans les que respecta a los mercados mundiales
larly as it relates to the world's capital domaines de l'conomie et de l'analyse de capitales), y algunos trminos
markets), and a few related terms in the financire. Le glossaire est form de conexos de los campos de la economa
fields of economics and financial quatre parties : termes anglais-franais- y el anlisis financiero. El glosario
analysis. The glossary comprises four espagnols, sigles anglais, franais et consta de cuatro secciones: ingls-
sections: English-French-Spanish; espagnols, francais-anglais, et espagnol- francs-espaol; siglas en ingls,
Abbreviations in English, French, and anglais. La premire partie fournit les francs y espaol; francs-ingls, y
Spanish; French-English; and Spanish- dfinitions en anglais. espaol-ingls. La primera seccin
English. Definitions are given in incluye definiciones en ingls.
English in the first section. Les autres glossaires publis par la
Banque mondiale sont Terminologie El Banco Mundial ha publicado
Other glossaries published by the World forestire et vocabulaire connexe tambin los siguientes glosarios
Bank are the Terminology of Forestry (anglais-franais), Terminologie de especializados: Terminology of
and Related Subjects in English- l'approvisionnement en eau et de Forestry and Related Subjects, ingls-
French; Terminology of Water Supply l'assainissement du milieu (anglais- francs; Terminology of Water Supply
and Environmental Sanitation in franais), publi conjointement avec and Envronmental Sanitation, ingls-
English-French (published jointly with l'UNICEF, Glossaire de l'entretien et de francs (conjuntamente con UNICEF);
UNICEF); Urban Infrastructure l'infrastructure urbaine (anglais- Glosario de mantenimiento de la
Maintenance in English-French- franQais-espagnol), et Terminologie de nfraestructura urbana, ingls-francs-
Spanish; and Population Terminology la population (anglais-franais- espaol, y Terminologa de poblacin,
in English-French-Spanish. The espagnol). Les glossaires complets de la ingls-francs-espaol. Los glosarios
complete Worid Bank Glossaries in Banque mondiale (anglais-franais et generales del Banco Mundial (ingls-
English-French and English-Spanish anglais-espagnol) contiennent des francs e ingls-espaol) contienen
contain economic, financial, and other termes conomiques, financiers et des ciertos trminos de economa y
terms related to development in termes relatifi au dveloppement en finanzas y otros trminos relacionados
general. gnral. con el desarrollo.
ISBN 0-8213-1644-3