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A World Bank Glossary

Glossary of Finance and Debt

Glossare des finances et de la dette

Glosario de finanzas y de deuda

A WorldBank Glossary Glossairede la Banquemondiale Glosariodel Banco Mundial

Glossaryof Financeand Debt Glossaire des finances et de la dette Glosario definanzas y de deuda

English-French-Spanish Franais-anglais-espagnol
Espaol-ingls--francs

The World Bank Washington, D.C., U.S.A.

Copyright 1991 Intemational Bank for Reconstruction and Development The World Bank Banque intemationale pour la reconstruction et le dveloppement 1Banque mondiale Banco Intemacional de Reconstruccin y Fomento Banco Mundial 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. AH rights reserved Tous droits rservs Reservados todos los derechos First printing: March 1991 Premiere dition: mars 1991 Primera impresin: marzo de 1991 Manufactured in the United States of America Publi aux Etats-Unis d'Amrique Hecho en los Estados Unidos de Amrica Library of Congress Cataloging in Publication Data Glossary of finance and debt: English-French-Spanish = Glossaire des finances et de la dette: franais-anglais-espagnol = Glosario de finanzas y de deuda: espaol-ingls-francs. p. cm. - (A World Bank Glossary = Glossaire de la Banque mondiale) ISBN 0-8213-1644-3 1. International finance-Dictionaries 2. Debts, Extemal-Dictionaries. 3. English language-Dictionaries-Spanish. 4. English language-Dictionaries-French. I. Title: Glossaire des finances et de la dette. II. Title: Glosario de finanzas y de deuda. IIL Series: World Bank glossary. HG151.G629 1990 332'.042'03-dc2O 90-44772 CIP

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Contents-Table des matieres-Indice


Foreword v Avant-propos vi
Prefacio vii

Terminology of Finance and Debt English-French--Spanish Abbreviations (English) Sigles (franais) 119
Siglas (Espaol) 125

111

Terminologiedes financeset de la dette Franais-anglais 129


Terninologa de finanzas y de deuda 181 Espaol-Ingls

Foreword
whichappearedin 1984. This glossarysupersedesBorrowing LendingTerminology, and Borrowing and Lending Terminology wasoriginallyproducedin responseto changesin the Bank's borrowingprogram,whichhadbeen expandedto increasethe sourcesof borrowingand to take advantageof changesin the financialmarkets. This new glossaryaddsconsiderably thoseterms,to reflectboth the substantialchangesin to the financialmarketsin the 1980sand howthe Bankhas profitedfrom them. Whilethe major will referencesare to the US andEurodollarmarkets,terminology be foundfrom most of the major worldfinancialmarkets. The new glossaryalsoadds to the scopeof the original,by introducing widerange of termia nologyconnectedwith the international problem. A varietyof innovative debt featuresboth in withinthe WorldBankand elsewherehas beenconsideredand, in somecases, implemented order to deal with the debtburdenof the developingcountries. This has given riseto a specialist terminology, considered here for the firsttime. of Unfortunately, activitiesof the world's financialmarketsandconsideration international the debt have tendedto take placeprimarilyin English. As a result,manyof the termsconsidered heredo not havestandardequivalentsin Frenchor Spanishand shouldbe consideredas proposed translations rather than as standardterms. Naturally,wherethere is an equivalentusedin French or Spanish,or wherethe expertsin Franceor Spainandthe LatinAmericancountries have an agreedterrn,it has beenused. It shouldbe noted,however,that manyof these terms experts,evenwhenthereis an acwill be used in Englishby French-and Spanish-speaking ceptedequivalent Frenchor Spanish. Definitions in havebeen given for nearlyall of the terms, or so that translatorscan decidewhetherto use the proposedtranslation adopt anotherone. Thesedefinitionsare basedon the Englishterm,exceptwhereotherwisenoted, andappearin the Englishsection. Besidesterminology used in the financialmarkets,this glossaryalso containstermsrelating to the WorldBank's currentlendingprogram,includingthe currencypool and the pool-based ratios,as wellas lendingrate (whchare not the samething),banking,accounting,particularly a few terns in the fieldsof economicsand financialanalysis. The namesof the UnitedStates to abbreviated "U.S." and"U.K." and the UnitedKingdomhavebeen consistently Unit of the WorldBank's LanguageSerThis glossaryhas beenpreparedby the Terminology with the Frenchand SpanishSections. Any comments,invices Division,in close collaboration translations, be most welcome will cludingproposalsfor new termsand suggestedalternative andshouldbe addressedto: Unit Terminology Division LanguageServices The World Bank 1818H Street,N.W. D.C.20433 Washington,
U.S.A.

vi

Avant-propos
Ce glossaireremplacela Terminologiedes emprunts et des prtsparue en 1984.La Terminologie des emprunts et des prts avait t publie la suite des changements apports au programme d'emprunt de la Banque, qui venait d'etre largi pour permettre a la Banque de multiplier ses sources de fonds et de tirer parti de l'volution des marchs des capitaux. Ce nouveau glossaire a t considrablement enrichi, refltant en cela les profondes transformations intervenues sur les marchs des capitaux pendant les annes 80 et, d'autre part, la maniere dont la Banque s'en est servie. La majorit des termes a trait aux marchs des Etats-Unis et des eurodollars, mais on trouvera en outre des termes provenant de la plupart des grands marchs mondiaux. Par ailleurs, la porte du nouveau glossaire a t accrue, puisqu'il englobe dsormais de nombreux termes relatifs au problme de la dette. Diverses initiatives ont t envisages et parfois prises, la Banque et ailleurs, pour aider les pays en dveloppement a faire face au problame de la dette. Ces efforts ont donn naissance a toute une terminologie spcialise, qui apparait pour la premire fois dans un glossaire de la Banque. Malheureusement, les activits des marchs des capitaux et l'examen de la question de la dette intemationale se droulent essentiellement en anglais; c'est pourquoi un grand nombre des termes contenus dans ce glossaire n'ont pas d'quivalent accept en franais ou en espagnol. Les traductions proposes ne sont donc que des suggestions et non pas les termes agrs, sauf bien entendu lorsqu'il existe un quivalent utilis en franais ou en espagnol, ou lorsque les experts de France ou d'Espagne ou des pays d'Amrique latine se sont mis d'accord sur un terme donn. Presque tous les termes sont accompagns d'une dfmition, afin que les traducteurs puissent dcider entre la traduction propose ou une autre de leur choix. Ces dfinitions portent sur le terme anglais, sauf indication contraire, et figurent dans la colonne anglaise. Outre la terminologie des marchs des capitaux, ce glossaire contient des termes relatifs au programme de pret en cours de la Banque, ainsi qu'au pool de monnaies et au taux preteur fond sur un pool (qui sont deux choses diffrentes), aux activits bancaires, la comptabilit, en particulier les ratios, ainsi que des termes conomiques et d'analyse financilre. Les Etats-Unis sont dsigns par l'abrviation U.S. et le Royaume-Uni par U.K.. Ce glossaire a t prpar par le Service de terminologie de la Division des services linguistiques de la Banque mondiale, en collaboration troite avec les Sections franaise et espagnole. Si vous avez des observations a formuler, de nouveaux termes ou des traductions diffrentes a proposer, adressez-vous : Terminology Unit Language Services Division The World Bank 1818 H Street, N.W. Washington, D.C. 20433 Etats-Unis

vii

Prefacio
El presenteglosariosustituyeal de Terminologade emprstitosy prstamos, publicadoen 1984,que se elaborpara recogerlas modificaciones introducidas el programade emprstien tos del Bancoa fin de ampiiarlas fuentesde obtencin fondosy de aprovecharlos cambios de experimentados los mercadosfinancieros. por Este nuevoglosarioincorporauna cantidadconsiderable nuevas expresiones reflejan de que tanto los sustanciales cambiosquehan registradolosmercadosfinancierosen los aosochenta como el modoen queel Bancolos ha utilizado. Si bienmuchosde estostrminosse refierena los mercadosde los EstadosUnidosy del eurodlar,en suspginasse encontrarterninologa de la mayorade los principales mercadosfinancieros mundo. del Adems,el nuevoglosarioamplael mbitodel original,pues introduceunagran variedadde trminosrelacionados el problemade la deuda internacional.A fin de hacerfrente a la carcon ga de la deudade los pasesen desarrollo,tanto en el seno del BancoMundialcomo en otras esferas se ha consideradouna gran diversidadde mecanismos innovadores, algunosde los cuales se han adoptadoen la prctica. Esto ha dado lugar a la creacinde una terminologa especializada, que se recogeaqu por primeravez. Lamentablemente, las actividades los mercadosfinancieros mundoy en la consideraen de del cin del problemade la deudainternacional predominael uso del idiomaingls. Comoresultado de ello,muchosde lostrminosrecogidosaqu no tienenun equivalenteexactoen espaolo francs,por lo quelas traducciones se dan debenconsiderarse que como sugerencias,msque como trminosconsagrados.Naturalmente, los casosen queexiste un equivalenteen espaen ol o francs,o en que los expertosde Espaay los paseslatinoamericanos de Franciahan o convenidoen una expresintcnica,sta se ha incorporado glosario. No obstante,cabe seaal lar que los expertosempleanmuchosde estos trminosen ingls,auncuandoexista un equivalente aceptadoen espaolo francs. Se dan definiciones casi todaslas expresiones, de de modoque los traductorespuedendecidirsi usan la traduccinpropuestao adoptanotra. Salvo indicacinen contrario,las definiciones corresponden trminoinglsy aparecenen ese idioal ma en la seccintrilinge. Ademsde la terminologa usadaen los mercadosfinancieros,esteglosariocontienetrminos relacionados el programaactualde operaciones con crediticias BancoMundial,incluidos del los referentesal fondo comnde monedasy al tipo de intersvariablebasadoen una"cesta" de emprstitos pendientes,banca,contabilidad -en particularcoeficientes- y algunasexpresiones que se empleanen los camposde la economay el anlisisfinanciero. Se indicasi el trmino correspondea los EstadosUnidoso al ReinoUnidocon las abreviaturas "U.S." y "U.K". Este glosarioha sido preparadopor la Unidadde Terminologa la Divisinde ServiciosLinde gsticosdel BancoMundial,en estrechacolaboracin las Seccionesde Traducciones Escon al paol y al Francs. Cualquier comentarioserbienrecibidoinclusivesugerencias relativasa la incorporacin nuevostrminoso a traducciones de distintasde las que aparecenen el glosario. Las comunicaciones debendirigirsea: Terminology Unit LanguageServicesDivision The WorldBank 1818H Street,N.W. Washington, D.C.20433 EE.UU.

Terminology of Finance and Debt English-French-Spanish

accelerable guarantee

accrued interest (Al) lbonds]

couponcouru(CC) interestpayment.

intereses devengados y acumulados A bond's accumulated interest made since the last acid-test, liquid, quick ratio ratio de trsorerierduite relacin activo disponible-pasivo corriente The standard IBRD defmition is the ratio of cash plus marketable securitiesplus accounts receivable plus other amounts readily convertible into cash to current liabilities. Other definitionsinclude ratio of current assets less inventoriesto current liabilities, ratio of quick assets to current liabilities,ratio of cash plus near-cash assets to current liabilities,and ratio of cash plus accounts receivable plus the market value of selected investments to current liabilities. In Latin America, relacin de prueba cidais often found, while in Spainratio de tesorera is used. active borrower pays qui continue d'emprunter prestatario (activo) Country which still receivesWorld Bank loans. active loana prts en cours de dcaissement, non encore rembourss prstamos vigentes Loan on which disbursement is still being made. activity ratios d ctivit coeficientes ratios that measure movement in the A group of de actividad activitiesof a corporation. actuarial evaluation valuationactuarielle evaluacin actuarial Evaluation of future events, particularly those relating to asset appreciation, earning power and compensation.

garantie appelable anticipation par


garant(a exigible anticipadamente A guarantee whereby a cail for payment can be advanced if the loan is declared in default, before the maturities being guaranteed become payable. acceleration of maturity exigibilitanticipe;demandede remboursement anticip aceleracin del vencimiento; adelanto del vencimiento Declaration by a lender that the outstandingprincipal is due and payable immediately,together with with loan the interest due, followingnon-compliance covenants. accounting prce prix comptable precio de cuenta; precio contable A price used for accounting purposes (i.e., not a market price). Often used synonymously with shadow price. accounting rate of interest (ARI) taux d'intrt comptable(TIC) tasade inters de cuenta; tasa de inters contable (TIC);tipo de inters de cuenta; tipo de inters contable (TIC) Discount rate used to convert future values of benefits and costs into equivalentpresent values. accounting ratio ratioprix comptable-prix march du du relacin prix iompontable-precix mearch; relacin precio contable-precio de mercado; coeficiente de cuenta; coeficiente contable Ratio of accounting price to market price of a good. apprciation

tauxd'activit

apprciation

diferencia entre el precio con descuento y el valor nominal [bonos] Adjustment of the difference between the price of a bond bought at an original discount and the par value of the bond.

admission fee (to a stock exchange)


frais de cotation

agencyfee [Euromarket]
commisson de gestion

comisinde admisin (a cotizacin)


Fee charged by a stock exchange for applying for a stock to be listed on that exchange.

comisinde gestin
Fee paid to the lead manager in a Euroloan for his work in collecting and paying out interest payments and other services.

advanced refunding anticip refinancement refinanciamiento anticipado


Refinancing before maturity, to take advantage of favorable market conditions. advisory committee see steering committee

obligations agencysecurities, obligations misespar des organismesfdraux


titulos de organismos federales; obligaciones de

organismosfederales [EE.UU.]
Securities issued by a U.S. federal agency.

African Enterprise Fund Fonds des entreprisesafricaines Fondo para empresas africanas
A fund established by IFC to expand IFC's assistance to small- and medium-sized enterprises in Sub-Saharan Africa. It will help entrepreneurs in this sector to develop, rehabilitate or expand their businesses. The plan is to invest $60 million over three years.

agent bank 1. correspondant; 2. mandataire;agent


1. banco corresponsal; 2. banco agente 1. Bank acting for a foreign bank. 2. Bank handling administration of loan in a syndicated credit. agio

African Facility see Specialfor Sub-Saharan Africa


Africa Project Development Facility(APDF) Service de promotion et de dveloppement des

agio agio
The premium which the metallic or other currency of a country may command over legal tender paper
money which is its face equivalent.

en investissements Afrique (APDF) Unidadde preparacinde proyectospara Africa


A UNDP project co-sponsored by the African Development Bank and IFC, with IFC as executing agency. Its services are available to countries which become signatories to the related UNDP project document. Its purpose is to promote small- and medium-scale private enterprises in Sub-Saharan Africa. Staff will be based in Abidjan and Nairobi. Projects will be generated by development institutions active in the area as well as by ad hoc visits from APDF staff.

sectoradjustmentloan (ASAL) agricultural


du prt &l'alustement secteur agricole (PASA) prstamo para ajuste del sector agrcola Sector adjustment loan in the agricultural sector.

air pocket stock action en chutelibre


accin de calda vertiginosa A stock whose price has fallen sharply, following an announcement of bad news by the issuing company.

after-market apres bourse perodopost-emisin


The period between the issue of the security and lifting of syndicate restrictions in the fLxed-interest and Eurobond markets. Sometimes used incorrectly as a synonym for secondary market.

alligatorspread marge vorace transaccinen la cual las comisioneseliminan toda posibilidadde utilidades
Any options transaction in which commissions eat up all potential profit.

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allocated transfer risk reserves (ATRR) [U.S.I amortization adjustment factor (currency

rserves obligatoires risques transfert pour de


reservasobligatoriaspara un pas especffico Mandatory and specific country risk reserves for U.S. banks againstvalue lmpalred claimsas defined by the U.S. Interagency Country Exposure Review Committee (ICERC). allotment

pool]
coefflcientd'alustementde (I'encours)de la

dette
factor de ajuste parafines de amortizacin The ratio of the current value, in terms of the U.S. dollar, of the principal outstanding of a loan at the commencement of business of a day to the corresponding total of withdrawals from the Loan Account, net of recalis for amortization. annuity bond titre de renteperptuelle bono perpetuo;bono de rentavitalicia Bonds whichpay fixed interest every year in perpetuity, i.e. which have no maturity. apex loan prt apex;prt en cascade; prt pyramidal prstamoen pirmide;prstamoen cascada Loan whereby IBRD lends money to an apex development financial unit which onlends it to participating financial institutions which, in turn, onlend it to industrial companies. Application for Withdrawal for direct payment [IBRD] demandede retrait de fonds pour le reglement direct de fournisseurs solicitudde pago directo en nombre del prestatario The standard procedure for a borrower to apply to withdraw funds from an IBRD Loan Account to make a payment to a third party for amounts due. Application for Withdrawal for reimbursement [IBRD] demandede retrait de fonds pour le remboursement d'un paiement solicitudde reembolso directo al prestatario The standard procedure for a borrower to apply to withdraw funds from an IBRD Loan Account to reimburse funds already paid. arbitrage see also coveredinterestarbitrage; index arbitragetrading; switch; time arbitrage; triangulararbitrage;two-point arbitrage;yieid curvearbitrage

attribution; rpartition
distribucin Allocation of securities to members of the syndicate involved in the issue, in the Eurobond and U.S. securities market. all-purpose bank see combined commercial and investmentbank alternative participation instruments (APIS) titres alternatifs No Spanish Securities issued in exchangefor debt to all creditor banks of a specificcountry, enablingall these banks to reduce their base exposure by up to the same specified limuit.These instruments are often called exit instruments or exit bonds. American Depositary Receipt (ADR) certificatamricainde dpt recibo americanode depsito A document that gives its owner in a foreign country the right to a specified amount of stock of a UnitedStates company registered in the name of a United States depository bank. American (style) option option amricaine opcin americana Option containing a provision to the effect that it can be exercised at any time between the date of writing and the expiration date. See European (style) option. amortization amortissement; remboursement [prts] 1. amortizacin; 2. depreciacin 1. The gradual extinguishmentof any amount over a period of time (e.g., the retirement of a debt). 2. A reduction of the book value of a fixed asset.

6 arbitrage arbitrage Association of International Bond Dealers (AIBD)

arbitraje
Buying (or borrowing)in one market and selling(or lending) in another to take advantage of inefficiencies or price differences. arbitrageur arbitragiste arbitrajista Person systematicallyengaged in arbitrage dealing. arm's length (price)

Association courtiers des internationaux en


obligations Asociacin de Intemediarios Internacionales de Bonos International body which issues rules and recommendationsconcerningthe operation of the international securitiesmarkets. st the money (ATM)(option) option au cours; parit opcin a la par A call or put option that has a strikeprice equal to the price of the underlying asset. Option au cours is the term used in the MATIF. auction see Dutch auction; foreign exchange auctions auctionmarket march d'encheres; march aux enchres mercado de subasta Market for buying and selling securities through brokers on the securities exchanges,as distinguished from the over-the-countermarket, where trades are negotiated. A price is established by competitive bidding between brokers actingas agents for buyers and sellers. automated quotation

(prix)normal march;(prix)de pleine du concurrence


precio de plena competencia Price between corporations under fullycompetitive conditions (the opposite of transferprice). ask(ed) price; market price [securities marketj cours (de 'offre);pied de coupon precio vendedor The price at which a security or commodity is quoted or offered for sale. asset(-based) swap swap d'actifs swap de activos; intercambio de activos A swap to convert the coupon on an asset to another rate or currency and rate basis. asset finance titres garantispar des actifs No Spanish Mortgage-backed securitiesand securitization a of range of assets such as whole loans, automobile receivables and other debt instruments. Though relativelyrecent, it now accounts for more than one third of all U.S. corporatebondissues.

cotation assiste continu(CAC) en


cotizacin automatizada; cotizacin computadorizada Price quotations on securities providedautomatically by a computerized system. In the U.S., the best-known system is the National Association of Security Dealers Automated Quotations (NASDAQ) system, while the CAC system has recently been introduced in Paris, based on the Toronto Computer Assisted Trading System (CATS).

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automaticresettingmechanism[IFC3
mcanisme automatique de rvision (des taux

"B" see 'B' loan baby bond mbn-obndgatlon bono de valor nominal muy bajo
A bond sold in denominations of Iess than $1000.

d'intrt) mecanismode reajusteautomtico(deltipo,de la tasa de inters)


In an IFC fixed rate loan, an option under which the interest rate would be reset every five years, based on current interest rates. As a result, the initial loan rate would be around 1% less than the normal fixed term rate. automatic, automatedteller machine (ATM) guichet automatique de banque (GAB> ventanilla automtica; cajero automtico; cajero permanente Computerized machine that processes fmancial transactions between a fmancial institution and its customers. It usually allows customers to withdraw cash, make deposits, check on their balance and issue instructions for payments between accounts or to third parties. availability clause see switch clause

back office
back-offlce; intendance; arribreguichet servicioauxiliar In a bank, securities dealer or other fmancial services organization, the service that deals with all activities not directly concerned with selling or trading. Because of the growing need for rapid order processing, back offices have taken on an increasing importance.

back-tf back (loan, borrowing); matched

funding

availability fee [IFCI commission de mise disposition

1. change de monnaes diffrentes; 2. (crdit) adoss; 3. (crdit) face face; 4. opration couple d'emprunts; emprunt de contrepartie; financement coupl

comisin por disponibilidad (de fondos)


Fee charged by IFC for deferred loan pricing for use of funds only in later years, when the characteristics of the project may have changed. The fee applies from 30 days after loan approval until the interest rate is set (from which time the commitment fee applies). aval aval aval Guarantee of the payment of a bill of exchange or promissory note with the signature of a third person appearing on the blil. averaging; dollar cost averaging amlioration des prix moyens (d'un titre) inversin peridica de monto constante The practice of investing a fixed amount of money in a particular security, regardless of price. When the market price is high, the investor receives proportionally less stock and vice versa.

1. prstamos cruzados en divisas;


2. crdito con garanta de otro crdito; 3. prstamo con intermediacin de un banco; 4. emprstito de contrapartida 1. Operations whereby a loan is made in one currency in one country against a loan in another currency in another country (e.g., a U.S. dollar loan in the U.S. against a pounds sterling loan in the U.K.). 2. A credit opened by a bank on the strength of another credit (e.g., if a British merchant buys cotton in Egypt and sells it to a Belgian who establishes a credit for payment to the U.K. firm, then the firm may be able to use this as a security for opening a credit to finance payment to the Egyptian.) 3. A scheme whereby a bank brings together a borrower and a lender so that they agree on a loan contract. 4. Refers to a variable rate loan made by IFC to a borrower, for which the funds are borrowed from the IBRD. Also called matched funding.

8 bali out backstop (credit) fbclilty; backup (underwrlting) faclllty facilitde garantie lnea de crdito contingente Facility giving a borrower a standby line of credit, either in the form of direct access to funds or by underwritingan issue. backup lne of credit

renflouer
sacar de apuros Provide emergencyassistanceto financialinstitution experiencingdifficulties. Often used for assistance provided by government to banks. balance-sheet ratio

ratiotir du bilan ligne (de crdit)de substitution; ligne (de crdit)de protection; ligne (decrdit)de soutien;ligne (de crdit)de garantie
lneade crdito de apoyo Line of credit given by commercialbank to issuer of commercial paper if the placement of the paper is slow or difficult to accomplish. Used in U.S. market. The ligne de crdit de substitution is the French equivalent used in the billets de trsorerie system. backwardation dport 1. situacin en que el precio al contado es superior al precio a plazo; 2. prima pagada por aplazamiento de entrega 1. In the commoditymarket, when the cash price is higher than the forward price. 2. In the stock exchange market, a charge paid by an investor who has not yet acquired securities, does not want to do so at the prevailing rate, and, therefore, does not take up deliveryof the securities but carres delivery over to the next accounting period. (The opposite of contango.) 3. In the futures marketa market situationin which the nearby month contract price or the cash price is higher than the deferred month contract price. backwardation rate intrt de dport tasa de inters pagado por aplazamiento de entrega; tipo de inters pagado por aplazamiento de entrega Rate of interest paid on a backwardation transaction in the commodity market. See backwardation (defmition 1) above. coeficiente derivado del balance general Ratio based on figures appearing in the balance sheet. balloon loan

prtballon;prt couponunique
prstamo balloon; prstamo amortizable en su mayor parte al vencimiento A loan repayment scheme, under which the last repayment is larger than the previous repayments. In some cases, the term is used to refer to a scheme, under which the whole loan is repaid at maturity. The French term prt coupon unique refers only to the latter situation. bank, banking see agent bank; book-running lead bank; Central Bank Facility;chartered bank; city bank; combined commercial and investment bank; commercial bank; electronic banking; exit bank; federally chartered bank; free rider; ful service bank; interbank offered rate; international banking facility; investment bank; large exposure bank; lead bank; lender of last resort; London lnterbank Bid Rate; London lnterbank Offered Rate; money center banks; near-bank; non-bank bank; offshore bank; offshore banking center; offshore banking unit; parent bank; retail banking; second tier bank; Sogo bank; trust bank; universal bank(ing); wholesale banking bank advisory committee comit consultatif bancaire comit de coordinacin de bancos Committee set up by banks to negotiate fmancing packages and restructuring arrangements. bank bill

acceptation banque de
pagar bancario; letra bancaria Commercialbill accepted by a bank.

9 bankerls acceptance acceptationde banque;acceptationbancaire aceptacin bancaria U.S. and Canadian term for a bill of exchange which has been accepted by a banker. banker's draft chque de banque;cheque tir letra de banco; letra bancaria; giro bancario A draft payable on demand and drawn by, or on behalf of, a bank upon itsel. banker's markup; banker's spread see gross earnings margin bank money monnalescrlpturale depsitos bancarios; dinero bancario Money on deposit at a bank. bank quality bond obligationpouvantintresserles banques bono de calidad bancaria Bonds rated in the top four categories (AAA, AA, A, and BBB) and generallyregarded as eligible for bank investment. bank trust department service bancairede gestion financiere departamento fiduciario de banco The part of a bank that provides trust and agency services. It is required to have separate books from those of the commercial banking department. base lending program basla(rate) swap swap de base; swap tauxvariablecontre taux variable;swapde rfrence;swap de tauxde rfrence swap de ndices; Intercambio de ndices Type of lnterest rate swap involvinga floating rate against one reference rate to a floating rate against another reference rate. basket tradlng see program trading bearer bond
obligation au porteur

bono al portador; obligacin al portador A bond whose titie is to the bearer (i.e., it is presumed to be owned by its holder). The same as coupon bond. bearer market march de porteurs mercado de tftulos al portador Market where the majority of instruments is in bearer form. bearer note bon au porteur bono al portador; pagar al portador A note whose titie is to the bearer (i.e., it is presumed to be owned by its holder). bearer scrip see scrip certificate bearer security titre au porteur tftulo al portador A security whose titie is to the bearer (i.e., it is presumed to be owned by its holder). bear market marchbaisser mercado bajista A prolonged period of falling prices. bear spread cartbaisser especulacin diferencial a la baja Type of futures contract speculatingon the spread between different delivery months of the same instrument in the futures market. It is profitable if the underlying security or commodityfalis in price. See bull spread.

programmede prt de base


programa (de financiamiento) bsico The lending program of projects that will definitely be ready for the fiscal year in question. basis

base; diffrentiel
dfferencial The difference paid between the cash price of a financial instrument and the price of a related futures contract.

basis point centime pour cent, point de base; centime de


centsimo de punto porcentual 0.01 per cent of yield (e.g., of a security).

lo

bellwethersecurity titre prcurseur valor precursorde tendencias A securitythat seems to lead a market movement or economic trend. benchmark lssue

mission modIes
emisin corriente A standard issue of a security. benchmark portfolio[IBRD] portefeulilemodcle carteramodelo A portfolio in each major currency representing an assessment of the most efficient passive portfolio strategy the Bank could adopt if it decided to abandon its activetrading strategy,while keepingan average portfolio duration of 12 months. best effortsale ventesans garantied'mission venta sin garantade suscripcintotal A new issue which is not underwritten and not purchased as a whole from the issuer, but is sold by securities dealers on a sell what can be sold basis. Used in the U.S. securities and syndicatedEurocredit markets. beta bta beta A mathematical measure of the sensitivityof rates of return on a portfolio or a given stock compared with rates of return on the market as a whole. See capitalasset pricing model. bid price cours acheteur precio comprador; precio de compra The price offered for a security or commodityby a prospectivebuyer. bill see bank bill; bond; cash managementbill; custom duty bill; hot bill; note; paper; security; Tankokubill; trade bill; Treasurybili bill broker seo discount house

bill of exchange lettre de change letra de cambio An unconditionalorder in writing,addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a sum of money to, or to the order of, a specifiedperson or to bearer. bloqueclause clause de drogation temporaire clusulade aplazamiento pagos de Clausein loanagreement that entitles a borrower to postpone payments of interest and principal for limited periods of time in balance of payments difficulties. biend country pays pouvant bnficierd'un financement mixte;pays a financementmixte; pays recevant des prts de la BIRDet des crdits de I'IDA pasque puede obtenerfinanciamiento combinado (del BIRF y la AIF) Country eligible to receive financing from both IBRD and IDA. blended grant element /mentdon rsultantdu panachage elementode donacindel financiamiento combinado Grant element for a blend country receivingboth IBRD loans and IDA credits. biended interest rate taux d'intret rsultantdu panachage combinado; tasa de intersdel financiamiento combinado tipo de intersdel financiamiento Combined interest rate for a blendcountryreceiving IBRD loan and IDA credit. blend financing financementmixte (BIRD/IDA) combinado(del BIRFy la AIF) financiamiento Financing from both IBRD and IDA. BN loan prt 'B' prstamo"B' Loan made by the World Bank involving cofinancing.

11
biocktrading bond

ngociation largespaquets de d'actions;


placementde titres par gros paquets transaccinde bloquesde acciones; negociacinde bloquesde acciones Tradingin large amounts(definedas more than $200,000 worth) of stocks. blue chip placementde pere de famille;valeurde pre de famille; valeurde premier ordre valor de primeraclase;accin de primeraclase Shareor securityof top-ratedU.S. corporation. bond see annuitybond; baby bond; bank quaiity bond; bearerbond; bill; bull and bear bond; bull bond; Bulidogbond; bunny bond; callabiebond; calied bond; collateralized (bond);coilateralizedfloating rate bond; commodity-indexed bond; commodity-linked bond; corporate bond; coupon(-bearing) bond; cushion bond; daimyo bond; debenture; deep-discountbond; discountbond; double-barreled bond; dual-currencybond; due bond; equity-related bond; equivalentbond yield; Eurobond;exit bond; extendiblebond; externalbond issue;floating rate bond; Geisha bond; generalobligationbonds;global bond; Heavenand Hell Bonds;income bond; indexed bond; junk bond; kiwi bond; loans-for-bonds exchange;matadorbond; mortgagebond; multiple(currency)option bond; new money bonds; nominal bond with attachedcommodity option; noncallablebond; nonmarketable bond; nonmaturing,nonredeemable governmentbond; note; obligation;original issuediscount (OID) bond; petrobond;put bond; red herringissue; retractable,putable bond; revenuebond; roly poly bond; Samuraibond; savingsbond; security;serial bond; Shogunbond; stepped (rate) bond; straight bond; Sushi bond; top-rated bond; Treasurybond; warrantbond; wolfhound bond; Yankeebond; zero coupon bond

obigation
bono; obligacin Debt instrument with maturity of longer than one year. Note that U.S. bondsare usually secured, while U.K bonds and Eurobonds are usually unsecured. bond-anticipation note (BAN) avancede prmission bono previo a una emisin;pagarprevioa una emisin Short-termborrowing that servesas an interim source fundsfor a projectthat is eventually be of to fmanced the saleof bonds. by bondcertificate certificatnominatff certificadonominativo Certificate given to the holder of a registered security. bondholder porteur de titres; porteur d'obligations tenedorde bonos; obligacionista Onewho ownsa bond. bond-rating agencysee rating agency bond sold on tap obligationvenduea guichet owert bono de ventacontinua A bond issuedon an as requiredbasis(i.e., it is continuouslyavailable and may be obtained on demand). The issuermay determinea maximum amountfor the issue. bondwarrant warrantd'obligations;bon de souscription d'obligations certificadopara la comprade bonos;warrant parala comprade bonos Warrant for purchasing bonds.

12 bond with bondwarrant obligation avec bon de souscrlption d'obllgations (OBSO) bono con derechoa comprade bonos adicionales A bond issued with a warrant attached which entitles the investor to buy more bonds of the same issue or a new issue. bond with equltywarrant obllgation avec bon de souscrlptiond'actions (OBSA) bono con derechoa comprade acciones Bond with warrant attached which entities the investor to purchase stock. bond with put option obllgation assortie d'une option de vente bono con opcin de venta Bond with a right to redeem it before maturity. bonus share action gratuite accin gratuita A share given as a bonus to purchasers of such shares. book-entry security titre relev tftuio consistenteen un asiento bancario U.S. term for a security, not in the form of a certificate,but as an entry in an account at a bank. Eighty percent of marketable U.S. Treasury securities are now held in book-entry form. book-running lead bank; book-running lead manager teneurde plume bancodirector encargadodel control de la emisin In an international bond issue or Eurocredit, when thereare several lead managers, the one mandated by the borrower to control the distribution of the issue. book value vale&rcomptable valor contable;valor en libros The net amount at which an asset appears on the books of aceount. border price prlx frontire;prlx franco frontire precio en (la) frontera;preciofronterizo Price of a tradable good at a countrys border or port of entry. borrower's lndebtedness subaccount [currency pooil] sous-comptedbiteurde l'emprunteur subcuentade endeudamiento prestatario del An account showing the principal outstanding on a borrower's loan. borrowing rate see depositor rate of interest borrow-piedge securityloan prt de titresgarantl par d'autres titres prstamode valoresgarantizadopor otro(s) valor(es) Security loan where one or more securities are posted as collateral for the borrowed security. bottomline rsultatnet; solde resultado neto The net result or net profit after all expenses. bought deal;firm commitment underwriting prise ferme emisinadquiridaanticipadamente un por consorciobancario Bond issue where a group of investment banks agree to purchase an entire issue for their own account or for resale, prior to announcingthe issue to the market. breakclausesee jeopardy clause break-even point [stockmarket] niveaud'lndiffrence punto de equilibrio Point where two strategies are equivalent. break-up value valeur ventite;valeurdsaggrge valor de cada parte integrantede una empresa The market value of all the individual parts of a firm if the firm were to be broken up and the indivdual parts operated independently.

13 bridgefinancing financementde soudure financiamiento transitorio;financiamiento de transicin;prstamo'puente" Short-term financing for countries whose international reserves are very low and where commercial and officialinterest arrears are mounting. broken cross rates; triangular arbitrage Bruno ratiosee domesticresourcecost ratio bull and bear bond obligation haussiereet baissibre;emprunts sensibifitoppose (ESOP) bono alcista y bajista Bond dividedinto two tranches, where redemption on maturity for the first tranche is based on the increase in a standardindex whileredemption on

tauxcrolssdivergents
tipos de cambio cruzadosdispares In foreign exchange,disparity amongthree or more rates, e.g. if DM 1 = 30 cents and FF 1.5 while FF 1 = 22 cents a Deutschmark will bring 30 cents if converted directly but 33 if converted first into francs and then intodollars. broker see bill broker; investmentbroker; jobber broker [stock exchange]agent de change; agent boursier; fforeignexchangelcourtier corredor (de cambio, de bolsa); agente (de cambio y bolsa) Person who acts as intermediarybetween buyer and seller,usuallyfor a commission. brokerage courtage corretaje Acting as an intermediarybetween buyer and seller in securities transactions. brokerloan; broker'sloan prt aux courtiersde Bourse prstamo a corredores de bolsa Funds borrowed by a broker, mainly from banks, for purchasing securitiesfor customers on margin or other reasons. brokerloan rate tauxd'avancessur titres tasa para prstamos a corredores de bolsa con garanta de valores; tipo para prstamos a corredores de bolsa con garanta de valores The rate banks charge to securities dealers and brokers on loans made with stock as collateral.

maturityfor the second tranche is based on the decrease in a standard index. The empnnt
sensibilitoppose (ESOP) is an equivalentFrench instrument. buNl bond mission haussiere;missiond'obligations haussieres bono alcista Bond issued at par with a fixed interest rate from whichthe 6 month LIBOR rate is subtracted every six months. The rate is also a ceiling,so if LIBOR exceeds this rate the coupon will be zero and not negative. Tried particularly the U. S. Student by Loan Marketing Association(Sallie Mae). Bulidog bond obligation"bouledogue*; obligationtrangre miseA Londres bono bulldog Bond issued in pounds sterling on the London market outside the U.K. bullet issue empruntremboursable une seule fois; en empruntremboursablein fine prstamoreembolsable una sola vez a su de vencimiento An issue to be repaid in a lump sum at the end of its term rather than gradually. bullet maturity chancein fine vencimientonico Maturity requiring the entire payment to be made, rather than gradual payments over the life of the loan.

14 buil market marchhaussier


mercado alcista A rising market.

calendar(call) spreadsee horizontal spread callablebond obligationremboursableavantl'chance


bono rescatable; bono redimible antes del vencimiento Bond that can be redeemed by the issue before the scheduled maturity. They are usually called when interest rates fall so much that the issuer can save money by floating new bonds at lower rates.

bull spread cart haussier


especulacin diferencial al alza Type of futures contract speculating on the spread between different delivery months of the same instrument in the futures market. It is profitable if the underlying security or commodity increases in price. The Bank has considered using this technique for currency options, hedging against dollar depreciation. See bear spread. bunching (of maturities)

callable swap

swapa termevariable
swap de intereses; intercambio de intereses Interest rate swap between fixed and variable rate. The party paying the fixed rate can exit from the swap without penalty, as from a specific date agreed at the start of the contract.

concentration(des chances)
acumulacin (de vencimientos) Paper all maturing at the same time.

bunnybond obligationspciale a coupons a rinvestir (OSCM)


bono con reinversin de intereses A bond that permits investors to reinvest the interest income into bonds with the same terms and conditions as the host bond. Note that bunny bond is a UK term only. OSCARs, which are used in the French market, have a maturity of 10 years and reinvestment is only possible between the first and

call a guarantee mettre en jeu une garantie


exigir el pago de una garanta Demand that a guarantee be paid.

call-and-put option see straddie

sixth year.
buoyancy see tax buoyancy

called bond obligataon dnonce bono rescatado anticipadamente


cali loan

Bond redeemed before scheduled maturity.

butterfly (calI) spread cart en papilion


margen "mariposan Option strategy that involves selling two calls and buying two calis, with differing maturity dates. One of the options has a higher striking price and the other a lower than the other two options. buyback see debt buyback

prt au jour le jour


prstamo a la vista A loan on a demand basis (i.e., which either the borrower or lender may terminate at will).

call loan rate seecali money rate

buying rate [securities market] prix acheteur


precio comprador The price that a buyer will pay for a securlty.

15 calNmoney; day-to-day money; demand money; money at cal] argent au jour le Jour; crdit a vue; crdit a tres court terme;avancesa vue dinero exigible;dinero a la vista Money deposited in an interest-bearing account, that can be called by the depositor on a day's notice. Often applied to money lent by banks to stock exchange brokers, whichmay be called at any time. cali money rate; call loan rate tauxde l'argent au jour le jour; tauxdes avancesa vue tasa de inters para prstamos a la vista; tipo de inters para prstamos a la vista The interest rate charged by banks for call loans. cali of more (CM) option dachat du double opcin de compra doble The right to caUlagain for the same amount of goods previously bought. Used primarily in the purchase of options. cali option option d'achat; option de rachat; prime opcin de compra Option to purchase designated securities at a predetermined price within a specifiedtime limit. call premium prime de remboursement prima de rescate The amount over the issue price when a bond is redeemed. calNprotection protection contre un rachat anticip proteccin contra rescate anticipado Protection availablein purchase of bonds,whereby a period is fixed during which the bondmay not be redeemed. cancellation (of a debt) remise (d'une dette) condonacin (de una deuda); anulacin (de una deuda); cancelacin (de una deuda) Voiding a debt by annulling or paying it. cap see also GlobalCap Authority; interestrate cap cap; capped floating rate note cap; contrat de cap; contrat de tauxplafonn bono con tope mximo de Inters; pagar con tope mximode inters A floating rate note with an upper limit on the interest rate to be paid.

capital asset pricing model (CAPM) modele d'quilibredes actifs financiers (MEDAF); modele d'valuationdes actifs financiers(MEDAF) modelo de valoracin de activos financieros A mathematicalmodel that attempts to explainhow securities should be priced, based on their relative riskiness in combinationwith the return on risk-free assets. The model yields beta. capital base assise financiere;parfois fonds propres base de capital Total capital of an organization, Le. capital plus reserves. capital deepening approfondissement capital; accroissement du du coefficient dlintensitdu capital aumentodel capital con respecto al trabajo; intensificacin (del uso) de capital Action which increases the relative value of capital in relation to labor (see capital widening). capital-deepeninginvestment investissement productivit de Inversinorientadaa aumentar la productividad Investmentaimedat increasingproduction efficiency and lowering costs. capital issue missionde titres emisin de valores de capital Issue of securitiesto finance capital outlays.

16 capitalization also debt capitalization; see interestcapitalization; market capitalization; recapitalization


capitalization

capitalwidening largissement capital du ampliacindel capital


Investment that increases the absolute value of capital (see capital deepening).

capitalisation capitalizacin
Total authorized par value of the stocks and bonds of a corporation.

cappedfloatingrate note see cap


caption

capitalmarket marchfinancier; marchde(s) capitaux mercadode capital(es)


The market for buying and selling long-term loanable funds, in the form of bonds, mortgages and the like. Unlike the money market, where short-term funds are traded, the capital market tends to center on well-organized institutions such as the stock exchange. However, there is no clearcut distinction between the two other than that capital market loans are generally used by businesses, financial institutions and governraents to buy capital goods whereas money-market loans generally fill a temporary need for working capital. Note that Raymond Barre, in his seminal Economie politique, defines march des capitaux as the overall market, equivalent to the English financlal market, the march montaire as le march des capitaux d court tenne (= money market) and the march financier as le march des capitaux d long terme (= capital market). However, various Francophone authors differ on this issue and you will frequently see march financier used for the English financial market and march de(s) capitaux used for capital market. Note also that, while Barre uses march des capitaur, many writers use march de capitaux.

caption No Spanish
Instrument combining features of caps and options whereby the buyer acquires the right (but not the obligation) to make a cap within a specific period of time at a rate previously agreed. Caribbean Development Facility

Mcanismede dveloppement des Caraibes


Mecanismo de financiamiento para el desarrollo de la regin del Caribe A UNDP project sponsored by IFC, with IFC as executing agency. Its services are available to countries which become signatories to the related UNDP project document. Its purpose is to promote small- and medium-scale private enterprises in the Caribbean. It is hoped to expand its services into Central America. carrying cost;carryingcharges;cost of carry cot d'7nactivit (des capitaux); coOt de

dtention (des capitaux)


costo de inmovilizacin (del capital) Direct costs paid by an investor to maintain a security position, e.g. receiving less interest on short-termn investments than is paid for borrowings.

capitalredemption reservefunda compte de rserves pour le rachat du capital des actions


fondos de reserva para recompra de acciones (propias) Special account held by a corporation to repurchase
part of its shares.

carryover report de crdits saldo traspasado(al ejercicio siguiente)


Funds unused during a financial year which are transferred to the budget for the following financial year.

capital stocksee equity capital

cashagainstdocuments (CAD) paiementcontre documents pago contra (presentacin de) documentos


Form of payment used in international trade whereby payment is made on receipt of bill of lading.

17 cashand carry oprationd'achat de titresau comptantet de ventede contrats terme; cash and carry operacinde comprade valoresal contado y ventade contratosa trmino Hedging method consisting of sale of contracts on the forward market and simultaneous purchase of securities on the spot market. See reverse cash and carry. CentralBankFacility(CBF) [IBRDJ Comptedes banquescentrales auprs de la BIRD Mecanismo para inversiones bancos de centrales[BIRFI A World Bank facility designed to increase borrowings from central banks. It is a one-year, U.S. dollar-denominated facilityand was set up to halt the decline in IBRD borrowing from official sources. centrally-managed costa charges centrales;frais centraux costos centralizados Costs which are the responsibility, for budgetary purposes, of the institution as a whole, as opposed to those that are the responsibility of individual units (see unit-managed costs). central rate see key moneyrate certificate see bond certificate;debt certificate; dividend-rightcertHifcate; investmentcertificate; participation certHficate; pass-through certificate; scrip certificate certificate of deposit see jumbo certHicate of deposit; negotiable time certKficate deposit; of roll-overcertificateof deposit; straight,tap certificateof deposit; strip certificate;tranche certHifcate deposit of certificate of deposit certificatde dpot certificadode depsito Certificate of an interest-bearing time deposit with

cashier'scheck
cheque de banque chequede caja A check drawn by a bank on its own funds and signed by the cashier. Performance securities are often required in this form. cash management gestion de (la) trsorerie gestin de caja; gestinde liquidez; administracin fondos de Control and use of liquidassets. cash management account (CMA) compte de gestion de trsorerie cuentade administracin fondos de An interest-bearing currentaccount, normally held with a stockbroker. cash management bill bon du Trsora tres court terme bono del Tesoro (EE.UU.) muy corto plazo a Billintroduced by the U.S. Treasury in 1975,designed to raise funds quickly for a short period, ranging from nine to twenty days' maturity. Payment must be made in federalfunds. cash marketsee spot market certificate of indebtedness see debt certificate cash risk; liquid-holdings risk risque li a la rentabilitdes liquidits riesgode liquidez Risk to actual cash receipts due to difference in spreadbetween money borrowed medium-termand reinvested short-term. cash securityloan prt de titresgaranti par des fonds prstamode valores con garantaen efectivo Securityloan where cash is posted as collateral for the borrowed security.

a bank.

18 certificates of accrual on Treasury securities (Cats) chats bonos sin cupn con garanta del Tesoro de los EE.UU. Zero coupon Treasury securities, with the coupon stripped. A wide variety of stripped Treasury certificates with animal names has been issued, including TIGRs (the first), ZEBRAs, COUGRs (Certificates of Government Receipts) and LIONs (Lehman Investment Opportunity Notes). DOGs, GATORs, RATs and EAGLEs are also found. The U.S. Treasury mundanely called its own stripped Treasury securities,SeparateTradingof Registered Interest and PrincipalSecurities(STRIPS). Note that the French Treasury issued an equivalentbond, wittilycalled Fonds d'Etat Libres d'IntrtNominal
(FELIN).

churning; overtrading multiplicationdes oprations exceso de transacciones (en la cuenta de un cliente) Excessivetrading of a client's account, in order to increase brokerage commissions. circus swap; currency coupon swap swapde monnaies d'intrt et swapde monedas y de intereses; intercambio de monedas y de intereses A cross-currency interest rate swap involvingexchanges of amounts computed at a fixed rate in one currency against a floating rate in another currency. city bank [Japan] grande banque
gran banco

certified check chque certifi cheque certificado; cheque intervenido A check certified to be good by the bank upon which it is drawn, by the signature of usually the cashier or paying teller with the word cetified or acceptedacross the face of the check. Performance securities are often required in this form. changes in working capital statement see statement of changes in financial position charge-off see writeoff chartered bank [Canada] banque charte banco comercial Financial institution licensed by the Canadian Parliament under the Bank Act to operate as a bank. chartist chartiste analista de bolsa Technical analystwho charts the patterns of stocks, securities and commodities to make buy and sell recommendationsto clients.

Major commercialbank, located in a city, dealing with corporations and major accounts (as compared to a local bank). classic swap see plain vanilla swap clause see bisque clause; cross-default clause; drop lock; goodwill clause; illegalityclause; jeopardy clause; multicurrency clause; negative pledge clause; par passu clause; periodic review clause; recapture clause; red clause; sharing clause; switch, availabilityclause; trigger clause clean (en) blanc; simple; non garanti sin garanta documentaria Refers to a moneymarketoperation without underlying documentary security. (Note that in the U.KY clean means exclusiveof accrued interest.) clean advances avancesnon garanties anticipos sin garanta documentaria Financial advances made without documentary support. clean float flottementpur, non dirig flotacin limpia Floating of currencywhere the value of the currency is controlled by the market rather than the authorities. Opposite of dirty float.

19 clearing agreement accord de compensation; accord de paiement acuerdo de compensacin A bilateral agreement between two States under which the authorities in each of the States set up a system for coilection and payment of debts due to and by each other through a special account in a central bank. clearing bank see investment bank clearing house chambre de compensation cmara de compensacin An organization set up by financial institutions agreeing to initiate and receive among themselves electronic transfers of funds authorized by their customers. ciosed-end (investment) fund, company (CEIC) socit d'investissement a capital fixe (SICAF); socit d'investissement ferme; fonds de placement ferm sociedad de inversin con nmero de acciones fijo U.S.term for an investment company with a fixed number of shares outstanding. The shares represent an interest in the fund's portfolio. New shares may not be issued. club deal, loan crdit consortial(sanschef de file); pret syndiquen circuit ferm prstamo concedido por un consorcio; prstamo concedido sin banco director Loan whereby, instead of one bank being designated lead bankand others comanagers underwriters, or the various functions these carry out are divided amonga limited group of members, in order to save fees. cocktail swap swap 'cocktaiP swap mltiple;intercambio mitiple Transaction involvingmore than one type of swap. colead manager see comanager collar collar bono con tope mximo y mnimo de Inters; pagar con tope mximo y mnimo de Inters A floating rate note with an upper and lower limit on the interest rate to be paid. collateral account compte de nantissement cuenta de garanta Method of credit enhancement used in collateralized debt reduction schemes. It requires the borrower to fund an account which acts as collateral to the securityissue. collateralization constitution d'une garantie; constitution d'un gage constitucin de una garanta In a securitizationor debt-equityswap operation, an issue of securitiesby an industrializedcountry to back the issue of securities by the developing country. collateralized (bond)

closed-out investment [IFC]


investissement sorti du portefeuiile inversin liquidada Term used by IFC to indicate any investmentwhich is no longer on its books, i.e. where the loan has been repaid, shares sold, etc. ciosing price

dernierprix (de la journe)


cotizacin al cierre The final price at which a transaction in a security takes place on a given day.

(obligation) gage
(bono) garantizado In a securitization or debt-equltyswap, a bond backed by an issue of securities in an industrialized country.

20
collateralized (debt) defeasance; defeasance debt combined commercial and investment bank; multibank; all-purpose bank banque Imultiservices'; banqueA tout faire;

plan de rduction de la dette (avecgarantie)


anulacin de deudas a cambio de un activo financiero Extinguishing debt through the provision of a financial asset (e.g. zero coupon bond) to be held in a trust account as collateral against the principal of the debt. The face value and maturity of the collateral instruments are designed to match those of the debt being defeased so that the proceeds of the collateral instruments at maturity may be used to fully repay the principal in a single balloon payment. collateralized floating rate bond

banquea vocationgnrale;banque polyvalente


banco mltiple; multibanco [Chi., Mex.] Bank offering a full range of services. combined market rate

'taux composite' du march


tasa combinada del mercado; tipo combinado del mercado Weighted average of five national money market rates that enter into the calculation of the SDR rate of interest. comfort scurit; confort seguridades (dadas por terceros) Security offered in a commercial loan in the form of a guarantee or cofinancing from a parent company, government, or international organization. See also letter of comfort. commerclal bank; clearing bank [U.K.]

obligationa tauxflottantgag
bono garantizado de inters variable The formal name given to the recent (January 1988) Mexican debt-equity swap, whereby zero coupon 20 year bonds, backed by the U.S. Treasury, were exchanged for Mexican debt. collateralized mortgage oblgation (CMO) CMO; obligation garantie par une hypotheque obligacin con garanta hipotecaria Mortgage-backed bond that separates mortgage pools into short-, medium- and long-term portions. Investors can choose to buy into whatever pool they wish, depending on whether they want a faster return or long-term gains. collection ratio ratio de recouvrement; taux de recouvrement coeficiente de recuperacin The percentage of due and outstanding loans that have been collected. coloan prt coflnanc prstamo cofinanciado A cofmanced loan. comanager; colead manager

banquede dpt; banquecommerciale


banco comercial A bank that normally specializes in demand deposits and commercial loans. commercial billa see commercial paper commercial lending prts A des conditions commerciales prstamos en condiciones comerciales; financiamiento en condiciones comerciales Lending not always at market rate but under normal market conditions (e.g., as regards maturity, reimbursement) (see market-related lending).

cochet de file
banco codirector; banco coadministrador Lender ranking next to lead manager in a Euroloan.

21 commercial paper (CP); commercial billa effetsde commerce; papler commercial;papler Committee established by the governors of the central banks of the Group of Ten countries at the end of 1974 as a result of serious disturbances in the international currency and banling markets, it consists of representatives of the central banks of Belgium, Canada, France, West Germany, Italy, Japan, Luxembourg, the Netherlands, Sweden, Switzerland, the United Kingdom and the United States. It providesa forum for cooperationbetween member countries on banking supervisionmatters. The Secretariat is providedby the Bank for Intermational Settlements. It is often known as the Cooke Committee, after Mr. W. P. Cooke, Associate Director of the Bank of England, whowas chairman from 1977-1988. commodlty-lndexed bond oblJgation ndexe les prix de produits de sur

financler; billetsde trsorerle


efectos comerciales; papel comercial Promissory notes normally having a mamum maturity of 270 days sold by companies or institutions to raise cash for purposes of working capital. A major borrowing instrument for first-classborrowers in the U.S. and Canada. The French billets de trsorere system was set up in December 1985 and is the equivalentof the U.S. commercial paper system. commission see fee; guarantee commission, fee; management commission, fee; selllng commission commissioned company [Japan]

socitmandate la Banque (par mondiale


pour la reprsentera des missions

base
bono indizado segn el precio de un producto

d'oblgations Japon) au
compaa comisionada; sociedad comisionada; agente Agent in Japan which acts for the IBRD (or other non-Japanese financial institutions) in the issue of bonds on the Japanese market. commitment authority pouvoir d'engagement facultad para contraer compromisos The authority that a financial institution has to makecredit commitmentsbased on the amount of resources has received or had committed from it donors. commitment fee, charge commissiond'engagement comisin por compromiso; comisin por inmovilizacin fondos de Lender's charge for contracting to hold credit available. Committee on Banking Regulations and Supervisory Practices; Basie Supervisors' Committee; Cooke Committee

bsico
Commodity-linked bond where the interest payments (and/or principalrepayment) are denominated in units of a particular commodityand hence the payment to the bondholder would depend on the price of the commodity at the time the interest payment is determined. commodity-iinked bond; commodity-backed bond obligationlie aux prix de produits de base bono con rendimiento vinculado al precio de un producto bsico Bond where the return on financingis linked to the price of an underlyingcommodity. See commodityIndexed bond and nominal bond with attached commodity option. common stock actionsordinaires; actionsde capital acciones ordinarias Units of ownership in a public corporation. Compensatory and Contingency Financing Facility [IMF]

Comit rgles et pratiques controle des de des oprations bancaires; Comit contrOle de
bancairede BAle;ComitCooke Comit sobre Regulacin Bancariay Prcticas de Supervisin; Comitde Supervisin Bancaria de Basilea; Comit Cooke

Facilit financement de compensatoire de et financement imprvus pour


Servicio de financiamiento compensatorioy para contingencias

22
IMF facility to provide timely compensation to member countries experiencingtemporary shortfalls in export earnings owing to circumstances largely beyond their control or to those experiencingexcess costs of grain imports. computerlzed entry of ownershlp; dematerialisation [UK] dmatrialisation registro computadorlzado; desmaterializacin Recording of ownershipof securitieson computer, instead of on paper. concerted financing, lending; concerted lendlng deal financementconcert financiamiento concertado Lending from different sources, agreed on by the different lenders, usually in the form of a group of banks. consol see nonmaturing, nonredeemable government bond consolidated discount notes bons prime (d'mission)consolids pagars descontados consolidados Consolidation of several issues of discount notes into one uniform note. consumption rato of interest (CRI) tauxd'actualisationde la consommation tasa de actualizacin del consumo (TICO) The rate at which the value of a unit of currency destined for consumption falls over time, usually expressed as an annual percentage. contango report 1. situacin en que el precio al contado es inferior al precio a plazo; 2. prima pagada por aplazamiento de pago In commoditymarkets, when the cash price is lower than the forward price. In the stock exchange market, the fee paid by an investor for the privilege of carrying the settlement of a transaction from one account period to another. (The opposite of backwardation.) contango rate;continuation rate lntrtde report diferencia entre el precio al contado y el precio pagado realmente The difference between the cash and settlement prices. contestable rnarket marchdisputable mercado de acceso irrestricto A market where there is freedom of entry and exit is costless. Potential entrants can enter such markets whenever profits exceed the normal rate. contingency financing facility dispositifde financementpour imprvus servico de financiamiento para contingencias Facility for providingadditional lending if specified events of adverse circumstancesbeyond the debtor's control occur. Contingency Mechanism [IBRD/IMF dispositif d'action conjoncturelle mecanismo (conjunto) para contingencias A joint scheme between the Bank and Fund to assist troubled economies;initiallyapplied to Mexico. contingent investment support facility dispositifd'appui conditionnel I'investissement serviciocontingente de apoyo a la inversin Facility provided for Mexico fmancing package wherebyextra finance would be provided in case of a shortfall in public sector external receipts attributable to crude oil prices. contingent obligation [IBRD] engagementconditionnel obligacin contingente Type of IBRD "B" loan wherebythe loan is initially fmanced entirely by the commercial lender with IBRD having a contingent commitment to fmance at a given date (i.e., at the end of the duration considered "normal"by the commercialmarkets for the specific borrower) the remaining balance of principal (if any), if the commercial lenders choose not to finance this amount.

23

Contingent SwapFacility [IBRD] de Mcanisme couverture swaps de Serviciocontingentede intercambiode


monedas A facility to enable the World Bank to engage in currencyswapswith European entitieswith a credit
standing equivalent to A or AA. Under the facility,

contract financlng ftnancement contrat sur financiamiento garantiacontractual con


Project finance, involving the use of commercial contracts such as a ship charter or take-or-pay contractas securityfor the loan.

the Bank would enter into swaps directly with European counterparties introduced by Deutsche

contractual savinga institution


d'pargne contractuelle institution institucin ahorro contractual de
Institutions dealing with contractual savings, i.e. savingsthat have to be made, such as pensions.

Bank or others.
continuation rate see contango rate

Continuously Offered Longer-Term Securities (COLTS) papiera termeofferten permanence (COLTS) valores a ms largo plazode oferta continua
(COLTS)
Program of securities issued by the World Bank, starting in 1986. The first amount was $481.5

controlling interest bloc de contrle participacin mayoritaria Ownership a corporationin excessof fiftyperof
cent. Can also be used for ownership of less than
fifty percent if the remainder of the stock is distributed among many owners.

million, followed by an amount of $463.5million. Buyers can obtain maturities from 3 to over 30 years, as they choose. The program is indefinte (hence continuouslyoffered) and of a longer term than the Bank's previous discountnote system. It will extend the range of paper available in the medium-term note market (initially medium-term meant 2-4 years but now covers up to 30 years or more). Various COLTS products have been offered, including fixed rate COLTS offered at par (the conventionalproduct of the medium-term note market), at a premium and at a discount, zero coupon COLTS, TreasuryWbill based variable rate COLTS and amortizing COLTS.

convenience credit crdit de commodit crdito cmodo; crdito facil Readily available credit where no charge is openly levied. Refers in particular to credit and charge cards. conversion discount

dcotede conversion
descuento de conversin Ratio of the market value of a convertible security to its conversionvalue expressed as a percentage. When the market value of the security is lower than the conversion value, this ratio is said to be a discount.

Continuously Offered Payment Rights in Swiss Francs(COPS) crances comptables misescontinuellement en francssuisses(COPS)
valores de oferta continua en francos suizos (COPS) Program of securities issued by the Swiss Bank Corporation on the Swiss market on behalf of the World Bank, starting in 1988. The notes are of three or six months' duration, with a minimum investment of SFr100,O00.The program is indefinite (hence continuouslyoffered). The rate will be linked to LIBOR.

conversion a restrictedto a full-service from institution banaJisation ampliacin de los servicios de una institucin
Used in banking to refer to those banks that have converted from offering limited services, such as those of an investment bank to those of a full commercialbank.

24

conversion premlum
prime de conversion
prima de conversin

corporate charge card;corporate credit card


carte de crdit professionnelle;carte de crdit Institutionnelle tarjeta de crdito institucional Charge or credit card issued to the employee of a corporation, where the employer plays the annual fee and some or all of the charges.

Ratio of the market value of a convertible security to its conversion value, expressed as a percentage. When the market value of the security is higher than the conversionvalue,this ratio is said to be a premium.

corporate raider; raider


conversion price prdateur; attaquant
tiburn; depredador

prixde conversion
preciode conversin
The price which an investor must pay for a share, if he buys a convertiblesecurityfirst and later converts it into shares.

Person who acquires a significantportion of a companys stock, with a view to takeover. See also
hostile ralder.

conversion value
paritde conversion valorde conversin
The conversionpricemultipliedby the current price

corporate right partsoclale


derechos (del accionista) Rightsheldby a partnerin a corporation.

of the security. convertible; convertible security obligation convertible actions en tftuloconvertible A securitythat, at the option of the holder, may be
exchanged for another asset, generally a fixed

corporate sector
secteurdes entreprises sector empresarial
The business sector.

costof carry carryingcost see counter-guarantee contre-garantie contragaranta


In a guarantee operation, a guarantee provided, in

number sharesof commonstock. of coordinated financing financement coordonn financiamiento coordinado


Financingarrangement between two lenders whereby the loans may be for different projects or differ-

addition to the primary guarantee, by another


guarantor.

ent sectorsbut one organization takes the lead in coordinating arrangements for the two loans. core inflation inflation base de inflacin bsica
The basic level of inflation over a period of time (e.g. a decade) as opposed to temporary fluctuations in the rate.

countrycollectibility analysis [IBRD] analyse probabilits recouvrement des de (des prts un pays) anlisisde las probabilidades recuperacin de (de los prstamos otorgados a un pas) Analysis carried out by WoridBank staff of countries in non accrual status to determine the likelihood of them repaying some or all of their outstandingdebt to the Bank and therefore of the need for loan loss provisioning by the Bank.

corporate bond obligation socit de bonode unasociedad (annima) Debtinstrument issued a private by corporation.

countrycollectibilitynote [IBRD] notesurles probabilits recouvrement de (documento anlisis las probabilidades de) de de recuperacin los prstamos (de otorgados a un pas)

25 Document giving results of a country collectlbillty analysis. country exposure coupon paper

titresassortis coupons de
tftulos con cupn Paper with coupon attached. coupon rate

engagement pays par


compromisospor pases The extent to which a financial institution has lent money to one country. country fund

tauxde coupon
Intersnominal Interest to be paid regularly on the face value of a long-term debt instrument. coupon swap swaptauxfixe/taux variable conversinde Intersfijo en Intersvariable Type of Interest rate swap involvingfixed rate to floating rate swap. covered Interest arbitrage

fondsmutuelde placement (dansun pays); fondspays


fondo para (inversiones un pasespecffico en) Mutual funds that invest exclusivelyin specific countries. IFC has set up several such funds in developingcountries. coupon

coupon
cupn A slip attached to a bearer bond, which can be detached and exchangedfor an interest payment or dividend due at a specific date. Also used to describe the nominal annual rate of interest which a borrower promises to pay the holder of a fixedincome security. Colloquially,in the U.S. domestic market, used to describe a U.S. Treasury note or bond.

arbitrage tauxd'lntrtcouvert de
arbiraje protegidocontra riesgoscambiarlos Investingdollars in an instrument denominated in a forcign currency and hedging the resulting foreiga exchangerisk by selling the proceeds of the investment forward for dollars. covered option securities (COPS) titres A options couvertes valorescon moneda de reembolso opcional Short-term dollar denominatedsecurities that allow the issuer to repay the principal and interest owed in dollars or at an amount of foreign currency agreed at the time of issue. In exchange,the yield premium is higher than the market price for equivalent debt. creative financing

coupon(-bearing) bond obligation muniede coupon


bono con cupn Bond with coupon attached. Also called bearer bond. coupon equivalent yield

rendement converti tauxd'intrt en


rendimiento equivalente a un intersnominal The yield obtained from the difference between the purchase price and the face value of a short-term noninterest-bcaring instrument, expressed as a percentage, determined by the differencedividedby the purchase price. coupon note

formules nouvelles; formules indites; formules originales financement; de financement novateur


formas novedosas de financiamiento Financing using unconventionalmeans, e.g. special swaps, etc. credit limit see lendingceiling

bon-coupon
bono con cupn; pagarcon cupn Note with coupon attached.

credUenhancement amlioration la cotede crdit;amlioration de de la signature; rentorcement crdit du


mejoramiento del crdito Increasing the creditworthiness of a loan, security issue or other instrument.

26 credit standing; creditworthiness


priv);surfacefinanclere; fclient honorabilit sohabilit; capacitd'endettement

The discount rate that equalizesthe net present


value of two streams of benefits and/or costs.

crediticia;capacidad crdito;clasificacin
crediticia; solvencia The likelihood of a borrower to pay back a debt, based on past credit performance. crosa-border swap swap International

cross-shareholidng
patlcipatlon croise participacin cruzada Situation where two or more corporations hold sharesof stock in the other, particularlywith a view to controlling a market or industry.

intercambiointernacionai swapinternacional; Swapbetweentwo partiesin differentcountries. cross-currency exchange risk risquede change riesgo cambiarloentre dos o ms monedas;a vecesentre el dlar y la cesta de monedas que utilizael Banco Mundial out The exchangerisk inherentin carrying foreign in transactions two or morecurrencies. exchange lnteresthedge; double hedgo cross-currency swap
swapsportant la fois sur les taux d'intrtet sur des monnaies

crowdlng In attraction atraccin Occurs where governmentbonds are sufficiently so goodmoneysubstitutes that bond issuesreduce demandfor moneybalances,leadingto an expancomposisionaryimpactviatheir effecton portfolio tion. crowding out
viction

despiazamiento of Any displacement private economicactivityby


public economicactivity.

proteccinde swapdoble that Technique combinesshiftfrom a floatingto a


fixed rate of interest, together with a shift from liabilityin one currency to liabilityin another. cross-currency lnterest rate swap et swapd'intrts de monnaies swapde intereses y monedas; intercambiode Interesesy monedas to Swapof fixedrate flowsin one currency floating rate flows in another.

cumulative preferred stock privilgies actionscumulatives


acciones preferenciales (preferentes, preferidas) acumuladas Preferred stock where the unpaid dividend is held over, totally or partially,when there are no returns

to in a financial year,or the returnsare insufficient fixedfor these shares. distributethe dividend curb market see unlistedsecuritiesmarket currency coupon swap see circus swap

cross-default clause
clausede manquementrciproque;clause d'exigibilit croise; clausede dfaut crois currency-linked bond see option bond

clusula recprocaen caso de incumplimiento that specifying default A clausein a loanagreement


on any other loans to the borrower shall be regarded as default on this one.

currency mix composition en composition monnaies;


montaire combinacin de monedas

borrowedor The proportionof differentcurrencies cross-over discount rate; equalizing discount rate tauxd'indiffrence; tauxd'galisationdes valeursactuelles tasa de actualizacinde equilibrio
lent by the Bank. currency option bond see option bond

27 currency pool see loan currency pool; targeted currency pool currency pool; loan currency pool pool de monnaies fondo comn de monedas A system set up by the World Bank to equalize among all borrowers at any time the risks inherent in fluctuationsin the exchange rates of the currencies disbursed and repayable on all Bank loans included in the system. Equalization is achievedby pooling all currencies disbursed and outstanding on participating loans and by expressingthe outstanding principal amount of each such loan as a share of the pool. As a result, loan-serviceobligations on each participatingloan are related to all amounts in various currencies disbursed and outstandingon all loans in the system. currency pool index indice de rvaluationdu pool ndice del fondo comn de monedas An index of the daily revaluation factors from the start of the currency pooling system to the present. currency pooling system

currencyswap swapde monnaJes; de devises swap


swap de monedas; Intercambio de monedas

System whereby an institution with funds in one currency converts theminto another and enters into a forwardexchangecontract to recover the currency borrowed. currency translation conversionmontaire;conversioncomptable des monnaies traduccin de monedas; conversin contable de monedas Recording in accounts of assets (or liabilities) in one currencywhen they are actuallyin another. No actual exchange of funds takes place. The World Bank and IFC, for example,translate all their assets and liabilities into U.S. dollar amounts, regardless of the actual currency in whichthey are denominated. currency translation exposure risque de conversion comptabledes monnaies riesgo por traduccin contable de monedas; riesgo por conversin contable de monedas The Bank records its assets and liabilities in U.S. dollars despite the fact that it has assets and liabilities in up to forty-five different currencies. As a result, the value of its assets/liabilitiesin U.S. dollar terms is liable to fluctuate due to exchange rate movementsbetween the U.S. dollar and other currencies in whichit has assets/liabilities. This is the currency translation exposure. currency twist distorsionmontaire distorsin monetaria The situation that occurs with the Bank's lending and borrowing policy whereby loans are made in primarilylow nominal interest rate currencies while investmentsare mainly in high nominal interest rate currencies. currency weight pondration des monnaies ponderacin por moneda

systme du pool de monnaies


sistema de fondo comn de monedas A system set up by the World Bank to equalize among all borrowers at any time the risks inherent in fluctuations in the exchange rates of the currencies disbursed and repayable on all Bank loans includedin the system. Equalization is achievedby pooling all currencies disbursed and outstanding on participating loans and by expressingthe outstandingprincipal amount of eachsuch loan as a share of the pool. As a result, loan-service obligations on each participating loan are related to all amounts in various currencies disbursed and outstanding on all loans in the system. currency redenomination (option de) modificationde la monnaled'un prt denominacin de un prstamo en otra moneda Option in restructuring agreement which allows banks to redenominate existing loans in their domestic currencies or the ECU.

28 Under the new IBRD lendingrate system,currency


-

D-

specific ratesfromqualified cost borrowings be will applied to the amountsin each currencyactually thoserates outstanding,thereby effectivelyweighting in eachcurrency their sharein the loancurrenqy by pool. Theseweightings calledcurrency are weights. current biend (CB) [IFC]
panachage court terme (PC7r ndice combinadode desempeo la cartera de

dally revaluation factor [currency pool au dour le jour facteur rvaluation de

The ratio of the dre ar equivalentvalue of the currencies the currency in pool on one day to the
doUar equivalent value those same amounts of currencies would have had at exchange rates

A rate used by IFC to assistin determiningthe performanceof its loan portfolio,it is based on ratios. actualand projecteddebt-to-equity
current coupon (rato)

prevailing the previousday. on dalimyo bond obllgatlon"dafmyo '


bono dalmyo

tauxde couponcourant Intersnominalcorriente 1. In fixed rate securities, a coupon rate which


approximates current yield levels for similar securities. Straight debt securities with current coupons

Non-resident bondissuedenominated yenon the in Tokyomarket. Its circulationis similarto that of Eurobonds.
dated date

havepricescloseto par.
2. In floating rate securities, the rate of interest on the floatg rateespeurities. the rate of intereston Irn thecurrent interest period. current ratio; working capital ratio ratio de Jiquiditgnrale coeficiente corriente[AmricaLatina]; coeficiente de solvencia [Esp.] Ratio of current assets to current liabilities. It s the main liquidity ratio.

datede /ouissance
fecha a partir de la cual se calcula el Inters Date from which interest is calculated on a new bond or other debt instrument. day-to-day moneysee cali money desler [optionsmarketj de ontreparte agent de contrepartie agente de contrapartida Party to an options transaction. dealer [securities market]see securities dealer dealer [stock marketc

cushion bond
'cushion bond bono amortiguador A high-couponbond selling at a price above its call or optional redemption price. custom duty bill obligation cautionne letra garantizada Special type of credit in France granted by the state to corporations to allow them to pay indirect taxes or customs duty, with a guarantee provided by a bank or other financial nstitution. These bills allow the corporatoioto defer payment of value-addedtax or mstomsduties. The state draws up a bill for the amount in question which the corporation agrees to pay on maturity.

agentbourser; oprateur le march) (sur

corredorde bolsa Individualor firm acting as a principal in the stock market.

debenture (bond) 1. obligationnon garante; 2. obligation 1. bono sin garantaespecfica; debenture [Arg., Chile]; 2. bono con garantade activos 1. U.S.: Unsecured bond. 2. U.K.: Loan secured against specic or gernera assets of a company.

29

debt see cancellation(of a debt); collateralized (debt)defeasance; discounteddebt; funded debt; governmentdebt instruments;highly,

debt commodity swap changede crances contre une participation auxrecettes d'exportationde produits de base;

heavily indebted middieincome country(HIC); juniordebt;long-term debt ratio;moderately indebted low-,middie-income country;
nonperformingdebt; par debt swap; retired debt; scheduieddebt service;seniordebt; severelyindebtedlow-, middle-income country debt buyback; debt repurchase

swapde crances contrerecettes d'exportations produitsde base de conversin la deudaen productos de bsicos
A payment of a developing country debt in kind. One procedure used is that the lender takes a specific earmarked percentage of the receipts from the exports of a specific product or group of products, provided that the exports result from promo-

cession crances; de rachatde dettes recompra deuda; de compra deuda de Repurchaseby a debtorcountryof all or a portion of its foreigndebt at a discount. debt capitalization
capitalisationde la dette

tion by the lender. debt-debt swap; debt swap;debt swap; par debt-for-debt swap swapde dettes;swapde crances swapde deudas; intercambio deudas de
Swap involvingthe exchangeof a new obligationfor

capitalizacin la deuda de
Conversion of debt into equity (see debt-equity swap). debt carrying capacity capacit de remboursement la dette de

an existingobligation held by investors. A technique used recently in the U.S. in conjunctionwith originalissue discount bonds as a means of realizing a capital gain on the retirement of a relatively low-coupon existing issue and at the same time achievingan interest cost saving due to special tax

capacidad endeudamiento de
The extent of the ability to pay debts. debt certificate; certificate of indebtedness

treatmentof an original issuediscountbondissued


as part of such a swap. debt defeasance; collateralized (debt) defea-

certificat reconnaissance dette de de certfficado adeudo de Document issued by a borrower detailing the
borrower's promise to repay principal and pay interest, as well as details of any collateral. debt-charity swaps acquisitionde crances des fins

sance plande rduction la dette(avecgarantie); de dfausse la dette;defeasance de


anulacin de deudas a cambio de un activo financiero Extinguishing debt through the provision of a fmancialasset (e.g. zero couponbond) to be held in a trust account as collateral against the principal of

philanthropiques; swaps philanthropiques conversin la deudaenfondosbenficos de


Non-profit organizations purchase debt at a discountin secondary markets and exchange it for local currency that is used for philanthropic purposes.

the debt. The face value and maturity of the collateralinstruments designed matchthose are to
of the debt being defeased so that the proceeds of the collateral instruments at maturity may be used to fully repay the principal in a single balloon payment.

debt defeasance through the sinking fund mechanism plande rduction la dette(avecgarantie) de avectondsd'amortissement anulacinde deudascon la garanta un de fondode amortizacin

30

Variety of debtdefeasancewherebythe debt principal is coilateralizednot through an upfront purchase of a zero coupon bond or other fmancial instruments, but instead through pledging the accumulated funds of a sinking fund, which is financed through periodic future payments by the debtor. debt distressed country pays menacd'asphyxe endettement; par pays surendett pas agobiado por la deuda A heavily indebted country. This classificationis used primarily by the OECD. debt domestication

debt(-for)-equity swap, conversion swap de crances contre des participations;

change dettescontredes fondspropres de


conversin de la deuda en capital; capitalizacin (de la deuda) A method of converting developingcountry foreign currency debt into local currencyequity in a domestic firm. The investor may be the bank holding the loan or a companywhichbuys the loan from a bank at a discount. The loan is then typically sold at near face value to the central bank of the host country for local currency instruments,whichin turn are used to make the equity investment. debt financing

conversion la detteen devises; de conversion de la detteen devises detteen monnaie en nationale;'naturalisation' la dette de
argentinizacin, bolivianizacin, etc. de la deuda Conversion of non-resident foreign currency debt

financement l'emprunt par financiacin medianteendeudamiento


Obtaining finance by using borrowed money. debt-for-cash swap

intoresidentlocalcurrency debt. Has beenusedby


Chile. debt-equity conversion see debt-equity swap debt-equity ratio; debt-to-equity ratio ratio d'endettement; ratio d'autonomie financibre relacin deuda-capital; coeficiente de endeudamiento Mainlyused to describe the ratio of total liabilities to shareholders' equity (net worth). It can also be used to describe the ratio of long-term debt to equity, net long-term debt to equity, total or longterm debt to tangible equity (= equity plus revenue plus capital reserves). All these definitionsare used in the World Bank and IFC, so care should be taken in translation to ensure the correct term is used. Other definitions are used outside the World Bank.

swapde crances contre especes


swap de deuda por efectivo; intercambio de deuda por efectivo Exchange of debts for cash. This is done through the secondary market of bank claims where a country's debt can be sold for cash at a discount. Mainly used so far in Chile. Note that the actual Chilean processis called adquisicinde ttulos de la deuda extema. In Ecuador they use the term sucretizacinto describe the process of converting foreign debt into the Ecuadorian sucre. debt-for-debt swap see debt-debt swap debt-for-development swap swapde crances contre financespour le dveloppement conversin de la deuda en financiamiento para el desarrollo Swap whereby a debtor country repays its debts in local currency to a developmentagency which then uses this money to fmance a developmentproject in the country concerned.

31 debt-for-equity swap see debt-equityswap debt-for-export swap; debt-for-products swap swapde crancescontre remise de produits (exportables) swap de tftulos de deuda por exportaciones; intercambio de tftulos de deuda por exportaciones Swap whereby a bank arranges to export a variety of domesticproducts and commoditiesto offsetpart of its outstanding claims in the country. debt-for-local currency swap swap de dettes en devises contre dettes en monnaienationale conversinde deudasen divisas en deudasen moneda nacional Issue by the central bank of a local currency debt obligation in exchange for a foreign debt claim. Domestic residents can thus buy their own country's debt in the secondary market, using expatriated capital or foreign currency acquired in the parallel market. debt-for-nature swap change dette/nature conversin de la deuda en medidas de proteccin de los recursos naturales Swap arranged by private conservationgroup to use the proceeds of debt conversionsto finance conservation projects relating to valuable park land or tropical forests. debt-for-products swap see debt-for-export swap debt overhang encours total de la dette; surendettement deuda pendiente; sobrendeudamiento 1. The total outstanding debt. 2. The total debt that cannot be readily covered by expected growth. debt/quasi equity swap swapde dette contre des quasi-partcipations swap de deuda por cuasicapital; intercambiode deuda por cuasicapital A swap whereby a multinational company with subsidiaries in the borrower country buys onlendable loans and subsequentlyextends this loan to the subsidiary.This enables the parent company to fund its subsidiary at a preferential exchange rate. debt ratio ratio de solvabilit;ratio d'endettement coeficientede endeudamiento Ratio of total liabilities to total assets. debt repurchasesee debt buyback debt restructuring restructuration la dette; reconstructionde la de dette reestructuracin de la deuda Changing the maturity and/or terms of a loan. debt retirement amortissement la dette de rescate de la deuda Paying off a debt. debt security titre de crance; garantied'une crance; titre obligataire instrumento de deuda; garanta de una deuda Security representing moneyborrowed that must be repaid, eg. bond, bil, note. debt-service coverage couverturedu service de dette cobertura dei servicio de la deuda Ratio of net income after taxes plus interest on long-term debt plus depreciation to debt service. debt-service ratio; debt service to exporte ratio ratio du service de la dette coeficiente del servicio de la deuda; relacin serviciode la deuda-exportaciones External public debt-serviceratio (i.e., interest and principal payments) as a percentage of export earnings from goods, nonfactor services, and workers' remittances.

32 debt service time profile ratio ratio dynamique,futur du service de la dette coeficiente del perfil futuro del servicio de la deuda The ratio of debt payment for five and ten years to the debt outstanding at the end of a given year. debt swap see debt-debt swap debt-to-equity ratio see debt-equity ratio debt warrant warrant obligataire certificado para compra de bonos; warrantpara compra de bonos Bond warrant,giving an investor the right to buy additional bonds at a predetermined price/yield. debt workout restructuration la dette; tratement la de de dette renegociacin de la deuda The process of moving towards a satisfactorymethod of payingoff a debt by a debtor country, including restructuring, adjustment, obtaining newmoney and servicing existingdebt. deep-discount bond, note obligation prime d'mission leve bono de descuento intensivo; pagar de descuento intensivo Bond with relatively low-coupon rate of interest, offered with a discount in excess of what can normallybe treated as capital gain by the investor. deep market marchtrs actifl mercado muy activo A very active market. default interest intrts moratoires inters por mora Extra interest due on a Euroloan if regular payments are late. defeasance see also collateralized (debt) defeasance; debt defeasance deferred coupon note; deferred interest note obligation coupon diffr bono de inters diferido Note on whichno coupon is paid in the earliest part of its life. deferred rate resetting [IFC] report de la dterminationdu taux fijacin diferida del inters In IFC loans, the option to select a new rate, up to 12 months after Board approval of loan. The reason for this was because of the long delay between Board approvaland loan signature (typically fivemonths) and signature and first disbursement (typicallythree months). delta delta delta Measure of the relationshipbetween an option price and the underlying futures contract or stock price. demand money see call money dematerialisation see computerized entry of ownership de minimis rule regle de minimis regla de minimis Rule wherebybanks with exposurebelowa specified amount would be exempted from requests to participate in new money packages. depositary receipt certificat de titre en dpt certificado de depositario A techniquedevised to permit trading in a security, even though the security does not fulfil the requirements for listing on the local stock exchange. A securityis bought and registered in the name of the depositary bank or company, which will issue a receipt certifyingthat the receipt conveysthe title to the security deposited with it or held to its order. lf the receipt is in bearer form, it can then be freely bought and sold, whereas direct dealing in the stock would have needed registration of the new owner's namne every time the securitychanged hands.

33 depositorrate of interest; borrowing rate tauxd'intrt crditeur tasa de interssobre los depsitos;tipo de interssobre los depsitos The rate of interest paid by banks on deposits. derivative floating rate notessee synthetic floating rate notes detachable warrant warrantdtachable certificadoseparable;warrantseparable A warrant issued in conjunction with another security (usually a bond) that can be traded or exercised separately followingthe issue date. diagonal spread cart diagonal margendiagonal;diferencialdiagonal;posicin diferencialdiagonal Option strategy based on two puts or two calls in the same stock at different striking prices and different expiration dates. dilution dirtyfloat flottementimpur; flottementcontrl; flottement dirig; flottementassist;flottementsoutenu flotacinimpura;flotacin dirigida Floatingof currencywhere the valueof the currency is controlled by the authorities rather than the market. Opposite of clean float. disagio disagio; dport desagio Difference between nominal or par value and underlying market value. disaster clause see jeopardy clause discountsee consolidateddiscountnotes; conversiondiscount;deep-discountbond, note; original issuediscount (OID)bond;premium; rediscount discount, to

mobiliser
descontar To discount a bill means to buy it for less than its face value, the difference between the price paid and the facevalue representing the implied rate of interest receivable by the purchaser, during the period before the bill is repaid. discount [bilis] escompte descuento Difference between price paid and face value of a bill or other paper. discount[bonds] prime d'mission descuento Differencebetween par value and purchase price of a bond. discount; markdown [foreign exchangej dport descuento In foreign exchange refers to a situation where currency can be bought more cheaply for a future date than for immediate delivery. For example, if US$1 buys FF4 for deliverynow, while it buys FF5 for deliverytwelve months hence, then the franc is said to be at a discount against the U.S. dollar.

dilution
dilucin A drop in earnings per share or book value per share, caused by the potential conversion of securities or potential exercise of warrants or options. directforeigninvestment(DFI) nvestissement direct I'tranger inversinextranjeradirecta Direct investments made by corporations of the country in question in foreign corporations. direct participation cofinancing cofinancement sous forme de participation

directe
cofinanciamiento medianteparticipacindirecta
Form of cofinancing (also known as "B" loan)

whereby the Bank subscribes to a share of a commercial bank syndicatedcredit. The Bank's share is confined to the later maturities of the loan in order to encourage the lender to extend its own maturities.

34 discountbond obligation prime(d'mission) a bono descontado Bond selling at a price less than its par value. discounted debt dette rachete(crancesrendus) moyennant dcote; dette rachete(crancesrendus) au rabais deuda con descuento 1. Annualized rate of discount applied to debt

securitiesissued below par (e.g., U.S. Treasury


bills). 2. Rate at which a central bank (Federal Reserve

Systemin the U.S.) (re)discounts certain bilisfor


financial institutions. discountswap swap avec dcote swap con descuento;intercambiocon

Debt acquired at a price lower than its nominal


value. discountfrom par [securities market] dcote descuentosobre el valor a la par Amount below face value at which a security is
traded.

descuento
A swap with a below-market rate. discountwindow escompteoffciel;rescompteofficiel serviciode redescuento Rediscountfacilityoffered by central bank (Federal
Reserve System in the U.S.).

discounthouse;bill broker oprateurprincipal du march (OPM);maison de rescompte casa de descuento Intermediary between central bank and banking system,providingliquidityand ensuringthe efficient operation of the money market. Does not exist in the U.S. but does exist in the U.K., France, South Africa, and Singapore. In the U.K, a discount house tends to be larger than a bill broker. In France,the OPMis the basic intermediary and may be either a discount house (maison de rescompte) or other financialinstitution who is closelyinvolved in the interbank market. Examples include Crdit Lyonnais, Caisse des dpts et consignations and the Banque nationale de Paris. discountnote bon A prime (d'mission) bono descontado;pagardescontado Note (i.e., short- or medium-termbond) issued at a discount from its face value. On maturity, the investor receives the full face value. The discount from par, thus, corresponds to the return on the investment. discountrato 1. tauxd'actualisation; 2. tauxd'escompte 1. tasa de actualizacin; 2. tipo de redescuento

discountwithoutrecourse escompte forfait; escompteen ducroire; escomptesans recours descuentosin recurso Purchase of negotiableinstruments where the buyer waives the right of recourse in respect of the seller of the instrument, to which the buyer would be entitled. disintermediation desintermdiation desintermediacin 1. Shift of funds away from financial intermediaries (commercialbanks, etc.) into Treasury bilis and other securities. 2. Shift by large corporations away from banks to a parallelmarket,involvingother large corporations. distressborrowing empruntsde dtresse endeudamiento forzoso
Borrowing in a situation of extreme need when

there is no other alternative. distressed loan prt en difficult prstamoen dificultades Loan on which repayment of interest and principal has been severely delayed or completelysuspended.

35 distribution date see payout date divestiture cession; dsengagement(d'une socit d'Etat); dmembrement; dmantlement; dpossession venta; cesin; privatizacin; desposeimiento Disposition of an asset or investment by outright sale, employee purchase, liquidation, etc. dividend-right certificate bon de jouissance bono de usufructo Equity paper which does not confer any ownership rights (e.g., voting rights) but grants the holder the right to participate in the net profit and liquidation proceeds and the right to subscribe to new shares in the case of a rights issue. dividend-right share action de jouissance accin de usufructo Equity paper, issued in the place of repaid shares, conferring membership rights and the right to participate in the distribution of profits and liquidation proceeds of a corporation. dividend stock actions bnficiaires acciones con derecho a dividendo Stock whichentities the holder to receive dividends. domestic resource cost ratio coefficientde coGten ressourcesintrleures coeficiente de costo en recursos internos Ratio of the cost of all factors of domestic origin (evaluatedat their opportunitycost) to the domestic added value (at world prices). Also known as Bruno ratio. double-barreled bond obligationdoublementgarantie bono de doble respaldo Tax-exemptbond with at least two potential sources of repayment, such as a highway revenue issue backed by tolis and taxes. double bottom configuration configurationdouble creux; configurationW configuracinen W Form of bar chart used in bar chart analysis of securities which indicates the movement of a security with a tendency to go down, with two troughs. double hedge swap see cross-currency interest hedge double top configuration configurationdouble sommet; configurationM configuracin en M Form of bar chart used in bar chart analysis of securities which indicates the movement of a security with a tendencyto go up, with two peaks. double-weighted borrowing cost [IBRD] cot des empruntsdoublementpondr costo de los emprstitos con doble ponderacin When calculating borrowings,the IBRD takes the amount of the loan, multipliesit by the interest rate, and obtains a total for the interest. AH the loans are added and all the interest totals. The first sum is then dividedby the second to obtain the weighted average interest. This is the single-weightedborrowing cost. Recently, the IBRD has obtained the interest total by multiplyingthe amount of the loan by the interest and the number of years to maturity, to take into account the fact that it has loans of varying maturities. The weighted averaged interest obtained from this calculation is called the doubleweighted borrowing cost.

dollar cost averaging see averaging


dollar ($) LIBOR LIBORpour les transactions dollars en LIBORpara transacciones en dlares The LIBORfor transactions in U.S. dollars. domestic resource cost (DRC) cot en ressourcesintrieures; cot rel des devises costo en recursos internos Cost of resources used in products that are not imported.

36 downgrade (a loan) dclasser (un prt) rebajar de categora Loans lent to countries are given a category,according to how likely they are to be repaid. When a country looks likely to default, the loan is downgraded (e.g. to substandard). This happened recently with loans to Brazil by U.S. banks. downstream investment investissement en aval inversin posterior Investment at a lower level, e.g. a parent company in its subsidiaries or a raw materiais company investingin the production sector. drawdown dual-currency swap swap double devise swap en dos monedas; intercambio en dos monedas Swap wherebythe principalamount is denominated and repayable in one currency and the interest in another. due bond obligationvenant chance bono vencido; bono que vence A bond that has reached maturity. duration (of an investment) duration duracin The weighted average maturity of all cash flows (inclusiveof principalrepayments) resulting from an investmentor categoryof investments,the weighting to be given to each cash flow being the relative contributionof its present value to the total current market value of such investment or category of
investments.

retrait
disminucin; reduccin; giro; utilizacin Actual withdrawal of money allowedunder a loan. drop lock
clause 'drop lockm;clause de verrouillage au taux plancher

congelacin del inters en un nivel mnimo (cuando la tasa de mercado desciende a menos de ese nivel) Clause in floating rate note whereby, if market interest rates fall below a specified minimum, the rate of interest is fixed at that minimum and locked in for the remaining life of the loan. droppages, cancellations and prepayments (DCP) [IFC] abandons,annulationset remboursements anticips abandono, anulacin y pago anticipado Droppage is when a borrower from IFC decides to cancel a loan before signature. Cancellation is when a loan by a borrower is canceled after signature. dual-currency bond obligation double devise bono denominado en dos monedas Bond where the price and coupon are denominated in one currency,but the redemption value is set in a different currency, usually dollars, at a rate determined at the time of issue.

Dutch auction [U.S.] adjudicationa prix uniforme; enchres au rabais; adjudicationa la hollandaise adjudicacin a precio uniforme; subasta a la baja A competitivebidding technique sometimes used in U.S. securities markets, whereby the lowest price necessary to sell the entire amount of securities offered becomes the price at whichall securitiesare sold. Dutch auction note bon A coupon hollandais bono con cupn determinado por subasta a la baja; pagar con cupn determinado por subasta a la baja Note on which the coupon is repriced every 35 days at a Dutch auction. The notes have a seven year maturity.

37 -

E-

early redemptionoption bond see retractable

bond
earning assets

avoirsproductifs
activos productivos Loans and investments. earningsper ehare(EPS) bnficepar actJon(BPA) utilidadespor accin The profit of a corporation divided by the number of shares outstanding.

Emrlrng MarketsGrowthFund (EMGF> [IFCJ Fonds de promotiondes marchsnaissants Fondode promocinde mercadosincipientes A mutual fund with capitalization of $50 nillion from institutional investorsin the U.S., Europe and Asia that willinvest in securitiesof companieslisted on Third World stock exchanges. It is a closed-end investment company. It is being sponsored by IFC and was launched in 1986. EmergingMarketsInvestment Fund(EMIF) [IFC] Fonds d'lnvestissement marchsnaissants des FondoparaInversiones mercadosIncipientes en Fund set up by IFC in the form of a closed-end lnvestmentcompanyto encourage large Japanese institutional investors to invest in developing

prix conomique

economic price;efliclency price


precio econmico Price reflecting relative value to be assigned to inputs and outputs if the economy is to produce the maximnum value of physical output efficiency. economic recoveryloan (ERL) economic reecovment a loano(ERL)uServicio prst redressement au conomque prstamo para recuperacin econmica World Bank loan made to assist with the economic recovery of a cou.rntry.

countries.
Enhanced StructuralAdjustment Facility (ESAF) [IMF] Facilitd'ajustementstructurelrenforce financiero reforzado de ajuste estructural IMF facility set up in paraflel to the Structural Adjustment Facility. It is intended to help the poorest member countries undertake strong threeyear macroeconomic and structural programs to improve their balance of payments positions and foster growth. enhancement see credit enhancement entrep8t; turntable entrept;plaque tournante bancos intermediarios Banks operating as intermediaries between borrowadlenders locatedin foreigncountries. equalizing discount rateseecross-over discount rate equal principal repayment system systmede remboursements gauxdu principal; systmede remboursement tranches par pgales sistema de amortizacin d principal en cuotas iguales (FASR)

eificiency price see economicprice


electronic banking montique operacin bancaria electrnica Bankingtransactionsusingcomputerizedequipment. electronic funds transfer (EFT) transfertlectronique fonds de transferenca electrnia de fondosers System of transferring funds from one account to another by electronic impulses rather than transfer of paper (such as a check). emergency reconstruction loan (ERL) pitt A la reconstruction;pret au relvement; pret la rhabilitationde zones sinistres prstamo para reconstruccin de emergencia World Bank loan for emergencyreconstructionafter natural disaster.

38 Loan repayment scheme whereby principal repayment remains the same over the period of the loan, regardless of interest payments. This means loan repayments are highest in the earlier years of the loan (when interest payments are higher). This scheme has been used by the Bank since 1975. equity see bond with equity warrant; debtequity ratio; debt(-for)-equity swap, conversion; debt/quasi equity swap; loan with equity kicker; non-equlty direct investment; no-retum equlty; quasi-equity; standby equity; stockholders' equity equity-like Instrument lnstrument participatff Instrumento financiero con caractersticas patrimoniales A loan structured in such a way that it can be converted into equity. An example is an income note that acts as equity, i.e. it bears interest only if the project generates interest. This means it has the form of equity (cf. stocks where income is generated only if the companypays a dividend). An example of the use of this type of instrument is in high-risk countries where an equity investment would be lost at once but an equity-fikeinstrument, if dollar-denominated,would guarantee the capital

equity capital; capital stock (of a corporation)


capitalsocial capital social; capitai accionario The issued share capital whichis neither limited nor preferred in its participation in the distributionof its profits nor in the ultimate distribution of its assets. Equity capital is sometimes used as a synonymfor stockholders' equity.

and ensureincomeif the projectproduced income.


equity-linked bonad see equity-related bond equity loan

prt sous formede prise de participation; prt


participatif prstamo en forma de participacin en el capital Loan in the form of equity participation.

equlty financing;equity lnvestment


participationau capital;prise de participation au capital social; financement en fonds propres en irnersinen capital social; participacin capital social Investment that confers whole or partial ownership in an enterprise and entities the investor to share in the profits from its operation. equlty joint venture oprationen association;coentrepriseavec participationau capital social empresa conjunta de capital social proporcional A company created by other companies,with each owninga proportion of the shares.

equity market
march des actions; march boursier;march des tonds propres bolsa de valores; mercado de valores The market in stocks and shares. equity option see option equity ownership participationau capitalsocial d'une socit participacin en el capital social An interest in a property. equity portfolio fund Fonds communde participations Fondo para inversiones de cartera Fund set up by IFC in developing countries (e.g. Korea, Thailand, Malaysia)to attract foreign equity capital to these countries and improve the access of companies in these countries to world capital markets. equity-related bond; equity-linked bond titre rattach des actions; obligation apparenteaux actions bono con caractersticas de accin

39 Bond whichhas equity features, such as a bondwith equitywarrantor a convertible. equity-related 9uarantee garantiede participationau capital garanta de rentabilidad Guarantee that ensures an investor an minimum return on his investment. equity underwriting engagementde prise de participation compromiso de suscripcin de acciones Underwriting (i.e. finding buyers for a security issue) a share issue. This technique has been used by IFC, e.g. for the Korea Fund, a diversified closed-endinvestment company investingin Korean securities,that plans to offer its shares in the U.S. and other markets with IFC as one of the colead managers. equivalent bond yield tauxde rendement in fine rendimiento equivalente al de los bonos Annual yield on a short-term, non-interest-bearing security calculated so as to be comparable to yields quoted on coupon securities. Eurobond euro-obligation eurobono A bond issued in a currency other than that of the market or markets in which it is sold. The issue is handied by an international syndicate. Eurocommercial paper (ECP) effetsde commerce en eurodevises;eurobillets de trsorerie efectos comerciales en eurodivisas Notes sold in London for same day settlement in U.S. dollars in New York. The maturities are more tailored to the needs of issuer and investor than the standard Euronote terms of 1, 3 and 6 months. Eurocredit eurocrdit eurocrdito Any lending made using Eurocurrency, generally a medium-term bank loan. Eurocurrency euromonnaie; eurodevise euromoneda; eurodMsa A currency deposit held outside the country which issued the currency. Eurodollar eurodollar eurodlar A dollar deposit acquired by a person or bank not resident in the U.S. and held outside the U.S. euro-equities euro-actions euroacciones; eurocapital Stocks issued on the European market rather than national markets. Euroloan europrt europrstamo A loan made using Eurocurrency. Euromarket euromarch euromercado The Eurocurrency, Eurocredit and Eurobond market. euronote facilities facilits d'euronotes servicios financieros para eurodlares Incdudepriinarily very short-term securities issued on the Euromarket, which are continually rolled over but with a safety net in the form of a backstop (a standby eurocredit) if the issue is not taken up. Four generationshave been identifiedup to now- 1) revolvingunderwritingfacility (RUF); 2) tender panel issues, such as note issuance facilities (NIF), purchase underwriting facilities (PUF), etc.; 3) multioptionfacilities (MOF) or multicomponent facilities;4) euronotes and eurocommercial paper. euronote facility see revolving underwriting facility European Composite Unit (EURCO) unit composite europenne unidad compuesta europea

40

A nonofficiagprivate unit of account based on the currencies of the members of the European Community.

exercise price ses strikingprice exltbank


banquesortante

European Currency (ECU) Unit


unitmontaireeuropenne(cu)

bancoqueoptapor la exdusin
Bank using an ext instrument.

unidadmonetaria europea (ECU)


A standard unit of account of European Community member countries.

exitlnstrument; bond; exHt exit vehicle


bon de sortie

European (style) option option europenne opcineuropea


Option containing a provision to the effect that it can be exercised only at maturity.

bono de exclusin;bono de salida;tftulo de salida Instruments issued by a debtor country to a creditor


bank in place of a bank credit, that allows the creditor bank to be exempted from future requests for newmoneyand restructuring. Used by Argentina and the Philippines (with its Philippines Investment Notes - PIN).

European of Account UnKt (EUA)


unit europennede compte (uec)

unidad cuenta europea de (UCE)


A compositecurrency unit based on the value of the currencies of the European Community members participating in the European Monetary System. even par swap swapd'obligationspour un montantnominal

export adJustment (EAL) loan pret I'ajustement exportations des prstamo para ajuste del sectorexportador
Loan made by the World Bank to assist a country to adjust its export sector. exposure see also country exposure;currency

gal swapde bonos igualvalornominal; de intercambio bonosde igualvalornominal de U.S. term for the sale of one block of bonds and
the simultaneous purchase of the same nominal principalamount of another block of bonds, wthout regard to the net cash difference.

translation exposure; largeexposure bank;mark to market exposure


exposure risque;part des risques; engagement; prsence riesgo; prstamospendientes; compromisos

netos evenrol refinancement un montant pour gal refinanciamiento montoigual de


Refunding, where approximatelythe same amount of debt is being issued for the old debt. Amount of investment made, with the additional idea of risk. These translations are proposed. The translation will often depend on the context.

extendible bond;extendible maturitybond


obligation prorogeable

eventrisk
risque exceptionnel nesgo eventual Situation occurring when the credit standing of a corporation changes because of certain events (e.g. merger, acquisition, leveraged buyout). Some corporations are subject to event risk because they are heavily exposed in a specific area (e.g. political changes for corporations exposed in a certain country, climatic changes for corporations dependent on a specific crop).

bonode vencimiento ajustable


Bond whose bearer can postpone maturity beyond normal maturity date.

extendible maturitybondsee extendibie bond extendible maturitynotesee extendiblenote extendible note;extendiblematurity note
obligationprorogeable

bonode vencimiento ajustable; pagar de ajustable vencimiento

41 Note on which the maturity can be extended such that interest payments continue and the principal repayment is delayed beyond the original date. extension feoe commissionde reconduction comisin de renegociacin; comisinde prrroga Supplementary fee payable to lender of a loan extended beyond original period. external bond issue mission d'obligations 'tranger emisinde bonos en el exterior Issueof bonds in a foreign country. External Contingency Mechanism [IMF9 Mcanismede financementpour aas extrieurs Servicio para contingencias externas IMF Facilityset up to help maintain the momentum of adjustment in the face of a wide range of adverse external shocks. Will operate as a complement to the compensatory financing facility. externalization debt servicepayments) (of externalisation (des versements titre du au service de la dette) externalizacin (del servicio de la deuda) Purchase of foreign exchange needed for debt service payments.
-

F-

face the market Intervenirsur te march Intervencin directaen el mercado To actdirectlyin the market, as opposed to through an agent. face valuesee par value facility see Africa Project Development Facility; backstop(credt) facility; Caribbean Development Facility;CentralBank Facility; Compensatory ContingencyFinancing and Facility;contingencyfinancingfacility; contingentinvestmentsupportfacility; ContingentSwap Facility;EnhancedStructural AdjustmentFacility;euronotefacilities;External Contingency Mechanism; international banking facility;multioption facility;new money facility; non-underwritten facilities; Project Preparation Facility;Regional Project Facilityfor SubSaharan Africa; revolving underwriting facility; Social Dimensions of Adjustment Project Facility;Special Facilityfor Sub-Saharan Africa; Structural Adjustment Facility within the Special Disbursement Account; Swap Insurance Facility; trade financing facility; underwritten facilities fee feo see underwriting 'acility fade-out agreement; phase-in agreement accord de retraitprogressff acuerdo de traspaso progresivo (de acciones) A type of joint venture agreement where the foreign investor initiallyhas an equity participation of more than 50%but gradually transfers this equity to one or more local parties till the local parties have majority participation.

fasttrack country pays en pointe pas (bien encarrilado) con inversin y crecimiento Country with a high level of investmentand growth.

42 federalfunde[U.S.1

fonds fdraux fondos federales Cash balance held by banks with local Federal
Reserve bank. They are immediatelyavailable(e.g., for transfer between banks). Note that monnaie centraleis the money held by a French bank at the

feesee admissionfee; agency fee; availability fee; commission;commitment charge; fee, extensionfeo;fiscalagency fee; fiatfee; foreign exchange coverage fee; front-endfee;
guarantee commission, fee; handling fee; loan origination fee; management commission, fee; participation fee; prepayment fee; processing

Banquede France (centralbank) and is the French


equivalent of federal funds.

fee; sellingfee; trade insidefees; underwriting


fee; utilizationfee

federal fundarate IU.S.] tauxdes fonds fdraux tasa de los fondos federales;tipo de los fondos federales
Rate of interest paid on federal funds. Equivalent to interbank rate.

financialdeepening augmentationde l'importance des circuits financiers;intensification circuitsfinanciers des intensificacin financiera
Acquisition of fmancial assets at a faster rate than nonfmancialassets.

federallychartered bank [U.S.] banque chartefdrale banco constituidoa nivelfederal


In the United States, a bank that has been chartered by the Comptroller of Currency,that belongs to the Federal Reserve System and mects the requirements for a national bank as defined under the National Bank Act. In the U.S. only federally and State chartered banks and other authorized institutions may receive deposits.

financial engineering ingnieriefinancire tcnicas financieras;ingenierafinanciera


[Mxico] Application of innovative techniques in major national and corporate workouts. financial futures instrument financier terme; contrat terme financier; future; contrat terme d'instrument

Federal Reserve System


systme fdral de rserve

financier(CATIF) futurosfinancieros
Futures of bilis, notes, bonds, currency, and

Sistema la ReservaFederal de
The central banking system of the U.S. It has twelve Federal Reserve Banks divided up by geographical regions. The Board of Governors super-

commercial paper.
financial futures contract contrat du Matif

vises the operations of the regional banks and


coordinates monetary policy through its Federal Open Market Committee.

contrato de futurosfinancieros
A completed but transferable agreement to make or take delivery of an interest-sensitive security at a specifiedtime at a specifiedprice. financial futures market

march terme d'instrumentsfinanciers (MA TIF) mercado de futurosfinancieros


Futures market where only fmancial instruments are negotiated. financial intermediary

intermdiaire financier intermediario financiero


Normally, an intermediary between the U.S. Treasury (or equivalent) and the market.

43 financialIntermediary loan (FIL) prat a un intermdiairefinancier prstamoa un intermediario financiero World Bank loan to a fmancial intermediary, such as a central bank. financialization financialisation;financirisation financializacin The holding of assets (e.g. savings)in financial form (e.g. bilis,bonds, cash) as opposed to in the form of fixed assets (e.g. gold, real property). financialmarket marchdes capitaux;marchfinancier mercadofinanciero Market for the exchange of capital and credit in the economy. It is divided into money market and capital market. Note that Rayrnond Barre, in his seminal Economiepolitique,defmes march des capitaux as the overall market, equivalent to the English financial market,the march montaire as le march des capitaux d court terme (= money market)and the marchfinancier as le march des capitaux&long terme ( = capitalmarket). However, various Francophone authors differ on this issue and you willfrequently see marchfinancierused for the English fmancial market and march de(s) capitaux used for capital market. Note also that, while Barre uses march des capitaux, many writers use march de capitaux. financial ratios ratios de structure; ratios financiers coeficientes financieros Ratios which show a corporation's financial structure. They include liquidityand leverageratios. financialrepression rpressionfinanciere represin financiera Distortion in the financial system, with negative interest rates, subsidy interest rates to some privileged borrowers, selective credit allocation, and excessive bureaucratic control over the financial system. financialapread margefinancilre margenfinanciero Income from loans and investments minus cost of borrowing. financingrellef allegementfinancier alMo financiero The extent to which a borrower has its debt -- and hence its need to find new finance -- reduced, as a result of debt reduction or restructuring. fine-tuning(of the economy) rglagede prcision afinamiento(de la economa) An effort to steer aggregate demand and output toward a target level through monetary and fiscal instruments. firm commitment underwriting see bought deal fiscal agency fee commissiond'agent payeur comisin delagente financiero Fee payable for registration of bonds and other officialrequirements. fiscal agent agent financier agente financiero A bank appointed by the borrower as its agent for a new issue of securitieswhen no trustee has been appointed. Its functionsinclude those of a principal payingagent and a number of the clerical functions but none of the fiduciaryresponsibilitiesof a trustee. fiscaldrag 1. rosion fiscale des revenus; 2. freinage fiscal 1. lastre fiscal; rmora fiscal; 2. freno fiscal 1. Reduction in real income due to the increase in income from inflation, resulting in income earners being placed in higher tax brackets. 2. Action by public financial authorities with regard to economic activity.

44

fix see floating rate note wth variablecoupon


fi,

floater floating rate note see


floating capial

fixing fixing cotizacin Quotation of the price of a commodityin the market. In France, fixing used to apply to all markets but the system is no longer used. It is used, for example, in the London gold market. fiat tel que! sin intereses devengados Excluding accruedinterest. A bond where the interest is includedin the price is saidto be traded flat (une obligationngocietelle quelle). flat fee; front end fee [Euroloan] commissionimmdiate comisininicial When a loan agreement is signed, fee payable in fuil by the borrower to the lenders in the syndicate. flight to quality rue versles titres de qualit desplazamiento hacia las emisionesde mayor calidad In capital markets, the transfer of assets to higher qualty securities. This occurred after the October 1987stock market crash, as investors sought more reliable investmentsto avoidlosses,rather than seek large gains from unreliable investments. flip-flop
flip-flop

capitauxmobiles; capitauxdisponibles; capitauxflottants capitalcirculante;capitalflotante That portion of the capital of an enterprisenot invested in fixed or other capital assets but in current and working assets. flo8ting rato bond,note see also capped floating rate note; collar; collateralizedfloating rate bond; flip-flop; floor; inversefloating rate note; mismatchfloating rate note; perpetual floating rate note; reversefloating rate note; risk conversionfloater; syntheticfloating rate notes floatingrate bond obligation tauxflottant;obligation taux variable(OTV) bono con intersvariable Bond on whichthe coupon is establishedperiodically and calculated with reference to short-term interest rates. floatingrate note;floater bon tauxflottant,bon tauxrvisable bono con intersvariable;pagarcon inters variable Note issued from five to fifteen years with a fixed spread, usually over the six month London Interbank OfferedRate (LIBOR), normallywith provision for a minirnuminterest rate. Primarilyused by banks to raise dollars for their Euromarket operations. floatingrate note withvariablecoupon fix bon tauxflottant coupon index bono con inters variable indizado;pagarcon intersvariableindizado Floatingrate note on the Euromarket where the coupon is linked to a different index, at the issuer's choice, the borrower's choice or whichever is higher/lower. The different methods of choosing the coupon fix are laid down in the original agreement.

bono flp-flop Floating rate note from which the holder can opt out and into another security, and move back into the original note under pre-determined conditions. float [banking] moyensde paiement a l'encaissement;moyens de paiementnon recouvrs;moyensde paiementflottant efectos en cobro; efectosen cobranza Checks, drafts, etc., in the process of collection.

45

f loor floor; plancher bono con intersvariablemnimo;pagarcon intersvariable mnimo A floating rate note with a lower limit on the interest rate to be paid. floor broker see floor trader (definition) floor rate of exchange tauxde change minimum tipo de cambio mnimo The minimum rate of exchange. floor return rendementminimum rendimientomnimo Minimum return on investment. The Bank sets 15% below the return projected at the beginningof the fiscal year as its floor return.
floor trader

forcedinvestment investissement obligataire inversibnforzosa;inversinobligatoria A requirement placed on a commercial bank (usually in a developing country) that it make specificinvestments(e.g. x% of its portfolio must be agricultural investments), sometimes at a specific rate. foreign-aimed security;foreign-targeted security[U.S.] titre destin a I'tranger valores para inversionistas extranjeros U.S. securityfirst issued October 24 1984,specially aimed at attracting foreign investors. It is a hybrid between a bearer (favored by European investors) and registered security (as preferred by the Internal Revenue Service), in that the owner does not have to be registered but securities dealers must certify that the purchaser is not an American citizen or resident. Interest is paid once a year. Initial issue was three-year 11 month notes at 3 tenths of a point below ordinary notes. foreignexchangeauctiona vente de devisesaux encheres;vente de devisespar adjudication subastasde divisas Auctions of foreign currency, as used in some developingcountries,wherebythe price obtained for the foreign currency at the auction is the rate of exchange applied till the next auction. foreign exchange coverage fee frais de couverturede change comisinde coberturacambiaria Costs incurred by the borrower resulting from changes in the rate of exchangebetween currencies disbursed to and to be repaid by the borrower. foreignexchangewarrant warranten devises certificado en divisas; warranten dMsas; libranzaen divisas Warrant which is purchased in one currency and resold in another.

agent oprantdirectementsur le parquet; agent de change corredorde bolsa independiente Member of an exchange trading for himsel Note that floor broker is a broker on the New York Stock Exchangewho acts for other members of the Stock Exchange only. floor trading marchde la crie transacciones de los corredores en la bolsa Trading on the exchange for one's own account. flow of funds see funds flow flow-of-fund table [nationalaccounts] tableaudes oprationsfinancieres(TOF) cuadro de corrientesfinancieras A table showing transactions in financial claims between institutional units.

46

Foreign lnvestment Advisory Service (FIAS) Service-conseil pour I'investissement tranger (FIAS) Servicio de asesora sobre inversin extranjera (FIAS) The Foreign Investment Advisory Service helps member governmentsto review and adjust policies, regulations, and investment strategies that affect foreign investment. It is currently managed jointly by IFC and MIGA. foreign-targeted security see foreign-aimed security forfaling forfaitage descuento de bonos a mediano plazo; descuento de pagars a mediano plazo The business of discountingmedium-term promissory notes or drafts related to an international trade transaction. Repayments are semiannual and discounting is at a fixed rate. formula investing formuleforfaitairede placement; ordre de placement automatique inversin conforme a una frmula Investment technique based on predetermined timing or asset allocation model that eliminates emotional decisions. Examples include constant dollar plan and (dollarcost) averaging. forward contract contrat reglement mensuel (RM);contrat terme ferme contrato a trmino; contrato a plazo Purchase or sale of a specific quantity of a commodity,security,currency or other financialinstrument at the current or spot price with deliveryand settlement at a specifiedfuture date. forwardcover couverture a terme entrega a trmino; entrega a plazo The arrangement of a forward foreign exchange contract to protect a buyer or seller of foreign currency from unexpected fluctuations in the exchange rate. forward-forward arbitrage see time arbitrage

forward rate agreement; future rate agreement (FRA) (contratde) FRA;contrat terme de taux d'intrt acuerdo a trmino sobre tasas de inters; acuerdo a plazo sobre tasas de inters An agreement between two parties, one wishingto protect itself against a future rise in interest rates and the other against a future fall. The parties agree to an interest rate for a specific period starting at a specificdate in the future. At maturity they settle by paying or receiving only the difference between the interest rate agreed earlier and the then current interest rate. founders' shares; promoters' stock [U.K.] parts de fondateur; parts bnficiaires acciones de fundador Shares subscribed by original owners of a business. fourth market [U.S.] quatrieme march cuarto mercado Market for large block sales of securitiesarranged by private firms. free-limit loan prt librementaccord prstamo de aprobacin autnoma A loan which does not exceed the amount above which onlendingis subject to Bank approval. free limit of loan ptafondde prt librementaccord lmitemximo de aprobacin autnoma The limit on a free-limit loan. free rider cavalier seul; profiteur; abstentionniste; resquilleur;passager clandestin banco abstencionista A bank that collects full interest due on outstanding loans without contributingto the new money loans which provide, in part, the resources to pay future interest. front end free see also fiat fee front end fee commissiond'ouverture comisin inicial

47 Fee levied on borrower when a loan is first made. The World Bank used to levy a front-end fee on its funding pro rata [IBRD] participationproportionnelle

loansbut no longerdoes. frontend financing


financementsupplmentaire

participacinproporcional Type of IBRD "B"loan, whereby IBRD takes a pro rata share of about 10 percentin each maturityof
the commercialloan.

financiacin suplementaria; financiacinsin garanta;financiacin asegurar sin That part of the fmanceof a loanpackage provided by banksoverand abovethe partthat is insuredby an exportcreditguaranteeagency.
front-loaded spending dpensesgroupesau dbut (d'unepriode

funde flow;flow of funda


flux financiers

flujode fondos;corrientede fondos The flowof purchasing powerinto and out of an


organization. Inward flows include sales revenue, sales of fixed assets and investments, and issues of debentures, loans, and shares. Outward flows

donne)
gasto concentrado al comienzo de un perodo Spending at the beginningof a financial period.

includepurchasesof fixedassets and investments,


repayment of debt, payment of dividends, and taxation on profits.

front-loading conditionality of
imposition de conditions pralables

fundsflow statementsee statement of changes


in financial position

imposicinde condicionesprevias(a la aprobacinde un prstamo) In Bank adjustmentloans, refers to the establishmentof conditions be met by the borrowerprior to to Boardpresentation(as opposedto actionsbeing carriedout duringthe courseof the loan). full,fullypaid stock see paid-upstock fullservice bank banque multiservices bancomltiple; multibanco Bankproviding wide rangeof services clients. a to fully paidstock see paid-upstock funded debt
dette consolide

funda statement see statement of changes in financialposition funkmoney see hot money futurerateagreementsee forwardrate agreement futuressee financialfutures;interest rate futures;stock indexfuture;swap future futures[commoditiesmarket]
oprationsa terme;futures

futuros
Agreement to buy or sell a specific amount of

commodity. futures, financial seefinancialfutures futurescontract


contrat terme

deuda consolidada
The debt of a business or government in the form

of outstanding bonds and other long-termnotes. fundinglattermaturities[IBRD]


financementdes derniereschances

contrato de futuros
An agreement to take or make deliveryof a specific

financiamiento los ltimosvencimientos de Type of IBRD "B"loan, wherebyIBRD would take an initialshare of the loan up to about 25 percent, concentrated the lattermaturities. in

commodity instrumenton a particulardate. See or also financialfutures contract.

48

futures market march terme a mercado plazo;mercado trmino; a a mercado de futuros Market where futurescontractsare bought and
sold.

gamma gamma
gamma

tuturesoption optionsur contrats terme opcin(deun contrato) futuros de A put or calU optionon a futures contract.

The sensitivity an option's delta to small unit of changes the priceof the underlying. in the gap[IBRDJ overall profile see risk gap financing financement dficit du financiamiento dficit del Amountoffinancing neededforwhichprovision has not yet been made. gapping gapping No Spanish Analysisof interest rates in order to manage interest rate margins to improve liquidity.The Frenchsensibly used the Englishword. gearing ratiosee leverage ratio gearing ratio [IBRD] coefficient d'uti/isation fondspropres; des rapportencours prts/fonds des propres relacin prstamos desembolsados y pendientes-capital y reservas Ratio of capitalplusreservesto loans outstanding and loans disbursed. Geisha bond obligation Geisha bonosgeisha Bondissuedon the Japanesemarket in currencies other than yen. (Yen-denominated bonds are knownas Samurai bonds.)

49 Generallnvestment Authorization [IBRD/IDA] pouvoir gnralde placement


facultad general para efectuar inversiones Formal name for Bank and IDA investment authority, approved by the Executive Directors April 18, 1989, which extends the right of the Bank to invest in certain instruments. Changes include removal of specific limnitations on futures and options, authorization to use currency-hedged, covered forward

global bond obligationplantaire;obligationmultimarchs


bono global Bond issued simultaneously in the U.S. and other markets. The World Bank issued this kind of bond for the first time in June 1989.

investments, acceptability of foreign currency denominated government obligations if equivalent to AA rated securities, IDA's authority equivalent to the Bank's and others.

GlobalCap Authority[IFC] autorisationglobale de cap; montant total des capsautoriss


facultad de adquisicin de contratos con Inters tope Authority given by the Board to IFC to purchase contracts with interest rate ceilings (caps) and then sell to its borrowers. It reflects the total amount of caps, in dollars, that IFC is authorized to make. Global Swap Authority autorisationglobale de swap facultad para efectuar swaps Authority given to IFC by the Board to borrow from the markets up to a level of US$250 million equivalent through private placements and direct institutional loans.

Generally Accepted
(GAAP)

Accounting

Principies

Principescomptablesgnralement admis
principios contables generalmente aceptados Conventions, rules, and procedures governing accepted accounting practice. These principles are normally followed by the World Bank in its accounting statements. In the U.S., they were laid down by the Financial Accounting Standards Board (FASB).

generalobligation bond see general


obligations

goodwill clause
clause de bonne volont clusula de buena voluntad A clause in a Paris Club loan agreement that commits the creditors to consider debt relief after the end of the stipulated consolidation period. In return, creditor countries ask the debtor country to meet two conditions firstly, the debtor country must have secured debt relief from creditors not covered by the Paris Club agreement and secondly at the time the creditors agree to review the need for further debt relief, the country remains eligible for use of upper credit tranche IMF resources. government debt instruments

general obligations; general obligation bonds empruntsde collectivitlocale bonos de responsabilidad general Long-term borrowings, usually by a municipality, that are backed by the fuil faith, credit, and taxing powers of the issuing locality rather than income generated by a specific project. Gensaki

Gensaki
(acuerdo) gensaki A Yen repurchase agreement.

instrumentsde la dette publique gilt-edged securities; gilts


1. fonds d'Etat britanniques; valeurs garanties Instrumentos de la deuda pblica Debt instruments issued by governments. government paper effets publics efectos pblicos Short-term debt instruments issued by governments.

par l'Etat;
2. valeurs de premier ordre 1. bonos del Gobiemo britnico; 2. bonos de primer orden; valores de primer orden 1. British Government bonds. 2. U.S. bonds of AAA standing.

50

government securitydealer
courtier en fonds d'Etat; courtier d'effets pubIcs corredor de valores del Estado

grossearningsmargin;grosamargin;
banker's apread; banker's markup [banks] marge brute margen bruto

Secearitydealer specializing in government debt instruments. grace period


diffr d'amortissement; franchise de remboursement; dla de grce perodo de gracia The period allowed in a loan schedule during which repayments of loan principal need not be made. grade see rate

Defined as interest received on loans less interest paid on deposits plus other income (interest received on investments, gains or losses in foreign exchange operations and commissions and fees
received and paid). group of creditors groupe de cranciers; club de cranciers grupo de acreedores

Group representing the creditors of a specific


country or countries.

greenmail
greenmail; chantage au dollar compra de las propias acciones para evitar la absorcin de la empresa

growthcontingency cofinancing
cofinancement d'intervention au-dessous d'un seuil de croissance donn cofinanciamiento supeditado al crecimiento

An antitakeover maneuver in which the target firm purchases the raider's stock at a price above that availableto other stockholders. The funds for the purchaseare often borrowed; other stockholdersare ordinarily excludedfrom the transaction.
grey, gray market march gris

System used with the Mexico financing package, whereby special financing would be provided from colenders if growth failed to reach a preset standard. growthstock
action d'avenir accin de una empresa prometedora

mercado gris Market in bonds that have not been given a firm price.
gross capital coefficient, ratio coefficient (taux) de capital brut coeficiente de capital bruto

The stock of a firm that is expected to have above average increases in revenues and earnings.
guarantee see also accelerable guarantee; call a guarantee; counter-guarantee; equity-related guarantee; non-accelerable guarantee; rolling guarantee

The amount of capital requirement per dollar of annual lending,equivalentto the averagenumber of
years a loan remains disbursed and outstanding.

guarantee[IBRD] 1. garantie de la BIRD;


2. garantie (de l'Etat)

gross collection ratio


coefficient (taux) de recouvrement brut

1. garanta;
2. garanta (del Estado)

coeficiente de cobro bruto The interest received less prior years' recoveries dividedby the interest receivedplus net nonaccruals for the year. The ratio shows the amount due and actually collected during the year (excluding any amount collectedbut overdue from prior years) and relates it to the amount that was contractually due during the current year. See also net collection ratio.

1. Type of IBRD "B"loan with IBRD guaranteeing part of the loan and offering the commercial colender a put on the latter maturities of the loan, which would represent an IBRD commitment to purchase the designatedmaturities at the request of the colender. 2. Loan made to a domesticcorporation guaranteed by the state.

51 guarantee commission, [IBRD] fee commissionde garantie comisin de garanta Commissionpayableperiodically(e.g., to IBRD) as compensation for the risk in guaranteeing a loan. Guaranteed Recovery lnvestment of Principal (Program)(GRIP) [IFC] (Programme garantiede recouvrement de) de l'apport des investisseurs(GRAI) (Programade) recuperacin garantizada de principalde las inversiones (GRIP) A fmancial service offered by IFC, involvingthe structuring of IFC and co-investorequity exposures in such a way as to take advantage of differencesn their risk-preferences and perceptions, generating benefits which can be shared by both. An investor making an investment in the equity of a developing country enterprise, insteadof makingthe investment directly,givesthe money to IFC in return for a U.S. dollar debt instrument.IFC makes the investmentin its own name but has a contractual agreement with the investorregarding votingof shares, management and long-term strategy for the enterprise.

Hhandling fee;management fe. grance

commission gestion; de commission de


comisin Fee payable to lead bank for handling bonds. headand shoulderu configuration configurationtte-pau/es configuracin Itricornio' Form of bar chart used in bar chart analysis of securities which indicates the movement of a securityup and down (or down and up) with three peaks,the middle one being the higher (and thereby givingthe chart the form of a head above a pair of shoulders).

head oftrading

chef arbitragiste
jefe de operaciones burstiles Person responsible for securities trading in an organization. headroom marge de dcaissement margende maniobra The difference between the statutory limit on lending and the value of loans that are disbursed and outstanding. heavliy lndebtedsee highly indebted hedge [securities market] valeurde refuge valor de proteccin Security acquired to cover possible loss on speculativeinvestments. hedgeratio coefficientde couverture;ratio de couverture coeficientede proteccin In an options contract, a ratio representing the change expected to occur in the market value of an options contract as a result of a specified change in the market value of the securities underlyingthe contract.

52

hedging couverturedes oprationsa terme;oprations d'arbitrage en couvertured'actifs; oprations en contrepartie;hedging operaciones cobertura;operacionesde de proteccin cambiaria
Purchase or sale of currency, usually on a forward basis, as a means of insuring against loss should an exchange rate change.

hostile takeover bid; unfriendly takeover bid offrepublique d'achat (OPA)hostile; OPA sauvage oferta pblicade adquisicin(OPA)hostil (con fines de absorcin)
An offer to purchase shares from a firm's stockholders when directors of the target firm have recommended that stockholders do not sell their stock.

highly, heavily indebted middle income country (HIC) pays revenuintermdiairefortementendett pasde ingresosmedianosmuy, fuertemente
endeudado Seventeen middle-income countries deemed to have encountered severe debt servicing difficulties: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cte d'Ivoire, Ecuador, Jamaica, Mexico, Morocco, Nigeria, Peru, Philippines, Uruguay, Venezuela and Yugoslavia. The Bank uses both heavily and highly. The World Development Report, World Debt Tables 1988-1989 and UNDP use highly. The IMF and United Nations Statistical Office use heavily. OECD uses debt-distressed, while the 1989-1990 World Debt Tables use severely indebted country.

hot bill effet brlant efectoa la vista o de vencimientoa muy corto plazo
Bill which matures at sight or whose maturity is less than the period making possible its collection in good time, necessitating immediate presentation for payment.

hot money;funk money[U.K.] capitaux tbriles capitales itinerantes


Short-term international capital movements, motivated by interest rate differentials or revaluation hopes/devaluation fears.

highly leveragedsee leveraged high quality borrower see prime borrower horizontal spread; calendar (cali> spread; time (cali) spread cart horizontal
margen horizontal; posicin diferencial horizontal Options strategy that involves buying and selling the same number of options contracts with the same striking price but different maturity dates.

hung-upissue -mission colle (coince) emisinempantanada; emisinatascada


An issue which dealers have not managed to fully place.

hurdie rate tauxcritique de rentabilit tasa crtica de rentabilidad


A somewhat arbitrary rate of return, related to the current cost of borrowing money, set by a government or company to guide investment decisions. Below this limit, investment is normally considered inadvisable.

hostile raider prdateurhostile See corporate raider


Corporate raider whose actions are not supported by the targeted corporation.

hybrid loan prt hybride prstamohibrido


In adjustment lending, refers to a sector adjustment loan which focuses on both investment structures and incentive policies. One component supports policy reform, while another component supports a sectoral investment program, in some cases a time-slice of a sectoral investment program.

53
-

compted'avances caisse; compte de d'avances temporaires


cuenta de anticipos; fondo de anticipos account or fund maintained for payments made in cash, commonly used as a petty cash fund. A fed maximum sum is kept in the fund and, as the fund is depleted, this sum is periodicallybrought up to the maximur. income bond; participating bond obligationparticipante bono participatorio the U.S., bonds which are guaranteed as to principal but which have interest payments as a
earned and then assented to by the board of

imprest account, fund

IDA-eligible country pays admis emprunter 'IDA;pays llgble y pays ardmista IMA emprunte I'IDA; r paysbligiAn au crditpuede recibircrdkos, financiamiento de J'IDA pas que paIsFupuaed eblr crditos, financiamiento de AIF; pas la habilitado para recibir crditos e Developingcountry whichis entitled to receive IDA credits because its per capita income is below the
IDA norm.

IDA reflows

IDA remboursements rentres PIDA;

de FIn

reemboursernents refluj s de laAID la a 'ID; reembolsosa la AIF; reflujos laAIF de

Payments received by IDA in the form of reimbusmnsfr ae bursements creditsmade. for rdt claedal .l.ase

contingentobligation,that are required only if eonting ent.f ationd o thaeqired of


directors. Failure to pay interest does not constitute default. (Note that in the U.K., incomebondrefers investmentoffered by life to a type of fLxed-interest insurance companies, consisting of an immediate

claused'eilgalit clusula exigibilidad reembolso de del


Clause in a loan agreement which allowsthe lender to ask for repayment of his funds if a change in national legislation obliges him to withdraw from the loan.

nitplsadfreanuy.
annuity plus a deferred annuity.) trading index arbitrage trading see program indexed bond; index-linked bond

immature investment
investissement immature

obligation indexe

bono indizado Bond where the coupon rate or redemption value is

inversintodava improductiva; inversin verde


Investment whichis not yet bringing in any returns.

idxd(oohrcrece,gl,o

ulpie)

t investissementcopmi inesismn dangisoner; invdner;sinvmenstisemntcoprmi inversin menoscabada An investment which has been reducedby lossesor other distributions.

imnpaired investment investissementprovisionnerm investssement

indexed currency borrowings emprunts devises en indexs(dontle tauxest


indexJ Borrowingsin a foreign currencywhere the rate of interest is linked to an agreed scale.
emprstitos en divsas con inters indizado

impairment dprciation; dvalorisation


desvalorizacin Losslin valueof an investment.

indexedcurrency option note(ICON) ICON


bono con rescatevinculado a un tipo de cambio; pagar con rescate vinculado a un tipo de cambio Notes denominated and paying interest in one currencybut whose redemption valueis linked to an exchange rate for another currency. Also called

implicitspread
margeimplcite margen impllcito
The ratio of the present value of costs of the commitment fee and loan spread to the present value of outstanding loan balances.

Heavenand Hell Bonds.

54

indexed loan [currency pooij

Informalfinance

prt Index prstamo indizado


Loan indexed to the daily variation of the U.S. dollar value of the pool due to exchange rate fluctuation. indexing; Index program

systeme financement structur; de non systme systeme de de financement institutionnel; non financement traditionnel
financiamiento no institucional; financiamiento Informal Fmance which takes place outside of the normal financial markets. Information memorandum

indicirisation; Indexlng
programa de compra de acciones incluidas en

un ndice
A method of portfolio managementby buyingstocks that compose a well-known index, often the Standard and Poor 500, and sticking with them. Not to be confusedwith index-linked(i.e. tied to the rate of inflation). index-iinked bond see indexed bond index option

mmorandum placement de
prospecto confidencial Document sent to all banks involvedin Eurocredit, equivalent to a prospectus, though, unlike a prospectus, it is confidential. in house financing; seif-financing autofinancement; financementinterne;

financement fondspropres par


autofinanciamiento; financiamiento con fondos

optionsurindice
opcin basada en un ndice burstil Option which is based on a stock index rather than an underlying security. index program see Indexing individual retirement account (IRA)

propios
Financing from own resources rather borrowings. than

pland'pargne retraite personnel (PER)


cuentade ahorro para jubilacin Personal, tax-deferred retirement account for employed persons. industrial and trade policy adjustment loan (ITPAL)

initial margin dpot de garantie depsito de garanta The amount a buyer is requested to deposit with a broker before commencingtrading. initial public offering (PO)

introduction bourse en
oferta pblica inicial A firm's first offering of stock to the public.

prta l'aJustement la politique de industrielle et commerciale (PAPIC)


prstamo para ajuste de la(s) poltica(s) Industrial y comercial World Bank loan made to assist adjustment of a country's industrial and trade policy. infiation premium

inside, insiderdealing dlit d'initi


transacciones ilcitas de personas iniciadas Trading in stocks, etc. by those who have advance
notice of likely changes in the market, due to their

inside knowledge.

primede risque-inflation
prima por inflacin A premium added to a security to allow for inflation.

55 institutional ratio ratio Institutionnel coeficiente institucional The ratio between Bank subscriptions authorized solely in general capital increases and IMF quotas obtained solelyfrom general quota increases. Used to determine the initial share allocations of countries joining the Bank during the period of the 1979General Capital Increase. interbank offered rate (IBOR) taux interbancaireoffert tasa de oferta interbancaria; tipo de oferta interbancaria Rate of interest offered by banks for their loans to the most creditworthybanks for a large loan, for a specificperiod and in a specificcurrency. The best known one is the London one (LIBOR),but they also exist for Abu Dhabi (ADIBOR), Amsterdam (AIBOR), Bahrein (BIBOR), Brussels (BRIBOR), Hong Kong (HIBOR) or (HKIBOR), Kuwait (KIBOR), Luxembourg (LUXIBOR), Madrid (MIBOR), Paris (PIBOR) (occasionallyknown as taux interbancaireoffert 2 Paris - TIOP), Saudi Arabia (SAIBOR), Singapore (SIBOR), 6 month SDRs (SDRIBOR), Zurich (ZIBOR) and other fmnancial centers. interest-bearing notes effets porteurs d'intrt bonos que devengan intereses; pagars que devengan intereses Notes on which interest is paid. interest capitalization capitalisationdes intrets capitalizacin de los intereses Convertingdeferred interest paymentinto new debt instruments. interest coverage ratio ratio de couverture de /'intrt coeficiente de cobertura de intereses Net income before interest expenses divided by interest expenses. IFC's definitionis "The number of times income, after deducting all expensesexcept borrowing charges and provision for losses, covers borrowing charges." lnterest leakage fluctuationdes tauxd'intrtdue A une fuiltede capltaux fluctuacin de las tasas de inters debida a la fuga de capitales; fluctuacin de los tipos de inters debida a la fuga de capitales Changes in U.S. interest rates due to movement of funds from the U.S. to the Eurodollarmarkets. lnterest period priode d'intrt perodo de vigencia de la tasa de inters; periodo de vigencia del tipo de inters Period duringwhichan interest rate is fixed. At the end of the period the rate may be adjusted. interest rate cap plafond des taux d'intrt; contrat taux d'intretplafonns;contrat a cap de taux d'intrt tope de las tasas de inters; tope de los tipos de inters A limit on the amount of interest that can be levied on a variable rate loan. Proposed for IBRD. interest rate futures marchsa terme sur les tauxd'intrt contrato de futuros de instrumentos financieros Contracts on a financialfutures exchange denominated in a particular deliverableshort- or long-term fmancial instrument such as a three month certificate of deposit. interest rate risk risque de perte sur les tauxd'intrt riesgo relacionado con las tasas de inters; riesgo relacionado con los tipos de inters Risk due to difference in interest rates. interest rate segmentation fractionnement des taux d'intret;taux d'intrt fractionn fragmentacin de la tasa de inters; fragmentacin del tipo de inters Use of differentinterest rates for different end uses or end users having essentiallythe same maturity, transaction costs and risk characteristics.

56 lnterest-rate swap accord de swap sur les tauxd'intrt; swap de taux d'intrt; contrat d'changede taux d'intrts (CETI) swap de tasas de Inters; swap de tipos de Inters; intercambio de tasas de inters; intercambio de tipos de inters An agreement to exchange floating rate payments for fixed-rate payments in the same currency. International branch of a bank in a kind of internal free-trade zone in the U.S., which allowsbanks to engage in international banking without some of the usual restrictions facing domestic banks. Those restrictions from which IBFs are exempt include reserve requirements, payment of certain insurance premiums, and special relief from state tax.

International Federation StockExchanges of


(FIBV) Fdration internationales des bourses de valeurs (FIBV) No officialname in Spanish Organization that establishes relations between stock exchanges.

interest(rate) switching
modificationdu rgime des intrts modificacindel rgimen de intereses Option in a restructuring agreement which allows creditor banks to alter the interest rate base, either by having a fixed rate or a variable rate linked to a specificrate such as LIBOR. interest retiming modificationde l'chancier; modificationde la priodicit paiementsd'intrts des modificacin de la periodicidad del pago de intereses Agreement whereby the frequency of interest paymentsis altered, usuallyfrom 3 or 6 month to 12 month interest periods. intermediation intermdiation intermediacin Process wherebya financialinstitution interposes its names and trustworthinessbetween a lender and a borrower. For example, instead of buying an issue directlyfrom a corporation, an investor may deposit funds with a bank which, in turn, invests in the issue. intermediative borrowing empruntsaupres d'intermdiaires financiers

International Organization of Securities Commissions (IOSCO) Organisation internationale des commissions de valeurs mobilires(OICV) Organizacin Internacional de Comisiones de Valores (OICV) International organization representing securities regulators. International SwapDealeraAssociation
(ISDA) No official name in French No officialname in Spanish New York-based international swap trade association. It has adopted a code for swap dealing as well a master swap agreements. in the money (ITM) (option) option dans le cours; en dedans; au-dessous du prix opcin con un precio superior o inferior al valor verdadero; con dinero A call option that has a strike price less than the price of the underlyingasset or a put option that has a strikepricemore than the price of the underlying asset. Optiondansle coursis the term used in the MATIF.

lnternationaux
prstamos obtenidos de intermediarios financieros Borrowing from financial intermediaries. International bankingfacility (IBF) sen/lce bancaireinternational servicio bancario internacional

57 intrinsic value valeurInstrinsque valor Intrnseco The financial benefit to be derived if an option is exercised immediately, reflecting the difference between the exercise price and the market price of the instrument. inverse floating rate note Company that uses its capital to invest in other companies.The two kindsare open-endlnvestment companyand closed-endinvestmentcompany,the former being by far the most frequent. In France the socits d'investissement capital variable (SICA4) and fonds communs de placement (FCP) are the most common. The OPCVM are the investment companies in France. They were liberalizedby a law of December 23, 1988,which came into effect October 1, 1989. investment grade paper

oblgation tauxflottanta intrtinvers &


bono con inters variable Inverso a la tasa de referencia; pagar con inters variable inverso a la tasa de referencia Floatingrate note where interest is paid in inverse relationship to the benchmark interest rate, so that if the benchmark interest rate rises the interest on the inverse FRN will go down and vice versa. investment bank [U.S.]; merchant bank [U.K.] banqued'affaires; maisonde titres; banquede trsorerie et d'arbitrage banco de inversiones Institution that accepts new issues of stocks from a corporation and attempts to sell them to the public at a profit. In the U.S., they have a separate legal status from commercial banks. The banques de trsorerie d'arbritrage, categoryrecently created, et a are intended specificallyto deal with the changing situation in the financial markets. investment broker courtier en placements corredor de inversiones Person who acts as intermediarybetween investors and the fmancial markets. investment certifcate certificat d'investissement (Cl) certificado de inversin A non-voting share in France issued mainly by state-owned enterprises to attract investorswithout the firm being privatized. investment company, fund socit d'investissement;organismede placement collectif en valeurs mobililres (OPCVM) compaa de inversiones; sociedad de inversiones; fondo de inversiones

mission sans risque


efecto de buena calidad; papel de buena calidad Issue of paper rated at BBB- or aboye (or equivalent) by a ratingagency. investment leakage dperditionsur I'investissement factores imprevistos que encarecen la inversin Variousunpredictedfactors that increase the cost of an investment, such as management fees, inflated equipment costs and non-arms length royalties. investment securities titres de placement valores de inversin a largo plazo Securities that are particularly suitable for long-term investment (e.g., bonds). Also includes top-rated shares. involuntary lending prets forcs; prts involontaires; prts non spontans prstamos no voluntarios Lending by banks as long as the resulting reduction in probability of default, multiplied by the existing exposure, exceeds the amount of newmoneymultiplied by the remaining probability of default even after the new assistance. inward swap mise en report recompra de divisas en moneda nacional Spot sale of foreign exchange and forward repurchase of same foreign currency against domestic currency.

58

lnwardswitching
oprationsd'arbitrage vers 'intrleur concesinde prstamosintemos con fondos externos External funding by banks for domestic lending. issuer organismed'mission; metteur emisor e Body iat puts out new sesrities issuing calendar calendrier des missions calendario de emisiones Compulsory timetable for issue of new securities (Switzerland,Federal Republic of Germany).

jcopardy chuso; disaster cause; ibreak clause

ger de clause dan clausede sawvegarde;

clusulade salvaguardia A dause in a Eurocurrency agreement specifying that, if certain events curtail the lender's activityor the operation of the Euromarkets, other designated actions will come into effect. loan Jeopdrciy prt tres menac;pret en danger prstamo con riesgo de prdWdas Term used by IFC to idicate that a loan that has serious problems. IFC expects to make a loss (though not necessarilya 100% loss) on a jeopardy loan. jobber agent boursier oprantpour son propre intermdiaireen bourse compte; 7lobber"; agiotista A broker on the London Stock Exchange who acts on his own behalf. joint financing financementconioint financiamiento conjunto Disbursement by two lenders for the same parts of the project in a fixed ratio. jumbo borrowing empruntsgants; empruntsjumbo emprstitos gigantescos Borrowing in large quantities; usually refers to amounts in excessof $250,000. jumbo certificate of deposit [U.S.] certificat de dpot jumbo (montantminimumde Us$100.000) o certificado de depsito de US$100.000 ms or Certificate of deposit of US$100,000 more. jumbo loan prt gant; prt jumbo prstamo gigantesco Loan involvingvery large sums of money.

59 junior debt; subordinated debt dette de rang infrleur; dette subordonne deuda subordinada; deuda de liquidez secundaria

K
key Interet rtes key Interet rates

cannotbe paid Debt which,in caseof liquidation, till payments on other obligationshave been made.
Opposite of senior debt.

taux d'intrtdirecteurs
tasas de inters ciave; tipos de intersclave The main market interest rates - includes LIBOR, US. prime rate, U.S. federal funds rate and certain on others,depending where it is used. key money rte; central rato tey mote tate cen tauxc pivot; tauxjalon

junk bond; apeculative grade bond


obligation a risque; obligationpourrie; junk bond bono especulativo;bono basura;bono chatarra

High-yield, low-ratedsecurity. Used as a newway


to raise money quicklyas they attract investorswho like the high yields and are willing to accept increased hisks. increased risks.

tasacentral; central tipo


The term used to describe the main interest rate set by the central bank (or equivalent) and which effectivelygoverns other ~~~~~~~~the the federal market interest rates. In U.S., it is funds rate. kicker see loan with equity kicker kiwi bond obligationkiwi bono kiwi Bond issued in New Zealand dollars on the New Zealand market by non New Zealand borrowers.

60
-

ris dOau dcalage compiter le que fO selon


contexte] riesgo relacionado desfases; con riesgo relacionado el desfase con entre..
1. Risk of lending at low interest rates and havingto fmance at high interest rates at a later date. 2. Risk run by IDA between the period of disbursement and receipt of commission.

iag rlsk [IBduDc

ienderof record prteurofflclel prestamista oficial

Lender that has the officialcommitment for a loan.

lending authority pouvoir prt;autorisation prt de de rmonto el Bancoestfacultado que paraprestar


The amount of money that the Bank can lend, based on its paid-in capital. lending ceiling;creditlimit

large exposure bank banque engage tres

banco un volumenprstamos con gran de


pendientes

limitedu pouvoirde prt; encadrement (du crdit) lmite crdito;lmitecrediticio de


The maximum amount that an organization
lend.

can

Bank with a large amount of outstanding loans.

layering layering fijacinde vencimientos coincidentes no


Mismatching maturities in order to improve liquidity. The French sensibly used the English

lendintoarrears loaninto arrears see letterof comfort lettrede confort


carta de seguridades A written instrument issued by A, where A agrees to make every effort to assure B's compliancewith the terms of a contract, but without committingA to perform B's obligation in the event that B is unable to fulfil his obligation. Usually issued by a parent companyon behalf of a subsidiaryin another
country.

word.

comanager
chefde file bancodirector

lead see book-running bank; bank arso lead


lead bank; manager lead

letterof development policy [IBRD]


dclarationde politque de dveloppement cartade intencin sobre la poltica desarrollo de Letter from the Government of a country receiving a structuraladjustmentloan to the President of the Bank, setting out the Government's medium-term objectives for structural change and the range of measures that it intends to take over several years to achieve these objectives.

Bank with main responsibilityfor arranging a bond issue or international Eurocredit. See also book-running lead bank, manager. Lead manager is also used in the sense of agent bank. leakage see interest leakage; investment leakage lender of last resort preteuren dernierressort; preteurde demier recours prestamista ltimainstancia en One of the functions and a major raison d'etre of a modern central bank whereby the bank has to provide liquidassets to the banking systemwhen the existingliquid assets of the banking systemthreaten to deplete.

letterof sectoral policy[IBRD] dclaration politique de sectorielle cartade intencin sobrela poltica sectorial
Letter from the Government of a country receiving a sectoral adJustment loan to the President of the Bank, setting out the Government's medium-term objectives for sectoral change and the range of measures that it intends to take over several years to achieve these objectives.

61

level annuitysystem systmed'amortissement tranches (gales); par par systmede remboursement annuits
sistema de pagos totales iguales de principal e intereses The level annuity system entails equal aggregate payments of principal and interest (Le. with principal repayments made in gradually ascending amounts). This system was used by the World Bank prior to 1975.

leveraged stockholder actionnairepuissant accionistaInfluyente


Major stockholder who, because of his holdings and earning power, can obtain benefits for the company.

Ibability management gestion du passif del gestin pasivo


Supervision of the claims on the assets of a company.

level repayment en remboursement tranchesgales reembolsoen cuotas iguales


Repayment scheme where repayments are at a fixed level, even though the interest rate may change.

LIBIDsee LondonlnterbankBid Rate


LIBOR see London

Interbank Offered Rate

leverage(ratio) [U.S.];gearing(ratio) [U.K.] ratio de levier; ratio de structuredu passif; ratio de solvabilit-endettement
nivel de endeudamiento relativo al capital;

LIMEAN LIMEAN LIMEAN


The average of London Interbank Offered Rate (LIBOR) and London Interbank Bid Rate (LIBID). limited recoursefinance financement avec droit de recours limit

relacinendeudamiento/capital propio
Ratio of debt/liabilities to equity/assets. debt and debt-equity ratios. Includes

financiamiento con derechode recursolimitado


(highly) leveraged endett; parfois: caractris par un fort degr d'endettement con alto coeficiente de endeudamiento Having a high debt-equity ratio. Finance arranged on the basis of the lender having recourse to the borrower only in certain circumstances (e.g., the loan to British Petroleum (BP) to fmance the Forties oil field in the North Sea, where the lenders had no recourse to BP if there was insufficient oil).

buyout(LBO) leveraged par prise de contrOle l'emprunt(LBO); OPAa crdit compra de una empresacon fondostomados en prstamos
Purchase of a company by a small group of investors, often including management, mostly with borrowed funds. The debt is usually repaid from the company`s cash flow or from the sale of assets.

limit order ordre a cours limit ordende comprao ventacon limitacinde precio
Order to buy or seil a security at a specific price or better. line of credit see backstop (credit) facility;

backup line of credit; swingline buyout(LMBO) leveraged management rachat d'entreprisepar les salaris;reprise d'entreprisepar les salaris(RES) comprade una empresacon fondos tomados
en prstamos por sus empleados Purchase of a corporation by the employees, using borrowed funds.

authority[IFC] liquidassetainvestment pouvoir de placementdes liquidits de la SFI facultad para invertiren activos lquidos
New investment authority for IFC adopted in July 1989, to make it more in line with the IBRD New Investment Authority, including the right to invest in a variety of negotiable and short-term instruments.

62 liquid-holdings risk see cash risk liquidity portfolio; quid assete portfolio
portefeuille liquide cartera lquida; cartera de inversiones lquidas Portfolio of assets in the form of cash or near-cash
instruments.

loan currency pool pool des monnaies(des prts); pool des monnaiesprtes
fondo comn de monedas Samneas currency pool. loan into arreara, (to) [Worid Bank]

liquidity premium prime de liquidit


prima de liquidez A notional premium paid by borrowers to lenders to encourage them to lend money at a fixed rate in the long term, when interest rates are likely to rise and it is, therefore, more profitable to invest in short-term paper. liquidity ratio [IBRD]

prt(er) a un pays dont les intrtsne sontpas comptabiliss otorgar prstamosa pasesexcluidosdel
rgimen de contabilidad en valores devengados To make loans to countries that are in non-acerual status. In normal English, the word loan is not a verb but it is so used in some instances by the Bank. loan loss provisioning

provisionnement des pertes sur prts


establecimiento de reservas para prdidas por

ratio de liquidit
coeficiente de liquidez The ratio of the actual level of liquidity to projected three year net cash requirements. liquidity ratios

concepto de prstamos
Making provisions for losses on loans. Till 1988, the Bank made loan loss provisions only against loans to specific borrowers whose arrears persisted for an extended period of time. In May 1988, owing to the increased number of member countries in prolonged non-accrual status, the Bank established a single consolidated loan provision applicable to the entire set of countries in non-acerual status. Seecountry collectibility analysis, note.

ratios de liquidit;coefficientsde liquidit coeficientes de liquidez; relaciones de liquidez


Ratios which reflect a borrower's ability to meet his short-term obligations. They include the acid-test ratio and the current ratio.

iquid ratio see acid-test ratio


listed security

loan origination tee frais de constitution de dossier; commission d'instruction


comisin por tramitacin de solicitud The fee typically charged by a DFI to recover the cost of investigating and granting a request by a borrower for a loan.

valeurcote en Bourse
valor cotizado en bolsa An issue of a security accepted for trading on a stock exchange.

listing (of securities)


cotation (de titres en bourse) cotizacin (de valores en bolsa) The process of public quotation on a Stock Exchange of a share or bond. load fund fonds de placement qui prlve une commis-

loan portfolio portefeuillede prts


cartera de prstamos The unpaid loans of a lending organization. loana-for-bonds exchange change de prts contre des obligations intercambio de prstamos por bonos These replace existing debt by long-term securitiles. Since debtor countries have traditionally serviced bonds on a preferred basis over syndicated bank loans, bonds have seniority status.

sion
fondo de Inversin que cobra una comisin Mutual fund which charges a handling fee.

63 loan stock obligation (nongarantie) obligacinsin garanta


A security issued by a UK companyin respect of a loan made by investors. Often unsecured.

Germanterm for the rate of interestchargedfor a paper. Particuof loanagainstthe security pledged larlyused with referenceto the GermanBundesbank, whichnormallymaintains its Lombard rate at about 1/2 percent above its discount rate.

loansyndicatesee syndicate loan withequitykicker pret avec intressement bnfices; aux pret participatif prstamo convertible prstamo participatorio;
en inversin Loan at a reduced interest rate; when the proceeds

Londonlnterbank Rate(LIBID) Bid LIBID UBID Thebid in a quotationrepresenting interestrate the at which US. dollar deposits are retraded in Interbank Offered Rateand London. See London
LIMEAN.

from the project reach an agreed level, the loan


converts into a quasi-equity loan, with the lender participating in the proceeds.

OfferedRate(LIBOR) Londonlnterbank
LIBOR UBOR The interest rate at which banks in London are

lock(ed) in (interestrates) (etre)contraint payer des tauxd'intrt ( levs pendant Iongtemps) sensngatif]; (Atre) condamn payer des tauxd'intrt (a fsensngatifl; levs pendant longtemps) (de s'assurer tatu d'intretfavorables)[sens positif];profiter(de tauxd'intrtfavorables) figer verrouiller; [sens positifJ; tasade inters inmodificable; de inters tipo inmodHficable
With interest rates, refers to a fixed-interest loan with a long maturity so that the borrower is obliged to pay the fixed rate over a long period though other market rates may have fallen. locked market march fig mercado inmovilizado Market where bid and offer prices are exactlythe same. lock rate

banks. It is prepared to lend fundsto first-class usedto determinethe interestrate payableon most See London Interbank Bid Rate, Eurocredits. offered and LIMEAN. rate lnterbank long hedge de oprations couverturepar achat a terne; longhedge operacionesde cobertura por compra a plazo Hedgingoperationby someonewho is "long' (i.e.,
who owns more than he has contracts to deliver). long position position acheteur; position iongue

posicinlarga
The net ownershipposition in a particular security, e.g. if you own 500 shares of stock of a company you are said to be long 500 shares of that stock. The Bank definitionis (1) in relation to securities, any security owned by the Bank and (2) in relation to futures and option contracts, any such contract purchased by the Bank whichhas not expired,been

tauxplancher verrouillage de tasa de inmovilizacin


Rate at which drop lock clause becomesoperative.

throughthe saleof exercised a selleror canceled by suchcontractby the Bank. blended cost rate (LTB)[IFC] long-term panachage longterme (PL7) de coeficientede costos combinadosa largo plazo A rate used by IFC to assist in determiningthe performance of its loan portfolio, it is based on
three parts of average costs of borrowed funds and one part capital resources.

Lombard rato [Federal Republicof Germanyl sur taux des avances titres;tauxLombard tasa Lombard;tipo Lombard

64

long-term ratio debt ratiod'endettementlongterme coeficiente endeudamientolargo plazo de a Ratio of long-termdebt to total assets. long-term prime rate(LTPR) [Japan] tauxde base long terme tasa preferenciala largo plazo;tipo preferencial
a largo plazo
Prime rate used in Japan.

M
mke a mrket Otrefalseur march; la fois vendeur de Otre et acheteur cotizar un precio de compra o de venta A dealer is said to makea market when he quotes
bid and offered prices at which he stands ready to
buy and sell.

Iump-sum borrowing [IFC] emprunt vrac en emprstitode suma alzada


A currency-specific borrowing made in a lump sum by IFC from IBRD for its short-term future needs.

maker(e.g.,of a note) metteur librador(p. ej. de un pagar)


The issuer of a debt instrument.

managedloan crditdirig prstamo dirigido


Syndicatednewmoneyextended under the umbrella of IMF-supported restructuring packages.

management seealso handlingfee fee


management commission, fee 1.commission direction; de commission syndicale; commission chefde file; de 2. commission gestion;fraisde gestion de comisinde administracin; comisinde gestin
1. Fee charged by a bank for managing a credit or bond issue. 2. Fee charged for portfolio management.

management contract contrat gestion de contrato de administracin


Contract where the contractor assumes responsibility for the management of the investment project or a significant part of its operations and where his remuneration substantiallydepends on the production, revenues or profits of the investment project.

management, managing group[Euro-dollar market] groupede direction; syndicat direction de grupo director
A syndicateresponsible for underwriting an issue in the Eurodollarmarket.

65 manager (of syndicate) see agent bank managing group see management group margin account compte A dcouvert cuentade margen;cuenta paraoperacionesen descubierto Brokerage account allowing customers to buy securitieswith money borrowed from the broker. marginal reserve requirement coefficient marginalde rserve encaje legal adicional;reservaobligatoria adicional Additional deposits that by law depository institutions (e.g.,banks)must set asidein their vaultsor with the central bank. In the U.S., this applies to markdown see discount market see after-market; auction market;bearer market;bear market;buil market;capital market;combinedmarketrate; contestable market;deep market;EmergingMarketsGrowth Fund; EmergingMarketslnvestmentFund; equity market;Euromarket; face the market; financlalfutures market;financlal market;fourth market; futures market; grey, gray market; locked market;makea market;markingto market;money market;money market (mutual) fund; money market rate; name market;open market;over-the-counter market;parallel market;primary market;secondarymarket; securitiesmarket; short-term paper market; spot market; stock market crash; third market; twotier market; unlisted securities market;World

additionalreserverequirements increasedmanon agedliabilities imposed the FederalReserve, by in order to curtailthe expansion bank lending. of
margin buying [stock exchange]

BankCapitalMarketsSystem marketable securities


titres ngociables valores negociables

achat dcouvert compraen descubierto


System whereby the purchaser furnishes only a specified fraction of the total purchase price of

Equitysecurities debtsecurities are actively or that traded or whichcan be otherwise boughtor sold.
market-based menu approach; market-driven

securitiesbought,with the brokerfurnishingthe


balance and charging interest on that amount. margin calil appel de marge; appel de fonds supplmentaires pour baisse de la couverture;

menu approach; menu of optiona


menu..; approche la carte; carte des options; menu des options mtodode la lista de opciones An approach to debt workoutwhereby the diverse interests and constraints of the banking community

la soulte
pedidode operacinen descubierto;pedidode operacinde margen A demand for additional funds because of an adverse price movement eroding the value of an open futures position. margin requirements [stock exchange] pourcentagede couverture;couverturede
l'opration

are taken into consideration offeringdifferent by


methods of dealing with debt problems. market borrowers pays empruntants les marchsfinanciers sur pasesprestatariosen los mercadosfinancieros An IMF category of countries, covering those countrieswhoseborrowingsare made on the capital markets, as opposed to those whose borrowings are made from development institutions (ofricial borrowers).

lmiteslegales(de las comprasen descubierto) Legal requirements regulating the amount of credit

that may be extendedunder the marginbuying


system.

66

marketcapitalization capitalisationboursiere capitalizacinburstil;valoracinburstil (del capital) The total value of all of a firm's outstandingshares, calculatedby multiplyingthe market price per share times the total number of shares outstanding. market-clearing interestrate tauxd'intrtd'quilibre (du march) tasa de intersde equilibrio(del mercado);tipo de intersde equilibrio(del mercado) Interest rate which attracts equal number of buyers and sellers.

marketization marchisation mercadizacin Increased relianceof banks on funds obtained either from financial markets directly or from clients, but where the interest rates are set by reference to market-determined rates. marketmaker teneurde march;adhrentmainteneurde march(AMM);contrepartiste principalen el mercado;agiotista A bank or a broker that is prepared to make a two-wayprice (to buy or sell) for a currency or a securityon a continuous basis, in the same way as a stock jobberin the U.K. market. AMM is the term used in the MATIF. market making cotation en continu cotizacinfirme Maintain firm bid and offer prices for a securityor currency on a continuous basis.
market order

market-clearing price prix d'quilibre (du march) precio de equilibrio(del mercado) A price for an item which attracts just enough buyers as there are buyers. If prices are lower demandwillbe too high; if higher demand will be too low.
market-eligible countries
pays qu ont accs aux marchs financiers

pasesque tienenaccesoal mercadofinanciero Countries have access to fmancial markets. that market failure
mauvais fonctionnement du march; dfaillance

ordre au mieux orden de compra o de venta al mejor precio Order to buy or sell a securityat the best available price. marketparticipants acteurssur le march;oprateurssur le march;intervenants le march; sur participantssur le march participantes el mercado;operadores en Individuals corporations active in the market. and marketpricesee asked price market-related lendng prts aux conditions du march financiamiento en condicionesde mercado Lending at market rate and under market conditions (cf commerciallending). markingto market marking to market; valorisationau prix du march valoracina precio de mercado

du march;dysfonctionnement march du falla del mercado;disfuncindel mercado The inabilityof the market to function in its normal manner. market intermediation intermdiationfinanciere intermediacin mercado del Acting on the market (i.e. buying and/or selling of securities) on behalf of someone else.

67 The process of recalculating the exposure in a trading position in securities, option contracts or futurescontracts. In exchange-tradedcontracts, the exchange clearing house marks members' positions to market each day using elosing market prices. Members must maintain a certain minimumlevel of margin at the exchange clearing house and must post additional margin if the marking-to-market process reduces margin below the minimum. mark to market exposure risquecalcul par rfrenceau march riesgo calculado a precios de mercado The exposure n securities or other contracts, calculated at current market prices. matador bond obligation matador bono matador Bond issued on the Spanish market, denominated in currencies other than the peseta. matched funding see alsoback-to-back matched funding financement jumel financiamiento de contraparte; financiamiento de contrapartida Funding needed by the IFC to commit a loan. It must match the loan in terms of amount and maturity. matched maturity transaction [IBRDJ opration chances a symtriques transaccin de vencimientos simultneos A type of cross-currency interest hedge where the proceeds of a short-term instrument program are swapped for comparable maturities in other currencies. matched sale-purchase transaction transaction simultaned'achat de vente et compra y venta simultnea SellingU.S. Treasury bills for cash and at the same time purchasing the same issue of bills for redelivery a day or more later. materiaiity criteria critre de stimulation criterios de trascendencia; requisitos de que una operacin tenga efecto positivo sobre las perspectivas de desarrollo de un pas The criteria by whichBank loans maybe made and, in particular, the criteria by which Bank loans are deemed to have a material effect on the prospects of investment in the recipient country. These criteria are basically that they should be used to finance specific projects in the broad sense of this term, which includes well-defined productive purposes but has been extended to include lending which serves the Bank's broad objectiveof facilitating investment for reconstruction or development, such as structural/sectoral adjustment lending. mature investments investissements arrivsa maturit; investissements commencenta rapporter qui inversiones que han alcanzado su madurez Investments which are just at the beginning of the stage at which they will start to become profitable. maturity arbitrage see time arbitrage maturity mismatch asymtriedes chances;manque concorde dance des chances;manque de synchronisme chances; des risquede transformation asimetra de los vencimientos Having borrowings and loans with different maturities. This could mean, for example in the case of the Bank, that borrowings the Bank had made on the capital market to finance certain loans it had made were due before it had received the money from the loas. maturity transformation transformation d'chances modificacin de los vencimientos Reborrowing,in order to extend the maturity of a loan. menu approach see market-based menu approach

68

menu of options see market-based menu ap-

mismatch floatingrate note

proach
merchant bank [U.K.] see investment bank merry-go-round eftect effet de carrousel; effet de retour a la source efecto carrusel The circulation of money through various sources, ending up where it started. For instance the German Central Bank recyclesexcesscapital by selling U.S. dollars to banks under a repurchase agreement and the banks place the U.S. dollars in the Euromarket. As the financial institutionscould run up a U.S. dollar debt on the Euromarket, the Central Bank must buy back the U.S. dollars and sell domesticcurrencyto avoidan excessiveincrease in the mark. merry-go-roundtransactiona transactions sans cesse renouveles;transac-

obligation tauxvariable 'mismatch"; obligation & tax variable base une sur
contre-transformation bono con inters variable reajustable anticipadamente; pagar con Inters variable reajustable anticipadamente Floating rate note where the coupons are reset regularly at shorter intervais than the coupon period. mismatch risk [IBRD]

risqueli au dcalage entre les chances;


risque de transformation riesgo relacionado con vencimientos asimtricos Risk of having loans and borrowings with mismatched maturities. moderately indebted low-, middie-income country (MILIC, MIMIC)

tionsaller-retour
operaciones carrusel Deliberate capital import and re-export operations. mezzanine level

pays& faiblerevenu, revenu & intermdiaire


modrmentendett pas de bajos Ingresos, de Ingresos medianos moderadamente endeudado Low-, middle-incomecountry in which three of the four key ratios fall in the followingranges: debt to GNP (30-50 percent), debt to exports of goods and all services (165-275percent), accrued debt service to exports (18-30 percent) and accrued interest to exports (12-20per cent). Used in the Worid Bank's World Debt Tables. See severely indebted lowincome, middle-incomecountry. money at call see call money money center banks banquesinstallessur les principales places financieres bancos establecidos en las principales plazas financieras Bank based in a large financial center (e.g. New York or London). money market marchmontaire;marchde l'argent mercado monetario

phasede dveloppement (d'unesocit)


etapa inmediatamente anterior a la primera colocacin pblica In a venture capital operation, the stage in a company's development immediatelybefore going public. MiniMax loan empruntMiniMax prstamo minimax A floating rate loan where the loan is indexed (usually to LIBOR) but with a minimum and maximum cap. mirrorswap swap invers swap inverso; intercambio inverso (convenido con la primera parte) A reverse swap written with the original counterparty.

69

The market for short-term debt instruments,such as certificates of deposit, commercial paper, banker's acceptances, Treasury bilis, discount notes and others. These instruments are all liquid and tend to be safe. See note to capital market, financial market. money market (mutual) fund (MMF) fonds communde placement (FCP) court a terme; fonds communde placement(FCP)de trsorerie;fonds communde placement(FCP) montaire;socit d'investissement capital a variable (SICAV); socit d'investissement court terme; socit d'investissement de trsorerie;socit d'investissement montaire fondo comn de inversin; fondo mutuo A mutual fundspecializingin high yield short-term instruments of credit such as TreasuryBilis, certificates of deposit,commercial paper,bankers'acceptances and repurchase agreements. For the difference between FCP and SICAV, see mutual fund. money market rate taux du marchmontaire(TMM) tasa del mercado monetario; tipo del mercado monetario The rate of interest in the moneymarket. In the U.S., there is no single rate but a series of rates, including the prime rate, the Federal Reserve discount rate, the Federal Funds rate, the 1 month commercialpaper rate and the 3 and 6 month TreasuryBill rate. moral hazard hasard moral riesgo tico; riesgo moral; riesgo subjetivo The possibilityof loss being causedby or aggravated by dishonesty or carelessness. It arises from the character and circumstances of the insured rather than the inherent nature of what is insured. It has becomean increasingly important factor in risk insurance in modern financial markets. mortgage-backed security (MBS) titre garanti par des crances hypothcaires valor con respaldo hipotecario Security backed by mortgages, whereby investors receive payments out of the interest and principal on the underlying mortgages.

morigagebond obligation hypothcaire;billet de mobilisation bono hipotecario;ttulo hipotecario; cdula hipotecaria A long-term debt security secured by a lien on specific assets, normally fLxedassets such as real estate. multibank see combined commercial and investment bank multicurrency clause clause multidevises clusula sobre mltiples monedas A clause in a loan agreement stating that more than one currency may be used in paying or redeeming the loan. multicurrency option option de change; option multidevises opcin de cambio de divisa Procedure which allows a borrower to receive a loan in a currency other than the one specified, provided this currency is available on the market. multilateralnetting compensation des crancesinternes; compensationmontairede groupe compensacin de dbitos y crditos entre filiales Procedure whereby a company with multinational trade flows is able to balance its debits and credits between subsidiariesand associatesleavingonly the balance to be settled, thereby reducing its need to acquire foreign currency. multioption facility (MOF); multioption financing facility (MOFF) MOF; contrat d'ouverturede credit multidevises options mu/tiples;facilit de financementa options multiples servicio financiero con opciones mltiples Type of short-term note facility which allows the borrower to draw funds in a variety of forms, such as short-term advances,swinglines,bankers' acceptances, etc.

70

multiple (currency) option bond


obligation avec option de change; obligation avec option montaire

N,
naked see uncovered
nme mariket marchou la cote de crdit est primordaied mercado basado en el prestigio de los prestatarios

bono con opcin de cambiode divisa


Bond (usuallyEurobond) whichgivesthe lender the right to opt to receive interest and/or capital in a currency other than that in which the bond is denominated.

multi-yearrescheduling agreement (MYRA); multi-yearrestructuring agreement (MYRA) accord de rchelonnement pluriannuel;acpluriannuel cord de restructuration de acuerdo de reprogramacinmultianual la deuda
Agreement in commercial bank negotiationswhich allowed for restructuring over a period of years rather than annually,to reduce the burden imposed by annual restructurings. mutual fund see also country fund; load fund; money market (mutual) fund; open-end (investment) fund, company mutual fund

Market where great emphasisis placed on the standingand reputationof the borrowers(e.g.,the
Eurodollar market).

narrow money e monnasau senstroit;masse montaireau sens troit


dinero en ei sentido estricsto f.c. vesily availablemoney, cash, checkingaccounts, very short-term liquid funds, etc. Equivalent to M1. national bank see federally chartered bank near-bank [Canada]

que quasi-ban
cuasibanco

fonds commun de placement (FCP);socit d'investissementcapital variable(SICAV) A


fondo comn de inversin; fondo mutuo Fund operated by an investment company that

Financial institution, excluding standardcommercial bank, suchas savings bank, credit union, etc. near cash instrumentas quasimontaires instruments
instrumentos cuasimonetarios Instrument that can be converted to cash ii short time. a very

moneyfrom shareholdersand investsit in raises


stocks, bonds, conimodities, financial instruments, etc. In France, the FCP has co-ownership status (coproprit,can be set up with approval of the COB and its shares cost a minimumof 5,000francs, while a SICAVis alwaysa socitanonyne, requires ministerial approval and has no legal minimum share amount. See also money market (mutual) fund; open-end investment company.

near-money; quasi-money quasi-monnaie


cuasiciinero Assets which have properties resembling those of moneyin the strict sense. Includes savingsdeposits, time deposits, certificates of deposits, deposits in thrift institutions, etc.

negative amortization loan


ngatif prt a amortissement prstamo de amortizacin inicial negativa

71

Instalimentloan havingthe annuityprincipalas a


basis for computation, whose fixed periodic payments increase from time to time, e.g. annually, bi-annually. Initial installmentstypicaUy insuffiare cient to meet the interest accruing on the loan principal and unpaid balances of interest are added to the principal outstanding. As the periodic instaUlments increase in value they become sufficient to meet the interest due and commence reducing the principal outstanding.

negotiabletime certificateof deposit


certlficatngoclablede dpt a terme certificado de depsito a plazo negociable A deposit evidenced by a negotiable instrument, which provides on its face that the amount of the deposit is payable to the bearer or to his order on a certain date, after a certain specifiedtime, upon notice in writingor upon presentation and surrender of the instrument, not less than thirty days after the date of the deposit.

negative pledge clause


clause de ne pas faire; clause ngative;clause de nantissement ngative; clausepari passu;

net benefitinvestmentratio
rapport bnficesnets/investissements relacin beneficios netos-inversin

clausede non-prfrence tiers de


clusula de obligacin negativa; clusula de abstencin Clause in loan agreement obligating the borrower not to grant security without equally securing the loan in question. negative pledge waiver see waiver of negative

Theratiobetweenthe presentworthof netbenefits


and the present worth of an investment;alternatively, the sum of present worths after the incremental net benefit stream has become positive, divided by the sum of present worths in the earlier years of the project. net cash requirements (NCR) besoins de fonds nets; besoinsnets de
trsorerie

pledge negativetermtransformation transformation l'envers; a anti-transformation


transformacin inversa Borrowing short-term and lending long-term (in comparison with transformation which is the opposite). negotiable instrument instrumentngociable instrumento negociable Instrument where the title passes on delivery or deliveryand endorsement,where the current holder can sue in his ownname, where no notice of assignment need be given to the person liable on the instrument, and where a holder in due course takes, free from any defect, in the title of his predecessors. Examples include bilis of exchange, checks and promissorynotes. negotiable order of withdrawal(NOW) account

necesidades netas de fondos


Gross disbursementsplus outstanding debts due to mature, less repayments and sales of loans, less net income adjusted for non-cash items, less the increase in usable capital.

net collectionratio
tauxde recouvrement net coeficiente de cobro neto This ratio compares the interest earned during the year to the amount of interest earned plus the net nonaccrual amount for the year. See also gross collection ratio. net interest margin on average earning asseta marge nette de I'intrtsur la moyennedes avoirs productifs margen neto de rendimiento del promedio de los activos productivos Average interest return on loans and investments

compte-cheques rmunr
cuenta corriente que devenga intereses Interest-bearing checkingaccount.

less averagerate of debt interestexpense. Return


on investments includes realized capital gains and losses.

72

net nonaccrual rate

new moneyfacllty

ratiodesintrts comptabiliss non


coeficiente prstamos de excluidos rgimen del de contabilidad valores en devengados
Rate of Bank or IFC loans in nonaccrual status. Interest due but not received less recoveries from previous years, dividedby the interest received plus the net nonaccrual amount for the year.

pour d'argent frais systme l'apport


servicio parala concesin nuevos de fondos A facilityfor lending new moneyas opposed to
rolling over existingdebt.

nettingsee multilateral netting equity net worthsee stockholders'

new money instrumente instruments l'octrol pour d'argent frais instrumentos dineronuevo de withdebtinvolving Financialinstruments dealing for
new moneyrather than rolling over existingdebt. new money packages

Newlnvestment Authority (NIA) nouweau pouvoirde placement nuevas facultades efectuar para inversiones
Authority approved by the World Bank Board of Directors on December 2, 1986,authorizing investment in financial futures and options for U.S. dollars and pound sterling. It also authorized extension of the five-year and three-month maximum maturity limit in securities eligible for the portfolio, investment in eligible securities of all maturities and controlling the risk implicit in these by substituting the five-year three-month maturity limit on individualsecuritieswith the establishment of an average duration range of not less than three months and not more than four years for the U.S. dollar and non-dollar portfolios. See General Investment Authorization. new money

montages comportant I'apport d'argentfrais; apports d'argent frais financiamiento incluye que dineronuevo
Financing package involvingadditional funds and not just rolling over existingdebt. no-load fund

fondsexempt commission de
fondo de inversin que no cobra unacomisin Moneymarketfundthat does not charge a fixedfee commissionto investors. nominal bond with attached commodity option

obligation nominale optiond'achatou de a vente produit de


bono nominal con opcin de compraventa de un producto bsico Form of commodity-linked bondwhere the bond is denominated in nominal terms but incorporates options that allow the holder to buy or sell certain amounts of the commodityat the specifiedprices on predetermined dates. non-accelerable guarantee

argentfrais; prtsadditionnels; crditde restructuration; money new


dinero fresco; dinero nuevo; nuevos fondos In the field of debt restructuring, additionalfmance provided by lending institutions, as opposed to rollover of existing financing. new money bonds

garantie appelable anticipation non par

mission d'obligations des apports lie


d'argentfrais bonos parala obtencin de nuevos fondos
Bond issues by debtor countries in exchange for existingdebt or as prime instruments to raise new

garanta no exigible anticipadamente Guarantee where a call for payment cannot be advanced if the loan is declared in default before the maturities being guaranteed become payable. The Bank generally uses this type of guarantee.

money.

nonacerual see netnonaccrual rate rate

73 nonacerual status, In a Any of the following forms of investment which

dont les intrts Impays sontpas ne comptabiliss; classimproductif


exclusindel rgimende contabilidaden

have terms of at least three years and the other characteristics individually specified. Investments
such as: producton-sharingcontracts, profit-

valores devengados
When a borrower is placed in nonaccrual status, accrued interest is eliminated from the financial statement receivable balances and interest income is correspondingly reduced. During the time the borrower remains in nonaccrual status, interest income is reflected in the fmancial statement only to the extent actually received in cash. Placing a borrower in nonaccrual status in no way affects the interest payment obligations to the borrower; interest continues to be billed on the original terms

sharing contaets,management contracts, franchising agreements, licensing agreements, turnkey contracts,operating leasingagreementsand subordinated debentures. nonmarketable bond oblJgationnon ngociable bono no negociable Bond that may not be sold by one investor to another.

of the loan. nonaccruingloan see nonperforming loan non-bankbank;non-bankfinancialinstitution institution financibre bancaire;banque non non bancaire;tablissement bancaire non admis(e) au march montaire(ENBAMM); entreprise non bancaire admis(e) march au montaire (ENBAMM) institucin financierano bancaria A financial institution offering bankingservices but
which is not officially recognized as a bank. In France, it is defmed as a fmancial institution which

nonmaturing, nonredeemable government bond;perpetualbond;annuitybond;consol [U.K.] obligation perptuelle; renteperptuelle bono perpetuo A debt instrumenthavingno scheduledreturn of principaland therebyperpetualinterest payments and no maturity. nonperformingassets avoirsnon productifs activos no redituables;activos improductivos
Assets which have no fmancial return.

does not generatemoneybut merelylends money that it receivesin deposits. noncallable bond obligation pouvant amortiepar ne tre
anticipation

nonperforming debt crances nonproductives; crances


immobilises

acreencias no redituables;acreencias improductivas


A debt which has no financial return (i.e. no inter-

bono no rescatable antes del vencimiento; bono no redimible antes del vencimiento Bondthat cannotbe recalledor redeemedprior to maturity.
noncall period

est is paid on it). nonperforming loan;nonaccruingloan prt non productif prstamo no redituable;prstamo Improductivo
Loan where payment of interest has been delayed

priode d'interdiction rachat de perlodode prohibicin rescate de Periodduringwhicha borrowermaynot givenotice to redeem bonds,in Eurobondmarket. non-equitydirect investment autres investissements directs;investissements directsautres queles participations inversin directa distintade los aportes de
capital

for morethan 90 days. non-portfolioproject [IFC] projethorsportefeuille proyecto no incluidoen la cartera Projectcarriedout by IFC that doesnot form part of its loan portfolio,e.g. providing technicalassistance.

74

nonrecourse finance

note

sans financement a forfait; financement recours


de sin financiamiento posibilidad recurso
A loan where the lenders look solely to the cash flow generated by the project being financed for repayment.There is no recourse to the sponsor of the project, so that the lenders assume all the commercial and politicalrisks of the project.

bon;obllgation
bono;pagar
A ibeod short- or medium-term matuity. with note lauance faclity see revoMng underwrlting faclity

participation nonrecourse sansrecours a participation forfait;participation de participacin posibilidad recurso sin


of Sales participation in a company where the sale is on a "non-recourse"basis, i.e. the buyer has no recourse against the seller if the project fails to generate money.

notionalamount montant notionnel basede calcul;


monto terico

on The amount, oftenfictitious, whicha swapis


based. novation

novation
novacin

government bondsee nonredeemable


non-maturingbond non-underwritten facilities

one or Replacement a one debt for another of


of replacement one creditor for another one. NOWaccount see negotiableorderof withdrawal

facilits d'missions cautionnes; non facilits d'missions souscrites non


emisionesno garantizadas Short-term paper facilitywithout any underwriting
or backstop facility, such as the Eurocommercial

paper facility. no-return equity

non prisesde prisesde participation rentables; participation productives non


capital improductivo;capital no redituable Equity which brings in no returns but is still in existence. note see also bearernote; bill; bond; bondanticipationnote; capped floating rate note; consolidateddiscount notes;country coilectibilitynote; coupon note; deep-discount bond, note; deferredcoupon note; discount note; Dutch auction note; euronotefacilities; extendiblenote; floating rate note; indexed notes; currencyoption note; interest-bearing inversefloating rate note; mismatchfloating rate note; paper; perpetualfloating rate note; project note; promissorynote; revenue-anticipation note; reversefloating rate note; security;shortterm note; syntheticfloating rate notes;taxanticipationnote; Treasurynote

75
. O . offshore banking unH (OBU) serviceextraterritorial, offshore

obilgation see agency securities,obligations; bonti; colateralgei mortgage obiigation; contlngentobligation;general obiigatlbns oft-babnce sheet (OBS)actbvities acthvits hors bilan actividadesno incluidasen el balancegeneral Banks' business,often fee-based,that does not generally involve bookingassetsand takingdeposits, e.g. swaps,options,letters of credit. offering memorandum mmorandumd'offre precio vendedor; precio de venta; prospecto Sameas prospectus. ofricialborrower
empNrnteurs auprs de sources publiques;

departarnentobancario consideradocomo extraterritorial Department withina bank that, in certaincountries (e.g., Bahrain),is permittedto engagein specific transactions(usuaily Euromarket business) that ordinarydomestic banks are not allowed do. to off the board market see third market off-the-runsecurity valeurwpeu vogue' en emisinespecial A non-standard issueof a security,oftenotherthan the currentissue. oniending
rtrocession

reprstamo

Equivalent to relending in connection with new

pays empruntantsaupres de sources publiques pases prestatarios en fuentes oficiales An IMF category of countries, coveringthose countries which borrow from development institutions opposedto thoseborrowing as fromthe normal capitalmarkets(market borrowers). offshore extraterritorial, offshore
extraterritorial; offshore

money loans. The fundsare recordedas a deposit in the centralbank but the foreignbank and the contractualborrower (usuallythe Central Bank) agreethat the loanproceedswillbe madeavailable to a third party withinthe countryof the borrower. open-end (investment) fund, company (OEIC);mutual fund; unit trust [U.K.]

socit d'investissement a capital variable

extraterritorial Refersto fiancial operations transacted outsidethe countrylin question. offshore bank banque extraterritoriale, offshore banco extraterritorial Banklocatedoutsidethe countryin question. offshore banking center
place bancaire extraterritoriale, offshore;centre bancaire extraterritorial, offshore

(SICAV); fondscommun de placement (FCP); socit d'investissementouverte sociedad de inversionescon nmerovariable de acciones An investmentcompanythat selisand reclaimsits capitalstock continuously, sellingit at bookvalue, addinga salescharge,and redeeming at a slight it discountor at bookvalue. openingprice
premier prix (de la journe) cotizacin de apertura; cotizacin inicial

centro bancario extraterritorial Financial centerwheremanyofthe financial institutions have little connectionwith that country's financial system, usually for taxation purposes.
Examples are the Cayman Islands, where many of

in Theinitialprice at whicha transaction a security takesplaceon a givenday. open interest; open market interest
position ouverte

the corporations engaged business the U.S. are in in and Europe, and London, where many of the fmiancial institutionsare engaged in Eurodollar trading.

intersabierto

76 Total number of contracts in a commodity or options market that are still open. The Bankhas a limitation of 15% open market interest in any futures or option contract. open market 1. open market; 2. marchfinancier 1. mercado abierto; 2. mercado financiero 1. The market maintained by government securities dealers. As regards U.S. Treasury borrowing operations, the open market is the moneymarketin the case of short-term obligations or the capital market in the case of long-term obligations. 2. The general financialmarket. open pricing fixationlibre des prix emisinde rendimiento indeterminado Procedure wherebya bond issue is sold on the basis of a yield to be determined after the selling period is over. operating ratio coefficientnet d'exploitation coeficiente de operacin; coeficiente neto de explotacin Ratio of operating costs (includingdepreciation) to total revenue. operatingratios ratios de gestion coeficientes de operacin; coeficientes netos de explotacin Ratios used to determine a corporation'soperations; usuallyrelate to sales, profits, and/or turnover. optionsee also American (style) option; at the money (ATM)(option); bond with put option; call-and-put option; cali option; caption; covered option securities; European (style) option; futures option; indexed currency option note; index option; in the money (ITM)(option); menu of options; multicurrency option; multioption facility; multiple (currency) option bond; nominal bond with attached commodity option; over-thecounter (OTC) option; put option; stock option; swaption; takeover option option option opcin A contract givingthe holder the right to buy or sell a stated number of shares (normally one hundred) of a particular security at a fixed price within a predetermined period. The Paris market has three main types of option: prime,option and stellage. Prme is a calUoption. If the purchaser decides not to exercise his option (because the price has gone down), he merely has to pay the seller a fee, called a dont, the rate of which is fixed by the Chambre syndicale des agents de change. Option is more similar to the U.S. system and can be a put or call option. The purchaser pays a premium (avec), whichis negotiated, whether he exercises the option or not. Stellageis the equivalent of the U.S. straddie. option swap swapd'options swap de opciones; intercambio de opciones Transaction involving the purchase or sale of options on financial instruments/commodities. They are not true swaps as they primarily entail a series of option trades but are usually treated as swaps. originalissuediscount(OID) bond obligation prime d'mission bono emitido con descuento Bond with a rate of interest below that demanded by the market place and sold at a price at a significantdiscount to par. out of the money(OTM) (option) hors du cours; en dehors; au-dessusdu prix opcin de compra de bonos con rendimiento inferioral del bono inicial; sin dinero A call optionwith a strike priceabove the price of the underlying asset or a put option with a strike price below the price of the underlying asset. Option hors du cours is the term used in the MATIF.

77 outwardswap report de devises reventa de divisas en moneda nacional Spot purchase of foreign exchange and forward resale of the same currency against domestic currency. outwardswitching operations oprationsde prise en report operaciones de cambio a divisas Movement of domestic currency assets into foreign currency. overage loan prt destin couvrir un ventuel dpassement des coDts prstamo para cubrir posibles sobrecostos A special loan issued to cover excess costs on a project. overailrisk profile [IBRD] profil des risques de financement perfilgeneral del financiamiento Exposure profile of the World Bank. The difference between outgoings committed and amount needed to fund these outgoings. Also known as the gap. overhang see debt overhang overhang offre excdentaire exceso de oferta Excess,normallyof supply over demand (e.g., in the bond market). overnight funda argent au Jour le jour fondos de un da para otro Short-tern funds borrowed to be returned by the followingbusiness day. over-the-counter market (OTC) marchhors cote mercado extraburstil; mercado fuera de bolsa Market for securities not listed in any of the exchanges(about 80 percent of total secufities in the U.S.). In the U.S. includes U.S. Government and agency issues, state and local government bonds, railroad bonds and shares, many public utility bonds and shares, and most corporation and bank shares. over-the-counter (OTC) option option de gr & gr opcin extraburstil; opcin fuera de bolsa Option not listed on the regular options exchanges. overtrading see churning owners' equity see stockholders'equity

78 p . participating see income bond bond participation certificate


2. see pass-through certificate certificado de participacin Securiy incorporating the right to participate in the

package n [IFC] loa


prt global; prt consenti par la SFI a une banque nationale de dveloppement pour l'octroi de prts a des PME

1.bon de participation;

prstamo global prstamowhic gb . A loan which is administeredby a national development bank or similar organization on behalf of IFC. The development bank subdivides the loan into several smaller loans which it lends to SSMEs. It is not profitable for IFC to manage these small loans directly.

Scrt noprtn h ih opriiaei h ownership of a corporation but without some of the rights granted to shareholders, such as the right to vote at shareholders' meetings. See also passtheoug ceh s t Sotcss participation fee commission de participation

actions libres

paid-upstock;tully paid stockcoind actidou stock;esfully paid stckA

comisin participacin de
fee given to a bank participating in a Euroloan.

aiipc6

acciones pagadas
Stock fully paid for (i.e., upon which no further subscription instalhments are due).

partnership share
part d'association participacin en una sociedad A share in a partnership. par value; face value valeur nominale; valeur faciale; nominale valor nominal The principal or nominal value appearing on a nbond, note, coupon, piece of money, or other

parallel financing
financement parallle financiamiento paralelo Cofinancing, but with the partners fmancing differcnt parts of the project.

parallel marketistue.
march parallele

mercado paralelo
Market operating in "parallel" to the main money market (e.g., bank current and savings accounts) and including interbank loans and negotiable certifi-

pass-through certificate; participation


certificate
certificat de transfert de prts; titre de participation a un pool de prts

cates of deposit.

certificado de transferencia de prstamos


Certificate representing an interest in a pool of funds or in other instruments.

pardebtswap debt-debt swap see parent bank


banque d'origine; banque mere casa matriz Bank in a major industrial country that sets up a subsidiary in a developing country.

pass-throughs; pass-through securities


valeurs mobilibres amortissables partiellement avant chance et assorties d'autres conditions variables valor de transferencia de ingresos; tftulo de

paripassu clause
tralausepantasu; clausedesolidarit drepackaged

transferencia de ingresos
Securities representing

pooled debt obligations

traitement;clausede soludant

clusulapaff passu
Clause in loan agreement precludingsubordination
of the loan to other debt. In the issue of new shares, it states that the new shares will rank equally for dividend with an existing similar issue.

as shares, that passes income from debtors through the intermediary to investors. The most common type is a mortgage-backed certificate.

79 paylng agent agent payeur agente pagador In the issue of international securities,firm(usually a bank) responsible for arranging for the payment of cash or checks to holders of the securitieswho will be receivinginterest or dividends,etc. payment period [IBRD] tranche perodo de pago Interval between semiannual dates on which repayment on IBRD loans is due. paymentsharing clausesee sharing clause phase-in agreement fade-out agreement see payout date; payment date; distribution date date effective de rentre des fonds; date de versement fecha de desembolso Date on which a due periodic payment, such as payment on a bond or a stock dividend,is made. payoutprice prix net; rentre nette precio neto Difference between the face value of a bond and the net value received by the bondholder, after deducting commission. P/E ratio see price/eamings ratio periodicreviewclause;reviewclause clausede rendez-vous clusula de examen peridico A clause in a loan agreement, particularly policy-basedlending, which gives the lender the right to determine periodicallywhether the stated objectives are being met and whether any problems have been encountered. If problems occur, further disbursement may be withheld. perpetual bondsee nonmaturing, nonredeemable government bond perpetua floatingratonote bon A intrt variableperptuel; titre subordonnA dure indtermine(TSDI) bono perpetuo con tipo de Inters flotante; pagar perpetuo con tipo de Inters flotante piggyback financing financementgigogne financiamiento concatenado Financingstudies for a future project as part of a loan to fmance another project usuallyin the same sector. pipeline factor [IBRD] ratio (dpartsen) missionsd'valuation/ rserve de projets relacin misiones de evaluacin-operaciones en el programa crediticio The ratio of appraisal departures (i.e. loans that havepassed the preparation stage) to the number of operations in the Bank's lending program. placementmemorandum; placing memorandum note d'information; mmorandum placement de memorando de informacin A document prepared by the lead manager of a syndicate in the Eurocredit market which seeks to givesufficientinformationto other potential Ienders to enable them to decide whether to participate in the credit. plain vanillaswap; vanillaswap;classic swap swappur swap clsico;Intercambio clsico A five to seven-year swap of six-month LIBOR-basedfloating rate funds against fixed rate funds, both denominated in U.S. dollars. A floating rate note with interest paid on a three-monthlybasisbut whichis renewable every six months, (i.e., it has a floating maturity). In 1985, the French introduced a perpetual floatingratenote known as titre subordonn 4 dure indtermine (TSDI). personalstocksee registered stock petrobond ptro-obligation petrobono Participationcertificateswhich represent rights to a specificquantity of oil. Used primarilyin Mexico.

80 policy-based lending;policyloana prts l'appul; prts en faveur de rformes; prts l'ajustementmacroconomique prstamosen apoyo de reformasde polfticas; financiamientoen apoyo de reformasde polfticas Loans made in support of policy and institutional changes,rather than for specificprojects. Normally given under the structural adjustment and sector adjustment lending programs. policy framework paper (PFP) [IBRD] document-cadrede politique conomique (DCPE) documentosobre parmetros poltica de econmica(PPE) Vehiclesfor country authorities to reach agreement with the World Bank and International Monetary Fund on the broad outline of medium-term programs to overcome balance of payments problems and foster growth. In their final form they are statements by governments of their objectives and policies over a rolling three-year period with annual updates and revisions. pool-based lending rate system [IBRD] systemede tauxprteur fond sur un pool d'emprunts sistemade tasas de intersbasadasen una Ncesta' de emprstitospendientes; sistemade tipos de Intersbasadosen una "cesta"de emprstitospendientes Lending rate system using the pool-basedvariable lendingrate. pool-based variable lending rate [IBRD] tauxpreteur variablebas sur un pool d'emprunts tasa de intersvariablebasadaen una "cesta" de emprstitospendientes; tipo de inters variablebasadoen una "cesta"de emprstitos pendientes IBRD lending rate where the lending rate on all outstanding balancesis adjusted everysixmonths to achieve a given spread above the average cost of outstanding borrowings. pooledloan prt du pool prstamoIncluidoen el sistemade fondo comn de monedas A loan included in the currencypooling system. pool of qualified borrowings pool d'empruntsde rfrence emprstitoscalificados The pool of IBRD borrowings after July 1, 1982, used to set the poel-based variable lending rate. The lendingrate is 50 basis points above the Bank's average cost of the pool. portfolio manager grantde portefeuille gerentede cartera Person responsible for supervising an investment portfolio. post (a rate) fixer; annoncer (un taux) cotizar To set a rate for a financial instrument. praecipium; praecipuum prciput praecipuum;honorariodel banco director The amnount lead managerof a Eurocredit the takes for his own fee, before dividing the remainder of the management among the rest of the managefee mentgroup. preferred stock actionsprivilgies; actionsde priorit accionespreferenciales; acciones preferentes; accionespreferidas Stock which has a claim upon the earnings (and sometimesupon the assets and control) of a corporation prior to the common or other classstock. prematured loan prt dont on exige le remboursement anticip; prt rembourspar anticipation prstamo cuyo vencimiento se ha anticipado Loan that matures before time initiallyspecified. premier borrower see prime borrower

81 premium see cali premium;conversion premium;discount; inflationpremium;liquidity premium;prepaymentpremium; premium [foreign exchange] report prima Opposite of discount. A forward exchange rate standng at a premium over todays rate means that the currency concerned is more expensive in the forward market than now. premium [option market] avec prima Price at which an option sells. premium[securities] prime; agio prima; agio The difference between the par value and the higher market value of a security expressed as a percentage of the par value. premium [stocksl prime d'mission prima de emisin Difference between the face value and the selling price of the share when the selling price is higher. premiumswap swap prime swap preferencial; intercambiopreferencial A swap with an above-market rate. prepayment fee; prepayment premium prime de remboursement anticip cargo por pago anticipado Fee payable for a loan redeemed before maturity. IFC uses the term fee while the Bank uses the term premium. price (of a bond) cours; cotation precio The price incdudesthe face value, interest and any premiumor discount. price/earnings ratio (P/E ratio; PER) coefficientde capitalisationdes rsultats (CCR);rapport cots-bnfice relacinprecio-utilidades Market price per ordinary share dividedby earnings per ordinary share after tax. It expresses the market value placed on the expectation of future earnings. price apread see verticalspread pricing (of a loan) formationdu prix; fixationdu tauxd'intrt determinacindel costo de un prstamo Fixing the cost of a loan, i.e. the interest rate and any other charges, such as front end fees. primarydealer courtier(oprantsur le marchprimaire) spcialiste en valeursdu Trsor(SVl7 corredor (mercadoprimario) One of the major banks and investment dealers in the U.S. authorized to buy and sell governnent securities in direct dealing with the Federal Reserve. In France, the SVTs have a similar function. primary market marchprimaire mercado primario; mercado de emisin Market for new securityissues. primary offering mission (primaire)dlactions emisin (en el mercado primario) Offering of a new issue of stocks or bonds. prime borrower; premier borrower; high quaiity borrower; top grade borrower emprunteurbien cot; emprunteur tres solvable; emprunteur premier ordre de prestatariopreferencial; prestatariopreferente; prestatariode primeraclase The most creditworthy type of borrower. prime rate tauxde base; tauxprivilgi tasa preferencial; tipo preferencial Taux de base is the rate charged by banks to preferential customers; tauxprivilgiis the rate charged by nonbank financial institutions (e.g., Crdit National).

82
private paper effetsprivs efectosprivados; papelesprivados Paper placed with a limited group of investors and not advertised. prsvate placement pacementpar voie prive colocacin privada The sale of an issue of debt or equity securities to a sinle buyer or to a limnited number of buyers programloan;programlending[IBRD] pret-programme financiamientopara prstamopara programas; programas Bank loan given not for a specific project but to help a country overcome unforeseen temporary difficultieswhichwould otherwiseresult in inappropriate long-term policy adjustments to correct short-term balance of payments problems. trading;baskettrading;index program

withouta public offering.


processing fee commissiond'nstruction comrsinpor tramitacin;cargo por tramitacin Fee which the World Bank has considered levying on the full amnount loan commitments. It would of be simlar in effect to a front-end fee. production-sharing contracts contratsde partage de la production contratos de participacinen la produccin Contract where the contractor makes contributions to the investment project and his remuneration substarntally (i.e., not necessarily wholly) depends -e.a share of the production of the investment prOject, mcluding right to purchase such share at his a predetermined price or a price to be determined under an agreed formula. profitability ratios; revenue-covenant ratios ratosde rentabilit coeficientesde rentabilidad Ratios that measure the return on assets. proilt-sharing contracts conrratsde partage des bnfices contratosde participacinen las utilidades Contract where the contractor makes contributions to the investment project and his remuneration substantiallydepends on the revenues or profits of the investment project. program adjustment loan (PAL) [IBRD]

arbitrage trading
oprationsd'arbitrageprogrammessur ordinateur;courtagepar ordinateur operacionesburstilesdeterminadas por programascomputadorizados Using a computer to measure and track the relationship between a stock's cash value and a variety of so-called derivative instruments such as stock options and futures indexes and trading on the results. Program traders often trade in very large quantities and therefore have a major influence on the market. Basket trading and program trading are often used synonymously program trading is but sometimes associated only with market closing prices. projectnote bon court terme mis (par une collectivit publique) pour financer un projet (autoamortissable) bono a corto plazo para financiarun proyecto; pagara corto plazo parafinanciar un proyecto Short-term paperissuedbymunicipalitiesto fmance short-term cash flows for a specific project. ProjectPreparation Facility(PPF) [IBRD] Mcanismede financementde la prparation des projets Serviciode financiamiento para preparacinde proyectos Established by the Bank in December 1975,it helps fil the gaps in the existing system (e.g. piggyback financing, additional preparatory work necessary because the Bank has been unable to fully participate in the supervision of the preparatory work, other limitations in project preparation) by providingfunds for small tasks.

prt-programme d'ajustement
prstamo para programas de ajuste Loan te assist a country make adjustment to a series of relatively short-term economic policy objectives.

83 ProjectPreparation Facilityadvance[IBRD] avance pour la prparation des projets; avance PPF anticipo del servicio de financiamiento para la preparacin de proyectos An advanceunder the Project Preparation Facility. It is at the Bank (or IDA) rate. It is normally repaid through reimbursement under the loan/ credit for the project in question. promissory note billet a ordre pagar An unconditional promise in writing made by one person to another signedby the maker, engagingto pay, on demand or at a fixed or determinablefuture time, a sum of money to or to the order of a specifiedperson, or to bearer. IBRD borrowingsbetween July 1, 1981,and June 3, 1982,which were used to calculate the lending rate for the first years of the pool-based variablelending rate. public enterprise rationalizatlon loan (PERL) [IBRD] prt a la rationalisation des entreprises publiques (PREP) prstamo para racionalizacin de empresas pblicas World Bank loan to help rationalize the finances of a public enterprise. public enterprise reformloan (PERL)[IBRDI prt a la rformedes entreprisespubliques (PREP) prstamo para reforma de empresas pblicas World Bank loan to help reform the finances of a public enterprise. public enterprise rehabilitation loan (PERL) [IBRD] prt au redressement des entreprises publiques (PREP) prstamo para rehabilitacin de empresas pblicas World Bank loan to help rehabilitate the fmancesof a public enterprise. public offering (of ahares) offre publique de vente (OPV) oferta pblica; colocacin pblica An offering of an original issue of stock through public sale. purchase and resale agreement [Canada] prise en pension compromiso de compra y reventa Equivalent to the U.S. repurchase agreement. purchased funds ressourcesacquises fondos comprados Include certificates of deposit, Eurodollarborrowings, Federalfunds and repurchaseagreements,as opposed to traditional bank liabilities(demand and time deposits).

promoters' stock see founders' shares


proprietary interest participationmajoritaredans l'actif; intrt patrimonial; part de capital intersmayoritario An ownership interest, as in the interest held by an equity holder in a company or a patent holder who licenses use of the patent by others. prospectus prospectus; document prospecto A document containingall the pertinent information about a public offering of securities and about the borrower. It is made availableto the appropriate legal authorities, stock exchanges, and the prospective investors by the lead manager. The French term prospectusis used in normal parlance; however, the term document is used in the legal instrument regulating the system (Ordinance No. 67-833 of September 28, 1967,Articde 6). Also calied offeringmemorandum. provisioning see loan loss provisboning proxy borrowing [IBRD]

lment du pool (provisoire)d'emprunts


emprstitos de referencia

84

purchase money securityinterest [IFCsret garantissant solde dOau titre d'une un


participation

Qqualified borrowengs(QB>[IBRce empruntsde rfrence emprstitos calHicados borrowings by IBRD after July 1, 1982 Originally, (i.e., based on the pool-based variable lendwng rate), using proxr borrowings. Under the new system (May 1989), they would be defined to excludeborrowingsthat are determined by the Bank to fund investmentsand any new differentiatedloan

garantaprendarladel saldo de una


participacin Type of lien allowed on IFC assets which occurs when IFC purchases assets (e.g. securities or stock up holding) and does not pay the full amnount front. The vendor then has a lien on IFC for the balance due. put

optionde remboursementanticipau gr du
porteur;put opcin de rescate anticipado A right to redeem a debt instrument before maturity at par under specific circumnstances outlined in the original agreement. putablebondsee also retractable bond put bond;putablebond

productshouldthe Bank wishto offer one in the


future. The extraction of borrowings that fund investments would be made separately for each currency. The term Qualified Borrowings1982 is used to describe the old system. See also pool of qualifiedborrowings. quality loan pret de qualit prstamo de calidad A Bank loan whichhas been carefullyprepared and is fnancially viable. quasi-capital quasi-equity;

emprunt fentre
bono de rescate anticipado Bond that allows it holder to redeem the issue at specifiedintervals before maturity and receive full face value. The emprunt d fentre is a long-term
loan, usually of about 18 years, which has six op-

propres quasl-capital; quasl-fonds


cuasicapital

tions for early repayment, three for the borrower, three for the lender, normally around the 7th, 10th and 14th year of the loan. put option option de vente; option de put

instrumentsand other forms of Includes equity-like loans that have the form of equity or equity that has the form of loans. An exanmple equitq with a put is agreement, i.e., unlike normal equity, the investor requires return of the equity, for example, in five yearsat ten per cent interest.

opcin de venta
A contract which entitles one party to it, at his option, to sell a specified amount of securities or commoditiesto the other party, at the price fixed in the contract, during the life of the contract.

quasi-money near-money see


queue listed'attente lista de espera The waiting list for the issue of securities (Switzerland,Federal Republic of Germany). quickratio see acid-test ratio

85

R,
raider see corporate ralder;hostile ralder RAN see revenueanticipationnote rate, to; grade, to classer; coter clasificar Evaluate securities according to their risk. rato baseswitch[IFCd

ratio see accountingratio; acid-testratio; actity ratios;balance-sheet ratio; collection ratio; current ratio; debt-equityratio; debt ratio; debt-serviceratio; debt servicetime profile ratio; domestic resourcecost ratio; financlalratios; gearingratio; gross capitalcoefficient,ratio; gross collectionratio; hedge ratio; institutional ratio; lnterestcoverageratio; leverage(ratio); liqulidtyratio; liquidityratios;long-termdebt ratio; net benefitlnvestmentratio; net collection

ratio;operating operating ratio; ratios;

price/earningsratio; profitabilityratios; reserve ratio; resourcemobilizationratio; volatilityratio rational expectations anticipations rationneJles expectativas racionales A theory based, first, on the assumption that indinviduals and companies will try to maximize their own welfare -- that is, they will try to make their own economicand other circumstancesas desirable as possible -- and, second, that, as individualsand companies make economic decisions in their own interest, they do so in such a waythat markets move towards equilibrium,easing inflation.

conversion type taux un autre d'un de a


conversinde la clasede inters Change from one type of interest rate to another. rate resetter loan see resetterloan rating notation; rating;valuation

c-lasificacin; rating

yvaluation a corporation or of a securids issued of by a corporation, particularly as regards the solvability of the corporation. Standard and Poor's, Moody's and Fitch's are the best known rating agencies in the United States; in France the Agence francaise d'valuation financiere (ADEF) is the major one. Standard and Poor's and Fitch's rating for bonds ranges from AAA, AA and A for the highest quality through DDD, DD and D for the lowest quality. Moodys ranges from Aaa, Aa and A through Ccc, Cc and C and MIG1 through MIG4 for short-term municipal notes. ADEF's ranges from AAA, AA and A through D for bonds and Ti through T4 for commercial paper.

real estate investment trust (REIT) socitcivilede placement immobilier


sociedad de inversin inmobiliaria Organization which collects funds from individuals for reinvestment in real estate. The funds are normally collected by the sale of shares of ownership in the trust.

realinterest rato taux d'intrtrel


tasa de intersreal;tipo de intersreal
plus tho

ratingagency
agence de cotation; agence de classement (des titres); agence de rating; agence d'valuationfinanciere organismode clasHficacin valores de Organization that evaluates the credit rating of prospective borrowers on the securities markets. The standard French term is agencede ratingbut the only French rating agency calls itself Agence d'valuationfinanciare.

Normal rato less rato of inflation, divided by ono

rate of inflation.

86

recall [currencypooq rappel determinaclnde la moneda en que se exige cada amortizacin With loans made prior to the introduction the of currencypool, each loan was disbursedin the currencies available that time. As regardsrepayat ment of the loan,the Bankdetermines order in the whichcurrenciesshallbe repaid(usually according to whichcurrency themostattractive has investment potential). The choiceof currency the Bank for by repayment purposesis calledrecall. recapitalization restructuration capital du recapitalizacin Alteringthe capitalstructureof a corporationby increasing decreasing capitalstock. or its recapture clause clausede rcupration clusula de recuperacin Clause a loanagreementthat allowsa lenderto in
recover part or all of his previouslylent assets if economic circumstancesimprove.

rediscount rescompter redescuento Resaleof instruments as banker's such acceptancer alreadydiscountedby lender, usuallywith central bankor dlscount house,at a pricelessthanthe face value. referencezone see target zone refinancing risk [IBRD] rsquede refinancement riesgorelacionadocon el refinanciamiento Risk of not being able to refinance short-term borrowings under suitableconditionswhen these borrowings mature. RegionalProjectFacilityfor Sub-Saharan Africa Fondsrgional projetspourl'Afrique de subsaharienne Servicioregionalde proyectos para Africaal Sur del Sahara
Fund set up jointly by the World Bank, United Nations Development Programme and the African

red clause clause rouge clusula roja In a documentary credit, special clause included whichallowsthe sellerto obtain an advancefrom the correspondent bank to financethe manufacture or purchaseof goods to be deliveredunder the documentary credit. Liabilityis assumedby the issuing bankrather thanthe corresponding bank. It is calledredclausebecausered ink usedto be used to drawattentionto the clause. red herring pravis d'mission anuncio preliminar una nueva emisin de Preliminary prospectus issued to obtain an indication interest in the issue. It is incomplete of because doesnot containthe publicoffering it price, the underwriter's discount, the date of issue. or red herringlssue mission exploratoire emisinexploratoria An issueof bonds made on an experimental basis.

DevelopmentBank to providegovernments with initial resourcesneeded to build their capacityto considerthe social costs of adjustmentin their macroeconomic policymaking. Fundwasset up The in December 1987,with initial funding of $10 million. registeredsecurity titrenominatf tftulonominativo; valor nominativo A security whoseownershipis determinedby the name in which it is registered as opposed to a bearer securitywhoseownership determinedby is whopossesses it. registeredstock; personalstock actionsnominatives acciones nominativas Stockwhichcannotbe transferredwithoutplacing the signatureof the ownerupon the booksof the issuing corporationand delivery the certificate. of

87 regularlendingprogram[IBRD]

programme prtnormal de
programa ordinariode financiamiento The Bank lending programthat incdudesthe base lending programand the standbyprogram. rehabilitatlon importcredit/loan (RIC, RIL) [IBRD]

The act or processof transforming or extending a credit agreement, whereby the old debt is canceled by the establishment of a new one.

repurchase agreement (RP; repo)


contrat de report; mise en pension; accord de rmr;prise en rmr acuerdo recompra de Arrangement by banks and other institutions to borrow short-term (usually one day) money by transferring securitiesto the lender, with the agreement that they will buy them back. reserveratio rapport lquidit(1/1/781/9/88; coefficient de de liquidit(avant 1/1/78 et aprs 1/9/88) (coeficiente reserva; encaje legal de) The fraction of demand deposit money which a commercialbankmust keep in its reserve account. This ratio determines the maximum amount of money a bank may loan out. In the United States, the legal reserve requirement is imposed by the Federal Reserve on depository institutions. The reserves (cash maintained in a bank's own vault or claimson cash on depositwithcompulsoiyor optional depositories)for transaction accounts are 3% on $25 million or less and 12% for larger sums. In France the ratio was 60% with reserves being defined as disponibilits...ralisation actifs de des ngociation facile figurantau bilan. The new system has been in place since September 1988,with the ratio being set at 100%. resetter loan; rateresetter (RR) loan prt a taux rvisable prstamocon intersmodificable Loan where the interest rate is fixed for a specific period and reset after a specificperiod of time. resource mobilization ratio tauxde mobilisationdes ressources coeficiente de movilizacin de recursos The ratio between available resources and use of those resources. IFC uses it to indicatethe percentage of funds it allocates to projects.

crdita l'importation le redressement pour conomique; prt J 'importation le pour redressement conomique crditopara importaciones finesde con
rehabilitacin;prstamopara importaciones con fines de rehabilitacin Loan, credit to support policies to stabilize the economy and reactivate growth, followinga period of economicdecline caused inter alia by inappropriate policies. reissue

rouverture d'une mission


reemisin Issue placed into circulation again after a specific lapse of time. relatively lessdeveloped [IDA] relativement moins dvelopp de menor desarrollorelativo Criterion used by IDA to determine eligibilityfor IDA lending. The guideline currently defmes it as per capita income of $790 or below at 1985prices, though the effective rate (because of scarcity of IDA funds and the availability of commercial lending) has been $570 or below, except for a few very small island economies (e.g. Tonga, Grenada, Dominica). relending recyclage; rutilisationdes prts reciclajede los prstamos;reutilizacin los de prstamos An operation whereby, when a domestic debtor repays a foreign debt, the funds are relent by the foreign creditor to a second debtor within the same country. See onlending. renewal novation renovacibn

88

restructuring seedebt restructuring


retail banking marchbancairedes particuliers;services bancairespour les particuliers;banquede

dtail
servicios bancarios para los particulares; servicios bancarios para el pblico en general Traditional banking operations conducted with the general public. retail investor investisseurfinal inversionista por cuenta propia; inversor por cuenta propia Investor who buys securities and commodities futures on his own behalf, not for an organization. retained earnings report a nouveau;bnficesnon distribus utilidadesno distribuidas Accumulated net income, less distributions to stockholders and transfers to paid-in capital accounts. retiming see interest retiming retirement see debt retirement retired debt dette amortie deuda amortizada A debt that has been paid off. retractable, putablebond obligationrtractable bono rescatable, redimible anticipadamente Bondwhere coupon rate is determined for a lirnited nuxmberof years, after which a new coupon is determined, with bondholdersat the samne time havingthe right to early redemption. return on assets(ROA) rendementde l'actif rendimiento de los activos Net income dividedby average earning assets (loans and nvestment).

return on average ausett [IFCI rendementdes avoirs rendimiento del promedio de los activos Net income as a percentage of total disbursed loan and equity investments net of reserves, and liquid assets averagedfor the current period and previous fiscal year. return on average net worth [IFC] rendementde l'actif net moyen rendimiento del promedio del patrimonio Net income as a percentage of the paid-in share capital and accumulated earnings averaged for the current period and previous fiscal year. revaluation factor [currency pool] facteur de rvaluation factor de revaluacin A ratio establishingthe appreciationor depreciation due to exchange rate changes in the U.S. dollar value of currencies in the pool from one date to another. It is calculated by dividing,as of any day, the total U.S. dollar value at the exchange rates of that day of the balances of currencies in the pool brought forward from the previous day, by their total U.S. dollar value at the exchange rates of the previous day. revenue-anticipation note obligationmise par une collectivitpublique dans l'attentede rentresnon fiscales bono municipal a corto plazo rescatable con ingresos no tributarios Short-term municipalborrowings that fund current operations and are to be funded by revenues other than taxes, especiallyU.S. federal aid. revenue bond obligation a long termemisepar une collectivitpublique pour financer un projet (dont les recettesassureront le remboursement) bono a largo plazo pagadero con ingresos (del proyecto) Long-term borrowingsthat are used to fund specific projects. They are repaid from the income that will be generated by the project.

revenue-covenant see profitabilityratios ratios

89 reve cash and carry oprationde ventede titres au comptantet d'achat de contratsa terme; reversecash and carry operacinde ventade valoresal contado y comprade contratosa trmino Hedgling method consisting of sale of securitieson the spot market and simultaneous purchase of forwardcontracts. See cash and carry. reverse floating rate note obligation tauxflottant inversement indexe bono con intersvariableinverso Floatingrate note carrying a spread inversely related to movements of interbank rates. revolving underwrltlng facllity(RUF); note lssuance faclllty (NIF); note purchase facilty; euronote faclilty facilit de crdit spcial (RUF);(pour l'mission de papier A court terme);facilit d'mission d'effets servicio emisin de tftulos (SET) de A medium-term arrangement under which a borrower can issue short-term paper (Euronotes) backed up by commercialbank underwritingcommitments. There are several variations of this system. They include 1) the NIF, where the commitment is typicallyfrom five to seven years, while the paper is issued on a revolvingbasis, usuallyfor three- or six-monthmaturities, though maturities do range from seven days to a year. Most are denominated in U.S. dollars and involvesix-figureor higher sums. 2) the short-term note issuance facility (SNIF), a term used for NIFs with short-term notes. 3) the RUF, which is a variation of the NIF, with separate underwriting and distribution (the lead manager being sole placing agent, while the underwriters take up any notes whichcannot be placedor extend loans of equivalentamount). 4) the transferable RUF (TRUF), where the underwriting commitmentis transferable. 5) the multiplecomponent facility and others such as borrower's option for notes and underwrittenstandby(BONUS),revolving acceptance facility by tender (RAFT), securitized note commitment facility (SNCF), etc. Note purchase facility and euronote facility are the generic terms and note issuance facility is often used as a generic term. French generally uses the English term, though the aboye translations havebeen seen. right (to purchase shares) droit derecho Usuallyissued in connection with new share issues. Gives the investor the right to purchase further shares at a given price. risk capital capital a risque capitalde riesgo Capital invested in high-risk or relatively high-risk securities and enterprises, in expectation of commensurately high returns. It is sometimes used of equities or ordinary stock, the dividend of which varies with the profits earned by the corporation.

reverse repurchase agreement


contrat de report inverse; mise en pension inverse;accord de rmrinverse; prise en

rmrinverse
acuerdo de recompra inverso Repurchaseagreement initiated by the lender of funds.

reverse swap swapde compensation; swapcompensatoire swapinverso; intercambio inverso


A swap which offsets the interest rate or currency exposure on an existing swap. It can be written with the original counterparty or with a new counterparty. In either case, it is typicallyexecuted to realize capital gains.

review clause seeperiodic review clause


revolving credit; rollover credit crdit renouvelable;crdit reconductible crdito rotatorio; crdito renovable;crdito refinanciable Any line of credit that be borrowed against up to a stated credit limit and into whichrepaymentsgo for crediting. revolving fund fonds renouvelable;caisse d'avances fondo rotatorio A fund for project-related expenditure.

90

riskconvemion floater riskconversion floater instrumentode Intersvariabley riesgo decreciente Euromarket instrument based on principle of
floating rate Eurobond but with high qualitycollateral which increases over time to substitute for the borrower's role. risk premium prime de risque prima por riesgo; prima de riesgo The extra yield over the risk-free rate owing to various types of risk inherent in a particular investment. For example any issuer other than the U.S. Government must pay a risk premium in the form of a higher interest rate on bonds as the risk of default is less on U.S. government securities than those of other issuers.

rollover certificateof deposit;roly poly crtfficate of deposit certficatde dpot tauxrenouvel a certifcadode depsitocon tasa de inters renovable; certificado depsitocon tipode de
Inters renovable A package of certflcates of deposit with maturity of, for example, three years, divided into six six-monthperiods. An investor buysthe package as a whole but he may sell any of the six-month CDs on thc secondary market. He is nevertheless coinmitted to roliing over the CD by redepositing funds to the amount of the next six-month CD. rollover credit see revolving credit rollover date date de reconduction fecha de renegociacin Date of adjustment of interest rate in maturity

rollingguarantee (of interestpayments) garantie mobile garantalimitadarenovable


A guarantee that would cover, at any given time, only one or two payment installmentsbut would, if the covered payments are met, lroll"to subsequent
payments.

transformation. rolloverof gaina


remploi des plus-values reutilizacinde las ganancias Reinvestment of profits.

roll-over refinancement; reconduction; renouvellement


refinanciamiento; renovacin 1. Reinvestment of money received from a maturing security in a similar security. 2. Term used for a delay allowed by a lender to borrower in making a principal payment on a loan. With governments, rollovers in the form of refundings or refmancings are routine.

rolloverrisks risques refinancement de riesgos de refinanciamiento


Risks associated with refmancinga loan. roly poly bond obligationa tauxrenouvel bono con tasa de inters renovable; bono con tipo de inters renovable Medium- or long-term bond whose annual coupon is renewed every three years, at which time the investor may be reimbursed.

roly poly certificate of deposit see rollover certfficate deposit of

91 round-tripping detteacheteavec dcote et revenduea sa valeurnominale compra con descuentode una deuda en divisas y rescatea valor nominal en monedanacional Situation whereby foreign currency denominated debt is purchased at a discount and redeemed for
full face value im the local currency, thereby

S 8ale8agent; 8ellint agent [securities] agenttde placement

agente vendedor;corredor
Firm or individual carrying out the sale of
scors

encouraging capital flight. running (weighted) average moyenne(pondre)mobile promedio mvil(ponderado) The average rate of interest applied to an outstanding loan, based on the rates applied on allaving previous disbursements,weighted,where necessary, to allow for different leveis of disbursement.

Samural bond obligationsamouraT bono samurai Bond issued on the Japanese market in yen outside Japan. bond [Frnce, Belgium, U.S.a

bonde caisse;bond'pargne
bono de ahorro Short- or medium-term fuxed-interestbearer bond issued by a public credit institution or commercial bank. It is not marketable. Bons de caisse are general French savings bonds. Bons d'pawgne are five-yearsavings bonds issued at par. The bearer can ask to be reimbursed after three months but the amount he is paid increases over the five-year period. scheduled debt service paiementsd'intrtsprvus I'chancier servicio de la deuda sin deducir reprogramaciones ni pagos en mora Debt servicethat followsa set schedule. scoring valuation score par evaluacinpor puntos Technique for evaluatinga borrower, primarily his ability to repay a loan. scrip certificate; bearer scrip bulletinde livraison; certificatd'action partiellement libre certificadoprovisional; tftulo provisional Written obligation of a bank acting as paying agent for an issue, to hand over to the subscriber the definitive certificates as soon as they have been issued. scrip lssue [UK]; stock dividend [U.S.] dividende en actions; (attribution,distribution d') actions gratuites;actions-dividendes dividendoen acciones; accin gratuita

92

The issue of additional stock free of charge to


stockholders in proportion to the stock they already hold. This may be done when a company increases its capital by using some of its profits for this purpose and feels that the previously issued stock capital does not give an accurate picture of the amount of capital actuallyemployedby the corporation. SDA Project Faciilty see Social Dimensions of Adjustment Project Facility seasoned issue mission habituelle emisin confiable Issue of securities that have gained a reputation in the market for reliability. secondary market marchsecondaire mercado secundario Market for transactions in existingsecurities. Note that the French second march corresponds to the British unlisted securities market and the U.S.
over-the-counter market or third market and not to

second tier bank banquede second rang banco de segundo nivel; banco de segundo piso; banco de segunda Instancia 1. Bank used as secondary source for funds. 2. Smaller lenders, i.e. banks other than the main commercial banks. Used particularly in Latin America. sector see segment sector adjustment loan see agricultural sector adjustment loan sectoradjustment loan (SECAL;SAD> pret d'ajustementsectoriel prstamo para <finesde) ajuste sectorial A loan aiining at major policy improvements in a sector. sector investment and maintenance loan (SIM) [IBRD] et prt d'investissement d'entretien sectoriel (ES)
prstamo para inversin y mantenimiento

the secondary market. secondary offering placementd'actions dtenuespar les particuliers colocacin en el mercado secundario Redistribution of an outstanding block of stock by a securities firm. It is handied privately off the organized exchangesafter the close of the market, at a fixed price not exceedingthe last sale price on the floor. secondary participant sous-participant participante secundario; participante ajeno al consorcio Outside bank participating in an underwriting syndicate.
secondary public offering

sectoriales
Loan aimed at investing in a particular sector

maintaining the level of activityin that sector. sector loan prt sectoriel prstamo sectorial; prstamo para un sector A loan geared towards a particular sector. securities analyst analystedes valeurs analista de valores Person carrying out systematic assessment of securitiesas a basis for investment strategy. securities dealer; securities firm courtier (en valeurs mobilires);maison de titres; socit de placement corredor de valores; sociedad de valores
Firm acting as a principal rather than an agent in

offrepublique sur le marchsecondaire oferta pblica en el mercado secundario


Public offering of previously issued securities held by large investors, usually corporations, institutions others, as opposed to issue of new stock, where the seller is the issuing corporation.

the securitiesmarket.

93 securities margin account compted'achat de titres cuentade comprade valores


Special account opened by private individuals for the purchase of securities, paid for partially by cash payments and partially on credit given by the broker up to a limit fixed by law.

securities;mortgage-backed security;note; oflthe-runsecurity;option; paper; pass-throughs; purchasemoneysecurity interest;registered


security; Separate Trading of Registered lnterest and Principal of Securities Program (STRIPS); step-down; step-up; steriingtransferable accruing govemment securities (STAGs); stock;

securities market march des valeursmobilibres mercadode valores;bolsa de valores


The primary and secondary market for negotiable

swap;tap security;underiying;unlisted;unlisted securitiesmarket;warrantinto government securities(WINGS); when issued(wi) security; zero coupon Eurosterlingbearerregistered
accruing securities security

equity (stocks) and long-term debt instruments (bonds).

securitization
1. titrisation; titralisation; mobilirisation;

titre; valeurmobilibre valor; titulo


1. Document giving title to property or claim on income. 2. Income-yielding paper traded on the stock exchange or secondary market.

financirisation; dsintermdiation;
transformation en titres; 2. marchisation

1. conversinde la deuda en valores; 2. intensificacin uso de valores del


1. Issue of securities in exchange for debt. The Bank has used it to specifically refer to "the packaging and selling of a pool of creditor risks in the form of a security. Le Ministre de P'Economie, des Finances et du Budget uses tivisation. 2. The tendency on financial markets to make greater use of securities, i.e. firms issue securities rather than borrow directly from banks.

security lending [IBRD] prts de titres


prstamo en valores Lending of securities which the IBRD owns (typically a U.S. Government obligation) against receipt of cash or similar securities as collateral in amounts equal to or higher than the market value of the security lent.

securitized loan sales cession de prts par missionde titres


venta de prstamos por emisin de valores Sale of loans by pooling together a group of loans (or other forms of receivables) and issuing securities backed by an interest in this pool of loans. The creditworthiness of the pool is enhanced through the provision of partial guarantees and/or overcollateralization. security see also agency securities; bearer security; bellwether security; bill; bond; bookentry security; borrow-pledge security loan; cash security loan; certificate of deposit; certificates of accrual on Treasury securities; Continuously Offerred Longer-Term Securities (COLTS); convertible; covered option securities; debt security; foreign-aimed security; gilt-edged securities; government security dealer; investment securities; listed securty; marketable

segment; sector (of the market) compartiment(du march) segmento;sector


A particular part of the market, e.g. airline stocks. Securities analysts often specialize in one segment of the market. self-fnancing self-liquidating see in house financing credit

crdit autoamortissable
crdito autoamortizable Credit reimbursed by the income from the operation for which it was lent. sell-down rtrocession venta de un crdito fuera del consorcio The transfer of a credit from a bank within a syndicate to a bank outside the syndicate.

94 selling agent see sales agent selling commission commissionde guichet comisin de venta In a syndicatedloan, a commissionpaid to members for sales of participations in the issue to investors outside the syndicate. selling consortium, group, syndicate [Euromarket] groupe de placement consorcio; grupo vendedor A group of bank or securities dealers involved in placing a security as sellers. selling fee [Euromarket] commissionde placement comisin de venta Fee charged for selling an issue of securities. selling rate cours vendeur precio vendedor; precio de venta Price proposed (for a security). seniordebt dette prioritaire; dette priviligie deuda prioritaria Debt for which claimson the assets of the borrower rank ahead of other debts in case of liquidation. seniority serial bond, loan 1. emprunt par obligations mis par sries; 2. obligationa lot 1. bono de vencimiento escalonado; 2. bono con vencimiento elegido al azar 1. Bond issues split into a series of maturities. 2. Specialtype of serial bonds where reimbursement is decided by drawing in lots (used in France). service a loan assurer le serviced'un prt atender el servicio de un prstamo To pay interest due on a loan. set aside agreement

accordde domiciliation
acuerdode destinacin especial; convenio de destinacin especial Agreement for payment receipts from a project to be designated for a specific purpose. set-asides montantsaffects; montantsrservs montos reservados; montos afectados Loans made by the World Bank to developing countries reduce their debt. These loans are only to made to countries with large outstanding external debts and whichhave adopted structural adjustment programs approvedby the Bank. Set-aside amounts willbe determined individually will be normally but around 25% of the adjustment program over three years or 10% of the overall amount of the Bank's lending program to the country. settiement date date de reglement fecha de cierre; fecha de pago The date on which payment for a transaction must be made.

rang
prioridad The order of priority for repayment of debt. Separate Trading of Registered lnterestand Principal of Securities Program (STRIPS) Programme de ngociationdistincte des intrtset du principal concernant ses titres Programa de venta separada del inters y el principal de los valores Program announced by U.S. Treasury January 15 1985to allow separate trading of registered interest and principal of securities, initially for long-term notes and bonds and later for all old and new eligible securities in circulation. See also certificatesof accrualon Treasurysecurities.

95

severely indebtedlow-, middleincome


country (SILIC, SIMIC)

*hare retention agreement [IFC]


accord de non-rtrocession d'actions

paysA faiblerevenu,a revenu intermdiaire


gravementendett

pas de bajos ingresos, de ingresos medianos


gravemente endeudado Low-, middle-incomecountry in which three of the four key ratios are aboye critical levels. These ratios and their critical leveis are debt to GNP (50

acuerdo de retencinde acciones Agreement, under whicha company agrees not to sellthe stockof anothercompany whichIFChas in an interest, until the loanhas been reimbursed.
shares see bonus share; cross-shareholding; didend-right share; eamings per share (EPS);

percent), debt to exportsof goodsand all services


(275 percent), accrued debt service to exports (30 percent) and accrued interest to exports (20 per cent). Used in the World Bank's World Debt Tables. See moderately indebted low-income,

equity;founders' shares; partnershipshare; public offering (of shares); right (to purchase
shares); shareholders' equity; stock; transferable share

middle-income country. shadow price seeaccountingprice


shake-out (of the market) tassement 1. asentamiento; 2. sacudida 1. A moderate stock market or business recession, usuallycorrective of an inflationary condition. 2. Any movement in the market prices of securities that forces speculators to sell their holdings. shareholders' equity, funde see stockholders' equity

sharing clause; paymentsharing clause


clause de partage de paements

clusula que estipulaque se han de compartir los reembolsos


Clause in loan agreement that states that if one participant fails to receive payment, the others will share receipts with the participant(s) not receiving payments.

shelf registration
enregistrement attente en autorizacin permanente A system of standing authorization to issue securities given by the U.S. Treasury to certain select borrowers (including the IBRD). Borrowers must normallywait for formal approval. Shogun bond

share list
cours de la Bourse

lista de acciones con sus cotizaciones


A listing of stocks with their current prices. ahare ownership avoirs en portefeuille;acquisitionde valeurs mobilieres; acquisitiond'actions

'shogun' obligation
bono shogun Non-resident bond issues denominated in foreign currencieson the Tokyo market. Started June 1985.

cartera de acciones
The possessionof shares of stock in a corporation. share premium account [IFC] d'mssion" compte "prime

short hedge de opration couverturepar ventea terme;


short hedge

operacinde cobertura por venta a plazo


Hedgingoperation by someone who is "short"(i.e., who owns less of an item than he has contracts to

cuenta de primasde emisin


Account of a corporation, in which IFC has a holding and in which the premiums obtained on new shares are deposited.

deliver).

96
short-leash approach Social Dimensions of Adjustment Project

approchea court terme mtodo de "riendacortan Approach to debt restructuring whereby the restructuring agreement only applies for a short period of time. short position engagementa la baisse;position vendeur;
position courte 1. posicin en descubierto;

(SDAProject) ProjetDimensionssociales de l'ajustement (ProjetDSA) proyectos relacionados con los aspectos sociales del ajuste Project to protect the poorest people duringperiods
of adjustment. Social Dimensiona of Adjustment Project Facility; SDA Project Facility

2. posicin corta Where a dealer in stocks or commoditiesis committed to sell more of them than he has availablefor sale. The Bank definition is (1) in relation to securities, any security sold but not then owned by the Bank and (2) in relation to futures and option contracts, any such contract sold by the Bank which has not expired, been exercised by a seller or canceled through the sale of such contract by the Bank. shortsale ventea dcorvert venta en descubierto Sale by dealers of securities they do not own. short-term note effet a court terme bono a corto plazo; pagar a corto plazo Note with maturity of one year or less.

Mcanisme financementdu Projet Dimende sions socialesde l'ajustement Servicio de financiamiento de proyectos relacionados con los aspectos sociales del ajuste Facilitycreated by the World Bank, UNDP and the African Development Bank and supported by the Government of Norway,it seeks to help participating governments integrate social dimensions in the design of their adjustment programs. Sogo bank Banque 'sogo' banco sogo Regional finance institutions in Japan, dealing chieflywith smaller enterprises. source and application of funds statement see statement of changes in financial position sourceand use of funda statement see statement of changes in financial position sovereign credit empruntgarantipar 'Etat;crdit souverain crdito soberano; crdito garantizado por el Estado A borrowingguaranteed by the state. soverelgn risk risque d'insolvabilit l'Etat emprunteur; de risque souverain riesgo soberano; riesgo de insolvencia de un pas The risk of changes in a borrowingcountry`soverail foreign exchange position, which might affect its ability to repay a loan.

short-term paper
effets a court terme; papier a court terme

efectos a corto plazo; valores a corto plazo; papel a corto plazo Paper with maturity of one year or less. short-term paper market march des effets a court terme mercado de valores a corto plazo Market for paper with maturity of one year or less. sinking fund caisse d'amortissement; fonds d'amortissement fondo de amortizacin A fund created by a borrower for the purpose of redeeming bonds. The borrower is obliged to redeem specified amounts of the bond within specifiedperiods.

97 sovereign risk loan apeculative grade paper

prt comportantun risque souverain


prstamo con riesgo soberano Loan to a State or loan where the State takes the responsibility for the loan.
space

missiona caracterespculatif
emisin de valores especulativos Issue of paper rated at BB+ or below (or equivalent) by a rating agency.

arbitrage see two-point arbitrage

spinoff
cession d'actions (d'une nouvellesocit aux actionnairesde la socit mre); distribution d'actions (d'ne nouvellesocit aux
actionnaires de la socit mere) cesin de activos (de una sociedad) a cambio de acciones (de otra sociedad nueva); transferencia de activos (de una sociedad) a cambio de acciones (de otra sociedad nueva) The transfer by a corporation of a portion of its assets to a newly formed corporation in exchange for the latter's capital stock, which is thereupon distributed as a dividend to the stockholders of the
first corporation.

SpecialCommitment [IBRD] engagementspcial


compromiso especial Bank procedure whereby the Bank provides a commercial bank with a guarantee to enable it to issue a letter of credit to a Bank borrower to finance the purchase of goods under a project.

Special Facility for Sub-Saharan Africa; Special Facility forAfrica; African Facility (SFSA; SFA) Fonds spcial d'aide l'Afrique subsaharienne;

Fonds d'aide l'Afrique (FAA)


Servicio especial de asistencia para Africa al Sur del Sahara; Servicio especial para Africa; Servicio africano A facility set up as a result of the Joint Program of Action for Sub-Saharan Africa to support policy reform in IDA-eligible countries in sub-saharan Africa. It will primarily fmance quick-disbursing structural and sectoral adjustment programs and rehabilitations projects with a major policy content. splinter currency [IBRDO monnaie pineuse; monnale pine moneda que representa una proporcin mnima del saldo pendiente de un prstamo A currency which constitutes less than 2.5% of a fixed currency loan's remaining outstanding balance. split; split-up;splitting division (d'une action en plusieurs titres)

divisinde acciones

special placement
placement spcial

Increasing the number of shares of a corporation by some ratio or multiple. spot credit

colocacin especial
Placements issued by international development institutions and placed directly with central banks, monetary authorities, and governments.

crdit ponctuel
crdito negociable Short-term credit where the amount and conditions are negotiated as required.

specificinvestment loan (SIL) [IBRD] prt d'investissement spcifique prstamopara una inversinespecfica
World Bank loan for a specific investment project.

specificloss reserve[IFCJ rserve pour pertes spcifiques


reserva para Inversiones especfficas The portion of the total loss reserve that is attributed to the decline in the value of specific investments below original cost.

spot market;actual market;cash market; physical market [commodities] marchdu disponible mercadode productos disponibles;mercadode entregainmediata
Market where goods are sold for cash, for immediate delivery.

speculative grade bondsee junk bond

98

spot market; cash market [foreignexchange]


march au comptant mercado al contado Foreign exchangemarket where currencyis sold for immediate delivery. Seefutures market.

Lendingoperationsthat are under preparationand


are iikely to be ready for the fiscal year following the fiscalyear in question but may be ready sooner and which could substitute for projects in the fiscal year in question.

spread see alsoalligatorspread; banker's spread; bear spread; builspread; butterfly(cal>) spread; diagonal spread; financialspread; horizontalspread; implicit spread; TEDspread; verticalspread spread 1, 2. cart; 3. marge;spread 1, 2, 3. margen;diferencia;diferencial 1. Options: Purchaseof a call optionat one price and resale at another. 2. Commodities: Purchase of a contract in one delivery monthand resalein another.
3. Euromarket, securities: Differencebetween rate at whichbank borrows money on interbank market and rate at whichit onlends funds to its customers. spread risk [IBRD] risque li a la marge

standby letter of credit lettre de crdit standby carta de crdito contingente A letterof creditissuedto coveragainsta particular contingency. standby loan prt conditionnel prstamocontingente Loanwhichis not part of the currentschedulebut which can be presented to the Board if other projectsslip. StarTrek issue
missionrate d'avance emisin Star Trek Eurodollar issue where interest rates havebeen set too low to attract investors. Called Star Trek because they werepnced whereno man dared to go (a reference to the Star Trek TV show). atatelesa money argent apatride

riesgo relacionadocon el margen


Risk due to the spread between IBRD borrowing and loans being too low or negative.

standby commitment engagement d'attente compromiso contingente to A bank commitment loanmoneyup to a specifiedamxount a specific for period,to be usedonlyin
a certain contingency.

dineroaptrida Moneywhichis not part of the currency anyone of country. Eurocurrency depositsare an example. atatement changes In financial position; of source and applicationof funda statement; funda statement; source and use of funda statement;funde flowatatement;changes In working capitalstatement tableau financement; de tableau flux des estado de flujode fondos; estado de fuentes y utilizacin fondos; estado de cambios en la de situacinfinanciera

standbyequity engagement conditionnel participation) (de compromisocontingentede participacin el en capitalsocial;compromisosupeditado a la compra de acciones
In investment an agreement that is conditional on stock purchase.

standbylending program programme prt d'appoint de programa (de financiamiento) reserva de

99 A statement used in conventionalaccountingwhich summarizes the fmancing and investingactivitiesof an entity, including the extent to which the enterprise has generated funds from operations during the period and for completing the disclosure of changesin financialposition during the period. The first English term is the one recommended by the U.S. AccountingPrinciplesBoard (APB) since 1971; the second term is the one found most frequently in the World Bank and IFC; and the third is the most common one used in the U.S. prior to the APB recommendation. The other terms are also found. steeringcommittee; advisory committee comit de restructuration comit de reestructuracin In the field of debt restructuring, a committee consisting of the lead banks for loans to these countries, involvedin organizingand managing the additional fmancingneeded for the country and for negotiating the debt restructuring procedure. step-down (security) (titre ) coupon dgressif multiple (valor)con intersdescendente Securities where the coupon rate decreases by a fixed amount every year. stepped(rate) bond obligationa tauxflottantfix d'avance bono con intersescalonado(fijado anticipadamente) Bond with different coupon rates of interest for different periods, fixed in advance of the issue. step-up(security) (titre a) coupon progressif multiple (valor)con interscreciente;(valor)con inters progresivo Securities where the coupon rate increases by a fixedamount every year. sterlingtransferable accruinggovernment securities (STAGs) obligationsd'Etat de qualit a couponzro bonos britnicossin cupn (STAG) British zero coupon bonds,based on gilts. stocksee air pocket stock; capitalstock (of a corporation); common stock; cumulative preferred stock; dividendstock; equ-y; growth stock; loan stock; paid-up stock; preferred stock; promoters' stock; registered stock; shares; volatilestock stockdilution;stockwatering dilution du capital; dcapitalisation dilucin del capital (accionario) The lesseningof an ownershipshare's earnings and assets equity,caused by the issue of more ownership shares without correspondingincreases in eamings and assets. stock dividendsee scrip issue stockholders' equity;ahareholders' equity; owners'equity;equity;net worth; shareholders' funds [U.K.] fondspropres; capitauxpropres; situationnette patrimonio; patrimonio neto; activo neto The value of assets less liabilitiesof a corporation. All the terms given here are generally synonymous, but accountantstend to givedifferent slants to these terms in certain circumstances, so they may, on occasion, have slightly different meanings. For example, capitaux propres and situation nette are normally synonymous, though capitaux propres sometimes equals situation nette less retained earnings (report t nouveau). stockindexfuture contrat a termesur indices boursiers contratoa trminocon ndice burstil Security that combines features of traditional commodity futures trading with securities trading, using composite stock indexes. Investors can speculate on general market performance or can buy an index futurecontractto hedge a long position or short position against a decline in value. stock marketcrash krach boursier colapso la bolsa de A major fall in stock prices. Usually used to refer to the Wall Street Crash of 1929and, more recently, the Crash of October 1987. stock option option de souscription;droit de conversion; plan d'achat; plan de souscriptiond'actions opcin de comprade acciones

100

A right granted by a corporation, usually to employees or underwriters, to purchase corporate stock, under specificprice and timing conditions. stock warrant warrantd'actions; bon de souscription d'actions certificado para la compra de acciones; warrant para la compra de acciones Warrant for purchasing stock. stop order ordre stop orden tope An order to buy above or sell below a specified price, if reached. stop-out price prixd'arret precio mnimo en subasta a la baja Uniform auction price (i.e., lowest price at which bids are accepted) at a Dutchauction. straddle; cail-nd-put option stellage; ordre li; straddle; option cali et put opcin de venta y compra; posicin a horcajadas Double option consisting of a put and a call with same striking price. straight bond obligationclassique bono clsico; bono ordinario Bond with unquestioned right to repayment of principal at a specified future date, unquestioned right to fixed interest payments on stated dates, and no right to any additional interest, principal, or conversionprivilege.
straight, tap certificate of deposit certificat de dpot classique,par lot

atrangle
strangle strangle An options strategy in which the exerciseprice of the call is higher - and that of the put lower - than the current price of the underlying stock. strikingprice;strikeprice;exerciseprice prix d'exercice; prix de leve; prix de base precio fijado en contrato (para ejercitar una opcin de compra); precio de ejercicio Price a particular share must reach before an option to purchase the shares can be exercised.

strip certificate
certificatstrip; certificat dmembr certificado separado del cupn A security certificate that has had the coupon removed by a broker,who selis them separately. stripof maturities tranched'un pret parte de cada vencimiento de un prstamo A time portion of each of the maturities a multiof maturity loan. strip participation participationa toutes les chances participacin en cada vencimiento (de un prstamo) Participation in each of the maturities of a multimaturity loan.
stripping

dmembrement; ngociationspare separacin Separation of future coupon payments and principal redemption values.
Structural Adjustment Facility within the Special Disbursement Account (SAF) [IMF

certificado de depsito clsico; certificado de depsito sin lmite; certificado de depsito de libre compra Standard certificate of deposit, without any restrictions on amount available.

Facilitd'aJustement structurel tablie dans le cadre du Comptede versementsspcial (FAS) Servicio financiero de ajuste estructural dentro del marco de la Cuenta Especial de Desembolsos

101

Facilitycreated by the International MonetaryFund in March 1986 to provide balance of payments assistance on concessional terms to low income developingcountries. The resources will consist of assets receivedin the SpecialDisbursementAccount as a result of the termnination the Trust Fund. of

Sushi bond obilgation "sushi' bono sushi Eurodollarbonds issued by Japanese corporations on the Japanese market for Japanese investors.

subborrower emprunteur secondaire; emprunteur final subprestatario A smaller loan which is a part of a larger loan, oftenone provided onlending. for subloan prtsecondaire; subsidiaire prt subprstamo A loanthat has been onlent. subloan pricing (fixation prixdes prtssecondaires du) determinacin costo de un subprstamo del lends When the Bank or other lendinginstitution
money to a national development institutionwhich,

swap seealsoasset(-based) swap; basis (rate) swap; callableswap; circus swap; cocktail swap; ContingentSwapFacility[IBRD]; coupon swap; cross-borderswap; cross-currency interest rate swap; currencyswap; debt-charity swaps; debt commodityswap; debt-debt swap; debt(-for)-equity swap; debt-for-cashswap; debt-for-development swap; debt-for-export swap; debt-for-local currencyswap; debt-for-nature swap; debt/quasi equityswap; discount swap; double hedge swap; dual-currencyswap; even par swap; Global SwapAuthority; interest-rateswap; inward swap; mirrorswap; option swap; outwardswap; par debt swap; plainvanillaswap; premium swap; reverse swap swap (transaction) swap; crdit crois;change financier swap;intercambiode monedas; crdito
recproco; conversin; pase financiero A spot purchase of foreign exchange (currency swaps), fixed or floating rate funds (interest rate swaps) or assets (asset swaps) with simultaneous forward sale or vice versa. Pase financiero is an Argentinian system, related to the swap system, whereby persons or institutions making capital investments are given an "exchange guarantee," whichguarantees that the funds can be reexchanged at a predetermined exchangerate on a specificdate. The French Government is recommendingthe term crditcroisbut it is fighting losing battie. a

in turns, onlendsthe funds,the cost of the subloan is determined the interestrate and othercharges by leviedby the nationaldevelopment institutionand
by the foreign exchange costs. subordinated debt see junior debt subordinated loan prt non privilgi prstamo subordinado A loan where repayment is made subject to other conditions being met, normally repayment of other loans which are deemed to be "senior" (often because they are secured).

subordinatelender preteurnonprivilgi prestamistasubordinado Lender holdinga subordinatedloan.


subscription rlght

swap, to swapper intercambiar; efectuar una operacin de swap; efectuar un swap;convertir


To carry out a swap transaction.

droit de souscrption derechode suscripcin The samne right. as

swap future contrata terme sur swap (contratode) futuros de swaps


Futures contract in swaps (initially interest rate swaps), introduced in the U.S. market in 1986.

102 Swap lnsuranceFacility[IBRD] d'assurance swaps des mcanisme servicio seguro swaps de de Scheme set up by the Bank to providegreater directcounterparties. Enables flexibility selecting in Bank to negotiate directly with counterparties previously ineligible becauseof their credit status and to separate the pricingof the arrangers and credit fees from the pricing of other financial aspectsof a swapoperation. swaption;swap option swaption; option de swap;swapoptionnel opcin de swap;swapopcional Instrumentcombiningfeatures of swaps and optionswherebythe buyeracquiresthe right(but not the obligation) make a swap withina specific to agreed. periodof time at a rate previously swingline crditde scurit; ligne de liquidit; lignede dcouvert de lnea crdito a corto plazo A short-termline of credit enablingborrowersto drawat short notice to coverthe delayin issuing notes or makingother formsof drawing. switch arbitrage arbitraje Saleof paperwhichis no longerconsidered have to long-term possibilities and investment of the proceedsin securitiesconsidered moreworthwhile. switch,availability clause clause disponibilit de clusulade disponibilidad In a rollover credit agreement,a clause which allowsa lenderto lendin a currency otherthan the one stipulatedin the agreement,if the stipulated currency not available. is switching see interest (rate) switching;inward switching;outwardswitchingoperations switchingvalue valeurcritique;valeurseull valor crftico The valuethat reversesthe rankingof twoalternative projects. For example,Farm A willproduce beef with high technologyequipment and few workers, whileFarm B willconsistof a low-technomanyfarmworkers. Up logyoperationemploying to a weightof 1.5 on incomegoing to the poor, Farm A has a higherrate of return. However, a if weight greaterthan 1.5is given, Farm B willhavea higherrate of return. The switching value,therefore, is 1.5. syndicate consortium; syndicat financier consorcio (bancario,de financiamiento) A groupof bankersand/or brokerswhounderwrite and distributea newissue of securitiesor a large blockof an outstanding issue.Byextension, also can refer to a group of bankcs securities rirms or who are involved a Eurocreditor Eurobondissue. in syndicate,to (a loan) consortialiser concertar un prstamo a travs de un consorcio (bancario,de financiamiento) To arrangefor a loan usinga syndicate. syndicatedloan prtsyndiqu; consortial prt prstamo de un consorcio Loanmadeby a syndicate. syndication formation syndicat d'un financier;formation d'un consortium formacinde un consorcio (bancario,de financiamiento) Formation a syndicatefor the purposeof issuing of or underwriting loan. a synthetictloatingratenotes; derivative floating rate notes flottant papier synthtique tauxd'intrt titulossintticoscon intersvariable A name for asset swaps which are artificially and banksrather packaged marketedby investment than investorsthemselves.

103 system repurchase agreement contrat report de acuerdode reventa(a un precio especfflcado) Purchase the FederalReserve of securitiesfor a by short period of time with an agreement to resell them at a specified price. See also repurchase agreement.

T,
takeand-pay contract
contrat de paiementcontre livraison contrato compracontraentrega de A guaranteeto buy an agreed amount of a product or service provided it is delivered. take In, to (bilis) prendre (des effets) en pension redescontarcon compromisode reventa Rediscountoperation with promise to transfer the credit title back to the original lender. take-or-pay contract contrat d'achat ferme; contrat de prise ferme contratofirme de compra (sin derechode rescisin) An unconditional guarantee to buy an agreed amount of a product or service whether or not it is delivered.

takeout, to [IBRDI
renoncer renunciara una garanta Waiver by a colender of a guarantee given by the World Bank, as the guaranteed portion of a coloan progressively comes within the range of normal maturities. takeover bid offre publique d'achat (OPA) oferta pblicade adquisicin(OPA) (con fines de absorcin) An offer to acquire a controlling interest in a corporation. takeover candidate see target company takeover option [IBRD] option de reprise (des dernireschances d'un prt commercial) opcin de financiamiento residual Contingent commitment by the IBRD to take over any residual financing of a loan as it reaches its ten-year maturity. Tankoku bill bon Tankoku bono tankoku

104

Six-month bill issued by Japanese Government to refinance expiring long-term bonds. tap certificate of deposit

A wide zone of exchange rates, perhaps plus or minus 10 per cent, within which a currency can freely move against other currencies. Suggested at the New York Plaza Agreement at the Group of

mission guichets a ouverts


emisin continua A certificate of deposit issued on an as required basis. See straight certificateof deposit tap issue mission a guichets ouverts

Five meetingin September1985,and proposedby


the French Treasury in February 1986,as a way to reduce major currency swings. tax-anticipation note (TAN) bon garanti par les recettesfiscalesprvues bono respaldado por ingresos fiscales previstos;

emisincontinua
An issue of a security made available on an as required basis. Used primarilyin the British market, where the British Government issues Treasury stock and seeks subscriptions. As the stock is rarely fully subscribed, the remainder is sold to Stock Exchangejobbers as demand requires. The French introduced an equivalent system in 1985 called obligationsassimilablesdu Trsor (OAT).

pagar respaldado por ingresosfiscales


previstos Short-term borrowing issued to fill temporary fmancing needs. It is backed by anticipated tax receipts and any unencumbered revenue of the community. tax buoyancy lasticitglobale du systmefiscal par rapport au produit intrieurbrut (PIB)

tap security
titre mis A jet continu; titre mis a guichets ouverts valor en venta continua Security that is continuouslyavailable and may be obtained on demand by investors. Used prmarily in the British market. target company; takeover candidate

elasticidadtributariaglobal
Total elasticityof the tax system (built-in elasticity plus elasticitydue to discretionarychanges in the tax system). Measured by the annual mean growth in receipts dividedby the annual mean growth in gross domesticproduct (GDP).

tax credit
avoir fiscal; crdit d'impt

socit opable
empresa susceptible de absorcin Companyconsidered ripe for takeover. targeted currencypool pool de monnalesfix comme objectif

crditotributario;descuento impositivo
A 100% offset against tax liability. technicalassistance loan (TAL) [IBRD] pret d'assistancetechnique prstamo para asistencia tcnica

(metas para la composicin fondo comn del) de monedas Under the new currencypoolingsystem,the currency pool will havetargeted ratios for currenciesin the pool of 1 U.S. dollar for every 125Japanese yen and 2 Deutsche marks (or the equivalent in a composite of Deutsche marks, Swiss francs and Netherlands guilders). target zone; reference zone zone de rfrence;plage de rfrence;zone cible

WorldBankloanfor technicalassistance purposes. technicaldecline,drop


repil technique disminucin tcnica The fall in price of a security or commoditybecause of factors relating to operation of the market and not because of any supply or demand conditions. TED apread cart entre les bons du Trsoret les dpdts a terme en eurodollars

zona de referencia

margenentre los bonos del Tesoro de EE.UU. y los depsitos a plazoen eurodlares

105

Technically, apreadbetweenU.S. Treasurybill the futures Eurodollarfuturesbut commonly and used to refer to the spot market yieldapread between Treasurybills and LIBOR. tender panel grouped'enchrisseurs; paneld'offre;syndlcat d'enchres; syndicat soumlssionnalre; syndicat de placement grupo de bancos licitantes In a Euronoteissue,a groupofbanksseparatefrom but usuallywith many memberscommonto the groupof underwriters.Thepanelmembersbid for anynotes issued,up to a predetermined maximum spread. The underwriters up anynotesnot bid take for or extendloans of an equivalent amount. The tender panelbanksexpectto place any paperthey receiverather than hold it themselves. tenor teneur perodode reprogramacin Theperiodof debtrescheduling numberof years. in termloan crditd'quipement prstamo a mediano o largo plazo Medium- long-termloanundertakenby a corpoor ration when it cannotor does not want to issue a loan on the financialmarket. termsheet liste de conditions (hoja de) plazos y condiciones;hoja de trminos List of terms and conditions a loan. for termtransformation transformation chances des transformacinde los plazos de vencimiento The use of fundsfrom short-termdepositsto make long-termloans. third market;oft-the-board market trolslme march;march horsbourse mercado terciario;mercado fuera de bolsa Market for securitydealing in over-the-counter stockslistedon a stockexchange betweenfirms but that are not membersof an exchange and, therefore, do not chargeregularlistedcommission.

tick fluctuation minimele; fluctuation prix de minimum variacinde precio A movementin the price or pricequotationof a securty contract. or time arbitrage arbitrage dansle temps arbitrajede vencimientos Buying seUing differentmaturities. and at time (cali) spread horizontalspread see time-sliceloan prtpar tapes prstamo divididoen perodos Loanwherethe lenderonlyfinances loana part the of the time. time value valeur temps valortemporal The chance that an option will become more valuable beforeit expires. tombstone

avisfinancier; encart publicitaire


anunciode emisinefectuada;esquela; prospecto de emisin Advertisement whichannouncesthat a credit has been arrangedor a bond issuemade. top gradeborrowersee primeborrower topping up apports complmentaires; oprations de bouclage aporte de fondos complementarios Providingextra fundsto an existingloan package, rather than a new one. top-ratedbond obilgation premier de ordre bonode primerorden; bono de primeraclase Bond issued by corporation or organization considered be particularly to creditworthy.

106 trade bill [U.K.] effet de commerce letra comercial; efecto comercia Commercial bill accepted directlyby a corporation. trade date date d'change fecha de transaccin The date on which counterparties commit to a swap. trade financing facility facilit de financement des importations servicio de financiamiento comercial A financingarrangement by commercialcreditors in the form of linking financing to particular projects or trade operations in countries where they have business interests. These facilitiesenable long-term commercial banks to maintain closer ties with in customers both the debtor countriesand industrial countries, while providing additional finance for a country's imports. trade inside fees transaction compense transaccin al precio de oferta menos comisin Said of a security issue traded at a price between the offering price and the offeringprice less the fees charged. trader [stock marketl arbitragiste corredor de bolsa Individual who buys and selis stock for own profit or for a corporation. trading spculation compraventa; especulacin Buying and selling of securities or commoditiesfor profit. trading ticket [securities] fiche de Bourse;ordre d'achat; ordre de vente orden de compra; orden de venta Purchase/sales order for a security. tranche certificate of deposit certificatde dpt par tranche certificado de depsito en tramos Cerdflcate of deposit representing a share in a program of certicate of deposit issues by a bank. tranchlng subdMsion d'un prt en plusleurs tranches divisin de un prstamo en varios tramnos Division of a loan (specificallyadjustment loans) into several tranches. Release of tranches is conditional on specificagreed actions being carried out. transferable ahare action au porteur accin al portador; accin transferible; accin negociabie Share of stock on whichthere are no restrictions on transfer of ownership. tranafer price prix de transfert;prix interne; prix de cession inteme precio de transferencia interna Price between a corporation and its subsidiary or within a corporation (opposite of arm's length price). transformation see also maturity transformation; negative term transformation; term transformation transformation (bancaire) transformation transformacin (bancaria) Medium-and long-term reinvestmentoperations by financial intermediaries, taking in liquid savings or sight deposits. tranalation see currency translation Treasury bill [U.S.] bon du Trsoren comptes courants bono del Tesoro (a corto plazo) Bill issued by U.S. Treasury with short maturity (less than one year).

107 Treasury bond [U.S.I

bon du Trsor long terme A


bono del Tesoro (a ms de 10 aos) Long-term (more than ten years) fixed coupon paper issued by the Federal Reserve on behalf of the U.S. Treasury. Treasury lnvestment Growth Recelpt (Tiger)

Clausein IBRD loan agreementrequiringreview after a certain number of years to determine whether changes in the countrys economic condition warrant harder or softer loans. trigge rate seuil de dclenchement tasa de activacin Rate at which floating rate notes are automaticaily converted to fixed rate paper. truncation limitationde la circulation physiquedes valeurs limitacinde la circulacinfsica de los valores System of limitingthe physicalcrculationof securities in certificate form to save paper and reduce operating costs. Includes use of computers, microfiche, etc. trust bank (Shintaku Ginko) [Japan]

tigre
bono sin cupn respaldadopor el Gobiernode EE.UU. Form of zero-coupon security first created by Merrill Lynch. They consist of U.S. Governmentbacked bonds that have been stripped of their coupons. See also certificatesof acerual on Treasury securities. Treasury note [U.S.1 bon du Trsor bono del Tesoro (a medianoplazo) A medium-term (normally from two to ten years) coupon security issued by the U.S. Treasury. In France,bons du Trsor have a maturity of one to fiveyears. Treasury tax and loan account [U.S.] compte courantdu Trsorauprs des grandes

banque tiducie de
bancofiduciario Japanese bank involvedin both lending and money management. turntable see entrep8t twist see currencytwist two-point arbitrage; space arbitrage arbitrage dans l'espace arbitrajeespacial Buyingin one center and selling in another. two-tier market double march mercadode dos niveles An exchange rate regime which normallyinsulates a country from the balance of payments effects of capital flows while it maintains a stable exchange rate for current account transactions. Capital transactions are normallyrequired to pass through a "financialP market while current transactions go through an "official"market, though other arrangements are possible. Examples are found in Belgium and the United Kingdom, though France and Italy have experimentedwith such systems.

banques
cuentacorrientedel Tesoro Currentaccount of the U.S. Treasury in which tax receipts and the receipts from the sale of bonds to the public are deposited. trbangleconfiguration configurationtriangle,en triangle configuracinen tringulo Form of bar chart used in bar chart analysis of securitieswhere fines drawn round the chart have the shape of a triangle. There are three main varieties - symmetrical, ascending and descending. The symmetricaltriangle is made up of two positive forces - buying and selling,while the ascendingone indicate a positivebuying force but a neutral selling force and a descending one indicates a positive selling force but a neutral buying one. trigger clause [IBRD] clause de dclenchement clusulade revisin

108 uU "

unbuGdling financial rbska of financiers des dcomposition risques separacin riesgos de financieros
The separation and separate evaluationof financial

underwrltten facllities facNlits d'missions souscrites y servicios emisin suscripcin de (NI)

Short-term paper facility with an underwriting or

backstop facility, such as the notelssuancefadlilty


takeover takeover see hostile bid unfrienidly unidentifiedloss reserve[IFC] pourpertesnon identifies rserve por de reserva paraprdidas concepto inversiones identificadas no
Reserve that provides an allowance for losses on those investments where judgnent of impairment cannot be made because of a lack of adequate operational experience.

risks. uncalied capital capital non appel capital suscrito no desembolsado y The amount of capitalby which the total capital
authorized by the stockholders exceedsthe paid-up capital.

uncovered; naked dcouJvert en descubierto


Unhedged (i.e., a liabilityexists in the long or short term, which is not covered by a corresponding position). underiying (security)

unR-managed costs
chargesadministrespar les services costos descentralizados Costs which are the responsibility, for budgetary purposes, of individual units, as opposed to those thatcentrally-managed.

(titre)sous-Jacent; support;valeur-support al ejercer opcin una tftuloexigible


Security (or other instrument) that must be delivered if an option is exercised.

fund unit trust see open-end


universal bank(ing)

underwrilter
suscriptor; asegurador; garante Thcriptor;daseguran sellnga or; ante
The middleman for selling and distributing securities to investorsor the public.

banque 'multiservices"; banque tout faire; banque vocation banque vocation a gnrale; distribubanco(a) multiple; banque polyvalente de servicios mltiples; multibanco;
banco mltiple Bank providingthe full range of banking services.

group,syndicate underwriting consortium, de 1.groupede garantie; syndicat garantie; 2. syndicat priseferme de grupode suscripcin; 1. grupogarante; de 2. consorcio suscriptores with of 1. Groupthatagrees the issuer securitiesto buy or find buyersfor those securitiesthat are not taken up by the public. 2. Groupthat buysup an entire issueof securities. underwrlting facrilty fee; see commisslon garantie de

unlisted (security) non cot;nonadmis,noninscrit la cote offlclelle no cotizado la bolsa en on Security fistedfor trading oneof theregular not stockexchangesand which is, therefore, traded or directly overthe counter. unlistedsecurities market(ULM);over-the thirdmarket; curb counter (OTC)market; market mob/lires non inscrites march valeurs des march hors /a coteofflclelle; secondmarch; cote en que mercado valores no se cotizan las de bolsas principales; mercado terciario

de comisin garanta de comisin suscripcin;


Fee paidin Euroloan lead banksthat underwrite to theoperation.

109

Themarket for securitiesnot quotedon the major exchanges, oftenthose of small-and medium-sized
companies. Unlistedsecuritiesmarket is the British

v .

for term,since1980, the marketin stocksof smaller


market is the term used companies;over-the-counter

date v date de valeur


fecha de valor dalor fecalde

in the U.S. (the systemis operatedunder the National Association of Securties DealersAutomated Quotation (NASDAQ) system) and Japan (the OTC MarketAutomated Quotation System is used); third

marketis the U.S. term used to describethe overthe-counter market in exchange-listed securites;

The calendardate on which a transactiontakes place mpared v velur rmdulte &valeurradulte


os prstamoscon Intereses Impao

a marchdes valeursmobiliresnon inscnites la cote


nameand secondmarchthe officielle the official is common term used in France for the unlisted securities market for small- and mediumsized
companies,since 1983,whilemarchhors cote is the

Refers to a loan which ladoubtful. U.S. banking authorities obligedbylawto deare loanswith are months value overdueinterest in excess of SLX
impaired.

market nameused for the generalover-the-counter


for all companies. unrealizedgaina

see vanilla swap pain vanllaswap


variablelendingrato (VLR) system

latentes plus-values
gananciasno realizadas Profits that have not become actual. The gains are

de systme tauxprteurvariable
sistemade tasas de intersvariablessobre los prstamos; sistema de tipos de Inters variables

realizedwhenthe securityor other instrumenton whichthere has been a gainis sold for a profit.
Investment unseasoned nvestissementqul n'a pas encore attentson rendementnormal que no ha alcanzadosu pleno Inversin

sobre los prstamos Under the originalvariable lendingrate system to applicable allBank loans approvedafter July1, 1982,the lendingrate for each loan was calculated basisand this rate wasappliedto on a semi-annual rate loans (not just newcommitments) all variable
at the beginning of each loan's next semi-annual

rendimiento An investment is not yet fullyproducing. that unwind dnouer contrarrestar Reverse a securities transaction through an offsetting transaction. utilizationfeo commlsslond'utillsatlon comisinpor utllizacin
Fee paid for use of a Euronote facilty.

interest period. Under the revisedsystem,which to willapplyto loans whoseinvitation negotiateis sent on or after May 18, 1989,calculationof the averagecost of the Bank'sdebt for the purposeof setting the lending rate will be done by using of currencyweightsrepresentingthe composition currenciesin the curreney pool rather than the compositionof currencies in the Bank's debt, borrowlngs be redefinedto exclude will qualifled those borrowings allocatedto the fundingof the in Bank'sinvestment liquidassetsand twotechnical adjustments be madeto reducethe lagbetween will
the time period over which the Bank's average cost

and of debt is calculated the periodoverwhichthe on lendingrate is appliedto balancesoutstanding a rate givenloan,withthe newlending beingcalculated quarterly newrates beingappliedat the start and of each quarter rather than at the start of each interestperiod.

lo

venturecapital capitala risque;capital-risque capitalde riesgo


Financing which involvesa relativelyhigh risk.

w
waiver of negative pledge; negative pledge

venturecapitalcompany socitde financement l'innovation de compaade capitalde riesgo


Company specializingin providingventurecapital

waiver renonciation la clausede nantissement a ngative; renonciation la clausede a nantissement passu pari

dispensa de la clusula de abstencin (de los

fmance. verticalspread;price spread cart vertical margenvertical;posicindiferencial vertical


Options strategy that involvespurchasingan option at one striking price while simultaneouslyselling another at the next higher or lower strikingprice. volatile stock actionvolatile accin de valor inestable A stock that changes in a manner inconsistentwith changes in the rest of the market.

compromisosexistentes);dispensa de la clusula obligacinnegativa;exencinde la de clusulade abstencin (de los compromisos existentes);exencinde la clusula de obligacinnegativa
Situation whereby a lender waives its right to a negative pledge (i.e. an agreement that the borrower will not pledge any of its assets if doing so would result in less security to the lender covered under the agreement) in a loan agreement. The Bank normallywillnot waiveits negative pledge rightsbut did so recently (along with other creditors) in the 1987 Mexican collateralized bond scheme. See negative pledge clause.

volatility ratio coefficient beta;degrde volatilit coeficiente inestabilidad de


The ratio by which overali changes in the stock market influencechanges in a specific stock.

warrant also bond warrant;bond with bond see warrant;bond with equitywarrant;debt warrant; detachable warrant; foreign exchange warrant;
stock warrant

voluntary, spontaneous lending prtsspontans; prts volontaires prstamos voluntarios


Lending that is made willingly, as opposed to lending where the lender has some sort of obligation to lend or else the borrower wili not reimburse previous loans.

warrant warrant certificadopara la compra de acciones o bonos; warrant para la compra de acciones o bonos
Option to purchase ordinary share or bond of a particular company, usually purchased by bondholder wanting to participate in profit growth of that company. Often attached to new bond issue as inducement for investors to take up the bond.

warrant bond obligation warrant; 4 obligation warrante bono con certificado; warrant
Bond with warrantattached. This may be a bond withbond warrantor a bond with equitywarrant.

warrant governmentsecurities (WINGS) into warrant changeable contredes titresd'Etat certificadopara la compra de bonos dei Tesoro
Warrant which allows the purchaser to acquire, within a specifiedperiod of time, at a fixed price, a U.S. Treasury bill of specified coupon rate and maturity.

111 wash sale transactionfictive, fantme transaccnficticia Occurs when a person buys and sells a stock, thereby recording a price, but with no actual change of ownership having taken place. watch list liste sous controle lista vigilada;lista en observacin List of securities singledout for special surveillance by a brokerage firm or exchange or other selfregulatory organizationto spot irregularities. Firms on the list may be takeover candidates, companies about to issue new securities or those that seem to have attracted an unusuallyheavyvolumeof trading activity. weighted averagesee runningaverage when issued (wi) security titre vendu avantson mission valor vendido antesde su emisin A security sold conditionallyas, though it has been authorized, it has not yet been issued. U.S. Treasury securities are traded on a when issued basis. whole loan sale vente prts partiels de venta de partes de un prstamo Saleof portions of individual loans in transactions negotiated directly with the end investors (typically banks). The Bank conducted these operations from the early 1950s through 1979 and again from 1985 through 1988. They have now been discontinued. wholesale banking 1. transactions interbancaires; 2. banquede gros 1. transaccionesentre grandesbancos y entre stos y otras instituciones financieras; transaccionesinterbancarias; 2. serviciosbancariospara empresas 1. Large-scale dealings in money deposits centered in the closely-interrelated group of money markets which have developedstronglysince the mid-1960s. 2. Banking facilities offering a limited number of services to select clients (generally large corporations). See retail banking. window (in a market) crneau resquicio Short-lived opportunity to issue securities that may be taken up by any of a significantnumber of highly rated borrowers. window dressing habillagede bilan manipulacin la contabilidad(paraaparentar de unamejor situacin) Fmancial actions such as stock market trading, whose purpose is to make a corporation's financial situation seem better than it really it is, just before the publication of a balance sheet or other financial statement. wolfhound bond obligation ^lvrier d'lrlande^ bono woffhound Bond issued in Irish punt on the Irish market by non-Irish borrowers. working-capital ratio see current ratio working ratio coefficientbrut d'exploitation coeficientede explotacin Cash working expenses divided by operating revenues, expressed as a percentage. workout see debt workout workout arrangements; workouts arrangements (acuerdosde) reestructuracin financiera Arrangements between borrowers and debtors (usually at international level) to extend repayment schedulesand providenew credit at reduced interest
rates.

Worid Bank Capital Markets System (CMS) [IBRD] Systmed'linformation les marchs sur financiers (Banquemondiale) Sistemade informacindel Banco Mundial sobre los mercados de capital A computer-based system set up in 1974 which collectsand verifies data on foreignand international bond issues and Eurocurrency credits from 1972 to the present.

112 (WoridBank) Program SpecialAsuistance of (to MemberCountrles)(SAP) Programme d'assstance spciale (de la Banquemondiale auxpays membres) Programade asistenciaespecial(del Banco Mundiala los pasesmiembros)
n

Yankeebond

obligation Yankee
bonoyanqui

A program to assist those borrowersmaking a determinedeffortto undertake the difficultmeasuresneededto sustaindevelopment despiteadverse externalcircumstances. includesacceleration It of disbursements, substituting higher priorityoperations that supportstructuraladjustment policy and changefor lowerpriority,slowerdisbursing operations,expansion advisory of servicesin the design and implementationof appropriate policiesand
urging other lenders to make similar efforts. WoridBank'sSpeclalProgramof Asmistance for the Low-lncome Debt-Dlstressed Countries Sub-Saharan In Africa Programme spclal d'assistancede la 8anque mondiale en faveurdes pays a falble revenu surendettsd'Afriquesubsaharlenne Programaespecialde asistenciadel Banco Mundialpara los pasesde bajos Ingresosde Africaal Sur del Saharaagobiadospor la deuda

Bond issued on the U.S.market in U.S. dollars outsideU.S. yleldcurve courbe rendements des curva rendimiento de Graphrelatingrates of return to maturity. yleld curve arbltrage arbitragesur les courbes de rendeiment arbitraje conformela curva rendimiento a de Taking a position based on a view of expected
changes in the shape of the yield curve independent

fromthe generalinterestrate viewas it is expressed


by the average duration at which the portfolio is positioned. yinld plckup

gainnetde rendement
No Spanish

Program set up by Bank at the end of 1987to providequick-disbursing adjustment lendingto the poorestSub-Saharan Africancountries. write(anoption, swap) a

Acrre
vender(unaopcin,un swap)
Sell a swap.

A currencyhedgedstrategywhere,becauseof the difference shape of the yield curves of two sin currencies, difference interestrates between the in these two currenciesis not reflected in forward foreignexchange rates,giving arbitrageopportunities under whichbonds of equivalentdurationin these currenciescan be swapped the currency and
exposure hedged. yleld to maturity(YTM) rendementa Pchance rendimiento vencimiento al

writeott;charge-ofl [nounl wste off;pargeof et proufnts; montants passatlon pertes etprofits; monte par passs parperesetproflts; crance
anulacin libros; en cancelacin libros en

The return a security earns assuming it is held that


until a certain date and put to the borrower at the

Whenan assetor a portionof an assetis recognized as worthless,it is removedfrom the books of a corporation a corresponding in the corporand loss ation'scapitalis recognized.

specified price put

113

zero coupon bond obligation coupon A zro bonosin cupn Bond that pays no interestbut is sold at a steep dlscountand paid off at par. See also certincates of accrualon Treasurysecurities. bearerregistered zero coupon Eurosterling accruingsecurities(ZEBRAS) zAbres valorzebra in and Eurobond, denominated sterling soldat steep discount.

Abbreviations (English) Sigles (anglais)


Siglas (ingls)

117

Note that not all these abbreviationsnecessarily appear in the Glossary.


AAD at a discount ABT American Boardof Trade ACE AMEX Commodkies Exchange ACH automated clearing house ACRS accelerated recovery cost system ACV actualcashvalue ADIBOR Abu Dhablinterbank offered rate ADR American Depositary Recelpt ADR assetdepreclation range AFBD Association Futures of Brokers Dealerm and Al accrued lnterest AIBD Association International of BondDealera AIBOR Amsterdam Interbank offered rate AMA AssetManagement Account AMEX American StockExchange APB Accounting Principies Board APDF AfricaProjectDevelopment Facility API alternative participation instrument APR annual percentage rate APT arbitrage pricingtheory ARI accounting of Interest rate ARM adjustable mortgage rate ARP adjustable preferred rate stock ASAL agricultural sectoradjustment loan ASE American StockExchange ATM at the money ATM automnatlc machine teilhr ATRR aliocated transfer rdsk reserves BAN bondanticipation note BBA British Bankers' Associatlon BDO bottom dropped out BIBOR Bahrein Interbank offeredrate BONUS borrower's optionfor notes andunderwritten standby BRIBOR Brussels lnterbank offered rate CAD cashagainst documents CAMEL capital, assete, management, sarnings, liquidity CAPM Capital AssetPricing Model CARD certificate amortized of revolvlng debt CATS Certlficate Accrual of on Treasury Securities CATS Computer Assisted Trading System

118 cB
currnt blend CBF CentralBank Faciity C8OE Chicago BoardOptions Exchange CBOT Chicago Board of Trade CBT Chicago Board of Trade CD Certificate of Deposit CEA CommodityExchange Authority CEIC closed-endinvestment company CFBH Corporationof Foreign Bondhoiders CFTC CommoditiesFuturesTrading Commission CM cali of more CMA account cash-management CME ChicagoMercantile Exchange CMO collateralzedmortgage obligation

CMS
WoutdBankCapitalMarkets System COLTS Continuousiy Offered Securities Longer-Term COPS Continuously Offered PaymentRightsIn Swiss Francs COPS ccvered option securities COUGRs Certificatesof Government Recelpts CP commercialpaper CRI consumptionrate of lnterest DCF discountedcash flow DCP and droppages,cancellations prepayments DFI direct foreign investment DRC domestic resourcecost DRF Dally RangeFactor EAL export adjustmentloan ECP paper Eurocommercial ECU EuropeanCurrencyUnit

EFT
eiectronicfundstransfer EME EuropeanMercantiie Exchange(Dublin) EMGF EmergingMarketsGrowth Fund EMIF EmergingMarketeInvestment Fund EOE EuropeanOptionsExchange (Amsterdam) EPS eamingsper share ERL economic recoveryloan ERL emergencyreconstruction loan ESAF EnhancedStructurai AdjustmentFacility ESOP employeestock ownership plan EUA EuropeanUnit of Account EURCO EuropeanCompositeUnit FASB FinancialAccounting StandardsBoard

119 FIAS Forelgn lnvestmentAdvisory Service FIBV International Federationof Stock Exchanges FIL financialintermediary loan FNMA FederalNationalMortgage Association(FannieMae) FOMC FederalOpen Market Committee FRA forward rate agreement; future rate agreement FRB FederalReserveBank/Board FRN floating rate note FSA forward spreadagreement GAAP GenerallyAccepted AccountingPrincipies GNMA Government National MortgageAssociation(Ginnie Mae) GOFFEX GermanOptionsand FinancialFuturesExchange GRIP GuaranteedRecovery of lnvestmentPrincipal (Program) GUN guarantorundewrltten note HIBOR Hong Konginterbankoffered rato HIC heaviiyIndobtedmiddle income country HIC hlghiylndebtedmiddle incorne country HKIBOR Hong Kong interbankoffered rate IBF nternationabankWng facllity IBOR interbankofferedrate ICERC Interagency Country ExposureReviewCommittee [U.S.] CON Indexedcurrencyoption note IMM International Monetary Market IOM International OptionsMarket OSCO International Organization of SecuritiesCommissbons IPMA International PrimaryMarket Association PO hnitiai public offerhng IRA Inidduae Retdrement Account ISDA Internatona Swap Dealerm AssocIation ISRO International Securities RegulatoryOrganization ITM In the money ITPAL Industrialand trade policy adjustmentloan KIBOR Kuwaitlnterbankofferedrate LBO leveragedbuyout LCE LondonCommodity Exchange UBID LondonInterbankBid Rate UBOR London lnterbankOffered Rate UCOM London InterbankCurrency Options Market UFFE London International FinanciaiFuturesExchange UMEAN London InterbankMeanRate

120 UONs MIMIC NOW

Lehman Investment Opportunity Notes LMBO leveraged management buyout LME London MetalExchange LOCH London Options Clearing House LSE London StockExchange LTB long-term blended costrate LTOM London Traded Options Market LTPR long-term primerate LUXIBOR Luxembourg interbank offered rate LYON fiquid yleldoptionnote MBS mortgage-backed security MIBOR Madrid Interbank Offered Rate MILIC moderately indebted lowIncome country

moderately Indebted mlddieIncoma country MMF money market fund MMI ndex MajorMarket MOF multioption facility MOFF multioption financing facility MTN medium-term note MYRA multi-year rescheduling agreement; multi-year restructuring agreement NASD National Association of Securities Dealers NASDAQ National Association of Securities Dealers Automated Quotations NAV netassetvalue NBV netbookvalue NCR netcashrequirements NCS noncallable securities NIA Newlnvestment Authority NIF noteissuance faclllty

Negotiable Orderof Withdrawai NYFE NewYorkFutures Exchange NYME NewYorkMercantile Exchange NYSE NewYorkStockExchange OBS off-balance sheet OBU offshore banking unit OCC Options Clearing Corporation OEIC open-end investment company OID original issuediscount OM Optionsmaklarna (Swedish Options Exchange, Stockholm) OPM otherpeople money s OTC overthe counter OTM out of the money PAL program adjustment loan PER priceearnings ratio

121 PERL public enterprlse loan rationalization PERL public enterprisereform loan PERL public enterprise rehabilitation loan PFP policy frameworkpaper PHLX Philadelphia Stock Exchange PIBOR Paris lnterbankOfferedRate PIF purchaseissue facility PIN PhilippinesInvestmentNotes PPF ProectPreparationFacility PSE Pacific Stock Exchange PUF purchaseunderwritng facility QB qualifiedborrowings RAFT revolvlngacceptancefacility by tender RAN revenueanticipationnote RATs ready assetstrusts REIT real estateInvestment trust REPO repurchase agreement RIC rehabilitation Importcredit RIL rehabilitation lmport loan ROA returnon assets ROC returnon capital ROE returnon equity ROI returnon investment RP Agreement Repurchase RR rate resetter RSI Relative Strengthndex RUF revolvingunderwritingfacility SAD sector adjustmentloan SAF StructuralAdjustmentFacility SAIBOR SaudiArabiainterbank offered rate SaloleMae StudentLoan Marketing Assoclation S&P Standardand Poor SAP (WoridBank)Programof SpecialAssistance(to MemberCountrles) SCP steriing commercialpaper SDA Social Dimensions of Adjustment SDRIBOR 6 month SDRsinterbank offered rate SEC Securities and Exchange Commission SECAL sector adjustmentloan SFA SpecialFacilityfor Africa SFSA SpecialFacilityfor Sub-Saharan Africa SIBOR SingaporelnterbankOffered Rate SIL specificinvestmentloan SILIC severelylndebtedlow-income country SIM sector lnvestment and maintenance loan SIMIC severelylndebtedmlddlelncome country

122
SMA SecondaryMarket Association SNCF securitizednote commitment facllity (issuedby French railways,SNCF) SNIF short-termnote issuance facillty SOFE SwedishOptionsand Future Exchange STAGs stering transferableaccruing govemmentsecurities STRIPS SeparateTradingof RegisteredInterestand PrincipalSecurities SWIFT Societyfor Worldwide InterbankFinancial Telecommunications TAL technicalassistanceloan TAN Tax AnticipationNote TBR TreasuryBill Rate TiGR Growth TreasuryInvestment Recelpt TLC transferableloan certificates TLF transterableloan facilities TU loan lnstruments transferabie TRUF revoMng transferable facility underwrlting TSE TorontoStock Exchange TUF facility trancheunderwritten ULM unlistedsecurities market VLR variablelending rate wi when Issued WiNGS warrantinto govemment securities YTM Yieid to Maturity ZBB Zero-Based Budgeting ZEBRAs zero coupon Eurosteriing bearerregisteredaccruing securities ZIBOR Zurich interbankoffered rate

Abbreviations(French) Sigles (franais) Siglas (francs)

125

Note that not all these abbreviationsnecessarily appear in the Glossary.


ADEF Agenced'valuation financiere ADP action divdendeprioritaire AFSB Associatlon franalsedes socltsde Bourse AMI agent du march Interbancaire AMM adhrentmainteneurde march APDF Servicede promotionet de dveloppement des lnvestissements Afrlque en BALO Bulletindes annonceslgales obligatoires BIC bnficesindustrlelset commerclaux BIFS bon des Instltutions financilres spcialises BIM bon A Intrtsmensuels BIPA bon a Intrtspays d'avance BIPATE bon & taux flxe a lntr8ts payables terme echu BMT bon des maisonade titres SON bon ordre ngociable BPA bnflcepar action BSF bon des socletsfinancIres ST billet de trsorerie BTA bon taux annuel BTAN bon a taux annuelnormalis BTF bon a tauxfixe BTM bon a taux mensuel BTN bon du Trsorngociable BTT bon a taux trimestrel BTV bon a taux variable CAC Compagnie des agentsde change CAC cotationassisteen continu CATIF contrat a terme d'instrument flnancier CBV Conselldes boursesde valeura CC coupon couru CCIFP Chambrede compensation des Instruments financiersde Paris CCR coefficlentde capitailsation des rsultats CD certlficatde dpt CDN certlficatde dp6t ngociable CEA compte d'pargneen actions CETI contrat d'changede taux d'lntr8ts Cl certificatd'lnvestissement CIP certlficatd'lnvestissement privilgl CMT Conselldes marchs terme COB Commisslon des oprationa de Bourse

126 COLTS papier terme offert en permanence COPS crancescomptablesmises continuellement francs en suisses FASR Facilitd'ajustement structurelrenforce FCC Fonds communde crance FCP Fonds communde LEP livret d'pargne populaire

MATIF
march terme des instruments financiers MEA Modeled'valuationpar

CRH caisse refinancement de hypothcaire DCPE document-cadre poiitlque de conomique DPA dividende action par DR dlalde recouvrement DSA dimensions sociales de l'ajustement cu unitmontaire europenne ENBAMM entreprise, tablissement non bancaire admis(e) march au montaire ESOP emprunt sensibilit oppose FAA Fonds d'alde l'Afrique FAS Facilit d'ajustement structurel

placement FEUN Fondsd'Etatlibresd'intret nominal FIAS Service-conseil pour l'investissement tranger


FIBV

arbitrage MEDAF Modeie d'qullibre actifs des financiers MEDAF Modle d'valuation des actifsfinanciers MONEP March options des ngociables Paris de OAT obilgation assimilable du Trsor OBSA obligation bonde souscription d'actions OBSO obligation bonde souscription d'obligations OICV Organisation Internationale des commissions valeurs de mobilires OLLMC obligation livrable moins la chre OPA offrepublique d'achat

Fdration intemationales des bourses valeurs de GAB guichet automatique de banque GIE groupement d'intret conomique GRAI (Programme garantie de) de recouvrement l'apportdes de Investisseurs lES pretd'lnvestissement et d'entretien sectoriel IPA Intrts payables d'avance IPE Intrets payables l'chance

127

OPCVM organisme piacement de collectlf valeurs en mobilieres OPE offrepublique d'change OPM oprateur principal du march OPV offrepublique vente de ORA obligations remboursables en actions ORT obligation renouvelabie du Trsor OSCAR obligation spciale & coupons rinvestir & 3TV obligation tauxvariable PAPIC prt l'ajustement la de politique hndustrielle et commercia-e PASA pr8t l'ajustement du sectour agricole PCT panachage courttermo PER pland'pargne retraite PLT panachage longterme de

PREP prta la rationalisation des entreprises publiques PREP prtau redressement des entreprises publiques PREP prt la rforme des entreprises publiques RES rachat, reprise d'entreprise parles salaris Rl reglement immdiat RM reglement mensuel RPTA rpartition proportionnelle destitresamortis RSP rserve spciale de participation SBF Socit Bourses des francaises SCMC Socit compensation de des marchs conditionneis SCPI soclts civlesde placement Immobllier SDIB Socit diffusion de des lnformatbons boursires SFI socit flnancibre d'lnnovation

SICAF socit d'investissement capital fixe SICAV socite d'investissement capital variabie SICOVAM socit interprofessionnelle de compensation valeurs des mobileres SVT spcialiste valeurs en du Trsor T4M tauxmoyen mensuel du march montaire TAG tauxannuel glissant TAM tauxannuel montaire TBB tauxde basebancaire TCN titrede crance ngociable TEB tauxd'escompte moyen pondr bonsdu Trsor des TIC tauxd'lntr8t comptable TIOP taux interbancaire offert Paris TME tauxmoyen mensuel de rendement emprunts des d'Etat longterme

128 TMM taux du marchmontaire TMO taux du marchobligataire TMP taux moyen pondr TOF tableaudes oprations financibres TRA taux rvisableannuellement TRIBOR taux de rfrencede I'indicateurbancaired'origine des ressources TSDI titre subordonn dure indtermine TSR tItre subordonn remboursable uec uniteuropenne compte de

Abbreviations(Spanish) Sigles (espagnol) Siglas (espaol)

131

Note that not all these abbreviationsnecessarly appear in the Glossary.

COLTS valoresa ms largo plazo de oferta continua COPS valoresde oferta continuaen francos suizos ECU unidadmonetariaeuropea FIAS Serviciode asesorasobre Inversin extranjera GRIP (Programade) recuperacin garantizada principalde del las inversiones oiCv Organizacin Internacional de Comisiones Valores de OPA oferta pblicade adquisicin PPE documentosobre parmetros de politica econmica SET serviciode emisinde titulos

UCE unkiad de cuentaeuropea

nIc
tasade interscontable TIC tipo de interscontable TiCO tasa de actualizacin del consumo

Terninologie des fmanceset de la dette Franais-anglais

135 abandons, annulations et remboursements antidps droppages,cancellationsand prepayments (DCP) [IFCJ abstentionniste free nder acceptation bancaire banker'sacceptance acceptation de banque bank bill acceptation de banque banker'sacceptance accord de compensation clearingagreement accord de domiciliation set aside agreement accord de non-rtrocession d'actions share retentionagreement JIFCJ accord de paiement clearingagreement accord de rchelonnement pluriannuel multi-yearrescheduling agreement(MYRA); multi-year restructuring agreement (MYRA) accord de rmr repurchase agreement(RP; repo) accord de retra-tproslf fade-out agreemnt, pJ -i4n agreernent accord de smp sur las tau d'intrit interest-rate swap accroissement du coeffldeut d'intensit du capital capitaldeepening achat k dcouvert mar8inbuying[stockexch acquisition d'actlons share ownership acquisition de crances des ris philanthropiques debt-charity swaps acquisition de valeurs mobilires share ownership acteurs sur le march market pa~icipants action au porteur tfansferableshare action davenir growthstock action de jouissance dividend-right share action en chute libre airpocket stock action gratulte bonus share action volatile volatilestock actionnaire puissant leveraged stockholder ]el actons gratuites scnp issue JUKJ;stock dividend [USJ actions libres paid-up stock, fully pad stock actions nominatives rgistered stock, personal stock actions privilgies preferredstock
activits hors bilan off-balancesheet (OBS) activities

actiomsbnla dvdend stock atlons cmumlathve prvd cumuve prefemd stock actions de priorit prefemd stock actdons-<lvidendes scnp ussue[UK]; stock dividend [USJ

adbrent mainteneur de march (AMM) market maker adjudication a la hollandalse Dutch auction fU.S.1 adjudication k prix uniforme Dutch auction [US.1 adoss back-to-back(loan, bofrowing); matched funding agence de ciassement (des titres) ratingagency
agence de cotation

accord de rmr inverse


reverserepurchase agreement accord de restructuration pluriannuel muld-yearrescheduling agreement(MYRA); multi-year
restnucturingagreement

(MYRA)

ratng agency

136 agence de ratlng ratingagency agence d'valuation financiere ratingagency agent agent bank agent boursier dealer[stock marketJ agent boursier broker agent boursier oprant pour son propre compte jobber agent de change broker agent de change floor trader agent de contrepartie dealer[options market] agent de placement sales agent;sellingagent [securities] agent financier fiscal agent agent oprant directement sur le parquet floor trader agent payeur paying agent agio agio agio premium [secunities] allgement financier financing relief amlioration de la cote de crdit creditenhancement amlioratfon de la signature credit enhancement amlioration des prix moyens (d'un titre) averaging, dollarcost averaging amortissement amortization amortissement de la dette debt retirement analyse des probabilits de recouvrement (des prets k un pays) countrycollectibility analysis [IBRD] analyste des valeurs securitiesanalyst annoncer (un taux) post (a rate) anticipations rationnelles rationalexpectations anti-transformation negativeterm transformation appel de fonds supplmentaires pour baisse de la couverture margincal appel de marge margincall apports complmentaires toppingup apports d'argent frais new moneypackages apprciation accretion approche a court terme short-leashapproach approche k la carte market-basedmenu approach; market-driven menu approach; menu of options approfondissement du capital capital deepening apres bourse after-market arbitrage switch arbitrage arbitrage arbitrage dans l'espace two-pointarbitrage; space arbitrage arbitrage dans le temps time arbitrage arbitrage de taux d'intrt couvert coveredinterestarbitrage arbitrage sur les courbes de rendement yield curve arbitrage arbitragiste arbitrageur arbitragiste trader[stock market] argent apatride statelessmoney argent au jour le jour ovemightfunds

137 argent au jour le jour calU money; day-to-daymoney; demand money; money at call argent frais new money arrangements work out arrangements; workouts arriere-guichet back office assise financiere capital base Association des courtiers internationaux en obligations Association of Intemational Bond Dealers (AIBD) assurer le service d'un pret servicea loan asyntrie des chances maturitymismatch attaquant corporateraider;raider attraction crowding-in attribution aliotment attribution d'actions gratuites stock dividend au-dessous du prix in the money (ITM) (option) au-dessus du prix out of the money (OTM) (option) augmentation de l'importance des circuits financiers financial deepening autofinancement in house financing self-financing autorisation de prft lendingauthority autorisationglobale de cap Global Cap Authority [IFC! autorisation globale de swap Global SwapAuthoity autres investissements directs non-equitydirect investment aval aval avance de prmission bond-anticipation note (BAN) avance pour la prparation des projets ProjectPreparation Facility advance [IBRDJ avance PPF ProjectPreparation Facility advance [IBRDJ avances a vue call money; day-to-daymoney; demand money; money at cali avances non garanties clean advances avec premium [option market] avis financier tombstone avoir fiscal tax credit avoirs en portefeuille share ownership avor9 non productlfs nonperformingassets avolru productifs eaming assets back-offlce back office banalisation conversion from a restrictedto a fuli-serviceinstitution banque k charte charteredbank [Canada] banque k charte fdrale federallycharteredbank [U.S.J banque k tout faire combined commercialand investmentbank; multibank; all-purposebank banque a tout faire universalbank(ing) banque a vocation gnrale combined commercialand investmentbank; multibank; all-purposebank banque a vocation gnrale universalbank(ing) banque a vocation multiple universalbank(ing) banque d'affalres investmnent bank [U.S.J; merchant bank [U.K] banque d'origine parentbank banque de dtail retailbanking banque de fiducie trust bank (Shintaku Ginko) [apan]

138 banque de second rang second tier bank banque de trsorerie et d'arbitrage investmentbank [U.S.J; merchant bank [UK] banque extraterritoriale, offshore offshore bank banque mere parent bank banque multiservices fuUlservicebank banque multiservices universalbank(ing) banque multiservices combined commercialand investmentbank multibank al-purposebank banque non bancaire non-bank bank non-bank financial institution banque polyvalente combined commercialand investmentbank multibankl all-purposebank banque polyvalente universalbank(ing) Banque "sogo' Sogo bank banque tres engage largeeposure bank banques lnstalles sur les principales places financires money center banks base basis base de caleul notional amount bnflcepar action (BPA) eamingsper share (EPS) bnflcesnon distribus retainedeamings besoins de fonds nets net cash requirements(NCR) besoins nets de trsorerle net cash requirements(NCR) beta beta billet a ordre promissorynote billet de mobilisation mongagebond billets de trsorerie commercialpaper (CP); commercialbills blanc
clean

bon a prime (d'mission) discount note ben k taux flottant note; floater floating-rate ben a taux llottant k coupon index floating rate note with variable coupon fix ben k taux rvisable note; floater floating-rate bon au porteur bearernote bon-coupon coupon note ben de caisse savingsbond [France,Belgium, U.S.] bon de jouissance certificate dividend-right bon d'pargne savingsbond [France,Belgium, U.S.] bon de sortie exit instnrment;exit bond; exit vehicle bon de souscription d'actions stock wanrant bon de souscription d'obligations bond warrant bon du Trsor Treasurynote [U.S.] bon du Trsor k long terme Treasurybond [U.S.] bon du Trsor k tr*s court terme cash management bil

bloc de contrle controllinginterest bon note bon a coupon hollandais Dutch auction notes bon k court terme mis (par une collectivitpublique) pour financer un projet (autoamortissable) project note bon a intrt variable perptuel note perpetualfloating-rate

139 ben du Trsor en comptes courants Treasurybill U.S.J bon garanti par les recettes fiscales prvues tax-anticipation note (TAN) bon Tankoku Tankoku bill bons a prime (d'mission) consolids consolidateddiscount notes bulletin de livraison scrip certificate; bearerscrip caisse d'amortissement sinkingfund caisse d'avances revolving fund calendrier des missions issuingcalendar cap cap; cappedfloating rate note capacit d'endettement credit standing,creditworthiness capacit de remboursement de la dette debt canyingcapacity capital k risque venturecapital;risk capital capital a risque nsk capital capital non appel uncalled capital capital-risque venturecapital;risk capital capital socal equitycapital;capitalstock (of a corporation) capitalisation capitalidation capitalisation beursire market capitalization capitalisation de la dette debt capitalization capitalisation des lntrets interestcapitalization capitaux disponibles floating capital capitaux fbriles hot money;funk money [U.K] capitaux tlottants floating capital capitaux mobiles floating capital capitaux propres stockholders'equity; shareholders' equity; owners' equity;equity;net worth; shareholders' funds [UK] carte de crdit institutionnelle corporatechargecard; corporatecredit card carte de crdit professionnelle corporate chargecard; corporate credit card carte des options market-basedmenu approach; market-driven menu approach; menu of options cash and carry cash and carry cavalier seul free rider centieme de pour cent basis point centime basis point centre bancaire extraterritorial, offshore offshorebanking center certificat amricain de dpbt American DepositaryReceipt (ADR) certificat d'action partiellement libre scrip cenificate;bearerscrip certificat d'investissement (Cl) investmentcertificate certificat de dp8t certificate deposit of certificat de dpot a taux renouvel roll-overcerificate of deposit; rolypoly certificate deposit of certificat de dpt classique, par lot straigh4tap certificate of deposit certificat de dpot jumbo (montant minimum de US$100.000) jumbo certificate deposit of [US] certificat de dpot par tranche tranche certificate deposit of

140 certificat de reconnaissance de dette debt ceftificate;certificateof indebtedness certiflcat de titre en dpt depositaryreceipt certlflcat de transfert de prets pass-throughcertificate; pa~tcipationcertificate certificat dmembr strip certificate certificat ngociable de dpot a terme of negotiabletime certificate deposit certificat nominatif bond certificate certificat strip stip certificate cession divestiture cession d'actions (d'une nouvelle socit aux actionnaires de la socit mre) spinoff cession de crances debt buyback,debt repurchase cession de prts par mission de titres securitizedloan sales chambre de compensation clearinghouse chantage au dollar greenmail charges administres par les servlces unit-managedcosts charges centrales costs centrally-managed chartiste chartist chats cerificates of accrualon (Cats) secuities Treasury chef arbitragiste head of trading chef de file lead bank; lead manager cheque certiri certifiedcheck cheque de banque cashier'scheck chque de banque banker'sdraft cheque tir banker'sdraft class improductif nonaccrualstatus, in a classer rate, to; grade,to clause "drop lock" drop lock clause d'galit de traitement pari passu clause clause d'exigibilit croise clause cross-default clause d'illgalit illegaliy clause clause de bonne volont goodwill clause clause de danger jeopardyclause;disasterclause; breakclause clause de dclenchement trggerclause [IBRDJ clause de dfaut crois cross-defaultclause clause de drogation temporaire bisque clause clause de disponibilit switch,availabilityclause clause de manquement rciproque clause cross-default clause de nantissement ngative pledge clause negative clause de ne pas faire pledge clause negative clause de non-prfrence de tiers negativepledge clause clause de partage de paiements shaingclause;payment sharing clause clause de rcupration recaptureclause clause de rendez-vous periodic reviewclause;review clause clause de sauvegarde jeopardy clause;disasterclause; break clause

141 clause de solidarit pari passu clause clause de verrouillage au taux plancher drop lock clause multidevises multicurrency clause clause ngative negative pledge clause clause pari passu pari passu clause;negative pledge clause clause rouge red clause club de cranciers group of creditors CMO collateralized mortgage obligalion (CMO) cochef de file comanager;colead manager coefficientbQta volatilityratio coefricientbrut d'exploitation workingratio coefricient d'ajustement de (l'encours) de la dette amorhizadton adjustmentfactor [currency pool] coefficientd'utilisation des fonds propres gearng ratio [IBRDJ coetTicientde capital brut gross capital coefficient,ratio coelYlcient capitalisation de des rsultats (CCR) price/earningsratio (P/E ratio; PER) coefliclent de cot en ressources lntrleures domestic resourcecost rallo coemflent de couverture hedge ratio coefficlentde liquidit (avant 1/1/78 et apres 1/9/88) reserveratio coefricientde recouvrement brut grosscollectionratio coefflcientmarginal de rserve marginalreserverequirement coefficientnet d'exploitation operating ratio coefficientsde liquidit liquidityratios coentreprise avec participation au capital social equityjoint venture cofinancement d'intervention au-dessous d'un seuil de croissance donn growthcontingencycofinancing cofinancementsous forme de participation directe directparticipation cofinancing collar collar comit consultatif bancaire bank advisorycommittee comit de restructuration steerngcommittee;advisory committee Comit Cooke Committee on Banking Regulationsand Supervisory Practices; Basle Supervisors' Committee; Cooke Committee Comit de contrle bancaire de Bale Committee on Banking Regulationsand Supervsory Practices; Basle Supervisors' Committee;Cooke Committee Comit des rgles et pratiques de contrfle des oprations bancaires Committee on Banking Regulationsand Supervisory Practices; Basle Supervisors' Committee;Cooke Committee commission d'agent payeur fiscal agencyfee commission de chef de file managementcommission,fee commission de direction managementcommission,fee commission de garantie guaranteecomrnission,fee [IBRD] commission de garantie underwriting facilityfee fee; commission de grance handlingfee, managementfee commlssion de gestion management commission,fee

142 commission de gestion handlingfee; managementfee commission de gestion agencyfee [Euromarket] commission de guichet sellingcommission commission de mise a disposition availability JIFC] fee commission d'engagement commitmentfee, charge commission de placement sellingfee fEuromarket] commission de reconduction extensionfee commission d'instruction processing fee commission d'instruction loan origination fee commission d'ouverture frontend fee commission d'utilisation utilizationfee commission immdiate flat fee; front end fee [Euroloan] commission syndicale managementcommission,fee compartiment (du march) segment;sector (of the market) compensation des crances Internes multilateralnetting compensation montaire de groupe multilateralnetting compte a dcouvert marginaccount compte-chequesrmunr negotiableorderof withdrawal (NOW) account compte courant du Trsor aupr*s des grandes banques Treasury and loan account tax [U.S.] compte d'achat de titres secunities marginaccount compte d'avances de caisse imprest accoun4fund compte d'avances temporaires imprestaccount,fund compte de gestion de trsorerie cash-managementaccount (CMA) compte de nantissement collateralaccount compte de rserves pour le rachat du capital des actions capitalredemptionreserve funds Compte des banques centrales auprs de la BIRD CentralBank Facility (CBF) [IBRDJ compte "prime d'mission" sharepremium account [IFCJ concentration (des chances) bunching (of maturities) condamn lock(ed) in (interestrates) configuration double creux double bottom configuration configuration double sommet double top configuration configuration M double top configuration configuration tte-paules head and shoulders configuration configuration triangle, en triangle triangleconfiguration configuration W double bottom configuration confort comfort consortialiser syndicate,to (a loan) consortium syndicate constitution d'un gage collateralization constitution d'une garantie collateralization contraint lock(ed) in (interestrates) contrat k cap de taux d'intret interestratecap contrat &rglement mensuel (RM) forward contract contrat k taux d'intrt plafonns interestrate cap

143 contrat a terme futures contract contrat k terme de taux d'intrt forward rate agreement; future rate agreement(FRA) contrat a terme d'instrument financier (CATIF) financialfutures contrat a terme ferme forward contract contrat terme financier financial futures contrat a terme sur indices boursiers stock indexfuture contrat k terme sur swap swap future contrat d'achat ferme take-or-pay contract contrat de cap cap; cappedfloating rate note contrat d'change de taux d'lntrets (CETI) interest-rate swap contrat de FRA forward rateagreement; future rate agreement(FRA) contrat de gestion managementcontract contrat d'ouverture de credit multidevises a options mnultiples multioptionfacility (MOF); multoption financingfacility (MOFF) contrat de paiement contre livraison take-and-paycontract contrat de prise ferme take-or-pay contract contrat de report system repurchase agreement contrat de report repurchase agreement(RP; repo) contrat de report inverse reverserepurchase agreement contrat de taux plafonn cap; cappedfloating ratenote contrat du Matif financial futures contract contrats de partage de la production production-sharing contracts contrats de partage des bnrices profit-sharing contracts contre-garantie counter-guarantee contrepartiste market maker conversion comptable des monnales currencytranslation conversion de la dette en devises debt domestication conversion de la dette en devises en dette en monnale nationale debt domestication conversion d'un type de taux k un autre rate base switch [IFCJ conversion montaire currencytranstation correspondant agentbank cotation price (of a bond) cotation (de titres en bourse) listing (of secunties) cotation assiste en contfnu (CAC) automated quotation cotation assiste en continu (CAC) automated quotation cotation en continu market making coter rate, to; grade,to coupon coupon coupon couru (CC) accrued interest(Al) fbondsJ coupon dgressif multiple step-down (securty) coupon progressif multiple step-up (security) courbe des rendements yield curve cours price (of a bond)

144 cours (de l'offre) ask(ed) price;market price [securities marketJ cours acheteur bid price cours de la Bourse share list cours vendeur sellingrate courtage brokerage courtier broker courtier (en valeurs mobilieres) securitiesdealer;securitiesfinn courtier (oprant sur le march primaire) spcialiste en valeurs du Trsor (SVI) pmary dealer courtier d'effets publcs govemmentsecuritydealer courtier en fonds d'Etat govemment securitydealer courtier en placements investmentbroker cot de dtention (des captaux) carrying cost; carrying charges; cost of canry cot des emprunts doublement pondr double-weighted borrowing cost [IBRD] cofit d'lnactivit (des capitaux) canyingcost; canyingcharges; cost of carry cot en ressources intrieures domestic resourcecost (DRC) cot rel des devises domestic resourcecost (DRC) couverture k terme forward cover couverture de l'opration marginrequirements [stock exchangel couverture des oprations A terme hedging couverture du service de dette debt-service coverage crance irrcouvrable write off, charge-off[nounJ crances comptables mises continuellement en francs suisses (COPS) ContinuouslyOfferedPayment Rights in Swiss Francs (COPS) crances immobilises nonperforming debt crances non productives nonperformingdebt crdit adoss back-to-back(loan, borrowing); matched funding crdit a l'importation pour le redressement conomique rehabilitation import credit/loan (RIC, RIL) [IBRD] crdit a tres court terme call money; day-to-daymoney; demand money; money at call crdit autoamortissable self-liquidating credit crdit a vue calU money; day-to-daymoney; demand money; money at calU crdit consortial (sans chef de file) club deal, loan crdit crois swap (transaction) crdit de commodit conveniencecredit crdit d'quipement term loan crdit de restructuration new money crdit de scurit swingline crdit d'imp6t tar credit crdit dirig managed loan crdit face A face back-to-back(loan, borrowing); matched funding crdit ponetuel spot credit crdit reconductible revolving credit;rollovercredit crdit renouvelable revolving credit;rollovercredit crdlt souveran sovereigncredit

145 crneau window (in a market) critere de stimulation materialitycriteria cushion bond cushion bond date d'change trade date date de jouissance dated date date de reconduction rolloverdate date de reglement settlementdate date de valeur value date date de versement payout date;payment date; distributiondate date effectivede rentre des fonds payout date;payment date; distributiondate dcapitalisation stock dilution;stock watering dclaration de politique de dveloppement letterof developmentpolicy JIBRD] dclaration de politique sectorielle letterof sectoralpolicy IIBRD] dclasser (un prat) downgrade(a loan) dcompositiondes risques financiers unbundlingof financial nsks dcote discountfrom par [secunities market] dcote de conversion conversiondiscount dcouvert, k uncovered; naked dfaillance du march marketfailure dfausse de la dette debt defeasance;collateralized (debt) defeasance defeasance debt defeasance; collateralized (debt) defeasance degr de volatilit volatilityratio dlai de grce graceperiod dlit diniti inside, insiderdealing delta delta demande de remboursement anticip accelerationof maturity demande de retrait de fonds pour le remboursement d'un palement Applicationfor Withdrawal for reimbursement[IBRDJ demande de retralt de fonds pour le regiementdirect de fournlsseurs Appticationfor Withdrawal for directpayment [IBRDJ dmanRiement divestiture dmatrialisatlon computerizedentry of ownership;dematealisadion [UKJ dmembrement divestiture dmembrement stripping dnouer unwind dpenses groupes au dbut (d'une priodedonne) front-loadedspending dperdition sur l'investissement investment leakage dport disagio dport discount;ma.*own [foreign exchangel dport backwardation dpossession divestiure dpt de garantie iniial margin

146 dprciation impairment dernier prix (de la journe) closingprice dsengagement (d'une socit d'Etat) divestiture desintermdiation disintermediation dsintermdiation securitization dette achete avec dcote et revendue a sa valeur nominale round-tripping dette amortie retireddebt dette consolide funded debt dette de rang infrieur junior debt; subordinateddebt dette prioritaire senior debt dette priviligie senior debt dette rachete (crances rendus) au rabais discounted debt dette rachete (crances rendus) moyennant dcote discounted debt dette subordonne junior debt; subordinateddebt dvalorisation impairment diffr d'amortissement graceperiod diffrentiel basis dilution dilution dilution du capital stock dilution;stock watering disagio disagio dispositif d'action conjoncturelle Contingency Mechanism [IBRD/IMF] dispositif d'appui conditionnel l'investissement contingentinvestmentsupport facility dispositif de financement pour imprvus contingency financingfacility distorsion montaire currencytwist distribution d'actions (d'une nouvelle socit aux actionnaires de la socit mere) spinoff distribution d'actions gratuites stock dividend dividende en actions scripissue [UKJ;stock dividendtUS] division (d'une action en plusleurs titres) split;split-up;splitting document prospectus document-cadre de politique conomique (DCPE) policy frameworkpaper (PFP) [IBRD] dont les intrets impays ne sont pas comptabiliss nonaccrualstatus, in a double march two-tiermarket droit right (to purchase shares) droit de conversion stock option droit de souscription subscriptionright duration duration (of an investment) dysfonctionnementdu march market failure cart spread cart baissier bear spread cart diagonal diagonalspread cart en papillon butterfly(cali) spread cart entre les bons du Trsor et les dpts a terme en eurodollars TED spread cart haussier bull spread

147 cart vertical verical spread;price spread change de crances contre une participation aux recettes d'exportation de produits de base debt commodity swap change de dettes contre des fonds propres debt(-for)-equity swap, conversion change de monnales diffrentes back-to-back(loan, borrowing); matched funding change de prets contre des obligations loans-for-bonds exchange change dette/nature debt-for-nature swap change financier swap (transaction) chance in fine bullet maturity crire write (an option, a swap) effet a court terme short-termnote effet brlant hot bill effet de carrousel merly-go-round effect effet de commerce trade bill [U.KJ effet de retour a la source mery-go-round effect effets k court terme short-termpaper effets de commerce commercialpaper (CP); commercialbilis effets de commerceen eurodevises Eurocommercial paper (ECP) effets porteurs d'intret interest-bearing notes effets privs privatepaper effets publics govemmentpaper largissement du capital capital widening lasticit globale du systeme fiscal par rapport au produit intrieur brut (PIB) tax buoyancy lment don rsultant du panachage blendedgrantelement lment du pool (provisoire) d'emprunts proxy borrowing [IBRDJ metteur issuer metteur maker (e.g.,of a note) mission a caractre spculatif speculative gradepaper mission k guichets ouverts tap cerificate of deposit mission colle (coince) hung-up issue mission (primaire) d'actions primary offering mission de titres capital issue mission d'obligations k l'tranger extemal bond issue mission d'obligations haussieres bull bond mission d'obligations le a des apports d'argent frais new money bonds mission exploratoire red hering issue mission habituelle seasoned issue mission haussiere buUbond mission rate d'avance "StarTrek"issue mission sans risque investmentgradepaper emprunt a fenetre put bond, putable bond; bond withput option emprunt de contrepartie back-to-back(loan, borrowing); matched funding emprunt en vrac lump-sum borrowing [IFCJ emprunt garanti par l'Etat sovereigncredit emprunt MiniMax MiniMax loan

148

emprunt par obligations mis par sries serialbon4 loan emprunt remboursable en une seule fois bullet issue emprunt remboursable in fine bullet issue emprunteur bien cot prime borrower; premier borrower; high quality borrower; top grade borrower emprunteur de premier ordre prime borrower; premier borrower; high quality borrower; top grade borrower emprunteur final subborrower emprunteur secondaire subborrower emprunteur trs solvable prime borrower; premier borrower, high quality borrower; top grade bonrower emprunteurs aupres de sources publiques officialborrower emprunts a sensibilit oppose (ESOP) bull and bear bond emprunts aupres d'intermdiaires financiers internationaux intennediativeborrowing emprunts de collectivitlocale generalobligations; general obligationbonds emprunts de dtresse distressborrowing

emprunts de rfrence qualifiedborrowings(QB) [IBRD] emprunts en devises Indexs (dont le taux est index) indexed currencyborrowings emprunts gants jumbo borrowing emprunts jumbo jumbo borrowing en blanc clean en dedans in the money (ITM) (option) en dehors out of the money (OTM) (option) encadrement (du crdit) lendingceiling credit limit encart publicitaire tombstone encheres au rabais Dutch auction[U.S.J encours total de la dette debt overhang endett (highly)leveraged engagement exposure engagement k la baisse shortposition engagement conditionnel contingentobligation[IBRDJ engagementconditionnel (de participation) standbyequity

engagement d'attente standby commitment engagement de prise de partlcipation equityunderwniting engagement par pays country exposure engagement spctal Special Commitment [IBRDJ enregistrement en attente shelf registration entrept entrepot;tumtable entreprise non bancaire admis(e) au march montaire (ENBAMM) non-bank bank, non-bank financial institution rosion fiscale des revenus fiscal drag escompte discount fbillsJ escompte a forfait discount without recourse escompte en ducroire discount withoutrecourse escompte ofriciel discount window escompte sans recours discount withoutrecourse tablissement non bancaire admls(e) au march montaire (ENBAMM) non-bank bank; non-bank financial institution

149 etre a la fois vendeur et acheteur make a market etre faiseur de march make a market euro-actions euro-equities eurobillets de trsorerie Eurocommercialpaper (ECP) eurocrdit Eurocredit eurodevise Eurocurrency eurodollar Eurodollar euromarch Euromarket euromonnale Eurocurrency extemnalisation(des versementa au titre du service de la dette) extemalization(of debt ser'ce paymentr) extraterritorial offshore face &face back-to-back(loan;borrowing); matched funding Facilit d'ajustement structurel tablie dans le cadre du Compte de versements spcial (FAS) Structural Adjustment Facility within the Special DisbursementAccount (SAF) [IMF] Facilit d'ajustement structurel renforce (FASR) Enhanced Structural Adjustment Facility(ESAF) [IMF] facilit de crdit spcial (RUF) revolving underwriting facility (RUF);note issuancefacility (NIF); note purchasefacility; euronotefacility facilit de financement a options multiples multioptionfacility (MOF); multioptionfinancingfacility (MOFF) Facilit de rinancement compensatoire et de financement pour imprvus Compensatowy Contingency and FinancingFacility[IMF] facdlitde fluancement des Importations tradefinancingfacility facilit de garantde backstop (credit)facility; backup (underwiting)facility facilit d'mission d'effets revolvingundenwriting facility (RUF); note issuancefacility (NIF); note purchasefacility; euronotefacility facilits d'missions non cautionnes non-underwntten facilities facilits d'missions non souscrites non-unde,vrittenfacilities facilits d'missions souscrites facilities underwritten facteur de rvaluation factor [currency revaluation pool] facteur de rvaluation au jour le jour daily revaluation factor [currency pool] facilits d'euronotes euronotefacilities Fdration internationales des bourses de valeurs (FIBV) InternationalFederationof Stock Exchanges (FIBV) fiche de Bourse tradingticket [securities] riger lock(ed) in (interestrates)

euro-obligation
Eurobond europret Euroloan valuation rating valuation actuarielle actuarialevaluation valuation par score scoring viction crowding-out exigibilit anticipe accelerationof maturity

150 financement a forfalt nonrecoursefinance financement avee drolt de recours limit limited recourse finance financement concert concertedfinancing lending; concerfedlendingdeal financement conjoint jointfinancing flnancement coordonn coordinatedfinancing financement coupl back-to-back(loan, borrowing); matched funding financement des dernires chances funding lattermaturities [IBRD] fhnancementde soudure bridgefinancing rinancement du dficit gap financing financement en fonds propres equityfinancing;equity investment flnancement gigogne piggyback financing financement interne in house financing self-financing financement jumel matchedfunding financement mixte (BIRD/IDA) blend financing flnancement novateur creative financing fnancement par fonds propres in house financing; self-ftnancing financement par l'emprunt debtfinancing flnancement paral1le parallelfinancing flnancement sans recours nonrecourse finance financement supplmentaire front-endfinancing financement sur contrat contractfinancing financialisation financialization financirisation financialization financirisation securitization rixation du prix des prets secondaires subloanpricing fixation du taux d'intret pricing(of a loan) rixation libre des prix open pricing fixer post (a rate) fixing fixing flp-flop fpip-flop floor fpoor flottement assist diy foat flottement control diry float flottement dirig dity float flottement impur dirty float flottement pur, non dirig cleanfpoat flottement soutenu dirtyfioat fluctuation de prix minimum tick fluctuation des taux d'intret due k une fuite de capitaux interestleakage luctuation minimale tick flux financiers funds flow; flow of funds fonds commun de placement (FCP) mutual fund fonds commun de placement (FCP) open-end (investment)fun4 company (OEIC); mutual fund, unit trust [U.KJ fonds commun de placement k court terme money market (mutual) fund (MMF)

51 fonds commun de placement de trsorerle money market (mutual)fund (MMF) fonds commun de placement montaire money market (mutual)fund (MMF) fonds d'amortissement sinkingfund fonds de placement ferm closed-end (investment)fund, company (CEIC) fonds de placement qui prQlveune commission load fund fonds d'Etat britanniques gilt-edgedsecunities fonds exempt de commission no-loadfund fonds fdraux federalfunds [USJ fonds mutuel de placement (dans un pays) countryfund fonds pays countryfund fonds propres capital base fonds propres stockholders'equity; shareholders'equity;owners' equity;equity; net worth; shareholders' funds [U.KJ fonds renouvelable fund revolving Fonds commun de participations equityportfoliofund Fonds d'aide AI'Afrique (FAA) Special Facilityfor Sub-SaharanAfrica, Special Facilityfor Africa, African Facility (SFSA; SFA) Fonds de promotion des marchs naissants EmergingMarkets Growth Fund (EMGF) IFCJ Fonds des entreprises africaines African EnterpriseFund Fonds d'investissement des marchs naissants EmergingMarketsInvestment Fund (EMIF) lIFCJ Fonds rgional de projets pour i'Afrique subsaharienne RegionalProjectFacilityfor Sub-SaharanAfrica Fonds spcial d'aide A P'Afriquesubsaharienne Special Facilityfor Sub-SaharanAfrica; Special Facilityfor Africa;African Facility (SFSA; SFA) forfaitage forfaiting formation d'un consortium syndication formation d'un syndicat financier syndication formation du prix pricing (of a loan) formule forfaltalre de placement formula investing formules indites creative financing formules nouvelles creative financing formules originales de financement financing creative FRA forward rate agreement; future rate agreement(FRA) fractionnement des taux d'intret interestrate segmentation frais centraux centrally-managed costs frais de constitution de dossier fee loan origination frais de cotation admissionfee (to a stock archange) frais de couverture de change foreignexchangecoverage fee frais de gestion managementcommission,fee franchise de remboursement graceperiod freinage fiscal fiscal drag future financialfutures futures futures [commoditiesmarket

152 gage collateralized(bond) gain net de rendement yield pickup gamma gamma gapping gapping garant d'mission underwriter garantie (de l'Etat) guarantee[IBRDJ garantie appelable par anticipation accelerable guarantee garantie de la BIRD guarantee[IBRD] garantie de participation au capital equity-related guarantee garantie de recouvrement de l'apport des investisseurs (GRAI) GuaranteedRecoveryof Investment Principal (Program) (GRIP) [IFC] garantie d'une crance debt secuity garantie mobile rollingguarantee (of interest payments) garantie non appelable par anticipation non-accelerable guarantee Gensaki Gensaki grant de portefeulile portfolio manager gestion de (la) trsorerle cash management gestion du passlf liabilitymanagement grande banque city bank [Japan] greenmail greenmail groupe de cranciers group of creditors groupe de direction management,managinggroup fEuro-dollarmarket] groupe de garantie underwriting consortium,group, syndicate groupe d'enchrisseurs tenderpanel groupe de placement sellingconsortium,group, syndicate[EuromarketJ guichet automatique de banque (GAB) automatc,automated teller machine (ATM) habillage de bilan window dressing hasard moral moral hazard hedging hedging honorabilit (client priv] creditstanding creditworthiness horu du cours out of the money (OTM) (option) CON indexed currencyoption note (ICON) imposition conditions de pralables front-loadingof conditionality indexing indexing indexprogram indice de rvaluation du pool currencypool index indicirisation indexing,index program inflation de base core inflation ingnierie financire financial engineering institution d'pargne contractuelle contractualsavingsinstitution instrument financier terme financialfutures institution financiere non bancaire non-bank bank; non-bank financial institution instrument ngociable negotiableinstnrment instrument participatif equity-likeinstnument instruments de la dette publique governmentdebt instruments

153 instruments pour Poctrol d'argent frais new money instruments lnstruments quasimontaires near cash instruments intendance back office intensification des circuits financiers financial deepening intret de dport backwardationrate intret de report contangorate;continuation rate intret patrimonial proprietary interest intrets moratoires default interest intermdiaire en bourse jobber intermdiaire financier financial interrnediar'y intermdiation intermediation intermdiation financiere market intermediation intervenants sur le march market pariicipants intervenir sur le march face the market introduction en bourse initialpublic offering(IPO) investissement k provisionner impairedinvestment lnvestlssementcompromis impairedinvestment Investissement de productlvlt capital-deepening investment Investlssement direct k l'tranger directforeigninvestment(DFI) investissementen aval downstreaminvestment investissement en danger impairedinvestment investissement immature immatureinvestment investissement obligataire forced investment investissement qui n'a pas encore atteint son rendement normal unseasonedinvestment investissement sorti du portefeuille closed-outinvestment[IFC] investissements arrivs a maturit mature investments investissements directs autres que les participations non-equitydirectinvestment investissements qui commencenta rapporter mature investments investisseur final retailinvestor jobber jobber junk bond junk bond, speculativegrade bond krach boursier stock market crash layering layering lettre de change bill of exchange lettre de confort letterof comfort lettre de crdit standby standby letterof credit LIBID London InterbankBid Rate (LIBID) LIBOR London InterbankOfferedRate (LIBOR) LIBOR pour les transactions en dollars dollar ($) LIBOR ligne (de crdit) de garantie back-up line of credit ligne (de crdit) de protection back-up line of credit ligne (de crdit) de soutien back-up line of credit ligne (de crdit) de substitution back-up line of credit ligne de dcouvert swingline

154

ligne de liquidit swingline LIMEAN LIMEAN limitation de la circulation physique des valeurs truncation limite du pouvoir de prt lendingceiling,credit limit liste d'attente queue liste de conditions term sheet liste sous contrle watch list long hedge long hedge maison de rescompte discount house; bill broker maison de titres investmentbank [U.S.J; merchant bank [U.K] maison de titres securitiesdealer;securitiesfirm mandataire agent bank manque de concordance des chances maturitymismatch manque de synchronisme des chances matunty mismatch march k terme d'instruments financiers (MATIF) financialfutures market

march au comptaut spot market;cash market [foreign&changel march aux enchres auction market march baWssier bear market march bancaire des particuliers retailbanking march boursier equitymarket march de(s) capitaux capital market march de l'argent money market march de la crie floor trading march d'encheres auction market march d'enchres auction market march de porteurs bearermarket march des actions equity mawket march des capitaux financial market march des effets a court terme short-termpaper market march des fonds propres equitymarket

march des valeurs mobilieres securitiesmarket march des valeurs mobilieres non inscrites k la cote omeielle unlistedsecuAffesmarket (ULM); over-the-counter (OTC) market; third market; curb market march disputable contestablemarket march du disponible spot market; actual market; cash market;physical market [commodities] march fig locked market march financier capital market march rinancier financial market march financier open market march gris grey,graymarket march haussier buil market march hors bourse third market; off-the-board market march hors cote unlisted securitiesmarket (ULM); over-the-counter (OTC) market; third market; curb market march hors cote over-the-counter market (OTC)

155 march montaire money market march ob la cote de crdit est primordiale name market march paralIlle parallelmarket march primaire primary market march secondaire secondarymarket march tres actif deep market marchisation securitization marchisation marketization marchs a terme sur les taux d'intret interestratefutures marge spread marge brute grosseamings margin;gross margin;bankers spread; banker'smarkup [banks] marge de dcaissement headroom marge financire financial spread marge implicite implicit spread marge vorace alligatorspread marking to market marking to market masse montaire au sens troit narrowmoney [cf. Ml] mauvais fonctionnement du march marketfailure mcanisme automatique de rvision (des taux d'intret) automaticresettingmechanism [IFCJ mcanisme d'assurance des swaps Swap InsuranceFacility [IBRDJ Mcanisme de couverture de swaps ContingentSwap Facility [IBRDJ Mcanisme de dveloppement des Carailbes CaribbeanDevelopment Facility Mcanisme de financement de la prparation des projets ProjectPreparationFacility (PPF) [IBRDJ Mcanisme de financement du Projet Dimensions sociales de l'ajustement Social Dimensionsof Adjustment ProjectFacility; SDA ProjectFacility Mcanisme de financement pour alas extrieurs Extemal Contingency Mechanism [IMF] mmorandum d'offre offeringmemorandum mmorandum de placement placement memorandum; placing memorandum; informationmemorandum menu-. market-basedmenu approach; market-driven menu approach; menu of options menu des options market-basedmenu approach; market-drivenmenu approach; menu of options mettre en jeu une garantie call a guarantee mini-obligation baby bond mise en pension repurchaseagreement(RP; repo) mise en pension inverse reverserepurchaseagreement mise en report inwardswap mobilirisation securitization mobiliser discount modle d'quilibre des actifs rinanciers (MEDAF) capital assetpricingmodel (CAPM) modle d'valuation des actifs financiers (MEDAF) capital assetpricingmodel (CAPM)

156 modification de l'chancier interestretiming modifcation de la monnale d'un pret redenomination cunrency modification de la priodicit des paiements d'intrts interestretiming modification du rgime des intrets interest(rate)switching MOF multioptionfacility (MOF); multioptionfinancingfacility (MOFF) montique electronicbanking monnale au sens troit narrowmoney [cf. MI] monnale pine splinter currency[IBRDJ monnaie pineuse splinter currency[IBRDJ monnale scripturale bank money montages comportant l'apport d'argent frais new moneypackages montant notionnel notional amount montant total des caps autoriss Global Cap Authority [IFC] montants affects set-asides montants passs par perteset prolts write off, chage-off [noun] montants rservs set-asides moyenne (pondre) mobile running(weighted)average moyens de paiement k l'encaissement float [banking] moyens de paiement flottant float [banking] moyens de paiement non recouvrs float [banking] multiplication des oprations chuming overading naturalisation de la dette debt domestication ngociation de larges paquets d'actions block trading ngociation spare stripping new money new money niveau d'indiffrence point [stock market] break-even nominale par value;face value non admis, non inscrit k la cote officielle unlisted (security) non cot unlisted (security) non garantl clean notation rating note d'lnformation placement memorandumr; placingmemorandum note sur les probabilits de recouvrement note country collectibility [IBRD] nouveau pouvoir de placemnent Authority New Investmnent (NL4) novation novation novation renewal obligation bond obligation debenture(bond) obligation note obligation a coupon diffr deferredcoupon note; deferred interestnote obligation a coupon zro zero coupon bond obligation double devise bond dual-currency obligation a long terme mise par une collectivitpublique pour financer un projet (dont les recettes assureront le remboursement) revenuebond

157 obligation A lot seral bond, loan obligation apparente aux actions equity-related bond; equity-linked bond obligation prime (d'mission) discount bond obligation Atprime d'mission originalissue discount (OID) bond obligation prime d'mission levee deep-discountbond, note obligation risque junk bond; speculativegrade bond obligation assortie d'une option de vente bond withput option obligation i taux flottant floating-ratebond obligation a taux tlottant a intrt invers inversefloating ratenote obligation k taux flottant fix d'avance stepped (rate) bond obligation a taux flottant gag collateralized floating ratebond obligation A taux flottant inversement indexe reverse floating ratenote obligation A taux renouvel rolypoly bond obligation a taux variable Wmismatch" mismatch floating ratenote obligation a taux variable (OTV) floating-rate bond obligation taux variable base sur une contre-transformation mismatch floating rate note obligation a taux variable plafonn cappedfloating rate note obligation au porteur bearerbond obligation avec bon de souscription d'actions (OBSA) bond with equitywarrant obligation avec bon de souscription d'obligations (OBSO) bond with bond warrant obligation avec option de change multiple (currency) option bond obligation avec option montaire multiple (curency) option bond obligation Awarrant warrantbond obligation "bouIedogue Bulldogbond obligation cautionne custom duty bill obligation classique straightbond obligation convertible en actions converible; convertible secunty obligation 'daimyo" daimyo bond obligation de premier ordre top-ratedbond obligation de socit corporatebond obligation dnonce calledbond obligation doublement garantie double-barreled bond obligation mise par une collectivitpublique dans l'attente de rentres non fiscales revenue-anticipation note obligation tranglre mise k Londres Bulldog bond obligation gage collateralized (bond) obligation garantie par une hypotheque collateralized mortgage obligaton(CMO) obligation Geisha Geisha bond obligation haussiere et baissiere bul and bear bond obligation hypothcalre mortgagebond

158 obligation indexe indexed bond; index-linked bond obligation indexe sur les prix de produits de base commodity-indexedbond obligation kiwi kiwi bond obligation "lvrier d'Irlande" wolfhound bond obligation lie aux prix de produits de base commodity-linkedbond; commodity-backedbond obligation matador matador bond obligation multimarchs global bond obligation munie de coupon coupon(-bearing) bond obligation ne pouvant etre amortie par anticipation noncallablebond obligation nominale 3 option d'achat ou de vente de produit nominal bond with attached commodity option obligation (non garantie) loan stock obligation non garantie debenture(bond) obligation non ngociable nonmarketablebond obligation participante income bond, participating bond obligation perptuelle nonmaturzing, nonredeemable govemment bond; perpetual bond, annuity bond, consol [U.K] obligation plantaire global bond obligation pourrie junk bond, speculativegrade bond obligation pouvant intresser les banques bank qualitybond obligation prorogeable extendiblebond; extendible matuitybond obligation prorogeable extendiblenote; extendible maturitynote obligation remboursable avant l'chance callablebond obligation rtractable retractable, putable bond obligation samoura! Samurai bond obligation "shogun" Shogun bond obligation spciale Acoupons A rinvestir (OSCAR) bunny bond obligation Isushi" Sushi bond obligation venant a chance due bond obligation vendue a guichet ouvert bond sold on tap obligation warrante warrantbond obligation Yankee Yankee bond obligations d'Etat de qualit a coupon zro sterlingtransferable accruing govemment securities(STAGs) obligations mises par des organismes fdraux agencysecurities,obligations offre excdentaire overhang offre publique d'achat (OPA) take-overbid offre publique de vente (OPV) public offering(of shares) offre publique sur le march secondaire secondary public offering offshore offshore OPA a crdit leveraged buyout (LBO) OPA sauvage unfriendlytakeoverbid open market open market oprateur (sur le march) dealer [stock market]

159 oprateur principal du march (OPM) discount house; bill broker oprateurs sur le march market participants opration a chances symtriques matched matuitytransaction [IBRDJ opration couple d'emprunts back-to-back(loan, borrowing); matchedfunding opration d'achat de titres au comptant et de vente de contrats k terme cash and carry opration de couverture par vente a terme short hedge opration de vente de titres au comptant et d'achat de contrats a terme reversecash and cany opration en association equityjoint venture oprations k terme futures [commoditiesmarket] oprations d'arbitrage en couverture d'actifs hedging oprations d'arbitrage vers l'intrieur inwardswitching oprations de bouclage topping up oprations de couverture par achat A terme long hedge oprations de prise en report outwardswtching operations oprations en contrepartie hedging option option option amricaine American (style) option option au cours at the money (ATM) (option) option call et put straddle;call-and-putoption option d'achat call option option d'achat du double call of more (CM) option dans le cours in the money (I'TM) (option) option de change multicurrency option option de gr a gr over the counter (OTC) option option de modification de la monnaie d'un prt currencyredenomination option de put put option option de rachat call option option de remboursement anticip au gr du porteur put option de reprise (des dernires chances d'un prt commercial) take-overoption [IBRDJ option de souscription stock option option de swap swaption;swap option option de vente put option option europenne European (style) option option multidevises multicurrency option option sur contrats a terme futures option option sur indice index option ordre a cours limit limit order ordre au mieux market order ordre d'achat tradingticket [secunities] ordre de placement automatique formula investing ordre de vente tradingticket[secunties] ordre li straddle;call-and-putoption ordre stop stop order

160 Organisation internationale des commissions de valeurs mobilires (OICV) Intemational Organization of SecuritiesCommissions (IOSCO) organisme d'mission issuer organisme de placement collectif en valeurs mobilires (OPCVM) investmentcompany,fund paiement contre documents cash against documents (CAD) palements d'intrets prvus P'chancier scheduled debt service panachage a court terme (PCi) currentblend (CB) [IFC] panachage de long terme (PLI) long-termblended cost rate (LTB) [IFC] panel d'offre tenderpanel papier a court terme short-term paper papier a terme offert en permanence (COLTS) ContinuouslyOffered Longer-TermSecurities (COLTS) papier commercial commercialpaper (CP); commercialbilis
t

papier financier commercialpaper (CP); commercialbilis papier synthtique a taux d'intret flottant syntheticfloating rate notes; derivative floating ratenotes parit, a at the money (ATM) (option) parit de conversion conversionvalue part d'association partnership share part de capital proprietary interest part des risques exposure participants sur le march market paticipants participation k forfait nonrecourse participation participation k toutes les chances stripparticipation participation au capital equityfinancing, equity investment participation croise cross-shareholding participation majoritaire dans l'actif proprietary interest participation proportionnelle funding pro rata [IBRDJ

participation sans recours nonrecourseparticipation parts bnficiaires founders' shares;promoters' stock [U.K] parts de fondateur founders' shares;promoters' stock [U.K] passager clandestin free rider passation par pertes et profits write off; charge-off pays k faible revenu, k revenu intermdiaire gravement endett severelyindebtedlow-, middleincome country (SILIC, SIMIC) pays a faible revenu, revenu intermdiaire modrment endett moderatelyindebted low-, middle-incomecountry (MILIC, MIMIC) pays a financement mixte blend country pays k revenu intermdiaire fortement endett highly,heavily indebtedmiddle income country (HIC) pays admis Aemprunter A l'IDA IDA-eligiblecountry pays ligible au crdit de I'IDA IDA-eligiblecountry pays empruntants auprs de sources publiques official borrower

161 pays empruntants sur les marchs financiers market borrowers pays en pointe fast track country pays menac d'asphyxie par endettement debt distressedcountry pays pouvant bnficier d'un financement mixte blend country pays qui continue d'emprunter active borrower pays qui ont accs aux marchs financiers market-eligible countries pays recevant des prets de la BIRD et des crdits de l'IDA blend country pays surendett debt distressedcountry priode d'intrt interestperiod ptro-obligation petrobond phase de dveloppement (d'une socit) mezzaninelevel pied de coupon ask(ed) price; market price [securitiesmarket] place bancaire extraterritoriale, offshore offshorebanking center placement d'actions dtenues par les particuliers secondaryoffering placement de pere de famille blue chip placement de titres par gros paquets block trading placement par vole prive privateplacement placement spcial specialplacement plafond de pret librement
accord

plan de rduction de la dette (avec garantie) collateralized(debt) defeasance;debt defeasance plan de souscription d'actions stock option plancher floor plaque tournante entrepot;turntable plus-values latentes unrealized gains point de base basis point pondration des monnales currencyweight pool de monnales rixcomme objectif targetedcurrencypool pool d'emprunts de rfrence pool of qualified borrowings pool des monnales (des prts) loan currency pool pool des monnales prtes loan currency pool portefeuille de prets loan portfolio portefeuille liquide liquiditypo~tfolio;liquid assets ponfolio portefeuille modele benchmarkportfolio [IBRDJ porteur d'obligations bondholder

free limit of loan plafond des taux d'intrt interestratecap plage de rfrence target zone; reference zone plan d'achat stock option plan d'pargne retraite personnel (PER) individualretirementaccount (IRA) plan de rduction de la dette (avec garantie) debt defeasance; collateralized (debt) defeasance plan de rduction de la dette (avec garantie) avec fonds d'amortissement debt defeasancethroughthe sinkingfund mechanism

162 porteur de titres


bondholder

premier prix (de la journe)


opening pce

pret a la rhabilitation de
zones sinistres emergency reconstruction loan

position acheteur
long position position courte short position

prendre (des effets) en


pension take in, to (bills) prsence exposure

(ERL)
pret a taux rvisable resetter loan; rate resetter (RR) loan

position longue long position


position ouverte open interest; open market interest

pret k amortissement ngatif


negative amortization loan pret a coupon unique balloon loan

pret a un intermdiaire financier


financial intermediary loan (FIL) pret apex apex loan

position vendeur shortposition


pourcentage de couverture margin requirements [stock

pret a l'ajustement de la politique industrielle et commerciale (PAPIC)


industrial and trade policy adjustment loan (ITPAL) pret a l'ajustement des

pret au jour le jour call loan


prt au redressement des

exchangel pouvoir d'engagement


commitment authority

entreprises publiques (PREP)


public enterprise rehabilitation

exportations
export adjustment loan (EAL)

loan (PERL) [IBRD] pret au redressement conomique


economic recovery loan (ERL) pret au relevement emergency reconstruction loan

pouvoir de placement des


liquidits de la SFI liquid assets investment authority [IFC]

prt k l'ajustement du secteur


agricole (PASA) agricultural sector adjustment loan (ASAL)

pouvoir de pret
lending authority pouvoir gnral de placement General Investment

pret a l'importation pour le


redressement conomique rehabilitation mport credit/loan (RIC, RIL) [IBRDJ

(ERL)
pret aux courtiers de Bourse broker loan; broker's loan

Authorization [IBRD/IDA]
pravis d'mission red herring

pret a la rationalisation des


entreprises publiques (PREP) public enterprise rationalization loan (PERL) [IBRDJ

pret aux courtiers de Bourse


broker loan; broker's loan pret aux courtiers de Bourse broker loan; broker's loan pret avec intressement aux

prciput
praecipium; praecipuum prdateur corporate raider; raider prdateur hostile hostile raider

pret k la reconstruction
emergency reconstruction loan

(ERL)
pret k la rforme des

bnfices
loan with equity kicker

entreprises publiques (PREP)


public enterprise reform loan (PERL) JIBRDJ

pret "B"
"B" loan

163 pret ballon balloon loan pret cofinanc coloan prt comnportant risque un souverain sovereignrisk loan pret conditionnel standby loan pret consenti par la SFI a une banque nationale de dveloppementpour l'octroi de prets a des PME package loan JIFC] pret consortial syndicatedloan pret d'ajustement sectoriel sectoradjustment loan (SECAL; SAD) pret d'assistance technique technicalassistanceloan (TAL) [IBRDJ pret de qualit quality loan pret de titres garanti par d'autres titres borrow-pledge securityloan pret de titres garanti par des fonds cash secuity loan pret destin a couvrir un ventuel dpassement des coots overageloan prt d'investissement et d'entretien sectoriel <lES) sectorinvestmentand maintenanceloan (SIM) [IBRDJ pret d"nvestissement spcifique specific investmentloan (SIL) [IBRD] pret dont on exige le remboursement anticip prematuredloan pret du pool pooled loan prt en cascade apexloan pret en danger jeopardy loan pret en difficult dlistressed loan pret gant jumbo loan pret global package loan [IFCJ pret hybride hybridloan prt index indexedloan [currency pool] pret jumbo jumbo loan pret librement accord free-limitloan pret non privilgi subordinatedloan pret non productif nonperformingloan; nonaccruingloan pret par tapes time-sliceloan pret participatif loan with equitykicker pret participatif equityloan pret-programme programloan; programlending [IBRD] pret-programme d'aJustement program adjustmentloan (PAL) [IBRDJ pret pyramidal apex loan pret rembours par anticipation prematuredloan prOt secondaire subloan prat sectoriel sectorloan pret sous forme de prise de participation equity loan pret subsidiaire subloan pret syndiqu syndicatedloan pret syndiqu en circuit ferm club deal loan

164

prt trs menac jeopardyloan prt(er) a un pays dont les intrts ne sont pas comptabiliss loan into arrears,(to) [World Bank] prteur non privilgi subordinatelender prteur officiel lenderof record prts additionnels new money prts k des conditions commerciales commerciallending prts a l'ajustement macroconomique policy-basedlending,policy loans prts I'appui policy-basedlending,policy loans prts aux conditions du march market-related lending prts de titres securitylending[IBRD] prts en cours de dcaissement, non encore rembourss
active loans

prets involontaires involuntarylending prets non spontans involuntarylending prts spontans voluntary,spontaneouslending prets volontaires voluntary,spontaneouslending prime premium [secunities] prime call option prime de conversion conversion premium prime de liquidit liquiditypremium prime d'mission premium [stocks] prime d'mission discount fbondsJ prime de remboursement call premium prime de remboursement anticip prepaymentfee; prepayment premium prime de risque risk premium
prime de risque-inflation

prise de controle par l'emprunt (LBO) leveragedbuyout (LBO) prise de participation au capital social equityfinancing, equity investment prise en pension purchase and resale agreement
[Canada]

prise en rmr repurchaseagreement(RP; repo) prise en rmr inverse reverserepurchaseagreement prise ferme bought deal; firm commitment underwriting prises de participation non productives no-retum equity prises de participation non rentables no-retum equity prix acheteur buyingrate [securities market] prix comptable accountingprice prix d'arrt stop-outprice
prix de base

inflationpremium prts en faveur de rformes policy-basedlending,policy loans prts forcs involuntarylending Principes comptables gnralement admis Generally AcceptedAccounting Principles(GAAP)

strikingpnce; strikepnce; exercise price prix de cession interne transferprice prix de conversion conversion pnice

165 prix de leve stnkingprice;stnke pnce; exercise price prix de pleine concurrence arm's length (price) prix d'quilibre (du march) market-clearing price prix de transfert transferprice prix des prets secondaires subloanpricing prix d'exercice strikingprice;strikeprice; exerciseprice prix conomique economic price;efficiencyprice prix franco frontiere borderprice prlx frontire borderprice prix interne transferprice prix net payout price prix normal du march arm's length (price) proril des risques de financement overall risk profile [IBRD] profiter lock(ed) in (interestrates) profiteur free rider Programme d'assistance spciale (de la Banque mondiale aux pays membres) (WorldBank) Pram of SpecialAssistance (to Member Countnes) (SAP) Programme de garantie de recouvrement de l'apport des lnvestisseurs (GRAI) GuaranteedRecoveryof Investment Principal(Program) (GRIP) (IFC] Programme de ngociation distincte des intrets et du principal concernant ses titres SeparateTradingof Registered Interest and Principalof SecuritiesProgram(STRIPS) prograimmede prt d'appoint standby lendingprogram programme de prt de base base lendingprogram programme de prt normal regularlendingprogram [IBRDJ Programme spcial d'assistance de la Banque mondiale en faveur des pays a faible revenu surendetts d'Afrique subsaharienne WorldBank's Special Program of Assistancefor the Low-Income Debt-Distressed Countriesin Sub-Saharan Africa projet hors portefeuille non-portfolio project [IFC] Projet Dimensions sociales de l'ajustement (Projet DSA) Social Dimensions of Adjustment Project(SDA Project) prospectus prospectus protection contre un rachat anticip call protection provisionnement des pertes sur prets loan loss provisioning put put quasi-banque near-bank[Canada] quasi-capital quasi-equity;quasi-capital quasi-fonds propres quasi-equity;quasi-capital quasi-monnaie near-money;quasi-money quatrieme march fourth market [US] rachat d'entreprise par les salaris managementbuyout leveraged (LMBO) rachat de dettes debt buyback,debt repurchase rang seniority rappel pool] recall [currency rapport bnfices nets/investissements net benefitinvestmentratio

166 rapport coats-bnfice price/eamings ra~lo(PE ratio; PER) rapport de liquidit (1/1/78-1/9/88) reserverado rapport encours des prets/fonds propres gearingraio [IBRD] rating atdng ratio d'autonomie financiere debt-equityratio;debt-to-equity ratio ratio de couverture hedge ratio ratio de couverture de l'intret interestcoverage rado ratio de levier leverage(ratio)[U.S.];gearng (rada) [U.KJratio de liquidit liquidityrado [IBRD] ratio de liquidit gnrale currentrado; worling-capital ratio d'endettement debt-equityratdo; debt-to-equity ratio ratio d'endettement debt ratio ratio d'endettement &long terme long-termdebt rado ratio (dparts en) missions d'valuation/rserve de projets pipelinefactor lIBAD] ratio de recouvrement collectionrado ratio des lntrets non comptabiliss net nonaccmial rate ratio de solvabilit debt rado ratio de solvabilit-endettement leverage(ratio)[US.-; gearing (atdo) [U.K] ratio de structure du passif leverage(rado) [U.S.-; gearing (raaio)[UK] ratio de trsorerie rduite acid-test liqui4 quick ratio ratio du service de la dette debt-service ratdo; debt service to exportsratio ratio dynamique, futur du service de la dette debt servicetime profile ratio ratio institutionnel institudional raio ratio prix comptable-prix du march accountingratio ratio tir du bilan balance-sheetratio ratios de gestion operatingratios ratios de liquidit liquidityratios ratios de rentabilit profitabilityratios; revenue-covenant ratios reconduction roll-over reconstruction de la dette debt restbucturing recyclage relending remploi des plus-values rolloverof gains rescompte officiel discount window rescompter rediscount refinancement roll-over refinancemnent anticip advancedrefunding refinancement pour un montant gal even roll rglage de prcision fine-tuning (of the economy) regle de minimis de minimis rule relativement moins dvelopp relatvely less developed [IDA] remboursement [prts] amortization remboursements 3 P'IDA IDA reflows remboursement en tranches gales level repayment remise (d'une dette) cancellation(of a debo

167 rendement a l'chance yeldto matunty (YTM) rendement converti en taux d'intrt coupon equivalentyeld rendement de Pactif retum on assets (ROA) rendement de l'actif net moyen retum on averagenet worth [IFC] rendement des avoirs retum on averageassets [IFCJ rendement minimum floor retum renllouer bail out renforcement du crdit credit enhancement renoncer take ou4 to [IBRDJ renonciation a la clause de nantissement ngative waiverof negative pledge; negativepledge waiver renonciation a la clause par passu negative pledge waiver renouvellement roll-over rente perptuelle nonmaturing nonredeemable govemment bond; perpetual bond, annuity bond, consol [U.K] rentre nette payout price rentres de P'IDA IDA reflows rouverture d'une mission reissue rpartition allotment repli technlque technicaldecline, drop report contango report premium [foreignexchangel report a nouveau retained eamings report de crdits carry-over report de devises outwardswap report de la dtermination du taux deferredrate resetting [IFCJ rpression financiere financial repression reprise d'entreprise par les salaris (RES) leveraged managementbuyout (LMBO) rserve pour pertes non identifies unidentifiedloss reserve[IFCJ rserve pour pertes spciriques specific loss reserve[IFC] rserves obligatoires pour risques de tansfert allocatedtransferrskreserves (ATRR) rUS] resquilleur free rider ressources acquises purchasedfunds restructuration de la dette debt workout restructuration de la dette debt restructuring restructuration du capital recapitalization rsultat net bottom line retrait drawdown rtrocession onlending rtrocession sell-down rutilisation des prts relending reverse cash and carry reverse cash and carry risk conversion floater rsk conversionfloater risque exposure risque calcul par rfrence au march mark to market exposure risque d'insolvabilit de l'Etat emprunteur sovereignrisk

168 risque de change cross-currency exchaWge nsk risque de conversion comptable des monnales cumencytransationexposure risque de perte sur les taux second march unlistedsecuntiesmarket (ULM); over-the-counter (OTC) mar*et;third market; curbmarket secteur des entreprises corporate sector scurit comfort service bancaire de gestion financire bank trust department service bancaire international intemationalbankingfacility (IBF) service extraterritorial, offshore offshore banking unit (OBU) Service-conseilpour l'investissement tranger (FIAS) ForeignInvestment Advisory Service (FL4S) Service de promotion et de dveloppementdes investissements en Afrique (APDF) Africa ProjectDevelopment Facility(APDF) services bancaires pour les particuliers retailbanking seuil de dclenchement triger rate short hedge short hedge simple clean situation nette stockholders'equity; shareholders'equity;owners' equity; equity;net worth; shareholders'funds JU.K] socit civile de placement immohilier real estate investment trust (REIT) socit d'investissement investmentcompany,fund socit d'investissement a capital fixe (SICAF) closed-end (investment)fund, company (CEIC) socit d'investissement a capital variable money market (mutual) fund (MMF) socit d'investissement a capital variable (SICAV) mutual fund socit d'investissement a capital variable (SICAV) open-end (investment)fund, company (OEIC); mutual fund; unit trust [UK] socit d'investissement 3 court terme money market (mutual)fund (MMF) socit d'investissement de trsorerie money market (mutual)fund (MMF) socit d'investissement ferme closed-end (investment) fund, company (CEIC)

d'intret
interest-rate risk risque de refinancement refinancingrisk [IBRDJ risque de transformation mismatch risk [IBRDJ risque de transformation matuditymismatch risque di au dcalage lagnisk [IBRDJ risque exceptionnel event isk risque li A la marge spreadrisk [IBRD] risque li a la rentabilit des liquidits cash nisk, liquid-holdings risk risque li au dcalage entre les chances mismatch risk [IBRDJ risque souverain sovereignrisk risques de refinancement rollovernisks rue vers les titres de qualit flight to quality

s'assurer (de taux d'intrt


favorables) lock(ed) in (interestrates)

169 soelt d'investissement montalre money market (mutual) fund (MMF) socit d'linvestissement ouverte open-end (investment)fund, company (OEIC); mutual fund, unit trust [U.K] socit de financement de l'innovation venturecapital company socit de placement secuMties dealer;securitiesfirm socit mandate (par la Banque mondiale pour la reprsenter k des missions d'obligations au Japon) commissioned company [Japan] socit opable targetcompany; takeover candidate solde bottom line solvabilit creditstanding czeditworthiness soulte, la margncall sous-compte dbiteur de l'emprunteur borrower'sindebtedness subaccount[currency pool] sous-jacent underlying(secunity) sous-participant secondary participant spculation trading spread spread stellage straddle;call-and-putopton straddle straddle;cal-and-putoption strangle strangle subdivision d'un pret en plusieurs tranches tranching support underlying(secunrty) surendettement debt overhang sret garantissant un solde d au titre d'une participation purchasemoney secunity interest[IFCJ surface rinancire credit standing;creditworthiness swap swap (transaction) swap a prime premium swap swap a terme variable callableswap swap avec dcote discount swap swap 'cocktailP cocktailswap swap compensatoire reverseswap swap d'actifs asset(-based)swap swap de base basis (rate) swap swap de compensation reverseswap smp de crances par debt swap; debt-debtswap smp de crances debt-debtswap;par debt swap; debt swap; debt-for-debt swap swap de crancescontre des participations debt(-for)-equity swap, conversionswap crances de contreespeces debt-for-cash swap swapde crances contre finances pour le dveloppement debt-for-development swap

swapde crances contre


recettes dexportations de produits de base debt commodity swap swap de crances contre remise de produits (exportables) debt-for-export swap; debt-for-products swap swap de dette contre des quasi-participations debt/quasi equityswap swap de dettes debt-debtswap;par debt swap; debt swap; debt-for-debt swap swap de dettes en devises contre dettes en monnaie nationale debt-for-local currencyswap swap de devises currencyswap

170 swap de mo_aes currncyswap swmp monnales et d'latret de crs swap; cuww coupon swap de mwap rfrence basis (rate) swap smp de taux d'lntret swap interest-rate swap de taux de rfrence basis (rate) swap swap d'intrets et de monnales cross-currency interestrate swap swap d'obligations pour un montant nominal gal evenpar swap swap d'options option swap swap double devise dual-currncy swap swap International swap cross-border msp lnvers minmor swap swap optionnel swaption;swap option swmpsur des dettes par debt swap; debt-ebt swap smp taux fixe/taux variable coupon swap msp taux variable contre taux variable basis (rote) swap swapper swap, to swaps pliantbroplques debt-chay swaps swaps portant la fob ur la taux d'intrEt et sur les monnales cross-cuncy interesthedg; double hedge swap swaption swaption;swap option syndicat d'enchres tenderpanel syndicat de direction management,managinggrup [Euro-dollarmaketJ syndicat de garande underwriting consorium, gmup, ~syndicate syndicat de pbcement tenderpanel syndicat de prise ferme gmup, undewnting consortiumi, syndicate syndicat financier syndicate syndicat soumissionnaire tenderpanel systme d'amortissement par tranches (gales) level annuitysystem systme de financement non institutionnel infornal finance systme de flnancement traditionnel informalfinance systeme de remboursement par annults level annuitysystem systlnmede remboursement par tranches gales equal pnncipal repayment system systeme de remboursements gaux du principal equal prncipal repayment system systme de taux preteur fond sur un pool d'emprunts pool-based lendingrate system LIBRDJ systme de taux preteur variable vadablelendingrote (VLR) system systme du pool de monnales currencypooling system systme fdral de rserve FederalReserveSystem systeme pour l'apport d'argent frais new moneyfaciliay Systme d'information sur les marchs financiers (Banque mondiale) World Bank CapitalMakets System (CMS) [IBRDJ tableau de financement statement of changesin financial position; source and applicationof funds statement; funds statement tableau des flux statement of changesin financialposition; source and applicadon of funds statement; funds statement

171 tableandes oprations flnancires (TOF) flow-of-fund table [national accountsJ tassement shake-out (of the market) taux composite du march combined market rate taux critique de rentabilit hurdlerate taux croiss divergents broken cross rates;tnangular arbitrage taux d'activit activity talios taux d'actualisation discount rate
taux d'actualisation de la

taux de coupon courant currentcoupon (tate) taux de l'argent au jour le jour call money rate;calU loan rate taux de mobillsatioo des ressourca resourcemobilizaton tolo taux de recouvrement collectiontalio taux de recouvrement net net collectionratio taux de rendement In fine equivalentbondyield taux des avances k vue cali money rate; call loan rate taux des avances sur titres Lombard rate[Federal Republicof Germany] taux d'escompte discount rate taux des fonds fdraux federalfunds rate [USJ taux d'indiffrence cross-over discount rate; equalizingdiscount rate taux d'intrft comptable (TIC) accountingrate of interest (ARI) taux d'intrit crditeur depositorrate of interest; borrowing rate taux d'lintret d'quilibre (du march) maket-clearing interestrate

taux d'lntrft dircteurs key interestrates taux d'lntret aon interestratese8mentation taux d'intret rel realinterestrate taux d'Intret rsultant du panachage blended interestrate taux du march montaire (TMM) money market rate taux Interbancaire offert interbankofferedrate (IBOR) taux jalon key money rate;centralrate taux Lombard
Lombard rate [Federal

consommation consumplion rateof interest (CRI) taux d'avances sur titres brokerloan rate taux d'galisation des valeurs actuelles cross-over discount rate; equaliAngdiscount rate taux de base prime rate taux de base a long terme long-term prime rate (LTPR) [Japan] taux de change minimum

Republic of GennanyJ taux pivot key money rate;centralrate taux plancher de verrouillage lock rate taux preteur variable bas sur un pool d'emprunts pool-basedvariablelendingrate [IBRD] taux privilgi prime rate tel quel fiat teneur tenor teneur de march market maker

floorrate of exchange
taux de coupon coupon rate

172

teneur de plume book-nnninglead bank book-iunning lead manager


tigre TreasuryInvestment Growth Receipt (iger) titralisation securitization titre security titre A coupon dgressif multiple step-down (security) titre A coupon progressif multiple step-up (secunty) titre au porteur bearersecurity titre de crance debt secunity titre de participation a un pool de prts pass-throughcertificate; parficipationcetificate titre de rente perptuelle annuity bond titre destin & I'tranger foreign-aimedsecurity; foreign-targeted securitytUS] titre mis A guichets ouverts tap security titre mis k jet continu tap secunity

titre garantl par des cefances hypothcafreu mongage-backedsecuity (MBS) titre nominatif secuty registered titre obligataire debt security titre prcurseur security bellwether titre rattach des actions bond; equity-related bond equity-Zinked titre relev book-entrysecurity titre sous-jacent underlying(security) titre subordonn a dure indtermine (TSDI) perpetualfloating-rate note titres a options couvertes coveredoption secuities (COPS) titres alternatifs altemativeparticipation instruments (APIs) titres assortis de coupons coupon paper titres de placement investmentsecurities titres garantis par des actifs assetfinance titres ngociables marketablesecunties

titrisation securtization traitement de la dette debt workout tranche payment period [IBRDJ tranche d'un prt stip of maturties transaction compense trade inside fees transaction fictive, fantme wash sale transaction simultane d'achat et de vente matched sale-purchase transaction transactions aller-retour transactions merry-go-round transactions interbancaires hanque de gros wholesalebanking transactions renouveles meny-go-roundtransactions transfert lectronique de fonds funds transfer(EFT) electronic transformation (bancaire) transformation transformation I'envers negativeterm transforrnation transformation d'chaiwves maturitytransformation transformation des chances term transfornation

173 transformation en titres securitization troisime march third market; off-the-board market unit composite europenne European Composite Unit (EURCO) unit europenne de compte (uec) European Unit of Account (EUA) unit rnontaire europenne (cu) European CurrencyUnit (ECU) valeur comptable book value valeur cote en Bourse listed security valeur critique switchingvalue valeur de pere de famille blue chip valeur de premier ordre blue chip valeur de refuge market] hedge [securities valeur dsaggrge break-upvalue valeur faciale par value;face value valeur faciale totale full face value valeur instrtnsque intinsic value valeur mobilire security valeur nominale full face value valeur nominale par value;face value valeur "peu en vogue' off-the-runsecuity valeur rdulte, k value impaired valeur seuil switchingvalue valeur-support underlying(security) valeur temps time value valeur ventile break-upvalue valeurs de premier ordre secunties gilt-edged valeurs garanties par P'Etat securities gilt-edged valeurs mobilieres amortissables partiellement avant chance et assorties a d'autres conditions variables pass-through pass-throughs; securities valorisation au prix du march marking to market vente k dcouvert shontsale vente de devises aux enchres foreignexchangeauctions vente de devises par adjudicatlon foreignexchangeauctions vente de prets partiels whole loan sale vente sans garantie d'mlssion best effortsale verroulller lock(ed) in (interestrates) warrant warrant warrant d'actions stock warrant warrant dtachable detachablewarrant warrant d'obligations bond warrant warrant changeable contre des titres d'Etat into wamrant govemment secunties (WINGS) warrant en devises foreignexchangewarrant zbres bearer zero coupon Eurosterling accruingsecunties registered (ZEBRAs) zone cible zone targetzone; reference zone de rfrence targetzone; referencezone

Terminologadefinanzas y de deuda Espaol-Ingls

177 abandono, anulacin y pago anticipado droppages,cancellationsand prepayments (DCP) [IFC] accin al portador transferable share accin de cada vertiginosa airpocket stock accin de primera clase blhe chip accin de una empresa prometedora growthstock accin de usufructo dividend-right share accin de valor inestable volatilestock accin gratuita bonus share accin gratuita scrip issue [UK]; stock dividend [US] accin negociable transferable share accin transferible transferable share acciones con derecho a dividendo dividend stock acciones de fundador founders' shares;promoters' stock [U.K] acciones nominativas registered stock;personal stock acciones pagadas paid-up stock;fully paid stock acciones preferenciales preferredstock acciones preferenciales (preferentes, preferidas) acumuladas cumulativepreferred stock acciones preferentes preferred stock acciones preferidas preferred stock accionista influyente leveraged stockholder aceleracin del vencimiento acceleration maturity of aceptacin bancaria banker'sacceptance acreencias improductivas nonperforming debt acreencias no redituables nonperforming debt actividades no incluidas en el balance general off-balancesheet (OBS) activites activo neto stockholders'equity; shareholders' equity;owners' equity;equity;net worth; shareholders' funds JU.K] activos improductivos nonperformning assets activos no redituables nonperfonningassets activos productivos earming assets acuerdo a plazo sobre tasas de inters forward rate agreement; future rate agreement(FRA) acuerdo a trmino sobre tasas de inters forward rate agreement; future rate agreement(FRA) acuerdo de compensacin clearingagreement acuerdo de destinacin especial set aside agreement acuerdo de recompra repurchaseagreement(RP; repo) acuerdo de recompra inverso reverserepurchaseagreement acuerdo de reprogramacin multianual de la deuda multi-yearrescheduling agreement(MYRA); multi-year restructuring agreement (MYRA) acuerdo de retencin de acciones share retentionagreement [IFCJ acuerdo de reventa (a un precio especificado) system repurchaseagreement acuerdo de traspaso progresivo (de acciones) fade-out agreement; phase-in agreement acuerdo gensaki Gensaki

178 acuerdos de reestructuracin financiera work out arrangements; workouts acumulacin (de vencimientos) bunching(of maturities) adelanto del vencimiento acceleration maturity of adjudicacin a precio uniforme Dutch auction [U.S.J administracin de fondos cash management afinamiento (de la economa) fine-tuning (of the economy) agente commissioned company [Japan] agente (de cambio y bolsa) broker agente de contrapartida dealer[optionsmarket] agente financiero fiscal agent agente pagador payingagent agente vendedor sales agent;sellingagent [securities] agio premium [secunities] agio agio agiotista jobber agiotista market maker alivio financiero financing relief amortizacin amortization ampliacin de los servicios de una institucin conversion from a restrictedto a full-seiviceinstitution ampliacin del capital capital widening anlisis de las probabilidades de recuperacin (de los prstamos otorgados a un pas) countrycollectibility analysis [IBRDJ analista de bolsa cha iist analista de valores securitiesanalyst anticipo del servicio de financiamiento para la preparacin de proyectos Project reparationFaciity advance [IBRD] anticipos sin garanta documentaria clean advances anulacin (de una deuda) cancellation(of a debt) anulacin de deudas a cambio de un activo financiero debt defeasance;collateralized (debt) defeasance anulacin de deudas con la garanta de un fondo de amortizacin debt defeasancethroughthe sinkingfund mechanism anulacin en libros write off; charge-off[noun] anuncio de emisin efectuada tombstone anuncio preliminar de una nueva emisin red herring aporte de fondos complementarios topping up arbitraje arbitrage arbitraje switch arbitraje conforme a la curva de rendimiento yield curve arbitrage arbitraje de vencimientos time arbitrage arbitraje espacial two-pointarbitrage; space arbitrage arbitraje protegido contra riesgos cambiarios coveredinterestarbitrage arbitrajista arbitrageur argentinizacin de la deuda debt domestication asegurador underwriter

179 asimetra de los vencimientos matuty mismatch Asociacin de Intemediarios Internacionales de Bonos Association of Intemational Bond Dealers (AIBD) atender el servicio de un prstamo servicea loan atraccin crowding-in aumento del capital con respecto al trabajo capital deepening autofinanciamiento in house financing; self-financing autorizacin permanente shelf registration aval aval banco abstencionista free rider banco agente agent bank banco coadministrador comanager;colead manager banco codirector comanager,colead manager banco comercial charteredbank [Canada] banco con un gran volumen de prstamos pendientes largeexposurebank banco constituido a nivel federal federaly charteredbank [U.S.1 banco corresponsal agentbank banco de inversiones investmentbank [U.S.]; merchant bank [UR] banco de segunda instancia second tier bank banco de segundo nivel second tier bank banco de segundo piso second tier bank banco director lead bank; lead manager banco director encargado del control de la emisin book-runninglead bank, book-nrnninglead manager banco extraterritorial offshorebank banco fiduciario tnist bank (Shintaku Ginko) [JapanJ banco mltiple universalbank(ing) banco mltiple full seMicebank banco mltiple combined commercialand investrnentbank, multibank; all-purposebank banco sogo Sogo bank banco(a) de servicios mltiples universalbank(ing) bancos establecidos en las principales plazas financieras money centerbanks bancos internnediarlos entrepot; tumtable base de capital capital base beta beta bolsa de valores secutides market bolsa de valores equitymaret bolivianizacinde la deuda debt domestication bono note bono bond bono a corto plazo short-termnote bono a corto plazo para financiar un proyecto projectnote bono a largo plazo pagadero con ingresos (del proyecto) revenuebond bono al portador bearernote bono al portador bearerbond

180 bono alcista bull bond bono alcista y bajista bull and bear bond bono amortiguador cushion bond bono basura junk bond; speculative grade bond bono "bulldog" Bulldogbond bono clsico straightbond bono con caractersticas de accin equity-related bond; equity-linked bond bono con certificado warrantbond bono con cupn coupon note bono con cupn coupon(-bearing) bond bono con cupn determinado por subasta a la baja Dutch auction notes bono con derecho a compra de acciones bond with equity warrant bono con derecho a compra de bonos adicionales bond with bond warrant bono con garanta de activos debenture(bond) bono con inters escalonado (fiado anticipadamente) stepped (rate) bond bono con Inters variable floating-rate note; floater bono con Inters variable floating-ratebond bono con Inters variable indizado floating rate note with variable couponfix bono con Inters variable inverso reverse floating rate note bono con inters variable inverso a la tasa de referencia inversefloatingrate note bono con inters variable minimo floor bono con inters variable reajustable anticipadamente mismatchfloating rate note bono con opcin de cambio de divisa multiple (currency) option bond bono con opcin de venta bond withput option bono con reinversin de intereses bunny bond bono con rendimiento vinculado al precio de un producto bsico commodity-linkedbond, commodity-backedbond bono con rescate vinculado a un tipo de cambio indexed currencyoption note (ICON) bono con tasa de inters renovable rolypoly bond bono con tipo de inters renovable rolypoly bond bono con tope mximo de inters cap; cappedfloating ratenote bono con tope mximo y mnimo de inters collar bono con vencimiento elegido al azar serialbond, loan bono chatarra junk bond; speculativegrade bond bono daimyo daimyo bond bono de ahorro savingsbond [France,Belgium, U.S.] bono de calidad bancaria bank quality bond bono de descuento intensivo deep-discountbond note bono de doble respaldo double-barreled bond bono de exclusin exWt instrument;exit bond; exit vehicle

181 bono de Inters diferido deferredcoupon note; deferred interestnote bono de primera clase top-ratedbond bono de primer orden top-ratedbond bono de renta vitalicia annuity bond bono de rescate anticipado put bond; putable bond; bond withput option bono de salida exit instrument;exit bond; exit vehicle bono de una sociedad (annima) corporate bond bono de usufructo dividend-right certificate bono de valor nominal muy bajo baby bond bono de vencimiento ajustable extendiblebond; eAtendible maturitybond bono de vencimiento ajustable extendiblenote; extendible maturity note bono de vencimiento escalonado serialbond, loan bono de venta continua bond sold on tap bono del Tesoro (a corto plazo) Treasurybill [U.S.1 bono del Tesoro (a ms de 10 afos) Treasury bond fU.S.J bono del Tesoro (a mediano plazo) Treasurynote [U.S.J bono del Tesoro (EE.UU.)a muy corto plazo cash management bill bono denominado en dos monedas dual-currency bond bono descontado discount bond bono descontado discount note bono emitido con descuento originalissue discount (OID) bond bono especulativo junk bond; speculativegrade bond bono flip-flop Jlip-flop bono garantizado collateralized (bond) bono garantizado de inters variable collateralized floating rate bond bono global global bond bono hipotecario mortgagebond bono indizado indexed bond; index-linked bond bono indizado segn el precio de un producto bsico commodity-indexedbond bono kiwi kiwi bond bono matador matador bond bono municipal a corto plazo rescatable con ingresos no tributarios revenue-anticipation note bono no negociable nonmarketablebond bono no redimible antes del vencimiento noncallablebond bono no rescatable antes del vencimiento noncallablebond bono nominal con opcin de compraventa de un producto bsico nominal bond with altached commodity option bono ordinario straightbond bono participatorio income bond; participating bond bono perpetuo annuity bond bono perpetuo nonmaturing,nonredeemable governmentbond; perpetual bond; annuity bond; consol [UK

182 bono perpetuo con tipo de inters flotante note perpetualfloating-rate bono previo a una emisin bond-anticipation note (BAN) bono que vence due bond bono redimible antes del vencimiento callablebond bono redimible anticipadamente retractable, putable bond bono rescatable callablebond bono rescatable anticipadamente putable bond retractable, bono rescatado anticipadamente called bond bono respaldado por ingresos fiscales previstos tax-andcipation note (TAN) bono samurai Samurai bond bono shogun Shogun bond bono sin cupn zero coupon bond bono sin cupn respaldado por el Goblernode EE.UU. Treasury Investment Growth Receipt (77ger) bono sin garanta especfica debenture(bond) bono sushi Sushibond bono tankoku Tankoku bill bono venddo due bond bono wolfhound wolfhound bond bono yanqui Yankeebond bonos britnicos sin cupn (STAG) accruing sterlingtransferable govemmentsecuidies (STAGs) bonos de primer orden gilt-edged securities bonos de responsabilidad general generalobligations; general obligationbonds bonos del Gobierno britnico gilt-edged securities bonos geisha Geisha bond bonos para la obtencin de nuevos fondos new money bonds bonos que devenganintereses interest-bearing notes bonos sin cupn con garanta del Tesoro de los EE.UU. certificates accrualon of Treasury secuwities (Cats) cajero automtico automatic,automated teller machine (ATM) cajero permanente automatic, automated teller machine (ATM) calendario de emisiones issuingcalendar cmara de compensacin clearinghouse cancelacin (de una deuda) cancellation(of a debt) cancelacin en libros write off; charge-off[nounJ capacidad crediticia credit standing,creditworthiness capacidad de endeudamiento debt canyingcapacity capital accionario equity capital;capital stock (of a corporation) capital circulante floating capital capital de riesgo risk capital capital de riesgo venturecapital;risk capital capital flotante floating capital capital improductivo no-retum equity capital no redituable no-retum equity capital social equity capital;capital stock (of a corporation)

183 capital suscrito y no desembolsado uncalled capital capitales itinerantes hot money;funk money [U.KJ capitalizacin capitalization capitalizacin (de la deuda) swap, debt(-for)-equity conversion capitalizacin burstil market capitalization capitalizacin de la deuda debt capitalization capitalizacin de los intereses interestcapitalization cargo por tramitacin fee processing carta de crdito contingente standby letterof credit carta de intencin sobre la poltica de desarrollo letterof developmentpolicy [IBRD] carta de intencin sobre la poltica sectorial letterof sectoralpolicy [IBRD] carta de seguridades letterof comfort cartera de acciones share ownership cartera de inversiones liquidas liquidityportfolio; liquid assets portfolio cartera de prstamos loan po~tfolio cartera lquida liquidityportfolio;liquid assets portfolio cartera modelo benchmarkpo~folio [IBRDJ casa de descuento discount house; bill broker casa matriz parent bank cdula hipotecaria mortgagebond centsimo de punto porcentual basis point centro bancario extraterritorial offshore bankingcenter certificado de adeudo of debt certificate; certificate indebtedness certificado de depositario depositaryreceipt certificado de depsito certificateof deposit certificado de depsito a plazo negociable negotiabletime certificateof deposit certificado de depsito clsico straigh4tap certificate of deposit certificado de depsito con tasa de inters renovable roll-overcerfificate deposit; of rolypoy certificateof deposit certificado de depsito con tipo de Inters renovable roll-overcefificate of deposit; rolypoly cetificate of deposit certificado de depsito de libre compra straight tap certificate of deposit certificado de depsito de o US$100.000 ms of jumbo certificate deposit

[US]
certificado de depsito en tramos tranchecertificateof deposit certificado de depsito sin lfmite straigh4tap certificateof deposit certificado de inversin investmentcertificate certificado de participacin participationcertificate certificado de transferencia de prstamos pass-throughcertificate; participationcertificate certificado en divisas foreignexchangewarrant certificado nominativo bond certificate certificado para la compra de acciones stock warrant certificado para la compra de acciones o bonos warrant

184 certificado para la compra de bonos bond warnant certiflcado para la compra de bonos del Tesoro warrantinto govemment securities(W7NGS) certificado provisional scripcerificate; bearerscrip certificado separable detachablewarrant certificado separado del cupn strip certificate cesin divestiture cesin de activos (de una sociedad) a cambio de acciones (de otra sociedad nueva) spinoff cheque certificado centifiedcheck cheque de caja cashier'scheck cheque intervenido cenifiedcheck clasificacin rating clasificacin crediticia creditstanding, creditworthiness clasificar rate,to; grade,to clusula de abstencin negative pledge clause clusula de aplazamiento de pagos bisqueclause clusula de buena voluntad goodwillclause clusula de disponibilidad switch,availabilityclause clusula de examen peridico periodic reviewclause;review clause clusula de exigibilidad del membolso illegalityclause clusula de obligacin negativa negative pledge clause clusula de recuperacin recaptureclause clusula de revisin trigger clause [IBRDJ clusula de salvaguardia jeopardy clause;disasterclause; break clause clusula pari passu pari passu clause clusula que estipula que se han de compartir los reembolsos sharingclause;payment shaning clause clusula recproca en caso de incumplimiento cross-default clause clusula roja red clause clusula sobre mltiples monedas multicurrency clause cobertura del servicio de la deuda debt-servce coverage coeficiente contable accountingratio coeficientecorriente [Amrica Latina] currentratio;working-capital coeficientede capital bruto grosscapital coefficient,ratio coeficientede cobertura de intereses interestcoverageratio coeficientede cobro bruto grosscollectionratio coeficientede cobro neto net collectionratio coeficientede costo en recursos internos domestic resourcecost ratio coeficientede costos combinados a largo plazo long-termblended cost rate (LTB) [IFCJ coeficiente de cuenta accountingratio coeficiente de endeudamiento debt-equityratio; debt-to-equity ratio coeficientede endeudamiento debt ratio coeficientede endeudamiento a largo plazo long-termdebt ratio

185 coeficientede explotacin woaringratio coeficientede inestabilidad volatilityratio coeficientede liquidez liquidityratio [IBRD] coeficientedel perfil futuro del servicio de la deuda debt servicetime profile ratio coeficiente del servicio de la deuda debt-sen'iceratio;debt service to expoatsratio coeficiente de movilizacinde recursos resourcemobilizationratio coeficiente de operacin operatingratio coeficientede prstamos excluidos del rgimen de contabilidad en valores devengados net nonaccrualrate coeficiente de proteccin hedge ratio coeficientede recuperacin collectionratio coeficiente de reserva reserveratio coeficiente de revaluacin del da daily revaluationfactor [currency pool] coeficientederivado del balance general balance-sheetratio coeficientede solvencia [Esp.] currentrado; working-capital coeficienteinstitucional institutionalratio coeficienteneto de explotacin operaing ratio coeficientes de actividad activityratios coeficientesde liquidez liquidityratios coeficientesde operacin operatingratios coeficientesde rentabilidad profitabilityradios; revenue-caovenant ratios coeficientesnetos de explotacin operating ratios cofinanclamiento mediante participacin directa directparticipation cofinancing cofinanciamiento supeditado al crecimiento growthcontingencycofinancing colapso de la bolsa stock market crash colocacinen el mercado secundario secondaryoffering colocacinespecial specialplacement colocacin privada privateplacement colocacin pblica public offering(of shares) comlsin handlingfee; managementfee comisin de administracin managementcommission,fee comisin de admisin (a cotizacin) adnission fee (to a stock exchange) comisin de cobertura cambiarla foreignexchangecoverage fee comisin de garanta guaranteecommisson,fee [IBRD] comisin de garanta underwitingfee; facilityfee comisin de gestin managementcommission,fee comisin de gestin agencyfee [Euromarket] comisin de prrroga extensionfee comsin de renegociacin extensionfee comisin de suscripcin undevwriding facilityfee fee; comisin de venta sellingfee [Euromarket] comisin de venta sellingcommission comisin del agente financiero fiscal agencyfee comisin Inicial flat fee; front end fee [Euroloan]

186 comisin Inicial front-endfee comisin por compromiso commitment fee, charge comisin por disponibilidad (de fondos) availability [IFC] fee comisin por inmovilizacin de fondos commitmentfee, charge comisin por tramitacin processingfee comisin por tramitacin de solicitud loan onginationfee comisin por utilizacin utilizationfee comit de coordinacin de bancos bank advisorycommittee comit de reestructuracin steeringcommittee;advisory committee Comit Cooke Committee on Banking Regulationsand Supervsory Basle Supervisors' Practices; Committee;Cooke Committee Comit de Supervisin Bancaria de Basilea Committee on Banking Regulationsand Supervisory Basle Superisors' Practices; Committee;Cooke Committee Comit sobre Regulacin Bancaria y Prcticas de Supervisin Committee on Banking Regulationsand Supervisory Basle Superiisors' Practices; Commiftee;Cooke Committee compaa comisionada commissioned company [lapan] compaa de capital de riesgo venturecapital company compaa de inversiones investmentcompany,fund compensacin de dbitos y crditos entre filiales multilateralnetting compra con descuento de una deuda en divisas y rescate a valor nominal en moneda nacional round-tripping compra de deuda debt buyback;debt repurchase compra de las propias acciones para evitar la absorcin de la empresa greenmail compra de una empresa con fondos tomados en prstamos leveraged buyout (LBO) compra de una empresa con fondos tomados en prstamos por sus empleados managementbuyout leveraged (LMBO) compra en descubierto marginbuying[stock exchange] compra y venta simultnea matched sale-purchase tirnsaction compraventa trading compromiso contingente standby commitment compromiso contingente de participacin en el capital social standby equity compromiso de compra y reventa pu~chaseand resaleagreement [Canada] compromiso de suscripcin de acciones equity underwriting compromiso especial Special Commitment [IBRDJ compromiso supeditado a la compra de acciones standby equity compromisos netos exposure compromisos por pases country exposure con alto coeficiente de endeudamiento (highly)leveraged con dinero in the money (ITM) (option) concertar un prstamo a travs de un consorcio (bancario, de financiamiento) syndicate,to (a loan)

187 concesin de prstamos internos con fondos externos inwardswitching condonacin (de una deuda) cancellation(of a debt) configuracin 'tricornio' head and shoulders configuration configuracin en M double top configuration configuracin en tringulo triangleconfiguration configuracin en W double bottom configuration congelacin del inters en un nivel mnimo (cuando la tasa de mercado desciende a menos de ese nivel) drop lock consorcio sellingconsortium,group, syndicate fEuromarketJ consorcio (bancario, de financiamiento) syndicate consorcio de suscriptores underiwting consortium,group, syndicate constitucin de una garanta collateralization contragaranta counter-guarantee contrarrestar unwind contrato a plazo forward contract contrato a trmino forwardcontract contrato a trmino con ndice burstil stock indexfuture contrato de administracin managementcontract contrato de compra contra entrega take-and-paycontract contrato de futuros futures contract contrato de futuros de instrumentos financieros interestratefutures contrato de futuros de swaps swap future contrato de futuros financieros financialfutures contract contrato firme de compra (sin derecho de rescisin) take-or-pay contract contratos de participacin en la produccin production-sharing contracts contratos de participacin en las utilidades profit-sharing contracts conveniode destinacin especial set aside agreement conversin swap (transaction) conversin contable de monedas currencytransiation conversin de deudas en divisas en deudas en moneda nacional debt-for-local currencyswap conversin de Inters rgo en inters variable coupon swap conversin de la clase de inters rate base switch [IFCJ conversin de la deuda en capital debt(-for)-equity swap, conversion conversin de la deuda en financiamiento para el desarrollo debt-for-development swap conversin de la deuda en fondos benficos debt-charity swaps conversin de la deuda en medidas de proteccin de los recursos naturales debt-for-nature swap conversin de la deuda en productos bsicos debt commodity swap conversin de la deuda en valores secutitization convertir swap, to corredor sales agent;sellingagent [securities] corredor (de cambio, de bolsa) broker

188 corredor (mercado primario) primary dealer corredor de bolsa dealer [stock marketJ corredor de bolsa trader[stock marketJ corredor de bolsa independiente floor trader corredor de inversiones investmentbroker corredor de valores securitiesdealer;securitiesfirm corredor de valores del Estado govemment securitydealer corretaje brokerage corriente de fondos funds flow; flow of funds costo de Inmovilizacn (del capital) cost; canying charges; carrying cost of carry costo de los emprstitos con doble ponderacin double-weighted borrowing cost [IBRDJ costo en recursos Internos domestic resourcecost (DRC) costos centralizados centrally-managed costs costos descentralizados unit-managedcosts cotizacin JUing (de valores en cotn bolsa) listing (of secunties) cotizacin al cierre closingprice cotizacin automatizada automated quotation computadorizada cotizacion automated quotation cotizacin de apertura openingprice cotizacin firme market making cotizacin inicial openingpnce cotizar post (a rate) cotizar un precio de compra o de venta make a market crdito credit standing,creditworthiness crdito autoamortizable self-liquidating credit crdito cmodo conveniencecredit crdito con garanta de otro crdito back-to-back(loan, borrowing); matched funding crdito facil conveniencecredit crdito garantizado por el Estado sovereigncredit crdito negociable spot credit crdito para importaciones con fines de rehabilitacin impoat rehabilitation credit/loan (RIC, RIL) [IBRD/ crdito recproco swap (transaction) crdito refinanciable revolvingcredit;rollovercredit crdito renovable revolvingcredit;rollovercredit crdito rotatorio revolvingcredit;rollovercredit crdito soberano sovereigncredit crdito tributarlo tax credit criterios de trascendencia materialitycriteria cuadro de corrientes financieras flow-of-fund table [national accounts] cuarto mercado fourth market [US] cuasibanco near-bank[Canada] cuasicapital quasi-capital quasi-equity; cuasidinero near-money;quasi-money cuenta corriente del Tesoro Treasurytax and loan account [U.S.J

189

cuenta corriente que devenga intereses negotiableorder of withdrawal (NOW) account cuenta de administracin de fondos cash-managementaccount (CMA) cuenta de ahorro para jubilacin individual retirementaccount (IRA) cuenta de anticipos imprest account,fund cuenta de compra de valores securitiesmargn account cuenta de garanta collateralaccount cuenta de margen maigin account cuenta de primas de emisin sharepremium account [IFC] cuenta para operaciones en descubierto marginaccount cupn
coupon

departamento bancario considerado como extraterritorial offshore bankingunit (OBU) departamento fiduciario de banco bank trust department depsito de garantia initial margin depsitos bancarios bank money depreciacin amortization depredador corporate raider;raider derecho right (to purchase shares) derecho de suscripcin subscription right desagio disagio descontar discount descuento discount;markdown descuento de bonos a mediano plazo forfaiting descuento de conversin conversiondiscount descuento de pagars a mediano plazo forfaiting descuento Impositivo tax credit

descuento sin recurso discount without recourse descuento sobre el valor a la par discountfrom par [securities market] desintermediacin disintem7ediation desmaterializacin computerzed entry of ownership; dematenalisation [UK/ desplazamiento
crowding-out

desplazamiento hacia las emisiones de mayor calidad flight to quality


desposeimiento

divestiture desvalorizacin impairment determinacin de la moneda en que se exigecada amortizacin recall [currency pool] determinacin del costo de un
prstamo

pricing (of a loan) determinacin del costo de un subprstamo subloan pnicing deuda amortizada retireddebt deuda con descuento discounted debt deuda consolidada funded debt

curva de rendimiento yield curve debenture [Arg., Chile] debenture(bond) delta delta denominacin de un prstamo en otra moneda currencyredenominaton

190 deuda de liquidez secundaria junior debt; subordinateddebt deuda pendiente debt overhang deuda prioritaria senior debt deuda subordinada junior debt; subordinateddebt diferencia spread diferencia entre el precio al contado y el precio pagado realmente contangorate;continuationrate diferencia entre el precio con descuento y el valor nominal [bonos] accretion diferencial spread diferencial basis diferencial diagonal diagonalspread dilucin dilution dilucin del capital (accionario) stock dilution;stock watering dinero a la vista calU money; day-to-daymoney; demand money; money at call dinero aptrida statelessmoney dinero bancario bank money dinero en el sentido estricto narrowmoney [cf. MI] dinero exigible call money; day-to-daymoney; demand money; money at call dinero fresco new money dinero nuevo new money disfuncin del mercado marketfailure disminucin drawdown disminucin tcnica technicaldecline, drop dispensa de la clusula de abstencin (de los compromisos existentes) waiverof negative pledge; negativepledge waiver distorsin monetaria cumrency twist distribucin allotment dividendo en acciones scrip issue JUK];stock dividend [US] dividendo en acciones stock dividend divisin de acciones split; split-up;splitting divisin de un prstamo en varios tramos tranching documento de anlisis de las probabilidades de recuperacin (de los prstamos otorgados a un pas) countrycollectibilitynote [IBRD] documento sobre parmetros de polftica econmica (PPE) policyframework paper (PFP) [IBRD] duracin duration (of an investment) efecto a la vista o de vencimiento a muy corto plazo hot bill efecto carrusel mery-go-round effect efecto comercial trade bill [U.K] efecto de buena calidad investmentgradepaper efectos comerciales commercialpaper (CP); commercialbills efectos comerciales en eurodivisas Eurocommercial paper (ECP) efectos en cobranza float [banking] efectos en cobro fpoat [bankingj efectos privados privatepaper efectos pblicos govemmentpaper

191

efectuar un swap swap, to efectuar una operacin de swap swap, to elasticidad tributaria global tax buoyancy elemento de donacin del financiamiento combinado blendedgrant element emisin (en el mercado primario) primaryoffering emisin adquirida anticipadamente por un consorcio bancario bought deal;firm commitment underwriting emisin atascada hung-up issue emisin confiable seasoned issue emisin continua tap ceruficateof deposit emisin de bonos en el exterior extemal bond issue emisin de rendimiento indeterminado open pricing emisin de valores de capital capital issue emisin de valores especulativos speculative grade paper emisin empantanada hung-up issue

emisin especial off-the-runsecurity emisin exploratoria red hering issue emisin wStarTrek "StarTrek"issue emisiones no garantizadas non-underwritten facilities emisor issuer empresa conjunta de capital social proporcional equityjoint venture empresa susceptible de absorcin targetcompany;takeover candidate emprstito de contrapartida back-to-back(loan, borrowing); matched funding emprstito de suma alzada lump-sum borrowing [IFCJ emprstitos calificados pool of qualifiedborrowings emprstitos calificados qualifiedborrowings (QB) [IBRDJ emprstitos de referencia proxy borrowing [IBRDJ emprstitos en divisas con Inters indizado indexed currencyborowings emprstitos gigantescos jumbo borrowing encaje legal reserveratio

encaje legal adicional marginalreserverequirement endeudamiento forzoso distress borrowing en descubierto uncovered;naked entrega a plazo forward cover entrega a trmino forward cover especulacin trading especulacin diferencial a la baja bear spread especulacin diferencial al alza bull spread esquela tombstone establecimiento de reservas para prdidas por concepto de prstamos loan loss provisioning estado de cambios en la situacin financiera statement of changesin financial position; source and applicationof funds statement; funds statement estado de flujo de fondos statementof changesin financial position; source and applicationof funds statement; funds statement

192 estado de fuentes y utilizacin de fondos statement of changesin financial position;source and applicationof funds statement; funds statement etapa Inmediatamente anterior a la primera colocacin pblica mezzaninelevel euroacciones euro-equities eurobono Eurobond eurocapital euro-equities eurocrdito Eurocredit eurodivisa Eurocurrency eurodlar Eurodollar euromercado Euromarket euromoneda Eurocurrency europrstamo Euroloan evaluacin actuarial actuauial evaluation evaluacin por puntos scoring exceso de oferta overhang exceso de transacciones (en la cuenta de un cliente) chuming oveding exclusin del rgimen de contabilidad en valores devengados nonaccrualstatus, in a exencinde la clusula de abstencin negativepledge waiver exencinde la clusula de abstencin (de los compromisos existentes) waiverof negativepledge; negativepledge waiver exencinde la clusula de obligacin negativa negative pledge waiver exigir el pago de una garanta cal a guarantee expectativas racionales rationalexpectations externalizacin (del servicio de la deuda) etemalization (of debt service payments) extraterritorial offshore factor de ajuste para fines de amortizacin amortizationadjustmentfactor [cunencypool] factor de revaluacin revaluation factor [currency Pool] factores Imprevistosque encarecen la Inversin investmentleakage facultad de adquisicin de contratos con inters tope Global Cap Authority [IFC] facultad general para efectuar inversiones GeneralInvestment Authorization [IBRD/IDA] facultad para contraer compromisos commitment authority facultad para efectuar swaps Global Swap Authority facultad para invertir en activos lquidos liquid assets investment authority[IFCJ falla del mercado market failure fecha a partir de la cual se calcula el inters dated date fecha de cierre settlement date fecha de desembolso payout date; payment date; distributiondate fecha de pago settlement date fecha de renegociacin rolloverdate fecha de transaccin trade date fecha de valor value date fijacin de vencimientos no coincidentes layering

193 fijacin diferida del inters deferredrate resetting [IFC] financiacin mediante endeudamiento debt financing financiacin sin asegurar front-endfinancing financiacin sin garanta front-endfinancing financiacin suplementaria front-endfinancing rinancializacin financialization financiamiento combinado (del BIRF y la AIF) blend financing financiamiento concatenado piggyback financing financiamiento concertado concertedfinancing lending financiamiento concertado concertedlending deal financiamiento con derecho de recurso limitado limited recourse finance financiamiento con fondos propios in house financing7 self-rfnancing financiamiento con garanta contractual contractfinancing financiamiento conjunto joint financing financiamiento coordinado coordinatedfinancing financiamiento de contraparte matchedfunding financiamiento de contrapartida matchedfunding financiamiento de los ltimos vencimientos funding lattermaturities [IBRDJ financiamiento de transicin bridgefinancing financiamiento del dficit gap financing financiamiento en apoyo de reformas de polticas policy-basedlending,policy loans financiamiento en condiciones comerciales commerciallending financiamiento en condiciones de mercado market-related lending financiamiento informal informalfinance financiamiento no institucional informalfinance financiamiento para programas program loan;programlending [IBRDJ financiamiento paralelo parallelfinancing financiamiento que Incluye dinero nuevo new moneypackages financiamiento sin posibilidad de recurso nonrecourse finance financiamiento transitorio bridgefinancing flotacin dirigida diriyfloat flotacin impura dintyfloat flotacin limpia cleanfloat fluctuacin de las tasas de inters debida a la fuga de capitales interestleakage fluctuacin de los tipos de inters debida a la fuga de capitales interestleakage flujo de fondos funds flow; flow of funds fondo comn de Inversin mutual fund fondo comn de Inversin money market (mutual) fund (MMF) fondo comn de monedas loan currencypool fondo de amortizacin sinkingfund fondo de anticipos imprestaccount,fund fondo de Inversin que cobra una comisin load fund

194 fondo de inversin que no cobra una comisin no-loadfund fondo de inversiones investmentcompany,fund fondo mutuo money market (mutual) fund (MMF) fondo mutuo mutual fund fondo para (inversiones en) un pas especfico countryfund fondo rotatorio revolving fund Fondo de promocin de mercados incipientes Emerging Markets Growth Fund (EMGF) [IFCJ Fondo para empresas africanas African EnterpriseFund Fondo para inversiones de cartera equitypojfolio fund Fondo para inversiones en mercados incipientes Emerging MarketsInvestment Fund (EMIF) [IFC] fondos comprados purchasedfunds fondos de reserva para recompra de acciones (propias) capitalredemptionreserve funds fondos de un da para otro ovemightfunds fondos federales federalfunds tUS] formacin de un consorcio (bancario, de financiamiento) syndication formas novedosas de financiamiento creative financing fragmentacin de la tasa de inters interestratesegmnentation fragmentacin del tipo de inters interestratesegrnentation freno fiscal fiscal drag futuros futures [commoditiesmarket] futuros de swaps swap future futuros financieros financialfutures gamma gamma ganancias no realizadas unrealizedgains garante underwriter garanta guarantee[IBRDJ garanta de rentabilidad equity-related guarantee garanta de una deuda debt secuity garanta exigible anticipadamente accelerable guarantee garanta limitada renovable rollingguarantee(of interest payments) garanta no exigible anticipadamente non-accelerable guarantee garanta prendaria del saldo de una participacin purchase money security interest[IFC] gasto concentrado al comienzode un perodo front-loadedspending gensaki Gensaki gerente de cartera portfolio manager gestin de caja cash management gestin de liquidez cash management gestin del pasivo liabilitymanagement giro drawdown giro bancario banker'sdraft gran banco city bank [Japan] grupo de acreedores group of creditors grupo de bancos licitantes tenderpanel

195 grupo de suscripcin underwriting consortium,group, syndicate grupo director management,managinggroup [Euro-dollarmarket] grupo garante underwriting consortium,group, syndicate grupo vendedor sellingconsortium,group, syndicate[Euromarket] hoja de plazos y condiciones tern sheet hoja de trminos terrnsheet honorario del banco director praecipium;praecipuum imposicin de condiciones previas (a la aprobacin de un prstamo) front-loadingof conditionality indice combinado de desempeo de la cartera currentblend (CB) [IFC] indice del fondo comn de monedas currency pool index inflacin bsica core inflation ingeniera financiera [Mxicol financial engineering institucin de ahorro contractual contractualsavingsinstitution institucin financiera no bancaria non-bank bank; non-bank financial institution instrumento de deuda debt security instrumento de inters variable y riesgo decreciente risk conversionfloater instrumento financiero con caractersticas patrimoniales equity-likeinstrument instrumento negociable negotiableinstrument instrumentos cuasimonetarios near cash instruments instrumentos de dinero nuevo new money instruments instrumentos de la deuda pblica govemment debt instruments intensificacin (del uso) de capital capital deepening intensificacin del uso de valores securitizadon intensificacin financiera financial deepening intercambiar swap, to intercambio con descuento discount swap intercambio de activos asset(-based)swap Intercambio de bonos de igual valor nominal even par swap intercambio de deuda por cuasicapital debt/quasi equity swap Intercambio de deuda por efectivo debt-for-cash swap Intercambio de deudas par debt swap; debt-debtswap Intercambio de deudas debt-debtswap;par debt swap; debt swap; debt-for-debt swap intercambio de ndices basis (rate) swap intercambio de Intereses callableswap intercambio de intereses y monedas cross-currency interestrate swap intercambio de monedas swap (transaction) intercambio de monedas currencyswap Intercambio de monedas y de Intereses circusswap; currencycoupon swap intercambio de opciones option swap Intercambio de prstamos por bonos loans-for-bonds exchange Intercambio de tasas de Inters interest-rate swap

196 intercambio de tipos de inters interest-rate swap intercambio de ttulos de deuda por exportaciones debt-for-exporl swap; debt-for-products swap intercambio en dos monedas dual-currency swap intercambio internacional cross-border swap intercambio inverso reverseswap intercambio inverso (convenido con la primera parte) mirrorswap intercambio mltiple cocktailswap intercambio preferencial premium swap inters abierto open interest;open market interest inters mayoritario proprietary interest inters nominal coupon rate inters nominal corriente currentcoupon (rate) inters por mora default interest intereses devengadosy acumulados accnuedinterest(AI) Jbonds] intermediacin internediation intermediacin del mercado market intermedation intermediario financiero financial internediary intervencin directa en el mercado face the market inversin conforme a una
frmula

Inversin que no ha alcanzado su pleno rendimiento unseasoned investment Inversin todava Improductiva immature investment inversin verde immature investment inversiones que han alcanzado su madurez mature investments Inversionista por cuenta propia retailinvestor Inversor por cuenta propia retail investor jefe de operaciones burstiles head of trading lastre fiscal fiscal drag letra bancaria bank bill letra bancaria banker'sdraft letra comercial trade bill [U.K] letra de banco banker'sdraft letra de cambio bill of exchange letra garantizada custom duty biil LIBID London InterbankBid Rate (LIBID)

formula investing inversin directa distinta de los aportes de capital non-equitydirect investment inversin en capital social equityfinancing, equity investment Inversin extranjera directa directforeigninvestment (DFI) Inversin forzosa forced investment Inversin forzosa forced investment Inversin liquidada closed-outinvestment[IFC] Inversin obligatoria forced investment Inversin orientada a aumentar la productividad capital-deepening investment Inversin peridica de monto constante averaging, dollarcost averaging Inversin posterior downstreaminvestment

197 LIBOR London Interbank OfferedRate (LIBOR) LIBOR para transacciones en dlares dollar ($) LIBOR librador (p. ej. de un pagar) maker (e.g.,of a note) libranza en divisas foreignexchangewarrant LIMEAN LIMEAN limitacin de la circulacin fisica de los valores truncation lmite crediticio lendingceiling,credit limit lmite de crdito
lending ceiling, credit limit margen entre los bonos del

lista en observadn watch st lista vigilada watch list manipulacin de la contabilidad (para aparentar una mejor situacin) window dressing margen spread margen bruto grosseamings margin;gross margin;banker'sspread; banker'smarkup [banksj margen de maniobra headroom margen diagonal diagonalspread Tesoro de EE.UU. y los depsitos a plazo en eurodlares TED spread margen financiero financial spread margen implcito implicit spread margen "mariposa" butterfly(call) spread margen vertical verical spread;price spread mecanismo (conjunto) para contingencias Contingency Mechanism [JBRD/IMFJ

mecanismo de reajuste automtico (del tipo, de la tasa de inters) automaticreseating mechanism [IFCJ Mecanismo de financiamiento para el desarrollo de la regin del Caribe CaribbeanDevelopment Facility Mecanismo para inversiones de bancos centrales [BIRFI CentralBank Facility (CBF) [IBRDJ mejoramiento del crdito creditenhancement memorando de informacin placement memorandum; placing memorandum menor desarrollo relativo, de
relatively less developed [IDA]

lmite mimo de aprobacin autnoma free fmit of loan lmites legales (de las compras en descubierto) marginrequirements[stock exchangel lnea de crdito a corto plazo swingline lfnea de crdito contingente backstop (credit)facility; backup (underwriting) facility lnea de crdito de apoyo back-up line of credit lista de espera lueue

mercadizacin marketization m-ercadoabierto open market mercado al contado spot market;cash market fforeignexchange] mercado alcista buil market mercado bajista bear market mercado basado en el prestigio de los prestatarios name market mercado de acceso irrestricto contestablemarket

198 mercado de capital(es) capitalmarket mercado de dos niveles two-ter mawket mercado de emisin primary market mercado de entrega Inmediata spot mawket; actual market; cash market;physical market [commodties] mercado de futuros financieros financialfutures market mercadode productos disponibles spot market;actual market; cash market;physical market [commod&tiesJ mercado de subasta auctionmarket mercado de ttulos al portador bearermarket mercado de valores secudities market mercado de valores equitymarket mercado de valores a corto plazo short-term paper market mercado de valores que no se cotizan en las bolsas principales unlistedsecuritiesmarket (ULM); over-the-counter (OTC) market; third market; curb market mercado extraburstil over-the-counter market (OTC) mercado financiero financial market mercado financiero open market mercado fuera de bolsa over-the-counter maket (OTC) mercado fuera de bolsa third market; off-the-board market mercado gris grey,graymarket mercado inmovilizado locked market mercado monetario money market mercado muy activo deep market mercado paralelo parallelmarket mercado primario primarymarket mercado secundario secondarymarket mercado terciario unlistedsecuritiesmarket (ULM); over-the-counter (OTC) market;third market; curb market mercado terciario third market; off-the-board market metas para la composicin del fondo comn de monedas targetedcurency pool mtodo de la lista de opciones market-basedmenu approach; market-drivenmenu approach; menu of options mtodo de 'rienda corta" shori-leashapproach modelo de valoracin de activos financieros capital assetpricingmodel (CAPM) modificacin de la periodicidad del pago de intereses interestretiming modificacin de los vencimientos maturitytransformation modificacin del rgimen de intereses interest(rate)switching moneda que representa una proporcin mnima del saldo pendiente de un prstamo splintercurrency[IBRDJ monto que el Banco est facultado para prestar lendingauthority monto terico notional amount montos afectados set-asides montos reservados set-asides multibanco universalbank(ing) multibanco full servicebank

199 multibanco [Chi, Mex.] combined commercialand investment bank, multibank, all-purposebank necesidades netas de fondos net cash requirements(NCR) negociacin de bloques de acciones block trading nivel de endeudamiento relativo al capital leverage(ratio)[US.]; gearing (ratio)[U.K] no cotizado en la bolsa unlisted (security) novacin novation nuevas facultades para efectuar inversiones New Investment Authority (NIA) nuevos fondos new money obligacin bond obligacin al portador bearerbond obligacin con garanta hipotecaria collateralized mortgage obligation (CMO) obligacin contingente contingentobligalion[IBRD] obligacin sin garanta loan stock obligaciones de organismos federales [EE.UU.] agencysecurities,obligadions obligaclonista bondholder oferta pblica public offering(of shares) oferta pblica de adquisicin (OPA) (con fines de absorcin) take-overbid oferta pblica de adquisicin (OPA) hostil (con fines de absorcin) unfriendlytakeoverbid oferta pblica en el mercado secundario secondarypublic offering oferta pblica inicial initialpublic offering(IPO) opcin oplon opcin a la par at the money (ATM) (option) opcin americana American (style) option opcin basada en un ndice burstil index option opcin con un precio superior o inferior al valor verdadero in the money (ITM) (option) opcin de cambio de divisa multicurrency option opcin de compra call option opcin de compra de acciones stock option opcin de compra de bonos con rendimiento Inferior al del bono Inicial out of the money (OTM) (option) opcin de compra doble call of more (CM) opcin de financiamiento residual take-overoption [IBRDJ opcin (de un contrato) de futuros futures option opcin de rescate anticipado put opcin de swap swaption;swap option opcin de venta put option opcin europea European (style) option opcin extraburstil over the counter (OTC) option opcin fuera de bolsa over the counter (OTC) option operacin bancaria electrnica electronicbanking operacin de cobertura por venta a plazo short hedge operacin de compra de valores al contado y venta de contratos a trmino cash and cany

200 operacin de venta de valores al contado y compra de contratos a trmino reversecash and carry operaciones carrusel merry-go-round transactions operaciones de cambio a divisas outwardswitchingoperations operaciones de cobertura hedging operaciones de cobertura por compra a plazo long hedge operaciones de proteccin cambiaria hedging operadores marketparticipants orden de compra tradingticket [securities] orden de compra o de venta al mejor precio market order orden de compra o venta con limitacin de precio limit order orden de venta tradingticket [securities] orden tope stop order organismo de clasificacin de valores ratingagency Organizacin Internacional de Comislones de Valores (OICV) Intemational Organization of SecuritiesCommissions (IOSCO) otorgar prstamos a pases excluidos del rgimen de contabilidad en valores devengados loan into arrears,(to) [World Bank] pagar promissorynote pagar note pagar a corto plazo short-termnote pagar a corto plazo para financiar un proyecto project note pagar al portador bearernote pagar bancario bank bill pagar con cupn coupon note pagar con cupn determinado por subasta a la baja Dutch auction pagar con inters variable floating-ratenote;floater pagar con inters variable indizado floating ratenote with variable coupon fix pagar con inters variable inverso a la tasa de referencia inversefloating rate note pagar con inters variable mnimo floor pagar con Inters variable reajustable anticipadamente mismatch floating ratenote pagar con rescate vinculado a un tipo de cambio indexed currencyoption note (ICON) pagar con tope mximo de inters cap; cappedfloating ratenote pagar con tope mximo y mnimo de inters collar pagar de descuento intensivo deep-discountbon4 note pagar de vencimiento ajustable extendiblenote; extendible maturitynote pagar descontado discount note pagar perpetuo con tipo de inters flotante perpetualfloating-ratenote pagar previo a una emisin bond-anticipationnote (BAN) pagar respaldado por ingresos fiscales previstos note (TAN) tax-anticipation pagars descontados consolidados consolidateddiscount notes

201 pagars que devengan intereses interest-bearing notes pago contra (presentacin de) documentos cash againstdocuments (C4D) pas agobiado por la deuda debt distressedcountry pas (bien encarrilado) con inversin y crecimiento fast track country pas de bajos ingresos, de ingresos medianos gravemente endeudado severelyindebted low-, middleincome country (SILIC, SIMIC) pas de bajos ingresos, de ingresos medianos moderadamente endeudado moderately indebtedlow-, middle-incomecountry (MILIC, MIMIC) pas de ingresos medianos muy, fuertemente endeudado highiy,heavilyindebtedmiddle income country (HIC) pais habilitado para recibir crditos e la AIF IDA-eligiblecountry pas que puede obtener financiamiento combinado (del BIRF y la AIF) blend country pas que puede recibir crditos, financiamiento de la AIF IDA-eligiblecountry paises prestatarios en fuentes oficiales official borrower paises prestatarios en los mercados financieros market borrowers paises que tienen acceso al mercado financiero market-eligible countnes papel comercial commercialpaper (CP); commercialbilis papel de buena calidad investmentgradepaper papeles privados privatepaper parte de cada vencimiento de un prstamo strip of maturities participacin cruzada cross-shareholding participacin en cada vencimiento (de un prstamo) stripparticipation participacin en capital social equityfinancing,equity investment participacin en una sociedad partnership share participacin mayoritaria controlling interest participacin proporcional funding pro rata JIBRD] participacin sin posibilidad de recurso nonrecourse participation participante ajeno al consorcio secondary participant participante secundario secondaryparticipant participantes en el mercado market participants pase financiero swap (transaction) patrimonio stockholders'equity; shareholders' equity;owners' equity;equity;net worth; shareholders' funds [U.K] patrimonio neto stockholders'equity; shareholders'equity;owners' equity; equity;net worth; shareholders' funds [U.K] pedido de operacin de margen margincall pedido de operacin en descubierto margincall perfil general del financiamiento overallrisk profile [IBRD] perodo de gracia graceperiod periodo de pago payment period [IBRD] perodo de prohibicin de rescate noncall period periodo de reprogramacin tenor

202 periodo de vigencia de la tasa de Inters interestperiod periodo de vigencia del tipo de inters interestperiod periodo post-emisin after-market petrobono petrobond ponderacin por moneda currencyweight posicin a horcajadas straddle;call-and-putoption posicin corta short position posicin diferencial diagonal diagonalspread posicin diferencial vertical verticalspread;price spread posicin en descubierto shortposition posicin larga longposition praecipuum praecipium;praecipuum precio price (of a bond) precio comprador bid pice precio comprador buyingrate [securitiesmarket] precio contable accountingprice precio de compra bid price precio de conversin price conversion precio de cuenta pice accounting precio de ejercicio strikingprce; strke price; price exercise precio de equilibrio (del mercado) price market-clearing precio de plena competencia arm's length (pice) precio de transferencia interna transferpnice precio de venta offeringmemorandum precio de venta sellingrate precio econmico economic price;efficiencyprice precio en (la) frontera borderprice precio fijado en contrato (para ejercitar una opcin de compra) strikingpnce; strke prce; exerciseprice precio fronterizo borderprice precio neto payoutprice precio vendedor sellingrate precio vendedor ask(ed) pice; market pice [securitiesma>ketJ precio vendedor offeringmemorandum prestamista oficial lender of record prestamista subordinado subordinatelender prstamo a corredores de bolsa brokerloan; broker'sloan prstamo a la vista call loan prstamo a mediano o largo plazo tenn loan prstamo a un intermediario financiero financial intermediaryloan (FIL) prstamo amortizable en su mayor parte al vencimiento balloon loan
M prstamo "B "Bloan

prstamo balloon balloon loan prstamo cofinanciado coloan prstamo con inters modificable resetterloan; rateresetter(RR) loan

203 prstamo con intermediacin de un banco back-to-back(loan, borrowing); matchedfunding prstamo con riesgo de prdidas jeopardy loan prstamo con riesgo soberano sovereignrisk loan prstamo concedido por un consorcio club deal loan prstamo concedido sin banco director club deal, loan prstamo contingente standby loan prstamo convertible en inversin loan with equity kicker prstamo cuyo vencimiento se ha anticipado prematured loan prstamo de amortizacin inicial negativa negativeamortizationloan prstamo de aprobacin autnoma free-limitloan prstamo de calidad quality loan prstamo de un consorcio syndicatedloan prstamo de valores con garanta en efectivo cash securityloan prstamo de valores garantizado por otro(s) valor(es) borrow-pledge securityloan prstamo dirigido managedloan prstamo dividido en perodos time-sliceloan prstamo en cascada apex loan prstamo en dificultades distressedloan prstamo en forma de participacin en el capital equity loan prstamo en pirmide apex loan prstamo en valores secunty lending[IBRD] prstamo gigantesco jumbo loan prstamo global package loan [IFCJ prstamo hbrido hybridloan prstamo improductivo nonperforming loan; nonaccnuing loan prstamo incluido en el sistema de fondo comn de monedas pooled loan prstamo indizado indexedloan [currencypool] prstamo minimax MiniMaxloan prstamo no redituable nonperforming loan; nonaccnringloan prstamo para ajuste de la(s) poltica(s) industrial y comercial industrialand tradepolicy adjustment loan (ITPAL) prstamo para ajuste del sector agrcola agricultural sectoradjustment loan (ASAL) prstamo para ajuste del sector exportador exportadjustment loan (EAL) prstamo para (fines de) ajuste sectorial sectoradjustment loan (SECAL; SAD) prstamo para asistencia tcnica technicalassistanceloan (TAL) [IBRDJ prstamo para cubrir posibles sobrecostos overageloan prstamo para importaciones con fines de rehabilitacin rehabilitation import credit/loan (RIC, RIL) [IBRDJ prstamo para inversin y mantenimiento sectoriales sector investmentand maintenance loan (SIM) [IBRD] prstamo para programas programloan;program lending [IBRD]

204 prstamo para programas de ajuste program adjustment loan (PAL) [IBRDJ prstamo para racionalizacin de empresas pblicas public enterpriserationalization loan (PERL) [IBRD] prstamo para reconstruccin de emergencia loan emergencyreconstruction (ERL) prstamo para recuperacin econmica economic recoveryloan (ERL) prstamo para reforma de empresas pblicas public enterprisereform loan (PERL) [IBRDJ prstamo para rehabilitacin de empresas pblicas public enterprise rehabilitation loan (PERL) [IBRDJ prstamo para un sector sector loan prstamo para una inversin especfica specific investmentloan (SIL) [IBRDJ prstamo participatorio loan with equitykicker prstamo "puente" bridgefinancing prstamo reembolsable de una sola vez a su vencimiento bullet issue prstamo sectorial sector loan prstamo subordinado subordinatedloan prstamos con intereses Impagos value impaired prstamos cruzados en divisas back-to-back(loan, borrowing); matched funding prstamos en apoyo de reformas de polticas policy-basedlending,policy loans prstamos en condiciones comerciales commerciallending prstamos no voluntarios involuntarylending prstamos obtenidos de intermediarios financieros intermediative borrowing prstamos pendientes exposure prstamos vigentes activeloans prstamos voluntarios voluntary,spontaneouslending prestatario (activo) active borrower prestatario de primera clase premier prime borrower; high qualityborrower; borrower; top grade borrower prestatario de primera clase premier prime borrower; high quality borrower; borrower; top grade borrower prestatario preferencial premier pnme borrower; borrower; high quality borrower; top grade borrower prestatario preferente prime borrower; premier high quality borrower; borrower; top grade borrower prestatario preferente prime borrower; premier high quality borrower; borrower; top grade borrower prima premium [option market] prima premium [securities] prima premium [foreignexchange] prima de conversin conversionpremium prima de emisin premium [stocks] prima de liquidez liquiditypremium prima de rescate callpremium prima de riesgo risk premium prima pagada por aplazamiento de entrega backwardation prima pagada por aplazamiento de pago contango prima por inflacin inflationpremium

205 prima por riesgo riskpremium principal en el mercado market maker principios contables generalmente aceptados GenerallyAccepted Accounting Principles(GAAP) prioridad senioriy privatizacin divestiture programa (de financiamiento) bsico base lendingprogram programa de compra de acciones incluidas en un ndice indexing,indexprogram programa (de financiamiento) de reserva standby lendingprogram programa ordinario de rinanciamiento regularlendingprogram [IBRDJ Programa de asistencia especial (del Banco Mundial a los paises miembros) (WorldBank) Programof SpecialAssistance (to Member Countries)(SAP) Programa de recuperacin garantizada del principal de las inversiones (GRIP) GuaranteedRecoveryof Investment Pnincipal(Program) (GRIP) [IFCJ Progama de venta separada del Inters y el principal de los valores Separate rd4ing of Registered Interest and Principalof Securities Program(STRIPS) Programa especial de asistencia del Banco Mundial para los paises de bajos Ingresos de Africa al Sur del Sahara agobiados por la deuda World Bank's SpecialProgram of Assistancefor the Low-Income Debt-Distressed Countriesin Sub-Saharan Africa promedio mvil (ponderado) nnning(weighted)average prospecto offeringmemorandum prospecto prospectus prospecto confidencial informationmemorandum prospecto de emisin tombstone proteccin contra rescate anticipado cail protection proteccin de swap doble cross-currency interesthedge; double hedgeswap proyecto no incluido en la cartera non-po~folioproject [IFC] proyectos relacionados con los aspectos sociales del ajuste Social Dimensionsof Adjustment Project (SDA Project) punto de equilibrio break-even point [stock marketJ rating rating rebajar de categora downgrade(a loan) recapitalizacin recapitalization recibo americano de depsito American DepositaryReceipt (ADR) reciclaje de los prstamos relending recompra de deuda debt buyback;debt repurchase recompra de divisas en moneda nacional inwardswap redescontar con compromiso de reventa take in, to (bills) redescuento rediscount reduccin drawdown reembolso en cuotas iguales level repayment reembolsos a la AIF IDA reflows reemisin reissue

206

reestructuracin de la deuda debt restructuring reestructuracin financiera work out arrangements; workouts
refinanciamiento

relacin precio contable-precio de mercado accountingratio relacin precio-utilidades price/eamnings ratio (P/E ratio; PER) relacin prstamos desembolsados y
pendientes-capital y reservas

renegociacin de la deuda debt workout renovacin renewal renovacin


roll-over

roll-over
refinanciamiento anticipado

renunciar a una garanta take ou4 to [IBRD] represin financiera financial repression reprstamo onlending requisitos de que una operacin tenga efecto positivo sobre las perspectivas de desarrollo de un pas materialitycriteria rescate de la deuda debt retirement reserva reserveratio reserva obligatoria adicional marginalreserverequirement reserva para inversiones especificas specific loss reserve[IFC] reserva para prdidas por concepto de inversiones no identificadas unidentifiedloss reserveJIFCJ reservas obligatorias para un pas especifico allocatedtransferrisk reserves (ATRR) [US] resquicio window (in a market)

advancedrefunding refinanciamiento de monto igual even roll reflujos de la AIF IDA reflows registro computadorizado computerizedentry of ownership;dematerialisation [UK] regla de minimis de minimis rule relacin activo disponible-pasivocorriente acid-tes4liqui4 quick ratio relacin beneficios netos-inversin net benefit investmentratio relacin deuda-capital debt-equityratio;debt-to-equity ratio relacin endeudamiento/capital propio leverage(ratio)[U.S.];gearing (ratio)[U.K] relacin misiones de evaluacin-operacionesen el programa crediticio pipelinefactor [IBRD]

gearingratio [IBRDJ relacin servicio de la deudaexportaciones debt-service ratio;debt service to exportsratio relaciones de liquidez liquidityratios rmora fiscal fiscal drag rendimiento al vencimiento yield to maturity(YTM) rendimiento de los activos retum on assets (ROA) rendimiento del promedio de los activos retum on averageassets[IFC] rendimiento del promedio del patrimonio retum on average wolth net [IFC] rendimiento equivalentea un inters nominal coupon equivalentyield rendimiento equivalenteal de los bonos equivalentbond yield rendimiento mnimo floor retum

207

resultado neto bottom line reutilizacin de las ganancias rolloverof gains reutilizacin de los prstamos relending reventa de divisas en moneda nacional outwardswap riesgo exposure riesgo calculado a precios de mercado mark to market exposure riesgo cambiario entre dos o ms monedas cross-currency exchangersk riesgo de insolvencia de un pas sovereignrisk riesgo de liquidez cash risk liquid-holdings risk riesgo tico moral hazard riesgo eventual event risk riesgo moral moral hazard riesgo por conversin contable de monedas currencytranslationexposure riesgo por traduccin contable de monedas cuwrency transiationexposure

riesgo relacionado con desfases lag risk [IBRDJ riesgo relacionado con el desfase entre. lag risk [IBRDJ riesgo relacionado con el margen spreadrisk [IBRDJ riesgo relacionado con el refinanciamiento refinancingrisk [IBRD] riesgo relacionado con las tasas de inters interest-rate risk riesgo relacionado con los tipos de inters interest-rate nisk riesgo relacionado con vencimientos asimtricos mismatch risk [IBRDJ riesgo soberano sovereign risk riesgo subjetivo moral hazard riesgos de refinanciamiento rolloverrisks sacar de apuros bail out saldo traspasado (al ejercicio siguiente) canyo ver sector segment;sector(of the market) sector empresarial corporate sector

segmento segment;sector (of the market) seguridades (dadas por terceros) comfort separacin stripping separacin de riesgos financieros unbundlingof financial risks servicio auxiliar back office servicio bancario internacional intemational bankingfacility (IBF) servicio contingente de apoyo a la inversin contingentinvestmentsupport facility servicio de emisin de ttulos (SET) revolvingunderwritingfacility (RUF); note issuancefacility (NIF); note purchasefacility; euronotefacility servicio de financiamiento comercial tradefinancingfacility servicio de la deuda sin deducir reprogramaciones ni pagos en mora scheduled debt service servicio de redescuento discount window servicio de seguro de swaps Swap InsuranceFacility [IBRDJ

208 servicio financiero con opciones mltiples multioptionfacility (MOF); multioptionfinancingfacility (MOFF) servicio para la concesin de nuevos fondos new money facility Servicio africano Special Facilityfor Sub-SaharanAfrica; Special Facilityfor Africa;African Facility (SFSA; SFA) Servicio contingente de intercambio de monedas ContingentSwap Facility [IBRDJ Servicio de asesora sobre inversin extranjera (FIAS) ForeignInvestmentAdvisory Service (FIAS) Servicio de financiamiento compensatorio y para contingencias Compensatoryand Contingency Financing Facility [IMF] Servicio de financiamiento de proyectos relacionados con los aspectos sociales del ajuste Social Dimensions of Adjustment ProjectFacility; SDA ProjectFacility Servicio de financiamiento para preparacin de proyectos ProjectPreparation Facility (PPF) [IBRD] Servicio especial de asistencia para Africa al Sur del Sahara Special Facility for Sub-SaharanAfrica; Special Facility Africa;African fr Facility(SFSA; SFA) Servicio especial para Africa SpecialFacilityfor Sub-SaharanAfrica; Special Facililty Africa;African for Facility (SFSA; SFA) Servicio financiero de ajuste estructural dentro del marco de la Cuenta Especial de Desembolsos Structural Adjustment Facility within the Special DisbursementAccount (SAF) [IMF] Servicio financiero reforzado de ajuste estructural Enhanced Structural Adjustment Facilily(ESAF) [IMF] Servicio para contingencias externas Extemal Contingency Mechanism[IMF] Servicio regional de proyectos para Africa al Sur del Sahara RegionalProject Facility for Sub-SaharanAfrica servicios bancarios para el pblico en general retailbanking servicios bancarios para empresas wholesalebanking servicios bancarios para los particulares retailbanking servicios de emisin y suscripcin underwnttenfacilities servicios financieros para eurodlares euronotefacilities servico de financiamiento para contingencias contingency financingfacility sin dinero out of the money (OTM) (option) sin garanta documentaria clean sin intereses devengados flat sistema de amortizacin del principal en cuotas iguales equal principalrepayment system sistema de fondo comn de monedas currency pooling system sistema de pagos totales iguales de principal e intereses level annuity system sistema de tipos de inters basados en una "cesta" de emprstitos pendientes pool-based lendingrate system [IBRD]

209 sistema de tipos de Inters variables sobre los prstamos vauiable lendingrate (VLR) system Sistema de Informacin del Banco Mundial sobre los mercados de capital Worid Bank CapitalMarkets System (CMS) [IBRD] Sistema de la Reserva Federal FederalReserveSystem situacin en que el precio al contado es inferior al precio a plazo contango situacin en que el precio al contado es superior al precio a plazo backwardation sobrendeudamiento debt overhang sociedad comisionada commissioned company [Japan] sociedad de inversin con nmero de acciones fjo closed-end (investment)fund, company (CEIC) sociedad de inversin inmobiliaria real estate investmenttrust (REIT) sociedad de inversiones investment company,fund sociedad de inversiones con nmero variable de acciones open-end (investment)fund, company (OEIC); mutual fiun4 unit trust [UK] sociedad de valores secunties dealer;securities finn solicitud de pago dimeto en nombre del prestatario Applicationfor Withdrawal for directpayment [IBRD] solicitud de membolso directo al prestatario Applicationfor Withdrawal for reimbursementJIBRDJ solvencia credit standing creditworthiness strangle strangle subasta a la baja Dutch auction [U.S.J subastas de divisas foreignexchangeauctions subcuenta de endeudamiento del prestatario borrower's indebtedness subaccount[currency pool] subprstamo subloan subprestatarlo subborrower suscriptor underwriter swap swap (transacton) swap con descuento discount swap swap de activos asset(-based)swap swap de bonos de Igual valor nominal even par swap 9wapde deuda por cuasicapital debt/quasi equityswap swap de deuda por efectivo debt-for-cash swap swap de deudas par debt swap; debt-debtswap swap de deudas debt-debtswap;par debt swap; debt swap; debt-for-debt swap swap de Indices basis (rute)swap swapde intereses callableswap swap de intereses y monedas cross-currency interestrateswap swap de monedas currencyswap swap de monedas y de intereses circusswap;currencycoupon swap swap de opciones option swap swap de tasas de inters interest-rate swap swap de tipos de inters interest-rate swap swap de tttulos de deuda por exportaciones debt-for-export swap; debt-for-products swap

210 swap en dos monedas dual-currency swap swap internacional cross-border swap swap inverso reverseswap swap inverso mirrorswap swap mltiple cocktailswap swap opcional swaption;swap option
swap preferencial

tasa de inmovilizacin lock rate tasa de Inters contable (TIC) accountingrateof interest (ARI) tasa de Inters de cuenta accountingrate of interest (ARI) tasa de inters de equilibrio (del mercado) market-clearing interestrate tasa de inters del financiamiento combinado blendedinterestrate tasa de inters inmodificable lock(ed) in (nterestrates) tasa de inters pagado por aplazamiento de entrega backwardationrate tasa de inters para prstamos a la vista call money rate;call loan rate tasa de inters real real interestrate tasa de Inters sobre los depsitos depositorrateof interest; borrowing rate tasa de Inters variable basada en una 'cesta' de emprstitos pendientes pool-basedvariablelendingrate [IBRDJ tasa de los fondos federales federalfunds rate tUS] tasa de oferta interbancarla interbankofferedrate (IBOR)

tasa del mercado monetario money market rate tasa Lombard Lombard rate [Federal Republic of Germany] tasa para prstamos a corredores de bolsa con garanta de valores broker loan rate tasa preferencial prime rate tasa preferencial a largo plazo long-termprime rate (LTPR) [Japan] tasas de inters clave key interestrates tcnicas financieras financial engineering tenedor de bonos bondholder tiburn corporateraider,raider tipo central key money rate;centralrate tipo combinado del mercado combinedmarket rate tipo de cambio mfnimo floor rate of ecchange tipo de Inters contable (TIC) accountingrate of interest (ARI) tipo de Inters de cuenta accountingrate of interest (ARI)

premium swap tarjeta de crdito institucional corporate chargecard, corporate credit card tasa central key money rate; centralrate tasa combinada del mercado combined market rate tasa crtica de rentabilidad hurdlerate tasa de activacin trigger rate tasa de actualizacin discount rate tasa de actualizacin de equilibrio cross-over discount rate; equalizingdiscount rate tasa de actualizacin del consumo (ICO) consumpdon rateof interest (CRI)

211

tipo de inters de equilibrio (del mercado) market-clearing interestrate tipo de inters del financiamiento combinado blendedinterestrate tipo de inters inmodificable lock(ed) in (interestrates) tipo de inters pagado por aplazamiento de entrega backwardation rate tipo de inters para prstamos a la vista call money rate; call loan rate
tipo de inters real

tipo para prstamos a corredores de bolsa con garanta de valores broker loan rate tipo preferencial prime rate tipo preferencial a largo plazo long-term prime rate (LTPR) IJapan] tipos de cambio cruzados dispares broken cross rates;triangular arbitrage tipos de inters clave key interestrafes ttulo
security

ttulo nominativo registered security ttulo provisional scrip ceflhficate; bearerscnip titulos con cupn coupon paper titulos de organismos federales agencysecunities, obligafions ttulos sintticos con Inters variable syntheficfloafing rate notes; derivativefloating ratenotes tope de las tasas de inters
interest rate cap tope de los tipos de Inters interest rate cap

realinterestrate
tipo de inters sobre los

depsitos depositorrate of interest; borrowing rate tipo de inters variable basado en una 'cesta" de emprstitos pendientes pool-based variablelendingrafe [IBRD] tipo de los fondos federales federalfunds rafe[US] tipo de oferta interbancaria interbankoffered rafe (IBOR) tipo de redescuento discount rate tipo del mercado monetario money market rate tipo Lombard Lombard rate [Federal Republic of Germany]

titulo al portador bearersecurity ttulo consistente en un asiento bancario book-entfysecurity titulo convertible converlible; convertible securily ttulo de salida exif instrument;ext bond; exit vehicle titulo de transferencia de
ingresos

traduccin de monedas currencytranslation transaccin al precio de oferta menos comisin trade insidefees transaccin de bloques de acciones block trading transaccin de vencimientos simultneos matched maturity transaction
[IBRDJ

pass-throughs; pass-through securities ttulo exigibleal ejercer una opcin underlying(security) titulo hipotecario mortgagebond

transaccin en la cual las comisiones eliminan toda posibilidad de utilidades alligator spread transaccin ficticia wash sale

212 transacciones de los corredores en la bolsa floor trading transacciones entre grandes bancos y entre stos y otras instituciones financieras wholesalebanking transacciones interbancarias wholesalebanking transacciones ilcitas de personas iniciadas inside,insider dealing transferencia de activos (de una sociedad) a cambio de acciones (de otra sociedad nueva) spinoff transferencia electrnica de fondos electronic funds transfer(EFT) transformacin (bancaria) transformation transformacin de los plazos de vencimiento term transformation transformacin inversa negativeterm transformation unidad compuesta europea European Composite Unit (EURCO) unidad de cuenta europea (UCE) European Unit of Account (EUA) unidad monetaria europea (ECU) European CurrencyUnit (ECU) Unidad de preparacin de proyectos para Africa Africa ProjectDevelopment Facility (APDF) utilidades no distribuidas retainedearnings utilidades por accin eanings per share (EPS) utilizacin drawdown valor security valor a la par full face value valor con inters creciente step-up (security) valor con inters descendente step-down(secuwity) valor con inters progresivo step-up (security) valor con respaldo hipotecario mortgage-backed secuity (MBS) valor contable book value valor cotizado en bolsa listed security valor crtico switchingvalue valor de cada parte integrante de una empresa break-upvalue valor de conversin conversionvalue valor de primera clase blue chip valor de proteccin hedge [securitiesmarketJ valor de transferencia de ingresos pass-throughs; pass-through securities valor en libros book value valor en venta continua tap secuity valor intrnseco intrinsicvalue valor nominal par value;face value valor nominal full face value valor nominativo registered security valor precursor de tendencias bellwether security valor temporal time value valor zebra zero coupon Eurosterling bearer registered accruingsecurities (ZEBRAs) valoracin a precio de mercado marking to market valoracin burstil (del capital) market capitalization

213 valores a ms largo plazo de oferta continua (COLTS) ContinuouslyOffered Longer-TermSecuwities (COLTS) valores con moneda de reembolso opcional coveredoption secunities (COPS) valores de inversin a largo plazo investmentsecurities valores de oferta continua en francos suizos (COPS) ContinuouslyOfferedPayment Rights in Swiss Francs (COPS) valores de primer orden gilt-edgedsecurities valores negociables marketablesecurities valores para inversionistas extranjeros foreign-aimedsecurity; foreign-targeted security[US] variacin de precio tick vencimiento nico bullet matuwity vender (una opcin, un swap) write (an option, a swap) venta divestiture venta de partes de un prstamo whole loan sale venta de prstamos por emisin de valores securitizedloan sales venta de un crdito fuera del consorcio sell-down venta en descubierto short sale venta sin garanta de suscripcin total best effontsale ventanilla automtica automatic,automated teller machine (ATM) warrant warrant bond warrant en divisas foreign exchangewarrant warrant para la compra de acciones stock warrant warrant para la compra de acciones o bonos wafrant warrant para la compra de bonos bond warrant warrant separable detachablewarrant zona de referencia targetzone; reference zone

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TheWorldBank
Headquarters 1818H Street, N.W. Washington,D.C.20433, U.S.A. Telephone:(202) 477-1234 Facsimile:(202)477-6391 Telex:WUI64145WORLDBANK RCA 248423WORLDBK CableAddress:INTBAFRAD WASHINGTONDC European Office 66, avenue d'lna 75116Paris, France Telephone:(1) 40.69.30.00 Facsimile:(1) 47.20.19.66 Telex:842-620628 Tokyo Office KokusaiBuilding 1-1,Marunouchi3-chome Chiyoda-ku, Tokyo100,Japan Telephone:(3) 214-5001 Facsimile:(3) 214-3657 Telex:781-26838

Thisglossarycontains terninology related to finance and debt from the major worldfinancialmarkets. Special emphasisis givento the WorldBank's currencypooland pool-basedlending systems.Alsoincludedis terminology connectedwith the international debt problem,terms related to the World Bank's borrowingprogram(particularly as it relatesto the world'scapital markets), and a fewrelated terms in the fieldsof economicsand financial analysis. The glossarycomprisesfour sections:English-French-Spanish; Abbreviations English,French, and in Spanish;French-English;and SpanishEnglish. Definitionsare given in English in the first section. Otherglossariespublishedby the World Bankare the Terminologyof Forestry andRelated Subjectsin EnglishFrench; Terminologyof WaterSupply and EnvironmentalSanitation in English-French(publishedjointlywith UNICEF);UrbanInfrastructure Maintenancein English-FrenchSpanish;and PopulationTerminology in English-French-Spanish. The completeWorid BankGlossariesin English-Frenchand English-Spanish contain economic,financial,and other terms relatedto development in general.

Lestermes et expressionsprsents dans ce glossaire,qui proviennentdes principauxmarchs des capitauxdu monde,concernent les financeset l'endettement. Le glossairefait une large placeaux systmesde poolde monnaieset de taux basssur un pool d'emprunts. Il contient aussi des termes relatifsau problmede la dette, au programmed'emprunt de la Banque mondiale(surtout pour ce qui touche aux marchs financiersinternationaux), et quelquestermes utiles dans les domainesde l'conomieet de l'analyse financire. Le glossaireest formde quatre parties : termes anglais-franaisespagnols,siglesanglais,franais et espagnols,francais-anglais, espagnolet anglais. La premire partie fournit les dfinitionsen anglais. Les autres glossairespublispar la Banque mondialesont Terminologie forestireet vocabulaireconnexe (anglais-franais), Terminologiede l'approvisionnement eau et de en l'assainissementdu milieu (anglaisfranais),publiconjointementavec l'UNICEF, Glossaire l'entretien et de de l'infrastructureurbaine (anglaisfranQais-espagnol), Terminologiede et la population (anglais-franaisespagnol).Lesglossairescompletsde la Banque mondiale (anglais-franais et anglais-espagnol) contiennent des termes conomiques, financierset des termes relatifi au dveloppement en gnral.

Este glosariorecoge trminos relacionadoscon las finanzasy la deuda que se utilizanen los principales mercadosfinancierosdel mundo. En l se presta especialatencin a los sistemasde fondocomn de monedasy de tasas de inters basadasen una 'cesta' de emprstitospendientesque empleael BancoMundial. Comprende asimismotrminos vinculadoscon el problemade la deudainternacionaly con el programa de emprstitosdel Banco Mundial(particularmenteen lo que respectaa los mercadosmundiales de capitales),y algunostrminos conexosde los camposde la economa y el anlisisfinanciero. El glosario consta de cuatro secciones: inglsfrancs-espaol; siglasen ingls, francsy espaol;francs-ingls, y espaol-ingls.La primeraseccin incluye definiciones ingls. en El BancoMundialha publicado tambin los siguientesglosarios especializados: Terminologyof Forestryand Related Subjects,inglsfrancs;Terminologyof WaterSupply and EnvronmentalSanitation, inglsfrancs(conjuntamentecon UNICEF); Glosario mantenimiento de la de nfraestructuraurbana, ingls-francsespaol,y Terminologa poblacin, de ingls-francs-espaol. glosarios Los generalesdel Banco Mundial(inglsfrancse ingls-espaol) contienen ciertos trminosde economay finanzasy otros trminos relacionados con el desarrollo.

ISBN 0-8213-1644-3