Terminología de empréstitos y préstamos

.~~~
R~eport No .
997399z
A
World
Bank
Glossary
Borrowing
and
Lending
Terminology
I
~
~
-
Terminologie
des
emprunts
et des préts
--------
Terminología
de
empréstitos
y préstamos
A WorldBank Glossary
Glossairede la Banque mondiale
Glosariodel Banco Mundial
BorrowingandLendingTerminology
Terminologiedes empruntset des préts
Terminologíade empréstitosy préstamos
English-French-Spanish
FranQais-anglais-espagnol
Español-inglés-francés
The World Bank
Washington, D.C., U.S.A.
Copyright © 1984
InternationalBank for Reconstruction
and Development/ The World Bank
Banque internationalepour la reconstruction
et le développement/ Banque mondiale
Banco Internacionalde Reconstrucción
y Fomento / BancoMundial
1818 H Street, N.W.
Washington,D.C.20433,U.S.A.
Allrights reserved
Tous droits réservés
Reservadostodos los derechos
First printing November1984
Premiéreédition: novembre1984
Primera impresión:noviembrede 1984
Manufacturedin the UnitedStates of America
Publié aux Etats-Unisd'Amérique
Hecho en los EstadosUnidosde América
Libraryof CongressCatalogingin Publication Data
Mainentry under title:
Borrowingand lending terminology.
(AWorld Bank glossaiy= Clossairede la Banque
mondiale = Glosariodel Banco Mundial)
'Prepared by the TerminologyUnit of the WorldBank's
LanguageServicesDivision"-Foreword.
1. Loans,Foreign-Di,ctionaries-Polyglot. 2. Debts,
External-Dictionaries--Polyglot. 3. Dictionaries,
Polyglot. 4. World Bank-Language-Glossaries, etc.
5. InternationalFinance Corporation-LanguageGlossaries,etc. 1.WorldlBank. LanguageServices
Division. TerminologyUnit. Il. Title:Terminologie
des empruntset des préts. Ill. Title: Terminologíade
empréstitosy préstamos. IV.Series.
HG3891.5.B65
1984
336.3'435'03 84-25684
ISBN0-8213-0365-1
iii
Contents-Tabledes matiéres-Indice
Foreword
v
Avant-propos
Prefacio
vi
vii
Borrowingand LendingTerminology
English-French-Spanish
3
Terminologiedes emprunts et des préts
Français-Anglais
Terminologíade empréstitosy préstamos
Español-Inglés
33
47
k
v
Foreword
TheWorldBankconsistsof the InternationalBankfor Reconstructionand Development(IBRD)and its affiliate,the InternationalDevelopmentAssociation(IDA).
The InternationalFinanceCorporation(IFC)is alsoan affiliatedinstitution of the
IBRD.
Thisglossarycontainstermswhich haveappearedor mayappearin documents
dealingwith lendingand borrowingof the WorldBankand IFC.Manyof the terms
are connectedwithIBRD'sborrowingprogram,whichhas recentlybeenunder
scrutinywithin the Bank,in order to increasethe sourcesof borrowing.Asa result,
manydifferentfinancialinstrumentshavebeenconsidered,and it is these that form
a large part of this glossary.
Inevitably,the IBRDhas beenlookingto the twomajorworldfinancialmarkets,
namelythe US. and Eurodollarmarkets-so manyof the termswillbe uniqueto
these twoareas.Asthe languageof these twomarketstends to be mainlyEnglish,
there are frequentlyno exactequivalentsin Frenchand Spanish,and manyof the
terms givenshould be consideredas proposedtranslationsand not standardterms.
Naturally,wherethere is an equivalentused in Frenchor Spanish,or wherethe
expertsin Franceor Spainand LatinAmericancountrieshavean agreed term,it has
beenused.It should be noted,however,that manyof these termswill be used in
Englishbythe experts,evenwhen there is an acceptedequivalentin Frenchor
Spanish.Definitionshavebeengivenfor manyof the terms.Theseare basedon the
Englishterm, except where otherwisenoted,and appear in the English section.
Besidesterminologyused in the financialmarkets,this glossaryalsocontainsterms
relating to the WorldBank'scurrent lendingprogram,includingthe currencypool
and the pool-basedlendingrate (whichare not the samething), banking,accounting,
particularlyratios,as wellas a fewtermsin the fieldsofeconomicsand financial
analysis.The namesof the UnitedStatesand the UnitedKingdomhavebeen
consistentlyabbreviatedto "U.S."and "U.K."
Thisglossaryhas been preparedbythe TerminologyUnitof the WorldBank's
LanguageServicesDivision.The TerminologyUnitgivesspecialthanks to the
followingstaffmembersfor their assistance:CarlosCastaño,CarmenEtcheberryFreund,GladysMurillo,LianneFaili,AnnieMalroux,DanielJimenez,Dominique
Phung, and NadiaRathier.
Anycomments,includingproposalsfor newterms and suggestedalternativetranslations,will be most welcomeand should be addressedto:
TerminologyUnit
LanguageServicesDivision
The World Bank
1818 H Street, N.W.
Washington,D.C.20433,U.S.A.
vi
Avant-propos
L'expression "Banque mondiale" désigne la Banque internationale pour la reconstruction et le développement (BIRD)et l'Association internationale de développement (IDA),qui lui est affil]Lée.
La Société financiére internationale (SFI) est
également une institution affiliée a la BIRD.
Nous avons réuni dans le p résent glossaire des termes rencontrés dans les documents
relatifs aux préts et aux emprunts de la Banque mondiale et de la SFI. Beaucoup de
ces termes se rapportent atuprogramme d'emprunt de la BIRD qui, soucieuse de se
ménager de nouvelles sources de financement, a été amenée depuis peu á s'intéresser
á de nombreux instruments financiers.
II était inévitable que, pouy élargir son programme d'emprunt, elle s'oriente vers les
deux principaux marchés mondiaux de capitaux, ceux des Etats-Unis et des eurodollars, qui ont souvent leur propre terminologie, essentiellement anglaise. Bien des
traductions que nous donnons ne doivent donc étre considérées que comme de
simples suggestions. Naturellement, chaque fois qu'il existe un équivalent accepté
en français ou en espagnol ou que des experts de pays francophones ou hispanophones se sont mis d'accord sur un terme, nous l'avons repris. Il faut toutefois
signaler que méme s'il existe une traduction acceptée en franQaisou en espagnol,
les experts emploient fréquemment le terme anglais. Nous avons généralement
donné une définition qui, sauf indication contraire, est celle du terme anglais.
Outre le vocabulaire emplcoyépar les spécialistes des marchés financiers, ce glossaire
contient des termes relatifs au programme de prét de la Banque mondiale, notamment au pool de monnaies et au pool d'emprunts utilisé pour déterminer le taux
préteur (deux notions différentes), aux opérations bancaires, á la comptabilité (ratios
par exemple) et méme á léconomie et a l'analyse financiére. Les sigles "U.S."et
"U.K."ont été employés systématiquement pour désigner les Etats-Unis d'Amérique
et le Royaume-Uni.
Ce glossaire a été établi par le Service de terminologie de la Division des services
linguistiques de la Banque mondiale, qui tient á remercier particuliérement pour
leur concours Carlos Castaño, Carmen Etcheberry-Freund, Lianne Faili, Daniel
Jimenez, Annie Malroux, Gladys Murillo, Dominique Phung et Nadia Rathier.
Toutes les suggestions qui permettront d'améliorer et de compléter ce glossaire
seront les bienvenues. Priére de les envoyer a l'adresse suivante
Terminology Unit
Language Services Division
The World Bank
-1818II Street, N.W.
Washington,D.C.20433,U.S.A.
vEi
Prefacio
ElBancoMundialestá constituidopor el BancoInternacionalde Reconstruccióny
Fomento(BIRF)y su afiliada,laAsociaciónInternacionalde Fomento(AIF).La
CorporaciónFinancieraInternacional(CFI)es tambiénuna instituciónafiliadadel
BIRF.
Este glosariocontienetérminosque han aparecidoo puedenapareceren documentos sobre operacionesde empréstitoy préstamodel BancoMundialy la CFI.Muchos
de los términosestán relacionadoscon el programade empréstitosdel BIRF,que
recientementeha sido objetode un examencuidadosodentro del Bancocon el fin
de ampliarlas fuentesde obtenciónde fondos.Comoconsecuencia,se han considerado numerososinstrumentosfinancierosdistintos,yson éstos los que constituyen
una gran parte del presente glosario.
Comocabíaprever,inevitablementeel BIRFse ha dirigidoa los dosprincipales
mercadosfinancierosdel mundo-el de los EstadosUnidosy el del eurodólar-, de
modoque muchosde los términoscorrespondena expresionesque se usan
exclusivamenteen dichosmercados.Dadoque el idiomaque se empleaen estosdos
mercadosgeneralmentees el inglés,con frecuenciano se encuentranequivalentes
exactosen españoly francés,por lo que muchasde las traduccionesque se dan deben
considerarsecomosugerenciasy no comotérminosconsagrados.Lógicamente,en
los casosen que se empleaun equivalenteen españolo francés,o en que los expertos
de Españay los paíseslatinoamericanoso Franciatienen un términoconvenido,se
ha usado éste.Noobstante,cabeseñalarque los expertosusaránmuchosde estos
términosen inglés,aun cuandoexistaun equivalenteaceptadoen españolo en
francés.En muchoscasosse dan las definiciones.Salvoindicacióncontraria,éstas
se basan en el término inglésy aparecen en inglésen la seccióntrilingüe.
Ademásde la terminologíausadaen los mercadosfinancieros,este glosariocontiene
términosrelacionadoscon el programaactualde operacionescrediticiasdel Banco
Mundial,incluidoslos referentesal fondocomúnde monedas,el tipo de interés
variablebasadoen una "cesta"de empréstitospendientes,banca,contabilidad-en
particularrelaciones-y algunostérminosque se empleanen los camposde la
economíay el análisisfinanciero.Atravésde todo el glosariolos nombresde los
EstadosUnidosy el ReinoUnidose han abreviadocomo"U.S."y "U.K.".
Este glosarioha sidopreparadopor la Dependenciade Terminologíade la División
de ServiciosLingüísticosdel BancoMundial.La Dependenciade Terminología
expresasu agradecimientoen especiala los siguientesfuncionariospor su asistencia:
CarlosA.Castaño,CarmenEtcheberry-Freund,
LianneFaili,DanielJiménez,Annie
Malroux,CladysMurillo,DominiquePhung y NadiaRathier.
Cualquiercomentario,inclusivesugerenciasrelativasa la inclusiónde nuevos
términoso a traduccionesdistintasde lasque aparecenen el glosario,será bien
recibido.Las comunicacionesdeben dirigirsea:
TerminologyUnit
LanguageServicesDivision
The WorldBank
1818H Street, N.W.
Washington,D.C.20433,U.S.A
Borrowingand Lending Terminology
English-French-Spanish
3
-
A-
AAAbond [cf., top-ratedbond]
obligationde premierordre;obligation
acid-test, liquid, quick ratio
ratio de trésorerie réduite
agency securities, obligations
obligations émises par des organismes
relaciónactivodisponible-pasivo
corriente
fédéraux
títulos de organismosfederales;
(cotée) AAA(marché américain)
Thestandard IBRDdefinitionis the ratio of
cashplus marketablesecuritiesplus
bono,
obligación (con clasificación)
accountsreceivableplus other amounts
Aond
given ighes ratig in he Stndard
readilyconvertibleinto cashto current
Bondglvenhighestratingin the Standard
liabilities.Other definitionsincluderatio of
hge
Poorclassificationf
pro
ondashavegardcurrent
assetsless inventoriesto current
hilhest degreeof protectionas regards
liabilities.ratio of quickassetsto current
emisiones de organismos federales
Securityissued by a l.S. federalagency.
praingipal
agency.
inoot. Tha Ar masit
highestrating
agenc
D boondhas
Aarrasted
1.Bankactingfor a foreignbank.2. Bank
handlingadministrationof loan in a
syndicatedcredit.
bono,obligación(conclasificación)
'A" loan
prét "A"
préstamo "A
StandardWorldBank loan in cofinancing.
liabilities.ratio of cashplus near-cashassets
to currentliabilities,and ratio of cashplus
accountsreceivableplus the marketvalue
of selectedinvestmentsto current
liabilities.In LatinAmerica,relaciónde
pruebaácidaisoften found,whilein Spain
ratiode tesorenfais used.
agent bank
1. correspondant; 2. mandataire; agent
1. banco corresponsal; 2 banco
agente
acceptance, accepting house [U.K.]
maison d acceptation
activity ratios
taux d'activité
agio
agio
agio
Thepremiumwhichthe metallicor other
currencyof a countrymaycommandover
legaltender papermoneywhichis its face
casan deaceptatione
relacionesde actividad
equivalent.
casa de aceptaciones
Merchantbanksin the U.K.specializingin
acceptingbills of exchange.
the actioatiesof a corporation.
allotment
attribution; répartition
actuarial evaluation
distribución
prix comptable
évaluation actuarielle
Allocationof securitiesto membersof the
precioxdcmptabe
evaluaciónactuarial
syndicateinvolved
inthe issue,inthe
A price usedfor accountingpurposes(¡.e.,
not a marketprice).Often used
synonymouslywith shadowprice.
advanced refunding
refinancement anticipé
refinanciamiento anticipado
accounting rate of interest (ARI)
taux d'intérét comptable (TIC)
tasa de interés de cuenta (TIC);
tipo de interés de cuenta (TIC)
Discountrate used to convertfuture values
of benefitsand costsintoequivalentpresent
Refinancingbeforematurity,to take
advantageof favorablemarket conditions.
after-market
aprés bourse
accounting ratio
ratio prix comptable-prix du marché
relación de cuenta
Ratioofaccountingpriceto marketpriceof
a good.
accretedcal] bond
obligation assortie dune option
d'achat au-dessous du pair
bono redimible con descuento antes
de su vencimiento
Discountbondwhichallowsthe issuerto
callthe bond beforematurity,at a discount
from the facevalue.
~A
group of ratiosthat measuremovementin
período "after-market
Theperiodbetweenthe issueof the security
and liftingof syndicaterestrictionsin the
fixed-interestand Eurobondmarkets.
Sometimesused incorrectlyas a synonym
for secondanj market(q.v.).
after-sight bill
traite á un certain délai de vue
de
letra a cierto plazo de la fecha de
presentación
Billof exchangewhichbecomespayableat
a certaindate after presentationfor
acceptance.
agency fee [Euromarket]
commission de gestion
comisión de gestión
Eurobondand U.S.securitiesmarket.
all-purpose bank, see combined
commercial and investment bank
amortization
amortissement; remboursement [préts]
1. amortización; 2 depreciación
1.Thegradualextinguishmentof any
amountovera periodoftime (e.g.,the
retirementof a debt).2.Areductionof the
bookvalue of a fixedasset.
amortization adjustment factor
[currency pool]
facteur d'ajustement de
l'amortissement
factor de ajuste para fines de
~~~~amortización
Theratio of the currentvalue,in termsof
the U.S.dollar.of the principaloutstanding
of a loan at the commencementof business
of a dayto tbe correspondingtotal of
withdrawalsfromthe LoanAccount.net of
recalls for amortization.
annuity bond
bonode
ptitre
rente
bono perpetuo,de renta Ivitalicia
4
apex loan
price. When the market price is high, the
securities, does not want to do so at the
prét pyramidal, en cascade
préstamo en pirámide, en cascada
investorreceivesproportionallylessstock
and viceversa.
prevailingrate,and,therefore,doesnot take
up deliveryof the securitiesbut carries
Loan whereby IBRD lends money to an apex
delivery over to the next accounting period.
developmentfinancialunit whichonlendsit
to participatingfinancialinstitutionswhich,
in turn, onlend it to industrialcompanies.
(Theopposite of contango.)
backwardation rate
intérét de déport
-
B-
arbitrage
arbitrage
arbitraje
,
pret "33"
Buying(or borrowing)in one narketand
selling(or lending)in another.
préstamo "B"
Loanmadebythe WorldBankinvolving
cofinancing.
tipo de interés pagado por
aplazamiento de entrega
prét 'B"
prsao""balance-sheet
arbitraJe
arbitrageur
ratio
ratio tire du bilan
relación derivada del balance general
Ratio based on figures appearing in the
back-to-back (loan, borrowing)
1. échange de monnaies différentes; 2.
(crédit) adossé; 3. (crédit) face á
arbitragiste
arbitrajista
Person systematically engaged in arbitrage
face; 4. opération couplée
balancesheet.
balloon loan
prét ballon
d'emprunts; emprunt de
contrepartie
1.préstamos cruzados en divisas; 2
crédito con garantía de otro crédito;
R3.
préstamo con intermediación de
un banco; 4. empréstito de
contrapartida
1.Operationswherebya loan is madeinone
préstamo "balloon` préstamo
amortizable en su mayorparte al
vencimiento
Aloanrepaymentscheme,underwhichthe
lan repaymentscher unthe pre
loan js repaid at maturity.
BAN, see bond-anticipation
transferprice).
currency in one country against a loan in
another currency in another country (e.g., a
U.S.dollarloan inthe U.S.against a pounds
ask(ed) price [securities rrarket]
cours de l'offre
precio vendedor
The priceat whicha securityor commodity
sterlingloan in the U.K.).2.Acredit opened
bya bank on the strength of anothercredit
(e.g.,if a Britishmerchantbuyscotton in
Egyptandsells it to a Belgianwho
establishesa credit for paymentto the U.K.
bank bill
acceptation de banque
pagaré bancario, letra bancaria
Commercialbuí acceptedby a bank.
firm,then the firm may be able to use this
as a security for opening a credit to finance
paymnentto the Egyptian.) 3. A scheme
banker's acceptance
acceptation de banque
dealing.
ARI,see accounting rate of interest
arm's length (price)
(prix) normal du marché; (prix) de
pleine concurrence
precio de mercado
Price between corporations under fully
competitive conditions (the opposite of
is quoted or offered for sale.
ATM, see automatic
teller machine
automatic teller machine (ATM)
guichet automatique de banque (GAB)
ventanilla automática; cajero
automático, permanente
wherebya bank bringstogethera borrower
and a lender sothat they agreeon a loan
contract.4.Refersto a variable-rateloan
madebyIFCto a borrower,for whichthe
fundsare borrowedfromthe IBRD.Also
availability clause, see switch clause
calledmatchedfunding.
aval
back-up line of credit
ligne de crédit de protection, de
aval
aval
soutien. auxiliaire
note
aceptación bancaria
UeS.andCanadiantermnbracbuíof
exchangewhichhasbeen acceptedbya
banker.
bankerfs draft
chéque banque; chéque tiré
letra de banco; cheque de banco
Adraft payableon demandand drawnby,or
on behalf of, a bank upon itself.
bank money
exchangeor promissorynote with the
backwardation
signature of a third person appearing on the
déport
bill.
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
priceis higherthan the forwardprice.2. In
the stockexchangemarket,a chargepaid
byan investorwho hasnot yet acquired
money in a particular security, regardless of
repayments.In somecases,the term is used
to referto a scheme,underwhichthe whole
línea de crédito de apoyo
Guarantee of the payment of a bilí of
averaging
amélioration des prix moyens (d'un
titre)
inversión periódica de monto
constante
The practiceof investinga fixedamountof
last repayment is larger than the previous
monnaie scripturale
depósitos bancarios
Money on deposit at a bank.
bank quality bond
obligation pouvant intéresser les
banques
bono de calidad bancaria
Boiidsrated in the top fourcategories(AAA,
AA,A,and BBB)and generallyregardedas
eligible for bank investment.
5
bank trust departments
services bancaires de gestion financiére
departamentosfiduciariosde bancos
basis point
centiéme de pour cent: point de base
centésimo de punto porcentual
0.01per cent of yieldle.g.,of a security).
bearer bond
obligation au porteur
bono, obligación al portador
A bondwhosetitle is to the bearer(i.e.,it is
presumedto be ownedby its holder).The
sameas coupon bond
bill of exchange
lettre de change
letrade cambio
acción gratuita
Anunconditionalorderin writing,
addressedby onepersonto another,signed
bythe persongivingit, requiringthe person
to whomit is addressedto payon demand,
or at a fixedor determinablefuture time,a
sumof moneyto,or to the orderof,a
specifiedpersonor to bearer.
A sharegivenas a bonusto purchasersof
such shares.
blue chip
placement de pére de famille;valeur de
pére de famille; valeur de premier
ordre
valorde primeraclase;acción de
bearer market
marché de porteurs
primera clase
Shareor securityof top-ratedU.S.
mercadode títulos al portador
corporation.
bearer note
bon au porteur
bonus share
action gratuite
bond
obligation
book-entry security
titre relevé
titulo consistente en un asiento
bancario
U.S.term for a security.not in the formof
a certificate,but as an entry in an account
at a bank.Eightypercent of marketableU.S.
Treasurysecuritiesare nowheld in
book-entryform.
book value
valeur comptable
valorcontable,en libros
Thenet amountat whichan assetappears
on the books of account.
pagaréal portador
bono;obligación
border price
Notewhereownershipis transferredmerely
byhandingover,as opposedto registration.
bearer scrip, see scrip certificate
Debt instrumentwith maturityof longer
than oneyear.Notethat U.S.bonds are
usuallysecured,whileU.K.bondsand
Eurobondsare usuallyunsecured.
prix frontiére; prix franco frontiére
precio en la frontera: precio fronterizo
Priceof a tradablegoodat a country's
border or port of entry.
bearer security
titre au porteur
bond-anticipation note (BAN)
avance de préémission
borrower's indebtedness subaccount
[currency pool]
título al portador
pagaréen previsiónde una emisiónde
bonos
sous-comptedébiteur de l'emprunteur
subcuenta de endeudamientodel
bellwether security
titre précurseur
valor precursor de tendencias
A securitythat seemsto leada market
movementor economictrend.
Short-termborrowingthat servesas an
interimsourceof fundsfor aprojectthat is
eventuallyto be financedbythe saleof
bonds.
prestatario
Principaloutstandingon a borrower'sloan.
bond certificate
préstamoen valoresgarantizadopor
otro(s)valor(es)
best efforts sale
vente sans garantie d'émission
venta sin compromiso de garantía de
emisión
Anewissuewhichis not underwrittenand
not purchasedas a wholefromthe issuer,
but issold bysecuritiesdealerson a "sell
what can be sold" basis.Usedin the U.S.
securitiesandsyndicatedEurocredit
markets.
bid price
cours
pric hete ur
cours acheteur
certificat nominatif
certificado nominativo
Certificategivento the holderof a
registeredsecurity.
bondholder
porteur de titres, d'obligations
tenedor de bonos
bond-rating agency, see rating agency
bond sold on tap
obligaond
sol on ndue gutapet ouver
obligation vendue a guichet ouvert
precio comprador;precio de compra
bono de venta continua
Thepriceofferedfor a securityor .
commoditybya prospectivebuyer.
Abond issuedon an `as required"basis(i.e.,
it iscontinuouslyavailableand may be
obtainedon demand).The issuermay
determinea maximumamountfor the issue.
bill broker, see discount house
borrow-pledge security loan
prét de titres garanti par d'autres titres
Securityloanwhereoneor moresecurities
are postedas collateralfor the borrowed
security.
bought deal
prise ferme
emisión adquirida anticipadamente
por un consorcio bancario
Bondissuewherea groupof investment
banksagreeto purchasean entire issuefor
their ownaccountor for resale,priorto
announcingthe issue to the market.
break clause, see jeopardy clause
break-even point [stock market]
niveau d'indifférence
punto de equilibrio
Point where two strategiesare equivalent.
6
broad money [cf. M3]
monnaie, masse monétaire au sens
large
dinero en sentido amplio
buying rate [securities market]
prix acheteur
precio comprador
The pricethat a buyerwillpayfor a security.
callable bond
obligation remboursable avant
l'échéance
bono rescatable, redimible antes del
vencimiento
broker
[stock exchange] agent de change;
agent boursier; [foreign exchange]
Bond with a call option.
cancellation (of a debt)
courtier
-
_
-
remise (d'une dette)
corredor(de cambio, de bolsa);agente
(de cambio y bolsa)
call-and-put option, see straddle
broker loan rate
taux d'avances sur titres
tipo para préstamos con garan tía de
valores
call loan
pret au jour le jour
préstamo a la vista
A loanon a demandbasis(i.e.,whicheither
The rate banks charge to securities dealers
the borrower or lender may terminate at
approfondissement
and brokerson loansmadewithstockas
collateral.
will).
aumento del capital con respecto al
trabajo
Actionwhichincreasesthe relativevalue of
capitalin relation to labor (cf.capital
widening).
brokerage
courtage
corretaje
coellicient deaBruno
coefficient de Bruno
relación de Bruno
Alsoknownas domesticresourcecost ratio
(q.v.).
Bulldog bond
obligation "bouledogue"; obligation
étrangére émise á Londres
bono "bulldog"
Bond issued in pounds sterling on the
condonación (de una deuda)
call money; day-to-day money; demand
money; money at call
argent au jour le jour; crédit á vue, á
trés court terme; avances á vue
dinero exigible; dinero a la vista
Moneydepositedin an interest-bearing
account,that canbe calledby the depositor
on a day'snotice.Oftenappliedto money
lent bybanksto stockexchangebrokers,
which maybe called at any time.
call-money rate
taux de l'argent au jour le jour; taux
des avances á vue
tipo de interés para préstamos a la
vista
Londonmarketoutside the U.K.
bullet issue
emprunt remboursable en une seule
fois; emprunt remboursable in fine
préstamo reembolsable de una sola
vez a su vencimiento
Aniissueto be repaidin a lump sumat the
end of its term rather than gradually.
call option
option d'achat, de rachat
opción de compra
Optionto purchasedesignatedsecuritiesat
a predeterminedpricewithina specified
time limit.
capital base
assise financíére; parfois, fonds propres
base de capital
capital deepening
du capital
capital-deepening investment
investissement de productivité
inversión orientada a aumentarla
eficiencia de la producción y
reducir los costos
Investmentaimedat increasingproduction
efficiencyand loweringcosts.
capital issue
émission de titres
emisión de valores de capital
capital market
marché de capitaux; marché financier
mercado de capitales
capital redemption reserve funds
compte de réserves pour le rachat du
capital des actions
fondos de reserva para redención de
capital accionario
Specialaccountheld bya corporationto
repurchasepart of its shares.
bunching (of maturities)
concentration (des échéances)
acumulación (de vencimientos)
call premium
prime de remboursement
prima de rescate
Theamountoverthe issuepricewhena
bond is redeemed.
buoyancy, see tax buoyancy
call protection
capital widening
buy-back [Canadal
prise en pension
protection contre un rachat anticipé
protección contra rescate anticipado
Protectionavailablein purchaseof bonds,
wherebya periodis fixedduringwhichthe
bond may not be redeemed.
élargissement du capital
ampliación del capital
Investmentthat incases the absolute
value of capital(cf capitaldeepening).
recompra
A repurchaseagreementin the Canadian
short-termcommercialmarket.
capital stock, see equity capital
capitalzation
capitalisation
capitalización
Totalauthorizedpar valueof the stocksand
bonds of a corporation.
7
carry-over
report de crédits
saldo que pasa (al ejercicio siguiente)
Fundsunused duringa financialyearwhich
are transferredto the budget for the
followingfinancialyear.
city bank [Japan]
grande banque
gran banco
Majorcommercialbank,locatedin a city,
dea]ingwith corporationsand major
accounts(as comparedto a local bank).
functionsthesecarryoutaredividedamong
the members.in order to save fees.
colead manager, see comanager
cash management
gestion de (la) trésorerie
gestión de caja, de liquidez
clean
(en) blanc; simple; non garanti
sin garantía escrita
Refersto a moneymarketoperation
without underlyingdocumentarysecurity.
(Notethat in the U.K.cleanmeans
"'exclusiveof accruedinterest.")
préstamo cofinanciado
comanager; colead manager
co-chef de file
banco codirector, coadministrador
Lenderrankingnext to leadmanagerin a
Euroloan.
cash-management account
compte de gestion de trésorerie
cuenta de administración de fondos
Aninterest-bearingcurrent account,
normallyheld with a stockbroker.
cash-management bill
bon du Trésor á trés court terme
bono del Tesoro (EE.UU)a muy corto
plazo
Bill introducedbythe U.S.Treasuryin 1975,
designedto raisefundsquicklyfora short
period,rangingfrom nine to twentydays'
maturity.Paymentmust be madein federal
funds.
cash market, see spot market
cash risk; liquid-holdings risk
risque lié á la rentabilité des liquidités
riesgo de liquidez
Riskto actual cashreceiptsdueto
differencein spread betweenmoney
borrowedmediumterm and reinvested
short term.
cash security loan
prét de titres garanti par des fonds
préstamo de títulos con garantía en
efectivo
Securityloanwherecashis postedas
collateralfor the borrowedsecurity.
CD, see certificate of deposit (CD)
certificate of deposit (CD)
certificat de dépót
certificado de depósito
clean advances
avances non garanties
anticipos sin garantía escrita
clean float
flottement pur, non dirigé
flotación limpia
Floatingof currencywherethe valueof the
currencyis controlledbythe marketrather
than the authorities.Oppositeof dirtyfloat.
c:learingagreement
accord de compensation; accord de
paiement
acuerdo de compensación
clearing bank, see investment bank
coloan
prét cofinancé
combined commercial and investment
bank; multibank; all-purpose bank
banque "multiservices", á tout faire, á
vocation générale, polyvalente
banco múltiple; multibancof Ch¿,
Mex.]
comfort
sécurité
garantía (dada por terceros)
Securityofferedin a commercialloan in the
form of a guaranteeor cofinancingfrom a
parent company,government,or
internationalorganization.Seealso letterof
comfort
commercial bank; clearing bank [U.K.]
banque de dépot, commerciale
banco comercial
cleanng house
chambre de compensation
cámara de compensación
Anorganizationset up byfinancial
institutionsagreeingto initiateandreceive
amongthemselveselectronictransfersof
funds authorizedby their customers.
closed-end (investment) fund
société d'investissement á capital fixe;
société d'investissement fermée;
fonds de placement fermé
sociedad de inversión con número de
acciones fijo
U.S.term for an investmentcompanywitha
commercial bilis, see commercial paper
commercial lending
préts á des conditions commerciales
préstamos en condiciones comerciales
Lendingnot alwaysat marketrate but
under normalmarketconditions(e.g.,as
regardsmaturity,reimbursement)(cf.
market-relatedlending).
commercial paper; commercial bilis
effets de commerce; papier commercial;
papier financier
efectos comerciales, papel comercial
fixed number of shares outstanding. The
shares represent an interest in the fundas
Promissory notes normally having a
Certificate of an interest-bearing time
depositwith a bank.
portfolio.Newshares maynot be issued.
companiesor institutionsto raisecashfor
changes in working capital statement,
seestatementof changes in financial
position
club loan
crédit consortial (sans chef de file)
préstamo concedido por un club
purposesof workingcapital.A major
borrowinginstrument for first-class
borrowersin the L.S.and Canada.
chartered bank [Canada]
bancario, por un consorcio
Loanwhereby,insteadof one bank being
designatedleadbank and others
comanagersor underwriters,the various
banque á charte
banco comercial
maximum maturity of 270 days sold by
8
commissioned company [.Japan]
société mandatée (par la Banque
mondiale pour la représenter á des
émissions d'obligations au Japon)
compañía comisionada; sociedad
comisionada
Agentin Japanwhichactsfor the IBRD(or
other non-JapanesefinanciaJinstitutions)
in the issueof bondson the Japanese
market.
commitment authonity
pouvoir d'engagement
facultad para contraer compromisos
contingent obligation [IBRD]
engagement conditionnel
obligación contingente
Typeof IBRD"B"loan (q.v.)wherebythe
loan is initiallyfinancedentirelyby the
commerciallender with IBRDhavinga
contingentcommitmentto financeat a
givendate (i.e.,at the endof the duration
considered"normal"bythe commercial
marketsfor the specificborrower)the
core inflation
infliation de base
inflación básica
remainingbalanceof principal(if any),if
the commerciallenderschoosenot to
financethis amount.
corporateright
part socisle
derecho (del accionista)
Rightsheld by a partner in a corporation.
corporate bond
obligation de société
bono de una empresa privada, de una
compañía, de una sociedad
anónima
continuation rate, see contango rate
commitment fee; stand-by fee
commission d'engagement
comisión por compromiso, por
inmovilización de fondos
common stock
actions ordinaires; actions de capital
acciones ordinarias
consol, see nonmaturing,
nonredeemable government bond
consolidated discount noles
bons a prime (d'émission) consolidés
áprimedesconta iosconsolidaos
pagares
Consolidationof severa]issuesof discount
notes into nne uniformunte.
consumption rate of interest (CRI)
taux dactualisation de la
consommation
tasa da interés del consumo (TICO);
tipo de interés del consumo (TICO)
Therate at whichthe value ol-a unit of
currencydestinedfor consumptionfalls
overtime,usuallyexpressedas an annual
percentage.
contango
report
"Icon
ontango`
tango"
contract financing
financement
sur contrat
financiamiento con garantía de
contratos
Projectfinance,involvingthe useof
commercialcontractssuch as a ship charter
or take-or-paycontractas securityfor the
loan.
conversion discount
décote de conversion
descuento de conversión
Ratioof the marketvalue of a convertible
securityto its conversionvalue (q.v.l
expressedas a percentage.Whenthe
rmarketvalueof the securityis lowerthan
the conversionvalue,this ratio issaid to be
a discount.
conversion premium
conversionprmu
d
prime de conversion
Ra de marsióv
Ratioof the marketvalueof a convertible
securityto its conversionvalue(q.v.)
expressedas a percentage.When the
marketvalueof the securityis higherthan
the conversionvalue.thisratio issaid to be
a premium.
conversion price
country exppsure
engagement par pays
compromisos por países
coupon
coupon
cupón
Aslip attachedto a bearerbond.whichcan
be detachedand exchangedfor an interest
paymentnr dividend due ata specific date.
Alsousedto describethe nominalannual
rate of interestwhicha borrowerpromises
topaytheholderofafixed-incomesecurity.
Colloquially.inthe U.S.domesticmarket,
usedto describea U.S.Treasurynote or
bond.
coupon(-bearing) hond
obligation munie de coupon
bono con cupón
Bond with coupon attached. Also called
bearerbond
coupon equivalent yield
rendement converti en taux d'intérét
rendimiento equivalente a un interés
nominal
The yieldobtainedfromthe difference
betweenthe purchasepriceandthe face
noninterest-bearing
of a short-term
value
as a percentage,
expressed
instrument,
prix de conversion
precio da convoersión
determinedbythe differencedividedbythe
settlementof a traiisactioinfromone
accountperiodto another.(Theoppositeof
The pricewhichsu investormust p fora
share if he buysa convertiblebondfirstand
l
later convertsit intn sbares.
coupon note
backwardation.)
conversion value
contango rate; continuation rate
intérét de report
parité de conversion
valor de conversión
Theconversionpricemultipliedbythe
current priceof the security.
fowaerd
is cowmedthanmarhet,
sk
ecs
priceInthe
is lower than the forward price. In the stock
exchangemarket,the feepaid.byan
investorfor the privilegeof carrvingthe
interésde "contango"
Thedifferencebetweenthe cashand
settíementprices.
purchase price.
bon-coupon
pagaré con cupón
Note with couponattached.
coupon paper
titres assortis de coupons
títulos con cupón
Paper with coupon attached.
9
coupon rate
taux de coupon
crowding-out
éviction
liabilities into U-S.dollar amounts,
regardless of the actual currency in which
interésnominal
desplazamiento
they are denominated.
Interest to be paid regularly on the face
value of a long-term debt instrument.
Anydisplacement of private economic
activity by public economic activity.
current coupon (rate)
taux de coupon courant
creative financing
formules nouvelles, inédites, originales
de financement
financiamiento innovador
cumulative preferred stock
actions cumulatives privilégiées
acciones preferenciales, (preferentes,
preferidas) acumuladas
Preferredstockwherethe unpaiddividend
isheld over,totallvor partially,when there
areno returns in a financialyear,or the
returnsare insufficientto distributethe
dividendfixed for these shares.
interés nominal coriente
1.In fixed-ratesecurities.a couponrate
whichapproximatescurrent yieldlevelsfor
similarsecurities.Straightdebt securities
withcurrent couponshavepricescloseto
par.2.In floating-ratesecurities,the rate of
interest on the current interest period.
credit standing; creditworthiness
honorabilité [client privé];surface
financiére; solvabilité; capacité
iendettemnent
solvencia; solvencia crediticia
currency-linkedbond, see option bond
CRI, see consumption rate of interest
cross-currency interest hedge;
double-hedge swap
swaps portant á la fois sur les taux
d'intérét et sur des monnaies
currencyoption bond, see option bond
currency pool
pool de monnaies
fondo común de monedas
protecciónde 'swap"doble
current ratio; working-capitalratio
ratio de liquidité générale
relación corriente[América Latina];
coeficiente de solvencia[Esp.]
Ratioof current assetsto current liabilities.
It is the main liquidityratio.
cushion bond
'cushion bond"
bono amortiguador
Techniquethat combinesshiftfroma
floatingto a fixedrate of interest,together
witha shift fromliabilityin one currencyto
liabilityin another.
currency pooling system
systeme du pool de monnaies
sistema de fondo común de monedas
Asystemset up bythe WorldBankto
A high-couponbondsellingat a priceabove
its calI or optionalredemptionprice.
cross-default clause
clause de manquement réciproiue:
equalizeamongallborrowers,at anytime,
the risksinherentin fluctuationsin the
exchangeratesof the currenciesdisbursed
obligation cautionnée
letra aduanera garantizada
Specialtypeof credit in Francegrantedby
and repayableon all Bankloansincludedin
the system.Equalizationis achievedby
the state to corporationsto allowthemto
payindirecttaxes or customsduty,with a
clauseladrecigioiaie crsoise
incsum
plimiento
custom-duty bill
A clause io a loao agreement specifying that
pooling all currencies disbursed and
Adc]aulton anyother
loan
armto s thecifyingotoutstanding
on participating loans and by
default0e anyrother loansto the borrower
expressingthe outstandingprincipal
guarantee provided by a bank or other
financial institution. These bills allow the
shall be regarded as default 00 tbis one.
amount of each such loan as a share of the
value-added tax or customs duties. The
cross-over discount rate; equalizing
pool. Asa result, loan-serviceobligations on
state draws up a bill for the amount in
discount rate
taux d'indifférence: taux dégalisation
des valeurs actuelles
tasa de actualización de equilibrio
Thediscountrate that equalizesthe net
presentvalueof twostreamsof benefits
and/or costs.
eachparticipatingloan are relatedto all
amountsinvariouscurrenciesdisbursed
andoutstandingon al] loansin the system.
currency swap
swap de monnaies, sur le cours de
change
intercambio de monedas
questionwhichthe corporationagreesto
pay on maturity.
crowding-in
attraction
aracción
atraccion
Systemwherebyan institution withfunds
in onecurrencyconvertstheminto another
and entersinto a forwardexchangecontract
to recoverthe currencyborrowed.
Occurswheregovernmentbondsare
sufficientlygood moneysubstitutesso that
bondissuesreducedemandfor money
balances,leadingto an expansionaryimpact
via their effecton portfoliocomposition.
day-to-day money, see call money
dealer [options market]
dagent[optiontrepartiet
agent de contrepartie
agente de contrapartida
currency translation
conversion monétaire; traduction
monétaire
traducción de monedas
Recordinginaccountsof assets(or
liabilities)in one currencywhen theyare
actuallyinanother.Noactual exchangeof
fundstakes place.TheWorldBankand IFC,
for example, translate all their assets and
corporationto defer paymentof
-
D-
dealer [stock market]
agent boursier; opérateur (sur le
marché)
agente de bolsa; corredor de bolsa
..
securities dealer
'o
debenture (bond)
1. obligation non garantie; 2.
obligation
debt ratio
ratio de solvabilité
detachable warrant
warrant détachable
relación de endeudamiento
1. bonosin garantíaespecífica;
debenture[Arg.,Chile];2. bonocon
garantíade activos
Ratioof total liabilitiesto total assets.
certificadoseparable;"warrant"
separable
1.U.S.:Unsecuredbond.2.U.K.:Loan
securedagainstspecificor generalassetsof
a company.
debenture stock [U.S.]
actions de priorité
accionesprivilegiadas
Aspecialtypeof stockconferringrights
superiorto both preferredandcommon
stock.Notethat in the U.K.debenturestock
is the equivalentof the U.S.debenturebond
(ile.,an unsecuredbond).
debt certificate
certificat de reconnaissance de dette
certificadode adeudo
Loansagainstborrowers'notes,whichare
privatelyplacedand can onlybe transferred
by formalassignment.
debt-equity ratio; debt-to-equity ratio
ratio d'endettement
relación deuda-capita¿ coeficien te de
endeudamiento[Sp.]
Mainlyused to describethe rat:ioof total
liabilitiesto shareholders'equity(net
worth).It can alsobe used to describethe
ratio of long-termdebt to equity,net
long-termdebt to equity,total or long-term
debt to tangibleequity ( equityplus
revenueplus capitalreserves).AI]these
definitionsare usedin the WorldBankand
IFC,so careshouldbe taken in translation
to ensure the correctterm is used.Other
definitionsare used outsidethe World
Bank
debt-for-debt swap
swap sur des dettes
intercambiode deudas
Swapinvolvingthe exchangeof a new
obligationfor an existingobligationheld by
investors.A techniqueused recentlyin the
U.S.in conjunctionwith original-issue
discountbonds (q.v.)as a mearisof
realizinga capitalgainon the retirementof
arelativelylow-couponexistingissue,and
at the sametime,achievingan interestcost
savingdueto specialtax treatmentof an
origina]-issuediscountbondissuedas part
ofsuch a swap.NewU.S.tax lawsmightwell
change this advantage.
debt-service coverage
couverture du service de la dette
coberturadel serviciode la deuda
dirty float
flottement impur, contrólé, dirigé,
assisté, soutenu
Ratioof net incomeafter taxes plusinterest
flotación impura,dirigida
on long-termdebt plusdepreciationto debt
service.
Floatingof currencywherethe valueof the
currencyis controlledbythe autborities
ratherthan the market.Oppositeof clean
float
debt-service ratio
ratio du service de la dette
relacióndel servicio de la deuda
Externalpublicdebt-serviceratio (ie
interest and principalpayments)as adisagio
percentageof exportearningsfromgoods,
nonfactorservices,andworkers'
remittances.
debt-to-equity ratio, see debt-equity
ratio
disagio
disagio; déport
Differencebetweennominalor par value
and underlyingmarketvalue.
disaster clause, see jeopardy clause
discount [bilis]
escompte
debt warrant
warrant obligataire
certificadoparacomprade bonos;
"warrant"para compra de bonos
Bondwarrant,givingan investorthe right
to buy additionalbondsat a predetermined
price/yield.
deep-discount bond, note
obligation á prime d'émission élevée
bono de descuento intensivo
Bondwith relativelylow-couponrate of
interest,offeredwitha discountin excessof
what can normallybetreated as capitalgain
by the investor.
demand money, see call money
depositary receipt
titre en dépót
certificadode depositario
Atechniquedevisedto permittradingin a
security,eventhough the securitydoes not
fulfilthe requirementsfor listingon the
localstockexchange.Asecurityis bought
and registeredin the nameof the depositary
bankor company,whichwillissuea receipt
certifyingthat the receiptconveysthe tit]e
to the securitydepositedwith it or held to
its order.Ifthe receiptis in bearer form,it
can then be freelyhought andsold,
whereasdirect dealingin the stockwould
haveneeded registrationof the new
owner'sname everytimethe security
changedhands.
descuento
Differencebetweenpricepaidand face
value of a bill or other paper.
discount [bonds]
prime d'émission
descuento
Differencebetweenpar valueand purchase
priceof a bond.
discount; markdown [foreign
exchange]
déport
descuento
In foreignexchangerefersto a situation
wherecurrencycan be boughtmore
cheaplyfor a futuredate than for immediate
deliveryForexample,ifUS$1huysFF4 for
deliverynow,whileit buvsFF5 for delivery
twelvemonthshence,thenthe francissaid
to be at a discountagainst the U.S.dollar.
discount, to
mobiliser
descontar
Todiscounta bill meansto buy it for less
than its facevalue,the differencebetween
the pricepaidand the facevalue
representingthe impliedrate of interest
receivableby the purchaser,during the
periodbeforethe bill is repaid.
discount bond
obligation á prime (d'émission)
bono descontado
11
discount from par [securities market]
décote
disintermediation
desintermédiation
double hedge swap, see cross-currency
interest hedge
descuento sobreel valora la par
desintermediación
double-weightedborrowingcost
Amountbelowfacevalueat whicha security
is traded.
1.Shift of fundsawayfromfinancial
intermediaries(commercialbanks,etc.)into
U.S.Treasurybillsand other securities.2.
Shift bylarge corporationsawayfrombanks
to a parallelmarket,involvingother large
corporations.
discount rate
1. taux d'actualisation; 2. taux
d'escompte
[IBRD]
coút des emprunts doublement
pondéré
costo de los empréstitos con doble
ponderación
Whencalculatingborrowings,the IBRD
takesthe amount ofthe loan,multipliesit
distressed loan
bythe interest rate,andobtainsa total for
prét en difficulté
the interest.Allthe loansare addedandall
préstamo que se halla en dificultades
the interest totals.Thefirst sum is then
Loanon whichrepaymentof interestand
dividedby the secondto obtain the
principalhas been severelydelayedor
weightedaverageinterest.This is the
completelysuspended.
single-weightedborrowingcost.Recently,
interest
the IBRDhas obtainedthe
totalby
dividend-right certificatethIRDhsoaieteinretoalb
multiplyingthe amountof the loan by the
bon de jouissance
interestand the numberof yearsto
bono de usufructo
maturity,to take into accountthe fact that
Equitypaperwhichdoes not conferany
it has loansof varyingmaturities.The
ownershiprights (e.g.,votingrights),but
weightedaveragedinterest obtainedfrom
grantsthe holderthe right to participatein
this calculationis calledthe
the net profitand liquidationproceedsand
double-weightedborrowingcost.
the right to subscribeto newsharesin the
case of a rights issue.
DRC,seedomestic resource cost
(DRC)
dividend-right share
action de jouissance
drop lock
acción de usufructo
clause "drop lock"; clause de
Equitypaper,issuedin the placeof repaid
verrouillage au taux plancher
1. tasa de actualización;2. tipo de
shares,conferring
membership
rightsand
congelacióndel interésen un nivel
redescuen to
1.Annualizedrate of discountappliedto
debt securitiesissuedbelowpar (e.g.,U.S.
Treasurybills).2. Rateat whicha central
bank (FederalReserveSystemin the U.S.)
(re)discountscertain billsfor financia]
institutions.
the right to participatein the distribution
of profitsand]iquidationproceedsof a
corporation.
dividend stock
actions bénéficiaires
acciones con derecho a dividendo
mínimo (cuando la tasa de mercado
desciende a menos de ese nivel)
Clausein floating-ratenote whereby,if
marketinterest ratesfallbelowa specified
minimum,the rate of interest is fixedat that
minimumand "]ocked"in for the remaining
life of the loan.
discount window
escompte officiel
domestic resource cost (DRC)
coút en ressources intérieures;coút
Dutch auction [U.S.]
adjudication á prix uniforme
discount house; bill broker
maison de réescompte
casa de descuento
Intermediarybetweencentralbank and
bankingsystem,providingliquidityand
ensuringthe efficientoperationof the
moneymarket.Doesnot existin the U.S.,
but doesexist in the U.K.,France,South
Africa,and Singapore.In the U.K.,a
discounthousetends to be largerthan a bill
broker.
discount note
bon á prime (d'émission)
pagaré descontado
Note(i.e.,short-or medium-termbond)
issuedat a discountfromits facevalue.On
maturity.the investorreceivesthe full face
value.The discount frompar. thus.
correspondsto the return on the
investment.
redescuento
Rediscountfacilityofferedbycentral bank
(FederalReserveSystemin the U.S.).
discount without recourse
escompte á forfait, en ducroire, sans
recours
descuento sin recurso
Purchaseof negotiableinstrumentswhere
the buyerwaivesthe right of recoursein
respectof the sellerof the instrument,to
which the buyer would be entitled.
réel des devises
costo en recursos intemos
Cost of resourcesused in productsthat are
not imported.
domestic resource cost ratio
coefficient de coút en ressources
intérieures
coeficiente de costo en recursos
in ternos
Ratioof the costof allfactorsof domestic
origin (evaluatedat their opportunitycost)
to the domesticaddedvalue(at world
prices).Alsoknownas Bruno ratio(q.v.).
adjudicaciónaprecio uniforme;
subasta a la baja
Acompetitivebiddingtechniquesometimes
used in U.S.securitiesmarkets,wherebythe
lowestpricenecessaryto selíthe entire
amountof securitiesofferedbecomesthe
price at which all securitiesare sold.
12
-
E-
Eurocommercial
paper
even roll
effets de commerce en eurodevises
refinancement pour un montant égal
early redemption option bond, see
retractable bond
efectos comerciales en eurodivisas
Commercialpaperissuedin a Eurocurrency.
economic price; efficiency price
prix économique
precio económico
Pricereflectingrelativevalueto beassigned
to inputsand outputs if the economyisto
Eurocurrency
euromonnaie; eurodevises
euromoneda, aurodivisas
Acurrencydepositheld outsidethe country
which issuedthe currency.
refinanciamiento de monto igual
Refunding,whereapproximatelythe same
amountof debt isbeingissuedfor the old
debt.
producete mnaximum
valueof physical
output efficiency.
Eurocredit
eurocrédit
riesgo; préstamos pendientes
Amountof investmentmade,with the
eurocrédito
additionalideaof risk.Thesetranslations
are proposed.Thetranslationwilloften
dependon the context,andthe term cannot
be easilytrans]atedbya wordor short
phrase.
ECU, see European Currericy tInit
(ECU)
efficiency price, see economic price
EFF, see electronic funds transfer
(EFT)
(EVI')
electronic funds transfer (EFT)
transfert de fonds électronique
transferencia electrónica de fondos
Systemof transferringfundsfromone
accountto anotherbyelectroriicimpulses
rather than transferofpaper(suichas a
Anylendingmadeusing Eurocurrency,
generallya medium-termbank loan.
Eurodollar
eurodollar
erdlrextendible
~~~eurodólar
exercise price, see striking price
exposure
risque; part des risques; engagement
bon
bond; extendible-maturity
bond
Adol]ardepositacquiredbyapersonor
bank not residentin the U.S.and held
outside the U.S.maturty
Euroloan
europrét
europréstamo
obligation reconductible
bono de vencimiento ajustable
bond
A loan made using Eurocurrency
extendible maturity note, see
extendible note
extendible maturity bond, see
extendible bond
check).r
equalizing discount rate, see
cross-over discount rate
equity, see stockholders' equity
equity capital; capital stock (of a
corporation)
capital social
capital social; capital accionario
Theissuedsharecapitalwhichis neither
limitednor preferredin its participationin
the distributionof its profitsnor in the
ultimatedistributionof its assets.Equity
capitalis sometimesused as a synonymfor
stockholders equity (q.v.).
Euromarket
euromarché
euromercado
The Eurocurrency,Eurocredit,and
Eurobondmarket.
European Currency Unit (ECU)
unité monétaire européenne (écu)
unidad monetaria europea (ECU)
A standarduiiit of accountof Europeani
Comimunity
membercountries.
extendible note; extendible-maturity
note
obligation reconductible
pagaré de vencimiento ajustable
maturity note
extension fee
commission de reconduction
comisión de renegociación
Supplementaryfeepayableto lenderof a
loan extended beyondoriginalperiod.
European Unit of Account (EUA)
unité européenne de compte (uec)
external bond issue
equity ownership
unidad de cuenta europea (UCE)
émission d'obligations á lVétranger
participation au capital social d'une
société
participación en el capital social
A compositecurrencyunit basedon the
valueof the currenciesofthe European
Communitymembersparticipatingin the
emisión de bonos en el exterior
Issue of bonds in a foreigncountry.
European Monetary System.
EUA,see European Unit of Account
(EUA)
Eurobond
euro-obligation
eurobono
Abond issuedina currencyother than that
of the marketor marketsinwhichit issold.
The issue is handled bv an international
syndicate.
even parswap
F-
swap d'obligations á valeur nominale
égale
trueque de bonos de valor nominal
igual
US.termfor the saleof oneblockof boods
and the simultaneouspurchaseof the same
face value, see par value
federal funds
fonds fédéraux
fondos federales
nominal principal amount of another block
of bonds, without regard to the net cash
difference.
Cash balance held by banks with local
Federal Reserve bank. They are immediately
13
available (e.g., for transfer between banks>.
Note that monnaie centrale is the money
financial repression
répression financiére
floating-rate bond
obligation á taux flottant; obligation á
held bya Frenchbank at the Banque de
represión financiera
France(central bank) and is the French
equivalent of federal funds.
Distorsion in the financial system, with
negative interest rates, subsidy interest
bono con interés variable
Bond on which the coupon is established
federal funds rate
rates to some privileged borrowers, selective
credit allocation, and excessive bureaucratic
periodically and calculated with reference
to short-term interest rates.
tipo de los fondos federales
control overthe financia system.
floating-rate note (FRN)
fine-tuning
fondos federales
(of the economy)
taux variable (OTV)
Rate of interest paid on federal funds.
Equivalentto interbankrate.
réglage de précision
bon á taux flottant; bon á taux
révisable
afinamiento (de la economía)
pagaré con interés variable
federally chartered
fiscal agent
Note issued from five to fifteen years with a
fixed spread, usually over the six-month
bancoue a charte fédérale
agent financier
London Interbank Offered Rate ( LIBOR),
banco con autorizaciónfederal
agente financiero
normallywith provisionfor a minimum
A bank legally authorized to receive
deposits.
A bank appointed by the borrower as its
agent for a new issue of securities when no
interest rate. Primarily used by banks to
raise dollars for their Euromarket
bank [U.S.]
trustee has been appointed. Its functions
operations.
systéme fédéral de réserve
Sistema de la Reserva Federal
ind a hmer of t crical fuyiun
bet
and a number of the clencal functons but
floor broker, see floor trader
,d,. .t.on
The central banking system of the U.S.It
has twelve Federal Reserve Banks divided
Up by geographical regions. The Board of
Governors supervises the operations of the
regional banks and coordinates monetary
trustee.
policythrough its FederalOpenMarket
1. lastre fiscal; rémora fiscaL 2. freno
fiscal
Federal
System
Reserv[U.S.]include
Committee.
financial deepening
augmentation de limportance des
circuits financiers
intensificación financiera
Acquisition of financial assets at a faster rate
than nonfinancial assets.
financial futures
instruments
financiers á terme
instrumentos financieros a plazo
Futures of bills. notes, bonds, currency, and
commercial paper.
finaneial intermediary
intermédiaire financier
intermediario financiero
Normally, an intermediary between the U.S.
Treasury (or equivalent) and the market.
thoseofaprincipalpayingagent
none of the fiduciaryresponsibilitiesofa
fiscal drag
1. érosion fiscale des revenus; 2.
freinage 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 financia]
authorities with regard to economic
activity.
relaciones financieras
Ratioswhichshowa corporation'sfinancial
structure. They include liquidity and
leverage ratios.
floor rate of exchange
taux de change minimum
tipo de cambio mínimo
The minimum rate of exchange.
floor trader
agent opérant directement
parquet
sur le
corredor de bolsa independiente
Member of an exchange trading for himself.
Note that floorbrokeris a broker on the
NewYork Stock Exchange who acts for
other members of the Stock Exchange only.
fixing
cotation (de la barre d'or); fixing
flow of funds, see funds flow
cotización
Quotation of the price of a bar of gold in the
market.
flow-of-fund table [national accounts]
tableau d'opérations financiéres
fiat
tel quel
A table showing transactions in financial
claims between institutional units.
cuadro de comentes financieras
sin intereses
foreignexchange warrant
Excluding accrued interest. Abond where
the interest is included in the price is said
to be traded fiat ("une obligation négociée
warrant en devises
tel quel'").
financial ratios
ratios de structure; ratios financiers
(defnition)
dvss
float [banking]
irnae
iia
forfeiting
moyens de paiement 'encaissementage
moyens de paiement non recouvrés
efectos en cobro, cobranza
Checks,
dat,etc.,
olelCecdrafts,
certificadoen divisas"warrant"en
divisas;libranza en divisas
in the process of
descuentode pagarésa medianoplazo
The business of discounting medium-term
promissory
drafts related
tu an
internationalnotes
tradeortransaction.
Repayments
are semiannual and discounting is at a fixed
rate.
14
forward-forward arbitrage, see time
arbitrage
funds flow; flow of funds
flux financiers
gilt-edged securities
1. fonds d'Etat britanniques; valeurs
forwardmarket
marché á terme
mercado a plazo, a término, de futuros
flujo de fondos; corriente de fondos
The flow of purchasing power intoand out
of an organization.Inwardflowsinclude
salesrevenue,sales of fixedassetsand
garanties par l'Etat; 2.valeurs de
premier ordre
1. bonos del Gobierno británico;2.
valores de primer orden
founder s share
investments,and issuesof debentures,
part de fondtr ploans,and shares.Outwardflowsinclude
purchasesof fixedassetsandinvestments,
particpaióde foeurpadort
repaymentof debt,paymentof dividends,
participaciónde fundador
fourth market
and taxation on profits.
our mare
quatriéme marché
cuarto mercado
Marketfor largeblocksalescf securities
arranged by privatefirms.
funds flow statement, seestatement of
changes in financial position
funds statement, seestatement of
changes in financial position
FRN, see floating-rate note
funk money, see hot money
front-end
'urr
commission d'ouverture
comisión inicial
front-loaded spending
dépenses groupées au déb,ut (d'une
période donnée)
gasto concentrado al comienzo de un
periodo
full face value
valeur nominale totale
valor nominal
futures [commodities market]
opérations átermobesmarket]corredor
1.BritishGovernmentbonds.2.U.S.bonds
of AAAstanding.
government debt instruments
intrument debt
publiqu
instruments de la dette publique
~~~~~~~~~~~~~~~~instrumentos
de la deuda pública
government paper
effets publics
efectos públicos
government-security dealer
courtier en fonds d'Etat; courtier
d'effets publics
de valores del Estado
opérations a terme
futuros
grading, see rating
futures, financial,seefinancial futures
grey, gray market
marché gris
mercado gris
G
full face value
the gap [IBRD],seeoverall risk profile
gearing ratio, see leverage ratio
Market in bonds that have not been been
givena firm price.
guarantee [IBRD]
1. garantie de la BIRD;2. garantie (de
l'Etat)
full, fully paidstock, seepaid-up stock
gearing ratio [IBRD]
1. garantía; 2 garantía (del Estado)
funded debt
dette consolidée
deuda consolidada
coefficient d'utilisation des fonds
propres; rapport encours des
préts/fonds propres
relación préstamos desembolsados y
pendientes-capital y reservas
Ratioof capitalplusreservesto loans
outstandingand loansdisbursed.
1.Typeof IBRD B' loan (q.v.)with IBRD
guaranteeingpartof the loanand offering
the commercial colender a "put" on the
latter maturitiesof the loan,whichwould
represent an IBRDcommitment to purchase
the designatedmaturitiesat the requestof
the colender.2.Loanmadeto a domestic
funding latter maturities [IBRD]
financement des derniéres échéances
financiamientode los últimos
vencimientos
Typeof IBRD'B" loan(q.v.),wherebylBRD
general-obligation bond, seegeneral
obligations
corporation guaranteed by the state.
guarantee commission, fee [IBRD]
commission de garantie
would take an initial share of the loan up to
about 25percent,concentratedin the latter
maturities.
general-obligations; generalobligation bonds
comisión de garantía
Commission
payableperiodically(e.g.,to
funding pro rata [IBRD]
emprunts de collectivité locale
bonos de responsabilidad general
[BRD)as compensationfor the risk in
participatión
proportionnelle
participación proporcion al
Type of IBRD"B" loan (q.v.).whereby IBRD
takes a pro rata share of about 10 percent
in each maturity of the commercial loan.
Long-term borrowings, usually by a
municipality, that are backed by the full
faith, credit, and taxing powers of the
issuing locality rather than income
gencrated by a pecificproject.
guaranteeing a loan.
-H-
Gensaki
hedge [securities market]
Gensaki
Gensaki
valeur de refuge
valor de protección
A Yen repurchase agreement.
Security acquired to cover possible loss on
speculative investments.
15
hedging
couverture des opérations á terme;
opérations d'arbitrage en couverture
d'actifs; opérations en countrepartie
operaciones de cobertura, de
protección cambiaria
Purchaseor saleof currency,usuallyon a
forwardbasis.as a meansof unsuring
againstlossshouldan exhangerate change.
hot bill
effet brúlant
efecto a la vista o de vencimiento a
muy corto plazo
Billwhichmaturesat sight or whose
maturityis less than the periodmaking
possibleits collectionin goodtime,
necessitatingimmediatepresentationfor
payment.
hot money; funk money [U.K.]
capitaux fébriles
capitales itinerantes
Short-terminternationalcapital
movements, motivated by interest rate
differentials or revaluation
hopes/devaluation fears.
Asomewhat arbitrary rate of return, related
to the current cost of borrowingmoney,set
by a governmentor companyto guide
investmentdecisions.Belowthis limit,
investmentis normallyconsidered
inadvisable.
1
~
IBF, sea international banking facility
imprestaccount,fund
income bond; participating bond
obligation participante
bono participatorio
In the U.S.,bondswhichare guaranteedas
to principalbut whichhaveinterest
paymentsas a contingentobligation,that
are requiredonlyif earnedand then
assentedto by the boardof directors.
Failureto payinterestdoes not constitute
default.(Notethat in the U.K.,income bond
refersto a type of fixed-interestinvestment
offeredbylife insurancecompanies,
consistingofan immediateannuityplusa
deferredannuity.)
fluctuaciónde los tiposde interés
indexed bond; index-linked bond
obligation indexée
bono ajustable, indizado
Bondwherethe couponrate or redemption
valueis indexed(to other currencies.gold,
or fuel prices).Usedin Brazil,Chile,
debida a la fuga de capitales
ChangesinU.S.interestratesdue to
movementof fundsfromthe U.S.to the
Eurodollarmarkets.
interest-rate risk
risque de perte sur les taux d'intérét
riesgorelacionado con los tipos de
interés
Riskdue to differencein interest rates.
interest-rate swap
accord de swap sur les taux d'intérét;
swap de taux d'intérét
trueque de tipos de interés
Anagreementto exchangefloating-rate
paymentsforfixed-ratepaymentsin the
same currency.
intermediation
intermédiation
intermediación
Process whereby a financial institution
hurdle ra-te
taux critique de rentabilité
tasa crítica de rentabilidad
-
interest leakage
fluctuation des taux due á une fuite de
capitaux
Finland, France, Iceland, Israel, Sweden,
and the U.K.
hung-up issue
émission collée
emisión empantanada; emisión
atascada
Anissuewhichdealershavenot managedto
fullyplace.
T
depleted,thissum isperiodicallybrought
up to the maximum.
indexed loan [currency pool]
prét indexé
préstamo reajustado
Loanindexedto the dailyvariationof the
U.S.dollarvalueof the pooldue to
exchangerate fluctuation.
interposesits namesand trustworthiness
betweena lenderand a borrower.For
example,insteadof buyingan issuedirectly
froma corporation,an investormaydeposit
fundswith a bank which,in turn, investsin
the issue.
index-linked bond, see indexed bond
international banking facility (IBF)
service bancaire international
servicio bancario internacional
Internationalbranchaoa bankinakindof
inflation premium
prime de risque-inflation
prima por inflación
Apremiumaddedto a securityto allowfor
inflation.
inside, insider dealing
transactions d'initiés
transacciones de personas iniciadas
~~~~~instruments
instruments; papiers
instrumentos
interest-bearing notes
effets porteurs d'intérét
pagarés que devengan intereses
compte davances de caisse;compte
d'a-vancestemporaires
. . . . .
cuenta de anticipos; fondo de
interest-coverage ratio
anticipos
ratio de couverture de l'intérét
Anaccountor fund maintainedfor
relación de cobertura de intereses
pa-ymentsma-dein ca-ah,commonlyused a-a
Netincomebeforeinterestexpensesdivided
a petty ca-ahfund.A fixedmaximumsum is
by interest expenses.
kept in the fund and, as the fund is
internal free-trade zoanein the U.S.,which
allowsbanksto engagein international
bankingwithout someof the usual
restrictionsfacingdomesticbanks.Those
restrictionsfromwhichIBFsare exempt
includereserverequirements,paymentof
certaininsurancepremiums,and special
relief from state tax.
investment bank [U.S.]; merchant
bank [U.K.]
banque d'affaires
banco de inversiones
Institutionthat acceptsnewissuesof stocks
froma corporationand attemptsto sell
rmacroalnadatmt
osl
~~~~~~~~~~~~~~~~~~them
to the public ata-profit.In the US.S
they he parat a sta-tus UrSm
commerciave
bankse
investment broker
courtier en placements
corredor de inversiones
16
investment company, fund
société d'investissement; société de
placement collectif
compañía de inversiones: sociedad de
inversiones; fondo de inversiones
Corporationthat functionsas a financial
intermediarybetweenthe publicand the
financialmarkets.
investment securities
titres de placement
valores de inversión a largo plazo
Securitiesthat are particularlysuitablefor
long-terminvestment(e.g.,bonds).Also
includestop-ratedshares.
inward swap
mise en report
recompra de divisas en moneda
nacional
Spot saleof foreignexchangeand forward
repurchaseof sameforeigncurrencyagainst
domestic currency.
joint financing
financement conjoint
financiamiento conjunto
Disbursementbytwolendersfor the same
parts of the project in a fixed ratio.
jumbo certificate of deposit
certificat de dépót d'un montant
minimum de US$100.000
certificado de depósito de US$100. 000
o más
Certificateof depositof US$100,000or
more.
jumbo borrowing
emprunts géants
empréstitos gigantescos
level repayment
remboursement en tranches égales
reembolso en cuotas iguales
be agreedto in the caseof a financially
leverage (ratio) [U.S.]; gearing (ratio)
[U.K.]
ratio de levier; ratio de structure du
passif; ratio de solvabilitéendettement
nivel de endeudamiento relativo al
capital; relación
endeudamiento/capital propio
embarassed debtor where a creditor has
faith in the dehtor's husiness future.
Ratio of debt/liabilities to equity/assets.
Includes debt and debt-equity ratios.
junior debt; subordinated debt
dette de deuxiéme rang
deuda subordinada
A debt rankingbelowamountsowedto
general creditors. Such an arrangement may
issuer
organisme d'émission; émetteur
letter of comfort
lettre de confort
carta de seguridades
Awritten instrumentissuedbyA,whereA
agreesto makeeveryeffortto assureB's
compliancewith the termsof a contract,
but without committingA to performB's
obligationinthe eventthat Bis unableto
fulfilhis obligation.Usuallyissued bya
parent companyon behalfof a subsidiaryin
another country.
emisor
liability management
issuing calendar
calendrier des émissions
calendario de emisiones
gestion du passif
Compulsory timetable for issue of new
securities (Switzerland, Federal Republic of
Germany).
gestión del pasivo
L
lag risk [IBRD]
risque dú au décalage [Acompléter
selon le contexte]
riesgo relacionado con un desfase
1. Risk of lending at low interest rates and
¡
-
J-
jeopardy clause; disaster clause; break
clause
clause de sauvegarde
cláusula de salvaguardia
Aclause in a Eurocurrency agreement
specifying that, ifcertain events curtail the
lender's activity or the operat:ion of the
Euromarkets, other designated actions will
come into effect.
having to finance at high interest rates at a
later date. 2. Risk run by IDAbetween the
period of disbursement and receipt of
commission.
lead bank; lead manager
chef de file; teneur de plume
banco director
gIó
e
LIBOR
LIBOR
London Interbank Offered Rate. The
interest rate at which banks in London are
prepared to lend fuinds lo first-class banks.
It is used to determine the interest rate
payable on most Eurocredits.
Iimited-recourse finance
financement avec droit de recours
limité
financiamiento con recurso limitado
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 finance the
Forties oil field in the North Sea, where the
lenders had no recourse to BP if there was
insufficient oil).
jobber
agent boursier opérant pour son
propre compte; "jobber"
Bank with main responsibility for arranging
a bond issue or international Eurocredit.
While teneur de plume can be the same as
a chef de file, in a jumbo loan the teneur de
plume will be the lead manager, even
though there are several other lead
managers(chefs de file) or colead managers
(co-chefs de file). Lead manager is also used
agiotista
in the sense of agent bank(q.v.).
liquidityportfolio
lender of last resort
portefeurile liquide
préteur en dernier ressort; préteur de
dernier recouis
prestamista de última instancia
carteralíquida
Abroker on the London Stock Exchainge
who acts on his own behalf.
liquid-holdíngs risk, see cash risk
17
liquidity premium
prime de liquidité
prima de liquidez
Anotionalpremiumpaid byborrowersto
lendersto encouragethem to lend money
at a fixedrate in the longterm,when
interest ratesare likelyto riseand it is,
therefore,moreprofitableto investe
the GermanBundesbank,whichnormally
maintainsits Lombardrate at about 0.5
percent above its discountrate.
long hedge
opérations de couverture par achat A
terme
(generalpurposeand broker/dealer).
Definitionswilldifferfrom countryto
country.
M3
M3
M3
operaciones de cobertura por compra
a plazo
Hedgingoperationbysomeonewho is
In the U.S.,M2pluslarge-denomination
timedepositsat a]ldepositoryinstitutions;
term repurchaseagreementsat commercial
liquidity ratios
''long"
ratios de liquidité; coefficients de
liquidité
coeficientes de liquidez: relaciones de
liquidez
Ratioswhichreflecta borrower'sabilityto
meet his short-termobligations.They
includethe acid-testratio (q.v.)and the
current ratio (q.v.).
(i.e.,who ownsmorethan he has
contracts to deliver).
.
debt
long-term debt rato
ratio d'endettement a long terme
banksandsavingsandloan associations;
and balancesof institution-onlymoney
marketmutualfunds.It is the broadmoney
supply.Definitionswilldifferfromcountry
to country.
liquid ratio, see acid-test ratio
emprunt global
empréstito de suma alzada
A currency-specific
borrowingmade in a
lumpsum byIFCfromIBRDfor its
short-term future needs.
short-termpaper.
listed security
valeur cotée en Bourse
valorcotizado en bolsa
Anissueof a securityacceptedfor trading
on a stock exchange.
load fund
fonds qui préléve une commission
fondo de inversión que cobra una
comisión
Mutualfund whichcharges a handling fee.
relaciónde endeudamientoa largo
plazo
Ratioof long-termdebt to total assets.
lump-sum borrowing [IFC]
maker (e.g., of a note)
émetteur
librador (p. ej. de un pagaré)
management fee
1. commission de direction;
commission syndicale: 2.
commission de gestion; frais de
gestion
comisión de administración; comisión
1. Fee charged by a bank for managing a
-
Mi
mi
Mi
creditor bondissue.2. Feechargedfor
portfoliomanagement.
management, managing group
[Eurodollar market]
groupe de direction; syndicat de
groupe de direction; syndicaectde
direction
grupo de dirección
manager (of syndicate), see agent
bank
locked market
marché figé
mercado inmovilizado
Ml
In the U.S..notes andcoinsin circulation,
demanddepositsat al] commercialbanks
other than those due to domesticbanks,the
U.S.Government,and foreignbanksand
officialinstitutions,lesscashitemsin the
processof collectionand FederalReserve
float:traveler'schecksof nonbankissues;
andnegotiableorderof withdrawal(NOW)
and automatictransferservices(ATS),
Market where bid and offer prices are
accounts at banks and trust institutions,.
coefficient marginal de réserve
exact]ythe same.
credit unionshare draftaccounts,and
demanddepositsat mutual savingsbanks.
It isthe narrowmoneysupply.Definitions
will differfrom countryto country.
M2
M2
M2
M2
In the U.S.,Ml plus savingsand
small-denomination
time depositsat all
depositoryinstitutions;overnight
repurchaseagreementsat commercial
encaje legal adicional
Additionaldepositsthat,by law,depository
institutions(e.g.,banks)mustset aside in
their vaults or with the centralbank.In the
U.S.,this appliesto additionalreserve
requirements on increased managed
liabilitiesimposedby the FederalReserve,
in orderto curtailthe expansionof bank
lending.
loan portfolio
portefeuille de préts
cartera de préstamos
loan syndicate, see syndicate
lock rate
taux plancher de verrouillage
tasa de inmovilización
Rate at which drop lock (q.v.) clause
becomesoperative.
Lombard rate [Federal Republic of
Germany]
taux des avances sur titres; taux
Lombard
tipo Lombard
managing group, see management
group
marginal reserve requirement
banks; overnight Eurodollars held by U.S.
margin buying [stock exchange]
achat á découvert
compra en descubierto
German term for the rate of interest charged
residents other than banks at Caribbean
System whereby the purchaser furnishes
for a loanagainstthe securityof pledged
paper.Particularlyused withreferenceto
branchesof depositoryinstitutions;and the
balanceof moneymarketmutual funds
onlya specifiedfractionof the total
purchasepriceof securitiesbought,with
18
the broker furnishing the balance and
charging interest on that amount.
merry-go-round effect
effet de carrousel
and/or capital in a currency other than that
in which the bond is denominated.
margin requirements [stock exchange]
pourcentage de couverture; couverture
efecto carrusel
The circulation of money through various
multilateral netting
compensation des créances internes
sources,endingup whereit started. For
the GermanCentral Bankrecycles
capitalbysellingU.S.dollarsto
cmescó
banks under a repurchase agreement and
the banks place the US. dollars in the
Euromarket. Asthe financial institutions
could run up a U.S.dollar debt on the
multinational trade flows is able to balance
its debits and credits between subsidiaries
and associates leaving only the balance to
be settled, thereby reducing its need to
Euromarket, the Central Bank must buy
back the U.S.dollars and sell domestic
currency to avoidan excessive increasein
acquire foreign currency.
mutual fund, see money market
(mutual) und
de lopération
límites
l'opéation(de las conpraseninstance
dlmztesclegalerto)
(de las comprasenexcess
Legal requirements regu]ating the amount
of credit that maybe extended under the
margin buying (q.v.) system.
markdown, see discount
marketable bond
obligation négociable
edbtsycéio
compensaciónde débitosy créditos
Procedurewherebya companywith
the mark.
bono comerciable; bono negociable
Bond quoted continuously by a dealer.
market maker
échéances
riesgorelacionado con un desfase
teneur de marché
agiotista
agiotista
Risk of having loans and borrowings with
Abank or a broker that is prepared to make
a two-way price (to buy or sell) for a
currency or a security on a continuous basis,
in the same way as a stock jobber in the U.K
market.
lending
naked, see uncovered
~~~~~~~~mismatched
maturities.
name market
money at call, see call money
primordiale
money-center banks
banques installées sur les principales
prestataidos
places financieres
market-related
N-
rismue lisa d
aer
sN
risque lié au décalage entre les
places financiéres
marchécod laacoteide cnmditaest
pretareos
~~Market
wheregreat emphasisis placedon
the standing and reputation of the
prets aux conditions du marché
financiamiento en condiciones de
bancosestablecieosen las princpales
borrowers(e.g.,the Eurodollarmarket).
mercado
Lending at market rate and under market
money market (mutual) fund; mutual
fund
narrow money [cf. MI]
monnaie, masse monétaire au sens
conditions(cf. commercialiending).
fonds commun de placement
fondo común de inversiones; fondo
dineroen el sentido estritto
matched funding,
see back-to-back (4.)
mutuo
near-bank
[Canadal
matched-maturity
transaction [IBRD]
opération á échéances symétriques
mortgage bond
titre hypothécaire;
transacción de vencimientos
simultáneos
Atype of cross-currencyinterest hedge
mobilisation
bono hipotecario; título
hipotecario,cédula hipotecaria
Financialinstitution,excludingstandard
commercialbank,such asa savingsbank,
credit union, etc.
(q.v.),where the proceeds of a short-term
instrument program are swapped for
comparable maturities in oth-lercurrencies.
multibank, see combined commercial
and investment bank
near-money; quasi-money
quasi-monnaie
matched sale-purchase
transaction simultanée
multicurrency option
option de change
Assetswhich have properties resembling
those of money in the strict sense. Includes
billet de
quasi-banque
cuasibanco
cuasidinero
transaction
d'achat et de
opción de cambio de divisa
savingsdeposits,timedeposits,certificates
compra y venta simultánea
Selling U.S.Treasury bilIs for cash and at
the same time purchasing the same issue of
bills for redelivery a day or more later.
vente
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.
of deposits, deposits in thrift institutions,
etc.
maturity arbitrage,
multiple
see time arbitrage
(currency) option bond
obligation avec option de change;
merchant bank [U.K.], see investment
bank
obligation avec option monétaire
negative-pledge clause
clause de ne pas faire, négative, de
nantissement négative
cláusula de obligación negativa
Clause in loan agreement obligating the
bono con opción de cambio de divisa
borrowernot to grant securitywithout
Bond (usually Eurobond) which gives the
lender the right to opt to receive interest
equally securing the loan in question.
19
negotiable instrument
effet de commerce
instrumentonegociable
Instrument where the title passes on
deliveryor deliveryand endorsement,where
the current holdercan suein his ownname,
whereno noticeof assignmentneed be
givento the personliableon the
instrument,and where a holder in due
coursetakes,freefromanydefect,in the
title of his predecessors.Examplesinclude
bills of exchange,checks,and divided
warrants.
nonmarketablebond
obligationnon négociable
bonono comerciable;bonono
offshore banking center
placebancaireoff-shore;centre
bancaireoff-shore
zonabancariafranca
negociable
nonrecourse financeEuolarrdig
financement á forfait, sans recours
Financialcenterwheremanyof the
financialinstitutionshavelittle connection
that country'sfinancialsystem,usually
for taxationpurposes.Examplesare the
CaymanIslandswheremanyof the
corporationsare engagedin businessin the
U.S.andEurope,and Londonwheremany
of the financialinstitutionsare engagedin
Erdla
rdg
negotiableorder-of-withdrawal
financiamientosin posibilidadde
offshore banking unit (OBU)
(NOW) account
compte-chéques rémunéré
recurso
A loanwherethe lenderslooksolelyto the
cashflowgeneratedbythe projectbeing
financedfor repayment.There isno
recourseto the sponsorof the project,so
that the lendersassumeall the commercial
and politicalrisks of the project.
succursale off-shore
departamento bancario considerado
cuenta corrienteque devenga
intereses
Interest-bearingcheckingaccount.
negotiable time certificate of deposit
certificat représentatif de dépót a
terme
certificado de depósito negociable
Adepositevidencedbya negotiable
instrument,whichprovideson its facethat
the amountof the depositispayableto the
beareror to his orderon a certaindate.after
a certain specifiedtime,uponnoticein
writingor upon presentationand surrender
of the instrument,not lessthan thirty days
after the date of the deposit.
netting, see multilateral netting
nonmaturing,nonredeemableconsol
[u*K*
,with
obligation perpétuelle; rente
perpétuelle
bono perpetuo
governmentbond;perpetual bond;
nonrecourse participation
participation á forfait, sans recours
participación sin posibilidad de
recurso
off-the-board market, see third market
nonredeemable
bond,see
nonmaturnng government
bond
onlending
rétrocession
représtamo
note
bon; obligation
pagaré
open-end (investment) fund;unit
société d'investissement á capital
variable (SICAV)
A bondwithshort-or medium-term
sociedad de inversiones con número
maturity.
de acciones variable
net worth, see stockholders' equity
no-load fund
fonds qui ne préléve pas une
commission
como extraterritorial
Departmentwithina bank that, in certain
countries(e.g.,Bahrain),is permittedto
engage in specifictransactions(usually
Euromarketbusiness)that ordinary
domesticbanks are not allowedto do.
NOW account, see negotiable order of
withdrawal
Investmentcompanythat hasno fixed
numberof shares outstanding.
open market
1. open market; 2. marché financier
fondode inversiónque no cobrauna
comisión
-
Moneymarketfund that doesnot chargea
fixed fee commissionto investors.
OBU, see offshore banking unit
noncall period
période d'interdiction de rachat
offening memorandum
mémorandum d'offre
1.Themarketmaintainedbygovernment
securitiesdealers.AsregardsU.S.Treasury
borrowingoperations,the open marketis
the moneymarketin the case of short-term
obligationsor the capitalmarketinthe case
períodode prohibiciónde rescate
memorandode oferta
oflong-term
obligations.
2.Thegeneral
Periodduringwhicha borrowermaynot
givenoticeto redeembonds,in Eurobond
market.
Sameas prospectus (q.v.)
financial market.
offshore bank
banque off-shore
open pricing
fixation libre des prix
noncallablebond
banco extraterritorial
fijación de preciosabierta
obligation ne pouvant étre amortie par
anticipation
Banklocatedoutsidethe countryin
question.
Procedurewherebya bondissueissoldon
the basisof a yieldto be determinedafter
bonono rescatable,no redimibleantes
del vencimiento
-
-
1. mercadoabierto,2. mercado
financiero
the sellingperiodis over.
20
operating ratio
overall risk profile [IBRDI
par¡ passu clause
coefficient net d'exploitation
coeficiente de operación; coeficiente
neto de explotación
profil des risques de financement
perfil general del financiamiento
clause pari passu
cláusula pari passu
Exposure profile of the World Bank. The
Clause in loan agreement precluding
Ratio of operating costs (including
depreciation) to total revenie.
difference between outgoings committed
and amount needed to fund these
outgoings. Also known as the gap.
subordination of the loan to other debt. In
the issue of new shares, it states that the
new shares will rank equally for dividend
with an existingsimilarissue.
operating ratios
ratios de gestion
relaciones de gestión
Ratiosused to determinea corporation's
operations;usuallyrelateto sales,profits,
and/or turnover.
overhang
offre excédentaire
exceso de oferta
Excess,normallyof supplyoverdemand
(e.g.,in the bondmarket)
option
option
opción
overnight funds
argent au jour le jour
fondos de un día para otro
participation certificate
1. bon de participaion 2. see
pass-through certificate
certificado de participación
Securityincorporatingthe right to
participatein the ownershipof a
A contract giving the holder the right to buy
or sell a stated number of shares (normally
one hundred) of a particular security at a
over-the-counter market (OTC)
marché hors cote
corporation but without some of the rights
granted to shareholders, such as the right
to vote at shareholders' meetings.
mercado extrabursátil- mercado fuera
de bolsa
paticipation
fixed price within a predeterininied period.
The Paris market has three main tvpes of
option: prime,option, and siellage.Prime
isa cali option. lf the purchaser decides not
to exercise bis option (because the price has
gone down). he merely has to pay the seller
a fee,cal]ed a dont, the rate of which is fixed
by the Chambresyndicaledesagentsde
change.Optionis more similar to the U.S.
system and can be a put or call option. The
purchaser pays a premium (avec) (q.v.),
which is negotiated, whether he exercises
the option or not. Stellageis the equivalent
of the U.S. straddle(q.v.).
Market for securities not listed in any of the
exchanges (about 80 percent of total
securities 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 utilitv bonds and
shares, and most corporation and bank
shares.
owners equity,
equity
seestockholders'
participating bond, see income bond
.,
fee
commission de participetion
comisión de participación
A fee given to a bank participating in a
Euroloan.
partnership share
part d'association
participación en una sociedad
par value; face value
valeur nominale
valor nominal
Tlhe principal or nominal value appearing
on a bond, note, coupon, piece of money, or
original-issue discount bond
obligation á prime d'émission
-
p
-
other instrument.
bono emitido con descuento
Bond with a rate of interest tielow that
paid-up stock; fully paid stock
pass-through
demandedbythe marketplaceand soldat
a price at a significantdiscount to par.
actions libérées
acciones pagadas
Stock fullypaid for (i.e.,upon whichno
further subscriptioninstalmentsare due).
parallel financing
financement paralléle
financiamiento paralelo
certificate
certificat de transfert de préts
certificado de transferencia de
préstamos
Issuedbyfederalagencies,it represents
undividedinterestin pools ofagency-owned
assets(i.e.,loansor mortgages).Initially
offeredwith30-yearmaturity,the interest
Cofinancing, but with the partners
and a portion of the principal are paid
OTC, see over-the-counter market
out-of-(the)-money option
option d'achat d'ohligations á
rendement réduit
opciónde comprade bor
aos con
inicial
financing different parts of the project.
monthly.
Warrant option for bond at lower yields
parallel market
paying agent
than originalbond.
marché paralléle
agent payeur
outward swap
report de devises
outward
~ ~swap~~
~ ~ mercado
~ ~ ~paralelo
~~~~~~~~*
reventa de divisas en moneda
nacional
Spot purchase of foreign exchange and
forward resale of the same currency against
domestic currency.
Market operating in "parallel" to the main
money market (e.g., bank current and
savingsaccounts) and including interbank
loans and negotiable certificates of deposit.
certificate; participation
agente
pagador
In the issue
of international securities, firm
Iusua a
inkernationsecurities,ging
(fusualy a bank) responsibie for arranging
holders of the securities who will be
receiving interest or dividends, etc.
21
payment period [IBRD]
tranche
período de pago
pool-based lending rate system [IBRD]
systéme de taux préteur fondé sur un
pool d'emprunts
premium [securities]
prime; agio
prima; agio
Interval between semiannual dates, on
which repayment on IBRD loans is due.
sistema de tipos de interés basadosen
una "cesta' de empréstitos
The difference between the par value and
the higher market value of a security
expressed as a percentage of the par value.
pendientes
payout date
date effective daerentrée des fonds;
date de versement
faeh de dersembols
pool-based variable lending rate
[IBRD]
taux préteur variable basé sur un pool
d'emprunts
premium [stocks]
prime d'émission
prima de emissión
payout price
prix net rentrée nette
prix
rentrée
net; nette
precio neto
Differencebetweenthe facevalueof a bond
and the net value receivedbythe
bondholder,after deductingcommission.
tipo de interés variable basado en una
"'cesta" de empréstitos pendientes
Differencebetweenthe facevalueand the
sellingpriceof the sharewhen the selling
priceis higher.
pooled loan
prét du poo
préstamo incluido en el sistema de
fondo común de monedas
price (of a bond)
cours; cotation
precio
P/E ratio; PER, see price/earnings
ratio (P/E ratio; PER)
Aloan includedin the currencypooling
system.
price/earnings ratio (P/E ratio- PER)
coefficient de capitalisation des
perpetual bond, seenonmaturing,
nonredeemable government bond
post, to (a rate)
fixer; annoncer (un taux)
cotizar
relaciónprecio-ueilidades
fecha de desembolso
perpetual floating-rate note
bon á intérét variable perpétuel
pagaré con tipo de interés flotante
perpetuo
A floating-ratenote(q.v.)with interest paid
on a three-monthlybasisbut whichis
renewableeverysix months(ie., it hasa
floatingmaturity).
personal stock, see registered stock
petrobond
pétro-obligation
petrobono
Participatioln
certificateswhichrepresent
rights to a specificquantityof oil.Used
primarilyin Mexico.
piggy-back financing
financement gigogne
financiamientoconcatenado
placement memorandum; placing
memorandum
note dinformation: mémorandum de
placement
memorando de información
Adocumentpreparedbythe leadmanager
of a syndicatein the Eurocreditmarket,
whichseeks to givesufficientinformation
to other potentiallendersto enablethemto
decidewhether to participatein the credit.
praecipium; praecipuum
préciput
praecipuum; honorario del banco
director
Theamountthe leadmanagerofa
Eurocredittakes for his ownfee,before
dividingthe remainderof the management
feeamongthe rest ofthe management
group.
prima de emisión
cours-bénéfice
Marketpriceper ordinarysharedividedby
earningsper ordinaryshareafter tax.It
expressesthe marketvalueplacedon the
expectationof future earnings.
primarydealer
primaire)
corredor (mercado primario)
primary market
preferred stock
actions privilégiées; actions de priorité
acciones preferenciales, preferentes,
preferidas
Stockwhichhas a claimuponthe earnings
(andsometimesupon the assetsand
control)of a corporationprior to the
commonor other class stock.
marché primaire
mercado primario, de emisión
Marketfor newsecurity issues.
prime borrower;premierborrower
emprunteur bien coté, trés solvable, de
premier bie
premie ordre
prestatario preferencial,preferente,de
premier borrower,see prime borrower
prime rate
premium [foreign exchange]
report
prima
Oppositeof discount(q.v.).Aforward
exchangerate standingat a premiumover
today'srate meansthat the currency
concernedis moreexpensivein the forward
market than now.
taux de base: taux privilégié
tipo preferencial, tasa preferencial
Taux de baseis the rate chargedbybanks
to preferentialcustomers;taux privilégié
is
the rate chargedbynonbankfinancial
institutions(e.g.,Crédit National).
private papar
effats privés
premium [option market]
avec
prima
Price at whichan option sells.Cf. option.
efectos privados
Paperplacedwitha limitedgroupof
investorsand not advertised.
pnmera clase
22
private placement
placement par voie privée
proxy borrowing [IBRD]
queue
élément du pool (provisoire)
liste d'attente
colocación privada
d'emprunts
empréstitos de referencia
lista de espera
Thewaitinglistfor the issueof securities
profitability ratios; revenue-covenant
ratios
IBRDborrowings between July 1,1981 and
June 3,1982, which were used to calculate
(Switzerland, Federal Republic of
Cermany).
ratios de rentabilité
the lending rate for the firstyears of the
relaciones de rentabilidadl
pool-basedvariablelendingrate.
quick ratio, see acid-test ratio
Ratios that measure the return on assets.
project note
public offering (of shares)
émission publique
bon á court terme émis (par une
oferta pública, colocación pública
collectivité publique) pour financer
un projet (autoamortissable)
pagaré a corto plazo para financiar un
R
RAN, seerevenue-anticipation
purchase and resale agreement
note
(RAN)
[Canada]
prise en pension des effets
proyecto
Short-termpaperissuedby municipalities
compromiso de compra y reventa
rate, to; grade, to
to finance short-term cash flows for a
Equivalent to the U.S.repurchase
classer; coter
specificproject.
agreement(q.v.)
clasificar; evaluar
promissory
purchased
note
rating agency
funds
billet á ordre
ressources acquises
agence de cotation, de classement (des
pagaré
Anunconditionalpromisein writingmade
fondos comprados
Includecertificatesof deposit,Eurodollar
titres)
organismo de clasificación de valores
by one person to another signed by the
maker, engaging to pay, on demand or at a
fixed or determinable future time, a sum of
borrowings, federal funds. and repurchase
agreements, as opposed to traditional bank
liabilities (demand and time deposits).
rational expectations
anticipations ratíonnelles
expectativas raconales
put option
option de vente
opción de venta
Acontract which entitles one party to it, at
his option to sell a specified amount of
securities or commodities to the other
A theory based, first, on the assumption
that individuals and companies will try to
maximize their own welfare-that is, they
will try to make their own economic and
other circumstances as desirable as
party, at the price fixed in the contract,
during the life of the contract.
and companies make economic decisions mn
their own iterest, they do so in such a way
that markets move towards equilibrium,
easing inflation.
expectativas racionales
moneyto or to the order ofa specified
person, or to bearer.
proprietary interest
participation majoritaire d,ans l'actif;
intéret patrimonial; part de capital
interés mayoritario
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;
putable bond, see retractable
bond
possible-and, second, that, as individuals
real interest rate
taux d'intérét
document
prospecto
- Q
-
réel
tipo de interés real; tasa de interés real
A document containing al] the pertinent
information about a public offering of
securities and about the borrower. It is
made available to the appropriate legal
authorities, stock exchanges, and the
qualification stock
actions de garantie
acciones de garantía
Normal rate less rate of inflation, divided by
one plus the rate of inflation.
red herring
préavis d'émission
prospectiveinvestorsbythe leadmanager.
qualified borrowings [IBRD]
anuncio preliminar de una nueva
The French term prospectus is used in
normal parlance; however, the term
documentisused in the legal instrument
regulating the system (Ordinance No.
67-833 of September 28, 1967.Article 6).
emprunts de référence
Borrowings by IBRDafter July 1,1982 (i.e.,
based on the pool-based variable lending
rate), using proxy borrowings (q.v.)
emisión
Preliminary prospectus issued to obtain an
indicaton of terest n the issue. It is
incomplete because it does not contain the
public offering price, the underwriter's
quasi-money, see near-money
discount,or the date of issue.
red herring issue
empréstitos calificados
Alsocalled offeringmemorandum.
émission exploratoire
emisión exploratoria
An issue of bonds made on an experimental
basis.
23
rediscount
pool from one date to another. It is
réescompter
calculated by dividing, as of any day, the
risk premium
prime de risque
redescontar
total U.S.dollarvalueat the exchangerates
primapor riesgo
Resale of instruments such as banker's
acceptances already discounted by lender,
usually with central bank or discount
house, at a price less than the face value.
of that day of the balances of currencies in
the pool brought forward from the previous
day, by their total U.S. dollar value at the
exchange rates of the previous day.
roll-over
refinancement; reconduction;
renouvellement
refinancing risk IIBRD]
risque de refinancement
risqueerelcionadncoent
epublique
revenue-anticipation
note (RAN)
obligation émise par une collectivité
dans l'attente de rentrées
refinanciamiento,renovación
riesgorelacionadocon el
refinanciamiento
non fiscales
roll-over certificate of deposit;
roly-poly certificate of deposit
certificat de dépót á taux renouvelé
renovable
Riskof not beingableto refinance
pagaréa cortoplazo en esperade
ingresosno tributarios
short-term borrowings under suitable
conditions when these borrowings mature.
Short-term municipal borrowings that fund
current operations and are to be funded by
registered stock; personal stock
actions nominatives
revenues other than taxes, especially U.S.
federal aid.
acciones nominativas
revenue bond
Stock which cannot be transferred without
placing the signature of the owner upon
the books of the issuing corporation and
delivery of the certificate.
obligation á long terme émise par une
collectivité publique pour financer
un projet (dont les recettes
assureront le remboursement)
secondary market. He is nevertheless
committed to rolling over the CD by
redepositing funds to the amount of the
redepsiximfnto
t
u
h
repos (RP), seerepurchase agreement
bonopagaderocon los ingresos(del
proyecto)
roll-over credit
repurchase agreement (RP; repos)
Long-term borrowings that are used to fund
specific projects. They are repaid from the
crédit renouvelable, reconductible
taux variable
contrat de report: mise en pension;
accord de réméré
incomethat willbe generatedbythe
project.
crédito renovable,refinanciable
institutionsto borrowshort-term(usually
interés
Apackage of certificates of deposit (CD)
with maturity of, for example. three years,
divided into six six-month periods. An
investor buys the package as a whole but he
maysell anyof the six-monthCDson the
acuerdode recompra
Arrangement by banks and other
certificadode depósitocon tipo de
á
roll-over of gains
revenue-covenant
ratios, see
réemploi des plus-values
reutílización de las ganancias
profitability ratios
one day) money by transferring securities to
the lender, with the agreeement that they
will buv them back.
revolving credit
credit renouvelable,
reconductible
roll-over risks
risques de refínancement
créditorotatorio,renovable
retained earnings
report á nouveau; bénéfices non
distribués
~ ~~dsrbia
utilidades
no distilbuidas
-~
Accumulated net income, less distributions
nesgos de refinanciamiento
revolving fund
fonds renouvelable;
caisse dJavances
fod roaoi
fondo rotatoiio
obligation a taux renouvelé
A fund for project-related expenditure.
Medium-or long-tern bond whose annual
to stockholdersand transfersto paid-in
capital accounts.
bono con tipo de interésrenovable
Mdu-o
right (to purchase shares)
droit
retractable, putable bond
derecho
obligation
Usually issued in connection with new
rétractable
roly-poly bond
oligpon bonv
ogtr
edwoeana
coupon is renewed every three years, at
which time the investor may be reimbursed.
roly-poly certificate of deposit, see
roll-over certificate of deposit
bono retractable
shareissues.Civesthe investorthe right to
Bond where coupon rate is determined for
a limited number of years, after which a new
coupon is determined, with bondholders at
the same time having the right to early
purchase further shares at a given price.
risk capital
capital á risque
running
redemption.
capital de riesgo
moyenne (pondérée) mobile
revaluation factor [currency pool]
facteur de réévaluation
factor de revaluación
A ratio establishing the appreciation or
depreciation due to exchange rate changes
in the U.S.dollar value of currencies in the
RP, see repurchase
repos)
(weighted)
agreement (RP;
average
Capitalinvestedin high-riskor relatively
promediomóvil (ponderado)
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.
The average rate of interest applied to an
outstanding loan, based on the rates applied
on all previous disbursements. weighted,
where necessary, to allow for different levels
of disbursement.
24
securities dealer; securities firm
courtier (en valeurs mobiliéres);
selling rate
cours vendeur
sales agent [securities]
agent de placement
agente vendedor corred,r
maison de titres; société de
placement
corredor de valores; sociedad de
valores
precio vendedor precio de venta
Samurai bond
securities margin account
compte d'achat de titres
ganancia bruta en cuenta de valores
Special account opened by private
individuals for the purchase of securities,
dette prioritaire
paid for partially by cash payments and
partially on credit given by the broker up to
a limit fixed by law.
serial bond, loan
1. emprunt par obligations émis par
séries; 2. obligation á lot
Short- or medium-term fixed-interest bearer
bond issued bya public credit institution or
commercial bank. Not marketable. Bons de
caisse are general French savings bonds.
Bons d'épargne are five-yearsavings bonds
issued at par. The bearer can ask to be
reimbursed after three months but the
amount he is paid increases over the
security
titre; valeur mobiliére
1. bono de vencimiento escalonado; 2.
bono con vencimiento elegido a la
suerte
five-vearperiod.
security lending [IBRD]
préts de titres
préstamo en valores
-
S
-
obligation samourai
bono samurai
Bond issued on the Japanese market in yen
outside Japan.
savings bond [France, Belgium, U.S.]
bov
Frnce,
bod
dépargne
U.S.]
bon de caisse; bon d'épargne
bono de ahorro
scrip certificatef bearer scrip
bulletin de llvraisn; certficat d'action
partiellement
liberée
certificado provisional; titulo
prov isional
valor; título
1. Document giving title to property or
claim on income. 2. Income-yielding paper
traded on the stock exchange or secondary
market.
Price proposed (for a security).
senior debt
deuda prioritaria
Debt
for which claims on the assets of the
borowerrakalaionotheasetsiocate
of riquidatiaofr.
1. Bond issues split into a series of
maturities. 2. Special type of serial bonds
where reimbursement is decided bydrawing
in lots (used in France).
shake-out
Lending of securities which the IBRD owns
(typicallv a U.S. Government obligation)
against receipt of cash or similar securities
as collateral in amounts equal to or higher
(of the market)
tassement
1. asentamiento; 2 sacudimiento
1. Amoderate stock market or business
recession, usually corrective of an
inflationary condition. 2.Any movement in
the market prices of securities that forces
speculators to sell their holdings.
Written obligation of a bank acting as
paying agent for an issue, toi hand over to
the subscriber the definitive,^ertificates as
soon as they have been issued.
than the market value of the security lent.
secondary market
segmento; sector
marché secondaire
mercado secundario
self-liquidating credit
cours de la Bourse
lista de acciones con sus cotizaciones
crédit autoamortissable
Alisting of stocks with their current prices.
Market for transactions in existing
securities.
crédito autoamortizable
secondary offering
placement d'actions détenues par les
particuliers
colocación en el mercadossecundario
Redistribution of an outstancling block of
stock by a securities firm.lt is handled
privately off the organized exchanges after
the close of the market, at a fixed price not
exceeding the last sale price on the floor.
segment; sector (of the market)
compartiment (du marché)
shareholders' equity, funds, see
stockholders' equity
Credit reimbursed by the income from the
shareownership
speration for which it was lent.
avoirs en portefeuille: acquisition de
mobiliéres, actions
sell-down
cartera de acciones
oprto
o
hc
twsln.valeurs
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.
selling fee [Euromarket]
share-premium account [IFC]
cormpte "prime d'émission"
cuenta de primas de emisión
Account of a corporation, in which IFC has
a holding and in which the premiums
obtained on new shares are deposited.
sector, see segment
coimmissioinde placement
comissin de pentas
comisión de L'entas
securities analyst
analyste des valeurs
selling consortium, group, syndicate
[Euromarket]
acuerdo de retención de acciones
Agreement,underwhicha companyagrees
groupe de pLacement
not to sell the stock of another company in
whích IFC has an interest, until the loan has
been reimbursed.
share-retention agreement [IFC]
accord de non-rétrocession
Person carrying out systematic assessment
of securities as a basis for investment
strategy.
consorcio (bancario);grupo de
colocación; grupo vendedor
d'actions
25
shelf registration
source and application of funds
enregistrement en attente
autorización permanente
statement, seestatement
in financial position
A system of standing authorization to issue
securities given by the U.S.Treasury to
certain select horrowers (including the
IBRD).Borrowers must normally waitforr
formal approval.
short hedge
dd~ ~
~~
of changes
source and use of funds statement, see
statement of changes in financial
position
sovereign credit
empuntgarntpa l'ta
gaat.alEa
~~~~~mrn
crédito garantizado por el Estado
month and resale in another. 3.
Euromarket, securities: Difference between
rate at which bank borrows money on
interbank market and rate at which it
onlends funds to its customers.
spread risk [IBRDO
risque lié la marge
isgueliolarge
riesgo relacionado con el margen
Risk due to the spread between IBRD
opération de couverture par vente á
A borrowing guaranteed by the state.
borrowing and loans being too low or
termeneaie
operación de cobertura por venta a
sovereign risk
statement of changes in financial
plazo
risque dinsolvabilité
emprunteur;
de l'Etat
risque souverain
Hedging operation by someone who is
'short" (Le.,who ownslessof an item than
he has contracts to deliver).
riesgo soberano; riesgo que plantea el
slíort position
shortgpositionálabaisscountry's
engagement a la baisse
The risk of changes in a borrowing
overall foreign exchange position,
which might affect its ability to repay a loan.
funds statement;
funds statement;
source and use of funds statement;
flow statement; changes in working
país
capital stateient
tableau de financement; tableau des
flux
estado de flujo de fondos
posición de venta en descubierto
Where a dealer in stocks or commodities is
committed to sell more of them than he has
available for sale.
position; source and application of
space arbitrage,
arbitrage
see two-point
A statement used in conventional
accounting which summarizes the
financing and investing activities of an
shpeciaale
placement
spécial
pdécouvertoloacmen
espcial
entity, including the extent to which the
enterprise has generated funds from
operationasduring the period and for
completing the disclosure of changes in
financial position during the period. The
first English term is the one recommended
by the U.S.Accounting Principles Board
effet-termut nterme
effet acourt terme
Placements issued by international
development institutions and placed
directly with central banks, monetarv
authorities, and governments.
split; split-up
split; split-up
pagaréa cortoplazo
division d'une action en plusieurs
short-term paper
effets á court terme; papier á court
terme
división de acciones
Increasing the number of shares of a
corporation by some ratio or multiple.
efectos a corto plazo: valores a corto
plazo: papel a corto plazo
spot market; cash market [foreign
vhortsale
ente a découvert
venta en descubierto
Sale hy dealers of securities they do not
own.
colocaciónespecial
shorthttrmrpaperedivisión
de acciones
short-term paper market
dhorttesm
effets mackt t
emercao
terme
marché des effets á court
marché
mercado de corto plazo
sinking fund
caisse d'amortissement: fonds
d'amortissement
(APB)since 1971: the second term is the
one found most frequentlv in the World
Bank and IFC; and the third is the most
common one used in the l.S. prior to the
APB recommendation. The other terms are
also found.
step-down (security)
(titre á) coupon dégressif multiple
valor con tipo de interés descendente
exchange]
marché au comptant
al conptado
mercado al contado
Securities where the coupon rate decreases
ron
vr year.
er
b a fixed
ie amount
h~~~~~~~~~~~~~~~~~~~~~~y
every
spot market [commodities]
marché du disponible
stepped-rate bond
obligation á taux flottant fixé d'avance
mercado de productos disponibles, de
entrega inmediata
bono con tipos de interésescalonados
(bfiados anticipadamente)
fondo de amortización
A fund created bv a borrower for the
spread
borrower
A~~~~~~~~~~~~~~~~~~~~~~~~~o
for
purpose of redeeming bonds.The borrower
1.2. écart; 3. marge
is obliged to redeem specified amounts of
1. 2. 3. margen; diferencia; diferencial
1. Options: Purchase of a cal] option at one
the bond within specified periods.
price and resale at another. 2. Commodities:
Purchase of a contract in one delivery
soundness certificate
certificat de solvabilité (établi par une
banque)dvdedenacos
d
c ado
certiicado
de solvencea
Bond with different coupon rates of interest
diffren pereatedfixe in
the
fordifferentperods.fixedinadvanceofthe
issue.
stock dividend
distribution d'actions gratuites;
attribution d'actions gratuites
dividendo en acciones
A dividend paid to stockholders in share of
stock of the issuing corporation.
26
stockholders' equity; shareholders'
equity; owners' equity; equity; net
worth; shareholders' funds [U.K.]
fonds propres; capitaux propres;
situation nette
patrimonio; patrimonio neto; activo
neto
subborrower
emprunteur secondaire, final
subprestatario
subloan
prét secondaire, subsidiaire
subpréstamo
given, Farm B will have a higher rate of
The value of assets less liabilities of a
corporation.Allthe termsgivenhere are
generally synonymous, but accountants
tend to give different siants to these terms
in certain cirumstances, so they may,on
occasion, have slightly different meanings.
For example, capitauxpropresand
situation netteare normally synonymous,
though capitauxpropres sornetimes equals
situation nette less retained earnings
(report á nouveau).
stock option
option de souscription
opción de compra de acciones
willproducebeef withhigh technology
equipmentandfewworkers,whileFarmB
willconsistof a low-technologyoperation
employingmanyfarmworkers.Upto a
weightof 1.5on incomegoing to the poor,
FarmA has a higher rate of return.
However,if a weightgreaterthan 1.5is
subordinated debt, see junior debt
return.Theswitchingvalue,therefore,is
1.5.
subordinated loan
prét non privilégié
préstamo subordinado
subscription right
droit de souscription
syndicate
consortium; syndicat financier
consorcio (bancario, de
financiamiento)
derecho de suscripción
syndicate, to (a loan)
The same as right (q.v.)
consortialiser
swap (transaction)
swap; crédit croisé
swap[ bancos centrales]; intercambio
concertar un préstamo a través de un
consorcio (bancario, de
financiamiento)
syndicated loan
de monedas, crédito reciproco, pase
stop-out price
prix d'arrét
precio mínimo en subasta a la baja
Uniformauctionprice(i.e.,lowestpriceat
financiero
Aspot purchaseof foreignexchangewith
simultaneousforwardsaleor viceversa.
Pase financieroisan Argentiniansystem,
which bids are accepted) at a Dutch auction
related to the swap system, whereby
(q.v.).
personsor institutionsmakingcapital
straddle; cafi-and-put opt:ion
investments are given an "exchange
guarantee," which guarantees that the
stellage
opción de venta y comprJa
funds can be reexchangedat a
predetermined exchange rate ona specific
prét syndiqué; prét consortial
préstamo de un consorcio
syndication
formation dun syndicat financier, d'un
consortium
formación de un consorcio (bancario,
de financiamiento)
Double option consisting of a put and a call
date.
with same striking price.
switch
system repurchase agreement
contrat de report
acuerdo de recompra
Purchasebythe FederalReserveof
straight bond
arbitrage
securitiesfora short periodoftime withan
obligation classique
arbitraje
agreement to resell them at a specified
bono clásico; bono ordinario
Saleof paperwhichis no longerconsidered
price.
Bond with unquestioned right to
to have long-term possibilities and
repaymentof principalat a specifiedfuture
date, unquestionedright to fixed interest
paymentson stateddates,and no right to
any additionalinterest,principal,or
conversionprivilege.
investmentofthe proceedsinsecurities
consideredmore worthwile.
straight, tap certificate of deposit
certificat de dépot classique, par lot
certificado de depósito sin límite, de
libre compra
switch, availability clause
clause de disponibilité
cláusula de disponibilidad
In a roll-over creditagreement, a clause
whichallowsa lender to lend in a currency
take-and-pay contract
contrat de paiement contre livraison
contrato de compra garantizada
A guaranteeto buyan agreedamountof a
product or service provided it is delivered.
Standard certificate of deposit, without any
other than the one stipulated in the
agreement, if the stipulated currencv is not
available.
restrictions on amount availahie.
switching value
prendre (des effets) en pension
striking price; exercise price
prix d'exercice
precio fijado en contrato (lpara
ejercitar una opción de compra)
valeur critique; valeur seuil
valor crítico
redescontarcon compromisode
Rediscountoperationwith promiseto
The value that reverses the ranking of two
alternative projects. For example, Farm A
transfer the credit title back to the original
lender.
Price a particular share must reach before
an option to purchase the shares can be
exercised.
take in, to (bills)
27
take-or-pay contract
contrat d'achat ferme; contrat de prise
ferme
contrato firrne de compra (sin derecho
de rescisión)
Anunconditionalguaranteeto buyan
agreedamount of a product or service
whether or not it is delivered.
take out, to [IBRD]
renoncer
renunciar a una garantfa
Waiverbya colenderof a guaranteegiven
bythe WorldBank,as the guaranteed
portionof a coloanprogressivelycomes
withinthe range of normalmaturities.
take-over bid
offre publique d'achat (OPA)
oferta pública de compra
tax buoyancy
élasticité globale du systéme fiscal par
rapport au produit intérieur brut
(PIB)
elasticidad tributaria global
Totalelasticityof the taxsystem(built-in
elasticitypluselasticitydue to discretionary
changesin the tax system).Measuredbythe
annualmean growthin receiptsdividedby
the annualmeangrowthin grossdomestic
product (GDP).
tax credit
avoir fiscal; crédit d'irnpot
descuento impositivo
term loan
crédit d'équipement
préstamo a mediano o largo plazo
Medium-or long-termloan undertakenbya
trading ticket [securities]
fiche de Bourse; ordre d'achat; ordre de
vente
orden de compra, orden de venta
Purchase/sales orderfor a security.
tranche certificate of deposit
certificat de dépót par tranche
certificado de depósito de tramo
Certificateof depositrepresentinga share
in a programof certificate-of-deposit
issues
by a bank.
transfer price
prix de transfert; prix interne; prix de
cession interne
precio de transferencia interna
Pricebetweena corporationandits
subsidiaryor withina corporation(opposite
of arn's length price).
corporation when it cannot or does not
take-over option [IBRD]
option de reprise (des derniéres
échéances d'un prét commercial)
opción de financiamiento residual
Contingentcommitmentbythe IBRDto
takeoveranyresidualfinancingof a loan as
want to issuea loan on the financia]market.
it reaches its ten-year maturity.
Market for security dealing in
over-the-counter stocks listed on a stock
exchange but between firms that are not
transformation
membersof an exchangeand, therefore,do
not chargeregular listed commission.
operationsby financialintermediaries,
taking in liquidsavingsor sight deposits.
time arbitrage
dans le temps
en el tiempo
Buyingand sellingat differentmaturities.
Treasury bill [U.S.]
bon du Trésor en comptes courants
pagaré del Tesoro a corto plazo
RillissuedbyU.S.Treasurywith short
maturity(less than one vear).
TAN, see tax-anticipation note
.. certificate
of deposit, see straight
tap certificate of deposit, seestraight
certificate of deposit
tap issue a guichets
tapmissionágu ichets ouvertsarbitrage
emission coutertaarbitraje
emisión continua
tap security
titre emis a jet continu, a guichets
-iouverts
valor en venta continua
Securitythat iscontinuouslyavailableand
may be obtained on demandby investors.
third market; off-the-board market
troisiéme marché; marché hors bourse
tercer mercado; mercado fuera de
bolsa
transferable share
action au porteur
acción al portador acción transferible;
acción negociable
transformation
(bancaire)
transformación (bancaria)
Medium- and long-term reinvestment
tax-anticipation note (TAN)
bon garanti par les recettes prévues
tombstone
avis financier; encart publicitaire
anuncio de emisión efectuada;
esquela
Advertisementwhichannouncesthat a
credit hasbeenarrangedor a bondissue
made.
top-rated bond
Treasury bond [U.S.]
bon du Trésor á long terme
bono del Tesoro
Long-term(morethan ten years)fixed
couponpaperissuedbythe FederalReserve
on behalfof the U.S.Treasury.
Treasury note [U.S.1
pasaré respaldado por ingresos
obligation de premier ordre
bon du Trésor
fisortlerm
borrowingvistosu
~
Short-term borrowing issued to nill
temnporaryfinaniciingnceds. It is backed by
bono de primer orden, de primera clase
pagaré del Tesoro
trade bill [U.K.
Amedium-term (normally from two to ten
anticipatedtax receiptsand any
unencumberedrevenueof the community.
effet de commerce
letra comercial; efecto comercial
years)couponsecurityissuedbythe U.S.
Treasury.In France,bonsdu Trésorhavea
maturity of one to five years.
Commercial bill accepted directly by a
corporation.
Treasury tax and loan account [U.S.]
compte courant du Trésor auprés des
grandes banques
cuenta corriente del Tesoro
Current account of the U.S.Treasurv in
28
which tax receipts and the receipts from the
sale of bonds to the public are deposited.
unlisted (security)
non coté; non admis, non inscrit á la
cote officielle
a fixed price, a U.S.Treasury bill of specified
coupon rate and maturity.
no cotizado en la bolsa
Securitynot listedfor trading on one of the
regularstockexchangesand whichis
therefore,traded directlyor overthe
counter.
wash sale
transaction fictive
transacción ficticia
Occurswhen a personbuysand sellsa
stock,therebyrecordinga price,but with no
actualchange of ownershiphavingtaken
country's economic condition warrant
unrealized gains
place.
harderor softer loans.
plus-values latentes
ganancias no realizadas
weighted average, see running average
trigger clause [IBRD]
clause de déclenchement
cláusula de revisión
Clausein IBRDloan agreementrequiring
reviewafter a certainnumberof yearsto
determinewhether changesin the
trigger rate
seuil de déclenchement
window (in a market)
tasa de activación
créneau
Rate at which floating-rate rotes are
automatically converted to fixed-rate paper.
trust bank (Shintaku Ginko) [Japan]
banque de fiducie
banco fiduciario
-
V
-
resquicio
Short-lived opportunity to issue securities
value date
that may be taken up bvany of a significant
fecha de valor
window dressing
habillage du bilan
date de valeur
number of highlyrated borrowers.
Bank involved in both lendi.g and money
The calendar date onwhich atransaction
takes place.
two-point arbitrage; spa-e arbitrage
venture capital company
Financial actions such as stock market
arbitrage dans
btespace
arbitraje espacial
s
d
compañía de capitales de riesgo
trading,whosepurposeis to makea
corporation'sfinancialsituationseem
manipulación
de la contabilidad (para
aparentar una mejor situación)
a
Buving in one center and selling in another.
w
U
-
uncovered; naked
á découvert
warrant
warrant
certificado para la compra de
acciones, bonos
better than it really it is, just before the
publication of a balance sheet or other
financial statement.
WINGS, see warrant into government
securities
working-capital ratio, see current ratio
working ratio
descubierto
Option to purchase ordinary share or bond
Unhedged ( le., a liability exists in the long
of a particular company, usually purchased
or short term. which is not covered by abyonolewatgtopripten
corresponding position).
profit growth of that company. Often
attached to new bond issue as inducement
coefficient brut d'exploitation
underwriting
percentage.
consortiurm, group,
syndicate
1.groupe de garantie; syrdicat de
garantie. 2. syndicat de prise ferme
1. grupo garante; grupo dle
suscripción; 2. consorcio de
suscriptores
for investors to take up the bond.
coeficiente
de explotación
Cash working expenses divided by
operating revenues, expressed as a
obligation a warrant; obligation
warrante
bono con certificado
y
Bond with warrant attacbed.
Yankee bond
1. Group that agrees with the issuer of
securities to buy or find buyers for those
securities that are not taken upby the
warrant into government securities
(IG
obigation Yankee
warrant échangeable contre des titres
d'Etat
Bondissuedon the U.S.marketin U.S.
dollarsoutside U.S.
underwriting fee
commission de garantie
certificado para la compra de pagarés
del Tesoro
Warrantwhichallowsthe purchaserto
yield curve
courbe des rendements
secublic.t2.iGro
thata t takenup by
entire iss
public.2.Groupthat buysupan entire issue
of securities.
comisión de suscripción; comisión de
garantía
unit trust, see open-end fund
acquire, within a specified period of time, at
ooynu
curva de rendimiento
Graph relating rates of return to maturity.
29
yield to maturity (YTM)
Thereturnasecurityearnsassumingthatit
rendement
is held until a certain date and put to the
á I'échéance
rendimientoal vencimiento
Z
borrowerat the specifiedput price.
zero-coupon bond
YTM,seeyield to maturity
obligationá coupon zéro
bono sin cupón
Bondthat paysno interest but issoldat a
steep discountand paid off at par.
Terminologiedes empruntset des préts
FranQais-Anglais
33
-
A-
agence de cotation. de classement(des
a découvert
uncovered;naked
acceptationde banque
bank bill; bankers acceptance
accordde compensation
clearingagreerment
accordde non-rétrocessiond'actions
share-retentionagreement [IFC]
titres)
rating agency
agent
assise financiére
capitalbase
attraction
crowding-in
agent bank
agent boursier
broker;dealer [stockmarket]
agent boursieropérant pour son
propre compte
jobber
attribution
allotment
attribution d'actionsgratuites
stock dividend
augmentationde limportancedes
circuits financiers
accord de paiement
clearingagreement
accord de réméré
repurchaseagreement (RP;repos)
accord de swap sur les taux d'intérét
interest-rateswap
achat a decouvert
margin buying[stock exchange]
agent de change
broker [optionsmarket]
agent de contrepartie
dealer
agent financier
fiscalagent
agent de placement
sales agent [securities]
financialdeepening
aval
aval
avancede préémission
bond-anticipationnote (BAN)
avancesá vue
call money;day-to-daymoney;demand
money;moneyat call
acquisition de valeurs mobiliéres,
agent opérant directement sur le
avances non garanties
actions
parquet
cleanadvances
shareownership
floor trader
avec
action au porteur
transferableshare
action de jouissance
dividend-rightshare
action gratuite
bonusshare
actions bénéficiaires
dividendstock
actions cumulativesprivilégiées
cumulativepreferredstock
agent payeur
payingagent
agio
agio;premium
améliorationdes prixmoyens(d'un
titre)
averaging
amortissement
amortization
anatíst d
analystedesvaleurs
premium
avis financier
tombstone
avoir fiscal
tax credit
avoirs en portefeuille
shareownership
actions de capital
securities analyst
banque á charte
commonstock
annoncer (un taux)
actions de garantie
post, to (a rate)
qualificationstock
anticipationsrationnelles
charteredbank
banque á charte fédérale
federallychartered bank [U.S.]
actions de priorité
debenture stock [U.S.]
rational expectations
approfondissementdu capital
capital deepening
apresbourse
banque á tout faire,á vocation
générale
combinedcommercialand investment
bank;multibank:all-purposebank
after-market
banque d'affaires
investmentbank [U.S.];
merchantbank
es nbkU.
ectKba
actions de priorité
actions libérées
paid-upstock; fullypaid stock
arbitrage
arbitrage; switch
B-
[U.K.]
registeredstock personalstock
arbitrage dans l'espace
actinsteredstockiniresonalstocktwo-point
arbitrage;space arbitrage
actionstock
arbitrage dans le temps
commonstock
time arbitrage
actions privilégiées
btr t
preferred stock
arbitragiste
banque de dépót, commerciale
commercialbank;clearingbank [U.K.]
banque de fiducie
trust bank (Shintaku Ginko)[Japan]
banque"multiservices",á tout faire,á
adjudicationá prix uniforme
Dutch auction [U.S.]
arbitrageur
argent au jour le jour
call money;day-to-daymoney;demand
money;moneyat cal];overnight
combinedcommercialand investment
bank;multibank;all-purposebank
banque off-shore
offshorebank
funds
vocation générale. polyvalente
34
banque polyvalente
combinedcommercialand investment
bank; multibank;all-purposebank
bulletin de livraison
scrip certíficate;bearerscrip
certificatnominatif
bond certificate
de dépótá
certificatreprésentatif
caisse d'amortissement
sinking fund
caisse davances
revolvingfund
calendrierdes émissions
issuing calendar
capacitéd'endettement
credit standing; creditworthiness
terme
negotiable time certificateof deposit
chambrede compensation
clearing house
chefde file
lead bank; lead manager
cheque banque
banker's draft
chéque tiré
banker's draft
bon
note
bon á court termeémis (pairune
collectivitépublique)pour financer
un projet (autoamortissable)
capital á risque
risk capital
classer
rate, to; grade,to
capital social
equitycapital;capitalstock(of a
corporation)
clause "drop lock"
drop lock
clause d'exigibilitécroisée
project note
capitalisation
cross-default clause
bon a intérét variable perpétuel
perpetual floating-rate note
capitalization
capitaux fébriles
clause de déclenchement
trigger clause [IBRD]
bon a prime (d'émission)
discount note
hot money; funk money
capitaux propres
clause de disponibilité
switch, availability clause
bon á taux flottant
floating-rate note [FRN]
bon á taux révisable
bon a taux révisable
floating-rate note [FRN]
stockholders' equity; shareholders'
equity; owners' equity; equity; net
~worth;
shareholders' funds
[U.K.]
funds [U.K.]
worth' shareholders'
centiéme de pour cent
clause de manquement réciproque
cross-default clause
bon au porteur
bearer note
basis point
centre bancaire off-shore
negative-pledge clause
clause de sauvegarde
bon de caisse
savings bond [France, Belgium, U.S.]
offshore banking center
certificat d'action partiellement libérée
jeopardy clause; disaster clause; break
clause
bon de jouissance
dividend-right certificate
bon d'epargne
scrip certificate; bearer scrip
certificat de dépót
certificate of deposit (CD)
certificat de dépót a taux renouvelé
roll-over certificate of deposit;
clause de verrouillage au taux
plancher
drop lock
clause par¡ passu
pani passu clause
banquesinstalléessurles principales
placesfinanciéres
money-centerbanks
bénéficesnon distribués
retained earnings
billet á ordre
promissorynote
billet de mobilisation
mortgagebond
blanc, ¿'ohi(en)blanc
savings bond [France, Belgium, U.S.]
participation certificate
-
C
-
roly-poly certificate of deposit
clause de ne pas faire, négative, de
nantissement négative
co-chef de file
bon du Trésor
Treasury note [U.S.o
certificat de dépót classique, par lot
straight, tap certificate of deposit
comanager; colead manager
coefficient brut d'exploitation
bon du Trésor it long terme
bona lmioinumtde$100.00
du Trésor
Treasury bond [U.S.]
bon du Trésor a trés court terme
cash-management bill
bon du Trésor en comptes courants
certificat de dépót d'un montant
mbnimumde $100.000
jumbo certificate of deposit
certificat de dépot par tranche
tranche certificate of deposit
certificat de reconnaissance de dette
working ratio
coefficient d'utilisation des fonds
propres
gearing ratio [IBRDe
coefficient de Bruno
Bruno ratio
bon garanti par les recettes prévues
tax-anticipation note (TAN)
debt certificate
certificat de solvabilité (établí par une
banque)
coefficient de capitalisation des
résultats (CCR)
price/earnings ratio (P/E ratio; PER)
bon-coupon
coupon note
soundness certificate
certificat de transfert de préts
coefficient de coút en ressources
intérieures
bons a prime (d'émission) consolidés
consolidated discount notes
pass-through certificate; participation
certificate
domestic resource cost ratio
35
coefficientmarginal de réserve
marginalreserverequirement
coefficientnet d'exploitation
operatingratio
coefficientsde liquidité
liquidityratios
commissionde direction
managementfee
commissionde garantie
guaranteecommission,fee[IBRD]:
underwriting fee
commissionde gestion
agencyfee [Euromarket];management
fee
commissiond'engagement
commitmentfee;stand-by fee
commissionde participation
participationfee
commissionde placement
selling fee [Euromarket]
commissionde reconduction
extension fee
commissiond'ouverture
front-endfee
commissionsyndicale
managementfee
compartiment(du marché)
segment;sector (of the market)
compensationdes créancesinternes
multilateralnetting
compte-chéquesrémunéré
negotiableorder-of-withdrawal
(NOW)
account
comptecourant du Trésorauprés des
grandes banques
compte d'achat de titres
securities margin account
compted'avancesde caisse
consortialiser
syndicate,to (a loan)
consortium
syndicate
contrat d'achat ferme
take-or-paycontract
contrat de paiementcontre livraison
take-and-paycontract
contrat de prise ferme
take-or-paycontract
contrat de report
repurchaseagreement(PR;repos);
systemrepurchase agreement
conversionmonétaire
currencytranslation
correspondant
agent bank
cotation
price (of a bond)
cotation (de la barre d'or)
fixing
coter
rate, to; grade,to
coupon
coupon
courbe des rendements
yield curve
cours
price (of a bond)
cours acheteur
bid price
cours de la Bourse
share list
cours de l'offre
courtier en placements
investmentbroker
ask(ed) price [securities market]
revolving credit
cours vendeur
créditrenouvelable,reconductibleá
selling rate
courtage
imprest account, fund
compte d'avances temporaires
imprest account, fund
compte de gestion de trésorerie
cash-management account
compte de réserves pour le rachat du
capital des actions
capital redemption reserve funds
compte "prime d'émission"
share-premium account [IFC]
concentration (des échéances)
bunching (of maturities)
coút des emprunts doublement
pondéré
double-weightedborrowingcost
[IBRD]
coút en ressources intérieures
domesticresourcecost (DRC)
coút réel des devises
domesticresourcecost (DRC)
couverture de l'opération
marginrequirements[stockexchange]
couverturedes opérations á terme
hedging
couverturedu servicede la dette
debt-servicecoverage
crédit á vue, á tres court terme
call money;day-to-daymoney;demand
money;moneyat call
(crédit) adossé
back-to-back(loan,borrowing)
crédit autoamortissable
self-liquidatingcredit
crédit consortial (sans chef de file)
club loan
crédit croisé
swap (transaction)
crédit d'équipement
term loan
crédit d'impot
tax credit
(crédit) face á face
back-to-back(loan, borrowing)
crédit renouvelable,reconductible
taux variable
roll-over credit
créneau
window (in a market)
courtier
broker
"cushion bond"
cushion bond
courtier (en valeurs mobiliéres)
securities dealer; securities firm
_
courtier (opérant sur le marché-Dprimaire)
primavrae
primarydealerdate
courtier d'effets publics
covernmentsty
dealer
gnmesecuriy
r
courtier en fonds d'Etat
government-security dealer
n
datende vaaeur
date de valeur
date de versement
payout date
date effective de rentrée des fonds
payout date
36
décote
discount from par [securities market]
effets de commerce
commercial paper; commercial bills
emprunteur secondaire, final
subborrower
décote de conversion
conversion discount
effets de commerce en eurodevises
Eurocommercial paper
emprunts de collectivité locale
general obligations; general-obligation
découvert, voiY á découvert
effets porteurs d'intérét
dépenses groupées au début (dune
période donnée)
front-loaded spending
interest-bearing notes
effets private paper
emprunts de référence
qualified borrowings [IBRD]
emprunts géants
déport
backwardation; disagio; discount;
markdown [foreign exchange]
effets publics
government paper
élargissement du capital
jumbo borrowing
(en) blanc
clean
désintermédiation
disintermediation
capital widening
élasticité globale du systéme fiscal par
encart publicitaire
tombstone
dette consolidée
funded debt
rapport au produit intérieur brut
(PIB)
bonds
engagement
exposure
dette de deuxiéme rang
junior debt; subordinated debt
tax buoyancy
élément du pool (provisoire)
engagement a la baisse
short position
dette prioritaire
senior debt
d'emprunts
proxy borrowing [IBRD]
engagement conditionnel
contingent obligation [IBRD]
disagio
disagio
émetteur
issuer; maker (e.g., of a note)
engagement par pays
country exposure
distribution d'actions gratuites
stock dividend
émission á guichets ouverts
tap issue
enregistrement en attente
shelf registration
division dune action en plusieurs
émission collée
érosion fiscale des revenus
split; split-up
hung-up issue
émíssion d'obligations a l'étranger
fiscal drag
escompte
document
prospectus
external bond issue
émission de titres
discount [bills]
escompte á forfait, en ducroire, sans
droit
right (to purchase shares)
capital issue
émission exploratoire
recours
discount without recourse
droit de souscription
subscription right
red herring issue
émission publique
public offering (of shares)
escompte officiel
discount window
eurocrédit
emprunt
Eurocredit
eitres
-E-
de contrepartie
back-to-back (loan, borrowing)
eurodevises
écart
spread
emprunt garanti par F'Etat
sovereign credit
Eurocurrency
eurodollar
échange de monnaies différentes
back-to-back (loan, borrowing)
emprunt global
lump-sum borrowing [IFC]
Eurodollar
euromarché
effet á court terme
short-term note
emprunt par obligations émis par
séries
Euromarket
euromonnaie
effet brúlant
hot bill
serial bond, loan
emprunt remboursable en une seule
Eurocurrency
euro-obligation
effet de carrousel
merry-go-round effect
fois
bullet issue
Eurobond
europrét
effet de commerce
negotiable instrument; trade bill [U.K.]
emprunt remboursable in fine
bullet issue
Euroloan
évaluation actuarielle
effets á court terme
short-term paper
emprunteur bien coté, tres solvable,
de premier ordre
prime borrower; premier borrower
actuarial evaluation
éviction
crowding-out
37
-
-
H
fonds fédéraux
federalfunds
facteur d'ajustement de
fonds propres
habillage du bilan
lFamortissement
amortizationadjustmentfactor
[currencypool]
facteurde réévaluation
revaluationfactor [currencypoolj
stockholders'equity;shareholders'
equity;owners'equity;equity;net
worth;shareholders'funds [U.K.];
capital base
fondsqui ne prélévepas une
windowdressing
honorabilité
credit standing;creditworthiness
fichede Bourse
trading ticket [securities]
financementá forfait, sans recours
nonrecoursefinance
financementavecdroitde recours
limité
limited-recoursefinance
financementconjoínt
joint financing
financementdes derniéres échéances
fundinglatter maturities[IBRD]
financementgigogne
piggy-backfinancing
financementparalléle
parallelfinancing
financement
sur crontramettfe
onancement
sur contrat
contract financing
fixationlibre des prix
open pricing
commission
no-load fund
fonds qui préléveune commission
load fund
fonds renouvelable
revolvingfund
forfaitage
forfeiting
formationd'un syndicatfinancier,d'un
consortium
syndication
formulesnouvelles,inédites,
creative financing
frais de gestion
f-rmanagement
fee
freinagefiscal
fiscaldrag
r
T
inflation de base
core inflation
instruments
instruments
instruments de la dette publique
governmentdebt instruments
instruments financiersá terme
financialfutures
intérétde déport
backwardationrate
intérétde report
contango rate; continuationrate
intérét patrimonial
proprietaryinterest
intermédiairefinancier
financialintermediary
intermédiation
intermediation
fixer
post, to (a rate)
garantie (de l'Etat)
investissementde productivité
capital-deepenínginvestment
fixing
fixing
guarantee
garantie de la BIRD
-
J-
flottement impur, contrólé, dirigé,
assisté, soutenu
guarantee [IBRD]
Gensaki
"jobber"
dirty float
Gensaki
jobber
flottement pur, non dirigé
gestion de (la) trésorerie
clean float
fluctuation des taux due a une fuite de
capitaux
cash management
-
L-
liability management
bill of exchange
flux financiers
funds flow; flow of funds
grande banque
city bank
lettre de confort
letter of comfort
fonds commun de placement
money-market (mutual) fund; mutual
fund
groupe de direction
management, managing group
[Eurodollar market]
LIBOR
LIBOR(London Interbank Offered
Rate)
fonds damortissement
sinking fund
groupe de garantie
underwriting consortium, group,
ligne de crédit de protection, de
soutien, auxiliaire
fonds de placement fermé
closed-end (investment) fund
syndicate
groupe de placement
back-up line of credit
liste d'attente
fonds d'Etat britanniques
gilt.edged securities
selling consortium,group,syndicate
lsede
[Euromarket]
guichet automatique de banque (GAB)
queue
automaticteller machine(ATM)
38
M-
masse monétaire au sens large
broad money
obligation á lot
serial bond, loan
Mi
Mi
mémorandum de placement
placement memorandum; placing
obligation á prime (d'émission)
discount bond
M12
M2
memorandum
mémorandum d'offre
obligation á primed'émission
original issue discount bond
M3
M3
offering memorandum
mise en pension
obligation á prime d'émission élevée
deep-discount bond, note
maison d'acceptation
acceptance, accepting house
repurchase agreement (RP; repos)
mise en report
obligation á taux flottant
floating-rate bond
maison de réescompte
discount house; bill broker
inward swap
mobiliser
obligation á taux flottant fixé d'avance
stepped-rate bond
maison de titres
securities dealer; securities firm
discount
monnaie scripturale
obligation á taux renouvelé
roly-poly bond
mandataire
agent bank
bank money
monnaie au sens étroit
obligation á taux variable (OTV)
floating-rate bond
marché á terme
forward market
narrow money
monnaie au sens large
obligation á warrant
warrant bond
marché au comptant
spot market; cash market
broad money
moyenne (pondérée) mobile
obligation assortie d'une option
d'achat au-dessous du pair
marché de capitaux
capital market
running (weighted) average
moyens de paiement á l'encaissement
accreted call bond
obligation au porteur
marché de porteurs
bearer market
float [banking]
moyens de paiement non recouvrés
bearer bond
obligation avec option de change
marché des effets á court terme
short-term paper market
float [banking]
multiple (currency) option bond
obligation avec optíon monétaire
-
marché du disponible
spot market [commodities,]
marché figé
locked market
marché financier
capital market; open market
-
N-
niveau d'indifférence
break-even point [stock market]
multiple(currency) option bond
obligation `bouledogue"
Bulldog bond
obligation cautionnée
marchégris
grey, gray market
non admis, non inscrit á la cote
officielle
unlisted (security)
nonlgh
cond
nonlcote
marché hors bourse
third market; off-the-board market
non garanti
américain)
AAAbond
marché hors cote
over-the-counter market (OTC)
clean
note
d'information
placement
memorandum; placing
obligation de premier ordre
AAA
o bond; dtop-rated bond
marché oú la cote de crédit est
primordiale
name market
marché paralléle
parallel market
memorandum
custom-duty bill
obligation classique
straight bond
obligation (cotée) AAA(marché
obrpgateonde soaeté
corporate bond
obligation émise par une collectivité
marché primaire
primary market
- ° . .
obligation
bond; debenture (bond); note
obligation á coupon zéro
publique dans l'attente de rentrées
non fiscales
revenue-anticipation note (RAN)
obligation étrangére émise á Londres
Bulldog bond
marché secondaire
zero-coupon bond
obligation indexée
secondary market
marge
spread
obligation a long terme émise par une
collectivité publique pour financer
un
un projet
projet
indexed bond; index-linked bond
spread
masse monétaire au sens étroit
narrow money
revenue bond
coupon
obligation munie de
~~~~~~~~~~~~coupon(-bearing)
bond
39
obligationne pouvantétre amortiepar
anticipation
noncallablebond
obligation négociable
marketablebond
obligation non garantie
debenture (bond)
obligation non négociable
nonmarketablebond
obligation participante
income bond;participatingbond
obligation perpétuelle
nonmaturing,nonredeemable
governmentbond;perpetual bond;
consol[U.K.]
opérations á terme
futures [commoditiesmarket]
opérations d'arbitrage en couverture
hedging
opérationsde couvertureparachat á
terme
long hedge
opérations en contrepartie
hedging
option
option
option d'achatd'obligationsá
rendement réduit
out-of-(the)-moneyoption
option d'achat, de rachat
participationmajoritairedans l'actif
proprietaryinterest
participationproportionnelle
funding pro rata [IBRD]
périoded'interdictionde rachat
noncall period
obligationpouvantintéresser les
banques
bank quality bond
call option
option de change
multicurrencyoption
pétro-obligation
petrobond
place bancaireoff-shore
obligation reconductible
extendiblenote; extendible-maturity
note
obligationremboursableavant
l'échéance
callabie bond
obligationrétractable
retractable,putable bond
option de reprise (des derniéres
échéancesd'un prét commercial)
take-overoption)
option de souscription
stock option
~~~~option
de yente
ption
put option
ordre d'achat
trading ticket [securities]
offshorebanking center
placementd'actionsdétenues par les
particuliers
secondaryoffering
placementde pére de famille
blue chip
- *placementpar voie privée
privateplacement
placementspécial
obligation samourai
Samuraibond
obligation vendue
a guichet ouvert
bond sold on tap
obligation warrantée
warrant bond
part des risques
exposure
part sociale
corporateright
participationá forfait,sans recours
nonrecourseparticipation
participationau capitalsociald'une
société
equityownership
ordre de vente
trading ticket [securities]
specialplacement
plus-valueslatentes
organisme d'émission
issuer
unrealizedgains
point de base
basispoint
b
pooí de monnajes
obligation Yankee
Yankeebond
-
P
-
obligationsémisespardes organismes
fédéraux
agency securities,obligations
offre excédentaire
overhang
offre publique d'achat (OPA)
take-overbid
open market
~papers
open market
papier á court tenme
short-term paper
papier commercial
commercialpaper;commercialbilis
papierfinancier
commercialpaper;commercialbills
porteeuille de prets
loan portfolio
portefeuilleliquide
liquidityportfolo
porturideitres,rdfobio gtin
porteur de titres, d'obligations
instruments
pourcentagede couverture
marginrequirements[stockexchange]
opérateur (sur le marché)
dealer (stock
market]
parité de conversion
conversionvalue
pouvoird'engagement
commitmentauthority
opérationá échéancessymétriques
matched-maturitytransaction[IBRD[
opérationcoupléed'emprunts
back-to-back(loan,borrowing)
part bénéficiaire
founder'sshare
part d'association.
partnershipshare
préavisd'émission
red herring
préciput
praecipium;praecipuum
prendre (des effets) en pension
take
take ~~~~~~~~~~~~~~~~~~~~~~~in,
to (bills)
operationde couverturepar vente a
terme
short hedge
part de capital
proprietaryinterest
part de fondateur
founder'sshare
40
prét "A"
"A"loan
prime de risque
risk premium
prét au jour le jour
call loan
prime de risque-inflation
inflation premium
prét "B"
"B" loan
prise en pension
buy-back [Canadal
rapport cours-bénéfice
prét ballon
balloon loan
prise en pension des effets
purchase and resale agreement
price/earnings ratio (P/E ratio; PER)
rapport encours des préts/fonds
prét cofinancé
coloan
[Canadal
prise ferme
propres
gearing ratio [IBRD]
pret consortial
syndicated loan
bought deal
prix acheteur
ratio de couverture de l'intérét
interest-coverage ratio
prét de titres garanti par d'autres titres
borrow-pLedgesecurity loan
buying rate [securities market]
prix comptable
ratio de levier
leverage (ratio) [U.S.];gearing (ratio)
prét de titres garanti par des fonds
cash security loan
accounting price
prix d'arrét
[U.K.]
ratio de liquidité générale
pret du pool
pooled loan
stop-out price
prix de cession interne
prét en cascade
apex loan
apet loan
difficultconversion
prét en difficulté
distressed loan
transfer price
prix de conversion
price
covrinpieratio
(prix) de pleine concurrence
current ratio; working-capital ratio
ratio d'endettement
debt-equity ratio; debt-to-equity ratio
em
rtodedteetáln
ratio d'endettementa long terme
long-term debt ratio
de solvabilité
debt ratio
pret indexé
indexed loan [currency pool)
arm's length (price)
prix de transfert
ratio de solvabilité-endettement
prét non privilégié
subordinated loan
transfer price
prix d'exercice
leverage (ratio) [US.];gearing (ratio)
pret pyramidal
apex loan
striking price; exercise price
prix économique
ratio de structure du passif
prét secondaire, subsidiaire
subloan
economic price; efficiency price
prix franco frontiére
ratio de trésoreríe réduite
acid-test, liquid, quick ratio
prét syndiqué
syndicated loan
préteur de dernier recours
lender of last resort
border price
prix frontiére
border price
prix interne
ratio du service de la dette
debt-service ratio
ratio prix comptable-prix du marché
accounting ratio
préteur en dernier ressort
lender of last resort
transfer price
prix net
ratio tiré du bilan
balance-sheet ratio
préts aux conditions du marché
market-related lending
payout price
(prix) normal du marché
ratíos de gestion
operating ratios
préts de titres
security lending [IBRD]
arm's length (price)
profil des risques de financement
ratios de liquidité
liquidity ratios
prime
premium
overall risk profile [IBRD]
prospectus
ratios de rentabilité
profitability ratios; revenue-covenant
prime de conversion
conversion premium
prospectus
protection contre un rachat anticipé
ratios
ratios de structure
prime de liquidité
liquidity premium
call protection
financial ratios
ratios financiers
prime d'émission
discount [bonds]; premium
prime de remboursement
call premium
-
quatriéme marché
fourth market
Q-
quasi-banque
near-bank
quasi-monnaie
near-money; quasi-money
-
R-
[U.K.]
financial ratios
reconduction
roll-over
réemploi des plus-values
roll-over of gains
41
réescompter
rediscount
risque de refinancement
refinancing risk [IBRDI
société mandatée (par la Banque
mondiale pour la représenter á des
refinancement
roll-over
risque d'insolvabilité de l'Etat
emprunteur
émissions d'obligations au Japon)
commissioned company [Japanl
refinancement anticipé
advanced refunding
sovereign risk
risque dú au décalage
solvabilité
credit standing; creditworthiness
refinancement pour un montant égal
even roll
lag risk [IBRD]
risque lié a la marge
sous-compte débiteur de l'emprunteur
borrower's indebtedness subaccount
réglage de précision
fine-tuning (of the economy)
spread risk [IBRD]
risque lié á la rentabilité des liquidités
[currency poo]
stellage
remboursement [prétsl
amortization
remboursement en tranches égales
level repayment
cash risk; liquid-holdings risk
risque lié au décalage entre les
échéances
mismatch risk [IBRD]
straddle; call-and-put option
succursale off-shore
offshore banking unit (OBU)
surface financiére
remise (d'une dette)
cancellation (of a debt)
risque souverain
sovereign risk
credit standing; creditworthiness
swap
rendement a l'échéance
yield to maturity (YTM)
risques de refinancement
roll-over risks
swap (transaction)
swap de monnaies, sur le cours de
rendement converti en taux d'intérét
coupon-equivalent yield
renoncer
sécurité
change
currency swap
swap de taux d'intérét
interest-rate swap
take out, to [IBRDJ
comfort
swap d'obligations á valeur nominale
renouvellement
roil-over
rente perpétuelle
nonmaturing, nonredeemable
government bond; perpetual bond;
consol [U.K.]
rentrée nette
rayout pnrce
*ayutprice
service bancaire international
international banking facility (IBF)
égale
even par swap
services bancaires de gestion
financiére
bank trust departments
seuil de déclenchement
trigger rate
simple
swap sur des dettes
debt-for-debt swap
swapsportantá la fois sur les taux
d'intérét et sur des monnaies
cross-currency interest hedge;
doublehedge swap
répartition
report
contango; premium [foreign exchange]
clean
situation nette
stockholders'equity; shareholders
syndicat de direction
[Eurodollar market]
syndicat de garantie
report á nouveau
retained carnings
report de crédits
carry-over
worth; shareholders' funds [U.K.]
société de financement de linnovation
venture capital company
société de placement
underwriting consortium, group,
syndicate
syndicat de prise ferine
underwriting consortium, group,
report de devises
outward swap
securities dealer; securities firm
syndicate
syndicat financier
syndicate
syndicate
systéme fédéral de réserve
répression financiére
financial repression
-
S-
société de placement collectif
investment company, fund
ressources acquises
purchased funds
investment company, fund
Federal Reselve System [U.S.1
systeme de taux préteur fondé sur un
rétrocession
onlending: sell-down
sociéte d'investissement a capital fixe
(ctfinvestisse und
pool d'emprunts
pool-based lending rate system [IBRD]
risque
exposure
rsociété
d'vestissement a capital
open-end (investment) fund; unit trust
systéme du pool de monnaies
risque de perte sur les taux d'intérét
interest-rate risk
[U.K.]
société d'investissement fermée
closed-end (investment) fund
42
-
-
taux d'intérét réel
real interest rate
transaction simultanée d'achat et de
vente
tableau de financement; tableau des
flux
statement of changes in financial
position; source and application of
funds statement; funds statement;
source and use of funds statement;
funds flow statement; changes in
working capital statement
taux Lombard
Lombard rate
taux plancher de verrouillage
lock rate
matched sale-purchase transaction
transactions d'initiés
inside, insider dealing
transfert de fonds électronique
taux préteur variable basé sur un pool
d'emprunts
pool-based variable lending rate [IBRD]
electronic funds transfer (EFT)
transformation (bancaire)
transformation
tableau d'opérations financieres
flow-of-fund table [national accounts]
taux privilégié
prime rate
troisiéme marché
third market; off-the-board market
tassement
tel quel
-U
shake-out(of the market)
flat
taux critique de rentabilité
hurdle rate
teneur de marché
market maker
unité européenne de compte (uec)
taux d'activité
activity ratios
teneur de plume
lead bank; lead manager
European Unit of Account (EUA)
unité monétaire européenne (écu)
taux dactualisation
discount rate
titre
security
European Currency Unit (ECU)
taux d'actualisation de la
consommation
consumption Yateof interest (CRI)
(titre a) coupon dégressif multiple
step-down (security)
titre au porteur
taux d'avances sur titres
broker loan rate
bearer security
titre de rente
taux de base
prime rate
annuity bond
titre émis á jet continu, á guichets
led crity
switching value
taux de change minimum
floor rate of exchange
ouverts
tap security
valeur de pere de famille
taux de coupon
coupon rate
titre en dépót
depositary receipt
blue chip
valeur de premier ordre
taux de coupon courant
current coupon (rate)
titre hypothécaire
mortgage bond
blue chip
valeur de refuge
taux d'égalisation des valeurs actuelles
cross-over discount rate; equalizing
discount rate
titre précurseur
bellwether security
titre relevé
hedge
valeur mobiliére
security
taux de l'argent au jour le jour
call-money rate
book-entry security
titres assortis de coupons
valeur nominale
par value; face value
taux des avances á vue
call-money rate
coupon paper
titres de placement
valeur nominale totale
fuil face value
taux des avances sur titres
Lombard rate [Federal Republic of
Germany]
investment securities
traduction monétaire
currency translation
valeur seuil
switching value
valeurs garanties par l'Etat
taux d'escompte
discount rate
traite á un certain délai de vue
after-sight bill
gilt-edged securities
valeurs de premier ordre
taux des fonds fédéraux
federal funds Yate
tranche
payment period [IBRD]
gilt-edged securities
vente a découvert
taux d'indifférence
cross-over discount rate; equalizing
discount rate
transaction fictive
wash sale
short sale
vente sans garantie d'émission
best-efforts sale
taux d'intérét comptable (TIC)
accounting rate of interest (ARI)
-
V
-
valeur comptable
book value
leurity
43
- W
warrant
warrant
-
warrant détachable
detachablewarrant
warrant échangeablecontredes titres
d'Etat
warrant into governmentsecurities
(WINGS)
warrant en devises
foreignexchangewarrant
warrant obligataire
debt warrant
Terminologíade empréstitos y préstamos
Español-Inglés
47
-A-
B
agente de bolsa
dealer [stock market]
acción al portador
transferable share
agente (de cambio y bolsa)
broker
banco agente
agent bank
acción de primera clase
blue chip
agente de contrapartida
dealer [options marketl
banco codirector, coadministrador
comanager; colead manager
acción de usufructo
dividend-right share
agente financiero
fiscal agent
banco comercial
chartered bank; commercial bank;
acción gratuita
bonus share
agente pagador
paying agent
clearing bank [U.K.]
banco con autorización federal
acción negociable
transferable share
agente vendedor
sales agent [securities]
federally chartered bank [U.S.]
banco corresponsal
acción transferible
transferable share
agio
agio; premium [securities]
agent bank
banco de inversiones
acciones con derecho a dividendo
dividend stock
agiotista
jobber; market maker
investment bank [U.S.];merchant bank
[U.K.]
acciones de garantía
qualification stock
amortización
amortization
banco director
lead bank; lead manager
acciones nominativas
registered stock; personal stock
ampliación del capital
capital widening
banco extraterritorial
offshore bank
acciones ordinarias
common stock
analista de valores
securities analyst
banco fiduciario
trust bank (Shintaku Ginko) [Japan]
acciones pagadas
paid-up stock; fullv paid stock
anticipos sin garantía escrita
clean advances
banco múltiple
combined commercial and investment
bank; multibank; all-purpose bank
acciones preferenciales, preferentes,
preferidas
preferred stock
anuncio de emisión efectuada
tombstone
bancos establecidos en las principales
anunciopreliminardeunanueva
anunco prtirniar
d una uevamoney-center plazas financieras
banks
acciones preferenciales, (preferentes,
preferidas) acumuladas
cumulative preferred stock
emisión
red herring
arbitraje
base de capital
capital base
acciones privilegiadas
debenture stock [U.S.]
arbitrage; switch
arbitraje en el tiempo
bono
bond
aceptación bancaria
banker's acceptance
time arbitrage
arbitraje espacial
bino ajustable, indizado
indexed bond; index-linked bond
activo neto
stockholders' equity; shareholders'
equity; owners' equity; equity; net
worth; shareholders' funds [U.K.]
two-point arbitrage; space arbitrage
arbitrajista
arbitrageur
bono al portador
bearer bond
bono amortiguador
cushion bond
acuerdo de compensación
clearing agreement
acuerdo de recompra
repurchase agreement (RP: repos);
system repurchase agreement
acuerdo de retención de acciones
share-retention agreement [IFC]
acumulación (de vencimientos)
bunching (of maturities)
adjudicación a precio uniforme
Dutch auction [U.S.1
afinamiento <de la economía)
fine-tuning (of the economy)
asentamiento
shake-out (of the market)
atracción
crowding-in
aumento del capital con respecto al
trabajo
capital deepening
autorización permanente
shelf registration
aval
aval
bono 'bulldog"
Bulldog bond
bono clásico
straight bond
bono comerciable
marketable bond
bono con certificado
warrnt bon
crcdo
warrant bond
bono (con clasificación) AAA
AAAbond
bono con cupon
coupon(-bearing) bond
48
bono con garantía de activos
debenture (bond)
bono no rescatable, no redimible antes
del vencimiento
capital social
equity capital; capital stock (of a
bono con interés variable
floating-rate bond
noncallable bond
bono ordinario
corporation)
capitales itinerantes
bono con opción de cambio de divisa
multiple (currency) option bond
straight bond
bono pagadero con los ingresos (del
hot money; funk money
capitalización
bono con tipo de interés renovable
roly-poly bond
proyecto)
revenue bond
capitalization
carta de seguridades
bono con tipos de interés escalonados
(fijados anticipadamente)
stepped-rate bond
bono participatorio
income bond; participating bond
bono perpetuo
letter of comfort
cartera de acciones
shareownership
bono con vencimiento elegido a la
suerte
serial bond, loan
nonmaturing, nonredeemable
government bond; perpetual bond;
consol [U.K.]
cartera de préstamos
loan portfolio
cartera líquida
bono de ahorro
savings bond [France, Belgium, U.S.]
bono perpetuo, de renta vitalicia
annuity bond
liquidity portfolío
casa de aceptaciones
bono de calidad bancaria
bank quality bond
bono redimible con descuento antes de
su vencimiento
accreted call bond
acceptance, accepting house
bono de descuento intensivo
deep-discount bond, note
bono de primer orden, de primera clase
bono rescatable, redimible antes del
vencimiento
callable bond
casa de descuento
discount house; bill broker
cédula hipotecaria
mortgage bond
top-rated bond
bono de una empresa priv.ada,de una
compaña,de una sociedadanónima
corporate bond
bono de usufructo
dividend-right certificate
bono retractable
retractable, putable bond
boosruacetfaddeduo
Samurai bond
centésimo de punto porcentual
basis point
bono sin cupón
certificadode depositario
bono de vencimiento ajustable
extendible bond; extendible maturity
bond
bono de vecimiento
scalonadobono
bono de vencimiento escalonado
bcertificado
bono sin garantía específica
dbnue(od
yanqui
Yankee bond
de depósito
certificate of deposit (CD)
etfct
fdpst(D
certificadode depósito con tipo de
interés renovable
bono de venta continua
bond sold on tap
bond
tap sold on
bono del Tesoro
Treasury bond [U.S.1
bono del Tesoro (EE.UU.) a muy corto
plazo
cash-management bill
bonos de responsabilidad general
general obligations; general obligation
roll-oly certificate of deposit
roly-polycertificate of deposit
certificadode depósito de tramo
tranche certificate of deposit
certificado de depósito de US$100.000
o más
jumbo certificate of deposit
certificado de depósito negociable
bono descontado
discountbond
bono emitido con descuento
original-issue discount bond
cajero automátco, permanente
automatic teller machine
calendariode emisiones
.
de
s
calend
issuing calendar
bono hipotecario
mortgage bond
~~bonds
gilt-edged securities
- C
-
debt certificate
negotiable time certificate of deposit
certificadode depósito sin límite, de
libre compra
straight, tap certificate of deposit
certificado de participación
participation certificate
bono negociable
marketable bond
cámara de compensación
clearing house
.
.
capital accionario
bono no comerciable
nonmarketable bond
corporation)
capital de riesgo
certificado de transferencia de
préstamos
bono no negociable
nonmarketable bond
risk capital
pass-through certificate; participation
certificate
certificado de solvencia
soundness certificate
49
certificadoen divisas
foreignexchangewarrant
certificadonominativo
bond certificate
certificadopara comprade bonos
debt warrant
certificadopara la comprade acciones,
bonos
warrant
*warrant
colocaciónen el mercadosecundario
secondaryoffering
colocaciónespecial
specialplacement
colocaciónprivada
privateplacement
colocaciónpública
public offering(of shares)
comisiónde administración
congelacióndel interés en un nivel
mínimo(cuandola tasa de mercado
desciendea menosde ese nivel)
drop lock
certificadopara la comprade pagarés
del Tesoro
warrant into governmentsecurities
(WINGS)
certificadoprovisional
scrip certificate:bearer scrip
managementfee
comisiónde garantía
guaranteecommission,fee[IBRD];
underwritingfee
comisiónde gestión
agencyfee [Euromarket];management
consorciode suscriptores
underwritingconsortium.group,
syndicate
contango
contango
certificadoseparable
detachablewarrant
cheque de banco
banker'sdraft
fee
comisiónde participación
participationfee
contratode compragarantizada
take-and-paycontract
contratofirne decompra(sin derecho
de rescisión)
take-or-pay
contract
clasificar
rate, to; grade, to
rate, to; grade, to
cláusulade disponibilidad
switch, availabilityclause
extension fee
comisiónde suscripción
underwritingfee
comisiónde ventas
cláusula de obligaciónnegativa
negativepledge clause
cláusulade revisión
trigger clause[IBRD]
selling fee [Euromarket]
comisión inicial
front-endfee
comisiónpor compromiso,por
cláusulade salvaguardia
jeopardyclause;disaster clause;break
clausé
clause
cláusula pari passu
pan passu clause
pan passu clause
cláusularecíprocaen casode
incumplimiento
inmovilizaciónde fondos
commitmentfee;stand-byfee
compañíacomisionada
commissionedcompany[Japan]
~~compañía
de capitalesde riesgo
venture capital companv
comisión de renegociación
comisió
cmpromio,
por porbroker
consorcio(bancario)
selling consortium,group,syndicate
consorcio(bancario,
de
~~~~~~~~~~~~~~~~~~~financiamiento)
syndicate
~~~~~~~~~~~~corredor
sales agent [securities]
coredor de bolsa
corredorde bolsa independiente
floor trader
corredor (de cambio,de bolsa)
corredorde inversiones
~~~~~~~~~~~~~~~~~investment
broker
corredorde valores
securitiesdealer;securitiesfirm
corredor de valoresdel Estado
governmentsecurity dealer
cross-default
clause
cross-default
clause
compañía
inversionescordr(eaopimi)
investmentdecompany,
fund
corredor <mercadoprimario)
coberturadel serviciode la deuda
debt-servicecoverage
compensaciónde débitosy créditos
multilateralnetting
primarydealer
corretaje
coeficientede costoen recursos
internos
ra
domesticresourcecost ratio
coeficientede endeudamiento[Esp.]
debt-equityratio; debt-to-equityratio
coeicitdexplotación
coeficente
deo
workingratio
compraen descubierto
marginbuying[stock exchange]
marginbuying[stock exchangel
compra y venta simultánea
matchedsale-punchasetransaction
compromiso
compray reventa
purchaseandde
resaleagreement
[Canada]
brokerage
corriente de fondos
funds flow:flowof funds
costode los empréstitoscon doble
ponderación
double-weighted
borrowingcost
[IBRD]
coeficientede operación
operatingratio
coeficientede solvencia[Esp.]
current ratio; working-capitalratio
coeficienteneto de explotación
operatingratio
coeficientesde liquidez
liquidityratios
compromisospor países
country exposure
concertarun préstamoa travésde un
consorcio(bancario,de
financiamiento)
syndicate,to (a loan)
condonación(de una deuda)
cancellation(of a debt)
costo en recursosinternos
fixingcotizar
post, to (a rate)
crédito autoamortizable
self-liquidatingcredit
50
E-
crédito con garantía de o,tro crédito
back-to-back (loan, borrowing)
derecho de suscripción
subscription right
crédito garantizado por el Estado
sovereign credit
descontar
discount, to
efecto a la vista o de vencimiento a
muy corto plazo
crédito recíproco
swap (transaction)
descubierto
uncovered; naked
hot bill
efecto carrusel
crédito renovable, refinanciable
roll-over credit
descuento
discount [bills];markdown [foreign
merry-go-round effect
efecto comercial
crédito rotatorio, renovable
revolving credit
exchange]
descuento de conversión
trade bill [U.K.]
efectos a corto plazo
cuadro de corrientes financieras
flow-of-fund table [natiorial accounts]
cuarto mnercado
fourth market
conversion discount
descuento de pagarés a mediano plazo
forfeiting
descuento impositivo
short-term paper
efectos comerciales en eurodivisas
Eurocommercial paper
efectos comerciales
cuasibanco
near-bank [Canadal
tax credit
descuento sin recurso
commercial paper; commercial bills
efectos en cobro, cobranza
cuasidinero
near-money; quasi-money
discount without recourse
descuento sobre el valor a la par
float [banking]
efectos privados
cuenta corriente del Tesoro
Treasury tax and loan acc:ount IU.S.1
discount from par [securities market]
desintermediación
private paper
efectos públicos
cuenta corriente que devenga
intereses
negotiable order of withdrawal (NOW)
account
disintermediation
desplazamiento
crowding-out
deuda consolidada
government paper
elasticidad tributaria global
tax buoyancy
emisión adquirida anticipadamente
cuenta de administración de fondos
cash-management account
funded debt
deuda prioritaria
por un consorcio bancario
bought deal
cuenta de anticipos
imprest account, fund
senior debt
deuda subordinada
emisión atascada
hung-up issue
cuenta de primas de emisión
share-premium account [IFC]
junior debt; subordinated debt
diferencia
emisión continua
tap issue
cupón
coupon
spread
diferencial
emisión de bonos en el exterior
external bond issue
curva de rendimiento
yield curve
spread
dinero a la vista
emisión de valores de capital
capital issue
cali money; day-to-daymoney; demand
emisión empantanada
-D-
money; money at call
-
hung-up issue
debenture
debenture (bond)
dinero en el sentido estricto
narrow money
dinero en sentido amplio
emisión exploratoria
red herring issue
emisiones de organismos federales
departamento bancario considerado
como extraterritorial
broad money
dinero exigible
offshore banking unit (OE,U)
departamentos fiduciarios de bancos
call money;day-to-day money; demand
money; money at call
agency securities, obligations
emisor
issuer
empréstito de contrapartida
bank trust departments
depósitos bancarios
bank money
dísagio
disagio
distribución
back-to-back (loan, borrowing)
empréstito de suma alzada
lump-sum borrowing [IFCI
depreciación
amortization
allotment
dividendo en acciones
empréstitos calificados
qualified borrowings [IBRD]
derecho
right (to purchase shares)
stock dividend
división de acciones
empréstitos de referencia
proxy borrowing [IBRD]
derecho (del accionista)
corporate right
split; split-up
51
empréstitosgigantescos
jumbo borrowing
encaje legal adicional
marginalreserverequirement
esquela
tombstone
estado de flujo de fondos
statementof changesin financial
position:sourceand applicationof
fundsstatement;fundsstatement;
sourceand use of funds statement;
funds flowstatement;changesin
financiamientocon garantíade
contratos
contract financing
financiamientocon recurso limitado
limitedrecourse finance
financiamientoconcatenado
piggy-backfinancing
financiamientoconjunto
joint financing
financiamientode los últimos
vencimientos
funding latter maturities [IBRD]
fondoscomprados
purchased funds
fondosde reservapara redenciónde
capital accionario
capital redemptionreservefunds
fondosde un día para otro
workingcapital statement
eurobono
Eurobond
eurocrédito
Eurocredit
eurodivisas
Eurocurrency
eurodólar
Eurodollar
euromercado
Euromarket
euromoneda
Euromoney
europréstamo
Euroloan
evaluaciónactuarial
actuarialevaluation
evaluar
rate, to; grade,to
exceso de oferta
overhang
expectativasracionales
rational expectations
financiamientoen condicionesde
mercado
market-relatedlending
financiamientoinnovador
creativefinancing
financiamientoparalelo
parallelfinancing
financiamientosin posibilidadde
recurso
nonrecoursefinance
flotaciónimpura, dirigida
dirty float
flotaciónlimpia
clean float
fluctuaciónde los tipos de interés
debida a la fuga de capitales
interest leakage
flujo de fondos
funds flow;flowof funds
fondocomún de inversiones
money-market(mutual)fund;mutual
freno fiscal
fiscaldrag
futuros
futures [commoditiesmarket]
fund
fondocomún de monedas
currencypool
Gensaki
gestión de caja, de liquidez
cash management
fondo de amortización
sinking fund
fondo de anticipos
imprestaccount, fund
fondode inversiónque cobrauna
comisión
load fund
fondode inversiónque no cobrauna
gestión del pasivo
liabilitymanagement
gran banco
city bank
grupo de colocación
comisión
no-load fund
fondo de inversiones
investmentcompany,fund
fondo mutuo
moneymarket(mutual)fund;mutual
fund
fondo rotatorio
revolvingfund
management,managinggroup
[Eurodollarmarket]
grupo de suscripción
underwritingconsortium,group,
syndicate
grupo garante
underwritingconsortium,group,
syndicate
- Ffactorde ajuste para finesde
amortización
amortizationadjustmentfactor
[currencvpool]
factor de revaluación
revaluationfactor [currencypool]
facultadpara contraer compromisos
commitmentauthority
fecha de desembolso
payout date
fecha de valor
value date
fijaciónde preciosabierta
open pricing
overnightfunds
fondosfederales
federalfunds
formaciónde un consorcio(bancario,
de financiamiento)
syndication
-
G-
ganancia bruta en cuenta de valores
securitiesmargin account
ganancias no realizadas
unrealized gains
garantía
guarantee [IBRD]
garantía (dada por terceros)
comfort
garantía (del Estado)
guarantee
gasto concentradoal comienzode un
período
front-loadedspending
Gensaki
sellingconsortium,group,syndicate
[Euromarket]
grupo de dirección
52
grupo vendedor
selling consortium, group, syndicate
[Euromarket]
-H-
letra a cierto plazo de la fecha de
presentación
after-sight bill
letra aduanera garantizada
custom-duty
bill
mercado al contado
spot market; cash market
mercadobasadoen el prestigio de los
prestatarios
name market
letra bancaria
bank bill
letra comercial
mercadode capitales
capital market
mercado de corto plazo
trade bill [U.K.]
short-term paper market
inflación básica
core inflation
letra de banco
banker's draft
letra de cambio
bill of exchange
mercado de productos disponibles, de
entrega inmediata
spot market [commodities]
mercado de títulos al portador
instrumento negociable
negotiable instrument
LIBOR
LIBOR(London Interbank Offered
bearer market
mercado extrabursátil
instrumentos
instruments
Rate)
librador (p. ej. de un pagaré)
over-the-counter market (OTC)
mercado financiero
instrumentos de la deuda pública
maker (e.g., of a note)
open market
government debt instrunments
instrumentos financieros; a plazo
financial futures
libranza en divisas
foreign exchange warrant
límites legales (de las comprasen
mercado fuera de bolsa
over-the-counter market (OTC);third
market; off-the-board market
intensificación financiera
financial deepening
descubierto)
margin requirements [stock exchange]
mercado gris
grey, gray market
intercambio de deudas
debt-for-debt swap
línea de crédito de apoyo
back-up line of credit
mercado inmovilizado
locked market
intercambio de monedas
currency swap; swap (transaction)
lista de acciones con sus cotizaciones
share list
mercado paralelo
parallel market
interés de "contango"
contango rate; continuation rate
lista de espera
queue
mercado primario,de emisión
primary market
honorario del banco director
praecipium; praecipuum
-1I-
interés mayoritario
proprietary interest
-
M
-
interés nominal
coupon rate
Mi
interés nominal corriente
current coupon (rate)
Mi
M2
intermediación
intermediation
intermediariofinanciero
financial intermediary
inversión orientada a aumentar la
eficiencia de la producción y reducir
los costos
capital-deepening investment
M2
M3
M3
manipulaciónde la contabilidad(para
- . .
aparentar una mejor situación)
window dressing
margen
spread
inversión periódica de monto
constante
averaging
memorando de información
placement memorandum; placing
memorandum
-Llastre fiscal
fiscal drag
mercado secundario
secondary market
multibanco
combined commercial and investment
bank; multibank; all-purpose bank
-
nivel de endeudamiento relativo al
capital
I~~~~everage
(ratio) [U.S.],gearing (ratio)
[U.K]
no cotizado en la bolsa
unlisted (security)
-
memorando de oferta
obligación
offering memorandum
bond
bearer bond
mercado a plazo, a término, de futuros
forward market
mercado abierto
mpercao
mabiert
open market
N
O
-
obligación (con clasificación) AAA
AAAbond
53
obligación contingente
contingent obligation [IBRDI
pagaré al portador
bearer note
oferta pública
pagaré bancario
equity: owners'equity;
public offering (of shares)
bank bill
worth; shareholders' funds [U.K.]
oferta pública de compra
take-over bid
pagaré con cupón
coupon note
perfil general del financiamiento
overall risk profile [IBRD]
opción
option
pagaré con interés variable
floating-rate note (IRN)
período "after-market"
after-market
opción de cambio de divisa
nmu]ticurrencyoption
pagaré con tipo de interés flotante
perpetuo
período de pago
payment period [IRRD]
opción de compra
call option
perpetual floating-rate note
pagaré de vencimiento ajustable
período de prohibición de rescate
noncall period
opción de compra de acciones
stock option
extendible note: extendible maturity
note
petrobono
petrobond
opción de compra de bonos con
rendimiento inferior al del bono
inicial
out-of-(the)-money option
pagaré del Tesoro
Treasury note [U.S.]
pagaré del Tesoro a corto plazo
Treasury bill [U.S.]
posición de venta en descubierto
short position
praecipuum
praecipium: praecipuum
opción de financiamiento residual
take-over option [IBRDI
pagaré descontado
discount note
precio
price (of a bond)
opción de venta
put option
pagaré en previsión de una emisión de
bonos
precio comprador
bid price; buying rate [securities
opción de venta y compra
straddle; call-and-put option
bond-anticipation note (BAN)
pagaré respaldado por ingresos
market]
precio de compra
operación de cobertura por venta a
plazo
short hedge
fiscales previstos
tax-anticipation note (TA1N)
pagarés descontados consolidados
bid price
precio de conversión
conversion price
operaciones de cobertura por compra
a plazo
long hedge
consolidated discount notes
pagarés que devengan intereses
interest-bearing notes
precio de cuenta
accounting price
precio de mercado
operaciones de cobertura,
de protección cambiaria
hedging
papel a corto plazo
short-term paper
papel comercial
arm's length (price)
precio de transferencia interna
transfer price
orden de compra
trading ticket [securities]
commercial paper; commercial bills
participación de fundador
precio de venta
selling rate
orden de venta
trading ticket [securities]
founder's share
participación en el capital social
precio económico
economic price; efficiency price
organismo de clasificación de valores
rating agency
equity ownership
participación en una sociedad
precio en la frontera
border price
partnership share
participación proporcional
funding pro rata [IBRDI
participación sin posibilidad de
precio fijado en contrato (para
ejercitar una opción de compra)
striking price; exercise price
precio fronterizo
pagaré a corto plazo
recurso
nonrecourse participation
border price
precio mínimo en subasta a la baja
short-term note
pagaré a corto plazo en espera de
ingresos no tributarios
revenue-anticipation note (RAN)
pase financiero
swap (transaction)
patrimonio
stockholders'equity; shareholders'
stop-out price
precio neto
payout price
-
P
-
pagaré
note; promissorv note
pagaré a corto plazo para financiar un
proyecto
project note
equity; owners' equity; equity; net
worth; shareholders' funds [U.K.]
patrimonio neto
stockholders' equity; shareholders'
precio vendedor
selling rate
equity net
54
prestamista de última instancia
lender of last resort
prestatario preferencial, preferente, de
primera clase
refinanciamiento anticipado
advanced refunding
préstamo "A"
"A" loan
prime borrower; premier borrower
prima
refinanciamiento de monto igual
even roll
préstamo a la vista
call loan
préstamo a mediano o largo plazo
term loan
premium [foreign exchange; option
market; securities]
prima de conversión
conversion premium
relación activo disponible-pasivo
corriente
acid-test, liquid, quick ratio
relación corriente [América latina]
préstamo amortizable en su mayor
parte al vencimiento
balloon loan
prima de emisión
premium [stocks]
prima de liquidez
current ratio; working-capital ratio
relación de Bruno
Bruno ratio
préstamo ¡B"
"B" loan
liquidity premium
prima de rescate
relación de cobertura de intereses
interest-coverage ratio
préstamo 'balloon"
balloon loan
préstamo cofinanciado
coloan
call premium
prima pagada por aplazamiento de
entrega
backwardation
relación de cuenta
accounting ratio
relación de endeudamiento
debt ratio
préstamo con intermediación de un
banco
back-to-back (loan, borrowing)
préstamo concedido por uniclub
bancario, por un consorcio
club loan
prima por inflación
inflation premium
prima por riesgo
risk premium
promedio móvil (ponderado)
running (weighted) average
relación de endeudamiento a largo
plazo
long-term debt ratio
relación del servicio de la deuda
debt-service ratio
relación derivada del balance general
préstamo de títulos con garantía en
efectivo
cash security loan
prospecto
prospectus
protección contra rescate anticipado
balance-sheet ratio
relación deuda-capital
debt-equity ratio; debt-to-equity ratio
préstamo de un consorcio
syndicated loan
call protection
protección de "swap" doble
relación endeudamiento/capital
propio
préstamo en pirámide, en cascada
apex loan
cross-currency interest hedge;
double-hedge swap
leverage (ratio); gearing (ratio)
relación precio-utilidades
préstamo en valores
security lending [IBRD[
punto de equilibrio
break-even point [stock market]
price/earnings ratio (P/E ratio; PER)
relación préstamos desembolsados y
préstamo en valores garantizado por
otro(s) valor(es)
borrow-pledge security loan
-
R-
pendientes-capital y reservas
gearing ratio
relaciones de actividad
préstamo incluido,en el sistema de
fondo común de monedas
pooled loan
recompra
buy-back [Canada]
recompra de divisas en moneda
activity ratios
relaciones de gestión
operating ratios
préstamo que se halla en dificultades
distressed loan
nacional
inward swap
relaciones de liquidez
liquidity ratios
préstamo reajustado
indexed loan [currency pool]
redescontar
rediscount
relaciones de rentabilidad
profitability ratios; revenue-covenant
préstamo reembolsable de una sola vez
a su vencimiento
bullet issue
redescontar con compromiso de
reventa
take in, to (bills)
ratios
relaciones financieras
financial ratios
préstamo subordinado
subordinated loan
redescuento
discount window
rémora fiscal
fiscal drag
préstamos cruzados en divisas
back-to-back (loan, borrowing)
reembolso en cuotas iguales
level repayment
rendimiento al vencimiento
yield to maturity (YTM)
préstamos pendientes
exposure
refinanciamiento
roll-over
rendimiento equivalente a un interés
nominal
coupon equivalent yield
55
renovación
roll-over
sistema de fondo común de monedas
currency pooling system
tasa de inmovilización
lock rate
renunciar a una garantía
take out, to LIBRD)
sistema de la Reserva Federal
Federal Reserve System [U.S.]
tasa de interés de cuenta (TIC)
accounting rate of interest (ARI)
represión financiera
financial repression
sistema de tipos de interés basados en
una "cesta" de empréstitos
tasa de interés del consumo (TICO)
consumption rate of interest (CRI)
représtamo
onlending
pendientes
pool-based lending rate system [IBRD]
tasa de interés real
real interest rate
resquicio
window (in a market)
situación en que el precio al contado
es superior al precio a plazo
tasa de los fondos federales
federal funds rate
backwardation
reutilización de las ganancias
roll-over of gains
reventa de divisas en moneda nacional
outward swap
sociedad comisionada
commissioned company
sociedad de inversión con número de
tasa preferencial
prime rate
tenedor de bonos
bondholder
acciones fijo
riesgo
exposure
closed-end (investment) fund
sociedad de inversiones
tercer mercado
third market; off-the-board market
riesgo de liquidez
cash risk; liquid-holdings risk
investment company, fund
tipo de cambio mínimo
floor rate of exchange
riesgo que plantea el país
sovereign risk
sociedad de inversiones con número
de acciones variable
open-end (investment) fund; unit trust
riesgo relacionado con el
refinanciamiento
refinancing risk [IBRD]
[U.K.]
sociedad de valores
securities dealer; securities firm
tipo de interés del consumo (TICO)
consumption rate of interest (CRI)
tipo de interés pagado por
riesgo relacionado con el margen
spread risk [IBRD]
solvencia
credit standing; creditworthiness
aplazamiento de entrega
backwardation rate
riesgo relacionado con los tipos de
interés
solvencia crediticia
credit standing; creditworthiness
tipo de interés para préstamos a la
vista
interest-rate risk
riesgo relacionado con un desfase
lag risk [IBRD];mismatch risk [IBRD]
subasta a la baja
Dutch auction
call-money rate
tipo de interés real
real interest rate
riesgo soberano
sovereign risk
riesgos de refinanciamiento
roll-over risks
- S
-
sacudimiento
shake-out Mofthe market)
saldo que pasa (al ejercicio siguiente)
carry-over
subcuenta de endeudamiento del
prestatario
borrower's indebtedness subaccount
tipo de interés de cuenta (TIC)
accounting rate of interest (ARI)
tipo de interés variable basado en una
"cesta" de empréstitos pendientes
[currency pool]
subpréstamo
subloan
pool-based variable lending rate [IBRD]
tipo de los fondos federales
federal funds rate
subprestatario
subborrower
swap
swap (transaction)
tipo de redescuento
discount rate
tipo Lombard
Lombard rate [Federal Republic of
Germany]
tipo para préstamos con garantía de
T
sector
valores
segment; sector (of the market)
tasa crítica de rentabilidad
broker loan rate
segmento
segment; sector (of the market)
hurdle rate
tasa de activación
tipo preferencial
prime rate
servicio bancario internacional
international banking facility (IBF)
trigger rate
tasa de actualización
título
security
sin garantía escrita
clean
discount rate
tasa de actualización de equilibrio
título al portador
bearer security
sin intereses
fiat
cross-over discount rate; equalizing
discount rate
título consistente en un asiento
bancario
book-entry security
56
valor precursor de tendencias
bellwether security
uU
título hipotecario
mortgage bond
título provisional
scrip certificate; bearer scrip
unidad de cuenta europea (UCE)
European Unit of Account (EUA)
valores a corto plazo
short-term paper
títulos con cupón
colupon paper
unidad monetaria europea (ECU)
European Currency Unit (ECU)
valores de inversión a largo plazo
investment securities
títulos de organismos federales
agency securities, obligations
utilidades no distribuidas
retained earnings
valores de primer orden
gilt-edged securities
traducción de monedas
currency translation
-
V
-
venta de un crédito fuera del consorcio
sell-down
transacción de vencimientos
simultáneos
matched-maturity transaction [IBRD]
valor
security
venta en descubierto
short sale
venta sin compromiso de garantía de
transacción ficticia
wash sale
valor con tipo de interés descendente
step-down (security)
emisión
best efforts sale
transacciones de personas iniciadas
inside, insider dealing
valor contable, en libros
book value
ventanilla automática
automatic teller machine (ATM)
transferencia electrónica de fondos
electronic funds transfer (EFT)
valor cotizado en bolsa
listed security
transformación (bancaria:
transformation
valor crítico
switching value
trueque de bonos de valor nominal
igual
even par swap
valor de conversión
conversion value
valor de primera clase
foreign exchange warrant
"warrant" para compra de bonos
debt warrant
trueque de tipos de interés
interest-rate swap
blue chip
valor de protección
"warrant" separable
detachable warrant
- W
-
warrant' en divisas
hedge
valor en venta continua
tap security
valor nominal
full face value; par value; face value
-
Z
-
zona bancaria franca
offshore banking center
THEWORLDBANK
litadquarters
European()ffice
TI'nkvo
Office
181811Strect. N.\W.
1).C. 20:1:33,.S.A.
Waishlington,
6i, avenue dléna
7511
1(5 >aris.
Frarnc
K4kusai 13iIldiing
1-1, N.l¿rutiucthí :I- h(5n
Teleplioiie:
1 7:-34 4T>1
'rclphuTmi. (hivnd7-ku.
Tie x: WIIlí1 1VSWDRIID1ANK
RCA\'218,2:2 WOíLD11K
Telex:842-6206i28
(202)'J-12:14i
1()1, Jlapan
(03h
21i-f5(f1
o
IYlcpln:
'Tlte\ 781-26S:18
liahle.ddrcss: INT[I
iAF'RAI)
This glossary contains terminology
related to borrowing and lending
operations of the World Bank and
the International Finance Corporation and to the U.S. and Eurodollar financial markets. The glossarv
comprises three sections: EnglishFrench-Spanish, French-English,
and Spanish-English. Definitions
are given in English in the first section.
Other glossaries published by the
World Bank are Forestry Terms in
English-French and French-English and World Bank Glossary
in English-French-Spanish, which
contains economic, financial, and
other terms related to development
in general. These are also available
from the Publications Sales Unit of
the Worid Bank.
Ce glossaire contient des termes
concernantles opérations d'emprunt
et de prét de la Banque mondialeet
de la Société financiére internationale, les marchés'financiersdes EtatsUnis et les marchésen eurodollars.
11est divisé en trois sections: Anglais-Francais-Espagnol, FrançaisAnglais et Espagnol-Anglais. Les
définitions sont donnéesen Anglais
dans la premiéresection.
La Banque mondiale a publié deux
autres glossaires: Forestry Terms
(Terminologie forestiére> en Anglais-Françaiset Français-Anglaiset
The World Bank Glossary. en Anglais - Français- Espagnol, qui comprend des termes économiques,financiers, et d'autres termes concernant le développementen général.
On peut se procurer ces glossaires
auprés du Servicede vente des publications de la Banquemondiale.
Este glosario contiene terminologia
relacionadacon las operacionesde
empréstitos y préstamos del Banco
Mundial y la Corporación Financiera Internacional,y con los mercados financieros de los Estados Unidos y de eurodólares. El glosario
consta de tres secciones: inglésfrancés-español. francés-inglés y
español-inglés. En la primera sección se dan definiciones de los términos en inglés.
Otros glosarios publicados por el
Banco Mundial son Forestry Terms,
inglés-francés v francés-inglés. y
The World Bank Glossairq, inglésfrancés- español. que contiene términos económicos,financieros y de
otros sectores relacionados con el
tema general del desarrollo. Estos
glosarios también pueden obtenerse
de la Dependenciade Venta de Publicacionesdel BancoMundial.
-1
IS1BN(1-8213- 036h5