A Glossa¡re Glossary des finances Glosario of Finance et
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9477 FILECOPY A World Bank Glossary Glossary of Finance and Debt Glossa¡re 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 Français-anglais-espagnol Español-inglés--francés 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 développement 1Banque mondiale Banco Intemacional de Reconstrucción y Fomento ¡ Banco Mundial 1818 H Street, N.W. Washington, D.C. 20433, U.S.A. AH rights reserved Tous droits réservés Reservados todos los derechos First printing: March 1991 Premiere édition: mars 1991 Primera impresión: marzo de 1991 Manufactured in the United States of America Publié aux Etats-Unis d'Amérique Hecho en los Estados Unidos de América Library of Congress Cataloging in Publication Data Glossary of finance and debt: English-French-Spanish = Glossaire des finances et de la dette: français-anglais-espagnol = Glosario de finanzas y de deuda: español-inglés-francés. 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 i¿i Contents-Table des matieres-Indice Foreword v Avant-propos vi Prefacio vii Terminology of Finance and Debt English-French--Spanish Abbreviations (English) Sigles (français) 119 Siglas (Español) 1 111 125 Terminologiedes financeset de la dette Français-anglais 129 Terninología de finanzas y de deuda 181 Español-Inglés v Foreword This glossarysupersedesBorrowingand LendingTerminology,whichappearedin 1984. Borrowing and Lending Terminology wasoriginallyproducedin responseto changesin the Bank's borrowingprogram,whichhadbeen expandedto increasethe sourcesof borrowingand to take advantageof changesin the financialmarkets. This new glossaryaddsconsiderablyto thoseterms,to reflectboth the substantialchangesin the financialmarketsin the 1980sand howthe Bankhas profitedfrom them. Whilethe major referencesare to the US andEurodollarmarkets,terminologywill be foundfrom most of the major worldfinancialmarkets. The new glossaryalsoadds to the scopeof the original,by introducinga widerange of terminologyconnectedwith the internationaldebtproblem. A varietyof innovativefeaturesboth withinthe WorldBankand elsewherehas beenconsideredand, in somecases, implementedin order to deal with the debtburdenof the developingcountries. This has given riseto a specialist terminology,consideredhere for the firsttime. Unfortunately,the activitiesof the world's financialmarketsandconsiderationof international debt have tendedto take placeprimarilyin English. As a result,manyof the termsconsidered heredo not havestandardequivalentsin Frenchor Spanishand shouldbe consideredas proposed translationsrather 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 will be used in Englishby French-and Spanish-speakingexperts,evenwhenthereis an acceptedequivalentin Frenchor Spanish. Definitionshavebeen given for nearlyall of the terms, so that translatorscan decidewhetherto use the proposedtranslationor adopt anotherone. Thesedefinitionsare basedon the Englishterm,exceptwhereotherwisenoted, andappearin the Englishsection. Besidesterminologyused in the financialmarkets,this glossaryalso containstermsrelating to the WorldBank's currentlendingprogram,includingthe currencypool and the pool-based lendingrate (whíchare not the samething),banking,accounting,particularlyratios,as wellas a few terns in the fieldsof economicsand financialanalysis. The namesof the UnitedStates and the UnitedKingdomhavebeen consistentlyabbreviatedto "U.S." and"U.K." This glossaryhas beenpreparedby the TerminologyUnit of the WorldBank's LanguageServices Division,in close collaborationwith the Frenchand SpanishSections. Any comments,includingproposalsfor new termsand suggestedalternativetranslations,will be most welcome andshouldbe addressedto: TerminologyUnit LanguageServicesDivision The World Bank 1818H Street,N.W. Washington,D.C.20433 U.S.A. vi Avant-propos Ce glossaireremplacela Terminologiedes emprunts et des prétsparue en 1984.La Terminologie des emprunts et des préts avait été publiée á la suite des changements apportés au programme d'emprunt de la Banque, qui venait d'etre élargi pour permettre a la Banque de multiplier ses sources de fonds et de tirer parti de l'évolution des marchés des capitaux. Ce nouveau glossaire a été considérablement enrichi, reflétant en cela les profondes transformations intervenues sur les marchés des capitaux pendant les années 80 et, d'autre part, la maniere dont la Banque s'en est servie. La majorité des termes a trait aux marchés des Etats-Unis et des eurodollars, mais on trouvera en outre des termes provenant de la plupart des grands marchés mondiaux. Par ailleurs, la portée du nouveau glossaire a été accrue, puisqu'il englobe désormais de nombreux termes relatifs au probléme de la dette. Diverses initiatives ont été envisagées et parfois prises, á la Banque et ailleurs, pour aider les pays en développement a faire face au problame de la dette. Ces efforts ont donné naissance a toute une terminologie spécialisée, qui apparait pour la premiére fois dans un glossaire de la Banque. Malheureusement, les activités des marchés des capitaux et l'examen de la question de la dette intemationale se déroulent essentiellement en anglais; c'est pourquoi un grand nombre des termes contenus dans ce glossaire n'ont pas d'équivalent accepté en français ou en espagnol. Les traductions proposées ne sont donc que des suggestions et non pas les termes agréés, sauf bien entendu lorsqu'il existe un équivalent utilisé en français ou en espagnol, ou lorsque les experts de France ou d'Espagne ou des pays d'Amérique latine se sont mis d'accord sur un terme donné. Presque tous les termes sont accompagnés d'une défmition, afin que les traducteurs puissent décider entre la traduction proposée ou une autre de leur choix. Ces définitions portent sur le terme anglais, sauf indication contraire, et figurent dans la colonne anglaise. Outre la terminologie des marchés des capitaux, ce glossaire contient des termes relatifs au programme de pret en cours de la Banque, ainsi qu'au pool de monnaies et au taux preteur fondé sur un pool (qui sont deux choses différentes), aux activités bancaires, á la comptabilité, en particulier les ratios, ainsi que des termes économiques et d'analyse financilre. Les Etats-Unis sont désignés par l'abréviation U.S. et le Royaume-Uni par U.K.. Ce glossaire a été préparé par le Service de terminologie de la Division des services linguistiques de la Banque mondiale, en collaboration étroite avec les Sections française et espagnole. Si vous avez des observations a formuler, de nouveaux termes ou des traductions différentes a proposer, adressez-vous á: Terminology Unit Language Services Division The World Bank 1818 H Street, N.W. Washington, D.C. 20433 Etats-Unis vii Prefacio El presenteglosariosustituyeal de Terminologíade empréstitosy préstamos, publicadoen 1984,que se elaborópara recogerlas modificacionesintroducidasen el programade empréstitos del Bancoa fin de ampiiarlas fuentesde obtenciónde fondosy de aprovecharlos cambios experimentadospor los mercadosfinancieros. Este nuevoglosarioincorporauna cantidadconsiderablede nuevas expresionesque reflejan tanto los sustancialescambiosquehan registradolosmercadosfinancierosen los añosochenta como el modoen queel Bancolos ha utilizado. Si bienmuchosde estostérminosse refierena los mercadosde los EstadosUnidosy del eurodólar,en suspáginasse encontraráterninología de la mayoríade los principalesmercadosfinancierosdel mundo. Además,el nuevoglosarioamplíael ámbitodel original,pues introduceunagran variedadde términosrelacionadoscon el problemade la deuda internacional.A fin de hacerfrente a la carga de la deudade los paísesen desarrollo,tanto en el seno del BancoMundialcomo en otras esferas se ha consideradouna gran diversidadde mecanismosinnovadores,algunosde los cuales se han adoptadoen la práctica. Esto ha dado lugar a la creaciónde una terminologíaespecializada, que se recogeaquí por primeravez. Lamentablemente,en las actividadesde los mercadosfinancierosdel mundoy en la consideración del problemade la deudainternacionalpredominael uso del idiomainglés. Comoresultado de ello,muchosde lostérminosrecogidosaquí no tienenun equivalenteexactoen españolo francés,por lo quelas traduccionesque se dan debenconsiderarsecomo sugerencias,másque como términosconsagrados.Naturalmente,en los casosen queexiste un equivalenteen español o francés,o en que los expertosde Españay los paíseslatinoamericanoso de Franciahan convenidoen una expresióntécnica,ésta se ha incorporadoal glosario. No obstante,cabe señalar que los expertosempleanmuchosde estos términosen inglés,auncuandoexista un equivalente aceptadoen españolo francés. Se dan definicionesde casi todaslas expresiones,de modoque los traductorespuedendecidirsi usan la traducciónpropuestao adoptanotra. Salvo indicaciónen contrario,las definicionescorrespondenal términoinglésy aparecenen ese idioma en la seccióntrilingüe. Ademásde la terminologíausadaen los mercadosfinancieros,esteglosariocontienetérminos relacionadoscon el programaactualde operacionescrediticiasdel BancoMundial,incluidos los referentesal fondo comúnde monedasy al tipo de interésvariablebasadoen una"cesta" de empréstitospendientes,banca,contabilidad-en particularcoeficientes- y algunasexpresiones que se empleanen los camposde la economíay el análisisfinanciero. Se indicasi el término correspondea los EstadosUnidoso al ReinoUnidocon las abreviaturas"U.S." y "U.K". Este glosarioha sido preparadopor la Unidadde Terminologíade la Divisiónde ServiciosLingüísticosdel BancoMundial,en estrechacolaboracióncon las Seccionesde Traduccionesal Español y al Francés. Cualquiercomentarioserábienrecibidoinclusivesugerenciasrelativasa la incorporaciónde nuevostérminoso a traduccionesdistintasde las que aparecenen el glosario. Las comunicacionesdebendirigirsea: TerminologyUnit LanguageServicesDivision The WorldBank 1818H Street,N.W. Washington,D.C.20433 EE.UU. Terminology of Finance and Debt English-French-Spanish 3 - A - accrued interest (Al) lbonds] couponcouru(CC) accelerable guarantee intereses devengados y acumulados A bond's accumulated interest made since the last garantieappelablepar anticipation interestpayment. 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 exigibilitéanticipée;demandede remboursementanticipé aceleración del vencimiento; adelanto del vencimiento Declaration by a lender that the outstandingprincipal is due and payable immediately,together with the interest due, followingnon-compliancewith loan covenants. accounting príce 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'intérét comptable(TIC) tasade interés de cuenta; tasa de interés contable (TIC);tipo de interés de cuenta; tipo de interés contable (TIC) Discount rate used to convert future values of benefits and costs into equivalentpresent values. accounting ratio ratio prix comptable-prix du marché relación prix iompontable-precix du mearché; relación precio contable-precio de mercado; coeficiente de cuenta; coeficiente contable Ratio of accounting price to market price of a good. appréciation appréciation 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. acid-test, liquid, quick ratio ratio de trésorerieréduite relación 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, relación de prueba ácidais often found, while in Spainratio de tesorería is used. active borrower pays qui continue d'emprunter prestatario (activo) Country which still receivesWorld Bank loans. active loana préts en cours de décaissement,non encore remboursés préstamos vigentes Loan on which disbursement is still being made. activity ratios tauxd'activité d ctivité coeficientes de actividad A group of ratios that measure movement in the activitiesof a corporation. actuarial evaluation évaluationactuarielle evaluación actuarial Evaluation of future events, particularly those relating to asset appreciation, earning power and compensation. 4 admission fee (to a stock exchange) agencyfee [Euromarket] frais de cotation commissíon de gestion comisiónde admisión (a cotización) comisiónde gestión Fee charged by a stock exchange for applying for a stock to be listed on that exchange. Fee paid to the lead manager in a Euroloan for his work in collecting and paying out interest payments and other services. advanced refunding refinancementanticipé refinanciamientoanticipado Refinancing before maturity, to take advantage of favorable market conditions. agencysecurities,obligations obligations émisespar des organismesfódéraux titulos de organismos federales; obligaciones de organismosfederales [EE.UU.] advisory committee see steering committee Securities issued by a U.S. federal agency. African Enterprise Fund Fonds des entreprisesafricaines Fondo para empresasafricanas agent bank 1. correspondant; 2. mandataire;agent 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. 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 développement des investissementsen Afrique (APDF) Unidadde preparaciónde 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. after-market apres bourse períodopost-emisión 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. 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. agriculturalsectoradjustmentloan (ASAL) du secteur agricole (PASA) prt &l'alustement préstamo para ajuste del sector agrícola Sector adjustment loan in the agricultural sector. air pocket stock action en chutelibre acción de calda vertiginosa A stock whose price has fallen sharply, following an announcement of bad news by the issuing company. alligatorspread marge vorace transacciónen la cual las comisioneseliminan toda posibilidadde utilidades Any options transaction in which commissions eat up all potential profit. 5 allocated transfer risk reserves (ATRR) [U.S.I amortization adjustment factor (currency réservesobligatoires pourrisquesde transfert pool] reservasobligatoriaspara un país 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). coefflcientd'alustementde (I'encours)de la allotment attribution;répartition distribución Allocation of securities to members of the syndicate involved in the issue, in the Eurobond and U.S. securitiesmarket. all-purpose bank see combined commercialand 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) certificataméricainde dépót recibo americanode depósito 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 américaine opción 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[préts] 1. amortización; 2. depreciación 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. dette factor de ajuste parafines de amortización 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 renteperpétuelle bono perpetuo;bono de rentavitalicia Bonds whichpay fixed interest every year in perpetuity, i.e. which have no maturity. apex loan prét apex;prét en cascade; prét pyramidal préstamoen pirámide;préstamoen 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 remboursementd'un paiement solicitudde reembolsodirecto al prestatario The standard procedure for a borrower to apply to withdraw funds from an IBRD Loan Account to reimburse funds already paid. arbitragesee also coveredinterestarbitrage; index arbitragetrading; switch; time arbitrage; triangulararbitrage;two-point arbitrage;yieid curvearbitrage 6 arbitrage arbitrage Association of International Bond Dealers (AIBD) arbitraje Associationdes courtiersinternationaux en Buying (or borrowing)in one market and selling(or lending) in another to take advantage of inefficiencies or price differences. obligations Asociación de Intemediarios Internacionales de Bonos International body which issues rules and recommendationsconcerningthe operation of the international securitiesmarkets. arbitrageur arbitragiste arbitrajista Person systematicallyengaged in arbitrage dealing. arm's length (price) (prix)normaldu marché;(prix)de pleine 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. st the money (ATM)(option) option au cours; á parité opción a la par A call or put option that has a strikeprice equal to the price of the underlyingasset. Option au cours is the term used in the MATIF. auction see Dutch auction; foreign exchange auctions auctionmarket marché d'encheres; marché aux enchéres 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 cotationassistéeen continu(CAC) asset finance titres garantispar des actifs No Spanish Mortgage-backed securitiesand securitizationof a 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. cotización automatizada; cotización 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). 7 automaticresettingmechanism[IFC3 - mécanisme automatique de révision (des taux d'intérét) mecanismode reajusteautomático(deltipo,de la tasa de interés) "B"see 'B' loan 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. baby bond mbn¡-obndgatlon bono de valor nominal muy bajo automatic, automatedteller machine (ATM) guichet automatique de banque (GAB> ventanilla automática; cajero automático; 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. 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. availability clause see switch clause 1. échange de monnaíes différentes; 2. (crédit) adossé; 3. (crédit) face ¿ face; 4. opération couplée d'emprunts; emprunt de contrepartie; financement couplé availability fee [IFCI commission de mise á disposition A bond sold in denominations of Iess than $1000. back office back-tf back (loan, borrowing); matched funding comisión por disponibilidad (de fondos) 1. préstamos cruzados en divisas; 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). 2. crédito con garantía de otro crédito; 3. préstamo con intermediación de un banco; 4. empréstito 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 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. 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 Egyp- averaging; dollar cost averaging amélioration des prix moyens (d'un titre) inversión periódica 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. tian.) 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 facilitéde garantie línea de crédito contingente Facility giving a borrower a standby line of credit, either in the form of direct access to funds or by underwritingan issue. renflouer sacar de apuros Provide emergencyassistanceto financialinstitution experiencingdifficulties. Often used for assistance provided by government to banks. balance-sheetratio ratiotiré du bilan backup líne of credit ligne (de crédit)de substitution; ligne (de crédit)de protection;ligne (decrédit)de soutien;ligne (de crédit)de garantie líneade crédito 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 crédit de substitution is the French equivalent used in the billets de trésorerie system. backwardation déport 1. situación 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 carríes 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 intérét de déport tasa de interés pagado por aplazamiento de entrega; tipo de interés 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 prétballon;prét á couponunique préstamo balloon; préstamo 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 prét ¿ 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; fulí 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 comité consultatifbancaire comité de coordinación de bancos Committee set up by banks to negotiate fmancing packages and restructuring arrangements. bank bill acceptationde banque pagaré bancario; letra bancaria Commercialbill accepted by a bank. 9 bankerls acceptance acceptationde banque;acceptationbancaire aceptación bancaria U.S. and Canadian term for a bill of exchange which has been accepted by a banker. banker's draft cháque de banque;cheque tiré letra de banco; letra bancaria; giro bancario A draft payable on demand and drawn by, or on behalf of, a bank upon itsel. basla(rate) swap swap de base; swap tauxvariablecontre taux variable;swapde référence;swap de tauxde référence swap de índices; Intercambio de índices 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 banker's markup; banker's spread see gross earnings margin bank money monnalescrlpturale depósitos bancarios; dinero bancario Money on deposit at a bank. bank quality bond obligationpouvantintéresserles 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 programmede prét de base programa (de financiamiento) básico The lending program of projects that will definitely be ready for the fiscal year in question. basis base; différentiel dfferencial The difference paid between the cash price of a financial instrument and the price of a related futures contract. basis point centiémede pour cent, point de base; centime centésimo de punto porcentual 0.01 per cent of yield (e.g., of a security). obligation au porteur bono al portador; obligación 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 marché 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; pagaré 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 marchébaiss¡er mercado bajista A prolonged period of falling prices. bear spread écartbaiss¡er especulación 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. lo bellwethersecurity titre précurseur valor precursorde tendencias A securitythat seems to lead a market movement or economic trend. benchmark lssue émissionmodIes emisión corriente A standard issue of a security. benchmarkportfolio[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'émission venta sin garantíade suscripcióntotal 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 béta 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 dérogation temporaire cláusulade aplazamientode pagos 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 bénéficierd'un financement mixte;pays a financementmixte; pays recevant des préts de la BIRDet des crédits de I'IDA paísque puede obtenerfinanciamiento combinado (del BIRF y la AIF) Country eligible to receive financing from both IBRD and IDA. blended grant element é/émentdon résultantdu panachage elementode donacióndel financiamiento combinado Grant element for a blend country receivingboth IBRD loans and IDA credits. biended interest rate taux d'intéret résultantdu panachage tasa de interésdel financiamientocombinado; tipo de interésdel financiamientocombinado Combined interest rate for a blendcountryreceiving IBRD loan and IDA credit. blend financing financementmixte (BIRD/IDA) financiamientocombinado(del BIRFy la AIF) Financing from both IBRD and IDA. BNloan prét 'B' préstamo"B' Loan made by the World Bank involving cofinancing. 11 biocktrading bond négociationde largespaquetsd'actions; obigation placementde titres par gros paquets transacciónde bloquesde acciones; negociaciónde bloquesde acciones Tradingin large amounts(definedas more than $200,000 worth) of stocks. bono; obligación Debt instrument with maturity of longer than one year. Note that U.S. bondsare usuallysecured, while U.K bonds and Eurobonds are usually unsecured. blue chip placementde pere de famille;valeurde pére de famille; valeurde premier ordre valor de primeraclase;acción de primeraclase Shareor securityof top-ratedU.S. corporation. bond-anticipation note (BAN) avancede préémission bono previo a una emisión;pagaréprevioa una emisión Short-termborrowing that servesas an interim sourceof fundsfor a projectthat is eventually to be fmancedby the saleof bonds. 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-indexedbond; commodity-linked bond; corporate bond; coupon(-bearing)bond; cushion bond; daimyo bond; debenture; deep-discountbond; discountbond; double-barreledbond; dual-currencybond; due bond; equity-relatedbond; 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; nonmarketablebond; nonmaturing,nonredeemablegovernmentbond; 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 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-ratingagencysee 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 purchasingbonds. 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 opción de venta Bond with a right to redeem it before maturity. bonus share action gratuite acción gratuita A share given as a bonus to purchasers of such shares. book-entry security titre relevé 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-runninglead manager teneurde plume bancodirector encargadodel control de la emisión 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 frontiére;prlx franco frontiére 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-comptedébiteurde l'emprunteur subcuentade endeudamientodel prestatario An account showing the principal outstanding on a borrower's loan. borrowing rate see depositor rate of interest borrow-piedgesecurityloan prét de titresgarantl par d'autres titres préstamode valoresgarantizadopor otro(s) valor(es) Security loan where one or more securities are posted as collateral for the borrowed security. bottomline résultatnet; solde resultado neto The net result or net profit after all expenses. bought deal;firm commitment underwriting prise ferme emisiónadquiridaanticipadamentepor un 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 jeopardyclause break-evenpoint [stockmarket] niveaud'lndifférence punto de equilibrio Point where two strategies are equivalent. break-up value valeur ventitée;valeurdésaggrégée 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 indivídual parts operated independently. 13 bridgefinancing financementde soudure financiamientotransitorio;financiamientode transición;préstamo'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 tauxcrolsésdivergents 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 prét aux courtiersde Bourse préstamo 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 préstamos a corredores de bolsa con garantía de valores; tipo para préstamos a corredores de bolsa con garantía de valores The rate banks charge to securities dealers and brokers on loans made with stock as collateral. Bruno ratiosee domesticresourcecost ratio bull and bear bond obligation haussiereet baissibre;empruntsá sensibifitéopposée (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 maturityfor the second tranche is based on the decrease in a standard index. The empn¿nt ñ sensibilitéopposée (ESOP) is an equivalentFrench instrument. buNlbond émission haussiere;émissiond'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 particularlyby the U. S. Student Loan Marketing Association(Sallie Mae). Bulidog bond obligation"bouledogue*; obligationétrangére émiseA Londres bono bulldog Bond issued in pounds sterling on the London market outside the U.K. bullet issue empruntremboursableen une seule fois; empruntremboursablein fine préstamoreembolsablede una sola vez a su vencimiento An issue to be repaid in a lump sum at the end of its term rather than gradually. bullet maturity échéancein fine vencimientoúnico Maturity requiring the entire payment to be made, rather than gradual payments over the life of the loan. 14 buil market marchéhaussier mercado alcista A rising market. calendar(call) spreadsee horizontal spread bull spread écart haussier callablebond obligationremboursableavantl'échéance especulación 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. 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. bunching (of maturities) 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 échéances) acumulación (de vencimientos) Paper all maturing at the same time. bunnybond obligationspéciale a coupons a réinvestir (OSCM) bono con reinversión 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 callable swap swapa termevariable call a guarantee mettre en jeu une garantie exigir el pago de una garantía Demand that a guarantee be paid. call-and-put option see straddie sixth year. calledbond obligataondénoncée bono rescatado anticipadamente buoyancy see tax buoyancy cali loan butterfly (calI) spread écart en papilion prét au jour le jour 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 buying rate [securities market] prix acheteur precio comprador The price that a buyer will pay for a securlty. Bond redeemed before scheduled maturity. préstamo 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 15 calNmoney; day-to-day money; demand money; money at cal] argent au jour le Jour; crédit a vue; crédit 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 interés para préstamos a la vista; tipo de interés para préstamos a la vista The interest rate charged by banks for call loans. cali of more (CM) option dachat du double opción 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 opción 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 anticipé protección 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) condonación (de una deuda); anulación (de una deuda); cancelación (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 tauxplafonné bono con tope máximo de Interés; pagaré con tope máximode interés A floating rate note with an upper limit on the interest rate to be paid. capital asset pricing model (CAPM) modele d'équilibredes actifs financiers (MEDAF);modele d'évaluationdes actifs financiers(MEDAF) modelo de valoración 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 approfondissementdu capital; accroissement du coefficient dlintensitédu capital aumentodel capital con respecto al trabajo; intensificación (del uso) de capital Action which increases the relative value of capital in relation to labor (see capital widening). capital-deepeninginvestment investissementde productivité Inversiónorientadaa aumentar la productividad Investmentaimedat increasingproduction efficiency and lowering costs. capital issue émissionde titres emisión de valores de capital Issue of securitiesto finance capital outlays. 16 capitalizationsee also debt capitalization; interestcapitalization;market capitalization; recapitalization capitalwidening élargissementdu capital ampliacióndel capital capitalization Investment that increases the absolute value of capital (see capital deepening). capitalisation capitalización cappedfloatingrate note see cap Total authorized par value of the stocks and bonds of a corporation. caption capitalmarket marchéfinancier; marchéde(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 marché des capitaux as the overall market, equivalent to the English financlal market, the marché monétaire as le marché des capitaux d court tenne (= money market) and the marché financier as le marché des capitaux d long terme (= capital market). However, various Francophone authors differ on this issue and you will frequently see marché financier used for the English financial market and marché de(s) capitaux used for capital market. Note also that, while Barre uses marché des capitaur, many writers use marché de capitaux. capitalredemptionreservefunda compte de réserves 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. capital stocksee equity capital 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 Mécanismede développementdes Caraibes Mecanismo de financiamiento para el desarrollo de la región 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 coút d'7nactivité (des capitaux); coOt de détention (des capitaux) costo de inmovilización (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. carryover report de crédits saldo traspasado(al ejercicio siguiente) Funds unused during a financial year which are transferred to the budget for the following financial year. cashagainstdocuments (CAD) paiementcontre documents pago contra (presentación de) documentos Form of payment used in international trade whereby payment is made on receipt of bill of lading. 17 cashand carry opérationd'achat de titresau comptantet de ventede contratsá terme; cash and carry operaciónde comprade valoresal contado y ventade contratosa término 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 auprés de la BIRD Mecanismopara inversionesde bancos 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. 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) trésorerie gestión de caja; gestiónde liquidez; administraciónde fondos Control and use of liquidassets. cash management account (CMA) compte de gestion de trésorerie cuentade administraciónde fondos An interest-bearing currentaccount, normallyheld with a stockbroker. cash management bill bon du Trésora tres court terme bono del Tesoro (EE.UU.)a muy corto plazo 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. 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-managedcosts). central rate see key moneyrate certificate see bond certificate;debt certificate; dividend-rightcertHifcate; investmentcertificate; participationcertHficate; pass-throughcertificate; scrip certificate certificate of deposit see jumbo certHicateof deposit; negotiable time certKficate of deposit; roll-overcertificateof deposit; straight,tap certificateof deposit; strip certificate;tranche certHifcate of deposit certificate of deposit certificatde dépot certificadode depósito Certificate of an interest-bearing time deposit with a bank. cash marketsee spot market certificate of indebtedness see debt certificate cash risk; liquid-holdings risk risque lié a la rentabilitédes liquidités riesgode liquidez Risk to actual cash receipts due to difference in spreadbetween money borrowed medium-termand reinvested short-term. cash securityloan prét de titresgaranti par des fonds préstamode valores con garantíaen efectivo Securityloan where cash is posted as collateral for the borrowed security. 18 certificates of accrual on Treasury securities (Cats) chats bonos sin cupón con garantía 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'IntérétNominal city bank [Japan] grande banque (FELIN). gran banco certified check chéque certifié 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 churning; overtrading multiplicationdes opérations 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 monnaieset d'intérét swapde monedas y de intereses; intercambio de monedas y de intereses A cross-currencyinterest rate swap involvingexchanges of amounts computed at a fixed rate in one currency against a floating rate in another currency. 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 charge-offsee writeoff chartered bank [Canada] banque á 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. clean (en) blanc; simple; non garanti sin garantía 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 garantía documentaria Financial advances made without documentary support. clean float flottementpur, non dirigé flotación 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 compensación 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 cámara de compensación 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) société d'investissement a capital fixe (SICAF); société d'investissement fermée; fonds de placementfermé sociedad de inversión con número 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. closed-out investment [IFC] investissement sorti du portefeuiile inversión 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 journée) cotización al cierre The final price at which a transaction in a security takes place on a given day. club deal, loan crédit consortial(sanschef de file); pret syndiquéen circuit fermé préstamo concedido por un consorcio; préstamo concedido sin banco director Loan whereby, instead of one bank being designated lead bankand others comanagersor underwriters, the various functions these carry out are divided amonga limited group of members, in order to save fees. cocktail swap swap 'cocktaiP swap múltiple;intercambio múitiple Transaction involvingmore than one type of swap. colead manager see comanager collar collar bono con tope máximo y mínimo de Interés; pagaré con tope máximo y mínimo de Interés A floating rate note with an upper and lower limit on the interest rate to be paid. collateral account compte de nantissement cuenta de garantía 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 constitución de una garantía In a securitizationor debt-equityswap operation, an issue of securitiesby an industrializedcountry to back the issue of securities by the developing country. collateralized (bond) (obligation) gagée (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 plan de réduction de la dette (avecgarantie) anulación 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. combined commercial and investment bank; multibank; all-purpose bank banque Imultiservices'; banqueA tout faire; banquea vocationgénérale;banque polyvalente banco múltiple; multibanco [Chi., Mex.] Bank offering a full range of services. combined market rate 'taux composite' du marché 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. collateralized floating rate bond obligationa tauxflottantgagé bono garantizado de interés 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 oblígation (CMO) CMO; obligation garantie par une hypotheque obligación con garantía 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 recuperación The percentage of due and outstanding loans that have been collected. coloan prét coflnancé préstamo cofinanciado A cofmanced loan. comanager; colead manager cochet de file banco codirector; banco coadministrador Lender ranking next to lead manager in a Euroloan. comfort sécurité; 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.] banquede dépót; banquecommerciale banco comercial A bank that normally specializes in demand deposits and commercial loans. commercial billa see commercial paper commercial lending préts A des conditions commerciales préstamos 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). 21 commercial paper (CP); commercial billa effetsde commerce;papler commercial;papler financler; billetsde trésorerle 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 trésorere 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 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. commissioned company [Japan] commodlty-lndexed bond oblJgation ¡ndexéesur les prix de produits de sociétémandatée(parla Banquemondiale base pour la représentera des émissions bono indizado según el precio de un producto d'obl¡gations au Japon) básico compañía 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. 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. commitment authority pouvoir d'engagement facultad para contraer compromisos The authority that a financial institution has to makecredit commitmentsbased on the amount of resources it has received or had committed from donors. commitment fee, charge commissiond'engagement comisión por compromiso; comisión por inmovilizaciónde fondos Lender's charge for contracting to hold credit available. commodity-iinked bond; commodity-backed bond obligationliée aux prix de produits de base bono con rendimiento vinculado al precio de un producto básico 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. Committee on Banking Regulations and Supervisory Practices; Basie Supervisors' Committee; Cooke Committee Compensatory and Contingency Financing Facility [IMF] Comitédes régles et pratiquesde controledes opérationsbancaires;Comitéde contrOle Facilitéde financement compensatoire et de financement pourimprévus bancairede BAle;ComitéCooke Comité sobre RegulaciónBancariay Prácticas de Supervisión;Comitéde SupervisiónBancaria de Basilea; Comité Cooke Servicio de financiamientocompensatorioy 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] dématérialisation registro computadorlzado; desmaterialización Recording of ownershipof securitieson computer, instead of on paper. concerted financing, lending; concerted lendlng deal financementconcerté 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 á prime (d'émission)consolidés pagarés descontados consolidados Consolidation of several issues of discount notes into one uniform note. contango rate;continuation rate lntérétde report diferencia entre el precio al contado y el precio pagado realmente The difference between the cash and settlement prices. contestable rnarket marchédisputable 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 imprévus 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. consumption rato of interest (CRI) tauxd'actualisationde la consommation tasa de actualización 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. contingent investment support facility dispositifd'appui conditionnelá I'investissement serviciocontingente de apoyo a la inversión 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. contango report 1. situación 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.) contingent obligation [IBRD] engagementconditionnel obligación 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] Mécanismede couverturede swaps Serviciocontingentede intercambiode contractfinanclng ftnancement sur contrat financiamientocon garantiacontractual monedas A facility to enable the World Bank to engage in currencyswapswith European entitieswith a credit Project finance, involving the use of commercial contracts such as a ship charter or take-or-pay contractas securityfor the loan. standing equivalent to A or AA. Under the facility, the Bank would enter into swaps directly with European counterparties introduced by Deutsche contractual savinga institution Bank or others. institutiond'épargnecontractuelle instituciónde ahorro contractual continuation rate see contango rate Institutions dealing with contractual savings, i.e. savingsthat have to be made, such as pensions. Continuously OfferedLonger-Term Securities (COLTS) papiera termeofferten permanence (COLTS) valores a más largo plazode oferta continua controlling interest bloc de contróle participaciónmayoritaria Ownershipof a corporationin excessof fiftyper- (COLTS) cent. Can also be used for ownership of less than Program of securities issued by the World Bank, starting in 1986. The first amount was $481.5 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, TreasuryWbillbased variable rate COLTS and amortizing COLTS. Continuously Offered Payment Rightsin Swiss Francs(COPS) créancescomptables émisescontinuellement 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. convenience credit crédit de commodité crédito cómodo; crédito facil Readily available credit where no charge is openly levied. Refers in particular to credit and charge cards. conversion discount décotede conversion descuento de conversión 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. conversion froma restrictedto a full-service institution banaJisation ampliación de los servicios de una institución 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 corporate chargecard;corporate creditcard prime de conversion carte de crédit professionnelle;carte de crédit Institutionnelle tarjeta de crédito 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. prima de conversión Ratio of the market value of a convertiblesecurity 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 prédateur;attaquant prixde conversion tiburón; depredador preciode conversión Person who acquires a significantportion of a companys stock, with a view to takeover. See also The price which an investor must pay for a share, if he buys a convertiblesecurityfirst and later converts it into shares. hostile ralder. conversion value corporate right partsoclale paritéde conversion valorde conversión derechos (del accionista) Rightsheldby a partnerin a corporation. The conversionpricemultipliedby the current price of the security. convertible; convertible security obligationconvertibleen actions tftuloconvertible A securitythat, at the option of the holder, may be corporate sector secteurdes entreprises sector empresarial The business sector. costof carrysee carryingcost exchanged for another asset, generally a fixed numberof sharesof commonstock. coordinated financing financement coordonné financiamiento coordinado counter-guarantee contre-garantie contragarantía In a guarantee operation, a guarantee provided, in addition to the primary guarantee, by another Financingarrangement between two lenders whereby the loans may be for different projects or differ- guarantor. ent sectorsbut one organizationtakes the lead in coordinatingarrangements for the two loans. countrycollectibilityanalysis [IBRD] analysedes probabilitésde recouvrement (des prétsá un pays) análisisde las probabilidadesde recuperación (de los préstamos otorgados a un país) Analysiscarried out by WoridBank staff of coun- core inflation inflationde base inflaciónbásica The basic level of inflation over a period of time (e.g. a decade) as opposed to temporary fluctuations in the rate. corporate bond obligationde société bonode unasociedad(anónima) Debtinstrument issuedby a privatecorporation. tries 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. countrycollectibilitynote [IBRD] notesurles probabilitésde recouvrement (documento de) análisisde las probabilidades de recuperación (de los préstamos otorgadosa un país) 25 Document giving results of a country collectlbillty analysis. country exposure coupon paper titresassortisde coupons tftulos con cupón Paper with coupon attached. engagement par pays compromisospor países The extent to which a financial institution has lent money to one country. country fund fondsmutuelde placement(dansun pays); fondspays fondo para (inversionesen) un paísespecffico Mutual funds that invest exclusivelyin specific countries. IFC has set up several such funds in developingcountries. coupon rate tauxde coupon Interésnominal Interest to be paid regularly on the face value of a long-term debt instrument. coupon swap swaptauxfixe/tauxvariable conversiónde Interésfijo en Interésvariable Type of Interest rate swap involvingfixed rate to floating rate swap. coupon covered Interest arbitrage coupon arbitragede tauxd'lntérétcouvert cupón 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. 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. bono con cupón Bond with coupon attached. Also called bearer bond. covered option securities (COPS) titres A optionscouvertes 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. coupon equivalent yield creative financing rendementconvertien tauxd'intérét formulesnouvelles;formulesinédites;formules originalesde financement; financement novateur coupon(-bearing) bond obligationmuniede coupon rendimiento equivalente a un interésnominal 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. formas novedosas de financiamiento Financing using unconventionalmeans, e.g. special swaps, etc. credit limit see lendingceiling coupon note bon-coupon bono con cupón; pagarécon cupón Note with coupon attached. credUenhancement amélioration de la cotede crédit;amélioration de la signature;rentorcement du crédit mejoramiento del crédito Increasing the creditworthiness of a loan, security issue or other instrument. 26 credit standing; creditworthiness The discount rate that equalizesthe net present fclientprivé);surfacefinanclere; honorabilité sohabilité; capacitéd'endettement value of two streams of benefits and/or costs. crédito;clasificacióncrediticia;capacidad cross-shareholidng crediticia; solvencia The likelihood of a borrower to pay back a debt, based on past credit performance. patlcipatlon croisée participación cruzada Situation where two or more corporations hold sharesof stock in the other, particularlywith a view to controlling a market or industry. crosa-border swap swap International swapinternacional;intercambiointernacionai Swapbetweentwo partiesin differentcountries. cross-currency exchange risk risquede change riesgo cambiarloentre dos o más monedas;a vecesentre el dólar y la cesta de monedas que utilizael Banco Mundial The exchangerisk inherentin carryingout foreign exchangetransactionsin two or morecurrencies. crowdlng In attraction atracción Occurs where governmentbonds are sufficiently goodmoneysubstitutesso that bond issuesreduce demandfor moneybalances,leadingto an expansionaryimpactviatheir effecton portfoliocomposition. crowding out éviction cross-currencylnteresthedge; double hedgo swap despiazamiento Any displacementof private economicactivityby swapsportant á la fois sur les taux d'intérétet sur des monnaies public economicactivity. protecciónde swapdoble that combinesshiftfrom a floatingto a Technique cumulative preferred stock privilégiées actionscumulatives fixed rate of interest, together with a shift from liabilityin one currency to liabilityin another. acciones preferenciales (preferentes, preferidas) acumuladas Preferred stock where the unpaid dividend is held over, totally or partially,when there are no returns cross-currency lnterest rate swap swapd'intérétset de monnaies swapde intereses y monedas; intercambiode Interesesy monedas Swapof fixedrate flowsin one currencyto floating in a financialyear,or the returnsare insufficientto distributethe dividendfixedfor these shares. curb market see unlistedsecuritiesmarket rate flows in another. currency coupon swap see circus swap cross-default clause clausede manquementréciproque;clause d'exigibilité croisée; clausede défaut croisé currency-linked bond see option bond cláusula recíprocaen caso de incumplimiento A clausein a loanagreementspecifyingthat default currency mix compositionen monnaies;composition on any other loans to the borrower shall be regarded as default on this one. monétaire combinación de monedas The proportionof differentcurrenciesborrowedor cross-over discount rate; equalizing discount rate tauxd'indifférence; tauxd'égalisationdes valeursactuelles tasa de actualizaciónde equilibrio lent by the Bank. currency option bond see option bond 27 currency pool see loan currency pool; targeted currency pool currencyswap swapde monnaJes; swapde devises swap de monedas; Intercambio de monedas currency pool; loan currency pool pool de monnaies fondo común 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 réévaluationdu pool índice del fondo común de monedas An index of the daily revaluation factors from the start of the currency pooling system to the present. currency pooling system systéme du pool de monnaies sistema de fondo común 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 prét denominación de un préstamo en otra moneda Option in restructuring agreement which allows banks to redenominate existing loans in their domestic currencies or the ECU. System whereby an institution with funds in one currency convertstheminto another and enters into a forwardexchangecontract to recover the currency borrowed. currency translation conversionmonétaire;conversioncomptable des monnaies traducción de monedas; conversión 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 traducción contable de monedas; riesgo por conversión 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 distorsionmonétaire distorsión 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 pondération des monnaies ponderación por moneda 28 Under the new IBRD lendingrate system,currency - D- specificcostratesfromqualifiedborrowings willbe applied to the amountsin each currencyactually thoserates outstanding,thereby effectivelyweighting in eachcurrencyby their sharein the loancurrenqy pool. Theseweightingsare calledcurrencyweights. dally revaluation factor [currency pool dour le jour facteur de réévaluationau The ratio of the dre ar equivalentvalue of the current biend (CB) [IFC] currenciesin the currencypool on one day to the panachageá court terme (PC7r índice combinadode desempeñode la cartera 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 prevailingon the previousday. current coupon (rato) bono dalmyo tauxde couponcourant Interésnominalcorriente 1. In fixed rate securities, a coupon rate which Non-residentbondissuedenominatedin yenon the Tokyomarket. Its circulationis similarto that of Eurobonds. dalimyo bond obllgatlon"dafmyo ' approximates current yield levels for similar securities. Straight debt securities with current coupons dated date havepricescloseto par. datede /ouissance 2. In floating rate securities, the rate of interest on theIrnfloatg rateespeurities. the rate of intereston thecurrent interest period. fecha a partir de la cual se calcula el Interés Date from which interest is calculated on a new bond or other debt instrument. current ratio; working capital ratio ratio de Jiquiditégénérale coeficiente corriente[AméricaLatina]; coeficiente de solvencia [Esp.] Ratio of current assets to current liabilities. It ís the main liquidity ratio. day-to-daymoneysee cali money desler [optionsmarketj de ontreparte agent de contrepartie agente de contrapartida Party to an options transaction. cushion bond 'cushion bond bono amortiguador A high-couponbond selling at a price above its call or optional redemption price. custom duty bill obligation cautionnée 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 ínstitution. These bills allow the corporatíoioto 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. dealer [securitiesmarket]see securities dealer dealer [stock marketc agentbours¡er;opérateur(surle marché) corredorde bolsa Individualor firm acting as a principal in the stock market. debenture (bond) 1. obligationnon garante; 2. obligation 1. bono sin garantíaespecífica; debenture [Arg., Chile]; 2. bono con garantíade 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 commodityswap échangede créances contre une participation auxrecettes d'exportationde produits de base; heavilyindebtedmiddieincomecountry(HIC); juniordebt;long-termdebt ratio;moderately indebtedlow-,middie-income country; swapde créancescontrerecettes d'exportations de produitsde base conversión de la deudaen productosbásicos nonperformingdebt; par debt swap; retired debt; scheduieddebt service;seniordebt; severelyindebtedlow-, middle-incomecountry 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- debt buyback; debt repurchase cessionde créances;rachatde dettes recomprade deuda;comprade deuda Repurchaseby a debtorcountryof all or a portion of its foreigndebt at a discount. tion by the lender. debt capitalization debt-debtswap;pardebt swap;debt swap; debt-for-debt swap swapde dettes;swapde créances swapde deudas;intercambio de deudas capitalisationde la dette Swap involvingthe exchangeof a new obligationfor capitalización de la deuda an existingobligationheld by investors. A tech- Conversion of debt into equity (see debt-equity swap). debt carrying capacity capacité de remboursementde la dette nique 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 capacidadde endeudamiento treatmentof an originalissuediscountbondissued The extent of the ability to pay debts. as part of such a swap. debt certificate; certificate of indebtedness debt defeasance; collateralized (debt) defea- certificatde reconnaissance de dette certfficadode adeudo Document issued by a borrower detailing the sance plande réductionde la dette(avecgarantie); défaussede la dette;defeasance borrower's promise to repay principal and pay interest, as well as details of any collateral. debt-charity swaps acquisitionde créances á des fins anulación 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; swapsphilanthropiques conversión de la deudaenfondosbenéficos the debt. The face value and maturity of the collateralinstrumentsare designedto matchthose Non-profit organizations purchase debt at a discountin secondary markets and exchange it for local currency that is used for philanthropic purposes. 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 réductionde la dette(avecgarantie) avectondsd'amortissement anulaciónde deudascon la garantíade un fondode amortización 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 menacéd'asphyx¡epar endettement;pays surendetté país agobiado por la deuda A heavily indebted country. This classificationis used primarily by the OECD. debt(-for)-equity swap, conversion swap de créances contre des participations; échangede dettescontredes fondspropres conversión de la deuda en capital; capitalización (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 domestication debt financing conversionde la detteen devises;conversion de la detteen devisesen detteen monnaie nationale;'naturalisation' de la dette financement par l'emprunt financiaciónmedianteendeudamiento Obtaining finance by using borrowed money. argentinización, bolivianización, etc. de la deuda Conversion of non-resident foreign currency debt debt-for-cash swap intoresidentlocalcurrencydebt. Has beenusedby swapde créances contre especes Chile. 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 adquisiciónde títulos de la deuda extema. In Ecuador they use the term sucretizaciónto describe the process of converting foreign debt into the Ecuadorian sucre. debt-equity conversion see debt-equity swap debt-equity ratio; debt-to-equity ratio ratio d'endettement;ratio d'autonomie financibre relación 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. debt-for-debt swap see debt-debt swap debt-for-development swap swapde créances contre financespour le développement conversión 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 créancescontre 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 conversiónde 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 échange dette/nature conversión de la deuda en medidas de protección 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-partícipations 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 solvabilité;ratio d'endettement coeficientede endeudamiento Ratio of total liabilities to total assets. debt repurchasesee debt buyback debt restructuring restructurationde la dette; reconstructionde la dette reestructuración de la deuda Changing the maturity and/or terms of a loan. debt retirement amortissementde la dette rescate de la deuda Paying off a debt. debt security titre de créance; garantied'une créance; titre obligataire instrumento de deuda; garantía de una deuda Securityrepresentingmoneyborrowed that must be repaid, eg. bond, bilí, 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; relación 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 restructurationde la dette; traítementde la dette renegociación 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-discountbond, note obligation á prime d'émission élevée bono de descuento intensivo; pagaré 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 marchétr¿s actifl mercado muy activo A very active market. default interest intéréts moratoires interés 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 différé bono de interés diferido Note on whichno coupon is paid in the earliest part of its life. deferred rate resetting [IFC] report de la déterminationdu taux fijación diferida del interés 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 dépót 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 namneevery time the securitychanged hands. 33 depositorrate of interest; borrowingrate tauxd'intérét créditeur tasa de interéssobre los depósitos;tipo de interéssobre los depósitos The rate of interest paid by banks on deposits. derivative floating rate notessee synthetic floating rate notes detachable warrant warrantdétachable 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 écart diagonal margendiagonal;diferencialdiagonal;posición diferencialdiagonal Option strategy based on two puts or two calls in the same stock at different striking prices and different expiration dates. dilution dilution dilución 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) ¡nvestissementdirect á I'étranger inversiónextranjeradirecta Direct investments made by corporations of the country in question in foreign corporations. direct participationcofinancing cofinancement sous forme de participation directe dirtyfloat flottementimpur; flottementcontrólé; flottement dirigé; flottementassisté;flottementsoutenu flotaciónimpura;flotación dirigida Floatingof currencywhere the valueof the currency is controlled by the authorities rather than the market. Opposite of clean float. disagio disagio; déport 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'émission descuento Differencebetween par value and purchase price of a bond. cofinanciamientomedianteparticipacióndirecta 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. discount; markdown [foreign exchangej déport 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. 34 discountbond obligationa prime(d'émission) bono descontado Bond selling at a price less than its par value. 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)discountscertain bilisfor discounteddebt dette rachetée(créancesrendus) moyennant décote; dette rachetée(créancesrendus) au rabais deuda con descuento financial institutions. Debt acquired at a price lower than its nominal descuento value. A swap with a below-market rate. discountfrom par [securitiesmarket] décote descuentosobre el valor a la par Amount below face value at which a security is discountwindow escompteoffíciel;réescompteofficiel serviciode redescuento Rediscountfacilityoffered by central bank (Federal traded. Reserve System in the U.S.). discounthouse;bill broker opérateurprincipal du marché (OPM);maison de réescompte 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 réescompte) or other financialinstitution who is closelyinvolved in the interbank market. Examples include Crédit Lyonnais, Caisse des dépóts et consignations and the Banque nationale de Paris. discountwithoutrecourse escompteá 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. discountnote bon A prime (d'émission) bono descontado;pagarédescontado 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 actualización; 2. tipo de redescuento discountswap swap avec décote swap con descuento;intercambiocon disintermediation desintermédiation desintermediación 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 détresse endeudamiento forzoso Borrowing in a situation of extreme need when there is no other alternative. distressed loan prét en difficulté préstamoen dificultades Loan on which repayment of interest and principal has been severely delayed or completelysuspended. 35 distribution date see payout date divestiture cession; désengagement(d'une société d'Etat); démembrement; démantélement;dépossession venta; cesión; privatización; 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 acción 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 bénéficiaires acciones con derecho a dividendo Stock whichentities the holder to receive dividends. dollar cost averaging see averaging dollar ($) LIBOR LIBORpour les transactionsen dollars LIBORpara transacciones en dólares The LIBORfor transactions in U.S. dollars. domestic resource cost (DRC) coút en ressourcesintérieures; coút réel des devises costo en recursos internos Cost of resources used in products that are not imported. domestic resource cost ratio coefficientde coGten ressourcesintérleures 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 configuraciónen 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 configuración 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-weightedborrowing cost [IBRD] coút des empruntsdoublementpondéré costo de los empréstitos con doble ponderación 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. 36 downgrade (a loan) déclasser (un prét) rebajar de categoría 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 inversión posterior Investment at a lower level, e.g. a parent company in its subsidiaries or a raw materiais company investingin the production sector. drawdown retrait disminución; reducción; giro; utilización Actual withdrawal of money allowedunder a loan. drop lock 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 á échéance bono vencido; bono que vence A bond that has reached maturity. duration (of an investment) duration duración 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 clause 'drop lockm;clause de verrouillage au taux plancher investments. congelación del interés en un nivel mínimo (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. Dutch auction [U.S.] adjudicationa prix uniforme; enchéres au rabais; adjudicationa la hollandaise adjudicación 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. droppages, cancellations and prepayments (DCP) [IFC] abandons,annulationset remboursements anticipés abandono, anulación 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 obligationá 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 note bon A coupon hollandais bono con cupón determinado por subasta a la baja; pagaré con cupón 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) bénéficepar actJon(BPA) utilidadespor acción The profit of a corporation divided by the number of shares outstanding. economic price;efliclency price prixéconomique precio económico Price reflecting relative value to be assigned to inputs and outputs if the economy is to produce the maximnumvalue of physical output efficiency. economic recoveryloan (ERL) economic a reecovment loano(ERL)uServicio préstau redressementéconom¡que préstamo para recuperación económica World Bank loan made to assist with the economic recovery of a cou.rntry. eificiency price see economicprice electronic banking monétique operación bancaria electrónica Bankingtransactionsusingcomputerizedequipment. electronic funds transfer (EFT) transfertélectronique de fonds transferencade fondosers electrónia 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 relévement; pret á la réhabilitationde zones sinistrées préstamo para reconstrucción de emergencia World Bank loan for emergencyreconstructionafter natural disaster. Emrlrng MarketsGrowthFund (EMGF> [IFCJ Fonds de promotiondes marchésnaissants Fondode promociónde 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. EmergingMarketsInvestmentFund(EMIF) [IFC] Fonds d'lnvestissementdes marchésnaissants FondoparaInversionesen mercadosIncipientes Fund set up by IFC in the form of a closed-end lnvestmentcompanyto encourage large Japanese institutional investors to invest in developing countries. EnhancedStructuralAdjustmentFacility (ESAF) [IMF] Facilitéd'ajustementstructurelrenforcée (FASR) 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 entrepót;plaque tournante bancos intermediarios Banks operating as intermediaries between borrowadlenders locatedin foreigncountries. equalizing discount rateseecross-over discount rate equal principal repayment system systémede remboursementségauxdu principal; systámede remboursementpar tranches pgales sistema de amortización d principal en cuotas iguales 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 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. equity-like Instrument lnstrument participatff Instrumento financiero con características 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 and ensureincomeif the projectproducedincome. equity-linked bonad see equity-related bond equity loan prét sous formede prise de participation;prét participatif préstamo en forma de participación 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 irnersiónen capital social; participaciónen capital social Investment that confers whole or partial ownership in an enterprise and entities the investor to share in the profits from its operation. equity market equlty joint venture opérationen 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 ownership participationau capitalsocial d'une société participación en el capital social An interest in a property. marché des actions; marché boursier;marché des tonds propres bolsa de valores; mercado de valores The market in stocks and shares. equity option see option 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 rattachéá des actions; obligation apparentéeaux actions bono con características de acción 39 Bond whichhas equity features, such as a bondwith equitywarrantor a convertible. equity-related 9uarantee garantiede participationau capital garantía de rentabilidad Guarantee that ensures an investor an minimum return on his investment. equity underwriting engagementde prise de participation compromiso de suscripción 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 trésorerie 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 eurocrédit eurocrédito 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 eurodólar 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 europrét europréstamo A loan made using Eurocurrency. Euromarket euromarché euromercado The Eurocurrency, Eurocredit and Eurobond market. euronote facilities facilités d'euronotes servicios financieros para eurodólares 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) unité composite européenne 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 CurrencyUnit(ECU) bancoqueoptapor la exdusión unitémonétaireeuropéenne(écu) Bank using an ex¡t instrument. unidadmonetaria europea(ECU) A standard unit of account of European Community member countries. European(style)option option européenne opcióneuropea Option containing a provision to the effect that it can be exercised only at maturity. European UnKt of Account(EUA) exitlnstrument; exit bond; exHtvehicle bon de sortie bono de exclusión;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). unité européennede compte (uec) unidadde cuenta europea(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 égal swapde bonosde igualvalornominal; intercambio de bonosde igualvalornominal 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, wíthout regard to the net cash difference. exportadJustment loan(EAL) pretá I'ajustement des exportations préstamo 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 translation exposure;largeexposurebank;mark to marketexposure exposure risque;part des risques; engagement; présence riesgo; préstamospendientes;compromisos netos evenrolí refinancement pour un montantégal refinanciamiento de montoigual Amount of investment made, with the additional idea of risk. These translations are proposed. The translation will often depend on the context. Refunding, where approximatelythe same amount of debt is being issued for the old debt. extendiblebond;extendiblematuritybond obligation prorogeable eventrisk bonode vencimiento ajustable 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). Bond whose bearer can postpone maturity beyond normal maturity date. extendiblematuritybondsee extendibiebond extendiblematuritynotesee extendiblenote extendiblenote;extendiblematuritynote obligationprorogeable bonode vencimiento ajustable;pagaréde 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. - F- face the market extension feoe commissionde reconduction comisión de renegociación; comisiónde prórroga Supplementary fee payable to lender of a loan extended beyond original period. Intervenirsur te marché Intervencióndirectaen el mercado To actdirectlyin the market, as opposed to through an agent. external bond issue émission d'obligationsá ¡'étranger emisiónde bonos en el exterior Issueof bonds in a foreign country. facility see Africa Project DevelopmentFacility; backstop(credt) facility; Caribbean DevelopmentFacility;CentralBank Facility; Compensatoryand ContingencyFinancing Facility;contingencyfinancingfacility; contingentinvestmentsupportfacility; ContingentSwap Facility;EnhancedStructural AdjustmentFacility;euronotefacilities;External Contingency Mechanism; internationalbanking 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; underwrittenfacilities fee feo see underwriting 'acility External Contingency Mechanism [IMF9 Mécanismede financementpour a¡éas extérieurs 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(of debt servicepayments) externalisation(des versementsau titre du service de la dette) externalización (del servicio de la deuda) Purchase of foreign exchange needed for debt service payments. face valuesee par value fade-out agreement;phase-inagreement 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 país (bien encarrilado) con inversión y crecimiento Country with a high level of investmentand growth. 42 federalfunde[U.S.1 fonds fédéraux fondos federales Cash balance held by banks with local Federal feesee admissionfee; agency fee; availability fee; commission;commitmentfee, charge; extensionfeo;fiscalagency fee; fiatfee; foreign exchange coverage fee; front-endfee; Reserve bank. They are immediatelyavailable(e.g., for transfer between banks). Note that monnaie centraleis the money held by a French bank at the guarantee commission, fee; handling fee; loan origination fee; management commission, fee; participation fee; prepayment fee; processing Banquede France(centralbank) and is the French fee; sellingfee; trade insidefees; underwriting equivalent of federal funds. fee; utilizationfee federalfundarate IU.S.] tauxdes fonds fédéraux tasa de los fondos federales;tipo de los fondos federales financialdeepening augmentationde l'importancedes circuits financiers;intensificationdes circuitsfinanciers intensificaciónfinanciera Rate of interest paid on federal funds. Equivalent to interbank rate. Acquisition of fmancial assets at a faster rate than nonfmancialassets. federallychartered bank [U.S.] banque á chartefédérale banco constituidoa nivelfederal financial engineering ingénieriefinanciére técnicas financieras;ingenieríafinanciera 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. [México] Application of innovative techniques in major national and corporate workouts. financial futures instrument financier á terme; contrat á terme financier; future; contrat á terme d'instrument Federal Reserve System financier(CATIF) futurosfinancieros systéme fédéral de réserve Futures of bilis, notes, bonds, currency, and Sistemade la ReservaFederal commercialpaper. The central banking system of the U.S. It has twelve Federal Reserve Banks divided up by geographical regions. The Board of Governors super- financial futures contract contrat du Matif vises the operations of the regional banks and contrato de futurosfinancieros coordinates monetary policy through its Federal Open Market Committee. A completed but transferable agreement to make or take delivery of an interest-sensitive security at a specifiedtime at a specifiedprice. financial futures market marché á terme d'instrumentsfinanciers (MATIF) mercado de futurosfinancieros Futures market where only fmancial instruments are negotiated. financial intermediary intermédiairefinancier intermediariofinanciero Normally, an intermediary between the U.S. Treasury (or equivalent) and the market. 43 financialIntermediaryloan (FIL) prat a un intermédiairefinancier préstamoa un intermediariofinanciero World Bank loan to a fmancial intermediary, such as a central bank. financialapread margefinancilre margenfinanciero Income from loans and investments minus cost of borrowing. financialization financialisation;financiérisation financialización 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). 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. financialmarket marchédes capitaux;marchéfinancier 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 marché des capitaux as the overall market, equivalent to the English financial market,the marché monétaire as le marché des capitaux d court terme (= money market)and the marchéfinancier as le marché des capitaux&long terme ( = capitalmarket). However, various Francophone authors differ on this issue and you willfrequently see marchéfinancierused for the English fmancial market and marché de(s) capitaux used for capital market. Note also that, while Barre uses marché des capitaux, many writers use marché de capitaux. fine-tuning(of the economy) réglagede précision afinamiento(de la economía) An effort to steer aggregate demand and output toward a target level through monetary and fiscal instruments. financial ratios ratios de structure; ratios financiers coeficientes financieros Ratios which show a corporation's financial structure. They include liquidityand leverageratios. financialrepression répressionfinanciere represión 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. firm commitment underwriting see bought deal fiscal agency fee commissiond'agent payeur comisión 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. érosion fiscale des revenus; 2. freinage fiscal 1. lastre fiscal; rémora 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 w¡th variablecoupon floatersee floating rate note fi, floating capial fixing fixing cotización 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 obligationnégociéetelle quelle). flat fee; front end fee [Euroloan] commissionimmédiate comisióninicial When a loan agreement is signed, fee payable in fuil by the borrower to the lenders in the syndicate. flight to quality ruée versles titres de qualité desplazamientohacia las emisionesde mayor calidad In capital markets, the transfer of assets to higher qualíty 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 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 obligationá tauxflottant;obligation á taux variable(OTV) bono con interésvariable Bond on whichthe coupon is establishedperiodically and calculated with reference to short-term interest rates. floatingrate note;floater bon á tauxflottant,bon á tauxrévisable bono con interésvariable;pagarécon interés 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. flip-flop bono fl¡p-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 recouvrés;moyensde paiementflottant efectos en cobro; efectosen cobranza Checks, drafts, etc., in the process of collection. floatingrate note withvariablecoupon fix bon á tauxflottantá coupon indexé bono con interés variable indizado;pagarécon interésvariableindizado 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. 45 f loor floor; plancher bono con interésvariablemínimo;pagarécon interésvariable mínimo 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 mínimo The minimum rate of exchange. floor return rendementminimum rendimientomínimo Minimum return on investment. The Bank sets 15% below the return projected at the beginningof the fiscal year as its floor return. floor trader agent opérantdirectementsur 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 marchéde la criée transacciones de los corredores en la bolsa Trading on the exchange for one's own account. flow of funds see funds flow flow-of-fundtable [nationalaccounts] tableaudes opérationsfinancieres(TOF) cuadro de corrientesfinancieras A table showing transactions in financial claims between institutional units. forcedinvestment investissementobligataire inversibnforzosa;inversiónobligatoria 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-aimedsecurity;foreign-targeted security[U.S.] titre destiné a I'étranger valores para inversionistasextranjeros 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 comisiónde 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. 46 Foreign lnvestmentAdvisory Service (FIAS) Service-conseil pour I'investissementétranger (FIAS) Servicio de asesoría sobre inversión 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 pagarés 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 inversión conforme a una fórmula 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 á reglement mensuel (RM);contrat á terme ferme contrato a término; 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 término; 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-forwardarbitrage see time arbitrage forward rate agreement; future rate agreement (FRA) (contratde) FRA;contrat á terme de taux d'intérét acuerdo a término sobre tasas de interés; acuerdo a plazo sobre tasas de interés 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 bénéficiaires acciones de fundador Shares subscribed by original owners of a business. fourth market [U.S.] quatrieme marché cuarto mercado Market for large block sales of securitiesarranged by private firms. free-limit loan prét librementaccordé préstamo de aprobación autónoma A loan which does not exceed the amount above which onlendingis subject to Bank approval. free limit of loan ptafondde prét librementaccordé límitemáximo de aprobación autónoma 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 comisión 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 participaciónproporcional Type of IBRD "B"loan, whereby IBRD takes a pro rata share of about 10 percentin each maturityof financementsupplémentaire the commercialloan. financiaciónsuplementaria;financiaciónsin garantía;financiaciónsin asegurar That part of the fmanceof a loanpackage provided by banksoverand abovethe partthat is insuredby an exportcreditguaranteeagency. funde flow;flow of funda flux financiers flujode fondos;corrientede fondos The flowof purchasingpowerinto and out of an front-loaded spending dépensesgroupéesau début (d'unepériode organization. Inward flows include sales revenue, sales of fixed assets and investments, and issues of debentures,loans, and shares. Outward flows donnée) includepurchasesof fixedassets and investments, gasto concentrado al comienzo de un período Spending at the beginningof a financial period. repayment of debt, payment of dividends, and taxation on profits. front-loadingof conditionality fundsflow statementsee statement of changes imposition de conditions préalables in financial position imposiciónde condicionesprevias(a la aprobaciónde un préstamo) In Bank adjustmentloans, refers to the establishmentof conditionsto be met by the borrowerprior to Boardpresentation(as opposedto actionsbeing carriedout duringthe courseof the loan). full,fullypaid stock see paid-upstock fullservice bank banquemultiservices bancomúltiple;multibanco Bankprovidinga wide rangeof servicesto clients. 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] opérationsa terme;futures fully paidstock see paid-upstock futuros Agreement to buy or sell a specific amount of funded debt commodity. dette consolidée deuda consolidada futures, financial seefinancialfutures The debt of a business or government in the form of outstandingbonds and other long-termnotes. futurescontract contrat ¿ terme fundinglattermaturities[IBRD] contrato de futuros financementdes derniereséchéances An agreement to take or make deliveryof a specific financiamientode los últimosvencimientos Type of IBRD "B"loan, wherebyIBRD would take an initialshare of the loan up to about 25 percent, concentratedin the lattermaturities. commodityor instrumenton a particulardate. See also financialfutures contract. 48 futuresmarket marchéa terme mercadoa plazo;mercadoa término;mercado de futuros Market where futurescontractsare bought and gamma gamma sold. gamma tuturesoption optionsur contratsá terme opción(deun contrato)de futuros A put or calUoptionon a futurescontract. The sensitivityof an option's delta to small unit changesin the priceof the underlying. the gap[IBRDJsee overallriskprofile gap financing financement du déficit financiamiento deldéficit Amountoffinancingneededforwhichprovisionhas not yet been made. gapping gapping No Spanish Analysisof interest rates in order to manage interest rate margins to improve liquidity.The Frenchsensiblyused the Englishword. gearingratiosee leverageratio gearingratio [IBRD] coefficientd'uti/isationdes fondspropres; rapportencoursdespréts/fondspropres relaciónpréstamos desembolsados y pendientes-capital y reservas Ratio of capitalplusreservesto loans outstanding and loans disbursed. Geishabond obligationGeisha bonosgeisha Bondissuedon the Japanesemarket in currencies other than yen. (Yen-denominatedbonds are knownas Samuraibonds.) 49 GenerallnvestmentAuthorization[IBRD/IDA] pouvoir généralde placement global bond obligationplanétaire;obligationmultimarchés 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, authori- 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. zation to use currency-hedged, covered forward investments, acceptability of foreign currency denominated government obligations if equivalent to AA rated securities, IDA's authority equivalent to the Bank's and others. Generally Accepted Accounting Principies (GAAP) GlobalCap Authority[IFC] autorisationglobale de cap; montant total des capsautorisés facultad de adquisición de contratos con Interés 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. Principescomptablesgénéralementadmis 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). 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. generalobligation bond see general goodwill clause obligations Gensaki clause de bonne volonté cláusula 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. (acuerdo) gensaki A Yen repurchase agreement. government general obligations; general obligation bonds empruntsde collectivitélocale 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 debt instruments instrumentsde la dette publique gilt-edged securities; gilts 1. fonds d'Etat britanniques; valeurs garanties Instrumentos de la deuda pública Debt instruments issued by governments. par l'Etat; 2. valeurs de premier ordre 1. bonos del Gobiemo británico; 2. bonos de primer orden; valores de primer orden 1. British Government bonds. 2. U.S. bonds of AAA standing. government paper effets publics efectos públicos Short-term debt instruments issued by governments. 50 government securitydealer grossearningsmargin;grosamargin; courtier en fonds d'Etat; courtier d'effets pubI¡cs corredor de valores del Estado banker's apread; banker's markup [banks] marge brute margen bruto Secearitydealer specializing in government debt instruments. 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 grace period différé d'amortissement; franchise de remboursement; déla¡ de gráce período de gracia The period allowed in a loan schedule during which repayments of loan principal need not be made. received and paid). group of creditors groupe de créanciers; club de créanciers grupo de acreedores Group representing the creditors of a specific grade see rate country or countries. greenmail growthcontingencycofinancing greenmail; chantage au dollar compra de las propias acciones para evitar la absorción de la empresa cofinancement d'intervention au-dessous d'un seuil de croissance donné 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. System used with the Mexico financing package, whereby special financing would be provided from colenders if growth failed to reach a preset standard. growthstock grey, gray market marché gris action d'avenir acción de una empresa prometedora mercado gris Market in bonds that have not been given a firm price. The stock of a firm that is expected to have above average increases in revenues and earnings. gross capital coefficient, ratio coefficient (taux) de capital brut coeficiente de capital bruto The amount of capital requirement per dollar of annual lending,equivalentto the averagenumber of years a loan remains disbursed and outstanding. guarantee see also accelerable guarantee; call a guarantee; counter-guarantee; equity-related guarantee; non-accelerable guarantee; rolling guarantee guarantee[IBRD] 1. garantie de la BIRD; 2. garantie (de l'Etat) gross collection ratio 1. garantía; coefficient (taux) de recouvrement brut 2. garantía (del Estado) coeficiente de cobro bruto 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 guaranteecommission,fee [IBRD] commissionde garantie comisión de garantía Commissionpayableperiodically(e.g., to IBRD) as compensation for the risk in guaranteeing a loan. GuaranteedRecoveryof lnvestmentPrincipal (Program)(GRIP) [IFC] (Programmede) garantiede recouvrementde l'apport des investisseurs(GRAI) (Programade) recuperacióngarantizadade 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 differencesín 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. commission de gestion;commissionde gérance comisión Fee payable to lead bank for handling bonds. headand shoulderuconfiguration configurationtéte-épau/es configuraciónItricornio' 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 chefarbitragiste jefe de operaciones bursátiles Person responsible for securities trading in an organization. headroom marge de décaissement 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 [securitiesmarket] valeurde refuge valor de protección Security acquired to cover possible loss on speculativeinvestments. hedgeratio coefficientde couverture;ratio de couverture coeficientede protección 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 opérationsa terme;opérations d'arbitrage en couvertured'actifs; opérations en contrepartie;hedging operacionesde cobertura;operacionesde protección cambiaria hostile takeover bid; unfriendly takeover bid offrepublique d'achat (OPA)hostile; OPA sauvage oferta públicade adquisición(OPA)hostil (con fines de absorción) Purchase or sale of currency, usually on a forward basis, as a means of insuring against loss should an exchange rate change. 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 á revenuintermédiairefortementendetté paísde ingresosmedianosmuy, fuertemente hot bill effet brúlant efectoa la vista o de vencimientoa muy corto plazo endeudado Seventeen middle-income countries deemed to have encountered severe debt servicing difficulties: Argentina, Bolivia, Brazil, Chile, Colombia, Costa Rica, Cóte 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. 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.] capitauxtébriles capitales itinerantes Short-term international capital movements, motivated by interest rate differentials or revaluation hopes/devaluation fears. highly leveragedsee leveraged hung-upissue -mission collée (coincée) emisiónempantanada;emisiónatascada high quality borrowersee prime borrower An issue which dealers have not managed to fully place. horizontal spread; calendar (cali> spread; time (cali) spread écart horizontal hurdie rate tauxcritique de rentabilité tasa crítica de rentabilidad margen horizontal; posición diferencial horizontal Options strategy that involves buying and selling the same number of options contracts with the same striking price but different maturity dates. 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 prédateurhostile See corporate raider hybrid loan prét hybride préstamohibrido Corporate raider whose actions are not supported by the targeted corporation. 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 - I imprest account, fund - compted'avancesde caisse; compte IDA-eligible country pays admis emprunter y ¡'IDA;pays éllg¡ble paysarédmista IMA emprunte r I'IDA;paysbligiAn au crédit de J'IDA país puede recibircrédkos, financiamiento que paIsFupuaedeblr créditos, financiamiento de la AIF; paíshabilitado para recibir créditos e d'avancestemporaires Developingcountry whichis entitled to receive IDA credits because its per capita income is below the to the maximur. incomebond; participating bond obligationparticipante IDA norm. IDA reflows IDA remboursements á PIDA;rentrées de FIn reemboursernents laa 'ID;refluj s de laAID reembolsosa la AIF;reflujosde laAIF Payments received by IDA in the form of reimbusmnsfr rdt ae bursements for credits made. claedal .l.ase claused'eilégalité cláusula de exigibilidaddel reembolso 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. immature investment 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 bono participatorio the U.S., bonds which are guaranteed as to principal but which have interest payments as a contingentobligation,that are required only if eonting ent o .f ationd thaeqired of earned and then assented to by the board of directors. Failure to pay interest does not constitute default. (Note that in the U.K., incomebondrefers to a type of fLxed-interestinvestmentoffered by life insurance companies, consisting of an immediate nitplsadfreanuy. annuity plus a deferred annuity.) index arbitrage trading see programtrading indexed bond; index-linked bond obligationindexée investissementimmature bono indizado Bond where the coupon rate or redemption value is inversióntodavía improductiva;inversiónverde idxd(oohrcrece,gl,o ulpie) Investment whichis not yet bringing in any returns. imnpaired investment investissement á provisionnerm invest¡ssement investissementcopmi inesismn dangisoner;t invdner;siónvmenstisemntcoprmi inversión menoscabada An investmentwhich has been reducedby lossesor other distributions. impairment dépréciation;dévalorisation desvalorización Losslin valueof an investment. implicitspread margeimplícite 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. indexedcurrencyborrowings empruntsen devisesindexés(dontle tauxest indexéJ empréstitos en divsas con interés indizado Borrowingsin a foreign currencywhere the rate of interest is linked to an agreed scale. indexedcurrencyoptionnote(ICON) ICON bono con rescatevinculado a un tipo de cambio; pagaré 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 Heavenand Hell Bonds. 54 indexed loan [currency pooij Informalfinance prét Indexó préstamo indizado systemede financement nonstructuré;systéme systemede de financement noninstitutionnel; financement traditionnel Loan indexed to the daily variation of the U.S. dollar value of the pool due to exchange rate fluctuation. indexing; Index program financiamiento no institucional; financiamiento Informal Fmance which takes place outside of the normal financial markets. indiciérisation; Indexlng programa de compra de acciones incluidas en Information memorandum un índice mémorandum de placement 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). prospecto confidencial Document sent to all banks involvedin Eurocredit, equivalent to a prospectus, though, unlike a prospectus, it is confidential. index-iinked bond see indexed bond in house financing; seif-financing autofinancement;financementinterne; financement par fondspropres index option autofinanciamiento; financiamiento con fondos optionsurindice propios opción basada en un índice bursátil Option which is based on a stock index rather than an underlying security. Financing from own resources rather borrowings. than pland'épargneretraitepersonnel(PER) initial margin dépot de garantie depósito de garantía The amount a buyer is requested to deposit with a broker before commencingtrading. cuentade ahorro para jubilación Personal, tax-deferred retirement account for employed persons. introductionen bourse index program see Indexing individual retirement account (IRA) industrial and trade policy adjustment loan (ITPAL) initial public offering (¡PO) oferta pública inicial A firm's first offering of stock to the public. préta l'aJustement de la politiqueindustrielleet commerciale (PAPIC) inside, insiderdealing délit d'initié préstamo para ajuste de la(s) política(s) Industrial y comercial World Bank loan made to assist adjustment of a country's industrial and trade policy. transacciones ilícitas de personas iniciadas Trading in stocks, etc. by those who have advance infiation premium primede risque-inflation prima por inflación A premium added to a security to allow for inflation. notice of likely changes in the market, due to their inside knowledge. 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 fmnancialcenters. interest-bearing notes effets porteurs d'intérét bonos que devengan intereses; pagarés que devengan intereses Notes on which interest is paid. interest capitalization capitalisationdes intérets capitalización de los intereses Convertingdeferred interest paymentinto new debt instruments. interest coverage ratio ratio de couverture de /'intérét 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'intérétdue A une fuiltede capltaux fluctuación de las tasas de interés debida a la fuga de capitales; fluctuación de los tipos de interés 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 période d'intérét período de vigencia de la tasa de interés; periodo de vigencia del tipo de interés Period duringwhichan interest rate is fixed. At the end of the period the rate may be adjusted. interest rate cap plafond des taux d'intérét; contrat ¿ taux d'intéretplafonnés;contrat a cap de taux d'intérét tope de las tasas de interés; tope de los tipos de interés A limit on the amount of interest that can be levied on a variable rate loan. Proposed for IBRD. interest rate futures marchésa terme sur les tauxd'intérét 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'intérét riesgo relacionado con las tasas de interés; riesgo relacionado con los tipos de interés Risk due to difference in interest rates. interest rate segmentation fractionnement des taux d'intéret;taux d'intérét fractionné fragmentación de la tasa de interés; fragmentación del tipo de interés 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'intérét; swap de taux d'intérét; contrat d'échangede taux d'intéréts (CETI) swap de tasas de Interés; swap de tipos de Interés; intercambio de tasas de interés; intercambio de tipos de interés An agreement to exchange floating rate payments for fixed-rate payments in the same currency. interest(rate) switching modificationdu régime des intéréts modificacióndel régimen 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'échéancier; modificationde la périodicitédes paiementsd'intéréts modificación 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 intermédiation intermediación 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'intermédiaires financiers lnternationaux préstamos obtenidos de intermediarios financieros Borrowing from financial intermediaries. International bankingfacility (IBF) sen/lce bancaireinternational servicio bancario internacional 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 Federationof StockExchanges (FIBV) Fédérationinternationalesdes bourses de valeurs (FIBV) No officialname in Spanish Organization that establishes relations between stock exchanges. InternationalOrganization of Securities Commissions (IOSCO) Organisationinternationaledes commissions de valeurs mobiliéres(OICV) Organización 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 opción 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. 57 intrinsic value valeurInstrinséque valor Intrínseco 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 oblígation& tauxflottanta intérétinversé bono con interés variable Inverso a la tasa de referencia; pagaré con interés 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 trésorerie 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 trésorerie et d'arbritrage,a categoryrecently created, 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 certif¡cate certificat d'investissement (Cl) certificado de inversión A non-voting share in France issued mainly by state-owned enterprises to attract investorswithout the firm being privatized. investment company, fund société d'investissement;organismede placement collectif en valeurs mobililres (OPCVM) compañía de inversiones; sociedad de inversiones; fondo de inversiones 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 sociétés 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 émissionsans risque efecto de buena calidad; papel de buena calidad Issue of paper rated at BBB- or aboye (or equivalent) by a ratingagency. investment leakage déperditionsur I'investissement factores imprevistos que encarecen la inversión Variousunpredictedfactors that increase the cost of an investment, such as managementfees, inflated equipment costs and non-arms length royalties. investment securities titres de placement valores de inversión a largo plazo Securities that are particularly suitable for long-term investment (e.g., bonds). Also includes top-rated shares. involuntary lending prets forcés; préts involontaires; préts non spontanés préstamos 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 opérationsd'arbitrage vers ¡'intérleur concesiónde préstamosintemos con fondos externos External funding by banks for domestic lending. issuer organismed'émission; émetteur emisor e Body iat puts out new sesrities issuing calendar calendrier des émissions calendario de emisiones Compulsory timetable for issue of new securities (Switzerland,Federal Republic of Germany). J . jcopardy chuso; disaster cause; ibreak clause clausede danger clausede sawvegarde; cláusulade 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. Jeopdrciyloan prét tres menacé;pret en danger préstamo con riesgo de pérdWdas 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 opérantpour son propre compte; 7lobber";intermédiaireen bourse 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 empruntsgéants; empruntsjumbo empréstitos gigantescos Borrowing in large quantities; usually refers to amounts in excessof $250,000. jumbo certificate of deposit [U.S.] certificat de dépot jumbo (montantminimumde Us$100.000) certificado de depósito de US$100.000o más Certificate of deposit of US$100,000or more. jumbo loan prét géant; prét jumbo préstamo gigantesco Loan involvingvery large sums of money. 59 junior debt; subordinated debt dette de rang inférleur; dette subordonnée deuda subordinada; deuda de liquidez secundaria Debt which,in caseof liquidation,cannotbe paid till payments on other obligationshave been made. K key Interet rtes key Interet rates tauxd'intérétdirecteurs obligation a risque; obligationpourrie; junk bond bono especulativo;bono basura;bono chatarra tasas de interés ciave; tipos de interésclave The main market interest rates - includes LIBOR, US. prime rate, U.S. federal funds rate and certain others,dependingon where it is used. key money rte; central rato tey mote tate cen tauxc pivot; tauxjalon High-yield,low-ratedsecurity. Used as a newway tasacentral;tipo central Opposite of senior debt. junk bond; apeculativegrade bond to raise money quicklyas they attract investorswho like the high yields and are willing to accept increased hisks.increased risks. The term used to describe the main interest rate set by the central bank (or equivalent) and which effectivelygoverns other market interest rates. In ~~~~~~~~the U.S., it is the federal 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 - L - iag rlsk [IBduDc risquedOau décalage fOcompiéter selon le ienderof record préteurofflclel prestamista oficial Lender that has the officialcommitment for a loan. contexte] riesgorelacionado con desfases; riesgo relacionado conel desfase entre.. lendingauthority pouvoirde prét;autorisation de prét rmontoqueel Bancoestáfacultadoparaprestar 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. The amount of money that the Bank can lend, based on its paid-in capital. largeexposure bank banquetresengagée banco conungran volumen depréstamos pendientes lending ceiling;creditlimit limitedu pouvoirde prét; encadrement (du crédit) límitede crédito;límitecrediticio The maximum amount that an organization can lend. Bank with a large amount of outstanding loans. layering layering fijaciónde vencimientos no coincidentes Mismatching maturities in order to improve liquidity. The French sensibly used the English word. leadbankseearsobook-running leadbank; comanager leadbank;leadmanager chefde file bancodirector 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 en últimainstancia 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. lendintoarrearssee loaninto arrears 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. letterof development policy[IBRD] déclarationde politíque de développement cartade intenciónsobre la políticade desarrollo 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. letterof sectoralpolicy[IBRD] déclarationde politiquesectorielle cartade intenciónsobrela políticasectorial Letter from the Government of a country receiving a sectoral adJustmentloan 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 systámed'amortissementpar tranches (égales); systémede remboursementpar annuités leveragedstockholder actionnairepuissant accionistaInfluyente 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. Major stockholder who, because of his holdings and earning power, can obtain benefits for the company. level repayment remboursementen trancheségales reembolsoen cuotas iguales Ibability management gestion du passif gestióndel pasivo Supervision of the claims on the assets of a company. LIBIDsee LondonlnterbankBid Rate Repayment scheme where repayments are at a fixed level, even though the interest rate may change. leverage(ratio) [U.S.];gearing(ratio) [U.K.] ratio de levier; ratio de structuredu passif; ratio de solvabilité-endettement nivel de endeudamiento relativo al capital; LIBOR see London InterbankOffered Rate LIMEAN LIMEAN LIMEAN The average of London Interbank Offered Rate (LIBOR) and London Interbank Bid Rate (LIBID). relaciónendeudamiento/capitalpropio Ratio of debt/liabilities to equity/assets. debt and debt-equity ratios. Includes limited recoursefinance financement avec droit de recours limité financiamientocon derechode recursolimitado (highly) leveraged endetté; parfois: caractérisé par un fort degré d'endettement con alto coeficiente de endeudamiento Having a high debt-equity ratio. leveragedbuyout(LBO) prise de contrOlepar l'emprunt(LBO); OPAa crédit compra de una empresacon fondostomados en préstamos 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. 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). limit order ordre a cours limité ordende comprao ventacon limitaciónde 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 leveragedmanagementbuyout(LMBO) rachat d'entreprisepar les salariés;reprise d'entreprisepar les salariés(RES) comprade una empresacon fondos tomados en préstamos por sus empleados Purchase of a corporation by the employees, using borrowed funds. liquidassetainvestmentauthority[IFC] pouvoir de placementdes liquidités de la SFI facultad para invertiren activos líquidos 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 líquida; cartera de inversiones líquidas Portfolio of assets in the form of cash or near-cash loan currency pool pool des monnaies(des préts); pool des monnaiesprétées fondo común de monedas Samneas currency pool. instruments. loan into arreara, (to) [Worid Bank] liquidity premium prime de liquidité prét(er) a un pays dont les intérétsne sontpas comptabilisés otorgar préstamosa paísesexcluidosdel 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. régimen 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 provisionnementdes pertes sur préts liquidity ratio [IBRD] establecimiento de reservas para pérdidas por ratio de liquidité concepto de préstamos coeficiente de liquidez The ratio of the actual level of liquidity to projected three year net cash requirements. 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. liquidity ratios ratios de liquidité;coefficientsde liquidité 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 valeurcotée en Bourse valor cotizado en bolsa An issue of a security accepted for trading on a stock exchange. listing (of securities) loan originationtee frais de constitution de dossier; commission d'instruction comisión por tramitación 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. loan portfolio portefeuillede préts cotation (de titres en bourse) cotización (de valores en bolsa) The process of public quotation on a Stock Exchange of a share or bond. cartera de préstamos The unpaid loans of a lending organization. load fund fonds de placement qui préléve une commis- intercambio de préstamos 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 Inversión que cobra una comisión Mutual fund which charges a handling fee. loana-for-bonds exchange échange de préts contre des obligations 63 loan stock obligation(nongarantie) obligaciónsin garantía Germanterm for the rate of interestchargedfor a loanagainstthe securityof pledgedpaper. Particularlyused with referenceto the GermanBundes- A security issued by a UK companyin respect of a loan made by investors. Often unsecured. bank, whichnormallymaintains its Lombard rate at about 1/2 percent above its discount rate. loansyndicatesee syndicate Londonlnterbank Bid Rate(LIBID) LIBID UBID Thebid in a quotationrepresentingthe interestrate at which US. dollar deposits are retraded in OfferedRateand London. See LondonInterbank loan withequitykicker pret avec intéressement aux bénéfices;pret participatif préstamo participatorio;préstamo convertible en inversión Loan at a reduced interest rate; when the proceeds LIMEAN. from the project reach an agreed level, the loan OfferedRate(LIBOR) Londonlnterbank converts into a quasi-equity loan, with the lender participating in the proceeds. LIBOR UBOR The interest rate at which banks in London are lock(ed) in (interestrates) (etre)contraint(á payer des tauxd'intérét élevéspendantIongtemps)¡sensnégatif]; (Atre)condamné(apayer des tauxd'intérét élevés pendantlongtemps)fsensnégatifl; s'assurer(de tatu d'intéretfavorables)[sens positif];profiter(de tauxd'intérétfavorables) [sens positifJ;verrouiller;figer tasade interés inmodificable;tipo de interés inmodHficable prepared to lend fundsto first-classbanks. It is usedto determinethe interestrate payableon most Eurocredits.See London Interbank Bid Rate, lnterbankofferedrateand LIMEAN. 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. who owns more than he has contracts to deliver). long hedge opérationsde couverturepar achat a terne; longhedge operacionesde cobertura por compra a plazo Hedgingoperationby someonewho is "long' (i.e., long position position acheteur; position iongue posiciónlarga lock rate 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 tauxplancherde verrouillage tasa de inmovilización exercisedby a selleror canceledthroughthe saleof suchcontractby the Bank. locked market marché figé mercado inmovilizado Market where bid and offer prices are exactlythe same. Rate at which drop lock clause becomesoperative. Lombardrato [FederalRepublicof Germanyl tauxdes avancessur titres;tauxLombard tasa Lombard;tipo Lombard blended cost rate (LTB)[IFC] long-term panachagede longterme (PL7) 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. 64 M long-term debtratio ratiod'endettement á longterme coeficiente de endeudamiento a largo plazo Ratio of long-termdebt to total assets. mke a mrket Otrefalseurde marché;Otre¿ la fois vendeuret long-term primerate(LTPR)[Japan] tauxde baseá long terme tasa preferenciala largo plazo;tipo preferencial acheteur cotizar un precio de compra o de venta A dealer is said to makea market when he quotes a largo plazo bid and offered prices at which he stands ready to Prime rate used in Japan. buy and sell. Iump-sum borrowing [IFC] emprunten vrac empréstitode suma alzada maker(e.g.,of a note) émetteur librador(p. ej. de un pagaré) A currency-specificborrowing made in a lump sum by IFC from IBRD for its short-term future needs. The issuer of a debt instrument. managedloan créditdirigé préstamo dirigido Syndicatednewmoneyextended under the umbrella of IMF-supported restructuring packages. management feeseealso handlingfee management commission,fee 1.commission de direction;commission syndicale;commissionde chefde file; 2. commissionde gestion;fraisde gestion comisiónde administración;comisiónde gestión 1. Fee charged by a bank for managing a credit or bond issue. 2. Fee charged for portfolio management. management contract contratde gestion contrato de administración 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;syndicatde direction grupo director A syndicateresponsible for underwriting an issue in the Eurodollarmarket. 65 manager (of syndicate) see agent bank markdown see discount managing group see managementgroup 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-countermarket;parallel market;primary market;secondarymarket; securitiesmarket; short-term paper market; spot market; stock market crash; third market; twotier market; unlisted securities market;World margin account compte A découvert cuentade margen;cuenta paraoperacionesen descubierto Brokerage account allowing customers to buy securitieswith money borrowed from the broker. marginal reserve requirement coefficient marginalde réserve 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 additionalreserverequirementson increasedmanagedliabilitiesimposedby the FederalReserve,in order to curtailthe expansionof bank lending. BankCapitalMarketsSystem marketable securities margin buying [stock exchange] titres négociables valores negociables achatá découvert compraen descubierto Equitysecuritiesor debtsecuritiesthat are actively traded or whichcan be otherwiseboughtor sold. System whereby the purchaser furnishes only a specified fraction of the total purchase price of market-basedmenu approach; market-driven securitiesbought,with the brokerfurnishingthe menu approach; menu of optiona balance and charging interest on that amount. margin calil appel de marge; appel de fonds supplémentairespour baisse de la couverture; menu..; approcheá la carte; carte des options; menu des options métodode la lista de opciones An approach to debt workoutwhereby the diverse interests and constraints of the banking community la soulte are taken into considerationby offeringdifferent pedidode operaciónen descubierto;pedidode operaciónde margen A demand for additional funds because of an adverse price movement eroding the value of an open futures position. methods of dealing with debt problems. margin requirements [stock exchange] pourcentagede couverture;couverturede l'opération límiteslegales(de las comprasen descubierto) Legal requirements regulating the amount of credit that may be extendedunder the marginbuying system. market borrowers pays empruntantssur les marchésfinanciers paísesprestatariosen 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). 66 marketcapitalization capitalisationboursiere capitalizaciónbursátil;valoraciónbursátil (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. marketization marchéisation mercadización 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. market-clearinginterestrate tauxd'intérétd'équilibre (du marché) tasa de interésde equilibrio(del mercado);tipo de interésde equilibrio(del mercado) Interest rate which attracts equal number of buyers and sellers. marketmaker teneurde marché;adhérentmainteneurde marché(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-clearingprice prix d'équilibre (du marché) 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 making cotation en continu cotizaciónfirme Maintain firm bid and offer prices for a securityor currency on a continuous basis. market-eligible countries pays quí ont accés aux marchés financiers market order paísesque tienenaccesoal mercadofinanciero Countriesthat have access to fmancial markets. ordre au mieux orden de compra o de venta al mejor precio Order to buy or sell a securityat the best available price. market failure mauvais fonctionnement du marché; défaillance du marché;dysfonctionnementdu marché falla del mercado;disfuncióndel mercado The inabilityof the market to function in its normal manner. market intermediation intermédiationfinanciere intermediacióndel mercado Acting on the market (i.e. buying and/or selling of securities) on behalf of someone else. marketparticipants acteurssur le marché;opérateurssur le marché;intervenantssur le marché; participantssur le marché participantesen el mercado;operadores Individualsand corporations active in the market. marketpricesee asked price market-relatedlendíng préts aux conditions du marché financiamiento en condicionesde mercado Lending at market rate and under market conditions (cf commerciallending). markingto market marking to market; valorisationau prix du marché valoracióna precio de mercado 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 risquecalculé par référenceau marché riesgo calculado a precios de mercado The exposure ín 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 financementjumelé 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 opérationa échéancessymétriques transacción de vencimientos simultáneos A type of cross-currencyinterest hedge where the proceeds of a short-term instrument program are swapped for comparable maturities in other currencies. matched sale-purchase transaction transaction simultanéed'achatet de vente compra y venta simultánea SellingU.S. Treasurybills for cash and at the same time purchasing the same issue of bills for redelivery a day or more later. materiaiity criteria critére de stimulation criterios de trascendencia; requisitos de que una operación tenga efecto positivo sobre las perspectivas de desarrollo de un país 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 investissementsarrivésa maturité; investissements qui commencenta rapporter 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 asymétriedes échéances;manquede concordance des échéances;manquede synchronisme des échéances; risquede transformation asimetría 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 transformationd'échéances modificación 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 obligationá tauxvariable'mismatch"; obligation & ta¿xvariablebaséesur une merchant bank [U.K.] see investment bank contre-transformation bono con interés variable reajustable anticipadamente; pagaré con Interés variable reajustable anticipadamente Floating rate note where the coupons are reset regularly at shorter intervais than the coupon period. 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 repurchaseagreement 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. mismatch risk [IBRD] risquelié au décalage entre les échéances; risque de transformation riesgo relacionado con vencimientos asimétricos Risk of having loans and borrowings with mismatched maturities. merry-go-roundtransactiona transactionssans cesse renouvelées;transac- moderately indebted low-, middie-income country (MILIC,MIMIC) tionsaller-retour pays& faiblerevenu,&revenuintermédiaire operaciones carrusel Deliberate capital import and re-export operations. modérémentendetté país 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. mezzanine level phasede développement (d'unesociété) etapa inmediatamente anterior a la primera colocación pública In a venture capital operation, the stage in a company's development immediatelybefore going public. MiniMax loan empruntMiniMax préstamo minimax A floating rate loan where the loan is indexed (usually to LIBOR) but with a minimum and maximum cap. mirrorswap swap inversé swap inverso; intercambio inverso (convenido con la primera parte) A reverse swap written with the original counterparty. money at call see call money money center banks banquesinstalléessur 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 marchémonétaire;marchéde l'argent mercado monetario 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)a court terme; fonds communde placement(FCP)de trésorerie;fonds communde placement(FCP) monétaire;société d'investissementa capital variable (SICAV);société d'investissementá court terme; société d'investissementde trésorerie;société d'investissementmonétaire fondo común de inversión; fondo mutuo A mutual fundspecializingin high yield short-term instruments of credit such as TreasuryBilis, certificates of deposit,commercialpaper,bankers'acceptances and repurchase agreements. For the difference between FCP and SICAV, see mutual fund. money market rate taux du marchémonétaire(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 ético; 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 créances hypothécaires valor con respaldo hipotecario Security backed by mortgages, whereby investors receive payments out of the interest and principal on the underlying mortgages. morigagebond obligation hypothécaire;billet de mobilisation bono hipotecario;título hipotecario; cédula 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 multicurrencyclause clause multidevises cláusula sobre múltiples 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 opción 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 compensationdes créancesinternes; compensationmonétairede groupe compensación de débitos y créditos 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 á options mu/tiples;facilité de financementa options multiples servicio financiero con opciones múltiples 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 N, multiple (currency) option bond obligation avec option de change; obligation avec option monétaire bono con opción 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 rééchelonnementpluriannuel;accord de restructurationpluriannuel acuerdo de reprogramaciónmultianualde 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. naked see uncovered nme mariket marchéou la cote de crédit est primordaied mercado basado en el prestigio de los prestatarios Market where great emphasisis placed on the standingand reputationof the borrowers(e.g.,the Eurodollar market). narrow money e au sensétroit;masse monétaireau monnas sens étroit dinero en ei sentido estricsto f.c. cash, checkingaccounts, vesily availablemoney, very short-term liquid funds, etc. Equivalent to M1. mutual fund see also country fund; load fund; money market (mutual) fund; open-end (investment) fund, company national bank see federally chartered bank near-bank [Canada] mutual fund cuasibanco fonds commun de placement (FCP);société d'investissement A capital variable(SICAV) Financialinstitution,excludingstandardcommercial bank, suchas savingsbank, credit union, etc. fondo común de inversión; fondo mutuo Fund operated by an investment company that raisesmoneyfrom shareholdersand investsit in stocks, bonds, conimodities, financial instruments, etc. In France, the FCP has co-ownership status (copropriété,can be set up with approval of the COB and its shares cost a minimumof 5,000francs, while a SICAVis alwaysa sociétéanonyne, requires ministerial approval and has no legal minimum share amount. See also money market (mutual) fund; open-end investment company. que quasi-ban near cash instrumentas quasimonétaires instruments instrumentos cuasimonetarios Instrument ii that can be converted to cash short time. a very 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 prét a amortissementnégatif préstamo de amortización inicial negativa 71 Instalimentloan havingthe annuityprincipalas a negotiabletime certificateof deposit basis for computation, whose fixed periodic payments increase from time to time, e.g. annually, bi-annually. Initial installmentstypicaUyare insufficient 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. certlficatnégoclablede dépót a terme certificado de depósito 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 net benefitinvestmentratio clause de ne pas faire; clause négative;clause de nantissementnégative; clausepari passu; rapport bénéficesnets/investissements relación beneficios netos-inversión clausede non-préférence de tiers Theratiobetweenthe presentworthof netbenefits cláusula de obligación negativa; cláusula de abstención Clause in loan agreement obligating the borrower not to grant security without equally securing the loan in question. 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. negative pledge waiver see waiver of negative net cash requirements (NCR) besoins de fonds nets; besoinsnets de pledge trésorerie negativetermtransformation transformationa l'envers;anti-transformation transformación inversa Borrowing short-term and lending long-term (in comparison with transformation which is the opposite). 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 negotiable instrument instrumentnégociable 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. tauxde recouvrementnet 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. negotiable order of withdrawal(NOW) account net interest margin on average earning asseta marge nette de I'intérétsur la moyennedes avoirs productifs margen neto de rendimiento del promedio de los activos productivos Average interest return on loans and investments compte-cheques rémunéré less averagerate of debt interestexpense. Return cuenta corriente que devenga intereses Interest-bearing checkingaccount. on investments includes realized capital gains and losses. 72 net nonaccrualrate new moneyfacllty ratiodesintáréts noncomptabilisés pourl'apportd'argentfrais systéme coeficiente de préstamos excluidosdel régimen de contabilidad envaloresdevengados servicioparala concesiónde nuevosfondos A facilityfor lending new moneyas opposed to 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. rolling over existingdebt. nettingsee multilateral netting new money instrumente instruments pourl'octrold'argentfrais instrumentos de dineronuevo Financialinstrumentsfor dealingwithdebt involving new moneyrather than rolling over existingdebt. equity net worthsee stockholders' new money packages NewlnvestmentAuthority (NIA) nouweau pouvoirde placement nuevasfacultadesparaefectuarinversiones montagescomportant I'apportd'argentfrais; apportsd'argentfrais financiamiento queincluyedineronuevo 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. Financing package involvingadditional funds and not just rolling over existingdebt. new money argentfrais; prétsadditionnels; créditde restructuration; newmoney dinero fresco; dinero nuevo; nuevos fondos In the field of debt restructuring, additionalfmance provided by lending institutions, as opposed to rollover of existing financing. no-load fund fondsexemptde commission fondo de inversión que no cobra unacomisión Moneymarketfundthat does not charge a fixedfee commissionto investors. nominal bond with attached commodity option obligationnominalea optiond'achatou de ventede produit bono nominal con opción de compraventa de un producto básico 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 garantienonappelablepar anticipation new money bonds émission d'obligationsliéeá des apports d'argentfrais bonos parala obtención de nuevos fondos Bond issues by debtor countries in exchange for existingdebt or as prime instruments to raise new money. garantía 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. nonacerualratesee netnonaccrualrate 73 nonacerual status, In a Any of the following forms of investment which dont les intérétsImpayés ne sontpas comptabilisés; classéimproductif have terms of at least three years and the other characteristicsindividuallyspecified. Investments exclusióndel régimende contabilidaden such as: valoresdevengados sharingcontaets,management contracts,franchis- 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 ing agreements, licensing agreements, turnkey contracts,operating leasingagreementsand subordinated debentures. of the loan. nonmaturing,nonredeemablegovernment bond;perpetualbond;annuitybond;consol [U.K.] obligationperpétuelle;renteperpétuelle bono perpetuo A debt instrumenthavingno scheduledreturn of principaland therebyperpetualinterest payments and no maturity. nonaccruingloan see nonperformingloan non-bankbank;non-bankfinancialinstitution institutionfinancibrenon bancaire;banque non bancaire;établissement non bancaireadmis(e) au marchémonétaire(ENBAMM); entreprise non bancaireadmis(e)au marchémonétaire (ENBAMM) instituciónfinancierano bancaria A financialinstitutionofferingbankingservicesbut product¡on-sharingcontracts, profit- nonmarketable bond oblJgationnon négociable bono no negociable Bond that may not be sold by one investor to another. nonperformingassets avoirsnon productifs activos no redituables;activos improductivos which is not officially recognized as a bank. In France, it is defmed as a fmancial institution which Assets which have no fmancial return. does not generatemoneybut merelylends money that it receivesin deposits. nonperformingdebt créances nonproductives;créances immobilisées noncallable bond obligationne pouvantétreamortiepar acreencias no redituables;acreencias improductivas anticipation A debt which has no financial return (i.e. no inter- bono no rescatable antes del vencimiento;bono no redimibleantes del vencimiento Bondthat cannotbe recalledor redeemedprior to maturity. est is paid on it). noncall period Loan where payment of interest has been delayed période d'interdictionde rachat perlodode prohibiciónde rescate Periodduringwhicha borrowermaynot givenotice to redeem bonds,in Eurobondmarket. for morethan 90 days. non-equitydirect investment autres investissements directs;investissements directsautres queles participations inversióndirecta distintade los aportes de capital nonperformingloan;nonaccruingloan prét non productif préstamo no redituable;préstamo Improductivo non-portfolioproject [IFC] projethorsportefeuille proyecto no incluidoen la cartera Projectcarriedout by IFC that doesnot form part of its loan portfolio,e.g. providingtechnicalassistance. 74 nonrecoursefinance note sansrecours financement a forfait;financement bon;obllgation sin posibilidadde recurso financiamiento bono;pagará 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. A ibeod with short- or medium-term matuity. nonrecourseparticipation participationa forfait;participationsansrecours participación sin posibilidadde recurso note lauance faclity see revoMng underwrlting faclity notionalamount basede calcul;montantnotionnel monto teórico The amount,oftenfictitious,on whicha swapis Salesof 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. based. governmentbondsee nonredeemable Replacement of a one debt for anotherone or non-maturingbond of one creditor for another one. replacement non-underwritten facilities NOWaccount see negotiableorderof withdrawal novation novation novación facilitésd'émissionsnoncautionnées; facilités d'émissionsnonsouscrites emisionesno garantizadas Short-term paper facilitywithout any underwriting or backstop facility, such as the Eurocommercial paper facility. no-return equity prisesde participationnon rentables;prisesde participationnonproductives 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 currencyoption note; interest-bearingnotes; 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 . obilgation see agency securities,obligations; bonti; colateralgei mortgage obiigation; contlngentobligation;general obiigatlbns oft-babnce sheet (OBS)actbvities acthvitéshors bilan actividadesno incluidasen el balancegeneral Banks' business,often fee-based,that does not generallyinvolvebookingassetsand takingdeposits, e.g. swaps,options,letters of credit. offering memorandum mémorandumd'offre precio vendedor; precio de venta; prospecto Sameas prospectus. ofricialborrower offshore banking unH (OBU) serviceextraterritorial,offshore departarnentobancario consideradocomo extraterritorial Departmentwithina bank that, in certaincountries (e.g., Bahrain),is permittedto engagein specific transactions(usuaily Euromarket business) that ordinarydomesticbanks are not allowedto do. off the board market see third market off-the-runsecurity valeurwpeu en vogue' emisiónespecial A non-standardissueof a security,oftenotherthan the currentissue. oniending rétrocession représtamo empNrnteursauprés de sources publiques; Equivalent to relending in connection with new pays empruntantsaupres de sources publiques países prestatarios en fuentes oficiales An IMF category of countries, coveringthose countries which borrow from development institutionsas opposedto thoseborrowingfromthe normalcapitalmarkets(market borrowers). moneyloans. The fundsare recordedas a deposit in the centralbank but the foreignbank and the contractualborrower (usuallythe Central Bank) agreethat the loanproceedswillbe madeavailable to a third partywithinthe countryof the borrower. offshore extraterritorial, offshore open-end(investment) fund, company (OEIC);mutual fund; unit trust [U.K.] extraterritorial Refersto fiancial operationstransactedoutsidethe countrylin question. (SICAV); fondscommun de placement (FCP); société d'investissementouverte sociedad de inversionescon númerovariable de acciones An investmentcompanythat selisand reclaimsits capitalstock continuously, sellingit at bookvalue, addinga salescharge,and redeemingit at a slight discountor at bookvalue. extraterritorial;offshore offshore bank banqueextraterritoriale, offshore banco extraterritorial Banklocatedoutsidethe countryin question. société d'investissement a capital variable offshore banking center openingprice place bancaire extraterritoriale, offshore;centre bancaireextraterritorial,offshore premier prix (de la journée) cotización de apertura; cotización inicial centro bancario extraterritorial Financialcenterwheremanyofthe financialinstitutions have little connectionwith that country's financial system, usually for taxation purposes. Theinitialprice at whicha transactionin a security takesplaceon a givenday. Examples are the Cayman Islands, where many of position ouverte the corporationsare engagedin businessin the U.S. and Europe, and London, where many of the fmiancialinstitutionsare engaged in Eurodollar trading. interésabierto open interest; open market interest 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. marchéfinancier 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 emisiónde 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 operación; coeficiente neto de explotación Ratio of operating costs (includingdepreciation) to total revenue. operatingratios ratios de gestion coeficientes de operación; coeficientes netos de explotación 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 opción 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 obligationá prime d'émission 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 opción 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. outwardswitchingoperations opérationsde prise en report operaciones de cambio a divisas Movement of domestic currency assets into foreign currency. overage loan prét destiné é couvrir un éventuel dépassement des coDts préstamo 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 excédentaire exceso de oferta Excess,normallyof supply over demand (e.g., in the bond market). overnight funda argent au Jour le jour fondos de un día para otro Short-tern funds borrowed to be returned by the followingbusiness day. over-the-counter market (OTC) marchéhors cote mercado extrabursátil; 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 gré & gré opción extrabursátil; opción fuera de bolsa Option not listed on the regular options exchanges. overtrading see churning owners' equity see stockholders'equity 78 p . packageloan [IFC] participating bondsee incomebond participationcertificate 1.bon de participation; prét global; prét consenti par la SFI a une banque nationale de développement pour l'octroi de préts a des PME 2. seepass-through certificate certificado de participación Securiy incorporating the right to participate in the préstamoglobal préstamowhic gb . A loan which is administeredby a national develop- 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 pass- ment 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. paid-up stock;tully paid stockcoiónd actidou stock;esfully paid stckA actions libérées theoug ceh s t participation fee commission de participation comisión de participación aiipc6 fee given to a bank participating in a Euroloan. acciones pagadas partnership share Stock fully paid for (i.e., upon which no further subscription instalhments are due). part d'association participación en una sociedad parallel financing financement paralléle financiamiento paralelo Cofinancing, but with the partners fmancing differcnt parts of the project. parallel marketistue. Sotcss 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 marché paralléele mercadoparalelo pass-through certificate; participation Market operating in "parallel" to the main money market (e.g., bank current and savings accounts) and including interbank loans and negotiable certifi- certificate certificat de transfert de préts; titre de participation a un pool de préts cates of deposit. certificado de transferencia de préstamos pardebtswapsee debt-debt swap Certificate representing an interest in a pool of funds or in other instruments. parentbank pass-throughs; pass-through securities banque d'origine; banque mere casa matriz Bank in a major industrial country that sets up a subsidiary in a developing country. valeurs mobilibres amortissables partiellement avant échéance et assorties á d'autres conditions variables valor de transferencia de ingresos; tftulo de paripassu clause tralausepantasu; clausedesolidarité drepackaged traitement;clausede soludant cláusulapaff 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. transferencia de ingresos Securities representing pooled debt obligations 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. 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 subordonné 4 durée indéterminée (TSDI). personalstocksee registered stock payment period [IBRD] tranche período de pago Interval between semiannual dates on which repayment on IBRD loans is due. petrobond pétro-obligation petrobono Participationcertificateswhich represent rights to a specificquantity of oil. Used primarilyin Mexico. paymentsharingclausesee sharing clause phase-in agreementsee fade-out agreement payout date; payment date; distribution date date effective de rentrée 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; rentrée 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 cláusula de examen periódico 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 perpetuaífloatingratonote bon A intérét variableperpétuel; titre subordonnéA durée indéterminée(TSDI) bono perpetuo con tipo de Interés flotante; pagaré perpetuo con tipo de Interés 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 (départsen) missionsd'évaluation/ réserve de projets relación misiones de evaluación-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; mémorandumde placement memorando de información 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;classicswap swappur swap clásico;Intercambioclásico A five to seven-year swap of six-month LIBOR-basedfloating rate funds against fixed rate funds, both denominated in U.S. dollars. 80 policy-basedlending;policyloana préts á l'appul; préts en faveur de réformes; préts á l'ajustementmacroéconomique préstamosen 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 économique (DCPE) documentosobre parámetrosde política económica(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 tauxpréteur fondé sur un pool d'emprunts sistemade tasas de interésbasadasen una Ncesta' de empréstitospendientes;sistemade tipos de Interésbasadosen una "cesta"de empréstitospendientes Lending rate system using the pool-basedvariable lendingrate. pool-based variable lending rate [IBRD] tauxpreteur variablebasé sur un pool d'emprunts tasa de interésvariablebasadaen una "cesta" de empréstitospendientes;tipo de interés variablebasadoen una "cesta"de empréstitos 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 prét du pool préstamoIncluidoen el sistemade fondo común de monedas A loan included in the currencypooling system. pool of qualified borrowings pool d'empruntsde référence empréstitoscalificados 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 gérantde 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 préciput praecipuum;honorariodel banco director The amnountthe lead managerof a Eurocredittakes for his own fee, before dividing the remainder of the managementfee among the rest of the managementgroup. preferred stock actionsprivilégiées; actionsde priorité 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 prét dont on exige le remboursementanticipé; prét remboursépar anticipation préstamo 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 standíng 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'émission prima de emisión Difference between the face value and the selling price of the share when the selling price is higher. premiumswap swap á prime swap preferencial; intercambiopreferencial A swap with an above-market rate. prepayment fee; prepayment premium prime de remboursementanticipé 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 résultats (CCR);rapport coúts-bénéfice relaciónprecio-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'intérét determinacióndel costo de un préstamo Fixing the cost of a loan, i.e. the interest rate and any other charges, such as front end fees. primarydealer courtier(opérantsur le marchéprimaire) spécialiste en valeursdu Trésor(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 marchéprimaire mercado primario; mercado de emisión Market for new securityissues. primary offering émission (primaire)dlactions emisión (en el mercado primario) Offering of a new issue of stocks or bonds. prime borrower; premier borrower; high quaiity borrower; top grade borrower emprunteurbien coté; emprunteurtres solvable; emprunteurde premier ordre prestatariopreferencial;prestatariopreferente; prestatariode primeraclase The most creditworthy type of borrower. prime rate tauxde base; tauxprivilégié tasa preferencial;tipo preferencial Taux de base is the rate charged by banks to preferential customers; tauxprivilégiéis the rate charged by nonbank financial institutions (e.g., Crédit National). 82 private paper effetsprivés efectosprivados; papelesprivados Paper placed with a limited group of investors and not advertised. prsvate placement píacementpar voie privée colocación privada The sale of an issue of debt or equity securities to a sinle buyer or to a limnitednumber of buyers withouta public offering. processing fee commissiond'¡nstruction comrsiónpor tramitación;cargo por tramitación Fee which the World Bank has considered levying on the full amnountof loan commitments. It would be simílar in effect to a front-end fee. production-sharing contracts contratsde partage de la production contratos de participaciónen la producción Contract where the contractor makes contributions to the investment project and his remuneration substarntíally(i.e., not necessarily wholly) depends -e.a share of the production of the investment prOject, mcludinghis right to purchase such share at a predetermined price or a price to be determined under an agreed formula. profitability ratios; revenue-covenant ratios rat¡osde rentabilité coeficientesde rentabilidad Ratios that measure the return on assets. proilt-sharing contracts conrratsde partage des bénéfices contratosde participaciónen 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] prét-programme d'ajustement préstamo para programas de ajuste Loan te assist a country make adjustment to a series of relatively short-term economic policy objectives. programloan;programlending[IBRD] pret-programme préstamopara programas;financiamientopara 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. programtrading;baskettrading;index arbitragetrading opérationsd'arbitrageprogramméessur ordinateur;courtagepar ordinateur operacionesbursátilesdeterminadaspor 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 influenceon the market. Basket trading and program trading are often used synonymouslybut program trading is sometimes associated only with market closing prices. projectnote bon á court terme émis (par une collectivité publique) pour financer un projet (autoamortissable) bono a corto plazo para financiarun proyecto; pagaréa corto plazo parafinanciar un proyecto Short-termpaperissuedbymunicipalitiesto fmance short-term cash flows for a specific project. ProjectPreparationFacility(PPF) [IBRD] Mécanismede financementde la préparation des projets Serviciode financiamiento para preparaciónde 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. 83 ProjectPreparationFacilityadvance[IBRD] avance pour la préparation des projets; avance PPF anticipo del servicio de financiamiento para la preparación 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 pagaré 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. promoters' stock see founders' shares proprietaryinterest participationmajoritaíredans l'actif; intérét patrimonial; part de capital interésmayoritario 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] élément du pool (provisoire)d'emprunts empréstitos de referencia IBRD borrowingsbetween July 1, 1981,and June 3, 1982,which were used to calculate the lending rate for the first years of the pool-basedvariablelending rate. public enterprise rationalizatlon loan (PERL) [IBRD] prét a la rationalisationdes entreprises publiques (PREP) préstamo para racionalización de empresas públicas World Bank loan to help rationalize the finances of a public enterprise. public enterprisereformloan (PERL) [IBRDI prét a la réformedes entreprisespubliques (PREP) préstamo para reforma de empresas públicas World Bank loan to help reform the finances of a public enterprise. public enterpriserehabilitationloan (PERL) [IBRD] prét au redressement des entreprises publiques (PREP) préstamo para rehabilitación de empresas públicas World Bank loan to help rehabilitate the fmancesof a public enterprise. public offering (of ahares) offre publique de vente (OPV) oferta pública; colocación pública 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). 84 Q- purchasemoneysecurityinterest [IFCsúreté garantissantun solde dOau titre d'une participation put qualified borrowengs(QB>[IBRce empruntsde référence empréstitoscalHicados Originally,borrowings by IBRD after July 1, 1982 (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 garantíaprendarladel saldo de una participación Type of lien allowed on IFC assets which occurs when IFC purchases assets (e.g. securities or stock holding) and does not pay the full amnountup front. The vendor then has a lien on IFC for the balance due. optionde remboursementanticipéau gré du productshouldthe Bank wishto offer one in the porteur;put opción de rescate anticipado A right to redeem a debt instrument before maturity at par under specific circumnstancesoutlined in the original agreement. future. The extraction of borrowings that fund investments would be made separately for each currency. The term QualifiedBorrowings1982 is used to describe the old system. See also pool of qualifiedborrowings. putablebondsee also retractable bond quality loan pret de qualité préstamo de calidad A Bank loan whichhas been carefullyprepared and is fnancially viable. put bond;putablebond empruntá fenétre 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 fenétre is a long-term quasi-equity;quasi-capital propres quasl-capital;quasl-fonds loan, usually of about 18 years, which has six op- cuasicapital tions for early repayment, three for the borrower, three for the lender, normally around the 7th, 10th and 14th year of the loan. Includes equity-likeinstrumentsand other forms of loans that have the form of equity or equity that has the form of loans. An exanmpleis equitq with a put agreement, i.e., unlike normal equity, the investor requires return of the equity, for example, in five yearsat ten per cent interest. put option option de vente; option de put opción 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 see near-money 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-sheetratio; 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 ratio; operating ratios; price/earningsratio; profitabilityratios; reserve ratio; resourcemobilizationratio; volatilityratio conversiond'un typede tauxa un autre conversiónde la clasede interés Change from one type of interest rate to another. rational expectations anticipations rationneJles rate resetter loan see resetterloan expectativas racionales A theory based, first, on the assumption that indinvidualsand 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. rating notation; rating;évaluation c-lasificación; rating yvaluationof a corporation or of a securids issued 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'évaluation 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. ratingagency agence de cotation; agence de classement (des titres); agence de rating; agence d'évaluationfinanciere organismode clasHficación de valores 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'évaluationfinanciare. real estateinvestment trust (REIT) sociétécivilede placement immobilier sociedad de inversión 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 tauxd'intérétréel tasa de interésreal;tipo de interésreal Normal rato less rato of inflation, divided by ono plus tho rate of inflation. 86 recall [currencypooq rappel determinaclónde la moneda en que se exige cada amortización With loans made prior to the introductionof the currencypool, each loan was disbursedin the currenciesavailableat that time. As regardsrepayment of the loan,the Bankdeterminesthe order in whichcurrenciesshallbe repaid(usuallyaccording to whichcurrencyhas themostattractiveinvestment potential). The choiceof currencyby the Bank for repaymentpurposesis calledrecall. recapitalization restructuration du capital recapitalización Alteringthe capitalstructureof a corporationby increasingor decreasingits capitalstock. rediscount réescompter redescuento Resaleof instrumentssuchas banker'sacceptancer alreadydiscountedby lender, usuallywith central bankor dlscounthouse,at a pricelessthanthe face value. referencezone see target zone refinancingrisk [IBRD] rísquede refinancement riesgorelacionadocon el refinanciamiento Risk of not being able to refinance short-term borrowingsunder suitableconditionswhen these borrowingsmature. recapture clause clausede récupération cláusula de recuperación Clause in a loanagreementthat allowsa lenderto RegionalProjectFacilityfor Sub-Saharan Africa Fondsrégionalde projetspourl'Afrique subsaharienne Servicioregionalde proyectos para Africaal Sur del Sahara recover part or all of his previouslylent assets if economic circumstancesimprove. Fund set up jointly by the World Bank, United Nations Development Programme and the African red clause clauserouge cláusula roja In a documentarycredit, special clause included whichallowsthe sellerto obtain an advancefrom the correspondentbank to financethe manufacture or purchaseof goods to be deliveredunder the documentarycredit. Liabilityis assumedby the issuingbankrather thanthe corresponding bank. It is calledredclausebecausered ink usedto be used to drawattentionto the clause. red herring préavisd'émission anuncio preliminarde una nueva emisión Preliminary prospectus issued to obtain an indicationof interest in the issue. It is incomplete becauseit doesnot containthe publicofferingprice, the underwriter's discount,or the date of issue. red herringlssue émissionexploratoire emisiónexploratoria An issueof bondsmade on an experimentalbasis. DevelopmentBank to providegovernmentswith initial resourcesneeded to build their capacityto considerthe social costs of adjustmentin their macroeconomic policymaking. TheFundwasset up in December 1987,with initial funding of $10 million. registeredsecurity titrenominat¡f tftulonominativo;valor nominativo A securitywhoseownershipis determinedby the name in which it is registered as opposed to a bearer securitywhoseownershipis determinedby whopossessesit. registeredstock; personalstock actionsnominatives acciones nominativas Stockwhichcannotbe transferredwithoutplacing the signatureof the ownerupon the booksof the issuingcorporationand deliveryof the certificate. 87 regularlendingprogram[IBRD] programme de prétnormal programa ordinariode financiamiento The Bank lending programthat incdudesthe base lending programand the standbyprogram. rehabilitatlonimportcredit/loan (RIC, RIL) [IBRD] crédita l'importation pour le redressement économique; prét J ¡'importation pourle redressement économique créditopara importaciones con finesde rehabilitación;préstamopara importacionescon fines de rehabilitación Loan, credit to support policies to stabilize the economy and reactivate growth, followinga period of economicdecline caused inter alia by inappropriate policies. reissue réouverture d'une émission reemisión Issue placed into circulation again after a specific lapse of time. relatively lessdeveloped[IDA] relativementmoins développé 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; réutilisationdes préts reciclajede los préstamos;reutilizaciónde los préstamos 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 The act or processof transforming or extending a credit agreement, whereby the old debt is canceled by the establishment of a new one. repurchaseagreement (RP; repo) contrat de report; mise en pension; accord de réméré;prise en réméré acuerdode recompra Arrangement by banks and other institutions to borrow short-term (usually one day) money by transferringsecuritiesto the lender, with the agreement that they will buy them back. reserveratio rapportde lquidité(1/1/781/9/88; coefficient de liquidité(avant1/1/78 et aprés 1/9/88) (coeficiente de) reserva; encaje legal 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 disponibilités...réalisationdes actifs de négociationfacile figurantau bilan. The new system has been in place since September 1988,with the ratio being set at 100%. resetter loan; rateresetter (RR)loan prét a taux révisable préstamocon interésmodificable Loan where the interest rate is fixed for a specific period and reset after a specificperiod of time. resourcemobilizationratio tauxde mobilisationdes ressources coeficiente de movilización de recursos The ratio between available resources and use of those resources. IFC uses it to indicatethe percentage of funds it allocates to projects. 88 restructuring seedebt restructuring retail banking marchébancairedes particuliers;services bancairespour les particuliers;banquede détail servicios bancarios para los particulares; servicios bancarios para el público 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;bénéficesnon distribués utilidadesno distribuidas Accumulated net income, less distributions to stockholders and transfers to paid-in capital accounts. retiming see interest retiming 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 réévaluation factor de revaluación 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 previousday. retirement see debt retirement retired debt dette amortie deuda amortizada A debt that has been paid off. retractable, putablebond obligationrétractable 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 ínvestment). revenue-anticipation note obligationémise par une collectivitépublique dans l'attentede rentréesnon 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 termeémisepar une collectivitépublique 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 ratiossee profitabilityratios 89 reve cash and carry opérationde ventede titres au comptantet d'achat de contratsa terme; reversecash and carry operaciónde ventade valoresal contado y comprade contratosa término Hedgling method consisting of sale of securitieson the spot market and simultaneous purchase of forwardcontracts. See cash and carry. reverse floating rate note obligationá tauxflottant inversement indexée bono con interésvariableinverso Floatingrate note carrying a spread inversely related to movements of interbank rates. reverse repurchase agreement contrat de report inverse; mise en pension inverse;accord de réméréinverse; prise en réméréinverse 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 crédit renouvelable;crédit reconductible crédito rotatorio; crédito renovable;crédito 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. revolving underwrltlng facllity(RUF); note lssuance faclllty (NIF); note purchase facilty; euronote faclilty facilité de crédit spécial (RUF);(pour l'émission de papier A court terme);facilité d'émission d'effets serviciode emisión de tftulos (SET) 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 managerbeing 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. 90 riskconvemion floater riskconversion floater instrumentode Interésvariabley riesgo decreciente Euromarketinstrument based on principle of rollover certificateof deposit;roly poly crtfficate of deposit certficatde dépota tauxrenouvelé certifcadode depósitocon tasa de interés renovable;certificadode depósitocon tipode floating rate Eurobond but with high qualitycollateral which increases over time to substitute for the borrower's role. Interés 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. 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 credit see revolving credit rollover date date de reconduction fecha de renegociación Date of adjustment of interest rate in maturity rollingguarantee (of interestpayments) garantiemobile garantíalimitadarenovable transformation. 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 réemploi des plus-values reutilizaciónde las ganancias Reinvestment of profits. rolloverof gaina payments. roll-over refinancement; reconduction; renouvellement refinanciamiento; renovación 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 risquesde refinancement riesgos de refinanciamiento Risks associated with refmancinga loan. roly poly bond obligationa tauxrenouvelé bono con tasa de interés renovable; bono con tipo de interés 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 of deposit 91 round-tripping detteachetéeavec décote 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 S 8ale8agent; 8ellint agent [securities] agenttde placement agente vendedor;corredor Firm or individual carrying out the sale of full face value im the local currency, thereby scors encouraging capital flight. Samural bond running (weighted) average moyenne(pondérée)mobile promediomóvil(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. obligationsamouraT bono samurai Bond issued on the Japanese market in yen outside Japan. bond [Frnce, Belgium, U.S.a bonde caisse;bond'épargne 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'épawgneare 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'intérétsprévus á I'échéancier servicio de la deuda sin deducir reprogramaciones ni pagos en mora Debt servicethat followsa set schedule. scoring évaluationpar score evaluaciónpor puntos Technique for evaluatinga borrower, primarily his ability to repay a loan. scrip certificate; bearer scrip bulletinde livraison; certificatd'action partiellement libérée 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; acción 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 émission habituelle emisión confiable Issue of securities that have gained a reputation in the market for reliability. secondary market marchésecondaire mercado secundario Market for transactions in existingsecurities. Note that the French second marché corresponds to the British unlisted securities market and the U.S. 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 préstamo para <finesde) ajuste sectorial A loan aiining at major policy improvements in a sector. sector investment and maintenance loan (SIM) [IBRD] prét d'investissementet d'entretien sectoriel (¡ES) over-the-counter market or third market and not to préstamo para inversión y mantenimiento the secondary market. sectoriales Loan aimed at investing in a particular sector secondary offering placementd'actions détenuespar les particuliers colocación 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. maintaining the level of activityin that sector. sector loan prét sectoriel préstamo sectorial; préstamo 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 mobiliéres);maison de titres; société de placement corredor de valores; sociedad de valores secondary public offering Firm acting as a principal rather than an agent in offrepublique sur le marchésecondaire oferta pública en el mercado secundario the securitiesmarket. Public offering of previously issued securities held by large investors, usually corporations, institutions others, as opposed to issue of new stock, where the seller is the issuing corporation. 93 securities margin account compted'achat de titres cuentade comprade valores securities;mortgage-backedsecurity;note; oflthe-runsecurity;option; paper; pass-throughs; purchasemoneysecurity interest;registered 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. security; Separate Trading of Registered lnterest and Principal of Securities Program (STRIPS); step-down; step-up; steriingtransferable accruing govemment securities (STAGs); stock; securities market marché des valeursmobilibres mercadode valores;bolsa de valores swap;tap security;underiying;unlisted;unlisted securitiesmarket;warrantinto government securities(WINGS);when issued(wi) security; zero coupon Eurosterlingbearerregistered The primary and secondary market accruing securities for negotiable equity (stocks) and long-term debt instruments (bonds). security securitization titre; valeurmobilibre valor; titulo 1. titrisation; titralisation; mobiliérisation; financiérisation;désintermédiation; transformation en titres; 2. marchéisation 1. conversiónde la deuda en valores; 2. intensificacióndel uso de valores 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 Ministére 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. securitized loan sales cession de préts par émissionde titres venta de préstamos por emisión 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. 1. Document giving title to property or claim on income. 2. Income-yielding paper traded on the stock exchange or secondary market. security lending [IBRD] préts de titres préstamo 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. segment; sector (of the market) compartiment(du marché) segmento;sector A particular part of the market, e.g. airline stocks. Securities analysts often specialize in one segment of the market. self-fínancing self-liquidating see in house financing credit crédit autoamortissable 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 crédito autoamortizable Credit reimbursed by the income from the operation for which it was lent. sell-down rétrocession venta de un crédito 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 comisión 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. serial bond, loan 1. emprunt par obligationsémis par séries; 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 prét atender el servicio de un préstamo To pay interest due on a loan. set aside agreement accordde domiciliation selling fee [Euromarket] commissionde placement comisión de venta Fee charged for selling an issue of securities. acuerdode destinación especial; convenio de destinación especial Agreement for payment receipts from a project to be designated for a specific purpose. selling rate cours vendeur precio vendedor; precio de venta Price proposed (for a security). set-asides montantsaffectés; montantsréservés montos reservados; montos afectados Loans made by the World Bank to developing countries to reduce their debt. These loans are only made to countries with large outstanding external debts and whichhave adopted structural adjustment programs approvedby the Bank. Set-aside amounts willbe determined individuallybut will be normally around 25% of the adjustment program over three years or 10% of the overall amount of the Bank's lending program to the country. seniordebt dette prioritaire;dette priviligiée deuda prioritaria Debt for which claimson the assets of the borrower rank ahead of other debts in case of liquidation. seniority rang prioridad The order of priority for repayment of debt. Separate Trading of Registered lnterestand Principal of Securities Program (STRIPS) Programme de négociationdistincte des intérétset du principal concernant ses titres Programa de venta separada del interés 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. settiement date date de reglement fecha de cierre; fecha de pago The date on which payment for a transaction must be made. 95 severely indebtedlow-, middleincome *hare retentionagreement [IFC] country (SILIC, SIMIC) accord de non-rétrocessiond'actions paysA faiblerevenu,a revenu intermédiaire acuerdo de retenciónde acciones Agreement, under whicha company agrees not to sellthe stockof anothercompanyin whichIFChas an interest, until the loanhas been reimbursed. gravementendetté país 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 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, middle-income country. shares see bonus share; cross-shareholding; didend-right share; eamings per share (EPS); equity;founders' shares; partnershipshare; public offering (of shares); right (to purchase shares); shareholders' equity; stock; transferable share sharing clause; paymentsharing clause clause de partage de pa¡ements shadow price seeaccountingprice cláusula que estipulaque se han de compartir los reembolsos 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. 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. shareholders' equity, funde see stockholders' equity shelf registration enregistrementen attente autorización 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. sharelist cours de la Bourse Shogun bond lista de acciones con sus cotizaciones obligation'shogun' A listing of stocks with their current prices. bono shogun Non-resident bond issues denominated in foreign currencieson the Tokyo market. Started June 1985. ahare ownership avoirs en portefeuille;acquisitionde valeurs mobilieres; acquisitiond'actions cartera de acciones short hedge opérationde couverturepar ventea terme; The possessionof shares of stock in a corporation. short hedge operaciónde cobertura por venta a plazo share premium account [IFC] compte "primed'ém¡ssion" Hedgingoperation by someone who is "short"(i.e., who owns less of an item than he has contracts to cuenta de primasde emisión deliver). Account of a corporation, in which IFC has a holding and in which the premiums obtained on new shares are deposited. 96 short-leash approach Social Dimensions of Adjustment Project approchea court terme método de "riendacortan Approach to debt restructuring whereby the restructuring agreement only applies for a short period of time. (SDAProject) ProjetDimensionssociales de l'ajustement (ProjetDSA) proyectos relacionados con los aspectos sociales del ajuste Project to protect the poorest people duringperiods short position engagementa la baisse;position vendeur; of adjustment. position courte 1. posición en descubierto; Social Dimensiona of Adjustment Project Facility; SDA Project Facility 2. posición 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. Mécanismede financementdu Projet Dimensions 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. shortsale ventea décorvert venta en descubierto Sale by dealers of securities they do not own. Sogo bank Banque 'sogo' banco sogo Regional finance institutions in Japan, dealing chieflywith smaller enterprises. short-termnote effet a court terme bono a corto plazo; pagaré a corto plazo Note with maturity of one year or less. short-term paper 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 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 marché 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 amortización 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. sovereign credit empruntgarantipar ¡'Etat;crédit souverain crédito soberano; crédito garantizado por el Estado A borrowingguaranteed by the state. soverelgn risk risque d'insolvabilité de l'Etat emprunteur; risque souverain riesgo soberano; riesgo de insolvencia de un país The risk of changes in a borrowingcountry`soverail foreign exchange position, which might affect its ability to repay a loan. 97 sovereign risk loan apeculative grade paper prét comportantun risque souverain émissiona caracterespéculatif préstamo con riesgo soberano Loan to a State or loan where the State takes the responsibility for the loan. emisión de valores especulativos Issue of paper rated at BB+ or below (or equivalent) by a rating agency. space arbitrage see two-point arbitrage SpecialCommitment[IBRD] engagementspécial 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 spécial d'aide á l'Afrique subsaharienne; spinoff cession d'actions (d'une nouvellesociété aux actionnairesde la société mére); distribution d'actions (d'úne nouvellesociété aux actionnaires de la société mere) cesión 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. Fonds d'aide á 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 épineuse;monnale épine moneda que representa una proporción mínima del saldo pendiente de un préstamo 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) divisiónde acciones specialplacement placement spécial Increasing the number of shares of a corporation by some ratio or multiple. colocación especial Placements issued by international development institutions and placed directly with central banks, monetary authorities, and governments. specificinvestment loan (SIL) [IBRD] prét d'investissementspécifique préstamopara una inversiónespecífica World Bank loan for a specific investment project. specificloss reserve[IFCJ réservepour pertes spécifiques 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. speculativegrade bondsee junk bond spot credit crédit ponctuel crédito negociable Short-term credit where the amount and conditions are negotiated as required. spot market;actual market;cash market; physical market [commodities] marchédu disponible mercadode productos disponibles;mercadode entregainmediata Market where goods are sold for cash, for immediate delivery. 98 spot market; cash market [foreignexchange] Lendingoperationsthat are under preparationand marché au comptant mercado al contado Foreign exchangemarket where currencyis sold for immediate delivery. Seefutures market. 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; implicitspread; TEDspread; verticalspread standby letter of credit lettre de crédit standby carta de crédito contingente A letterof creditissuedto coveragainsta particular contingency. spread 1, 2. écart; 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 deliverymonthand resalein another. standby loan prét conditionnel préstamocontingente Loanwhichis not part of the currentschedulebut which can be presented to the Board if other projectsslip. 3. Euromarket, securities: Differencebetween rate at whichbank borrows money on interbank market and rate at whichit onlends funds to its customers. émissionratée d'avance emisión 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). spread risk [IBRD] risque lié a la marge «StarTrek issue 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 A bank commitmentto loanmoneyup to a specifiedamxount for a specificperiod,to be usedonlyin a certain contingency. standbyequity engagement conditionnel(de participation) compromisocontingentede participación en el capitalsocial;compromisosupeditado a la compra de acciones In investment an agreement that is conditional on stock purchase. standbylending program programmede prét d'appoint programa (de financiamiento)de reserva atatelesa money argent apatride dineroapátrida Moneywhichis not part of the currencyof anyone country. Eurocurrencydepositsare an example. atatementof changes In financial position; source and applicationof funda statement; funda statement; source and use of funda statement;funde flowatatement;changes In workingcapitalstatement tableaude financement; tableaudes flux estado de flujode fondos; estado de fuentes y utilizaciónde fondos; estado de cambios en la situaciónfinanciera 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. stock; loan stock; paid-up stock; preferred stock; promoters' stock; registered stock; shares; volatilestock stockdilution;stockwatering dilution du capital; décapitalisation dilución 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 steeringcommittee;advisorycommittee comité de restructuration comité de reestructuración 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 á) coupon dégressif multiple (valor)con interésdescendente Securities where the coupon rate decreases by a fixed amount every year. stepped(rate) bond obligationa tauxflottantfixé d'avance bono con interésescalonado(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 interéscreciente;(valor)con interés progresivo Securities where the coupon rate increases by a fixedamount every year. sterlingtransferableaccruinggovernment securities(STAGs) obligationsd'Etat de qualité a couponzéro bonos británicossin cupón (STAG) British zero coupon bonds,based on gilts. stocksee air pocket stock; capitalstock (of a corporation); common stock; cumulative preferredstock; dividendstock; equ-y; growth 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 términocon índice bursátil 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 colapsode la bolsa 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 opción 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 mínimo 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 lié; straddle; option cali et put opción de venta y compra; posición a horcajadas Double option consisting of a put and a call with same striking price. straight bond obligationclassique bono clásico; 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. 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 underlyingstock. strikingprice;strikeprice;exerciseprice prix d'exercice; prix de levée; prix de base precio fijado en contrato (para ejercitar una opción 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 démembré certificado separado del cupón 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 préstamo A time portion of each of the maturitiesof a multimaturity loan. strip participation participationa toutes les échéances participación en cada vencimiento (de un préstamo) Participation in each of the maturities of a multimaturity loan. stripping démembrement;négociationséparée separación Separation of future coupon payments and principal redemption values. straight, tap certificate of deposit certificat de dépot classique,par lot Structural Adjustment Facility within the Special Disbursement Account (SAF) [IMF certificado de depósito clásico; certificado de depósito sin límite; certificado de depósito de libre compra Standard certificate of deposit, without any restrictions on amount available. Facilitéd'aJustementstructurel établie dans le cadre du Comptede versementsspécial (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 termninationof the Trust Fund. subborrower emprunteur secondaire;emprunteur final subprestatario A smaller loan which is a part of a larger loan, oftenone providedfor onlending. subloan prétsecondaire;prétsubsidiaire subpréstamo A loanthat has been onlent. subloan pricing (fixationdu) prixdes prétssecondaires determinacióndel costo de un subpréstamo When the Bank or other lendinginstitutionlends Sushi bond obilgation "sushi' bono sushi Eurodollarbonds issued by Japanese corporations on the Japanese market for Japanese investors. 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)-equityswap; debt-for-cashswap; debt-for-developmentswap; debt-for-export swap; debt-for-localcurrencyswap; debt-for-natureswap; 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 money to a national development institutionwhich, in turns, onlendsthe funds,the cost of the subloan is determinedby the interestrate and othercharges leviedby the nationaldevelopmentinstitutionand swap (transaction) swap; crédit croisé;échangefinancier swap;intercambiode monedas;crédito by the foreign exchange costs. recíproco; conversión; 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 créditcroisébut it is fightinga losing battie. subordinated debt see junior debt subordinated loan prét non privilégié préstamo 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 preteurnonprivilégié prestamistasubordinado Lender holdinga subordinatedloan. subscription rlght droit de souscr¡ption derechode suscripción The samneas right. swap, to swapper intercambiar;efectuar una operación de swap; efectuar un swap;convertir To carry out a swap transaction. 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'assurancedes swaps mécanisme servicio de segurode swaps Scheme set up by the Bank to providegreater flexibility in selectingdirectcounterparties.Enables Bank to negotiate directly with counterparties previouslyineligiblebecauseof their credit status and to separate the pricingof the arrangers and credit fees from the pricing of other financial aspectsof a swapoperation. The valuethat reversesthe rankingof twoalternative projects. For example,Farm A willproduce beef with high technologyequipment and few workers,whileFarm B willconsistof a low-technologyoperationemployingmanyfarmworkers. Up to a weightof 1.5 on incomegoing to the poor, Farm A has a higherrate of return. However,if a weightgreaterthan 1.5is given,Farm B willhavea higherrate of return. The switchingvalue,therefore, is 1.5. swaption;swap option swaption;option de swap;swapoptionnel opción de swap;swapopcional Instrumentcombiningfeatures of swaps and optionswherebythe buyeracquiresthe right(but not the obligation)to make a swap withina specific periodof time at a rate previouslyagreed. syndicate consortium; syndicatfinancier consorcio (bancario,de financiamiento) A groupof bankersand/or brokerswhounderwrite and distributea newissue of securitiesor a large blockof an outstandingissue.Byextension,canalso refer to a group of bankcsor securities rirmswho are involvedin a Eurocreditor Eurobondissue. swingline créditde sécurité;ligne de liquidité;lignede découvert líneade crédito a corto plazo A short-termline of credit enablingborrowersto drawat short notice to coverthe delayin issuing notes or makingother formsof drawing. syndicate,to (a loan) consortialiser concertar un préstamo a través de un consorcio (bancario,de financiamiento) To arrangefor a loan usinga syndicate. switch arbitrage arbitraje Saleof paperwhichis no longerconsideredto have long-term possibilities and investment of the proceedsin securitiesconsideredmoreworthwhile. switch,availabilityclause clausede disponibilité cláusulade disponibilidad In a rollover credit agreement,a clause which allowsa lenderto lendin a currencyotherthan the one stipulatedin the agreement,if the stipulated currencyis not available. switching see interest (rate) switching;inward switching;outwardswitchingoperations switchingvalue valeurcritique;valeurseull valor crftico syndicatedloan prétsyndiqué;prétconsortial préstamo de un consorcio Loanmadeby a syndicate. syndication formationd'unsyndicatfinancier;formation d'un consortium formaciónde un consorcio (bancario,de financiamiento) Formationof a syndicatefor the purposeof issuing or underwritinga loan. synthetictloatingratenotes; derivative floating rate notes papier synthétique á tauxd'intérétflottant titulossintéticoscon interésvariable A name for asset swaps which are artificially packagedand marketedby investmentbanksrather than investorsthemselves. 103 system repurchase agreement contratde report acuerdode reventa(a un precio especfflcado) Purchaseby the FederalReserve of securitiesfor a short period of time with an agreement to resell them at a specified price. See also repurchase agreement. T, takeand-paycontract contrat de paiementcontre livraison contratode compracontraentrega 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 rescisión) 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 garantía 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 públicade adquisición(OPA) (con fines de absorción) An offer to acquire a controlling interest in a corporation. takeover candidate see target company takeover option [IBRD] option de reprise (des derniéreséchéances d'un prét commercial) opción de financiamientoresidual 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 émissiona guichetsouverts Five meetingin September1985,and proposedby emisión continua A certificate of deposit issued on an as required basis. See straight certificateof deposit the French Treasury in February 1986,as a way to reduce major currency swings. tap issue émission a guichets ouverts tax-anticipation note (TAN) bon garanti par les recettesfiscalesprévues bono respaldado por ingresos fiscales previstos; emisióncontinua pagaré respaldado por ingresosfiscales 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 Trésor (OAT). previstos Short-term borrowing issued to fill temporary fmancing needs. It is backed by anticipated tax receipts and any unencumbered revenue of the community. tap security elasticidadtributariaglobal titre émis A jet continu; titre émis a guichets ouverts valor en venta continua Security that is continuouslyavailable and may be obtained on demand by investors. Used prímarily in the British market. 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 buoyancy élasticitéglobale du syst¿mefiscal par rapport au produit intérieurbrut (PIB) tax credit target company; takeover candidate avoir fiscal; crédit d'impót société opéable créditotributario;descuento impositivo empresa susceptible de absorción Companyconsidered ripe for takeover. A 100% offset against tax liability. targeted currencypool pool de monnalesfixé comme objectif technicalassistanceloan (TAL) [IBRD] pret d'assistancetechnique préstamo para asistencia técnica (metas para la composicióndel) fondo común de monedas Under the new currencypoolingsystem,the cur- WorldBankloanfor technicalassistancepurposes. rency 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). repil technique disminución técnica 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. target zone; referencezone zone de référence;plage de référence;zone cible TED apread écart entre les bons du Trésoret les dépdts a terme en eurodollars zona de referencia margenentre los bonos del Tesoro de EE.UU.y los depósitos a plazoen eurodólares technicaldecline,drop 105 Technically,the apreadbetweenU.S. Treasurybill futuresand Eurodollarfuturesbut commonlyused to refer to the spot market yieldapread between Treasurybills and LIBOR. tender panel grouped'enchérisseurs; paneld'offre;syndlcat d'enchéres;syndicatsoumlssionnalre; 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 predeterminedmaximum spread. The underwriterstake up anynotesnot bid for or extendloans of an equivalentamount. The tender panelbanksexpectto place any paperthey receiverather than hold it themselves. tenor teneur períodode reprogramación Theperiodof debtreschedulingin numberof years. termloan créditd'équipement préstamo a mediano o largo plazo Medium-or long-termloanundertakenby a corporation when it cannotor does not want to issue a loan on the financialmarket. termsheet liste de conditions (hoja de) plazos y condiciones;hoja de términos List of terms and conditionsfor a loan. termtransformation transformation des échéances transformaciónde los plazos de vencimiento The use of fundsfrom short-termdepositsto make long-termloans. third market;oft-the-boardmarket trolslémemarché;marchéhorsbourse mercado terciario;mercado fuera de bolsa Market for securitydealing in over-the-counter stockslistedon a stockexchangebut betweenfirms that are not membersof an exchangeand, therefore, do not chargeregularlistedcommission. tick fluctuationminimele;fluctuationde prix minimum variaciónde precio A movementin the price or pricequotationof a secur¡tyor contract. time arbitrage arbitragedansle temps arbitrajede vencimientos Buyingand seUingat differentmaturities. time (cali) spreadsee horizontalspread time-sliceloan prétpar étapes préstamo divididoen períodos Loanwherethe lenderonlyfinancestheloana part of the time. time value valeurtemps valortemporal The chance that an option will become more valuablebeforeit expires. tombstone avisfinancier; encartpublicitaire anunciode emisiónefectuada;esquela; prospecto de emisión Advertisementwhichannouncesthat a credit has been arrangedor a bond issuemade. top gradeborrowersee primeborrower topping up apportscomplómentaires; opérations de bouclage aporte de fondos complementarios Providingextra fundsto an existingloan package, rather than a new one. top-ratedbond obilgationde premierordre bonode primerorden; bono de primeraclase Bond issued by corporation or organization consideredto be particularlycreditworthy. 106 trade bill [U.K.] effet de commerce letra comercial; efecto comercia Commercial bill accepted directlyby a corporation. trade date date d'échange fecha de transacción The date on which counterparties commit to a swap. trade financing facility facilité 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 long-termbusiness interests. These facilitiesenable commercial banks to maintain closer ties with in both the debtor countriesand industricustomers al countries, while providing additional finance for a country's imports. trade inside fees transaction compensée transacción al precio de oferta menos comisión 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 spéculation compraventa; especulación 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 dépót par tranche certificado de depósito en tramos Cerdflcate of deposit representing a share in a program of certicate of deposit issues by a bank. tranchlng subdMsion d'un prét en plusleurs tranches división de un préstamo 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 acción al portador; acción transferible; acción 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 transformation(bancaire) transformación (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 Trésoren 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 TrésorA long terme bono del Tesoro (a más de 10 años) 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) tigre bono sin cupón 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 Trésor 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 Trésor have a maturity of one to fiveyears. 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 déclenchement tasa de activación Rate at which floating rate notes are automaticaily converted to fixed rate paper. truncation limitationde la circulation physiquedes valeurs limitaciónde la circulaciónfísica de los valores System of limitingthe physicalcírculationof securities in certificate form to save paper and reduce operating costs. Includes use of computers, microfiche, etc. trust bank (Shintaku Ginko) [Japan] banquede tiducie bancofiduciario Japanese bank involvedin both lending and money management. Treasury tax and loan account [U.S.] compte courantdu Trésorauprés des grandes turntable see entrep8t banques twist see currencytwist 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 configuraciónen triángulo 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 déclenchement cláusulade revisión two-point arbitrage; space arbitrage arbitrage dans l'espace arbitrajeespacial Buyingin one center and selling in another. two-tier market double marché 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 "financialPmarket 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. 108 u U" unbuGdling of financial rbska des risquesfinanciers décomposition separación de riesgosfinancieros underwrltten facllities facNlités d'émissionssouscrites serviciosde emisióny suscripción Short-term paper facility with an underwriting or backstop facility,such as the notelssuancefadlilty (NI) The separation and separate evaluationof financial risks. unfrienidlytakeoverbid see hostiletakeover uncalied capital capitalnon appelé capitalsuscritoy no desembolsado The amount of capitalby which the total capital unidentifiedloss reserve[IFC] réservepourpertesnon identifiées reservaparapérdidaspor conceptode inversiones no identificadas authorized by the stockholders exceedsthe paid-up capital. 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. uncovered; naked á découJvert en descubierto unR-managed costs underiying (security) chargesadministréespar 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 unaopción tftuloexigible unit trust see open-endfund Security (or other instrument) that must be delivered if an option is exercised. universal bank(ing) underwrilter banque'multiservices"; banqueá tout faire; banquea vocationgénérale;banque¿ vocation Unhedged (i.e., a liabilityexists in the long or short term, which is not covered by a corresponding position). suscriptor;asegurador; garante Thcriptor;daseguran or; sellnga ante distribubanco(a) multiple;banquepolyvalente de serviciosmúltiples;multibanco; The middleman for selling and distributing securities to investorsor the public. banco múltiple Bank providingthe full range of banking services. group,syndicate underwriting consortium, 1.groupede garantie;syndicatde garantie; 2. syndicatde priseferme 1. grupogarante;grupode suscripción; 2. consorciode suscriptores withthe issuerof securitiesto 1. Groupthatagrees buy or find buyersfor those securitiesthat are not taken up by the public. 2. Groupthat buysup an entire issueof securities. unlisted(security) non coté;nonadmis,noninscritá la cote offlclelle no cotizadoen la bolsa Securitynotfistedfor tradingon oneof theregular stockexchangesand which is, therefore, traded directlyor overthe counter. underwrlting fee;facrilty see commisslonde garantie desuscripción; comisión de garantía comisión Fee paidin Euroloanto lead banksthat underwrite theoperation. unlistedsecurities market(ULM);over-the counter(OTC)market;thirdmarket;curb market marchédes valeursmob/lires non inscritesá /a coteofflclelle;secondmarché;marchéhors cote mercadode valoresqueno se cotizanen las bolsasprincipales; mercadoterciario 109 Themarket for securitiesnot quotedon the major exchanges,oftenthose of small-and medium-sized companies. Unlistedsecuritiesmarket is the British term,since1980,forthe marketin stocksof smaller companies;over-the-countermarket is the term used in the U.S. (the systemis operatedunder the Na- - v . date v date de valeur fecha de valor dalor fecalde marketis the U.S. term used to describethe overthe-counter market in exchange-listed securitíes; The calendardate on which a transactiontakes place mpa¡red v velur rmdulte &valeuréradulte marchédes valeursmobiliéresnon inscnitesa la cote préstamoscon Intereses Impaoos officielleis the officialnameand secondmarchéthe common term used in France for the unlisted securities market for small- and mediumsized Refers to a loan which ladoubtful. U.S. banking authoritiesare obligedbylawto deare loanswith overdueinterest in excess of SLXmonths value companies,since 1983,whilemarchéhors cote is the impaired. nameused for the generalover-the-countermarket vanilla swapsee píain vaníllaswap tional Association of Securties DealersAutomated Quotation (NASDAQ) system) and Japan (the OTC MarketAutomated Quotation System is used); third for all companies. unrealizedgaina variablelendingrato (VLR) system latentes plus-values systémede tauxpróteurvariable gananciasno realizadas Profits that have not become actual. The gains are sistemade tasas de interésvariablessobre los préstamos; sistema de tipos de Interés variables realizedwhenthe securityor other instrumenton whichthere has been a gainis sold for a profit. unseasonedInvestment ¡nvestissementqul n'a pas encore atte¡ntson rendementnormal sobre los préstamos Under the originalvariable lendingrate system applicableto allBank loans approvedafter July1, 1982,the lendingrate for each loan was calculated on a semi-annualbasisand this rate wasappliedto all variablerate loans (not just newcommitments) Inversiónque no ha alcanzadosu pleno at the beginning of each loan's next semi-annual rendimiento An investmentthat is not yet fullyproducing. utilizationfeo commlsslond'utillsatlon comisiónpor utllización interest period. Under the revisedsystem,which willapplyto loans whoseinvitationto 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 currencyweightsrepresentingthe compositionof currenciesin the curreney pool rather than the compositionof currencies in the Bank's debt, qualifledborrowlngswillbe redefinedto exclude those borrowingsallocatedto the fundingof the Bank'sinvestmentin liquidassetsand twotechnical adjustmentswillbe madeto reducethe lagbetween Fee paid for use of a Euronote fac¡ilty. the time period over which the Bank's average cost unwind dénouer contrarrestar Reverse a securities transaction through an offsettingtransaction. of debt is calculatedand the periodoverwhichthe lendingrate is appliedto balancesoutstandingon a givenloan,withthe newlendingrate beingcalculated quarterlyand newrates beingappliedat the start 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 sociétéde financement de l'innovation compañíade capitalde riesgo waiver renonciation a la clausede nantissement négative;renonciation a la clausede nantissement paripassu Company specializingin providingventurecapital dispensa de la cláusula de abstención (de los fmance. compromisosexistentes);dispensa de la cláusulade obligaciónnegativa;exenciónde la cláusulade abstención (de los compromisos existentes);exenciónde la cláusula de obligaciónnegativa verticalspread;price spread écart vertical margenvertical;posicióndiferencialvertical Options strategy that involvespurchasingan option at one striking price while simultaneouslyselling another at the next higher or lower strikingprice. volatile stock actionvolatile acción de valor inestable A stock that changes in a manner inconsistentwith changes in the rest of the market. 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 coefficientbeta;degréde volatilité coeficiente de inestabilidad warrantseealso bond warrant;bond with bond warrant;bond with equitywarrant;debt warrant; detachable warrant; foreign exchange warrant; The ratio by which overali changes in the stock market influencechanges in a specific stock. stock warrant voluntary,spontaneous lending prétsspontanés; préts volontaires préstamos 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; warrantpara 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. warrantbond obligation4 warrant;obligationwarrantée bono con certificado;warrant Bond with warrantattached. This may be a bond withbond warrantor a bond with equitywarrant. warrantinto governmentsecurities (WINGS) warrantéchangeable 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, fantóme transaccíónficticia Occurs when a person buys and sells a stock, thereby recording a price, but with no actual change of ownership having taken place. window (in a market) créneau resquicio Short-lived opportunity to issue securities that may be taken up by any of a significantnumber of highly rated borrowers. watch list liste sous controle lista vigilada;lista en observación 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. window dressing habillagede bilan manipulaciónde la contabilidad(paraaparentar unamejor situación) 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. weighted averagesee runningaverage when issued (wi) security titre vendu avantson émission valor vendido antesde su emisión 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 ventede préts partiels venta de partes de un préstamo 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. transactionsinterbancaires; 2. banquede gros 1. transaccionesentre grandesbancos y entre éstos y otras institucionesfinancieras; 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. wolfhound bond obligation ^lévrierd'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 explotación Cash working expenses divided by operating revenues, expressed as a percentage. workout see debt workout workout arrangements; workouts arrangements (acuerdosde) reestructuraciónfinanciera 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] Systémed'linformationsur les marchés financiers (Banquemondiale) Sistemade informacióndel 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) Programof SpecialAsuistance (to MemberCountrles)(SAP) Programmed'ass¡stancespéciale (de la Banquemondiale auxpays membres) Programade asistenciaespecial(del Banco Mundiala los paísesmiembros) A program to assist those borrowersmaking a determinedeffortto undertake the difficultmeasuresneededto sustaindevelopmentdespiteadverse externalcircumstances.It includesaccelerationof disbursements,substitutinghigher priorityoperations that supportstructuraladjustmentand policy changefor lowerpriority,slowerdisbursingoperations,expansionof advisoryservicesin the design and implementationof appropriate policiesand urging other lenders to make similar efforts. WoridBank'sSpeclalProgramof Asmistance for the Low-lncomeDebt-Dlstressed Countries In Sub-Saharan Africa Programmespéclal d'assistancede la 8anque mondiale en faveurdes pays a falble revenu surendettésd'Afriquesubsaharlenne Programaespecialde asistenciadel Banco Mundialpara los paísesde bajos Ingresosde Africaal Sur del Saharaagobiadospor la deuda Program set up by Bank at the end of 1987to providequick-disbursing adjustmentlendingto the poorestSub-SaharanAfricancountries. n y Yankeebond obligationYankee bonoyanqui Bond issued on the U.S.market in U.S. dollars outsideU.S. yleldcurve courbedes rendements curvade rendimiento Graphrelatingrates of return to maturity. yleld curvearbltrage arbitragesur les courbes de rendeiment arbitraje conforme a la curvade rendimiento 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 vender(unaopción,un swap) A currencyhedgedstrategywhere,becauseof the difference sin shape of the yield curves of two currencies,the differencein interestrates between these two currenciesis not reflected in forward foreignexchangerates,givingarbitrageopportunities under whichbonds of equivalentdurationin these currenciescan be swappedand the currency Sell a swap. exposure hedged. writeott;charge-ofl[nounl wste off;pargeof et proufnts; montants passatlonpar pertes etprofits; monte passés parperesetproflts;créance yleld to maturity(YTM) rendementa Péchéance rendimientoal vencimiento anulaciónen libros;cancelación en libros 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 corporationand a corresponding lossin the corporation'scapitalis recognized. specifiedput price write(anoption,a swap) Acríre The return a securityearns assumingthat it is held 113 zero coupon bond obligationA couponzéro bonosin cupón Bond that pays no interestbut is sold at a steep dlscountand paid off at par. See also certincates of accrualon Treasurysecurities. zero coupon Eurosterlingbearerregistered accruingsecurities(ZEBRAS) zAbres valorzebra Eurobond,denominatedin sterlingand soldat steep discount. Abbreviations (English) Sigles (anglais) Siglas (inglés) 117 Note that not all these abbreviationsnecessarilyappear in the Glossary. AAD at a discount AMA AssetManagement Account ATM automnatlc teilhrmachine ABT AmericanBoardof Trade AMEX AmericanStockExchange ATRR aliocatedtransferrdsk reserves ACE AMEXCommodkies Exchange APB AccountingPrincipies Board ACH automatedclearinghouse APDF AfricaProjectDevelopment Facility ACRS accelerated costrecovery system API alternative participation instrument ACV actualcashvalue APR annualpercentage rate ADIBOR Abu Dhablinterbankoffered rate APT arbitragepricingtheory ADR AmericanDepositary Recelpt ADR assetdepreclation range AFBD Association of Futures Brokersand Dealerm Al accruedlnterest AIBD Association of International BondDealera AIBOR Amsterdam Interbankoffered rate ARI accountingrateof Interest ARM adjustableratemortgage ARP adjustableratepreferred stock ASAL agricultural sectoradjustment loan ASE AmericanStockExchange ATM at the money BAN bondanticipationnote BBA BritishBankers'Associatlon BDO bottomdroppedout BIBOR BahreinInterbank offeredrate BONUS borrower'soptionfor notes andunderwritten standby BRIBOR Brusselslnterbankoffered rate CAD cashagainstdocuments CAMEL capital,assete,management, sarnings,liquidity CAPM CapitalAssetPricingModel CARD certificate of amortized revolvlng debt CATS Certlficate of Accrualon TreasurySecurities CATS ComputerAssistedTrading System 118 cB CMS EFT currnt blend WoutdBankCapitalMarkets System eiectronicfundstransfer CBF CentralBank Faciity C8OE Chicago BoardOptions Exchange COLTS ContinuousiyOffered Longer-TermSecurities CBOT Chicago Board of Trade COPS ContinuouslyOffered PaymentRightsIn Swiss Francs CBT Chicago Board of Trade COPS ccvered option securities CD Certificate of Deposit COUGRs Certificatesof Government Recelpts CEA CommodityExchange Authority CEIC closed-endinvestment company CFBH Corporationof Foreign Bondhoiders CFTC CommoditiesFuturesTrading Commission CM cali of more CMA cash-managementaccount CME ChicagoMercantile Exchange CMO collateralzedmortgage obligation CP commercialpaper CRI consumptionrate of lnterest EME EuropeanMercantiie Exchange(Dublin) EMGF EmergingMarketsGrowth Fund EMIF EmergingMarketeInvestment Fund EOE EuropeanOptionsExchange (Amsterdam) EPS eamingsper share ERL economic recoveryloan DCF discountedcash flow ERL emergencyreconstruction loan DCP droppages,cancellationsand prepayments ESAF EnhancedStructurai AdjustmentFacility DFI direct foreign investment ESOP employeestock ownership plan DRC domestic resourcecost DRF Dally RangeFactor EAL export adjustmentloan ECP Eurocommercialpaper ECU EuropeanCurrencyUnit EUA EuropeanUnit of Account EURCO EuropeanCompositeUnit FASB FinancialAccounting StandardsBoard 119 FIAS Forelgn lnvestmentAdvisory Service FIBV InternationalFederationof Stock Exchanges GUN guarantorunde¡wrlttennote HIBOR Hong Konginterbankoffered rato IRA Inidduae Retdrement Account ISDA Internatona Swap Dealerm AssocIation FIL financialintermediaryloan HIC heaviiyIndobtedmiddle income country FNMA FederalNationalMortgage Association(FannieMae) HIC hlghiylndebtedmiddle incornecountry ITM In the money FOMC FederalOpen Market Committee HKIBOR Hong Kong interbankoffered rate ITPAL Industrialand trade policy adjustmentloan FRA forward rate agreement; future rate agreement IBF nternationabankWng facllity KIBOR Kuwaitlnterbankofferedrate IBOR interbankofferedrate LBO leveragedbuyout ICERC InteragencyCountry ExposureReviewCommittee [U.S.] LCE LondonCommodity Exchange FRB FederalReserveBank/Board FRN floating rate note FSA forward spreadagreement GAAP GenerallyAccepted AccountingPrincipies GNMA GovernmentNational MortgageAssociation(Ginnie Mae) GOFFEX GermanOptionsand FinancialFuturesExchange GRIP GuaranteedRecoveryof lnvestmentPrincipal (Program) ¡CON Indexedcurrencyoption note IMM InternationalMonetary Market ISRO InternationalSecurities RegulatoryOrganization UBID LondonInterbankBid Rate UBOR London lnterbankOffered Rate IOM InternationalOptionsMarket UCOM London InterbankCurrency Options Market ¡OSCO InternationalOrganizationof SecuritiesCommissbons UFFE London International FinanciaiFuturesExchange IPMA InternationalPrimaryMarket Association UMEAN London InterbankMeanRate ¡PO hnitiaipublic offerhng 120 UONs MIMIC NOW LehmanInvestment Opportunity Notes moderately IndebtedmlddieIncomacountry Negotiable Orderof Withdrawai LMBO leveragedmanagement buyout MMF moneymarketfund NYFE NewYorkFuturesExchange MMI MajorMarketíndex NYME NewYorkMercantile Exchange LME LondonMetalExchange LOCH LondonOptionsClearing House LSE LondonStockExchange LTB long-termblendedcostrate LTOM LondonTradedOptions Market LTPR long-termprimerate LUXIBOR Luxembourg interbank offeredrate LYON fiquidyleldoptionnote MBS mortgage-backed security MOF multioption facility MOFF multioption financingfacility MTN medium-term note MYRA multi-year rescheduling agreement; multi-year restructuring agreement NASD NationalAssociation of Securities Dealers NASDAQ NationalAssociation of Securities DealersAutomated Quotations NAV netassetvalue NBV netbookvalue MIBOR MadridInterbankOffered Rate NCR netcashrequirements MILIC moderately indebtedlowIncomecountry NCS noncallablesecurities NIA Newlnvestment Authority NIF noteissuancefaclllty NYSE NewYorkStockExchange OBS off-balance sheet OBU offshorebankingunit OCC OptionsClearingCorporation OEIC open-endinvestment company OID originalissuediscount OM Optionsmaklarna (Swedish OptionsExchange, Stockholm) OPM otherpeoples money OTC overthe counter OTM out of the money PAL programadjustmentloan PER priceearningsratio 121 PERL public enterprlse rationalizationloan PERL public enterprisereform loan PERL public enterprise rehabilitationloan PFP policy frameworkpaper PHLX PhiladelphiaStock Exchange PIBOR Paris lnterbankOfferedRate PIF purchaseissuefacility PIN PhilippinesInvestmentNotes PPF Pro¡ectPreparationFacility PSE Pacific Stock Exchange PUF purchaseunderwritng facility QB qualifiedborrowings RAFT revolvlngacceptancefacility by tender RAN revenueanticipationnote RATs ready assetstrusts REIT real estateInvestmenttrust S&P Standardand Poor REPO repurchaseagreement SAP (WoridBank)Programof SpecialAssistance(to MemberCountrles) RIC rehabilitationImportcredit RIL rehabilitationlmport loan ROA returnon assets ROC returnon capital ROE returnon equity ROI returnon investment RP RepurchaseAgreement RR rate resetter RSI RelativeStrengthíndex RUF revolvingunderwritingfacility SAD sector adjustmentloan SAF StructuralAdjustmentFacility SAIBOR SaudiArabiainterbank offered rate SaloleMae StudentLoan Marketing Assoclation SCP steriing commercialpaper SDA Social Dimensionsof Adjustment SDRIBOR 6 month SDRsinterbank offered rate SEC Securitiesand Exchange Commission SECAL sector adjustmentloan SFA SpecialFacilityfor Africa SFSA SpecialFacilityfor Sub-SaharanAfrica SIBOR SingaporelnterbankOffered Rate SIL specificinvestmentloan SILIC severelylndebtedlow-income country SIM sector lnvestmentand maintenanceloan 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 TU transferabieloan lnstruments TRUF transferablerevoMng underwrltingfacility TSE TorontoStock Exchange TUF trancheunderwrittenfacility ULM unlistedsecurities market VLR variablelending rate wi when Issued WiNGS warrantinto govemment securities YTM Yieid to Maturity ZBB Zero-BasedBudgeting TAN Tax AnticipationNote ZEBRAs zero coupon Eurosteriing bearerregisteredaccruing securities TBR TreasuryBill Rate ZIBOR Zurich interbankoffered rate TiGR TreasuryInvestmentGrowth Recelpt TLC transferableloan certificates TLF transterableloan facilities Abbreviations(French) Sigles (français) Siglas (francés) 125 Note that not all these abbreviationsnecessarilyappear in the Glossary. ADEF Agenced'évaluation financiere ADP action á divídendeprioritaire AFSB Associatlonfrançalsedes soclétésde Bourse AMI agent du marché Interbancaire AMM adhérentmainteneurde marché APDF Servicede promotionet de développementdes lnvestissementsen Afrlque BALO Bulletindes annonceslégales obligatoires BIC bénéficesindustrlelset commerclaux BIFS bon des Instltutions financilres spécialisées BIM bon A Intérétsmensuels BIPA bon a Intérétspayés d'avance BIPATE bon & taux flxe a lntér8ts payablesá terme echu BMT bon des maisonade titres SON bon á ordre négociable BPA bénéflcepar action BSF bon des socletésfinancIres ST billet de trésorerie BTA bon á taux annuel BTAN bon a taux annuelnormalisé BTF bon a tauxfixe BTM bon a taux mensuel BTN bon du Trésornégociable CATIF contrat a terme d'instrument flnancier CBV Conselldes boursesde valeura CC coupon couru CCIFP Chambrede compensation des Instrumentsfinanciersde Paris CCR coefficlentde capitailsation des résultats CD certlficatde dépót CDN certlficatde dép6t négociable CEA compte d'épargneen actions BTT bon a taux trimestríel CETI contrat d'échangede taux d'lntér8ts BTV bon a taux variable Cl certificatd'lnvestissement CAC Compagniedes agentsde change CIP certlficatd'lnvestissement priviléglé CAC cotationassistéeen continu CMT Conselldes marchésá terme COB Commisslondes opérationa de Bourse 126 COLTS papier á terme offert en permanence FASR Facilitéd'ajustement structurelrenforcée LEP livret d'épargne populaire COPS créancescomptablesémises continuellementen francs suisses FCC Fonds communde créance marchéá terme des instrumentsfinanciers FCP Fonds communde MEA Modeled'évaluationpar CRH caissede refinancement hypothécaire placement arbitrage FEUN Fondsd'Etatlibresd'intéret nominal MEDAF Modeied'équllibredes actifs financiers FIAS Service-conseil pour l'investissement étranger MEDAF Modéled'évaluation des actifsfinanciers FIBV MATIF DCPE document-cadre de poiitlque économique DPA dividendepar action DR délalde recouvrement Fédération intemationales des boursesde valeurs MONEP Marchédesoptions négociables de Paris DSA dimensions socialesde l'ajustement GAB guichetautomatique de banque OAT obilgationassimilable du Trésor ócu unitémonétaire européenne GIE groupement d'intéret économique OBSA obligationá bonde souscription d'actions GRAI (Programme de) garantiede recouvrement de l'apportdes Investisseurs OBSO obligationá bonde souscription d'obligations lES pretd'lnvestissement et d'entretiensectoriel OICV Organisation Internationale des commissions de valeurs mobiliéres IPA Intérétspayables d'avance OLLMC obligationlivrablela moins chére ENBAMM entreprise, établissement non bancaireadmis(e)au marché monétaire ESOP empruntá sensibilité opposée FAA Fondsd'aldeá l'Afrique FAS Facilitéd'ajustement structurel IPE Intéretspayables á l'échéance OPA offrepubliqued'achat 127 OPCVM organisme de piacement collectlfenvaleursmobilieres PREP préta la rationalisation des entreprises publiques SICAF sociétéd'investissement á capitalfixe OPE offrepubliqued'échange PREP prétau redressement des entreprises publiques SICAV sociéted'investissement á capitalvariabie PREP prétá la réformedes entreprises publiques SICOVAM sociétéinterprofessionnelle de compensation desvaleurs mobileéres OPM opérateurprincipaldu marché OPV offrepubliquede vente ORA obligations remboursables en actions RES rachat,reprised'entreprise parles salariés Rl reglement immédiat ORT obligationrenouvelabie du Trésor RM reglement mensuel OSCAR obligationspéciale& coupons& réinvestir RPTA répartitionproportionnelle destitresamortis 3TV obligationá tauxvariable RSP réservespécialede participation PAPIC prétá l'ajustement de la politiquehndustrielle et commercia-e SBF Sociétédes Bourses francaises PASA pr8tá l'ajustement du sectouragricole SCMC Sociétéde compensation des marchésconditionneis PCT panachage á courttermo SCPI soclétéscivlesde placement Immobllier PER pland'épargneretraite PLT panachage de longterme SDIB Sociétéde diffusiondes lnformatbons boursires SFI sociétéflnancibre d'lnnovation SVT spécialiste envaleursdu Trésor T4M tauxmoyenmensueldu marchémonétaire TAG tauxannuelglissant TAM tauxannuelmonétaire TBB tauxde basebancaire TCN titrede créancenégociable TEB tauxd'escomptemoyen pondérédes bonsdu Trésor TIC tauxd'lntér8tcomptable TIOP taux interbancaire offertá Paris TME tauxmoyenmensuelde rendement desemprunts d'Etatá longterme 128 TMM taux du marchémonétaire TMO taux du marchéobligataire TMP taux moyen pondéré TOF tableaudes opérations financibres TRA taux révisableannuellement TRIBOR taux de référencede I'indicateurbancaired'origine des ressources TSDI titre subordonnéá durée indéterminée TSR tItre subordonné remboursable uec unitéeuropéennede compte Abbreviations(Spanish) Sigles (espagnol) Siglas (español) 131 Note that not all these abbreviationsnecessarly appear in the Glossary. COLTS valoresa más largo plazo de oferta continua COPS valoresde oferta continuaen francos suizos ECU unidadmonetariaeuropea FIAS Serviciode asesoríasobre Inversiónextranjera GRIP (Programade) recuperación garantizadadel principalde las inversiones oiCv OrganizaciónInternacional de Comisionesde Valores OPA oferta públicade adquisición PPE documentosobre parámetros de politica económica SET serviciode emisiónde titulos nIc tasade interéscontable TIC tipo de interéscontable TiCO tasa de actualizacióndel consumo UCE unkiad de cuentaeuropea Terninologie des fmanceset de la dette Français-anglais 135 abandons, annulations et remboursementsantidpés 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-rétrocession d'actions share retentionagreement JIFCJ accord de paiement clearingagreement accord de rééchelonnement pluriannuel multi-yearrescheduling agreement(MYRA); multi-year restructuringagreement (MYRA) accord de réméré repurchaseagreement(RP; repo) accord de réméré inverse accord de retra-tproslf fade-out agreemnt, pJ -i4n agreernent atlons cmumlathve prvd cumuve prefemd stock accord de smp sur las tau d'intérit interest-rateswap actions de priorité prefemd stock accroissement du coeffldeut d'intensité du capital capitaldeepening achat k découvert mar8inbuying[stockexch actdons-<lvidendes scnp ussue[UK]; stock dividend [USJ ]el acquisition d'actlons share ownership acquisition de créances á des ris philanthropiques debt-charityswaps acquisition de valeurs mobiliéres share ownership acteurs sur le marché market pa~icipants action au porteur tfansferableshare act¡ons gratuites scnp issue JUKJ;stock dividend [USJ actions libérées paid-up stock, fully paíd stock actions nominatives rgistered stock, personal stock actions privilégiées preferredstock activités hors bilan off-balancesheet (OBS) activities action davenir growthstock adbérent mainteneur de marché (AMM) market maker action de jouissance dividend-rightshare adjudication a la hollandalse Dutch auction fU.S.1 action en chute libre airpocket stock adjudication k prix uniforme Dutch auction [US.1 action gratulte bonus share adossé back-to-back(loan, bofrowing); matched funding reverserepurchaseagreement accord de restructuration pluriannuel muld-yearrescheduling agreement(MYRA); multi-year actiomsbénéla dvdend stock action volatile volatilestock actionnaire puissant leveragedstockholder agence de ciassement (des titres) ratingagency restnucturingagreement agence de cotation (MYRA) ratng agency 136 agence de ratlng ratingagency agence d'évaluation financiere ratingagency agent agent bank agent boursier dealer[stock marketJ agent boursier broker agent boursier opérant pour son propre compte jobber agent de change broker agent de change floor trader agent de contrepartie dealer[options market] amélioration de la cote de crédit creditenhancement amélioratfon de la signature credit enhancement approche k la carte market-basedmenu approach; market-drivenmenu approach; menu of options amortissement amortization approfondissement du capital capital deepening amortissement de la dette debt retirement apres bourse after-market analyse des probabilités de recouvrement (des prets k un pays) countrycollectibilityanalysis [IBRD] arbitrage switch analyste des valeurs securitiesanalyst arbitrage dans l'espace two-pointarbitrage;space arbitrage annoncer (un taux) post (a rate) anticipations rationnelles rationalexpectations agent financier fiscal agent anti-transformation negativeterm transformation agent opérant directement sur le parquet floor trader appel de fonds supplémentaires pour baisse de la couverture margincalí agio agio agio premium [secunities] allégement financier financingrelief approche a court terme short-leashapproach amélioration des prix moyens (d'un titre) averaging,dollarcost averaging agent de placement sales agent;sellingagent [securities] agent payeur paying agent appréciation accretion appel de marge margincall apports complémentaires toppingup apports d'argent frais new moneypackages arbitrage arbitrage arbitrage dans le temps time arbitrage arbitrage de taux d'intérét 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 calUmoney; day-to-daymoney; demand money; money at call autofinancement in house financing self-financing argent frais new money autorisation de prft lendingauthority arrangements work out arrangements; workouts autorisationglobale de cap Global Cap Authority [IFC! 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 asynétrie des échéances 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 avor9 non productlfs nonperformingassets avolru productifs eaming assets back-offlce back office autorisation globale de swap Global SwapAuthoñity banalisation conversionfrom a restrictedto a fuli-serviceinstitution autres investissements directs non-equitydirect investment banque k charte charteredbank [Canada] aval aval banque k charte fédérale federallycharteredbank [U.S.J avance de prémission bond-anticipationnote (BAN) banque k tout faire combined commercialand investmentbank; multibank; all-purposebank avance pour la préparation des projets ProjectPreparationFacility advance [IBRDJ avance PPF ProjectPreparationFacility advance [IBRDJ banque a tout faire universalbank(ing) banque a vocation générale combined commercialand investmentbank; multibank; all-purposebank avances a vue call money; day-to-daymoney; demand money; money at cali banque a vocation générale universalbank(ing) avances non garanties clean advances banque a vocation multiple universalbank(ing) avec premium [option market] banque d'affalres investmnent bank [U.S.J; merchant bank [U.K] avis financier tombstone avoir fiscal tax credit avoirs en portefeuille share ownership banque d'origine parentbank banque de détail retailbanking banque de fiducie trust bank (Shintaku Ginko) [¡apan] 138 banque de second rang second tier bank base de caleul notional amount bon a prime (d'émission) discount note banque de trésorerie et d'arbitrage investmentbank [U.S.J; merchant bank [UK] bénéflcepar action (BPA) eamingsper share (EPS) ben k taux flottant floating-ratenote; floater bénéflcesnon distribués retainedeamings ben a taux llottant k coupon indexé floating rate note with variable coupon fix banque extraterritoriale, offshore offshore bank besoins de fonds nets net cash requirements(NCR) banque mere parent bank besoins nets de trésorerle net cash requirements(NCR) banque multiservices fuUlservicebank beta beta banque multiservices universalbank(ing) billet a ordre promissorynote banque multiservices combined commercialand investmentbank multibank alí-purposebank billet de mobilisation mongagebond banque non bancaire non-bank bank non-bank financial institution billets de trésorerie commercialpaper (CP); commercialbills blanc clean banque polyvalente combined commercialand investmentbank multibankl all-purposebank banque polyvalente universalbank(ing) Banque "sogo' Sogo bank banque tres engagée largeeposure bank banques lnstallées sur les principales places financiéres money center banks base basis bloc de contróle controllinginterest bon note bon a coupon hollandais Dutch auction notes bon k court terme émis (par une collectivitépublique) pour financer un projet (autoamortissable) project note bon a intérét variable perpétuel perpetualfloating-ratenote ben k taux révisable floating-ratenote; floater bon au porteur bearernote bon-coupon coupon note ben de caisse savingsbond [France,Belgium, U.S.] bon de jouissance dividend-rightcertificate bon d'épargne 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 Trésor Treasurynote [U.S.] bon du Trésor k long terme Treasurybond [U.S.] bon du Trésor k tr*s court terme cash management bil 139 ben du Trésor en comptes courants Treasurybill U.S.J capital socal equitycapital;capitalstock (of a corporation) bon garanti par les recettes fiscales prévues tax-anticipationnote (TAN) capitalisation capitalidation bon Tankoku Tankoku bill bons a prime (d'émission) consolidés consolidateddiscount notes bulletin de livraison scrip certificate;bearerscrip caisse d'amortissement sinkingfund caisse d'avances revolvingfund calendrier des émissions issuingcalendar cap cap; cappedfloating rate note capacité d'endettement credit standing,creditworthiness capacité de remboursement de la dette debt canyingcapacity capital k risque venturecapital;risk capital capital a risque nsk capital capital non appelé uncalled capital capital-risque venturecapital;risk capital capitalisation beursiére market capitalization capitalisation de la dette debt capitalization capitalisation des lntérets interestcapitalization capitaux disponibles floating capital capitaux fébriles hot money;funk money [U.K] cavalier seul free rider centieme de pour cent basis point centime basis point centre bancaire extraterritorial, offshore offshorebanking center certificat américain de dépbt American DepositaryReceipt (ADR) certificat d'action partiellement libérée scrip cenificate;bearerscrip capitaux tlottants floating capital certificat d'investissement (Cl) investmentcertificate capitaux mobiles floating capital certificat de dép8t certificateof deposit capitaux propres stockholders'equity; shareholders'equity; owners' equity;equity;net worth; shareholders'funds [UK] certificat de dépot a taux renouvelé roll-overcerificate of deposit; rolypoly certificateof deposit carte de crédit institutionnelle corporatechargecard; corporatecredit card carte de crédit professionnelle corporatechargecard; corporatecredit card carte des options market-basedmenu approach; market-drivenmenu approach; menu of options cash and carry cash and carry certificat de dépót classique, par lot straigh4tap certificateof deposit certificat de dépot jumbo (montant minimum de US$100.000) jumbo certificateof deposit [US] certificat de dépot par tranche tranche certificateof deposit 140 certificat de reconnaissance de dette debt ceftificate;certificateof indebtedness certiflcat de titre en dépót depositaryreceipt certlflcat de transfert de prets pass-throughcertificate; pa~tcipationcertificate certificat démembré strip certificate charges administrées par les servlces unit-managedcosts clause de bonne volonté goodwill clause charges centrales centrally-managedcosts clause de danger jeopardyclause;disasterclause; breakclause chartiste chartist clause de déclenchement trggerclause [IBRDJ chats cerificates of accrualon Treasurysecuáities(Cats) clause de défaut croisé cross-defaultclause certificat négociable de dépot a terme negotiabletime certificateof deposit chef arbitragiste head of trading clause de dérogation temporaire bisque clause chef de file lead bank; lead manager clause de disponibilité switch,availabilityclause certificat nominatif bond certificate cheque certirié certifiedcheck clause de manquement réciproque cross-defaultclause certificat strip stip certificate cheque de banque cashier'scheck cession divestiture chéque de banque banker'sdraft cession d'actions (d'une nouvelle société aux actionnaires de la société mére) spinoff cheque tiré banker'sdraft cession de créances debt buyback,debt repurchase classer rate, to; grade,to cession de préts par émission de titres securitizedloan sales clause "drop lock" drop lock chambre de compensation clearinghouse chantage au dollar greenmail classé improductif nonaccrualstatus, in a clause d'égalité de traitement pari passu clause clause d'exigibilité croisée cross-defaultclause clause d'illégalité illegaliy clause clause de nantissement négative negativepledge clause clause de ne pas faire negativepledge clause clause de non-préférence de tiers negativepledge clause clause de partage de paiements shañingclause;payment sharing clause clause de récupération recaptureclause clause de rendez-vous periodic reviewclause;review clause clause de sauvegarde jeopardy clause;disasterclause; break clause 141 clause de solidarité pari passu clause clause de verrouillage au taux plancher drop lock clause multidevises multicurrencyclause clause négative negativepledge clause clause pari passu pari passu clause;negative pledge clause clause rouge red clause club de créanciers group of creditors coelYlcientde capitalisation des résultats (CCR) price/earningsratio (P/E ratio; PER) coefliclent de coút en ressources lntérleures domestic resourcecost rallo coemflent de couverture hedge ratio coefficlentde liquidité (avant 1/1/78 et apres 1/9/88) reserveratio coefricientde recouvrement brut grosscollectionratio coefflcientmarginal de réserve marginalreserverequirement CMO collateralizedmortgage obligalion (CMO) coefficientnet d'exploitation operatingratio cochef de file comanager;colead manager coefficientsde liquidité liquidityratios coefficientbQta volatilityratio coentreprise avec participation au capital social equityjoint venture coefricientbrut d'exploitation workingratio coefricient d'ajustement de (l'encours) de la dette amorhizadton adjustmentfactor [currencypool] coefficientd'utilisation des fonds propres gearng ratio [IBRDJ coetTicientde capital brut gross capital coefficient,ratio cofinancement d'intervention au-dessous d'un seuil de croissance donné growthcontingencycofinancing cofinancementsous forme de participation directe directparticipationcofinancing collar collar comité consultatif bancaire bank advisorycommittee comité de restructuration steeríngcommittee;advisory committee Comité Cooke Committee on Banking Regulationsand Supervisory Practices;Basle Supervisors' Committee; Cooke Committee Comité de contróle bancaire de Bale Committee on Banking Regulationsand Supervsory Practices;Basle Supervisors' Committee;Cooke Committee Comité des rgles et pratiques de contrfle des opérations 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 underwritingfee; facilityfee commission de g¿rance handlingfee, managementfee commlssion de gestion management commission,fee 142 commission de gestion handlingfee; managementfee compte a découvert marginaccount configuration double sommet double top configuration commission de gestion agencyfee [Euromarket] compte-chequesrémunéré negotiableorderof withdrawal (NOW) account configuration M double top configuration commission de guichet sellingcommission commission de mise a disposition availabilityfee JIFC] commission d'engagement commitmentfee, charge commission de placement sellingfee fEuromarket] commission de reconduction extensionfee commission d'instruction processingfee commission d'instruction loan originationfee commission d'ouverture frontend fee commission d'utilisation utilizationfee commission immédiate flat fee; front end fee [Euroloan] commission syndicale managementcommission,fee compartiment (du marché) segment;sector (of the market) compensation des créances Internes multilateralnetting compensation monétaire de groupe multilateralnetting compte courant du Trésor aupr*s des grandes banques Treasurytax and loan account [U.S.] compte d'achat de titres secunitiesmarginaccount compte d'avances de caisse imprest accoun4fund compte d'avances temporaires imprestaccount,fund compte de gestion de trésorerie cash-managementaccount (CMA) configuration téte-épaules head and shoulders configuration configuration triangle, en triangle triangleconfiguration configuration W double bottom configuration confort comfort consortialiser syndicate,to (a loan) consortium syndicate compte de nantissement collateralaccount constitution d'un gage collateralization compte de réserves pour le rachat du capital des actions capitalredemptionreserve funds constitution d'une garantie collateralization Compte des banques centrales auprés de la BIRD CentralBank Facility (CBF) [IBRDJ compte "prime d'émission" sharepremium account [IFCJ concentration (des échéances) bunching (of maturities) condamné lock(ed) in (interestrates) configuration double creux double bottom configuration contraint lock(ed) in (interestrates) contrat k cap de taux d'intéret interestratecap contrat &réglement mensuel (RM) forward contract contrat k taux d'intérét plafonnés interestrate cap 143 contrat a terme futures contract contrat k terme de taux d'intérét forward rate agreement;future rate agreement(FRA) contrat a terme d'instrument financier (CATIF) financialfutures contrat a terme ferme forward contract contrat á 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-paycontract contrat de cap cap; cappedfloating rate note contrat d'échange de taux d'lntérets (CETI) interest-rateswap 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 conversion d'un type de taux k un autre rate base switch [IFCJ contrat de prise ferme take-or-paycontract conversion monétaire currencytranstation contrat de report system repurchaseagreement correspondant agentbank contrat de report repurchaseagreement(RP; repo) cotation price (of a bond) contrat de report inverse reverserepurchaseagreement contrat de taux plafonné cap; cappedfloating ratenote contrat du Matif financial futures contract contrats de partage de la production production-sharingcontracts contrats de partage des bénérices profit-sharingcontracts 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 cotation (de titres en bourse) listing (of secunties) cotation assistée en contfnu (CAC) automated quotation cotation assistée 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 dégressif multiple step-down (securíty) 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 [securitiesmarketJ cours acheteur bid price cours de la Bourse share list cours vendeur sellingrate courtage brokerage courtier broker courtier (en valeurs mobilieres) securitiesdealer;securitiesfinn courtier (opérant sur le marché primaire) spécialiste en valeurs du Trésor (SVI) pñmary dealer courtier d'effets publcs govemmentsecuritydealer cofit d'lnactivité (des capitaux) canyingcost; canyingcharges; cost of carry coút en ressources intérieures domestic resourcecost (DRC) coút réel des devises domestic resourcecost (DRC) couverture k terme forward cover couverture de l'opération marginrequirements[stock exchangel couverture des opérations A terme hedging couverture du service de dette debt-servicecoverage créance irrécouvrable write off, charge-off[nounJ courtier en fonds d'Etat govemment securitydealer créances comptables émises continuellement en francs suisses (COPS) ContinuouslyOfferedPayment Rights in Swiss Francs (COPS) courtier en placements investmentbroker créances immobilisées nonperformingdebt coút de détention (des capítaux) carryingcost; carryingcharges; cost of canry créances non productives nonperformingdebt coút des emprunts doublement pondéré double-weightedborrowingcost [IBRD] crédit adossé back-to-back(loan, borrowing); matched funding crédit a l'importation pour le redressement économique rehabilitationimport credit/loan (RIC, RIL) [IBRD] crédit a tres court terme call money; day-to-daymoney; demand money; money at call crédit autoamortissable self-liquidatingcredit crédit a vue calUmoney; day-to-daymoney; demand money; money at calU crédit consortial (sans chef de file) club deal, loan crédit croisé swap (transaction) crédit de commodité conveniencecredit crédit d'équipement term loan crédit de restructuration new money crédit de sécurité swingline crédit d'imp6t tar credit crédit dirigé managed loan crédit face A face back-to-back(loan, borrowing); matched funding crédit ponetuel spot credit crédit reconductible revolvingcredit;rollovercredit crédit renouvelable revolvingcredit;rollovercredit crédlt souvera¡n sovereigncredit 145 créneau window (in a market) critere de stimulation materialitycriteria cushion bond cushion bond date d'échange 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 rentrée des fonds payout date;payment date; distributiondate décapitalisation stock dilution;stock watering déclaration de politique de développement letterof developmentpolicy JIBRD] déclaration de politique sectorielle letterof sectoralpolicy IIBRD] déclasser (un prat) downgrade(a loan) décompositiondes risques financiers unbundlingof financial nsks décote discountfrom par [secunities market] décote de conversion conversiondiscount demande de retralt de fonds pour le regiementdirect de fournlsseurs Appticationfor Withdrawalfor directpayment [IBRDJ démanRiement divestiture découvert, k uncovered;naked dématérialisatlon computerizedentry of ownership;demateñalisadion [UKJ défaillance du marché marketfailure démembrement divestiture défausse de la dette debt defeasance;collateralized (debt) defeasance démembrement stripping defeasance debt defeasance;collateralized (debt) defeasance degré de volatilité volatilityratio dénouer unwind dépenses groupées au début (d'une périodedonnée) front-loadedspending délai de gráce graceperiod déperdition sur l'investissement investment leakage délit dinitié inside, insiderdealing déport disagio delta delta déport discount;ma.*own [foreign exchangel demande de remboursement anticipé accelerationof maturity demande de retrait de fonds pour le remboursement d'un palement Applicationfor Withdrawalfor reimbursement[IBRDJ déport backwardation dépossession divesti¡ure dépót de garantie iniial margin 146 dépréciation impairment différé d'amortissement graceperiod document prospectus dernier prix (de la journée) closingprice différentiel basis désengagement (d'une société d'Etat) divestiture dilution dilution document-cadre de politique économique (DCPE) policy frameworkpaper (PFP) [IBRD] desintermédiation disintermediation désintermédiation securitization dette achetée avec décote et revendue a sa valeur nominale round-tripping dette amortie retireddebt dette consolidée funded debt dette de rang inférieur junior debt; subordinateddebt dette prioritaire senior debt dette priviligiée senior debt dette rachetée (créances rendus) au rabais discounted debt dette rachetée (créances rendus) moyennant décote discounted debt dette subordonnée junior debt; subordinateddebt dévalorisation impairment dilution du capital stock dilution;stock watering dont les intérets impayés ne sont pas comptabilisés nonaccrualstatus, in a disagio disagio double marché two-tiermarket dispositif d'action conjoncturelle ContingencyMechanism [IBRD/IMF] droit right (to purchase shares) dispositif d'appui conditionnel á l'investissement contingentinvestmentsupport facility dispositif de financement pour imprévus contingencyfinancingfacility distorsion monétaire currencytwist distribution d'actions (d'une nouvelle société aux actionnaires de la société 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 droit de conversion stock option droit de souscription subscriptionright duration duration (of an investment) dysfonctionnementdu marché market failure écart spread écart baissier bear spread écart diagonal diagonalspread écart en papillon butterfly(cali) spread écart entre les bons du Trésor et les dépóts a terme en eurodollars TED spread écart haussier bull spread 147 écart vertical verical spread;price spread effets k court terme short-termpaper émission (primaire) d'actions primary offering échange de créances contre une participation aux recettes d'exportation de produits de base debt commodity swap effets de commerce commercialpaper (CP); commercialbilis émission de titres capital issue échange de dettes contre des fonds propres debt(-for)-equityswap, conversion échange de monnales différentes back-to-back(loan, borrowing); matched funding échange de prets contre des obligations loans-for-bondsexchange échange dette/nature debt-for-natureswap échange financier swap (transaction) ¿chéance in fine bullet maturity écrire write (an option, a swap) effet a court terme short-termnote effet brúlant hot bill effet de carrousel merly-go-roundeffect effet de commerce trade bill [U.KJ effet de retour a la source mery-go-round effect effets de commerceen eurodevises Eurocommercialpaper (ECP) effets porteurs d'intéret interest-bearing notes effets privés privatepaper effets publics govemmentpaper élargissement du capital capital widening élasticité globale du systeme fiscal par rapport au produit intérieur brut (PIB) tax buoyancy élément don résultant du panachage blendedgrantelement élément du pool (provisoire) d'emprunts proxy borrowing[IBRDJ émetteur issuer émetteur maker (e.g.,of a note) émission a caractére spéculatif speculativegradepaper émission k guichets ouverts tap cerificate of deposit émission collée (coincée) hung-up issue émission d'obligations k l'étranger extemal bond issue émission d'obligations haussieres bull bond émission d'obligations ¡lée a des apports d'argent frais new money bonds émission exploratoire red hering issue émission habituelle seasoned issue émission haussiere buUbond émission ratée d'avance "StarTrek"issue émission 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 émis par séries serialbon4 loan emprunts de référence qualifiedborrowings(QB) [IBRD] emprunt remboursable en une seule fois bullet issue emprunts en devises Indexés (dont le taux est indexé) indexed currencyborrowings emprunt remboursable in fine bullet issue emprunts géants jumbo borrowing emprunteur bien coté prime borrower;premier borrower;high quality borrower; top grade borrower emprunts jumbo jumbo borrowing emprunteur de premier ordre prime borrower;premier borrower;high quality borrower; top grade borrower en blanc clean en dedans in the money (ITM) (option) emprunteur final subborrower en dehors out of the money (OTM) (option) emprunteur secondaire subborrower encadrement (du crédit) lendingceiling credit limit emprunteur trés solvable prime borrower;premier borrower,high quality borrower; top grade bonrower encart publicitaire tombstone emprunteurs aupres de sources publiques officialborrower emprunts a sensibilité opposée (ESOP) bull and bear bond emprunts aupres d'intermédiaires financiers internationaux intennediativeborrowing emprunts de collectivitélocale generalobligations;general obligationbonds emprunts de détresse distressborrowing encheres au rabais Dutch auction[U.S.J encours total de la dette debt overhang endetté (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 spéctal Special Commitment [IBRDJ enregistrement en attente shelf registration entrepót entrepot;tumtable entreprise non bancaire admis(e) au marché monétaire (ENBAMM) non-bank bank, non-bank financial institution érosion 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 établissement non bancaire admls(e) au marché monétaire (ENBAMM) non-bank bank; non-bank financial institution 149 etre a la fois vendeur et acheteur make a market etre faiseur de marché make a market euro-actions euro-equities eurobillets de trésorerie Eurocommercialpaper (ECP) eurocrédit Eurocredit eurodevise Eurocurrency eurodollar Eurodollar euromarché Euromarket euromonnale Eurocurrency euro-obligation Eurobond europret Euroloan évaluation rating évaluation actuarielle actuarialevaluation évaluation par score scoring éviction crowding-out exigibilité anticipée accelerationof maturity extemnalisation(des versementa au titre du service de la dette) extemalization(of debt ser'áce paymentr) extraterritorial offshore face &face back-to-back(loan;borrowing); matched funding Facilité d'ajustement structurel établie dans le cadre du Compte de versements spécial (FAS) StructuralAdjustment Facility within the Special DisbursementAccount (SAF) [IMF] Facilité d'ajustement structurel renforcée (FASR) Enhanced Structural Adjustment Facility(ESAF) [IMF] facilité de crédit spécial (RUF) revolvingunderwritingfacility (RUF);note issuancefacility (NIF); note purchasefacility; euronotefacility facilité de financement a options multiples multioptionfacility (MOF); multioptionfinancingfacility (MOFF) Facilité de rinancement compensatoire et de financement pour imprévus Compensatowyand Contingency FinancingFacility[IMF] facdlitéde fluancement des Importations tradefinancingfacility facilité de garantde backstop (credit)facility; backup (underwiting)facility facilité d'émission d'effets revolvingundenwriting facility (RUF); note issuancefacility (NIF); note purchasefacility; euronotefacility facilités d'émissions non cautionnées non-underwnttenfacilities facilités d'émissions non souscrites non-unde,vrittenfacilities facilités d'émissions souscrites underwrittenfacilities facteur de réévaluation revaluationfactor [currency pool] facteur de réévaluation au jour le jour daily revaluationfactor [currencypool] facilités d'euronotes euronotefacilities Fédération internationales des bourses de valeurs (FIBV) InternationalFederationof Stock Exchanges (FIBV) fiche de Bourse tradingticket [securities] riger lock(ed) in (interestrates) 150 financement a forfalt nonrecoursefinance flnancement novateur creativefinancing floor fpoor financement avee drolt de recours limité limited recoursefinance fnancement par fonds propres in house financing; self-ftnancing flottement assisté diy foat financement concerté concertedfinancing lending; concerfedlendingdeal financement par l'emprunt debtfinancing financement conjoint jointfinancing flnancement paral1le parallelfinancing flnancement coordonné coordinatedfinancing flnancement sans recours nonrecoursefinance financement couplé back-to-back(loan, borrowing); matched funding financement supplémentaire front-endfinancing financement sur contrat contractfinancing financement des derniéres échéances funding lattermaturities [IBRD] financialisation financialization fhnancementde soudure bridgefinancing financiérisation financialization rinancement du déficit gap financing financiérisation securitization financement en fonds propres equityfinancing;equity investment rixation du prix des prets secondaires subloanpricing flnancement gigogne piggybackfinancing fixation du taux d'intéret pricing(of a loan) financement interne in house financing self-financing rixation libre des prix open pricing financement jumelé matchedfunding financement mixte (BIRD/IDA) blend financing fixer post (a rate) fixing fixing fl¡p-flop fpip-flop flottement controlé diry float flottement dirigé dity float flottement impur dirty float flottement pur, non dirigé cleanfpoat flottement soutenu dirtyfioat fluctuation de prix minimum tick fluctuation des taux d'intéret 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 trésorerle money market (mutual)fund (MMF) fonds commun de placement monétaire money market (mutual)fund (MMF) fonds d'amortissement sinkingfund fonds de placement fermé closed-end (investment)fund, company (CEIC) fonds de placement qui prQléveune commission load fund fonds d'Etat britanniques gilt-edgedsecunities fonds exempt de commission no-loadfund fonds fédéraux federalfunds [USJ fonds mutuel de placement (dans un pays) countryfund Fonds commun de participations equityportfoliofund formule forfaltalre de placement formula investing Fonds d'aide AI'Afrique (FAA) Special Facilityfor Sub-SaharanAfrica, Special Facilityfor Africa, African Facility (SFSA; SFA) formules inédites creativefinancing Fonds de promotion des marchés naissants EmergingMarkets Growth Fund (EMGF) ¡IFCJ Fonds des entreprises africaines African EnterpriseFund Fonds d'investissementdes marchés naissants EmergingMarketsInvestment Fund (EMIF) lIFCJ Fonds régional de projets pour i'Afriquesubsaharienne RegionalProjectFacilityfor Sub-SaharanAfrica fonds pays countryfund Fonds spécial d'aide A P'Afriquesubsaharienne Special Facilityfor Sub-SaharanAfrica; Special Facilityfor Africa;African Facility (SFSA; SFA) fonds propres capital base forfaitage forfaiting fonds propres stockholders'equity; shareholders'equity;owners' equity;equity; net worth; shareholders'funds [U.KJ fonds renouvelable revolvingfund formation d'un consortium syndication formation d'un syndicat financier syndication formation du prix pricing (of a loan) formules nouvelles creativefinancing formules originales de financement creativefinancing FRA forward rate agreement;future rate agreement(FRA) fractionnement des taux d'intéret interestrate segmentation frais centraux centrally-managedcosts frais de constitution de dossier loan originationfee frais de cotation admissionfee (to a stock archange) frais de couverture de change foreignexchangecoveragefee frais de gestion managementcommission,fee franchise de remboursement graceperiod freinage fiscal fiscal drag future financialfutures futures futures [commoditiesmarket 152 horu du cours out of the money (OTM) (option) gag¿e collateralized(bond) gérant de portefeulile portfolio manager gain net de rendement yield pickup gestion de (la) trésorerle cash management gamma gamma gestion du passlf liabilitymanagement gapping gapping grande banque city bank [Japan] impositionde conditions préalables front-loadingof conditionality garant d'émission underwriter greenmail greenmail indexing indexing indexprogram garantie (de l'Etat) guarantee[IBRDJ groupe de créanciers group of creditors indice de réévaluation du pool currencypool index garantie appelable par anticipation accelerableguarantee groupe de direction management,managinggroup fEuro-dollarmarket] indiciérisation indexing,index program garantie de la BIRD guarantee[IBRD] groupe de garantie underwritingconsortium,group, syndicate garantie de participation au capital equity-relatedguarantee garantie de recouvrement de l'apport des investisseurs (GRAI) GuaranteedRecoveryof Investment Principal (Program) (GRIP) [IFC] garantie d'une créance debt secuñity garantie mobile rollingguarantee (of interest payments) groupe d'enchérisseurs tenderpanel groupe de placement sellingconsortium,group, syndicate[EuromarketJ guichet automatique de banque (GAB) automatíc,automated teller machine (ATM) habillage de bilan window dressing hasard moral moral hazard garantie non appelable par anticipation non-accelerableguarantee hedging hedging Gensaki Gensaki honorabilité (client privé] creditstanding creditworthiness ¡CON indexed currencyoption note (ICON) inflation de base core inflation ingénierie financiére financial engineering institution d'épargne contractuelle contractualsavingsinstitution instrument financier á terme financialfutures institution financiere non bancaire non-bank bank; non-bank financial institution instrument négociable negotiableinstnrment instrument participatif equity-likeinstnument instruments de la dette publique governmentdebt instruments 153 instruments pour Poctrol d'argent frais new money instruments lnstruments quasimonétaires near cash instruments intendance back office intensification des circuits financiers financial deepening intéret de déport backwardationrate intéret de report contangorate;continuation rate intéret patrimonial proprietaryinterest intérets moratoires default interest intermédiaire en bourse jobber intermédiaire financier financial interrnediar'y intermédiation intermediation intermédiation financiere market intermediation intervenants sur le marché market pariicipants intervenir sur le marché face the market introduction en bourse initialpublic offering(IPO) investissement k provisionner impairedinvestment lnvestlssementcompromis impairedinvestment Investissement de productlvlté capital-deepeninginvestment junk bond junk bond, speculativegrade bond krach boursier stock market crash Investlssement direct k l'étranger directforeigninvestment(DFI) layering layering investissementen aval downstreaminvestment lettre de change bill of exchange investissement en danger impairedinvestment lettre de confort letterof comfort investissement immature immatureinvestment lettre de crédit standby standby letterof credit investissement obligataire forced investment LIBID London InterbankBid Rate (LIBID) investissement qui n'a pas encore atteint son rendement normal unseasonedinvestment LIBOR London InterbankOfferedRate (LIBOR) investissement sorti du portefeuille closed-outinvestment[IFC] LIBOR pour les transactions en dollars dollar ($) LIBOR investissements arrivés a maturité mature investments ligne (de crédit) de garantie back-up line of credit investissements directs autres que les participations non-equitydirectinvestment investissements qui commencenta rapporter mature investments investisseur final retailinvestor jobber jobber ligne (de crédit) de protection back-up line of credit ligne (de crédit) de soutien back-up line of credit ligne (de crédit) de substitution back-up line of credit ligne de découvert swingline 154 ligne de liquidité swingline LIMEAN LIMEAN limitation de la circulation physique des valeurs truncation limite du pouvoir de prét lendingceiling,credit limit liste d'attente queue liste de conditions term sheet liste sous contróle watch list long hedge long hedge maison de réescompte 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 échéances maturitymismatch manque de synchronisme des échéances matunty mismatch marché k terme d'instruments financiers (MATIF) financialfutures market marché au comptaut spot market;cash market [foreign&changel marché aux enchéres auction market marché baWssier bear market marché bancaire des particuliers retailbanking marché boursier equitymarket marché de(s) capitaux capital market marché de l'argent money market marché de la criée floor trading marché d'encheres auction market marché d'enchéres auction market marché de porteurs bearermarket marché des actions equity mawket marché des capitaux financial market marché des effets a court terme short-termpaper market marché des fonds propres equitymarket marché des valeurs mobilieres securitiesmarket marché des valeurs mobilieres non inscrites k la cote omeielle unlistedsecuAffesmarket (ULM); over-the-counter (OTC) market; third market; curb market marché disputable contestablemarket marché du disponible spot market; actual market; cash market;physical market [commodities] marché figé locked market marché financier capital market marché rinancier financial market marché financier open market marché gris grey,graymarket marché haussier buil market marché hors bourse third market; off-the-board market marché hors cote unlisted securitiesmarket (ULM); over-the-counter (OTC) market; third market; curb market marché hors cote over-the-countermarket (OTC) 155 marché monétaire money market marking to market marking to market mémorandum d'offre offeringmemorandum marché ob la cote de crédit est primordiale name market masse monétaire au sens étroit narrowmoney [cf. Ml] mémorandum de placement placement memorandum; placing memorandum; informationmemorandum marché paralIlle parallelmarket mauvais fonctionnement du marché marketfailure marché primaire primary market marché secondaire secondarymarket marché tres actif deep market marchéisation securitization marchéisation marketization marchés a terme sur les taux d'intéret interestratefutures marge spread marge brute grosseamings margin;gross margin;bankers spread; banker'smarkup [banks] marge de décaissement headroom marge financiére financial spread marge implicite implicit spread marge vorace alligatorspread mécanisme automatique de révision (des taux d'intéret) automaticresettingmechanism [IFCJ mécanisme d'assurance des swaps Swap InsuranceFacility [IBRDJ Mécanisme de couverture de swaps ContingentSwap Facility [IBRDJ Mécanisme de développement des Carailbes CaribbeanDevelopment Facility Mécanisme de financement de la préparation des projets ProjectPreparationFacility (PPF) [IBRDJ Mécanisme de financement du Projet Dimensions sociales de l'ajustement Social Dimensionsof Adjustment ProjectFacility; SDA ProjectFacility Mécanisme de financement pour aléas extérieurs Extemal Contingency Mechanism [IMF] menu-. market-basedmenu approach; market-drivenmenu 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 mobiliérisation securitization mobiliser discount modéle d'équilibre des actifs rinanciers (MEDAF) capital assetpricingmodel (CAPM) modéle d'évaluation des actifs financiers (MEDAF) capital assetpricingmodel (CAPM) 156 modification de l'échéancier interestretiming modifícation de la monnale d'un pret cunrencyredenomination modification de la périodicité des paiements d'intéréts interestretiming modification du régime des intérets interest(rate)switching MOF multioptionfacility (MOF); multioptionfinancingfacility (MOFF) monétique electronicbanking monnale au sens étroit narrowmoney [cf. MI] monnale épine splinter currency[IBRDJ monnaie épineuse splinter currency[IBRDJ monnale scripturale bank money montages comportant l'apport d'argent frais new moneypackages montant notionnel notional amount montant total des caps autorisés Global Cap Authority [IFC] montants affectés set-asides montants passés par perteset proñlts write off, chage-off [noun] montants réservés set-asides moyenne (pondérée) mobile running(weighted)average moyens de paiement k l'encaissement float [banking] moyens de paiement flottant float [banking] moyens de paiement non recouvrés float [banking] multiplication des opérations chuming overading naturalisation de la dette debt domestication non garantl clean notation rating note d'lnformation placement memorandumr; placingmemorandum note sur les probabilités de recouvrement country collectibilitynote [IBRD] nouveau pouvoir de placemnent Authority New Investmnent (NL4) novation novation novation renewal obligation bond négociation de larges paquets d'actions block trading obligation debenture(bond) négociation séparée stripping obligation note new money new money obligation a coupon différé deferredcoupon note; deferred interestnote niveau d'indifférence break-evenpoint [stock market] nominale par value;face value non admis, non inscrit k la cote officielle unlisted (security) non coté unlisted (security) obligation a coupon zéro zero coupon bond obligation á double devise dual-currencybond obligation a long terme émise par une collectivitépublique pour financer un projet (dont les recettes assureront le remboursement) revenuebond 157 obligation A lot seral bond, loan obligation apparentée aux actions equity-relatedbond; equity-linkedbond obligation á prime (d'émission) discount bond obligation Atprime d'émission originalissue discount (OID) bond obligation á prime d'émission élevee deep-discountbond, note obligation á 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 intérét inversé inversefloating ratenote obligation k taux flottant fixé d'avance stepped (rate) bond obligation a taux flottant gagé collateralizedfloating ratebond obligation A taux flottant inversement indexée reversefloating ratenote obligation A taux renouvelé rolypoly bond obligation a taux variable Wmismatch" mismatch floating ratenote obligation convertible en actions converible; convertiblesecunty obligation a taux variable (OTV) floating-ratebond obligation 'daimyo" daimyo bond obligation á taux variable basée sur une contre-transformation mismatch floating rate note obligation a taux variable plafonné 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 de premier ordre top-ratedbond obligation de société corporatebond obligation dénoncée calledbond obligation doublement garantie double-barreledbond obligation émise par une collectivitépublique dans l'attente de rentrées non fiscales revenue-anticipation note obligation étranglre émise k Londres Bulldog bond obligation gagée collateralized(bond) obligation avec option monétaire multiple (curency) option bond obligation garantie par une hypotheque collateralizedmortgage obligatíon(CMO) obligation Awarrant warrantbond obligation Geisha Geisha bond obligation "bouIedogue» Bulldogbond obligation haussiere et baissiere bulí and bear bond obligation cautionnée custom duty bill obligation classique straightbond obligation hypothécalre mortgagebond 158 obligation indexée indexed bond; index-linked bond obligation indexée sur les prix de produits de base commodity-indexedbond obligation kiwi kiwi bond obligation "lévrier d'Irlande" wolfhound bond obligation liée aux prix de produits de base commodity-linkedbond; commodity-backedbond obligation matador matador bond obligation multimarchés global bond obligation munie de coupon coupon(-bearing)bond obligation ne pouvant etre amortie par anticipation noncallablebond obligation perpétuelle nonmaturzing, nonredeemable govemment bond; perpetual bond, annuity bond, consol [U.K] obligation planétaire global bond obligation pourrie junk bond, speculativegrade bond obligation pouvant intéresser les banques bank qualitybond obligation prorogeable extendiblebond; extendible matuñitybond obligation prorogeable extendiblenote; extendible maturitynote obligation remboursable avant l'échéance callablebond obligation vendue a guichet ouvert bond sold on tap obligation warrantée warrantbond obligation Yankee Yankee bond obligations d'Etat de qualité a coupon zéro sterlingtransferableaccruing govemment securities(STAGs) obligations émises par des organismes fédéraux agencysecurities,obligations offre excédentaire overhang offre publique d'achat (OPA) take-overbid offre publique de vente (OPV) public offering(of shares) obligation rétractable retractable,putable bond offre publique sur le marché secondaire secondarypublic offering obligation nominale 3 option d'achat ou de vente de produit nominal bond with attached commodity option obligation samoura! Samurai bond offshore offshore obligation "shogun" Shogun bond OPA a crédit leveragedbuyout (LBO) obligation (non garantie) loan stock obligation spéciale Acoupons A réinvestir (OSCAR) bunny bond OPA sauvage unfriendlytakeoverbid obligation non garantie debenture(bond) obligation non négociable nonmarketablebond obligation participante income bond, participating bond obligation Isushi" Sushi bond obligation venant a échéance due bond open market open market opérateur (sur le marché) dealer [stock market] 159 opérateur principal du marché (OPM) discount house; bill broker opérations de couverture par achat A terme long hedge opérateurs sur le marché market participants opérations de prise en report outwardsw¡tchingoperations opération a échéances symétriques matched matuñitytransaction [IBRDJ opérations en contrepartie hedging opération couplée d'emprunts back-to-back(loan, borrowing); matchedfunding opération d'achat de titres au comptant et de vente de contrats k terme cash and carry opération de couverture par vente a terme short hedge opération de vente de titres au comptant et d'achat de contrats a terme reversecash and cany opération en association equityjoint venture opérations k terme futures [commoditiesmarket] opérations d'arbitrage en couverture d'actifs hedging option option option américaine 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 multicurrencyoption option de gré a gré over the counter (OTC) option option de modification de la monnaie d'un prét currencyredenomination opérations d'arbitrage vers l'intérieur inwardswitching option de put put option opérations de bouclage topping up option de rachat call option option de remboursement anticipé au gré du porteur put option de reprise (des derniéres échéances d'un prét commercial) take-overoption [IBRDJ option de souscription stock option option de swap swaption;swap option option de vente put option option européenne European (style) option option multidevises multicurrencyoption option sur contrats a terme futures option option sur indice index option ordre a cours limité limit order ordre au mieux market order ordre d'achat tradingticket [secunities] ordre de placement automatique formula investing ordre de vente tradingticket[secunties] ordre lié straddle;call-and-putoption ordre stop stop order 160 Organisation internationale des commissions de valeurs mobiliéres (OICV) Intemational Organizationof SecuritiesCommissions (IOSCO) papier financier commercialpaper (CP); commercialbilis papier synthétique a taux d'intéret flottant syntheticfloating rate notes; derivativefloating ratenotes organisme d'émission issuer organisme de placement collectif en valeurs mobiliéres (OPCVM) investmentcompany,fund parité, a at the money (ATM) (option) parité de conversion conversionvalue paiement contre documents cash against documents (CAD) part d'association partnershipshare palements d'intérets prévus P'échéancier scheduled debt service part de capital proprietaryinterest 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-termpaper papier a terme offert en permanence (COLTS) ContinuouslyOffered Longer-TermSecurities (COLTS) papier commercial commercialpaper (CP); commercialbilis t part des risques exposure participants sur le marché market paticipants participation k forfait nonrecourseparticipation participation k toutes les échéances stripparticipation participation au capital equityfinancing, equity investment participation croisée cross-shareholding participation majoritaire dans l'actif proprietaryinterest participation proportionnelle funding pro rata [IBRDJ participation sans recours nonrecourseparticipation parts bénéficiaires 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 intermédiaire gravement endetté severelyindebtedlow-, middleincome country (SILIC, SIMIC) pays a faible revenu, á revenu intermédiaire modérément endetté moderatelyindebted low-, middle-incomecountry (MILIC, MIMIC) pays a financement mixte blend country pays k revenu intermédiaire fortement endetté highly,heavily indebtedmiddle income country (HIC) pays admis Aemprunter A l'IDA IDA-eligiblecountry pays éligible au crédit de I'IDA IDA-eligiblecountry pays empruntants auprés de sources publiques official borrower 161 pays empruntants sur les marchés financiers market borrowers place bancaire extraterritoriale, offshore offshorebanking center pays en pointe fast track country placement d'actions détenues par les particuliers secondaryoffering plan de souscription d'actions stock option pays menacé d'asphyxie par endettement debt distressedcountry placement de pere de famille blue chip plancher floor pays pouvant bénéficier d'un financement mixte blend country placement de titres par gros paquets block trading plaque tournante entrepot;turntable pays qui continue d'emprunter active borrower placement par vole privée privateplacement pays qui ont accés aux marchés financiers market-eligiblecountries placement spécial specialplacement plafond de pret librement plan de réduction de la dette (avec garantie) collateralized(debt) defeasance;debt defeasance plus-values latentes unrealizedgains point de base basis point pondération des monnales currencyweight accordé pays recevant des prets de la BIRD et des crédits de l'IDA blend country pays surendetté debt distressedcountry période d'intérét interestperiod pétro-obligation petrobond phase de développement (d'une société) mezzaninelevel pied de coupon ask(ed) price; market price [securitiesmarket] free limit of loan plafond des taux d'intérét interestratecap plage de référence targetzone; referencezone plan d'achat stock option plan d'épargne retraite personnel (PER) individualretirementaccount (IRA) plan de réduction de la dette (avec garantie) debt defeasance;collateralized (debt) defeasance plan de réduction de la dette (avec garantie) avec fonds d'amortissement debt defeasancethroughthe sinkingfund mechanism pool de monnales rixécomme objectif targetedcurrencypool pool d'emprunts de référence pool of qualified borrowings pool des monnales (des préts) loan currencypool pool des monnales prétées loan currencypool portefeuille de prets loan portfolio portefeuille liquide liquiditypo~tfolio;liquid assets ponfolio portefeuille modele benchmarkportfolio [IBRDJ porteur d'obligations bondholder 162 porteur de titres premier prix (de la journée) pret a la réhabilitation de bondholder opening p¡ce zones sinistrées emergency reconstruction loan position acheteur prendre (des effets) en (ERL) long position pension take in, to (bills) position courte short position position longue long position présence exposure pret k amortissement négatif negative amortization loan position ouverte open interest; open market interest pret a coupon unique balloon loan pret a taux révisable resetter loan; rate resetter (RR) loan pret a un intermédiaire financier financial intermediary loan (FIL) pret apex apex loan position vendeur shortposition pret a l'ajustement de la politique industrielle et commerciale (PAPIC) pret au jour le jour call loan pourcentage de couverture margin requirements [stock industrial and trade policy adjustment loan (ITPAL) prét au redressement des pret a l'ajustement des public enterprise rehabilitation pouvoir d'engagement exportations loan (PERL) [IBRD] commitment authority export adjustment loan (EAL) pouvoir de placement des prét k l'ajustement du secteur liquidités de la SFI liquid assets investment authority [IFC] agricole (PASA) agricultural sector adjustment loan (ASAL) economic recovery loan (ERL) pouvoir de pret pret a l'importation pour le (ERL) lending authority redressement économique rehabilitation ímport credit/loan (RIC, RIL) [IBRDJ pret aux courtiers de Bourse broker loan; broker's loan exchangel pouvoir général de placement General Investment entreprises publiques (PREP) pret au redressement économique pret au relevement emergency reconstruction loan Authorization [IBRD/IDA] pret a la rationalisation des pret aux courtiers de Bourse broker loan; broker's loan préavis d'émission red herring entreprises publiques (PREP) public enterprise rationalization loan (PERL) [IBRDJ préciput pret k la reconstruction praecipium; praecipuum emergency reconstruction loan (ERL) pret aux courtiers de Bourse broker loan; broker's loan pret avec intéressement aux bénéfices prédateur corporate raider; raider loan with equity kicker pret k la réforme des entreprises publiques (PREP) pret "B" prédateur hostile hostile raider public enterprise reform loan (PERL) JIBRDJ "B" loan 163 pret ballon balloon loan pret cofinancé coloan prét comnportantun risque souverain sovereignrisk loan pret conditionnel standby loan pret consenti par la SFI a une banque nationale de développementpour l'octroi de prets a des PME package loan JIFC] pret consortial syndicatedloan pret d'ajustement sectoriel sectoradjustment loan (SECAL; SAD) prét d'investissement et d'entretien sectoriel <lES) sectorinvestmentand maintenanceloan (SIM) [IBRDJ pret d"nvestissement spécifique specific investmentloan (SIL) [IBRD] pret dont on exige le remboursement anticipé prematuredloan pret du pool pooled loan pret participatif loan with equitykicker pret participatif equityloan pret-programme programloan; programlending [IBRD] pret-programme d'aJustement program adjustmentloan (PAL) [IBRDJ pret en danger jeopardy loan pret pyramidal apex loan pret en difficulté dlistressedloan pret remboursé par anticipation prematuredloan pret géant jumbo loan pret de qualité quality loan pret global package loan [IFCJ pret de titres garanti par d'autres titres borrow-pledgesecurityloan pret hybride hybridloan pret destiné a couvrir un éventuel dépassement des coots overageloan pret par étapes time-sliceloan prét en cascade apexloan pret d'assistance technique technicalassistanceloan (TAL) [IBRDJ pret de titres garanti par des fonds cash secuity loan pret non productif nonperformingloan; nonaccruingloan prét indexé indexedloan [currencypool] pret jumbo jumbo loan pret librement accordé free-limitloan pret non privilégié subordinatedloan prOt secondaire subloan prat sectoriel sectorloan pret sous forme de prise de participation equity loan pret subsidiaire subloan pret syndiqué syndicatedloan pret syndiqué en circuit fermé club deal loan 164 prét trés menacé jeopardyloan prets involontaires involuntarylending prise de controle par l'emprunt (LBO) leveragedbuyout (LBO) prét(er) a un pays dont les intéréts ne sont pas comptabilisés loan into arrears,(to) [World Bank] prets non spontanés involuntarylending préts spontanés voluntary,spontaneouslending prise de participation au capital social equityfinancing, equity investment préteur non privilégié subordinatelender prets volontaires voluntary,spontaneouslending prise en pension purchase and resale agreement préteur officiel lenderof record prime premium [secunities] préts additionnels new money prime call option préts k des conditions commerciales commerciallending prime de conversion conversionpremium [Canada] préts a l'ajustement macroéconomique policy-basedlending,policy loans pr¿ts á I'appui policy-basedlending,policy loans préts aux conditions du marché market-relatedlending préts de titres securitylending[IBRD] préts en cours de décaissement, non encore remboursés active loans préts en faveur de réformes policy-basedlending,policy loans préts forcés involuntarylending prime de liquidité liquiditypremium prime d'émission premium [stocks] prime d'émission discount fbondsJ prime de remboursement call premium prime de remboursement anticipé prepaymentfee; prepayment premium prise en réméré repurchaseagreement(RP; repo) prise en réméré 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 [securitiesmarket] prix comptable accountingprice prime de risque risk premium prix d'arrét stop-outprice prime de risque-inflation prix de base inflationpremium strikingpnce; strikepnce; exerciseprice Principes comptables généralement admis GenerallyAcceptedAccounting Principles(GAAP) prix de cession interne transferprice prix de conversion conversionpnice 165 prix de levée stnkingprice;stnke pnce; exerciseprice prix de pleine concurrence arm's length (price) prix d'équilibre (du marché) market-clearingprice prix de transfert transferprice prix des prets secondaires subloanpricing prix d'exercice strikingprice;strikeprice; exerciseprice prix économique economic price;efficiencyprice prix franco frontiere borderprice prlx frontiére borderprice prix interne transferprice Programme d'assistance spéciale (de la Banque mondiale aux pays membres) (WorldBank) Pram of SpecialAssistance (to Member Countnes) (SAP) prospectus prospectus Programme de garantie de recouvrement de l'apport des lnvestisseurs (GRAI) GuaranteedRecoveryof Investment Principal(Program) (GRIP) (IFC] provisionnement des pertes sur prets loan loss provisioning Programme de négociation distincte des intérets et du principal concernant ses titres SeparateTradingof Registered Interest and Principalof SecuritiesProgram(STRIPS) prograimmede prét d'appoint standby lendingprogram programme de prét de base base lendingprogram programme de prét normal regularlendingprogram [IBRDJ proril des risques de financement overall risk profile [IBRD] Programme spécial d'assistance de la Banque mondiale en faveur des pays a faible revenu surendettés d'Afrique subsaharienne WorldBank's Special Program of Assistancefor the Low-Income Debt-Distressed Countriesin Sub-Saharan Africa profiter lock(ed) in (interestrates) projet hors portefeuille non-portfolioproject [IFC] profiteur free rider Projet Dimensions sociales de l'ajustement (Projet DSA) Social Dimensions of Adjustment Project(SDA Project) prix net payout price prix normal du marché arm's length (price) protection contre un rachat anticipé call protection 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 marché fourth market [US] rachat d'entreprise par les salariés leveragedmanagementbuyout (LMBO) rachat de dettes debt buyback,debt repurchase rang seniority rappel recall [currencypool] rapport bénéfices nets/investissements net benefitinvestmentratio 166 rapport coats-bénéfice price/eamings ra~lo(PE ratio; PER) rapport de liquidité (1/1/78-1/9/88) reserverado rapport encours des prets/fonds propres gearingraio [IBRD] ratio de recouvrement collectionrado reconduction roll-over ratio des lntérets non comptabilisés net nonaccmialrate reconstruction de la dette debt restbucturing ratio de solvabilité debt rado recyclage relending réemploi des plus-values rolloverof gains rating atdng ratio de solvabilité-endettement leverage(ratio)[US.-; gearing (atdo) [U.K] ratio d'autonomie financiere debt-equityratio;debt-to-equity ratio ratio de structure du passif leverage(rado) [U.S.-; gearing (raaio)[UK] ratio de couverture hedge ratio ratio de trésorerie réduite acid-test liqui4 quick ratio ratio de couverture de l'intéret interestcoveragerado ratio du service de la dette debt-serviceratdo;debt service to exportsratio ratio de levier leverage(ratio)[U.S.];gearng (rada) [U.KJ- ratio dynamique, futur du service de la dette debt servicetime profile ratio ratio de liquidité liquidityrado [IBRD] ratio institutionnel institudionalraio ratio de liquidité générale currentrado; worling-capital ratio prix comptable-prix du marché accountingratio relativement moins développé relatvely less developed [IDA] ratio d'endettement debt-equityratdo;debt-to-equity ratio ratio tiré du bilan balance-sheetratio remboursement [préts] amortization ratio d'endettement debt ratio ratios de gestion operatingratios remboursements 3 P'IDA IDA reflows ratio d'endettement &long terme long-termdebt rado ratios de liquidité liquidityratios remboursement en tranches égales level repayment ratio (départs en) missions d'évaluation/réserve de projets pipelinefactor lIBAD] ratios de rentabilité profitabilityratios; revenue-covenantratios réescompte officiel discount window réescompter rediscount refinancement roll-over refinancemnentanticipé advancedrefunding refinancement pour un montant égal even roll réglage de précision fine-tuning (of the economy) regle de minimis de minimis rule remise (d'une dette) cancellation(of a debo 167 rendement a l'échéance y¿eldto matunty (YTM) rentrées de P'IDA IDA reflows rendement converti en taux d'intérét coupon equivalenty¿eld réouverture d'une émission reissue rendement de Pactif retum on assets (ROA) rendement de l'actif net moyen retum on averagenet worth [IFC] répartition allotment repli technlque technicaldecline, drop report contango rendement des avoirs retum on averageassets [IFCJ report premium [foreignexchangel rendement minimum floor retum report a nouveau retained eamings renllouer bail out report de crédits carry-over renforcement du crédit credit enhancement report de devises outwardswap renoncer take ou4 to [IBRDJ report de la détermination du taux deferredrate resetting[IFCJ renonciation a la clause de nantissement négative waiverof negativepledge; negativepledge waiver renonciation a la clause parí passu negativepledge waiver renouvellement roll-over rente perpétuelle nonmaturing nonredeemable govemment bond; perpetual bond, annuity bond, consol [U.K] rentrée nette payout price répression financiere financial repression reprise d'entreprise par les salariés (RES) leveragedmanagementbuyout (LMBO) réserve pour pertes non identifiées unidentifiedloss reserve[IFCJ réserve pour pertes spéciriques specific loss reserve[IFC] réserves obligatoires pour risques de tansfert allocatedtransferr¿skreserves (ATRR) rUS] resquilleur free rider ressources acquises purchasedfunds restructuration de la dette debt workout restructuration de la dette debt restructuring restructuration du capital recapitalization résultat net bottom line retrait drawdown rétrocession onlending rétrocession sell-down réutilisation des préts relending reverse cash and carry reversecash and carry risk conversion floater rsk conversionfloater risque exposure risque calculé par référence au marché mark to market exposure risque d'insolvabilité de l'Etat emprunteur sovereignrisk 168 risque de change cross-currencyexchaWgensk risque de conversion comptable des monnales cumencytransíationexposure risque de perte sur les taux second marché unlistedsecuntiesmarket (ULM); over-the-counter (OTC) mar*et;third market; curbmarket situation nette stockholders'equity; shareholders'equity;owners' equity; equity;net worth; shareholders'funds JU.K] secteur des entreprises corporatesector société civile de placement immohilier real estate investment trust (REIT) d'intéret interest-raterisk risque de refinancement refinancingrisk [IBRDJ risque de transformation mismatch risk [IBRDJ risque de transformation matuditymismatch risque di au décalage lagnisk [IBRDJ risque exceptionnel event isk risque lié A la marge spreadrisk [IBRD] risque lié a la rentabilité des liquidités cash nisk, liquid-holdingsrisk risque lié au décalage entre les échéances mismatch risk [IBRDJ risque souverain sovereignrisk risques de refinancement rollovernisks ruée vers les titres de qualité flight to quality sécurité comfort service bancaire de gestion financiére bank trust department service bancaire international intemationalbankingfacility (IBF) service extraterritorial, offshore offshore banking unit (OBU) Service-conseilpour l'investissement étranger (FIAS) ForeignInvestment Advisory Service (FL4S) Service de promotion et de développementdes investissements en Afrique (APDF) Africa ProjectDevelopment Facility(APDF) services bancaires pour les particuliers retailbanking seuil de déclenchement triger rate short hedge short hedge s'assurer (de taux d'intérét favorables) lock(ed) in (interestrates) simple clean société d'investissement investmentcompany,fund société d'investissement a capital fixe (SICAF) closed-end (investment)fund, company (CEIC) société d'investissement a capital variable money market (mutual) fund (MMF) société d'investissement a capital variable (SICAV) mutual fund société d'investissement a capital variable (SICAV) open-end (investment)fund, company (OEIC); mutual fund; unit trust [UK] société d'investissement 3 court terme money market (mutual)fund (MMF) société d'investissement de trésorerie money market (mutual)fund (MMF) société d'investissement fermée closed-end (investment)fund, company (CEIC) 169 soelété d'investissement monétalre money market (mutual) fund (MMF) société d'linvestissement ouverte open-end (investment)fund, company (OEIC); mutual fund, unit trust [U.K] société de financement de l'innovation venturecapital company société de placement secuMtiesdealer;securitiesfirm société mandatée (par la Banque mondiale pour la représenter k des émissions d'obligations au Japon) commissioned company [Japan] société opéable targetcompany; takeover candidate solde bottom line solvabilité creditstanding czeditworthiness soulte, la margíncall sous-compte débiteur de l'emprunteur borrower'sindebtedness subaccount[currencypool] sous-jacent underlying(secunity) sous-participant secondaryparticipant spéculation trading spread spread swap de base basis (rate) swap stellage straddle;call-and-putopton swap de compensation reverseswap straddle straddle;caíl-and-putoption smp de créances par debt swap; debt-debtswap strangle strangle smp de créances debt-debtswap;par debt swap; debt swap; debt-for-debtswap subdivision d'un pret en plusieurs tranches tranching support underlying(secunrty) surendettement debt overhang súreté garantissant un solde dú au titre d'une participation purchasemoney secunity interest[IFCJ surface rinanciére credit standing;creditworthiness swap swap (transaction) swap a prime premium swap swap a terme variable callableswap swap avec décote discount swap swap 'cocktailP cocktailswap swap compensatoire reverseswap swap d'actifs asset(-based)swap swap de créancescontre des participations debt(-for)-equityswap, conversionswapde créances contreespeces debt-for-cash swap swapde créances contre finances pour le développement debt-for-developmentswap swapde créances contre recettes dexportations de produits de base debt commodity swap swap de créances contre remise de produits (exportables) debt-for-exportswap; debt-for-productsswap swap de dette contre des quasi-participations debt/quasi equityswap swap de dettes debt-debtswap;par debt swap; debt swap; debt-for-debtswap swap de dettes en devises contre dettes en monnaie nationale debt-for-localcurrencyswap swap de devises currencyswap 170 swap de mo_aes currncyswap swaps pliantbroplques debt-chay swaps swmpde monnales et d'latret crs swap; cuww coupon swap swaps portant la fob ur la taux d'intérEt et sur les monnales cross-cuncy interesthedg; double hedge swap mwapde référence basis (rate) swap smp de taux d'lnt¿ret interest-rateswap swap de taux de référence basis (rate) swap swap d'intérets et de monnales cross-currencyinterestrate swap swaption swaption;swap option syndicat d'enchres tenderpanel syndicat de direction management,managinggrup [Euro-dollarma¡ketJ systlnmede remboursement par tranches gales equal pnncipal repayment system systeme de remboursements égaux du principal equal prncipal repayment system syst¿me de taux preteur fondé sur un pool d'emprunts pool-based lendingrate system LIBRDJ syst¿me de taux preteur variable vadablelendingrote (VLR) system syndicat de garande underwritingconsorium, gmup, ~syndicate syst¿me du pool de monnales currencypooling system syndicat de pbcement tenderpanel syst¿me fédéral de réserve FederalReserveSystem swap double devise dual-currncy swap syndicat de prise ferme undewnting consortiumi,gmup, syndicate systeme pour l'apport d'argent frais new moneyfaciliay swap International cross-borderswap syndicat financier syndicate msp lnvers¿ minmorswap syndicat soumissionnaire tenderpanel Systéme d'information sur les marchés financiers (Banque mondiale) World Bank CapitalMañkets System (CMS) [IBRDJ swap optionnel swaption;swap option systéme d'amortissement par tranches (égales) level annuitysystem swap d'obligations pour un montant nominal égal evenpar swap swap d'options option swap 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 systéme de financement non institutionnel infornal finance systéme de flnancement traditionnel informalfinance systeme de remboursement par annultés level annuitysystem 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 opérations flnancires (TOF) flow-of-fund table [national accountsJ tassement shake-out (of the market) taux de coupon courant currentcoupon (tate) taux d'lntérft dircteurs key interestrates taux de l'argent au jour le jour call money rate;calUloan rate taux d'lntéret aoné interestratese8mentation taux d'intéret réel realinterestrate taux composite du marché combined market rate taux de mobillsatioo des ressourca resourcemobilizaton tolo taux critique de rentabilité hurdlerate taux de recouvrement collectiontalio taux croisés divergents broken cross rates;tnangular arbitrage taux de recouvrement net net collectionratio taux du marché monétaire (TMM) money market rate taux de rendement In fine equivalentbondyield taux Interbancaire offert interbankofferedrate (IBOR) taux des avances k vue cali money rate; call loan rate taux jalon key money rate;centralrate taux des avances sur titres Lombard rate[Federal Republicof Germany] Lombard rate [Federal taux d'escompte discount rate taux pivot key money rate;centralrate taux des fonds fédéraux federalfunds rate [USJ taux plancher de verrouillage lock rate taux d'indifférence cross-overdiscount rate; equalizingdiscount rate taux preteur variable basé sur un pool d'emprunts pool-basedvariablelendingrate [IBRD] taux d'activité activity talios taux d'actualisation discount rate taux d'actualisation de la consommation consumplion rateof interest (CRI) taux d'avances sur titres brokerloan rate taux d'égalisation des valeurs actuelles cross-overdiscount rate; equaliAngdiscount rate taux de base prime rate taux de base a long terme long-termprime rate (LTPR) [Japan] taux de change minimum taux d'intérft comptable (TIC) accountingrate of interest (ARI) taux d'intérit créditeur depositorrate of interest; borrowingrate floorrate of exchange taux de coupon coupon rate taux d'lintéret d'équilibre (du marché) ma¿ket-clearing interestrate taux d'Intéret résultant du panachage blended interestrate taux Lombard Republic of GennanyJ taux privilégié prime rate tel quel fiat teneur tenor teneur de marché market maker 172 teneur de plume book-n¿nninglead bank book-iunning lead manager titre garantl par des cefances hypoth¿cafreu mongage-backedsecuity (MBS) tigre TreasuryInvestment Growth Receipt (iger) titre nominatif registeredsecuíty titralisation securitization titre obligataire debt security titre security titre précurseur bellwethersecurity titre A coupon dégressif multiple step-down (security) titre rattaché á des actions equity-relatedbond; equity-Zinkedbond titre A coupon progressif multiple step-up (secunty) titre relevé book-entrysecurity titre au porteur bearersecurity titre de cr¿ance debt secunity titre de participation a un pool de préts pass-throughcertificate; parficipationcetificate titre de rente perpétuelle annuity bond titre destiné & I'étranger foreign-aimedsecurity; foreign-targetedsecuritytUS] titre émis A guichets ouverts tap security titre émis k jet continu tap secunity titre sous-jacent underlying(security) titre subordonné a durée indéterminée (TSDI) perpetualfloating-ratenote titres a options couvertes coveredoption secuñities (COPS) titres alternatifs altemativeparticipation instruments (APIs) titres assortis de coupons coupon paper titres de placement investmentsecurities titres garantis par des actifs assetfinance titres négociables marketablesecunties titrisation securtization traitement de la dette debt workout tranche payment period [IBRDJ tranche d'un prét stip of maturties transaction compensée trade inside fees transaction fictive, fantóme wash sale transaction simultanée d'achat et de vente matched sale-purchase transaction transactions aller-retour merry-go-roundtransactions transactions interbancaires hanque de gros wholesalebanking transactions renouvelées meny-go-roundtransactions transfert électronique de fonds electronicfunds transfer(EFT) transformation (bancaire) transformation transformation á I'envers negativeterm transforrnation transformation d'échéaiwves maturitytransformation transformation des échéances term transfornation 173 transformation en titres securitization valeur mobiliére security troisiéme marché third market; off-the-board market valeur nominale full face value unité composite européenne European Composite Unit (EURCO) unité européenne de compte (uec) European Unit of Account (EUA) unité rnonétaire européenne (écu) European CurrencyUnit (ECU) valeur nominale par value;face value valeur "peu en vogue' off-the-runsecuñity valeur rédulte, k value impaired valeur seuil switchingvalue valeur-support underlying(security) vente de devises par adjudicatlon foreignexchangeauctions vente de prets partiels whole loan sale vente sans garantie d'émlssion best effortsale verroulller lock(ed) in (interestrates) warrant warrant warrant d'actions stock warrant warrant détachable detachablewarrant valeur comptable book value valeur temps time value valeur cotée en Bourse listed security valeur ventilée break-upvalue valeur critique switchingvalue valeurs de premier ordre gilt-edgedsecunties warrant échangeable contre des titres d'Etat wamrantinto govemment secunties (WINGS) valeur de pere de famille blue chip valeurs garanties par P'Etat gilt-edgedsecurities warrant en devises foreignexchangewarrant valeur de premier ordre blue chip valeurs mobilieres amortissables partiellement avant échéance et assorties a d'autres conditions variables pass-throughs;pass-through securities zébres zero coupon Eurosterlingbearer registeredaccruingsecunties (ZEBRAs) valeur de refuge hedge [securitiesmarket] valeur désaggrégée break-upvalue valeur faciale par value;face value valeur faciale totale full face value valeur instrtnséque intinsic value valorisation au prix du marché marking to market vente k découvert shontsale vente de devises aux enchéres foreignexchangeauctions warrant d'obligations bond warrant zone cible targetzone; referencezone zone de référence targetzone; referencezone Terminologíadefinanzas y de deuda Español-Inglés 177 abandono, anulación y pago anticipado droppages,cancellationsand prepayments (DCP) [IFC] acciones preferenciales preferredstock acción al portador transferableshare acciones preferenciales (preferentes, preferidas) acumuladas cumulativepreferredstock acción de caída vertiginosa airpocket stock acciones preferentes preferredstock acción de primera clase blhe chip acciones preferidas preferredstock acción de una empresa prometedora growthstock accionista influyente leveragedstockholder acción de usufructo dividend-rightshare acción de valor inestable volatilestock acción gratuita bonus share acción gratuita scrip issue [UK]; stock dividend [US] acción negociable transferableshare acción transferible transferableshare acciones con derecho a dividendo dividend stock acciones de fundador founders' shares;promoters' stock [U.K] acciones nominativas registeredstock;personal stock acciones pagadas paid-up stock;fully paid stock aceleración del vencimiento accelerationof maturity aceptación bancaria banker'sacceptance acreencias improductivas nonperformingdebt acreencias no redituables nonperformingdebt 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 earmingassets acuerdo a plazo sobre tasas de interés forward rate agreement;future rate agreement(FRA) acuerdo a término sobre tasas de interés forward rate agreement;future rate agreement(FRA) acuerdo de compensación clearingagreement acuerdo de destinación especial set aside agreement acuerdo de recompra repurchaseagreement(RP; repo) acuerdo de recompra inverso reverserepurchaseagreement acuerdo de reprogramación multianual de la deuda multi-yearrescheduling agreement(MYRA); multi-year restructuringagreement (MYRA) acuerdo de retención 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 reestructuración financiera work out arrangements; workouts acumulación (de vencimientos) bunching(of maturities) adelanto del vencimiento accelerationof maturity adjudicación a precio uniforme Dutch auction [U.S.J administración de fondos cash management afinamiento (de la economía) 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 anulación de deudas con la garantía de un fondo de amortización debt defeasancethroughthe sinkingfund mechanism amortización amortization anulación en libros write off; charge-off[noun] ampliación de los servicios de una institución conversionfrom a restrictedto a full-seiviceinstitution anuncio de emisión efectuada tombstone ampliación del capital capital widening análisis de las probabilidades de recuperación (de los préstamos otorgados a un país) countrycollectibilityanalysis [IBRDJ analista de bolsa cha iist analista de valores securitiesanalyst anticipo del servicio de financiamiento para la preparación de proyectos Project reparationFaciity advance [IBRD] anticipos sin garantía documentaria clean advances anulación (de una deuda) cancellation(of a debt) anulación de deudas a cambio de un activo financiero debt defeasance;collateralized (debt) defeasance anuncio preliminar de una nueva emisión 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 argentinización de la deuda debt domestication asegurador underwriter 179 asimetría de los vencimientos matuñty mismatch Asociación de Intemediarios Internacionales de Bonos Association of Intemational Bond Dealers (AIBD) atender el servicio de un préstamo servicea loan atracción crowding-in aumento del capital con respecto al trabajo capital deepening autofinanciamiento in house financing; self-financing autorización permanente shelf registration aval aval banco abstencionista free rider banco constituido a nivel federal federaly charteredbank [U.S.1 banco(a) de servicios múltiples universalbank(ing) banco corresponsal agentbank bancos establecidos en las principales plazas financieras money centerbanks banco de inversiones investmentbank [U.S.]; merchant bank [UR] bancos internnediarlos entrepot;tumtable banco de segunda instancia second tier bank base de capital capital base banco de segundo nivel second tier bank beta beta banco de segundo piso second tier bank bolsa de valores secutides market banco director lead bank; lead manager bolsa de valores equitymaret banco director encargado del control de la emisión book-runninglead bank, book-nrnninglead manager bolivianizaciónde la deuda debt domestication banco extraterritorial offshorebank banco agente agent bank banco fiduciario tnist bank (Shintaku Ginko) [JapanJ banco coadministrador comanager;colead manager banco múltiple universalbank(ing) banco codirector comanager,colead manager banco múltiple full seMicebank banco comercial charteredbank [Canada] banco múltiple combined commercialand investrnentbank, multibank; all-purposebank banco con un gran volumen de préstamos pendientes largeexposurebank banco sogo Sogo bank 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; speculativegrade bond bono "bulldog" Bulldogbond bono clásico straightbond bono con características de acción equity-relatedbond; equity-linkedbond bono con certificado warrantbond bono con cupón coupon note bono con cupón coupon(-bearing)bond bono con cupón 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 garantía de activos debenture(bond) bono con interés escalonado (fiado anticipadamente) stepped (rate) bond bono con Interés variable floating-ratenote; floater bono con Interés variable floating-ratebond bono con Interés variable indizado floating rate note with variable couponfix bono con Interés variable inverso reverse floating rate note bono con interés variable inverso a la tasa de referencia inversefloatingrate note bono con interés variable minimo floor bono con interés variable reajustable anticipadamente mismatchfloating rate note bono con opción de cambio de divisa multiple (currency)option bond bono con opción de venta bond withput option bono con reinversión de intereses bunny bond bono con rendimiento vinculado al precio de un producto básico commodity-linkedbond, commodity-backedbond bono con rescate vinculado a un tipo de cambio indexed currencyoption note (ICON) bono con tasa de interés renovable rolypoly bond bono con tipo de interés renovable rolypoly bond bono con tope máximo de interés cap; cappedfloating ratenote bono con tope máximo y mínimo de interés 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-barreledbond bono de exclusión exWtinstrument;exit bond; exit vehicle 181 bono de Interés diferido deferredcoupon note; deferred interestnote bono del Tesoro (a más de 10 afños) Treasurybond fU.S.J bono indizado según el precio de un producto básico commodity-indexedbond bono de primera clase top-ratedbond bono del Tesoro (a mediano plazo) Treasurynote [U.S.J bono kiwi kiwi bond 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 (anónima) corporatebond bono de usufructo dividend-rightcertificate bono de valor nominal muy bajo baby bond bono del Tesoro (EE.UU.)a muy corto plazo cash management bill bono denominado en dos monedas dual-currencybond bono descontado discount bond bono no negociable nonmarketablebond bono no redimible antes del vencimiento noncallablebond bono emitido con descuento originalissue discount (OID) bond bono no rescatable antes del vencimiento noncallablebond bono especulativo junk bond; speculativegrade bond bono nominal con opción de compraventa de un producto básico nominal bond with altached commodity option bono flip-flop Jlip-flop bono garantizado collateralized(bond) bono de vencimiento ajustable extendiblenote; extendible maturity note bono garantizado de interés variable collateralizedfloating rate bond bono de vencimiento escalonado serialbond, loan bono global global bond bono del Tesoro (a corto plazo) Treasurybill [U.S.1 bono municipal a corto plazo rescatable con ingresos no tributarios revenue-anticipationnote bono descontado discount note bono de vencimiento ajustable extendiblebond; eAtendible maturitybond bono de venta continua bond sold on tap bono matador matador bond bono hipotecario mortgagebond bono indizado indexed bond; index-linked bond 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 interés flotante perpetualfloating-ratenote bono previo a una emisión bond-anticipationnote (BAN) bono que vence due bond bono redimible antes del vencimiento callablebond bono redimible anticipadamente retractable,putable bond bono rescatable callablebond bono rescatable anticipadamente retractable,putable bond bono rescatado anticipadamente called bond bono respaldado por ingresos fiscales previstos tax-andcipationnote (TAN) bono samurai Samurai bond bono shogun Shogun bond bono sin cupón zero coupon bond bono sin cupón respaldado por el Goblernode EE.UU. TreasuryInvestment Growth Receipt (77ger) bono sin garantía específica debenture(bond) bono sushi Sushibond bono tankoku Tankoku bill bono venddo due bond bono wolfhound wolfhound bond bono yanqui Yankeebond bonos británicos sin cupón (STAG) sterlingtransferableaccruing govemmentsecuidies (STAGs) bonos de primer orden gilt-edgedsecurities bonos de responsabilidad general generalobligations;general obligationbonds bonos del Gobierno británico gilt-edgedsecurities bonos geisha Geisha bond cajero permanente automatic, automated teller machine (ATM) calendario de emisiones issuingcalendar cámara de compensación clearinghouse cancelación (de una deuda) cancellation(of a debt) cancelación 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 bonos para la obtención de nuevos fondos new money bonds capital flotante floating capital bonos que devenganintereses interest-bearing notes capital improductivo no-retum equity bonos sin cupón con garantía del Tesoro de los EE.UU. certificatesof accrualon Treasurysecuwities(Cats) capital no redituable no-retum equity cajero automático automatic,automated teller machine (ATM) capital social equity capital;capital stock (of a corporation) 183 capital suscrito y no desembolsado uncalled capital cartera de préstamos loan po~tfolio certificado de depósito con tipo de Interés renovable roll-overcefificate of deposit; rolypoly cetificate of deposit capitales itinerantes hot money;funk money [U.KJ cartera líquida liquidityportfolio;liquid assets portfolio capitalización capitalization cartera modelo benchmarkpo~folio [IBRDJ capitalización (de la deuda) debt(-for)-equityswap, conversion casa de descuento discount house; bill broker certificado de depósito de US$100.000o más jumbo certificateof deposit casa matriz parent bank [US] capitalización bursátil market capitalization capitalización de la deuda debt capitalization capitalización de los intereses interestcapitalization cargo por tramitación processingfee carta de crédito contingente standby letterof credit carta de intención sobre la política de desarrollo letterof developmentpolicy [IBRD] carta de intención sobre la política sectorial letterof sectoralpolicy [IBRD] carta de seguridades letterof comfort cartera de acciones share ownership cartera de inversiones liquidas liquidityportfolio; liquid assets portfolio cédula hipotecaria mortgagebond centésimo de punto porcentual basis point centro bancario extraterritorial offshore bankingcenter certificado de adeudo debt certificate;certificateof indebtedness certificado de depositario depositaryreceipt certificado de depósito certificateof deposit certificado de depósito a plazo negociable negotiabletime certificateof deposit certificado de depósito clásico straigh4tap certificateof deposit certificado de depósito con tasa de interés renovable roll-overcerfificateof deposit; rolypoy certificateof deposit certificado de depósito de libre compra straight tap certificateof deposit certificado de depósito en tramos tranchecertificateof deposit certificado de depósito sin lfmite straigh4tap certificateof deposit certificado de inversión investmentcertificate certificado de participación participationcertificate certificado de transferencia de préstamos 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 cláusula de aplazamiento de pagos bisqueclause cláusula sobre múltiples monedas multicurrencyclause certiflcado para la compra de bonos del Tesoro warrantinto govemment securities(W7NGS) cláusula de buena voluntad goodwillclause cobertura del servicio de la deuda debt-serv¿cecoverage certificado provisional scripcer¿ificate;bearerscrip certificado separable detachablewarrant cláusula de disponibilidad switch,availabilityclause cláusula de examen periódico periodic reviewclause;review clause coeficiente contable accountingratio coeficientecorriente [América Latina] currentratio;working-capital cláusula de exigibilidad del membolso illegalityclause coeficientede capital bruto grosscapital coefficient,ratio cláusula de obligación negativa negativepledge clause coeficientede cobertura de intereses interestcoverageratio cesión de activos (de una sociedad) a cambio de acciones (de otra sociedad nueva) spinoff cláusula de recuperación recaptureclause coeficientede cobro bruto grosscollectionratio cláusula de revisión triggerclause [IBRDJ coeficientede cobro neto net collectionratio cheque certificado centifiedcheck cláusula de salvaguardia jeopardy clause;disasterclause; break clause coeficientede costo en recursos internos domestic resourcecost ratio cláusula pari passu pari passu clause coeficientede costos combinados a largo plazo long-termblended cost rate (LTB) [IFCJ certificado separado del cupón strip certificate cesión divestiture cheque de caja cashier'scheck cheque intervenido cenifiedcheck clasificación rating clasificación crediticia creditstanding, creditworthiness clasificar rate,to; grade,to cláusula de abstención negativepledge clause cláusula que estipula que se han de compartir los reembolsos sharingclause;payment shaning clause cláusula recíproca en caso de incumplimiento cross-defaultclause cláusula roja red clause 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 explotación woaringratio coeficientede solvencia [Esp.] currentrado; working-capital comlsión handlingfee; managementfee coeficientede inestabilidad volatilityratio coeficienteinstitucional institutionalratio comisión de administración managementcommission,fee coeficientede liquidez liquidityratio [IBRD] coeficienteneto de explotación operaing ratio coeficientedel perfil futuro del servicio de la deuda debt servicetime profile ratio coeficientes de actividad activityratios comisión de admisión (a cotización) adnission fee (to a stock exchange) coeficiente del servicio de la deuda debt-sen'iceratio;debt service to expoatsratio coeficientesde liquidez liquidityratios coeficientesde operación operatingratios coeficiente de movilizaciónde recursos resourcemobilizationratio coeficientesde rentabilidad profitabilityradios; revenue-caovenant ratios coeficiente de operación operatingratio coeficientesnetos de explotación operatingratios coeficientede préstamos excluidos del régimen de contabilidad en valores devengados net nonaccrualrate cofinanclamiento mediante participación directa directparticipationcofinancing comisión de cobertura cambiarla foreignexchangecoveragefee comisión de garantía guaranteecommissíon,fee [IBRD] comisión de garantía underwitingfee; facilityfee comisión de gestión managementcommission,fee comisión de gestión agencyfee [Euromarket] comisión de prórroga extensionfee coeficiente de protección hedge ratio cofinanciamiento supeditado al crecimiento growthcontingencycofinancing comísión de renegociación extensionfee coeficientede recuperación collectionratio colapso de la bolsa stock market crash comisión de suscripción undevwriding fee; facilityfee coeficiente de reserva reserveratio colocaciónen el mercado secundario secondaryoffering comisión de venta sellingfee [Euromarket] coeficiente de revaluación del día daily revaluationfactor [currencypool] coeficientederivado del balance general balance-sheetratio colocaciónespecial specialplacement colocación privada privateplacement colocación pública public offering(of shares) comisión de venta sellingcommission comisión del agente financiero fiscal agencyfee comisión Inicial flat fee; front end fee [Euroloan] 186 comisión Inicial front-endfee comisión por compromiso commitment fee, charge comisión por disponibilidad (de fondos) availabilityfee [IFC] comisión por inmovilización de fondos commitmentfee, charge comisión por tramitación processingfee comisión por tramitación de solicitud loan onginationfee comisión por utilización utilizationfee comité de coordinación de bancos bank advisorycommittee comité de reestructuración steeringcommittee;advisory committee Comité Cooke Committee on Banking Regulationsand Supervsory Practices;Basle Supervisors' Committee;Cooke Committee Comité de Supervisión Bancaria de Basilea Committee on Banking Regulationsand Supervisory Practices;Basle Superisors' Committee;Cooke Committee Comité sobre Regulación Bancaria y Prácticas de Supervisión Committee on Banking Regulationsand Supervisory Practices;Basle Superiisors' Commiftee;Cooke Committee compañía comisionada commissioned company [lapan] compañía de capital de riesgo venturecapital company compañía de inversiones investmentcompany,fund compensación de débitos y créditos 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 absorción de la empresa greenmail compra de una empresa con fondos tomados en préstamos leveragedbuyout (LBO) compra de una empresa con fondos tomados en préstamos por sus empleados leveragedmanagementbuyout (LMBO) compra en descubierto marginbuying[stock exchange] compra y venta simultánea matched sale-purchase tirnsaction compraventa trading compromiso contingente standby commitment compromiso contingente de participación en el capital social standby equity compromiso de compra y reventa pu~chaseand resaleagreement [Canada] compromiso de suscripción de acciones equity underwriting compromiso especial Special Commitment [IBRDJ compromiso supeditado a la compra de acciones standby equity compromisos netos exposure compromisos por países country exposure con alto coeficiente de endeudamiento (highly)leveraged con dinero in the money (ITM) (option) concertar un préstamo a través de un consorcio (bancario, de financiamiento) syndicate,to (a loan) 187 concesión de préstamos internos con fondos externos inwardswitching condonación (de una deuda) cancellation(of a debt) configuración 'tricornio' head and shoulders configuration configuración en M double top configuration contrato a término forwardcontract contrato a término con índice bursátil stock indexfuture contrato de administración managementcontract contrato de compra contra entrega take-and-paycontract configuración en triángulo triangleconfiguration contrato de futuros futures contract configuración en W double bottom configuration contrato de futuros de instrumentos financieros interestratefutures congelación del interés en un nivel mínimo (cuando la tasa de mercado desciende a menos de ese nivel) drop lock consorcio sellingconsortium,group, syndicate fEuromarketJ contrato de futuros de swaps swap future contrato de futuros financieros financialfutures contract conversión de deudas en divisas en deudas en moneda nacional debt-for-localcurrencyswap conversión de Interés rgo en interés variable coupon swap conversión de la clase de interés rate base switch [IFCJ conversión de la deuda en capital debt(-for)-equityswap, conversion conversión de la deuda en financiamiento para el desarrollo debt-for-developmentswap conversión de la deuda en fondos benéficos debt-charityswaps contrato firme de compra (sin derecho de rescisión) take-or-paycontract conversión de la deuda en medidas de protección de los recursos naturales debt-for-natureswap contratos de participación en la producción production-sharingcontracts conversión de la deuda en productos básicos debt commodity swap contratos de participación en las utilidades profit-sharingcontracts conversión de la deuda en valores secutitization contragarantía counter-guarantee conveniode destinación especial set aside agreement convertir swap, to contrarrestar unwind conversión swap (transaction) corredor sales agent;sellingagent [securities] contrato a plazo forward contract conversión contable de monedas currencytransiation corredor (de cambio, de bolsa) broker consorcio (bancario, de financiamiento) syndicate consorcio de suscriptores underiwting consortium,group, syndicate constitución de una garantía collateralization 188 corredor (mercado primario) primary dealer corredor de bolsa dealer [stock marketJ corredor de bolsa trader[stock marketJ (de valores en cotón bolsa) listing (of secunties) cotización al cierre closingprice cotización automatizada automated quotation corredor de bolsa independiente floor trader cotizacióoncomputadorizada automated quotation corredor de inversiones investmentbroker cotización de apertura openingprice corredor de valores securitiesdealer;securitiesfirm cotización firme market making corredor de valores del Estado govemment securitydealer cotización inicial openingpnce corretaje brokerage corriente de fondos funds flow; flow of funds costo de Inmovilizacíón (del capital) carryingcost; canying charges; cost of carry cotizar post (a rate) cotizar un precio de compra o de venta make a market crédito credit standing,creditworthiness crédito autoamortizable self-liquidatingcredit costo de los empréstitos con doble ponderación double-weightedborrowingcost [IBRDJ crédito cómodo conveniencecredit costo en recursos Internos domestic resourcecost (DRC) crédito con garantía de otro crédito back-to-back(loan, borrowing); matched funding costos centralizados centrally-managedcosts costos descentralizados unit-managedcosts cotización JUing crédito negociable spot credit crédito para importaciones con fines de rehabilitación rehabilitationimpoat credit/loan (RIC, RIL) [IBRD/ crédito recíproco swap (transaction) crédito refinanciable revolvingcredit;rollovercredit crédito renovable revolvingcredit;rollovercredit crédito rotatorio revolvingcredit;rollovercredit crédito soberano sovereigncredit crédito 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-equity;quasi-capital crédito facil conveniencecredit cuasidinero near-money;quasi-money crédito garantizado por el Estado sovereigncredit cuenta corriente del Tesoro Treasurytax and loan account [U.S.J 189 cuenta corriente que devenga intereses negotiableorder of withdrawal (NOW) account departamento bancario considerado como extraterritorial offshore bankingunit (OBU) cuenta de administración de fondos cash-managementaccount (CMA) departamento fiduciario de banco bank trust department cuenta de ahorro para jubilación individual retirementaccount (IRA) cuenta de anticipos imprest account,fund depósito de garantia initial margin depósitos bancarios bank money depreciación amortization descuento sin recurso discount without recourse descuento sobre el valor a la par discountfrom par [securities market] desintermediación disintem7ediation desmaterialización computerzed entry of ownership;dematenalisation [UK/ desplazamiento crowding-out cuenta de compra de valores securitiesmargn account depredador corporateraider;raider cuenta de garantía collateralaccount derecho right (to purchase shares) cuenta de margen maigin account derecho de suscripción subscriptionright cuenta de primas de emisión sharepremium account [IFC] desagio disagio cuenta para operaciones en descubierto marginaccount descontar discount desplazamiento hacia las emisiones de mayor calidad flight to quality desposeimiento cupón descuento discount;markdown desvalorización impairment determinación de la moneda en que se exigecada amortización recall [currency pool] determinación del costo de un préstamo coupon curva de rendimiento yield curve descuento de bonos a mediano plazo forfaiting debenture [Arg., Chile] debenture(bond) descuento de conversión conversiondiscount delta delta descuento de pagarés a mediano plazo forfaiting denominación de un préstamo en otra moneda currencyredenominatíon divestiture descuento Impositivo tax credit pricing (of a loan) determinación del costo de un subpréstamo subloan pnicing deuda amortizada retireddebt deuda con descuento discounted debt deuda consolidada funded debt 190 deuda de liquidez secundaria junior debt; subordinateddebt dinero en el sentido estricto narrowmoney [cf. MI] deuda pendiente debt overhang dinero exigible call money; day-to-daymoney; demand money; money at call 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 dinero fresco new money documento de análisis de las probabilidades de recuperación (de los préstamos otorgados a un país) countrycollectibilitynote [IBRD] dinero nuevo new money documento sobre parámetros de polftica económica (PPE) policyframework paper (PFP) [IBRD] disfunción del mercado marketfailure duración duration (of an investment) disminución drawdown efecto a la vista o de vencimiento a muy corto plazo hot bill disminución técnica technicaldecline, drop efecto carrusel mer¡y-go-roundeffect diferencial spread dispensa de la cláusula de abstención (de los compromisos existentes) waiverof negativepledge; negativepledge waiver diferencial basis distorsión monetaria cumrency twist diferencial diagonal diagonalspread distribución allotment efectos comerciales commercialpaper (CP); commercialbills dilución dilution dividendo en acciones scrip issue JUK];stock dividend [US] efectos comerciales en eurodivisas Eurocommercialpaper (ECP) dividendo en acciones stock dividend efectos en cobranza float [banking] división de acciones split; split-up;splitting efectos en cobro fpoat [bankingj división de un préstamo en varios tramos tranching efectos privados privatepaper dilución del capital (accionario) stock dilution;stock watering dinero a la vista calUmoney; day-to-daymoney; demand money; money at call dinero apátrida statelessmoney dinero bancario bank money efecto comercial trade bill [U.K] efecto de buena calidad investmentgradepaper efectos públicos govemmentpaper 191 efectuar un swap swap, to emisión especial off-the-runsecurity encaje legal adicional marginalreserverequirement efectuar una operación de swap swap, to emisión exploratoria red hering issue endeudamiento forzoso distress borrowing emisión wStarTrek "StarTrek"issue en descubierto uncovered;naked emisiones no garantizadas non-underwrittenfacilities entrega a plazo forward cover emisor issuer entrega a término forward cover empresa conjunta de capital social proporcional equityjoint venture especulación trading elasticidad tributaria global tax buoyancy elemento de donación del financiamiento combinado blendedgrant element emisión (en el mercado primario) primaryoffering emisión adquirida anticipadamente por un consorcio bancario bought deal;firm commitment underwriting emisión atascada hung-up issue emisión confiable seasoned issue emisión continua tap ceruficateof deposit emisión de bonos en el exterior extemal bond issue emisión de rendimiento indeterminado open pricing emisión de valores de capital capital issue empresa susceptible de absorción targetcompany;takeover candidate empréstito de contrapartida back-to-back(loan, borrowing); matched funding empréstito de suma alzada lump-sum borrowing[IFCJ empréstitos calificados pool of qualifiedborrowings empréstitos calificados qualifiedborrowings(QB) [IBRDJ empréstitos de referencia proxy borrowing[IBRDJ empréstitos en divisas con Interés indizado indexed currencybo¡rowings emisión de valores especulativos speculativegrade paper empréstitos gigantescos jumbo borrowing emisión empantanada hung-up issue encaje legal reserveratio especulación diferencial a la baja bear spread especulación diferencial al alza bull spread esquela tombstone establecimiento de reservas para pérdidas por concepto de préstamos loan loss provisioning estado de cambios en la situación 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 utilización de fondos statement of changesin financial position;source and applicationof funds statement; funds statement etapa Inmediatamente anterior a la primera colocación pública mezzaninelevel euroacciones euro-equities eurobono Eurobond eurocapital euro-equities eurocrédito Eurocredit eurodivisa Eurocurrency eurodólar Eurodollar euromercado Euromarket euromoneda Eurocurrency europréstamo Euroloan evaluación actuarial actuauialevaluation evaluación por puntos scoring exceso de oferta overhang exceso de transacciones (en la cuenta de un cliente) chuming oveding facultad de adquisición de contratos con interés tope Global Cap Authority [IFC] exclusión del régimen de contabilidad en valores devengados nonaccrualstatus, in a facultad general para efectuar inversiones GeneralInvestment Authorization [IBRD/IDA] exenciónde la cláusula de abstención negativepledge waiver facultad para contraer compromisos commitment authority exenciónde la cláusula de abstención (de los compromisos existentes) waiverof negativepledge; negativepledge waiver facultad para efectuar swaps Global Swap Authority exenciónde la cláusula de obligación negativa negativepledge waiver exigir el pago de una garantía calí a guarantee expectativas racionales rationalexpectations externalización (del servicio de la deuda) etemalization (of debt service payments) extraterritorial offshore factor de ajuste para fines de amortización amortizationadjustmentfactor [cunencypool] factor de revaluación revaluationfactor [currency Pool] factores Imprevistosque encarecen la Inversión investmentleakage facultad para invertir en activos líquidos liquid assets investment authority[IFCJ falla del mercado market failure fecha a partir de la cual se calcula el interés dated date fecha de cierre settlement date fecha de desembolso payout date; payment date; distributiondate fecha de pago settlement date fecha de renegociación rolloverdate fecha de transacción trade date fecha de valor value date fijación de vencimientos no coincidentes layering 193 fijación diferida del interés deferredrate resetting[IFC] financiamiento de contraparte matchedfunding financiación mediante endeudamiento debt financing financiamiento de contrapartida matchedfunding financiación sin asegurar front-endfinancing financiamiento de los últimos vencimientos funding lattermaturities [IBRDJ financiación sin garantía front-endfinancing financiación suplementaria front-endfinancing rinancialización financialization financiamiento combinado (del BIRF y la AIF) blend financing financiamiento concatenado piggybackfinancing financiamiento concertado concertedfinancing lending financiamiento concertado concertedlending deal financiamiento con derecho de recurso limitado limited recoursefinance financiamiento con fondos propios in house financing7 self-rfnancing financiamiento con garantía contractual contractfinancing financiamiento conjunto joint financing financiamiento coordinado coordinatedfinancing financiamiento de transición bridgefinancing financiamiento del déficit gap financing financiamiento en apoyo de reformas de políticas policy-basedlending,policy loans financiamiento en condiciones comerciales commerciallending financiamiento en condiciones de mercado market-relatedlending 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 nonrecoursefinance financiamiento transitorio bridgefinancing flotación dirigida diriyfloat flotación impura dintyfloat flotación limpia cleanfloat fluctuación de las tasas de interés debida a la fuga de capitales interestleakage fluctuación de los tipos de interés debida a la fuga de capitales interestleakage flujo de fondos funds flow; flow of funds fondo común de Inversión mutual fund fondo común de Inversión money market (mutual) fund (MMF) fondo común de monedas loan currencypool fondo de amortización sinkingfund fondo de anticipos imprestaccount,fund fondo de Inversión que cobra una comisión load fund 194 fondo de inversión que no cobra una comisión no-loadfund fondos federales federalfunds tUS] fondo de inversiones investmentcompany,fund formación de un consorcio (bancario, de financiamiento) syndication fondo mutuo money market (mutual) fund (MMF) formas novedosas de financiamiento creativefinancing fondo mutuo mutual fund fragmentación de la tasa de interés interestratesegmnentation fondo para (inversiones en) un país específico countryfund fondo rotatorio revolvingfund Fondo de promoción de mercados incipientes EmergingMarkets Growth Fund (EMGF) [IFCJ Fondo para empresas africanas African EnterpriseFund Fondo para inversiones de cartera equitypojfolio fund Fondo para inversiones en mercados incipientes EmergingMarketsInvestment Fund (EMIF) [IFC] fondos comprados purchasedfunds fondos de reserva para recompra de acciones (propias) capitalredemptionreserve funds fondos de un día para otro ovemightfunds fragmentación del tipo de interés interestratesegrnentation freno fiscal fiscal drag futuros futures [commoditiesmarket] futuros de swaps swap future futuros financieros financialfutures gamma gamma ganancias no realizadas unrealizedgains garante underwriter garantía guarantee[IBRDJ garantía de rentabilidad equity-relatedguarantee garantía de una deuda debt secuñity garantía exigible anticipadamente accelerableguarantee garantía limitada renovable rollingguarantee(of interest payments) garantía no exigible anticipadamente non-accelerableguarantee garantía prendaria del saldo de una participación purchase money security interest[IFC] gasto concentrado al comienzode un período front-loadedspending gensaki Gensaki gerente de cartera portfolio manager gestión de caja cash management gestión de liquidez cash management gestión 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 suscripción underwritingconsortium,group, syndicate institución financiera no bancaria non-bank bank; non-bank financial institution Intercambio de bonos de igual valor nominal even par swap grupo director management,managinggroup [Euro-dollarmarket] instrumento de deuda debt security intercambio de deuda por cuasicapital debt/quasi equity swap grupo garante underwritingconsortium,group, syndicate instrumento de interés variable y riesgo decreciente risk conversionfloater Intercambio de deuda por efectivo debt-for-cashswap grupo vendedor sellingconsortium,group, syndicate[Euromarket] instrumento financiero con características patrimoniales equity-likeinstrument Intercambio de deudas par debt swap; debt-debtswap hoja de plazos y condiciones tern sheet instrumento negociable negotiableinstrument Intercambio de deudas debt-debtswap;par debt swap; debt swap; debt-for-debtswap hoja de términos terrnsheet instrumentos cuasimonetarios near cash instruments intercambio de índices basis (rate) swap honorario del banco director praecipium;praecipuum instrumentos de dinero nuevo new money instruments intercambio de Intereses callableswap imposición de condiciones previas (a la aprobación de un préstamo) front-loadingof conditionality instrumentos de la deuda pública govemment debt instruments intercambio de intereses y monedas cross-currencyinterestrate swap intensificación (del uso) de capital capital deepening intercambio de monedas swap (transaction) indice combinado de desempeño de la cartera currentblend (CB) [IFC] indice del fondo común de monedas currencypool index inflación básica core inflation ingeniería financiera [Méxicol financial engineering institución de ahorro contractual contractualsavingsinstitution intensificación del uso de valores securitizadon intercambio de monedas currencyswap intensificación financiera financial deepening Intercambio de monedas y de Intereses circusswap; currencycoupon swap intercambiar swap, to intercambio de opciones option swap intercambio con descuento discount swap Intercambio de préstamos por bonos loans-for-bondsexchange intercambio de activos asset(-based)swap Intercambio de tasas de Interés interest-rateswap 196 intercambio de tipos de interés interest-rateswap intercambio de títulos de deuda por exportaciones debt-for-exporlswap; debt-for-productsswap intercambio en dos monedas dual-currencyswap intercambio internacional cross-borderswap intermediación internediation intermediación del mercado market intermed¿ation intermediario financiero financial internediary intervención directa en el mercado face the market inversión conforme a una Inversión que no ha alcanzado su pleno rendimiento unseasoned investment Inversión todavía Improductiva immature investment inversión verde immature investment inversiones que han alcanzado su madurez mature investments fórmula intercambio inverso reverseswap intercambio inverso (convenido con la primera parte) mirrorswap intercambio múltiple cocktailswap intercambio preferencial premium swap interés abierto open interest;open market interest interés mayoritario proprietaryinterest interés nominal coupon rate interés nominal corriente currentcoupon (rate) interés por mora default interest intereses devengadosy acumulados accnuedinterest(AI) Jbonds] formula investing inversión directa distinta de los aportes de capital non-equitydirect investment Inversionista por cuenta propia retailinvestor Inversor por cuenta propia retail investor inversión en capital social equityfinancing, equity investment jefe de operaciones bursátiles head of trading Inversión extranjera directa directforeigninvestment (DFI) lastre fiscal fiscal drag Inversión forzosa forced investment letra bancaria bank bill Inversión forzosa forced investment letra bancaria banker'sdraft Inversión liquidada closed-outinvestment[IFC] letra comercial trade bill [U.K] Inversión obligatoria forced investment letra de banco banker'sdraft Inversión orientada a aumentar la productividad capital-deepeninginvestment letra de cambio bill of exchange Inversión periódica de monto constante averaging,dollarcost averaging Inversión posterior downstreaminvestment letra garantizada custom duty biil LIBID London InterbankBid Rate (LIBID) 197 LIBOR London Interbank OfferedRate (LIBOR) LIBOR para transacciones en dólares dollar ($) LIBOR lista en observadón watch ¡¡st lista vigilada watch list librador (p. ej. de un pagaré) maker (e.g.,of a note) manipulación de la contabilidad (para aparentar una mejor situación) window dressing libranza en divisas foreignexchangewarrant margen spread LIMEAN LIMEAN margen bruto grosseamings margin;gross margin;banker'sspread; banker'smarkup [banksj limitación de la circulación fisica de los valores truncation límite crediticio lendingceiling,credit limit margen de maniobra headroom margen diagonal diagonalspread límite de crédito mecanismo de reajuste automático (del tipo, de la tasa de interés) automaticreseatingmechanism [IFCJ Mecanismo de financiamiento para el desarrollo de la región del Caribe CaribbeanDevelopment Facility Mecanismo para inversiones de bancos centrales [BIRFI CentralBank Facility (CBF) [IBRDJ mejoramiento del crédito creditenhancement memorando de información placement memorandum; placing memorandum menor desarrollo relativo, de lending ceiling, credit limit margen entre los bonos del relatively less developed [IDA] límite máimo de aprobación autónoma free ¡fmit of loan Tesoro de EE.UU. y los depósitos a plazo en eurodólares TED spread mercadización marketization límites legales (de las compras en descubierto) marginrequirements[stock exchangel línea de crédito a corto plazo swingline lfnea de crédito contingente backstop (credit)facility; backup (underwriting)facility línea de crédito de apoyo back-up line of credit lista de espera lueue margen financiero financial spread m-ercadoabierto open market margen implícito implicit spread mercado al contado spot market;cash market fforeignexchange] margen "mariposa" butterfly(call) spread mercado alcista buil market margen vertical verical spread;price spread mercado bajista bear market mecanismo (conjunto) para contingencias ContingencyMechanism [JBRD/IMFJ mercado basado en el prestigio de los prestatarios name market mercado de acceso irrestricto contestablemarket 198 mercado de capital(es) capitalmarket mercado extrabursátil over-the-countermarket (OTC) mercado de dos niveles two-t¿ermawket mercado financiero financial market market-basedmenu approach; market-drivenmenu approach; menu of options mercado de emisión primary market mercado financiero open market método de 'rienda corta" shori-leashapproach mercado de entrega Inmediata spot mawket;actual market; cash market;physical market [commodties] mercado fuera de bolsa over-the-counterma¡ket (OTC) modelo de valoración de activos financieros capital assetpricingmodel (CAPM) mercado de futuros financieros financialfutures market mercadode productos disponibles spot market;actual market; cash market;physical market [commod&tiesJ mercado de subasta auctionmarket 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 de títulos al portador bearermarket mercado paralelo parallelmarket mercado de valores secuditiesmarket mercado primario primarymarket mercado de valores equitymarket mercado secundario secondarymarket mercado de valores a corto plazo short-termpaper market mercado terciario unlistedsecuritiesmarket (ULM); over-the-counter (OTC) market;thirdmarket; curb market mercado de valores que no se cotizan en las bolsas principales unlistedsecuritiesmarket (ULM); over-the-counter (OTC) market; third market; curb market mercado terciario third market; off-the-board market metas para la composición del fondo común de monedas targetedcurency pool método de la lista de opciones modificación de la periodicidad del pago de intereses interestretiming modificación de los vencimientos maturitytransformation modificación del régimen de intereses interest(rate)switching moneda que representa una proporción mínima del saldo pendiente de un préstamo splintercurrency[IBRDJ monto que el Banco está facultado para prestar lendingauthority monto teórico 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) negociación 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) novación novation nuevas facultades para efectuar inversiones New Investment Authority (NIA) nuevos fondos new money obligación bond obligación al portador bearerbond obligación con garantía hipotecaria collateralizedmortgage obligation (CMO) obligación contingente contingentobligalion[IBRD] obligación sin garantía loan stock obligaciones de organismos federales [EE.UU.] agencysecurities,obligadions obligaclonista bondholder oferta pública public offering(of shares) oferta pública de adquisición (OPA) (con fines de absorción) take-overbid oferta pública de adquisición (OPA) hostil (con fines de absorción) unfriendlytakeoverbid oferta pública en el mercado secundario secondarypublic offering oferta pública inicial initialpublic offering(IPO) opción oplíon opción a la par at the money (ATM) (option) opción americana American (style) option opción basada en un índice bursátil index option opción con un precio superior o inferior al valor verdadero in the money (ITM) (option) opción de cambio de divisa multicurrencyoption opción de compra call option opción de compra de acciones stock option opción de compra de bonos con rendimiento Inferior al del bono Inicial out of the money (OTM) (option) opción de compra doble call of more (CM) opción de financiamiento residual take-overoption [IBRDJ opción (de un contrato) de futuros futures option opción de rescate anticipado put opción de swap swaption;swap option opción de venta put option opción europea European (style) option opción extrabursátil over the counter (OTC) option opción fuera de bolsa over the counter (OTC) option operación bancaria electrónica electronicbanking operación de cobertura por venta a plazo short hedge operación de compra de valores al contado y venta de contratos a término cash and cany 200 operación de venta de valores al contado y compra de contratos a término reversecash and carry operaciones carrusel merry-go-roundtransactions operaciones de cambio a divisas outwardswitchingoperations operaciones de cobertura hedging operaciones de cobertura por compra a plazo long hedge operaciones de protección 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 limitación de precio limit order orden de venta tradingticket [securities] orden tope stop order organismo de clasificación de valores ratingagency Organización Internacional de Comislones de Valores (OICV) Intemational Organizationof SecuritiesCommissions (IOSCO) otorgar préstamos a países excluidos del régimen de contabilidad en valores devengados loan into arrears,(to) [World Bank] pagaré promissorynote pagaré note pagaré a corto plazo short-termnote pagaré a corto plazo para financiar un proyecto project note pagaré al portador bearernote pagaré con interés variable inverso a la tasa de referencia inversefloating rate note pagaré con interés variable mínimo floor pagaré con Interés variable reajustable anticipadamente mismatch floating ratenote pagaré con rescate vinculado a un tipo de cambio indexed currencyoption note (ICON) pagaré con tope máximo de interés cap; cappedfloating ratenote pagaré con tope máximo y mínimo de interés collar pagaré de descuento intensivo deep-discountbon4 note pagaré bancario bank bill pagaré de vencimiento ajustable extendiblenote; extendible maturitynote pagaré con cupón coupon note pagaré descontado discount note pagaré con cupón determinado por subasta a la baja Dutch auction pagaré perpetuo con tipo de interés flotante perpetualfloating-ratenote pagaré con interés variable floating-ratenote;floater pagaré con interés variable indizado floating ratenote with variable coupon fix pagaré previo a una emisión bond-anticipationnote (BAN) pagaré respaldado por ingresos fiscales previstos tax-anticipationnote (TAN) pagarés descontados consolidados consolidateddiscount notes 201 pagarés que devengan intereses interest-bearing notes paises prestatarios en fuentes oficiales official borrower participante ajeno al consorcio secondaryparticipant pago contra (presentación de) documentos cash againstdocuments (C4D) paises prestatarios en los mercados financieros market borrowers participante secundario secondaryparticipant país agobiado por la deuda debt distressedcountry paises que tienen acceso al mercado financiero market-eligiblecountnes país (bien encarrilado) con inversión y crecimiento fast track country país de bajos ingresos, de ingresos medianos gravemente endeudado severelyindebted low-, middleincome country (SILIC, SIMIC) papel comercial commercialpaper (CP); commercialbilis papel de buena calidad investmentgradepaper papeles privados privatepaper 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] país de bajos ingresos, de ingresos medianos moderadamente endeudado moderately indebtedlow-, middle-incomecountry (MILIC, MIMIC) parte de cada vencimiento de un préstamo strip of maturities participación cruzada cross-shareholding pedido de operación de margen margincall país de ingresos medianos muy, fuertemente endeudado highiy,heavilyindebtedmiddle income country (HIC) participación en cada vencimiento (de un préstamo) stripparticipation pedido de operación en descubierto margincall participación en capital social equityfinancing,equity investment perfil general del financiamiento overallrisk profile [IBRD] participación en una sociedad partnershipshare período de gracia graceperiod participación mayoritaria controllinginterest periodo de pago payment period [IBRD] participación proporcional funding pro rata JIBRD] período de prohibición de rescate noncall period pais habilitado para recibir créditos e la AIF IDA-eligiblecountry país que puede obtener financiamiento combinado (del BIRF y la AIF) blend country país que puede recibir créditos, financiamiento de la AIF IDA-eligiblecountry participación sin posibilidad de recurso nonrecourseparticipation periodo de reprogramación tenor 202 periodo de vigencia de la tasa de Interés interestperiod periodo de vigencia del tipo de interés interestperiod periodo post-emisión after-market precio de compra bid price precio de conversión conversionprice precio de cuenta accountingpñice precio vendedor ask(ed) pice; market p¡ice [securitiesma>ketJ precio vendedor offeringmemorandum prestamista oficial lender of record precio de ejercicio strikingprce; strke price; exerciseprice prestamista subordinado subordinatelender ponderación por moneda currencyweight precio de equilibrio (del mercado) price market-clearing préstamo a corredores de bolsa brokerloan; broker'sloan posición a horcajadas straddle;call-and-putoption precio de plena competencia arm's length (páice) préstamo a la vista call loan posición corta short position precio de transferencia interna transferpnice préstamo a mediano o largo plazo tenn loan precio de venta offeringmemorandum préstamo a un intermediario financiero financial intermediaryloan (FIL) petrobono petrobond posición diferencial diagonal diagonalspread posición diferencial vertical verticalspread;price spread posición en descubierto shortposition posición larga longposition praecipuum praecipium;praecipuum precio price (of a bond) precio comprador bid pñice precio comprador buyingrate [securitiesmarket] precio contable accountingprice precio de venta sellingrate precio económico economic price;efficiencyprice préstamo amortizable en su mayor parte al vencimiento balloon loan precio en (la) frontera borderprice M préstamo "B "B»loan precio fijado en contrato (para ejercitar una opción de compra) strikingpnce; strke prce; exerciseprice préstamo balloon balloon loan precio fronterizo borderprice préstamo con interés modificable resetterloan; rateresetter(RR) loan precio neto payoutprice precio vendedor sellingrate préstamo cofinanciado coloan 203 préstamo con intermediación de un banco back-to-back(loan, borrowing); matchedfunding préstamo de valores garantizado por otro(s) valor(es) borrow-pledgesecurityloan préstamo con riesgo de pérdidas jeopardy loan préstamo dirigido managedloan préstamo con riesgo soberano sovereignrisk loan préstamo concedido por un consorcio club deal loan préstamo concedido sin banco director club deal, loan préstamo contingente standby loan préstamo convertible en inversión loan with equity kicker préstamo cuyo vencimiento se ha anticipado prematured loan préstamo de amortización inicial negativa negativeamortizationloan préstamo de aprobación autónoma free-limitloan préstamo de calidad quality loan préstamo de un consorcio syndicatedloan préstamo de valores con garantía en efectivo cash securityloan préstamo dividido en períodos time-sliceloan préstamo en cascada apex loan préstamo en dificultades distressedloan préstamo en forma de participación en el capital equity loan préstamo en pirámide apex loan préstamo en valores secunty lending[IBRD] préstamo gigantesco jumbo loan préstamo global package loan [IFCJ préstamo híbrido hybridloan préstamo improductivo nonperformingloan; nonaccnuingloan préstamo incluido en el sistema de fondo común de monedas pooled loan préstamo indizado indexedloan [currencypool] préstamo minimax MiniMaxloan préstamo no redituable nonperformingloan; nonaccnringloan préstamo para ajuste de la(s) política(s) industrial y comercial industrialand tradepolicy adjustment loan (ITPAL) préstamo para ajuste del sector agrícola agriculturalsectoradjustment loan (ASAL) préstamo para ajuste del sector exportador exportadjustment loan (EAL) préstamo para (fines de) ajuste sectorial sectoradjustment loan (SECAL; SAD) préstamo para asistencia técnica technicalassistanceloan (TAL) [IBRDJ préstamo para cubrir posibles sobrecostos overageloan préstamo para importaciones con fines de rehabilitación rehabilitationimport credit/loan (RIC, RIL) [IBRDJ préstamo para inversión y mantenimiento sectoriales sector investmentand maintenance loan (SIM) [IBRD] préstamo para programas programloan;program lending [IBRD] 204 préstamo para programas de ajuste program adjustment loan (PAL) [IBRDJ préstamo para racionalización de empresas públicas public enterpriserationalization loan (PERL) [IBRD] préstamo para reconstrucción de emergencia emergencyreconstructionloan (ERL) préstamo para recuperación económica economic recoveryloan (ERL) préstamo para reforma de empresas públicas public enterprisereform loan (PERL) [IBRDJ préstamo para rehabilitación de empresas públicas public enterpriserehabilitation loan (PERL) [IBRDJ préstamo para un sector sector loan préstamo para una inversión específica specific investmentloan (SIL) [IBRDJ préstamo subordinado subordinatedloan préstamos con intereses Impagos value impaired préstamos cruzados en divisas back-to-back(loan, borrowing); matched funding préstamos en apoyo de reformas de políticas policy-basedlending,policy loans prestatario preferente prime borrower;premier borrower;high quality borrower; top grade borrower prima premium [option market] prima premium [securities] préstamos no voluntarios involuntarylending prima premium [foreignexchange] préstamos obtenidos de intermediarios financieros intermediativeborrowing prima de conversión conversionpremium préstamos pendientes exposure préstamos vigentes activeloans préstamos voluntarios voluntary,spontaneouslending prestatario (activo) active borrower préstamo "puente" bridgefinancing prestatario de primera clase prime borrower;premier borrower;high qualityborrower; top grade borrower préstamo sectorial sector loan prestatario preferente prime borrower;premier borrower;high quality borrower; top grade borrower préstamos en condiciones comerciales commerciallending préstamo participatorio loan with equitykicker préstamo reembolsable de una sola vez a su vencimiento bullet issue prestatario preferencial pnme borrower;premier borrower;high quality borrower; top grade borrower prestatario de primera clase prime borrower;premier borrower;high quality borrower; top grade borrower prima de emisión 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 inflación inflationpremium 205 prima por riesgo riskpremium principal en el mercado market maker principios contables generalmente aceptados GenerallyAccepted Accounting Principles(GAAP) prioridad seniori¡y privatización divestiture programa (de financiamiento) básico base lendingprogram programa de compra de acciones incluidas en un índice 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 recuperación garantizada del principal de las inversiones (GRIP) GuaranteedRecoveryof Investment Pnincipal(Program) (GRIP) [IFCJ Progama de venta separada del Interés y el principal de los valores Separate rd4ing of Registered Interest and Principalof SecuritiesProgram(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 proyectos relacionados con los aspectos sociales del ajuste Social Dimensionsof Adjustment Project (SDA Project) punto de equilibrio break-evenpoint [stock marketJ rating rating rebajar de categoría downgrade(a loan) recapitalización recapitalization promedio móvil (ponderado) n¿nning(weighted)average recibo americano de depósito American DepositaryReceipt (ADR) prospecto offeringmemorandum reciclaje de los préstamos relending prospecto prospectus recompra de deuda debt buyback;debt repurchase prospecto confidencial informationmemorandum recompra de divisas en moneda nacional inwardswap prospecto de emisión tombstone protección contra rescate anticipado cail protection protección de swap doble cross-currency interesthedge; double hedgeswap proyecto no incluido en la cartera non-po~folioproject [IFC] redescontar con compromiso de reventa take in, to (bills) redescuento rediscount reducción drawdown reembolso en cuotas iguales level repayment reembolsos a la AIF IDA reflows reemisión reissue 206 reestructuración de la deuda debt restructuring reestructuración financiera work out arrangements; workouts relación precio contable-precio de mercado accountingratio relación precio-utilidades price/eamnings ratio (P/E ratio; PER) refinanciamiento relación préstamos desembolsados y refinanciamiento anticipado pendientes-capital y reservas advancedrefunding gearingratio [IBRDJ refinanciamiento de monto igual even roll relación servicio de la deudaexportaciones debt-serviceratio;debt service to exportsratio registro computadorizado computerizedentry of ownership;dematerialisation [UK] regla de minimis de minimis rule relación activo disponible-pasivocorriente acid-tes4liqui4 quick ratio relación beneficios netos-inversión net benefit investmentratio relación deuda-capital debt-equityratio;debt-to-equity ratio relación endeudamiento/capital propio leverage(ratio)[U.S.];gearing (ratio)[U.K] relación misiones de evaluación-operacionesen el programa crediticio pipelinefactor [IBRD] renovación renewal renovación roll-over roll-over reflujos de la AIF IDA reflows renegociación de la deuda debt workout relaciones de liquidez liquidityratios renunciar a una garantía take ou4 to [IBRD] represión financiera financial repression représtamo onlending rémora fiscal fiscal drag requisitos de que una operación tenga efecto positivo sobre las perspectivas de desarrollo de un país materialitycriteria rendimiento al vencimiento yield to maturity(YTM) rescate de la deuda debt retirement rendimiento de los activos retum on assets (ROA) reserva reserveratio rendimiento del promedio de los activos retum on averageassets[IFC] reserva obligatoria adicional marginalreserverequirement rendimiento del promedio del patrimonio retum on averagenet wolth [IFC] rendimiento equivalentea un interés nominal coupon equivalentyield reserva para inversiones especificas specific loss reserve[IFC] reserva para pérdidas por concepto de inversiones no identificadas unidentifiedloss reserveJIFCJ rendimiento equivalenteal de los bonos equivalentbond yield reservas obligatorias para un país especifico allocatedtransferrisk reserves (ATRR) [US] rendimiento mínimo floor retum resquicio window (in a market) 207 resultado neto bottom line reutilización de las ganancias rolloverof gains reutilización de los préstamos relending reventa de divisas en moneda nacional outwardswap riesgo relacionado con desfases lag risk [IBRDJ riesgo relacionado con el desfase entre. lag risk [IBRDJ riesgo relacionado con el margen spreadrisk [IBRDJ riesgo exposure riesgo relacionado con el refinanciamiento refinancingrisk [IBRD] riesgo calculado a precios de mercado mark to market exposure riesgo relacionado con las tasas de interés interest-raterisk riesgo cambiario entre dos o más monedas cross-currencyexchangersk riesgo relacionado con los tipos de interés interest-ratenisk riesgo de insolvencia de un país sovereignrisk riesgo relacionado con vencimientos asimétricos mismatch risk [IBRDJ riesgo de liquidez cash risk liquid-holdingsrisk riesgo soberano sovereignrisk riesgo ético moral hazard riesgo subjetivo moral hazard riesgo eventual event risk riesgos de refinanciamiento rolloverrisks riesgo moral moral hazard sacar de apuros bail out riesgo por conversión contable de monedas currencytranslationexposure saldo traspasado (al ejercicio siguiente) canyo ver riesgo por traducción contable de monedas cuwrencytransiationexposure sector segment;sector(of the market) sector empresarial corporatesector segmento segment;sector (of the market) seguridades (dadas por terceros) comfort separación stripping separación de riesgos financieros unbundlingof financial risks servicio auxiliar back office servicio bancario internacional intemational bankingfacility (IBF) servicio contingente de apoyo a la inversión contingentinvestmentsupport facility servicio de emisión de títulos (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 múltiples multioptionfacility (MOF); multioptionfinancingfacility (MOFF) servicio para la concesión 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 asesoría sobre inversión extranjera (FIAS) ForeignInvestmentAdvisory Service (FIAS) Servicio de financiamiento compensatorio y para contingencias Compensatoryand Contingency FinancingFacility [IMF] Servicio de financiamiento de proyectos relacionados con los aspectos sociales del ajuste Social Dimensions of Adjustment ProjectFacility; SDA ProjectFacility Servicio de financiamiento para preparación de proyectos ProjectPreparationFacility (PPF) [IBRD] Servicio especial de asistencia para Africa al Sur del Sahara Special Facilityfor Sub-SaharanAfrica; Special Facilityfr Africa;African Facility(SFSA; SFA) Servicio especial para Africa SpecialFacilityfor Sub-SaharanAfrica; Special Facililtyfor Africa;African Facility (SFSA; SFA) Servicio financiero de ajuste estructural dentro del marco de la Cuenta Especial de Desembolsos StructuralAdjustment 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 Facilityfor Sub-SaharanAfrica servicios bancarios para el público en general retailbanking servicios bancarios para empresas wholesalebanking servicios bancarios para los particulares retailbanking servicios de emisión y suscripción underwnttenfacilities servicios financieros para eurodólares euronotefacilities servico de financiamiento para contingencias contingencyfinancingfacility sin dinero out of the money (OTM) (option) sin garantía documentaria clean sin intereses devengados flat sistema de amortización del principal en cuotas iguales equal principalrepayment system sistema de fondo común de monedas currencypooling system sistema de pagos totales iguales de principal e intereses level annuity system sistema de tipos de interés basados en una "cesta" de empréstitos pendientes pool-basedlendingrate system [IBRD] 209 sistema de tipos de Interés variables sobre los préstamos vauiablelendingrate (VLR) system Sistema de Información del Banco Mundial sobre los mercados de capital Worid Bank CapitalMarkets System (CMS) [IBRD] Sistema de la Reserva Federal FederalReserveSystem situación en que el precio al contado es inferior al precio a plazo contango situación en que el precio al contado es superior al precio a plazo backwardation sobrendeudamiento debt overhang sociedad comisionada commissioned company [Japan] sociedad de inversión con número de acciones fíjo closed-end (investment)fund, company (CEIC) sociedad de inversión inmobiliaria real estate investmenttrust (REIT) sociedad de inversiones investment company,fund sociedad de inversiones con número variable de acciones open-end (investment)fund, company (OEIC); mutual fiun4 unit trust [UK] sociedad de valores secunties dealer;securitiesfinn solicitud de pago dimeto en nombre del prestatario Applicationfor Withdrawalfor directpayment [IBRD] solicitud de membolso directo al prestatario Applicationfor Withdrawalfor 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'sindebtedness subaccount[currencypool] subpréstamo subloan subprestatarlo subborrower suscriptor underwriter swap swap (transact¿on) 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-cashswap swap de deudas par debt swap; debt-debtswap swap de deudas debt-debtswap;par debt swap; debt swap; debt-for-debtswap swap de Indices basis (rute)swap swapde intereses callableswap swap de intereses y monedas cross-currencyinterestrateswap swap de monedas currencyswap swap de monedas y de intereses circusswap;currencycoupon swap swap de opciones option swap swap de tasas de interés interest-rateswap swap de tipos de interés interest-rateswap swap de tttulos de deuda por exportaciones debt-for-exportswap; debt-for-productsswap 210 swap en dos monedas dual-currencyswap tasa de inmovilización lock rate tasa del mercado monetario money market rate swap internacional cross-borderswap tasa de Interés contable (TIC) accountingrateof interest (ARI) tasa Lombard Lombard rate [Federal Republic of Germany] tasa de Interés de cuenta accountingrate of interest (ARI) tasa para préstamos a corredores de bolsa con garantía de valores broker loan rate swap inverso reverseswap swap inverso mirrorswap swap múltiple cocktailswap swap opcional swaption;swap option tasa de interés de equilibrio (del mercado) market-clearinginterestrate tasa preferencial prime rate tasa de interés del financiamiento combinado blendedinterestrate tasa preferencial a largo plazo long-termprime rate (LTPR) [Japan] tasa de interés inmodificable lock(ed) in (ínterestrates) tasas de interés clave key interestrates tasa de interés pagado por aplazamiento de entrega backwardationrate técnicas financieras financial engineering swap preferencial premium swap tarjeta de crédito institucional corporatechargecard, corporatecredit card tasa central key money rate; centralrate tasa combinada del mercado combined market rate tasa crítica de rentabilidad hurdlerate tasa de activación triggerrate tasa de actualización discount rate tasa de actualización de equilibrio cross-overdiscount rate; equalizingdiscount rate tasa de actualización del consumo (ICO) consumpdon rateof interest (CRI) tasa de interés para préstamos a la vista call money rate;call loan rate tasa de interés real real interestrate tasa de Interés sobre los depósitos depositorrateof interest; borrowingrate tasa de Interés variable basada en una 'cesta' de empréstitos pendientes pool-basedvariablelendingrate [IBRDJ tasa de los fondos federales federalfunds rate tUS] tasa de oferta interbancarla interbankofferedrate (IBOR) tenedor de bonos bondholder tiburón corporateraider,raider tipo central key money rate;centralrate tipo combinado del mercado combinedmarket rate tipo de cambio mfnimo floor rate of ecchange tipo de Interés contable (TIC) accountingrate of interest (ARI) tipo de Interés de cuenta accountingrate of interest (ARI) 211 tipo de interés de equilibrio (del mercado) market-clearinginterestrate tipo de interés del financiamiento combinado blendedinterestrate tipo de interés inmodificable lock(ed) in (interestrates) tipo de interés pagado por aplazamiento de entrega backwardationrate tipo de interés para préstamos a la vista call money rate; call loan rate tipo para préstamos a corredores de bolsa con garantía de valores broker loan rate tipo preferencial prime rate tipo preferencial a largo plazo long-termprime rate (LTPR) IJapan] tipos de cambio cruzados dispares broken cross rates;triangular arbitrage tipos de interés clave key interestrafes tipo de interés real realinterestrate tipo de los fondos federales federalfunds rafe[US] titulos con cupón coupon paper titulos de organismos federales agencysecunities,obligafions títulos sintéticos con Interés variable syntheficfloafing rate notes; derivativefloating ratenotes tope de las tasas de interés título security tipo de interés variable basado en una 'cesta" de empréstitos pendientes pool-based variablelendingrafe [IBRD] título provisional scrip ceflhficate;bearerscnip interest rate cap tipo de interés sobre los depósitos depositorrate of interest; borrowingrate título nominativo registeredsecurity titulo al portador bearersecurity título consistente en un asiento bancario book-entfysecurity titulo convertible converlible;convertiblesecurily título de salida exif instrument;ext bond; exit vehicle tope de los tipos de Interés interest rate cap traducción de monedas currencytranslation transacción al precio de oferta menos comisión trade insidefees transacción de bloques de acciones block trading tipo de oferta interbancaria interbankoffered rafe (IBOR) titulo de transferencia de transacción de vencimientos simultáneos matched maturity transaction ingresos [IBRDJ tipo de redescuento discount rate pass-throughs;pass-through securities tipo del mercado monetario money market rate título exigibleal ejercer una opción underlying(security) tipo Lombard Lombard rate [Federal Republic of Germany] titulo hipotecario mortgagebond transacción en la cual las comisiones eliminan toda posibilidad de utilidades alligatorspread transacción ficticia wash sale 212 transacciones de los corredores en la bolsa floor trading transacciones entre grandes bancos y entre éstos y otras instituciones financieras wholesalebanking Unidad de preparación de proyectos para Africa Africa ProjectDevelopment Facility (APDF) utilidades no distribuidas retainedearnings valor de primera clase blue chip valor de protección hedge [securitiesmarketJ utilidades por acción eanings per share (EPS) valor de transferencia de ingresos pass-throughs;pass-through securities utilización drawdown valor en libros book value valor security valor en venta continua tap secuñity valor a la par full face value valor intrínseco intrinsicvalue valor con interés creciente step-up (security) valor nominal par value;face value transferencia electrónica de fondos electronicfunds transfer(EFT) valor con interés descendente step-down(secuwity) valor nominal full face value transformación (bancaria) transformation valor con interés progresivo step-up (security) valor nominativo registeredsecurity transformación de los plazos de vencimiento term transformation valor con respaldo hipotecario mortgage-backedsecuñity (MBS) valor precursor de tendencias bellwethersecurity transformación inversa negativeterm transformation valor contable book value unidad compuesta europea European Composite Unit (EURCO) valor cotizado en bolsa listed security transacciones interbancarias wholesalebanking transacciones ilícitas de personas iniciadas inside,insider dealing transferencia de activos (de una sociedad) a cambio de acciones (de otra sociedad nueva) spinoff unidad de cuenta europea (UCE) European Unit of Account (EUA) unidad monetaria europea (ECU) European CurrencyUnit (ECU) valor crítico switchingvalue valor de cada parte integrante de una empresa break-upvalue valor de conversión conversionvalue valor temporal time value valor zebra zero coupon Eurosterlingbearer registeredaccruingsecurities (ZEBRAs) valoración a precio de mercado marking to market valoración bursátil (del capital) market capitalization 213 valores a más largo plazo de oferta continua (COLTS) ContinuouslyOffered Longer-TermSecuwities (COLTS) venta de un crédito fuera del consorcio sell-down venta en descubierto short sale valores con moneda de reembolso opcional coveredoption secunities (COPS) venta sin garantía de suscripción total best effontsale valores de inversión a largo plazo investmentsecurities ventanilla automática automatic,automated teller machine (ATM) valores de oferta continua en francos suizos (COPS) ContinuouslyOfferedPayment Rights in Swiss Francs (COPS) warrant warrantbond valores de primer orden gilt-edgedsecurities valores negociables marketablesecurities valores para inversionistas extranjeros foreign-aimedsecurity; foreign-targetedsecurity[US] variación de precio tick vencimiento único bullet matuwity vender (una opción, un swap) write (an option, a swap) venta divestiture venta de partes de un préstamo whole loan sale venta de préstamos por emisión de valores securitizedloan sales 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; referencezone Distributorsof WorldBank Publications ARCBNTINA C .H,d SRL calriad Guen Flda 16541 Ir-lk 133 3_ Al pINLAND Ab*s Khif,F PO. 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Kowhxm Hong K- NORWAY Narv nfbaon B~ok spdmut P.O.Boa 6125Etad N.06D2Oslo6 13/14 Ae fAi Road New Derihi-1100O92 PHILIPPINES Na.~ir Baax Stoee 701RizlAvnue P.O Box1934 Metro Mani Cane~peae381 F«rs ri$ rs lbrhteiePayot e drA Ab-a Case pt 3312 CH 1W2 Lnne TANZANIA OxfordUniv--ty Pn P.O.Box5299 DaerruS .In THAILAND Centrei Depart ruil SI 306Sila TRINiDAD A TOBAGO,ANTIGUA BARBUDA.BARBADOS, DOMINICA.GRENADA,GUYANA. JAMAICA,MONTSERRAT.ST. KITTS& NEVIS,ST. LuCi4 ST.VINCENT& GEENADINES SyNaui SbdlisUt #9WatStreet R POLAND ORPAN ORxPANu. i 0D-1Wavsaa PORTUGAL PLtiva;anol'.ugal Ru Do Crma 70-74 120DW PFtlb Haou 16-AAaok Mg i'h -w 226 D1 Trinidad,We tindirs TURiCEY Ha~ IKitap-vt.AS. sIa! Cadd,ie No. 469 B uyogi lataibu INDONESIA Pt.Idi. Llmited l1.SamRa~tr 37 P.O. BO181 Jkr Prusat SAUDI ARABIA.QATAR Jirk BoSkiSte P.O. B.. 3196 Riy dhll471 iTALY Uo Co.m.le -rL;r.a ES SPA Vií BenedettoFrtini, 120/10 Casda Paetale552 50125Fia.nce MEMESinf«m;tron SePvi.O. ;ovrrk Jr AlAIa Street Al Da8uuCenter Firnt ~ot P.O.Bo.7i88 Riyadh JAPAN EB tBnSab Se.irc, 37, H.go 3-OmChne, B..ky.lt Tt.kyo KENYA AhOcoBaok Se;ire (EA.) Ld. P.O. Bor4f245 Na~ri KOREA,RE4UBUCOF Pan Knr Bok Cc ttos. P.O. Ba 10i, KC.agwrihun Seoi S~vti MALAYSIA Univernty i MalayaCoapeee6re Bnokahap,Umitad P.O.Bat 1127,Jalan PairtalBarr Ku;Laumpr 113 nt. SA internaui--al BookCite Fi7t6Ho.-, Filiprs.a LifeBuildins Ayala A-v Makath MetroManil Prahana Fha, 2ndFor Ne rTtak«eB Nav~. Ahmedabed-30009Cr AB SWlTZERLAND FiarIgetIls Lbrte Payot 6, rue Gran t t Am PERU Editoial D-rllo Apostada 3824 Liar XUWAIT MEMRBlnforon p.O. Bo. s65 F7rmd W~e~em-WW Boa 30DD4 S10425 Sto&hdm CH 1211Genev.11 FPAIISTAN p¿ B" Agj n 65. ~ hStarhe PO. 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Boa 3 Aitan, Haphitre GUr342PG Eng,and URUGUAY institto Naci---l dd libro Sanm Je 1116 Mca.tivldeo VENEZUELA Ubrli dd lote Aptdo. 60337 Corroal0lMlA YUGOSLAVIA Jgasldovena K.igp P.O. Box36 TegRepubiike YU-ll0D0~sgeade TheWorldBank Headquarters 1818H Street, N.W. Washington,D.C.20433, U.S.A. European Office 66, avenue d'léna 75116Paris, France Telephone:(202) 477-1234 Facsimile:(202)477-6391 Telex:WUI64145WORLDBANK RCA248423WORLDBK CableAddress:INTBAFRAD WASHINGTONDC Telephone:(1) 40.69.30.00 Facsimile:(1) 47.20.19.66 Telex:842-620628 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; Abbreviationsin English,French, and 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 developmentin general. Lestermes et expressionsprésentés dans ce glossaire,qui proviennentdes principauxmarchés des capitauxdu monde,concernent les financeset l'endettement. Le glossairefait une large placeaux systémesde poolde monnaieset de taux baséssur un pool d'emprunts. Il contient aussi des termes relatifsau problémede la dette, au programmed'emprunt de la Banque mondiale(surtout pour ce qui touche aux marchés financiersinternationaux), et quelquestermes utiles dans les domainesde l'économieet de l'analyse financiére. Le glossaireest forméde quatre parties : termes anglais-françaisespagnols,siglesanglais,français et espagnols,francais-anglais,et espagnolanglais. La premiére partie fournit les définitionsen anglais. Les autres glossairespubliéspar la Banque mondialesont Terminologie forestiéreet vocabulaireconnexe (anglais-français),Terminologiede l'approvisionnementen eau et de l'assainissementdu milieu (anglaisfrançais),publiéconjointementavec l'UNICEF,Glossairede l'entretien et de l'infrastructureurbaine (anglaisfranQais-espagnol), et Terminologiede la population (anglais-françaisespagnol).Lesglossairescompletsde la Banque mondiale (anglais-françaiset anglais-espagnol)contiennent des termes économiques,financierset des termes relatifi au développementen général. TokyoOffice KokusaiBuilding 1-1,Marunouchi3-chome Chiyoda-ku,Tokyo100,Japan Telephone:(3) 214-5001 Facsimile:(3) 214-3657 Telex:781-26838 Este glosariorecoge términos relacionadoscon las finanzasy la deuda que se utilizanen los principales mercadosfinancierosdel mundo. En él se presta especialatención a los sistemasde fondocomún de monedasy de tasas de interés basadasen una 'cesta' de empréstitospendientesque empleael BancoMundial. Comprende asimismotérminos vinculadoscon el problemade la deudainternacionaly con el programa de empréstitosdel Banco Mundial(particularmenteen lo que respectaa los mercadosmundiales de capitales),y algunostérminos conexosde los camposde la economía y el análisisfinanciero. El glosario consta de cuatro secciones: inglésfrancés-español;siglasen inglés, francésy español;francés-inglés,y español-inglés.La primerasección incluye definicionesen inglés. El BancoMundialha publicado también los siguientesglosarios especializados:Terminologyof Forestryand Related Subjects,inglésfrancés;Terminologyof WaterSupply and EnvíronmentalSanitation, inglésfrancés(conjuntamentecon UNICEF); Glosariode mantenimiento de la ínfraestructuraurbana, inglés-francésespañol,y Terminologíade población, inglés-francés-español.Losglosarios generalesdel Banco Mundial(inglésfrancése inglés-español)contienen ciertos términosde economíay finanzasy otros términos relacionados con el desarrollo. ISBN 0-8213-1644-3
