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9477 FILE COPY A World Bank Glossary Glossa¡re Glossary des finances Glosario of Finance et de de finanzas and Debt la dette y de deuda Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized

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9477

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AWorldBank

Glossary

Glossa¡reGlossary des finances Glosario

of Finance et de de finanzasand Debt la dette y de deuda

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A World Bank GlossaryGlossaire de la Banque mondialeGlosario del Banco Mundial

Glossary of Finance and DebtGlossaire des finances et de la detteGlosario de finanzas y de deuda

English-French-SpanishFrançais-anglais-espagnolEspañol-inglés--francés

The World BankWashington, D.C., U.S.A.

Copyright © 1991

Intemational Bank for Reconstructionand Development ¡ The World Bank

Banque intemationale pour la reconstructionet le développement 1 Banque mondiale

Banco Intemacional de Reconstruccióny Fomento ¡ Banco Mundial

1818 H Street, N.W.Washington, D.C. 20433, U.S.A.

AH rights reservedTous droits réservésReservados todos los derechos

First printing: March 1991Premiere édition: mars 1991Primera impresión: marzo de 1991

Manufactured in the United States of AmericaPublié aux Etats-Unis d'AmériqueHecho en los Estados Unidos de América

Library of Congress Cataloging in Publication Data

Glossary of finance and debt: English-French-Spanish = Glossaire desfinances et de la dette: français-anglais-espagnol = Glosario definanzas y de deuda: español-inglés-francés.

p. cm. - (A World Bank Glossary = Glossaire de la Banquemondiale)

ISBN 0-8213-1644-31. International finance-Dictionaries 2. Debts, Extemal-

-Dictionaries. 3. English language-Dictionaries-Spanish.4. English language-Dictionaries-French. I. Title: Glossaire desfinances et de la dette. II. Title: Glosario de finanzas y dedeuda. IIL Series: World Bank glossary.HG151.G629 1990332'.042'03-dc2O 90-44772

CIP

i¿i

Contents-Table des matieres-Indice

Foreword vAvant-propos vi

Prefacio vii

Terminology of Finance and Debt 1English-French--Spanish

Abbreviations (English) 111

Sigles (français) 119

Siglas (Español) 125

Terminologie des finances et de la detteFrançais-anglais 129

Terninología de finanzas y de deudaEspañol-Inglés 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 theBank's borrowing program, which had been expanded to increase the sources of borrowing andto take advantage of changes in the financial markets.

This new glossary adds considerably to those terms, to reflect both the substantial changes inthe financial markets in the 1980s and how the Bank has profited from them. While the majorreferences are to the US and Eurodollar markets, terminology will be found from most of themajor 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 bothwithin the World Bank and elsewhere has been considered and, in some cases, implemented inorder 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 internationaldebt have tended to take place primarily in English. As a result, many of the terms consideredhere 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 inFrench or Spanish, or where the experts in France or Spain and the Latin American countrieshave an agreed terrn, it has been used. It should be noted, however, that many of these termswill 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 inthe English section.Besides terminology used in the financial markets, this glossary also contains terms relating tothe World Bank's current lending program, including the currency pool and the pool-basedlending rate (whích are not the same thing), banking, accounting, particularly ratios, as well asa few terns in the fields of economics and financial analysis. The names of the United Statesand 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 welcomeand should be addressed to:

Terminology UnitLanguage Services DivisionThe World Bank1818 H Street, N.W.Washington, D.C. 20433U.S.A.

vi

Avant-propos

Ce glossaire remplace la Terminologie des emprunts et des préts parue en 1984. La Termi-nologie des emprunts et des préts avait été publiée á la suite des changements apportés au pro-gramme d'emprunt de la Banque, qui venait d'etre élargi pour permettre a la Banque demultiplier ses sources de fonds et de tirer parti de l'évolution des marchés des capitaux.

Ce nouveau glossaire a été considérablement enrichi, reflétant en cela les profondes transforma-tions intervenues sur les marchés des capitaux pendant les années 80 et, d'autre part, la manieredont la Banque s'en est servie. La majorité des termes a trait aux marchés des Etats-Unis et deseurodollars, mais on trouvera en outre des termes provenant de la plupart des grands marchésmondiaux.

Par ailleurs, la portée du nouveau glossaire a été accrue, puisqu'il englobe désormais de nom-breux termes relatifs au probléme de la dette. Diverses initiatives ont été envisagées et parfoisprises, á la Banque et ailleurs, pour aider les pays en développement a faire face au problamede la dette. Ces efforts ont donné naissance a toute une terminologie spécialisée, qui apparaitpour la premiére fois dans un glossaire de la Banque.

Malheureusement, les activités des marchés des capitaux et l'examen de la question de la detteintemationale se déroulent essentiellement en anglais; c'est pourquoi un grand nombre des ter-mes contenus dans ce glossaire n'ont pas d'équivalent accepté en français ou en espagnol. Lestraductions proposées ne sont donc que des suggestions et non pas les termes agréés, sauf bienentendu lorsqu'il existe un équivalent utilisé en français ou en espagnol, ou lorsque les expertsde France ou d'Espagne ou des pays d'Amérique latine se sont mis d'accord sur un terme don-né. Presque tous les termes sont accompagnés d'une défmition, afin que les traducteurs puis-sent décider entre la traduction proposée ou une autre de leur choix. Ces définitions portent surle terme anglais, sauf indication contraire, et figurent dans la colonne anglaise.

Outre la terminologie des marchés 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 fondésur un pool (qui sont deux choses différentes), aux activités bancaires, á la comptabilité, en par-ticulier les ratios, ainsi que des termes économiques et d'analyse financilre. Les Etats-Unissont désignés par l'abréviation U.S. et le Royaume-Uni par U.K..

Ce glossaire a été préparé par le Service de terminologie de la Division des services linguisti-ques de la Banque mondiale, en collaboration étroite avec les Sections française et espagnole.Si vous avez des observations a formuler, de nouveaux termes ou des traductions différentes aproposer, adressez-vous á:

Terminology UnitLanguage Services DivisionThe World Bank1818 H Street, N.W.Washington, D.C. 20433Etats-Unis

vii

Prefacio

El presente glosario sustituye al de Terminología de empréstitos y préstamos, publicado en1984, que se elaboró para recoger las modificaciones introducidas en el programa de emprésti-tos del Banco a fin de ampiiar las fuentes de obtención de fondos y de aprovechar los cambiosexperimentados por los mercados financieros.

Este nuevo glosario incorpora una cantidad considerable de nuevas expresiones que reflejantanto los sustanciales cambios que han registrado los mercados financieros en los años ochentacomo el modo en que el Banco los ha utilizado. Si bien muchos de estos términos se refieren alos mercados de los Estados Unidos y del eurodólar, en sus páginas se encontrará terninologíade la mayoría de los principales mercados financieros del mundo.Además, el nuevo glosario amplía el ámbito del original, pues introduce una gran variedad detérminos relacionados con el problema de la deuda internacional. A fin de hacer frente a la car-ga de la deuda de los países 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 cualesse han adoptado en la práctica. Esto ha dado lugar a la creación de una terminología especiali-zada, que se recoge aquí por primera vez.Lamentablemente, en las actividades de los mercados financieros del mundo y en la considera-ción del problema de la deuda internacional predomina el uso del idioma inglés. Como resulta-do de ello, muchos de los términos recogidos aquí no tienen un equivalente exacto en español ofrancés, por lo que las traducciones que se dan deben considerarse como sugerencias, más quecomo términos consagrados. Naturalmente, en los casos en que existe un equivalente en espa-ñol o francés, o en que los expertos de España y los países latinoamericanos o de Francia hanconvenido en una expresión técnica, ésta se ha incorporado al glosario. No obstante, cabe seña-lar que los expertos emplean muchos de estos términos en inglés, aun cuando exista un equiva-lente aceptado en español o francés. Se dan definiciones de casi todas las expresiones, demodo que los traductores pueden decidir si usan la traducción propuesta o adoptan otra. Salvoindicación en contrario, las definiciones corresponden al término inglés y aparecen en ese idio-ma en la sección trilingüe.

Además de la terminología usada en los mercados financieros, este glosario contiene términosrelacionados con el programa actual de operaciones crediticias del Banco Mundial, incluidoslos referentes al fondo común de monedas y al tipo de interés variable basado en una "cesta" deempréstitos pendientes, banca, contabilidad -en particular coeficientes- y algunas expresio-nes que se emplean en los campos de la economía y el análisis financiero. Se indica si el térmi-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 Terminología de la División de Servicios Lin-güísticos del Banco Mundial, en estrecha colaboración con las Secciones de Traducciones al Es-pañol y al Francés. Cualquier comentario será bien recibido inclusive sugerencias relativas a laincorporación de nuevos términos o a traducciones distintas de las que aparecen en el glosario.Las comunicaciones deben dirigirse a:

Terminology UnitLanguage Services DivisionThe World Bank1818 H Street, N.W.Washington, D.C. 20433EE.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 lastgarantie appelable par anticipation interest payment.garant(a exigible anticipadamenteA guarantee whereby a cail for payment can be acid-test, liquid, quick ratioadvanced if the loan is declared in default, before ratio de trésorerie réduitethe maturities being guaranteed become payable. relación activo disponible-pasivo corriente

The standard IBRD defmition is the ratio of cashacceleration of maturity plus marketable securities plus accounts receivableexigibilité anticipée; demande de plus other amounts readily convertible into cash toremboursement anticipé current liabilities. Other definitions include ratio ofaceleración del vencimiento; adelanto del current assets less inventories to current liabilities,vencimiento ratio of quick assets to current liabilities, ratio ofDeclaration by a lender that the outstanding princi- cash plus near-cash assets to current liabilities, andpal is due and payable immediately, together with ratio of cash plus accounts receivable plus thethe interest due, following non-compliance with loan market value of selected investments to currentcovenants. liabilities. In Latin America, relación de prueba

ácida is often found, while in Spain ratio de tesoreríaaccounting príce is used.prix comptableprecio de cuenta; precio contable active borrowerA price used for accounting purposes (i.e., not a pays qui continue d'empruntermarket price). Often used synonymously with prestatario (activo)shadow price. Country which still receives World Bank loans.

accounting rate of interest (ARI) active loanataux d'intérét comptable (TIC) préts en cours de décaissement, non encoretasa de interés de cuenta; tasa de interés rembourséscontable (TIC); tipo de interés de cuenta; tipo préstamos vigentesde interés contable (TIC) Loan on which disbursement is still being made.Discount rate used to convert future values ofbenefits and costs into equivalent present values. activity ratios

taux d'activitéaccounting ratio d ctivitératio prix comptable-prix du marché coeficientes de actividadrelación prix iompontable-precix du mearché ; A group of ratios that measure movement in therelación precio contable-precio de mercado; activities of a corporation.coeficiente de cuenta; coeficiente contableRatio of accounting price to market price of a actuarial evaluationgood. évaluation actuarielle

evaluación actuarialappréciation Evaluation of future events, particularly thoseappréciation relating to asset appreciation, earning power anddiferencia entre el precio con descuento y el compensation.valor nominal [bonos]Adjustment of the difference between the price ofa bond bought at an original discount and the parvalue of the bond.

4

admission fee (to a stock exchange) agency fee [Euromarket]frais de cotation commissíon de gestioncomisión de admisión (a cotización) comisión de gestiónFee charged by a stock exchange for applying for a Fee paid to the lead manager in a Euroloan for hisstock to be listed on that exchange. work in collecting and paying out interest payments

and other services.advanced refundingrefinancement anticipé agency securities, obligationsrefinanciamiento anticipado obligations émises par des organismes fódé-Refinancing before maturity, to take advantage of rauxfavorable 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 bankFonds des entreprises africaines 1. correspondant;Fondo para empresas africanas 2. mandataire; agentA fund established by IFC to expand IFC's assis- 1. banco corresponsal;tance to small- and medium-sized enterprises in 2. banco agenteSub-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.

agioAfrican Facility see Special for Sub-Saharan agioAfrica agio

The premium which the metallic or other currencyAfrica Project Development Facility (APDF) of a country may command over legal tender paperService de promotion et de développement des money which is its face equivalent.investissements en Afrique (APDF)Unidad de preparación 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 préstamo para ajuste del sector agrícolaagency. Its services are available to countries which Sector adjustment loan in the agricultural sector.become signatories to the related UNDP projectdocument. Its purpose is to promote small- and air pocket stockmedium-scale private enterprises in Sub-Saharan action en chute libreAfrica. Staff will be based in Abidjan and Nairobi. acción de calda vertiginosaProjects will be generated by development institu- A stock whose price has fallen sharply, following antions active in the area as well as by ad hoc visits announcement of bad news by the issuing company.from APDF staff.

alligator spreadafter-market marge voraceapres bourse transacción en la cual las comisiones eliminanperíodo post-emisión toda posibilidad de utilidadesThe period between the issue of the security and Any options transaction in which commissions eatlifting of syndicate restrictions in the fLxed-interest up all potential profit.and Eurobond markets. Sometimes used incorrectlyas a synonym for secondary market.

5

allocated transfer risk reserves (ATRR) [U.S.I amortization adjustment factor (currencyréserves obligatoires pour risques de transfert pool]reservas obligatorias para un país especffico coefflcient d'alustement de (I'encours) de laMandatory and specific country risk reserves for detteU.S. banks against value lmpalred claims as defined factor de ajuste para fines de amortizaciónby 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; répartition count, net of recalis for amortization.distribuciónAllocation of securities to members of the syndicate annuity bondinvolved in the issue, in the Eurobond and U.S. titre de rente perpétuellesecurities 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 loanalternative participation instruments (APIS) prét apex; prét en cascade; prét pyramidaltitres alternatifs préstamo en pirámide; préstamo en cascadaNo Spanish Loan whereby IBRD lends money to an apexSecurities issued in exchange for debt to all creditor development financial unit which onlends it tobanks 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 calledexit instruments or exit bonds. Application for Withdrawal for direct payment

[IBRD]American Depositary Receipt (ADR) demande de retrait de fonds pour le reglementcertificat américain de dépót direct de fournisseursrecibo americano de depósito solicitud de pago directo en nombre del presta-A document that gives its owner in a foreign coun- tariotry the right to a specified amount of stock of a The standard procedure for a borrower to apply toUnited States company registered in the name of a withdraw funds from an IBRD Loan Account toUnited States depository bank. make a payment to a third party for amounts due.

American (style) option Application for Withdrawal for reimbursementoption américaine [IBRD]opción americana demande de retrait de fonds pour leOption containing a provision to the effect that it remboursement d'un paiementcan be exercised at any time between the date of solicitud de reembolso directo al prestatariowriting 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.amortizationamortissement; remboursement [préts] arbitrage see also covered interest arbitrage;1. amortización; index arbitrage trading; switch; time arbitrage;2. depreciación triangular arbitrage; two-point arbitrage; yieid1. The gradual extinguishment of any amount over curve arbitragea 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 Dealersarbitrage (AIBD)arbitraje Association des courtiers internationaux enBuying (or borrowing) in one market and selling (or obligationslending) in another to take advantage of inefficien- Asociación de Intemediarios Internacionales decies or price differences. Bonos

International body which issues rules and recom-arbitrageur mendations concerning the operation of the interna-arbitragiste tional securities markets.arbitrajistaPerson systematically engaged in arbitrage dealing. st the money (ATM) (option)

option au cours; á paritéarm's length (price) opción a la par(prix) normal du marché; (prix) de pleine A call or put option that has a strike price equal toconcurrence the price of the underlying asset. Option au coursprecio de plena competencia is the term used in the MATIF.Price between corporations under fully competitiveconditions (the opposite of transfer price). auction see Dutch auction; foreign exchange

auctionsask(ed) price; market price[securities marketj auction marketcours (de ¡'offre); pied de coupon marché d'encheres; marché aux enchéresprecio vendedor mercado de subastaThe price at which a security or commodity is Market for buying and selling securities throughquoted or offered for sale. brokers on the securities exchanges, as distinguished

from the over-the-counter market, where trades areasset(-based) swap negotiated. A price is established by competitiveswap d'actifs bidding between brokers acting as agents for buyersswap de activos; intercambio de activos and sellers.A swap to convert the coupon on an asset toanother rate or currency and rate basis. automated quotation

cotation assistée en continu (CAC)asset finance cotización automatizada; cotizacióntitres garantis par des actifs computadorizadaNo Spanish Price quotations on securities provided automatical-Mortgage-backed securities and securitization of a ly by a computerized system. In the U.S., therange of assets such as whole loans, automobile best-known system is the National Association ofreceivables and other debt instruments. Though Security Dealers Automated Quotationsrelatively recent, it now accounts for more than one (NASDAQ) system, while the CAC system hasthird 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 -mécanisme automatique de révision (des tauxd'intérét)mecanismo de reajuste automático (del tipo, de "B" see 'B' loanla tasa de interés)In an IFC fixed rate loan, an option under which baby bondthe interest rate would be reset every five years, mbn¡-obndgatlonbased on current interest rates. As a result, the bono de valor nominal muy bajoinitial loan rate would be around 1% less than the A bond sold in denominations of Iess than $1000.normal fixed term rate.

back officeautomatic, automated teller machine (ATM) back-offlce; intendance; arribreguichetguichet automatique de banque (GAB> servicio auxiliarventanilla automática; cajero automático; cajero In a bank, securities dealer or other fmancialpermanente services organization, the service that deals with allComputerized machine that processes fmancial activities not directly concerned with selling ortransactions between a fmancial institution and its trading. Because of the growing need for rapidcustomers. It usually allows customers to withdraw order processing, back offices have taken on ancash, make deposits, check on their balance and increasing importance.issue instructions for payments between accounts orto third parties. back-tf back (loan, borrowing); matched

fundingavailability clause see switch clause 1. échange de monnaíes différentes;

2. (crédit) adossé;3. (crédit) face ¿ face;

availability fee [IFCI 4. opération couplée d'emprunts; emprunt decommission de mise á disposition contrepartie; financement couplécomisión por disponibilidad (de fondos) 1. préstamos cruzados en divisas;Fee charged by IFC for deferred loan pricing for 2. crédito con garantía de otro crédito;use of funds only in later years, when the 3. préstamo con intermediación de un banco; 4.characteristics of the project may have changed. empréstito de contrapartidaThe 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 anothercommitment 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 ofaval another credit (e.g., if a British merchant buysGuarantee 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, thenappearing 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.)amélioration des prix moyens (d'un titre) 3. A scheme whereby a bank brings together ainversión periódica de monto constante borrower and a lender so that they agree on a loanThe 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 athe market price is high, the investor receives borrower, for which the funds are borrowed fromproportionally less stock and vice versa. the IBRD. Also called matched funding.

8

bali outbackstop (credit) fbclilty; backup renflouer(underwrlting) faclllty sacar de apurosfacilité de garantie Provide emergency assistance to financial institutionlínea de crédito contingente experiencing difficulties. Often used for assistanceFacility giving a borrower a standby line of credit, provided by government to banks.either in the form of direct access to funds or byunderwriting an issue. balance-sheet ratio

ratio tiré du bilanbackup líne of credit coeficiente derivado del balance generalligne (de crédit) de substitution; ligne (de Ratio based on figures appearing in the balancecrédit) de protection; ligne (de crédit) de sheet.soutien; ligne (de crédit) de garantielínea de crédito de apoyo balloon loanLine of credit given by commercial bank to issuer of prét ballon; prét á coupon uniquecommercial paper if the placement of the paper is préstamo balloon; préstamo amortizable en suslow or difficult to accomplish. Used in U.S. mayor parte al vencimientomarket. The ligne de crédit de substitution is the A loan repayment scheme, under which the lastFrench equivalent used in the billets de trésorerie 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 atbackwardation maturity. The French term prét ¿ coupon uniquedéport refers only to the latter situation.1. situación en que el precio al contado essuperior al precio a plazo; bank, banking see agent bank; book-running2. prima pagada por aplazamiento de entrega lead bank; Central Bank Facility; chartered1. In the commodity market, when the cash price is bank; city bank; combined commercial andhigher than the forward price. investment bank; commercial bank; electronic2. 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; fulí service bank; interbank offereddoes not want to do so at the prevailing rate, and, rate; international banking facility; investmenttherefore, does not take up delivery of the securities bank; large exposure bank; lead bank; lender ofbut carríes delivery over to the next accounting last resort; London lnterbank Bid Rate; Londonperiod. (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 bankingintérét de déporttasa de interés pagado por aplazamiento de bank advisory committeeentrega; tipo de interés pagado por comité consultatif bancaireaplazamiento de entrega comité de coordinación de bancosRate of interest paid on a backwardation Committee set up by banks to negotiate fmancingtransaction in the commodity market. packages and restructuring arrangements.See backwardation (defmition 1) above.

bank billacceptation de banquepagaré bancario; letra bancariaCommercial bill accepted by a bank.

9

bankerls acceptance basla (rate) swapacceptation de banque; acceptation bancaire swap de base; swap taux variable contre tauxaceptación bancaria variable; swap de référence; swap de taux deU.S. and Canadian term for a bill of exchange référencewhich has been accepted by a banker. swap de índices; Intercambio de índices

Type of lnterest rate swap involving a floating ratebanker's draft against one reference rate to a floating rate againstcháque de banque; cheque tiré another reference rate.letra de banco; letra bancaria; giro bancarioA draft payable on demand and drawn by, or on basket tradlng see program tradingbehalf of, a bank upon itsel.

bearer bondbanker's markup; banker's spread see gross obligation au porteurearnings margin bono al portador; obligación 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 asmonnale scrlpturale coupon bond.depósitos bancarios; dinero bancarioMoney on deposit at a bank. bearer market

marché de porteursbank quality bond mercado de tftulos al portadorobligation pouvant intéresser les banques Market where the majority of instruments is inbono de calidad bancaria bearer form.Bonds rated in the top four categories (AAA, AA,A, and BBB) and generally regarded as eligible for bearer notebank investment. bon au porteur

bono al portador; pagaré al portadorbank 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 bancoThe part of a bank that provides trust and agency bearer scrip see scrip certificateservices. It is required to have separate books fromthose of the commercial banking department. bearer security

titre au porteurbase lending program tftulo al portadorprogramme de prét de base A security whose titie is to the bearer (i.e., it isprograma (de financiamiento) básico presumed to be owned by its holder).The lending program of projects that will definitelybe ready for the fiscal year in question. bear market

marché baiss¡erbasis mercado bajistabase; différentiel A prolonged period of falling prices.dfferencialThe difference paid between the cash price of a bear spreadfinancial instrument and the price of a related écart baiss¡erfutures contract. especulación diferencial a la baja

Type of futures contract speculating on the spreadbasis point between different delivery months of the samecentiéme de pour cent, point de base; centime instrument in the futures market. It is profitable ifcentésimo 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 exchangetitre précurseur lettre de changevalor precursor de tendencias letra de cambioA security that seems to lead a market movement An unconditional order in writing, addressed by oneor economic trend. person to another, signed by the person giving it,

requiring the person to whom it is addressed to paybenchmark lssue on demand, or at a fixed or determinable futureémission modIes time, a sum of money to, or to the order of, aemisión corriente specified person or to bearer.A standard issue of a security.

bloque clausebenchmark portfolio [IBRD] clause de dérogation temporaireportefeulile modcle cláusula de aplazamiento de pagoscartera modelo Clause in loan agreement that entitles a borrower toA portfolio in each major currency representing an postpone payments of interest and principal forassessment of the most efficient passive portfolio limited periods of time in balance of paymentsstrategy the Bank could adopt if it decided to difficulties.abandon its active trading strategy, while keeping anaverage portfolio duration of 12 months. biend country

pays pouvant bénéficier d'un financementbest effort sale mixte; pays a financement mixte; pays recevantvente sans garantie d'émission des préts de la BIRD et des crédits de I'IDAventa sin garantía de suscripción total país que puede obtener financiamientoA 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 bothsecurities 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

é/ément don résultant du panachagebeta elemento de donación del financiamientobéta combinadobeta Grant element for a blend country receiving bothA mathematical measure of the sensitivity of rates IBRD loans and IDA credits.of return on a portfolio or a given stock comparedwith rates of return on the market as a whole. See biended interest ratecapital asset pricing model. taux d'intéret résultant du panachage

tasa de interés del financiamiento combinado;bid price tipo de interés del financiamiento combinadocours 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 aprospective 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 loanbill broker seo discount house prét 'B'

préstamo "B'Loan made by the World Bank involvingcofinancing.

11

biock trading bondnégociation de larges paquets d'actions; obigationplacement de titres par gros paquets bono; obligacióntransacción de bloques de acciones; Debt instrument with maturity of longer than onenegociación 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 pére avance de préémissionde famille; valeur de premier ordre bono previo a una emisión; pagaré previo a unavalor de primera clase; acción de primera clase emisiónShare 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 bebond see annuity bond; baby bond; bank fmanced by the sale of bonds.quaiity bond; bearer bond; bill; bull and bearbond; bull bond; Bulidog bond; bunny bond; bond certificatecallabie bond; calied bond; collateralized certificat nominatff(bond); coilateralized floating rate bond; certificado nominativocommodity-indexed bond; commodity-linked Certificate given to the holder of a registeredbond; corporate bond; coupon(-bearing) bond; security.cushion bond; daimyo bond; debenture;deep-discount bond; discount bond; bondholderdouble-barreled bond; dual-currency bond; due porteur de titres; porteur d'obligationsbond; equity-related bond; equivalent bond tenedor de bonos; obligacionistayield; Eurobond; exit bond; extendible bond; One who owns a bond.external bond issue; floating rate bond; Geishabond; general obligation bonds; global bond; bond-rating agency see rating agencyHeaven and Hell Bonds; income bond; indexedbond; junk bond; kiwi bond; loans-for-bonds bond sold on tapexchange; matador bond; mortgage bond; obligation vendue a guichet owertmultiple (currency) option bond; new money bono de venta continuabonds; nominal bond with attached commodity A bond issued on an as required basis (i.e., it isoption; noncallable bond; nonmarketable bond; continuously available and may be obtained onnonmaturing, nonredeemable government bond; demand). The issuer may determine a maximumnote; obligation; original issue discount (OID) amount for the issue.bond; petrobond; put bond; red herring issue;retractable, putable bond; revenue bond; roly bond warrantpoly bond; Samurai bond; savings bond; warrant d'obligations; bon de souscriptionsecurity; serial bond; Shogun bond; stepped d'obligations(rate) bond; straight bond; Sushi bond; certificado para la compra de bonos; warranttop-rated bond; Treasury bond; warrant bond; para la compra de bonoswolfhound bond; Yankee bond; zero coupon Warrant for purchasing bonds.bond

12

bond with bond warrant border priceobligation avec bon de souscrlption prlx frontiére; prlx franco frontiéred'obllgations (OBSO) precio en (la) frontera; precio fronterizobono con derecho a compra de bonos Price of a tradable good at a countrys border oradicionales port of entry.A bond issued with a warrant attached whichentitles the investor to buy more bonds of the same borrower's lndebtedness subaccountissue or a new issue. [currency pooil]

sous-compte débiteur de l'emprunteurbond with equlty warrant subcuenta de endeudamiento del prestatarioobllgation avec bon de souscrlption d'actions An account showing the principal outstanding on a(OBSA) borrower's loan.bono con derecho a compra de accionesBond with warrant attached which entities the borrowing rate see depositor rate of interestinvestor to purchase stock.

borrow-piedge security loanbond with put option prét de titres garantl par d'autres titresobllgation assortie d'une option de vente préstamo de valores garantizado por otro(s)bono con opción 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 shareaction gratuite bottom lineacción gratuita résultat net; soldeA share given as a bonus to purchasers of such resultado netoshares. The net result or net profit after all expenses.

book-entry security bought deal; firm commitment underwritingtitre relevé prise fermetftuio consistente en un asiento bancario emisión adquirida anticipadamente por unU.S. term for a security, not in the form of a consorcio bancariocertificate, but as an entry in an account at a bank. Bond issue where a group of investment banksEighty percent of marketable U.S. Treasury securi- agree to purchase an entire issue for their ownties 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 leadmanager break clause see jeopardy clauseteneur de plumebanco director encargado del control de la break-even point [stock market]emisión niveau d'lndifférenceIn an international bond issue or Eurocredit, when punto de equilibriothere are several lead managers, the one mandated Point where two strategies are equivalent.by the borrower to control the distribution of theissue. break-up value

valeur ventitée; valeur désaggrégéebook value valor de cada parte integrante de una empresavale&r comptable The market value of all the individual parts of avalor contable; valor en libros firm if the firm were to be broken up and theThe net amount at which an asset appears on the indivídual parts operated independently.books of aceount.

13

bridge financing Bruno ratio see domestic resource cost ratiofinancement de soudurefinanciamiento transitorio; financiamiento de bull and bear bondtransición; préstamo 'puente" obligation haussiere et baissibre; emprunts áShort-term financing for countries whose interna- sensibifité opposée (ESOP)tional reserves are very low and where commercial bono alcista y bajistaand official interest arrears are mounting. Bond divided into two tranches, where redemption

on maturity for the first tranche is based on thebroken cross rates; triangular arbitrage increase in a standard index while redemption ontaux crolsés divergents maturity for the second tranche is based on thetipos de cambio cruzados dispares decrease in a standard index. The empn¿nt ñIn foreign exchange, disparity among three or more sensibilité opposée (ESOP) is an equivalent Frenchrates, e.g. if DM 1 = 30 cents and FF 1.5 while FF instrument.1 = 22 cents a Deutschmark will bring 30 cents ifconverted directly but 33 if converted first into buNl bondfrancs and then into dollars. émission haussiere; émission d'obligations

haussieresbroker see bill broker; investment broker; bono alcistajobber Bond issued at par with a fixed interest rate from

which the 6 month LIBOR rate is subtracted everybroker 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 notboursier; fforeign exchangel courtier negative. Tried particularly by the U. S. Studentcorredor (de cambio, de bolsa); agente (de Loan Marketing Association (Sallie Mae).cambio y bolsa)Person who acts as intermediary between buyer and Bulidog bondseller, usually for a commission. obligation "bouledogue*; obligation étrangére

émise A Londresbrokerage bono bulldogcourtage Bond issued in pounds sterling on the Londoncorretaje market outside the U.K.Acting as an intermediary between buyer and sellerin securities transactions. bullet issue

emprunt remboursable en une seule fois;broker loan; broker's loan emprunt remboursable in fineprét aux courtiers de Bourse préstamo reembolsable de una sola vez a supréstamo a corredores de bolsa vencimientoFunds borrowed by a broker, mainly from banks, An issue to be repaid in a lump sum at the end offor purchasing securities for customers on margin its term rather than gradually.or other reasons.

bullet maturitybroker loan rate échéance in finetaux d'avances sur titres vencimiento únicotasa para préstamos a corredores de bolsa con Maturity requiring the entire payment to be made,garantía de valores; tipo para préstamos a rather than gradual payments over the life of thecorredores de bolsa con garantía de valores loan.The rate banks charge to securities dealers andbrokers on loans made with stock as collateral.

14

buil marketmarché haussiermercado alcistaA rising market. calendar (call) spread see horizontal spread

bull spread callable bondécart haussier obligation remboursable avant l'échéanceespeculación diferencial al alza bono rescatable; bono redimible antes delType of futures contract speculating on the spread vencimientobetween different delivery months of the same Bond that can be redeemed by the issue before theinstrument in the futures market. It is profitable if scheduled maturity. They are usually called whenthe underlying security or commodity increases in interest rates fall so much that the issuer can saveprice. The Bank has considered using this tech- money by floating new bonds at lower rates.nique for currency options, hedging against dollardepreciation. See bear spread. callable swap

swap a terme variablebunching (of maturities) swap de intereses; intercambio de interesesconcentration (des échéances) Interest rate swap between fixed and variable rate.acumulación (de vencimientos) The party paying the fixed rate can exit from thePaper all maturing at the same time. swap without penalty, as from a specific date agreed

at the start of the contract.

bunny bondobligation spéciale a coupons a réinvestir call a guarantee(OSCM) mettre en jeu une garantiebono con reinversión de intereses exigir el pago de una garantíaA bond that permits investors to reinvest the inter- Demand that a guarantee be paid.est income into bonds with the same terms andconditions as the host bond. Note that bunny bond call-and-put option see straddieis a UK term only. OSCARs, which are used in theFrench market, have a maturity of 10 years and called bondreinvestment is only possible between the first and obligataon dénoncéesixth year. bono rescatado anticipadamente

Bond redeemed before scheduled maturity.

buoyancy see tax buoyancy cali loan

butterfly (calI) spread prét au jour le jourécart en papilion préstamo a la vistamargen "mariposan A loan on a demand basis (i.e., which either theOption strategy that involves selling two calls and borrower or lender may terminate at will).buying two calis, with differing maturity dates. Oneof the options has a higher striking price and the call loan rate see cali money rateother a lower than the other two options.

buyback see debt buyback

buying rate [securities market]prix acheteurprecio compradorThe price that a buyer will pay for a securlty.

15

calN money; day-to-day money; demand cap see also Global Cap Authority; interest ratemoney; money at cal] capargent au jour le Jour; crédit a vue; crédit a trescourt terme; avances a vue cap; capped floating rate notedinero exigible; dinero a la vista cap; contrat de cap; contrat de taux plafonnéMoney deposited in an interest-bearing account, bono con tope máximo de Interés; pagaré conthat can be called by the depositor on a day's tope máximo de interésnotice. Often applied to money lent by banks to A floating rate note with an upper limit on thestock exchange brokers, which may be called at any interest rate to be paid.time.

cali money rate; call loan ratetaux de l'argent au jour le jour; taux des capital asset pricing model (CAPM)avances a vue modele d'équilibre des actifs financierstasa de interés para préstamos a la vista; tipo (MEDAF); modele d'évaluation des actifsde interés para préstamos a la vista financiers (MEDAF)The interest rate charged by banks for call loans. modelo de valoración de activos financieros

A mathematical model that attempts to explain howcali of more (CM) securities should be priced, based on their relativeoption dachat du double riskiness in combination with the return on risk-freeopción de compra doble assets. The model yields beta.The right to caUl again for the same amount ofgoods previously bought. Used primarily in the capital basepurchase of options. assise financiere; parfois fonds propres

base de capitalcali option Total capital of an organization, Le. capital plusoption d'achat; option de rachat; prime reserves.opción de compraOption to purchase designated securities at a capital deepeningpredetermined price within a specified time limit. approfondissement du capital; accroissement

du coefficient dlintensité du capitalcall premium aumento del capital con respecto al trabajo;prime de remboursement intensificación (del uso) de capitalprima de rescate Action which increases the relative value of capitalThe amount over the issue price when a bond is in relation to labor (see capital widening).redeemed.

capital-deepening investmentcalN protection investissement de productivitéprotection contre un rachat anticipé Inversión orientada a aumentar la productividadprotección contra rescate anticipado Investment aimed at increasing production efficiencyProtection available in purchase of bonds, whereby and lowering costs.a period is fixed during which the bond may not beredeemed. capital issue

émission de titrescancellation (of a debt) emisión de valores de capitalremise (d'une dette) Issue of securities to finance capital outlays.condonación (de una deuda); anulación (de unadeuda); cancelación (de una deuda)Voiding a debt by annulling or paying it.

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capitalization see also debt capitalization; capital wideninginterest capitalization; market capitalization; élargissement du capitalrecapitalization ampliación del capital

Investment that increases the absolute value ofcapitalization capital (see capital deepening).capitalisationcapitalización capped floating rate note see capTotal authorized par value of the stocks and bondsof a corporation. caption

captioncapital market No Spanishmarché financier; marché de(s) capitaux Instrument combining features of caps and optionsmercado de capital(es) whereby the buyer acquires the right (but not theThe market for buying and selling long-term obligation) to make a cap within a specific period ofloanable funds, in the form of bonds, mortgages and time at a rate previously agreed.the like. Unlike the money market, whereshort-term funds are traded, the capital market Caribbean Development Facilitytends to center on well-organized institutions such Mécanisme de développement des Caraibesas the stock exchange. However, there is no Mecanismo de financiamiento para el desarrolloclearcut distinction between the two other than that de la región del Caribecapital market loans are generally used by business- A UNDP project sponsored by IFC, with IFC ases, financial institutions and governraents to buy executing agency. Its services are available tocapital goods whereas money-market loans generally countries which become signatories to the relatedfill a temporary need for working capital. Note that UNDP project document. Its purpose is to promoteRaymond Barre, in his seminal Economie politique, small- and medium-scale private enterprises in thedefines marché des capitaux as the overall market, Caribbean. It is hoped to expand its services intoequivalent to the English financlal market, the Central America.marché monétaire as le marché des capitaux d courttenne (= money market) and the marché financier carrying cost; carrying charges; cost of carryas le marché des capitaux d long terme (= capital coút d'7nactivité (des capitaux); coOt demarket). However, various Francophone authors détention (des capitaux)differ on this issue and you will frequently see costo de inmovilización (del capital)marché financier used for the English financial Direct costs paid by an investor to maintain amarket and marché de(s) capitaux used for capital security position, e.g. receiving less interest onmarket. Note also that, while Barre uses marché short-termn investments than is paid for borrowings.des capitaur, many writers use marché de capitaux.

carryovercapital redemption reserve funda report de créditscompte de réserves pour le rachat du capital saldo traspasado (al ejercicio siguiente)des actions Funds unused during a financial year which arefondos de reserva para recompra de acciones transferred to the budget for the following financial(propias) year.Special account held by a corporation to repurchasepart of its shares. cash against documents (CAD)

paiement contre documentscapital stock see equity capital pago contra (presentación de) documentos

Form of payment used in international tradewhereby payment is made on receipt of bill oflading.

17

cash and carry Central Bank Facility (CBF) [IBRDJopération d'achat de titres au comptant et de Compte des banques centrales auprés de lavente de contrats á terme; cash and carry BIRDoperación de compra de valores al contado y Mecanismo para inversiones de bancosventa de contratos a término centrales [BIRFIHedging method consisting of sale of contracts on A World Bank facility designed to increasethe 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 toand carry. halt the decline in IBRD borrowing from official

sources.cashier's checkcheque de banque centrally-managed costacheque de caja charges centrales; frais centrauxA check drawn by a bank on its own funds and costos centralizadossigned by the cashier. Performance securities are Costs which are the responsibility, for budgetaryoften required in this form. purposes, of the institution as a whole, as opposed

to those that are the responsibility of individualcash management units (see unit-managed costs).gestion de (la) trésoreriegestión de caja; gestión de liquidez; central rate see key money rateadministración de fondosControl 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 trésorerie scrip certificatecuenta de administración de fondosAn interest-bearing current account, normally held certificate of deposit see jumbo certHicate ofwith a stockbroker. deposit; negotiable time certKficate of deposit;

roll-over certificate of deposit; straight, tapcash management bill certificate of deposit; strip certificate; tranchebon du Trésor a tres court terme certHifcate of depositbono del Tesoro (EE.UU.) a muy corto plazoBill introduced by the U.S. Treasury in 1975, de- certificate of depositsigned to raise funds quickly for a short period, certificat de dépotranging from nine to twenty days' maturity. Pay- certificado de depósitoment 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 certificatecash risk; liquid-holdings riskrisque lié a la rentabilité des liquiditésriesgo de liquidezRisk to actual cash receipts due to difference inspread between money borrowed medium-term andreinvested short-term.

cash security loanprét de titres garanti par des fondspréstamo de valores con garantía en efectivoSecurity loan where cash is posted as collateral forthe borrowed security.

18

certificates of accrual on Treasury securities churning; overtrading(Cats) multiplication des opérationschats exceso de transacciones (en la cuenta de unbonos sin cupón con garantía del Tesoro de los cliente)EE.UU. Excessive trading of a client's account, in order toZero coupon Treasury securities, with the coupon increase brokerage commissions.stripped. A wide variety of stripped Treasurycertificates with animal names has been issued, circus swap; currency coupon swapincluding TIGRs (the first), ZEBRAs, COUGRs swap de monnaies et d'intérét(Certificates of Government Receipts) and LIONs swap de monedas y de intereses; intercambio(Lehman Investment Opportunity Notes). DOGs, de monedas y de interesesGATORs, 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 oneTreasury securities, Separate Trading of Registered currency against a floating rate in another currency.Interest and Principal Securities (STRIPS). Notethat the French Treasury issued an equivalent bond, city bank [Japan]wittily called Fonds d'Etat Libres d'Intérét Nominal grande banque(FELIN). gran banco

Major commercial bank, located in a city, dealingcertified check with corporations and major accounts (as comparedchéque certifié to a local bank).cheque certificado; cheque intervenidoA check certified to be good by the bank upon classic swap see plain vanilla swapwhich it is drawn, by the signature of usually thecashier 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; periodicchanges in working capital statement see review clause; recapture clause; red clause;statement of changes in financial position sharing clause; switch, availability clause; trigger

clausecharge-off see write off

cleanchartered bank [Canada] (en) blanc; simple; non garantibanque á charte sin garantía documentariabanco comercial Refers to a money market operation without under-Financial institution licensed by the Canadian lying documentary security. (Note that in the U.KYParliament under the Bank Act to operate as a clean means exclusive of accrued interest.)bank.

clean advanceschartist avances non garantieschartiste anticipos sin garantía documentariaanalista de bolsa Financial advances made without documentaryTechnical analyst who charts the patterns of stocks, support.securities and commodities to make buy and sellrecommendations to clients. clean float

flottement pur, non dirigéflotación limpiaFloating of currency where the value of the currencyis controlled by the market rather than the authori-ties. Opposite of dirty float.

19

clearing agreement club deal, loanaccord de compensation; accord de paiement crédit consortial (sans chef de file); pretacuerdo de compensación syndiqué en circuit ferméA bilateral agreement between two States under préstamo concedido por un consorcio;which the authorities in each of the States set up a préstamo concedido sin banco directorsystem for coilection and payment of debts due to Loan whereby, instead of one bank being designatedand 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 saveclearing bank see investment bank fees.

clearing house cocktail swapchambre de compensation swap 'cocktaiPcámara de compensación swap múltiple; intercambio múitipleAn organization set up by financial institutions Transaction involving more than one type of swap.agreeing to initiate and receive among themselveselectronic transfers of funds authorized by their colead manager see comanagercustomers.

collarciosed-end (investment) fund, company collar(CEIC) bono con tope máximo y mínimo de Interés;société d'investissement a capital fixe (SICAF); pagaré con tope máximo y mínimo de Interéssociété d'investissement fermée; fonds de A floating rate note with an upper and lower limitplacement fermé on the interest rate to be paid.sociedad de inversión con número de accionesfijo collateral accountU.S. term for an investment company with a fixed compte de nantissementnumber of shares outstanding. The shares repre- cuenta de garantíasent an interest in the fund's portfolio. New shares Method of credit enhancement used inmay not be issued. collateralized debt reduction schemes. It requires

the borrower to fund an account which acts asclosed-out investment [IFC] collateral to the security issue.investissement sorti du portefeuiileinversión liquidada collateralizationTerm used by IFC to indicate any investment which constitution d'une garantie; constitution d'unis no longer on its books, i.e. where the loan has gagebeen repaid, shares sold, etc. constitución de una garantía

In a securitization or debt-equity swap operation,ciosing price an issue of securities by an industrialized country todernier prix (de la journée) back the issue of securities by the developingcotización al cierre country.The final price at which a transaction in a securitytakes place on a given day. collateralized (bond)

(obligation) gagée(bono) garantizadoIn a securitization or debt-equlty swap, a bondbacked by an issue of securities in an industrializedcountry.

20

collateralized (debt) defeasance; debt combined commercial and investment bank;defeasance multibank; all-purpose bankplan de réduction de la dette (avec garantie) banque Imultiservices'; banque A tout faire;anulación de deudas a cambio de un activo banque a vocation générale; banquefinanciero polyvalenteExtinguishing debt through the provision of a banco múltiple; 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 ofthe debt. The face value and maturity of the combined market ratecollateral instruments are designed to match those 'taux composite' du marchéof the debt being defeased so that the proceeds of tasa combinada del mercado; tipo combinadothe collateral instruments at maturity may be used del mercadoto fully repay the principal in a single balloon Weighted average of five national money marketpayment. rates that enter into the calculation of the SDR rate

of interest.collateralized floating rate bondobligation a taux flottant gagé comfortbono garantizado de interés variable sécurité; confortThe 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 ofyear 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 oblígation (CMO)CMO; obligation garantie par une hypotheque commerclal bank; clearing bank [U.K.]obligación con garantía hipotecaria banque de dépót; banque commercialeMortgage-backed bond that separates mortgage banco comercialpools into short-, medium- and long-term portions. A bank that normally specializes in demand depositsInvestors can choose to buy into whatever pool they and commercial loans.wish, depending on whether they want a fasterreturn or long-term gains. commercial billa see commercial paper

collection ratio commercial lendingratio de recouvrement; taux de recouvrement préts A des conditions commercialescoeficiente de recuperación préstamos en condiciones comerciales;The percentage of due and outstanding loans that financiamiento en condiciones comercialeshave been collected. Lending not always at market rate but under normal

market conditions (e.g., as regards maturity,coloan reimbursement) (see market-related lending).prét coflnancépréstamo cofinanciadoA cofmanced loan.

comanager; colead managercochet de filebanco codirector; banco coadministradorLender ranking next to lead manager in aEuroloan.

21

commercial paper (CP); commercial billa Committee established by the governors of theeffets de commerce; papler commercial; papler central banks of the Group of Ten countries at thefinancler; billets de trésorerle end of 1974 as a result of serious disturbances inefectos comerciales; papel comercial the international currency and banling markets, itPromissory notes normally having a mamum consists of representatives of the central banks ofmaturity 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 Unitedrowers in the U.S. and Canada. The French billets States. It provides a forum for cooperation betweende trésorere 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, Associatecommission see fee; guarantee commission, Director of the Bank of England, who was chairmanfee; management commission, fee; selllng from 1977-1988.commission

commodlty-lndexed bondcommissioned company [Japan] oblJgation ¡ndexée sur les prix de produits desociété mandatée (par la Banque mondiale basepour la représenter a des émissions bono indizado según el precio de un productod'obl¡gations au Japon) básicocompañía 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 thenon-Japanese financial institutions) in the issue of payment to the bondholder would depend on thebonds on the Japanese market. price of the commodity at the time the interest

payment is determined.commitment authoritypouvoir d'engagement commodity-iinked bond; commodity-backedfacultad para contraer compromisos bondThe authority that a financial institution has to obligation liée aux prix de produits de basemake credit commitments based on the amount of bono con rendimiento vinculado al precio de unresources it has received or had committed from producto básicodonors. 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 attachedcommission d'engagement commodity option.comisión por compromiso; comisión porinmovilización de fondos common stockLender's charge for contracting to hold credit actions ordinaires; actions de capitalavailable. acciones ordinarias

Units of ownership in a public corporation.Committee on Banking Regulations andSupervisory Practices; Basie Supervisors' Compensatory and Contingency FinancingCommittee; Cooke Committee Facility [IMF]Comité des régles et pratiques de controle des Facilité de financement compensatoire et deopérations bancaires; Comité de contrOle financement pour imprévusbancaire de BAle; Comité Cooke Servicio de financiamiento compensatorio yComité sobre Regulación Bancaria y Prácticas para contingenciasde Supervisión; Comité de Supervisión Bancariade Basilea; Comité Cooke

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IMF facility to provide timely compensation to contango rate; continuation ratemember countries experiencing temporary shortfalls lntérét de reportin export earnings owing to circumstances largely diferencia entre el precio al contado y el preciobeyond their control or to those experiencing excess pagado realmentecosts of grain imports. The difference between the cash and settlement

prices.computerlzed entry of ownershlp;dematerialisation [UK] contestable rnarketdématérialisation marché disputableregistro computadorlzado; desmaterialización mercado de acceso irrestrictoRecording of ownership of securities on computer, A market where there is freedom of entry and exitinstead 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 facilityfinancement concerté dispositif de financement pour imprévusfinanciamiento concertado servico de financiamiento para contingenciasLending from different sources, agreed on by the Facility for providing additional lending if specifieddifferent lenders, usually in the form of a group of events of adverse circumstances beyond the debtor'sbanks. control occur.

consol see nonmaturing, nonredeemable Contingency Mechanism [IBRD/IMFgovernment bond dispositif d'action conjoncturelle

mecanismo (conjunto) para contingenciasconsolidated discount notes A joint scheme between the Bank and Fund tobons á prime (d'émission) consolidés assist troubled economies; initially applied to Mexi-pagarés descontados consolidados co.Consolidation of several issues of discount notesinto one uniform note. contingent investment support facility

dispositif d'appui conditionnel áconsumption rato of interest (CRI) I'investissementtaux d'actualisation de la consommation servicio contingente de apoyo a la inversióntasa de actualización del consumo (TICO) Facility provided for Mexico fmancing packageThe rate at which the value of a unit of currency whereby extra finance would be provided in case ofdestined 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 conditionnel1. situación en que el precio al contado es obligación contingenteinferior al precio a plazo; Type of IBRD "B" loan whereby the loan is initially2. prima pagada por aplazamiento de pago fmanced entirely by the commercial lender withIn commodity markets, when the cash price is lower IBRD having a contingent commitment to fmancethan the forward price. In the stock exchange at a given date (i.e., at the end of the durationmarket, the fee paid by an investor for the privilege considered "normal" by the commercial markets forof carrying the settlement of a transaction from one the specific borrower) the remaining balance ofaccount period to another. (The opposite of back- principal (if any), if the commercial lenders choosewardation.) not to finance this amount.

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Contingent Swap Facility [IBRD] contract financlngMécanisme de couverture de swaps ftnancement sur contratServicio contingente de intercambio de financiamiento con garantia contractualmonedas Project finance, involving the use of commercialA facility to enable the World Bank to engage in contracts such as a ship charter or take-or-paycurrency 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 institutionEuropean counterparties introduced by Deutsche institution d'épargne contractuelleBank or others. institución 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 contrólepapier a terme offert en permanence (COLTS) participación mayoritariavalores a más largo plazo de oferta continua Ownership of a corporation in excess of fifty per-(COLTS) cent. Can also be used for ownership of less thanProgram 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 credityears, as they choose. The program is indefinte crédit de commodité(hence continuously offered) and of a longer term crédito cómodo; crédito facilthan the Bank's previous discount note system. It Readily available credit where no charge is openlywill extend the range of paper available in the levied. Refers in particular to credit and chargemedium-term note market (initially medium-term cards.meant 2-4 years but now covers up to 30 years ormore). Various COLTS products have been of- conversion discountfered, including fixed rate COLTS offered at par décote de conversion(the conventional product of the medium-term note descuento de conversiónmarket), at a premium and at a discount, zero Ratio of the market value of a convertible securitycoupon 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 aContinuously Offered Payment Rights in discount.Swiss Francs (COPS)créances comptables émises continuellement conversion from a restricted to a full-serviceen francs suisses (COPS) institutionvalores de oferta continua en francos suizos banaJisation(COPS) ampliación de los servicios de una instituciónProgram of securities issued by the Swiss Bank Used in banking to refer to those banks that haveCorporation on the Swiss market on behalf of the converted from offering limited services, such asWorld Bank, starting in 1988. The notes are of those of an investment bank to those of a fullthree or six months' duration, with a minimum commercial bank.investment of SFr100,O00. The program is indefi-nite (hence continuously offered). The rate will belinked to LIBOR.

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conversion premlum corporate charge card; corporate credit cardprime de conversion carte de crédit professionnelle; carte de créditprima de conversión InstitutionnelleRatio of the market value of a convertible security tarjeta de crédito institucionalto its conversion value, expressed as a percentage. Charge or credit card issued to the employee of aWhen the market value of the security is higher corporation, where the employer plays the annualthan the conversion value, this ratio is said to be a fee and some or all of the charges.premium.

corporate raider; raiderconversion price prédateur; attaquantprix de conversion tiburón; depredadorprecio de conversión Person who acquires a significant portion of aThe price which an investor must pay for a share, if companys stock, with a view to takeover. See alsohe buys a convertible security first and later con- hostile ralder.verts it into shares.

corporate rightconversion value part soclaleparité de conversion derechos (del accionista)valor de conversión Rights held by a partner in a corporation.The conversion price multiplied by the current priceof the security. corporate sector

secteur des entreprisesconvertible; convertible security sector empresarialobligation convertible en actions The business sector.tftulo convertibleA security that, at the option of the holder, may be cost of carry see carrying costexchanged for another asset, generally a fixednumber of shares of common stock. counter-guarantee

contre-garantiecoordinated financing contragarantíafinancement coordonné In a guarantee operation, a guarantee provided, infinanciamiento coordinado addition to the primary guarantee, by anotherFinancing 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 probabilités de recouvrement (des

préts á un pays)core inflation análisis de las probabilidades de recuperacióninflation de base (de los préstamos otorgados a un país)inflación básica 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 bondobligation de société country collectibility note [IBRD]bono de una sociedad (anónima) note sur les probabilités de recouvrementDebt instrument issued by a private corporation. (documento de) análisis de las probabilidades

de recuperación (de los préstamos otorgados aun país)

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Document giving results of a country collectlbillty coupon paperanalysis. titres assortis de coupons

tftulos con cupóncountry exposure Paper with coupon attached.engagement par payscompromisos por países coupon rateThe extent to which a financial institution has lent taux de couponmoney to one country. Interés nominal

Interest to be paid regularly on the face value of acountry fund long-term debt instrument.fonds mutuel de placement (dans un pays);fonds pays coupon swapfondo para (inversiones en) un país especffico swap taux fixe/taux variableMutual funds that invest exclusively in specific conversión de Interés fijo en Interés variablecountries. IFC has set up several such funds in Type of Interest rate swap involving fixed rate todeveloping countries. floating rate swap.

coupon covered Interest arbitragecoupon arbitrage de taux d'lntérét couvertcupón arbiraje protegido contra riesgos cambiarlosA slip attached to a bearer bond, which can be Investing dollars in an instrument denominated in adetached and exchanged for an interest payment or forcign currency and hedging the resulting foreigadividend 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 couvertesbond. valores con moneda de reembolso opcional

Short-term dollar denominated securities that allowcoupon(-bearing) bond the issuer to repay the principal and interest owedobligation munie de coupon in dollars or at an amount of foreign currencybono con cupón agreed at the time of issue. In exchange, the yieldBond with coupon attached. Also called bearer premium is higher than the market price for equiva-bond. lent debt.

coupon equivalent yield creative financingrendement converti en taux d'intérét formules nouvelles; formules inédites; formulesrendimiento equivalente a un interés nominal originales de financement; financementThe yield obtained from the difference between the novateurpurchase price and the face value of a short-term formas novedosas de financiamientononinterest-bcaring instrument, expressed as a Financing using unconventional means, e.g. specialpercentage, determined by the difference divided by swaps, etc.the purchase price.

credit limit see lending ceilingcoupon notebon-coupon credU enhancementbono con cupón; pagaré con cupón amélioration de la cote de crédit; améliorationNote with coupon attached. de la signature; rentorcement du crédit

mejoramiento del créditoIncreasing the creditworthiness of a loan, securityissue or other instrument.

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credit standing; creditworthiness The discount rate that equalizes the net presenthonorabilité fclient privé); surface financlere; value of two streams of benefits and/or costs.sohabilité; capacité d'endettementcrédito; clasificación crediticia; capacidad cross-shareholidngcrediticia; solvencia patlcipatlon croiséeThe likelihood of a borrower to pay back a debt, participación cruzadabased on past credit performance. Situation where two or more corporations hold

shares of stock in the other, particularly with a viewcrosa-border swap to controlling a market or industry.swap Internationalswap internacional; intercambio internacionai crowdlng InSwap between two parties in different countries. attraction

atraccióncross-currency exchange risk Occurs where government bonds are sufficientlyrisque de change good money substitutes so that bond issues reduceriesgo cambiarlo entre dos o más monedas; a demand for money balances, leading to an expan-veces entre el dólar 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 foreignexchange transactions in two or more currencies. crowding out

évictioncross-currency lnterest hedge; double hedgo despiazamientoswap Any displacement of private economic activity byswaps portant á la fois sur les taux d'intérét et public economic activity.sur des monnaiesprotección de swap doble cumulative preferred stockTechnique that combines shift from a floating to a actions cumulatives privilégiéesfixed 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 heldcross-currency lnterest rate swap over, totally or partially, when there are no returnsswap d'intéréts et de monnaies in a financial year, or the returns are insufficient toswap de intereses y monedas; intercambio de distribute the dividend fixed for these shares.Intereses y monedasSwap of fixed rate flows in one currency to floating curb market see unlisted securities marketrate flows in another.

currency coupon swap see circus swapcross-default clauseclause de manquement réciproque; clause currency-linked bond see option bondd'exigibilité croisée; clause de défaut croisécláusula recíproca en caso de incumplimiento currency mixA clause in a loan agreement specifying that default composition en monnaies; compositionon any other loans to the borrower shall be monétaireregarded as default on this one. combinación de monedas

The proportion of different currencies borrowed orcross-over discount rate; equalizing discount lent by the Bank.ratetaux d'indifférence; taux d'égalisation des currency option bond see option bondvaleurs actuellestasa de actualización de equilibrio

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currency pool see loan currency pool; targeted currency swapcurrency pool swap de monnaJes; swap de devises

swap de monedas; Intercambio de monedascurrency pool; loan currency pool System whereby an institution with funds in onepool de monnaies currency converts them into another and enters intofondo común de monedas a forward exchange contract to recover the currencyA system set up by the World Bank to equalize borrowed.among all borrowers at any time the risks inherentin fluctuations in the exchange rates of the curren- currency translationcies disbursed and repayable on all Bank loans conversion monétaire; conversion comptableincluded in the system. Equalization is achieved by des monnaiespooling all currencies disbursed and outstanding on traducción de monedas; conversión contable departicipating loans and by expressing the outstand- monedasing principal amount of each such loan as a share of Recording in accounts of assets (or liabilities) inthe pool. As a result, loan-service obligations on one currency when they are actually in another. Noeach participating loan are related to all amounts in actual exchange of funds takes place. The Worldvarious currencies disbursed and outstanding on all Bank and IFC, for example, translate all their assetsloans 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 réévaluation du poolíndice del fondo común de monedas currency translation exposureAn index of the daily revaluation factors from the risque de conversion comptable des monnaiesstart of the currency pooling system to the present. riesgo por traducción contable de monedas;

riesgo por conversión contable de monedascurrency pooling system The Bank records its assets and liabilities in U.S.systéme du pool de monnaies dollars despite the fact that it has assets and liabili-sistema de fondo común de monedas ties in up to forty-five different currencies. As aA system set up by the World Bank to equalize result, the value of its assets/liabilities in U.S. dollaramong all borrowers at any time the risks inherent terms is liable to fluctuate due to exchange ratein 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 theincluded in the system. Equalization is achieved by currency translation exposure.pooling all currencies disbursed and outstanding onparticipating loans and by expressing the outstand- currency twisting principal amount of each such loan as a share of distorsion monétairethe pool. As a result, loan-service obligations on distorsión monetariaeach participating loan are related to all amounts in The situation that occurs with the Bank's lendingvarious currencies disbursed and outstanding on all and borrowing policy whereby loans are made inloans in the system. primarily low nominal interest rate currencies while

investments are mainly in high nominal interest ratecurrency redenomination currencies.(option de) modification de la monnale d'unprét currency weightdenominación de un préstamo en otra moneda pondération des monnaiesOption in restructuring agreement which allows ponderación por monedabanks to redenominate existing loans in theirdomestic currencies or the ECU.

28

Under the new IBRD lending rate system, currency - D -specific cost rates from qualified borrowings will beapplied to the amounts in each currency actuallyoutstanding, thereby effectivelyweighting those rates dally revaluation factor [currency poolin each currency by their share in the loan currenqy facteur de réévaluation au dour le jourpool. 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 thepanachage á court terme (PC7r doUar equivalent value those same amounts ofíndice combinado de desempeño de la cartera currencies would have had at exchange ratesA rate used by IFC to assist in determining the prevailing on the previous day.performance of its loan portfolio, it is based onactual and projected debt-to-equity ratios. dalimyo bond

obllgatlon "dafmyo 'current coupon (rato) bono dalmyotaux de coupon courant Non-resident bond issue denominated in yen on theInterés nominal corriente Tokyo market. Its circulation is similar to that of1. In fixed rate securities, a coupon rate which Eurobonds.approximates current yield levels for similar securi-ties. Straight debt securities with current coupons dated datehave prices close to par. date de /ouissance2. In floating rate securities, the rate of interest on fecha a partir de la cual se calcula el Interésthe Irn floatg rateespeurities. the rate of intereston Date from which interest is calculated on a newthe current interest period. bond or other debt instrument.

current ratio; working capital ratioratio de Jiquidité générale day-to-day money see cali moneycoeficiente corriente [América Latina]; desler [options marketjcoeficiente de solvencia [Esp.] de ontreparteRatio of current assets to current liabilities. It ís agent de contrepartiethe main liquidity ratio. agente de contrapartida

Party to an options transaction.

cushion bond'cushion bond dealer [securities market] see securities dealerbono amortiguadorA high-coupon bond selling at a price above its call dealer [stock marketcor optional redemption price. agent bours¡er; opérateur (sur le marché)

corredor de bolsacustom duty bill Individual or firm acting as a principal in the stockobligation cautionnée market.letra garantizadaSpecial 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. obligationbank or other financial ínstitution. These bills allow 1. bono sin garantía específica; debenture [Arg.,the corporatíoio to defer payment of value-added tax Chile];or mstoms duties. The state draws up a bill for the 2. bono con garantía de activosamount 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 échange de créances contre une participationdebt; government debt instruments; highly, aux recettes d'exportation de produits de base;heavily indebted middie income country (HIC); swap de créances contre recettesjunior debt; long-term debt ratio; moderately d'exportations de produits de baseindebted low-, middie-income country; conversión de la deuda en productos básicosnonperforming 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 aseverely 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 créances; rachat de dettes tion by the lender.recompra de deuda; compra de deudaRepurchase 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 créancesdebt capitalization swap de deudas; intercambio de deudascapitalisation de la dette Swap involving the exchange of a new obligation forcapitalización 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 withswap). original issue discount bonds as a means of realiz-

ing a capital gain on the retirement of a relativelydebt carrying capacity low-coupon existing issue and at the same timecapacité de remboursement de la dette achieving an interest cost saving due to special taxcapacidad de endeudamiento treatment of an original issue discount bond issuedThe 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 sancecertfficado de adeudo plan de réduction de la dette (avec garantie);Document issued by a borrower detailing the défausse de la dette; defeasanceborrower's promise to repay principal and pay anulación de deudas a cambio de un activointerest, as well as details of any collateral. financiero

Extinguishing debt through the provision of adebt-charity swaps fmancial asset (e.g. zero coupon bond) to be held inacquisition de créances á des fins a trust account as collateral against the principal ofphilanthropiques; swaps philanthropiques the debt. The face value and maturity of theconversión de la deuda en fondos benéficos collateral instruments are designed to match thoseNon-profit organizations purchase debt at a of the debt being defeased so that the proceeds ofdiscount in secondary markets and exchange it for the collateral instruments at maturity may be usedlocal currency that is used for philanthropic to fully repay the principal in a single balloonpurposes. payment.

debt defeasance through the sinking fundmechanismplan de réduction de la dette (avec garantie)avec tonds d'amortissementanulación de deudas con la garantía de unfondo de amortización

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Variety of debt defeasance whereby the debt princi- debt(-for)-equity swap, conversionpal is coilateralized not through an upfront purchase swap de créances contre des participations;of a zero coupon bond or other fmancial instru- échange de dettes contre des fonds propresments, but instead through pledging the accumulat- conversión de la deuda en capital;ed funds of a sinking fund, which is financed capitalización (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 thepays menacé d'asphyx¡e par endettement; pays loan or a company which buys the loan from a banksurendetté at a discount. The loan is then typically sold atpaís agobiado por la deuda near face value to the central bank of the hostA heavily indebted country. This classification is country for local currency instruments, which in turnused primarily by the OECD. are used to make the equity investment.

debt domestication debt financingconversion de la dette en devises; conversion financement par l'empruntde la dette en devises en dette en monnaie financiación mediante endeudamientonationale; 'naturalisation' de la dette Obtaining finance by using borrowed money.argentinización, bolivianización, etc. de la deudaConversion of non-resident foreign currency debt debt-for-cash swapinto resident local currency debt. Has been used by swap de créances contre especesChile. swap de deuda por efectivo; intercambio de

deuda por efectivodebt-equity conversion see debt-equity swap Exchange of debts for cash. This is done through

the secondary market of bank claims where adebt-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 actualfinancibre Chilean process is called adquisición de títulos de larelación deuda-capital; coeficiente de deuda extema. In Ecuador they use the termendeudamiento sucretización to describe the process of convertingMainly used to describe the ratio of total liabilities foreign debt into the Ecuadorian sucre.to shareholders' equity (net worth). It can also beused to describe the ratio of long-term debt to debt-for-debt swap see debt-debt swapequity, net long-term debt to equity, total or long-term debt to tangible equity (= equity plus revenue debt-for-development swapplus capital reserves). All these definitions are used swap de créances contre finances pour lein the World Bank and IFC, so care should be développementtaken in translation to ensure the correct term is conversión de la deuda en financiamiento paraused. Other definitions are used outside the World el desarrolloBank. Swap whereby a debtor country repays its debts in

local currency to a development agency which thenuses this money to fmance a development project inthe country concerned.

31

debt-for-equity swap see debt-equity swap debt/quasi equity swapswap de dette contre des quasi-partícipations

debt-for-export swap; debt-for-products swap swap de deuda por cuasicapital; intercambio deswap de créances contre remise de produits deuda por cuasicapital(exportables) A swap whereby a multinational company withswap de tftulos de deuda por exportaciones; subsidiaries in the borrower country buysintercambio de tftulos de deuda por onlendable loans and subsequently extends this loanexportaciones to the subsidiary. This enables the parent companySwap whereby a bank arranges to export a variety to fund its subsidiary at a preferential exchangeof domestic products and commodities to offset part rate.of its outstanding claims in the country.

debt ratiodebt-for-local currency swap ratio de solvabilité; ratio d'endettementswap de dettes en devises contre dettes en coeficiente de endeudamientomonnaie nationale Ratio of total liabilities to total assets.conversión de deudas en divisas en deudas enmoneda nacional debt repurchase see debt buybackIssue by the central bank of a local currency debtobligation in exchange for a foreign debt claim. debt restructuringDomestic residents can thus buy their own country's restructuration de la dette; reconstruction de ladebt in the secondary market, using expatriated dettecapital or foreign currency acquired in the parallel reestructuración de la deudamarket. Changing the maturity and/or terms of a loan.

debt-for-nature swap debt retirementéchange dette/nature amortissement de la detteconversión de la deuda en medidas de rescate de la deudaprotección de los recursos naturales Paying off a debt.Swap arranged by private conservation group to usethe proceeds of debt conversions to finance conser- debt securityvation projects relating to valuable park land or titre de créance; garantie d'une créance; titretropical forests. obligataire

instrumento de deuda; garantía de una deudadebt-for-products swap see debt-for-export Security representing money borrowed that must beswap repaid, eg. bond, bilí, note.

debt overhang debt-service coverageencours total de la dette; surendettement couverture du service de dettedeuda pendiente; sobrendeudamiento cobertura dei servicio de la deuda1. The total outstanding debt. Ratio of net income after taxes plus interest on2. 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 exporteratioratio du service de la dettecoeficiente del servicio de la deuda; relaciónservicio de la deuda-exportacionesExternal public debt-service ratio (i.e., interest andprincipal payments) as a percentage of exportearnings from goods, nonfactor services, andworkers' remittances.

32

debt service time profile ratio deferred coupon note; deferred interest noteratio dynamique, futur du service de la dette obligation ¿ coupon différécoeficiente del perfil futuro del servicio de la bono de interés diferidodeuda Note on which no coupon is paid in the earliest partThe 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 détermination du taux

fijación diferida del interésdebt-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. Thedebt warrant reason for this was because of the long delaywarrant obligataire between Board approval and loan signature (typical-certificado para compra de bonos; warrant para ly five months) and signature and first disbursementcompra de bonos (typically three months).Bond warrant, giving an investor the right to buyadditional bonds at a predetermined price/yield. delta

deltadebt workout deltarestructuration de la dette; traítement de la Measure of the relationship between an option pricedette and the underlying futures contract or stock price.renegociación de la deudaThe process of moving towards a satisfactory meth- demand money see call moneyod of paying off a debt by a debtor country, includ-ing restructuring, adjustment, obtaining new money dematerialisation see computerized entry ofand servicing existing debt. ownership

deep-discount bond, note de minimis ruleobligation á prime d'émission élevée regle de minimisbono de descuento intensivo; pagaré de regla de minimisdescuento intensivo Rule whereby banks with exposure below a specifiedBond with relatively low-coupon rate of interest, amount would be exempted from requests tooffered with a discount in excess of what can nor- participate in new money packages.mally be treated as capital gain by the investor.

depositary receiptdeep market certificat de titre en dépótmarché tr¿s actifl certificado de depositariomercado 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. Adefault interest security is bought and registered in the name of theintéréts moratoires depositary bank or company, which will issue ainterés por mora receipt certifying that the receipt conveys the title toExtra 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 stockdefeasance see also collateralized (debt) would have needed registration of the new owner'sdefeasance; debt defeasance namne every time the security changed hands.

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depositor rate of interest; borrowing rate dirty floattaux d'intérét créditeur flottement impur; flottement contrólé; flottementtasa de interés sobre los depósitos; tipo de dirigé; flottement assisté; flottement soutenuinterés sobre los depósitos flotación impura; flotación dirigidaThe rate of interest paid by banks on deposits. Floating of currency where the value of the currency

is controlled by the authorities rather than thederivative floating rate notes see synthetic market. Opposite of clean float.floating rate notes

disagiodetachable warrant disagio; déportwarrant détachable desagiocertificado separable; warrant separable Difference between nominal or par value andA warrant issued in conjunction with another underlying market value.security (usually a bond) that can be traded orexercised separately following the issue date. disaster clause see jeopardy clause

diagonal spread discount see consolidated discount notes;écart diagonal conversion discount; deep-discount bond, note;margen diagonal; diferencial diagonal; posición original issue discount (OID) bond; premium;diferencial diagonal rediscountOption strategy based on two puts or two calls inthe same stock at different striking prices and discount, todifferent expiration dates. mobiliser

descontardilution To discount a bill means to buy it for less than itsdilution face value, the difference between the price paiddilución and the face value representing the implied rate ofA drop in earnings per share or book value per interest receivable by the purchaser, during theshare, caused by the potential conversion of period before the bill is repaid.securities or potential exercise of warrants oroptions. discount [bilis]

escomptedirect foreign investment (DFI) descuento¡nvestissement direct á I'étranger Difference between price paid and face value of ainversión extranjera directa bill or other paper.Direct investments made by corporations of thecountry in question in foreign corporations. discount [bonds]

prime d'émissiondirect participation cofinancing descuentocofinancement sous forme de participation Difference between par value and purchase price ofdirecte a bond.cofinanciamiento mediante participación directaForm of cofinancing (also known as "B" loan) discount; markdown [foreign exchangejwhereby the Bank subscribes to a share of a com- déportmercial bank syndicated credit. The Bank's share is descuentoconfined to the later maturities of the loan in order In foreign exchange refers to a situation whereto encourage the lender to extend its own maturi- currency can be bought more cheaply for a futureties. date than for immediate delivery. For example, if

US$1 buys FF4 for delivery now, while it buys FF5for delivery twelve months hence, then the franc issaid to be at a discount against the U.S. dollar.

34

discount bond 1. Annualized rate of discount applied to debtobligation a prime (d'émission) securities issued below par (e.g., U.S. Treasurybono 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 fordiscounted debt financial institutions.dette rachetée (créances rendus) moyennantdécote; dette rachetée (créances rendus) au discount swaprabais swap avec décotedeuda con descuento swap con descuento; intercambio conDebt acquired at a price lower than its nominal descuentovalue. A swap with a below-market rate.

discount from par [securities market] discount windowdécote escompte offíciel; réescompte officieldescuento sobre el valor a la par servicio de redescuentoAmount below face value at which a security is Rediscount facility offered by central bank (Federaltraded. Reserve System in the U.S.).

discount house; bill broker discount without recourseopérateur principal du marché (OPM); maison escompte á forfait; escompte en ducroire;de réescompte escompte sans recourscasa de descuento descuento sin recursoIntermediary between central bank and banking Purchase of negotiable instruments where the buyersystem, providing liquidity and ensuring the efficient waives the right of recourse in respect of the selleroperation of the money market. Does not exist in of the instrument, to which the buyer would bethe U.S. but does exist in the U.K., France, South entitled.Africa, and Singapore. In the U.K, a discounthouse tends to be larger than a bill broker. In disintermediationFrance, the OPM is the basic intermediary and may desintermédiationbe either a discount house (maison de réescompte) desintermediaciónor other financial institution who is closely involved 1. Shift of funds away from financial intermediariesin the interbank market. Examples include Crédit (commercial banks, etc.) into Treasury bilis andLyonnais, Caisse des dépóts 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 notebon A prime (d'émission) distress borrowingbono descontado; pagaré descontado emprunts de détresseNote (i.e., short- or medium-term bond) issued at a endeudamiento forzosodiscount from its face value. On maturity, the Borrowing in a situation of extreme need wheninvestor receives the full face value. The discount there is no other alternative.from par, thus, corresponds to the return on theinvestment. distressed loan

prét en difficultédiscount rato préstamo en dificultades1. taux d'actualisation; Loan on which repayment of interest and principal2. taux d'escompte has been severely delayed or completely suspended.1. tasa de actualización;2. tipo de redescuento

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distribution date see payout date domestic resource cost ratiocoefficient de coGt en ressources intérleures

divestiture coeficiente de costo en recursos internoscession; désengagement (d'une société d'Etat); Ratio of the cost of all factors of domestic origindémembrement; démantélement; dépossession (evaluated at their opportunity cost) to the domesticventa; cesión; privatización; desposeimiento added value (at world prices). Also known asDisposition of an asset or investment by outright Bruno ratio.sale, employee purchase, liquidation, etc.

double-barreled bonddividend-right certificate obligation doublement garantiebon de jouissance bono de doble respaldobono de usufructo Tax-exempt bond with at least two potential sourcesEquity paper which does not confer any ownership of repayment, such as a highway revenue issuerights (e.g., voting rights) but grants the holder the backed by tolis and taxes.right to participate in the net profit and liquidationproceeds and the right to subscribe to new shares in double bottom configurationthe case of a rights issue. configuration double creux; configuration W

configuración en Wdividend-right share Form of bar chart used in bar chart analysis ofaction de jouissance securities which indicates the movement of aacción de usufructo security with a tendency to go down, with twoEquity paper, issued in the place of repaid shares, troughs.conferring membership rights and the right toparticipate in the distribution of profits and double hedge swap see cross-currency interestliquidation proceeds of a corporation. hedge

dividend stock double top configurationactions bénéficiaires configuration double sommet; configuration Macciones con derecho a dividendo configuración en MStock which entities the holder to receive dividends. Form of bar chart used in bar chart analysis of

securities which indicates the movement of adollar cost averaging see averaging security with a tendency to go up, with two peaks.

dollar ($) LIBORLIBOR pour les transactions en dollars double-weighted borrowing cost [IBRD]LIBOR para transacciones en dólares coút des emprunts doublement pondéréThe LIBOR for transactions in U.S. dollars. costo de los empréstitos con doble

ponderacióndomestic resource cost (DRC) When calculating borrowings, the IBRD takes thecoút en ressources intérieures; coút réel des amount of the loan, multiplies it by the interest rate,devises and obtains a total for the interest. AH the loanscosto en recursos internos are added and all the interest totals. The first sumCost of resources used in products that are not is then divided by the second to obtain the weightedimported. average interest. This is the single-weighted bor-

rowing cost. Recently, the IBRD has obtained theinterest total by multiplying the amount of the loanby the interest and the number of years to maturity,to take into account the fact that it has loans ofvarying maturities. The weighted averaged interestobtained from this calculation is called the double-weighted borrowing cost.

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downgrade (a loan) dual-currency swapdéclasser (un prét) swap double deviserebajar de categoría swap en dos monedas; intercambio en dosLoans lent to countries are given a category, accord- monedasing to how likely they are to be repaid. When a Swap whereby the principal amount is denominatedcountry looks likely to default, the loan is down- and repayable in one currency and the interest ingraded (e.g. to substandard). This happened recent- another.ly with loans to Brazil by U.S. banks.

due bonddownstream investment obligation venant á échéanceinvestissement en aval bono vencido; bono que venceinversión posterior A bond that has reached maturity.Investment at a lower level, e.g. a parent companyin its subsidiaries or a raw materiais company duration (of an investment)investing in the production sector. duration

duracióndrawdown The weighted average maturity of all cash flowsretrait (inclusive of principal repayments) resulting from andisminución; reducción; giro; utilización investment or category of investments, the weightingActual 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 currentdrop lock market value of such investment or category ofclause 'drop lockm; clause de verrouillage au investments.taux planchercongelación del interés en un nivel mínimo Dutch auction [U.S.](cuando la tasa de mercado desciende a menos adjudication a prix uniforme; enchéres aude ese nivel) rabais; adjudication a la hollandaiseClause in floating rate note whereby, if market adjudicación a precio uniforme; subasta a lainterest rates fall below a specified minimum, the bajarate of interest is fixed at that minimum and locked A competitive bidding technique sometimes used inin for the remaining life of the loan. U.S. securities markets, whereby the lowest price

necessary to sell the entire amount of securitiesdroppages, cancellations and prepayments offered becomes the price at which all securities are(DCP) [IFC] sold.abandons, annulations et remboursementsanticipés Dutch auction noteabandono, anulación y pago anticipado bon A coupon hollandaisDroppage is when a borrower from IFC decides to bono con cupón determinado por subasta a lacancel a loan before signature. Cancellation is baja; pagaré con cupón determinado porwhen a loan by a borrower is canceled after signa- subasta a la bajature. Note on which the coupon is repriced every 35 days

at a Dutch auction. The notes have a seven yeardual-currency bond maturity.obligation á double devisebono denominado en dos monedasBond where the price and coupon are denominatedin one currency, but the redemption value is set ina different currency, usually dollars, at a ratedetermined at the time of issue.

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- E - Emrlrng Markets Growth Fund (EMGF>[IFCJFonds de promotion des marchés naissants

early redemption option bond see retractable Fondo de promoción de mercados incipientesbond A mutual fund with capitalization of $50 nillion

from institutional investors in the U.S., Europe andearning assets Asia that will invest in securities of companies listedavoirs productifs on Third World stock exchanges. It is a closed-endactivos productivos investment company. It is being sponsored by IFCLoans and investments. and was launched in 1986.

earnings per ehare (EPS) Emerging Markets Investment Fund (EMIF)bénéfice par actJon (BPA) [IFC]utilidades por acción Fonds d'lnvestissement des marchés naissantsThe profit of a corporation divided by the number Fondo para Inversiones en mercados Incipientesof shares outstanding. Fund set up by IFC in the form of a closed-end

lnvestment company to encourage large Japaneseeconomic price; efliclency price institutional investors to invest in developingprix économique countries.precio económicoPrice reflecting relative value to be assigned to Enhanced Structural Adjustment Facilityinputs and outputs if the economy is to produce the (ESAF) [IMF]maximnum value of physical output efficiency. Facilité d'ajustement structurel renforcée

economic recovery loan (ERL) (FASR)economic a reecovment loano(ERL)uServicio financiero reforzado de ajusteprést au redressement économ¡que estructuralpréstamo para recuperación económica IMF facility set up in paraflel to the StructuralWorld Bank loan made to assist with the economic Adjustment Facility. It is intended to help therecovery of a cou.rntry. poorest member countries undertake strong three-

year macroeconomic and structural programs toeificiency price see economic price improve their balance of payments positions and

electronic banking foster growth.monétique enhancement see credit enhancementoperación bancaria electrónicaBanking transactions using computerized equipment. entrep8t; turntable

entrepót; plaque tournanteelectronic funds transfer (EFT) bancos intermediariostransfert électronique de fonds Banks operating as intermediaries between borrow-

transferenca electrónia de fondosers adlenders located in foreign countries.System of transferring funds from one account toanother by electronic impulses rather than transfer equalizing discount rate see cross-over discountof paper (such as a check). rate

emergency reconstruction loan (ERL) equal principal repayment systempitt A la reconstruction; pret au relévement; systéme de remboursements égaux du princi-pret á la réhabilitation de zones sinistrées pal; systáme de remboursement par tranchespréstamo para reconstrucción de emergencia pgalesWorld Bank loan for emergency reconstruction after sistema de amortización d principal en cuotasnatural disaster. iguales

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Loan repayment scheme whereby principal repay- equity-like Instrumentment remains the same over the period of the loan, lnstrument participatffregardless of interest payments. This means loan Instrumento financiero con característicasrepayments are highest in the earlier years of the patrimonialesloan (when interest payments are higher). This A loan structured in such a way that it can bescheme 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 ifequity see bond with equity warrant; debt- the project generates interest. This means it hasequity ratio; debt(-for)-equity swap, conversion; the form of equity (cf. stocks where income isdebt/quasi equity swap; loan with equity kicker; generated only if the company pays a dividend). Annon-equlty direct investment; no-retum equlty; example of the use of this type of instrument is inquasi-equity; standby equity; stockholders' high-risk countries where an equity investmentequity would be lost at once but an equity-fike instrument,

if dollar-denominated, would guarantee the capitalequity capital; capital stock (of a corporation) and ensure income if the project produced income.capital socialcapital social; capitai accionario equity-linked bonad see equity-related bondThe issued share capital which is neither limited norpreferred in its participation in the distribution of its equity loanprofits nor in the ultimate distribution of its assets. prét sous forme de prise de participation; prétEquity capital is sometimes used as a synonym for participatifstockholders' equity. préstamo en forma de participación en el capital

Loan in the form of equity participation.equlty financing; equity lnvestmentparticipation au capital; prise de participation equity marketau capital social; financement en fonds propres marché des actions; marché boursier; marchéirnersión en capital social; participación en des tonds proprescapital social bolsa de valores; mercado de valoresInvestment that confers whole or partial ownership The market in stocks and shares.in an enterprise and entities the investor to share inthe profits from its operation. equity option see option

equlty joint venture equity ownershipopération en association; coentreprise avec participation au capital social d'une sociétéparticipation au capital social participación en el capital socialempresa conjunta de capital social proporcional An interest in a property.A company created by other companies, with eachowning a proportion of the shares. equity portfolio fund

Fonds commun de participationsFondo para inversiones de carteraFund set up by IFC in developing countries (e.g.Korea, Thailand, Malaysia) to attract foreign equitycapital to these countries and improve the access ofcompanies in these countries to world capitalmarkets.

equity-related bond; equity-linked bondtitre rattaché á des actions; obligationapparentée aux actionsbono con características de acción

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Bond which has equity features, such as a bond with Eurocurrencyequity warrant or a convertible. euromonnaie; eurodevise

euromoneda; eurodMsaequity-related 9uarantee A currency deposit held outside the country whichgarantie de participation au capital issued the currency.garantía de rentabilidadGuarantee that ensures an investor an minimum Eurodollarreturn on his investment. eurodollar

eurodólarequity underwriting A dollar deposit acquired by a person or bank notengagement de prise de participation resident in the U.S. and held outside the U.S.compromiso de suscripción de accionesUnderwriting (i.e. finding buyers for a security euro-equitiesissue) a share issue. This technique has been used euro-actionsby IFC, e.g. for the Korea Fund, a diversified euroacciones; eurocapitalclosed-end investment company investing in Korean Stocks issued on the European market rather thansecurities, that plans to offer its shares in the U.S. national markets.and other markets with IFC as one of the coleadmanagers. Euroloan

europrétequivalent bond yield europréstamotaux de rendement in fine A loan made using Eurocurrency.rendimiento equivalente al de los bonosAnnual yield on a short-term, non-interest-bearing Euromarketsecurity calculated so as to be comparable to yields euromarchéquoted on coupon securities. euromercado

The Eurocurrency, Eurocredit and EurobondEurobond market.euro-obligationeurobono euronote facilitiesA bond issued in a currency other than that of the facilités d'euronotesmarket or markets in which it is sold. The issue is servicios financieros para eurodólareshandied by an international syndicate. Incdude priinarily very short-term securities issued

on the Euromarket, which are continually rolledEurocommercial paper (ECP) over but with a safety net in the form of a backstopeffets de commerce en eurodevises; eurobillets (a standby eurocredit) if the issue is not taken up.de trésorerie Four generations have been identified up to now- 1)efectos comerciales en eurodivisas revolving underwriting facility (RUF); 2) tenderNotes 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 multicomponentstandard Euronote terms of 1, 3 and 6 months. facilities; 4) euronotes and eurocommercial paper.

Eurocredit euronote facility see revolving underwritingeurocrédit facilityeurocréditoAny lending made using Eurocurrency, generally a European Composite Unit (EURCO)medium-term bank loan. unité composite européenne

unidad compuesta europea

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A nonofficiag private unit of account based on the exercise price ses striking pricecurrencies of the members of the EuropeanCommunity. exlt bank

banque sortanteEuropean Currency Unit (ECU) banco que opta por la exdusiónunité monétaire européenne (écu) Bank using an ex¡t instrument.unidad monetaria europea (ECU)A standard unit of account of European Community exit lnstrument; exit bond; exHt vehiclemember countries. bon de sortie

bono de exclusión; bono de salida; tftulo deEuropean (style) option salidaoption européenne Instruments issued by a debtor country to a creditoropción europea bank in place of a bank credit, that allows theOption containing a provision to the effect that it creditor bank to be exempted from future requestscan 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).unité européenne de compte (uec)unidad de cuenta europea (UCE) export adJustment loan (EAL)A composite currency unit based on the value of the pret á I'ajustement des exportationscurrencies of the European Community members préstamo para ajuste del sector exportadorparticipating in the European Monetary System. Loan made by the World Bank to assist a country

to adjust its export sector.even par swapswap d'obligations pour un montant nominal exposure see also country exposure; currencyégal translation exposure; large exposure bank; markswap de bonos de igual valor nominal; to market exposureintercambio de bonos de igual valor nominalU.S. term for the sale of one block of bonds and exposurethe simultaneous purchase of the same nominal risque; part des risques; engagement;principal amount of another block of bonds, wíthout présenceregard to the net cash difference. riesgo; préstamos pendientes; compromisos

netoseven rolí Amount of investment made, with the additionalrefinancement pour un montant égal idea of risk. These translations are proposed. Therefinanciamiento de monto igual translation will often depend on the context.Refunding, where approximately the same amountof debt is being issued for the old debt. extendible bond; extendible maturity bond

obligation prorogeableevent risk bono de vencimiento ajustablerisque exceptionnel Bond whose bearer can postpone maturity beyondnesgo eventual normal maturity date.Situation occurring when the credit standing of acorporation changes because of certain events (e.g. extendible maturity bond see extendibie bondmerger, acquisition, leveraged buyout). Somecorporations are subject to event risk because they extendible maturity note see extendible noteare heavily exposed in a specific area (e.g. politicalchanges for corporations exposed in a certain extendible note; extendible maturity notecountry, climatic changes for corporations depen- obligation prorogeabledent on a specific crop). bono de vencimiento ajustable; pagaré de

vencimiento ajustable

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Note on which the maturity can be extended such - F -that interest payments continue and the principalrepayment is delayed beyond the original date. face the market

extension feoe Intervenir sur te marchécommission de reconduction Intervención directa en el mercadocomisión de renegociación; comisión de To act directly in the market, as opposed to throughprórroga an agent.Supplementary fee payable to lender of a loanextended beyond original period. face value see par value

external bond issue facility see Africa Project Development Facility;émission d'obligations á ¡'étranger backstop (credt) facility; Caribbeanemisión 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;Mécanisme de financement pour a¡éas Contingent Swap Facility; Enhanced Structuralextérieurs Adjustment Facility; euronote facilities; ExternalServicio para contingencias externas Contingency Mechanism; international bankingIMF 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 Preparationexternal 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 Specialservice de la dette) Disbursement Account; Swap Insurance Facility;externalización (del servicio de la deuda) trade financing facility; underwritten facilitiesPurchase of foreign exchange needed for debt feo see feeservice payments. 'acility underwriting

fade-out agreement; phase-in agreementaccord de retrait progressffacuerdo de traspaso progresivo (de acciones)A type of joint venture agreement where the foreigninvestor initially has an equity participation of morethan 50% but gradually transfers this equity to oneor more local parties till the local parties havemajority participation.

fast track countrypays en pointepaís (bien encarrilado) con inversión ycrecimientoCountry with a high level of investment and growth.

42

federal funde [U.S.1 fee see admission fee; agency fee; availabilityfonds fédéraux fee; commission; commitment fee, charge;fondos federales extension feo; fiscal agency fee; fiat fee; foreignCash 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; loanfor 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; processingBanque de France (central bank) and is the French fee; selling fee; trade inside fees; underwritingequivalent of federal funds. fee; utilization fee

federal funda rate IU.S.] financial deepeningtaux des fonds fédéraux augmentation de l'importance des circuitstasa de los fondos federales; tipo de los fondos financiers; intensification des circuits financiersfederales intensificación financieraRate of interest paid on federal funds. Equivalent Acquisition of fmancial assets at a faster rate thanto interbank rate. nonfmancial assets.

federally chartered bank [U.S.] financial engineeringbanque á charte fédérale ingénierie financiérebanco constituido a nivel federal técnicas financieras; ingeniería financieraIn the United States, a bank that has been char- [México]tered by the Comptroller of Currency, that belongs Application of innovative techniques in majorto the Federal Reserve System and mects the national and corporate workouts.requirements for a national bank as defined underthe National Bank Act. In the U.S. only federally financial futuresand State chartered banks and other authorized instrument financier á terme; contrat á termeinstitutions may receive deposits. financier; future; contrat á terme d'instrument

financier (CATIF)Federal Reserve System futuros financierossystéme fédéral de réserve Futures of bilis, notes, bonds, currency, andSistema de la Reserva Federal commercial paper.The central banking system of the U.S. It hastwelve Federal Reserve Banks divided up by geo- financial futures contractgraphical regions. The Board of Governors super- contrat du Matifvises the operations of the regional banks and contrato de futuros financieroscoordinates monetary policy through its Federal A completed but transferable agreement to make orOpen Market Committee. take delivery of an interest-sensitive security at a

specified time at a specified price.

financial futures marketmarché á terme d'instruments financiers(MA TIF)mercado de futuros financierosFutures market where only fmancial instrumentsare negotiated.

financial intermediaryintermédiaire financierintermediario financieroNormally, an intermediary between the U.S.Treasury (or equivalent) and the market.

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financial Intermediary loan (FIL) financial apreadprat a un intermédiaire financier marge financilrepréstamo a un intermediario financiero margen financieroWorld Bank loan to a fmancial intermediary, such Income from loans and investments minus cost ofas a central bank. borrowing.

financialization financing relleffinancialisation; financiérisation allegement financierfinancialización alMo financieroThe 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 afixed assets (e.g. gold, real property). result of debt reduction or restructuring.

financial market fine-tuning (of the economy)marché des capitaux; marché financier réglage de précisionmercado financiero afinamiento (de la economía)Market for the exchange of capital and credit in the An effort to steer aggregate demand and outputeconomy. It is divided into money market and toward a target level through monetary and fiscalcapital market. Note that Rayrnond Barre, in his instruments.seminal Economie politique, defmes marché descapitaux as the overall market, equivalent to the firm commitment underwriting see boughtEnglish financial market, the marché monétaire as dealle marché des capitaux d court terme (= moneymarket) and the marché financier as le marché des fiscal agency feecapitaux & long terme ( = capital market). However, commission d'agent payeurvarious Francophone authors differ on this issue and comisión del agente financieroyou will frequently see marché financier used for the Fee payable for registration of bonds and otherEnglish fmancial market and marché de(s) capitaux official requirements.used for capital market. Note also that, whileBarre uses marché des capitaux, many writers use fiscal agentmarché de capitaux. agent financier

agente financierofinancial ratios A bank appointed by the borrower as its agent forratios de structure; ratios financiers a new issue of securities when no trustee has beencoeficientes financieros appointed. Its functions include those of a principalRatios which show a corporation's financial struc- paying agent and a number of the clerical functionsture. They include liquidity and leverage ratios. but none of the fiduciary responsibilities of a trust-

ee.financial repressionrépression financiere fiscal dragrepresión financiera 1. érosion fiscale des revenus;Distortion in the financial system, with negative 2. freinage fiscalinterest rates, subsidy interest rates to some privi- 1. lastre fiscal; rémora fiscal;leged borrowers, selective credit allocation, and 2. freno fiscalexcessive bureaucratic control over the financial 1. Reduction in real income due to the increase insystem. income from inflation, resulting in income earners

being placed in higher tax brackets.2. Action by public financial authorities with regardto economic activity.

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fix see floating rate note w¡th variable coupon floater see floating rate notef i,

floating capialfixing capitaux mobiles; capitaux disponibles;fixing capitaux flottantscotización capital circulante; capital flotanteQuotation of the price of a commodity in the That portion of the capital of an enterprise notmarket. In France, fixing used to apply to all invested in fixed or other capital assets but inmarkets 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 cappedfiat floating rate note; collar; collateralized floatingtel que! rate bond; flip-flop; floor; inverse floating ratesin intereses devengados note; mismatch floating rate note; perpetualExcluding accrued interest. A bond where the floating rate note; reverse floating rate note; riskinterest is included in the price is said to be traded conversion floater; synthetic floating rate notesflat (une obligation négociée telle quelle).

floating rate bondflat fee; front end fee [Euroloan] obligation á taux flottant; obligation á tauxcommission immédiate variable (OTV)comisión inicial bono con interés variableWhen 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 qualityruée vers les titres de qualité floating rate note; floaterdesplazamiento hacia las emisiones de mayor bon á taux flottant, bon á taux révisablecalidad bono con interés variable; pagaré con interésIn capital markets, the transfer of assets to higher variablequalíty securities. This occurred after the October Note issued from five to fifteen years with a fixed1987 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-flopbono fl¡p-flop floating rate note with variable coupon fixFloating rate note from which the holder can opt bon á taux flottant á coupon indexéout and into another security, and move back into bono con interés variable indizado; pagaré conthe original note under pre-determined conditions. interés variable indizado

Floating rate note on the Euromarket where thefloat [banking] coupon is linked to a different index, at the issuer'smoyens de paiement a l'encaissement; moyens choice, the borrower's choice or whichever isde paiement non recouvrés; moyens de higher/lower. The different methods of choosingpaiement flottant the coupon fix are laid down in the originalefectos en cobro; efectos en cobranza agreement.Checks, drafts, etc., in the process of collection.

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f loor forced investmentfloor; plancher investissement obligatairebono con interés variable mínimo; pagaré con inversibn forzosa; inversión obligatoriainterés variable mínimo A requirement placed on a commercial bankA floating rate note with a lower limit on the (usually in a developing country) that it makeinterest rate to be paid. specific investments (e.g. x% of its portfolio must be

agricultural investments), sometimes at a specificfloor broker see floor trader (definition) rate.

floor rate of exchange foreign-aimed security; foreign-targetedtaux de change minimum security [U.S.]tipo de cambio mínimo titre destiné a I'étrangerThe minimum rate of exchange. valores para inversionistas extranjeros

U.S. security first issued October 24 1984, speciallyfloor return aimed at attracting foreign investors. It is a hybridrendement minimum between a bearer (favored by European investors)rendimiento mínimo and registered security (as preferred by the InternalMinimum return on investment. The Bank sets Revenue Service), in that the owner does not have15% below the return projected at the beginning of to be registered but securities dealers must certifythe fiscal year as its floor return. that the purchaser is not an American citizen or

resident. Interest is paid once a year. Initial issuefloor trader was three-year 11 month notes at 3 tenths of a pointagent opérant directement sur le parquet; agent below ordinary notes.de changecorredor de bolsa independiente foreign exchange auctionaMember 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 adjudicationStock Exchange who acts for other members of the subastas de divisasStock Exchange only. Auctions of foreign currency, as used in some

developing countries, whereby the price obtained forfloor trading the foreign currency at the auction is the rate ofmarché de la criée exchange applied till the next auction.transacciones de los corredores en la bolsaTrading on the exchange for one's own account. foreign exchange coverage fee

frais de couverture de changeflow of funds see funds flow comisión de cobertura cambiaria

Costs incurred by the borrower resulting fromflow-of-fund table [national accounts] changes in the rate of exchange between currenciestableau des opérations financieres (TOF) disbursed to and to be repaid by the borrower.cuadro de corrientes financierasA table showing transactions in financial claims foreign exchange warrantbetween institutional units. warrant en devises

certificado en divisas; warrant en dMsas;libranza en divisasWarrant which is purchased in one currency andresold in another.

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Foreign lnvestment Advisory Service (FIAS) forward rate agreement; future rate agree-Service-conseil pour I'investissement étranger ment (FRA)(FIAS) (contrat de) FRA; contrat á terme de tauxServicio de asesoría sobre inversión extranjera d'intérét(FIAS) acuerdo a término sobre tasas de interés;The Foreign Investment Advisory Service helps acuerdo a plazo sobre tasas de interésmember governments to review and adjust policies, An agreement between two parties, one wishing toregulations, and investment strategies that affect protect itself against a future rise in interest ratesforeign investment. It is currently managed jointly and the other against a future fall. The partiesby IFC and MIGA. agree to an interest rate for a specific period start-

ing at a specific date in the future. At maturity theyforeign-targeted security see foreign-aimed settle by paying or receiving only the differencesecurity between the interest rate agreed earlier and the

then current interest rate.forfalingforfaitage founders' shares; promoters' stock [U.K.]descuento de bonos a mediano plazo; parts de fondateur; parts bénéficiairesdescuento de pagarés a mediano plazo acciones de fundadorThe business of discounting medium-term promis- Shares subscribed by original owners of a business.sory notes or drafts related to an international tradetransaction. Repayments are semiannual and fourth market [U.S.]discounting is at a fixed rate. quatrieme marché

cuarto mercadoformula investing Market for large block sales of securities arrangedformule forfaitaire de placement; ordre de by private firms.placement automatiqueinversión conforme a una fórmula free-limit loanInvestment technique based on predetermined prét librement accordétiming or asset allocation model that eliminates préstamo de aprobación autónomaemotional decisions. Examples include constant A loan which does not exceed the amount abovedollar plan and (dollar cost) averaging. which onlending is subject to Bank approval.

forward contract free limit of loancontrat á reglement mensuel (RM); contrat á ptafond de prét librement accordéterme ferme límite máximo de aprobación autónomacontrato a término; 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 riderment at the current or spot price with delivery and cavalier seul; profiteur; abstentionniste;settlement at a specified future date. resquilleur; passager clandestin

banco abstencionistaforward cover A bank that collects full interest due on outstandingcouverture a terme loans without contributing to the new money loansentrega a término; entrega a plazo which provide, in part, the resources to pay futureThe arrangement of a forward foreign exchange interest.contract to protect a buyer or seller of foreigncurrency from unexpected fluctuations in the ex- front end free see also fiat feechange rate.

front end feeforward-forward arbitrage see time arbitrage commission d'ouverture

comisión inicial

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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 proportionnelleloans but no longer does. participación proporcional

Type of IBRD "B" loan, whereby IBRD takes a profront end financing rata share of about 10 percent in each maturity offinancement supplémentaire the commercial loan.financiación suplementaria; financiación singarantía; financiación sin asegurar funde flow; flow of fundaThat part of the fmance of a loan package provided flux financiersby banks over and above the part that is insured by flujo de fondos; corriente de fondosan 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 ofdépenses groupées au début (d'une période debentures, loans, and shares. Outward flowsdonnée) include purchases of fixed assets and investments,gasto concentrado al comienzo de un período repayment of debt, payment of dividends, andSpending at the beginning of a financial period. taxation on profits.

front-loading of conditionality funds flow statement see statement of changesimposition de conditions préalables in financial positionimposición de condiciones previas (a laaprobación de un préstamo) funda statement see statement of changes inIn Bank adjustment loans, refers to the establish- financial positionment of conditions to be met by the borrower priorto Board presentation (as opposed to actions being funk money see hot moneycarried out during the course of the loan).

future rate agreement see forward ratefull, fully paid stock see paid-up stock agreement

full service bank futures see financial futures; interest ratebanque multiservices futures; stock index future; swap futurebanco múltiple; multibancoBank providing a wide range of services to clients. futures [commodities market]

opérations a terme; futuresfully paid stock see paid-up stock futuros

Agreement to buy or sell a specific amount offunded debt commodity.dette consolidéedeuda consolidada futures, financial see financial futuresThe debt of a business or government in the formof outstanding bonds and other long-term notes. futures contract

contrat ¿ termefunding latter maturities [IBRD] contrato de futurosfinancement des dernieres échéances An agreement to take or make delivery of a specificfinanciamiento de los últimos vencimientos commodity or instrument on a particular date. SeeType 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.

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futures marketmarché a termemercado a plazo; mercado a término; mercadode futuros gammaMarket where futures contracts are bought and gammasold. gamma

The sensitivity of an option's delta to small unittutures option changes in the price of the underlying.option sur contrats á termeopción (de un contrato) de futuros the gap [IBRDJ see overall risk profileA put or calU option on a futures contract.

gap financingfinancement du déficitfinanciamiento del déficitAmount of financing needed for which provision hasnot yet been made.

gappinggappingNo SpanishAnalysis of interest rates in order to manageinterest rate margins to improve liquidity. TheFrench sensibly used the English word.

gearing ratio see leverage ratio

gearing ratio [IBRD]coefficient d'uti/isation des fonds propres;rapport encours des préts/fonds propresrelación préstamos desembolsados ypendientes-capital y reservasRatio of capital plus reserves to loans outstandingand loans disbursed.

Geisha bondobligation Geishabonos geishaBond issued on the Japanese market in currenciesother than yen. (Yen-denominated bonds areknown as Samurai bonds.)

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General lnvestment Authorization [IBRD/IDA] global bondpouvoir général de placement obligation planétaire; obligation multimarchésfacultad general para efectuar inversiones bono globalFormal name for Bank and IDA investment author- Bond issued simultaneously in the U.S. and otherity, approved by the Executive Directors April 18, markets. The World Bank issued this kind of bond1989, which extends the right of the Bank to invest for the first time in June 1989.in certain instruments. Changes include removal ofspecific limnitations on futures and options, authori- Global Cap Authority [IFC]zation to use currency-hedged, covered forward autorisation globale de cap; montant total desinvestments, acceptability of foreign currency de- caps autorisésnominated government obligations if equivalent to facultad de adquisición de contratos con InterésAA rated securities, IDA's authority equivalent to topethe Bank's and others. Authority given by the Board to IFC to purchase

contracts with interest rate ceilings (caps) and thenGenerally 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 généralement admisprincipios contables generalmente aceptados Global Swap AuthorityConventions, rules, and procedures governing autorisation globale de swapaccepted accounting practice. These principles are facultad para efectuar swapsnormally followed by the World Bank in its Authority given to IFC by the Board to borrowaccounting statements. In the U.S., they were laid from the markets up to a level of US$250 milliondown by the Financial Accounting Standards Board equivalent through private placements and direct(FASB). institutional loans.

general obligation bond see general goodwill clauseobligations clause de bonne volonté

cláusula de buena voluntadgeneral obligations; general obligation bonds A clause in a Paris Club loan agreement thatemprunts de collectivité locale commits the creditors to consider debt relief afterbonos de responsabilidad general the end of the stipulated consolidation period. InLong-term borrowings, usually by a municipality, return, creditor countries ask the debtor country tothat are backed by the fuil faith, credit, and taxing meet two conditions firstly, the debtor country mustpowers of the issuing locality rather than income have secured debt relief from creditors not coveredgenerated by a specific project. by the Paris Club agreement and secondly at the

time the creditors agree to review the need forGensaki further debt relief, the country remains eligible forGensaki use of upper credit tranche IMF resources.(acuerdo) gensakiA Yen repurchase agreement. government debt instruments

instruments de la dette publiquegilt-edged securities; gilts Instrumentos de la deuda pública1. fonds d'Etat britanniques; valeurs garanties Debt instruments issued by governments.par l'Etat;2. valeurs de premier ordre government paper1. bonos del Gobiemo británico; effets publics2. bonos de primer orden; valores de primer efectos públicosorden Short-term debt instruments issued by governments.1. British Government bonds.2. U.S. bonds of AAA standing.

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government security dealer gross earnings margin; grosa margin;courtier en fonds d'Etat; courtier d'effets pub- banker's apread; banker's markup [banks]I¡cs marge brutecorredor de valores del Estado margen brutoSecearity dealer specializing in government debt Defined as interest received on loans less interestinstruments. paid on deposits plus other income (interest re-

ceived on investments, gains or losses in foreigngrace period exchange operations and commissions and feesdifféré d'amortissement; franchise de received and paid).remboursement; déla¡ de gráceperíodo de gracia group of creditorsThe period allowed in a loan schedule during which groupe de créanciers; club de créanciersrepayments of loan principal need not be made. grupo de acreedores

Group representing the creditors of a specificgrade see rate country or countries.

greenmail growth contingency cofinancinggreenmail; chantage au dollar cofinancement d'intervention au-dessous d'uncompra de las propias acciones para evitar la seuil de croissance donnéabsorción de la empresa cofinanciamiento supeditado al crecimientoAn 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 fromavailable 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 stockgrey, gray market action d'avenirmarché gris acción de una empresa prometedoramercado gris The stock of a firm that is expected to have aboveMarket in bonds that have not been given a firm average increases in revenues and earnings.price.

guarantee see also accelerable guarantee; callgross capital coefficient, ratio a guarantee; counter-guarantee; equity-relatedcoefficient (taux) de capital brut guarantee; non-accelerable guarantee; rollingcoeficiente de capital bruto guaranteeThe amount of capital requirement per dollar ofannual 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. garantía;coefficient (taux) de recouvrement brut 2. garantía (del Estado)coeficiente de cobro bruto 1. Type of IBRD "B" loan with IBRD guaranteeingThe interest received less prior years' recoveries part of the loan and offering the commercialdivided 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 toactually collected during the year (excluding any purchase the designated maturities at the request ofamount 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 guaranteedduring the current year. See also net collection by the state.ratio.

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guarantee commission, fee [IBRD] H-commission de garantiecomisión de garantíaCommission payable periodically (e.g., to IBRD) as handling fee; management fe.compensation for the risk in guaranteeing a loan. commission de gestion; commission de

gérance

Guaranteed Recovery of lnvestment Principal comisión(Program) (GRIP) [IFC] Fee payable to lead bank for handling bonds.(Programme de) garantie de recouvrement del'apport des investisseurs (GRAI) head and shoulderu configuration(Programa de) recuperación garantizada de configuration téte-épau/esprincipal de las inversiones (GRIP) configuración Itricornio'A fmancial service offered by IFC, involving the Form of bar chart used in bar chart analysis ofstructuring of IFC and co-investor equity exposures securities which indicates the movement of ain such a way as to take advantage of differences ín security up and down (or down and up) with threetheir risk-preferences and perceptions, generating peaks, the middle one being the higher (and therebybenefits which can be shared by both. An investor giving the chart the form of a head above a pair ofmaking an investment in the equity of a developing shoulders).country enterprise, instead of making the investmentdirectly, gives the money to IFC in return for a U.S. head of tradingdollar debt instrument. IFC makes the investment in chef arbitragisteits own name but has a contractual agreement with jefe de operaciones bursátilesthe investor regarding voting of shares, management Person responsible for securities trading in anand long-term strategy for the enterprise. organization.

headroommarge de décaissementmargen de maniobraThe difference between the statutory limit onlending and the value of loans that are disbursedand outstanding.

heavliy lndebted see highly indebted

hedge [securities market]valeur de refugevalor de protecciónSecurity acquired to cover possible loss onspeculative investments.

hedge ratiocoefficient de couverture; ratio de couverturecoeficiente de protecciónIn an options contract, a ratio representing thechange expected to occur in the market value of anoptions contract as a result of a specified change inthe market value of the securities underlying thecontract.

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hedging hostile takeover bid; unfriendly takeover bidcouverture des opérations a terme; opérations offre publique d'achat (OPA) hostile; OPAd'arbitrage en couverture d'actifs; opérations sauvageen contrepartie; hedging oferta pública de adquisición (OPA) hostil (conoperaciones de cobertura; operaciones de fines de absorción)protección cambiaria An offer to purchase shares from a firm'sPurchase or sale of currency, usually on a forward stockholders when directors of the target firm havebasis, as a means of insuring against loss should an recommended that stockholders do not sell theirexchange rate change. stock.

highly, heavily indebted middle income hot billcountry (HIC) effet brúlantpays á revenu intermédiaire fortement endetté efecto a la vista o de vencimiento a muy cortopaís de ingresos medianos muy, fuertemente plazoendeudado Bill which matures at sight or whose maturity is lessSeventeen middle-income countries deemed to have than the period making possible its collection inencountered severe debt servicing difficulties: good time, necessitating immediate presentation forArgentina, Bolivia, Brazil, Chile, Colombia, Costa payment.Rica, Cóte d'Ivoire, Ecuador, Jamaica, Mexico,Morocco, Nigeria, Peru, Philippines, Uruguay, hot money; funk money [U.K.]Venezuela and Yugoslavia. The Bank uses both capitaux tébrilesheavily and highly. The World Development Re- capitales itinerantesport, 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 orOffice use heavily. OECD uses debt-distressed, revaluation hopes/devaluation fears.while the 1989-1990 World Debt Tables use severelyindebted country. hung-up issue

-mission collée (coincée)highly leveraged see leveraged emisión empantanada; emisión atascada

An issue which dealers have not managed to fullyhigh quality borrower see prime borrower place.

horizontal spread; calendar (cali> spread; hurdie ratetime (cali) spread taux critique de rentabilitéécart horizontal tasa crítica de rentabilidadmargen horizontal; posición diferencial A somewhat arbitrary rate of return, related to thehorizontal current cost of borrowing money, set by aOptions strategy that involves buying and selling the government or company to guide investmentsame number of options contracts with the same decisions. Below this limit, investment is normallystriking price but different maturity dates. considered inadvisable.

hostile raider hybrid loanprédateur hostile prét hybrideSee corporate raider préstamo hibridoCorporate raider whose actions are not supported In adjustment lending, refers to a sector adjustmentby the targeted corporation. loan which focuses on both investment structures

and incentive policies. One component supportspolicy reform, while another component supports asectoral investment program, in some cases atime-slice of a sectoral investment program.

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- I - imprest account, fundcompte d'avances de caisse; compte

IDA-eligible country d'avances temporairespays admis emprunter y ¡'IDA; pays éllg¡ble cuenta de anticipos; fondo de anticipospays arédmista emprunte r IMA I'IDA; pays bligiAn account or fund maintained for payments madeau crédit de J'IDApaís que puede recibir crédkos, financiamiento in cash, commonly used as a petty cash fund. ApaIsFu puaed eblr créditos, financiamiento fed maximum sum is kept in the fund and, as thede la AIF; país habilitado para recibir créditos 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 bondIDA norm. obligation participante

IDA reflows bono participatorioIDA remboursements á PIDA; rentrées de FIn the U.S., bonds which are guaranteed as toreemboursernents a la 'ID; refluj s de laAID principal but which have interest payments as areembolsos a la AIF; reflujos de la AIF contingent obligation, that are required only ifPayments received by IDA in the form of reim- eonting ent o ationd thaeqired of .fbusmnsfr rdt ae earned and then assented to by the board ofbursements for credits made. directors. Failure to pay interest does not constitute

default. (Note that in the U.K., income bond refersclaedal .l.ase to a type of fLxed-interest investment offered by lifeclause d'eilégalité insurance companies, consisting of an immediatec láusula 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 tradingnational legislation obliges him to withdraw fromthe loan. indexed bond; index-linked bond

obligation indexéeimmature investment bono indizadoinvestissement immature Bond where the coupon rate or redemption value isinversión todavía improductiva; inversión verde idxd(oohrcrece,gl,o ulpie)Investment which is not yet bringing in any returns.

imnpaired investment indexed currency borrowingsinvestissement á provisionnerm invest¡ssement emprunts en devises indexés (dont le taux estinesismn t dangisoner; investissementcopmi indexéJinvdner;siónvmenstisemntcoprmi empréstitos en divsas con interés indizadoinversión menoscabada Borrowings in a foreign currency where the rate ofAn investment which has been reduced by losses or interest is linked to an agreed scale.other distributions.

indexed currency option note (ICON)impairment ICONdépréciation; dévalorisation bono con rescate vinculado a un tipo dedesvalorización cambio; pagaré con rescate vinculado a un tipoLoss lin value of an investment. de cambio

Notes denominated and paying interest in oneimplicit spread currency but whose redemption value is linked to anmarge implícite exchange rate for another currency. Also calledmargen impllcito Heaven and Hell Bonds.The ratio of the present value of costs of thecommitment fee and loan spread to the presentvalue of outstanding loan balances.

54

indexed loan [currency pooij Informal financeprét In dexó systeme de financement non structuré; systémepréstamo indizado de financement non institutionnel; systeme deLoan indexed to the daily variation of the U.S. financement traditionneldollar value of the pool due to exchange rate financiamiento no institucional; financiamientofluctuation. Informal

Fmance which takes place outside of the normalindexing; Index program financial markets.indiciérisation; Indexlngprograma de compra de acciones incluidas en Information memorandumun índice mémorandum de placementA method of portfolio management by buying stocks prospecto confidencialthat 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 aNot to be confused with index-linked (i.e. tied to the prospectus, it is confidential.rate of inflation).

in house financing; seif-financingindex-iinked bond see indexed bond autofinancement; financement interne;

financement par fonds propresindex option autofinanciamiento; financiamiento con fondosoption sur indice propiosopción basada en un índice bursátil Financing from own resources rather thanOption which is based on a stock index rather than borrowings.an underlying security.

initial marginindex program see Indexing dépot de garantie

depósito de garantíaindividual retirement account (IRA) The amount a buyer is requested to deposit with aplan d'épargne retraite personnel (PER) broker before commencing trading.cuenta de ahorro para jubilaciónPersonal, tax-deferred retirement account for initial public offering (¡PO)employed persons. introduction en bourse

oferta pública inicialindustrial and trade policy adjustment loan A firm's first offering of stock to the public.(ITPAL)prét a l'aJustement de la politique industrielle et inside, insider dealingcommerciale (PAPIC) délit d'initiépréstamo para ajuste de la(s) política(s) transacciones ilícitas de personas iniciadasIndustrial y comercial Trading in stocks, etc. by those who have advanceWorld Bank loan made to assist adjustment of a notice of likely changes in the market, due to theircountry's industrial and trade policy. inside knowledge.

infiation premiumprime de risque-inflationprima por inflaciónA premium added to a security to allow forinflation.

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institutional ratio lnterest leakageratio Institutionnel fluctuation des taux d'intérét due A une fuilte decoeficiente institucional capltauxThe ratio between Bank subscriptions authorized fluctuación de las tasas de interés debida a lasolely in general capital increases and IMF quotas fuga de capitales; fluctuación de los tipos deobtained solely from general quota increases. Used interés debida a la fuga de capitalesto determine the initial share allocations of Changes in U.S. interest rates due to movement ofcountries joining the Bank during the period of the funds from the U.S. to the Eurodollar markets.1979 General Capital Increase.

lnterest periodinterbank offered rate (IBOR) période d'intéréttaux interbancaire offert período de vigencia de la tasa de interés;tasa de oferta interbancaria; tipo de oferta periodo de vigencia del tipo de interésinterbancaria Period during which an interest rate is fixed. At theRate 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 aspecific period and in a specific currency. The best interest rate capknown one is the London one (LIBOR), but they plafond des taux d'intérét; contrat ¿ tauxalso exist for Abu Dhabi (ADIBOR), Amsterdam d'intéret plafonnés; contrat a cap de taux(AIBOR), Bahrein (BIBOR), Brussels (BRIBOR), d'intérétHong Kong (HIBOR) or (HKIBOR), Kuwait tope de las tasas de interés; tope de los tipos(KIBOR), Luxembourg (LUXIBOR), Madrid de interés(MIBOR), Paris (PIBOR) (occasionally known as A limit on the amount of interest that can be leviedtaux interbancaire offert 2 Paris - TIOP), Saudi on a variable rate loan. Proposed for IBRD.Arabia (SAIBOR), Singapore (SIBOR), 6 monthSDRs (SDRIBOR), Zurich (ZIBOR) and other interest rate futuresfmnancial centers. marchés a terme sur les taux d'intérét

contrato de futuros de instrumentos financierosinterest-bearing notes Contracts on a financial futures exchange denomi-effets porteurs d'intérét nated in a particular deliverable short- or long-termbonos que devengan intereses; pagarés que fmancial instrument such as a three month certifi-devengan intereses cate of deposit.Notes on which interest is paid.

interest rate riskinterest capitalization risque de perte sur les taux d'intérétcapitalisation des intérets riesgo relacionado con las tasas de interés;capitalización de los intereses riesgo relacionado con los tipos de interésConverting deferred interest payment into new debt Risk due to difference in interest rates.instruments.

interest rate segmentationinterest coverage ratio fractionnement des taux d'intéret; taux d'intérétratio de couverture de /'intérét fractionnécoeficiente de cobertura de intereses fragmentación de la tasa de interés;Net income before interest expenses divided by fragmentación del tipo de interésinterest expenses. IFC's definition is "The number Use of different interest rates for different end usesof 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."

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lnterest-rate swap International branch of a bank in a kind of internalaccord de swap sur les taux d'intérét; swap de free-trade zone in the U.S., which allows banks totaux d'intérét; contrat d'échange de taux engage in international banking without some of thed'intéréts (CETI) usual restrictions facing domestic banks. Thoseswap de tasas de Interés; swap de tipos de restrictions from which IBFs are exempt includeInterés; intercambio de tasas de interés; reserve requirements, payment of certain insuranceintercambio de tipos de interés premiums, and special relief from state tax.An agreement to exchange floating rate paymentsfor fixed-rate payments in the same currency. International Federation of Stock Exchanges

(FIBV)interest (rate) switching Fédération internationales des bourses demodification du régime des intéréts valeurs (FIBV)modificación del régimen de intereses No official name in SpanishOption in a restructuring agreement which allows Organization that establishes relations betweencreditor banks to alter the interest rate base, either stock exchanges.by having a fixed rate or a variable rate linked to aspecific rate such as LIBOR. International Organization of Securities

Commissions (IOSCO)interest retiming Organisation internationale des commissionsmodification de l'échéancier; modification de la de valeurs mobiliéres (OICV)périodicité des paiements d'intéréts Organización Internacional de Comisiones demodificación de la periodicidad del pago de Valores (OICV)intereses International organization representing securitiesAgreement whereby the frequency of interest regulators.payments is altered, usually from 3 or 6 month to 12month interest periods. International Swap Dealera Association

(ISDA)intermediation No official name in Frenchintermédiation No official name in Spanishintermediación New York-based international swap trade associa-Process whereby a financial institution interposes its tion. It has adopted a code for swap dealing as wellnames and trustworthiness between a lender and a a master swap agreements.borrower. For example, instead of buying an issuedirectly 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-dessousissue. du prix

opción con un precio superior o inferior al valorintermediative borrowing verdadero; con dineroemprunts aupres d'intermédiaires financiers A call option that has a strike price less than thelnternationaux price of the underlying asset or a put option thatpréstamos 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 inBorrowing from financial intermediaries. the MATIF.

International banking facility (IBF)sen/lce bancaire internationalservicio bancario internacional

57

intrinsic value Company that uses its capital to invest in othervaleur Instrinséque companies. The two kinds are open-end lnvestmentvalor Intrínseco company and closed-end investment company, theThe financial benefit to be derived if an option is former being by far the most frequent. In Franceexercised immediately, reflecting the difference the sociétés d'investissement ¿ capital variablebetween 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 wereinverse floating rate note liberalized by a law of December 23, 1988, whichoblígation & taux flottant a intérét inversé came into effect October 1, 1989.bono con interés variable Inverso a la tasa dereferencia; pagaré con interés variable inverso a investment grade paperla tasa de referencia émission sans risqueFloating rate note where interest is paid in inverse efecto de buena calidad; papel de buenarelationship to the benchmark interest rate, so that calidadif the benchmark interest rate rises the interest on Issue of paper rated at BBB- or aboye (orthe inverse FRN will go down and vice versa. equivalent) by a rating agency.

investment bank [U.S.]; merchant bank [U.K.] investment leakagebanque d'affaires; maison de titres; banque de déperdition sur I'investissementtrésorerie et d'arbitrage factores imprevistos que encarecen la inversiónbanco de inversiones Various unpredicted factors that increase the cost ofInstitution that accepts new issues of stocks from a an investment, such as management fees, inflatedcorporation 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 legalstatus from commercial banks. The banques de investment securitiestrésorerie et d'arbritrage, a category recently created, titres de placementare intended specifically to deal with the changing valores de inversión a largo plazosituation in the financial markets. Securities that are particularly suitable for

long-term investment (e.g., bonds). Also includesinvestment broker top-rated shares.courtier en placementscorredor de inversiones involuntary lendingPerson who acts as intermediary between investors prets forcés; préts involontaires; préts nonand the fmancial markets. spontanés

préstamos no voluntariosinvestment certif ¡cate Lending by banks as long as the resulting reductioncertificat d'investissement (Cl) in probability of default, multiplied by the existingcertificado de inversión exposure, exceeds the amount of new money multi-A non-voting share in France issued mainly by plied by the remaining probability of default evenstate-owned enterprises to attract investors without after the new assistance.the firm being privatized.

inward swapinvestment company, fund mise en reportsociété d'investissement; organisme de place- recompra de divisas en moneda nacionalment collectif en valeurs mobililres (OPCVM) Spot sale of foreign exchange and forward repur-compañía de inversiones; sociedad de chase of same foreign currency against domesticinversiones; fondo de inversiones currency.

58

lnward switching J .opérations d'arbitrage vers ¡'intérleurconcesión de préstamos intemos con fondosexternos jcopardy chuso; disaster cause; ibreakExternal funding by banks for domestic lending. clause

clause de sawvegarde; clause de dan gerissuer cláusula de salvaguardiaorganisme d'émission; émetteur A dause in a Eurocurrency agreement specifyingemisor that, if certain events curtail the lender's activity orBody e iat puts out new sesrities the operation of the Euromarkets, other designated

actions will come into effect.

issuing calendarcalendrier des émissions Jeopdrciy loancalendario de emisiones prét tres menacé; pret en dangerCompulsory timetable for issue of new securities préstamo con riesgo de pérdWdas(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 jeopardyloan.

jobberagent boursier opérant pour son proprecompte; 7lobber"; intermédiaire en bourseagiotistaA broker on the London Stock Exchange who actson his own behalf.

joint financingfinancement coniointfinanciamiento conjuntoDisbursement by two lenders for the same parts ofthe project in a fixed ratio.

jumbo borrowingemprunts géants; emprunts jumboempréstitos gigantescosBorrowing in large quantities; usually refers toamounts in excess of $250,000.

jumbo certificate of deposit [U.S.]certificat de dépot jumbo (montant minimum deUs$100.000)certificado de depósito de US$100.000 o másCertificate of deposit of US$100,000 or more.

jumbo loanprét géant; prét jumbopréstamo gigantescoLoan involving very large sums of money.

59

junior debt; subordinated debt Kdette de rang inférleur; dette subordonnéedeuda subordinada; deuda de liquidez key Interet rtessecundaria key Interet ratesDebt which, in case of liquidation, cannot be paid taux d'intérét directeurstill payments on other obligations have been made. tasas de interés ciave; tipos de interés claveOpposite 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 ratobond tey mote tate cenbono especulativo; bono basura; bono chatarra tauxc pivot; taux jalonHigh-yield, low-rated security. Used as a new way tasa central; tipo centralto raise money quickly as they attract investors who The term used to describe the main interest rate setlike the high yields and are willing to accept by the central bank (or equivalent) and whichincreased hisks. effectively governs other market interest rates. Inincreased risks. ~~~~~~~~the U.S., it is the federal funds rate.

kicker see loan with equity kicker

kiwi bondobligation kiwibono kiwiBond issued in New Zealand dollars on the NewZealand market by non New Zealand borrowers.

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- L - iender of recordpréteur offlclelprestamista oficial

iag rlsk [IBduDc Lender that has the official commitment for a loan.ris que dO au décalage fO compiéter selon lecontexte] lending authorityriesgo relacionado con desfases; riesgo pouvoir de prét; autorisation de prétrelacionado con el desfase entre.. rmonto que el Banco está facultado para prestar1. 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 ofdisbursement and receipt of commission. lending ceiling; credit limit

limite du pouvoir de prét; encadrement (dularge exposure bank crédit)banque tres engagée límite de crédito; límite crediticiobanco con un gran volumen de préstamos The maximum amount that an organization canpendientes lend.Bank with a large amount of outstanding loans.

lend into arrears see loan into arrearslayeringlayering letter of comfortfijación de vencimientos no coincidentes lettre de confortMismatching maturities in order to improve carta de seguridadesliquidity. The French sensibly used the English A written instrument issued by A, where A agreesword. to make every effort to assure B's compliance with

the terms of a contract, but without committing Alead bank see arso book-running lead bank; to perform B's obligation in the event that B iscomanager unable to fulfil his obligation. Usually issued by a

parent company on behalf of a subsidiary in anotherlead bank; lead manager country.chef de filebanco director letter of development policy [IBRD]Bank with main responsibility for arranging a bond déclaration de politíque de développementissue or international Eurocredit. See also carta de intención sobre la política de desarrollobook-running lead bank, manager. Lead manager Letter from the Government of a country receivingis also used in the sense of agent bank. a structural adjustment loan to the President of the

Bank, setting out the Government's medium-termleakage see interest leakage; investment objectives for structural change and the range ofleakage 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 déclaration de politique sectorielleprestamista en última instancia carta de intención sobre la política sectorialOne of the functions and a major raison d'etre of a Letter from the Government of a country receivingmodern central bank whereby the bank has to a sectoral adJustment loan to the President of theprovide liquid assets to the banking system when the Bank, setting out the Government's medium-termexisting liquid assets of the banking system threaten objectives for sectoral change and the range ofto deplete. measures that it intends to take over several years

to achieve these objectives.

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level annuity system leveraged stockholdersystáme d'amortissement par tranches (égales); actionnaire puissantsystéme de remboursement par annuités accionista Influyentesistema de pagos totales iguales de principal e Major stockholder who, because of his holdings andintereses earning power, can obtain benefits for the company.The level annuity system entails equal aggregatepayments of principal and interest (Le. with princi- Ibability managementpal repayments made in gradually ascending gestion du passifamounts). This system was used by the World Bank gestión del pasivoprior to 1975. Supervision of the claims on the assets of a

company.level repaymentremboursement en tranches égales LIBID see London lnterbank Bid Ratereembolso en cuotas igualesRepayment scheme where repayments are at a fixed LIBOR see London Interbank Offered Ratelevel, even though the interest rate may change.

LIMEANleverage (ratio) [U.S.]; gearing (ratio) [U.K.] LIMEANratio de levier; ratio de structure du passif; ratio LIMEANde solvabilité-endettement The average of London Interbank Offered Ratenivel de endeudamiento relativo al capital; (LIBOR) and London Interbank Bid Rate (LIBID).relación endeudamiento/capital propioRatio of debt/liabilities to equity/assets. Includes limited recourse financedebt and debt-equity ratios. financement avec droit de recours limité

financiamiento con derecho de recurso limitado(highly) leveraged Finance arranged on the basis of the lender havingendetté; parfois: caractérisé par un fort degré recourse to the borrower only in certain circum-d'endettement stances (e.g., the loan to British Petroleum (BP) tocon alto coeficiente de endeudamiento fmance the Forties oil field in the North Sea, whereHaving 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 ordercrédit ordre a cours limitécompra de una empresa con fondos tomados orden de compra o venta con limitación deen préstamos precioPurchase of a company by a small group of inves- Order to buy or seil a security at a specific price ortors, often including management, mostly with better.borrowed funds. The debt is usually repaid fromthe company`s cash flow or from the sale of assets. line of credit see backstop (credit) facility;

backup line of credit; swinglineleveraged management buyout (LMBO)rachat d'entreprise par les salariés; reprise liquid asseta investment authority [IFC]d'entreprise par les salariés (RES) pouvoir de placement des liquidités de la SFIcompra de una empresa con fondos tomados facultad para invertir en activos líquidosen préstamos por sus empleados New investment authority for IFC adopted in JulyPurchase of a corporation by the employees, using 1989, to make it more in line with the IBRD Newborrowed funds. Investment Authority, including the right to invest

in a variety of negotiable and short-term instru-ments.

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liquid-holdings risk see cash risk loan currency poolpool des monnaies (des préts); pool des

liquidity portfolio; ¡¡quid assete portfolio monnaies prétéesportefeuille liquide fondo común de monedascartera líquida; cartera de inversiones líquidas Samne as currency pool.Portfolio of assets in the form of cash or near-cashinstruments. loan into arreara, (to) [Worid Bank]

prét(er) a un pays dont les intéréts ne sont pasliquidity premium comptabilisésprime de liquidité otorgar préstamos a países excluidos delprima de liquidez régimen de contabilidad en valores devengadosA notional premium paid by borrowers to lenders To make loans to countries that are in non-acerualto encourage them to lend money at a fixed rate in status. In normal English, the word loan is not athe 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 inshort-term paper. loan loss provisioning

provisionnement des pertes sur prétsliquidity ratio [IBRD] establecimiento de reservas para pérdidas porratio de liquidité concepto de préstamoscoeficiente 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 againstthree year net cash requirements. loans to specific borrowers whose arrears persisted

for an extended period of time. In May 1988, owingliquidity ratios to the increased number of member countries inratios de liquidité; coefficients de liquidité prolonged non-accrual status, the Bank establishedcoeficientes de liquidez; relaciones de liquidez a single consolidated loan provision applicable toRatios 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 teeiquid ratio see acid-test ratio frais de constitution de dossier; commission

d'instructionlisted security comisión por tramitación de solicitudvaleur cotée en Bourse The fee typically charged by a DFI to recover thevalor cotizado en bolsa cost of investigating and granting a request by aAn issue of a security accepted for trading on a borrower for a loan.stock exchange.

loan portfoliolisting (of securities) portefeuille de prétscotation (de titres en bourse) cartera de préstamoscotización (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

échange de préts contre des obligationsload fund intercambio de préstamos por bonos

fonds de placement qui préléve une commis- These replace existing debt by long-term securitiles.sion Since debtor countries have traditionally servicedfondo de Inversión que cobra una comisión bonds on a preferred basis over syndicated bankMutual fund which charges a handling fee. loans, bonds have seniority status.

63

loan stock German term for the rate of interest charged for aobligation (non garantie) loan against the security of pledged paper. Particu-obligación sin garantía 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 atloan 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 UBIDpret avec intéressement aux bénéfices; pret The bid in a quotation representing the interest rateparticipatif at which US. dollar deposits are retraded inpréstamo participatorio; préstamo convertible London. See London Interbank Offered Rate anden inversión LIMEAN.Loan at a reduced interest rate; when the proceedsfrom the project reach an agreed level, the loan London lnterbank Offered Rate (LIBOR)converts into a quasi-equity loan, with the lender LIBORparticipating in the proceeds. UBOR

The interest rate at which banks in London arelock(ed) in (interest rates) prepared to lend funds to first-class banks. It is(etre) contraint (á payer des taux d'intérét used to determine the interest rate payable on mostélevés pendant Iongtemps) ¡sens négatif]; Eurocredits. See London Interbank Bid Rate,(Atre) condamné (a payer des taux d'intérét lnterbank offered rate and LIMEAN.élevés pendant longtemps) fsens négatifl;s'assurer (de tatu d'intéret favorables) [sens long hedgepositif]; profiter (de taux d'intérét favorables) opérations de couverture par achat a terne;[sens positifJ; verrouiller; figer long hedgetasa de interés inmodificable; tipo de interés operaciones de cobertura por compra a plazoinmodHficable 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 obligedto pay the fixed rate over a long period though long positionother market rates may have fallen. position acheteur; position iongue

posición largalocked market The net ownership position in a particular security,marché figé e.g. if you own 500 shares of stock of a companymercado 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 contractlock rate purchased by the Bank which has not expired, beentaux plancher de verrouillage exercised by a seller or canceled through the sale oftasa de inmovilización 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 plazotasa Lombard; tipo Lombard A rate used by IFC to assist in determining the

performance of its loan portfolio, it is based onthree parts of average costs of borrowed funds andone part capital resources.

64

long-term debt ratio Mratio d'endettement á long termecoeficiente de endeudamiento a largo plazo mke a mrketRatio of long-term debt to total assets. Otre falseur de marché; Otre ¿ la fois vendeur et

long-term prime rate (LTPR) [Japan] acheteurtaux de base á long terme cotizar un precio de compra o de ventatasa preferencial a largo plazo; tipo preferencial A dealer is said to make a market when he quotesa largo plazo bid and offered prices at which he stands ready toPrime rate used in Japan. buy and sell.

Iump-sum borrowing [IFC] maker (e.g., of a note)emprunt en vrac émetteurempréstito de suma alzada librador (p. ej. de un pagaré)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

crédit dirigépréstamo dirigidoSyndicated new money extended under the umbrellaof IMF-supported restructuring packages.

management fee see also handling fee

management commission, fee1. commission de direction; commissionsyndicale; commission de chef de file;2. commission de gestion; frais de gestioncomisión de administración; comisión degestión1. Fee charged by a bank for managing a credit orbond issue.2. Fee charged for portfolio management.

management contractcontrat de gestioncontrato de administraciónContract where the contractor assumes responsibili-ty for the management of the investment project ora significant part of its operations and where hisremuneration substantially depends on the produc-tion, revenues or profits of the investment project.

management, managing group [Euro-dollarmarket]groupe de direction; syndicat de directiongrupo directorA syndicate responsible for underwriting an issuein the Eurodollar market.

65

manager (of syndicate) see agent bank markdown see discount

managing group see management group market see after-market; auction market; bearermarket; bear market; buil market; capital

margin account market; combined market rate; contestablecompte A découvert market; deep market; Emerging Markets Growthcuenta 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; fourthsecurities with money borrowed from the broker. market; futures market; grey, gray market;

locked market; make a market; marking tomarginal reserve requirement market; money market; money market (mutual)coefficient marginal de réserve fund; money market rate; name market; openencaje legal adicional; reserva obligatoria market; over-the-counter market; paralleladicional market; primary market; secondary market;Additional deposits that by law depository institu- securities market; short-term paper market; spottions (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; Worldadditional reserve requirements on increased man- Bank Capital Markets Systemaged liabilities imposed by the Federal Reserve, inorder to curtail the expansion of bank lending. marketable securities

titres négociablesmargin buying [stock exchange] valores negociablesachat á découvert Equity securities or debt securities that are activelycompra en descubierto traded or which can be otherwise bought or sold.System whereby the purchaser furnishes only aspecified fraction of the total purchase price of market-based menu approach; market-drivensecurities bought, with the broker furnishing the menu approach; menu of optionabalance and charging interest on that amount. menu ..; approche á la carte; carte des options;

menu des optionsmargin calil método de la lista de opcionesappel de marge; appel de fonds An approach to debt workout whereby the diversesupplémentaires pour baisse de la couverture; interests and constraints of the banking communityla soulte are taken into consideration by offering differentpedido de operación en descubierto; pedido de methods of dealing with debt problems.operación de margenA demand for additional funds because of an market borrowersadverse price movement eroding the value of an pays empruntants sur les marchés financiersopen futures position. países prestatarios en los mercados financieros

An IMF category of countries, covering thosemargin requirements [stock exchange] countries whose borrowings are made on the capitalpourcentage de couverture; couverture de markets, as opposed to those whose borrowings arel'opération made from development institutions (ofricial bor-límites legales (de las compras en descubierto) rowers).Legal requirements regulating the amount of creditthat may be extended under the margin buyingsystem.

66

market capitalization marketizationcapitalisation boursiere marchéisationcapitalización bursátil; valoración bursátil (del mercadizacióncapital) Increased reliance of banks on funds obtained eitherThe total value of all of a firm's outstanding shares, from financial markets directly or from clients, butcalculated by multiplying the market price per share where the interest rates are set by reference totimes the total number of shares outstanding. market-determined rates.

market-clearing interest rate market makertaux d'intérét d'équilibre (du marché) teneur de marché; adhérent mainteneur detasa de interés de equilibrio (del mercado); tipo marché (AMM); contrepartistede interés de equilibrio (del mercado) principal en el mercado; agiotistaInterest rate which attracts equal number of buyers A bank or a broker that is prepared to make aand sellers. two-way price (to buy or sell) for a currency or a

security on a continuous basis, in the same way asmarket-clearing price a stock jobber in the U.K. market. AMM is theprix d'équilibre (du marché) term used in the MATIF.precio de equilibrio (del mercado)A price for an item which attracts just enough market makingbuyers as there are buyers. If prices are lower cotation en continudemand will be too high; if higher demand will be cotización firmetoo low. Maintain firm bid and offer prices for a security or

currency on a continuous basis.market-eligible countriespays quí ont accés aux marchés financiers market orderpaíses que tienen acceso al mercado financiero ordre au mieuxCountries 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 availablemarket failure price.mauvais fonctionnement du marché; défaillancedu marché; dysfonctionnement du marché market participantsfalla del mercado; disfunción del mercado acteurs sur le marché; opérateurs sur leThe inability of the market to function in its normal marché; intervenants sur le marché;manner. participants sur le marché

participantes en el mercado; operadoresmarket intermediation Individuals and corporations active in the market.intermédiation financiereintermediación del mercado market price see asked priceActing on the market (i.e. buying and/or selling ofsecurities) on behalf of someone else. market-related lendíng

préts aux conditions du marchéfinanciamiento en condiciones de mercadoLending at market rate and under market condi-tions (cf commercial lending).

marking to marketmarking to market; valorisation au prix dumarchévaloración a precio de mercado

67

The process of recalculating the exposure in a materiaiity criteriatrading position in securities, option contracts or critére de stimulationfutures contracts. In exchange-traded contracts, the criterios de trascendencia; requisitos de queexchange clearing house marks members' positions una operación tenga efecto positivo sobre lasto market each day using elosing market prices. perspectivas de desarrollo de un paísMembers 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 arepost additional margin if the marking-to-market deemed to have a material effect on the prospectsprocess reduces margin below the minimum. of investment in the recipient country. These

criteria are basically that they should be used tomark to market exposure finance specific projects in the broad sense of thisrisque calculé par référence au marché term, which includes well-defined productive pur-riesgo calculado a precios de mercado poses but has been extended to include lendingThe exposure ín 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 bondobligation matador mature investmentsbono matador investissements arrivés a maturité;Bond issued on the Spanish market, denominated investissements qui commencent a rapporterin currencies other than the peseta. inversiones que han alcanzado su madurez

Investments which are just at the beginning of thematched funding see also back-to-back stage at which they will start to become profitable.

matched funding maturity arbitrage see time arbitragefinancement jumeléfinanciamiento de contraparte; financiamiento maturity mismatchde contrapartida asymétrie des échéances; manque de concor-Funding needed by the IFC to commit a loan. It dance des échéances; manque demust match the loan in terms of amount and synchronisme des échéances; risque de trans-maturity. formation

asimetría de los vencimientosmatched maturity transaction [IBRDJ Having borrowings and loans with different maturi-opération a échéances symétriques ties. This could mean, for example in the case of thetransacción de vencimientos simultáneos Bank, that borrowings the Bank had made on theA type of cross-currency interest hedge where the capital market to finance certain loans it had madeproceeds of a short-term instrument program are were due before it had received the money from theswapped for comparable maturities in other curren- loas.cies.

maturity transformationmatched sale-purchase transaction transformation d'échéancestransaction simultanée d'achat et de vente modificación de los vencimientoscompra y venta simultánea Reborrowing, in order to extend the maturity of aSelling 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 noteproach obligation á taux variable 'mismatch"; obligation

& ta¿x variable basée sur unemerchant bank [U.K.] see investment bank contre-transformation

bono con interés variable reajustablemerry-go-round eftect anticipadamente; pagaré con Interés variableeffet de carrousel; effet de retour a la source reajustable anticipadamenteefecto carrusel Floating rate note where the coupons are resetThe circulation of money through various sources, regularly at shorter intervais than the couponending up where it started. For instance the Ger- period.man Central Bank recycles excess capital by sellingU.S. dollars to banks under a repurchase agreement mismatch risk [IBRD]and the banks place the U.S. dollars in the risque lié au décalage entre les échéances;Euromarket. As the financial institutions could run risque de transformationup a U.S. dollar debt on the Euromarket, the riesgo relacionado con vencimientosCentral Bank must buy back the U.S. dollars and asimétricossell 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-incometransactions sans cesse renouvelées; transac- country (MILIC, MIMIC)tions aller-retour pays & faible revenu, & revenu intermédiaireoperaciones carrusel modérément endettéDeliberate capital import and re-export operations. país de bajos Ingresos, de Ingresos medianos

moderadamente endeudadomezzanine level Low-, middle-income country in which three of thephase de développement (d'une société) four key ratios fall in the following ranges: debt toetapa inmediatamente anterior a la primera GNP (30-50 percent), debt to exports of goods andcolocación pública all services (165-275 percent), accrued debt serviceIn a venture capital operation, the stage in a to exports (18-30 percent) and accrued interest tocompany's development immediately before going exports (12-20 per cent). Used in the Worid Bank'spublic. World Debt Tables. See severely indebted low-

income, middle-income country.MiniMax loanemprunt MiniMax money at call see call moneypréstamo minimaxA floating rate loan where the loan is indexed money center banks(usually to LIBOR) but with a minimum and banques installées sur les principales placesmaximum cap. financieres

bancos establecidos en las principales plazasmirror swap financierasswap inversé Bank based in a large financial center (e.g. Newswap inverso; intercambio inverso (convenido York or London).con la primera parte)A reverse swap written with the original money marketcounterparty. marché monétaire; marché de l'argent

mercado monetario

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The market for short-term debt instruments, such as morigage bondcertificates of deposit, commercial paper, banker's obligation hypothécaire; billet de mobilisationacceptances, Treasury bilis, discount notes and bono hipotecario; título hipotecario; cédulaothers. These instruments are all liquid and tend to hipotecariabe safe. See note to capital market, financial A long-term debt security secured by a lien onmarket. 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 andterme; fonds commun de placement (FCP) de investment banktrésorerie; fonds commun de placement (FCP)monétaire; société d'investissement a capital multicurrency clausevariable (SICAV); société d'investissement á clause multidevisescourt terme; société d'investissement de cláusula sobre múltiples monedastrésorerie; société d'investissement monétaire A clause in a loan agreement stating that more thanfondo común de inversión; fondo mutuo one currency may be used in paying or redeemingA 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 optiontances and repurchase agreements. For the option de change; option multidevisesdifference between FCP and SICAV, see mutual opción de cambio de divisafund. 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 marché monétaire (TMM)tasa del mercado monetario; tipo del mercado multilateral nettingmonetario compensation des créances internes;The rate of interest in the money market. In the compensation monétaire de groupeU.S., there is no single rate but a series of rates, compensación de débitos y créditos entreincluding the prime rate, the Federal Reserve filialesdiscount rate, the Federal Funds rate, the 1 month Procedure whereby a company with multinationalcommercial paper rate and the 3 and 6 month trade flows is able to balance its debits and creditsTreasury Bill rate. between subsidiaries and associates leaving only the

balance to be settled, thereby reducing its need tomoral hazard acquire foreign currency.hasard moralriesgo ético; riesgo moral; riesgo subjetivo multioption facility (MOF); multioptionThe 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 multidevisescharacter and circumstances of the insured rather á options mu/tiples; facilité de financement athan the inherent nature of what is insured. It has options multiplesbecome an increasingly important factor in risk servicio financiero con opciones múltiplesinsurance in modern financial markets. Type of short-term note facility which allows the

borrower to draw funds in a variety of forms, suchmortgage-backed security (MBS) as short-term advances, swinglines, bankers' accep-titre garanti par des créances hypothécaires tances, etc.valor con respaldo hipotecarioSecurity backed by mortgages, whereby investorsreceive payments out of the interest and principalon the underlying mortgages.

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multiple (currency) option bond N,obligation avec option de change; obligationavec option monétairebono con opción de cambio de divisa naked see uncoveredBond (usually Eurobond) which gives the lender theright to opt to receive interest and/or capital in a nme mariketcurrency other than that in which the bond is marché ou la cote de crédit est primordaieddenominated. mercado basado en el prestigio de los

prestatariosmulti-year rescheduling agreement (MYRA); Market where great emphasis is placed on themulti-year restructuring agreement (MYRA) standing and reputation of the borrowers (e.g., theaccord de rééchelonnement pluriannuel; ac- Eurodollar market).cord de restructuration pluriannuelacuerdo de reprogramación multianual de la narrow moneydeuda monnas e au sens étroit; masse monétaire auAgreement in commercial bank negotiations which sens étroitallowed for restructuring over a period of years dinero en ei sentido estricstorather 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 bankmoney market (mutual) fund; open-end near-bank [Canada](investment) fund, company quasi-ban que

mutual fund cuasibancofonds commun de placement (FCP); société Financial institution, excluding standard commerciald'investissement A capital variable (SICAV) bank, such as savings bank, credit union, etc.fondo común de inversión; fondo mutuoFund operated by an investment company that near cash instrumentasraises money from shareholders and invests it in instruments quasimonétairesstocks, bonds, conimodities, financial instruments, instrumentos cuasimonetariosetc. In France, the FCP has co-ownership status Instrument that can be converted to cash ii a very(copropriété, 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 société anonyne, requires near-money; quasi-moneyministerial approval and has no legal minimum quasi-monnaieshare amount. See also money market (mutual) cuasiciinerofund; 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 inthrift institutions, etc.

negative amortization loanprét a amortissement négatifpréstamo de amortización inicial negativa

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Instaliment loan having the annuity principal as a negotiable time certificate of depositbasis for computation, whose fixed periodic pay- certlficat négoclable de dépót a termements increase from time to time, e.g. annually, certificado de depósito a plazo negociablebi-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 theprincipal and unpaid balances of interest are added deposit is payable to the bearer or to his order onto the principal outstanding. As the periodic instaUl- a certain date, after a certain specified time, uponments increase in value they become sufficient to notice in writing or upon presentation and surrendermeet the interest due and commence reducing the of the instrument, not less than thirty days after theprincipal outstanding. date of the deposit.

negative pledge clause net benefit investment ratioclause de ne pas faire; clause négative; clause rapport bénéfices nets/investissementsde nantissement négative; clause pari passu; relación beneficios netos-inversiónclause de non-préférence de tiers The ratio between the present worth of net benefitscláusula de obligación negativa; cláusula de and the present worth of an investment; alternative-abstención ly, the sum of present worths after the incrementalClause in loan agreement obligating the borrower net benefit stream has become positive, divided bynot to grant security without equally securing the the sum of present worths in the earlier years of theloan in question. project.

negative pledge waiver see waiver of negative net cash requirements (NCR)pledge besoins de fonds nets; besoins nets de

trésorerienegative term transformation necesidades netas de fondostransformation a l'envers; anti-transformation Gross disbursements plus outstanding debts due totransformación inversa mature, less repayments and sales of loans, less netBorrowing 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 rationegotiable instrument taux de recouvrement netinstrument négociable coeficiente de cobro netoinstrumento negociable This ratio compares the interest earned during theInstrument where the title passes on delivery or year to the amount of interest earned plus the netdelivery and endorsement, where the current holder nonaccrual amount for the year. See also grosscan sue in his own name, where no notice of assign- collection ratio.ment need be given to the person liable on theinstrument, 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. setaExamples include bilis of exchange, checks and marge nette de I'intérét sur la moyenne despromissory notes. avoirs productifs

margen neto de rendimiento del promedio denegotiable order of withdrawal (NOW) los activos productivosaccount Average interest return on loans and investmentscompte-cheques rémunéré less average rate of debt interest expense. Returncuenta corriente que devenga intereses on investments includes realized capital gains andInterest-bearing checking account. losses.

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net nonaccrual rate new money faclltyratio des intáréts non comptabilisés systéme pour l'apport d'argent fraiscoeficiente de préstamos excluidos del régimen servicio para la concesión de nuevos fondosde contabilidad en valores devengados A facility for lending new money as opposed toRate of Bank or IFC loans in nonaccrual status. rolling over existing debt.Interest due but not received less recoveries fromprevious years, divided by the interest received plus new money instrumentethe net nonaccrual amount for the year. instruments pour l'octrol d'argent frais

instrumentos de dinero nuevonetting 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 packagesNew lnvestment Authority (NIA) montages comportant I'apport d'argent frais;nouweau pouvoir de placement apports d'argent fraisnuevas facultades para efectuar inversiones financiamiento que incluye dinero nuevoAuthority approved by the World Bank Board of Financing package involving additional funds andDirectors 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 fundextension of the five-year and three-month maxi- fonds exempt de commissionmum maturity limit in securities eligible for the fondo de inversión que no cobra una comisiónportfolio, investment in eligible securities of all Money market fund that does not charge a fixed feematurities and controlling the risk implicit in these commission to investors.by substituting the five-year three-month maturitylimit on individual securities with the establishment nominal bond with attached commodityof an average duration range of not less than three optionmonths and not more than four years for the U.S. obligation nominale a option d'achat ou dedollar and non-dollar portfolios. See General vente de produitInvestment Authorization. bono nominal con opción de compraventa de

un producto básiconew money Form of commodity-linked bond where the bond isargent frais; préts additionnels; crédit de denominated in nominal terms but incorporatesrestructuration; new money options that allow the holder to buy or sell certaindinero fresco; dinero nuevo; nuevos fondos amounts of the commodity at the specified prices onIn the field of debt restructuring, additional fmance predetermined dates.provided by lending institutions, as opposed torollover of existing financing. non-accelerable guarantee

garantie non appelable par anticipationnew money bonds garantía no exigible anticipadamenteémission d'obligations liée á des apports Guarantee where a call for payment cannot bed'argent frais advanced if the loan is declared in default beforebonos para la obtención 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 newmoney. nonacerual rate see net nonaccrual rate

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nonacerual status, In a Any of the following forms of investment whichdont les intéréts Impayés ne sont pas have terms of at least three years and the othercomptabilisés; classé improductif characteristics individually specified. Investmentsexclusión del régimen de contabilidad en such as: product¡on-sharing contracts, profit-valores devengados sharing contaets, management contracts, franchis-When a borrower is placed in nonaccrual status, ing agreements, licensing agreements, turnkeyaccrued 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 theborrower remains in nonaccrual status, interest nonmarketable bondincome is reflected in the fmancial statement only to oblJgation non négociablethe extent actually received in cash. Placing a bono no negociableborrower in nonaccrual status in no way affects the Bond that may not be sold by one investor tointerest payment obligations to the borrower; another.interest continues to be billed on the original termsof the loan. nonmaturing, nonredeemable government

bond; perpetual bond; annuity bond; consolnonaccruing loan see nonperforming loan [U.K.]

obligation perpétuelle; rente perpétuellenon-bank bank; non-bank financial institution bono perpetuoinstitution financibre non bancaire; banque non A debt instrument having no scheduled return ofbancaire; établissement non bancaire admis(e) principal and thereby perpetual interest paymentsau marché monétaire (ENBAMM); entreprise and no maturity.non bancaire admis(e) au marché monétaire(ENBAMM) nonperforming assetsinstitución financiera no bancaria avoirs non productifsA financial institution offering banking services but activos no redituables; activos improductivoswhich is not officially recognized as a bank. In Assets which have no fmancial return.France, it is defmed as a fmancial institution whichdoes not generate money but merely lends money nonperforming debtthat it receives in deposits. créances non productives; créances

immobiliséesnoncallable bond acreencias no redituables; acreenciasobligation ne pouvant étre amortie par improductivasanticipation 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 vencimientoBond that cannot be recalled or redeemed prior to nonperforming loan; nonaccruing loanmaturity. prét non productif

préstamo no redituable; préstamo Improductivononcall period Loan where payment of interest has been delayedpériode d'interdiction de rachat for more than 90 days.perlodo de prohibición de rescatePeriod 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 carteranon-equity direct investment Project carried out by IFC that does not form partautres investissements directs; investissements of its loan portfolio, e.g. providing technical assis-directs autres que les participations tance.inversión directa distinta de los aportes decapital

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nonrecourse finance notefinancement a forfait; financement sans recours bon; obllgationfinanciamiento sin posibilidad de recurso bono; pagaráA loan where the lenders look solely to the cash A ibeod with short- or medium-term matuity.flow generated by the project being financed forrepayment. There is no recourse to the sponsor of note lauance faclity see revoMngthe project, so that the lenders assume all the underwrlting faclitycommercial and political risks of the project.

notional amountnonrecourse participation base de calcul; montant notionnelparticipation a forfait; participation sans recours monto teóricoparticipación sin posibilidad de recurso The amount, often fictitious, on which a swap isSales of participation in a company where the sale based.is on a "non-recourse" basis, i.e. the buyer has norecourse against the seller if the project fails to novationgenerate money. novation

novaciónnonredeemable government bond see Replacement of a one debt for another one ornon-maturing bond replacement of one creditor for another one.

non-underwritten facilities NOW account see negotiable order of withdrawalfacilités d'émissions non cautionnées; facilitésd'émissions non souscritesemisiones no garantizadasShort-term paper facility without any underwritingor backstop facility, such as the Eurocommercialpaper facility.

no-return equityprises de participation non rentables; prises departicipation non productivescapital improductivo; capital no redituableEquity which brings in no returns but is still inexistence.

note see also bearer note; bill; bond; bond-anticipation note; capped floating rate note;consolidated discount notes; countrycoilectibility note; coupon note; deep-discountbond, note; deferred coupon note; discountnote; Dutch auction note; euronote facilities;extendible note; floating rate note; indexedcurrency option note; interest-bearing notes;inverse floating rate note; mismatch floating ratenote; paper; perpetual floating rate note; projectnote; promissory note; revenue-anticipationnote; reverse floating rate note; security; short-term note; synthetic floating rate notes; tax-anticipation note; Treasury note

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. O . offshore banking unH (OBU)service extraterritorial, offshoredepartarnento bancario considerado como

obilgation see agency securities, obligations; extraterritorialbonti; colateralgei mortgage obiigation; Department within a bank that, in certain countriescontlngent obligation; general obiigatlbns (e.g., Bahrain), is permitted to engage in specific

transactions (usuaily Euromarket business) thatoft-babnce sheet (OBS) actbvities ordinary domestic banks are not allowed to do.acthvités hors bilanactividades no incluidas en el balance general off the board market see third marketBanks' business, often fee-based, that does notgenerally involve booking assets and taking deposits, off-the-run securitye.g. swaps, options, letters of credit. valeur wpeu en vogue'

emisión especialoffering memorandum A non-standard issue of a security, often other thanmémorandum d'offre the current issue.precio vendedor; precio de venta; prospectoSame as prospectus. oniending

rétrocessionofricial borrower représtamoempNrnteurs auprés de sources publiques; Equivalent to relending in connection with newpays empruntants aupres de sources publiques money loans. The funds are recorded as a depositpaíses prestatarios en fuentes oficiales in the central bank but the foreign bank and theAn 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 availableinstitutions 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, companyextraterritorial, offshore (OEIC); mutual fund; unit trust [U.K.]extraterritorial; offshore société d'investissement a capital variableextraterritorial (SICAV); fonds commun de placement (FCP);Refers to fiancial operations transacted outside the société d'investissement ouvertecountry lin question. sociedad de inversiones con número variable

de accionesoffshore bank An investment company that selis and reclaims itsbanque extraterritoriale, offshore capital stock continuously, selling it at book value,banco extraterritorial adding a sales charge, and redeeming it at a slightBank located outside the country in question. discount or at book value.

offshore banking center opening priceplace bancaire extraterritoriale, offshore; centre premier prix (de la journée)bancaire extraterritorial, offshore cotización de apertura; cotización inicialcentro bancario extraterritorial The initial price at which a transaction in a securityFinancial center where many of the financial institu- takes place on a given day.tions have little connection with that country'sfinancial system, usually for taxation purposes. open interest; open market interestExamples are the Cayman Islands, where many of position ouvertethe corporations are engaged in business in the U.S. interés abiertoand Europe, and London, where many of thefmiancial institutions are engaged in Eurodollartrading.

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Total number of contracts in a commodity or optionoptions market that are still open. The Bank has a optionlimitation of 15% open market interest in any opciónfutures 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 a1. open market; predetermined period. The Paris market has three2. marché financier main types of option: prime, option and stellage.1. mercado abierto; Prme is a calU option. If the purchaser decides not2. mercado financiero to exercise his option (because the price has gone1. The market maintained by government securities down), he merely has to pay the seller a fee, calleddealers. As regards U.S. Treasury borrowing a dont, the rate of which is fixed by the Chambreoperations, the open market is the money market in syndicale des agents de change. Option is morethe case of short-term obligations or the capital similar to the U.S. system and can be a put or callmarket 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 prixemisión de rendimiento indeterminado option swapProcedure whereby a bond issue is sold on the basis swap d'optionsof a yield to be determined after the selling period swap de opciones; intercambio de opcionesis over. Transaction involving the purchase or sale of

options on financial instruments/commodities.operating ratio They are not true swaps as they primarily entail acoefficient net d'exploitation series of option trades but are usually treated ascoeficiente de operación; coeficiente neto de swaps.explotaciónRatio of operating costs (including depreciation) to original issue discount (OID) bondtotal revenue. obligation á prime d'émission

bono emitido con descuentooperating ratios Bond with a rate of interest below that demandedratios de gestion by the market place and sold at a price at acoeficientes de operación; coeficientes netos de significant discount to par.explotaciónRatios 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

opción de compra de bonos con rendimientooption see also American (style) option; at the inferior al del bono inicial; sin dineromoney (ATM) (option); bond with put option; A call option with a strike price above the price ofcall-and-put option; cali option; caption; covered the underlying asset or a put option with a strikeoption 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 theindex option; in the money (ITM) (option); menu MATIF.of options; multicurrency option; multioptionfacility; multiple (currency) option bond; nominalbond with attached commodity option; over-the-counter (OTC) option; put option; stock option;swaption; takeover option

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outward swap Market for securities not listed in any of thereport de devises exchanges (about 80 percent of total secufities inreventa de divisas en moneda nacional the U.S.). In the U.S. includes U.S. GovernmentSpot purchase of foreign exchange and forward and agency issues, state and local governmentresale of the same currency against domestic bonds, railroad bonds and shares, many publiccurrency. utility bonds and shares, and most corporation and

bank shares.outward switching operationsopérations de prise en report over-the-counter (OTC) optionoperaciones de cambio a divisas option de gré & gréMovement of domestic currency assets into foreign opción extrabursátil; opción fuera de bolsacurrency. Option not listed on the regular options

exchanges.overage loanprét destiné é couvrir un éventuel dépassement overtrading see churningdes coDtspréstamo para cubrir posibles sobrecostos owners' equity see stockholders' equityA special loan issued to cover excess costs on aproject.

overail risk profile [IBRD]profil des risques de financementperfil general del financiamientoExposure profile of the World Bank. Thedifference between outgoings committed andamount needed to fund these outgoings. Alsoknown as the gap.

overhang see debt overhang

overhangoffre excédentaireexceso de ofertaExcess, normally of supply over demand (e.g., in thebond market).

overnight fundaargent au Jour le jourfondos de un día para otroShort-tern funds borrowed to be returned by thefollowing business day.

over-the-counter market (OTC)marché hors cotemercado extrabursátil; mercado fuera de bolsa

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p . participating bond see income bond

participation certificatepackage loa n [I FC] 1. bon de participation;prét global; prét consenti par la SFI a une 2. see pass-through certificatebanque nationale de développement pour certificado de participaciónl'octroi de préts a des PME Securiy incorporating the right to participate in thepréstamo global Scrt noprtn h ih opriiaei hpréstamowhic gb . ownership of a corporation but without some of theA loan which is administered by a national develop- rights granted to shareholders, such as the right toment 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 Sotcssseveral smaller loans which it lends to SSMEs. It isnot profitable for IFC to manage these small loans participation feedirectly. commission de participation

comisión de participaciónpaid-up stock; tully paid stockcoiónd aiipc6actidou stock;es fully paid stckA fee given to a bank participating in a Euroloan.actions libéréesacciones pagadas partnership shareStock fully paid for (i.e., upon which no further part d'associationsubscription instalhments are due). participación en una sociedad

A share in a partnership.parallel financingfinancement paralléle par value; face valuefinanciamiento paralelo valeur nominale; valeur faciale; nominaleCofinancing, but with the partners fmancing differ- valor nominalcnt parts of the project. The principal or nominal value appearing on a

nbond, note, coupon, piece of money, or otherparallel marketistue.marché paralléelemercado paralelo pass-through certificate; participationMarket operating in "parallel" to the main money certificatemarket (e.g., bank current and savings accounts) certificat de transfert de préts; titre deand including interbank loans and negotiable certifi- participation a un pool de prétscates of deposit. certificado de transferencia de préstamos

Certificate representing an interest in a pool ofpar debt swap see debt-debt swap funds or in other instruments.

parent bank pass-throughs; pass-through securitiesbanque d'origine; banque mere valeurs mobilibres amortissables partiellementcasa matriz avant échéance et assorties á d'autresBank in a major industrial country that sets up a conditions variablessubsidiary in a developing country. valor de transferencia de ingresos; tftulo de

transferencia de ingresospari passu clause Securities representing pooled debt obligations

tralausepantasu; clause desolidarité drepackaged as shares, that passes income fromtraitement; clause de soludant debtors through the intermediary to investors. Thecláusula paff passu most common type is a mortgage-backed certificate.Clause in loan agreement precluding subordinationof the loan to other debt. In the issue of newshares, it states that the new shares will rank equallyfor dividend with an existing similar issue.

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paylng agent A floating rate note with interest paid on aagent payeur three-monthly basis but which is renewable every sixagente 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 notea bank) responsible for arranging for the payment known as titre subordonné 4 durée indéterminéeof cash or checks to holders of the securities who (TSDI).will be receiving interest or dividends, etc.

personal stock see registered stockpayment period [IBRD]tranche petrobondperíodo de pago pétro-obligationInterval between semiannual dates on which petrobonorepayment 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 agreementpayout date; payment date; distribution datedate effective de rentrée des fonds; date de piggyback financingversement financement gigognefecha de desembolso financiamiento concatenadoDate on which a due periodic payment, such as Financing studies for a future project as part of apayment on a bond or a stock dividend, is made. loan to fmance another project usually in the same

sector.payout priceprix net; rentrée nette pipeline factor [IBRD]precio neto ratio (départs en) missions d'évaluation/Difference between the face value of a bond and réserve de projetsthe net value received by the bondholder, after relación misiones de evaluación-operaciones endeducting commission. el programa crediticio

The ratio of appraisal departures (i.e. loans thatP/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 clauseclause de rendez-vous placement memorandum; placingcláusula de examen periódico memorandumA clause in a loan agreement, particularly note d'information; mémorandum de placementpolicy-based lending, which gives the lender the memorando de informaciónright to determine periodically whether the stated A document prepared by the lead manager of aobjectives are being met and whether any problems syndicate in the Eurocredit market which seeks tohave been encountered. If problems occur, further give sufficient information to other potential Iendersdisbursement may be withheld. to enable them to decide whether to participate in

the credit.perpetual bond see nonmaturing, nonredeemablegovernment bond plain vanilla swap; vanilla swap; classic swap

swap purperpetuaí floating rato note swap clásico; Intercambio clásicobon A intérét variable perpétuel; titre A five to seven-year swap of six-monthsubordonné A durée indéterminée (TSDI) LIBOR-based floating rate funds against fixed ratebono perpetuo con tipo de Interés flotante; funds, both denominated in U.S. dollars.pagaré perpetuo con tipo de Interés flotante

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policy-based lending; policy loana pooled loanpréts á l'appul; préts en faveur de réformes; prét du poolpréts á l'ajustement macroéconomique préstamo Incluido en el sistema de fondopréstamos en apoyo de reformas de polfticas; común de monedasfinanciamiento en apoyo de reformas de A loan included in the currency pooling system.polfticasLoans made in support of policy and institutional pool of qualified borrowingschanges, rather than for specific projects. Normally pool d'emprunts de référencegiven under the structural adjustment and sector empréstitos calificadosadjustment 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'sdocument-cadre de politique économique average cost of the pool.(DCPE)documento sobre parámetros de política portfolio managereconómica (PPE) gérant de portefeuilleVehicles for country authorities to reach agreement gerente de carterawith the World Bank and International Monetary Person responsible for supervising an investmentFund on the broad outline of medium-term pro- portfolio.grams to overcome balance of payments problemsand 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 cotizarupdates and revisions. To set a rate for a financial instrument.

pool-based lending rate system [IBRD] praecipium; praecipuumsysteme de taux préteur fondé sur un pool préciputd'emprunts praecipuum; honorario del banco directorsistema de tasas de interés basadas en una The amnount the lead manager of a Eurocredit takesNcesta' de empréstitos pendientes; sistema de for his own fee, before dividing the remainder oftipos de Interés basados en una "cesta" de the management fee among the rest of the manage-empréstitos pendientes ment group.Lending rate system using the pool-based variablelending rate. preferred stock

actions privilégiées; actions de prioritépool-based variable lending rate [IBRD] acciones preferenciales; acciones preferentes;taux preteur variable basé sur un pool acciones preferidasd'emprunts Stock which has a claim upon the earnings (andtasa de interés variable basada en una "cesta" sometimes upon the assets and control) of a corpo-de empréstitos pendientes; tipo de interés ration prior to the common or other class stock.variable basado en una "cesta" de empréstitospendientes prematured loanIBRD lending rate where the lending rate on all prét dont on exige le remboursement anticipé;outstanding balances is adjusted every six months to prét remboursé par anticipationachieve a given spread above the average cost of préstamo cuyo vencimiento se ha anticipadooutstanding borrowings. Loan that matures before time initially specified.

premier borrower see prime borrower

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premium see cali premium; conversion price/earnings ratio (P/E ratio; PER)premium; discount; inflation premium; liquidity coefficient de capitalisation des résultatspremium; prepayment premium; (CCR); rapport coúts-bénéfice

relación precio-utilidadespremium [foreign exchange] Market price per ordinary share divided by earningsreport per ordinary share after tax. It expresses theprima market value placed on the expectation of futureOpposite of discount. A forward exchange rate earnings.standíng at a premium over todays rate means thatthe currency concerned is more expensive in the price apread see vertical spreadforward market than now.

pricing (of a loan)premium [option market] formation du prix; fixation du taux d'intérétavec determinación del costo de un préstamoprima Fixing the cost of a loan, i.e. the interest rate andPrice at which an option sells. any other charges, such as front end fees.

premium [securities] primary dealerprime; agio courtier (opérant sur le marché primaire)prima; agio spécialiste en valeurs du Trésor (SVl7The 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 inpercentage 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'émissionprima de emisión primary marketDifference between the face value and the selling marché primaireprice of the share when the selling price is higher. mercado primario; mercado de emisión

Market for new security issues.premium swapswap á prime primary offeringswap preferencial; intercambio preferencial émission (primaire) dlactionsA swap with an above-market rate. emisión (en el mercado primario)

Offering of a new issue of stocks or bonds.prepayment fee; prepayment premiumprime de remboursement anticipé prime borrower; premier borrower; highcargo por pago anticipado quaiity borrower; top grade borrowerFee payable for a loan redeemed before maturity. emprunteur bien coté; emprunteur tresIFC uses the term fee while the Bank uses the term solvable; emprunteur de premier ordrepremium. prestatario preferencial; prestatario preferente;

prestatario de primera claseprice (of a bond) The most creditworthy type of borrower.cours; cotationprecio prime rateThe price incdudes the face value, interest and any taux de base; taux privilégiépremium or discount. tasa preferencial; tipo preferencial

Taux de base is the rate charged by banks to prefer-ential customers; taux privilégié is the rate chargedby nonbank financial institutions (e.g., CréditNational).

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private paper program loan; program lending [IBRD]effets privés pret-programmeefectos privados; papeles privados préstamo para programas; financiamiento paraPaper placed with a limited group of investors and programasnot advertised. Bank loan given not for a specific project but to

help a country overcome unforeseen temporaryprsvate placement difficulties which would otherwise result in inappro-píacement par voie privée priate long-term policy adjustments to correctcolocación privada short-term balance of payments problems.The sale of an issue of debt or equity securities toa sinle buyer or to a limnited number of buyers program trading; basket trading; indexwithout a public offering. arbitrage trading

opérations d'arbitrage programmées surprocessing fee ordinateur; courtage par ordinateurcommission d'¡nstruction operaciones bursátiles determinadas porcomrsión por tramitación; cargo por tramitación programas computadorizadosFee 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 varietybe simílar in effect to a front-end fee. of so-called derivative instruments such as stock

options and futures indexes and trading on theproduction-sharing contracts results. Program traders often trade in very largecontrats de partage de la production quantities and therefore have a major influence oncontratos de participación en la producción the market. Basket trading and program tradingContract where the contractor makes contributions are often used synonymously but program trading isto the investment project and his remuneration sometimes associated only with market closingsubstarntíally (i.e., not necessarily wholly) depends prices.

-e. a share of the production of the investmentprOject, mcluding his right to purchase such share at project notea predetermined price or a price to be determined bon á court terme émis (par une collectivitéunder an agreed formula. publique) pour financer un projet

(autoamortissable)profitability ratios; revenue-covenant ratios bono a corto plazo para financiar un proyecto;rat¡os de rentabilité pagaré a corto plazo para financiar un proyectocoeficientes de rentabilidad Short-term paper issued by municipalities to fmanceRatios 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 bénéfices Mécanisme de financement de la préparationcontratos de participación en las utilidades des projetsContract where the contractor makes contributions Servicio de financiamiento para preparación deto the investment project and his remuneration proyectossubstantially depends on the revenues or profits of Established by the Bank in December 1975, it helpsthe investment project. fil the gaps in the existing system (e.g. piggyback

financing, additional preparatory work necessaryprogram adjustment loan (PAL) [IBRD] because the Bank has been unable to fullyprét-programme d'ajustement participate in the supervision of the preparatorypréstamo para programas de ajuste work, other limitations in project preparation) byLoan te assist a country make adjustment to a providing funds for small tasks.series of relatively short-term economic policyobjectives.

83

Project Preparation Facility advance [IBRD] IBRD borrowings between July 1, 1981, and June 3,avance pour la préparation des projets; avance 1982, which were used to calculate the lending ratePPF for the first years of the pool-based variable lendinganticipo del servicio de financiamiento para la rate.preparación de proyectosAn 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/ prét a la rationalisation des entreprisescredit for the project in question. publiques (PREP)

préstamo para racionalización de empresaspromissory note públicasbillet a ordre World Bank loan to help rationalize the finances ofpagaré a public enterprise.An unconditional promise in writing made by oneperson to another signed by the maker, engaging to public enterprise reform loan (PERL) [IBRDIpay, on demand or at a fixed or determinable future prét a la réforme des entreprises publiquestime, a sum of money to or to the order of a (PREP)specified person, or to bearer. préstamo para reforma de empresas públicas

World Bank loan to help reform the finances of apromoters' stock see founders' shares public enterprise.

proprietary interest public enterprise rehabilitation loan (PERL)participation majoritaíre dans l'actif; intérét [IBRD]patrimonial; part de capital prét au redressement des entreprises publiquesinterés mayoritario (PREP)An ownership interest, as in the interest held by an préstamo para rehabilitación de empresasequity holder in a company or a patent holder who públicaslicenses use of the patent by others. World Bank loan to help rehabilitate the fmances of

a public enterprise.prospectusprospectus; document public offering (of ahares)prospecto offre publique de vente (OPV)A document containing all the pertinent information oferta pública; colocación públicaabout a public offering of securities and about the An offering of an original issue of stock throughborrower. It is made available to the appropriate public sale.legal authorities, stock exchanges, and theprospective investors by the lead manager. The purchase and resale agreement [Canada]French term prospectus is used in normal parlance; prise en pensionhowever, the term document is used in the legal compromiso de compra y reventainstrument regulating the system (Ordinance No. Equivalent to the U.S. repurchase agreement.67-833 of September 28, 1967, Articde 6). Alsocalied offering memorandum. purchased funds

ressources acquisesprovisioning see loan loss provisboning fondos comprados

Include certificates of deposit, Eurodollar borrow-proxy borrowing [IBRD] ings, Federal funds and repurchase agreements, asélément du pool (provisoire) d'emprunts opposed to traditional bank liabilities (demand andempréstitos de referencia time deposits).

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purchase money security interest [IFC- Q -súreté garantissant un solde dO au titre d'uneparticipationgarantía prendarla del saldo de una qualified borrowengs (QB> [IBRceparticipación emprunts de référenceType of lien allowed on IFC assets which occurs empréstitos calHicadoswhen IFC purchases assets (e.g. securities or stock Originally, borrowings by IBRD after July 1, 1982holding) and does not pay the full amnount up front. (i.e., based on the pool-based variable lendwngThe vendor then has a lien on IFC for the balance rate), using proxr borrowings. Under the newdue. system (May 1989), they would be defined to

exclude borrowings that are determined by the Bank

put to fund investments and any new differentiated loanoption de remboursement anticipé au gré du product should the Bank wish to offer one in theporteur; put future. The extraction of borrowings that fundopción de rescate anticipado investments would be made separately for eachA right to redeem a debt instrument before maturi- currency. The term Qualified Borrowings 1982 isty at par under specific circumnstances outlined in used to describe the old system. See also pool ofthe original agreement. qualified borrowings.

putable bond see also retractable bond quality loanpret de qualité

put bond; putable bond préstamo de calidademprunt á fenétre A Bank loan which has been carefully prepared andbono de rescate anticipado is fnancially viable.Bond that allows it holder to redeem the issue atspecified intervals before maturity and receive full quasi-equity; quasi-capitalface value. The emprunt d fenétre is a long-term quasl-capital; quasl-fonds propresloan, usually of about 18 years, which has six op- cuasicapitaltions for early repayment, three for the borrower, Includes equity-like instruments and other forms ofthree for the lender, normally around the 7th, 10th loans that have the form of equity or equity that hasand 14th year of the loan. the form of loans. An exanmple is equitq with a put

agreement, i.e., unlike normal equity, the investorput option requires return of the equity, for example, in fiveoption de vente; option de put years at ten per cent interest.opción de ventaA contract which entitles one party to it, at his quasi-money see near-moneyoption, to sell a specified amount of securities orcommodities to the other party, at the price fixed in queuethe contract, during the life of the contract. liste d'attente

lista de esperaThe 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; collectionratio; 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 debtclasificar ratio; net benefit lnvestment ratio; net collectionEvaluate securities according to their risk. ratio; operating ratio; operating ratios;

price/earnings ratio; profitability ratios; reserverato base switch [IFCd ratio; resource mobilization ratio; volatility ratioconversion d'un type de taux a un autreconversión de la clase de interés rational expectationsChange from one type of interest rate to another. anticipations rationneJles

rate resetter loan see resetter loan expectativas racionalesA 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 theirnotation; rating; évaluation own economic and other circumstances as desirablec-lasificación; rating as possible -- and, second, that, as individuals and

yvaluation of a corporation or of a securids issued companies make economic decisions in their ownby a corporation, particularly as regards the solv- interest, they do so in such a way that markets moveability of the corporation. Standard and Poor's, towards equilibrium, easing inflation.Moody's and Fitch's are the best known ratingagencies in the United States; in France the Agence real estate investment trust (REIT)francaise d'évaluation financiere (ADEF) is the société civile de placement immobiliermajor one. Standard and Poor's and Fitch's rating sociedad de inversión inmobiliariafor bonds ranges from AAA, AA and A for the Organization which collects funds from individualshighest quality through DDD, DD and D for the for reinvestment in real estate. The funds arelowest 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 rangesfrom AAA, AA and A through D for bonds and Ti real interest ratothrough T4 for commercial paper. taux d'intérét réel

tasa de interés real; tipo de interés realrating agency Normal rato less rato of inflation, divided by onoagence de cotation; agence de classement plus tho rate of inflation.(des titres); agence de rating; agenced'évaluation financiereorganismo de clasHficación de valoresOrganization that evaluates the credit rating ofprospective borrowers on the securities markets.The standard French term is agence de rating butthe only French rating agency calls itself Agenced'évaluation financiare.

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recall [currency pooq rediscountrappel réescompterdeterminaclón de la moneda en que se exige redescuentocada amortización Resale of instruments such as banker's acceptancerWith loans made prior to the introduction of the already discounted by lender, usually with centralcurrency pool, each loan was disbursed in the bank or dlscount house, at a price less than the facecurrencies available at that time. As regards repay- value.ment of the loan, the Bank determines the order inwhich currencies shall be repaid (usually according reference zone see target zoneto which currency has the most attractive investmentpotential). The choice of currency by the Bank for refinancing risk [IBRD]repayment purposes is called recall. rísque de refinancement

riesgo relacionado con el refinanciamientorecapitalization Risk of not being able to refinance short-termrestructuration du capital borrowings under suitable conditions when theserecapitalización borrowings mature.Altering the capital structure of a corporation byincreasing or decreasing its capital stock. Regional Project Facility for Sub-Saharan

Africare capture clause Fonds régional de projets pour l'Afriqueclause de récupération subsahariennecláusula de recuperación Servicio regional de proyectos para Africa al SurClause in a loan agreement that allows a lender to del Sahararecover part or all of his previously lent assets if Fund set up jointly by the World Bank, Unitedeconomic circumstances improve. Nations Development Programme and the African

Development Bank to provide governments withred clause initial resources needed to build their capacity toclause rouge consider the social costs of adjustment in theircláusula roja macroeconomic policymaking. The Fund was set upIn a documentary credit, special clause included in December 1987, with initial funding of $10which allows the seller to obtain an advance from million.the correspondent bank to finance the manufactureor purchase of goods to be delivered under the registered securitydocumentary credit. Liability is assumed by the titre nominat¡fissuing bank rather than the corresponding bank. It tftulo nominativo; valor nominativois called red clause because red ink used to be used A security whose ownership is determined by theto draw attention to the clause. name in which it is registered as opposed to a

bearer security whose ownership is determined byred herring who possesses it.préavis d'émissionanuncio preliminar de una nueva emisión registered stock; personal stockPreliminary prospectus issued to obtain an actions nominativesindication of interest in the issue. It is incomplete acciones nominativasbecause it does not contain the public offering price, Stock which cannot be transferred without placingthe 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 lssueémission exploratoireemisión exploratoriaAn issue of bonds made on an experimental basis.

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regular lending program [IBRD] The act or process of transforming or extending aprogramme de prét normal credit agreement, whereby the old debt is canceledprograma ordinario de financiamiento by the establishment of a new one.The Bank lending program that incdudes the baselending program and the standby program. repurchase agreement (RP; repo)

contrat de report; mise en pension; accord derehabilitatlon import credit/loan (RIC, RIL) réméré; prise en réméré[IBRD] acuerdo de recompracrédit a l'importation pour le redressement Arrangement by banks and other institutions toéconomique; prét J ¡'importation pour le borrow short-term (usually one day) money byredressement économique transferring securities to the lender, with the agree-crédito para importaciones con fines de ment that they will buy them back.rehabilitación; préstamo para importaciones confines de rehabilitación reserve ratioLoan, credit to support policies to stabilize the rapport de lquidité (1/1/781/9/88; coefficienteconomy and reactivate growth, following a period de liquidité (avant 1/1/78 et aprés 1/9/88)of economic decline caused inter alia by inappropri- (coeficiente de) reserva; encaje legalate policies. The fraction of demand deposit money which a

commercial bank must keep in its reserve account.reissue This ratio determines the maximum amount ofréouverture d'une émission money a bank may loan out. In the United States,reemisión the legal reserve requirement is imposed by theIssue placed into circulation again after a specific Federal Reserve on depository institutions. Thelapse 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% onrelativement moins développé $25 million or less and 12% for larger sums. Inde menor desarrollo relativo France the ratio was 60% with reserves beingCriterion used by IDA to determine eligibility for defined as disponibilités...réalisation des actifs deIDA lending. The guideline currently defmes it as négociation facile figurant au bilan. The new systemper capita income of $790 or below at 1985 prices, has been in place since September 1988, with thethough the effective rate (because of scarcity of ratio being set at 100%.IDA funds and the availability of commerciallending) has been $570 or below, except for a few resetter loan; rate resetter (RR) loanvery small island economies (e.g. Tonga, Grenada, prét a taux révisableDominica). préstamo con interés modificable

Loan where the interest rate is fixed for a specificrelending period and reset after a specific period of time.recyclage; réutilisation des prétsreciclaje de los préstamos; reutilización de los resource mobilization ratiopréstamos taux de mobilisation des ressourcesAn operation whereby, when a domestic debtor coeficiente de movilización de recursosrepays a foreign debt, the funds are relent by the The ratio between available resources and use offoreign 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.

renewalnovationrenovacibn

88

restructuring see debt restructuring return on average ausett [IFCIrendement des avoirs

retail banking rendimiento del promedio de los activosmarché bancaire des particuliers; services Net income as a percentage of total disbursed loanbancaires pour les particuliers; banque de and equity investments net of reserves, and liquiddétail assets averaged for the current period and previousservicios bancarios para los particulares; fiscal year.servicios bancarios para el público en generalTraditional banking operations conducted with the return on average net worth [IFC]general public. rendement de l'actif net moyen

rendimiento del promedio del patrimonioretail investor Net income as a percentage of the paid-in shareinvestisseur final capital and accumulated earnings averaged for theinversionista por cuenta propia; inversor por current period and previous fiscal year.cuenta propiaInvestor who buys securities and commodities revaluation factor [currency pool]futures on his own behalf, not for an organization. facteur de réévaluation

factor de revaluaciónretained earnings A ratio establishing the appreciation or depreciationreport a nouveau; bénéfices non distribués due to exchange rate changes in the U.S. dollarutilidades no distribuidas value of currencies in the pool from one date toAccumulated 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 ofcounts. that day of the balances of currencies in the pool

brought forward from the previous day, by theirretiming see interest retiming total U.S. dollar value at the exchange rates of the

previous day.retirement see debt retirement

revenue-anticipation noteretired debt obligation émise par une collectivité publiquedette amortie dans l'attente de rentrées non fiscalesdeuda amortizada bono municipal a corto plazo rescatable conA debt that has been paid off. ingresos no tributarios

Short-term municipal borrowings that fund currentretractable, putable bond operations and are to be funded by revenues otherobligation rétractable than taxes, especially U.S. federal aid.bono rescatable, redimible anticipadamenteBond where coupon rate is determined for a lirnited revenue bondnuxmber of years, after which a new coupon is obligation a long terme émise par unedetermined, with bondholders at the samne time collectivité publique pour financer un projethaving the right to early redemption. (dont les recettes assureront le

remboursement)return on assets (ROA) bono a largo plazo pagadero con ingresos (delrendement de l'actif proyecto)rendimiento de los activos Long-term borrowings that are used to fund specificNet income divided by average earning assets (loans projects. They are repaid from the income that willand ínvestment). be generated by the project.

revenue-covenant ratios see profitability ratios

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reve cash and carry revolving underwrltlng facllity (RUF); noteopération de vente de titres au comptant et lssuance faclllty (NIF); note purchase facilty;d'achat de contrats a terme; reverse cash and euronote facliltycarry facilité de crédit spécial (RUF); (pour l'émissionoperación de venta de valores al contado y de papier A court terme); facilité d'émissioncompra de contratos a término d'effetsHedgling method consisting of sale of securities on servicio de emisión 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 thisobligation á taux flottant inversement indexée system. They include 1) the NIF, where the com-bono con interés variable inverso mitment is typically from five to seven years, whileFloating rate note carrying a spread inversely the paper is issued on a revolving basis, usually forrelated 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 highercontrat de report inverse; mise en pension sums. 2) the short-term note issuance facilityinverse; accord de réméré inverse; prise en (SNIF), a term used for NIFs with short-term notes.réméré inverse 3) the RUF, which is a variation of the NIF, withacuerdo de recompra inverso separate underwriting and distribution (the leadRepurchase 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 componentswap inverso; intercambio inverso facility and others such as borrower's option forA swap which offsets the interest rate or currency notes and underwritten standby (BONUS), revolvingexposure on an existing swap. It can be written acceptance facility by tender (RAFT), securitizedwith 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 genericto realize capital gains. terms and note issuance facility is often used as a

generic term. French generally uses the Englishreview clause see periodic review clause term, though the aboye translations have been seen.

revolving credit; rollover credit right (to purchase shares)crédit renouvelable; crédit reconductible droitcrédito rotatorio; crédito renovable; crédito derechorefinanciable 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 furtherstated credit limit and into which repayments go for shares at a given price.crediting.

risk capitalrevolving fund capital a risquefonds renouvelable; caisse d'avances capital de riesgofondo rotatorio Capital invested in high-risk or relatively high-riskA fund for project-related expenditure. securities and enterprises, in expectation of com-

mensurately high returns. It is sometimes used ofequities or ordinary stock, the dividend of whichvaries with the profits earned by the corporation.

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risk convemion floater rollover certificate of deposit; roly polyrisk conversion floater crtfficate of depositinstrumento de Interés variable y riesgo certficat de dépot a taux renouvelédecreciente certifcado de depósito con tasa de interésEuromarket instrument based on principle of renovable; certificado de depósito con tipo defloating rate Eurobond but with high quality collat- Interés renovableeral which increases over time to substitute for the A package of certflcates of deposit with maturityborrower's role. of, for example, three years, divided into six

six-month periods. An investor buys the package asrisk premium a whole but he may sell any of the six-month CDsprime de risque on thc secondary market. He is neverthelessprima por riesgo; prima de riesgo coinmitted to roliing over the CD by redepositingThe 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 creditGovernment must pay a risk premium in the formof a higher interest rate on bonds as the risk of rollover datedefault is less on U.S. government securities than date de reconductionthose of other issuers. fecha de renegociación

Date of adjustment of interest rate in maturityrolling guarantee (of interest payments) transformation.garantie mobilegarantía limitada renovable rollover of gainaA guarantee that would cover, at any given time, réemploi des plus-valuesonly one or two payment installments but would, if reutilización de las gananciasthe covered payments are met, lroll" to subsequent Reinvestment of profits.payments.

rollover risksroll-over risques de refinancementrefinancement; reconduction; renouvellement riesgos de refinanciamientorefinanciamiento; renovación Risks associated with refmancing a loan.1. Reinvestment of money received from a maturingsecurity in a similar security. roly poly bond2. Term used for a delay allowed by a lender to obligation a taux renouveléborrower in making a principal payment on a loan. bono con tasa de interés renovable; bono conWith governments, rollovers in the form of tipo de interés renovablerefundings or refmancings are routine. Medium- or long-term bond whose annual coupon

is renewed every three years, at which time theinvestor may be reimbursed.

roly poly certificate of deposit see rollovercertfficate of deposit

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round-tripping S -dette achetée avec décote et revendue a savaleur nominalecompra con descuento de una deuda en divisas 8ale8 agent; 8ellint agent [securities]y rescate a valor nominal en moneda nacional agentt de placementSituation whereby foreign currency denominated agente vendedor; corredordebt is purchased at a discount and redeemed for Firm or individual carrying out the sale offull face value im the local currency, thereby scorsencouraging capital flight. Samural bond

running (weighted) average obligation samouraTmoyenne (pondérée) mobile bono samuraipromedio móvil (ponderado) Bond issued on the Japanese market in yen outsideThe average rate of interest applied to an Japan.outstanding loan, based on the rates applied on allaving bond [Frnce, Belgium, U.S.aprevious disbursements, weighted, where necessary, bon de caisse; bon d'épargneto allow for different leveis of disbursement.

bono de ahorroShort- or medium-term fuxed-interest bearer bondissued by a public credit institution or commercialbank. It is not marketable. Bons de caisse aregeneral French savings bonds. Bons d'épawgne arefive-year savings bonds issued at par. The bearercan ask to be reimbursed after three months but theamount he is paid increases over the five-yearperiod.

scheduled debt servicepaiements d'intéréts prévus á I'échéancierservicio de la deuda sin deducirreprogramaciones ni pagos en moraDebt service that follows a set schedule.

scoringévaluation par scoreevaluación por puntosTechnique for evaluating a borrower, primarily hisability to repay a loan.

scrip certificate; bearer scripbulletin de livraison; certificat d'actionpartiellement libéréecertificado provisional; tftulo provisionalWritten obligation of a bank acting as paying agentfor an issue, to hand over to the subscriber thedefinitive certificates as soon as they have beenissued.

scrip lssue [UK]; stock dividend [U.S.]dividende en actions; (attribution, distributiond') actions gratuites; actions-dividendesdividendo en acciones; acción gratuita

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The issue of additional stock free of charge to second tier bankstockholders in proportion to the stock they already banque de second ranghold. This may be done when a company increases banco de segundo nivel; banco de segundoits capital by using some of its profits for this piso; banco de segunda Instanciapurpose 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 mainamount of capital actually employed by the corpora- commercial banks. Used particularly in Latintion. America.

SDA Project Faciilty see Social Dimensions of sector see segmentAdjustment Project Facility

sector adjustment loan see agricultural sectorseasoned issue adjustment loanémission habituelleemisión confiable sector adjustment loan (SECAL; SAD>Issue of securities that have gained a reputation in pret d'ajustement sectorielthe market for reliability. préstamo para <fines de) ajuste sectorial

A loan aiining at major policy improvements in asecondary market sector.marché secondairemercado secundario sector investment and maintenance loanMarket for transactions in existing securities. Note (SIM) [IBRD]that the French second marché corresponds to the prét d'investissement et d'entretien sectorielBritish unlisted securities market and the U.S. (¡ES)over-the-counter market or third market and not to préstamo para inversión y mantenimientothe secondary market. sectoriales

Loan aimed at investing in a particular sectorsecondary offering maintaining the level of activity in that sector.placement d'actions détenues par lesparticuliers sector loancolocación en el mercado secundario prét sectorielRedistribution of an outstanding block of stock by préstamo sectorial; préstamo para un sectora 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 analystthe floor. analyste des valeurs

analista de valoressecondary participant Person carrying out systematic assessment ofsous-participant securities as a basis for investment strategy.participante secundario; participante ajeno alconsorcio securities dealer; securities firmOutside bank participating in an underwriting courtier (en valeurs mobiliéres); maison desyndicate. titres; société de placement

corredor de valores; sociedad de valoressecondary public offering Firm acting as a principal rather than an agent inoffre publique sur le marché secondaire the securities market.oferta pública en el mercado secundarioPublic offering of previously issued securities heldby large investors, usually corporations, institutionsothers, as opposed to issue of new stock, where theseller is the issuing corporation.

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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; registeredSpecial account opened by private individuals for security; Separate Trading of Registered lnterestthe 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 transferableup to a limit fixed by law. accruing govemment securities (STAGs); stock;

swap; tap security; underiying; unlisted; unlistedsecurities market securities market; warrant into governmentmarché des valeurs mobilibres securities (WINGS); when issued (wi) security;mercado de valores; bolsa de valores zero coupon Eurosterling bearer registeredThe primary and secondary market for negotiable accruing securitiesequity (stocks) and long-term debt instruments(bonds). security

titre; valeur mobilibresecuritization valor; titulo1. titrisation; titralisation; mobiliérisation; 1. Document giving title to property or claim onfinanciérisation; désintermédiation; income.transformation en titres; 2. Income-yielding paper traded on the stock ex-2. marchéisation change or secondary market.1. conversión de la deuda en valores;2. intensificación del uso de valores security lending [IBRD]1. Issue of securities in exchange for debt. The préts de titresBank has used it to specifically refer to "the packag- préstamo en valoresing and selling of a pool of creditor risks in the Lending of securities which the IBRD owns (typi-form of a security. Le Ministére de P'Economie, cally a U.S. Government obligation) against receiptdes Finances et du Budget uses tivisation. of cash or similar securities as collateral in amounts2. The tendency on financial markets to make equal to or higher than the market value of thegreater 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 marché)cession de préts par émission de titres segmento; sectorventa de préstamos por emisión 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. Thecreditworthiness of the pool is enhanced through self-fínancing see in house financingthe provision of partial guarantees and/or over-collateralization. self-liquidating credit

crédit autoamortissablesecurity see also agency securities; bearer crédito autoamortizablesecurity; 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-downContinuously Offerred Longer-Term Securities rétrocession(COLTS); convertible; covered option securities; venta de un crédito fuera del consorciodebt security; foreign-aimed security; gilt-edged The transfer of a credit from a bank within asecurities; government security dealer; syndicate to a bank outside the syndicate.investment securities; listed securty; marketable

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selling agent see sales agent serial bond, loan1. emprunt par obligations émis par séries;

selling commission 2. obligation a lotcommission de guichet 1. bono de vencimiento escalonado;comisión de venta 2. bono con vencimiento elegido al azarIn 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 reimbursementoutside the syndicate. is decided by drawing in lots (used in France).

selling consortium, group, syndicate service a loan[Euromarket] assurer le service d'un prétgroupe de placement atender el servicio de un préstamoconsorcio; grupo vendedor To pay interest due on a loan.A group of bank or securities dealers involved inplacing a security as sellers. set aside agreement

accord de domiciliationselling fee [Euromarket] acuerdo de destinación especial; convenio decommission de placement destinación especialcomisión de venta Agreement for payment receipts from a project toFee charged for selling an issue of securities. be designated for a specific purpose.

selling rate set-asidescours vendeur montants affectés; montants réservésprecio vendedor; precio de venta montos reservados; montos afectadosPrice proposed (for a security). Loans made by the World Bank to developing

countries to reduce their debt. These loans are onlysenior debt made to countries with large outstanding externaldette prioritaire; dette priviligiée debts and which have adopted structural adjustmentdeuda prioritaria programs approved by the Bank. Set-aside amountsDebt for which claims on the assets of the borrower will be determined individually but will be normallyrank 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'sseniority lending program to the country.rangprioridad settiement dateThe order of priority for repayment of debt. date de reglement

fecha de cierre; fecha de pagoSeparate Trading of Registered lnterest and The date on which payment for a transaction mustPrincipal of Securities Program (STRIPS) be made.Programme de négociation distincte desintéréts et du principal concernant ses titresPrograma de venta separada del interés y elprincipal de los valoresProgram announced by U.S. Treasury January 151985 to allow separate trading of registered interestand principal of securities, initially for long-termnotes and bonds and later for all old and neweligible securities in circulation. See alsocertificates of accrual on Treasury securities.

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severely indebted low-, middleincome *hare retention agreement [IFC]country (SILIC, SIMIC) accord de non-rétrocession d'actionspays A faible revenu, a revenu intermédiaire acuerdo de retención de accionesgravement endetté Agreement, under which a company agrees not topaís de bajos ingresos, de ingresos medianos sell the stock of another company in which IFC hasgravemente endeudado an interest, until the loan has been reimbursed.Low-, middle-income country in which three of thefour 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 purchasepercent) and accrued interest to exports (20 per shares); shareholders' equity; stock; transferablecent). Used in the World Bank's World Debt shareTables. See moderately indebted low-income,middle-income country. sharing clause; payment sharing clause

clause de partage de pa¡ementsshadow price see accounting price cláusula que estipula que se han de compartir

los reembolsosshake-out (of the market) Clause in loan agreement that states that if onetassement participant fails to receive payment, the others will1. asentamiento; share receipts with the participant(s) not receiving2. sacudida payments.1. A moderate stock market or business recession,usually corrective of an inflationary condition. shelf registration2. Any movement in the market prices of securities enregistrement en attentethat forces speculators to sell their holdings. autorización permanente

A system of standing authorization to issue securi-shareholders' equity, funde see stockholders' ties given by the U.S. Treasury to certain selectequity borrowers (including the IBRD). Borrowers must

normally wait for formal approval.share listcours de la Bourse Shogun bondlista de acciones con sus cotizaciones obligation 'shogun'A listing of stocks with their current prices. bono shogun

Non-resident bond issues denominated in foreignahare ownership currencies on the Tokyo market. Started June 1985.avoirs en portefeuille; acquisition de valeursmobilieres; acquisition d'actions short hedgecartera de acciones opération de couverture par vente a terme;The possession of shares of stock in a corporation. short hedge

operación de cobertura por venta a plazoshare premium account [IFC] Hedging operation by someone who is "short" (i.e.,compte "prime d'ém¡ssion" who owns less of an item than he has contracts tocuenta de primas de emisión deliver).Account of a corporation, in which IFC has aholding and in which the premiums obtained onnew shares are deposited.

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short-leash approach Social Dimensions of Adjustment Projectapproche a court terme (SDA Project)método de "rienda cortan Projet Dimensions sociales de l'ajustementApproach to debt restructuring whereby the (Projet DSA)restructuring agreement only applies for a short proyectos relacionados con los aspectosperiod of time. sociales del ajuste

Project to protect the poorest people during periodsshort position of adjustment.engagement a la baisse; position vendeur;position courte Social Dimensiona of Adjustment Project1. posición en descubierto; Facility; SDA Project Facility2. posición corta Mécanisme de financement du Projet Dimen-Where a dealer in stocks or commodities is commit- sions sociales de l'ajustementted to sell more of them than he has available for Servicio de financiamiento de proyectossale. The Bank definition is (1) in relation to relacionados con los aspectos sociales delsecurities, any security sold but not then owned by ajustethe Bank and (2) in relation to futures and option Facility created by the World Bank, UNDP and thecontracts, any such contract sold by the Bank which African Development Bank and supported by thehas 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 theBank. design of their adjustment programs.

short sale Sogo bankvente a décorvert Banque 'sogo'venta en descubierto banco sogoSale by dealers of securities they do not own. Regional finance institutions in Japan, dealing

chiefly with smaller enterprises.short-term noteeffet a court terme source and application of funds statementbono a corto plazo; pagaré a corto plazo see statement of changes in financial positionNote with maturity of one year or less.

source and use of funda statement seeshort-term paper statement of changes in financial positioneffets a court terme; papier a court termeefectos a corto plazo; valores a corto plazo; sovereign creditpapel a corto plazo emprunt garanti par ¡'Etat; crédit souverainPaper with maturity of one year or less. crédito soberano; crédito garantizado por el

Estadoshort-term paper market A borrowing guaranteed by the state.marché des effets a court termemercado de valores a corto plazo soverelgn riskMarket for paper with maturity of one year or less. risque d'insolvabilité de l'Etat emprunteur;

risque souverainsinking fund riesgo soberano; riesgo de insolvencia de uncaisse d'amortissement; fonds d'amortissement paísfondo de amortización The risk of changes in a borrowing country`s overailA fund created by a borrower for the purpose of foreign exchange position, which might affect itsredeeming bonds. The borrower is obliged to ability to repay a loan.redeem specified amounts of the bond withinspecified periods.

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sovereign risk loan apeculative grade paperprét comportant un risque souverain émission a caractere spéculatifpréstamo con riesgo soberano emisión de valores especulativosLoan 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 spinoffcession d'actions (d'une nouvelle société aux

Special Commitment [IBRD] actionnaires de la société mére); distributionengagement spécial d'actions (d'úne nouvelle société auxcompromiso especial actionnaires de la société mere)Bank procedure whereby the Bank provides a cesión de activos (de una sociedad) a cambiocommercial 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) afinance the purchase of goods under a project. cambio de acciones (de otra sociedad nueva)

The transfer by a corporation of a portion of itsSpecial Facility for Sub-Saharan Africa; assets to a newly formed corporation in exchangeSpecial Facility for Africa; African Facility for the latter's capital stock, which is thereupon(SFSA; SFA) distributed as a dividend to the stockholders of theFonds spécial d'aide á l'Afrique subsaharienne; first corporation.Fonds d'aide á l'Afrique (FAA)Servicio especial de asistencia para Africa al splinter currency [IBRDOSur del Sahara; Servicio especial para Africa; monnaie épineuse; monnale épineServicio africano moneda que representa una proporción mínimaA facility set up as a result of the Joint Program of del saldo pendiente de un préstamoAction for Sub-Saharan Africa to support policy A currency which constitutes less than 2.5% of areform in IDA-eligible countries in sub-saharan fixed currency loan's remaining outstanding balance.Africa. It will primarily fmance quick-disbursingstructural and sectoral adjustment programs and split; split-up; splittingrehabilitations projects with a major policy content. division (d'une action en plusieurs titres)

división de accionesspecial placement Increasing the number of shares of a corporation byplacement spécial some ratio or multiple.colocación especialPlacements issued by international development spot creditinstitutions and placed directly with central banks, crédit ponctuelmonetary authorities, and governments. crédito negociable

Short-term credit where the amount and conditionsspecific investment loan (SIL) [IBRD] are negotiated as required.prét d'investissement spécifiquepréstamo para una inversión específica spot market; actual market; cash market;World Bank loan for a specific investment project. physical market [commodities]

marché du disponiblespecific loss reserve [IFCJ mercado de productos disponibles; mercado deréserve pour pertes spécifiques entrega inmediatareserva 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 investmentsbelow original cost.

speculative grade bond see junk bond

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spot market; cash market [foreign exchange] Lending operations that are under preparation andmarché au comptant are iikely to be ready for the fiscal year followingmercado al contado the fiscal year in question but may be ready soonerForeign exchange market where currency is sold for and which could substitute for projects in the fiscalimmediate delivery. See futures market. year in question.

spread see also alligator spread; banker's standby letter of creditspread; bear spread; buil spread; butterfly (cal>) lettre de crédit standbyspread; diagonal spread; financial spread; carta de crédito contingentehorizontal spread; implicit spread; TED spread; A letter of credit issued to cover against a particularvertical spread contingency.

spread standby loan1, 2. écart; prét conditionnel3. marge; spread préstamo contingente1, 2, 3. margen; diferencia; diferencial Loan which is not part of the current schedule but1. Options: Purchase of a call option at one price which can be presented to the Board if otherand resale at another. projects slip.2. Commodities: Purchase of a contract in onedelivery month and resale in another. «Star Trek issue3. Euromarket, securities: Difference between rate émission ratée d'avanceat which bank borrows money on interbank market emisión Star Trekand rate at which it onlends funds to its customers. Eurodollar issue where interest rates have been set

too low to attract investors. Called Star Trekspread risk [IBRD] because they were pnced where no man dared to gorisque lié a la marge (a reference to the Star Trek TV show).riesgo relacionado con el margenRisk due to the spread between IBRD borrowing atatelesa moneyand loans being too low or negative. argent apatride

dinero apátridastandby commitment Money which is not part of the currency of any oneengagement d'attente country. Eurocurrency deposits are an example.compromiso contingenteA 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 Instandby equity working capital statementengagement conditionnel (de participation) tableau de financement; tableau des fluxcompromiso contingente de participación en el estado de flujo de fondos; estado de fuentes ycapital social; compromiso supeditado a la utilización de fondos; estado de cambios en lacompra de acciones situación financieraIn investment an agreement that is conditional onstock purchase.

standby lending programprogramme de prét d'appointprograma (de financiamiento) de reserva

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A statement used in conventional accounting which stock; loan stock; paid-up stock; preferredsummarizes the fmancing and investing activities of stock; promoters' stock; registered stock;an entity, including the extent to which the enter- shares; volatile stockprise has generated funds from operations duringthe period and for completing the disclosure of stock dilution; stock wateringchanges in financial position during the period. The dilution du capital; décapitalisationfirst English term is the one recommended by the dilución del capital (accionario)U.S. Accounting Principles Board (APB) since 1971; The lessening of an ownership share's earnings andthe second term is the one found most frequently in assets equity, caused by the issue of more ownershipthe World Bank and IFC; and the third is the most shares without corresponding increases in eamingscommon one used in the U.S. prior to the APB and assets.recommendation. The other terms are also found.

stock dividend see scrip issuesteering committee; advisory committeecomité de restructuration stockholders' equity; ahareholders' equity;comité de reestructuración 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 nettecountries, involved in organizing and managing the patrimonio; patrimonio neto; activo netoadditional 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 thesestep-down (security) terms in certain circumstances, so they may, on(titre á) coupon dégressif multiple occasion, have slightly different meanings. For(valor) con interés descendente example, capitaux propres and situation nette areSecurities where the coupon rate decreases by a normally synonymous, though capitaux propresfixed amount every year. sometimes equals situation nette less retained

earnings (report t nouveau).stepped (rate) bondobligation a taux flottant fixé d'avance stock index futurebono con interés escalonado (fijado contrat a terme sur indices boursiersanticipadamente) contrato a término con índice bursátilBond with different coupon rates of interest for Security that combines features of traditionaldifferent periods, fixed in advance of the issue. commodity futures trading with securities trading,

using composite stock indexes. Investors canstep-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 interés creciente; (valor) con interés tion or short position against a decline in value.progresivoSecurities where the coupon rate increases by a stock market crashfixed amount every year. krach boursier

colapso de la bolsasterling transferable accruing government A major fall in stock prices. Usually used to refersecurities (STAGs) to the Wall Street Crash of 1929 and, more recently,obligations d'Etat de qualité a coupon zéro the Crash of October 1987.bonos británicos sin cupón (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'actionscorporation); common stock; cumulative opción de compra de accionespreferred stock; dividend stock; equ-y; growth

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A right granted by a corporation, usually to atrangleemployees or underwriters, to purchase corporate stranglestock, under specific price and timing conditions. strangle

An options strategy in which the exercise price ofstock warrant the call is higher - and that of the put lower - thanwarrant d'actions; bon de souscription the current price of the underlying stock.d'actionscertificado para la compra de acciones; warrant striking price; strike price; exercise pricepara la compra de acciones prix d'exercice; prix de levée; prix de baseWarrant for purchasing stock. precio fijado en contrato (para ejercitar una

opción de compra); precio de ejerciciostop order Price a particular share must reach before an optionordre stop to purchase the shares can be exercised.orden topeAn order to buy above or sell below a specified strip certificateprice, if reached. certificat strip; certificat démembré

certificado separado del cupónstop-out price A security certificate that has had the couponprix d'arret removed by a broker, who selis them separately.precio mínimo en subasta a la bajaUniform auction price (i.e., lowest price at which strip of maturitiesbids are accepted) at a Dutch auction. tranche d'un pret

parte de cada vencimiento de un préstamostraddle; cail-nd-put option A time portion of each of the maturities of a multi-stellage; ordre lié; straddle; option cali et put maturity loan.opción de venta y compra; posición ahorcajadas strip participationDouble option consisting of a put and a call with participation a toutes les échéancessame striking price. participación en cada vencimiento (de un

préstamo)straight bond Participation in each of the maturities of a multi-obligation classique maturity loan.bono clásico; bono ordinarioBond with unquestioned right to repayment of strippingprincipal at a specified future date, unquestioned démembrement; négociation séparéeright to fixed interest payments on stated dates, and separaciónno right to any additional interest, principal, or Separation of future coupon payments and principalconversion privilege. redemption values.

straight, tap certificate of deposit Structural Adjustment Facility within thecertificat de dépot classique, par lot Special Disbursement Account (SAF) [IMFcertificado de depósito clásico; certificado de Facilité d'aJustement structurel établie dans ledepósito sin límite; certificado de depósito de cadre du Compte de versements spécial (FAS)libre compra Servicio financiero de ajuste estructural dentroStandard certificate of deposit, without any del marco de la Cuenta Especial derestrictions on amount available. Desembolsos

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Facility created by the International Monetary Fund Sushi bondin March 1986 to provide balance of payments obilgation "sushi'assistance on concessional terms to low income bono sushideveloping countries. The resources will consist of Eurodollar bonds issued by Japanese corporationsassets 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; cocktailemprunteur secondaire; emprunteur final swap; Contingent Swap Facility [IBRD]; couponsubprestatario swap; cross-border swap; cross-currencyA smaller loan which is a part of a larger loan, interest rate swap; currency swap; debt-charityoften 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-exportprét secondaire; prét subsidiaire swap; debt-for-local currency swap;subpréstamo 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; Globalsubloan pricing Swap Authority; interest-rate swap; inward(fixation du) prix des préts secondaires swap; mirror swap; option swap; outward swap;determinación del costo de un subpréstamo par debt swap; plain vanilla swap; premiumWhen the Bank or other lending institution lends swap; reverse swapmoney 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; crédit croisé; échange financierlevied by the national development institution and swap; intercambio de monedas; créditoby the foreign exchange costs. recíproco; conversión; pase financiero

A spot purchase of foreign exchange (currencysubordinated debt see junior debt swaps), fixed or floating rate funds (interest rate

swaps) or assets (asset swaps) with simultaneoussubordinated loan forward sale or vice versa. Pase financiero is anprét non privilégié Argentinian system, related to the swap system,préstamo subordinado whereby persons or institutions making capitalA 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 reexchangedloans 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

crédit croisé but it is fighting a losing battie.subordinate lenderpreteur non privilégié swap, toprestamista subordinado swapperLender holding a subordinated loan. intercambiar; efectuar una operación de swap;

efectuar un swap; convertirsubscription rlght To carry out a swap transaction.droit de souscr¡ptionderecho de suscripción swap futureThe samne as right. contrat a terme sur swap

(contrato de) futuros de swapsFutures contract in swaps (initially interest rateswaps), introduced in the U.S. market in 1986.

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Swap lnsurance Facility [IBRD] The value that reverses the ranking of two alterna-mécanisme d'assurance des swaps tive projects. For example, Farm A will produceservicio de seguro de swaps beef with high technology equipment and fewScheme 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. UpBank 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 aand to separate the pricing of the arrangers and weight greater than 1.5 is given, Farm B will have acredit 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 syndicateswaption; option de swap; swap optionnel consortium; syndicat financieropción de swap; swap opcional consorcio (bancario, de financiamiento)Instrument combining features of swaps and op- A group of bankers and/or brokers who underwritetions whereby the buyer acquires the right (but not and distribute a new issue of securities or a largethe obligation) to make a swap within a specific block of an outstanding issue. By extension, can alsoperiod 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.swinglinecrédit de sécurité; ligne de liquidité; ligne de syndicate, to (a loan)découvert consortialiserlínea de crédito a corto plazo concertar un préstamo a través de un consorcioA 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 loanswitch prét syndiqué; prét consortialarbitrage préstamo de un consorcioarbitraje Loan made by a syndicate.Sale of paper which is no longer considered to havelong-term possibilities and investment of the syndicationproceeds in securities considered more worthwhile. formation d'un syndicat financier; formation

d'un consortiumswitch, availability clause formación de un consorcio (bancario, declause de disponibilité financiamiento)cláusula de disponibilidad Formation of a syndicate for the purpose of issuingIn a rollover credit agreement, a clause which or underwriting a loan.allows a lender to lend in a currency other than theone stipulated in the agreement, if the stipulated synthetic tloating rate notes; derivativecurrency is not available. floating rate notes

papier synthétique á taux d'intérét flottantswitching see interest (rate) switching; inward titulos sintéticos con interés variableswitching; outward switching operations A name for asset swaps which are artificially

packaged and marketed by investment banks ratherswitching value than investors themselves.valeur critique; valeur seullvalor crftico

103

system repurchase agreement T,contrat de reportacuerdo de reventa (a un precio especfflcado)Purchase by the Federal Reserve of securities for a takeand-pay contractshort period of time with an agreement to resell contrat de paiement contre livraisonthem at a specified price. See also repurchase contrato de compra contra entregaagreement. A guarantee to buy an agreed amount of a product

or service provided it is delivered.

take In, to (bilis)prendre (des effets) en pensionredescontar con compromiso de reventaRediscount operation with promise to transfer thecredit title back to the original lender.

take-or-pay contractcontrat d'achat ferme; contrat de prise fermecontrato firme de compra (sin derecho derescisión)An unconditional guarantee to buy an agreedamount of a product or service whether or not it isdelivered.

take out, to [IBRDIrenoncerrenunciar a una garantíaWaiver by a colender of a guarantee given by theWorld Bank, as the guaranteed portion of a coloanprogressively comes within the range of normalmaturities.

takeover bidoffre publique d'achat (OPA)oferta pública de adquisición (OPA) (con finesde absorción)An offer to acquire a controlling interest in acorporation.

takeover candidate see target company

takeover option [IBRD]option de reprise (des derniéres échéancesd'un prét commercial)opción de financiamiento residualContingent commitment by the IBRD to take overany residual financing of a loan as it reaches itsten-year maturity.

Tankoku billbon Tankokubono tankoku

104

Six-month bill issued by Japanese Government to A wide zone of exchange rates, perhaps plus orrefinance expiring long-term bonds. minus 10 per cent, within which a currency can

freely move against other currencies. Suggested attap certificate of deposit the New York Plaza Agreement at the Group ofémission a guichets ouverts Five meeting in September 1985, and proposed byemisión continua the French Treasury in February 1986, as a way toA 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 prévuesémission a guichets ouverts bono respaldado por ingresos fiscales previstos;emisión continua pagaré respaldado por ingresos fiscalesAn issue of a security made available on an as previstosrequired basis. Used primarily in the British mar- Short-term borrowing issued to fill temporaryket, where the British Government issues Treasury fmancing needs. It is backed by anticipated taxstock and seeks subscriptions. As the stock is rarely receipts and any unencumbered revenue of thefully subscribed, the remainder is sold to Stock community.Exchange jobbers as demand requires. The Frenchintroduced an equivalent system in 1985 called tax buoyancyobligations assimilables du Trésor (OAT). élasticité globale du syst¿me fiscal par rapport

au produit intérieur brut (PIB)tap security elasticidad tributaria globaltitre émis A jet continu; titre émis a guichets Total elasticity of the tax system (built-in elasticityouverts plus elasticity due to discretionary changes in the taxvalor en venta continua system). Measured by the annual mean growth inSecurity that is continuously available and may be receipts divided by the annual mean growth in grossobtained on demand by investors. Used prímarily domestic product (GDP).in the British market.

tax credittarget company; takeover candidate avoir fiscal; crédit d'impótsociété opéable crédito tributario; descuento impositivoempresa susceptible de absorción A 100% offset against tax liability.Company considered ripe for takeover.

technical assistance loan (TAL) [IBRD]targeted currency pool pret d'assistance techniquepool de monnales fixé comme objectif préstamo para asistencia técnica(metas para la composición del) fondo común World Bank loan for technical assistance purposes.de monedasUnder the new currency pooling system, the cur- technical decline, droprency pool will have targeted ratios for currencies in repil techniquethe pool of 1 U.S. dollar for every 125 Japanese yen disminución técnicaand 2 Deutsche marks (or the equivalent in a The fall in price of a security or commodity becausecomposite of Deutsche marks, Swiss francs and of factors relating to operation of the market andNetherlands guilders). not because of any supply or demand conditions.

target zone; reference zone TED apreadzone de référence; plage de référence; zone écart entre les bons du Trésor et les dépdts acible terme en eurodollarszona de referencia margen entre los bonos del Tesoro de EE.UU. y

los depósitos a plazo en eurodólares

105

Technically, the apread between U.S. Treasury bill tickfutures and Eurodollar futures but commonly used fluctuation minimele; fluctuation de prixto refer to the spot market yield apread between minimumTreasury bills and LIBOR. variación de precio

A movement in the price or price quotation of atender panel secur¡ty or contract.groupe d'enchérisseurs; panel d'offre; syndlcatd'enchéres; syndicat soumlssionnalre; syndicat time arbitragede placement arbitrage dans le tempsgrupo de bancos licitantes arbitraje de vencimientosIn a Euronote issue, a group of banks separate from Buying and seUing at different maturities.but usually with many members common to thegroup of underwriters. The panel members bid for time (cali) spread see horizontal spreadany notes issued, up to a predetermined maximumspread. The underwriters take up any notes not bid time-slice loanfor or extend loans of an equivalent amount. The prét par étapestender panel banks expect to place any paper they préstamo dividido en períodosreceive rather than hold it themselves. Loan where the lender only finances the loan a part

of the time.tenorteneur time valueperíodo de reprogramación valeur tempsThe period of debt rescheduling in number of years. valor temporal

The chance that an option will become moreterm loan valuable before it expires.crédit d'équipementpréstamo a mediano o largo plazo tombstoneMedium- or long-term loan undertaken by a corpo- avis financier; encart publicitaireration when it cannot or does not want to issue a anuncio de emisión efectuada; esquela;loan on the financial market. prospecto de emisión

Advertisement which announces that a credit hasterm sheet been arranged or a bond issue made.liste de conditions(hoja de) plazos y condiciones; hoja de top grade borrower see prime borrowertérminosList of terms and conditions for a loan. topping up

apports complómentaires; opérations determ transformation bouclagetransformation des échéances aporte de fondos complementariostransformación 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 bondthird market; oft-the-board market obilgation de premier ordretrolsléme marché; marché hors bourse bono de primer orden; bono de primera clasemercado terciario; mercado fuera de bolsa Bond issued by corporation or organizationMarket for security dealing in over-the-counter considered to be particularly creditworthy.stocks listed on a stock exchange but between firmsthat 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 aeffet de commerce program of certicate of deposit issues by a bank.letra comercial; efecto comerciaCommercial bill accepted directly by a corporation. tranchlng

subdMsion d'un prét en plusleurs tranchestrade date división de un préstamo en varios tramnosdate d'échange Division of a loan (specifically adjustment loans)fecha de transacción into several tranches. Release of tranches isThe date on which counterparties commit to a conditional on specific agreed actions being carriedswap. out.

trade financing facility transferable aharefacilité de financement des importations action au porteurservicio de financiamiento comercial acción al portador; acción transferible; acciónA financing arrangement by commercial creditors in negociabiethe form of linking financing to particular projects Share of stock on which there are no restrictions onor trade operations in countries where they have transfer of ownership.long-term business interests. These facilities enablecommercial banks to maintain closer ties with tranafer pricecustomers in both the debtor countries and industri- prix de transfert; prix interne; prix de cessional countries, while providing additional finance for intemea country's imports. precio de transferencia interna

Price between a corporation and its subsidiary ortrade inside fees within a corporation (opposite of arm's lengthtransaction compensée price).transacción al precio de oferta menos comisiónSaid of a security issue traded at a price between transformation see also maturitythe offering price and the offering price less the fees transformation; negative term transformation;charged. term transformation

trader [stock marketl transformationarbitragiste transformation (bancaire)corredor de bolsa transformación (bancaria)Individual who buys and selis stock for own profit Medium- and long-term reinvestment operations byor for a corporation. financial intermediaries, taking in liquid savings or

sight deposits.tradingspéculation tranalation see currency translationcompraventa; especulaciónBuying and selling of securities or commodities for Treasury bill [U.S.]profit. bon du Trésor en comptes courants

bono del Tesoro (a corto plazo)trading ticket [securities] Bill issued by U.S. Treasury with short maturityfiche de Bourse; ordre d'achat; ordre de vente (less than one year).orden de compra; orden de ventaPurchase/sales order for a security.

tranche certificate of depositcertificat de dépót par tranchecertificado de depósito en tramos

107

Treasury bond [U.S.I Clause in IBRD loan agreement requiring reviewbon du Trésor A long terme after a certain number of years to determine wheth-bono del Tesoro (a más de 10 años) er changes in the countrys economic conditionLong-term (more than ten years) fixed coupon warrant harder or softer loans.paper issued by the Federal Reserve on behalf ofthe U.S. Treasury. trigge rate

seuil de déclenchementTreasury lnvestment Growth Recelpt (Tiger) tasa de activacióntigre Rate at which floating rate notes are automaticailybono sin cupón respaldado por el Gobierno de converted to fixed rate paper.EE.UU.Form of zero-coupon security first created by truncationMerrill Lynch. They consist of U.S. Government- limitation de la circulation physique des valeursbacked bonds that have been stripped of their limitación de la circulación física de los valorescoupons. See also certificates of acerual on Trea- System of limiting the physical círculation 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 Trésorbono del Tesoro (a mediano plazo) trust bank (Shintaku Ginko) [Japan]A medium-term (normally from two to ten years) banque de tiduciecoupon security issued by the U.S. Treasury. In banco fiduciarioFrance, bons du Trésor have a maturity of one to Japanese bank involved in both lending and moneyfive years. management.

Treasury tax and loan account [U.S.] turntable see entrep8tcompte courant du Trésor auprés des grandesbanques twist see currency twistcuenta corriente del TesoroCurrent account of the U.S. Treasury in which tax two-point arbitrage; space arbitragereceipts and the receipts from the sale of bonds to arbitrage dans l'espacethe public are deposited. arbitraje espacial

Buying in one center and selling in another.trbangle configurationconfiguration triangle, en triangle two-tier marketconfiguración en triángulo double marchéForm of bar chart used in bar chart analysis of mercado de dos nivelessecurities where fines drawn round the chart have An exchange rate regime which normally insulatesthe shape of a triangle. There are three main a country from the balance of payments effects ofvarieties - symmetrical, ascending and descending. capital flows while it maintains a stable exchangeThe symmetrical triangle is made up of two positive rate for current account transactions. Capitalforces - buying and selling, while the ascending one transactions are normally required to pass throughindicate a positive buying force but a neutral selling a "financialP market while current transactions goforce 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 Italytrigger clause [IBRD] have experimented with such systems.clause de déclenchementcláusula de revisión

108

u U " underwrltten facllitiesfacNlités d'émissions souscritesservicios de emisión y suscripción

unbuGdling of financial rbska Short-term paper facility with an underwriting ordécomposition des risques financiers backstop facility, such as the note lssuance fadliltyseparación de riesgos financieros (NI)The separation and separate evaluation of financialrisks. unfrienidly takeover bid see hostile takeover

uncalied capital unidentified loss reserve [IFC]capital non appelé réserve pour pertes non identifiéescapital suscrito y no desembolsado reserva para pérdidas por concepto deThe amount of capital by which the total capital inversiones no identificadasauthorized by the stockholders exceeds the paid-up Reserve that provides an allowance for losses oncapital. those investments where judgnent of impairment

cannot be made because of a lack of adequateuncovered; naked operational experience.á découJverten descubierto unR-managed costsUnhedged (i.e., a liability exists in the long or short charges administrées par les servicesterm, which is not covered by a corresponding costos descentralizadosposition). Costs which are the responsibility, for budgetary

purposes, of individual units, as opposed to thoseunderiying (security) that centrally-managed.(titre) sous-Jacent; support; valeur-supporttftulo exigible al ejercer una opción unit trust see open-end fundSecurity (or other instrument) that must be deliv-ered if an option is exercised. universal bank(ing)

banque 'multiservices"; banque á tout faire;underwrilter banque a vocation générale; banque ¿ vocation

suscriptor; asegurador; garante multiple; banque polyvalenteThcriptor;daseguran or; sellnga ante distribubanco(a) de servicios múltiples; multibanco;The middleman for selling and distributing banco múltiplesecurities 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 coté; non admis, non inscrit á la cote2. syndicat de prise ferme offlclelle1. grupo garante; grupo de suscripción; no cotizado en la bolsa2. consorcio de suscriptores Security not fisted for trading on one of the regular1. Group that agrees with the issuer of securities to stock exchanges and which is, therefore, tradedbuy 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; curbunderwrlting fee; facrilty see marketcommisslon de garantie marché des valeurs mob/lires non inscrites ácomisión de suscripción; comisión de garantía /a cote offlclelle; second marché; marché horsFee paid in Euroloan to lead banks that underwrite cotethe 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-sizedcompanies. Unlisted securities market is the British v dateterm, since 1980, for the market in stocks of smaller date de valeurcompanies; over-the-counter market is the term used fecha de valorin the U.S. (the system is operated under the Na- fecalde dalortional Association of Securties Dealers Automated The calendar date on which a transaction takesQuotation (NASDAQ) system) and Japan (the OTC placeMarket Automated Quotation System is used); third v mpa¡redmarket is the U.S. term used to describe the over- velur rmdultethe-counter market in exchange-listed securitíes; & valeuréradultemarché des valeurs mobiliéres non inscnites a la cote préstamos con Intereses Impao osofficielle is the official name and second marché the Refers to a loan which la doubtful. U.S. bankingcommon term used in France for the unlisted authorities are obligedbylaw to deare loans withsecurities market for small- and mediumsized overdue interest in excess of SLX months valuecompanies, since 1983, while marché hors cote is the impaired.name used for the general over-the-counter market vanilla swap see píain vanílla swapfor all companies.

unrealized gaina variable lending rato (VLR) systemplus-values latentes systéme de taux próteur variableganancias no realizadas sistema de tasas de interés variables sobre losProfits that have not become actual. The gains are préstamos; sistema de tipos de Interés variablesrealized when the security or other instrument on sobre los préstamoswhich 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 atte¡nt son on a semi-annual basis and this rate was applied torendement normal all variable rate loans (not just new commitments)Inversión que no ha alcanzado su pleno at the beginning of each loan's next semi-annualrendimiento interest period. Under the revised system, whichAn 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 theunwind average cost of the Bank's debt for the purpose ofdénouer setting the lending rate will be done by usingcontrarrestar currency weights representing the composition ofReverse a securities transaction through an currencies in the curreney pool rather than theoffsetting transaction. composition of currencies in the Bank's debt,

qualifled borrowlngs will be redefined to excludeutilization feo those borrowings allocated to the funding of thecommlsslon d'utillsatlon Bank's investment in liquid assets and two technicalcomisión por utllización adjustments will be made to reduce the lag betweenFee paid for use of a Euronote fac¡ilty. the time period over which the Bank's average cost

of debt is calculated and the period over which thelending rate is applied to balances outstanding on agiven loan, with the new lending rate being calculat-ed quarterly and new rates being applied at the startof each quarter rather than at the start of eachinterest period.

¡lo

venture capital wcapital a risque; capital-risquecapital de riesgoFinancing which involves a relatively high risk. waiver of negative pledge; negative pledge

waiverventure capital company renonciation a la clause de nantissementsociété de financement de l'innovation négative; renonciation a la clause decompañía de capital de riesgo nantissement pari passuCompany specializing in providing venture capital dispensa de la cláusula de abstención (de losfmance. compromisos existentes); dispensa de la

cláusula de obligación negativa; exención de lavertical spread; price spread cláusula de abstención (de los compromisosécart vertical existentes); exención de la cláusula demargen vertical; posición diferencial vertical obligación negativaOptions strategy that involves purchasing an option Situation whereby a lender waives its right to aat 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 undervolatile stock the agreement) in a loan agreement. The Bankaction volatile normally will not waive its negative pledge rights butacción de valor inestable did so recently (along with other creditors) in theA stock that changes in a manner inconsistent with 1987 Mexican collateralized bond scheme. Seechanges in the rest of the market. negative pledge clause.

volatility ratio warrant see also bond warrant; bond with bondcoefficient beta; degré de volatilité 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 warrantmarket influence changes in a specific stock.

warrantvoluntary, spontaneous lending warrantpréts spontanés; préts volontaires certificado para la compra de acciones o bonos;préstamos voluntarios warrant para la compra de acciones o bonosLending that is made willingly, as opposed to Option to purchase ordinary share or bond of alending 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 ofprevious loans. that company. Often attached to new bond issue as

inducement for investors to take up the bond.

warrant bondobligation 4 warrant; obligation warrantéebono con certificado; warrantBond with warrant attached. This may be a bondwith bond warrant or a bond with equity warrant.

warrant into government securities (WINGS)warrant échangeable contre des titres d'Etatcertificado para la compra de bonos dei TesoroWarrant which allows the purchaser to acquire,within a specified period of time, at a fixed price, aU.S. Treasury bill of specified coupon rate andmaturity.

111

wash sale window (in a market)transaction fictive, fantóme créneautransaccíón ficticia resquicioOccurs when a person buys and sells a stock, Short-lived opportunity to issue securities that maythereby recording a price, but with no actual change be taken up by any of a significant number of highlyof ownership having taken place. rated borrowers.

watch list window dressingliste sous controle habillage de bilanlista vigilada; lista en observación manipulación de la contabilidad (para aparentarList of securities singled out for special surveillance una mejor situación)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 financialon the list may be takeover candidates, companies situation seem better than it really it is, just beforeabout to issue new securities or those that seem to the publication of a balance sheet or other financialhave attracted an unusually heavy volume of trading statement.activity.

wolfhound bondweighted average see running average obligation ̂ lévrier d'lrlande^

bono woffhoundwhen issued (wi) security Bond issued in Irish punt on the Irish market bytitre vendu avant son émission non-Irish borrowers.valor vendido antes de su emisiónA security sold conditionally as, though it has been working-capital ratio see current ratioauthorized, it has not yet been issued. U.S.Treasury securities are traded on a when issued working ratiobasis. coefficient brut d'exploitation

coeficiente de explotaciónwhole loan sale Cash working expenses divided by operatingvente de préts partiels revenues, expressed as a percentage.venta de partes de un préstamoSale of portions of individual loans in transactions workout see debt workoutnegotiated directly with the end investors (typicallybanks). The Bank conducted these operations from workout arrangements; workoutsthe early 1950s through 1979 and again from 1985 arrangementsthrough 1988. They have now been discontinued. (acuerdos de) reestructuración financiera

Arrangements between borrowers and debtorswholesale banking (usually at international level) to extend repayment1. transactions interbancaires; schedules and provide new credit at reduced interest2. banque de gros rates.1. transacciones entre grandes bancos y entreéstos y otras instituciones financieras; Worid Bank Capital Markets System (CMS)transacciones interbancarias; [IBRD]2. servicios bancarios para empresas Systéme d'linformation sur les marchés1. Large-scale dealings in money deposits centered financiers (Banque mondiale)in the closely-interrelated group of money markets Sistema de información del Banco Mundialwhich have developed strongly since the mid-1960s. sobre los mercados de capital2. Banking facilities offering a limited number of A computer-based system set up in 1974 whichservices 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'ass¡stance spéciale (de laBanque mondiale aux pays membres) Yankee bondPrograma de asistencia especial (del Banco obligation YankeeMundial a los países miembros) bono yanquiA program to assist those borrowers making a Bond issued on the U.S. market in U.S. dollarsdetermined effort to undertake the difficult mea- outside U.S.sures needed to sustain development despite adverseexternal circumstances. It includes acceleration of yleld curvedisbursements, substituting higher priority opera- courbe des rendementstions that support structural adjustment and policy curva de rendimientochange for lower priority, slower disbursing opera- Graph relating rates of return to maturity.tions, expansion of advisory services in the designand implementation of appropriate policies and yleld curve arbltrageurging other lenders to make similar efforts. arbitrage sur les courbes de rendeiment

arbitraje conforme a la curva de rendimientoWorid Bank's Speclal Program of Asmistance Taking a position based on a view of expectedfor the Low-lncome Debt-Dlstressed changes in the shape of the yield curve independentCountries In Sub-Saharan Africa from the general interest rate view as it is expressedProgramme spéclal d'assistance de la 8anque by the average duration at which the portfolio ismondiale en faveur des pays a falble revenu positioned.surendettés d'Afrique subsaharlennePrograma especial de asistencia del Banco yinld plckupMundial para los países de bajos Ingresos de gain net de rendementAfrica al Sur del Sahara agobiados por la deuda No SpanishProgram set up by Bank at the end of 1987 to A currency hedged strategy where, because of theprovide quick-disbursing adjustment lending to the difference sin shape of the yield curves of twopoorest Sub-Saharan African countries. currencies, the difference in interest rates between

these two currencies is not reflected in forwardwrite (an option, a swap) foreign exchange rates, giving arbitrage opportuni-Acríre ties under which bonds of equivalent duration invender (una opción, un swap) these currencies can be swapped and the currencySell a swap. exposure hedged.

write ott; charge-ofl [nounl yleld to maturity (YTM)wste off; pargeof et proufnts; montants rendement a Péchéancepassatlon par pertes et profits; monte rendimiento al vencimientopassés par peres et proflts; créance The return a security earns assuming that it is held

anulación en libros; cancelación en libros until a certain date and put to the borrower at theWhen an asset or a portion of an asset is recognized specified put priceas worthless, it is removed from the books of acorporation and a corresponding loss in the corpor-ation's capital is recognized.

113

zero coupon bondobligation A coupon zérobono sin cupónBond that pays no interest but is sold at a steepdlscount and paid off at par. See also certincatesof accrual on Treasury securities.

zero coupon Eurosterling bearer registeredaccruing securities (ZEBRAS)zAbresvalor zebraEurobond, denominated in sterling and sold at steepdiscount.

Abbreviations (English)Sigles (anglais)Siglas (inglés)

117

Note that not all these abbreviations necessarily appear in the Glossary.

AAD AMA ATMat a discount Asset Management Account automnatlc teilhr machine

ABT AMEX ATRRAmerican Board of Trade American Stock Exchange aliocated transfer rdsk

reservesACE APBAMEX Commodkies Accounting Principies Board BANExchange bond anticipation note

APDFACH Africa Project Development BBAautomated clearing house Facility British Bankers' Associatlon

ACRS API BDOaccelerated cost recovery alternative participation bottom dropped outsystem instrument

BIBORACV APR Bahrein Interbank offered rateactual cash value annual percentage rate

BONUSADIBOR APT borrower's option for notesAbu Dhabl interbank offered arbitrage pricing theory and underwritten standbyrate

ARI BRIBORADR accounting rate of Interest Brussels lnterbank offeredAmerican Depositary Recelpt rate

ARMADR adjustable rate mortgage CADasset depreclation range cash against documents

ARPAFBD adjustable rate preferred CAMELAssociation of Futures stock capital, assete, management,Brokers and Dealerm sarnings, liquidity

ASALAl agricultural sector adjustment CAPMaccrued lnterest loan Capital Asset Pricing Model

AIBD ASE CARDAssociation of International American Stock Exchange certificate of amortizedBond Dealera revolvlng debt

ATMAIBOR at the money CATSAmsterdam Interbank offered Certlficate of Accrual onrate Treasury Securities

CATSComputer Assisted TradingSystem

118

cB CMS EFTcurrnt blend Woutd Bank Capital Markets eiectronic funds transfer

SystemCBF EMECentral Bank Faciity COLTS European Mercantiie

Continuousiy Offered Exchange (Dublin)C8OE Longer-Term SecuritiesChicago Board Options EMGFExchange COPS Emerging Markets Growth

Continuously Offered FundCBOT Payment Rights In SwissChicago Board of Trade Francs EMIF

Emerging Markete InvestmentCBT COPS FundChicago Board of Trade ccvered option securities

EOECD COUGRs European Options ExchangeCertificate of Deposit Certificates of Government (Amsterdam)

RecelptsCEA EPSCommodity Exchange CP eamings per shareAuthority commercial paper

ERLCEIC CRI economic recovery loanclosed-end investment consumption rate of lnterestcompany ERL

DCF emergency reconstructionCFBH discounted cash flow loanCorporation of ForeignBondhoiders DCP ESAF

droppages, cancellations and Enhanced StructuraiCFTC prepayments Adjustment FacilityCommodities Futures TradingCommission DFI ESOP

direct foreign investment employee stock ownershipCM plancali of more DRC

domestic resource cost EUACMA European Unit of Accountcash-management account DRF

Dally Range Factor EURCOCME European Composite UnitChicago Mercantile EALExchange export adjustment loan FASB

Financial AccountingCMO ECP Standards Boardcollateralzed mortgage Eurocommercial paperobligation

ECUEuropean Currency Unit

119

FIAS GUN IRAForelgn lnvestment Advisory guarantor unde¡wrltten note Inidduae RetdrementService Account

HIBORFIBV Hong Kong interbank offered ISDAInternational Federation of rato Internatona Swap DealermStock Exchanges AssocIation

HICFIL heaviiy Indobted middle ISROfinancial intermediary loan income country International Securities

Regulatory OrganizationFNMA HICFederal National Mortgage hlghiy lndebted middle ITMAssociation (Fannie Mae) incorne country In the money

FOMC HKIBOR ITPALFederal Open Market Hong Kong interbank offered Industrial and trade policyCommittee rate adjustment loan

FRA IBF KIBORforward rate agreement; nternationa bankWng facllity Kuwait lnterbank offered ratefuture rate agreement

IBOR LBOFRB interbank offered rate leveraged buyoutFederal Reserve Bank/Board

ICERC LCEFRN Interagency Country London Commodityfloating rate note Exposure Review Committee Exchange

[U.S.]FSA UBIDforward spread agreement ¡CON London Interbank Bid Rate

Indexed currency option noteGAAP UBORGenerally Accepted IMM London lnterbank OfferedAccounting Principies International Monetary Rate

MarketGNMA UCOMGovernment National IOM London Interbank CurrencyMortgage Association (Ginnie International Options Market Options MarketMae)

¡OSCO UFFEGOFFEX International Organization of London InternationalGerman Options and Securities Commissbons Financiai Futures ExchangeFinancial Futures Exchange

IPMA UMEANGRIP International Primary Market London Interbank Mean RateGuaranteed Recovery of Associationlnvestment Principal(Program) ¡PO

hnitiai public offerhng

120

UONs MIMIC NOWLehman Investment moderately Indebted mlddie- Negotiable Order ofOpportunity Notes Incoma country Withdrawai

LMBO MMF NYFEleveraged management money market fund New York Futures Exchangebuyout

MMI NYMELME Major Market índex New York MercantileLondon Metal Exchange Exchange

MOFLOCH multioption facility NYSELondon Options Clearing New York Stock ExchangeHouse MOFF

multioption financing facility OBSLSE off-balance sheetLondon Stock Exchange MTN

medium-term note OBULTB offshore banking unitlong-term blended cost rate MYRA

multi-year rescheduling OCCLTOM agreement; multi-year Options Clearing CorporationLondon Traded Options restructuring agreementMarket OEIC

NASD open-end investmentLTPR National Association of companylong-term prime rate Securities Dealers

OIDLUXIBOR NASDAQ original issue discountLuxembourg interbank National Association ofoffered rate Securities Dealers Automated OM

Quotations Optionsmaklarna (SwedishLYON Options Exchange,fiquid yleld option note NAV Stockholm)

net asset valueMBS OPMmortgage-backed security NBV other people s money

net book valueMIBOR OTCMadrid Interbank Offered NCR over the counterRate net cash requirements

OTMMILIC NCS out of the moneymoderately indebted low- non callable securitiesIncome country PAL

NIA program adjustment loanNew lnvestment Authority

PERNIF price earnings rationote issuance faclllty

121

PERL REIT S&Ppublic enterprlse real estate Investment trust Standard and Poorrationalization loan

REPO SAPPERL repurchase agreement (Worid Bank) Program ofpublic enterprise reform loan Special Assistance (to

RIC Member Countrles)PERL rehabilitation Import creditpublic enterprise SCPrehabilitation loan RIL steriing commercial paper

rehabilitation lmport loanPFP SDApolicy framework paper ROA Social Dimensions of

return on assets AdjustmentPHLXPhiladelphia Stock Exchange ROC SDRIBOR

return on capital 6 month SDRs interbankPIBOR offered rateParis lnterbank Offered Rate ROE

return on equity SECPIF Securities and Exchangepurchase issue facility ROI Commission

return on investmentPIN SECALPhilippines Investment Notes RP sector adjustment loan

Repurchase AgreementPPF SFAPro¡ect Preparation Facility RR Special Facility for Africa

rate resetterPSE SFSAPacific Stock Exchange RSI Special Facility for

Relative Strength índex Sub-Saharan AfricaPUFpurchase underwritng facility RUF SIBOR

revolving underwriting facility Singapore lnterbank OfferedQB Ratequalified borrowings SAD

sector adjustment loan SILRAFT specific investment loanrevolvlng acceptance facility SAFby tender Structural Adjustment Facility SILIC

severely lndebted low-incomeRAN SAIBOR countryrevenue anticipation note Saudi Arabia interbank

offered rate SIMRATs sector lnvestment andready assets trusts Salole Mae maintenance loan

Student Loan MarketingAssoclation SIMIC

severely lndebted mlddle-lncome country

122

SMA TUSecondary Market transferabie loan lnstrumentsAssociation

TRUFSNCF transferable revoMngsecuritized note commitment underwrlting facilityfacllity (issued by Frenchrailways, SNCF) TSE

Toronto Stock ExchangeSNIFshort-term note issuance TUFfacillty tranche underwritten facility

SOFE ULMSwedish Options and Future unlisted securities marketExchange

VLRSTAGs variable lending ratestering transferable accruinggovemment securities wi

when IssuedSTRIPSSeparate Trading of WiNGSRegistered Interest and warrant into govemmentPrincipal Securities securities

SWIFT YTMSociety for Worldwide Yieid to MaturityInterbank FinancialTelecommunications ZBB

Zero-Based BudgetingTALtechnical assistance loan ZEBRAs

zero coupon EurosteriingTAN bearer registered accruingTax Anticipation Note securities

TBR ZIBORTreasury Bill Rate Zurich interbank offered rate

TiGRTreasury Investment GrowthRecelpt

TLCtransferable loan certificates

TLFtransterable loan facilities

Abbreviations (French)Sigles (français)Siglas (francés)

125

Note that not all these abbreviations necessarily appear in the Glossary.

ADEF BMT CATIFAgence d'évaluation bon des maisona de titres contrat a terme d'instrumentfinanciere flnancier

SONADP bon á ordre négociable CBVaction á divídende prioritaire Consell des bourses de

BPA valeuraAFSB bénéflce par actionAssociatlon françalse des CCsoclétés de Bourse BSF coupon couru

bon des socletés financIresAMI CCIFPagent du marché ST Chambre de compensationInterbancaire billet de trésorerie des Instruments financiers de

ParisAMM BTAadhérent mainteneur de bon á taux annuel CCRmarché coefficlent de capitailsation

BTAN des résultatsAPDF bon a taux annuel normaliséService de promotion et de CDdéveloppement des BTF certlficat de dépótlnvestissements en Afrlque bon a taux fixe

CDNBALO BTM certlficat de dép6t négociableBulletin des annonces légales bon a taux mensuelobligatoires CEA

BTN compte d'épargne en actionsBIC bon du Trésor négociablebénéfices industrlels et CETIcommerclaux BTT contrat d'échange de taux

bon a taux trimestríel d'lntér8tsBIFSbon des Instltutions BTV Clfinancilres spécialisées bon a taux variable certificat d'lnvestissement

BIM CAC CIPbon A Intéréts mensuels Compagnie des agents de certlficat d'lnvestissement

change privilégléBIPAbon a Intéréts payés CAC CMTd'avance cotation assistée en continu Consell des marchés á terme

BIPATE COBbon & taux flxe a lntér8ts Commisslon des opérationapayables á terme echu de Bourse

126

COLTS FASR LEPpapier á terme offert en Facilité d'ajustement livret d'épargne populairepermanence structurel renforcée

MATIFCOPS FCC marché á terme descréances comptables émises Fonds commun de créance instruments financierscontinuellement en francssuisses FCP MEA

Fonds commun de Modele d'évaluation parCRH placement arbitragecaisse de refinancementhypothécaire FEUN MEDAF

Fonds d'Etat libres d'intéret Modeie d'équllibre des actifsDCPE nominal financiersdocument-cadre de poiitlqueéconomique FIAS MEDAF

Service-conseil pour Modéle d'évaluation desDPA l'investissement étranger actifs financiersdividende par action

FIBV MONEPDR Fédération intemationales Marché des optionsdélal de recouvrement des bourses de valeurs négociables de Paris

DSA GAB OATdimensions sociales de guichet automatique de obilgation assimilable dul'ajustement banque Trésor

ócu GIE OBSAunité monétaire européenne groupement d'intéret obligation á bon de

économique souscription d'actionsENBAMMentreprise, établissement non GRAI OBSObancaire admis(e) au marché (Programme de) garantie de obligation á bon demonétaire recouvrement de l'apport des souscription d'obligations

InvestisseursESOP OICVemprunt á sensibilité lES Organisation Internationaleopposée pret d'lnvestissement et des commissions de valeurs

d'entretien sectoriel mobiliéresFAAFonds d'alde á l'Afrique IPA OLLMC

Intéréts payables d'avance obligation livrable la moinsFAS chéreFacilité d'ajustement IPEstructurel Intérets payables á OPA

l'échéance offre publique d'achat

127

OPCVM PREP SICAForganisme de piacement prét a la rationalisation des société d'investissement ácollectlf en valeurs mobilieres entreprises publiques capital fixe

OPE PREP SICAVoffre publique d'échange prét au redressement des sociéte d'investissement á

entreprises publiques capital variabieOPMopérateur principal du PREP SICOVAMmarché prét á la réforme des société interprofessionnelle

entreprises publiques de compensation des valeursOPV mobileéresoffre publique de vente RES

rachat, reprise d'entreprise SVTORA par les salariés spécialiste en valeurs duobligations remboursables en Trésoractions Rl

reglement immédiat T4MORT taux moyen mensuel duobligation renouvelabie du RM marché monétaireTrésor reglement mensuel

TAGOSCAR RPTA taux annuel glissantobligation spéciale & répartition proportionnellecoupons & réinvestir des titres amortis TAM

taux annuel monétaire3TV RSPobligation á taux variable réserve spéciale de TBB

participation taux de base bancairePAPICprét á l'ajustement de la SBF TCNpolitique hndustrielle et Société des Bourses titre de créance négociablecommercia-e francaises

TEBPASA SCMC taux d'escompte moyenpr8t á l'ajustement du Société de compensation pondéré des bons du Trésorsectour agricole des marchés conditionneis

TICPCT SCPI taux d'lntér8t comptablepanachage á court termo soclétés civles de placement

Immobllier TIOPPER taux interbancaire offert áplan d'épargne retraite SDIB Paris

Société de diffusion desPLT lnformatbons boursires TMEpanachage de long terme taux moyen mensuel de

SFI rendement des empruntssociété flnancibre d'Etat á long termed'lnnovation

128

TMMtaux du marché monétaire

TMOtaux du marché obligataire

TMPtaux moyen pondéré

TOFtableau des opérationsfinancibres

TRAtaux révisable annuellement

TRIBORtaux de référence deI'indicateur bancaire d'originedes ressources

TSDItitre subordonné á duréeindéterminée

TSRtItre subordonnéremboursable

uecunité européenne de compte

Abbreviations (Spanish)Sigles (espagnol)Siglas (español)

131

Note that not all these abbreviations necessarly appear in the Glossary.

COLTS UCEvalores a más largo plazo de unkiad de cuenta europeaoferta continua

COPSvalores de oferta continua enfrancos suizos

ECUunidad monetaria europea

FIASServicio de asesoría sobreInversión extranjera

GRIP(Programa de) recuperacióngarantizada del principal delas inversiones

oiCvOrganización Internacionalde Comisiones de Valores

OPAoferta pública de adquisición

PPEdocumento sobre parámetrosde politica económica

SETservicio de emisión de titulos

nIctasa de interés contable

TICtipo de interés contable

TiCOtasa de actualización delconsumo

Terninologie des fmances et de la dette

Français-anglais

135

abandons, annulations et accord de retra-t proslf actioms bénélaremboursements antidpés fade-out agreemnt, pJ -i4n dvdend stockdroppages, cancellations and agreernentprepayments (DCP) [IFCJ atlons cmumlathve

accord de smp sur las tau prvdabstentionniste d'intérit cumuve prefemd stockfree nder interest-rate swap

actions de prioritéacceptation bancaire accroissement du coeffldeut prefemd stockbanker's acceptance d'intensité du capital

capital deepening actdons-<lvidendesacceptation de banque scnp ussue [UK]; stockbank bill achat k découvert dividend [USJ

mar8in buying [stock exch ]elacceptation de banque act¡ons gratuitesbanker's acceptance acquisition d'actlons scnp issue JUKJ; stock

share ownership dividend [USJaccord de compensationclearing agreement acquisition de créances á des actions libérées

ris philanthropiques paid-up stock, fully paíd stockaccord de domiciliation debt-charity swapsset aside agreement actions nominatives

acquisition de valeurs rgistered stock, personal stockaccord de non-rétrocession mobiliéresd'actions share ownership actions privilégiéesshare retention agreement preferred stockJIFCJ acteurs sur le marché

market pa~icipants activités hors bilanaccord de paiement off-balance sheet (OBS)clearing agreement action au porteur activities

tfansferable shareaccord de rééchelonnement adbérent mainteneur depluriannuel action davenir marché (AMM)multi-year rescheduling growth stock market makeragreement (MYRA); multi-yearrestructuring agreement action de jouissance adjudication a la hollandalse(MYRA) dividend-right share Dutch auction fU.S.1

accord de réméré action en chute libre adjudication k prix uniformerepurchase agreement (RP; air pocket stock Dutch auction [US.1repo)

action gratulte adosséaccord de réméré inverse bonus share back-to-back (loan, bofrowing);reverse repurchase agreement matched funding

action volatileaccord de restructuration volatile stock agence de ciassement (despluriannuel titres)muld-year rescheduling actionnaire puissant rating agencyagreement (MYRA); multi-year leveraged stockholderrestnucturing agreement agence de cotation(MYRA) ratng agency

136

agence de ratlng amélioration de la cote de appréciationrating agency crédit accretion

credit enhancementagence d'évaluation financiere approche a court termerating agency amélioratfon de la signature short-leash approach

credit enhancementagent approche k la carteagent bank amélioration des prix moyens market-based menu approach;

(d'un titre) market-driven menu approach;agent boursier averaging, dollar cost averaging menu of optionsdealer [stock marketJ

amortissement approfondissement du capitalagent boursier amortization capital deepeningbroker

amortissement de la dette apres bourseagent boursier opérant pour debt retirement after-marketson propre comptejobber analyse des probabilités de arbitrage

recouvrement (des prets k un switchagent de change pays)broker country collectibility analysis arbitrage

[IBRD] arbitrageagent de changefloor trader analyste des valeurs arbitrage dans l'espace

securities analyst two-point arbitrage; spaceagent de contrepartie arbitragedealer [options market] annoncer (un taux)

post (a rate) arbitrage dans le tempsagent de placement time arbitragesales agent; selling agent anticipations rationnelles[securities] rational expectations arbitrage de taux d'intérét

couvertagent financier anti-transformation covered interest arbitragefiscal agent negative term transformation

arbitrage sur les courbes deagent opérant directement sur appel de fonds rendementle parquet supplémentaires pour baisse yield curve arbitragefloor trader de la couverture

margin calí arbitragisteagent payeur arbitrageurpaying agent appel de marge

margin call arbitragisteagio trader [stock market]agio apports complémentaires

topping up argent apatrideagio stateless moneypremium [secunities] apports d'argent frais

new money packages argent au jour le jourallégement financier ovemight fundsfinancing relief

137

argent au jour le jour autofinancement avor9 non productlfscalU money; day-to-day money; in house financing nonperforming assetsdemand money; money at call self-financing

avolru productifsargent frais autorisation de prft eaming assetsnew money lending authority

back-offlcearrangements autorisation globale de cap back officework out arrangements; Global Cap Authority [IFC!workouts banalisation

autorisation globale de swap conversion from a restricted toarriere-guichet Global Swap Authoñity a fuli-service institutionback office

autres investissements directs banque k charteassise financiere non-equity direct investment chartered bank [Canada]capital base

aval banque k charte fédéraleAssociation des courtiers aval federally chartered bank [U.S.Jinternationaux en obligationsAssociation of Intemational avance de prémission banque k tout faireBond Dealers (AIBD) bond-anticipation note (BAN) combined commercial and

investment bank; multibank;assurer le service d'un pret avance pour la préparation all-purpose bankservice a loan des projets

Project Preparation Facility banque a tout faireasynétrie des échéances advance [IBRDJ universal bank(ing)maturity mismatch

avance PPF banque a vocation généraleattaquant Project Preparation Facility combined commercial andcorporate raider; raider advance [IBRDJ investment bank; multibank;

all-purpose bankattraction avances a vuecrowding-in call money; day-to-day money; banque a vocation générale

demand money; money at cali universal bank(ing)attributionaliotment avances non garanties banque a vocation multiple

clean advances universal bank(ing)attribution d'actions gratuitesstock 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'origineau-dessus du prix parent bankout of the money (OTM) avoir fiscal(option) tax credit banque de détail

retail bankingaugmentation de l'importance avoirs en portefeuilledes circuits financiers share ownership banque de fiduciefinancial deepening trust bank (Shintaku Ginko)

[¡apan]

138

banque de second rang base de caleul bon a prime (d'émission)second tier bank notional amount discount note

banque de trésorerie et bénéflce par action (BPA) ben k taux flottantd'arbitrage eamings per share (EPS) floating-rate note; floaterinvestment bank [U.S.J;merchant bank [UK] bénéflces non distribués ben a taux llottant k coupon

retained eamings indexébanque extraterritoriale, floating rate note with variableoffshore besoins de fonds nets coupon fixoffshore bank net cash requirements (NCR)

ben k taux révisablebanque mere besoins nets de trésorerle floating-rate note; floaterparent bank net cash requirements (NCR)

bon au porteurbanque multiservices beta bearer notefuUl service bank beta

bon-couponbanque multiservices billet a ordre coupon noteuniversal bank(ing) promissory note

ben de caissebanque multiservices billet de mobilisation savings bond [France, Belgium,combined commercial and mongage bond U.S.]investment bank multibankalí-purpose bank billets de trésorerie bon de jouissance

commercial paper (CP); dividend-right certificatebanque non bancaire commercial billsnon-bank bank non-bank bon d'épargnefinancial institution blanc savings bond [France, Belgium,

clean U.S.]banque polyvalentecombined commercial and bloc de contróle bon de sortieinvestment bank multibankl controlling interest exit instnrment; exit bond; exitall-purpose bank vehicle

bonbanque polyvalente note bon de souscription d'actionsuniversal bank(ing) stock wanrant

bon a coupon hollandaisBanque "sogo' Dutch auction notes bon de souscriptionSogo bank d'obligations

bon k court terme émis (par bond warrantbanque tres engagée une collectivité publique) pourlarge eposure bank financer un projet bon du Trésor

(autoamortissable) Treasury note [U.S.]banques lnstallées sur les project noteprincipales places financiéres bon du Trésor k long termemoney center banks bon a intérét variable Treasury bond [U.S.]

perpétuelbase perpetual floating-rate note bon du Trésor k tr*s courtbasis terme

cash management bil

139

ben du Trésor en comptes capital socal cavalier seulcourants equity capital; capital stock (of free riderTreasury bill U.S.J a corporation)

centieme de pour centbon garanti par les recettes capitalisation basis pointfiscales prévues capitalidationtax-anticipation note (TAN) centime

capitalisation beursiére basis pointbon Tankoku market capitalizationTankoku bill centre bancaire

capitalisation de la dette extraterritorial, offshorebons a prime (d'émission) debt capitalization offshore banking centerconsolidésconsolidated discount notes capitalisation des lntérets certificat américain de dépbt

interest capitalization American Depositary Receiptbulletin de livraison (ADR)scrip certificate; bearer scrip capitaux disponibles

floating capital certificat d'actioncaisse d'amortissement partiellement libéréesinking fund capitaux fébriles scrip cenificate; bearer scrip

hot money; funk money [U.K]caisse d'avances certificat d'investissementrevolving fund capitaux tlottants (Cl)

floating capital investment certificatecalendrier des émissionsissuing calendar capitaux mobiles certificat de dép8t

floating capital certificate of depositcapcap; capped floating rate note capitaux propres certificat de dépot a taux

stockholders' equity; renouvelécapacité 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]capacité de remboursement de certificat de dépót classique,la dette carte de crédit institutionnelle par lotdebt canying capacity corporate charge card; straigh4 tap certificate of

corporate credit card depositcapital k risqueventure capital; risk capital carte de crédit professionnelle certificat de dépot jumbo

corporate charge card; (montant minimum decapital a risque corporate credit card US$100.000)nsk capital jumbo certificate of deposit

carte des options [US]capital non appelé market-based menu approach;uncalled capital market-driven menu approach; certificat de dépot par

menu of options tranchecapital-risque tranche certificate of depositventure capital; risk capital cash and carry

cash and carry

140

certificat de reconnaissance charges administrées par les clause de bonne volontéde dette servlces goodwill clausedebt ceftificate; certificate of unit-managed costsindebtedness clause de danger

charges centrales jeopardy clause; disaster clause;certiflcat de titre en dépót centrally-managed costs break clausedepositary receipt

chartiste clause de déclenchementcertlflcat de transfert de prets chartist trgger clause [IBRDJpass-through certificate;pa~tcipation certificate chats clause de défaut croisé

cerificates of accrual on cross-default clausecertificat démembré Treasury secuáities (Cats)strip certificate clause de dérogation

chef arbitragiste temporairecertificat négociable de dépot head of trading bisque clausea termenegotiable time certificate of chef de file clause de disponibilitédeposit lead bank; lead manager switch, availability clause

certificat nominatif cheque certirié clause de manquementbond certificate certified check réciproque

cross-default clausecertificat strip cheque de banquestip certificate cashier's check clause de nantissement

négativecession chéque de banque negative pledge clausedivestiture banker's draft

clause de ne pas fairecession d'actions (d'une cheque tiré negative pledge clausenouvelle société aux banker's draftactionnaires de la société clause de non-préférence demére) classé improductif tiersspinoff nonaccrual status, in a negative pledge clause

cession de créances classer clause de partage dedebt buyback, debt repurchase rate, to; grade, to paiements

shañing clause; payment sharingcession de préts par émission clause "drop lock" clausede titres drop locksecuritized loan sales clause de récupération

clause d'égalité de traitement recapture clausechambre de compensation pari passu clauseclearing house clause de rendez-vous

clause d'exigibilité croisée periodic review clause; reviewchantage au dollar cross-default clause clausegreenmail

clause d'illégalité clause de sauvegardeillegaliy clause jeopardy clause; disaster clause;

break clause

141

clause de solidarité coelYlcient de capitalisation comité de restructurationpari passu clause des résultats (CCR) steeríng committee; advisory

price/earnings ratio (P/E ratio; committeeclause de verrouillage au taux PER)plancher Comité Cookedrop lock coefliclent de coút en Committee on Banking

ressources lntérleures Regulations and Supervisoryclause multidevises domestic resource cost rallo Practices; Basle Supervisors'multicurrency clause Committee; Cooke Committee

coemflent de couvertureclause négative hedge ratio Comité de contróle bancairenegative pledge clause de Bale

coefficlent de liquidité (avant Committee on Bankingclause pari passu 1/1/78 et apres 1/9/88) Regulations and Supervsorypari passu clause; negative reserve ratio Practices; Basle Supervisors'pledge clause Committee; Cooke Committee

coefricient de recouvrementclause rouge brut Comité des rgles et pratiquesred clause gross collection ratio de contrfle des opérations

bancairesclub de créanciers coefflcient marginal de Committee on Bankinggroup of creditors réserve Regulations and Supervisory

marginal reserve requirement Practices; Basle Supervisors'CMO Committee; Cooke Committeecollateralized mortgage coefficient net d'exploitationobligalion (CMO) operating ratio commission d'agent payeur

fiscal agency feecochef de file coefficients de liquiditécomanager; colead manager liquidity ratios commission de chef de file

management commission, feecoefficient bQta coentreprise avecvolatility ratio participation au capital social commission de direction

equity joint venture management commission, feecoefricient brut d'exploitationworking ratio cofinancement d'intervention commission de garantie

au-dessous d'un seuil de guarantee comrnission, feecoefricient d'ajustement de croissance donné [IBRD](l'encours) de la dette growth contingency cofinancingamorhizadton adjustment factor commission de garantie[currency pool] cofinancement sous forme de underwriting fee; facility fee

participation directecoefficient d'utilisation des directparticipation cofinancing commission de g¿rancefonds propres handling fee, management feegearng ratio [IBRDJ collar

collar commlssion de gestioncoetTicient de capital brut management commission, feegross capital coefficient, ratio comité consultatif bancaire

bank advisory committee

142

commission de gestion compte a découvert configuration double sommethandling fee; management fee margin account double top configuration

commission de gestion compte-cheques rémunéré configuration Magency fee [Euromarket] negotiable order of withdrawal double top configuration

(NOW) accountcommission de guichet configuration téte-épaulesselling commission compte courant du Trésor head and shoulders

aupr*s des grandes banques configurationcommission de mise a Treasury tax and loan accountdisposition [U.S.] configuration triangle, enavailability fee JIFC] triangle

compte d'achat de titres triangle configurationcommission d'engagement secunities margin accountcommitment fee, charge configuration W

compte d'avances de caisse double bottom configurationcommission de placement imprest accoun4 fundselling fee fEuromarket] confort

compte d'avances temporaires comfortcommission de reconduction imprest account, fundextension fee consortialiser

compte de gestion de syndicate, to (a loan)commission d'instruction trésorerieprocessing fee cash-management account consortium

(CMA) syndicatecommission d'instructionloan origination fee compte de nantissement constitution d'un gage

collateral account collateralizationcommission d'ouverturefrontend fee compte de réserves pour le constitution d'une garantie

rachat du capital des actions collateralizationcommission d'utilisation capital redemption reserveutilization fee funds contraint

lock(ed) in (interest rates)commission immédiate Compte des banques centralesflat fee; front end fee auprés de la BIRD contrat k cap de taux d'intéret[Euroloan] Central Bank Facility (CBF) interest rate cap

[IBRDJcommission syndicale contrat & réglement mensuelmanagement commission, fee compte "prime d'émission" (RM)

share premium account [IFCJ forward contractcompartiment (du marché)segment; sector (of the market) concentration (des échéances) contrat k taux d'intérét

bunching (of maturities) plafonnéscompensation des créances interest rate capInternes condamnémultilateral netting lock(ed) in (interest rates)

compensation monétaire de configuration double creuxgroupe double bottom configurationmultilateral netting

143

contrat a terme contrat de paiement contre conversion d'un type de tauxfutures contract livraison k un autre

take-and-pay contract rate base switch [IFCJcontrat k terme de tauxd'intérét contrat de prise ferme conversion monétaireforward rate agreement; future take-or-pay contract currency transtationrate agreement (FRA)

contrat de report correspondantcontrat a terme d'instrument system repurchase agreement agent bankfinancier (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 á terme financier reverse repurchase agreementfinancial futures cotation assistée en contfnu

contrat de taux plafonné (CAC)contrat a terme sur indices cap; capped floating rate note automated quotationboursiersstock index future contrat du Matif cotation assistée en continu

financial futures contract (CAC)contrat k terme sur swap automated quotationswap future contrats de partage de la

production cotation en continucontrat d'achat ferme production-sharing contracts market makingtake-or-pay contract

contrats de partage des cotercontrat de cap bénérices rate, to; grade, tocap; capped floating rate note profit-sharing contracts

couponcontrat d'échange de taux contre-garantie coupond'lntérets (CETI) counter-guaranteeinterest-rate swap coupon couru (CC)

contrepartiste accrued interest (Al) fbondsJcontrat de FRA market makerforward rate agreement; future coupon dégressif multiplerate agreement (FRA) conversion comptable des step-down (securíty)

monnalescontrat de gestion currency translation coupon progressif multiplemanagement contract step-up (security)

conversion de la dette encontrat d'ouverture de credit devises courbe des rendementsmultidevises a options debt domestication yield curvemnultiplesmultioption facility (MOF); conversion de la dette en coursmultoption financing facility devises en dette en monnale price (of a bond)(MOFF) nationale

debt domestication

144

cours (de l'offre) cofit d'lnactivité (des crédit a tres court termeask(ed) price; market price capitaux) call money; day-to-day money;[securities marketJ canying cost; canying charges; demand money; money at call

cost of carrycours acheteur crédit autoamortissablebid price coút en ressources intérieures self-liquidating credit

domestic resource cost (DRC)cours de la Bourse crédit a vueshare list coút réel des devises calU money; day-to-day money;

domestic resource cost (DRC) demand money; money at calUcours vendeurselling rate couverture k terme crédit consortial (sans chef de

forward cover file)courtage club deal, loanbrokerage couverture de l'opération

margin requirements [stock crédit croisécourtier exchangel swap (transaction)broker

couverture des opérations A crédit de commoditécourtier (en valeurs terme convenience creditmobilieres) hedgingsecurities dealer; securities finn crédit d'équipement

couverture du service de dette term loancourtier (opérant sur le debt-service coveragemarché primaire) spécialiste crédit de restructurationen valeurs du Trésor (SVI) créance irrécouvrable new moneypñmary dealer write off, charge-off [nounJ

crédit de sécuritécourtier d'effets publcs créances comptables émises swinglinegovemment security dealer continuellement en francs

suisses (COPS) crédit d'imp6tcourtier en fonds d'Etat Continuously Offered Payment tar creditgovemment security dealer Rights in Swiss Francs (COPS)

crédit dirigécourtier en placements créances immobilisées managed loaninvestment broker nonperforming debt

crédit face A facecoút de détention (des créances non productives back-to-back (loan, borrowing);capítaux) nonperforming debt matched fundingcarrying cost; carrying charges;cost of canry crédit adossé crédit ponetuel

back-to-back (loan, borrowing); spot creditcoút des emprunts matched fundingdoublement pondéré crédit reconductibledouble-weighted borrowing cost crédit a l'importation pour le revolving credit; rollover credit[IBRD] redressement économique

rehabilitation import crédit renouvelablecredit/loan (RIC, RIL) [IBRD] revolving credit; rollover credit

crédlt souvera¡nsovereign credit

145

créneau décomposition des risques demande de retralt de fondswindow (in a market) financiers pour le regiement direct de

unbundling of financial nsks fournlsseurscritere de stimulation Apptication for Withdrawal formateriality criteria décote direct payment [IBRDJ

discount from par [secunitiescushion bond market] démanRiementcushion bond divestiture

décote de conversiondate d'échange conversion discount dématérialisatlontrade date computerized entry of

découvert, k ownership; demateñalisadiondate de jouissance uncovered; naked [UKJdated date

défaillance du marché démembrementdate de reconduction market failure divestiturerollover date

défausse de la dette démembrementdate de reglement debt defeasance; collateralized strippingsettlement date (debt) defeasance

dénouerdate de valeur defeasance unwindvalue date debt defeasance; collateralized

(debt) defeasance dépenses groupées au débutdate de versement (d'une période donnée)payout date; payment date; degré de volatilité front-loaded spendingdistribution date volatility ratio

déperdition surdate effective de rentrée des délai de gráce l'investissementfonds grace period investment leakagepayout date; payment date;distribution date délit dinitié déport

inside, insider dealing disagiodécapitalisationstock dilution; stock watering delta déport

delta discount; ma.*own [foreigndéclaration de politique de exchangeldéveloppement demande de remboursementletter of development policy anticipé déportJIBRD] acceleration of maturity backwardation

déclaration de politique demande de retrait de fonds dépossessionsectorielle pour le remboursement d'un divesti¡ureletter of sectoral policy IIBRD] palement

Application for Withdrawal for dépót de garantiedéclasser (un prat) reimbursement [IBRDJ iniial margindowngrade (a loan)

146

dépréciation différé d'amortissement documentimpairment grace period prospectus

dernier prix (de la journée) différentiel document-cadre de politiqueclosing price basis économique (DCPE)

policy framework paper (PFP)désengagement (d'une société dilution [IBRD]d'Etat) dilutiondivestiture dont les intérets impayés ne

dilution du capital sont pas comptabilisésdesintermédiation stock dilution; stock watering nonaccrual status, in adisintermediation

disagio double marchédésintermédiation disagio two-tier marketsecuritization

dispositif d'action droitdette achetée avec décote et conjoncturelle right (to purchase shares)revendue a sa valeur Contingency Mechanismnominale [IBRD/IMF] droit de conversionround-tripping stock option

dispositif d'appui conditionneldette amortie á l'investissement droit de souscriptionretired debt contingent investment support subscription right

facilitydette consolidée durationfunded debt dispositif de financement duration (of an investment)

pour imprévusdette de rang inférieur contingency financing facility dysfonctionnement du marchéjunior debt; subordinated debt market failure

distorsion monétairedette prioritaire currency twist écartsenior debt spread

distribution d'actions (d'unedette priviligiée nouvelle société aux écart baissiersenior debt actionnaires de la société bear spread

mere)dette rachetée (créances spinoff écart diagonalrendus) au rabais diagonal spreaddiscounted debt distribution d'actions

gratuites écart en papillondette rachetée (créances stock dividend butterfly (cali) spreadrendus) moyennant décotediscounted debt dividende en actions écart entre les bons du Trésor

scrip issue [UKJ; stock et les dépóts a terme endette subordonnée dividend tUS] eurodollarsjunior debt; subordinated debt TED spread

division (d'une action endévalorisation plusleurs titres) écart haussierimpairment split; split-up; splitting bull spread

147

écart vertical effets k court terme émission (primaire) d'actionsverical spread; price spread short-term paper primary offering

échange de créances contre effets de commerce émission de titresune participation aux recettes commercial paper (CP); capital issued'exportation de produits de commercial bilisbase émission d'obligations kdebt commodity swap effets de commerce en l'étranger

eurodevises extemal bond issueéchange de dettes contre des Eurocommercial paper (ECP)fonds propres émission d'obligationsdebt(-for)-equity swap, effets porteurs d'intéret haussieresconversion interest-bearing notes bull bond

échange de monnales effets privés émission d'obligations ¡lée adifférentes private paper des apports d'argent fraisback-to-back (loan, borrowing); new money bondsmatched funding effets publics

govemment paper émission exploratoireéchange de prets contre des red hering issueobligations élargissement du capitalloans-for-bonds exchange capital widening émission habituelle

seasoned issueéchange dette/nature élasticité globale du systemedebt-for-nature swap fiscal par rapport au produit émission haussiere

intérieur brut (PIB) buU bondéchange financier tax buoyancyswap (transaction) émission ratée d'avance

élément don résultant du "Star Trek" issue¿chéance in fine panachagebullet maturity blended grant element émission sans risque

investment grade paperécrire élément du pool (provisoire)write (an option, a swap) d'emprunts emprunt a fenetre

proxy borrowing [IBRDJ put bond, putable bond; bondeffet a court terme with put optionshort-term note émetteur

issuer emprunt de contrepartieeffet brúlant back-to-back (loan, borrowing);hot bill émetteur matched funding

maker (e.g., of a note)effet de carrousel emprunt en vracmerly-go-round effect émission a caractére lump-sum borrowing [IFCJ

spéculatifeffet de commerce speculative grade paper emprunt garanti par l'Etattrade bill [U.KJ sovereign credit

émission k guichets ouvertseffet de retour a la source tap cerificate of deposit emprunt MiniMaxmery-go-round effect MiniMax loan

émission collée (coincée)hung-up issue

148

emprunt par obligations émis emprunts de référence engagement d'attentepar séries qualified borrowings (QB) standby commitmentserial bon4 loan [IBRD]

engagement de prise deemprunt remboursable en une emprunts en devises Indexés partlcipationseule fois (dont le taux est indexé) equity underwnitingbullet issue indexed currency borrowings

engagement par paysemprunt remboursable in fine emprunts géants country exposurebullet issue jumbo borrowing

engagement spéctalemprunteur bien coté emprunts jumbo Special Commitment [IBRDJprime borrower; premier jumbo borrowingborrower; high quality borrower; enregistrement en attentetop grade borrower en blanc shelf registration

cleanemprunteur de premier ordre entrepótprime borrower; premier en dedans entrepot; tumtableborrower; high quality borrower; in the money (ITM) (option)top grade borrower entreprise non bancaire

en dehors admis(e) au marchéemprunteur final out of the money (OTM) monétaire (ENBAMM)subborrower (option) non-bank bank, non-bank

financial institutionemprunteur secondaire encadrement (du crédit)subborrower lending ceiling credit limit érosion fiscale des revenus

fiscal dragemprunteur trés solvable encart publicitaireprime borrower; premier tombstone escompteborrower, high quality borrower; discount fbillsJtop grade bonrower encheres au rabais

Dutch auction [U.S.J escompte a forfaitemprunteurs aupres de discount without recoursesources publiques encours total de la detteofficial borrower debt overhang escompte en ducroire

discount without recourseemprunts a sensibilité endettéopposée (ESOP) (highly) leveraged escompte ofricielbull and bear bond discount window

engagementemprunts aupres exposure escompte sans recoursd'intermédiaires financiers discount without recourseinternationaux engagement k la baisseintennediative borrowing short position établissement non bancaire

admls(e) au marchéemprunts de collectivité locale engagement conditionnel monétaire (ENBAMM)general obligations; general contingent obligation [IBRDJ non-bank bank; non-bankobligation bonds financial institution

engagement conditionnel (deemprunts de détresse participation)distress borrowing standby equity

149

etre a la fois vendeur et extemnalisation (des facdlité de fluancement desacheteur versementa au titre du service Importationsmake a market de la dette) trade financing facility

extemalization (of debt ser'áceetre faiseur de marché paymentr) facilité de garantdemake a market backstop (credit) facility;

extraterritorial backup (underwiting) facilityeuro-actions offshoreeuro-equities facilité d'émission d'effets

face & face revolving undenwriting facilityeurobillets de trésorerie back-to-back (loan; borrowing); (RUF); note issuance facilityEurocommercial paper (ECP) matched funding (NIF); note purchase facility;

euronote facilityeurocrédit Facilité d'ajustementEurocredit structurel établie dans le facilités d'émissions non

cadre du Compte de cautionnéeseurodevise versements spécial (FAS) non-underwntten facilitiesEurocurrency Structural Adjustment Facility

within the Special facilités d'émissions noneurodollar DisbursementAccount (SAF) souscritesEurodollar [IMF] non-unde,vritten facilities

euromarché Facilité d'ajustement facilités d'émissionsEuromarket structurel renforcée (FASR) souscrites

Enhanced Structural underwritten facilitieseuromonnale Adjustment Facility (ESAF)Eurocurrency [IMF] facteur de réévaluation

revaluation factor [currencyeuro-obligation facilité de crédit spécial pool]Eurobond (RUF)

revolving underwriting facility facteur de réévaluation aueuropret (RUF); note issuance facility jour le jourEuroloan (NIF); note purchase facility; daily revaluation factor

euronote facility [currency pool]évaluationrating facilité de financement a facilités d'euronotes

options multiples euronote facilitiesévaluation actuarielle multioption facility (MOF);actuarial evaluation multioption financing facility Fédération internationales des

(MOFF) bourses de valeurs (FIBV)évaluation par score International Federation ofscoring Facilité de rinancement Stock Exchanges (FIBV)

compensatoire et deéviction financement pour imprévus fiche de Boursecrowding-out Compensatowy and Contingency trading ticket [securities]

Financing Facility [IMF]exigibilité anticipée rigeracceleration of maturity lock(ed) in (interest rates)

150

financement a forfalt flnancement novateur floornonrecourse finance creative financing fpoor

financement avee drolt de fnancement par fonds flottement assistérecours limité propres diy foatlimited recourse finance in house financing;

self-ftnancing flottement controléfinancement concerté diry floatconcerted financing lending; financement par l'empruntconcerfed lending deal debt financing flottement dirigé

dity floatfinancement conjoint flnancement paral1lejointfinancing parallelfinancing flottement impur

dirty floatflnancement coordonné flnancement sans recourscoordinated financing nonrecourse finance flottement pur, non dirigé

clean fpoatfinancement couplé financement supplémentaireback-to-back (loan, borrowing); front-end financing flottement soutenumatched funding dirty fioat

financement sur contratfinancement des derniéres contract financing fluctuation de prix minimuméchéances tickfunding latter maturities financialisation[IBRD] financialization fluctuation des taux d'intéret

due k une fuite de capitauxfhnancement de soudure financiérisation interest leakagebridge financing financialization

¡luctuation minimalerinancement du déficit financiérisation tickgap financing securitization

flux financiersfinancement en fonds propres rixation du prix des prets funds flow; flow of fundsequity financing; equity secondairesinvestment subloan pricing fonds commun de placement

(FCP)flnancement gigogne fixation du taux d'intéret mutual fundpiggyback financing pricing (of a loan)

fonds commun de placementfinancement interne rixation libre des prix (FCP)in house financing open pricing open-end (investment) fun4self-financing company (OEIC); mutual

fixer fund, unit trust [U.KJfinancement jumelé post (a rate)matched funding fonds commun de placement k

fixing court termefinancement mixte fixing money market (mutual) fund(BIRD/IDA) (MMF)blend financing fl¡p-flop

fpip-flop

¡51

fonds commun de placement Fonds commun de formule forfaltalre dede trésorerle participations placementmoney market (mutual) fund equity portfolio fund formula investing(MMF)

Fonds d'aide A I'Afrique formules inéditesfonds commun de placement (FAA) creative financingmonétaire Special Facility formoney market (mutual) fund Sub-Saharan Africa, Special formules nouvelles(MMF) Facility for Africa, African creative financing

Facility (SFSA; SFA)fonds d'amortissement formules originales desinking fund Fonds de promotion des financement

marchés naissants creative financingfonds de placement fermé Emerging Markets Growthclosed-end (investment) fund, Fund (EMGF) ¡IFCJ FRAcompany (CEIC) forward rate agreement; future

Fonds des entreprises rate agreement (FRA)fonds de placement qui africainesprQléve une commission African Enterprise Fund fractionnement des tauxload fund d'intéret

Fonds d'investissement des interest rate segmentationfonds d'Etat britanniques marchés naissantsgilt-edged secunities Emerging Markets Investment frais centraux

Fund (EMIF) lIFCJ centrally-managed costsfonds exempt de commissionno-load fund Fonds régional de projets frais de constitution de

pour i'Afrique subsaharienne dossierfonds fédéraux Regional Project Facility for loan origination feefederal funds [USJ Sub-Saharan Africa

frais de cotationfonds mutuel de placement Fonds spécial 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 changefonds pays Facility for Africa; African foreign exchange coverage feecountry fund Facility (SFSA; SFA)

frais de gestionfonds propres forfaitage management commission, feecapital base forfaiting

franchise de remboursementfonds propres formation d'un consortium grace periodstockholders' equity; syndicationshareholders' equity; owners' freinage fiscalequity; equity; net worth; formation d'un syndicat fiscal dragshareholders' funds [U.KJ financier

syndication futurefonds renouvelable financial futuresrevolving fund formation du prix

pricing (of a loan) futuresfutures [commodities market

152

gag¿e gérant de portefeulile horu du courscollateralized (bond) portfolio manager out of the money (OTM)

(option)gain net de rendement gestion de (la) trésorerleyield pickup cash management ¡CON

indexed currency option notegamma gestion du passlf (ICON)gamma liability management

imposition de conditionsgapping grande banque préalablesgapping city bank [Japan] front-loading of conditionality

garant d'émission greenmail indexingunderwriter greenmail indexing index program

garantie (de l'Etat) groupe de créanciers indice de réévaluation du poolguarantee [IBRDJ group of creditors currency pool index

garantie appelable par groupe de direction indiciérisationanticipation management, managinggroup indexing, index programaccelerable guarantee fEuro-dollar market]

inflation de basegarantie de la BIRD groupe de garantie core inflationguarantee [IBRD] underwriting consortium, group,

syndicate ingénierie financiéregarantie de participation au financial engineeringcapital groupe d'enchérisseursequity-related guarantee tender panel institution d'épargne

contractuellegarantie de recouvrement de groupe de placement contractual savings institutionl'apport des investisseurs selling consortium, group,(GRAI) syndicate [EuromarketJ instrument financier á termeGuaranteed Recovery of financial futuresInvestment Principal (Program) guichet automatique de(GRIP) [IFC] banque (GAB) institution financiere non

automatíc, automated teller bancairegarantie d'une créance machine (ATM) non-bank bank; non-bankdebt secuñity financial institution

habillage de bilangarantie mobile window dressing instrument négociablerolling guarantee (of interest negotiable instnrmentpayments) hasard moral

moral hazard instrument participatifgarantie non appelable par equity-like instnumentanticipation hedgingnon-accelerable guarantee hedging instruments de la dette

publiqueGensaki honorabilité (client privé] government debt instrumentsGensaki credit standing creditworthiness

153

instruments pour Poctrol lnvestlssement compromis junk bondd'argent frais impaired investment junk bond, speculativegradenew money instruments bond

Investissement de productlvltélnstruments quasimonétaires capital-deepening investment krach boursiernear cash instruments stock market crash

Investlssement direct kintendance l'étranger layeringback office direct foreign investment (DFI) layering

intensification des circuits investissement en aval lettre de changefinanciers downstream investment bill of exchangefinancial deepening

investissement en danger lettre de confortintéret de déport impaired investment letter of comfortbackwardation rate

investissement immature lettre de crédit standbyintéret de report immature investment standby letter of creditcontango rate; continuation rate

investissement obligataire LIBIDintéret patrimonial forced investment London Interbank Bid Rateproprietary interest (LIBID)

investissement qui n'a pasintérets moratoires encore atteint son rendement LIBORdefault interest normal London Interbank Offered Rate

unseasoned investment (LIBOR)intermédiaire en boursejobber investissement sorti du LIBOR pour les transactions

portefeuille en dollarsintermédiaire financier closed-out investment [IFC] dollar ($) LIBORfinancial interrnediar'y

investissements arrivés a ligne (de crédit) de garantieintermédiation maturité back-up line of creditintermediation mature investments

ligne (de crédit) de protectionintermédiation financiere investissements directs autres back-up line of creditmarket intermediation que les participations

non-equity direct investment ligne (de crédit) de soutienintervenants sur le marché back-up line of creditmarket pariicipants investissements qui

commencent a rapporter ligne (de crédit) deintervenir sur le marché mature investments substitutionface the market back-up line of credit

investisseur finalintroduction en bourse retail investor ligne de découvertinitial public offering (IPO) swingline

jobberinvestissement k provisionner jobberimpaired investment

154

ligne de liquidité marché au comptaut marché des valeurs mobilieresswingline spot market; cash market securities market

[foreign &changelLIMEAN marché des valeurs mobilieresLIMEAN marché aux enchéres non inscrites k la cote

auction market omeiellelimitation de la circulation unlisted secuAffes marketphysique des valeurs marché baWssier (ULM); over-the-countertruncation bear market (OTC) market; third market;

curb marketlimite du pouvoir de prét marché bancaire deslending ceiling, credit limit particuliers marché disputable

retail banking contestable marketliste d'attentequeue marché boursier marché du disponible

equity market spot market; actual market;liste de conditions cash market; physical marketterm sheet marché de(s) capitaux [commodities]

capital marketliste sous contróle marché figéwatch list marché de l'argent locked market

money marketlong hedge marché financierlong hedge marché de la criée capital market

floor tradingmaison de réescompte marché rinancierdiscount house; bill broker marché d'encheres financial market

auction marketmaison de titres marché financierinvestment bank [U.S.J; marché d'enchéres open marketmerchant bank [U.K] auction market

marché grismaison de titres marché de porteurs grey, gray marketsecurities dealer; securities firm bearer market

marché haussiermandataire marché des actions buil marketagent bank equity mawket

marché hors boursemanque de concordance des marché des capitaux third market; off-the-boardéchéances financial market marketmaturity mismatch

marché des effets a court marché hors cotemanque de synchronisme des terme unlisted securities marketéchéances short-term paper market (ULM); over-the-countermatunty mismatch (OTC) market; third market;

marché des fonds propres curb marketmarché k terme d'instruments equity marketfinanciers (MATIF) marché hors cotefinancial futures market over-the-counter market (OTC)

155

marché monétaire marking to market mémorandum d'offremoney market marking to market offering memorandum

marché ob la cote de crédit masse monétaire au sens mémorandum de placementest primordiale étroit placement memorandum;name market narrow money [cf. Ml] placing memorandum;

information memorandummarché paralIlle mauvais fonctionnement duparallel market marché menu-.

market failure market-based menu approach;marché primaire market-driven menu approach;primary market mécanisme automatique de menu of options

révision (des taux d'intéret)marché secondaire automatic resetting mechanism menu des optionssecondary market [IFCJ market-based menu approach;

market-driven menu approach;marché tres actif mécanisme d'assurance des menu of optionsdeep market swaps

Swap Insurance Facility mettre en jeu une garantiemarchéisation [IBRDJ call a guaranteesecuritization

Mécanisme de couverture de mini-obligationmarchéisation swaps baby bondmarketization Contingent Swap Facility

[IBRDJ mise en pensionmarchés a terme sur les taux repurchase agreement (RP;d'intéret Mécanisme de développement repo)interest rate futures des Carailbes

Caribbean Development mise en pension inversemarge Facility reverse repurchase agreementspread

Mécanisme de financement de mise en reportmarge brute la préparation des projets inward swapgross eamings margin; gross Project Preparation Facilitymargin; bankers spread; (PPF) [IBRDJ mobiliérisationbanker's markup [banks] securitization

Mécanisme de financement dumarge de décaissement Projet Dimensions sociales de mobiliserheadroom l'ajustement discount

Social Dimensions ofmarge financiére Adjustment Project Facility; modéle d'équilibre des actifsfinancial spread SDA Project Facility rinanciers (MEDAF)

capital asset pricing modelmarge implicite Mécanisme de financement (CAPM)implicit spread pour aléas extérieurs

Extemal Contingency modéle d'évaluation des actifsmarge vorace Mechanism [IMF] financiers (MEDAF)alligator spread capital asset pricing model

(CAPM)

156

modification de l'échéancier montants passés par pertes et non garantlinterest retiming proñlts clean

write off, chage-off [noun]modifícation de la monnale notationd'un pret montants réservés ratingcunrency redenomination set-asides

note d'lnformationmodification de la périodicité moyenne (pondérée) mobile placement memorandumr;des paiements d'intéréts running (weighted) average placing memoranduminterest retiming

moyens de paiement k note sur les probabilités demodification du régime des l'encaissement recouvrementintérets float [banking] country collectibility noteinterest (rate) switching [IBRD]

moyens de paiement flottantMOF float [banking] nouveau pouvoir de placemnentmultioption facility (MOF); New Investmnent Authoritymultioption financing facility moyens de paiement non (NL4)(MOFF) recouvrés

float [banking] novationmonétique novationelectronic banking multiplication des opérations

chuming overading novationmonnale au sens étroit renewalnarrow money [cf. MI] naturalisation de la dette

debt domestication obligationmonnale épine bondsplinter currency [IBRDJ négociation de larges paquets

d'actions obligationmonnaie épineuse block trading debenture (bond)splinter currency [IBRDJ

négociation séparée obligationmonnale scripturale stripping notebank money

new money obligation a coupon différémontages comportant l'apport new money deferred coupon note; deferredd'argent frais interest notenew money packages niveau d'indifférence

break-even point [stock market] obligation a coupon zéromontant notionnel zero coupon bondnotional amount nominale

par value; face value obligation á double devisemontant total des caps dual-currency bondautorisés non admis, non inscrit k laGlobal Cap Authority [IFC] cote officielle obligation a long terme émise

unlisted (security) par une collectivité publiquemontants affectés pour financer un projet (dontset-asides non coté les recettes assureront le

unlisted (security) remboursement)revenue bond

157

obligation A lot obligation a taux variable obligation convertible enseral bond, loan Wmismatch" actions

mismatch floating rate note converible; convertible secuntyobligation apparentée auxactions obligation a taux variable obligation 'daimyo"equity-related bond; (OTV) daimyo bondequity-linked bond floating-rate bond

obligation de premier ordreobligation á prime obligation á taux variable top-rated bond(d'émission) basée sur unediscount bond contre-transformation obligation de société

mismatch floating rate note corporate bondobligation At prime d'émissionoriginal issue discount (OID) obligation a taux variable obligation dénoncéebond plafonné called bond

capped floating rate noteobligation á prime d'émission obligation doublementélevee obligation au porteur garantiedeep-discount bond, note bearer bond double-barreled bond

obligation á risque obligation avec bon de obligation émise par unejunk bond; speculative grade souscription d'actions collectivité publique dansbond (OBSA) l'attente de rentrées non

bond with equity warrant fiscalesobligation assortie d'une revenue-anticipation noteoption de vente obligation avec bon debond with put option souscription d'obligations obligation étranglre émise k

(OBSO) Londresobligation i taux flottant bond with bond warrant Bulldog bondfloating-rate bond

obligation avec option de obligation gagéeobligation a taux tlottant a change collateralized (bond)intérét inversé multiple (currency) option bondinverse floating rate note obligation garantie par une

obligation avec option hypothequeobligation k taux flottant fixé monétaire collateralized mortgaged'avance multiple (curency) option bond obligatíon (CMO)stepped (rate) bond

obligation A warrant obligation Geishaobligation a taux flottant gagé warrant bond Geisha bondcollateralized floating rate bond

obligation "bouIedogue» obligation haussiere etobligation A taux flottant Bulldog bond baissiereinversement indexée bulí and bear bondreverse floating rate note obligation cautionnée

custom duty bill obligation hypothécalreobligation A taux renouvelé mortgage bondroly poly bond obligation classique

straight bond

158

obligation indexée obligation perpétuelle obligation vendue a guichetindexed bond; index-linked nonmaturzing, nonredeemable ouvertbond govemment bond; perpetual bond sold on tap

bond, annuity bond, consolobligation indexée sur les prix [U.K] obligation warrantéede produits de base warrant bondcommodity-indexed bond obligation planétaire

global bond obligation Yankeeobligation kiwi Yankee bondkiwi bond obligation pourrie

junk bond, speculative grade obligations d'Etat de qualité aobligation "lévrier d'Irlande" bond coupon zérowolfhound bond sterling transferable accruing

obligation pouvant intéresser govemment securities (STAGs)obligation liée aux prix de les banquesproduits de base bank quality bond obligations émises par descommodity-linked bond; organismes fédérauxcommodity-backed bond obligation prorogeable agency securities, obligations

extendible bond; extendibleobligation matador matuñity bond offre excédentairematador bond overhang

obligation prorogeableobligation multimarchés 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'échéance public offering (of shares)

callable bondobligation ne pouvant etre offre publique sur le marchéamortie par anticipation obligation rétractable secondairenoncallable bond retractable, putable bond secondary public offering

obligation nominale 3 option obligation samoura! offshored'achat ou de vente de Samurai bond offshoreproduitnominal bond with attached obligation "shogun" OPA a créditcommodity option Shogun bond leveraged buyout (LBO)

obligation (non garantie) obligation spéciale A coupons OPA sauvageloan stock A réinvestir (OSCAR) unfriendly takeover bid

bunny bondobligation non garantie open marketdebenture (bond) obligation Isushi" open market

Sushi bondobligation non négociable opérateur (sur le marché)nonmarketable bond obligation venant a échéance dealer [stock market]

due bondobligation participanteincome bond, participatingbond

159

opérateur principal du opérations de couverture par option de reprise (desmarché (OPM) achat A terme derniéres échéances d'un prétdiscount house; bill broker long hedge commercial)

take-over option [IBRDJopérateurs sur le marché opérations de prise en reportmarket participants outward sw¡tching operations option de souscription

stock optionopération a échéances opérations en contrepartiesymétriques hedging option de swapmatched matuñity transaction swaption; swap option[IBRDJ option

option option de venteopération couplée d'emprunts put optionback-to-back (loan, borrowing); option américainematched funding American (style) option option européenne

European (style) optionopération d'achat de titres au option au courscomptant et de vente de at the money (ATM) (option) option multidevisescontrats k terme multicurrency optioncash and carry option call et put

straddle; call-and-put option option sur contrats a termeopération de couverture par futures optionvente a terme option d'achatshort hedge call option option sur indice

index optionopération de vente de titres option d'achat du doubleau comptant et d'achat de call of more (CM) ordre a cours limitécontrats a terme limit orderreverse cash and cany option dans le cours

in the money (I'TM) (option) ordre au mieuxopération en association market orderequity joint venture option de change

multicurrency option ordre d'achatopérations k terme trading ticket [secunities]futures [commodities market] option de gré a gré

over the counter (OTC) option ordre de placementopérations d'arbitrage en automatiquecouverture d'actifs option de modification de la formula investinghedging monnaie d'un prét

currency redenomination ordre de venteopérations d'arbitrage vers trading ticket [secunties]l'intérieur option de putinward switching put option ordre lié

straddle; call-and-put optionopérations de bouclage option de rachattopping up call option ordre stop

stop orderoption de remboursementanticipé au gré du porteurput

160

Organisation internationale papier financier participation sans recoursdes commissions de valeurs commercial paper (CP); nonrecourse participationmobiliéres (OICV) commercial bilisIntemational Organization of parts bénéficiairesSecurities Commissions papier synthétique a taux founders' shares; promoters'(IOSCO) d'intéret flottant stock [U.K]

synthetic floating rate notes;organisme d'émission derivative floating rate notes parts de fondateurissuer founders' shares; promoters'

parité, a stock [U.K]organisme de placement at the money (ATM) (option)collectif en valeurs mobiliéres passager clandestin(OPCVM) parité de conversion free riderinvestment company, fund conversion value

passation par pertes et profitspaiement contre documents part d'association write off; charge-offcash against documents (CAD) partnership share

pays k faible revenu, k revenupalements d'intérets prévus t part de capital intermédiaire gravementP'échéancier proprietary interest endettéscheduled 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 marché pays a faible revenu, á revenu

market paticipants intermédiaire modérémentpanachage de long terme endetté(PLI) participation k forfait moderately indebted low-,long-term blended cost rate nonrecourse participation middle-income country(LTB) [IFC] (MILIC, MIMIC)

participation k toutes lespanel d'offre échéances pays a financement mixtetenderpanel strip participation blend country

papier a court terme participation au capital pays k revenu intermédiaireshort-term paper equity financing, equity fortement endetté

investment highly, heavily indebted middlepapier a terme offert en income country (HIC)permanence (COLTS) participation croiséeContinuously Offered cross-shareholding pays admis A emprunter ALonger-Term Securities l'IDA(COLTS) participation majoritaire dans IDA-eligible country

l'actifpapier commercial proprietary interest pays éligible au crédit decommercial paper (CP); I'IDAcommercial bilis participation proportionnelle IDA-eligible country

funding pro rata [IBRDJpays empruntants auprés desources publiquesofficial borrower

161

pays empruntants sur les place bancaire plan de réduction de la dettemarchés financiers extraterritoriale, offshore (avec garantie)market borrowers offshore banking center collateralized (debt)

defeasance; debt defeasancepays en pointe placement d'actions détenuesfast track country par les particuliers plan de souscription d'actions

secondary offering stock optionpays menacé d'asphyxie parendettement placement de pere de famille plancherdebt distressed country blue chip floor

pays pouvant bénéficier d'un placement de titres par gros plaque tournantefinancement mixte paquets entrepot; turntableblend country block trading

plus-values latentespays qui continue placement par vole privée unrealized gainsd'emprunter private placementactive borrower point de base

placement spécial basis pointpays qui ont accés aux special placementmarchés financiers pondération des monnalesmarket-eligible countries plafond de pret librement currency weight

accordépays recevant des prets de la free limit of loan pool de monnales rixé commeBIRD et des crédits de l'IDA objectifblend country plafond des taux d'intérét targeted currency pool

interest rate cappays surendetté pool d'emprunts de référencedebt distressed country plage de référence pool of qualified borrowings

target zone; reference zonepériode d'intérét pool des monnales (des préts)interest period plan d'achat loan currency pool

stock optionpétro-obligation pool des monnales prétéespetrobond plan d'épargne retraite loan currency pool

personnel (PER)phase de développement individual retirement account portefeuille de prets(d'une société) (IRA) loan portfoliomezzanine level

plan de réduction de la dette portefeuille liquidepied de coupon (avec garantie) liquidity po~tfolio; liquid assetsask(ed) price; market price debt defeasance; collateralized ponfolio[securities market] (debt) defeasance

portefeuille modeleplan de réduction de la dette benchmark portfolio [IBRDJ(avec garantie) avec fondsd'amortissement porteur d'obligationsdebt defeasance through the bondholdersinking fund mechanism

162

porteur de titres premier prix (de la journée) pret a la réhabilitation debondholder opening p¡ce zones sinistrées

emergency reconstruction loanposition acheteur prendre (des effets) en (ERL)long position pension

take in, to (bills) pret a taux révisableposition courte resetter loan; rate resetter (RR)short position présence loan

exposureposition longue pret a un intermédiairelong position pret k amortissement négatif financier

negative amortization loan financial intermediary loanposition ouverte (FIL)open interest; open market pret a coupon uniqueinterest balloon loan pret apex

apex loanposition vendeur pret a l'ajustement de lashort position politique industrielle et pret au jour le jour

commerciale (PAPIC) call loanpourcentage de couverture industrial and trade policymargin requirements [stock adjustment loan (ITPAL) prét au redressement desexchangel entreprises publiques (PREP)

pret a l'ajustement des public enterprise rehabilitationpouvoir d'engagement exportations loan (PERL) [IBRD]commitment authority export adjustment loan (EAL)

pret au redressementpouvoir de placement des prét k l'ajustement du secteur économiqueliquidités de la SFI agricole (PASA) economic recovery loan (ERL)liquid assets investment agricultural sector adjustmentauthority [IFC] loan (ASAL) pret au relevement

emergency reconstruction loanpouvoir de pret pret a l'importation pour le (ERL)lending authority redressement économique

rehabilitation ímport pret aux courtiers de Boursepouvoir général de placement credit/loan (RIC, RIL) [IBRDJ broker loan; broker's loanGeneral InvestmentAuthorization [IBRD/IDA] pret a la rationalisation des pret aux courtiers de Bourse

entreprises publiques (PREP) broker loan; broker's loanpréavis d'émission public enterprise rationalizationred herring loan (PERL) [IBRDJ pret aux courtiers de Bourse

broker loan; broker's loanpréciput pret k la reconstructionpraecipium; praecipuum emergency reconstruction loan pret avec intéressement aux

(ERL) bénéficesprédateur loan with equity kickercorporate raider; raider pret k la réforme des

entreprises publiques (PREP) pret "B"prédateur hostile public enterprise reform loan "B" loanhostile raider (PERL) JIBRDJ

163

pret ballon prét d'investissement et pret non productifballoon loan d'entretien sectoriel <lES) nonperforming loan;

sector investment and nonaccruing loanpret cofinancé maintenance loan (SIM)coloan [IBRDJ pret par étapes

time-slice loanprét comnportant un risque pret d"nvestissementsouverain spécifique pret participatifsovereign risk loan specific investment loan (SIL) loan with equity kicker

[IBRD]pret conditionnel pret participatifstandby loan pret dont on exige le equity loan

remboursement anticipépret consenti par la SFI a une prematured loan pret-programmebanque nationale de program loan; program lendingdéveloppement pour l'octroi pret du pool [IBRD]de prets a des PME pooled loanpackage loan JIFC] pret-programme d'aJustement

prét en cascade program adjustment loanpret consortial apex loan (PAL) [IBRDJsyndicated loan

pret en danger pret pyramidalpret d'ajustement sectoriel jeopardy loan apex loansector adjustment loan(SECAL; SAD) pret en difficulté pret remboursé par

dlistressed loan anticipationpret d'assistance technique prematured loantechnical assistance loan pret géant(TAL) [IBRDJ jumbo loan prOt secondaire

subloanpret de qualité pret globalquality loan package loan [IFCJ prat sectoriel

sector loanpret de titres garanti par pret hybrided'autres titres hybrid loan pret sous forme de prise deborrow-pledge security loan participation

prét indexé equity loanpret de titres garanti par des indexed loan [currency pool]fonds pret subsidiairecash secuity loan pret jumbo subloan

jumbo loanpret destiné a couvrir un pret syndiquééventuel dépassement des pret librement accordé syndicated loancoots free-limit loanoverage loan pret syndiqué en circuit fermé

pret non privilégié club deal loansubordinated loan

164

prét trés menacé prets involontaires prise de controle parjeopardy loan involuntary lending l'emprunt (LBO)

leveraged buyout (LBO)prét(er) a un pays dont les prets non spontanésintéréts ne sont pas involuntary lending prise de participation aucomptabilisés capital socialloan into arrears, (to) [World préts spontanés equity financing, equityBank] voluntary, spontaneous lending investment

préteur non privilégié prets volontaires prise en pensionsubordinate lender voluntary, spontaneous lending purchase and resale agreement

[Canada]préteur officiel primelender of record premium [secunities] prise en réméré

repurchase agreement (RP;préts additionnels prime repo)new money call option

prise en réméré inversepréts k des conditions prime de conversion reverse repurchase agreementcommerciales conversion premiumcommercial lending prise ferme

prime de liquidité bought deal; firm commitmentpréts a l'ajustement liquidity premium underwritingmacroéconomiquepolicy-based lending, policy prime d'émission prises de participation nonloans premium [stocks] productives

no-retum equitypr¿ts á I'appui prime d'émissionpolicy-based lending, policy discount fbondsJ prises de participation nonloans rentables

prime de remboursement no-retum equitypréts aux conditions du call premiummarché prix acheteurmarket-related lending prime de remboursement buying rate [securities market]

anticipépréts de titres prepayment fee; prepayment prix comptablesecurity lending [IBRD] premium accounting price

préts en cours de prime de risque prix d'arrétdécaissement, non encore risk premium stop-out priceremboursésactive loans prime de risque-inflation prix de base

inflation premium striking pnce; strike pnce;préts en faveur de réformes exercise pricepolicy-based lending, policy Principes comptablesloans généralement admis prix de cession interne

Generally Accepted Accounting transfer pricepréts forcés Principles (GAAP)involuntary lending prix de conversion

conversion pnice

165

prix de levée Programme d'assistance prospectusstnking price; stnke pnce; spéciale (de la Banque prospectusexercise price mondiale aux pays membres)

(World Bank) Pram of protection contre un rachatprix de pleine concurrence Special Assistance (to Member anticipéarm's length (price) Countnes) (SAP) call protection

prix d'équilibre (du marché) Programme de garantie de provisionnement des pertesmarket-clearing price recouvrement de l'apport des sur prets

lnvestisseurs (GRAI) loan loss provisioningprix de transfert Guaranteed Recovery oftransfer price Investment Principal (Program) put

(GRIP) (IFC] putprix des prets secondairessubloan pricing Programme de négociation quasi-banque

distincte des intérets et du near-bank [Canada]prix d'exercice principal concernant ses titresstriking price; strike price; Separate Trading of Registered quasi-capitalexercise price Interest and Principal of quasi-equity; quasi-capital

Securities Program (STRIPS)prix économique quasi-fonds propreseconomic price; efficiency price prograimme de prét d'appoint quasi-equity; quasi-capital

standby lending programprix franco frontiere quasi-monnaieborder price programme de prét de base near-money; quasi-money

base lending programprlx frontiére quatrieme marchéborder price programme de prét normal fourth market [US]

regular lending programprix interne [IBRDJ rachat d'entreprise par lestransfer price salariés

Programme spécial leveraged management buyoutprix net d'assistance de la Banque (LMBO)payout price mondiale en faveur des pays a

faible revenu surendettés rachat de dettesprix normal du marché d'Afrique subsaharienne debt buyback, debt repurchasearm's length (price) World Bank's Special Program

of Assistance for the rangproril des risques de Low-Income Debt-Distressed seniorityfinancement Countries in Sub-Saharanoverall risk profile [IBRD] Africa rappel

recall [currency pool]profiter projet hors portefeuillelock(ed) in (interest rates) non-portfolio project [IFC] rapport bénéfices

nets/investissementsprofiteur Projet Dimensions sociales de net benefit investment ratiofree rider l'ajustement (Projet DSA)

Social Dimensions ofAdjustment Project (SDAProject)

166

rapport coats-bénéfice ratio de recouvrement reconductionprice/eamings ra~lo (PE ratio; collection rado roll-overPER)

ratio des lntérets non reconstruction de la detterapport de liquidité comptabilisés debt restbucturing(1/1/78-1/9/88) net nonaccmial ratereserve rado recyclage

ratio de solvabilité relendingrapport encours des debt radoprets/fonds propres réemploi des plus-valuesgearing raio [IBRD] ratio de rollover of gains

solvabilité-endettementrating leverage (ratio) [US.-; gearing réescompte officielatdng (atdo) [U.K] discount window

ratio d'autonomie financiere ratio de structure du passif réescompterdebt-equity ratio; debt-to-equity leverage (rado) [U.S.-; gearing rediscountratio (raaio) [UK]

refinancementratio de couverture ratio de trésorerie réduite roll-overhedge ratio acid-test liqui4 quick ratio

refinancemnent anticipératio de couverture de ratio du service de la dette advanced refundingl'intéret debt-service ratdo; debt serviceinterest coverage rado to exports ratio refinancement pour un

montant égalratio de levier ratio dynamique, futur du even rollleverage (ratio) [U.S.]; gearng service de la dette(rada) [U.KJ- debt service time profile ratio réglage de précision

fine-tuning (of the economy)ratio de liquidité ratio institutionnelliquidity rado [IBRD] institudional raio regle de minimis

de minimis ruleratio de liquidité générale ratio prix comptable-prix ducurrent rado; worling-capital marché relativement moins développé

accounting ratio relatvely less developed [IDA]ratio d'endettementdebt-equity ratdo; debt-to-equity ratio tiré du bilan remboursement [préts]ratio balance-sheet ratio amortization

ratio d'endettement ratios de gestion remboursements 3 P'IDAdebt ratio operating ratios IDA reflows

ratio d'endettement & long ratios de liquidité remboursement en tranchesterme liquidity ratios égaleslong-term debt rado level repayment

ratios de rentabilitératio (départs en) missions profitability ratios; remise (d'une dette)d'évaluation/réserve de revenue-covenant ratios cancellation (of a deboprojetspipeline factor lIBAD]

167

rendement a l'échéance rentrées de P'IDA réserves obligatoires poury¿eld to matunty (YTM) IDA reflows risques de tansfert

allocated transfer r¿sk reservesrendement converti en taux réouverture d'une émission (ATRR) rUS]d'intérét reissuecoupon equivalenty¿eld resquilleur

répartition free riderrendement de Pactif allotmentretum on assets (ROA) ressources acquises

repli technlque purchased fundsrendement de l'actif net technical decline, dropmoyen restructuration de la detteretum on average net worth report debt workout[IFC] contango

restructuration de la detterendement des avoirs report debt restructuringretum on average assets [IFCJ premium [foreign exchangel

restructuration du capitalrendement minimum report a nouveau recapitalizationfloor retum retained eamings

résultat netrenllouer report de crédits bottom linebail out carry-over

retraitrenforcement du crédit report de devises drawdowncredit enhancement outward swap

rétrocessionrenoncer report de la détermination du onlendingtake ou4 to [IBRDJ taux

deferred rate resetting [IFCJ rétrocessionrenonciation a la clause de sell-downnantissement négative répression financierewaiver of negative pledge; financial repression réutilisation des prétsnegative pledge waiver relending

reprise d'entreprise par lesrenonciation a la clause parí salariés (RES) reverse cash and carrypassu leveraged management buyout reverse cash and carrynegative pledge waiver (LMBO)

risk conversion floaterrenouvellement réserve pour pertes non rsk conversion floaterroll-over identifiées

unidentified loss reserve [IFCJ risquerente perpétuelle exposurenonmaturing nonredeemable réserve pour pertesgovemment bond; perpetual spéciriques risque calculé par référencebond, annuity bond, consol specific loss reserve [IFC] au marché[U.K] mark to market exposure

rentrée nette risque d'insolvabilité de l'Etatpayout price emprunteur

sovereign risk

168

risque de change second marché situation nettecross-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 transíation exposure

secteur des entreprises société civile de placementrisque de perte sur les taux corporate sector immohilierd'intéret real estate investment trustinterest-rate risk sécurité (REIT)

comfortrisque de refinancement société d'investissementrefinancing risk [IBRDJ service bancaire de gestion investment company, fund

financiérerisque de transformation bank trust department société d'investissement amismatch risk [IBRDJ capital fixe (SICAF)

service bancaire international closed-end (investment) fund,risque de transformation intemational banking facility company (CEIC)matudity mismatch (IBF)

société d'investissement arisque di au décalage service extraterritorial, capital variablelag nisk [IBRDJ offshore money market (mutual) fund

offshore banking unit (OBU) (MMF)risque exceptionnelevent isk Service-conseil pour société d'investissement a

l'investissement étranger capital variable (SICAV)risque lié A la marge (FIAS) mutual fundspread risk [IBRD] Foreign Investment Advisory

Service (FL4S) société d'investissement arisque lié a la rentabilité des capital variable (SICAV)liquidités Service de promotion et de open-end (investment) fund,cash nisk, liquid-holdings risk développement des company (OEIC); mutual

investissements en Afrique fund; unit trust [UK]risque lié au décalage entre (APDF)les échéances Africa Project Development société d'investissement 3mismatch risk [IBRDJ Facility (APDF) court terme

money market (mutual) fundrisque souverain services bancaires pour les (MMF)sovereign risk particuliers

retail banking société d'investissement derisques de refinancement trésorerierollover nisks seuil de déclenchement money market (mutual) fund

triger rate (MMF)ruée vers les titres de qualitéflight to quality short hedge société d'investissement

short hedge fermées'assurer (de taux d'intérét closed-end (investment) fund,favorables) simple company (CEIC)lock(ed) in (interest rates) clean

169

soelété d'investissement spread swap de basemonétalre spread basis (rate) swapmoney market (mutual) fund(MMF) stellage swap de compensation

straddle; call-and-put opton reverse swapsociété d'linvestissementouverte straddle smp de créancesopen-end (investment) fund, straddle; caíl-and-put option par debt swap; debt-debt swapcompany (OEIC); mutualfund, unit trust [U.K] strangle smp de créances

strangle debt-debt swap; par debt swap;société de financement de debt swap; debt-for-debt swapl'innovation subdivision d'un pret enventure capital company plusieurs tranches swap de créances contre des

tranching participationssociété de placement debt(-for)-equity swap,secuMties dealer; securities firm support conversionswap de créances

underlying (secunrty) contre especessociété mandatée (par la debt-for-cash swapBanque mondiale pour la surendettementreprésenter k des émissions debt overhang swap de créances contred'obligations au Japon) finances pour lecommissioned company súreté garantissant un solde développement[Japan] dú au titre d'une participation debt-for-development swap

purchase money secunitysociété opéable interest [IFCJ swap de créances contretarget company; takeover recettes dexportations decandidate surface rinanciére produits de base

credit standing; creditworthiness debt commodity swapsoldebottom line swap swap de créances contre

swap (transaction) remise de produitssolvabilité (exportables)credit standing czeditworthiness swap a prime debt-for-export swap;

premium swap debt-for-products swapsoulte, lamargín call swap a terme variable swap de dette contre des

callable swap quasi-participationssous-compte débiteur de debt/quasi equity swapl'emprunteur swap avec décoteborrower's indebtedness discount swap swap de dettessubaccount [currency pool] debt-debt swap; par debt swap;

swap 'cocktailP debt swap; debt-for-debt swapsous-jacent cocktail swapunderlying (secunity) swap de dettes en devises

swap compensatoire contre dettes en monnaiesous-participant reverse swap nationalesecondary participant debt-for-local currency swap

swap d'actifsspéculation asset(-based) swap swap de devisestrading currency swap

170

swap de mo_aes swaps pliantbroplques systlnme de remboursementcurrncyswap debt-chay swaps par tranches gales

equal pnncipal repaymentswmp de monnales et d'latret swaps portant la fob ur la systemcrs swap; cuww coupon taux d'intérEt et sur lesswap monnales systeme de remboursements

cross-cuncy interest hedg; égaux du principalmwap de référence double hedge swap equal prncipal repaymentbasis (rate) swap system

swaptionsmp de taux d'lnt¿ret swaption; swap option syst¿me de taux preteur fondéinterest-rate swap sur un pool d'emprunts

syndicat d'enchres pool-based lending rate systemswap de taux de référence tender panel LIBRDJbasis (rate) swap

syndicat de direction syst¿me de taux preteurswap d'intérets et de management, managing grup variablemonnales [Euro-dollar ma¡ketJ vadable lending rote (VLR)cross-currency interest rate swap system

syndicat de garandeswap d'obligations pour un underwriting consorium, gmup, syst¿me du pool de monnalesmontant nominal égal ~syndicate currency pooling systemeven par swap

syndicat de pbcement syst¿me fédéral de réserveswap d'options tender panel Federal Reserve Systemoption swap

syndicat de prise ferme systeme pour l'apportswap double devise undewnting consortiumi, gmup, d'argent fraisdual-currncy swap syndicate new money faciliay

swap International syndicat financier Systéme d'information sur lescross-border swap syndicate marchés financiers (Banque

mondiale)msp lnvers¿ syndicat soumissionnaire World Bank Capital Mañketsminmor swap tender panel System (CMS) [IBRDJ

swap optionnel systéme d'amortissement par tableau de financementswaption; swap option tranches (égales) statement of changes in

level annuity system financial position; source andswmp sur des dettes application of funds statement;par debt swap; debt-ebt swap systéme de financement non funds statement

institutionnelsmp taux fixe/taux variable infornal finance tableau des fluxcoupon swap statement of changes in

systéme de flnancement financialposition; source andmsp taux variable contre traditionnel applicadon of funds statement;taux variable informal finance funds statementbasis (rote) swap

systeme de remboursementswapper par annultésswap, to level annuity system

171

tablean des opérations taux de coupon courant taux d'lntérft dircteursflnancires (TOF) current coupon (tate) key interest ratesflow-of-fund table [nationalaccountsJ taux de l'argent au jour le taux d'lntéret aoné

jour interest rate se8mentationtassement call money rate; calU loan rateshake-out (of the market) taux d'intéret réel

taux de mobillsatioo des real interest ratetaux composite du marché ressourcacombined market rate resource mobilizaton tolo taux d'Intéret résultant du

panachagetaux critique de rentabilité taux de recouvrement blended interest ratehurdle rate collection talio

taux du marché monétairetaux croisés divergents taux de recouvrement net (TMM)broken cross rates; tnangular net collection ratio money market ratearbitrage

taux de rendement In fine taux Interbancaire offerttaux d'activité equivalent bondyield interbank offered rate (IBOR)activity talios

taux des avances k vue taux jalontaux d'actualisation cali money rate; call loan rate key money rate; central ratediscount rate

taux des avances sur titres taux Lombardtaux d'actualisation de la Lombard rate [Federal Lombard rate [Federalconsommation Republic of Germany] Republic of GennanyJconsumplion rate of interest(CRI) taux d'escompte taux pivot

discount rate key money rate; central ratetaux d'avances sur titresbroker loan rate taux des fonds fédéraux taux plancher de verrouillage

federal funds rate [USJ lock ratetaux d'égalisation des valeursactuelles taux d'indifférence taux preteur variable basé surcross-over discount rate; cross-over discount rate; un pool d'empruntsequaliAng discount rate equalizing discount rate pool-based variable lending rate

[IBRD]taux de base taux d'intérft comptableprime rate (TIC) taux privilégié

accounting rate of interest prime ratetaux de base a long terme (ARI)long-term prime rate (LTPR) tel quel[Japan] taux d'intérit créditeur fiat

depositor rate of interest;taux de change minimum borrowing rate teneurfloor rate of exchange tenor

taux d'lintéret d'équilibre (dutaux de coupon marché) teneur de marchécoupon rate ma¿ket-clearing interest rate market maker

172

teneur de plume titre garantl par des cefances titrisationbook-n¿nning lead bank hypoth¿cafreu securtizationbook-iunning lead manager mongage-backed secuity

(MBS) traitement de la dettetigre debt workoutTreasury Investment Growth titre nominatifReceipt (iger) registered secuíty tranche

payment period [IBRDJtitralisation titre obligatairesecuritization debt security tranche d'un prét

stip of maturtiestitre titre précurseursecurity bellwether security transaction compensée

trade inside feestitre A coupon dégressif titre rattaché á des actionsmultiple equity-related bond; transaction fictive, fantómestep-down (security) equity-Zinked bond wash sale

titre A coupon progressif titre relevé transaction simultanéemultiple book-entry security d'achat et de ventestep-up (secunty) matched sale-purchase

titre sous-jacent transactiontitre au porteur underlying (security)bearer security transactions aller-retour

titre subordonné a durée merry-go-round transactionstitre de cr¿ance indéterminée (TSDI)debt secunity perpetual floating-rate note transactions interbancaires

hanque de grostitre de participation a un titres a options couvertes wholesale bankingpool de préts covered option secuñitiespass-through certificate; (COPS) transactionsparficipation cetificate renouvelées

titres alternatifs meny-go-round transactionstitre de rente perpétuelle altemative participationannuity bond instruments (APIs) transfert électronique de

fondstitre destiné & I'étranger titres assortis de coupons electronic funds transfer (EFT)foreign-aimed security; coupon paperforeign-targeted security tUS] transformation (bancaire)

titres de placement transformationtitre émis A guichets ouverts investment securitiestap security transformation á I'envers

titres garantis par des actifs negative term transforrnationtitre émis k jet continu asset financetap secunity transformation d'échéaiwves

titres négociables maturity transformationmarketable secunties

transformation des échéancesterm transfornation

173

transformation en titres valeur mobiliére vente de devises parsecuritization security adjudicatlon

foreign exchange auctionstroisiéme marché valeur nominalethird market; off-the-board full face value vente de prets partielsmarket whole loan sale

valeur nominaleunité composite européenne par value; face value vente sans garantie d'émlssionEuropean Composite Unit best effort sale(EURCO) valeur "peu en vogue'

off-the-run secuñity verroulllerunité européenne de compte lock(ed) in (interest rates)(uec) valeur rédulte, kEuropean Unit of Account value impaired warrant(EUA) warrant

valeur seuilunité rnonétaire européenne switching value warrant d'actions(écu) stock warrantEuropean Currency Unit valeur-support(ECU) underlying (security) warrant détachable

detachable warrantvaleur comptable valeur tempsbook value time value warrant d'obligations

bond warrantvaleur cotée en Bourse valeur ventiléelisted security break-up value warrant échangeable contre

des titres d'Etatvaleur critique valeurs de premier ordre wamrant into govemmentswitching value gilt-edged secunties secunties (WINGS)

valeur de pere de famille valeurs garanties par P'Etat warrant en devisesblue chip gilt-edged securities foreign exchange warrant

valeur de premier ordre valeurs mobilieres zébresblue chip amortissables partiellement zero coupon Eurosterling bearer

avant échéance et assorties a registered accruing secuntiesvaleur de refuge d'autres conditions variables (ZEBRAs)hedge [securities market] pass-throughs; pass-through

securities zone ciblevaleur désaggrégée target zone; reference zonebreak-up value valorisation au prix du

marché zone de référencevaleur faciale marking to market target zone; reference zonepar value; face value

vente k découvertvaleur faciale totale shont salefull face value

vente de devises aux enchéresvaleur instrtnséque foreign exchange auctionsintinsic value

Terminología de finanzas y de deuda

Español-Inglés

177

abandono, anulación y pago acciones preferenciales acuerdo a plazo sobre tasasanticipado preferred stock de interésdroppages, cancellations and forward rate agreement; futureprepayments (DCP) [IFC] acciones preferenciales rate agreement (FRA)

(preferentes, preferidas)acción al portador acumuladas acuerdo a término sobre tasastransferable share cumulative preferred stock de interés

forward rate agreement; futureacción de caída vertiginosa acciones preferentes rate agreement (FRA)air pocket stock preferred stock

acuerdo de compensaciónacción de primera clase acciones preferidas clearing agreementblhe chip preferred stock

acuerdo de destinaciónacción de una empresa accionista influyente especialprometedora leveraged stockholder set aside agreementgrowth stock

aceleración del vencimiento acuerdo de recompraacción de usufructo acceleration of maturity repurchase agreement (RP;dividend-right share repo)

aceptación bancariaacción de valor inestable banker's acceptance acuerdo de recompra inversovolatile stock reverse repurchase agreement

acreencias improductivasacción gratuita nonperforming debt acuerdo de reprogramaciónbonus share multianual de la deuda

acreencias no redituables multi-year reschedulingacción gratuita nonperforming debt agreement (MYRA); multi-yearscrip issue [UK]; stock restructuring agreementdividend [US] actividades no incluidas en el (MYRA)

balance generalacción negociable off-balance sheet (OBS) acuerdo de retención detransferable share activites acciones

share retention agreementacción transferible activo neto [IFCJtransferable share stockholders' equity;

shareholders' equity; owners' acuerdo de reventa (a unacciones con derecho a equity; equity; net worth; precio especificado)dividendo shareholders' funds JU.K] system repurchase agreementdividend stock

activos improductivos acuerdo de traspasoacciones de fundador nonperformning assets progresivo (de acciones)founders' shares; promoters' fade-out agreement; phase-instock [U.K] activos no redituables agreement

nonperfonning assetsacciones nominativas acuerdo gensakiregistered stock; personal stock activos productivos Gensaki

earming assetsacciones pagadaspaid-up stock; fully paid stock

178

acuerdos de reestructuración agiotista anulación de deudas con lafinanciera market maker garantía de un fondo dework out arrangements; amortizaciónworkouts alivio financiero debt defeasance through the

financing relief sinking fund mechanismacumulación (devencimientos) amortización anulación en librosbunching (of maturities) amortization write off; charge-off [noun]

adelanto del vencimiento ampliación de los servicios de anuncio de emisión efectuadaacceleration of maturity una institución tombstone

conversion from a restricted toadjudicación a precio a full-seivice institution anuncio preliminar de unauniforme nueva emisiónDutch auction [U.S.J ampliación del capital red herring

capital wideningadministración de fondos aporte de fondoscash management análisis de las probabilidades complementarios

de recuperación (de los topping upafinamiento (de la economía) préstamos otorgados a unfine-tuning (of the economy) país) arbitraje

country collectibility analysis arbitrageagente [IBRDJcommissioned company arbitraje[Japan] analista de bolsa switch

cha iistagente (de cambio y bolsa) arbitraje conforme a la curvabroker analista de valores de rendimiento

securities analyst yield curve arbitrageagente de contrapartidadealer [options market] anticipo del servicio de arbitraje de vencimientos

financiamiento para la time arbitrageagente financiero preparación de proyectosfiscal agent Project reparation Faciity arbitraje espacial

advance [IBRD] two-point arbitrage; spaceagente pagador arbitragepaying agent anticipos sin garantía

documentaria arbitraje protegido contraagente vendedor clean advances riesgos cambiariossales agent; selling agent covered interest arbitrage[securities] anulación (de una deuda)

cancellation (of a debt) arbitrajistaagio arbitrageurpremium [secunities] anulación de deudas a cambio

de un activo financiero argentinización de la deudaagio debt defeasance; collateralized debt domesticationagio (debt) defeasance

aseguradoragiotista underwriterjobber

179

asimetría de los vencimientos banco constituido a nivel banco(a) de serviciosmatuñty mismatch federal múltiples

federaly chartered bank [U.S.1 universal bank(ing)Asociación de IntemediariosInternacionales de Bonos banco corresponsal bancos establecidos en lasAssociation of Intemational agent bank principales plazas financierasBond Dealers (AIBD) money center banks

banco de inversionesatender el servicio de un investment bank [U.S.]; bancos internnediarlospréstamo merchant bank [UR] entrepot; tumtableservice a loan

banco de segunda instancia base de capitalatracción second tier bank capital basecrowding-in

banco de segundo nivel betaaumento del capital con second tier bank betarespecto al trabajocapital deepening banco de segundo piso bolsa de valores

second tier bank secutides marketautofinanciamientoin house financing; banco director bolsa de valoresself-financing lead bank; lead manager equity maret

autorización permanente banco director encargado del bolivianización de la deudashelf registration control de la emisión debt domestication

book-running lead bank,aval book-nrnning lead manager bonoaval note

banco extraterritorialbanco abstencionista offshore bank bonofree rider bond

banco fiduciariobanco agente tnist bank (Shintaku Ginko) bono a corto plazoagent bank [JapanJ short-term note

banco coadministrador banco múltiple bono a corto plazo paracomanager; colead manager universal bank(ing) financiar un proyecto

project notebanco codirector banco múltiplecomanager, colead manager full seMice bank bono a largo plazo pagadero

con ingresos (del proyecto)banco comercial banco múltiple revenue bondchartered bank [Canada] combined commercial and

investrnent bank, multibank; bono al portadorbanco con un gran volumen all-purpose bank bearer notede préstamos pendienteslarge exposure bank banco sogo bono al portador

Sogo bank bearer bond

180

bono alcista bono con interés escalonado bono con rescate vinculado abull bond (fiado anticipadamente) un tipo de cambio

stepped (rate) bond indexed currency option notebono alcista y bajista (ICON)bull and bear bond bono con Interés variable

floating-rate note; floater bono con tasa de interésbono amortiguador renovablecushion bond bono con Interés variable roly poly bond

floating-rate bondbono basura bono con tipo de interésjunk bond; speculative grade bono con Interés variable renovablebond indizado roly poly bond

floating rate note with variablebono "bulldog" coupon fix bono con tope máximo deBulldog bond interés

bono con Interés variable cap; capped floating rate notebono clásico inversostraight bond reverse floating rate note bono con tope máximo y

mínimo de interésbono con características de bono con interés variable collaracción inverso a la tasa de referenciaequity-related bond; inverse floating rate note bono con vencimiento elegidoequity-linked bond al azar

bono con interés variable serial bond, loanbono con certificado minimowarrant bond floor bono chatarra

junk bond; speculative gradebono con cupón bono con interés variable bondcoupon note reajustable anticipadamente

mismatch floating rate note bono daimyobono con cupón daimyo bondcoupon(-bearing) bond bono con opción de cambio de

divisa bono de ahorrobono con cupón determinado multiple (currency) option bond savings bond [France, Belgium,por subasta a la baja U.S.]Dutch auction notes bono con opción de venta

bond with put option bono de calidad bancariabono con derecho a compra bank quality bondde acciones bono con reinversión debond with equity warrant intereses bono de descuento intensivo

bunny bond deep-discount bond notebono con derecho a comprade bonos adicionales bono con rendimiento bono de doble respaldobond with bond warrant vinculado al precio de un double-barreled bond

producto básicobono con garantía de activos commodity-linked bond, bono de exclusióndebenture (bond) commodity-backed bond exWt instrument; exit bond; exit

vehicle

181

bono de Interés diferido bono del Tesoro (a más de 10 bono indizado según el preciodeferred coupon note; deferred afños) de un producto básicointerest note Treasury bond fU.S.J commodity-indexed bond

bono de primera clase bono del Tesoro (a mediano bono kiwitop-rated bond plazo) kiwi bond

Treasury note [U.S.Jbono de primer orden bono matadortop-rated bond bono del Tesoro (EE.UU.) a matador bond

muy corto plazobono de renta vitalicia cash management bill bono municipal a corto plazoannuity bond rescatable con ingresos no

bono denominado en dos tributariosbono de rescate anticipado monedas revenue-anticipation noteput bond; putable bond; bond dual-currency bondwith put option bono no negociable

bono descontado nonmarketable bondbono de salida discount bondexit instrument; exit bond; exit bono no redimible antes delvehicle bono descontado vencimiento

discount note noncallable bondbono de una sociedad(anónima) bono emitido con descuento bono no rescatable antes delcorporate bond original issue discount (OID) vencimiento

bond noncallable bondbono de usufructodividend-right certificate bono especulativo bono nominal con opción de

junk bond; speculative grade compraventa de un productobono de valor nominal muy bond básicobajo nominal bond with altachedbaby bond bono flip-flop commodity option

Jlip-flopbono de vencimiento ajustable bono ordinarioextendible bond; eAtendible bono garantizado straight bondmaturity bond collateralized (bond)

bono participatoriobono de vencimiento ajustable bono garantizado de interés income bond; participatingextendible note; extendible variable bondmaturity note collateralized floating rate bond

bono perpetuobono de vencimiento bono global annuity bondescalonado global bondserial bond, loan bono perpetuo

bono hipotecario nonmaturing, nonredeemablebono de venta continua mortgage bond government bond; perpetualbond sold on tap bond; annuity bond; consol

bono indizado [UKbono del Tesoro (a corto indexed bond; index-linkedplazo) bondTreasury bill [U.S.1

182

bono perpetuo con tipo de bono sushi cajero permanenteinterés flotante Sushibond automatic, automated tellerperpetual floating-rate note machine (ATM)

bono tankokubono previo a una emisión Tankoku bill calendario de emisionesbond-anticipation note (BAN) issuing calendar

bono venddobono que vence due bond cámara de compensacióndue bond clearing house

bono wolfhoundbono redimible antes del wolfhound bond cancelación (de una deuda)vencimiento cancellation (of a debt)callable bond bono yanqui

Yankee bond cancelación en librosbono redimible write off; charge-off [nounJanticipadamente bonos británicos sin cupónretractable, putable bond (STAG) capacidad crediticia

sterling transferable accruing credit standing, creditworthinessbono rescatable govemment secuidies (STAGs)callable bond capacidad de endeudamiento

bonos de primer orden debt canying capacitybono rescatable gilt-edged securitiesanticipadamente capital accionarioretractable, putable bond bonos de responsabilidad equity capital; capital stock (of

general a corporation)bono rescatado general obligations; generalanticipadamente obligation bonds capital circulantecalled bond floating capital

bonos del Gobierno británicobono respaldado por ingresos gilt-edged securities capital de riesgofiscales previstos risk capitaltax-andcipation note (TAN) bonos geisha

Geisha bond capital de riesgobono samurai venture capital; risk capitalSamurai bond bonos para la obtención de

nuevos fondos capital flotantebono shogun new money bonds floating capitalShogun bond

bonos que devengan intereses capital improductivobono sin cupón interest-bearing notes no-retum equityzero coupon bond

bonos sin cupón con garantía capital no redituablebono sin cupón respaldado del Tesoro de los EE.UU. no-retum equitypor el Goblerno de EE.UU. certificates of accrual onTreasury Investment Growth Treasury secuwities (Cats) capital socialReceipt (77ger) equity capital; capital stock (of

cajero automático a corporation)bono sin garantía específica automatic, automated tellerdebenture (bond) machine (ATM)

183

capital suscrito y no cartera de préstamos certificado de depósito condesembolsado loan po~tfolio tipo de Interés renovableuncalled capital roll-over cefificate of deposit;

cartera líquida roly poly cetificate of depositcapitales itinerantes liquidity portfolio; liquid assetshot money; funk money [U.KJ portfolio certificado de depósito de

libre compracapitalización cartera modelo straight tap certificate ofcapitalization benchmark po~folio [IBRDJ deposit

capitalización (de la deuda) casa de descuento certificado de depósito dedebt(-for)-equity swap, discount house; bill broker US$100.000 o másconversion jumbo certificate of deposit

casa matriz [US]capitalización bursátil parent bankmarket capitalization certificado de depósito en

cédula hipotecaria tramoscapitalización de la deuda mortgage bond tranche certificate of depositdebt capitalization

centésimo de punto certificado de depósito sincapitalización de los intereses porcentual lfmiteinterest capitalization basis point straigh4 tap certificate of

depositcargo por tramitación centro bancarioprocessing fee extraterritorial certificado de inversión

offshore banking center investment certificatecarta de crédito contingentestandby letter of credit certificado de adeudo certificado de participación

debt certificate; certificate of participation certificatecarta de intención sobre la indebtednesspolítica de desarrollo certificado de transferencia deletter of development policy certificado de depositario préstamos[IBRD] depositary receipt pass-through certificate;

participation certificatecarta de intención sobre la certificado de depósitopolítica sectorial certificate of deposit certificado en divisasletter of sectoral policy [IBRD] foreign exchange warrant

certificado de depósito acarta de seguridades plazo negociable certificado nominativoletter of comfort negotiable time certificate of bond certificate

depositcartera de acciones certificado para la compra deshare ownership certificado de depósito clásico acciones

straigh4 tap certificate of stock warrantcartera de inversiones depositliquidas certificado para la compra deliquidity portfolio; liquid assets certificado de depósito con acciones o bonosportfolio tasa de interés renovable warrant

roll-over cerfificate of deposit;roly poy certificate of deposit

184

certificado para la compra de cláusula de aplazamiento de cláusula sobre múltiplesbonos pagos monedasbond warnant bisque clause multicurrency clause

certiflcado para la compra de cláusula de buena voluntad cobertura del servicio de labonos del Tesoro goodwill clause deudawarrant into govemment debt-serv¿ce coveragesecurities (W7NGS) cláusula de disponibilidad

switch, availability clause coeficiente contablecertificado provisional accounting ratioscrip cer¿ificate; bearer scrip cláusula de examen periódico

periodic review clause; review coeficiente corriente [Américacertificado separable clause Latina]detachable warrant current ratio; working-capital

cláusula de exigibilidad delcertificado separado del membolso coeficiente de capital brutocupón illegality clause gross capital coefficient, ratiostrip certificate

cláusula de obligación coeficiente de cobertura decesión negativa interesesdivestiture negative pledge clause interest coverage ratio

cesión de activos (de una cláusula de recuperación coeficiente de cobro brutosociedad) a cambio de recapture clause gross collection ratioacciones (de otra sociedadnueva) cláusula de revisión coeficiente de cobro netospinoff trigger clause [IBRDJ net collection ratio

cheque certificado cláusula de salvaguardia coeficiente de costo encentified check jeopardy clause; disaster clause; recursos internos

break clause domestic resource cost ratiocheque de cajacashier's check cláusula pari passu coeficiente de costos

pari passu clause combinados a largo plazocheque intervenido long-term blended cost ratecenified check cláusula que estipula que se (LTB) [IFCJ

han de compartir losclasificación reembolsos coeficiente de cuentarating sharing clause; payment shaning accounting ratio

clauseclasificación crediticia coeficiente de endeudamientocredit standing, creditworthiness cláusula recíproca en caso de debt-equity ratio; debt-to-equity

incumplimiento ratioclasificar cross-default clauserate, to; grade, to coeficiente de endeudamiento

cláusula roja debt ratiocláusula de abstención red clausenegative pledge clause coeficiente de endeudamiento

a largo plazolong-term debt ratio

185

coeficiente de explotación coeficiente de solvencia [Esp.] comlsiónwoaring ratio current rado; working-capital handling fee; management fee

coeficiente de inestabilidad coeficiente institucional comisión de administraciónvolatility ratio institutional ratio management commission, fee

coeficiente de liquidez coeficiente neto de explotación comisión de admisión (aliquidity ratio [IBRD] operaing ratio cotización)

adnission fee (to a stockcoeficiente del perfil futuro coeficientes de actividad exchange)del servicio de la deuda activity ratiosdebt service time profile ratio comisión de cobertura

coeficientes de liquidez cambiarlacoeficiente del servicio de la liquidity ratios foreign exchange coverage feedeudadebt-sen'ice ratio; debt service coeficientes de operación comisión de garantíato expoats ratio operating ratios guarantee commissíon, fee

[IBRD]coeficiente de movilización de coeficientes de rentabilidadrecursos profitability radios; comisión de garantíaresource mobilization ratio revenue-caovenant ratios underwiting fee; facility fee

coeficiente de operación coeficientes netos de comisión de gestiónoperating ratio explotación management commission, fee

operating ratioscoeficiente de préstamos comisión de gestiónexcluidos del régimen de cofinanclamiento mediante agency fee [Euromarket]contabilidad en valores participación directadevengados direct participation cofinancing comisión de prórroganet nonaccrual rate extension fee

cofinanciamiento supeditadocoeficiente de protección al crecimiento comísión de renegociaciónhedge ratio growth contingency cofinancing extension fee

coeficiente de recuperación colapso de la bolsa comisión de suscripcióncollection ratio stock market crash undevwriding fee; facility fee

coeficiente de reserva colocación en el mercado comisión de ventareserve ratio secundario selling fee [Euromarket]

secondary offeringcoeficiente de revaluación del comisión de ventadía colocación especial selling commissiondaily revaluation factor special placement[currency pool] comisión del agente financiero

colocación privada fiscal agency feecoeficiente derivado del private placementbalance general comisión Inicialbalance-sheet ratio colocación pública flat fee; front end fee

public offering (of shares) [Euroloan]

186

comisión Inicial Comité sobre Regulación compra y venta simultáneafront-end fee Bancaria y Prácticas de matched sale-purchase

Supervisión tirnsactioncomisión por compromiso Committee on Bankingcommitment fee, charge Regulations and Supervisory compraventa

Practices; Basle Superiisors' tradingcomisión por disponibilidad Commiftee; Cooke Committee(de fondos) compromiso contingenteavailability fee [IFC] compañía comisionada standby commitment

commissioned companycomisión por inmovilización [lapan] compromiso contingente dede fondos participación en el capitalcommitment fee, charge compañía de capital de riesgo social

venture capital company standby equitycomisión por tramitaciónprocessing fee compañía de inversiones compromiso de compra y

investment company, fund reventacomisión por tramitación de pu~chase and resale agreementsolicitud compensación de débitos y [Canada]loan ongination fee créditos entre filiales

multilateral netting compromiso de suscripción decomisión por utilización accionesutilization fee compra con descuento de una equity underwriting

deuda en divisas y rescate acomité de coordinación de valor nominal en moneda compromiso especialbancos nacional Special Commitment [IBRDJbank advisory committee round-tripping

compromiso supeditado a lacomité de reestructuración compra de deuda compra de accionessteering committee; advisory debt buyback; debt repurchase standby equitycommittee

compra de las propias compromisos netosComité Cooke acciones para evitar la exposureCommittee on Banking absorción de la empresaRegulations and Supervsory greenmail compromisos por paísesPractices; Basle Supervisors' country exposureCommittee; Cooke Committee compra de una empresa con

fondos tomados en préstamos con alto coeficiente deComité de Supervisión leveraged buyout (LBO) endeudamientoBancaria de Basilea (highly) leveragedCommittee on Banking compra de una empresa conRegulations and Supervisory fondos tomados en préstamos con dineroPractices; Basle Superisors' por sus empleados in the money (ITM) (option)Committee; Cooke Committee leveraged management buyout

(LMBO) concertar un préstamo através de un consorcio

compra en descubierto (bancario, de financiamiento)margin buying [stock exchange] syndicate, to (a loan)

187

concesión de préstamos contrato a término conversión de deudas eninternos con fondos externos forward contract divisas en deudas en monedainward switching nacional

contrato a término con índice debt-for-local currency swapcondonación (de una deuda) bursátilcancellation (of a debt) stock index future conversión de Interés rgo en

interés variableconfiguración 'tricornio' contrato de administración coupon swaphead and shoulders management contractconfiguration conversión de la clase de

contrato de compra contra interésconfiguración en M entrega rate base switch [IFCJdouble top configuration take-and-pay contract

conversión de la deuda enconfiguración en triángulo contrato de futuros capitaltriangle configuration futures contract debt(-for)-equity swap,

conversionconfiguración en W contrato de futuros dedouble bottom configuration instrumentos financieros conversión de la deuda en

interest rate futures financiamiento para elcongelación del interés en un desarrollonivel mínimo (cuando la tasa contrato de futuros de swaps debt-for-development swapde mercado desciende a swap futuremenos de ese nivel) conversión de la deuda endrop lock contrato de futuros fondos benéficos

financieros debt-charity swapsconsorcio financial futures contractselling consortium, group, conversión de la deuda ensyndicate fEuromarketJ contrato firme de compra (sin medidas de protección de los

derecho de rescisión) recursos naturalesconsorcio (bancario, de take-or-pay contract debt-for-nature swapfinanciamiento)syndicate contratos de participación en conversión de la deuda en

la producción productos básicosconsorcio de suscriptores production-sharing contracts debt commodity swapunderiwting consortium, group,syndicate contratos de participación en conversión de la deuda en

las utilidades valoresconstitución de una garantía profit-sharing contracts secutitizationcollateralization

convenio de destinación convertircontragarantía especial swap, tocounter-guarantee set aside agreement

corredorcontrarrestar conversión sales agent; selling agentunwind swap (transaction) [securities]

contrato a plazo conversión contable de corredor (de cambio, deforward contract monedas bolsa)

currency transiation broker

188

corredor (mercado primario) cotón (de valores en crédito negociableprimary dealer bolsa) spot credit

listing (of secunties)corredor de bolsa crédito para importacionesdealer [stock marketJ cotización al cierre con fines de rehabilitación

closing price rehabilitation impoatcorredor de bolsa credit/loan (RIC, RIL) [IBRD/trader [stock marketJ cotización automatizada

automated quotation crédito recíprococorredor de bolsa swap (transaction)independiente cotizacióon computadorizadafloor trader automated quotation crédito refinanciable

revolving credit; rollover creditcorredor de inversiones cotización de aperturainvestment broker opening price crédito renovable

revolving credit; rollover creditcorredor de valores cotización firmesecurities dealer; securities firm market making crédito rotatorio

revolving credit; rollover creditcorredor de valores del cotización inicialEstado openingpnce crédito soberanogovemment security dealer sovereign credit

cotizarcorretaje post (a rate) crédito tributarlobrokerage tax credit

cotizar un precio de compra ocorriente de fondos de venta criterios de trascendenciafunds flow; flow of funds make a market materiality criteria

costo de Inmovilizacíón (del crédito cuadro de corrientescapital) credit standing, creditworthiness financierascarrying cost; canying charges; flow-of-fund table [nationalcost of carry crédito autoamortizable accounts]

self-liquidating creditcosto de los empréstitos con cuarto mercadodoble ponderación crédito cómodo fourth market [US]double-weighted borrowing cost convenience credit[IBRDJ cuasibanco

crédito con garantía de otro near-bank [Canada]costo en recursos Internos créditodomestic resource cost (DRC) back-to-back (loan, borrowing); cuasicapital

matched funding quasi-equity; quasi-capitalcostos centralizadoscentrally-managed costs crédito facil cuasidinero

convenience credit near-money; quasi-moneycostos descentralizadosunit-managed costs crédito garantizado por el cuenta corriente del Tesoro

Estado Treasury tax and loan accountcotización sovereign credit [U.S.JJUing

189

cuenta corriente que devenga departamento bancario descuento sin recursointereses considerado como discount without recoursenegotiable order of withdrawal extraterritorial(NOW) account offshore banking unit (OBU) descuento sobre el valor a la

parcuenta de administración de departamento fiduciario de discount from par [securitiesfondos banco market]cash-management account bank trust department(CMA) desintermediación

depósito de garantia disintem7ediationcuenta de ahorro para initial marginjubilación desmaterializaciónindividual retirement account depósitos bancarios computerzed entry of(IRA) bank money ownership; dematenalisation

[UK/cuenta de anticipos depreciaciónimprest account, fund amortization desplazamiento

crowding-outcuenta de compra de valores depredadorsecurities margn account corporate raider; raider desplazamiento hacia las

emisiones de mayor calidadcuenta de garantía derecho flight to qualitycollateral account right (to purchase shares)

desposeimientocuenta de margen derecho de suscripción divestituremaigin account subscription right

desvalorizacióncuenta de primas de emisión desagio impairmentshare premium account [IFC] disagio

determinación de la monedacuenta para operaciones en descontar en que se exige cadadescubierto discount amortizaciónmargin account recall [currency pool]

descuentocupón discount; markdown determinación del costo de uncoupon préstamo

descuento de bonos a pricing (of a loan)curva de rendimiento mediano plazoyield curve forfaiting determinación del costo de un

subpréstamodebenture [Arg., Chile] descuento de conversión subloan pnicingdebenture (bond) conversion discount

deuda amortizadadelta descuento de pagarés a retired debtdelta mediano plazo

forfaiting deuda con descuentodenominación de un préstamo discounted debten otra moneda descuento Impositivocurrency redenominatíon tax credit deuda consolidada

funded debt

190

deuda de liquidez secundaria dinero en el sentido estricto documento de análisis de lasjunior debt; subordinated debt narrow money [cf. MI] probabilidades de

recuperación (de losdeuda pendiente dinero exigible préstamos otorgados a undebt overhang call money; day-to-day money; país)

demand money; money at call country collectibility notedeuda prioritaria [IBRD]senior debt dinero fresco

new money documento sobre parámetrosdeuda subordinada de polftica económica (PPE)junior debt; subordinated debt dinero nuevo policy framework paper (PFP)

new money [IBRD]diferenciaspread disfunción del mercado duración

market failure duration (of an investment)diferencia entre el precio alcontado y el precio pagado disminución efecto a la vista o derealmente drawdown vencimiento a muy cortocontango rate; continuation rate plazo

disminución técnica hot billdiferencia entre el precio con technical decline, dropdescuento y el valor nominal efecto carrusel[bonos] dispensa de la cláusula de mer¡y-go-round effectaccretion abstención (de los

compromisos existentes) efecto comercialdiferencial waiver of negative pledge; trade bill [U.K]spread negative pledge waiver

efecto de buena calidaddiferencial distorsión monetaria investment grade paperbasis cumrency twist

efectos comercialesdiferencial diagonal distribución commercial paper (CP);diagonal spread allotment commercial bills

dilución dividendo en acciones efectos comerciales endilution scrip issue JUK]; stock eurodivisas

dividend [US] Eurocommercial paper (ECP)dilución del capital(accionario) dividendo en acciones efectos en cobranzastock dilution; stock watering stock dividend float [banking]

dinero a la vista división de acciones efectos en cobrocalU money; day-to-day money; split; split-up; splitting fpoat [bankingjdemand money; money at call

división de un préstamo en efectos privadosdinero apátrida varios tramos private paperstateless money tranching

efectos públicosdinero bancario govemment paperbank money

191

efectuar un swap emisión especial encaje legal adicionalswap, to off-the-run security marginal reserve requirement

efectuar una operación de emisión exploratoria endeudamiento forzososwap red hering issue distress borrowingswap, to

emisión wStar Trek en descubiertoelasticidad tributaria global "Star Trek" issue uncovered; nakedtax buoyancy

emisiones no garantizadas entrega a plazoelemento de donación del non-underwritten facilities forward coverfinanciamiento combinadoblended grant element emisor entrega a término

issuer forward coveremisión (en el mercadoprimario) empresa conjunta de capital especulaciónprimary offering social proporcional trading

equity joint ventureemisión adquirida especulación diferencial a laanticipadamente por un empresa susceptible de bajaconsorcio bancario absorción bear spreadbought deal; firm commitment target company; takeoverunderwriting can didate especulación diferencial al

alzaemisión atascada empréstito de contrapartida bull spreadhung-up issue back-to-back (loan, borrowing);

matched funding esquelaemisión confiable tombstoneseasoned issue empréstito de suma alzada

lump-sum borrowing [IFCJ establecimiento de reservasemisión continua para pérdidas por conceptotap ceruficate of deposit empréstitos calificados de préstamos

pool of qualified borrowings loan loss provisioningemisión de bonos en elexterior empréstitos calificados estado de cambios en laextemal bond issue qualified borrowings (QB) situación financiera

[IBRDJ statement of changes inemisión de rendimiento financial position; source andindeterminado empréstitos de referencia application of funds statement;open pricing proxy borrowing [IBRDJ funds statement

emisión de valores de capital empréstitos en divisas con estado de flujo de fondoscapital issue Interés indizado statement of changes in

indexed currency bo¡rowings financial position; source andemisión de valores application of funds statement;especulativos empréstitos gigantescos funds statementspeculative grade paper jumbo borrowing

emisión empantanada encaje legalhung-up issue reserve ratio

192

estado de fuentes y utilización exceso de transacciones (en la facultad de adquisición dede fondos cuenta de un cliente) contratos con interés topestatement of changes in chuming oveding Global Cap Authority [IFC]financial position; source andapplication of funds statement; exclusión del régimen de facultad general para efectuarfunds statement contabilidad en valores inversiones

devengados General Investmentetapa Inmediatamente nonaccrual status, in a Authorization [IBRD/IDA]anterior a la primeracolocación pública exención de la cláusula de facultad para contraermezzanine level abstención compromisos

negative pledge waiver commitment authorityeuroaccioneseuro-equities exención de la cláusula de facultad para efectuar swaps

abstención (de los Global Swap Authorityeurobono compromisos existentes)Eurobond waiver of negative pledge; facultad para invertir en

negative pledge waiver activos líquidoseurocapital liquid assets investmenteuro-equities exención de la cláusula de authority [IFCJ

obligación negativaeurocrédito negative pledge waiver falla del mercadoEurocredit market failure

exigir el pago de una garantíaeurodivisa calí a guarantee fecha a partir de la cual seEurocurrency calcula el interés

expectativas racionales dated dateeurodólar rational expectationsEurodollar fecha de cierre

externalización (del servicio settlement dateeuromercado de la deuda)Euromarket etemalization (of debt service fecha de desembolso

payments) payout date; payment date;euromoneda distribution dateEurocurrency extraterritorial

offshore fecha de pagoeuropréstamo settlement dateEuroloan factor de ajuste para fines de

amortización fecha de renegociaciónevaluación actuarial amortization adjustment factor rollover dateactuauial evaluation [cunency pool]

fecha de transacciónevaluación por puntos factor de revaluación trade datescoring revaluation factor [currency

Pool] fecha de valorexceso de oferta value dateoverhang factores Imprevistos que

encarecen la Inversión fijación de vencimientos noinvestment leakage coincidentes

layering

193

fijación diferida del interés financiamiento de contraparte financiamiento sin posibilidaddeferred rate resetting [IFC] matched funding de recurso

nonrecourse financefinanciación mediante financiamiento deendeudamiento contrapartida financiamiento transitoriodebt financing matched funding bridge financing

financiación sin asegurar financiamiento de los últimos flotación dirigidafront-end financing vencimientos diriy float

funding latter maturitiesfinanciación sin garantía [IBRDJ flotación impurafront-end financing dinty float

financiamiento de transiciónfinanciación suplementaria bridge financing flotación limpiafront-end financing clean float

financiamiento del déficitrinancialización gap financing fluctuación de las tasas definancialization interés debida a la fuga de

financiamiento en apoyo de capitalesfinanciamiento combinado reformas de políticas interest leakage(del BIRF y la AIF) policy-based lending, policyblend financing loans fluctuación de los tipos de

interés debida a la fuga definanciamiento concatenado financiamiento en condiciones capitalespiggyback financing comerciales interest leakage

commercial lendingfinanciamiento concertado flujo de fondosconcerted financing lending financiamiento en condiciones funds flow; flow of funds

de mercadofinanciamiento concertado market-related lending fondo común de Inversiónconcerted lending deal mutual fund

financiamiento informalfinanciamiento con derecho de informal finance fondo común de Inversiónrecurso limitado money market (mutual) fundlimited recourse finance financiamiento no (MMF)

institucionalfinanciamiento con fondos informal finance fondo común de monedaspropios loan currencypoolin house financing7 financiamiento paraself-rfnancing programas fondo de amortización

program loan; program lending sinkingfundfinanciamiento con garantía [IBRDJcontractual fondo de anticiposcontract financing financiamiento paralelo imprest account, fund

parallel financingfinanciamiento conjunto fondo de Inversión que cobrajoint financing financiamiento que Incluye una comisión

dinero nuevo load fundfinanciamiento coordinado new money packagescoordinated financing

194

fondo de inversión que no fondos federales garantía exigiblecobra una comisión federal funds tUS] anticipadamenteno-load fund accelerable guarantee

formación de un consorciofondo de inversiones (bancario, de financiamiento) garantía limitada renovableinvestment company, fund syndication rolling guarantee (of interest

payments)fondo mutuo formas novedosas demoney market (mutual) fund financiamiento garantía no exigible(MMF) creative financing anticipadamente

non-accelerable guaranteefondo mutuo fragmentación de la tasa demutual fund interés garantía prendaria del saldo

interest rate segmnentation de una participaciónfondo para (inversiones en) purchase money securityun país específico fragmentación del tipo de interest [IFC]country fund interés

interest rate segrnentation gasto concentrado alfondo rotatorio comienzo de un períodorevolving fund freno fiscal front-loaded spending

fiscal dragFondo de promoción de gensakimercados incipientes futuros GensakiEmerging Markets Growth futures [commodities market]Fund (EMGF) [IFCJ gerente de cartera

futuros de swaps portfolio managerFondo para empresas swap futureafricanas gestión de cajaAfrican Enterprise Fund futuros financieros cash management

financial futuresFondo para inversiones de gestión de liquidezcartera gamma cash managementequity pojfolio fund gamma

gestión del pasivoFondo para inversiones en ganancias no realizadas liability managementmercados incipientes unrealized gainsEmerging Markets Investment giroFund (EMIF) [IFC] garante drawdown

underwriterfondos comprados giro bancariopurchased funds garantía banker's draft

guarantee [IBRDJfondos de reserva para gran bancorecompra de acciones garantía de rentabilidad city bank [Japan](propias) equity-related guaranteecapital redemption reserve grupo de acreedoresfunds garantía de una deuda group of creditors

debt secuñityfondos de un día para otro grupo de bancos licitantesovemight funds tender panel

195

grupo de suscripción institución financiera no Intercambio de bonos de igualunderwriting consortium, group, bancaria valor nominalsyndicate non-bank bank; non-bank even par swap

financial institutiongrupo director intercambio de deuda pormanagement, managing group instrumento de deuda cuasicapital[Euro-dollar market] debt security debt/quasi equity swap

grupo garante instrumento de interés Intercambio de deuda porunderwriting consortium, group, variable y riesgo decreciente efectivosyndicate risk conversion floater debt-for-cash swap

grupo vendedor instrumento financiero con Intercambio de deudasselling consortium, group, características patrimoniales par debt swap; debt-debt swapsyndicate [Euromarket] equity-like instrument

Intercambio de deudashoja de plazos y condiciones instrumento negociable debt-debt swap; par debt swap;tern sheet negotiable instrument debt swap; debt-for-debt swap

hoja de términos instrumentos cuasimonetarios intercambio de índicesterrn sheet near cash instruments basis (rate) swap

honorario del banco director instrumentos de dinero nuevo intercambio de Interesespraecipium; praecipuum new money instruments callable swap

imposición de condiciones instrumentos de la deuda intercambio de intereses yprevias (a la aprobación de pública monedasun préstamo) govemment debt instruments cross-currency interest rate swapfront-loading of conditionality

intensificación (del uso) de intercambio de monedasindice combinado de capital swap (transaction)desempeño de la cartera capital deepeningcurrent blend (CB) [IFC] intercambio de monedas

intensificación del uso de currency swapindice del fondo común de valoresmonedas securitizadon Intercambio de monedas y decurrency pool index Intereses

intensificación financiera circus swap; currency couponinflación básica financial deepening swapcore inflation

intercambiar intercambio de opcionesingeniería financiera [Méxicol swap, to option swapfinancial engineering

intercambio con descuento Intercambio de préstamos porinstitución de ahorro discount swap bonoscontractual loans-for-bonds exchangecontractual savings institution intercambio de activos

asset(-based) swap Intercambio de tasas deInterésinterest-rate swap

196

intercambio de tipos de intermediación Inversión que no ha alcanzadointerés internediation su pleno rendimientointerest-rate swap unseasoned investment

intermediación del mercadointercambio de títulos de market intermed¿ation Inversión todavíadeuda por exportaciones Improductivadebt-for-exporl swap; intermediario financiero immature investmentdebt-for-products swap financial internediary

inversión verdeintercambio en dos monedas intervención directa en el immature investmentdual-currency swap mercado

face the market inversiones que han alcanzadointercambio internacional su madurezcross-border swap inversión conforme a una mature investments

fórmulaintercambio inverso formula investing Inversionista por cuentareverse swap propia

inversión directa distinta de retail investorintercambio inverso los aportes de capital(convenido con la primera non-equity direct investment Inversor por cuenta propiaparte) retail investormirror swap inversión en capital social

equity financing, equity jefe de operaciones bursátilesintercambio múltiple investment head of tradingcocktail swap

Inversión extranjera directa lastre fiscalintercambio preferencial direct foreign investment (DFI) fiscal dragpremium swap

Inversión forzosa letra bancariainterés abierto forced investment bank billopen interest; open marketinterest Inversión forzosa letra bancaria

forced investment banker's draftinterés mayoritarioproprietary interest Inversión liquidada letra comercial

closed-out investment [IFC] trade bill [U.K]interés nominalcoupon rate Inversión obligatoria letra de banco

forced investment banker's draftinterés nominal corrientecurrent coupon (rate) Inversión orientada a letra de cambio

aumentar la productividad bill of exchangeinterés por mora capital-deepening investmentdefault interest letra garantizada

Inversión periódica de monto custom duty biilintereses devengados y constanteacumulados averaging, dollar cost averaging LIBIDaccnued interest (AI) Jbonds] London Interbank Bid Rate

Inversión posterior (LIBID)downstream investment

197

LIBOR lista en observadón mecanismo de reajusteLondon Interbank Offered Rate watch ¡¡st automático (del tipo, de la(LIBOR) tasa de interés)

lista vigilada automatic reseating mechanismLIBOR para transacciones en watch list [IFCJdólaresdollar ($) LIBOR manipulación de la Mecanismo de financiamiento

contabilidad (para aparentar para el desarrollo de lalibrador (p. ej. de un pagaré) una mejor situación) región del Caribemaker (e.g., of a note) window dressing Caribbean Development

Facilitylibranza en divisas margenforeign exchange warrant spread Mecanismo para inversiones

de bancos centrales [BIRFILIMEAN margen bruto Central Bank Facility (CBF)LIMEAN gross eamings margin; gross [IBRDJ

margin; banker's spread;limitación de la circulación banker's markup [banksj mejoramiento del créditofisica de los valores credit enhancementtruncation margen de maniobra

headroom memorando de informaciónlímite crediticio placement memorandum;lending ceiling, credit limit margen diagonal placing memorandum

diagonal spreadlímite de crédito menor desarrollo relativo, delending ceiling, credit limit margen entre los bonos del relatively less developed [IDA]

Tesoro de EE.UU. y loslímite máimo de aprobación depósitos a plazo en mercadizaciónautónoma eurodólares marketizationfree ¡fmit of loan TED spread

m-ercado abiertolímites legales (de las margen financiero open marketcompras en descubierto) financial spreadmargin requirements [stock mercado al contadoexchangel margen implícito spot market; cash market

implicit spread fforeign exchange]línea de crédito a corto plazoswingline margen "mariposa" mercado alcista

butterfly (call) spread buil marketlfnea de crédito contingentebackstop (credit) facility; margen vertical mercado bajistabackup (underwriting) facility verical spread; price spread bear market

línea de crédito de apoyo mecanismo (conjunto) para mercado basado en elback-up line of credit contingencias prestigio de los prestatarios

Contingency Mechanism name marketlista de espera [JBRD/IMFJlueue mercado de acceso irrestricto

contestable market

198

mercado de capital(es) mercado extrabursátil método de la lista de opcionescapital market over-the-counter market (OTC)

market-based menu approach;mercado de dos niveles mercado financiero market-driven menu approach;two-t¿er mawket financial market menu of options

mercado de emisión mercado financiero método de 'rienda corta"primary market open market shori-leash approach

mercado de entrega Inmediata mercado fuera de bolsa modelo de valoración despot mawket; actual market; over-the-counter ma¡ket (OTC) activos financieroscash market; physical market capital asset pricing model[commodties] mercado fuera de bolsa (CAPM)

third market; off-the-boardmercado de futuros market modificación de lafinancieros periodicidad del pago definancial futures market mercado gris intereses

grey, gray market interest retimingmercado de productosdisponibles mercado inmovilizado modificación de losspot market; actual market; locked market vencimientoscash market; physical market maturity transformation[commod&tiesJ mercado monetario

money market modificación del régimen demercado de subasta interesesauction market mercado muy activo interest (rate) switching

deep marketmercado de títulos al moneda que representa unaportador mercado paralelo proporción mínima del saldobearer market parallel market pendiente de un préstamo

splinter currency [IBRDJmercado de valores mercado primariosecudities market primary market monto que el Banco está

facultado para prestarmercado de valores mercado secundario lending authorityequity market secondary market

monto teóricomercado de valores a corto mercado terciario notional amountplazo unlisted securities marketshort-term paper market (ULM); over-the-counter montos afectados

(OTC) market;third market; set-asidesmercado de valores que no se curb marketcotizan en las bolsas montos reservadosprincipales mercado terciario set-asidesunlisted 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 composición

del fondo común de monedas multibancotargeted curency pool full service bank

199

multibanco [Chi, Mex.] obligaciones de organismos opción de compra de accionescombined commercial and federales [EE.UU.] stock optioninvestment bank, multibank, agency securities, obligadionsall-purpose bank opción de compra de bonos

obligaclonista con rendimiento Inferior alnecesidades netas de fondos bondholder del bono Inicialnet cash requirements (NCR) out of the money (OTM)

oferta pública (option)negociación de bloques de public offering (of shares)acciones opción de compra dobleblock trading oferta pública de adquisición call of more (CM)

(OPA) (con fines denivel de endeudamiento absorción) opción de financiamientorelativo al capital take-over bid residualleverage (ratio) [US.]; gearing take-over option [IBRDJ(ratio) [U.K] oferta pública de adquisición

(OPA) hostil (con fines de opción (de un contrato) deno cotizado en la bolsa absorción) futurosunlisted (security) unfriendly takeover bid futures option

novación oferta pública en el mercado opción de rescate anticipadonovation secundario put

secondary public offeringnuevas facultades para opción de swapefectuar inversiones oferta pública inicial swaption; swap optionNew Investment Authority initial public offering (IPO)(NIA) opción de venta

opción put optionnuevos fondos oplíonnew money opción europea

opción a la par European (style) optionobligación at the money (ATM) (option)bond opción extrabursátil

opción americana over the counter (OTC) optionobligación al portador American (style) optionbearer bond opción fuera de bolsa

opción basada en un índice over the counter (OTC) optionobligación con garantía bursátilhipotecaria index option operación bancariacollateralized mortgage electrónicaobligation (CMO) opción con un precio superior electronic banking

o inferior al valor verdaderoobligación contingente in the money (ITM) (option) operación de cobertura porcontingent obligalion [IBRD] venta a plazo

opción de cambio de divisa short hedgeobligación sin garantía multicurrency optionloan stock operación de compra de

opción de compra valores al contado y venta decall option contratos a término

cash and cany

200

operación de venta de valores Organización Internacional de pagaré con interés variableal contado y compra de Comislones de Valores inverso a la tasa de referenciacontratos a término (OICV) inverse floating rate notereverse cash and carry Intemational Organization of

Securities Commissions pagaré con interés variableoperaciones carrusel (IOSCO) mínimomerry-go-round transactions floor

otorgar préstamos a paísesoperaciones de cambio a excluidos del régimen de pagaré con Interés variabledivisas contabilidad en valores reajustable anticipadamenteoutward switching operations devengados mismatch floating rate note

loan into arrears, (to) [Worldoperaciones de cobertura Bank] pagaré con rescate vinculadohedging a un tipo de cambio

pagaré indexed currency option noteoperaciones de cobertura por promissory note (ICON)compra a plazolong hedge pagaré pagaré con tope máximo de

note interésoperaciones de protección cap; capped floating rate notecambiaria pagaré a corto plazohedging short-term note pagaré con tope máximo y

mínimo de interésoperadores pagaré a corto plazo para collarmarket participants financiar un proyecto

project note pagaré de descuento intensivoorden de compra deep-discount bon4 notetrading ticket [securities] pagaré al portador

bearer note pagaré de vencimientoorden de compra o de venta ajustableal mejor precio pagaré bancario extendible note; extendiblemarket order bank bill maturity note

orden de compra o venta con pagaré con cupón pagaré descontadolimitación de precio coupon note discount notelimit order

pagaré con cupón pagaré perpetuo con tipo deorden de venta determinado por subasta a la interés flotantetrading ticket [securities] baja perpetual floating-rate note

Dutch auctionorden tope pagaré previo a una emisiónstop order pagaré con interés variable bond-anticipation note (BAN)

floating-rate note; floaterorganismo de clasificación de pagaré respaldado porvalores pagaré con interés variable ingresos fiscales previstosrating agency indizado tax-anticipation note (TAN)

floating rate note with variablecoupon fix pagarés descontados

consolidadosconsolidated discount notes

201

pagarés que devengan paises prestatarios en fuentes participante ajeno alintereses oficiales consorciointerest-bearing notes official borrower secondary participant

pago contra (presentación de) paises prestatarios en los participante secundariodocumentos mercados financieros secondary participantcash against documents (C4D) market borrowers

participantes en el mercadopaís agobiado por la deuda paises que tienen acceso al market participantsdebt distressed country mercado financiero

market-eligible countnes pase financieropaís (bien encarrilado) con swap (transaction)inversión y crecimiento papel comercialfast track country commercial paper (CP); patrimonio

commercial bilis stockholders' equity;país 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 netoSIMIC) private paper stockholders' equity;

shareholders' equity; owners'país de bajos ingresos, de parte de cada vencimiento de equity; equity; net worth;ingresos medianos un préstamo shareholders' funds [U.K]moderadamente endeudado strip of maturitiesmoderately indebted low-, pedido de operación demiddle-income country participación cruzada margen(MILIC, MIMIC) cross-shareholding margin call

país de ingresos medianos participación en cada pedido de operación enmuy, fuertemente endeudado vencimiento (de un préstamo) descubiertohighiy, heavily indebted middle strip participation margin callincome country (HIC)

participación en capital social perfil general delpais habilitado para recibir equity financing, equity financiamientocréditos e la AIF investment overall risk profile [IBRD]IDA-eligible country

participación en una sociedad período de graciapaís que puede obtener partnership share grace periodfinanciamiento combinado(del BIRF y la AIF) participación mayoritaria periodo de pagoblend country controlling interest payment period [IBRD]

país que puede recibir participación proporcional período de prohibición decréditos, financiamiento de la funding pro rata JIBRD] rescateAIF noncall periodIDA-eligible country participación sin posibilidad

de recurso periodo de reprogramaciónnonrecourse participation tenor

202

periodo de vigencia de la tasa precio de compra precio vendedorde Interés bid price ask(ed) pice; market p¡iceinterest period [securities ma>ketJ

precio de conversiónperiodo de vigencia del tipo conversion price precio vendedorde interés offering memoranduminterest period precio de cuenta

accounting pñice prestamista oficialperiodo post-emisión lender of recordafter-market precio de ejercicio

striking prce; strke price; prestamista subordinadopetrobono exercise price subordinate lenderpetrobond

precio de equilibrio (del préstamo a corredores deponderación por moneda mercado) bolsacurrency weight market-clearing price broker loan; broker's loan

posición a horcajadas precio de plena competencia préstamo a la vistastraddle; call-and-put option arm's length (páice) call loan

posición corta precio de transferencia préstamo a mediano o largoshort position interna plazo

transfer pnice tenn loanposición diferencial diagonaldiagonal spread precio de venta préstamo a un intermediario

offering memorandum financieroposición diferencial vertical financial intermediary loanvertical spread; price spread precio de venta (FIL)

selling rateposición en descubierto préstamo amortizable en sushort position precio económico mayor parte al vencimiento

economic price; efficiency price balloon loanposición largalongposition precio en (la) frontera préstamo "BM

border price "B» loanpraecipuumpraecipium; praecipuum precio fijado en contrato préstamo balloon

(para ejercitar una opción de balloon loanprecio compra)price (of a bond) striking pnce; strke prce; préstamo cofinanciado

exercise price coloanprecio compradorbid pñice precio fronterizo préstamo con interés

border price modificableprecio comprador resetter loan; rate resetter (RR)buying rate [securities market] precio neto loan

payout priceprecio contableaccounting price precio vendedor

selling rate

203

préstamo con intermediación préstamo de valores préstamo no redituablede un banco garantizado por otro(s) nonperforming loan;back-to-back (loan, borrowing); valor(es) nonaccnring loanmatchedfunding borrow-pledge security loan

préstamo para ajuste de la(s)préstamo con riesgo de préstamo dirigido política(s) industrial ypérdidas managed loan comercialjeopardy loan industrial and trade policy

préstamo dividido en períodos adjustment loan (ITPAL)préstamo con riesgo soberano time-slice loansovereign risk loan préstamo para ajuste del

préstamo en cascada sector agrícolapréstamo concedido por un apex loan agricultural sector adjustmentconsorcio loan (ASAL)club deal loan préstamo en dificultades

distressed loan préstamo para ajuste delpréstamo concedido sin banco sector exportadordirector préstamo en forma de export adjustment loan (EAL)club deal, loan participación en el capital

equity loan préstamo para (fines de)préstamo contingente ajuste sectorialstandby loan préstamo en pirámide sector adjustment loan

apex loan (SECAL; SAD)préstamo convertible eninversión préstamo en valores préstamo para asistencialoan with equity kicker secunty lending [IBRD] técnica

technical assistance loanpréstamo cuyo vencimiento se préstamo gigantesco (TAL) [IBRDJha anticipado jumbo loanprematured loan préstamo para cubrir posibles

préstamo global sobrecostospréstamo de amortización package loan [IFCJ overage loaninicial negativanegative amortization loan préstamo híbrido préstamo para importaciones

hybrid loan con fines de rehabilitaciónpréstamo de aprobación rehabilitation importautónoma préstamo improductivo credit/loan (RIC, RIL) [IBRDJfree-limit loan nonperforming loan;

nonaccnuing loan préstamo para inversión ypréstamo de calidad mantenimiento sectorialesquality loan préstamo incluido en el sector investment and

sistema de fondo común de maintenance loan (SIM)préstamo de un consorcio monedas [IBRD]syndicated loan pooled loan

préstamo para programaspréstamo de valores con préstamo indizado program loan; program lendinggarantía en efectivo indexed loan [currency pool] [IBRD]cash security loan

préstamo minimaxMiniMax loan

204

préstamo para programas de préstamo subordinado prestatario preferencialajuste subordinated loan pnme borrower; premierprogram adjustment loan borrower; high quality borrower;(PAL) [IBRDJ préstamos con intereses top grade borrower

Impagospréstamo para racionalización value impaired prestatario preferentede empresas públicas prime borrower; premierpublic enterprise rationalization préstamos cruzados en borrower; high quality borrower;loan (PERL) [IBRD] divisas top grade borrower

back-to-back (loan, borrowing);préstamo para reconstrucción matched funding prestatario preferentede emergencia prime borrower; premieremergency reconstruction loan préstamos en apoyo de borrower; high quality borrower;(ERL) reformas de políticas top grade borrower

policy-based lending, policypréstamo para recuperación loans primaeconómica premium [option market]economic recovery loan (ERL) préstamos en condiciones

comerciales primapréstamo para reforma de commercial lending premium [securities]empresas públicaspublic enterprise reform loan préstamos no voluntarios prima(PERL) [IBRDJ involuntary lending premium [foreign exchange]

préstamo para rehabilitación préstamos obtenidos de prima de conversiónde empresas públicas intermediarios financieros conversion premiumpublic enterprise rehabilitation intermediative borrowingloan (PERL) [IBRDJ prima de emisión

préstamos pendientes premium [stocks]préstamo para un sector exposuresector loan prima de liquidez

préstamos vigentes liquidity premiumpréstamo para una inversión active loansespecífica prima de rescatespecific investment loan (SIL) préstamos voluntarios call premium[IBRDJ voluntary, spontaneous lending

prima de riesgopréstamo participatorio prestatario (activo) risk premiumloan with equity kicker active borrower

prima pagada porpréstamo "puente" prestatario de primera clase aplazamiento de entregabridge financing prime borrower; premier backwardation

borrower; high quality borrower;préstamo reembolsable de top grade borrower prima pagada poruna sola vez a su vencimiento aplazamiento de pagobullet issue prestatario de primera clase contango

prime borrower; premierpréstamo sectorial borrower; high quality borrower; prima por inflaciónsector loan top grade borrower inflation premium

205

prima por riesgo Progama de venta separada proyectos relacionados con losrisk premium del Interés y el principal de aspectos sociales del ajuste

los valores Social Dimensions ofprincipal en el mercado Separate rd4ing of Registered Adjustment Project (SDAmarket maker Interest and Principal of Project)

Securities Program (STRIPS)principios contables punto de equilibriogeneralmente aceptados Programa especial de break-even point [stock marketJGenerally Accepted Accounting asistencia del Banco MundialPrinciples (GAAP) para los paises de bajos rating

Ingresos de Africa al Sur del ratingprioridad Sahara agobiados por laseniori¡y deuda rebajar de categoría

World Bank's Special Program downgrade (a loan)privatización of Assistance for thedivestiture Low-Income Debt-Distressed recapitalización

Countries in Sub-Saharan recapitalizationprograma (de financiamiento) Africabásico recibo americano de depósitobase lending program promedio móvil (ponderado) American Depositary Receipt

n¿nning (weighted) average (ADR)programa de compra deacciones incluidas en un prospecto reciclaje de los préstamosíndice offering memorandum relendingindexing, index program

prospecto recompra de deudaprograma (de financiamiento) prospectus debt buyback; debt repurchasede reservastandby lending program prospecto confidencial recompra de divisas en

information memorandum moneda nacionalprograma ordinario de inward swaprinanciamiento prospecto de emisiónregular lending program tombstone redescontar con compromiso[IBRDJ de reventa

protección contra rescate take in, to (bills)Programa de asistencia anticipadoespecial (del Banco Mundial a cail protection redescuentolos paises miembros) rediscount(World Bank) Program of protección de swap dobleSpecial Assistance (to Member cross-currency interest hedge; reducciónCountries) (SAP) double hedge swap drawdown

Programa de recuperación proyecto no incluido en la reembolso en cuotas igualesgarantizada del principal de cartera level repaymentlas inversiones (GRIP) non-po~folio project [IFC]Guaranteed Recovery of reembolsos a la AIFInvestment Pnincipal (Program) IDA reflows(GRIP) [IFCJ

reemisiónreissue

206

reestructuración de la deuda relación precio renegociación de la deudadebt restructuring contable-precio de mercado debt workout

accounting ratioreestructuración financiera renovaciónwork out arrangements; relación precio-utilidades renewalworkouts price/eamnings ratio (P/E ratio;

PER) renovaciónrefinanciamiento roll-overroll-over relación préstamos

desembolsados y renunciar a una garantíarefinanciamiento anticipado pendientes-capital y reservas take ou4 to [IBRD]advanced refunding gearing ratio [IBRDJ

represión financierarefinanciamiento de monto relación servicio de la deuda- financial repressionigual exportacioneseven roll debt-service ratio; debt service représtamo

to exports ratio onlendingreflujos de la AIFIDA reflows relaciones de liquidez requisitos de que una

liquidity ratios operación tenga efectoregistro computadorizado positivo sobre las perspectivascomputerized entry of rémora fiscal de desarrollo de un paísownership; dematerialisation fiscal drag materiality criteria[UK]

rendimiento al vencimiento rescate de la deudaregla de minimis yield to maturity (YTM) debt retirementde minimis rule

rendimiento de los activos reservarelación activo retum on assets (ROA) reserve ratiodisponible-pasivo corrienteacid-tes4 liqui4 quick ratio rendimiento del promedio de reserva obligatoria adicional

los activos marginal reserve requirementrelación beneficios retum on average assets [IFC]netos-inversión reserva para inversionesnet benefit investment ratio rendimiento del promedio del especificas

patrimonio specific loss reserve [IFC]relación deuda-capital retum on average net wolthdebt-equity ratio; debt-to-equity [IFC] reserva para pérdidas porratio concepto de inversiones no

rendimiento equivalente a un identificadasrelación interés nominal unidentified loss reserve JIFCJendeudamiento/capital propio coupon equivalent yieldleverage (ratio) [U.S.]; gearing reservas obligatorias para un(ratio) [U.K] rendimiento equivalente al de país especifico

los bonos allocated transfer risk reservesrelación misiones de equivalent bond yield (ATRR) [US]evaluación-operaciones en elprograma crediticio rendimiento mínimo resquiciopipeline factor [IBRD] floor retum window (in a market)

207

resultado neto riesgo relacionado con segmentobottom line desfases segment; sector (of the market)

lag risk [IBRDJreutilización de las ganancias seguridades (dadas porrollover of gains riesgo relacionado con el terceros)

desfase entre. comfortreutilización de los préstamos lag risk [IBRDJrelending separación

riesgo relacionado con el strippingreventa de divisas en moneda margennacional spread risk [IBRDJ separación de riesgosoutward swap financieros

riesgo relacionado con el unbundling of financial risksriesgo refinanciamientoexposure refinancing risk [IBRD] servicio auxiliar

back officeriesgo calculado a precios de riesgo relacionado con lasmercado tasas de interés servicio bancariomark to market exposure interest-rate risk internacional

intemational banking facilityriesgo cambiario entre dos o riesgo relacionado con los (IBF)más monedas tipos de interéscross-currency exchange rsk interest-rate nisk servicio contingente de apoyo

a la inversiónriesgo de insolvencia de un riesgo relacionado con contingent investment supportpaís vencimientos asimétricos facilitysovereign risk mismatch risk [IBRDJ

servicio de emisión de títulosriesgo de liquidez riesgo soberano (SET)cash risk liquid-holdings risk sovereign risk revolving underwritingfacility

(RUF); note issuance facilityriesgo ético riesgo subjetivo (NIF); note purchase facility;moral hazard moral hazard euronote facility

riesgo eventual riesgos de refinanciamiento servicio de financiamientoevent risk rollover risks comercial

trade financing facilityriesgo moral sacar de apurosmoral hazard bail out servicio de la deuda sin

deducir reprogramaciones niriesgo por conversión saldo traspasado (al ejercicio pagos en moracontable de monedas siguiente) scheduled debt servicecurrency translation exposure canyo ver

servicio de redescuentoriesgo por traducción sector discount windowcontable de monedas segment; sector (of the market)cuwrency transiation exposure servicio de seguro de swaps

sector empresarial Swap Insurance Facilitycorporate sector [IBRDJ

208

servicio financiero con Servicio especial de asistencia servicios de emisión yopciones múltiples para Africa al Sur del Sahara suscripciónmultioption facility (MOF); Special Facility for underwntten facilitiesmultioption financing facility Sub-Saharan Africa; Special(MOFF) Facility fr Africa; African servicios financieros para

Facility (SFSA; SFA) eurodólaresservicio para la concesión de euronote facilitiesnuevos fondos Servicio especial para Africanew money facility Special Facility for servico de financiamiento

Sub-Saharan Africa; Special para contingenciasServicio africano Facililty for Africa; African contingency financing facilitySpecial Facility for Facility (SFSA; SFA)Sub-Saharan Africa; Special sin dineroFacility for Africa; African Servicio financiero de ajuste out of the money (OTM)Facility (SFSA; SFA) estructural dentro del marco (option)

de la Cuenta Especial deServicio contingente de Desembolsos sin garantía documentariaintercambio de monedas Structural Adjustment Facility cleanContingent Swap Facility within the Special[IBRDJ Disbursement Account (SAF) sin intereses devengados

[IMF] flatServicio de asesoría sobreinversión extranjera (FIAS) Servicio financiero reforzado sistema de amortización delForeign Investment Advisory de ajuste estructural principal en cuotas igualesService (FIAS) Enhanced Structural equal principal repayment

Adjustment Facilily (ESAF) systemServicio de financiamiento [IMF]compensatorio y para sistema de fondo común decontingencias Servicio para contingencias monedasCompensatory and Contingency externas currency pooling systemFinancing Facility [IMF] Extemal Contingency

Mechanism [IMF] sistema de pagos totalesServicio de financiamiento de iguales de principal eproyectos relacionados con los Servicio regional de proyectos interesesaspectos sociales del ajuste para Africa al Sur del Sahara level annuity systemSocial Dimensions of Regional Project Facility forAdjustment Project Facility; Sub-Saharan Africa sistema de tipos de interésSDA Project Facility basados en una "cesta" de

servicios bancarios para el empréstitos pendientesServicio de financiamiento público en general pool-based lending rate systempara preparación de retail banking [IBRD]proyectosProject Preparation Facility servicios bancarios para(PPF) [IBRD] empresas

wholesale banking

servicios bancarios para losparticularesretail banking

209

sistema de tipos de Interés sociedad de valores swap de bonos de Igual valorvariables sobre los préstamos secunties dealer; securities finn nominalvauiable lending rate (VLR) even par swapsystem solicitud de pago dimeto en

nombre del prestatario 9wap de deuda porSistema de Información del Application for Withdrawal for cuasicapitalBanco Mundial sobre los direct payment [IBRD] debt/quasi equity swapmercados de capitalWorid Bank Capital Markets solicitud de membolso directo swap de deuda por efectivoSystem (CMS) [IBRD] al prestatario debt-for-cash swap

Application for Withdrawal forSistema de la Reserva Federal reimbursement JIBRDJ swap de deudasFederal Reserve System par debt swap; debt-debt swap

solvenciasituación en que el precio al credit standing creditworthiness swap de deudascontado es inferior al precio a debt-debt swap; par debt swap;plazo strangle debt swap; debt-for-debt swapcontango strangle

swap de Indicessituación en que el precio al subasta a la baja basis (rute) swapcontado es superior al precio Dutch auction [U.S.Ja plazo swap de interesesbackwardation subastas de divisas callable swap

foreign exchange auctionssobrendeudamiento swap de intereses y monedasdebt overhang subcuenta de endeudamiento cross-currency interest rate swap

del prestatariosociedad comisionada borrower's indebtedness swap de monedascommissioned company subaccount [currency pool] currency swap[Japan]

subpréstamo swap de monedas y desociedad de inversión con subloan interesesnúmero de acciones fíjo circus swap; currency couponclosed-end (investment) fund, subprestatarlo swapcompany (CEIC) subborrower

swap de opcionessociedad de inversión suscriptor option swapinmobiliaria underwriterreal estate investment trust swap de tasas de interés(REIT) swap interest-rate swap

swap (transact¿on)sociedad de inversiones swap de tipos de interésinvestment company, fund swap con descuento interest-rate swap

discount swapsociedad de inversiones con swap de tttulos de deuda pornúmero variable de acciones swap de activos exportacionesopen-end (investment) fund, asset(-based) swap debt-for-export swap;company (OEIC); mutual debt-for-products swapfiun4 unit trust [UK]

210

swap en dos monedas tasa de inmovilización tasa del mercado monetariodual-currency swap lock rate money market rate

swap internacional tasa de Interés contable (TIC) tasa Lombardcross-border swap accounting rate of interest Lombard rate [Federal

(ARI) Republic of Germany]swap inversoreverse swap tasa de Interés de cuenta tasa para préstamos a

accounting rate of interest corredores de bolsa conswap inverso (ARI) garantía de valoresmirror swap broker loan rate

tasa de interés de equilibrioswap múltiple (del mercado) tasa preferencialcocktail swap market-clearing interest rate prime rate

swap opcional tasa de interés del tasa preferencial a largo plazoswaption; swap option financiamiento combinado long-term prime rate (LTPR)

blended interest rate [Japan]swap preferencialpremium swap tasa de interés inmodificable tasas de interés clave

lock(ed) in (ínterest rates) key interest ratestarjeta de crédito institucionalcorporate charge card, tasa de interés pagado por técnicas financierascorporate credit card aplazamiento de entrega financial engineering

backwardation ratetasa central tenedor de bonoskey money rate; central rate tasa de interés para bondholder

préstamos a la vistatasa combinada del mercado call money rate; call loan rate tiburóncombined market rate corporate raider, raider

tasa de interés realtasa crítica de rentabilidad real interest rate tipo centralhurdle rate key money rate; central rate

tasa de Interés sobre lostasa de activación depósitos tipo combinado del mercadotrigger rate depositor rate of interest; combined market rate

borrowing ratetasa de actualización tipo de cambio mfnimodiscount rate tasa de Interés variable floor rate of ecchange

basada en una 'cesta' detasa de actualización de empréstitos pendientes tipo de Interés contable (TIC)equilibrio pool-based variable lending rate accounting rate of interestcross-over discount rate; [IBRDJ (ARI)equalizing discount rate

tasa de los fondos federales tipo de Interés de cuentatasa de actualización del federal funds rate tUS] accounting rate of interestconsumo (ICO) (ARI)consumpdon rate of interest tasa de oferta interbancarla(CRI) interbank offered rate (IBOR)

211

tipo de interés de equilibrio tipo para préstamos a título nominativo(del mercado) corredores de bolsa con registered securitymarket-clearing interest rate garantía de valores

broker loan rate título provisionaltipo de interés del scrip ceflhficate; bearer scnipfinanciamiento combinado tipo preferencialblended interest rate prime rate titulos con cupón

coupon papertipo de interés inmodificable tipo preferencial a largo plazolock(ed) in (interest rates) long-term prime rate (LTPR) titulos de organismos

IJapan] federalestipo de interés pagado por agency secunities, obligafionsaplazamiento de entrega tipos de cambio cruzadosbackwardation rate dispares títulos sintéticos con Interés

broken cross rates; triangular variabletipo de interés para arbitrage synthefic floafing rate notes;préstamos a la vista derivative floating rate notescall money rate; call loan rate tipos de interés clave

key interest rafes tope de las tasas de interéstipo de interés real interest rate capreal interest rate título

security tope de los tipos de Interéstipo de interés sobre los interest rate capdepósitos titulo al portadordepositor rate of interest; bearer security traducción de monedasborrowing rate currency translation

título consistente en untipo de interés variable asiento bancario transacción al precio debasado en una 'cesta" de book-entfy security oferta menos comisiónempréstitos pendientes trade inside feespool-based variable lending rafe titulo convertible[IBRD] converlible; convertible securily transacción de bloques de

accionestipo de los fondos federales título de salida block tradingfederal funds rafe [US] exif instrument; ext bond; exit

vehicle transacción de vencimientostipo de oferta interbancaria simultáneosinterbank offered rafe (IBOR) titulo de transferencia de matched maturity transaction

ingresos [IBRDJtipo de redescuento pass-throughs; pass-throughdiscount rate securities transacción en la cual las

comisiones eliminan todatipo del mercado monetario título exigible al ejercer una posibilidad de utilidadesmoney market rate opción alligator spread

underlying (security)tipo Lombard transacción ficticiaLombard rate [Federal titulo hipotecario wash saleRepublic of Germany] mortgage bond

212

transacciones de los Unidad de preparación de valor de primera clasecorredores en la bolsa proyectos para Africa blue chipfloor trading Africa Project Development

Facility (APDF) valor de proteccióntransacciones entre grandes hedge [securities marketJbancos y entre éstos y otras utilidades no distribuidasinstituciones financieras retained earnings valor de transferencia dewholesale banking ingresos

utilidades por acción pass-throughs; pass-throughtransacciones interbancarias eanings per share (EPS) securitieswholesale banking

utilización valor en librostransacciones ilícitas de drawdown book valuepersonas iniciadasinside, insider dealing valor valor en venta continua

security tap secuñitytransferencia de activos (deuna sociedad) a cambio de valor a la par valor intrínsecoacciones (de otra sociedad full face value intrinsic valuenueva)spinoff valor con interés creciente valor nominal

step-up (security) par value; face valuetransferencia electrónica defondos valor con interés descendente valor nominalelectronic funds transfer (EFT) step-down (secuwity) full face value

transformación (bancaria) valor con interés progresivo valor nominativotransformation step-up (security) registered security

transformación de los plazos valor con respaldo hipotecario valor precursor de tendenciasde vencimiento mortgage-backed secuñity bellwether securityterm transformation (MBS)

valor temporaltransformación inversa valor contable time valuenegative term transformation book value

valor zebraunidad compuesta europea valor cotizado en bolsa zero coupon Eurosterling bearerEuropean Composite Unit listed security registered accruing securities(EURCO) (ZEBRAs)

valor críticounidad de cuenta europea switching value valoración a precio de(UCE) mercadoEuropean Unit of Account valor de cada parte integrante marking to market(EUA) de una empresa

break-up value valoración bursátil (delunidad monetaria europea capital)(ECU) valor de conversión market capitalizationEuropean Currency Unit conversion value(ECU)

213

valores a más largo plazo de venta de un crédito fuera deloferta continua (COLTS) consorcioContinuously Offered sell-downLonger-Term Secuwities(COLTS) venta en descubierto

short salevalores con moneda dereembolso opcional venta sin garantía decovered option secunities suscripción total(COPS) best effont sale

valores de inversión a largo ventanilla automáticaplazo automatic, automated tellerinvestment securities machine (ATM)

valores de oferta continua en warrantfrancos suizos (COPS) warrant bondContinuously Offered PaymentRights in Swiss Francs (COPS) warrant en divisas

foreign exchange warrantvalores de primer ordengilt-edged securities warrant para la compra de

accionesvalores negociables stock warrantmarketable securities

warrant para la compra devalores para inversionistas acciones o bonosextranjeros wafrantforeign-aimed security;foreign-targeted security [US] warrant para la compra de

bonosvariación de precio bond warranttick

warrant separablevencimiento único detachable warrantbullet matuwity

zona de referenciavender (una opción, un swap) target zone; reference zonewrite (an option, a swap)

ventadivestiture

venta de partes de unpréstamowhole loan sale

venta de préstamos poremisión de valoressecuritized loan sales

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The World Bank

Headquarters European Office Tokyo Office1818 H Street, N.W. 66, avenue d'léna Kokusai BuildingWashington, D.C. 20433, U.S.A. 75116 Paris, France 1-1, Marunouchi 3-chome

Chiyoda-ku, Tokyo 100, JapanTelephone: (202) 477-1234 Telephone: (1) 40.69.30.00Facsimile: (202) 477-6391 Facsimile: (1) 47.20.19.66 Telephone: (3) 214-5001Telex: WUI 64145 WORLDBANK Telex: 842-620628 Facsimile: (3) 214-3657

RCA 248423 WORLDBK Telex: 781-26838Cable Address: INTBAFRAD

WASHINGTONDC

Este glosario recoge términosLes termes et expressions présentés relacionados con las finanzas y la deudadans ce glossaire, qui proviennent des que se utilizan en los principalesprincipaux marchés des capitaux du mercados financieros del mundo. En élmonde, concernent les finances et se presta especial atención a los

This glossary contains terninology l'endettement. Le glossaire fait une sistemas de fondo común de monedas yrelated to finance and debt from the large place aux systémes de pool de de tasas de interés basadas en unamajor world financial markets. Special monnaies et de taux basés sur un pool 'cesta' de empréstitos pendientes queemphasis is given to the World Bank's d'emprunts. Il contient aussi des emplea el Banco Mundial. Comprendecurrency pool and pool-based lending termes relatifs au probléme de la dette, asimismo términos vinculados con elsystems. Also included is terminology au programme d'emprunt de la Banque problema de la deuda internacional yconnected with the international debt mondiale (surtout pour ce qui touche con el programa de empréstitos delproblem, terms related to the World aux marchés financiers internationaux), Banco Mundial (particularmente en loBank's borrowing program (particu- et quelques termes utiles dans les que respecta a los mercados mundialeslarly as it relates to the world's capital domaines de l'économie et de l'analyse de capitales), y algunos términosmarkets), and a few related terms in the financiére. Le glossaire est formé de conexos de los campos de la economíafields of economics and financial quatre parties : termes anglais-français- y el análisis financiero. El glosarioanalysis. The glossary comprises four espagnols, sigles anglais, français et consta de cuatro secciones: inglés-sections: English-French-Spanish; espagnols, francais-anglais, et espagnol- francés-español; siglas en inglés,Abbreviations in English, French, and anglais. La premiére partie fournit les francés y español; francés-inglés, ySpanish; French-English; and Spanish- définitions en anglais. español-inglés. La primera secciónEnglish. Definitions are given in incluye definiciones en inglés.English in the first section. Les autres glossaires publiés par la

Banque mondiale sont Terminologie El Banco Mundial ha publicadoOther glossaries published by the World forestiére et vocabulaire connexe también los siguientes glosariosBank are the Terminology of Forestry (anglais-français), Terminologie de especializados: Terminology ofand Related Subjects in English- l'approvisionnement en eau et de Forestry and Related Subjects, inglés-French; Terminology of Water Supply l'assainissement du milieu (anglais- francés; Terminology of Water Supplyand Environmental Sanitation in français), publié conjointement avec and Envíronmental Sanitation, inglés-English-French (published jointly with l'UNICEF, Glossaire de l'entretien et de francés (conjuntamente con UNICEF);UNICEF); Urban Infrastructure l'infrastructure urbaine (anglais- Glosario de mantenimiento de laMaintenance in English-French- franQais-espagnol), et Terminologie de ínfraestructura urbana, inglés-francés-Spanish; and Population Terminology la population (anglais-français- español, y Terminología de población,in English-French-Spanish. The espagnol). Les glossaires complets de la inglés-francés-español. Los glosarioscomplete Worid Bank Glossaries in Banque mondiale (anglais-français et generales del Banco Mundial (inglés-English-French and English-Spanish anglais-espagnol) contiennent des francés e inglés-español) contienencontain economic, financial, and other termes économiques, financiers et des ciertos términos de economía yterms related to development in termes relatifi au développement en finanzas y otros términos relacionadosgeneral. général. con el desarrollo.

ISBN 0-8213-1644-3