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A World Bank Glossary

Glossary of Finance and Debt

Glossa¡re des finances et de la dette

Glosario de finanzas y de deuda

A WorldBank Glossary Glossairede la Banquemondiale Glosariodel Banco Mundial

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

English-French-Spanish Français-anglais-espagnol
Español-inglés--francés

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

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

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Contents-Table des matieres-Indice
Foreword v Avant-propos vi
Prefacio vii

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

1

111

Terminologiedes financeset de la dette Français-anglais 129
Terninología de finanzas y de deuda 181 Español-Inglés

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

La Terminologie des emprunts et des préts avait été publiée á la suite des changements apportés au programme d'emprunt de la Banque. sauf indication contraire. de nouveaux termes ou des traductions différentes a proposer. Diverses initiatives ont été envisagées et parfois prises. adressez-vous á: Terminology Unit Language Services Division The World Bank 1818 H Street.. ce glossaire contient des termes relatifs au programme de pret en cours de la Banque. puisqu'il englobe désormais de nombreux termes relatifs au probléme de la dette. Les Etats-Unis sont désignés par l'abréviation U. sauf bien entendu lorsqu'il existe un équivalent utilisé en français ou en espagnol. en particulier les ratios. Ces efforts ont donné naissance a toute une terminologie spécialisée. Si vous avez des observations a formuler. N. á la Banque et ailleurs. la maniere dont la Banque s'en est servie.C.W. la portée du nouveau glossaire a été accrue. Malheureusement. afin que les traducteurs puissent décider entre la traduction proposée ou une autre de leur choix. en collaboration étroite avec les Sections française et espagnole.S. c'est pourquoi un grand nombre des termes contenus dans ce glossaire n'ont pas d'équivalent accepté en français ou en espagnol. et figurent dans la colonne anglaise. mais on trouvera en outre des termes provenant de la plupart des grands marchés mondiaux. Outre la terminologie des marchés des capitaux. reflétant en cela les profondes transformations intervenues sur les marchés des capitaux pendant les années 80 et.K. pour aider les pays en développement a faire face au problame de la dette. Ce nouveau glossaire a été considérablement enrichi. et le Royaume-Uni par U. Washington. d'autre part. Par ailleurs. qui venait d'etre élargi pour permettre a la Banque de multiplier ses sources de fonds et de tirer parti de l'évolution des marchés des capitaux. La majorité des termes a trait aux marchés des Etats-Unis et des eurodollars. Ces définitions portent sur le terme anglais.vi Avant-propos Ce glossaireremplacela Terminologiedes emprunts et des prétsparue en 1984. Ce glossaire a été préparé par le Service de terminologie de la Division des services linguistiques de la Banque mondiale. á la comptabilité. ou lorsque les experts de France ou d'Espagne ou des pays d'Amérique latine se sont mis d'accord sur un terme donné. ainsi que des termes économiques et d'analyse financilre. D. aux activités bancaires. les activités des marchés des capitaux et l'examen de la question de la dette intemationale se déroulent essentiellement en anglais. 20433 Etats-Unis . Les traductions proposées ne sont donc que des suggestions et non pas les termes agréés. Presque tous les termes sont accompagnés d'une défmition. ainsi qu'au pool de monnaies et au taux preteur fondé sur un pool (qui sont deux choses différentes). qui apparait pour la premiére fois dans un glossaire de la Banque.

pues introduceunagran variedadde términosrelacionados el problemade la deuda internacional. Las comunicaciones debendirigirsea: Terminology Unit LanguageServicesDivision The WorldBank 1818H Street. del Además.en estrechacolaboración las Seccionesde Traducciones Escon al pañol y al Francés.másque como términosconsagrados.por lo quelas traducciones se dan debenconsiderarse que como sugerencias. publicadoen 1984. No obstante.C. que se recogeaquí por primeravez. Washington.auncuandoexista un equivalente aceptadoen españolo francés.K".N. las actividades los mercadosfinancieros mundoy en la consideraen de del ción del problemade la deudainternacional predominael uso del idiomainglés.y algunasexpresiones que se empleanen los camposde la economíay el análisisfinanciero. Este glosarioha sido preparadopor la Unidadde Terminología la Divisiónde ServiciosLinde güísticosdel BancoMundial. .vii Prefacio El presenteglosariosustituyeal de Terminologíade empréstitosy préstamos.contabilidad -en particularcoeficientes.el nuevoglosarioamplíael ámbitodel original. Lamentablemente. de de modoque los traductorespuedendecidirsi usan la traducciónpropuestao adoptanotra.UU.cabe señaal lar que los expertosempleanmuchosde estos términosen inglés.tanto en el seno del BancoMundialcomo en otras esferas se ha consideradouna gran diversidadde mecanismos innovadores.ésta se ha incorporado glosario. Ademásde la terminología usadaen los mercadosfinancieros.las definiciones corresponden términoinglésy aparecenen ese idioal ma en la seccióntrilingüe." y "U. Cualquier comentarioserábienrecibidoinclusivesugerencias relativasa la incorporación nuevostérminoso a traducciones de distintasde las que aparecenen el glosario. por Este nuevoglosarioincorporauna cantidadconsiderable nuevas expresiones reflejan de que tanto los sustanciales cambiosquehan registradolosmercadosfinancierosen los añosochenta como el modoen queel Bancolos ha utilizado. algunosde los cuales se han adoptadoen la práctica. Si bienmuchosde estostérminosse refierena los mercadosde los EstadosUnidosy del eurodólar.que se elaborópara recogerlas modificaciones introducidas el programade empréstien tos del Bancoa fin de ampiiarlas fuentesde obtención fondosy de aprovecharlos cambios de experimentados los mercadosfinancieros. Salvo indicaciónen contrario.Naturalmente.W. Se indicasi el término correspondea los EstadosUnidoso al ReinoUnidocon las abreviaturas "U.en suspáginasse encontraráterninología de la mayoríade los principales mercadosfinancieros mundo.S.muchosde lostérminosrecogidosaquí no tienenun equivalenteexactoen españolo francés.incluidos del los referentesal fondo comúnde monedasy al tipo de interésvariablebasadoen una"cesta" de empréstitos pendientes.banca.o en que los expertosde Españay los paíseslatinoamericanos de Franciahan o convenidoen una expresióntécnica. los casosen queexiste un equivalenteen espaen ñol o francés. D. Se dan definiciones casi todaslas expresiones.A fin de hacerfrente a la carcon ga de la deudade los paísesen desarrollo. Comoresultado de ello. Esto ha dado lugar a la creaciónde una terminología especializada.20433 EE.esteglosariocontienetérminos relacionados el programaactualde operaciones con crediticias BancoMundial.

Terminology of Finance and Debt English-French-Spanish .

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tipo de interés de cuenta. non encore remboursés préstamos vigentes Loan on which disbursement is still being made.e. active loana préts en cours de décaissement. quick ratio ratio de trésorerieréduite relación activo disponible-pasivo corriente The standard IBRD defmition is the ratio of cash plus marketable securitiesplus accounts receivable plus other amounts readily convertible into cash to current liabilities. appréciation tauxd'activité appréciation diferencia entre el precio con descuento y el valor nominal [bonos] Adjustment of the difference between the price of a bond bought at an original discount and the par value of the bond. active borrower pays qui continue d'emprunter prestatario (activo) Country which still receivesWorld Bank loans.demandede remboursement anticipé aceleración del vencimiento. earning power and compensation. In Latin America.together with with loan the interest due.. before the maturities being guaranteed become payable. adelanto del vencimiento Declaration by a lender that the outstandingprincipal is due and payable immediately. accounting ratio ratioprix comptable-prix marché du du relación prix iompontable-precix mearché. Often used synonymously with shadow price. tasa de interés contable (TIC). activity ratios d ctivité coeficientes ratios that measure movement in the A group of de actividad activitiesof a corporation. tipo de interés contable (TIC) Discount rate used to convert future values of benefits and costs into equivalentpresent values. coeficiente contable Ratio of accounting price to market price of a good. particularly those relating to asset appreciation. precio contable A price used for accounting purposes (i. while in Spainratio de tesorería is used. acceleration of maturity exigibilitéanticipée. intereses devengados y acumulados A bond's accumulated interest made since the last acid-test. actuarial evaluation évaluationactuarielle evaluación actuarial Evaluation of future events. relación precio contable-precio de mercado. Other definitionsinclude ratio of current assets less inventoriesto current liabilities.and ratio of cash plus accounts receivable plus the market value of selected investments to current liabilities. garantie appelable anticipation par garant(a exigible anticipadamente A guarantee whereby a cail for payment can be advanced if the loan is declared in default. accounting príce prix comptable precio de cuenta.ratio of cash plus near-cash assets to current liabilities. not a market price). accounting rate of interest (ARI) taux d'intérét comptable(TIC) tasade interés de cuenta. followingnon-compliance covenants. ratio of quick assets to current liabilities. relación de prueba ácidais often found. . coeficiente de cuenta. liquid.3 accelerable guarantee A - accrued interest (Al) lbonds] couponcouru(CC) interestpayment.

agent bank 1. rehabilitate or expand their businesses. Bank acting for a foreign bank. Its purpose is to promote small. sectoradjustmentloan (ASAL) agricultural du prt &l'alustement secteur agricole (PASA) préstamo para ajuste del sector agrícola Sector adjustment loan in the agricultural sector. agio African Facility see Specialfor Sub-Saharan Africa Africa Project Development Facility(APDF) Service de promotion et de développement des agio agio The premium which the metallic or other currency of a country may command over legal tender paper money which is its face equivalent. Sometimes used incorrectly as a synonym for secondary market. en investissements Afrique (APDF) Unidadde preparaciónde proyectospara Africa A UNDP project co-sponsored by the African Development Bank and IFC. 2. following an announcement of bad news by the issuing company. banco corresponsal. air pocket stock action en chutelibre acción de calda vertiginosa A stock whose price has fallen sharply. . Bank handling administration of loan in a syndicated credit.and medium-sized enterprises in Sub-Saharan Africa. obligaciones de organismosfederales [EE.S. to take advantage of favorable market conditions. obligations émisespar des organismesfódéraux titulos de organismos federales. Staff will be based in Abidjan and Nairobi. with IFC as executing agency. after-market apres bourse períodopost-emisión The period between the issue of the security and lifting of syndicate restrictions in the fLxed-interest and Eurobond markets.] Securities issued by a U. Its services are available to countries which become signatories to the related UNDP project document. The plan is to invest $60 million over three years. alligatorspread marge vorace transacciónen la cual las comisioneseliminan toda posibilidadde utilidades Any options transaction in which commissions eat up all potential profit.4 admission fee (to a stock exchange) frais de cotation agencyfee [Euromarket] commissíon de gestion comisiónde admisión (a cotización) Fee charged by a stock exchange for applying for a stock to be listed on that exchange. advisory committee see steering committee obligations agencysecurities. 2. correspondant. mandataire. 2. African Enterprise Fund Fonds des entreprisesafricaines Fondo para empresas africanas A fund established by IFC to expand IFC's assistance to small. advanced refunding anticipé refinancement refinanciamiento anticipado Refinancing before maturity.agent 1.and medium-scale private enterprises in Sub-Saharan Africa. comisiónde gestión Fee paid to the lead manager in a Euroloan for his work in collecting and paying out interest payments and other services. banco agente 1. Projects will be generated by development institutions active in the area as well as by ad hoc visits from APDF staff.UU. federal agency. It will help entrepreneurs in this sector to develop.

annuity bond titre de renteperpétuelle bono perpetuo. arbitrage see also coveredinterestarbitrage. Application for Withdrawal for direct payment [IBRD] demandede retrait de fonds pour le reglement direct de fournisseurs solicitudde pago directo en nombre del prestatario The standard procedure for a borrower to apply to withdraw funds from an IBRD Loan Account to make a payment to a third party for amounts due. American Depositary Receipt (ADR) certificataméricainde dépót recibo americanode depósito A document that gives its owner in a foreign country the right to a specified amount of stock of a UnitedStates company registered in the name of a United States depository bank.I amortization adjustment factor (currency réserves obligatoires risques transfert pour de reservasobligatoriaspara un país especffico Mandatory and specific country risk reserves for U.bono de rentavitalicia Bonds whichpay fixed interest every year in perpetuity. depreciación 1.e. in turn.These instruments are often called exit instruments or exit bonds.5 allocated transfer risk reserves (ATRR) [U. in the Eurobond and U.S. allotment pool] coefflcientd'alustementde (I'encours)de la dette factor de ajuste parafines de amortización The ratio of the current value. onlend it to industrial companies.. dollar. triangulararbitrage. switch. the retirement of a debt). Interagency Country Exposure Review Committee (ICERC). See European (style) option.prét en cascade. index arbitragetrading. banks againstvalue lmpalred claimsas defined by the U. . American (style) option option américaine opción americana Option containing a provision to the effect that it can be exercised at any time between the date of writing and the expiration date. remboursement [préts] 1. amortización. A reduction of the book value of a fixed asset. which have no maturity. of the principal outstanding of a loan at the commencement of business of a day to the corresponding total of withdrawals from the Loan Account. prét pyramidal préstamoen pirámide. 2. net of recalis for amortization.yieid curvearbitrage attribution. i. all-purpose bank see combined commercial and investmentbank alternative participation instruments (APIS) titres alternatifs No Spanish Securities issued in exchangefor debt to all creditor banks of a specificcountry. 2.S. The gradual extinguishmentof any amount over a period of time (e. apex loan prét apex. répartition distribución Allocation of securities to members of the syndicate involved in the issue. time arbitrage.g. enablingall these banks to reduce their base exposure by up to the same specified limuit.S. Application for Withdrawal for reimbursement [IBRD] demandede retrait de fonds pour le remboursement d'un paiement solicitudde reembolso directo al prestatario The standard procedure for a borrower to apply to withdraw funds from an IBRD Loan Account to reimburse funds already paid.two-point arbitrage.préstamoen cascada Loan whereby IBRD lends money to an apex development financial unit which onlends it to participating financial institutions which. in terms of the U. amortization amortissement.S.S. securities market.

auction see Dutch auction. st the money (ATM)(option) option au cours. asset finance titres garantispar des actifs No Spanish Mortgage-backed securitiesand securitization a of range of assets such as whole loans. based on the Toronto Computer Assisted Trading System (CATS). intercambio de activos A swap to convert the coupon on an asset to another rate or currency and rate basis. marché aux enchéres mercado de subasta Market for buying and selling securities through brokers on the securities exchanges. . market price [securities marketj cours (de ¡'offre). where trades are negotiated.S. foreign exchange auctions auctionmarket marché d'encheres.S. asset(-based) swap swap d'actifs swap de activos. ask(ed) price. corporatebondissues.. In the U. cotización computadorizada Price quotations on securities providedautomatically by a computerized system.6 arbitrage arbitrage Association of International Bond Dealers (AIBD) arbitraje Buying (or borrowing)in one market and selling(or lending) in another to take advantage of inefficiencies or price differences. while the CAC system has recently been introduced in Paris. á parité opción a la par A call or put option that has a strikeprice equal to the price of the underlying asset. automated quotation (prix)normal marché. cotation assistée continu(CAC) en cotización automatizada. automobile receivables and other debt instruments.as distinguished from the over-the-countermarket. A price is established by competitive bidding between brokers actingas agents for buyers and sellers. arbitrageur arbitragiste arbitrajista Person systematicallyengaged in arbitrage dealing.(prix)de pleine du concurrence precio de plena competencia Price between corporations under fullycompetitive conditions (the opposite of transferprice).pied de coupon precio vendedor The price at which a security or commodity is quoted or offered for sale. arm's length (price) Association courtiers des internationaux en obligations Asociación de Intemediarios Internacionales de Bonos International body which issues rules and recommendationsconcerningthe operation of the international securitiesmarkets. Though relativelyrecent. Option au cours is the term used in the MATIF. the best-known system is the National Association of Security Dealers Automated Quotations (NASDAQ) system. it now accounts for more than one third of all U.

for which the funds are borrowed from the IBRD. . empréstito de contrapartida 1. Also called matched funding. 1. matched funding availability fee [IFCI commission de mise á disposition 1.. emprunt de contrepartie. dollar cost averaging amélioration des prix moyens (d'un titre) inversión periódica de monto constante The practice of investing a fixed amount of money in a particular security. when the characteristics of the project may have changed. firm. When the market price is high. automatic. intendance. A scheme whereby a bank brings together a borrower and a lender so that they agree on a loan contract. back offices have taken on an increasing importance.de la tasa de interés) In an IFC fixed rate loan. crédito con garantía de otro crédito. the initial loan rate would be around 1% less than the normal fixed term rate. securities dealer or other fmancial services organization. automatedteller machine (ATM) guichet automatique de banque (GAB> ventanilla automática. Because of the growing need for rapid order processing. arribreguichet servicioauxiliar In a bank. Operations whereby a loan is made in one currency in one country against a loan in another currency in another country (e. make deposits. financement couplé comisión por disponibilidad (de fondos) Fee charged by IFC for deferred loan pricing for use of funds only in later years. then the firm may be able to use this as a security for opening a credit to finance payment to the Egyptian. préstamo con intermediación de un banco. aval aval aval Guarantee of the payment of a bill of exchange or promissory note with the signature of a third person appearing on the blil.S. dollar loan in the U. d'intérét) mecanismode reajusteautomático(deltipo. It usually allows customers to withdraw cash. against a pounds sterling loan in the U. Refers to a variable rate loan made by IFC to a borrower.). 4. an option under which the interest rate would be reset every five years.K. regardless of price. 3. (crédit) adossé. The fee applies from 30 days after loan approval until the interest rate is set (from which time the commitment fee applies). 2. opération couplée d'emprunts. (crédit) face ¿ face. back-tf back (loan. check on their balance and issue instructions for payments between accounts or to third parties. if a British merchant buys cotton in Egypt and sells it to a Belgian who establishes a credit for payment to the U. A credit opened by a bank on the strength of another credit (e.g.) 3. cajero automático. 2.K. averaging. a U.S. As a result. 3. availability clause see switch clause back office back-offlce. the investor receives proportionally less stock and vice versa. 2. échange de monnaíes différentes. based on current interest rates. préstamos cruzados en divisas. the service that deals with all activities not directly concerned with selling or trading. borrowing). 4.g.. 4. cajero permanente Computerized machine that processes fmancial transactions between a fmancial institution and its customers.7 automaticresettingmechanism[IFC3 mécanisme automatique de révision (des taux "B" see 'B' loan baby bond mbn¡-obndgatlon bono de valor nominal muy bajo A bond sold in denominations of Iess than $1000.

Central Bank Facility. parent bank. non-bank bank. See backwardation (defmition 1) above. ligne (de crédit)de protection. In some cases. federally chartered bank. Used in U. offshore bank. second tier bank. money center banks. In the commoditymarket. In the futures marketa market situationin which the nearby month contract price or the cash price is higher than the deferred month contract price. balance-sheet ratio ratiotiré du bilan ligne (de crédit)de substitution. book-running lead bank. market. retail banking. In the stock exchange market. backup líne of credit renflouer sacar de apuros Provide emergencyassistanceto financialinstitution experiencingdifficulties. either in the form of direct access to funds or by underwritingan issue. under which the last repayment is larger than the previous repayments.) 3. prima pagada por aplazamiento de entrega 1. therefore. near-bank. backwardation rate intérét de déport tasa de interés pagado por aplazamiento de entrega. London lnterbank Offered Rate. international banking facility. préstamo amortizable en su mayor parte al vencimiento A loan repayment scheme. (The opposite of contango.prét á couponunique préstamo balloon. the term is used to refer to a scheme. Often used for assistance provided by government to banks. exit bank. when the cash price is higher than the forward price. letra bancaria Commercialbill accepted by a bank. lender of last resort. 2. investment bank. coeficiente derivado del balance general Ratio based on figures appearing in the balance sheet. lead bank. fulí service bank. trust bank. under which the whole loan is repaid at maturity. 2. a charge paid by an investor who has not yet acquired securities. universal bank(ing).S. wholesale banking bank advisory committee comité consultatif bancaire comité de coordinación de bancos Committee set up by banks to negotiate fmancing packages and restructuring arrangements. balloon loan prétballon. The French term prét ¿ coupon unique refers only to the latter situation.ligne (de crédit)de garantie líneade crédito de apoyo Line of credit given by commercialbank to issuer of commercial paper if the placement of the paper is slow or difficult to accomplish. bank. . does not want to do so at the prevailing rate. The ligne de crédit de substitution is the French equivalent used in the billets de trésorerie system. banking see agent bank. offshore banking unit. bank bill acceptation banque de pagaré bancario. free rider. commercial bank. tipo de interés pagado por aplazamiento de entrega Rate of interest paid on a backwardation transaction in the commodity market. backwardation déport 1. large exposure bank. Sogo bank.8 bali out backstop (credit) fbclilty. offshore banking center.chartered bank. situación en que el precio al contado es superior al precio a plazo. electronic banking. does not take up deliveryof the securities but carríes delivery over to the next accounting period. London lnterbank Bid Rate. city bank. interbank offered rate. combined commercial and investment bank. ligne (decrédit)de soutien. backup (underwrlting) faclllty facilitéde garantie línea de crédito contingente Facility giving a borrower a standby line of credit. and.

centime de centésimo de punto porcentual 0. swap tauxvariablecontre taux variable.e.swapde référence. banker's draft cháque de banque. bearer note bon au porteur bono al portador. dinero bancario Money on deposit at a bank..cheque tiré letra de banco. banker's spread see gross earnings margin bank money monnalescrlpturale depósitos bancarios.. base lending program basla(rate) swap swap de base.S. or on behalf of. it is presumed to be owned by its holder). bank trust department service bancairede gestion financiere departamento fiduciario de banco The part of a bank that provides trust and agency services. différentiel dfferencial The difference paid between the cash price of a financial instrument and the price of a related futures contract. it is presumed to be owned by its holder). of a security). bearer market marché de porteurs mercado de tftulos al portador Market where the majority of instruments is in bearer form.acceptationbancaire aceptación bancaria U. bear spread écartbaiss¡er especulación diferencial a la baja Type of futures contract speculatingon the spread between different delivery months of the same instrument in the futures market.01 per cent of yield (e. a bank upon itsel.swap de tauxde référence swap de índices.. bank quality bond obligationpouvantintéresserles banques bono de calidad bancaria Bonds rated in the top four categories (AAA. Intercambio de índices Type of lnterest rate swap involvinga floating rate against one reference rate to a floating rate against another reference rate.. and Canadian term for a bill of exchange which has been accepted by a banker. . it is presumed to be owned by its holder). and BBB) and generallyregarded as eligible for bank investment. banker's markup. AA. basis point centiéme pour cent. basis base. giro bancario A draft payable on demand and drawn by. bearer scrip see scrip certificate bearer security titre au porteur tftulo al portador A security whose titie is to the bearer (i.e. It is profitable if the underlying security or commodityfalis in price. letra bancaria. pagaré al portador A note whose titie is to the bearer (i. obligación al portador A bond whose titie is to the bearer (i. A. point de base. See bull spread. basket tradlng see program trading bearer bond obligation au porteur bono al portador. It is required to have separate books from those of the commercial banking department.g.9 bankerls acceptance acceptationde banque. The same as coupon bond. programmede prét de base programa (de financiamiento) básico The lending program of projects that will definitely be ready for the fiscal year in question.e. bear market marchébaiss¡er mercado bajista A prolonged period of falling prices.

best effortsale ventesans garantied'émission venta sin garantíade suscripcióntotal A new issue which is not underwritten and not purchased as a whole from the issuer. Used in the U. biend country pays pouvant bénéficierd'un financement mixte. security. See capitalasset pricing model. bill see bank bill. benchmark lssue émission modIes emisión corriente A standard issue of a security. beta béta beta A mathematical measure of the sensitivityof rates of return on a portfolio or a given stock compared with rates of return on the market as a whole. blended grant element é/émentdon résultantdu panachage elementode donacióndel financiamiento combinado Grant element for a blend country receivingboth IBRD loans and IDA credits. or to the order of. a sum of money to.S. pays recevant des préts de la BIRDet des crédits de I'IDA paísque puede obtenerfinanciamiento combinado (del BIRF y la AIF) Country eligible to receive financing from both IBRD and IDA. securities and syndicatedEurocredit markets. trade bill. Tankokubill. .addressed by one person to another. bond. bid price cours acheteur precio comprador. blend financing financementmixte (BIRD/IDA) combinado(del BIRFy la AIF) financiamiento Financing from both IBRD and IDA.while keepingan average portfolio duration of 12 months. biended interest rate taux d'intéret résultantdu panachage combinado.lo bellwethersecurity titre précurseur valor precursorde tendencias A securitythat seems to lead a market movement or economic trend. custom duty bill. note. Treasurybili bill broker seo discount house bill of exchange lettre de change letra de cambio An unconditionalorder in writing.pays a financementmixte. tasa de interésdel financiamiento combinado tipo de interésdel financiamiento Combined interest rate for a blendcountryreceiving IBRD loan and IDA credit. BN loan prét 'B' préstamo"B' Loan made by the World Bank involving cofinancing. precio de compra The price offered for a security or commodityby a prospectivebuyer. or at a fixed or determinable future time. paper. cash managementbill. bloqueclause clause de dérogation temporaire cláusulade aplazamiento pagos de Clausein loanagreement that entitles a borrower to postpone payments of interest and principal for limited periods of time in balance of payments difficulties. signed by the person giving it. hot bill. benchmark portfolio[IBRD] portefeulilemodcle carteramodelo A portfolio in each major currency representing an assessment of the most efficient passive portfolio strategy the Bank could adopt if it decided to abandon its activetrading strategy. but is sold by securities dealers on a sell what can be sold basis. requiring the person to whom it is addressed to pay on demand. a specifiedperson or to bearer.

blue chip placementde pere de famille. retractable. due bond. new money bonds. generalobligationbonds. coupon(-bearing) bond. kiwi bond. straight bond. bondwarrant warrantd'obligations. obligation. nonmarketable bond.coilateralizedfloating rate bond. while U. commodity-indexed bond. multiple(currency)option bond. Note that U.warrant parala comprade bonos Warrant for purchasing bonds. wolfhound bond. security.income bond. Heavenand Hell Bonds. red herringissue.global bond. Yankeebond. discountbond. commodity-linked bond. baby bond. extendiblebond. bull bond. top-rated bond. corporation. Geisha bond.acción de primeraclase Shareor securityof top-ratedU. calied bond. deep-discountbond. callabiebond. bank quaiity bond. negociaciónde bloquesde acciones Tradingin large amounts(definedas more than $200.nonredeemable governmentbond.putable bond. nonmaturing. bond-rating agencysee rating agency bond sold on tap obligationvenduea guichet owert bono de ventacontinua A bond issuedon an as requiredbasis(i.e. debenture. Sushi bond. daimyo bond. porteur d'obligations tenedorde bonos.000 worth) of stocks. equivalentbond yield. bull and bear bond.bon de souscription d'obligations certificadopara la comprade bonos. obligación Debt instrument with maturity of longer than one year. revenuebond. placementde titres par gros paquets transacciónde bloquesde acciones. note.exit bond. warrantbond. roly poly bond. savingsbond. Bulidogbond.valeurde pére de famille. stepped (rate) bond. valeurde premier ordre valor de primeraclase. Treasurybond. zero coupon bond obigation bono.floating rate bond. loans-for-bonds exchange.pagaréprevioa una emisión Short-termborrowing that servesas an interim source fundsfor a projectthat is eventually be of to fmanced the saleof bonds.S. bond-anticipation note (BAN) avancede préémission bono previo a una emisión. Shogunbond. by bondcertificate certificatnominatff certificadonominativo Certificate given to the holder of a registered security. collateralized (bond). bearerbond. nominal bond with attachedcommodity option. bunny bond. equity-related bond.serial bond. indexed bond.original issuediscount (OID) bond. cushion bond. bondholder porteur de titres. petrobond. mortgagebond. junk bond. corporate bond. noncallablebond. Eurobond.11 biocktrading bond négociation largespaquets de d'actions. it is continuouslyavailable and may be obtained on demand). . double-barreled bond. dual-currencybond. bond see annuitybond. bondsare usually secured. obligacionista Onewho ownsa bond.matadorbond.K bonds and Eurobonds are usually unsecured.. Samuraibond.S. bill.put bond. externalbond issue. The issuermay determinea maximum amountfor the issue.

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

S. maturityfor the second tranche is based on the decrease in a standard index. brokerage courtage corretaje Acting as an intermediarybetween buyer and seller in securities transactions. bullet issue empruntremboursable une seule fois.disparity amongthree or more rates.préstamo'puente" Short-term financing for countries whose international reserves are very low and where commercial and officialinterest arrears are mounting. Tried particularly the U.émissiond'obligations haussieres bono alcista Bond issued at par with a fixed interest rate from whichthe 6 month LIBOR rate is subtracted every six months. triangular arbitrage Bruno ratiosee domesticresourcecost ratio bull and bear bond obligation haussiereet baissibre. agente (de cambio y bolsa) Person who acts as intermediarybetween buyer and seller. Student by Loan Marketing Association(Sallie Mae). if DM 1 = 30 cents and FF 1. broken cross rates. brokerloan rate tauxd'avancessur titres tasa para préstamos a corredores de bolsa con garantía de valores.13 bridgefinancing financementde soudure financiamiento transitorio. mainly from banks. for purchasing securitiesfor customers on margin or other reasons. . broker see bill broker. jobber broker [stock exchange]agent de change. e. de bolsa). where redemption on maturity for the first tranche is based on the increase in a standardindex whileredemption on tauxcrolsésdivergents tipos de cambio cruzadosdispares In foreign exchange.g.usuallyfor a commission. buNl bond émission haussiere. obligationétrangére émiseA Londres bono bulldog Bond issued in pounds sterling on the London market outside the U. en empruntremboursablein fine préstamoreembolsable una sola vez a su de vencimiento An issue to be repaid in a lump sum at the end of its term rather than gradually. rather than gradual payments over the life of the loan.K. investmentbroker. fforeignexchangelcourtier corredor (de cambio. broker'sloan prét aux courtiersde Bourse préstamo a corredores de bolsa Funds borrowed by a broker. bullet maturity échéancein fine vencimientoúnico Maturity requiring the entire payment to be made. The rate is also a ceiling. tipo para préstamos a corredores de bolsa con garantía de valores The rate banks charge to securities dealers and brokers on loans made with stock as collateral. Bulidog bond obligation"bouledogue*. brokerloan.financiamiento de transición.5 while FF 1 = 22 cents a Deutschmark will bring 30 cents if converted directly but 33 if converted first into francs and then intodollars. The empn¿nt ñ sensibilitéopposée (ESOP) is an equivalentFrench instrument.so if LIBOR exceeds this rate the coupon will be zero and not negative. agent boursier.empruntsá sensibifitéopposée (ESOP) bono alcista y bajista Bond dividedinto two tranches.

14 buil market marchéhaussier
mercado alcista A rising market.

calendar(call) spreadsee horizontal spread callablebond obligationremboursableavantl'échéance
bono rescatable; bono redimible antes del vencimiento Bond that can be redeemed by the issue before the scheduled maturity. They are usually called when interest rates fall so much that the issuer can save money by floating new bonds at lower rates.

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

callable swap

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

concentration(des échéances)
acumulación (de vencimientos) Paper all maturing at the same time.

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

call a guarantee mettre en jeu une garantie
exigir el pago de una garantía Demand that a guarantee be paid.

call-and-put option see straddie

sixth year.
buoyancy see tax buoyancy

called bond obligataon dénoncée bono rescatado anticipadamente
cali loan

Bond redeemed before scheduled maturity.

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

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

call loan rate seecali money rate

buying rate [securities market] prix acheteur
precio comprador The price that a buyer will pay for a securlty.

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

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

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

capitalwidening élargissement capital du ampliacióndel capital
Investment that increases the absolute value of capital (see capital deepening).

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

cappedfloatingrate note see cap
caption

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

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

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

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

capitalredemption reservefunda compte de réserves pour le rachat du capital des actions
fondos de reserva para recompra de acciones (propias) Special account held by a corporation to repurchase
part of its shares.

carryover report de crédits saldo traspasado(al ejercicio siguiente)
Funds unused during a financial year which are transferred to the budget for the following financial year.

capital stocksee equity capital

cashagainstdocuments (CAD) paiementcontre documents pago contra (presentación de) documentos
Form of payment used in international trade whereby payment is made on receipt of bill of lading.

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

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

a bank.

S. including TIGRs (the first). RATs and EAGLEs are also found. A wide variety of stripped Treasury certificates with animal names has been issued.18 certificates of accrual on Treasury securities (Cats) chats bonos sin cupón con garantía del Tesoro de los EE. The U. city bank [Japan] grande banque gran banco certified check chéque certifié cheque certificado. Zero coupon Treasury securities. Major commercialbank. negative pledge clause. securities and commodities to make buy and sell recommendationsto clients. DOGs. with the coupon stripped. dealing with corporations and major accounts (as compared to a local bank). currency coupon swap swapde monnaies d'intérét et swapde monedas y de intereses. changes in working capital statement see statement of changes in financial position charge-off see writeoff chartered bank [Canada] banque á charte banco comercial Financial institution licensed by the Canadian Parliament under the Bank Act to operate as a bank. par¡ passu clause. chartist chartiste analista de bolsa Technical analystwho charts the patterns of stocks. sharing clause. drop lock. trigger clause clean (en) blanc. availabilityclause. goodwill clause. located in a city. non dirigé flotación limpia Floating of currencywhere the value of the currency is controlled by the market rather than the authorities. wittilycalled Fonds d'Etat Libres d'IntérétNominal (FELIN). jeopardy clause. clean float flottementpur. ZEBRAs. recapture clause. (Note that in the U. red clause. Treasury mundanely called its own stripped Treasury securities. simple. churning. overtrading multiplicationdes opérations exceso de transacciones (en la cuenta de un cliente) Excessivetrading of a client's account. cross-default clause. non garanti sin garantía documentaria Refers to a moneymarketoperation without underlying documentary security.UU.SeparateTradingof Registered Interest and PrincipalSecurities(STRIPS). periodic review clause.) clean advances avancesnon garanties anticipos sin garantía documentaria Financial advances made without documentary support. GATORs. by the signature of usually the cashier or paying teller with the word cetified or acceptedacross the face of the check. COUGRs (Certificates of Government Receipts) and LIONs (Lehman Investment Opportunity Notes). in order to increase brokerage commissions. circus swap. Performance securities are often required in this form. intercambio de monedas y de intereses A cross-currency interest rate swap involvingexchanges of amounts computed at a fixed rate in one currency against a floating rate in another currency.KY clean means exclusiveof accrued interest. illegalityclause. classic swap see plain vanilla swap clause see bisque clause. . cheque intervenido A check certified to be good by the bank upon which it is drawn. Note that the French Treasury issued an equivalentbond. Opposite of dirty float. switch. multicurrency clause.

loan crédit consortial(sanschef de file). instead of one bank being designated lead bankand others comanagers underwriters. préstamo concedido sin banco director Loan whereby.term for an investment company with a fixed number of shares outstanding. It requires the borrower to fund an account which acts as collateral to the securityissue. an issue of securitiesby an industrializedcountry to back the issue of securities by the developing country. cocktail swap swap 'cocktaiP swap múltiple. colead manager see comanager collar collar bono con tope máximo y mínimo de Interés. clearing bank see investment bank clearing house chambre de compensation cámara de compensación An organization set up by financial institutions agreeing to initiate and receive among themselves electronic transfers of funds authorized by their customers. ciosed-end (investment) fund.intercambio múitiple Transaction involvingmore than one type of swap. etc. New shares may not be issued. where the loan has been repaid. company (CEIC) société d'investissement a capital fixe (SICAF). i.e.19 clearing agreement accord de compensation. collateral account compte de nantissement cuenta de garantía Method of credit enhancement used in collateralized debt reduction schemes. shares sold. ciosing price dernierprix (de la journée) cotización al cierre The final price at which a transaction in a security takes place on a given day. club deal. or the various functions these carry out are divided amonga limited group of members. collateralization constitution d'une garantie. constitution d'un gage constitución de una garantía In a securitizationor debt-equityswap operation. (obligation) gagée (bono) garantizado In a securitization or debt-equltyswap. a bond backed by an issue of securities in an industrialized country. pret syndiquéen circuit fermé préstamo concedido por un consorcio. in order to save fees. société d'investissement fermée. fonds de placement fermé sociedad de inversión con número de acciones fijo U. accord de paiement acuerdo de compensación A bilateral agreement between two States under which the authorities in each of the States set up a system for coilection and payment of debts due to and by each other through a special account in a central bank. collateralized (bond) closed-out investment [IFC] investissement sorti du portefeuiile inversión liquidada Term used by IFC to indicate any investmentwhich is no longer on its books. The shares represent an interest in the fund's portfolio. . pagaré con tope máximo y mínimo de Interés A floating rate note with an upper and lower limit on the interest rate to be paid.S.

. coloan prét coflnancé préstamo cofinanciado A cofmanced loan. comfort sécurité. multibank. zero coupon bond) to be held in a trust account as collateral against the principal of the debt. Investors can choose to buy into whatever pool they wish. Treasury.g. plan de réduction de la dette (avecgarantie) anulación de deudas a cambio de un activo financiero Extinguishing debt through the provision of a financial asset (e.banque polyvalente banco múltiple. collateralized floating rate bond banquea vocationgénérale. medium. taux de recouvrement coeficiente de recuperación The percentage of due and outstanding loans that have been collected.and long-term portions. colead manager banquede dépót. banco coadministrador Lender ranking next to lead manager in a Euroloan. confort seguridades (dadas por terceros) Security offered in a commercial loan in the form of a guarantee or cofinancing from a parent company. government. See also letter of comfort. commerclal bank. collateralized mortgage oblígation (CMO) CMO. reimbursement) (see market-related lending).20 collateralized (debt) defeasance.] Bank offering a full range of services. defeasance debt combined commercial and investment bank. backed by the U. multibanco [Chi. comanager. all-purpose bank banque Imultiservices'. banqueA tout faire. obligation garantie par une hypotheque obligación con garantía hipotecaria Mortgage-backed bond that separates mortgage pools into short-. were exchanged for Mexican debt. clearing bank [U. depending on whether they want a faster return or long-term gains. whereby zero coupon 20 year bonds.. commercial billa see commercial paper commercial lending préts A des conditions commerciales préstamos en condiciones comerciales. banquecommerciale banco comercial A bank that normally specializes in demand deposits and commercial loans. combined market rate 'taux composite' du marché tasa combinada del mercado. as regards maturity. cochet de file banco codirector.S. The face value and maturity of the collateral instruments are designed to match those of the debt being defeased so that the proceeds of the collateral instruments at maturity may be used to fully repay the principal in a single balloon payment. collection ratio ratio de recouvrement.K. Mex.] obligationa tauxflottantgagé bono garantizado de interés variable The formal name given to the recent (January 1988) Mexican debt-equity swap. or international organization. financiamiento en condiciones comerciales Lending not always at market rate but under normal market conditions (e.g. . tipo combinado del mercado Weighted average of five national money market rates that enter into the calculation of the SDR rate of interest.

charge commissiond'engagement comisión por compromiso. papel comercial Promissory notes normally having a mamum maturity of 270 days sold by companies or institutions to raise cash for purposes of working capital. Compensatory and Contingency Financing Facility [IMF] Comité régles et pratiques controle des de des opérations bancaires. actionsde capital acciones ordinarias Units of ownership in a public corporation. The Secretariat is providedby the Bank for Intermational Settlements. P. Committee on Banking Regulations and Supervisory Practices. common stock actionsordinaires. commitment authority pouvoir d'engagement facultad para contraer compromisos The authority that a financial institution has to makecredit commitmentsbased on the amount of resources has received or had committed from it donors. The French billets de trésorere system was set up in December 1985 and is the equivalentof the U. It is often known as the Cooke Committee. commitment fee.S. the United Kingdom and the United States. Sweden. commercial paper system. Switzerland. commodlty-lndexed bond oblJgation ¡ndexée les prix de produits de sur financler. after Mr. West Germany. A major borrowing instrument for first-classborrowers in the U. Luxembourg. Associate Director of the Bank of England. Basie Supervisors' Committee. fee. management commission. commodity-backed bond obligationliée aux prix de produits de base bono con rendimiento vinculado al precio de un producto básico Bond where the return on financingis linked to the price of an underlyingcommodity. the Netherlands. whowas chairman from 1977-1988. commodity-iinked bond. Japan.S. agente Agent in Japan which acts for the IBRD (or other non-Japanese financial institutions) in the issue of bonds on the Japanese market. and Canada. See commodityIndexed bond and nominal bond with attached commodity option. Cooke Committee básico Commodity-linked bond where the interest payments (and/or principalrepayment) are denominated in units of a particular commodityand hence the payment to the bondholder would depend on the price of the commodity at the time the interest payment is determined. commission see fee. W. Italy. Canada. fee.21 commercial paper (CP). France. Comité Cooke Facilité financement de compensatoire de et financement imprévus pour Servicio de financiamiento compensatorioy para contingencias . commercial billa effetsde commerce. Cooke. selllng commission commissioned company [Japan] sociétémandatée la Banque (par mondiale pour la représentera des émissions base bono indizado según el precio de un producto d'obl¡gations Japon) au compañía comisionada.ComitéCooke Comité sobre Regulación Bancariay Prácticas de Supervisión. papler commercial. Comité contrOle de bancairede BAle. comisión por inmovilización fondos de Lender's charge for contracting to hold credit available. guarantee commission. billetsde trésorerle efectos comerciales. it consists of representatives of the central banks of Belgium. Comitéde Supervisión Bancaria de Basilea. It providesa forum for cooperationbetween member countries on banking supervisionmatters.papler Committee established by the governors of the central banks of the Group of Ten countries at the end of 1974 as a result of serious disturbances in the international currency and banling markets. sociedad comisionada.

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

starting in 1986. at a premium and at a discount. with a minimum investment of SFr100. Under the facility. million. The program is indefinte (hence continuouslyoffered) and of a longer term than the Bank's previous discountnote system. contract financlng ftnancement contrat sur financiamiento garantiacontractual con Project finance. . i. starting in 1988. Various COLTS products have been offered. convenience credit crédit de commodité crédito cómodo.5 controlling interest bloc de contróle participación mayoritaria Ownership a corporationin excessof fiftyperof cent. The notes are of three or six months' duration. Bank or others.23 Contingent SwapFacility [IBRD] de Mécanisme couverture swaps de Serviciocontingentede intercambiode monedas A facility to enable the World Bank to engage in currencyswapswith European entitieswith a credit standing equivalent to A or AA. Can also be used for ownership of less than fifty percent if the remainder of the stock is distributed among many owners. involving the use of commercial contracts such as a ship charter or take-or-pay contractas securityfor the loan. crédito facil Readily available credit where no charge is openly levied. It will extend the range of paper available in the medium-term note market (initially medium-term meant 2-4 years but now covers up to 30 years or more). savingsthat have to be made.5million.O00.The program is indefinite (hence continuouslyoffered). conversion discount décotede conversion descuento de conversión Ratio of the market value of a convertible security to its conversionvalue expressed as a percentage. zero coupon COLTS. the Bank would enter into swaps directly with European counterparties introduced by Deutsche contractual savinga institution d'épargne contractuelle institution institución ahorro contractual de Institutions dealing with contractual savings. Buyers can obtain maturities from 3 to over 30 years. such as pensions. such as those of an investment bank to those of a full commercialbank. The rate will be linked to LIBOR. continuation rate see contango rate Continuously Offered Longer-Term Securities (COLTS) papiera termeofferten permanence (COLTS) valores a más largo plazode oferta continua (COLTS) Program of securities issued by the World Bank. followed by an amount of $463. Continuously Offered Payment Rights in Swiss Francs(COPS) créances comptables émisescontinuellement en francssuisses(COPS) valores de oferta continua en francos suizos (COPS) Program of securities issued by the Swiss Bank Corporation on the Swiss market on behalf of the World Bank. conversion a restrictedto a full-service from institution banaJisation ampliación de los servicios de una institución Used in banking to refer to those banks that have converted from offering limited services. as they choose. The first amount was $481. this ratio is said to be a discount. TreasuryWbill based variable rate COLTS and amortizing COLTS. When the market value of the security is lower than the conversion value. Refers in particular to credit and charge cards.e. including fixed rate COLTS offered at par (the conventionalproduct of the medium-term note market).

this ratio is said to be a premium. by another guarantor.g. Ratio of the market value of a convertible security to its conversion value. countrycollectibilitynote [IBRD] notesurles probabilités recouvrement de (documento análisis las probabilidades de) de de recuperación los préstamos (de otorgados a un país) . with a view to takeover.carte de crédit Institutionnelle tarjeta de crédito institucional Charge or credit card issued to the employee of a corporation. may be exchanged for another asset. of the security. convertible security obligation convertible actions en tftuloconvertible A securitythat. if he buys a convertiblesecurityfirst and later converts it into shares. depredador prixde conversion preciode conversión The price which an investor must pay for a share. attaquant tiburón. raider conversion price prédateur. core inflation inflation base de inflación básica The basic level of inflation over a period of time (e. expressed as a percentage. a guarantee provided. a decade) as opposed to temporary fluctuations in the rate. Person who acquires a significantportion of a companys stock. corporate raider. costof carry carryingcost see counter-guarantee contre-garantie contragarantía In a guarantee operation. in number sharesof commonstock. corporate bond obligation société de bonode unasociedad (anónima) Debtinstrument issued a private by corporation. conversion value paritéde conversion valorde conversión The conversionpricemultipliedby the current price corporate right partsoclale derechos (del accionista) Rightsheldby a partnerin a corporation. See also hostile ralder. of coordinated financing financement coordonné financiamiento coordinado Financingarrangement between two lenders whereby the loans may be for different projects or differ- addition to the primary guarantee. When the market value of the security is higher than the conversionvalue. at the option of the holder. convertible.24 conversion premlum prime de conversion prima de conversión corporate charge card. countrycollectibility analysis [IBRD] analyse probabilités recouvrement des de (des prétsá un pays) análisisde las probabilidades recuperación de (de los préstamos otorgados a un país) Analysis carried out by WoridBank staff of countries in non accrual status to determine the likelihood of them repaying some or all of their outstandingdebt to the Bank and therefore of the need for loan loss provisioning by the Bank. where the employer plays the annual fee and some or all of the charges.corporate credit card carte de crédit professionnelle. generally a fixed corporate sector secteurdes entreprises sector empresarial The business sector. ent sectorsbut one organization takes the lead in coordinating arrangements for the two loans.

amélioration de de la signature. rentorcement crédit du mejoramiento del crédito Increasing the creditworthiness of a loan.25 Document giving results of a country collectlbillty analysis. country fund tauxde coupon Interésnominal Interest to be paid regularly on the face value of a long-term debt instrument. IFC has set up several such funds in developingcountries. determined by the differencedividedby the purchase price.S. coupon note formules nouvelles. Treasury note or bond. Also called bearer bond. e. creative financing coupon(-bearing) bond obligation muniede coupon bono con cupón Bond with coupon attached. coupon equivalent yield rendement converti tauxd'intérét en rendimiento equivalente a un interésnominal The yield obtained from the difference between the purchase price and the face value of a short-term noninterest-bcaring instrument. country exposure coupon paper titresassortis coupons de tftulos con cupón Paper with coupon attached. security issue or other instrument.g. formules originales financement. arbitrage tauxd'lntérétcouvert de arbiraje protegidocontra riesgoscambiarlos Investingdollars in an instrument denominated in a forcign currency and hedging the resulting foreiga exchangerisk by selling the proceeds of the investment forward for dollars. etc. domestic market.the yield premium is higher than the market price for equivalent debt. coupon coupon cupón A slip attached to a bearer bond. coupon rate engagement pays par compromisospor países The extent to which a financial institution has lent money to one country. Also used to describe the nominal annual rate of interest which a borrower promises to pay the holder of a fixedincome security. . which can be detached and exchangedfor an interest payment or dividend due at a specific date. credUenhancement amélioration la cotede crédit. fondspays fondo para (inversiones un paísespecffico en) Mutual funds that invest exclusivelyin specific countries. special swaps. Colloquially. covered Interest arbitrage fondsmutuelde placement (dansun pays). covered option securities (COPS) titres A options couvertes valorescon moneda de reembolso opcional Short-term dollar denominatedsecurities that allow the issuer to repay the principal and interest owed in dollars or at an amount of foreign currency agreed at the time of issue. In exchange. pagarécon cupón Note with coupon attached. formules inédites. de financement novateur formas novedosas de financiamiento Financing using unconventionalmeans. used to describe a U.S. coupon swap swaptauxfixe/taux variable conversiónde Interésfijo en Interésvariable Type of Interest rate swap involvingfixed rate to floating rate swap. expressed as a percentage.in the U. credit limit see lendingceiling bon-coupon bono con cupón.

when there are no returns to in a financial year. fclient honorabilité sohabilité. currency option bond see option bond . cross-currency lnterest rate swap et swapd'intéréts de monnaies swapde intereses y monedas.26 credit standing.surfacefinanclere. solvencia The likelihood of a borrower to pay back a debt. capacitéd'endettement The discount rate that equalizesthe net present value of two streams of benefits and/or costs. crosa-border swap swap International cross-shareholidng patlcipatlon croisée participación cruzada Situation where two or more corporations hold sharesof stock in the other. protecciónde swapdoble that Technique combinesshiftfrom a floatingto a fixed rate of interest. cross-currency exchange risk risquede change riesgo cambiarloentre dos o más monedas. crediticia.clasificación crediticia. based on past credit performance. double hedgo cross-currency swap swapsportant á la fois sur les taux d'intérétet sur des monnaies crowdlng In attraction atracción Occurs where governmentbonds are sufficiently so goodmoneysubstitutes that bond issuesreduce demandfor moneybalances.clause d'exigibilité croisée. cumulative preferred stock privilégiées actionscumulatives acciones preferenciales (preferentes. intercambiointernacionai swapinternacional.capacidad crédito. equalizing discount rate tauxd'indifférence. clausede défaut croisé currency-linked bond see option bond cláusula recíprocaen caso de incumplimiento that specifying default A clausein a loanagreement on any other loans to the borrower shall be regarded as default on this one. creditworthiness privé). crowding out éviction despiazamiento of Any displacement private economicactivityby public economicactivity. tauxd'égalisationdes valeursactuelles tasa de actualizaciónde equilibrio lent by the Bank. particularlywith a view to controlling a market or industry. intercambiode Interesesy monedas to Swapof fixedrate flowsin one currency floating rate flows in another. exchange lnteresthedge. distributethe dividend curb market see unlistedsecuritiesmarket currency coupon swap see circus swap cross-default clause clausede manquementréciproque. preferidas) acumuladas Preferred stock where the unpaid dividend is held over.leadingto an expancomposisionaryimpactviatheir effecton portfolio tion. Swapbetweentwo partiesin differentcountries.or the returnsare insufficient fixedfor these shares. totally or partially. together with a shift from liabilityin one currency to liabilityin another.a vecesentre el dólar y la cesta de monedas que utilizael Banco Mundial out The exchangerisk inherentin carrying foreign in transactions two or morecurrencies. currency mix composition en composition monnaies. monétaire combinación de monedas borrowedor The proportionof differentcurrencies cross-over discount rate.

currency twist distorsionmonétaire distorsión monetaria The situation that occurs with the Bank's lending and borrowing policy whereby loans are made in primarilylow nominal interest rate currencies while investmentsare mainly in high nominal interest rate currencies.S.translate all their assets and liabilities into U. Intercambio de monedas System whereby an institution with funds in one currency converts theminto another and enters into a forwardexchangecontract to recover the currency borrowed. targeted currency pool currency pool. As a result. dollar terms is liable to fluctuate due to exchange rate movementsbetween the U. regardless of the actual currency in whichthey are denominated. currency pool index indice de réévaluationdu pool índice del fondo común de monedas An index of the daily revaluation factors from the start of the currency pooling system to the present.27 currency pool see loan currency pool.S. As a result. loan currency pool pool de monnaies fondo común de monedas A system set up by the World Bank to equalize among all borrowers at any time the risks inherent in fluctuationsin the exchange rates of the currencies disbursed and repayable on all Bank loans included in the system. currency translation exposure risque de conversion comptabledes monnaies riesgo por traducción contable de monedas. currency redenomination (option de) modificationde la monnaled'un prét denominación de un préstamo en otra moneda Option in restructuring agreement which allows banks to redenominate existing loans in their domestic currencies or the ECU. As a result. conversión contable de monedas Recording in accounts of assets (or liabilities) in one currencywhen they are actuallyin another. dollar and other currencies in whichit has assets/liabilities. currency pooling system currencyswap swapde monnaJes. No actual exchange of funds takes place.S. loan-serviceobligations on each participatingloan are related to all amounts in various currencies disbursed and outstandingon all loans in the system. . Equalization is achievedby pooling all currencies disbursed and outstanding on participating loans and by expressingthe outstandingprincipal amount of eachsuch loan as a share of the pool. the value of its assets/liabilitiesin U. currency weight pondération des monnaies ponderación por moneda systéme du pool de monnaies sistema de fondo común de monedas A system set up by the World Bank to equalize among all borrowers at any time the risks inherent in fluctuations in the exchange rates of the currencies disbursed and repayable on all Bank loans includedin the system. currency translation conversionmonétaire. The World Bank and IFC. for example. Equalization is achievedby pooling all currencies disbursed and outstanding on participating loans and by expressingthe outstanding principal amount of each such loan as a share of the pool. de devises swap swap de monedas. loan-service obligations on each participating loan are related to all amounts in various currencies disbursed and outstanding on all loans in the system.conversioncomptable des monnaies traducción de monedas.S. This is the currency translation exposure. dollar amounts. dollars despite the fact that it has assets and liabilities in up to forty-five different currencies. riesgo por conversión contable de monedas The Bank records its assets and liabilities in U.

2. the rate of intereston Irn thecurrent interest period.S.: Loan secured against specic or gernera assets of a company. dated date havepricescloseto par. agentbours¡er. Its circulationis similarto that of Eurobonds. obligation 1. dealer [securities market]see securities dealer dealer [stock marketc cushion bond 'cushion bond bono amortiguador A high-couponbond selling at a price above its call or optional redemption price. day-to-day moneysee cali money desler [optionsmarketj de ontreparte agent de contrepartie agente de contrapartida Party to an options transaction. The state draws up a bill for the amount in question which the corporation agrees to pay on maturity. current ratio. custom duty bill obligation cautionnée letra garantizada Special type of credit in France granted by the state to corporations to allow them to pay indirect taxes or customs duty.thereby effectivelyweighting in eachcurrency their sharein the loancurrenqy by pool.it is based on ratios.K. Chile]. on dalimyo bond obllgatlon"dafmyo ' bono dalmyo tauxde couponcourant Interésnominalcorriente 1. debenture [Arg. 2. It ís the main liquidity ratio. 2. with a guarantee provided by a bank or other financial ínstitution. obligationnon garante. debenture (bond) 1. These bills allow the corporatíoioto defer payment of value-addedtax or mstomsduties.28 Under the new IBRD lendingrate system. actualand projecteddebt-to-equity current coupon (rato) prevailing the previousday. bono sin garantíaespecífica. a coupon rate which approximates current yield levels for similar securities. bono con garantíade activos 1. current biend (CB) [IFC] panachageá court terme (PC7r índice combinadode desempeño la cartera de dally revaluation factor [currency pool au dour le jour facteur réévaluation de The ratio of the dre ar equivalentvalue of the currencies the currency in pool on one day to the doUar equivalent value those same amounts of currencies would have had at exchange rates A rate used by IFC to assistin determiningthe performanceof its loan portfolio. opérateur le marché) (sur corredorde bolsa Individualor firm acting as a principal in the stock market. U.] Ratio of current assets to current liabilities. the rate of interest on the floatg rateespeurities.currency - D- specific ratesfromqualified cost borrowings be will applied to the amountsin each currencyactually thoserates outstanding. Straight debt securities with current coupons Non-resident bondissuedenominated yenon the in Tokyomarket. Theseweightings calledcurrency are weights. In floating rate securities. datede /ouissance fecha a partir de la cual se calcula el Interés Date from which interest is calculated on a new bond or other debt instrument.. 2. U. working capital ratio ratio de Jiquiditégénérale coeficiente corriente[AméricaLatina]. In fixed rate securities.: Unsecured bond. . coeficiente de solvencia [Esp.

nonperformingdebt.defeasance de anulación de deudas a cambio de un activo financiero Extinguishing debt through the provision of a fmancialasset (e. the debt.debt swap. debt capitalization capitalisationde la dette tion by the lender. debt repurchase swapde créances contrerecettes d'exportations produitsde base de conversión la deudaen productos de básicos A payment of a developing country debt in kind.long-term debt ratio.moderately indebted low-. de défausse la dette. severelyindebtedlow-. collateralized (debt) defea- certificat reconnaissance dette de de certfficado adeudo de Document issued by a borrower detailing the borrower's promise to repay principal and pay interest.highly. debt commodity swap échangede créances contre une participation auxrecettes d'exportationde produits de base. governmentdebt instruments. provided that the exports result from promo- cession créances. debt swap.S. debt defeasance through the sinking fund mechanism plande réduction la dette(avecgarantie) de avectondsd'amortissement anulaciónde deudascon la garantía un de fondode amortización . middle-income country debt buyback. One procedure used is that the lender takes a specific earmarked percentage of the receipts from the exports of a specific product or group of products. swaps philanthropiques conversión la deudaenfondosbenéficos de Non-profit organizations purchase debt at a discountin secondary markets and exchange it for local currency that is used for philanthropic purposes.g. de compra deuda de Repurchaseby a debtorcountryof all or a portion of its foreigndebt at a discount. debt-charity swaps acquisitionde créances á des fins sance plande réduction la dette(avecgarantie). collateralized (debt)defeasance. par debt swap. zero couponbond) to be held in a trust account as collateral against the principal of philanthropiques.swapde créances swapde deudas. A technique used recently in the U. juniordebt. funded debt. retired debt. certificate of indebtedness treatmentof an original issuediscountbondissued as part of such a swap. par debt-for-debt swap swapde dettes. de rachatde dettes recompra deuda.29 debt see cancellation(of a debt). as well as details of any collateral. debt carrying capacity capacité de remboursement la dette de an existingobligation held by investors. debt defeasance. The face value and maturity of the collateralinstruments designed matchthose are to of the debt being defeased so that the proceeds of the collateral instruments at maturity may be used to fully repay the principal in a single balloon payment.middie-income country. scheduieddebt service. intercambio deudas de Swap involvingthe exchangeof a new obligationfor capitalización la deuda de Conversion of debt into equity (see debt-equity swap). debt certificate. in conjunctionwith originalissue discount bonds as a means of realizing a capital gain on the retirement of a relatively low-coupon existing issue and at the same time achievingan interest cost saving due to special tax capacidad endeudamiento de The extent of the ability to pay debts. debt-debt swap. discounteddebt. heavily indebted middieincome country(HIC).seniordebt.

This classificationis used primarily by the OECD. debt-for-debt swap see debt-debt swap debt-for-development swap swapde créances contre financespour le développement conversión de la deuda en financiamiento para el desarrollo Swap whereby a debtor country repays its debts in local currency to a developmentagency which then uses this money to fmance a developmentproject in the country concerned. etc. debt domestication debt(-for)-equity swap.30 Variety of debtdefeasancewherebythe debt principal is coilateralizednot through an upfront purchase of a zero coupon bond or other fmancial instruments. bolivianización. ratio d'autonomie financibre relación deuda-capital. total or longterm debt to tangible equity (= equity plus revenue plus capital reserves). debt distressed country pays menacéd'asphyx¡e endettement. échange dettescontredes fondspropres de conversión de la deuda en capital. debt-for-cash swap intoresidentlocalcurrency debt. swapde créances contre especes swap de deuda por efectivo. The investor may be the bank holding the loan or a companywhichbuys the loan from a bank at a discount. debt-equity conversion see debt-equity swap debt-equity ratio. conversion swap de créances contre des participations. In Ecuador they use the term sucretizaciónto describe the process of converting foreign debt into the Ecuadorian sucre. All these definitionsare used in the World Bank and IFC. Note that the actual Chilean processis called adquisiciónde títulos de la deuda extema. Other definitions are used outside the World Bank. Has beenusedby Chile. so care should be taken in translation to ensure the correct term is used. debt financing conversion la detteen devises. which is financed through periodic future payments by the debtor. The loan is then typically sold at near face value to the central bank of the host country for local currency instruments. debt-to-equity ratio ratio d'endettement.whichin turn are used to make the equity investment. but instead through pledging the accumulated funds of a sinking fund. par pays surendetté país agobiado por la deuda A heavily indebted country. de la deuda Conversion of non-resident foreign currency debt financement l'emprunt par financiación medianteendeudamiento Obtaining finance by using borrowed money. capitalización (de la deuda) A method of converting developingcountry foreign currency debt into local currencyequity in a domestic firm. intercambio de deuda por efectivo Exchange of debts for cash.'naturalisation' la dette de argentinización. net long-term debt to equity. It can also be used to describe the ratio of long-term debt to equity. This is done through the secondary market of bank claims where a country's debt can be sold for cash at a discount. Mainly used so far in Chile. de conversion de la detteen devises detteen monnaie en nationale. . coeficiente de endeudamiento Mainlyused to describe the ratio of total liabilities to shareholders' equity (net worth).

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

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

conversiondiscount. flottementassisté. direct participation cofinancing cofinancement sous forme de participation directe cofinanciamiento medianteparticipacióndirecta Form of cofinancing (also known as "B" loan) whereby the Bank subscribes to a share of a commercial bank syndicatedcredit.diferencialdiagonal. to mobiliser descontar To discount a bill means to buy it for less than its face value.flottementsoutenu flotaciónimpura. diagonal spread écart diagonal margendiagonal.deep-discountbond. disaster clause see jeopardy clause discountsee consolidateddiscountnotes. discount [bilis] escompte descuento Difference between price paid and face value of a bill or other paper. borrowing rate tauxd'intérét créditeur tasa de interéssobre los depósitos. original issuediscount (OID)bond. disagio disagio.tipo de interéssobre los depósitos The rate of interest paid by banks on deposits. The Bank's share is confined to the later maturities of the loan in order to encourage the lender to extend its own maturities.warrantseparable A warrant issued in conjunction with another security (usually a bond) that can be traded or exercised separately followingthe issue date.33 depositorrate of interest. then the franc is said to be at a discount against the U. dollar. discount. during the period before the bill is repaid. Opposite of clean float. directforeigninvestment(DFI) ¡nvestissement direct á I'étranger inversiónextranjeradirecta Direct investments made by corporations of the country in question in foreign corporations.S. while it buys FF5 for deliverytwelve months hence. flottement dirigé. dilution dirtyfloat flottementimpur.flotación dirigida Floatingof currencywhere the valueof the currency is controlled by the authorities rather than the market.posición diferencialdiagonal Option strategy based on two puts or two calls in the same stock at different striking prices and different expiration dates. if US$1 buys FF4 for deliverynow. rediscount discount. caused by the potential conversion of securities or potential exercise of warrants or options. . markdown [foreign exchangej déport descuento In foreign exchange refers to a situation where currency can be bought more cheaply for a future date than for immediate delivery. flottementcontrólé. discount[bonds] prime d'émission descuento Differencebetween par value and purchase price of a bond.premium. dilution dilución A drop in earnings per share or book value per share. For example. déport desagio Difference between nominal or par value and underlying market value. derivative floating rate notessee synthetic floating rate notes detachable warrant warrantdétachable certificadoseparable. note. the difference between the price paid and the facevalue representing the implied rate of interest receivable by the purchaser.

intercambiocon Debt acquired at a price lower than its nominal value.34 discountbond obligation prime(d'émission) a bono descontado Bond selling at a price less than its par value. discountfrom par [securities market] décote descuentosobre el valor a la par Amount below face value at which a security is traded. discountrato 1. dette rachetée(créancesrendus) au rabais deuda con descuento 1.maison de réescompte casa de descuento Intermediary between central bank and banking system. Shift of funds away from financial intermediaries (commercialbanks. and Singapore.pagarédescontado Note (i. discountwindow escompteoffíciel. but does exist in the U.. distressborrowing empruntsde détresse endeudamiento forzoso Borrowing in a situation of extreme need when there is no other alternative. a discount house tends to be larger than a bill broker. Annualized rate of discount applied to debt securitiesissued below par (e. In France. France.bill broker opérateurprincipal du marché (OPM). Treasury bills). On maturity.). escompteen ducroire. Examples include Crédit Lyonnais. discountnote bon A prime (d'émission) bono descontado. In the U. tasa de actualización. the investor receives the full face value. discountswap swap avec décote swap con descuento. corresponds to the return on the investment. The discount from par.) into Treasury bilis and other securities. thus. 2. disintermediation desintermédiation desintermediación 1.g.K. tauxd'escompte 1. tipo de redescuento discountwithoutrecourse escompteá forfait. etc.providingliquidityand ensuringthe efficient operation of the money market. distressed loan prét en difficulté préstamoen dificultades Loan on which repayment of interest and principal has been severely delayed or completelysuspended. Shift by large corporations away from banks to a parallelmarket. Caisse des dépóts et consignations and the Banque nationale de Paris. escomptesans recours descuentosin recurso Purchase of negotiableinstruments where the buyer waives the right of recourse in respect of the seller of the instrument. tauxd'actualisation.. 2. to which the buyer would be entitled. discounthouse. short.or medium-termbond) issued at a discount from its face value..S. 2. descuento A swap with a below-market rate.K. U.réescompteofficiel serviciode redescuento Rediscountfacilityoffered by central bank (Federal Reserve System in the U. Rate at which a central bank (Federal Reserve Systemin the U.S. South Africa.) (re)discounts certain bilisfor financial institutions. discounted debt dette rachetée(créancesrendus) moyennant décote. 2.S.involvingother large corporations. .the OPMis the basic intermediary and may be either a discount house (maison de réescompte) or other financialinstitution who is closelyinvolved in the interbank market.S. Does not exist in the U.e.

issued in the place of repaid shares. dollars.. dollar cost averaging see averaging dollar ($) LIBOR LIBORpour les transactions dollars en LIBORpara transacciones en dólares The LIBORfor transactions in U. double-barreled bond obligationdoublementgarantie bono de doble respaldo Tax-exemptbond with at least two potential sources of repayment. The weighted averaged interest obtained from this calculation is called the doubleweighted borrowing cost.S. dividend stock actions bénéficiaires acciones con derecho a dividendo Stock whichentities the holder to receive dividends. AH the loans are added and all the interest totals. domestic resource cost ratio coefficientde coGten ressourcesintérleures coeficiente de costo en recursos internos Ratio of the cost of all factors of domestic origin (evaluatedat their opportunitycost) to the domestic added value (at world prices). désengagement(d'une société d'Etat). double bottom configuration configurationdouble creux. multipliesit by the interest rate. dépossession venta. domestic resource cost (DRC) coút en ressourcesintérieures. with two troughs. dividend-right share action de jouissance acción de usufructo Equity paper. privatización. démembrement. démantélement. Recently.the IBRD takes the amount of the loan. liquidation. etc. . desposeimiento Disposition of an asset or investment by outright sale. conferring membership rights and the right to participate in the distribution of profits and liquidation proceeds of a corporation. double-weighted borrowing cost [IBRD] coút des empruntsdoublementpondéré costo de los empréstitos con doble ponderación When calculating borrowings. dividend-right certificate bon de jouissance bono de usufructo Equity paper which does not confer any ownership rights (e. voting rights) but grants the holder the right to participate in the net profit and liquidation proceeds and the right to subscribe to new shares in the case of a rights issue. to take into account the fact that it has loans of varying maturities. This is the single-weightedborrowing cost.35 distribution date see payout date divestiture cession. and obtains a total for the interest. employee purchase. configurationM configuración en M Form of bar chart used in bar chart analysis of securities which indicates the movement of a security with a tendencyto go up. the IBRD has obtained the interest total by multiplyingthe amount of the loan by the interest and the number of years to maturity. coút réel des devises costo en recursos internos Cost of resources used in products that are not imported. double hedge swap see cross-currency interest hedge double top configuration configurationdouble sommet. configurationW configuraciónen W Form of bar chart used in bar chart analysis of securities which indicates the movement of a security with a tendency to go down. with two peaks. such as a highway revenue issue backed by tolis and taxes. Also known as Bruno ratio. cesión.g. The first sum is then dividedby the second to obtain the weighted average interest.

bono que vence A bond that has reached maturity. drop lock clause 'drop lockm.] adjudicationa prix uniforme. the rate of interest is fixed at that minimum and locked in for the remaining life of the loan. Dutch auction note bon A coupon hollandais bono con cupón determinado por subasta a la baja.according to how likely they are to be repaid. if market interest rates fall below a specified minimum. due bond obligationvenant á échéance bono vencido. duration (of an investment) duration duración The weighted average maturity of all cash flows (inclusiveof principalrepayments) resulting from an investmentor categoryof investments. subasta a la baja A competitivebidding technique sometimes used in U.S.but the redemption value is set in a different currency.annulationset remboursements anticipés abandono. anulación y pago anticipado Droppage is when a borrower from IFC decides to cancel a loan before signature. pagaré con cupón determinado por subasta a la baja Note on which the coupon is repriced every 35 days at a Dutch auction. giro. The notes have a seven year maturity. drawdown dual-currency swap swap double devise swap en dos monedas. a parent company in its subsidiaries or a raw materiais company investingin the production sector. usually dollars.g. downstream investment investissement en aval inversión posterior Investment at a lower level. droppages. the loan is downgraded (e. . at a rate determined at the time of issue. When a country looks likely to default.S.36 downgrade (a loan) déclasser (un prét) rebajar de categoría Loans lent to countries are given a category.the weighting to be given to each cash flow being the relative contributionof its present value to the total current market value of such investment or category of investments. whereby the lowest price necessary to sell the entire amount of securities offered becomes the price at whichall securitiesare sold. securities markets. enchéres au rabais. intercambio en dos monedas Swap wherebythe principalamount is denominated and repayable in one currency and the interest in another.clause de verrouillage au taux plancher congelación del interés en un nivel mínimo (cuando la tasa de mercado desciende a menos de ese nivel) Clause in floating rate note whereby. to substandard). utilización Actual withdrawal of money allowedunder a loan. Dutch auction [U. retrait disminución.g.S. e. reducción. Cancellation is when a loan by a borrower is canceled after signature. adjudicationa la hollandaise adjudicación a precio uniforme. cancellations and prepayments (DCP) [IFC] abandons. This happened recently with loans to Brazil by U. dual-currency bond obligationá double devise bono denominado en dos monedas Bond where the price and coupon are denominated in one currency. banks.

It is a closed-end investment company.plaque tournante bancos intermediarios Banks operating as intermediaries between borrowadlenders locatedin foreigncountries.efliclency price precio económico Price reflecting relative value to be assigned to inputs and outputs if the economy is to produce the maximnum value of physical output efficiency. Europe and Asia that willinvest in securitiesof companieslisted on Third World stock exchanges. . electronic funds transfer (EFT) transfertélectronique fonds de transferenca electrónia de fondosers System of transferring funds from one account to another by electronic impulses rather than transfer of paper (such as a check). equalizing discount rateseecross-over discount rate equal principal repayment system systémede remboursements égauxdu principal. It is intended to help the poorest member countries undertake strong threeyear macroeconomic and structural programs to improve their balance of payments positions and foster growth. earningsper ehare(EPS) bénéficepar actJon(BPA) utilidadespor acción The profit of a corporation divided by the number of shares outstanding. Emrlrng MarketsGrowthFund (EMGF> [IFCJ Fonds de promotiondes marchésnaissants Fondode promociónde mercadosincipientes A mutual fund with capitalization of $50 nillion from institutional investorsin the U. It is being sponsored by IFC and was launched in 1986.37 - E- early redemptionoption bond see retractable bond earning assets avoirsproductifs activos productivos Loans and investments. pret á la réhabilitationde zones sinistrées préstamo para reconstrucción de emergencia World Bank loan for emergencyreconstructionafter natural disaster.rntry. Enhanced StructuralAdjustment Facility (ESAF) [IMF] Facilitéd'ajustementstructurelrenforcée financiero reforzado de ajuste estructural IMF facility set up in paraflel to the Structural Adjustment Facility. turntable entrepót.S.. EmergingMarketsInvestment Fund(EMIF) [IFC] Fonds d'lnvestissement marchésnaissants des FondoparaInversiones mercadosIncipientes en Fund set up by IFC in the form of a closed-end lnvestmentcompanyto encourage large Japanese institutional investors to invest in developing prix économique economic price. countries. systámede remboursement tranches par pgales sistema de amortización d principal en cuotas iguales (FASR) eificiency price see economicprice electronic banking monétique operación bancaria electrónica Bankingtransactionsusingcomputerizedequipment. emergency reconstruction loan (ERL) pitt A la reconstruction.pret au relévement. economic recoveryloan (ERL) economic reecovment a loano(ERL)uServicio prést redressement au économ¡que préstamo para recuperación económica World Bank loan made to assist with the economic recovery of a cou. enhancement see credit enhancement entrep8t.

no-retum equlty. equlty joint venture opérationen association. equity see bond with equity warrant. quasi-equity.would guarantee the capital equity capital.coentrepriseavec participationau capital social empresa conjunta de capital social proporcional A company created by other companies. conversion. This means loan repayments are highest in the earlier years of the loan (when interest payments are higher).prise de participation au capital social.equity lnvestment participationau capital. if dollar-denominated. Thailand. it bears interest only if the project generates interest. An example of the use of this type of instrument is in high-risk countries where an equity investment would be lost at once but an equity-fikeinstrument.g. stockholders' equity equity-like Instrument lnstrument participatff Instrumento financiero con características patrimoniales A loan structured in such a way that it can be converted into equity. standby equity. This scheme has been used by the Bank since 1975.marché des tonds propres bolsa de valores. debt/quasi equity swap. mercado de valores The market in stocks and shares. non-equlty direct investment. equity-linked bonad see equity-related bond equity loan prét sous formede prise de participation. debt(-for)-equity swap. equity portfolio fund Fonds communde participations Fondo para inversiones de cartera Fund set up by IFC in developing countries (e. equlty financing. capital stock (of a corporation) capitalsocial capital social. An example is an income note that acts as equity. equity-related bond. marché boursier. equity-linked bond titre rattachéá des actions.with each owninga proportion of the shares. Equity capital is sometimes used as a synonymfor stockholders' equity. This means it has the form of equity (cf. stocks where income is generated only if the companypays a dividend). equity option see option equity ownership participationau capitalsocial d'une société participación en el capital social An interest in a property. Malaysia)to attract foreign equity capital to these countries and improve the access of companies in these countries to world capital markets.38 Loan repayment scheme whereby principal repayment remains the same over the period of the loan. obligation apparentéeaux actions bono con características de acción . participación capital social Investment that confers whole or partial ownership in an enterprise and entities the investor to share in the profits from its operation. and ensureincomeif the projectproduced income. Korea. equity market marché des actions. regardless of interest payments.e. capitai accionario The issued share capital whichis neither limited nor preferred in its participation in the distributionof its profits nor in the ultimate distribution of its assets. loan with equity kicker. i. debtequity ratio. prét participatif préstamo en forma de participación en el capital Loan in the form of equity participation. financement en fonds propres en irnersiónen capital social.

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

currency égal swapde bonos igualvalornominal. engagement. extendible bond. wíthout regard to the net cash difference. These translations are proposed. that allows the creditor bank to be exempted from future requests for newmoneyand restructuring. compromisos netos evenrolí refinancement un montant pour égal refinanciamiento montoigual de Refunding. Used by Argentina and the Philippines (with its Philippines Investment Notes . merger. translation exposure. where approximatelythe same amount of debt is being issued for the old debt. bono de exclusión. The translation will often depend on the context.part des risques.S. extendible maturitybondsee extendibie bond extendible maturitynotesee extendiblenote extendible note. acquisition. political changes for corporations exposed in a certain country. exposure see also country exposure. Amount of investment made.bono de salida. de intercambio bonosde igualvalornominal de U. climatic changes for corporations dependent on a specific crop). largeexposure bank. European of Account UnKt (EUA) unité européennede compte (uec) unidad cuenta europea de (UCE) A compositecurrency unit based on the value of the currencies of the European Community members participating in the European Monetary System. leveraged buyout). term for the sale of one block of bonds and the simultaneous purchase of the same nominal principalamount of another block of bonds. pagaré de ajustable vencimiento . unidadmonetaria europea (ECU) A standard unit of account of European Community member countries.PIN). bond.40 A nonofficiagprivate unit of account based on the currencies of the members of the European Community.mark to market exposure exposure risque. présence riesgo. exitlnstrument. bonode vencimiento ajustable Bond whose bearer can postpone maturity beyond normal maturity date. Some corporations are subject to event risk because they are heavily exposed in a specific area (e. exHt exit vehicle bon de sortie European (style) option option européenne opcióneuropea Option containing a provision to the effect that it can be exercised only at maturity.tftulo de salida Instruments issued by a debtor country to a creditor bank in place of a bank credit.g.extendiblematurity note obligationprorogeable bonode vencimiento ajustable. even par swap swapd'obligationspour un montantnominal export adJustment (EAL) loan pretá I'ajustement exportations des préstamo para ajuste del sectorexportador Loan made by the World Bank to assist a country to adjust its export sector.g. préstamospendientes.extendible maturitybond obligation prorogeable eventrisk risque exceptionnel nesgo eventual Situation occurring when the credit standing of a corporation changes because of certain events (e. exercise price ses strikingprice exltbank banquesortante European Currency (ECU) Unit unitémonétaireeuropéenne(écu) bancoqueoptapor la exdusión Bank using an ex¡t instrument. with the additional idea of risk.

Caribbean Development Facility. Compensatory ContingencyFinancing and Facility. External Contingency Mechanism [IMF9 Mécanismede financementpour a¡éas extérieurs Servicio para contingencias externas IMF Facilityset up to help maintain the momentum of adjustment in the face of a wide range of adverse external shocks. backstop(credt) facility. ContingentSwap Facility. underwritten facilities fee feo see underwriting 'acility fade-out agreement.External Contingency Mechanism. face valuesee par value facility see Africa Project Development Facility.CentralBank Facility.contingencyfinancingfacility. Swap Insurance Facility. fasttrack country pays en pointe país (bien encarrilado) con inversión y crecimiento Country with a high level of investmentand growth. Project Preparation Facility. extension feoe commissionde reconduction comisión de renegociación.euronotefacilities. phase-in agreement accord de retraitprogressff acuerdo de traspaso progresivo (de acciones) A type of joint venture agreement where the foreign investor initiallyhas an equity participation of more than 50%but gradually transfers this equity to one or more local parties till the local parties have majority participation. contingentinvestmentsupportfacility. revolving underwriting facility.new money facility.41 Note on which the maturity can be extended such that interest payments continue and the principal repayment is delayed beyond the original date. non-underwritten facilities. as opposed to through an agent. Social Dimensions of Adjustment Project Facility.multioption facility. - F- face the market Intervenirsur te marché Intervención directaen el mercado To actdirectlyin the market.EnhancedStructural AdjustmentFacility. Will operate as a complement to the compensatory financing facility. international banking facility. external bond issue émission d'obligationsá ¡'étranger emisiónde bonos en el exterior Issueof bonds in a foreign country. externalization debt servicepayments) (of externalisation (des versements titre du au service de la dette) externalización (del servicio de la deuda) Purchase of foreign exchange needed for debt service payments.Regional Project Facilityfor SubSaharan Africa. trade financing facility. . Structural Adjustment Facility within the Special Disbursement Account.Special Facilityfor Sub-Saharan Africa. comisiónde prórroga Supplementary fee payable to lender of a loan extended beyond original period.

S.intensification circuitsfinanciers des intensificación financiera Acquisition of fmancial assets at a faster rate than nonfmancialassets. participation fee. financialdeepening augmentationde l'importance des circuits financiers. The Board of Governors super- commercial paper.S. fee.ingenieríafinanciera [México] Application of innovative techniques in major national and corporate workouts. management commission. guarantee commission. underwriting fee. a bank that has been chartered by the Comptroller of Currency. loan origination fee. currency. foreign exchange coverage fee. Note that monnaie centraleis the money held by a French bank at the feesee admissionfee. an intermediary between the U.S. federallychartered bank [U.commitment charge. It has twelve Federal Reserve Banks divided up by geographical regions. financial futures market marché á terme d'instrumentsfinanciers (MA TIF) mercado de futurosfinancieros Futures market where only fmancial instruments are negotiated. processing Banquede France (centralbank) and is the French equivalent of federal funds. fee.S. In the U. commission. financial futures instrument financier á terme. front-endfee. Treasury (or equivalent) and the market.S. . fee. extensionfeo.1 fonds fédéraux fondos federales Cash balance held by banks with local Federal Reserve bank. fiatfee. bonds. utilizationfee federal fundarate IU.. agency fee. for transfer between banks). financial engineering ingénieriefinanciére técnicas financieras.] banque á chartefédérale banco constituidoa nivelfederal In the United States.that belongs to the Federal Reserve System and mects the requirements for a national bank as defined under the National Bank Act.tipo de los fondos federales Rate of interest paid on federal funds.] tauxdes fonds fédéraux tasa de los fondos federales.g. availability fee. only federally and State chartered banks and other authorized institutions may receive deposits. contrat á terme financier. handling fee. sellingfee. prepayment fee. contrat á terme d'instrument Federal Reserve System systéme fédéral de réserve financier(CATIF) futurosfinancieros Futures of bilis. Equivalent to interbank rate.S. contrato de futurosfinancieros A completed but transferable agreement to make or take delivery of an interest-sensitive security at a specifiedtime at a specifiedprice. fee.42 federalfunde[U. financial intermediary intermédiaire financier intermediario financiero Normally. future. notes. They are immediatelyavailable(e. financial futures contract contrat du Matif vises the operations of the regional banks and coordinates monetary policy through its Federal Open Market Committee.fiscalagency fee. and Sistema la ReservaFederal de The central banking system of the U. trade insidefees.

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

risk conversionfloater. reversefloating rate note. fixing used to apply to all markets but the system is no longer used. floatingrate note withvariablecoupon fix bon á tauxflottantá coupon indexé bono con interés variable indizado. front end fee [Euroloan] commissionimmédiate comisióninicial When a loan agreement is signed. This occurred after the October 1987stock market crash. usually over the six month London Interbank OfferedRate (LIBOR). syntheticfloating rate notes floatingrate bond obligationá tauxflottant.obligation á taux variable(OTV) bono con interésvariable Bond on whichthe coupon is establishedperiodically and calculated with reference to short-term interest rates. flip-flop flip-flop capitauxmobiles. fiat tel que! sin intereses devengados Excluding accruedinterest. float [banking] moyensde paiement a l'encaissement. mismatchfloating rate note. bono fl¡p-flop Floating rate note from which the holder can opt out and into another security. A bond where the interest is includedin the price is saidto be traded flat (une obligationnégociéetelle quelle). . the borrower's choice or whichever is higher/lower. flo8ting rato bond. efectosen cobranza Checks. It is used. normallywith provision for a minirnuminterest rate. as investors sought more reliable investmentsto avoidlosses. in the London gold market.pagarécon interés variable Note issued from five to fifteen years with a fixed spread. flat fee. etc. drafts. and move back into the original note under pre-determined conditions. collar. in the process of collection.. fee payable in fuil by the borrower to the lenders in the syndicate. flight to quality ruée versles titres de qualité desplazamiento hacia las emisionesde mayor calidad In capital markets. floor. The different methods of choosing the coupon fix are laid down in the original agreement. for example.moyens de paiementnon recouvrés. at the issuer's choice.floater bon á tauxflottant.bon á tauxrévisable bono con interésvariable.note see also capped floating rate note. flip-flop. capitauxdisponibles.pagarécon interésvariableindizado Floatingrate note on the Euromarket where the coupon is linked to a different index.capitalflotante That portion of the capital of an enterprisenot invested in fixed or other capital assets but in current and working assets. floatingrate note. inversefloating rate note.44 fix see floating rate note w¡th variablecoupon fi. floater floating rate note see floating capial fixing fixing cotización Quotation of the price of a commodityin the market. capitauxflottants capitalcirculante.moyensde paiementflottant efectos en cobro.rather than seek large gains from unreliable investments. perpetual floating rate note. In France. Primarilyused by banks to raise dollars for their Euromarket operations. the transfer of assets to higher qualíty securities. collateralizedfloating rate bond.

pagarécon interésvariable mínimo A floating rate note with a lower limit on the interest rate to be paid. floor broker see floor trader (definition) floor rate of exchange tauxde change minimum tipo de cambio mínimo The minimum rate of exchange.g.vente de devisespar adjudication subastasde divisas Auctions of foreign currency. agent opérantdirectementsur le parquet.foreign-targeted security[U. agent de change corredorde bolsa independiente Member of an exchange trading for himsel£ Note that floor broker is a broker on the New York Stock Exchangewho acts for other members of the Stock Exchange only.S. warranten dMsas. as used in some developingcountries.45 f loor floor. libranzaen divisas Warrant which is purchased in one currency and resold in another. foreign exchange coverage fee frais de couverturede change comisiónde coberturacambiaria Costs incurred by the borrower resulting from changes in the rate of exchangebetween currencies disbursed to and to be repaid by the borrower. The Bank sets 15% below the return projected at the beginningof the fiscal year as its floor return. floor trading marchéde la criée transacciones de los corredores en la bolsa Trading on the exchange for one's own account. flow of funds see funds flow flow-of-fund table [nationalaccounts] tableaudes opérationsfinancieres(TOF) cuadro de corrientesfinancieras A table showing transactions in financial claims between institutional units.] titre destiné a I'étranger valores para inversionistas extranjeros U. foreign-aimed security.S. sometimes at a specific rate.specially aimed at attracting foreign investors. Interest is paid once a year. foreignexchangeauctiona vente de devisesaux encheres. floor trader forcedinvestment investissement obligataire inversibnforzosa. floor return rendementminimum rendimientomínimo Minimum return on investment. in that the owner does not have to be registered but securities dealers must certify that the purchaser is not an American citizen or resident. It is a hybrid between a bearer (favored by European investors) and registered security (as preferred by the Internal Revenue Service). securityfirst issued October 24 1984. foreignexchangewarrant warranten devises certificado en divisas. Initial issue was three-year 11 month notes at 3 tenths of a point below ordinary notes. plancher bono con interésvariablemínimo.wherebythe price obtained for the foreign currency at the auction is the rate of exchange applied till the next auction.inversiónobligatoria A requirement placed on a commercial bank (usually in a developing country) that it make specificinvestments(e. . x% of its portfolio must be agricultural investments).

abstentionniste. foreign-targeted security see foreign-aimed security forfaling forfaitage descuento de bonos a mediano plazo. founders' shares. one wishingto protect itself against a future rise in interest rates and the other against a future fall. forwardcover couverture a terme entrega a término.currency or other financialinstrument at the current or spot price with deliveryand settlement at a specifiedfuture date. front end free see also fiat fee front end fee commissiond'ouverture comisión inicial .] parts de fondateur. the resources to pay future interest. forward contract contrat á reglement mensuel (RM). future rate agreement (FRA) (contratde) FRA. formula investing formuleforfaitairede placement. in part. promoters' stock [U. At maturity they settle by paying or receiving only the difference between the interest rate agreed earlier and the then current interest rate. contrato a plazo Purchase or sale of a specific quantity of a commodity. Repayments are semiannual and discounting is at a fixed rate. fourth market [U. free limit of loan ptafondde prét librementaccordé límitemáximo de aprobación autónoma The limit on a free-limit loan.46 Foreign lnvestment Advisory Service (FIAS) Service-conseil pour I'investissement étranger (FIAS) Servicio de asesoría sobre inversión extranjera (FIAS) The Foreign Investment Advisory Service helps member governmentsto review and adjust policies. resquilleur.contrat á terme de taux d'intérét acuerdo a término sobre tasas de interés.S.] quatrieme marché cuarto mercado Market for large block sales of securitiesarranged by private firms. free rider cavalier seul. acuerdo a plazo sobre tasas de interés An agreement between two parties. ordre de placement automatique inversión conforme a una fórmula Investment technique based on predetermined timing or asset allocation model that eliminates emotional decisions.contrat á terme ferme contrato a término. free-limit loan prét librementaccordé préstamo de aprobación autónoma A loan which does not exceed the amount above which onlendingis subject to Bank approval. and investment strategies that affect foreign investment. forward-forward arbitrage see time arbitrage forward rate agreement. profiteur.K. entrega a plazo The arrangement of a forward foreign exchange contract to protect a buyer or seller of foreign currency from unexpected fluctuations in the exchange rate.passager clandestin banco abstencionista A bank that collects full interest due on outstanding loans without contributingto the new money loans which provide. Examples include constant dollar plan and (dollarcost) averaging.security. The parties agree to an interest rate for a specific period starting at a specificdate in the future. It is currently managed jointly by IFC and MIGA. descuento de pagarés a mediano plazo The business of discountingmedium-term promissory notes or drafts related to an international trade transaction. regulations. parts bénéficiaires acciones de fundador Shares subscribed by original owners of a business.

in commodity instrumenton a particulardate. whereby IBRD takes a pro rata share of about 10 percentin each maturityof the commercialloan. futures.futures futuros Agreement to buy or sell a specific amount of commodity. financiación suplementaria. full.stock indexfuture. Outward flows donnée) gasto concentrado al comienzo de un período Spending at the beginningof a financial period. See or also financialfutures contract.interest rate futures. and taxation on profits. front-loading conditionality of imposition de conditions préalables fundsflow statementsee statement of changes in financial position imposiciónde condicionesprevias(a la aprobaciónde un préstamo) In Bank adjustmentloans. refers to the establishmentof conditions be met by the borrowerprior to to Boardpresentation(as opposedto actionsbeing carriedout duringthe courseof the loan).fullypaid stock see paid-upstock fullservice bank banque multiservices bancomúltiple. and issues of debentures. frontend financing financementsupplémentaire participaciónproporcional Type of IBRD "B"loan. The World Bank used to levy a front-end fee on its funding pro rata [IBRD] participationproportionnelle loansbut no longerdoes. and shares. sales of fixed assets and investments.corrientede fondos The flowof purchasing powerinto and out of an organization. financial seefinancialfutures futurescontract contrat ¿ terme deuda consolidada The debt of a business or government in the form of outstanding bonds and other long-termnotes. loans. concentrated the lattermaturities.financiación asegurar sin That part of the fmanceof a loanpackage provided by banksoverand abovethe partthat is insuredby an exportcreditguaranteeagency. wherebyIBRD would take an initialshare of the loan up to about 25 percent.47 Fee levied on borrower when a loan is first made.swap future futures[commoditiesmarket] opérationsa terme. repayment of debt. fundinglattermaturities[IBRD] financementdes derniereséchéances contrato de futuros An agreement to take or make deliveryof a specific financiamiento los últimosvencimientos de Type of IBRD "B"loan. multibanco Bankproviding wide rangeof services clients. includepurchasesof fixedassets and investments. financiaciónsin garantía.flow of funda flux financiers flujode fondos. a to fully paidstock see paid-upstock funded debt dette consolidée funda statement see statement of changes in financialposition funkmoney see hot money futurerateagreementsee forwardrate agreement futuressee financialfutures. payment of dividends. front-loaded spending dépensesgroupéesau début (d'unepériode funde flow. Inward flows include sales revenue. .

mercado término. in the gap[IBRDJ overall profile see risk gap financing financement déficit du financiamiento déficit del Amountoffinancing neededforwhichprovision has not yet been made. (Yen-denominated bonds are knownas Samurai bonds. des rapportencours préts/fonds des propres relación préstamos desembolsados y pendientes-capital y reservas Ratio of capitalplusreservesto loans outstanding and loans disbursed.The Frenchsensibly used the Englishword. Geisha bond obligation Geisha bonosgeisha Bondissuedon the Japanesemarket in currencies other than yen.48 futures market marché terme a mercado plazo. a a mercado de futuros Market where futurescontractsare bought and sold. The sensitivity an option's delta to small unit of changes the priceof the underlying. gearing ratiosee leverage ratio gearing ratio [IBRD] coefficient d'uti/isation fondspropres. gamma gamma gamma tuturesoption optionsur contrats terme á opción(deun contrato) futuros de A put or calU optionon a futures contract.) . gapping gapping No Spanish Analysisof interest rates in order to manage interest rate margins to improve liquidity.

2. general obligation bonds empruntsde collectivitélocale bonos de responsabilidad general Long-term borrowings. valeurs de premier ordre 1. These principles are normally followed by the World Bank in its accounting statements. Changes include removal of specific limnitations on futures and options. that IFC is authorized to make. in dollars. montant total des capsautorisés facultad de adquisición de contratos con Interés tope Authority given by the Board to IFC to purchase contracts with interest rate ceilings (caps) and then sell to its borrowers. Global Swap Authority autorisationglobale de swap facultad para efectuar swaps Authority given to IFC by the Board to borrow from the markets up to a level of US$250 million equivalent through private placements and direct institutional loans. 1989. gilts 1. valores de primer orden 1. Generally Accepted (GAAP) Accounting Principies Principescomptablesgénéralement admis principios contables generalmente aceptados Conventions. the country remains eligible for use of upper credit tranche IMF resources. par l'Etat.obligationmultimarchés bono global Bond issued simultaneously in the U. bonos de primer orden. usually by a municipality.S. and taxing powers of the issuing locality rather than income generated by a specific project. that are backed by the fuil faith. the debtor country must have secured debt relief from creditors not covered by the Paris Club agreement and secondly at the time the creditors agree to review the need for further debt relief. instrumentsde la dette publique gilt-edged securities. 2. and procedures governing accepted accounting practice. The World Bank issued this kind of bond for the first time in June 1989. credit. bonos del Gobiemo británico. .S. British Government bonds. which extends the right of the Bank to invest in certain instruments. IDA's authority equivalent to the Bank's and others. authorization to use currency-hedged. 2. valeurs garanties Instrumentos de la deuda pública Debt instruments issued by governments. acceptability of foreign currency denominated government obligations if equivalent to AA rated securities..S. In the U. covered forward global bond obligationplanétaire. government paper effets publics efectos públicos Short-term debt instruments issued by governments. Gensaki Gensaki (acuerdo) gensaki A Yen repurchase agreement. creditor countries ask the debtor country to meet two conditions firstly. approved by the Executive Directors April 18. investments. In return. generalobligation bond see general obligations goodwill clause clause de bonne volonté cláusula de buena voluntad A clause in a Paris Club loan agreement that commits the creditors to consider debt relief after the end of the stipulated consolidation period. rules. and other markets. government debt instruments general obligations. bonds of AAA standing. It reflects the total amount of caps. fonds d'Etat britanniques. they were laid down by the Financial Accounting Standards Board (FASB). GlobalCap Authority[IFC] autorisationglobale de cap. U.49 Generallnvestment Authorization [IBRD/IDA] pouvoir généralde placement facultad general para efectuar inversiones Formal name for Bank and IDA investment authority.

non-accelerable guarantee. The ratio shows the amount due and actually collected during the year (excluding any amount collectedbut overdue from prior years) and relates it to the amount that was contractually due during the current year. 2. guarantee[IBRD] 1. counter-guarantee. club de créanciers grupo de acreedores Group representing the creditors of a specific country or countries. courtier d'effets pubI¡cs corredor de valores del Estado grossearningsmargin. .grosamargin.equivalentto the averagenumber of years a loan remains disbursed and outstanding. The funds for the purchaseare often borrowed. which would represent an IBRD commitment to purchase the designatedmaturities at the request of the colender. 2. See also net collection ratio. franchise de remboursement. grade see rate Defined as interest received on loans less interest paid on deposits plus other income (interest received on investments. garantía (del Estado) coeficiente de cobro bruto The interest received less prior years' recoveries dividedby the interest receivedplus net nonaccruals for the year. déla¡ de gráce período de gracia The period allowed in a loan schedule during which repayments of loan principal need not be made. ratio coefficient (taux) de capital brut coeficiente de capital bruto The stock of a firm that is expected to have above average increases in revenues and earnings. whereby special financing would be provided from colenders if growth failed to reach a preset standard. greenmail greenmail. garantía. call a guarantee. gross capital coefficient. banker's markup [banks] marge brute margen bruto Secearitydealer specializing in government debt instruments. rolling guarantee The amount of capital requirement per dollar of annual lending. Loan made to a domesticcorporation guaranteed by the state. garantie de la BIRD. grey. banker's apread. grace period différé d'amortissement. other stockholdersare ordinarily excludedfrom the transaction. group of creditors groupe de créanciers. Type of IBRD "B"loan with IBRD guaranteeing part of the loan and offering the commercial colender a put on the latter maturities of the loan. gains or losses in foreign exchange operations and commissions and fees received and paid). 2.50 government securitydealer courtier en fonds d'Etat. garantie (de l'Etat) gross collection ratio coefficient (taux) de recouvrement brut 1. 1. gray market marché gris System used with the Mexico financing package. growthstock action d'avenir acción de una empresa prometedora mercado gris Market in bonds that have not been given a firm price. equity-related guarantee. chantage au dollar compra de las propias acciones para evitar la absorción de la empresa growthcontingency cofinancing cofinancement d'intervention au-dessous d'un seuil de croissance donné cofinanciamiento supeditado al crecimiento An antitakeover maneuver in which the target firm purchases the raider's stock at a price above that availableto other stockholders. guarantee see also accelerable guarantee.

. head oftrading chef arbitragiste jefe de operaciones bursátiles Person responsible for securities trading in an organization. An investor making an investment in the equity of a developing country enterprise.givesthe money to IFC in return for a U. generating benefits which can be shared by both. headand shoulderu configuration configurationtéte-épau/es configuración Itricornio' Form of bar chart used in bar chart analysis of securities which indicates the movement of a securityup and down (or down and up) with three peaks.51 guarantee commission.ratio de couverture coeficientede protección In an options contract.the middle one being the higher (and thereby givingthe chart the form of a head above a pair of shoulders). a ratio representing the change expected to occur in the market value of an options contract as a result of a specified change in the market value of the securities underlyingthe contract.g. management and long-term strategy for the enterprise. gérance commission gestion. Hhandling fee. hedgeratio coefficientde couverture. [IBRD] fee commissionde garantie comisión de garantía Commissionpayableperiodically(e. heavliy lndebtedsee highly indebted hedge [securities market] valeurde refuge valor de protección Security acquired to cover possible loss on speculativeinvestments. insteadof makingthe investment directly. dollar debt instrument. de commission de comisión Fee payable to lead bank for handling bonds.S.IFC makes the investmentin its own name but has a contractual agreement with the investorregarding votingof shares.management fe. . to IBRD) as compensation for the risk in guaranteeing a loan. involvingthe structuring of IFC and co-investorequity exposures in such a way as to take advantage of differencesín their risk-preferences and perceptions. headroom marge de décaissement margende maniobra The difference between the statutory limit on lending and the value of loans that are disbursed and outstanding. Guaranteed Recovery lnvestment of Principal (Program)(GRIP) [IFC] (Programme garantiede recouvrement de) de l'apport des investisseurs(GRAI) (Programade) recuperación garantizada de principalde las inversiones (GRIP) A fmancial service offered by IFC.

unfriendly takeover bid offrepublique d'achat (OPA)hostile. hostile takeover bid. necessitating immediate presentation for payment. hot bill effet brúlant efectoa la vista o de vencimientoa muy corto plazo Bill which matures at sight or whose maturity is less than the period making possible its collection in good time. Venezuela and Yugoslavia. Peru. highly. while another component supports a sectoral investment program. investment is normally considered inadvisable. Jamaica. The Bank uses both heavily and highly.hedging operaciones cobertura. set by a government or company to guide investment decisions. highly leveragedsee leveraged high quality borrower see prime borrower horizontal spread. . in some cases a time-slice of a sectoral investment program.K. The World Development Report. motivated by interest rate differentials or revaluation hopes/devaluation fears. OECD uses debt-distressed. calendar (cali> spread. Brazil. time (cali) spread écart horizontal margen horizontal.] capitaux tébriles capitales itinerantes Short-term international capital movements. hostile raider prédateurhostile See corporate raider Corporate raider whose actions are not supported by the targeted corporation. Below this limit. hung-upissue -mission collée (coincée) emisiónempantanada. heavily indebted middle income country (HIC) pays á revenuintermédiairefortementendetté paísde ingresosmedianosmuy. Colombia. usually on a forward basis. posición diferencial horizontal Options strategy that involves buying and selling the same number of options contracts with the same striking price but different maturity dates. One component supports policy reform.funk money[U. Nigeria. as a means of insuring against loss should an exchange rate change. emisiónatascada An issue which dealers have not managed to fully place. Ecuador.opérations d'arbitrage en couvertured'actifs. Mexico. OPA sauvage oferta públicade adquisición(OPA)hostil (con fines de absorción) An offer to purchase shares from a firm's stockholders when directors of the target firm have recommended that stockholders do not sell their stock. Costa Rica.operacionesde de protección cambiaria Purchase or sale of currency. Chile. Philippines. related to the current cost of borrowing money. Bolivia. fuertemente endeudado Seventeen middle-income countries deemed to have encountered severe debt servicing difficulties: Argentina.52 hedging couverturedes opérationsa terme. hurdie rate tauxcritique de rentabilité tasa crítica de rentabilidad A somewhat arbitrary rate of return. refers to a sector adjustment loan which focuses on both investment structures and incentive policies. hybrid loan prét hybride préstamohibrido In adjustment lending. The IMF and United Nations Statistical Office use heavily. World Debt Tables 1988-1989 and UNDP use highly. Morocco. Uruguay. Cóte d'Ivoire. hot money. while the 1989-1990 World Debt Tables use severely indebted country. opérations en contrepartie.

K. this sum is periodicallybrought up to the maximur. IDA reflows IDA remboursements rentrées á PIDA. reembolsosa la AIF. consisting of an immediate claused'eilégalité cláusula exigibilidad reembolso de del Clause in a loan agreement which allowsthe lender to ask for repayment of his funds if a change in national legislation obliges him to withdraw from the loan. for rdt claedal . (Note that in the U. income bond. inversión verde Investment whichis not yet bringing in any returns. financiamiento de AIF.l. nitplsadfreanuy. reflujos laAIF de Payments received by IDA in the form of reimbusmnsfr ae bursements creditsmade. de FIn reemboursernents refluj s de laAID la a 'ID.. r paysbligiAn au créditpuede recibircrédkos. imnpaired investment investissementprovisionnerm á invest¡ssement indexed currency borrowings emprunts devises en indexés(dontle tauxest indexéJ Borrowingsin a foreign currencywhere the rate of interest is linked to an agreed scale.f ationd o thaeqired of directors. Heavenand Hell Bonds. empréstitos en divsas con interés indizado impairment dépréciation.gl. as the fund is depleted.. commonly used as a petty cash fund. fondo de anticipos account or fund maintained for payments made in cash. dévalorisation desvalorización Losslin valueof an investment.S. bonds which are guaranteed as to principal but which have interest payments as a earned and then assented to by the board of imprest account. incomebondrefers investmentoffered by life to a type of fLxed-interest insurance companies.that are required only if eonting ent. .53 - I - compted'avances caisse. Failure to pay interest does not constitute default. financiamiento de J'IDA país que paIsFupuaed eblr créditos. indexedcurrency option note(ICON) ICON bono con rescatevinculado a un tipo de cambio.o ulpie) t investissementcopmi inesismn dangisoner.ase contingentobligation. participating bond obligationparticipante bono participatorio the U.pays éllg¡ble y pays arédmista IMA emprunte I'IDA. país la habilitado para recibir créditos e Developingcountry whichis entitled to receive IDA credits because its per capita income is below the IDA norm. compte de d'avances temporaires cuenta de anticipos. A fed maximum sum is kept in the fund and. pagaré con rescate vinculado a un tipo de cambio Notes denominated and paying interest in one currencybut whose redemption valueis linked to an exchange rate for another currency. annuity plus a deferred annuity.) trading index arbitrage trading see program indexed bond. index-linked bond immature investment investissement immature obligation indexée bono indizado Bond where the coupon rate or redemption value is inversióntodavía improductiva. invdner. fund IDA-eligible country pays admis emprunter ¡'IDA. idxd(oohrcrece.siónvmenstisemntcoprmi inversión menoscabada An investment which has been reducedby lossesor other distributions. Also called implicitspread margeimplícite margen impllcito The ratio of the present value of costs of the commitment fee and loan spread to the present value of outstanding loan balances.

Information memorandum indiciérisation. index program see Indexing individual retirement account (IRA) propios Financing from own resources rather borrowings. indexing. though. by those who have advance notice of likely changes in the market. and sticking with them. equivalent to a prospectus. financiamiento con fondos optionsurindice opción basada en un índice bursátil Option which is based on a stock index rather than an underlying security. financementinterne. Not to be confusedwith index-linked(i. dollar value of the pool due to exchange rate fluctuation. in house financing. initial public offering (¡PO) introduction bourse en oferta pública inicial A firm's first offering of stock to the public. .S. Index program systeme financement structuré. infiation premium inside. financement fondspropres par autofinanciamiento. unlike a prospectus. seif-financing autofinancement. than pland'épargne retraite personnel (PER) cuentade ahorro para jubilación Personal. non financement traditionnel financiamiento no institucional. due to their inside knowledge. often the Standard and Poor 500. it is confidential. de non systéme systeme de de financement institutionnel. financiamiento Informal Fmance which takes place outside of the normal financial markets. index-iinked bond see indexed bond index option mémorandum placement de prospecto confidencial Document sent to all banks involvedin Eurocredit. insiderdealing délit d'initié transacciones ilícitas de personas iniciadas Trading in stocks. préta l'aJustement la politique de industrielle et commerciale (PAPIC) préstamo para ajuste de la(s) política(s) Industrial y comercial World Bank loan made to assist adjustment of a country's industrial and trade policy. primede risque-inflation prima por inflación A premium added to a security to allow for inflation. tied to the rate of inflation). Indexlng programa de compra de acciones incluidas en un índice A method of portfolio managementby buyingstocks that compose a well-known index.e. tax-deferred retirement account for employed persons. etc.54 indexed loan [currency pooij Informalfinance prét Indexó préstamo indizado Loan indexed to the daily variation of the U. industrial and trade policy adjustment loan (ITPAL) initial margin dépot de garantie depósito de garantía The amount a buyer is requested to deposit with a broker before commencingtrading.

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

in turn. For example. intermediation intermédiation intermediación Process wherebya financialinstitution interposes its names and trustworthinessbetween a lender and a borrower.. Those restrictions from which IBFs are exempt include reserve requirements. au-dessous du prix opción con un precio superior o inferior al valor verdadero. which allowsbanks to engage in international banking without some of the usual restrictions facing domestic banks. International SwapDealeraAssociation (ISDA) No official name in French No officialname in Spanish New York-based international swap trade association. International bankingfacility (IBF) sen/lce bancaireinternational servicio bancario internacional . intermediative borrowing empruntsaupres d'intermédiaires financiers International Organization of Securities Commissions (IOSCO) Organisation internationale des commissions de valeurs mobiliéres(OICV) Organización Internacional de Comisiones de Valores (OICV) International organization representing securities regulators. instead of buying an issue directlyfrom a corporation.56 lnterest-rate swap accord de swap sur les tauxd'intérét. modificationde la périodicité paiementsd'intéréts des modificación de la periodicidad del pago de intereses Agreement whereby the frequency of interest paymentsis altered. contrat d'échangede taux d'intéréts (CETI) swap de tasas de Interés. It has adopted a code for swap dealing as well a master swap agreements. usuallyfrom 3 or 6 month to 12 month interest periods. intercambio de tasas de interés. lnternationaux préstamos obtenidos de intermediarios financieros Borrowing from financial intermediaries. con dinero A call option that has a strike price less than the price of the underlyingasset or a put option that has a strikepricemore than the price of the underlying asset. either by having a fixed rate or a variable rate linked to a specificrate such as LIBOR. en dedans. payment of certain insurance premiums. invests in the issue. and special relief from state tax. intercambio de tipos de interés An agreement to exchange floating rate payments for fixed-rate payments in the same currency. swap de taux d'intérét. International Federation StockExchanges of (FIBV) Fédération internationales des bourses de valeurs (FIBV) No officialname in Spanish Organization that establishes relations between stock exchanges. Optiondansle coursis the term used in the MATIF.S. an investor may deposit funds with a bank which. International branch of a bank in a kind of internal free-trade zone in the U. interest retiming modificationde l'échéancier. swap de tipos de Interés. interest(rate) switching modificationdu régime des intéréts modificacióndel régimen de intereses Option in a restructuring agreement which allows creditor banks to alter the interest rate base. in the money (ITM) (option) option dans le cours.

categoryrecently created.S. fund société d'investissement. inflated equipment costs and non-arms length royalties. investment bank [U.57 intrinsic value valeurInstrinséque valor Intrínseco The financial benefit to be derived if an option is exercised immediately. they have a separate legal status from commercial banks. The banques de trésorerie d'arbritrage. Also includes top-rated shares..which came into effect October 1.g. inward swap mise en report recompra de divisas en moneda nacional Spot sale of foreign exchange and forward repurchase of same foreign currency against domestic currency.K. involuntary lending prets forcés. bonds). multiplied by the existing exposure. .the former being by far the most frequent. et a are intended specificallyto deal with the changing situation in the financial markets. pagaré con interés variable inverso a la tasa de referencia Floatingrate note where interest is paid in inverse relationship to the benchmark interest rate. papel de buena calidad Issue of paper rated at BBB. fondo de inversiones émission sans risque efecto de buena calidad. exceeds the amount of newmoneymultiplied by the remaining probability of default even after the new assistance. such as management fees.or aboye (or equivalent) by a ratingagency. investment grade paper oblígation tauxflottanta intérétinversé & bono con interés variable Inverso a la tasa de referencia. 1988. préts involontaires. reflecting the difference between the exercise price and the market price of the instrument.] banqued'affaires. In the U. The OPCVM are the investment companies in France. They were liberalizedby a law of December 23. investment broker courtier en placements corredor de inversiones Person who acts as intermediarybetween investors and the fmancial markets. so that if the benchmark interest rate rises the interest on the inverse FRN will go down and vice versa. merchant bank [U. investment leakage déperditionsur I'investissement factores imprevistos que encarecen la inversión Variousunpredictedfactors that increase the cost of an investment. investment certif¡cate certificat d'investissement (Cl) certificado de inversión A non-voting share in France issued mainly by state-owned enterprises to attract investorswithout the firm being privatized. In France the sociétés d'investissement capital variable ¿ (SICA4) and fonds communs de placement (FCP) are the most common.. inverse floating rate note Company that uses its capital to invest in other companies. 1989.The two kindsare open-endlnvestment companyand closed-endinvestmentcompany.]. banquede trésorerie et d'arbitrage banco de inversiones Institution that accepts new issues of stocks from a corporation and attempts to sell them to the public at a profit. sociedad de inversiones.S. maisonde titres. investment company.organismede placement collectif en valeurs mobililres (OPCVM) compañía de inversiones. investment securities titres de placement valores de inversión a largo plazo Securities that are particularly suitable for long-term investment (e. préts non spontanés préstamos no voluntarios Lending by banks as long as the resulting reduction in probability of default.

pret en danger préstamo con riesgo de pérdWdas Term used by IFC to idicate that a loan that has serious problems. issuer organismed'émission. J . 7lobber". jcopardy chuso. prét jumbo préstamo gigantesco Loan involvingvery large sums of money. loan Jeopdrciy prét tres menacé.000 more. cláusulade salvaguardia A dause in a Eurocurrency agreement specifying that. émetteur emisor e Body iat puts out new sesrities issuing calendar calendrier des émissions calendario de emisiones Compulsory timetable for issue of new securities (Switzerland.Federal Republic of Germany). IFC expects to make a loss (though not necessarilya 100% loss) on a jeopardy loan. joint financing financementconioint financiamiento conjunto Disbursement by two lenders for the same parts of the project in a fixed ratio. jumbo loan prét géant. agiotista A broker on the London Stock Exchange who acts on his own behalf. ibreak clause ger de clause dan clausede sawvegarde. usually refers to amounts in excessof $250. . disaster cause. empruntsjumbo empréstitos gigantescos Borrowing in large quantities. if certain events curtail the lender's activityor the operation of the Euromarkets.000) o certificado de depósito de US$100.] certificat de dépot jumbo (montantminimumde Us$100.58 lnwardswitching opérationsd'arbitrage vers ¡'intérleur concesiónde préstamosintemos con fondos externos External funding by banks for domestic lending. jumbo certificate of deposit [U. jumbo borrowing empruntsgéants.S. jobber agent boursier opérantpour son propre intermédiaireen bourse compte.000 más or Certificate of deposit of US$100. other designated actions will come into effect.000.

kicker see loan with equity kicker kiwi bond obligationkiwi bono kiwi Bond issued in New Zealand dollars on the New Zealand market by non New Zealand borrowers. federal funds rate and certain on others. central rato tey mote tate cen tauxc pivot. junk bond bono especulativo.59 junior debt. U. obligationpourrie. low-ratedsecurity. In U. dette subordonnée deuda subordinada. prime rate. .bono basura. deuda de liquidez secundaria K key Interet rtes key Interet rates cannotbe paid Debt which. key money rte.S. subordinated debt dette de rang inférleur.bono chatarra High-yield. Opposite of senior debt. central tipo The term used to describe the main interest rate set by the central bank (or equivalent) and which effectivelygoverns other ~~~~~~~~the the federal market interest rates.in caseof liquidation. till payments on other obligationshave been made. increased risks. apeculative grade bond obligation a risque. tasacentral. tauxjalon junk bond. tipos de interésclave The main market interest rates .includes LIBOR.. US. taux d'intérétdirecteurs tasas de interés ciave.depending where it is used.S. Used as a newway to raise money quicklyas they attract investorswho like the high yields and are willing to accept increased hisks. it is funds rate.

bank arso lead lead bank. 2. preteurde demier recours prestamista últimainstancia en One of the functions and a major raison d'etre of a modern central bank whereby the bank has to provide liquidassets to the banking systemwhen the existingliquid assets of the banking systemthreaten to deplete. setting out the Government's medium-term objectives for sectoral change and the range of measures that it intends to take over several years to achieve these objectives. manager. encadrement (du crédit) límite crédito. comanager chefde file bancodirector lead see book-running bank. The French sensibly used the English lendintoarrears loaninto arrears see letterof comfort lettrede confort carta de seguridades A written instrument issued by A. Risk of lending at low interest rates and havingto fmance at high interest rates at a later date.autorisation prét de de rmonto el Bancoestáfacultado que paraprestar The amount of money that the Bank can lend. letterof sectoral policy[IBRD] déclaration politique de sectorielle cartade intención sobrela política sectorial Letter from the Government of a country receiving a sectoral adJustment loan to the President of the Bank. con riesgo relacionado el desfase con entre. layering layering fijaciónde vencimientos coincidentes no Mismatching maturities in order to improve liquidity.límitecrediticio de The maximum amount that an organization lend. Usually issued by a parent companyon behalf of a subsidiaryin another country. lending authority pouvoir prét. lending ceiling. Lead manager is also used in the sense of agent bank.60 - L - ris dOau décalage compiéter le que fO selon contexte] riesgo relacionado desfases. manager lead letterof development policy [IBRD] déclarationde politíque de développement cartade intención sobre la política desarrollo de Letter from the Government of a country receiving a structuraladjustmentloan to the President of the Bank. See also book-running lead bank. . based on its paid-in capital. iag rlsk [IBduDc ienderof record préteurofflclel prestamista oficial Lender that has the officialcommitment for a loan. where A agrees to make every effort to assure B's compliancewith the terms of a contract. setting out the Government's medium-term objectives for structural change and the range of measures that it intends to take over several years to achieve these objectives. word. but without committingA to perform B's obligation in the event that B is unable to fulfil his obligation. 1. investment leakage lender of last resort preteuren dernierressort. Bank with main responsibilityfor arranging a bond issue or international Eurocredit..creditlimit large exposure bank banque engagée tres banco un volumenpréstamos con gran de pendientes limitedu pouvoirde prét. Risk run by IDA between the period of disbursement and receipt of commission. can Bank with a large amount of outstanding loans. leakage see interest leakage.

Finance arranged on the basis of the lender having recourse to the borrower only in certain circumstances (e. OPAa crédit compra de una empresacon fondostomados en préstamos Purchase of a company by a small group of investors. line of credit see backstop (credit) facility. . where the lenders had no recourse to BP if there was insufficient oil). authority[IFC] liquidassetainvestment pouvoir de placementdes liquidités de la SFI facultad para invertiren activos líquidos New investment authority for IFC adopted in July 1989. often including management..g. limit order ordre a cours limité ordende comprao ventacon limitaciónde precio Order to buy or seil a security at a specific price or better.]. Includes financiamiento con derechode recursolimitado (highly) leveraged endetté. with principal repayments made in gradually ascending amounts). The debt is usually repaid from the company`s cash flow or from the sale of assets.S.K. mostly with borrowed funds. ratio de solvabilité-endettement nivel de endeudamiento relativo al capital. backup line of credit.reprise d'entreprisepar les salariés(RES) comprade una empresacon fondos tomados en préstamos por sus empleados Purchase of a corporation by the employees. parfois: caractérisé par un fort degré d'endettement con alto coeficiente de endeudamiento Having a high debt-equity ratio. LIBIDsee LondonlnterbankBid Rate LIBOR see London Interbank Offered Rate leverage(ratio) [U. because of his holdings and earning power. limited recoursefinance financement avec droit de recours limité relaciónendeudamiento/capital propio Ratio of debt/liabilities to equity/assets. level repayment en remboursement trancheségales reembolsoen cuotas iguales Repayment scheme where repayments are at a fixed level. buyout(LBO) leveraged par prise de contrOle l'emprunt(LBO). par par systémede remboursement annuités sistema de pagos totales iguales de principal e intereses The level annuity system entails equal aggregate payments of principal and interest (Le. leveraged stockholder actionnairepuissant accionistaInfluyente Major stockholder who. can obtain benefits for the company.] ratio de levier.61 level annuitysystem systámed'amortissement tranches (égales). swingline buyout(LMBO) leveraged management rachat d'entreprisepar les salariés. to make it more in line with the IBRD New Investment Authority. ratio de structuredu passif. even though the interest rate may change. debt and debt-equity ratios. LIMEAN LIMEAN LIMEAN The average of London Interbank Offered Rate (LIBOR) and London Interbank Bid Rate (LIBID).gearing(ratio) [U. including the right to invest in a variety of negotiable and short-term instruments. using borrowed funds. the loan to British Petroleum (BP) to fmance the Forties oil field in the North Sea. Ibability management gestion du passif del gestión pasivo Supervision of the claims on the assets of a company. This system was used by the World Bank prior to 1975.

therefore. valeurcotée en Bourse valor cotizado en bolsa An issue of a security accepted for trading on a stock exchange.coefficientsde liquidité coeficientes de liquidez. loan loss provisioning provisionnement des pertes sur préts establecimiento de reservas para pérdidas por ratio de liquidité coeficiente de liquidez The ratio of the actual level of liquidity to projected three year net cash requirements. Seecountry collectibility analysis. liquidity ratio [IBRD] prét(er) a un pays dont les intérétsne sontpas comptabilisés otorgar préstamosa paísesexcluidosdel régimen de contabilidad en valores devengados To make loans to countries that are in non-acerual status. In normal English. bonds have seniority status. liquidity ratios concepto de préstamos Making provisions for losses on loans. cartera de inversiones líquidas Portfolio of assets in the form of cash or near-cash instruments. iquid ratio see acid-test ratio listed security loan origination tee frais de constitution de dossier. loan into arreara. owing to the increased number of member countries in prolonged non-accrual status. ratios de liquidité. They include the acid-test ratio and the current ratio. (to) [Worid Bank] liquidity premium prime de liquidité prima de liquidez A notional premium paid by borrowers to lenders to encourage them to lend money at a fixed rate in the long term. listing (of securities) cotation (de titres en bourse) cotización (de valores en bolsa) The process of public quotation on a Stock Exchange of a share or bond. loan currency pool pool des monnaies(des préts). Till 1988. In May 1988. when interest rates are likely to rise and it is. note. . the Bank made loan loss provisions only against loans to specific borrowers whose arrears persisted for an extended period of time. relaciones de liquidez Ratios which reflect a borrower's ability to meet his short-term obligations. commission d'instruction comisión por tramitación de solicitud The fee typically charged by a DFI to recover the cost of investigating and granting a request by a borrower for a loan. the Bank established a single consolidated loan provision applicable to the entire set of countries in non-acerual status. loana-for-bonds exchange échange de préts contre des obligations intercambio de préstamos por bonos These replace existing debt by long-term securitiles. ¡¡quid assete portfolio portefeuille liquide cartera líquida. the word loan is not a verb but it is so used in some instances by the Bank. Since debtor countries have traditionally serviced bonds on a preferred basis over syndicated bank loans. sion fondo de Inversión que cobra una comisión Mutual fund which charges a handling fee. more profitable to invest in short-term paper. load fund fonds de placement qui préléve une commis- loan portfolio portefeuillede préts cartera de préstamos The unpaid loans of a lending organization.62 liquid-holdings risk see cash risk liquidity portfolio. pool des monnaiesprétées fondo común de monedas Samneas currency pool.

(Atre) condamné payer des tauxd'intérét (a fsensnégatifl. lock rate banks. refers to a fixed-interest loan with a long maturity so that the borrower is obliged to pay the fixed rate over a long period though other market rates may have fallen. the loan converts into a quasi-equity loan. long position position acheteur. loansyndicatesee syndicate loan withequitykicker pret avec intéressement bénéfices.g. from the project reach an agreed level. de interés tipo inmodHficable With interest rates. Often unsecured. Eurocredits. offered and LIMEAN. if you own 500 shares of stock of a company you are said to be long 500 shares of that stock.. with the lender participating in the proceeds.tipo Lombard . longhedge operacionesde cobertura por compra a plazo Hedgingoperationby someonewho is "long' (i.63 loan stock obligation (nongarantie) obligaciónsin garantía A security issued by a UK companyin respect of a loan made by investors. [sens positifJ. position iongue posiciónlarga The net ownershipposition in a particular security. Particuof loanagainstthe security pledged larlyused with referenceto the GermanBundesbank.tauxLombard tasa Lombard. It is prepared to lend fundsto first-class usedto determinethe interestrate payableon most See London Interbank Bid Rate. any such contract purchased by the Bank whichhas not expired. See London LIMEAN.e. rate lnterbank long hedge de opérations couverturepar achat a terne. en inversión Loan at a reduced interest rate. élevés pendant longtemps) (de s'assurer tatu d'intéretfavorables)[sens positif]. Germanterm for the rate of interestchargedfor a paper. locked market marché figé mercado inmovilizado Market where bid and offer prices are exactlythe same. throughthe saleof exercised a selleror canceled by suchcontractby the Bank. e. it is based on three parts of average costs of borrowed funds and one part capital resources. blended cost rate (LTB)[IFC] long-term panachage longterme (PL7) de coeficientede costos combinadosa largo plazo A rate used by IFC to assist in determiningthe performance of its loan portfolio.been tauxplancher verrouillage de tasa de inmovilización Rate at which drop lock clause becomesoperative. aux pret participatif préstamo convertible préstamo participatorio. Lombard rato [Federal Republicof Germanyl sur taux des avances titres. The Bank definitionis (1) in relation to securities. any security owned by the Bank and (2) in relation to futures and option contracts. tasade interés inmodificable. whichnormallymaintains its Lombard rate at about 1/2 percent above its discount rate.profiter(de tauxd'intérétfavorables) figer verrouiller. when the proceeds Londonlnterbank Rate(LIBID) Bid LIBID UBID Thebid in a quotationrepresenting interestrate the at which US. OfferedRate(LIBOR) Londonlnterbank LIBOR UBOR The interest rate at which banks in London are lock(ed) in (interestrates) (etre)contraint payer des tauxd'intérét (á élevés pendant Iongtemps) ¡sensnégatif]. who owns more than he has contracts to deliver). dollar deposits are retraded in Interbank Offered Rateand London.

de 2.g. Iump-sum borrowing [IFC] emprunt vrac en empréstitode suma alzada A currency-specific borrowing made in a lump sum by IFC from IBRD for its short-term future needs. revenues or profits of the investment project. de commission syndicale. managing group[Euro-dollar market] groupede direction. managedloan créditdirigé préstamo dirigido Syndicatednewmoneyextended under the umbrella of IMF-supported restructuring packages. ¿ la fois vendeur de Otre et acheteur cotizar un precio de compra o de venta A dealer is said to makea market when he quotes bid and offered prices at which he stands ready to buy and sell. M mke a mrket Otrefalseur marché. comisiónde gestión 1. commission chefde file..fraisde gestion de comisiónde administración. management. . maker(e.tipo preferencial a largo plazo Prime rate used in Japan. fee 1.commission direction. Fee charged by a bank for managing a credit or bond issue. 2.64 long-term ratio debt ratiod'endettementlongterme á coeficiente endeudamientolargo plazo de a Ratio of long-termdebt to total assets. syndicat direction de grupo director A syndicateresponsible for underwriting an issue in the Eurodollarmarket. Fee charged for portfolio management.of a note) émetteur librador(p. long-term prime rate(LTPR) [Japan] tauxde baseá long terme tasa preferenciala largo plazo. commission gestion. ej. management seealso handlingfee fee management commission. management contract contrat gestion de contrato de administración Contract where the contractor assumes responsibility for the management of the investment project or a significant part of its operations and where his remuneration substantiallydepends on the production. de un pagaré) The issuer of a debt instrument.

twotier market.buil market.bearer market.. contestable market.money market..World additionalreserverequirements increasedmanon agedliabilities imposed the FederalReserve. límiteslegales(de las comprasen descubierto) Legal requirements regulating the amount of credit that may be extendedunder the marginbuying system. financlalfutures market.deep market.money market (mutual) fund.with the brokerfurnishingthe balance and charging interest on that amount. market-driven securitiesbought. menu approach. short-term paper market. locked market. EmergingMarketslnvestmentFund. equity market. of margin buying [stock exchange] BankCapitalMarketsSystem marketable securities titres négociables valores negociables achatá découvert compraen descubierto System whereby the purchaser furnishes only a specified fraction of the total purchase price of Equitysecurities debtsecurities are actively or that traded or whichcan be otherwise boughtor sold. menu of optiona menu. market borrowers pays empruntants les marchésfinanciers sur paísesprestatariosen los mercadosfinancieros An IMF category of countries. auction market.combinedmarketrate. as opposed to those whose borrowings are made from development institutions (ofricial borrowers).makea market. securitiesmarket..markingto market. gray market.couverturede l'opération are taken into consideration offeringdifferent by methods of dealing with debt problems. by in order to curtailthe expansion bank lending.secondarymarket. approcheá la carte.capital market. spot market. . marginal reserve requirement coefficient marginalde réserve encaje legal adicional.primary market. money market rate. In the U. unlisted securities market.bear market.banks)must set asidein their vaultsor with the central bank.cuenta paraoperacionesen descubierto Brokerage account allowing customers to buy securitieswith money borrowed from the broker.Euromarket. carte des options.. covering those countrieswhoseborrowingsare made on the capital markets.financlal market.65 manager (of syndicate) see agent bank managing group see management group margin account compte A découvert cuentade margen.over-the-counter market.reservaobligatoria adicional Additional deposits that by law depository institutions (e.g.EmergingMarketsGrowth Fund. margin calil appel de marge. market-based menu approach.pedidode operaciónde margen A demand for additional funds because of an adverse price movement eroding the value of an open futures position. menu des options métodode la lista de opciones An approach to debt workoutwhereby the diverse interests and constraints of the banking community la soulte pedidode operaciónen descubierto. grey. this applies to markdown see discount market see after-market.S. name market.fourth market. face the market. margin requirements [stock exchange] pourcentagede couverture.parallel market. futures market. third market. appel de fonds supplémentaires pour baisse de la couverture. stock market crash.open market.

if higher demand will be too low. calculatedby multiplyingthe market price per share times the total number of shares outstanding. If prices are lower demandwillbe too high. market order market-clearing price prix d'équilibre (du marché) precio de equilibrio(del mercado) A price for an item which attracts just enough buyers as there are buyers.intervenants le marché.tipo de interésde equilibrio(del mercado) Interest rate which attracts equal number of buyers and sellers. marketparticipants acteurssur le marché.K.operadores en Individuals corporations active in the market. market. marketmaker teneurde marché. .contrepartiste principalen el mercado.e. market intermediation intermédiationfinanciere intermediación mercado del Acting on the market (i.dysfonctionnement marché du falla del mercado. and marketpricesee asked price market-related lendíng préts aux conditions du marché financiamiento en condicionesde mercado Lending at market rate and under market conditions (cf commerciallending). markingto market marking to market.valoraciónbursátil (del capital) The total value of all of a firm's outstandingshares.opérateurssur le marché. marketization marchéisation mercadización Increased relianceof banks on funds obtained either from financial markets directly or from clients.disfuncióndel mercado The inabilityof the market to function in its normal manner.66 marketcapitalization capitalisationboursiere capitalizaciónbursátil.adhérentmainteneurde marché(AMM). that market failure mauvais fonctionnement du marché. sur participantssur le marché participantes el mercado. valorisationau prix du marché valoracióna precio de mercado du marché. in the same way as a stock jobberin the U. market-clearing interestrate tauxd'intérétd'équilibre (du marché) tasa de interésde equilibrio(del mercado). défaillance ordre au mieux orden de compra o de venta al mejor precio Order to buy or sell a securityat the best available price. AMM is the term used in the MATIF. market making cotation en continu cotizaciónfirme Maintain firm bid and offer prices for a securityor currency on a continuous basis. but where the interest rates are set by reference to market-determined rates.agiotista A bank or a broker that is prepared to make a two-wayprice (to buy or sell) for a currency or a securityon a continuous basis. buying and/or selling of securities) on behalf of someone else. market-eligible countries pays quí ont accés aux marchés financiers paísesque tienenaccesoal mercadofinanciero Countries have access to fmancial markets.

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

ending up where it started.] see investment bank merry-go-round eftect effet de carrousel.S. de Ingresos medianos moderadamente endeudado Low-. the Central Bank must buy back the U. . intercambio inverso (convenido con la primera parte) A reverse swap written with the original counterparty. merry-go-roundtransactiona transactions sans cesse renouvelées.S. effet de retour a la source efecto carrusel The circulation of money through various sources. money market marchémonétaire. obligation & ta¿x variable basée une sur contre-transformation bono con interés variable reajustable anticipadamente. pagaré con Interés variable reajustable anticipadamente Floating rate note where the coupons are reset regularly at shorter intervais than the coupon period. debt to exports of goods and all services (165-275percent).68 menu of options see market-based menu ap- mismatch floatingrate note proach merchant bank [U. New York or London). mismatch risk [IBRD] risquelié au décalage entre les échéances. See severely indebted lowincome. moderately indebted low-.transac- obligation tauxvariable á 'mismatch". dollar debt on the Euromarket. middle-incomecountry. dollars and sell domesticcurrencyto avoidan excessiveincrease in the mark. MiniMax loan empruntMiniMax préstamo minimax A floating rate loan where the loan is indexed (usually to LIBOR) but with a minimum and maximum cap. accrued debt service to exports (18-30 percent) and accrued interest to exports (12-20per cent). money at call see call money money center banks banquesinstalléessur les principales places financieres bancos establecidos en las principales plazas financieras Bank based in a large financial center (e.S. risque de transformation riesgo relacionado con vencimientos asimétricos Risk of having loans and borrowings with mismatched maturities. middle-incomecountry in which three of the four key ratios fall in the followingranges: debt to GNP (30-50 percent). dollars in the Euromarket. the stage in a company's development immediatelybefore going public. dollars to banks under a repurchase agreement and the banks place the U. mezzanine level pays& faiblerevenu. middie-income country (MILIC. mirrorswap swap inversé swap inverso. For instance the German Central Bank recyclesexcesscapital by selling U. As the financial institutionscould run up a U.K.S. revenu & intermédiaire modérémentendetté país de bajos Ingresos. MIMIC) tionsaller-retour operaciones carrusel Deliberate capital import and re-export operations.g. Used in the Worid Bank's World Debt Tables.marchéde l'argent mercado monetario phasede développement (d'unesociété) etapa inmediatamente anterior a la primera colocación pública In a venture capital operation.

there is no single rate but a series of rates.such as certificates of deposit.título hipotecario. multilateralnetting compensation des créancesinternes. multioption financing facility (MOFF) MOF. thereby reducing its need to acquire foreign currency. It arises from the character and circumstances of the insured rather than the inherent nature of what is insured. fondo mutuo A mutual fundspecializingin high yield short-term instruments of credit such as TreasuryBilis. multioption facility (MOF).fonds communde placement(FCP) monétaire. In the U. . such as short-term advances. including the prime rate. Treasury bilis. option multidevises opción de cambio de divisa Procedure which allows a borrower to receive a loan in a currency other than the one specified. fonds communde placement(FCP)de trésorerie. These instruments are all liquid and tend to be safe. See note to capital market.billet de mobilisation bono hipotecario. see mutual fund.69 The market for short-term debt instruments. etc.. provided this currency is available on the market. money market (mutual) fund (MMF) fonds communde placement (FCP) court a terme. moral hazard hasard moral riesgo ético.bankers'acceptances and repurchase agreements. morigagebond obligation hypothécaire. money market rate taux du marchémonétaire(TMM) tasa del mercado monetario.bankers' acceptances. For the difference between FCP and SICAV.société d'investissement monétaire fondo común de inversión. compensationmonétairede groupe compensación de débitos y créditos entre filiales Procedure whereby a company with multinational trade flows is able to balance its debits and credits between subsidiariesand associatesleavingonly the balance to be settled.commercial paper. riesgo subjetivo The possibilityof loss being causedby or aggravated by dishonesty or carelessness. banker's acceptances. the Federal Funds rate. certificates of deposit. société d'investissement de trésorerie. discount notes and others. normally fLxedassets such as real estate. multicurrency option option de change.swinglines. mortgage-backed security (MBS) titre garanti par des créances hypothécaires valor con respaldo hipotecario Security backed by mortgages. financial market.S. It has becomean increasingly important factor in risk insurance in modern financial markets. multibank see combined commercial and investment bank multicurrency clause clause multidevises cláusula sobre múltiples monedas A clause in a loan agreement stating that more than one currency may be used in paying or redeeming the loan.société d'investissement capital a variable (SICAV). the Federal Reserve discount rate. cédula hipotecaria A long-term debt security secured by a lien on specific assets. contrat d'ouverturede credit multidevises á options mu/tiples. société d'investissement á court terme. tipo del mercado monetario The rate of interest in the moneymarket. the 1 month commercialpaper rate and the 3 and 6 month TreasuryBill rate. whereby investors receive payments out of the interest and principal on the underlying mortgages.facilité de financementa options multiples servicio financiero con opciones múltiples Type of short-term note facility which allows the borrower to draw funds in a variety of forms. riesgo moral. commercial paper.

masse monétaireau sens étroit dinero en ei sentido estricsto f. credit union.000francs. suchas savings bank.to reduce the burden imposed by annual restructurings.société d'investissementcapital variable(SICAV) A fondo común de inversión. In France. load fund. company mutual fund Market where great emphasisis placed on the standingand reputationof the borrowers(e. financial instruments. a very moneyfrom shareholdersand investsit in raises stocks.70 multiple (currency) option bond obligation avec option de change.the Eurodollar market). negative amortization loan négatif prét a amortissement préstamo de amortización inicial negativa . near cash instrumentas quasimonétaires instruments instrumentos cuasimonetarios Instrument that can be converted to cash ii short time. etc. money market (mutual) fund.g.acpluriannuel cord de restructuration de acuerdo de reprogramaciónmultianual la deuda Agreement in commercial bank negotiationswhich allowed for restructuring over a period of years rather than annually. vesily availablemoney. near-money. See also money market (mutual) fund. deposits in thrift institutions. excluding standardcommercial bank.. time deposits. etc. very short-term liquid funds. narrow money e monnasau sensétroit. naked see uncovered nme mariket marchéou la cote de crédit est primordaied mercado basado en el prestigio de los prestatarios bono con opción de cambiode divisa Bond (usuallyEurobond) whichgivesthe lender the right to opt to receive interest and/or capital in a currency other than that in which the bond is denominated. Includes savingsdeposits. cash. multi-yearrescheduling agreement (MYRA). fondo mutuo Fund operated by an investment company that Financial institution. quasi-money quasi-monnaie cuasiciinero Assets which have properties resembling those of moneyin the strict sense. requires ministerial approval and has no legal minimum share amount. the FCP has co-ownership status (copropriété.can be set up with approval of the COB and its shares cost a minimumof 5. obligation avec option monétaire N.c. mutual fund see also country fund. Equivalent to M1. etc. certificates of deposits. conimodities. checkingaccounts. etc. national bank see federally chartered bank near-bank [Canada] que quasi-ban cuasibanco fonds commun de placement (FCP). while a SICAVis alwaysa sociétéanonyne. open-end (investment) fund. multi-yearrestructuring agreement (MYRA) accord de rééchelonnement pluriannuel. bonds. open-end investment company.

less net income adjusted for non-cash items. negative pledge clause clause de ne pas faire. divided by the sum of present worths in the earlier years of the project. free from any defect. besoinsnets de trésorerie pledge negativetermtransformation transformation l'envers. cláusula de abstención Clause in loan agreement obligating the borrower not to grant security without equally securing the loan in question. As the periodic instaUlments increase in value they become sufficient to meet the interest due and commence reducing the principal outstanding. . clausepari passu. negotiable instrument instrumentnégociable instrumento negociable Instrument where the title passes on delivery or deliveryand endorsement.where the current holder can sue in his ownname. in the title of his predecessors. negotiable order of withdrawal(NOW) account necesidades netas de fondos Gross disbursementsplus outstanding debts due to mature. less averagerate of debt interestexpense. where no notice of assignment need be given to the person liable on the instrument. e. net collectionratio tauxde recouvrement net coeficiente de cobro neto This ratio compares the interest earned during the year to the amount of interest earned plus the net nonaccrual amount for the year. See also gross collection ratio. annually. Initial installmentstypicaUy insuffiare cient to meet the interest accruing on the loan principal and unpaid balances of interest are added to the principal outstanding. upon notice in writingor upon presentation and surrender of the instrument.71 Instalimentloan havingthe annuityprincipalas a basis for computation. Return on investments includes realized capital gains and losses. bi-annually. Examples include bilis of exchange. negative pledge waiver see waiver of negative Theratiobetweenthe presentworthof netbenefits and the present worth of an investment.alternatively. which provides on its face that the amount of the deposit is payable to the bearer or to his order on a certain date.g. the sum of present worths after the incremental net benefit stream has become positive. negotiabletime certificateof deposit certlficatnégoclablede dépót a terme certificado de depósito a plazo negociable A deposit evidenced by a negotiable instrument. not less than thirty days after the date of the deposit. checks and promissorynotes. less repayments and sales of loans.clause de nantissement négative. clause négative. and where a holder in due course takes. after a certain specifiedtime. net cash requirements (NCR) besoins de fonds nets. net benefitinvestmentratio rapport bénéficesnets/investissements relación beneficios netos-inversión clausede non-préférence tiers de cláusula de obligación negativa. whose fixed periodic payments increase from time to time. less the increase in usable capital. a anti-transformation transformación inversa Borrowing short-term and lending long-term (in comparison with transformation which is the opposite). net interest margin on average earning asseta marge nette de I'intérétsur la moyennedes avoirs productifs margen neto de rendimiento del promedio de los activos productivos Average interest return on loans and investments compte-cheques rémunéré cuenta corriente que devenga intereses Interest-bearing checkingaccount.

72 net nonaccrual rate new moneyfacllty ratiodesintáréts comptabilisés non coeficiente préstamos de excluidos régimen del de contabilidad valores en devengados Rate of Bank or IFC loans in nonaccrual status. prétsadditionnels. The Bank generally uses this type of guarantee. 1986. money new dinero fresco. dinero nuevo. pour d'argent frais systéme l'apport servicio parala concesión nuevos de fondos A facilityfor lending new moneyas opposed to rolling over existingdebt. dollars and pound sterling. nuevos fondos In the field of debt restructuring. new money montages comportant I'apport d'argentfrais. nominal bond with attached commodity option obligation nominale optiond'achatou de a vente produit de bono nominal con opción de compraventa de un producto básico Form of commodity-linked bondwhere the bond is denominated in nominal terms but incorporates options that allow the holder to buy or sell certain amounts of the commodityat the specifiedprices on predetermined dates. dividedby the interest received plus the net nonaccrual amount for the year. as opposed to rollover of existing financing. investment in eligible securities of all maturities and controlling the risk implicit in these by substituting the five-year three-month maturity limit on individualsecuritieswith the establishment of an average duration range of not less than three months and not more than four years for the U.S. apports d'argent frais financiamiento incluye que dineronuevo Financing package involvingadditional funds and not just rolling over existingdebt.authorizing investment in financial futures and options for U. It also authorized extension of the five-year and three-month maximum maturity limit in securities eligible for the portfolio. new money bonds garantie appelable anticipation non par émission d'obligations á des apports liée d'argentfrais bonos parala obtención de nuevos fondos Bond issues by debtor countries in exchange for existingdebt or as prime instruments to raise new garantía no exigible anticipadamente Guarantee where a call for payment cannot be advanced if the loan is declared in default before the maturities being guaranteed become payable. nettingsee multilateral netting equity net worthsee stockholders' new money instrumente instruments l'octrol pour d'argent frais instrumentos dineronuevo de withdebtinvolving Financialinstruments dealing for new moneyrather than rolling over existingdebt.S. See General Investment Authorization. no-load fund fondsexempt commission de fondo de inversión que no cobra unacomisión Moneymarketfundthat does not charge a fixedfee commissionto investors. non-accelerable guarantee argentfrais. new money packages Newlnvestment Authority (NIA) nouweau pouvoirde placement nuevas facultades efectuar para inversiones Authority approved by the World Bank Board of Directors on December 2. créditde restructuration. money. nonacerual see netnonaccrual rate rate . dollar and non-dollar portfolios. Interest due but not received less recoveries from previous years. additionalfmance provided by lending institutions.

K. turnkey contracts. classéimproductif exclusióndel régimende contabilidaden have terms of at least three years and the other characteristics individually specified. nonredeemable government bond. nonperformingassets avoirsnon productifs activos no redituables. Investments such as: product¡on-sharingcontracts.investissements directsautres queles participations inversión directa distintade los aportes de capital for morethan 90 days.banque non non bancaire. In a Any of the following forms of investment which dont les intéréts Impayés sontpas ne comptabilisés. interest income is reflected in the fmancial statement only to the extent actually received in cash. .consol [U. entreprise non bancaire admis(e) marché au monétaire (ENBAMM) institución financierano bancaria A financial institution offering bankingservices but which is not officially recognized as a bank.annuitybond. does not generatemoneybut merelylends money that it receivesin deposits. licensing agreements.73 nonacerual status.perpetualbond. Placing a borrower in nonaccrual status in no way affects the interest payment obligations to the borrower. renteperpétuelle bono perpetuo A debt instrumenthavingno scheduledreturn of principaland therebyperpetualinterest payments and no maturity. noncall period est is paid on it). interest continues to be billed on the original terms sharing contaets. noncallable bond obligation pouvant amortiepar ne étre anticipation nonperforming debt créances nonproductives. nonaccruingloan see nonperforming loan non-bankbank. créances immobilisées acreencias no redituables. nonperforming loan.management contracts. non-equitydirect investment autres investissements directs.operating leasingagreementsand subordinated debentures.activos improductivos Assets which have no fmancial return. profit- valores devengados When a borrower is placed in nonaccrual status. franchising agreements. no inter- bono no rescatable antes del vencimiento.nonaccruingloan prét non productif préstamo no redituable. accrued interest is eliminated from the financial statement receivable balances and interest income is correspondingly reduced.établissement bancaire non admis(e) au marché monétaire(ENBAMM). providing technicalassistance. it is defmed as a fmancial institution which nonmaturing. In France. nonmarketable bond oblJgationnon négociable bono no negociable Bond that may not be sold by one investor to another.préstamo Improductivo Loan where payment of interest has been delayed période d'interdiction rachat de perlodode prohibición rescate de Periodduringwhicha borrowermaynot givenotice to redeem bonds.acreencias improductivas A debt which has no financial return (i. of the loan. During the time the borrower remains in nonaccrual status.e.non-bankfinancialinstitution institution financibre bancaire.e. non-portfolioproject [IFC] projethorsportefeuille proyecto no incluidoen la cartera Projectcarriedout by IFC that doesnot form part of its loan portfolio.] obligation perpétuelle.g.in Eurobondmarket. bono no redimible antes del vencimiento Bondthat cannotbe recalledor redeemedprior to maturity.

bon. NOWaccount see negotiableorderof withdrawal facilités d'émissions cautionnées. perpetualfloating rate note. bondanticipationnote. whicha swapis based.obllgation bono. note. novation novation novación government bondsee nonredeemable non-maturingbond non-underwritten facilities one or Replacement a one debt for another of of replacement one creditor for another one.participation de participación posibilidad recurso sin of Sales participation in a company where the sale is on a "non-recourse"basis. Treasurynote .74 nonrecourse finance note sans financement a forfait.shortterm note. interest-bearing inversefloating rate note. participation productives non capital improductivo. with note lauance faclity see revoMng underwrlting faclity participation nonrecourse sansrecours a participation forfait. discount note. note see also bearernote.country coilectibilitynote.capital no redituable Equity which brings in no returns but is still in existence. extendiblenote. the buyer has no recourse against the seller if the project fails to generate money. bill. project note. syntheticfloating rate notes. reversefloating rate note. floating rate note. oftenfictitious. capped floating rate note. deferredcoupon note. revenue-anticipation note.or medium-term matuity. so that the lenders assume all the commercial and politicalrisks of the project. deep-discount bond. euronotefacilities. financement recours de sin financiamiento posibilidad recurso A loan where the lenders look solely to the cash flow generated by the project being financed for repayment. such as the Eurocommercial paper facility. indexed notes. mismatchfloating rate note. no-return equity non prisesde prisesde participation rentables. Dutch auction note. bond. promissorynote. consolidateddiscount notes. security.pagará A ibeod short. currencyoption note. coupon note. notionalamount montant notionnel basede calcul. paper. i.There is no recourse to the sponsor of the project.e.taxanticipationnote. monto teórico on The amount. non facilités d'émissions souscrites non emisionesno garantizadas Short-term paper facilitywithout any underwriting or backstop facility.

obligations. offshore obilgation see agency securities.S. colateralgei mortgage obiigation.] société d'investissement a capital variable extraterritorial Refersto fiancial operations transacted outsidethe countrylin question. offshore bank banque extraterritoriale. to off the board market see third market off-the-runsecurity valeurwpeu vogue' en emisiónespecial A non-standard issueof a security. precio de venta.. offshore banco extraterritorial Banklocatedoutsidethe countryin question. société d'investissementouverte sociedad de inversionescon númerovariable de acciones An investmentcompanythat selisand reclaimsits capitalstock continuously.often fee-based.mutual fund. openingprice premier prix (de la journée) cotización de apertura. ofricialborrower empNrnteurs auprés de sources publiques.75 .K. offshore banking center place bancaire extraterritoriale.that does not generally involve bookingassetsand takingdeposits. usually for taxation purposes. O . interésabierto . sellingit at bookvalue.g. open interest.and redeeming at a slight it discountor at bookvalue. offshore money loans. fondscommun de placement (FCP). open market interest position ouverte the corporations engaged business the U.is permittedto engagein specific transactions(usuaily Euromarket business) that ordinarydomestic banks are not allowed do. where many of in Theinitialprice at whicha transaction a security takesplaceon a givenday. company (OEIC).letters of credit. are in in and Europe. offshore extraterritorial. swaps. offshore banking unH (OBU) serviceextraterritorial.options. where many of the fmiancial institutionsare engaged in Eurodollar trading. oniending rétrocession représtamo Equivalent to relending in connection with new pays empruntantsaupres de sources publiques países prestatarios en fuentes oficiales An IMF category of countries. contlngentobligation. addinga salescharge.oftenotherthan the currentissue. and London. bonti. open-end (investment) fund.g. prospecto Sameas prospectus. coveringthose countries which borrow from development institutions opposedto thoseborrowing as fromthe normal capitalmarkets(market borrowers). offering memorandum mémorandumd'offre precio vendedor. e. offshore. offshore extraterritorial. unit trust [U. in certaincountries (e. offshore (SICAV). cotización inicial centro bancario extraterritorial Financial centerwheremanyofthe financial institutions have little connectionwith that country's financial system.centre bancaire extraterritorial. departarnentobancario consideradocomo extraterritorial Department withina bank that. Examples are the Cayman Islands. The fundsare recordedas a deposit in the centralbank but the foreignbank and the contractualborrower (usuallythe Central Bank) agreethat the loanproceedswillbe madeavailable to a third party withinthe countryof the borrower. Bahrain).general obiigatlbns oft-babnce sheet (OBS)actbvities acthvités hors bilan actividadesno incluidasen el balancegeneral Banks' business.

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

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

tftulo de paripassu clause tralausepantasu. titre de participation a un pool de préts cates of deposit. pass-throughs. or other parallel financing financement paralléle financiamiento paralelo Cofinancing. note. aiipc6 acciones pagadas Stock fully paid for (i. prét consenti par la SFI a une banque nationale de développement pour l'octroi de préts a des PME 1. as shares. participating see income bond bond participation certificate 2.. participation certificate certificat de transfert de préts.esfully paid stckA comisión participación de fee given to a bank participating in a Euroloan. pass-through securities valeurs mobilibres amortissables partiellement avant échéance et assorties á d'autres conditions variables valor de transferencia de ingresos. A loan which is administeredby a national development bank or similar organization on behalf of IFC. clausedesolidarité drepackaged transferencia de ingresos Securities representing pooled debt obligations traitement. see pass-through certificate certificado de participación Securiy incorporating the right to participate in the package n [IFC] loa prét global.. The development bank subdivides the loan into several smaller loans which it lends to SSMEs. certificado de transferencia de préstamos Certificate representing an interest in a pool of funds or in other instruments. upon which no further subscription instalhments are due).bon de participation. pardebtswap debt-debt swap see parent bank banque d'origine. préstamo global préstamowhic gb . It is not profitable for IFC to manage these small loans directly. bank current and savings accounts) and including interbank loans and negotiable certifi- pass-through certificate. that passes income from debtors through the intermediary to investors. banque mere casa matriz Bank in a major industrial country that sets up a subsidiary in a developing country. coupon.g. The most common type is a mortgage-backed certificate. marché paralléele mercado paralelo Market operating in "parallel" to the main money market (e. Scrt noprtn h ih opriiaei h ownership of a corporation but without some of the rights granted to shareholders. such as the right to vote at shareholders' meetings. valeur faciale. parallel marketistue. par value. it states that the new shares will rank equally for dividend with an existing similar issue.78 p . but with the partners fmancing differcnt parts of the project. . In the issue of new shares.e.tully paid stockcoiónd actidou stock. piece of money. face value valeur nominale. partnership share part d'association participación en una sociedad A share in a partnership. nominale valor nominal The principal or nominal value appearing on a nbond. See also passtheoug ceh s t Sotcss participation fee commission de participation actions libérées paid-upstock.clausede soludant cláusulapaff passu Clause in loan agreement precludingsubordination of the loan to other debt.

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

policy framework paper (PFP) [IBRD] document-cadrede politique économique (DCPE) documentosobre parámetros política de económica(PPE) Vehiclesfor country authorities to reach agreement with the World Bank and International Monetary Fund on the broad outline of medium-term programs to overcome balance of payments problems and foster growth. Normally given under the structural adjustment and sector adjustment lending programs. portfolio manager gérantde portefeuille gerentede cartera Person responsible for supervising an investment portfolio. acciones preferentes. actionsde priorité accionespreferenciales. 1982. pool-based variable lending rate [IBRD] tauxpreteur variablebasé sur un pool d'emprunts tasa de interésvariablebasadaen una "cesta" de empréstitospendientes. financiamientoen apoyo de reformasde polfticas Loans made in support of policy and institutional changes.policyloana préts á l'appul. praecipuum préciput praecipuum. prét remboursépar anticipation préstamo cuyo vencimiento se ha anticipado Loan that matures before time initiallyspecified. post (a rate) fixer. premier borrower see prime borrower . pool of qualified borrowings pool d'empruntsde référence empréstitoscalificados The pool of IBRD borrowings after July 1.honorariodel banco director The amnount lead managerof a Eurocredit the takes for his own fee. The lendingrate is 50 basis points above the Bank's average cost of the pool. préts en faveur de réformes. preferred stock actionsprivilégiées. sistemade tipos de Interésbasadosen una "cesta"de empréstitospendientes Lending rate system using the pool-basedvariable lendingrate. pooledloan prét du pool préstamoIncluidoen el sistemade fondo común de monedas A loan included in the currencypooling system.rather than for specificprojects. pool-based lending rate system [IBRD] systemede tauxpréteur fondé sur un pool d'emprunts sistemade tasas de interésbasadasen una Ncesta' de empréstitospendientes. In their final form they are statements by governments of their objectives and policies over a rolling three-year period with annual updates and revisions. before dividing the remainder of the management among the rest of the managefee mentgroup. préts á l'ajustementmacroéconomique préstamosen apoyo de reformasde polfticas. tipo de interés variablebasadoen una "cesta"de empréstitos pendientes IBRD lending rate where the lending rate on all outstanding balancesis adjusted everysixmonths to achieve a given spread above the average cost of outstanding borrowings.80 policy-based lending. praecipium. used to set the poel-based variable lending rate. annoncer (un taux) cotizar To set a rate for a financial instrument. prematured loan prét dont on exige le remboursement anticipé. accionespreferidas Stock which has a claim upon the earnings (and sometimesupon the assets and control) of a corporation prior to the common or other classstock.

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

trading. programas Bank loan given not for a specific project but to help a country overcome unforeseen temporary difficultieswhichwould otherwiseresult in inappropriate long-term policy adjustments to correct short-term balance of payments problems.index program withouta public offering.courtagepar ordinateur operacionesbursátilesdeterminadas por programascomputadorizados Using a computer to measure and track the relationship between a stock's cash value and a variety of so-called derivative instruments such as stock options and futures indexes and trading on the results. production-sharing contracts contratsde partage de la production contratos de participaciónen la producción Contract where the contractor makes contributions to the investment project and his remuneration substarntíally (i. proilt-sharing contracts conrratsde partage des bénéfices contratosde participaciónen las utilidades Contract where the contractor makes contributions to the investment project and his remuneration substantiallydepends on the revenues or profits of the investment project. papelesprivados Paper placed with a limited group of investors and not advertised. profitability ratios. prsvate placement píacementpar voie privée colocación privada The sale of an issue of debt or equity securities to a sinle buyer or to a limnited number of buyers programloan. revenue-covenant ratios rat¡osde rentabilité coeficientesde rentabilidad Ratios that measure the return on assets. prét-programme d'ajustement préstamo para programas de ajuste Loan te assist a country make adjustment to a series of relatively short-term economic policy objectives. additional preparatory work necessary because the Bank has been unable to fully participate in the supervision of the preparatory work.. mcluding right to purchase such share at his a predetermined price or a price to be determined under an agreed formula. ProjectPreparation Facility(PPF) [IBRD] Mécanismede financementde la préparation des projets Serviciode financiamiento para preparaciónde proyectos Established by the Bank in December 1975. It would of be simílar in effect to a front-end fee. processing fee commissiond'¡nstruction comrsiónpor tramitación.82 private paper effetsprivés efectosprivados.g. Basket trading and program trading are often used synonymously program trading is but sometimes associated only with market closing prices.programlending[IBRD] pret-programme financiamientopara préstamopara programas. piggyback financing. program adjustment loan (PAL) [IBRD] arbitrage trading opérationsd'arbitrageprogramméessur ordinateur.baskettrading. not necessarily wholly) depends -e.cargo por tramitación Fee which the World Bank has considered levying on the full amnount loan commitments.e. other limitations in project preparation) by providingfunds for small tasks. . Program traders often trade in very large quantities and therefore have a major influence on the market. projectnote bon á court terme émis (par une collectivité publique) pour financer un projet (autoamortissable) bono a corto plazo para financiarun proyecto.it helps fil the gaps in the existing system (e.a share of the production of the investment prOject. pagaréa corto plazo parafinanciar un proyecto Short-term paperissuedbymunicipalitiesto fmance short-term cash flows for a specific project.

engagingto pay. 1982. Federalfunds and repurchaseagreements. stock exchanges. on demand or at a fixed or determinablefuture time. purchased funds ressourcesacquises fondos comprados Include certificates of deposit. a sum of money to or to the order of a specifiedperson. It is normally repaid through reimbursement under the loan/ credit for the project in question. repurchase agreement. promissory note billet a ordre pagaré An unconditional promise in writing made by one person to another signedby the maker. public enterprise reformloan (PERL)[IBRDI prét a la réformedes entreprisespubliques (PREP) préstamo para reforma de empresas públicas World Bank loan to help reform the finances of a public enterprise. Eurodollarborrowings. purchase and resale agreement [Canada] prise en pension compromiso de compra y reventa Equivalent to the U.S.Articde 6). and the prospective investors by the lead manager. IBRD borrowingsbetween July 1. 1967. intérét patrimonial. public enterprise rehabilitation loan (PERL) [IBRD] prét au redressement des entreprises publiques (PREP) préstamo para rehabilitación de empresas públicas World Bank loan to help rehabilitate the fmancesof a public enterprise.and June 3. or to bearer. public enterprise rationalizatlon loan (PERL) [IBRD] prét a la rationalisation des entreprises publiques (PREP) préstamo para racionalización de empresas públicas World Bank loan to help rationalize the finances of a public enterprise.83 ProjectPreparation Facilityadvance[IBRD] avance pour la préparation des projets. part de capital interésmayoritario An ownership interest. 67-833 of September 28. provisioning see loan loss provisboning proxy borrowing [IBRD] élément du pool (provisoire)d'emprunts empréstitos de referencia . avance PPF anticipo del servicio de financiamiento para la preparación de proyectos An advanceunder the Project Preparation Facility. colocación pública An offering of an original issue of stock through public sale.which were used to calculate the lending rate for the first years of the pool-based variablelending rate. It is at the Bank (or IDA) rate. Also calied offeringmemorandum. The French term prospectusis used in normal parlance. promoters' stock see founders' shares proprietary interest participationmajoritaíredans l'actif. prospectus prospectus. public offering (of ahares) offre publique de vente (OPV) oferta pública. as in the interest held by an equity holder in a company or a patent holder who licenses use of the patent by others.as opposed to traditional bank liabilities(demand and time deposits). It is made availableto the appropriate legal authorities. however. the term document is used in the legal instrument regulating the system (Ordinance No. 1981. document prospecto A document containingall the pertinent information about a public offering of securities and about the borrower.

quasi-capital quasi-equity. The vendor then has a lien on IFC for the balance due. the investor requires return of the equity. The term Qualified Borrowings1982 is used to describe the old system. at his option. securities or stock up holding) and does not pay the full amnount front. quality loan pret de qualité préstamo de calidad A Bank loan whichhas been carefullyprepared and is fnancially viable.. in five yearsat ten per cent interest. The emprunt d fenétre is a long-term loan.e. option de put instrumentsand other forms of Includes equity-like loans that have the form of equity or equity that has the form of loans. three for the borrower. opción de venta A contract which entitles one party to it. i. at the price fixed in the contract. quasi-money near-money see queue listed'attente lista de espera The waiting list for the issue of securities (Switzerland. quasl-fonds cuasicapital tions for early repayment.g. they would be defined to excludeborrowingsthat are determined by the Bank to fund investmentsand any new differentiatedloan garantíaprendarladel saldo de una participación Type of lien allowed on IFC assets which occurs when IFC purchases assets (e. The extraction of borrowings that fund investments would be made separately for each currency. for example. quickratio see acid-test ratio . based on the pool-based variable lendwng rate). An exanmple equitq with a put is agreement. three for the lender. usually of about 18 years.. (i. during the life of the contract.e. Under the new system (May 1989).84 purchase money securityinterest [IFCsúreté garantissant solde dOau titre d'une un participation Qqualified borrowengs(QB>[IBRce empruntsde référence empréstitos calHicados borrowings by IBRD after July 1. put option option de vente. put optionde remboursementanticipéau gré du porteur. normally around the 7th.put opción de rescate anticipado A right to redeem a debt instrument before maturity at par under specific circumnstances outlined in the original agreement. 1982 Originally. emprunt fenétre á bono de rescate anticipado Bond that allows it holder to redeem the issue at specifiedintervals before maturity and receive full face value. 10th and 14th year of the loan.Federal Republic of Germany).putablebond productshouldthe Bank wishto offer one in the future. using proxr borrowings. unlike normal equity. See also pool of qualifiedborrowings. putablebondsee also retractable bond put bond. to sell a specified amount of securities or commoditiesto the other party. which has six op- propres quasl-capital.

divided by ono rate of inflation. domestic resourcecost ratio. second. gross capitalcoefficient.tipo de interésreal plus tho ratingagency agence de cotation. gearingratio.easing inflation. AA and A for the highest quality through DDD. . Aa and A through Ccc. in France the Agence francaise d'évaluation financiere (ADEF) is the major one. reserve ratio. net collection ratio. current ratio. as individualsand companies make economic decisions in their own interest. agence d'évaluationfinanciere organismode clasHficación valores de Organization that evaluates the credit rating of prospective borrowers on the securities markets. collection ratio. real estate investment trust (REIT) sociétécivilede placement immobilier sociedad de inversión inmobiliaria Organization which collects funds from individuals for reinvestment in real estate. institutional ratio. debt-serviceratio. conversion type taux un autre d'un de a conversiónde la clasede interés Change from one type of interest rate to another.operating operating ratio. rating yvaluation a corporation or of a securids issued of by a corporation. Cc and C and MIG1 through MIG4 for short-term municipal notes. acid-testratio. lnterestcoverageratio. rate resetter loan see resetterloan rating notation. Moodys ranges from Aaa. debt-equityratio. profitabilityratios.évaluation c-lasificación.that is.and. debt servicetime profile ratio.ratio. resourcemobilizationratio. raider see corporate ralder. Moody's and Fitch's are the best known rating agencies in the United States. liqulidtyratio. agence de classement (des titres). AA and A through D for bonds and Ti through T4 for commercial paper. liquidityratios. ADEF's ranges from AAA. particularly as regards the solvability of the corporation. agence de rating. they do so in such a waythat markets move towards equilibrium. on the assumption that indinviduals and companies will try to maximize their own welfare -. first. leverage(ratio).long-termdebt ratio. Standard and Poor's and Fitch's rating for bonds ranges from AAA. DD and D for the lowest quality. to. price/earningsratio. debt ratio.balance-sheet ratio. actity ratios. The funds are normally collected by the sale of shares of ownership in the trust. gross collectionratio. The standard French term is agencede ratingbut the only French rating agency calls itself Agence d'évaluationfinanciare. to classer.85 R. realinterest rato taux d'intérétréel tasa de interésreal. ratios. rato baseswitch[IFCd ratio see accountingratio. they will try to make their own economicand other circumstancesas desirable as possible -. hedge ratio.hostile ralder RAN see revenueanticipationnote rate. net benefitlnvestmentratio. Normal rato less rato of inflation. volatilityratio rational expectations anticipations rationneJles expectativas racionales A theory based. financlalratios. grade. coter clasificar Evaluate securities according to their risk. rating. Standard and Poor's. that.

red herring préavis d'émission anuncio preliminar una nueva emisión de Preliminary prospectus issued to obtain an indication interest in the issue. As regardsrepayat ment of the loan. rediscount réescompter redescuento Resaleof instruments as banker's such acceptancer alreadydiscountedby lender.86 recall [currencypooq rappel determinaclónde la moneda en que se exige cada amortización With loans made prior to the introduction the of currencypool. DevelopmentBank to providegovernments with initial resourcesneeded to build their capacityto considerthe social costs of adjustmentin their macroeconomic policymaking. the date of issue. United Nations Development Programme and the African red clause clause rouge cláusula roja In a documentary credit. Liabilityis assumedby the issuing bankrather thanthe corresponding bank.the Bankdetermines order in the whichcurrenciesshallbe repaid(usually according to whichcurrency themostattractive has investment potential). or red herringlssue émission exploratoire emisiónexploratoria An issueof bonds made on an experimental basis. personalstock actionsnominatives acciones nominativas Stockwhichcannotbe transferredwithoutplacing the signatureof the ownerupon the booksof the issuing corporationand delivery the certificate.with initial funding of $10 million. valor nominativo A security whoseownershipis determinedby the name in which it is registered as opposed to a bearer securitywhoseownership determinedby is whopossesses it. registeredsecurity titrenominat¡f tftulonominativo.at a pricelessthanthe face value. each loan was disbursedin the currencies available that time. usuallywith central bankor dlscount house. referencezone see target zone refinancing risk [IBRD] rísquede refinancement riesgorelacionadocon el refinanciamiento Risk of not being able to refinance short-term borrowings under suitableconditionswhen these borrowings mature. It is incomplete of because doesnot containthe publicoffering it price. special clause included whichallowsthe sellerto obtain an advancefrom the correspondent bank to financethe manufacture or purchaseof goods to be deliveredunder the documentary credit. registeredstock. It is calledredclausebecausered ink usedto be used to drawattentionto the clause. Fundwasset up The in December 1987. of . the underwriter's discount. RegionalProjectFacilityfor Sub-Saharan Africa Fondsrégional projetspourl'Afrique de subsaharienne Servicioregionalde proyectos para Africaal Sur del Sahara Fund set up jointly by the World Bank. recapitalization restructuration capital du recapitalización Alteringthe capitalstructureof a corporationby increasing decreasing capitalstock. or its recapture clause clausede récupération cláusula de recuperación Clause a loanagreementthat allowsa lenderto in recover part or all of his previouslylent assets if economic circumstancesimprove. The choiceof currency the Bank for by repayment purposesis calledrecall.

Dominica). RIL) [IBRD] The act or processof transforming or extending a credit agreement..87 regularlendingprogram[IBRD] programme prétnormal de programa ordinariode financiamiento The Bank lending programthat incdudesthe base lending programand the standbyprogram. the funds are relent by the foreign creditor to a second debtor within the same country. IFC uses it to indicatethe percentage of funds it allocates to projects.with the ratio being set at 100%. repurchase agreement (RP. relatively lessdeveloped [IDA] relativement moins développé de menor desarrollorelativo Criterion used by IDA to determine eligibilityfor IDA lending. resource mobilization ratio tauxde mobilisationdes ressources coeficiente de movilización de recursos The ratio between available resources and use of those resources. The new system has been in place since September 1988. mise en pension. The guideline currently defmes it as per capita income of $790 or below at 1985prices.. accord de réméré. Grenada. This ratio determines the maximum amount of money a bank may loan out. except for a few very small island economies (e. though the effective rate (because of scarcity of IDA funds and the availability of commercial lending) has been $570 or below.réalisation actifs de des négociation facile figurantau bilan. crédita l'importation le redressement pour économique. Tonga. when a domestic debtor repays a foreign debt. rehabilitatlon importcredit/loan (RIC. coefficient de de liquidité(avant 1/1/78 et aprés 1/9/88) (coeficiente reserva. The reserves (cash maintained in a bank's own vault or claimson cash on depositwithcompulsoiyor optional depositories)for transaction accounts are 3% on $25 million or less and 12% for larger sums. credit to support policies to stabilize the economy and reactivate growth. See onlending. relending recyclage.reutilización los de préstamos An operation whereby. the legal reserve requirement is imposed by the Federal Reserve on depository institutions. reserveratio rapport lquidité(1/1/781/9/88. reissue réouverture d'une émission reemisión Issue placed into circulation again after a specific lapse of time. réutilisationdes préts reciclajede los préstamos. followinga period of economicdecline caused inter alia by inappropriate policies. resetter loan. rateresetter (RR) loan prét a taux révisable préstamocon interésmodificable Loan where the interest rate is fixed for a specific period and reset after a specificperiod of time. prét J ¡'importation le pour redressement économique créditopara importaciones finesde con rehabilitación. In the United States.g. repo) contrat de report.préstamopara importaciones con fines de rehabilitación Loan. encaje legal de) The fraction of demand deposit money which a commercialbankmust keep in its reserve account.prise en réméré acuerdo recompra de Arrangement by banks and other institutions to borrow short-term (usually one day) money by transferring securitiesto the lender. In France the ratio was 60% with reserves being defined as disponibilités. with the agreement that they will buy them back. renewal novation renovacibn . whereby the old debt is canceled by the establishment of a new one.

the total U. return on average net worth [IFC] rendementde l'actif net moyen rendimiento del promedio del patrimonio Net income as a percentage of the paid-in share capital and accumulated earnings averaged for the current period and previous fiscal year. putablebond obligationrétractable bono rescatable. dollar value at the exchange rates of the previous day. return on assets(ROA) rendementde l'actif rendimiento de los activos Net income dividedby average earning assets (loans and ínvestment). dollar value of currencies in the pool from one date to another.as of any day. retail investor investisseurfinal inversionista por cuenta propia. by their total U. not for an organization.88 restructuring seedebt restructuring retail banking marchébancairedes particuliers.S. with bondholdersat the samne time havingthe right to early redemption. return on average ausett [IFCI rendementdes avoirs rendimiento del promedio de los activos Net income as a percentage of total disbursed loan and equity investments net of reserves. federal aid.S. It is calculated by dividing.S.bénéficesnon distribués utilidadesno distribuidas Accumulated net income. revenue-covenant see profitabilityratios ratios . servicios bancarios para el público en general Traditional banking operations conducted with the general public. dollar value at the exchange rates of that day of the balances of currencies in the pool brought forward from the previous day. after which a new coupon is determined.S. revaluation factor [currency pool] facteur de réévaluation factor de revaluación A ratio establishingthe appreciationor depreciation due to exchange rate changes in the U. inversor por cuenta propia Investor who buys securities and commodities futures on his own behalf. redimible anticipadamente Bondwhere coupon rate is determined for a lirnited nuxmberof years. retained earnings report a nouveau. revenue-anticipation note obligationémise par une collectivitépublique dans l'attentede rentréesnon fiscales bono municipal a corto plazo rescatable con ingresos no tributarios Short-term municipalborrowings that fund current operations and are to be funded by revenues other than taxes. less distributions to stockholders and transfers to paid-in capital accounts. and liquid assets averagedfor the current period and previous fiscal year.services bancairespour les particuliers. especiallyU. retractable.banquede détail servicios bancarios para los particulares. retiming see interest retiming retirement see debt retirement retired debt dette amortie deuda amortizada A debt that has been paid off. revenue bond obligation a long termeémisepar une collectivitépublique pour financer un projet (dont les recettesassureront le remboursement) bono a largo plazo pagadero con ingresos (del proyecto) Long-term borrowingsthat are used to fund specific projects. They are repaid from the income that will be generated by the project.

reverse repurchase agreement contrat de report inverse. where the commitment is typicallyfrom five to seven years. though maturities do range from seven days to a year.crédit reconductible crédito rotatorio. 2) the short-term note issuance facility (SNIF).crédito refinanciable Any line of credit that be borrowed against up to a stated credit limit and into whichrepaymentsgo for crediting. crédito renovable. review clause seeperiodic review clause revolving credit. right (to purchase shares) droit derecho Usuallyissued in connection with new share issues. They include 1) the NIF. risk capital capital a risque capitalde riesgo Capital invested in high-risk or relatively high-risk securities and enterprises. note lssuance faclllty (NIF). French generally uses the English term. etc. prise en réméréinverse acuerdo de recompra inverso Repurchaseagreement initiated by the lender of funds. In either case. There are several variations of this system. which is a variation of the NIF. 4) the transferable RUF (TRUF). It is sometimes used of equities or ordinary stock. 5) the multiplecomponent facility and others such as borrower's option for notes and underwrittenstandby(BONUS). rollover credit crédit renouvelable. reversecash and carry operaciónde ventade valoresal contado y comprade contratosa término Hedgling method consisting of sale of securitieson the spot market and simultaneous purchase of forwardcontracts. a term used for NIFs with short-term notes. with separate underwriting and distribution (the lead manager being sole placing agent. intercambio inverso A swap which offsets the interest rate or currency exposure on an existing swap.S.accord de réméréinverse. revolving fund fonds renouvelable. . Gives the investor the right to purchase further shares at a given price. Note purchase facility and euronote facility are the generic terms and note issuance facility is often used as a generic term. It can be written with the original counterparty or with a new counterparty. reverse swap swapde compensation. the dividend of which varies with the profits earned by the corporation. Most are denominated in U. though the aboye translations havebeen seen.caisse d'avances fondo rotatorio A fund for project-related expenditure. it is typicallyexecuted to realize capital gains. dollars and involvesix-figureor higher sums.89 reve cash and carry opérationde ventede titres au comptantet d'achat de contratsa terme. in expectation of commensurately high returns. euronote faclilty facilité de crédit spécial (RUF).(pour l'émission de papier A court terme).revolving acceptance facility by tender (RAFT). 3) the RUF. swapcompensatoire swapinverso. reverse floating rate note obligationá tauxflottant inversement indexée bono con interésvariableinverso Floatingrate note carrying a spread inversely related to movements of interbank rates. revolving underwrltlng facllity(RUF). while the paper is issued on a revolvingbasis. See cash and carry.facilité d'émission d'effets servicio emisión de tftulos (SET) de A medium-term arrangement under which a borrower can issue short-term paper (Euronotes) backed up by commercialbank underwritingcommitments. usuallyfor three. while the underwriters take up any notes whichcannot be placedor extend loans of equivalentamount). note purchase facilty.or six-monthmaturities. mise en pension inverse. securitized note commitment facility (SNCF). where the underwriting commitmentis transferable.

S. government securities than those of other issuers. With governments. risk premium prime de risque prima por riesgo. renovación 1. certificado depósitocon tipode de Interés renovable A package of certflcates of deposit with maturity of. Term used for a delay allowed by a lender to borrower in making a principal payment on a loan. renouvellement refinanciamiento. Government must pay a risk premium in the form of a higher interest rate on bonds as the risk of default is less on U. transformation. rollover certificateof deposit.S.roly poly crtfficate of deposit certficatde dépot tauxrenouvelé a certifcadode depósitocon tasa de interés renovable.or long-term bond whose annual coupon is renewed every three years. rolloverrisks risques refinancement de riesgos de refinanciamiento Risks associated with refmancinga loan. roly poly certificate of deposit see rollover certfficate deposit of . Reinvestment of money received from a maturing security in a similar security. divided into six six-monthperiods. For example any issuer other than the U. bono con tipo de interés renovable Medium. rollover credit see revolving credit rollover date date de reconduction fecha de renegociación Date of adjustment of interest rate in maturity rollingguarantee (of interestpayments) garantie mobile garantíalimitadarenovable A guarantee that would cover. reconduction. roly poly bond obligationa tauxrenouvelé bono con tasa de interés renovable. 2. rollovers in the form of refundings or refmancings are routine. only one or two payment installmentsbut would. at which time the investor may be reimbursed. He is nevertheless coinmitted to roliing over the CD by redepositing funds to the amount of the next six-month CD. rolloverof gaina réemploi des plus-values reutilizaciónde las ganancias Reinvestment of profits. An investor buysthe package as a whole but he may sell any of the six-month CDs on thc secondary market. roll-over refinancement.90 riskconvemion floater riskconversion floater instrumentode Interésvariabley riesgo decreciente Euromarket instrument based on principle of floating rate Eurobond but with high qualitycollateral which increases over time to substitute for the borrower's role. prima de riesgo The extra yield over the risk-free rate owing to various types of risk inherent in a particular investment. for example. if the covered payments are met. three years. at any given time. lroll"to subsequent payments.

or medium-term fuxed-interestbearer bond issued by a public credit institution or commercial bank. Belgium. The bearer can ask to be reimbursed after three months but the amount he is paid increases over the five-year period. tftulo provisional Written obligation of a bank acting as paying agent for an issue. certificatd'action partiellement libérée certificadoprovisional. to hand over to the subscriber the definitive certificates as soon as they have been issued. to allow for different leveis of disbursement.where necessary. primarily his ability to repay a loan.] dividende en actions. bearer scrip bulletinde livraison. thereby S 8ale8agent. Bons d'épawgne are five-yearsavings bonds issued at par.a bonde caisse. scheduled debt service paiementsd'intérétsprévus á I'échéancier servicio de la deuda sin deducir reprogramaciones ni pagos en mora Debt servicethat followsa set schedule.actions-dividendes dividendoen acciones.corredor Firm or individual carrying out the sale of scors encouraging capital flight. scrip lssue [UK]. It is not marketable.weighted.bond'épargne bono de ahorro Short.distribution d') actions gratuites. 8ellint agent [securities] agenttde placement agente vendedor.S. stock dividend [U.91 round-tripping detteachetéeavec décote et revenduea sa valeurnominale compra con descuentode una deuda en divisas y rescatea valor nominal en monedanacional Situation whereby foreign currency denominated debt is purchased at a discount and redeemed for full face value im the local currency. bond [Frnce.S. based on the rates applied on allaving previous disbursements. (attribution. acción gratuita . scrip certificate. Samural bond obligationsamouraT bono samurai Bond issued on the Japanese market in yen outside Japan. running (weighted) average moyenne(pondérée)mobile promedio móvil(ponderado) The average rate of interest applied to an outstanding loan. U. Bons de caisse are general French savings bonds. scoring évaluation score par evaluaciónpor puntos Technique for evaluatinga borrower.

This may be done when a company increases its capital by using some of its profits for this purpose and feels that the previously issued stock capital does not give an accurate picture of the amount of capital actuallyemployedby the corporation. sociedad de valores Firm acting as a principal rather than an agent in offrepublique sur le marchésecondaire oferta pública en el mercado secundario Public offering of previously issued securities held by large investors. securities firm courtier (en valeurs mobiliéres). securities analyst analystedes valeurs analista de valores Person carrying out systematic assessment of securitiesas a basis for investment strategy. sector investment and maintenance loan (SIM) [IBRD] et prét d'investissement d'entretien sectoriel (¡ES) préstamo para inversión y mantenimiento the secondary market. secondary participant sous-participant participante secundario.SAD> pret d'ajustementsectoriel préstamo para <finesde) ajuste sectorial A loan aiining at major policy improvements in a sector. SDA Project Faciilty see Social Dimensions of Adjustment Project Facility seasoned issue émission habituelle emisión confiable Issue of securities that have gained a reputation in the market for reliability. the securitiesmarket. It is handied privately off the organized exchangesafter the close of the market. 2.maison de titres. Bank used as secondary source for funds.S. participante ajeno al consorcio Outside bank participating in an underwriting syndicate. préstamo para un sector A loan geared towards a particular sector. securities dealer. Used particularly in Latin America. at a fixed price not exceedingthe last sale price on the floor.e. secondary public offering sectoriales Loan aimed at investing in a particular sector maintaining the level of activityin that sector. sector loan prét sectoriel préstamo sectorial. sector see segment sector adjustment loan see agricultural sector adjustment loan sectoradjustment loan (SECAL. banco de segunda Instancia 1. . as opposed to issue of new stock. société de placement corredor de valores. secondary offering placementd'actions détenuespar les particuliers colocación en el mercado secundario Redistribution of an outstanding block of stock by a securities firm. i. secondary market marchésecondaire mercado secundario Market for transactions in existingsecurities. over-the-counter market or third market and not to second tier bank banquede second rang banco de segundo nivel. usually corporations. banco de segundo piso. Note that the French second marché corresponds to the British unlisted securities market and the U. institutions others. where the seller is the issuing corporation. banks other than the main commercial banks. Smaller lenders.92 The issue of additional stock free of charge to stockholders in proportion to the stock they already hold.

The tendency on financial markets to make greater use of securities. government security dealer.S. securities market marché des valeursmobilibres mercadode valores. .g. titrisation. désintermédiation. stock. paper. securitized loan sales cession de préts par émissionde titres venta de préstamos por emisión de valores Sale of loans by pooling together a group of loans (or other forms of receivables) and issuing securities backed by an interest in this pool of loans.e. 2. Issue of securities in exchange for debt.sector A particular part of the market. 2. Government obligation) against receipt of cash or similar securities as collateral in amounts equal to or higher than the market value of the security lent. mobiliérisation. borrow-pledge security loan. cash security loan. i. step-down. titralisation.warrantinto government securities(WINGS). pass-throughs. firms issue securities rather than borrow directly from banks. oflthe-runsecurity. gilt-edged securities. titulo 1. when issued(wi) security. 2.underiying. securitization 1. covered option securities. Separate Trading of Registered lnterest and Principal of Securities Program (STRIPS).93 securities margin account compted'achat de titres cuentade comprade valores Special account opened by private individuals for the purchase of securities. Continuously Offerred Longer-Term Securities (COLTS). airline stocks. des Finances et du Budget uses tivisation. bond.note. certificate of deposit. debt security. foreign-aimed security.mortgage-backed security. marketable segment. purchasemoneysecurity interest. securities.unlisted securitiesmarket. transformation en titres. 2. Income-yielding paper traded on the stock exchange or secondary market. e.unlisted. zero coupon Eurosterlingbearerregistered accruing securities security equity (stocks) and long-term debt instruments (bonds). convertible. self-fínancing self-liquidating see in house financing credit crédit autoamortissable crédito autoamortizable Credit reimbursed by the income from the operation for which it was lent. bookentry security.registered security. The creditworthiness of the pool is enhanced through the provision of partial guarantees and/or overcollateralization. bearer security. security see also agency securities. certificates of accrual on Treasury securities. sector (of the market) compartiment(du marché) segmento.bolsa de valores The primary and secondary market for negotiable swap. investment securities. Le Ministére de P'Economie. titre. step-up. bill. paid for partially by cash payments and partially on credit given by the broker up to a limit fixed by law. sell-down rétrocession venta de un crédito fuera del consorcio The transfer of a credit from a bank within a syndicate to a bank outside the syndicate. valeurmobilibre valor.option. bellwether security. security lending [IBRD] préts de titres préstamo en valores Lending of securities which the IBRD owns (typically a U. Document giving title to property or claim on income.tap security. marchéisation 1. conversiónde la deuda en valores. steriingtransferable accruing govemment securities (STAGs). listed securty. The Bank has used it to specifically refer to "the packaging and selling of a pool of creditor risks in the form of a security. Securities analysts often specialize in one segment of the market. intensificación uso de valores del 1. financiérisation.

group. Set-aside amounts willbe determined individually will be normally but around 25% of the adjustment program over three years or 10% of the overall amount of the Bank's lending program to the country. seniority serial bond. These loans are only to made to countries with large outstanding external debts and whichhave adopted structural adjustment programs approvedby the Bank. service a loan assurer le serviced'un prét atender el servicio de un préstamo To pay interest due on a loan. obligationa lot 1. grupo vendedor A group of bank or securities dealers involved in placing a security as sellers. settiement date date de reglement fecha de cierre. . a commissionpaid to members for sales of participations in the issue to investors outside the syndicate. set aside agreement accordde domiciliation acuerdode destinación especial. montantsréservés montos reservados.94 selling agent see sales agent selling commission commissionde guichet comisión de venta In a syndicatedloan. dette priviligiée deuda prioritaria Debt for which claimson the assets of the borrower rank ahead of other debts in case of liquidation. selling consortium. precio de venta Price proposed (for a security). emprunt par obligations émis par séries. set-asides montantsaffectés. bono con vencimiento elegido al azar 1. Separate Trading of Registered lnterestand Principal of Securities Program (STRIPS) Programme de négociationdistincte des intérétset du principal concernant ses titres Programa de venta separada del interés y el principal de los valores Program announced by U. selling fee [Euromarket] commissionde placement comisión de venta Fee charged for selling an issue of securities. loan 1.S. rang prioridad The order of priority for repayment of debt. See also certificatesof accrualon Treasurysecurities. Treasury January 15 1985to allow separate trading of registered interest and principal of securities. montos afectados Loans made by the World Bank to developing countries reduce their debt. bono de vencimiento escalonado. Specialtype of serial bonds where reimbursement is decided by drawing in lots (used in France). Bond issues split into a series of maturities. fecha de pago The date on which payment for a transaction must be made. 2. selling rate cours vendeur precio vendedor. 2. seniordebt dette prioritaire. syndicate [Euromarket] groupe de placement consorcio. 2. initially for long-term notes and bonds and later for all old and new eligible securities in circulation. convenio de destinación especial Agreement for payment receipts from a project to be designated for a specific purpose.

e. partnershipshare.S. middleincome country (SILIC.. stock.a revenu intermédiaire gravementendetté país de bajos ingresos. shareholders' equity.acquisitionde valeurs mobilieres. until the loanhas been reimbursed. public offering (of shares). cartera de acciones The possessionof shares of stock in a corporation. de ingresos medianos gravemente endeudado Low-. acquisitiond'actions 'shogun' obligation bono shogun Non-resident bond issues denominated in foreign currencieson the Tokyo market. asentamiento. shareholders' equity. Started June 1985. under whicha company agrees not to sellthe stockof anothercompany whichIFChas in an interest. Used in the World Bank's World Debt Tables. sacudida 1. usuallycorrective of an inflationary condition. share premium account [IFC] d'ém¡ssion" compte "prime short hedge de opération couverturepar ventea terme. shadow price seeaccountingprice shake-out (of the market) tassement 1. the others will share receipts with the participant(s) not receiving payments. Borrowers must normallywait for formal approval. equity. 2. right (to purchase shares). debt to exportsof goodsand all services (275 percent). Any movement in the market prices of securities that forces speculators to sell their holdings. cross-shareholding. transferable share middle-income country.founders' shares. short hedge operaciónde cobertura por venta a plazo Hedgingoperation by someone who is "short"(i. See moderately indebted low-income. deliver). These ratios and their critical leveis are debt to GNP (50 acuerdo de retenciónde acciones Agreement. . percent). funde see stockholders' equity sharing clause. accrued debt service to exports (30 percent) and accrued interest to exports (20 per cent). paymentsharing clause clause de partage de pa¡ements cláusula que estipulaque se han de compartir los reembolsos Clause in loan agreement that states that if one participant fails to receive payment.95 severely indebtedlow-. ahare ownership avoirs en portefeuille. 2. A moderate stock market or business recession. didend-right share. Treasury to certain select borrowers (including the IBRD). in which IFC has a holding and in which the premiums obtained on new shares are deposited. eamings per share (EPS). shelf registration enregistrement attente en autorización permanente A system of standing authorization to issue securities given by the U. who owns less of an item than he has contracts to cuenta de primasde emisión Account of a corporation. middle-incomecountry in which three of the four key ratios are aboye critical levels. SIMIC) *hare retention agreement [IFC] accord de non-rétrocession d'actions paysA faiblerevenu. shares see bonus share. Shogun bond share list cours de la Bourse lista de acciones con sus cotizaciones A listing of stocks with their current prices.

short-term paper market marché des effets a court terme mercado de valores a corto plazo Market for paper with maturity of one year or less. posición corta Where a dealer in stocks or commoditiesis committed to sell more of them than he has availablefor sale. papier a court terme efectos a corto plazo. sinking fund caisse d'amortissement. dealing chieflywith smaller enterprises. SDA Project Facility 2. UNDP and the African Development Bank and supported by the Government of Norway. posición en descubierto. short-term paper effets a court terme.it seeks to help participating governments integrate social dimensions in the design of their adjustment programs. Mécanisme financementdu Projet Dimende sions socialesde l'ajustement Servicio de financiamiento de proyectos relacionados con los aspectos sociales del ajuste Facilitycreated by the World Bank. (SDAProject) ProjetDimensionssociales de l'ajustement (ProjetDSA) proyectos relacionados con los aspectos sociales del ajuste Project to protect the poorest people duringperiods of adjustment. any such contract sold by the Bank which has not expired. been exercised by a seller or canceled through the sale of such contract by the Bank. Sogo bank Banque 'sogo' banco sogo Regional finance institutions in Japan. valores a corto plazo. crédito garantizado por el Estado A borrowingguaranteed by the state. soverelgn risk risque d'insolvabilité l'Etat emprunteur. The borrower is obliged to redeem specified amounts of the bond within specifiedperiods.crédit souverain crédito soberano. . any security sold but not then owned by the Bank and (2) in relation to futures and option contracts. Social Dimensiona of Adjustment Project Facility. position courte 1. short position engagementa la baisse. pagaré a corto plazo Note with maturity of one year or less. riesgo de insolvencia de un país The risk of changes in a borrowingcountry`soverail foreign exchange position. papel a corto plazo Paper with maturity of one year or less. de risque souverain riesgo soberano. shortsale ventea décorvert venta en descubierto Sale by dealers of securities they do not own. fonds d'amortissement fondo de amortización A fund created by a borrower for the purpose of redeeming bonds. short-term note effet a court terme bono a corto plazo.position vendeur. The Bank definition is (1) in relation to securities. which might affect its ability to repay a loan. source and application of funds statement see statement of changes in financial position sourceand use of funda statement see statement of changes in financial position sovereign credit empruntgarantipar ¡'Etat.96 short-leash approach Social Dimensions of Adjustment Project approchea court terme método de "riendacortan Approach to debt restructuring whereby the restructuring agreement only applies for a short period of time.

specificloss reserve[IFCJ réserve pour pertes spécifiques reserva para Inversiones especfficas The portion of the total loss reserve that is attributed to the decline in the value of specific investments below original cost. and governments. Fonds d'aide á l'Afrique (FAA) Servicio especial de asistencia para Africa al Sur del Sahara.cash market. spot credit colocación especial Placements issued by international development institutions and placed directly with central banks. transferencia de activos (de una sociedad) a cambio de acciones (de otra sociedad nueva) The transfer by a corporation of a portion of its assets to a newly formed corporation in exchange for the latter's capital stock. African Facility (SFSA. for immediate delivery. space émissiona caracterespéculatif emisión de valores especulativos Issue of paper rated at BB+ or below (or equivalent) by a rating agency. Servicio especial para Africa. Special Facility forAfrica. physical market [commodities] marchédu disponible mercadode productos disponibles.actual market. split. crédit ponctuel crédito negociable Short-term credit where the amount and conditions are negotiated as required.5% of a fixed currency loan's remaining outstanding balance.mercadode entregainmediata Market where goods are sold for cash. monnale épine moneda que representa una proporción mínima del saldo pendiente de un préstamo A currency which constitutes less than 2. spot market. specificinvestment loan (SIL) [IBRD] prét d'investissement spécifique préstamopara una inversiónespecífica World Bank loan for a specific investment project. which is thereupon distributed as a dividend to the stockholders of the first corporation. It will primarily fmance quick-disbursing structural and sectoral adjustment programs and rehabilitations projects with a major policy content. distribution d'actions (d'úne nouvellesociété aux actionnaires de la société mere) cesión de activos (de una sociedad) a cambio de acciones (de otra sociedad nueva). Special Facility for Sub-Saharan Africa.splitting division (d'une action en plusieurs titres) divisiónde acciones special placement placement spécial Increasing the number of shares of a corporation by some ratio or multiple. Servicio africano A facility set up as a result of the Joint Program of Action for Sub-Saharan Africa to support policy reform in IDA-eligible countries in sub-saharan Africa. speculative grade bondsee junk bond . arbitrage see two-point arbitrage spinoff cession d'actions (d'une nouvellesociété aux actionnairesde la société mére). SpecialCommitment [IBRD] engagementspécial compromiso especial Bank procedure whereby the Bank provides a commercial bank with a guarantee to enable it to issue a letter of credit to a Bank borrower to finance the purchase of goods under a project. split-up.97 sovereign risk loan apeculative grade paper prét comportantun risque souverain préstamo con riesgo soberano Loan to a State or loan where the State takes the responsibility for the loan. splinter currency [IBRDO monnaie épineuse. SFA) Fonds spécial d'aide á l'Afrique subsaharienne. monetary authorities.

implicit spread. écart. spread see alsoalligatorspread.changes In working capitalstatement tableau financement. Euromarket. securities: Differencebetween rate at whichbank borrows money on interbank market and rate at whichit onlends funds to its customers. bear spread.to be usedonlyin a certain contingency. Eurocurrency depositsare an example. 3.diferencia. 3. Called Star Trek because they werepnced whereno man dared to go (a reference to the Star Trek TV show). estado de fuentes y utilización fondos. estado de cambios en la de situaciónfinanciera standbyequity engagement conditionnel participation) (de compromisocontingentede participación el en capitalsocial. dineroapátrida Moneywhichis not part of the currency anyone of country. diagonal spread. spread risk [IBRD] risque lié a la marge standby letter of credit lettre de crédit standby carta de crédito contingente A letterof creditissuedto coveragainsta particular contingency. 2. margen. «StarTrek issue émissionratée d'avance emisión Star Trek Eurodollar issue where interest rates havebeen set too low to attract investors. financialspread.compromisosupeditado a la compra de acciones In investment an agreement that is conditional on stock purchase. builspread.funde flowatatement. Options: Purchaseof a call optionat one price and resale at another. butterfly(cal>) spread. cash market [foreignexchange] marché au comptant mercado al contado Foreign exchangemarket where currencyis sold for immediate delivery. TEDspread. 2. atatelesa money argent apatride riesgo relacionadocon el margen Risk due to the spread between IBRD borrowing and loans being too low or negative. atatement changes In financial position. 3.spread 1. verticalspread spread 1. Lendingoperationsthat are under preparationand are iikely to be ready for the fiscal year following the fiscalyear in question but may be ready sooner and which could substitute for projects in the fiscal year in question. Seefutures market. funda statement. source and use of funda statement.98 spot market. banker's spread. standby loan prét conditionnel préstamocontingente Loanwhichis not part of the currentschedulebut which can be presented to the Board if other projectsslip. standby commitment engagement d'attente compromiso contingente to A bank commitment loanmoneyup to a specifiedamxount a specific for period. Commodities: Purchase of a contract in one delivery monthand resalein another. marge. de tableau flux des estado de flujode fondos. of source and applicationof funda statement. horizontalspread.diferencial 1. standbylending program programme prét d'appoint de programa (de financiamiento) reserva de . 2.

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

under specificprice and timing conditions. principal.strikeprice. posición a horcajadas Double option consisting of a put and a call with same striking price.who selis them separately. stop-out price prixd'arret precio mínimo en subasta a la baja Uniform auction price (i. warrant para la compra de acciones Warrant for purchasing stock.and that of the put lower . straddle. stock warrant warrantd'actions. Facilitéd'aJustement structurel établie dans le cadre du Comptede versementsspécial (FAS) Servicio financiero de ajuste estructural dentro del marco de la Cuenta Especial de Desembolsos . prix de base precio fijado en contrato (para ejercitar una opción de compra). strikingprice. straight bond obligationclassique bono clásico. cail-nd-put option stellage. strip certificate certificatstrip. usually to employees or underwriters. bono ordinario Bond with unquestioned right to repayment of principal at a specified future date. straight. if reached. without any restrictions on amount available.100 A right granted by a corporation.e. precio de ejercicio Price a particular share must reach before an option to purchase the shares can be exercised. prix de levée.exerciseprice prix d'exercice. certificado de depósito de libre compra Standard certificate of deposit. tap certificate of deposit certificat de dépot classique. bon de souscription d'actions certificado para la compra de acciones.than the current price of the underlying stock. or conversionprivilege. strip participation participationa toutes les échéances participación en cada vencimiento (de un préstamo) Participation in each of the maturities of a multimaturity loan. stop order ordre stop orden tope An order to buy above or sell below a specified price. unquestioned right to fixed interest payments on stated dates. certificado de depósito sin límite.par lot atrangle strangle strangle An options strategy in which the exerciseprice of the call is higher . and no right to any additional interest. Structural Adjustment Facility within the Special Disbursement Account (SAF) [IMF certificado de depósito clásico. option cali et put opción de venta y compra. négociationséparée separación Separation of future coupon payments and principal redemption values. stripping démembrement.. stripof maturities tranched'un pret parte de cada vencimiento de un préstamo A time portion of each of the maturities a multiof maturity loan. lowest price at which bids are accepted) at a Dutchauction. ordre lié. certificat démembré certificado separado del cupón A security certificate that has had the coupon removed by a broker. straddle. to purchase corporate stock.

subordinatelender preteurnonprivilégié prestamistasubordinado Lender holdinga subordinatedloan. conversión. emprunteur final subprestatario A smaller loan which is a part of a larger loan. par debt swap. outwardswap. cocktail swap. whereby persons or institutions making capital investments are given an "exchange guarantee. mirrorswap. debt-for-local currencyswap. efectuar una operación de swap. ContingentSwapFacility[IBRD]. debt-for-development swap. premium swap. pase financiero A spot purchase of foreign exchange (currency swaps). debt-charity swaps. introduced in the U.101 Facilitycreated by the International MonetaryFund in March 1986 to provide balance of payments assistance on concessional terms to low income developingcountries. normally repayment of other loans which are deemed to be "senior" (often because they are secured). a in turns. efectuar un swap. cross-currency interest rate swap. subborrower emprunteur secondaire. callableswap. debt-debt swap. Global SwapAuthority. Pase financiero is an Argentinian system. The resources will consist of assets receivedin the SpecialDisbursementAccount as a result of the termnination the Trust Fund. currencyswap.S. fixed or floating rate funds (interest rate swaps) or assets (asset swaps) with simultaneous forward sale or vice versa. inward swap. double hedge swap. related to the swap system.convertir To carry out a swap transaction. The French Government is recommendingthe term créditcroisébut it is fighting losing battie. dual-currencyswap. to swapper intercambiar. cross-borderswap. reverse swap swap (transaction) swap. as swap future contrata terme sur swap (contratode) futuros de swaps Futures contract in swaps (initially interest rate swaps). for subloan prétsecondaire. debt-for-export swap. debt commodityswap. subordinated debt see junior debt subordinated loan prét non privilégié préstamo subordinado A loan where repayment is made subject to other conditions being met. debt-for-nature swap. oftenone provided onlending.intercambiode monedas. option swap. crédit croisé. circus swap. coupon swap. .the cost of the subloan is determined the interestrate and othercharges by leviedby the nationaldevelopment institutionand by the foreign exchange costs. swap seealsoasset(-based) swap. interest-rateswap. debt/quasi equityswap. debt(-for)-equity swap. plainvanillaswap. basis (rate) swap. even par swap. subsidiaire prét subpréstamo A loanthat has been onlent. market in 1986. of Sushi bond obilgation "sushi' bono sushi Eurodollarbonds issued by Japanese corporations on the Japanese market for Japanese investors. subscription rlght swap.échange financier swap. debt-for-cashswap. crédito recíproco. onlendsthe funds. subloan pricing (fixation prixdes prétssecondaires du) determinación costo de un subpréstamo del lends When the Bank or other lendinginstitution money to a national development institutionwhich." whichguarantees that the funds can be reexchanged at a predetermined exchangerate on a specificdate. discount swap. droit de souscr¡ption derechode suscripción The samne right.

a clause which allowsa lenderto lendin a currency otherthan the one stipulatedin the agreement. syndicat financier consorcio (bancario. ligne de liquidité. option de swap. is switching see interest (rate) switching.Farm A willproduce beef with high technologyequipment and few workers. Enables flexibility selecting in Bank to negotiate directly with counterparties previously ineligible becauseof their credit status and to separate the pricingof the arrangers and credit fees from the pricing of other financial aspectsof a swapoperation. Farm B willhavea higherrate of return.therefore. syndicate consortium. lignede découvert de línea crédito a corto plazo A short-termline of credit enablingborrowersto drawat short notice to coverthe delayin issuing notes or makingother formsof drawing. whileFarm B willconsistof a low-technomanyfarmworkers. consortial prét préstamo de un consorcio Loanmadeby a syndicate.if the stipulated currency not available. a if weight greaterthan 1. in syndicate.swap option swaption. also can refer to a group of bankcs securities rirms or who are involved a Eurocreditor Eurobondissue. syndicatedloan prétsyndiqué.de financiamiento) Formation a syndicatefor the purposeof issuing of or underwriting loan. For example. is 1.5 on incomegoing to the poor. Up logyoperationemploying to a weightof 1.outwardswitchingoperations switchingvalue valeurcritique. syndication formation syndicat d'un financier.swapoptionnel opción de swap. switch.5.formation d'un consortium formaciónde un consorcio (bancario.5is given. switch arbitrage arbitraje Saleof paperwhichis no longerconsidered have to long-term possibilities and investment of the proceedsin securitiesconsidered moreworthwhile. Farm A has a higherrate of return. a synthetictloatingratenotes. However. derivative floating rate notes flottant papier synthétique tauxd'intérét á titulossintéticoscon interésvariable A name for asset swaps which are artificially and banksrather packaged marketedby investment than investorsthemselves.swapopcional Instrumentcombiningfeatures of swaps and optionswherebythe buyeracquiresthe right(but not the obligation) make a swap withina specific to agreed.102 Swap lnsuranceFacility[IBRD] d'assurance swaps des mécanisme servicio seguro swaps de de Scheme set up by the Bank to providegreater directcounterparties.Byextension.de financiamiento) To arrangefor a loan usinga syndicate. The switching value. swaption.inward switching.de financiamiento) A groupof bankersand/or brokerswhounderwrite and distributea newissue of securitiesor a large blockof an outstanding issue.to (a loan) consortialiser concertar un préstamo a través de un consorcio (bancario. .availability clause clause disponibilité de cláusulade disponibilidad In a rollover credit agreement. periodof time at a rate previously swingline créditde sécurité.valeurseull valor crftico The valuethat reversesthe rankingof twoalternative projects.

take-or-pay contract contrat d'achat ferme. takeout. to (bilis) prendre (des effets) en pension redescontarcon compromisode reventa Rediscountoperation with promise to transfer the credit title back to the original lender. take In.103 system repurchase agreement contrat report de acuerdode reventa(a un precio especfflcado) Purchase the FederalReserve of securitiesfor a by short period of time with an agreement to resell them at a specified price. contrat de prise ferme contratofirme de compra (sin derechode rescisión) An unconditional guarantee to buy an agreed amount of a product or service whether or not it is delivered. takeand-pay contract contrat de paiementcontre livraison contrato compracontraentrega de A guaranteeto buy an agreed amount of a product or service provided it is delivered. takeover candidate see target company takeover option [IBRD] option de reprise (des derniéreséchéances d'un prét commercial) opción de financiamiento residual Contingent commitment by the IBRD to take over any residual financing of a loan as it reaches its ten-year maturity. takeover bid offre publique d'achat (OPA) oferta públicade adquisición(OPA) (con fines de absorción) An offer to acquire a controlling interest in a corporation. to [IBRDI renoncer renunciara una garantía Waiver by a colender of a guarantee given by the World Bank. T. See also repurchase agreement. as the guaranteed portion of a coloan progressively comes within the range of normal maturities. Tankoku bill bon Tankoku bono tankoku .

Suggested at the New York Plaza Agreement at the Group of émission guichets a ouverts emisión continua A certificate of deposit issued on an as required basis.the currency pool will havetargeted ratios for currenciesin the pool of 1 U. technicalassistance loan (TAL) [IBRD] pret d'assistancetechnique préstamo para asistencia técnica (metas para la composición fondo común del) de monedas Under the new currencypoolingsystem. emisióncontinua An issue of a security made available on an as required basis. pagaré respaldado por ingresosfiscales previstos Short-term borrowing issued to fill temporary fmancing needs.descuento impositivo A 100% offset against tax liability. the remainder is sold to Stock Exchangejobbers as demand requires. See straight certificateof deposit tap issue émission a guichets ouverts Five meetingin September1985. technicaldecline. titre émis a guichets ouverts valor en venta continua Security that is continuouslyavailable and may be obtained on demand by investors. Used primarilyin the British market. TED apread écart entre les bons du Trésoret les dépdts a terme en eurodollars zona de referencia margenentre los bonos del Tesoro de EE. Measured by the annual mean growth in receipts dividedby the annual mean growth in gross domesticproduct (GDP).104 Six-month bill issued by Japanese Government to refinance expiring long-term bonds. Used prímarily in the British market. target zone. targeted currencypool pool de monnalesfixé comme objectif créditotributario.S. perhaps plus or minus 10 per cent. dollar for every 125Japanese yen and 2 Deutsche marks (or the equivalent in a composite of Deutsche marks. tap certificate of deposit A wide zone of exchange rates. target company. It is backed by anticipated tax receipts and any unencumbered revenue of the community. reference zone zone de référence.and proposedby the French Treasury in February 1986. Swiss francs and Netherlands guilders). takeover candidate elasticidadtributariaglobal Total elasticityof the tax system (built-in elasticity plus elasticitydue to discretionarychanges in the tax system). tax-anticipation note (TAN) bon garanti par les recettesfiscalesprévues bono respaldado por ingresos fiscales previstos.as a way to reduce major currency swings.drop repil technique disminución técnica The fall in price of a security or commoditybecause of factors relating to operation of the market and not because of any supply or demand conditions. y los depósitos a plazoen eurodólares . crédit d'impót société opéable empresa susceptible de absorción Companyconsidered ripe for takeover. tax credit avoir fiscal. tax buoyancy élasticitéglobale du syst¿mefiscal par rapport au produit intérieurbrut (PIB) tap security titre émis A jet continu. The French introduced an equivalent system in 1985 called obligationsassimilablesdu Trésor (OAT).UU. where the British Government issues Treasury stock and seeks subscriptions. within which a currency can freely move against other currencies.plage de référence.zone cible WorldBankloanfor technicalassistance purposes. As the stock is rarely fully subscribed.

or time arbitrage arbitrage dansle temps arbitrajede vencimientos Buying seUing differentmaturities. syndicat soumlssionnalre. in termloan créditd'équipement préstamo a mediano o largo plazo Medium. . top-ratedbond obilgation premier de ordre bonode primerorden. The underwriters up anynotesnot bid take for or extendloans of an equivalent amount.up to a predetermined maximum spread. apreadbetweenU. therefore.a groupofbanksseparatefrom but usuallywith many memberscommonto the groupof underwriters. opérations de bouclage aporte de fondos complementarios Providingextra fundsto an existingloan package.S. encart publicitaire anunciode emisiónefectuada.mercado fuera de bolsa Market for securitydealing in over-the-counter stockslistedon a stockexchange betweenfirms but that are not membersof an exchange and.marché horsbourse mercado terciario. tombstone avisfinancier. bono de primeraclase Bond issued by corporation or organization considered be particularly to creditworthy. do not chargeregularlistedcommission. fluctuation prix de minimum variaciónde precio A movementin the price or pricequotationof a secur¡ty contract. rather than a new one.esquela.long-termloanundertakenby a corpoor ration when it cannotor does not want to issue a loan on the financialmarket. paneld'offre.hoja de términos List of terms and conditions a loan. termsheet liste de conditions (hoja de) plazos y condiciones. and at time (cali) spread horizontalspread see time-sliceloan prétpar étapes préstamo divididoen períodos Loanwherethe lenderonlyfinances loana part the of the time.oft-the-board market trolsléme marché.syndlcat d'enchéres. prospecto de emisión Advertisement whichannouncesthat a credit has been arrangedor a bond issuemade.105 Technically.Thepanelmembersbid for anynotes issued. tender panel grouped'enchérisseurs. Treasurybill the futures Eurodollarfuturesbut commonly and used to refer to the spot market yieldapread between Treasurybills and LIBOR. top gradeborrowersee primeborrower topping up apports complómentaires. time value valeur temps valortemporal The chance that an option will become more valuable beforeit expires. The tender panelbanksexpectto place any paperthey receiverather than hold it themselves. syndicat de placement grupo de bancos licitantes In a Euronoteissue. tenor teneur períodode reprogramación Theperiodof debtrescheduling numberof years. third market. for termtransformation transformation échéances des transformaciónde los plazos de vencimiento The use of fundsfrom short-termdepositsto make long-termloans. tick fluctuation minimele.

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

Capital transactions are normallyrequired to pass through a "financialP market while current transactions go through an "official"market. though other arrangements are possible. See also certificatesof acerual on Treasury securities. Treasury lnvestment Growth Recelpt (Tiger) Clausein IBRD loan agreementrequiringreview after a certain number of years to determine whether changes in the countrys economic condition warrant harder or softer loans.] compte courantdu Trésorauprés des grandes banque tiducie de bancofiduciario Japanese bank involvedin both lending and money management.S. trust bank (Shintaku Ginko) [Japan] tigre bono sin cupón respaldadopor el Gobiernode EE. In France. There are three main varieties .while the ascendingone indicate a positivebuying force but a neutral selling force and a descending one indicates a positive selling force but a neutral buying one. Includes use of computers.symmetrical. The symmetricaltriangle is made up of two positive forces . trigge rate seuil de déclenchement tasa de activación Rate at which floating rate notes are automaticaily converted to fixed rate paper. Treasury note [U. turntable see entrep8t twist see currencytwist two-point arbitrage. Treasury in which tax receipts and the receipts from the sale of bonds to the public are deposited.UU.I bon du Trésor long terme A bono del Tesoro (a más de 10 años) Long-term (more than ten years) fixed coupon paper issued by the Federal Reserve on behalf of the U. Governmentbacked bonds that have been stripped of their coupons. two-tier market double marché mercadode dos niveles An exchange rate regime which normallyinsulates a country from the balance of payments effects of capital flows while it maintains a stable exchange rate for current account transactions. space arbitrage arbitrage dans l'espace arbitrajeespacial Buyingin one center and selling in another.en triangle configuraciónen triángulo Form of bar chart used in bar chart analysis of securitieswhere fines drawn round the chart have the shape of a triangle. Form of zero-coupon security first created by Merrill Lynch. though France and Italy have experimentedwith such systems. etc.buying and selling. Examples are found in Belgium and the United Kingdom. banques cuentacorrientedel Tesoro Currentaccount of the U. Treasury tax and loan account [U.1 bon du Trésor bono del Tesoro (a medianoplazo) A medium-term (normally from two to ten years) coupon security issued by the U.S. They consist of U. trbangleconfiguration configurationtriangle. Treasury.bons du Trésor have a maturity of one to fiveyears.107 Treasury bond [U.S. microfiche. Treasury. trigger clause [IBRD] clause de déclenchement cláusulade revisión .S. truncation limitationde la circulation physiquedes valeurs limitaciónde la circulaciónfísica de los valores System of limitingthe physicalcírculationof securities in certificate form to save paper and reduce operating costs.S. ascending and descending.S.S.

108 uU "

unbuGdling financial rbska of financiers des décomposition risques separación riesgos de financieros
The separation and separate evaluationof financial

underwrltten facllities facNlités d'émissions souscrites y servicios emisión suscripción de (NI)

Short-term paper facility with an underwriting or

backstop facility, such as the notelssuancefadlilty
takeover takeover see hostile bid unfrienidly unidentifiedloss reserve[IFC] pourpertesnon identifiées réserve por de reserva parapérdidas concepto inversiones identificadas no
Reserve that provides an allowance for losses on those investments where judgnent of impairment cannot be made because of a lack of adequate operational experience.

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

uncovered; naked á découJvert en descubierto
Unhedged (i.e., a liabilityexists in the long or short term, which is not covered by a corresponding position). underiying (security)

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

(titre)sous-Jacent; support;valeur-support al ejercer opción una tftuloexigible
Security (or other instrument) that must be delivered if an option is exercised.

fund unit trust see open-end
universal bank(ing)

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

banque 'multiservices"; banque tout faire; á banque vocation ¿ banque vocation a générale; distribubanco(a) multiple; banque polyvalente de servicios múltiples; multibanco;
banco múltiple Bank providingthe full range of banking services.

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

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

de comisión garantía de comisión suscripción;
Fee paidin Euroloan lead banksthat underwrite to theoperation.

109

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

-

v .

for term,since1980, the marketin stocksof smaller
market is the term used companies;over-the-counter

date v date de valeur
fecha de valor dalor fecalde

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

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

The calendardate on which a transactiontakes place mpa¡red v velur rmdulte &valeuréradulte
os préstamoscon Intereses Impao

a marchédes valeursmobiliéresnon inscnites la cote
nameand secondmarchéthe officielle the official is common term used in France for the unlisted securities market for small- and mediumsized
companies,since 1983,whilemarchéhors cote is the

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

market nameused for the generalover-the-counter
for all companies. unrealizedgaina

see vanilla swap píain vaníllaswap
variablelendingrato (VLR) system

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

de systéme tauxpróteurvariable
sistemade tasas de interésvariablessobre los préstamos; sistema de tipos de Interés variables

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

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

rendimiento An investment is not yet fullyproducing. that unwind dénouer contrarrestar Reverse a securities transaction through an offsetting transaction. utilizationfeo commlsslond'utillsatlon comisiónpor utllización
Fee paid for use of a Euronote fac¡ilty.

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

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

¡lo

venturecapital capitala risque;capital-risque capitalde riesgo
Financing which involvesa relativelyhigh risk.

w
waiver of negative pledge; negative pledge

venturecapitalcompany sociétéde financement l'innovation de compañíade capitalde riesgo
Company specializingin providingventurecapital

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

dispensa de la cláusula de abstención (de los

fmance. verticalspread;price spread écart vertical margenvertical;posicióndiferencial vertical
Options strategy that involvespurchasingan option at one striking price while simultaneouslyselling another at the next higher or lower strikingprice. volatile stock actionvolatile acción de valor inestable A stock that changes in a manner inconsistentwith changes in the rest of the market.

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

volatility ratio coefficient beta;degréde volatilité coeficiente inestabilidad de
The ratio by which overali changes in the stock market influencechanges in a specific stock.

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

voluntary, spontaneous lending prétsspontanés; préts volontaires préstamos voluntarios
Lending that is made willingly, as opposed to lending where the lender has some sort of obligation to lend or else the borrower wili not reimburse previous loans.

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

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

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

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

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

charge-ofl [nounl wste off. yleld to maturity(YTM) rendementa Péchéance rendimiento vencimiento al writeott. swap) a Acríre vender(unaopción. en cancelación libros en The return a security earns assuming it is held that until a certain date and put to the borrower at the Whenan assetor a portionof an assetis recognized as worthless.un swap) Sell a swap.pargeof et proufnts. dollars outsideU. yleldcurve courbe rendements des curva rendimiento de Graphrelatingrates of return to maturity.slowerdisbursing operations. montants passatlon pertes etprofits. créance anulación libros.S. difference interestrates between the in these two currenciesis not reflected in forward foreignexchange rates. yleld curve arbltrage arbitragesur les courbes de rendeiment arbitraje conformela curva rendimiento a de Taking a position based on a view of expected changes in the shape of the yield curve independent fromthe generalinterestrate viewas it is expressed by the average duration at which the portfolio is positioned. WoridBank'sSpeclalProgramof Asmistance for the Low-lncome Debt-Dlstressed Countries Sub-Saharan In Africa Programme spéclal d'assistancede la 8anque mondiale en faveurdes pays a falble revenu surendettésd'Afriquesubsaharlenne Programaespecialde asistenciadel Banco Mundialpara los paísesde bajos Ingresosde Africaal Sur del Saharaagobiadospor la deuda Bond issued on the U.S.becauseof the difference shape of the yield curves of two sin currencies.S. specified price put . A currencyhedgedstrategywhere.it is removedfrom the books of a corporation a corresponding in the corporand loss ation'scapitalis recognized.expansion advisory of servicesin the design and implementationof appropriate policiesand urging other lenders to make similar efforts. monte par passés parperesetproflts.giving arbitrageopportunities under whichbonds of equivalentdurationin these currenciescan be swapped the currency and exposure hedged.market in U. substituting higher priorityoperations that supportstructuraladjustment policy and changefor lowerpriority.112 (WoridBank) Program SpecialAsuistance of (to MemberCountrles)(SAP) Programme d'ass¡stance spéciale (de la Banquemondiale auxpays membres) Programade asistenciaespecial(del Banco Mundiala los paísesmiembros) n y Yankeebond obligation Yankee bonoyanqui A program to assist those borrowersmaking a determinedeffortto undertake the difficultmeasuresneededto sustaindevelopment despiteadverse externalcircumstances. includesacceleration It of disbursements. yinld plckup gainnetde rendement No Spanish Program set up by Bank at the end of 1987to providequick-disbursing adjustment lendingto the poorestSub-Saharan Africancountries. write(anoption.

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

.

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

.

management. liquidity CAPM Capital AssetPricing Model CARD certificate amortized of revolvlng debt CATS Certlficate Accrual of on Treasury Securities CATS Computer Assisted Trading System . sarnings. assete.117 Note that not all these abbreviationsnecessarily appear in the Glossary. AAD at a discount ABT American Boardof Trade ACE AMEX Commodkies Exchange ACH automated clearing house ACRS accelerated recovery cost system ACV actualcashvalue ADIBOR Abu Dhablinterbank offered rate ADR American Depositary Recelpt ADR assetdepreclation range AFBD Association Futures of Brokers Dealerm and Al accrued lnterest AIBD Association International of BondDealera AIBOR Amsterdam Interbank offered rate AMA AssetManagement Account AMEX American StockExchange APB Accounting Principies Board APDF AfricaProjectDevelopment Facility API alternative participation instrument APR annual percentage rate APT arbitrage pricingtheory ARI accounting of Interest rate ARM adjustable mortgage rate ARP adjustable preferred rate stock ASAL agricultural sectoradjustment loan ASE American StockExchange ATM at the money ATM automnatlc machine teilhr ATRR aliocated transfer rdsk reserves BAN bondanticipation note BBA British Bankers' Associatlon BDO bottom dropped out BIBOR Bahrein Interbank offeredrate BONUS borrower's optionfor notes andunderwritten standby BRIBOR Brussels lnterbank offered rate CAD cashagainst documents CAMEL capital.

118 cB currnt blend CBF CentralBank Faciity C8OE Chicago BoardOptions Exchange CBOT Chicago Board of Trade CBT Chicago Board of Trade CD Certificate of Deposit CEA CommodityExchange Authority CEIC closed-endinvestment company CFBH Corporationof Foreign Bondhoiders CFTC CommoditiesFuturesTrading Commission CM cali of more CMA account cash-management CME ChicagoMercantile Exchange CMO collateralzedmortgage obligation CMS WoutdBankCapitalMarkets System COLTS Continuousiy Offered Securities Longer-Term COPS Continuously Offered PaymentRightsIn Swiss Francs COPS ccvered option securities COUGRs Certificatesof Government Recelpts CP commercialpaper CRI consumptionrate of lnterest DCF discountedcash flow DCP and droppages.cancellations prepayments DFI direct foreign investment DRC domestic resourcecost DRF Dally RangeFactor EAL export adjustmentloan ECP paper Eurocommercial ECU EuropeanCurrencyUnit EFT eiectronicfundstransfer EME EuropeanMercantiie Exchange(Dublin) EMGF EmergingMarketsGrowth Fund EMIF EmergingMarketeInvestment Fund EOE EuropeanOptionsExchange (Amsterdam) EPS eamingsper share ERL economic recoveryloan ERL emergencyreconstruction loan ESAF EnhancedStructurai AdjustmentFacility ESOP employeestock ownership plan EUA EuropeanUnit of Account EURCO EuropeanCompositeUnit FASB FinancialAccounting StandardsBoard .

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

Stockholm) OPM otherpeople money s OTC overthe counter OTM out of the money PAL program adjustment loan PER priceearnings ratio . multi-year restructuring agreement NASD National Association of Securities Dealers NASDAQ National Association of Securities Dealers Automated Quotations NAV netassetvalue NBV netbookvalue NCR netcashrequirements NCS noncallable securities NIA Newlnvestment Authority NIF noteissuance faclllty Negotiable Orderof Withdrawai NYFE NewYorkFutures Exchange NYME NewYorkMercantile Exchange NYSE NewYorkStockExchange OBS off-balance sheet OBU offshore banking unit OCC Options Clearing Corporation OEIC open-end investment company OID original issuediscount OM Optionsmaklarna (Swedish Options Exchange.120 UONs MIMIC NOW Lehman Investment Opportunity Notes LMBO leveraged management buyout LME London MetalExchange LOCH London Options Clearing House LSE London StockExchange LTB long-term blended costrate LTOM London Traded Options Market LTPR long-term primerate LUXIBOR Luxembourg interbank offered rate LYON fiquid yleldoptionnote MBS mortgage-backed security MIBOR Madrid Interbank Offered Rate MILIC moderately indebted lowIncome country moderately Indebted mlddieIncoma country MMF money market fund MMI índex MajorMarket MOF multioption facility MOFF multioption financing facility MTN medium-term note MYRA multi-year rescheduling agreement.

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

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

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

.

ADEF Agenced'évaluation financiere ADP action á divídendeprioritaire AFSB Associatlon françalsedes soclétésde Bourse AMI agent du marché Interbancaire AMM adhérentmainteneurde marché APDF Servicede promotionet de développement des lnvestissements Afrlque en BALO Bulletindes annonceslégales obligatoires BIC bénéficesindustrlelset commerclaux BIFS bon des Instltutions financilres spécialisées BIM bon A Intérétsmensuels BIPA bon a Intérétspayés d'avance BIPATE bon & taux flxe a lntér8ts payablesá terme echu BMT bon des maisonade titres SON bon á ordre négociable BPA bénéflcepar action BSF bon des socletésfinancIres ST billet de trésorerie BTA bon á taux annuel BTAN bon a taux annuelnormalisé BTF bon a tauxfixe BTM bon a taux mensuel BTN bon du Trésornégociable BTT bon a taux trimestríel BTV bon a taux variable CAC Compagnie des agentsde change CAC cotationassistéeen continu CATIF contrat a terme d'instrument flnancier CBV Conselldes boursesde valeura CC coupon couru CCIFP Chambrede compensation des Instruments financiersde Paris CCR coefficlentde capitailsation des résultats CD certlficatde dépót CDN certlficatde dép6t négociable CEA compte d'épargneen actions CETI contrat d'échangede taux d'lntér8ts Cl certificatd'lnvestissement CIP certlficatd'lnvestissement priviléglé CMT Conselldes marchésá terme COB Commisslon des opérationa de Bourse .125 Note that not all these abbreviationsnecessarily appear in the Glossary.

établissement non bancaire admis(e) marché au monétaire ESOP emprunt sensibilité á opposée FAA Fonds d'aldeá l'Afrique FAS Facilité d'ajustement structurel placement FEUN Fondsd'Etatlibresd'intéret nominal FIAS Service-conseil pour l'investissement étranger FIBV arbitrage MEDAF Modeie d'équllibre actifs des financiers MEDAF Modéle d'évaluation des actifsfinanciers MONEP Marché options des négociables Paris de OAT obilgation assimilable du Trésor OBSA obligation bonde á souscription d'actions OBSO obligation bonde á souscription d'obligations OICV Organisation Internationale des commissions valeurs de mobiliéres OLLMC obligation livrable moins la chére OPA offrepublique d'achat Fédération intemationales des bourses valeurs de GAB guichet automatique de banque GIE groupement d'intéret économique GRAI (Programme garantie de) de recouvrement l'apportdes de Investisseurs lES pretd'lnvestissement et d'entretien sectoriel IPA Intéréts payables d'avance IPE Intérets payables á l'échéance .126 COLTS papier á terme offert en permanence COPS créancescomptablesémises continuellement francs en suisses FASR Facilitéd'ajustement structurelrenforcée FCC Fonds communde créance FCP Fonds communde LEP livret d'épargne populaire MATIF marchéá terme des instruments financiers MEA Modeled'évaluationpar CRH caisse refinancement de hypothécaire DCPE document-cadre poiitlque de économique DPA dividende action par DR délalde recouvrement DSA dimensions sociales de l'ajustement ócu unitémonétaire européenne ENBAMM entreprise.

reprise d'entreprise parles salariés Rl reglement immédiat RM reglement mensuel RPTA répartition proportionnelle destitresamortis RSP réserve spéciale de participation SBF Société Bourses des francaises SCMC Société compensation de des marchés conditionneis SCPI soclétés civlesde placement Immobllier SDIB Société diffusion de des lnformatbons boursires SFI société flnancibre d'lnnovation SICAF société d'investissement á capital fixe SICAV sociéte d'investissement á capital variabie SICOVAM société interprofessionnelle de compensation valeurs des mobileéres SVT spécialiste valeurs en du Trésor T4M tauxmoyen mensuel du marché monétaire TAG tauxannuel glissant TAM tauxannuel monétaire TBB tauxde basebancaire TCN titrede créance négociable TEB tauxd'escompte moyen pondéré bonsdu Trésor des TIC tauxd'lntér8t comptable TIOP taux interbancaire á offert Paris TME tauxmoyen mensuel de rendement emprunts des d'Etatá longterme .127 OPCVM organisme piacement de collectlf valeurs en mobilieres OPE offrepublique d'échange OPM opérateur principal du marché OPV offrepublique vente de ORA obligations remboursables en actions ORT obligation renouvelabie du Trésor OSCAR obligation spéciale & coupons réinvestir & 3TV obligation tauxvariable á PAPIC prétá l'ajustement la de politique hndustrielle et commercia-e PASA pr8tá l'ajustement du sectour agricole PCT panachage courttermo á PER pland'épargne retraite PLT panachage longterme de PREP préta la rationalisation des entreprises publiques PREP prétau redressement des entreprises publiques PREP prétá la réforme des entreprises publiques RES rachat.

128 TMM taux du marchémonétaire TMO taux du marchéobligataire TMP taux moyen pondéré TOF tableaudes opérations financibres TRA taux révisableannuellement TRIBOR taux de référencede I'indicateurbancaired'origine des ressources TSDI titre subordonnéá durée indéterminée TSR tItre subordonné remboursable uec unitéeuropéenne compte de .

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

.

131 Note that not all these abbreviationsnecessarly appear in the Glossary. COLTS valoresa más largo plazo de oferta continua COPS valoresde oferta continuaen francos suizos ECU unidadmonetariaeuropea FIAS Serviciode asesoríasobre Inversión extranjera GRIP (Programade) recuperación garantizada principalde del las inversiones oiCv Organización Internacional de Comisiones Valores de OPA oferta públicade adquisición PPE documentosobre parámetros de politica económica SET serviciode emisiónde titulos UCE unkiad de cuentaeuropea nIc tasade interéscontable TIC tipo de interéscontable TiCO tasa de actualización del consumo .

.

Terninologie des fmanceset de la dette Français-anglais .

.

annulations et remboursements antidpés droppages. multi-year restnucturingagreement (MYRA) ratng agency .1 adossé back-to-back(loan. pJ -i4n agreernent accord de smp sur las tau d'intérit interest-rate swap accroissement du coeffldeut d'intensité du capital capitaldeepening achat k découvert mar8inbuying[stockexch acquisition d'actlons share ownership acquisition de créances á des ris philanthropiques debt-charity swaps acquisition de valeurs mobiliéres share ownership acteurs sur le marché market pa~icipants action au porteur tfansferableshare action davenir growthstock action de jouissance dividend-right share action en chute libre airpocket stock action gratulte bonus share action volatile volatilestock actionnaire puissant leveraged stockholder ]el act¡ons gratuites scnp issue JUKJ. personal stock actions privilégiées preferredstock activités hors bilan off-balancesheet (OBS) activities actiomsbénéla dvdend stock atlons cmumlathve prvd cumuve prefemd stock actions de priorité prefemd stock actdons-<lvidendes scnp ussue[UK]. repo) accord de retra-tproslf fade-out agreemnt. matched funding agence de ciassement (des titres) ratingagency agence de cotation accord de réméré inverse reverserepurchase agreement accord de restructuration pluriannuel muld-yearrescheduling agreement(MYRA). fully paíd stock actions nominatives rgistered stock.1 adjudication k prix uniforme Dutch auction [US.cancellationsand prepayments (DCP) [IFCJ abstentionniste free nder acceptation bancaire banker'sacceptance acceptation de banque bank bill acceptation de banque banker'sacceptance accord de compensation clearingagreement accord de domiciliation set aside agreement accord de non-rétrocession d'actions share retentionagreement JIFCJ accord de paiement clearingagreement accord de rééchelonnement pluriannuel multi-yearrescheduling agreement(MYRA).135 abandons. multi-year restructuring agreement (MYRA) accord de réméré repurchase agreement(RP.stock dividend [USJ actions libérées paid-up stock.S. stock dividend [USJ adbérent mainteneur de marché (AMM) market maker adjudication a la hollandalse Dutch auction fU. bofrowing).

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

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

Belgium. exit vehicle bon de souscription d'actions stock wanrant bon de souscription d'obligations bond warrant bon du Trésor Treasurynote [U.S.J. U. floater floating-rate bon au porteur bearernote bon-coupon coupon note ben de caisse savingsbond [France.Belgium.] bon de jouissance certificate dividend-right bon d'épargne savingsbond [France. commercialbills blanc clean bon a prime (d'émission) discount note ben k taux flottant note.138 banque de second rang second tier bank banque de trésorerie et d'arbitrage investmentbank [U.S.S. U.] bon du Trésor k tr*s court terme cash management bil bloc de contróle controllinginterest bon note bon a coupon hollandais Dutch auction notes bon k court terme émis (par une collectivitépublique) pour financer un projet (autoamortissable) project note bon a intérét variable perpétuel note perpetualfloating-rate . floater floating-rate ben a taux llottant k coupon indexé floating rate note with variable coupon fix ben k taux révisable note.exit bond. offshore offshore bank banque mere parent bank banque multiservices fuUlservicebank banque multiservices universalbank(ing) banque multiservices combined commercialand investmentbank multibank alí-purposebank banque non bancaire non-bank bank non-bank financial institution banque polyvalente combined commercialand investmentbank multibankl all-purposebank banque polyvalente universalbank(ing) Banque "sogo' Sogo bank banque tres engagée largeeposure bank banques lnstallées sur les principales places financiéres money center banks base basis base de caleul notional amount bénéflcepar action (BPA) eamingsper share (EPS) bénéflcesnon distribués retainedeamings besoins de fonds nets net cash requirements(NCR) besoins nets de trésorerle net cash requirements(NCR) beta beta billet a ordre promissorynote billet de mobilisation mongagebond billets de trésorerie commercialpaper (CP).] bon du Trésor k long terme Treasurybond [U. merchant bank [UK] banque extraterritoriale.S.] bon de sortie exit instnrment.S.

offshore offshorebanking center certificat américain de dépbt American DepositaryReceipt (ADR) certificat d'action partiellement libérée scrip cenificate.funk money [U. corporatecredit card carte de crédit professionnelle corporate chargecard. cappedfloating rate note capacité d'endettement credit standing. corporate credit card carte des options market-basedmenu approach.000) jumbo certificate deposit of [US] certificat de dépot par tranche tranche certificate deposit of . rolypoly certificate deposit of certificat de dépót classique.equity.S.K] capitaux tlottants floating capital capitaux mobiles floating capital capitaux propres stockholders'equity. menu of options cash and carry cash and carry cavalier seul free rider centieme de pour cent basis point centime basis point centre bancaire extraterritorial.J bon garanti par les recettes fiscales prévues tax-anticipation note (TAN) bon Tankoku Tankoku bill bons a prime (d'émission) consolidés consolidateddiscount notes bulletin de livraison scrip certificate.risk capital capital socal equitycapital.net worth.139 ben du Trésor en comptes courants Treasurybill U. bearerscrip caisse d'amortissement sinkingfund caisse d'avances revolving fund calendrier des émissions issuingcalendar cap cap. shareholders' funds [UK] carte de crédit institutionnelle corporatechargecard. market-driven menu approach.risk capital capital a risque nsk capital capital non appelé uncalled capital capital-risque venturecapital.capitalstock (of a corporation) capitalisation capitalidation capitalisation beursiére market capitalization capitalisation de la dette debt capitalization capitalisation des lntérets interestcapitalization capitaux disponibles floating capital capitaux fébriles hot money. owners' equity. par lot straigh4tap certificate of deposit certificat de dépot jumbo (montant minimum de US$100.creditworthiness capacité de remboursement de la dette debt canyingcapacity capital k risque venturecapital. shareholders' equity.bearerscrip certificat d'investissement (Cl) investmentcertificate certificat de dép8t certificate deposit of certificat de dépot a taux renouvelé roll-overcerificate of deposit.

debt repurchase cession de préts par émission de titres securitizedloan sales chambre de compensation clearinghouse chantage au dollar greenmail charges administrées par les servlces unit-managedcosts charges centrales costs centrally-managed chartiste chartist chats cerificates of accrualon (Cats) secuáities Treasury chef arbitragiste head of trading chef de file lead bank.payment sharing clause clause de récupération recaptureclause clause de rendez-vous periodic reviewclause. pa~tcipationcertificate certificat démembré strip certificate certificat négociable de dépot a terme of negotiabletime certificate deposit certificat nominatif bond certificate certificat strip stip certificate cession divestiture cession d'actions (d'une nouvelle société aux actionnaires de la société mére) spinoff cession de créances debt buyback.to clause "drop lock" drop lock clause d'égalité de traitement pari passu clause clause d'exigibilité croisée clause cross-default clause d'illégalité illegaliy clause clause de bonne volonté goodwill clause clause de danger jeopardyclause. break clause .140 certificat de reconnaissance de dette debt ceftificate.review clause clause de sauvegarde jeopardy clause. lead manager cheque certirié certifiedcheck cheque de banque cashier'scheck chéque de banque banker'sdraft cheque tiré banker'sdraft classé improductif nonaccrualstatus. grade.certificateof indebtedness certiflcat de titre en dépót depositaryreceipt certlflcat de transfert de prets pass-throughcertificate. to. in a classer rate.availabilityclause clause de manquement réciproque clause cross-default clause de nantissement négative pledge clause negative clause de ne pas faire pledge clause negative clause de non-préférence de tiers negativepledge clause clause de partage de paiements shañingclause.disasterclause. breakclause clause de déclenchement trggerclause [IBRDJ clause de défaut croisé cross-defaultclause clause de dérogation temporaire bisque clause clause de disponibilité switch.disasterclause.

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

managementfee commission de gestion agencyfee [Euromarket] commission de guichet sellingcommission commission de mise a disposition availability JIFC] fee commission d'engagement commitmentfee.fund compte de gestion de trésorerie cash-managementaccount (CMA) compte de nantissement collateralaccount compte de réserves pour le rachat du capital des actions capitalredemptionreserve funds Compte des banques centrales auprés de la BIRD CentralBank Facility (CBF) [IBRDJ compte "prime d'émission" sharepremium account [IFCJ concentration (des échéances) bunching (of maturities) condamné lock(ed) in (interestrates) configuration double creux double bottom configuration configuration double sommet double top configuration configuration M double top configuration configuration téte-épaules head and shoulders configuration configuration triangle. en triangle triangleconfiguration configuration W double bottom configuration confort comfort consortialiser syndicate.] compte d'achat de titres secunities marginaccount compte d'avances de caisse imprest accoun4fund compte d'avances temporaires imprestaccount.sector (of the market) compensation des créances Internes multilateralnetting compensation monétaire de groupe multilateralnetting compte a découvert marginaccount compte-chequesrémunéré negotiableorderof withdrawal (NOW) account compte courant du Trésor aupr*s des grandes banques Treasury and loan account tax [U.fee compartiment (du marché) segment.to (a loan) consortium syndicate constitution d'un gage collateralization constitution d'une garantie collateralization contraint lock(ed) in (interestrates) contrat k cap de taux d'intéret interestratecap contrat &réglement mensuel (RM) forward contract contrat k taux d'intérét plafonnés interestrate cap . front end fee [Euroloan] commission syndicale managementcommission.S. charge commission de placement sellingfee fEuromarket] commission de reconduction extensionfee commission d'instruction processing fee commission d'instruction loan origination fee commission d'ouverture frontend fee commission d'utilisation utilizationfee commission immédiate flat fee.142 commission de gestion handlingfee.

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

canyingcharges. day-to-daymoney.144 cours (de l'offre) ask(ed) price.rollovercredit crédit renouvelable revolving credit. RIL) [IBRD] crédit a tres court terme call money. demand money. cost of carry coút en ressources intérieures domestic resourcecost (DRC) coút réel des devises domestic resourcecost (DRC) couverture k terme forward cover couverture de l'opération marginrequirements [stock exchangel couverture des opérations A terme hedging couverture du service de dette debt-service coverage créance irrécouvrable write off. charge-off[nounJ créances comptables émises continuellement en francs suisses (COPS) ContinuouslyOfferedPayment Rights in Swiss Francs (COPS) créances immobilisées nonperforming debt créances non productives nonperformingdebt crédit adossé back-to-back(loan. matched funding crédit ponetuel spot credit crédit reconductible revolving credit. matched funding crédit a l'importation pour le redressement économique rehabilitation import credit/loan (RIC.market price [securities marketJ cours acheteur bid price cours de la Bourse share list cours vendeur sellingrate courtage brokerage courtier broker courtier (en valeurs mobilieres) securitiesdealer. money at calU crédit consortial (sans chef de file) club deal. demand money. money at call crédit autoamortissable self-liquidating credit crédit a vue calU money. cost of canry coút des emprunts doublement pondéré double-weighted borrowing cost [IBRD] cofit d'lnactivité (des capitaux) canyingcost.rollovercredit crédlt souvera¡n sovereigncredit .securitiesfinn courtier (opérant sur le marché primaire) spécialiste en valeurs du Trésor (SVI) pñmary dealer courtier d'effets publcs govemmentsecuritydealer courtier en fonds d'Etat govemment securitydealer courtier en placements investmentbroker coút de détention (des capítaux) carrying cost. borrowing). borrowing). day-to-daymoney. carrying charges. loan crédit croisé swap (transaction) crédit de commodité conveniencecredit crédit d'équipement term loan crédit de restructuration new money crédit de sécurité swingline crédit d'imp6t tar credit crédit dirigé managed loan crédit face A face back-to-back(loan.

ma.payment date.payment date. collateralized (debt) defeasance degré de volatilité volatilityratio délai de gráce graceperiod délit dinitié inside. distributiondate décapitalisation stock dilution.demateñalisadion [UKJ démembrement divestiture démembrement stripping dénouer unwind dépenses groupées au début (d'une périodedonnée) front-loadedspending déperdition sur l'investissement investment leakage déport disagio déport discount. k uncovered.stock watering déclaration de politique de développement letterof developmentpolicy JIBRD] déclaration de politique sectorielle letterof sectoralpolicy IIBRD] déclasser (un prat) downgrade(a loan) décompositiondes risques financiers unbundlingof financial nsks décote discountfrom par [secunities market] décote de conversion conversiondiscount découvert.collateralized (debt) defeasance defeasance debt defeasance. naked défaillance du marché marketfailure défausse de la dette debt defeasance. distributiondate date effectivede rentrée des fonds payout date.145 créneau window (in a market) critere de stimulation materialitycriteria cushion bond cushion bond date d'échange trade date date de jouissance dated date date de reconduction rolloverdate date de reglement settlementdate date de valeur value date date de versement payout date.*own [foreign exchangel déport backwardation dépossession divesti¡ure dépót de garantie iniial margin . insiderdealing delta delta demande de remboursement anticipé accelerationof maturity demande de retrait de fonds pour le remboursement d'un palement Applicationfor Withdrawal for reimbursement[IBRDJ demande de retralt de fonds pour le regiementdirect de fournlsseurs Appticationfor Withdrawal for directpayment [IBRDJ démanRiement divestiture dématérialisatlon computerizedentry of ownership.

split-up.stock watering disagio disagio dispositif d'action conjoncturelle Contingency Mechanism [IBRD/IMF] dispositif d'appui conditionnel á l'investissement contingentinvestmentsupport facility dispositif de financement pour imprévus contingency financingfacility distorsion monétaire currencytwist distribution d'actions (d'une nouvelle société aux actionnaires de la société mere) spinoff distribution d'actions gratuites stock dividend dividende en actions scripissue [UKJ.stock dividendtUS] division (d'une action en plusleurs titres) split. subordinateddebt dette prioritaire senior debt dette priviligiée senior debt dette rachetée (créances rendus) au rabais discounted debt dette rachetée (créances rendus) moyennant décote discounted debt dette subordonnée junior debt.146 dépréciation impairment dernier prix (de la journée) closingprice désengagement (d'une société d'Etat) divestiture desintermédiation disintermediation désintermédiation securitization dette achetée avec décote et revendue a sa valeur nominale round-tripping dette amortie retireddebt dette consolidée funded debt dette de rang inférieur junior debt. subordinateddebt dévalorisation impairment différé d'amortissement graceperiod différentiel basis dilution dilution dilution du capital stock dilution. in a double marché two-tiermarket droit right (to purchase shares) droit de conversion stock option droit de souscription subscriptionright duration duration (of an investment) dysfonctionnementdu marché market failure écart spread écart baissier bear spread écart diagonal diagonalspread écart en papillon butterfly(cali) spread écart entre les bons du Trésor et les dépóts a terme en eurodollars TED spread écart haussier bull spread .splitting document prospectus document-cadre de politique économique (DCPE) policy frameworkpaper (PFP) [IBRD] dont les intérets impayés ne sont pas comptabilisés nonaccrualstatus.

KJ effet de retour a la source mery-go-round effect effets k court terme short-termpaper effets de commerce commercialpaper (CP). bond withput option emprunt de contrepartie back-to-back(loan. conversion échange de monnales différentes back-to-back(loan. commercialbilis effets de commerceen eurodevises Eurocommercial paper (ECP) effets porteurs d'intéret interest-bearing notes effets privés privatepaper effets publics govemmentpaper élargissement du capital capital widening élasticité globale du systeme fiscal par rapport au produit intérieur brut (PIB) tax buoyancy élément don résultant du panachage blendedgrantelement élément du pool (provisoire) d'emprunts proxy borrowing [IBRDJ émetteur issuer émetteur maker (e. putable bond. a swap) effet a court terme short-termnote effet brúlant hot bill effet de carrousel merly-go-round effect effet de commerce trade bill [U.g.of a note) émission a caractére spéculatif speculative gradepaper émission k guichets ouverts tap cerificate of deposit émission collée (coincée) hung-up issue émission (primaire) d'actions primary offering émission de titres capital issue émission d'obligations k l'étranger extemal bond issue émission d'obligations haussieres bull bond émission d'obligations ¡lée a des apports d'argent frais new money bonds émission exploratoire red hering issue émission habituelle seasoned issue émission haussiere buUbond émission ratée d'avance "StarTrek"issue émission sans risque investmentgradepaper emprunt a fenetre put bond. borrowing). matched funding échange de prets contre des obligations loans-for-bonds exchange échange dette/nature debt-for-nature swap échange financier swap (transaction) ¿chéance in fine bullet maturity écrire write (an option.price spread échange de créances contre une participation aux recettes d'exportation de produits de base debt commodity swap échange de dettes contre des fonds propres debt(-for)-equity swap.. matched funding emprunt en vrac lump-sum borrowing [IFCJ emprunt garanti par l'Etat sovereigncredit emprunt MiniMax MiniMax loan .147 écart vertical verical spread. borrowing).

top grade borrower emprunteur de premier ordre prime borrower. top grade borrower emprunteur final subborrower emprunteur secondaire subborrower emprunteur trés solvable prime borrower. non-bank financial institution .148 emprunt par obligations émis par séries serialbon4 loan emprunt remboursable en une seule fois bullet issue emprunt remboursable in fine bullet issue emprunteur bien coté prime borrower. non-bank financial institution érosion fiscale des revenus fiscal drag escompte discount fbillsJ escompte a forfait discount without recourse escompte en ducroire discount withoutrecourse escompte ofriciel discount window escompte sans recours discount withoutrecourse établissement non bancaire admls(e) au marché monétaire (ENBAMM) non-bank bank. general obligationbonds emprunts de détresse distressborrowing emprunts de référence qualifiedborrowings(QB) [IBRD] emprunts en devises Indexés (dont le taux est indexé) indexed currencyborrowings emprunts géants jumbo borrowing emprunts jumbo jumbo borrowing en blanc clean en dedans in the money (ITM) (option) en dehors out of the money (OTM) (option) encadrement (du crédit) lendingceiling credit limit encart publicitaire tombstone encheres au rabais Dutch auction[U. top grade bonrower emprunteurs aupres de sources publiques officialborrower emprunts a sensibilité opposée (ESOP) bull and bear bond emprunts aupres d'intermédiaires financiers internationaux intennediativeborrowing emprunts de collectivitélocale generalobligations.S. premier borrower.tumtable entreprise non bancaire admis(e) au marché monétaire (ENBAMM) non-bank bank.J encours total de la dette debt overhang endetté (highly)leveraged engagement exposure engagement k la baisse shortposition engagement conditionnel contingentobligation[IBRDJ engagementconditionnel (de participation) standbyequity engagement d'attente standby commitment engagement de prise de partlcipation equityunderwniting engagement par pays country exposure engagement spéctal Special Commitment [IBRDJ enregistrement en attente shelf registration entrepót entrepot. high quality borrower. high quality borrower. high quality borrower. premier borrower. premier borrower.

matched funding Facilité d'ajustement structurel établie dans le cadre du Compte de versements spécial (FAS) Structural Adjustment Facility within the Special DisbursementAccount (SAF) [IMF] Facilité d'ajustement structurel renforcée (FASR) Enhanced Structural Adjustment Facility(ESAF) [IMF] facilité de crédit spécial (RUF) revolving underwriting facility (RUF). euronotefacility facilités d'émissions non cautionnées non-underwntten facilities facilités d'émissions non souscrites non-unde. euronotefacility facilité de financement a options multiples multioptionfacility (MOF). backup (underwiting)facility facilité d'émission d'effets revolvingundenwriting facility (RUF).vrittenfacilities facilités d'émissions souscrites facilities underwritten facteur de réévaluation factor [currency revaluation pool] facteur de réévaluation au jour le jour daily revaluation factor [currency pool] facilités d'euronotes euronotefacilities Fédération internationales des bourses de valeurs (FIBV) InternationalFederationof Stock Exchanges (FIBV) fiche de Bourse tradingticket [securities] riger lock(ed) in (interestrates) euro-obligation Eurobond europret Euroloan évaluation rating évaluation actuarielle actuarialevaluation évaluation par score scoring éviction crowding-out exigibilité anticipée accelerationof maturity . note issuancefacility (NIF).note issuancefacility (NIF). note purchasefacility.149 etre a la fois vendeur et acheteur make a market etre faiseur de marché make a market euro-actions euro-equities eurobillets de trésorerie Eurocommercialpaper (ECP) eurocrédit Eurocredit eurodevise Eurocurrency eurodollar Eurodollar euromarché Euromarket euromonnale Eurocurrency extemnalisation(des versementa au titre du service de la dette) extemalization(of debt ser'áce paymentr) extraterritorial offshore face &face back-to-back(loan. note purchasefacility. multioptionfinancingfacility (MOFF) Facilité de rinancement compensatoire et de financement pour imprévus Compensatowy Contingency and FinancingFacility[IMF] facdlitéde fluancement des Importations tradefinancingfacility facilité de garantde backstop (credit)facility.borrowing).

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

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

non-bank financial institution instrument négociable negotiableinstnrment instrument participatif equity-likeinstnument instruments de la dette publique governmentdebt instruments .group.managinggroup fEuro-dollarmarket] groupe de garantie underwriting consortium.automated teller machine (ATM) habillage de bilan window dressing hasard moral moral hazard hedging hedging honorabilité (client privé] creditstanding creditworthiness horu du cours out of the money (OTM) (option) ¡CON indexed currencyoption note (ICON) imposition conditions de préalables front-loadingof conditionality indexing indexing indexprogram indice de réévaluation du pool currencypool index indiciérisation indexing.152 gag¿e collateralized(bond) gain net de rendement yield pickup gamma gamma gapping gapping garant d'émission underwriter garantie (de l'Etat) guarantee[IBRDJ garantie appelable par anticipation accelerable guarantee garantie de la BIRD guarantee[IBRD] garantie de participation au capital equity-related guarantee garantie de recouvrement de l'apport des investisseurs (GRAI) GuaranteedRecoveryof Investment Principal (Program) (GRIP) [IFC] garantie d'une créance debt secuñity garantie mobile rollingguarantee (of interest payments) garantie non appelable par anticipation non-accelerable guarantee Gensaki Gensaki gérant de portefeulile portfolio manager gestion de (la) trésorerle cash management gestion du passlf liabilitymanagement grande banque city bank [Japan] greenmail greenmail groupe de créanciers group of creditors groupe de direction management.index program inflation de base core inflation ingénierie financiére financial engineering institution d'épargne contractuelle contractualsavingsinstitution instrument financier á terme financialfutures institution financiere non bancaire non-bank bank.group. syndicate groupe d'enchérisseurs tenderpanel groupe de placement sellingconsortium. syndicate[EuromarketJ guichet automatique de banque (GAB) automatíc.

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

curb market marché hors cote over-the-counter market (OTC) .physical market [commodities] marché figé locked market marché financier capital market marché rinancier financial market marché financier open market marché gris grey.S.154 ligne de liquidité swingline LIMEAN LIMEAN limitation de la circulation physique des valeurs truncation limite du pouvoir de prét lendingceiling.J. merchant bank [U. bill broker maison de titres investmentbank [U. actual market. cash market.securitiesfirm mandataire agent bank manque de concordance des échéances maturitymismatch manque de synchronisme des échéances matunty mismatch marché k terme d'instruments financiers (MATIF) financialfutures market marché au comptaut spot market. off-the-board market marché hors cote unlisted securitiesmarket (ULM).cash market [foreign&changel marché aux enchéres auction market marché baWssier bear market marché bancaire des particuliers retailbanking marché boursier equitymarket marché de(s) capitaux capital market marché de l'argent money market marché de la criée floor trading marché d'encheres auction market marché d'enchéres auction market marché de porteurs bearermarket marché des actions equity mawket marché des capitaux financial market marché des effets a court terme short-termpaper market marché des fonds propres equitymarket marché des valeurs mobilieres securitiesmarket marché des valeurs mobilieres non inscrites k la cote omeielle unlistedsecuAffesmarket (ULM). over-the-counter (OTC) market. curb market marché disputable contestablemarket marché du disponible spot market. over-the-counter (OTC) market.graymarket marché haussier buil market marché hors bourse third market. third market.K] maison de titres securitiesdealer. third market.credit limit liste d'attente queue liste de conditions term sheet liste sous contróle watch list long hedge long hedge maison de réescompte discount house.

market-drivenmenu approach. market-basedmenu approach. menu of options mettre en jeu une garantie call a guarantee mini-obligation baby bond mise en pension repurchaseagreement(RP. repo) mise en pension inverse reverserepurchaseagreement mise en report inwardswap mobiliérisation securitization mobiliser discount modéle d'équilibre des actifs rinanciers (MEDAF) capital assetpricingmodel (CAPM) modéle d'évaluation des actifs financiers (MEDAF) capital assetpricingmodel (CAPM) .155 marché monétaire money market marché ob la cote de crédit est primordiale name market marché paralIlle parallelmarket marché primaire primary market marché secondaire secondarymarket marché tres actif deep market marchéisation securitization marchéisation marketization marchés a terme sur les taux d'intéret interestratefutures marge spread marge brute grosseamings margin. SDA ProjectFacility Mécanisme de financement pour aléas extérieurs Extemal Contingency Mechanism [IMF] mémorandum d'offre offeringmemorandum mémorandum de placement placement memorandum.gross margin. menu of options menu des options market-basedmenu approach. placing memorandum.bankers spread. Ml] mauvais fonctionnement du marché marketfailure mécanisme automatique de révision (des taux d'intéret) automaticresettingmechanism [IFCJ mécanisme d'assurance des swaps Swap InsuranceFacility [IBRDJ Mécanisme de couverture de swaps ContingentSwap Facility [IBRDJ Mécanisme de développement des Carailbes CaribbeanDevelopment Facility Mécanisme de financement de la préparation des projets ProjectPreparationFacility (PPF) [IBRDJ Mécanisme de financement du Projet Dimensions sociales de l'ajustement Social Dimensionsof Adjustment ProjectFacility. banker'smarkup [banks] marge de décaissement headroom marge financiére financial spread marge implicite implicit spread marge vorace alligatorspread marking to market marking to market masse monétaire au sens étroit narrowmoney [cf. informationmemorandum menu-. market-driven menu approach.

face value non admis. MI] monnale épine splinter currency[IBRDJ monnaie épineuse splinter currency[IBRDJ monnale scripturale bank money montages comportant l'apport d'argent frais new moneypackages montant notionnel notional amount montant total des caps autorisés Global Cap Authority [IFC] montants affectés set-asides montants passés par perteset proñlts write off.156 modification de l'échéancier interestretiming modifícation de la monnale d'un pret redenomination cunrency modification de la périodicité des paiements d'intéréts interestretiming modification du régime des intérets interest(rate)switching MOF multioptionfacility (MOF). placingmemorandum note sur les probabilités de recouvrement note country collectibility [IBRD] nouveau pouvoir de placemnent Authority New Investmnent (NL4) novation novation novation renewal obligation bond obligation debenture(bond) obligation note obligation a coupon différé deferredcoupon note. multioptionfinancingfacility (MOFF) monétique electronicbanking monnale au sens étroit narrowmoney [cf. chage-off [noun] montants réservés set-asides moyenne (pondérée) mobile running(weighted)average moyens de paiement k l'encaissement float [banking] moyens de paiement flottant float [banking] moyens de paiement non recouvrés float [banking] multiplication des opérations chuming overading naturalisation de la dette debt domestication négociation de larges paquets d'actions block trading négociation séparée stripping new money new money niveau d'indifférence point [stock market] break-even nominale par value. deferred interestnote obligation a coupon zéro zero coupon bond obligation á double devise bond dual-currency obligation a long terme émise par une collectivitépublique pour financer un projet (dont les recettes assureront le remboursement) revenuebond . non inscrit k la cote officielle unlisted (security) non coté unlisted (security) non garantl clean notation rating note d'lnformation placement memorandumr.

speculativegrade bond obligation assortie d'une option de vente bond withput option obligation i taux flottant floating-ratebond obligation a taux tlottant a intérét inversé inversefloating ratenote obligation k taux flottant fixé d'avance stepped (rate) bond obligation a taux flottant gagé collateralized floating ratebond obligation A taux flottant inversement indexée reverse floating ratenote obligation A taux renouvelé rolypoly bond obligation a taux variable Wmismatch" mismatch floating ratenote obligation a taux variable (OTV) floating-rate bond obligation á taux variable basée sur une contre-transformation mismatch floating rate note obligation a taux variable plafonné cappedfloating rate note obligation au porteur bearerbond obligation avec bon de souscription d'actions (OBSA) bond with equitywarrant obligation avec bon de souscription d'obligations (OBSO) bond with bond warrant obligation avec option de change multiple (currency) option bond obligation avec option monétaire multiple (curency) option bond obligation Awarrant warrantbond obligation "bouIedogue» Bulldogbond obligation cautionnée custom duty bill obligation classique straightbond obligation convertible en actions converible. convertible secunty obligation 'daimyo" daimyo bond obligation de premier ordre top-ratedbond obligation de société corporatebond obligation dénoncée calledbond obligation doublement garantie double-barreled bond obligation émise par une collectivitépublique dans l'attente de rentrées non fiscales revenue-anticipation note obligation étranglre émise k Londres Bulldog bond obligation gagée collateralized (bond) obligation garantie par une hypotheque collateralized mortgage obligatíon(CMO) obligation Geisha Geisha bond obligation haussiere et baissiere bulí and bear bond obligation hypothécalre mortgagebond . loan obligation apparentée aux actions equity-related bond. equity-linked bond obligation á prime (d'émission) discount bond obligation Atprime d'émission originalissue discount (OID) bond obligation á prime d'émission élevee deep-discountbond.157 obligation A lot seral bond. note obligation á risque junk bond.

perpetual bond. commodity-backedbond obligation matador matador bond obligation multimarchés global bond obligation munie de coupon coupon(-bearing) bond obligation ne pouvant etre amortie par anticipation noncallablebond obligation nominale 3 option d'achat ou de vente de produit nominal bond with attached commodity option obligation (non garantie) loan stock obligation non garantie debenture(bond) obligation non négociable nonmarketablebond obligation participante income bond.obligations offre excédentaire overhang offre publique d'achat (OPA) take-overbid offre publique de vente (OPV) public offering(of shares) offre publique sur le marché secondaire secondary public offering offshore offshore OPA a crédit leveraged buyout (LBO) OPA sauvage unfriendlytakeoverbid open market open market opérateur (sur le marché) dealer [stock market] . participating bond obligation perpétuelle nonmaturzing.158 obligation indexée indexed bond. extendible maturitynote obligation remboursable avant l'échéance callablebond obligation rétractable retractable. nonredeemable govemment bond. index-linked bond obligation indexée sur les prix de produits de base commodity-indexedbond obligation kiwi kiwi bond obligation "lévrier d'Irlande" wolfhound bond obligation liée aux prix de produits de base commodity-linkedbond. annuity bond. extendible matuñitybond obligation prorogeable extendiblenote.K] obligation planétaire global bond obligation pourrie junk bond. speculativegrade bond obligation pouvant intéresser les banques bank qualitybond obligation prorogeable extendiblebond. consol [U. putable bond obligation samoura! Samurai bond obligation "shogun" Shogun bond obligation spéciale Acoupons A réinvestir (OSCAR) bunny bond obligation Isushi" Sushi bond obligation venant a échéance due bond obligation vendue a guichet ouvert bond sold on tap obligation warrantée warrantbond obligation Yankee Yankee bond obligations d'Etat de qualité a coupon zéro sterlingtransferable accruing govemment securities(STAGs) obligations émises par des organismes fédéraux agencysecurities.

borrowing).call-and-putoption option d'achat call option option d'achat du double call of more (CM) option dans le cours in the money (I'TM) (option) option de change multicurrency option option de gré a gré over the counter (OTC) option option de modification de la monnaie d'un prét currencyredenomination option de put put option option de rachat call option option de remboursement anticipé au gré du porteur put option de reprise (des derniéres échéances d'un prét commercial) take-overoption [IBRDJ option de souscription stock option option de swap swaption.159 opérateur principal du marché (OPM) discount house.swap option option de vente put option option européenne European (style) option option multidevises multicurrency option option sur contrats a terme futures option option sur indice index option ordre a cours limité limit order ordre au mieux market order ordre d'achat tradingticket [secunities] ordre de placement automatique formula investing ordre de vente tradingticket[secunties] ordre lié straddle.call-and-putoption ordre stop stop order . bill broker opérateurs sur le marché market participants opération a échéances symétriques matched matuñitytransaction [IBRDJ opération couplée d'emprunts back-to-back(loan. matchedfunding opération d'achat de titres au comptant et de vente de contrats k terme cash and carry opération de couverture par vente a terme short hedge opération de vente de titres au comptant et d'achat de contrats a terme reversecash and cany opération en association equityjoint venture opérations k terme futures [commoditiesmarket] opérations d'arbitrage en couverture d'actifs hedging opérations d'arbitrage vers l'intérieur inwardswitching opérations de bouclage topping up opérations de couverture par achat A terme long hedge opérations de prise en report outwardsw¡tching operations opérations en contrepartie hedging option option option américaine American (style) option option au cours at the money (ATM) (option) option call et put straddle.

middle-incomecountry (MILIC.promoters' stock [U.fund paiement contre documents cash against documents (CAD) palements d'intérets prévus P'échéancier scheduled debt service panachage a court terme (PCi) currentblend (CB) [IFC] panachage de long terme (PLI) long-termblended cost rate (LTB) [IFC] panel d'offre tenderpanel papier a court terme short-term paper papier a terme offert en permanence (COLTS) ContinuouslyOffered Longer-TermSecurities (COLTS) papier commercial commercialpaper (CP). charge-off pays k faible revenu. equity investment participation croisée cross-shareholding participation majoritaire dans l'actif proprietary interest participation proportionnelle funding pro rata [IBRDJ participation sans recours nonrecourseparticipation parts bénéficiaires founders' shares. á revenu intermédiaire modérément endetté moderatelyindebted low-.heavily indebtedmiddle income country (HIC) pays admis Aemprunter A l'IDA IDA-eligiblecountry pays éligible au crédit de I'IDA IDA-eligiblecountry pays empruntants auprés de sources publiques official borrower . derivative floating ratenotes parité. commercialbilis papier synthétique a taux d'intéret flottant syntheticfloating rate notes. middleincome country (SILIC. k revenu intermédiaire gravement endetté severelyindebtedlow-. commercialbilis t papier financier commercialpaper (CP).K] passager clandestin free rider passation par pertes et profits write off. SIMIC) pays a faible revenu.promoters' stock [U. a at the money (ATM) (option) parité de conversion conversionvalue part d'association partnership share part de capital proprietary interest part des risques exposure participants sur le marché market paticipants participation k forfait nonrecourse participation participation k toutes les échéances stripparticipation participation au capital equityfinancing.K] parts de fondateur founders' shares. MIMIC) pays a financement mixte blend country pays k revenu intermédiaire fortement endetté highly.160 Organisation internationale des commissions de valeurs mobiliéres (OICV) Intemational Organization of SecuritiesCommissions (IOSCO) organisme d'émission issuer organisme de placement collectif en valeurs mobiliéres (OPCVM) investmentcompany.

offshore offshorebanking center placement d'actions détenues par les particuliers secondaryoffering placement de pere de famille blue chip placement de titres par gros paquets block trading placement par vole privée privateplacement placement spécial specialplacement plafond de pret librement accordé plan de réduction de la dette (avec garantie) collateralized(debt) defeasance. reference zone plan d'achat stock option plan d'épargne retraite personnel (PER) individualretirementaccount (IRA) plan de réduction de la dette (avec garantie) debt defeasance.debt defeasance plan de souscription d'actions stock option plancher floor plaque tournante entrepot. market price [securitiesmarket] place bancaire extraterritoriale.turntable plus-values latentes unrealized gains point de base basis point pondération des monnales currencyweight pool de monnales rixécomme objectif targetedcurrencypool pool d'emprunts de référence pool of qualified borrowings pool des monnales (des préts) loan currency pool pool des monnales prétées loan currency pool portefeuille de prets loan portfolio portefeuille liquide liquiditypo~tfolio. collateralized (debt) defeasance plan de réduction de la dette (avec garantie) avec fonds d'amortissement debt defeasancethroughthe sinkingfund mechanism .liquid assets ponfolio portefeuille modele benchmarkportfolio [IBRDJ porteur d'obligations bondholder free limit of loan plafond des taux d'intérét interestratecap plage de référence target zone.161 pays empruntants sur les marchés financiers market borrowers pays en pointe fast track country pays menacé d'asphyxie par endettement debt distressedcountry pays pouvant bénéficier d'un financement mixte blend country pays qui continue d'emprunter active borrower pays qui ont accés aux marchés financiers market-eligible countries pays recevant des prets de la BIRD et des crédits de l'IDA blend country pays surendetté debt distressedcountry période d'intérét interestperiod pétro-obligation petrobond phase de développement (d'une société) mezzaninelevel pied de coupon ask(ed) price.

raider prédateur hostile hostile raider pret k la reconstruction emergency reconstruction loan (ERL) pret k la réforme des bénéfices loan with equity kicker entreprises publiques (PREP) public enterprise reform loan (PERL) JIBRDJ pret "B" "B" loan . to (bills) présence exposure (ERL) pret a taux révisable resetter loan. open market interest pret k amortissement négatif negative amortization loan pret a coupon unique balloon loan pret a un intermédiaire financier financial intermediary loan (FIL) pret apex apex loan position vendeur shortposition pourcentage de couverture margin requirements [stock pret a l'ajustement de la politique industrielle et commerciale (PAPIC) industrial and trade policy adjustment loan (ITPAL) pret a l'ajustement des pret au jour le jour call loan prét au redressement des exchangel pouvoir d'engagement commitment authority entreprises publiques (PREP) public enterprise rehabilitation exportations export adjustment loan (EAL) loan (PERL) [IBRD] pret au redressement économique economic recovery loan (ERL) pret au relevement emergency reconstruction loan pouvoir de placement des liquidités de la SFI liquid assets investment authority [IFC] prét k l'ajustement du secteur agricole (PASA) agricultural sector adjustment loan (ASAL) pouvoir de pret lending authority pouvoir général de placement General Investment pret a l'importation pour le redressement économique rehabilitation ímport credit/loan (RIC. praecipuum prédateur corporate raider. broker's loan Authorization [IBRD/IDA] préavis d'émission red herring pret a la rationalisation des entreprises publiques (PREP) public enterprise rationalization loan (PERL) [IBRDJ pret aux courtiers de Bourse broker loan.162 porteur de titres bondholder premier prix (de la journée) opening p¡ce pret a la réhabilitation de zones sinistrées emergency reconstruction loan position acheteur long position position courte short position prendre (des effets) en pension take in. broker's loan pret aux courtiers de Bourse broker loan. rate resetter (RR) loan position longue long position position ouverte open interest. RIL) [IBRDJ (ERL) pret aux courtiers de Bourse broker loan. broker's loan pret avec intéressement aux préciput praecipium.

programlending [IBRD] pret-programme d'aJustement program adjustmentloan (PAL) [IBRDJ pret pyramidal apex loan pret remboursé par anticipation prematuredloan prOt secondaire subloan prat sectoriel sectorloan pret sous forme de prise de participation equity loan pret subsidiaire subloan pret syndiqué syndicatedloan pret syndiqué en circuit fermé club deal loan . nonaccruingloan pret par étapes time-sliceloan pret participatif loan with equitykicker pret participatif equityloan pret-programme programloan. SAD) pret d'assistance technique technicalassistanceloan (TAL) [IBRDJ pret de qualité quality loan pret de titres garanti par d'autres titres borrow-pledge securityloan pret de titres garanti par des fonds cash secuity loan pret destiné a couvrir un éventuel dépassement des coots overageloan prét d'investissement et d'entretien sectoriel <lES) sectorinvestmentand maintenanceloan (SIM) [IBRDJ pret d"nvestissement spécifique specific investmentloan (SIL) [IBRD] pret dont on exige le remboursement anticipé prematuredloan pret du pool pooled loan prét en cascade apexloan pret en danger jeopardy loan pret en difficulté dlistressed loan pret géant jumbo loan pret global package loan [IFCJ pret hybride hybridloan prét indexé indexedloan [currency pool] pret jumbo jumbo loan pret librement accordé free-limitloan pret non privilégié subordinatedloan pret non productif nonperformingloan.163 pret ballon balloon loan pret cofinancé coloan prét comnportant risque un souverain sovereignrisk loan pret conditionnel standby loan pret consenti par la SFI a une banque nationale de développementpour l'octroi de prets a des PME package loan JIFC] pret consortial syndicatedloan pret d'ajustement sectoriel sectoradjustment loan (SECAL.

firm commitment underwriting prises de participation non productives no-retum equity prises de participation non rentables no-retum equity prix acheteur buyingrate [securities market] prix comptable accountingprice prix d'arrét stop-outprice prix de base inflationpremium préts en faveur de réformes policy-basedlending.policy loans préts aux conditions du marché market-related lending préts de titres securitylending[IBRD] préts en cours de décaissement. prepayment premium prime de risque risk premium prime de risque-inflation prise de controle par l'emprunt (LBO) leveragedbuyout (LBO) prise de participation au capital social equityfinancing. strikepnce.policy loans pr¿ts á I'appui policy-basedlending.spontaneouslending prime premium [secunities] prime call option prime de conversion conversion premium prime de liquidité liquiditypremium prime d'émission premium [stocks] prime d'émission discount fbondsJ prime de remboursement call premium prime de remboursement anticipé prepaymentfee.(to) [World Bank] préteur non privilégié subordinatelender préteur officiel lenderof record préts additionnels new money préts k des conditions commerciales commerciallending préts a l'ajustement macroéconomique policy-basedlending.policy loans préts forcés involuntarylending Principes comptables généralement admis Generally AcceptedAccounting Principles(GAAP) strikingpnce. repo) prise en réméré inverse reverserepurchaseagreement prise ferme bought deal. non encore remboursés active loans prets involontaires involuntarylending prets non spontanés involuntarylending préts spontanés voluntary. exercise price prix de cession interne transferprice prix de conversion conversion pnice . equity investment prise en pension purchase and resale agreement [Canada] prise en réméré repurchaseagreement(RP.164 prét trés menacé jeopardyloan prét(er) a un pays dont les intéréts ne sont pas comptabilisés loan into arrears.spontaneouslending prets volontaires voluntary.

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

K] ratio de structure du passif leverage(rado) [U.KJratio de liquidité liquidityrado [IBRD] ratio de liquidité générale currentrado.S. futur du service de la dette debt servicetime profile ratio ratio institutionnel institudional raio ratio prix comptable-prix du marché accountingratio ratio tiré du bilan balance-sheetratio ratios de gestion operatingratios ratios de liquidité liquidityratios ratios de rentabilité profitabilityratios. debt service to exportsratio ratio dynamique.S.gearng (rada) [U. gearing (atdo) [U.166 rapport coats-bénéfice price/eamings ra~lo(PE ratio.-. gearing (raaio)[UK] ratio de trésorerie réduite acid-test liqui4 quick ratio ratio du service de la dette debt-service ratdo.debt-to-equity ratio ratio de couverture hedge ratio ratio de couverture de l'intéret interestcoverage rado ratio de levier leverage(ratio)[U.]. debt-to-equity ratio ratio d'endettement debt ratio ratio d'endettement &long terme long-termdebt rado ratio (départs en) missions d'évaluation/réserve de projets pipelinefactor lIBAD] ratio de recouvrement collectionrado ratio des lntérets non comptabilisés net nonaccmial rate ratio de solvabilité debt rado ratio de solvabilité-endettement leverage(ratio)[US. PER) rapport de liquidité (1/1/78-1/9/88) reserverado rapport encours des prets/fonds propres gearingraio [IBRD] rating atdng ratio d'autonomie financiere debt-equityratio.-. worling-capital ratio d'endettement debt-equityratdo. revenue-covenant ratios reconduction roll-over reconstruction de la dette debt restbucturing recyclage relending réemploi des plus-values rolloverof gains réescompte officiel discount window réescompter rediscount refinancement roll-over refinancemnent anticipé advancedrefunding refinancement pour un montant égal even roll réglage de précision fine-tuning (of the economy) regle de minimis de minimis rule relativement moins développé relatvely less developed [IDA] remboursement [préts] amortization remboursements 3 P'IDA IDA reflows remboursement en tranches égales level repayment remise (d'une dette) cancellation(of a debo .

annuity bond. consol [U.K] rentrée nette payout price rentrées de P'IDA IDA reflows réouverture d'une émission reissue répartition allotment repli technlque technicaldecline. drop report contango report premium [foreignexchangel report a nouveau retained eamings report de crédits carry-over report de devises outwardswap report de la détermination du taux deferredrate resetting [IFCJ répression financiere financial repression reprise d'entreprise par les salariés (RES) leveraged managementbuyout (LMBO) réserve pour pertes non identifiées unidentifiedloss reserve[IFCJ réserve pour pertes spéciriques specific loss reserve[IFC] réserves obligatoires pour risques de tansfert allocatedtransferr¿skreserves (ATRR) rUS] resquilleur free rider ressources acquises purchasedfunds restructuration de la dette debt workout restructuration de la dette debt restructuring restructuration du capital recapitalization résultat net bottom line retrait drawdown rétrocession onlending rétrocession sell-down réutilisation des préts relending reverse cash and carry reverse cash and carry risk conversion floater rsk conversionfloater risque exposure risque calculé par référence au marché mark to market exposure risque d'insolvabilité de l'Etat emprunteur sovereignrisk . negativepledge waiver renonciation a la clause parí passu negative pledge waiver renouvellement roll-over rente perpétuelle nonmaturing nonredeemable govemment bond. perpetual bond.167 rendement a l'échéance y¿eldto matunty (YTM) rendement converti en taux d'intérét coupon equivalenty¿eld rendement de Pactif retum on assets (ROA) rendement de l'actif net moyen retum on averagenet worth [IFC] rendement des avoirs retum on averageassets [IFCJ rendement minimum floor retum renllouer bail out renforcement du crédit credit enhancement renoncer take ou4 to [IBRDJ renonciation a la clause de nantissement négative waiverof negative pledge.

liquid-holdings risk risque lié au décalage entre les échéances mismatch risk [IBRDJ risque souverain sovereignrisk risques de refinancement rollovernisks ruée vers les titres de qualité flight to quality s'assurer (de taux d'intérét favorables) lock(ed) in (interestrates) . offshore offshore banking unit (OBU) Service-conseilpour l'investissement étranger (FIAS) ForeignInvestment Advisory Service (FL4S) Service de promotion et de développementdes investissements en Afrique (APDF) Africa ProjectDevelopment Facility(APDF) services bancaires pour les particuliers retailbanking seuil de déclenchement triger rate short hedge short hedge simple clean situation nette stockholders'equity.third market. company (OEIC). shareholders'equity.owners' equity. company (CEIC) d'intéret interest-rate risk risque de refinancement refinancingrisk [IBRDJ risque de transformation mismatch risk [IBRDJ risque de transformation matuditymismatch risque di au décalage lagnisk [IBRDJ risque exceptionnel event isk risque lié A la marge spreadrisk [IBRD] risque lié a la rentabilité des liquidités cash nisk.fund société d'investissement a capital fixe (SICAF) closed-end (investment)fund. unit trust [UK] société d'investissement 3 court terme money market (mutual)fund (MMF) société d'investissement de trésorerie money market (mutual)fund (MMF) société d'investissement fermée closed-end (investment) fund. over-the-counter (OTC) mar*et.K] société civile de placement immohilier real estate investment trust (REIT) société d'investissement investmentcompany. company (CEIC) société d'investissement a capital variable money market (mutual) fund (MMF) société d'investissement a capital variable (SICAV) mutual fund société d'investissement a capital variable (SICAV) open-end (investment)fund. curbmarket secteur des entreprises corporate sector sécurité comfort service bancaire de gestion financiére bank trust department service bancaire international intemationalbankingfacility (IBF) service extraterritorial.net worth. shareholders'funds JU. equity.168 risque de change cross-currency exchaWge nsk risque de conversion comptable des monnales cumencytransíationexposure risque de perte sur les taux second marché unlistedsecuntiesmarket (ULM). mutual fund.

debt-for-debt swap swap de dettes en devises contre dettes en monnaie nationale debt-for-local currencyswap swap de devises currencyswap .K] société de financement de l'innovation venturecapital company société de placement secuMties dealer. conversionswap créances de contreespeces debt-for-cash swap swapde créances contre finances pour le développement debt-for-development swap swapde créances contre recettes dexportations de produits de base debt commodity swap swap de créances contre remise de produits (exportables) debt-for-export swap. company (OEIC). takeover candidate solde bottom line solvabilité creditstanding czeditworthiness soulte.creditworthiness swap swap (transaction) swap a prime premium swap swap a terme variable callableswap swap avec décote discount swap swap 'cocktailP cocktailswap swap compensatoire reverseswap swap d'actifs asset(-based)swap swap de base basis (rate) swap swap de compensation reverseswap smp de créances par debt swap.169 soelété d'investissement monétalre money market (mutual) fund (MMF) société d'linvestissement ouverte open-end (investment)fund. debt swap. debt swap. debt-debtswap smp de créances debt-debtswap.call-and-putopton straddle straddle. unit trust [U. debt-for-products swap swap de dette contre des quasi-participations debt/quasi equityswap swap de dettes debt-debtswap.caíl-and-putoption strangle strangle subdivision d'un pret en plusieurs tranches tranching support underlying(secunrty) surendettement debt overhang súreté garantissant un solde dú au titre d'une participation purchasemoney secunity interest[IFCJ surface rinanciére credit standing.par debt swap. debt-for-debt swap swap de créancescontre des participations debt(-for)-equity swap.securitiesfirm société mandatée (par la Banque mondiale pour la représenter k des émissions d'obligations au Japon) commissioned company [Japan] société opéable targetcompany. la margíncall sous-compte débiteur de l'emprunteur borrower'sindebtedness subaccount[currency pool] sous-jacent underlying(secunity) sous-participant secondary participant spéculation trading spread spread stellage straddle. mutual fund.par debt swap.

source and applicadon of funds statement. ~syndicate syndicat de pbcement tenderpanel syndicat de prise ferme gmup. funds statement tableau des flux statement of changesin financialposition. source and applicationof funds statement. funds statement . cuww coupon swap de mwap référence basis (rate) swap smp de taux d'lnt¿ret swap interest-rate swap de taux de référence basis (rate) swap swap d'intérets et de monnales cross-currency interestrate swap swap d'obligations pour un montant nominal égal evenpar swap swap d'options option swap swap double devise dual-currncy swap swap International swap cross-border msp lnvers¿ minmor swap swap optionnel swaption. syndicate syndicat financier syndicate syndicat soumissionnaire tenderpanel systéme d'amortissement par tranches (égales) level annuitysystem systéme de financement non institutionnel infornal finance systéme de flnancement traditionnel informalfinance systeme de remboursement par annultés level annuitysystem systlnmede remboursement par tranches gales equal pnncipal repayment system systeme de remboursements égaux du principal equal prncipal repayment system syst¿me de taux preteur fondé sur un pool d'emprunts pool-based lendingrate system LIBRDJ syst¿me de taux preteur variable vadablelendingrote (VLR) system syst¿me du pool de monnales currencypooling system syst¿me fédéral de réserve FederalReserveSystem systeme pour l'apport d'argent frais new moneyfaciliay Systéme d'information sur les marchés financiers (Banque mondiale) World Bank CapitalMañkets System (CMS) [IBRDJ tableau de financement statement of changesin financial position. undewnting consortiumi.170 swap de mo_aes currncyswap swmp monnales et d'latret de crs swap. to swaps pliantbroplques debt-chay swaps swaps portant la fob ur la taux d'intérEt et sur les monnales cross-cuncy interesthedg.swap option swmpsur des dettes par debt swap.managinggrup [Euro-dollarma¡ketJ syndicat de garande underwriting consorium.swap option syndicat d'enchres tenderpanel syndicat de direction management. double hedge swap swaption swaption. gmup. debt-ebt swap smp taux fixe/taux variable coupon swap msp taux variable contre taux variable basis (rote) swap swapper swap.

171 tableandes opérations flnancires (TOF) flow-of-fund table [national accountsJ tassement shake-out (of the market) taux composite du marché combined market rate taux critique de rentabilité hurdlerate taux croisés divergents broken cross rates.centralrate taux plancher de verrouillage lock rate taux preteur variable basé sur un pool d'emprunts pool-basedvariablelendingrate [IBRD] taux privilégié prime rate tel quel fiat teneur tenor teneur de marché market maker floorrate of exchange taux de coupon coupon rate . borrowing rate taux d'lintéret d'équilibre (du marché) ma¿ket-clearing interestrate taux d'lntérft dircteurs key interestrates taux d'lntéret aoné interestratese8mentation taux d'intéret réel realinterestrate taux d'Intéret résultant du panachage blended interestrate taux du marché monétaire (TMM) money market rate taux Interbancaire offert interbankofferedrate (IBOR) taux jalon key money rate.centralrate taux Lombard Lombard rate [Federal consommation consumplion rateof interest (CRI) taux d'avances sur titres brokerloan rate taux d'égalisation des valeurs actuelles cross-over discount rate. equaliAngdiscount rate taux de base prime rate taux de base a long terme long-term prime rate (LTPR) [Japan] taux de change minimum Republic of GennanyJ taux pivot key money rate.calU loan rate taux de mobillsatioo des ressourca resourcemobilizaton tolo taux de recouvrement collectiontalio taux de recouvrement net net collectionratio taux de rendement In fine equivalentbondyield taux des avances k vue cali money rate. call loan rate taux des avances sur titres Lombard rate[Federal Republicof Germany] taux d'escompte discount rate taux des fonds fédéraux federalfunds rate [USJ taux d'indifférence cross-over discount rate.tnangular arbitrage taux d'activité activity talios taux d'actualisation discount rate taux d'actualisation de la taux de coupon courant currentcoupon (tate) taux de l'argent au jour le jour call money rate. equalizingdiscount rate taux d'intérft comptable (TIC) accountingrate of interest (ARI) taux d'intérit créditeur depositorrate of interest.

172

teneur de plume book-n¿nninglead bank book-iunning lead manager
tigre TreasuryInvestment Growth Receipt (iger) titralisation securitization titre security titre A coupon dégressif multiple step-down (security) titre A coupon progressif multiple step-up (secunty) titre au porteur bearersecurity titre de cr¿ance debt secunity titre de participation a un pool de préts pass-throughcertificate; parficipationcetificate titre de rente perpétuelle annuity bond titre destiné & I'étranger foreign-aimedsecurity; foreign-targeted securitytUS] titre émis A guichets ouverts tap security titre émis k jet continu tap secunity

titre garantl par des cefances hypoth¿cafreu mongage-backedsecuity (MBS) titre nominatif secuíty registered titre obligataire debt security titre précurseur security bellwether titre rattaché á des actions bond; equity-related bond equity-Zinked titre relevé book-entrysecurity titre sous-jacent underlying(security) titre subordonné a durée indéterminée (TSDI) perpetualfloating-rate note titres a options couvertes coveredoption secuñities (COPS) titres alternatifs altemativeparticipation instruments (APIs) titres assortis de coupons coupon paper titres de placement investmentsecurities titres garantis par des actifs assetfinance titres négociables marketablesecunties

titrisation securtization traitement de la dette debt workout tranche payment period [IBRDJ tranche d'un prét stip of maturties transaction compensée trade inside fees transaction fictive, fantóme wash sale transaction simultanée d'achat et de vente matched sale-purchase transaction transactions aller-retour transactions merry-go-round transactions interbancaires hanque de gros wholesalebanking transactions renouvelées meny-go-roundtransactions transfert électronique de fonds funds transfer(EFT) electronic transformation (bancaire) transformation transformation á I'envers negativeterm transforrnation transformation d'échéaiwves maturitytransformation transformation des échéances term transfornation

173 transformation en titres securitization troisiéme marché third market; off-the-board market unité composite européenne European Composite Unit (EURCO) unité européenne de compte (uec) European Unit of Account (EUA) unité rnonétaire européenne (écu) European CurrencyUnit (ECU) valeur comptable book value valeur cotée en Bourse listed security valeur critique switchingvalue valeur de pere de famille blue chip valeur de premier ordre blue chip valeur de refuge market] hedge [securities valeur désaggrégée break-upvalue valeur faciale par value;face value valeur faciale totale full face value valeur instrtnséque intinsic value valeur mobiliére security valeur nominale full face value valeur nominale par value;face value valeur "peu en vogue' off-the-runsecuñity valeur rédulte, k value impaired valeur seuil switchingvalue valeur-support underlying(security) valeur temps time value valeur ventilée break-upvalue valeurs de premier ordre secunties gilt-edged valeurs garanties par P'Etat securities gilt-edged valeurs mobilieres amortissables partiellement avant échéance et assorties a d'autres conditions variables pass-through pass-throughs; securities valorisation au prix du marché marking to market vente k découvert shontsale vente de devises aux enchéres foreignexchangeauctions vente de devises par adjudicatlon foreignexchangeauctions vente de prets partiels whole loan sale vente sans garantie d'émlssion best effortsale verroulller lock(ed) in (interestrates) warrant warrant warrant d'actions stock warrant warrant détachable detachablewarrant warrant d'obligations bond warrant warrant échangeable contre des titres d'Etat into wamrant govemment secunties (WINGS) warrant en devises foreignexchangewarrant zébres bearer zero coupon Eurosterling accruingsecunties registered (ZEBRAs) zone cible zone targetzone; reference zone de référence targetzone; referencezone

Terminologíadefinanzas y de deuda Español-Inglés

.

repo) acuerdo de recompra inverso reverserepurchaseagreement acuerdo de reprogramación multianual de la deuda multi-yearrescheduling agreement(MYRA).net worth. future rate agreement(FRA) acuerdo de compensación clearingagreement acuerdo de destinación especial set aside agreement acuerdo de recompra repurchaseagreement(RP.personal stock acciones pagadas paid-up stock.owners' equity.K] activos improductivos nonperformning assets activos no redituables nonperfonningassets activos productivos earming assets acuerdo a plazo sobre tasas de interés forward rate agreement.K] acciones nominativas registered stock. stock dividend [US] acción negociable transferable share acción transferible transferable share acciones con derecho a dividendo dividend stock acciones de fundador founders' shares.equity.promoters' stock [U. phase-in agreement acuerdo gensaki Gensaki . preferidas) acumuladas cumulativepreferred stock acciones preferentes preferred stock acciones preferidas preferred stock accionista influyente leveraged stockholder aceleración del vencimiento acceleration maturity of aceptación bancaria banker'sacceptance acreencias improductivas nonperforming debt acreencias no redituables nonperforming debt actividades no incluidas en el balance general off-balancesheet (OBS) activites activo neto stockholders'equity. anulación y pago anticipado droppages.fully paid stock acciones preferenciales preferredstock acciones preferenciales (preferentes. future rate agreement(FRA) acuerdo a término sobre tasas de interés forward rate agreement. multi-year restructuring agreement (MYRA) acuerdo de retención de acciones share retentionagreement [IFCJ acuerdo de reventa (a un precio especificado) system repurchaseagreement acuerdo de traspaso progresivo (de acciones) fade-out agreement.177 abandono. shareholders' funds JU. shareholders' equity.cancellationsand prepayments (DCP) [IFC] acción al portador transferable share acción de caída vertiginosa airpocket stock acción de primera clase blhe chip acción de una empresa prometedora growthstock acción de usufructo dividend-right share acción de valor inestable volatilestock acción gratuita bonus share acción gratuita scrip issue [UK].

sellingagent [securities] agio premium [secunities] agio agio agiotista jobber agiotista market maker alivio financiero financing relief amortización amortization ampliación de los servicios de una institución conversion from a restrictedto a full-seiviceinstitution ampliación del capital capital widening análisis de las probabilidades de recuperación (de los préstamos otorgados a un país) countrycollectibility analysis [IBRDJ analista de bolsa cha iist analista de valores securitiesanalyst anticipo del servicio de financiamiento para la preparación de proyectos Project reparationFaciity advance [IBRD] anticipos sin garantía documentaria clean advances anulación (de una deuda) cancellation(of a debt) anulación de deudas a cambio de un activo financiero debt defeasance.J administración de fondos cash management afinamiento (de la economía) fine-tuning (of the economy) agente commissioned company [Japan] agente (de cambio y bolsa) broker agente de contrapartida dealer[optionsmarket] agente financiero fiscal agent agente pagador payingagent agente vendedor sales agent.178 acuerdos de reestructuración financiera work out arrangements.collateralized (debt) defeasance anulación de deudas con la garantía de un fondo de amortización debt defeasancethroughthe sinkingfund mechanism anulación en libros write off. space arbitrage arbitraje protegido contra riesgos cambiarios coveredinterestarbitrage arbitrajista arbitrageur argentinización de la deuda debt domestication asegurador underwriter . workouts acumulación (de vencimientos) bunching(of maturities) adelanto del vencimiento acceleration maturity of adjudicación a precio uniforme Dutch auction [U. charge-off[noun] anuncio de emisión efectuada tombstone anuncio preliminar de una nueva emisión red herring aporte de fondos complementarios topping up arbitraje arbitrage arbitraje switch arbitraje conforme a la curva de rendimiento yield curve arbitrage arbitraje de vencimientos time arbitrage arbitraje espacial two-pointarbitrage.S.

S. book-nrnninglead manager banco extraterritorial offshorebank banco fiduciario tnist bank (Shintaku Ginko) [JapanJ banco múltiple universalbank(ing) banco múltiple full seMicebank banco múltiple combined commercialand investrnentbank. all-purposebank banco sogo Sogo bank banco(a) de servicios múltiples universalbank(ing) bancos establecidos en las principales plazas financieras money centerbanks bancos internnediarlos entrepot. lead manager banco director encargado del control de la emisión book-runninglead bank.].179 asimetría de los vencimientos matuñty mismatch Asociación de Intemediarios Internacionales de Bonos Association of Intemational Bond Dealers (AIBD) atender el servicio de un préstamo servicea loan atracción crowding-in aumento del capital con respecto al trabajo capital deepening autofinanciamiento in house financing. self-financing autorización permanente shelf registration aval aval banco abstencionista free rider banco agente agent bank banco coadministrador comanager.S. multibank. tumtable base de capital capital base beta beta bolsa de valores secutides market bolsa de valores equitymaret bolivianizaciónde la deuda debt domestication bono note bono bond bono a corto plazo short-termnote bono a corto plazo para financiar un proyecto projectnote bono a largo plazo pagadero con ingresos (del proyecto) revenuebond bono al portador bearernote bono al portador bearerbond .colead manager banco codirector comanager.colead manager banco comercial charteredbank [Canada] banco con un gran volumen de préstamos pendientes largeexposurebank banco constituido a nivel federal federaly charteredbank [U.1 banco corresponsal agentbank banco de inversiones investmentbank [U. merchant bank [UR] banco de segunda instancia second tier bank banco de segundo nivel second tier bank banco de segundo piso second tier bank banco director lead bank.

exit bond.] bono de calidad bancaria bank quality bond bono de descuento intensivo deep-discountbond note bono de doble respaldo double-barreled bond bono de exclusión exWt instrument. equity-linked bond bono con certificado warrantbond bono con cupón coupon note bono con cupón coupon(-bearing) bond bono con cupón determinado por subasta a la baja Dutch auction notes bono con derecho a compra de acciones bond with equity warrant bono con derecho a compra de bonos adicionales bond with bond warrant bono con garantía de activos debenture(bond) bono con interés escalonado (fiado anticipadamente) stepped (rate) bond bono con Interés variable floating-rate note. U.180 bono alcista bull bond bono alcista y bajista bull and bear bond bono amortiguador cushion bond bono basura junk bond.Belgium. cappedfloating ratenote bono con tope máximo y mínimo de interés collar bono con vencimiento elegido al azar serialbond. loan bono chatarra junk bond. floater bono con Interés variable floating-ratebond bono con Interés variable indizado floating rate note with variable couponfix bono con Interés variable inverso reverse floating rate note bono con interés variable inverso a la tasa de referencia inversefloatingrate note bono con interés variable minimo floor bono con interés variable reajustable anticipadamente mismatchfloating rate note bono con opción de cambio de divisa multiple (currency) option bond bono con opción de venta bond withput option bono con reinversión de intereses bunny bond bono con rendimiento vinculado al precio de un producto básico commodity-linkedbond.S. commodity-backedbond bono con rescate vinculado a un tipo de cambio indexed currencyoption note (ICON) bono con tasa de interés renovable rolypoly bond bono con tipo de interés renovable rolypoly bond bono con tope máximo de interés cap. speculative grade bond bono "bulldog" Bulldogbond bono clásico straightbond bono con características de acción equity-related bond. exit vehicle . speculativegrade bond bono daimyo daimyo bond bono de ahorro savingsbond [France.

nonredeemable governmentbond. perpetual bond. deferred interestnote bono de primera clase top-ratedbond bono de primer orden top-ratedbond bono de renta vitalicia annuity bond bono de rescate anticipado put bond. loan bono de venta continua bond sold on tap bono del Tesoro (a corto plazo) Treasurybill [U. putable bond.J bono del Tesoro (EE.1 bono del Tesoro (a más de 10 afños) Treasury bond fU.S. speculativegrade bond bono flip-flop Jlip-flop bono garantizado collateralized (bond) bono garantizado de interés variable collateralized floating rate bond bono global global bond bono hipotecario mortgagebond bono indizado indexed bond. exit vehicle bono de una sociedad (anónima) corporate bond bono de usufructo dividend-right certificate bono de valor nominal muy bajo baby bond bono de vencimiento ajustable extendiblebond. extendible maturity note bono de vencimiento escalonado serialbond.J bono del Tesoro (a mediano plazo) Treasurynote [U.)a muy corto plazo cash management bill bono denominado en dos monedas dual-currency bond bono descontado discount bond bono descontado discount note bono emitido con descuento originalissue discount (OID) bond bono especulativo junk bond. eAtendible maturitybond bono de vencimiento ajustable extendiblenote.exit bond.S. index-linked bond bono indizado según el precio de un producto básico commodity-indexedbond bono kiwi kiwi bond bono matador matador bond bono municipal a corto plazo rescatable con ingresos no tributarios revenue-anticipation note bono no negociable nonmarketablebond bono no redimible antes del vencimiento noncallablebond bono no rescatable antes del vencimiento noncallablebond bono nominal con opción de compraventa de un producto básico nominal bond with altached commodity option bono ordinario straightbond bono participatorio income bond. participating bond bono perpetuo annuity bond bono perpetuo nonmaturing. consol [UK .181 bono de Interés diferido deferredcoupon note. bond withput option bono de salida exit instrument.UU. annuity bond.S.

automated teller machine (ATM) calendario de emisiones issuingcalendar cámara de compensación clearinghouse cancelación (de una deuda) cancellation(of a debt) cancelación en libros write off. charge-off[nounJ capacidad crediticia credit standing.capital stock (of a corporation) .creditworthiness capacidad de endeudamiento debt canyingcapacity capital accionario equity capital. putable bond bono rescatable callablebond bono rescatable anticipadamente putable bond retractable.UU.182 bono perpetuo con tipo de interés flotante note perpetualfloating-rate bono previo a una emisión bond-anticipation note (BAN) bono que vence due bond bono redimible antes del vencimiento callablebond bono redimible anticipadamente retractable. certificates accrualon of Treasury secuwities (Cats) cajero automático automatic.risk capital capital flotante floating capital capital improductivo no-retum equity capital no redituable no-retum equity capital social equity capital.capital stock (of a corporation) capital circulante floating capital capital de riesgo risk capital capital de riesgo venturecapital.UU.automated teller machine (ATM) cajero permanente automatic. general obligationbonds bonos del Gobierno británico gilt-edged securities bonos geisha Geisha bond bonos para la obtención de nuevos fondos new money bonds bonos que devenganintereses interest-bearing notes bonos sin cupón con garantía del Tesoro de los EE. bono rescatado anticipadamente called bond bono respaldado por ingresos fiscales previstos tax-andcipation note (TAN) bono samurai Samurai bond bono shogun Shogun bond bono sin cupón zero coupon bond bono sin cupón respaldado por el Goblernode EE. Treasury Investment Growth Receipt (77ger) bono sin garantía específica debenture(bond) bono sushi Sushibond bono tankoku Tankoku bill bono venddo due bond bono wolfhound wolfhound bond bono yanqui Yankeebond bonos británicos sin cupón (STAG) accruing sterlingtransferable govemmentsecuidies (STAGs) bonos de primer orden gilt-edged securities bonos de responsabilidad general generalobligations.

KJ capitalización capitalization capitalización (de la deuda) swap. participationcertificate certificado en divisas foreignexchangewarrant certificado nominativo bond certificate certificado para la compra de acciones stock warrant certificado para la compra de acciones o bonos warrant .liquid assets portfolio cartera modelo benchmarkpo~folio [IBRDJ casa de descuento discount house.funk money [U.000 más of jumbo certificate deposit [US] certificado de depósito en tramos tranchecertificateof deposit certificado de depósito sin lfmite straigh4tap certificateof deposit certificado de inversión investmentcertificate certificado de participación participationcertificate certificado de transferencia de préstamos pass-throughcertificate. certificate indebtedness certificado de depositario depositaryreceipt certificado de depósito certificateof deposit certificado de depósito a plazo negociable negotiabletime certificateof deposit certificado de depósito clásico straigh4tap certificate of deposit certificado de depósito con tasa de interés renovable roll-overcerfificate deposit. bill broker casa matriz parent bank cédula hipotecaria mortgagebond centésimo de punto porcentual basis point centro bancario extraterritorial offshore bankingcenter certificado de adeudo of debt certificate.183 capital suscrito y no desembolsado uncalled capital capitales itinerantes hot money. of rolypoy certificateof deposit certificado de depósito con tipo de Interés renovable roll-overcefificate of deposit. rolypoly cetificate of deposit certificado de depósito de libre compra straight tap certificate of deposit certificado de depósito de o US$100. debt(-for)-equity conversion capitalización bursátil market capitalization capitalización de la deuda debt capitalization capitalización de los intereses interestcapitalization cargo por tramitación fee processing carta de crédito contingente standby letterof credit carta de intención sobre la política de desarrollo letterof developmentpolicy [IBRD] carta de intención sobre la política sectorial letterof sectoralpolicy [IBRD] carta de seguridades letterof comfort cartera de acciones share ownership cartera de inversiones liquidas liquidityportfolio. liquid assets portfolio cartera de préstamos loan po~tfolio cartera líquida liquidityportfolio.

availabilityclause cláusula de examen periódico periodic reviewclause.payment shaning clause cláusula recíproca en caso de incumplimiento cross-default clause cláusula roja red clause cláusula sobre múltiples monedas multicurrency clause cobertura del servicio de la deuda debt-serv¿ce coverage coeficiente contable accountingratio coeficientecorriente [América Latina] currentratio. grade.184 certificado para la compra de bonos bond warnant certiflcado para la compra de bonos del Tesoro warrantinto govemment securities(W7NGS) certificado provisional scripcer¿ificate.disasterclause. break clause cláusula pari passu pari passu clause cláusula que estipula que se han de compartir los reembolsos sharingclause. debt-to-equity ratio coeficientede endeudamiento debt ratio coeficientede endeudamiento a largo plazo long-termdebt ratio .to cláusula de abstención negative pledge clause cláusula de aplazamiento de pagos bisqueclause cláusula de buena voluntad goodwillclause cláusula de disponibilidad switch.ratio coeficientede cobertura de intereses interestcoverageratio coeficientede cobro bruto grosscollectionratio coeficientede cobro neto net collectionratio coeficientede costo en recursos internos domestic resourcecost ratio coeficientede costos combinados a largo plazo long-termblended cost rate (LTB) [IFCJ coeficiente de cuenta accountingratio coeficiente de endeudamiento debt-equityratio. creditworthiness clasificar rate.working-capital coeficientede capital bruto grosscapital coefficient.to.review clause cláusula de exigibilidad del membolso illegalityclause cláusula de obligación negativa negative pledge clause cláusula de recuperación recaptureclause cláusula de revisión trigger clause [IBRDJ cláusula de salvaguardia jeopardy clause. bearerscrip certificado separable detachablewarrant certificado separado del cupón strip certificate cesión divestiture cesión de activos (de una sociedad) a cambio de acciones (de otra sociedad nueva) spinoff cheque certificado centifiedcheck cheque de caja cashier'scheck cheque intervenido cenifiedcheck clasificación rating clasificación crediticia creditstanding.

fee comisión de admisión (a cotización) adnission fee (to a stock exchange) comisión de cobertura cambiarla foreignexchangecoverage fee comisión de garantía guaranteecommissíon.debt service to expoatsratio coeficiente de movilizaciónde recursos resourcemobilizationratio coeficiente de operación operatingratio coeficientede préstamos excluidos del régimen de contabilidad en valores devengados net nonaccrualrate coeficiente de protección hedge ratio coeficientede recuperación collectionratio coeficiente de reserva reserveratio coeficiente de revaluación del día daily revaluationfactor [currency pool] coeficientederivado del balance general balance-sheetratio coeficientede solvencia [Esp. managementfee comisión de administración managementcommission.fee [IBRD] comisión de garantía underwitingfee.] currentrado.185 coeficientede explotación woaringratio coeficientede inestabilidad volatilityratio coeficientede liquidez liquidityratio [IBRD] coeficientedel perfil futuro del servicio de la deuda debt servicetime profile ratio coeficiente del servicio de la deuda debt-sen'iceratio. facilityfee comisión de gestión managementcommission. working-capital coeficienteinstitucional institutionalratio coeficienteneto de explotación operaing ratio coeficientes de actividad activityratios coeficientesde liquidez liquidityratios coeficientesde operación operatingratios coeficientesde rentabilidad profitabilityradios.fee comisión de gestión agencyfee [Euromarket] comisión de prórroga extensionfee comísión de renegociación extensionfee comisión de suscripción undevwriding facilityfee fee. front end fee [Euroloan] . comisión de venta sellingfee [Euromarket] comisión de venta sellingcommission comisión del agente financiero fiscal agencyfee comisión Inicial flat fee. revenue-caovenant ratios coeficientesnetos de explotación operating ratios cofinanclamiento mediante participación directa directparticipation cofinancing cofinanciamiento supeditado al crecimiento growthcontingencycofinancing colapso de la bolsa stock market crash colocaciónen el mercado secundario secondaryoffering colocaciónespecial specialplacement colocación privada privateplacement colocación pública public offering(of shares) comlsión handlingfee.

Cooke Committee Comité sobre Regulación Bancaria y Prácticas de Supervisión Committee on Banking Regulationsand Supervisory Basle Superiisors' Practices.Cooke Committee Comité de Supervisión Bancaria de Basilea Committee on Banking Regulationsand Supervisory Basle Superisors' Practices.debt repurchase compra de las propias acciones para evitar la absorción de la empresa greenmail compra de una empresa con fondos tomados en préstamos leveraged buyout (LBO) compra de una empresa con fondos tomados en préstamos por sus empleados managementbuyout leveraged (LMBO) compra en descubierto marginbuying[stock exchange] compra y venta simultánea matched sale-purchase tirnsaction compraventa trading compromiso contingente standby commitment compromiso contingente de participación en el capital social standby equity compromiso de compra y reventa pu~chaseand resaleagreement [Canada] compromiso de suscripción de acciones equity underwriting compromiso especial Special Commitment [IBRDJ compromiso supeditado a la compra de acciones standby equity compromisos netos exposure compromisos por países country exposure con alto coeficiente de endeudamiento (highly)leveraged con dinero in the money (ITM) (option) concertar un préstamo a través de un consorcio (bancario. charge comisión por disponibilidad (de fondos) availability [IFC] fee comisión por inmovilización de fondos commitmentfee. Committee. Committee.advisory committee Comité Cooke Committee on Banking Regulationsand Supervsory Basle Supervisors' Practices.to (a loan) .Cooke Committee compañía comisionada commissioned company [lapan] compañía de capital de riesgo venturecapital company compañía de inversiones investmentcompany. de financiamiento) syndicate.fund compensación de débitos y créditos entre filiales multilateralnetting compra con descuento de una deuda en divisas y rescate a valor nominal en moneda nacional round-tripping compra de deuda debt buyback. charge comisión por tramitación processingfee comisión por tramitación de solicitud loan onginationfee comisión por utilización utilizationfee comité de coordinación de bancos bank advisorycommittee comité de reestructuración steeringcommittee. Commiftee.186 comisión Inicial front-endfee comisión por compromiso commitment fee.

187 concesión de préstamos internos con fondos externos inwardswitching condonación (de una deuda) cancellation(of a debt) configuración 'tricornio' head and shoulders configuration configuración en M double top configuration configuración en triángulo triangleconfiguration configuración en W double bottom configuration congelación del interés en un nivel mínimo (cuando la tasa de mercado desciende a menos de ese nivel) drop lock consorcio sellingconsortium,group, syndicate fEuromarketJ consorcio (bancario, de financiamiento) syndicate consorcio de suscriptores underiwting consortium,group, syndicate constitución de una garantía collateralization contragarantía counter-guarantee contrarrestar unwind contrato a plazo forward contract contrato a término forwardcontract contrato a término con índice bursátil stock indexfuture contrato de administración managementcontract contrato de compra contra entrega take-and-paycontract contrato de futuros futures contract contrato de futuros de instrumentos financieros interestratefutures contrato de futuros de swaps swap future contrato de futuros financieros financialfutures contract contrato firme de compra (sin derecho de rescisión) take-or-pay contract contratos de participación en la producción production-sharing contracts contratos de participación en las utilidades profit-sharing contracts conveniode destinación especial set aside agreement conversión swap (transaction) conversión contable de monedas currencytransiation conversión de deudas en divisas en deudas en moneda nacional debt-for-local currencyswap conversión de Interés rgo en interés variable coupon swap conversión de la clase de interés rate base switch [IFCJ conversión de la deuda en capital debt(-for)-equity swap, conversion conversión de la deuda en financiamiento para el desarrollo debt-for-development swap conversión de la deuda en fondos benéficos debt-charity swaps conversión de la deuda en medidas de protección de los recursos naturales debt-for-nature swap conversión de la deuda en productos básicos debt commodity swap conversión de la deuda en valores secutitization convertir swap, to corredor sales agent;sellingagent [securities] corredor (de cambio, de bolsa) broker

188 corredor (mercado primario) primary dealer corredor de bolsa dealer [stock marketJ corredor de bolsa trader[stock marketJ corredor de bolsa independiente floor trader corredor de inversiones investmentbroker corredor de valores securitiesdealer;securitiesfirm corredor de valores del Estado govemment securitydealer corretaje brokerage corriente de fondos funds flow; flow of funds costo de Inmovilizacíón (del capital) cost; canying charges; carrying cost of carry costo de los empréstitos con doble ponderación double-weighted borrowing cost [IBRDJ costo en recursos Internos domestic resourcecost (DRC) costos centralizados centrally-managed costs costos descentralizados unit-managedcosts cotización JUing (de valores en cotón bolsa) listing (of secunties) cotización al cierre closingprice cotización automatizada automated quotation computadorizada cotizacióon automated quotation cotización de apertura openingprice cotización firme market making cotización inicial openingpnce cotizar post (a rate) cotizar un precio de compra o de venta make a market crédito credit standing,creditworthiness crédito autoamortizable self-liquidating credit crédito cómodo conveniencecredit crédito con garantía de otro crédito back-to-back(loan, borrowing); matched funding crédito facil conveniencecredit crédito garantizado por el Estado sovereigncredit crédito negociable spot credit crédito para importaciones con fines de rehabilitación impoat rehabilitation credit/loan (RIC, RIL) [IBRD/ crédito recíproco swap (transaction) crédito refinanciable revolvingcredit;rollovercredit crédito renovable revolvingcredit;rollovercredit crédito rotatorio revolvingcredit;rollovercredit crédito soberano sovereigncredit crédito tributarlo tax credit criterios de trascendencia materialitycriteria cuadro de corrientes financieras flow-of-fund table [national accounts] cuarto mercado fourth market [US] cuasibanco near-bank[Canada] cuasicapital quasi-capital quasi-equity; cuasidinero near-money;quasi-money cuenta corriente del Tesoro Treasurytax and loan account [U.S.J

189

cuenta corriente que devenga intereses negotiableorder of withdrawal (NOW) account cuenta de administración de fondos cash-managementaccount (CMA) cuenta de ahorro para jubilación individual retirementaccount (IRA) cuenta de anticipos imprest account,fund cuenta de compra de valores securitiesmargn account cuenta de garantía collateralaccount cuenta de margen maigin account cuenta de primas de emisión sharepremium account [IFC] cuenta para operaciones en descubierto marginaccount cupón
coupon

departamento bancario considerado como extraterritorial offshore bankingunit (OBU) departamento fiduciario de banco bank trust department depósito de garantia initial margin depósitos bancarios bank money depreciación amortization depredador corporate raider;raider derecho right (to purchase shares) derecho de suscripción subscription right desagio disagio descontar discount descuento discount;markdown descuento de bonos a mediano plazo forfaiting descuento de conversión conversiondiscount descuento de pagarés a mediano plazo forfaiting descuento Impositivo tax credit

descuento sin recurso discount without recourse descuento sobre el valor a la par discountfrom par [securities market] desintermediación disintem7ediation desmaterialización computerzed entry of ownership; dematenalisation [UK/ desplazamiento
crowding-out

desplazamiento hacia las emisiones de mayor calidad flight to quality
desposeimiento

divestiture desvalorización impairment determinación de la moneda en que se exigecada amortización recall [currency pool] determinación del costo de un
préstamo

pricing (of a loan) determinación del costo de un subpréstamo subloan pnicing deuda amortizada retireddebt deuda con descuento discounted debt deuda consolidada funded debt

curva de rendimiento yield curve debenture [Arg., Chile] debenture(bond) delta delta denominación de un préstamo en otra moneda currencyredenominatíon

190 deuda de liquidez secundaria junior debt; subordinateddebt deuda pendiente debt overhang deuda prioritaria senior debt deuda subordinada junior debt; subordinateddebt diferencia spread diferencia entre el precio al contado y el precio pagado realmente contangorate;continuationrate diferencia entre el precio con descuento y el valor nominal [bonos] accretion diferencial spread diferencial basis diferencial diagonal diagonalspread dilución dilution dilución del capital (accionario) stock dilution;stock watering dinero a la vista calU money; day-to-daymoney; demand money; money at call dinero apátrida statelessmoney dinero bancario bank money dinero en el sentido estricto narrowmoney [cf. MI] dinero exigible call money; day-to-daymoney; demand money; money at call dinero fresco new money dinero nuevo new money disfunción del mercado marketfailure disminución drawdown disminución técnica technicaldecline, drop dispensa de la cláusula de abstención (de los compromisos existentes) waiverof negative pledge; negativepledge waiver distorsión monetaria cumrency twist distribución allotment dividendo en acciones scrip issue JUK];stock dividend [US] dividendo en acciones stock dividend división de acciones split; split-up;splitting división de un préstamo en varios tramos tranching documento de análisis de las probabilidades de recuperación (de los préstamos otorgados a un país) countrycollectibilitynote [IBRD] documento sobre parámetros de polftica económica (PPE) policyframework paper (PFP) [IBRD] duración duration (of an investment) efecto a la vista o de vencimiento a muy corto plazo hot bill efecto carrusel mer¡y-go-round effect efecto comercial trade bill [U.K] efecto de buena calidad investmentgradepaper efectos comerciales commercialpaper (CP); commercialbills efectos comerciales en eurodivisas Eurocommercial paper (ECP) efectos en cobranza float [banking] efectos en cobro fpoat [bankingj efectos privados privatepaper efectos públicos govemmentpaper

191 efectuar un swap swap.naked entrega a plazo forward cover entrega a término forward cover especulación trading especulación diferencial a la baja bear spread especulación diferencial al alza bull spread esquela tombstone establecimiento de reservas para pérdidas por concepto de préstamos loan loss provisioning estado de cambios en la situación financiera statement of changesin financial position. borrowing).firm commitment underwriting emisión atascada hung-up issue emisión confiable seasoned issue emisión continua tap ceruficateof deposit emisión de bonos en el exterior extemal bond issue emisión de rendimiento indeterminado open pricing emisión de valores de capital capital issue emisión de valores especulativos speculative grade paper emisión empantanada hung-up issue emisión especial off-the-runsecurity emisión exploratoria red hering issue emisión wStarTrek "StarTrek"issue emisiones no garantizadas non-underwritten facilities emisor issuer empresa conjunta de capital social proporcional equityjoint venture empresa susceptible de absorción targetcompany. funds statement estado de flujo de fondos statementof changesin financial position. to elasticidad tributaria global tax buoyancy elemento de donación del financiamiento combinado blendedgrant element emisión (en el mercado primario) primaryoffering emisión adquirida anticipadamente por un consorcio bancario bought deal. funds statement . source and applicationof funds statement. matched funding empréstito de suma alzada lump-sum borrowing [IFCJ empréstitos calificados pool of qualifiedborrowings empréstitos calificados qualifiedborrowings (QB) [IBRDJ empréstitos de referencia proxy borrowing [IBRDJ empréstitos en divisas con Interés indizado indexed currencybo¡rowings empréstitos gigantescos jumbo borrowing encaje legal reserveratio encaje legal adicional marginalreserverequirement endeudamiento forzoso distress borrowing en descubierto uncovered. source and applicationof funds statement.takeover candidate empréstito de contrapartida back-to-back(loan. to efectuar una operación de swap swap.

source and applicationof funds statement. in a exenciónde la cláusula de abstención negativepledge waiver exenciónde la cláusula de abstención (de los compromisos existentes) waiverof negativepledge.192 estado de fuentes y utilización de fondos statement of changesin financial position. negativepledge waiver exenciónde la cláusula de obligación negativa negative pledge waiver exigir el pago de una garantía calí a guarantee expectativas racionales rationalexpectations externalización (del servicio de la deuda) etemalization (of debt service payments) extraterritorial offshore factor de ajuste para fines de amortización amortizationadjustmentfactor [cunencypool] factor de revaluación revaluation factor [currency Pool] factores Imprevistosque encarecen la Inversión investmentleakage facultad de adquisición de contratos con interés tope Global Cap Authority [IFC] facultad general para efectuar inversiones GeneralInvestment Authorization [IBRD/IDA] facultad para contraer compromisos commitment authority facultad para efectuar swaps Global Swap Authority facultad para invertir en activos líquidos liquid assets investment authority[IFCJ falla del mercado market failure fecha a partir de la cual se calcula el interés dated date fecha de cierre settlement date fecha de desembolso payout date. funds statement etapa Inmediatamente anterior a la primera colocación pública mezzaninelevel euroacciones euro-equities eurobono Eurobond eurocapital euro-equities eurocrédito Eurocredit eurodivisa Eurocurrency eurodólar Eurodollar euromercado Euromarket euromoneda Eurocurrency europréstamo Euroloan evaluación actuarial actuauial evaluation evaluación por puntos scoring exceso de oferta overhang exceso de transacciones (en la cuenta de un cliente) chuming oveding exclusión del régimen de contabilidad en valores devengados nonaccrualstatus. payment date. distributiondate fecha de pago settlement date fecha de renegociación rolloverdate fecha de transacción trade date fecha de valor value date fijación de vencimientos no coincidentes layering .

fund fondo de Inversión que cobra una comisión load fund .policy loans financiamiento en condiciones comerciales commerciallending financiamiento en condiciones de mercado market-related lending financiamiento informal informalfinance financiamiento no institucional informalfinance financiamiento para programas program loan.193 fijación diferida del interés deferredrate resetting [IFC] financiación mediante endeudamiento debt financing financiación sin asegurar front-endfinancing financiación sin garantía front-endfinancing financiación suplementaria front-endfinancing rinancialización financialization financiamiento combinado (del BIRF y la AIF) blend financing financiamiento concatenado piggyback financing financiamiento concertado concertedfinancing lending financiamiento concertado concertedlending deal financiamiento con derecho de recurso limitado limited recourse finance financiamiento con fondos propios in house financing7 self-rfnancing financiamiento con garantía contractual contractfinancing financiamiento conjunto joint financing financiamiento coordinado coordinatedfinancing financiamiento de contraparte matchedfunding financiamiento de contrapartida matchedfunding financiamiento de los últimos vencimientos funding lattermaturities [IBRDJ financiamiento de transición bridgefinancing financiamiento del déficit gap financing financiamiento en apoyo de reformas de políticas policy-basedlending. flow of funds fondo común de Inversión mutual fund fondo común de Inversión money market (mutual) fund (MMF) fondo común de monedas loan currencypool fondo de amortización sinkingfund fondo de anticipos imprestaccount.programlending [IBRDJ financiamiento paralelo parallelfinancing financiamiento que Incluye dinero nuevo new moneypackages financiamiento sin posibilidad de recurso nonrecourse finance financiamiento transitorio bridgefinancing flotación dirigida diriyfloat flotación impura dintyfloat flotación limpia cleanfloat fluctuación de las tasas de interés debida a la fuga de capitales interestleakage fluctuación de los tipos de interés debida a la fuga de capitales interestleakage flujo de fondos funds flow.

de financiamiento) syndication formas novedosas de financiamiento creative financing fragmentación de la tasa de interés interestratesegmnentation fragmentación del tipo de interés interestratesegrnentation freno fiscal fiscal drag futuros futures [commoditiesmarket] futuros de swaps swap future futuros financieros financialfutures gamma gamma ganancias no realizadas unrealizedgains garante underwriter garantía guarantee[IBRDJ garantía de rentabilidad equity-related guarantee garantía de una deuda debt secuñity garantía exigible anticipadamente accelerable guarantee garantía limitada renovable rollingguarantee(of interest payments) garantía no exigible anticipadamente non-accelerable guarantee garantía prendaria del saldo de una participación purchase money security interest[IFC] gasto concentrado al comienzode un período front-loadedspending gensaki Gensaki gerente de cartera portfolio manager gestión de caja cash management gestión de liquidez cash management gestión del pasivo liabilitymanagement giro drawdown giro bancario banker'sdraft gran banco city bank [Japan] grupo de acreedores group of creditors grupo de bancos licitantes tenderpanel .fund fondo mutuo money market (mutual) fund (MMF) fondo mutuo mutual fund fondo para (inversiones en) un país específico countryfund fondo rotatorio revolving fund Fondo de promoción de mercados incipientes Emerging Markets Growth Fund (EMGF) [IFCJ Fondo para empresas africanas African EnterpriseFund Fondo para inversiones de cartera equitypojfolio fund Fondo para inversiones en mercados incipientes Emerging MarketsInvestment Fund (EMIF) [IFC] fondos comprados purchasedfunds fondos de reserva para recompra de acciones (propias) capitalredemptionreserve funds fondos de un día para otro ovemightfunds fondos federales federalfunds tUS] formación de un consorcio (bancario.194 fondo de inversión que no cobra una comisión no-loadfund fondo de inversiones investmentcompany.

syndicate grupo director management.praecipuum imposición de condiciones previas (a la aprobación de un préstamo) front-loadingof conditionality indice combinado de desempeño de la cartera currentblend (CB) [IFC] indice del fondo común de monedas currency pool index inflación básica core inflation ingeniería financiera [Méxicol financial engineering institución de ahorro contractual contractualsavingsinstitution institución financiera no bancaria non-bank bank. non-bank financial institution instrumento de deuda debt security instrumento de interés variable y riesgo decreciente risk conversionfloater instrumento financiero con características patrimoniales equity-likeinstrument instrumento negociable negotiableinstrument instrumentos cuasimonetarios near cash instruments instrumentos de dinero nuevo new money instruments instrumentos de la deuda pública govemment debt instruments intensificación (del uso) de capital capital deepening intensificación del uso de valores securitizadon intensificación financiera financial deepening intercambiar swap. debt-for-debt swap intercambio de índices basis (rate) swap intercambio de Intereses callableswap intercambio de intereses y monedas cross-currency interestrate swap intercambio de monedas swap (transaction) intercambio de monedas currencyswap Intercambio de monedas y de Intereses circusswap. to intercambio con descuento discount swap intercambio de activos asset(-based)swap Intercambio de bonos de igual valor nominal even par swap intercambio de deuda por cuasicapital debt/quasi equity swap Intercambio de deuda por efectivo debt-for-cash swap Intercambio de deudas par debt swap. currencycoupon swap intercambio de opciones option swap Intercambio de préstamos por bonos loans-for-bonds exchange Intercambio de tasas de Interés interest-rate swap .group.par debt swap. debt-debtswap Intercambio de deudas debt-debtswap. debt swap.managinggroup [Euro-dollarmarket] grupo garante underwriting consortium. syndicate grupo vendedor sellingconsortium.group.group.195 grupo de suscripción underwriting consortium. syndicate[Euromarket] hoja de plazos y condiciones tern sheet hoja de términos terrnsheet honorario del banco director praecipium.

dollarcost averaging Inversión posterior downstreaminvestment . equity investment Inversión extranjera directa directforeigninvestment (DFI) Inversión forzosa forced investment Inversión forzosa forced investment Inversión liquidada closed-outinvestment[IFC] Inversión obligatoria forced investment Inversión orientada a aumentar la productividad capital-deepening investment Inversión periódica de monto constante averaging.196 intercambio de tipos de interés interest-rate swap intercambio de títulos de deuda por exportaciones debt-for-exporl swap. debt-for-products swap intercambio en dos monedas dual-currency swap intercambio internacional cross-border swap intercambio inverso reverseswap intercambio inverso (convenido con la primera parte) mirrorswap intercambio múltiple cocktailswap intercambio preferencial premium swap interés abierto open interest.open market interest interés mayoritario proprietary interest interés nominal coupon rate interés nominal corriente currentcoupon (rate) interés por mora default interest intereses devengadosy acumulados accnuedinterest(AI) Jbonds] intermediación internediation intermediación del mercado market intermed¿ation intermediario financiero financial internediary intervención directa en el mercado face the market inversión conforme a una fórmula Inversión que no ha alcanzado su pleno rendimiento unseasoned investment Inversión todavía Improductiva immature investment inversión verde immature investment inversiones que han alcanzado su madurez mature investments Inversionista por cuenta propia retailinvestor Inversor por cuenta propia retail investor jefe de operaciones bursátiles head of trading lastre fiscal fiscal drag letra bancaria bank bill letra bancaria banker'sdraft letra comercial trade bill [U.K] letra de banco banker'sdraft letra de cambio bill of exchange letra garantizada custom duty biil LIBID London InterbankBid Rate (LIBID) formula investing inversión directa distinta de los aportes de capital non-equitydirect investment inversión en capital social equityfinancing.

placing memorandum menor desarrollo relativo. de la tasa de interés) automaticreseating mechanism [IFCJ Mecanismo de financiamiento para el desarrollo de la región del Caribe CaribbeanDevelopment Facility Mecanismo para inversiones de bancos centrales [BIRFI CentralBank Facility (CBF) [IBRDJ mejoramiento del crédito creditenhancement memorando de información placement memorandum.. de un pagaré) maker (e. ej. backup (underwriting) facility línea de crédito de apoyo back-up line of credit lista de espera lueue mercadización marketization m-ercadoabierto open market mercado al contado spot market.g.banker'sspread.of a note) libranza en divisas foreignexchangewarrant LIMEAN LIMEAN limitación de la circulación fisica de los valores truncation límite crediticio lendingceiling.gross margin.price spread mecanismo (conjunto) para contingencias Contingency Mechanism [JBRD/IMFJ mecanismo de reajuste automático (del tipo.197 LIBOR London Interbank OfferedRate (LIBOR) LIBOR para transacciones en dólares dollar ($) LIBOR librador (p.cash market fforeignexchange] mercado alcista buil market mercado bajista bear market mercado basado en el prestigio de los prestatarios name market mercado de acceso irrestricto contestablemarket .credit limit límite de crédito lending ceiling.UU. y los depósitos a plazo en eurodólares TED spread margen financiero financial spread margen implícito implicit spread margen "mariposa" butterfly(call) spread margen vertical verical spread. banker'smarkup [banksj margen de maniobra headroom margen diagonal diagonalspread Tesoro de EE. de relatively less developed [IDA] límite máimo de aprobación autónoma free ¡fmit of loan límites legales (de las compras en descubierto) marginrequirements[stock exchangel línea de crédito a corto plazo swingline lfnea de crédito contingente backstop (credit)facility. credit limit margen entre los bonos del lista en observadón watch ¡¡st lista vigilada watch list manipulación de la contabilidad (para aparentar una mejor situación) window dressing margen spread margen bruto grosseamings margin.

menu of options método de 'rienda corta" shori-leashapproach modelo de valoración de activos financieros capital assetpricingmodel (CAPM) modificación de la periodicidad del pago de intereses interestretiming modificación de los vencimientos maturitytransformation modificación del régimen de intereses interest(rate)switching moneda que representa una proporción mínima del saldo pendiente de un préstamo splintercurrency[IBRDJ monto que el Banco está facultado para prestar lendingauthority monto teórico notional amount montos afectados set-asides montos reservados set-asides multibanco universalbank(ing) multibanco full servicebank . curb market mercado terciario third market. off-the-board market mercado gris grey.third market.actual market. cash market. third market. curb market mercado extrabursátil over-the-counter market (OTC) mercado financiero financial market mercado financiero open market mercado fuera de bolsa over-the-counter ma¡ket (OTC) mercado fuera de bolsa third market. over-the-counter (OTC) market. over-the-counter (OTC) market. actual market. market-drivenmenu approach.physical market [commod&tiesJ mercado de subasta auctionmarket mercado de títulos al portador bearermarket mercado de valores secudities market mercado de valores equitymarket mercado de valores a corto plazo short-term paper market mercado de valores que no se cotizan en las bolsas principales unlistedsecuritiesmarket (ULM).198 mercado de capital(es) capitalmarket mercado de dos niveles two-t¿er mawket mercado de emisión primary market mercado de entrega Inmediata spot mawket.physical market [commodties] mercado de futuros financieros financialfutures market mercadode productos disponibles spot market. off-the-board market metas para la composición del fondo común de monedas targetedcurency pool método de la lista de opciones market-basedmenu approach. cash market.graymarket mercado inmovilizado locked market mercado monetario money market mercado muy activo deep market mercado paralelo parallelmarket mercado primario primarymarket mercado secundario secondarymarket mercado terciario unlistedsecuritiesmarket (ULM).

multibank. Mex.] combined commercialand investment bank.swap option opción de venta put option opción europea European (style) option opción extrabursátil over the counter (OTC) option opción fuera de bolsa over the counter (OTC) option operación bancaria electrónica electronicbanking operación de cobertura por venta a plazo short hedge operación de compra de valores al contado y venta de contratos a término cash and cany .] agencysecurities.K] no cotizado en la bolsa unlisted (security) novación novation nuevas facultades para efectuar inversiones New Investment Authority (NIA) nuevos fondos new money obligación bond obligación al portador bearerbond obligación con garantía hipotecaria collateralized mortgage obligation (CMO) obligación contingente contingentobligalion[IBRD] obligación sin garantía loan stock obligaciones de organismos federales [EE.UU.199 multibanco [Chi. gearing (ratio)[U.]. all-purposebank necesidades netas de fondos net cash requirements(NCR) negociación de bloques de acciones block trading nivel de endeudamiento relativo al capital leverage(ratio)[US.obligadions obligaclonista bondholder oferta pública public offering(of shares) oferta pública de adquisición (OPA) (con fines de absorción) take-overbid oferta pública de adquisición (OPA) hostil (con fines de absorción) unfriendlytakeoverbid oferta pública en el mercado secundario secondarypublic offering oferta pública inicial initialpublic offering(IPO) opción oplíon opción a la par at the money (ATM) (option) opción americana American (style) option opción basada en un índice bursátil index option opción con un precio superior o inferior al valor verdadero in the money (ITM) (option) opción de cambio de divisa multicurrency option opción de compra call option opción de compra de acciones stock option opción de compra de bonos con rendimiento Inferior al del bono Inicial out of the money (OTM) (option) opción de compra doble call of more (CM) opción de financiamiento residual take-overoption [IBRDJ opción (de un contrato) de futuros futures option opción de rescate anticipado put opción de swap swaption.

floater pagaré con interés variable indizado floating ratenote with variable coupon fix pagaré con interés variable inverso a la tasa de referencia inversefloating rate note pagaré con interés variable mínimo floor pagaré con Interés variable reajustable anticipadamente mismatch floating ratenote pagaré con rescate vinculado a un tipo de cambio indexed currencyoption note (ICON) pagaré con tope máximo de interés cap.200 operación de venta de valores al contado y compra de contratos a término reversecash and carry operaciones carrusel merry-go-round transactions operaciones de cambio a divisas outwardswitchingoperations operaciones de cobertura hedging operaciones de cobertura por compra a plazo long hedge operaciones de protección cambiaria hedging operadores marketparticipants orden de compra tradingticket [securities] orden de compra o de venta al mejor precio market order orden de compra o venta con limitación de precio limit order orden de venta tradingticket [securities] orden tope stop order organismo de clasificación de valores ratingagency Organización Internacional de Comislones de Valores (OICV) Intemational Organization of SecuritiesCommissions (IOSCO) otorgar préstamos a países excluidos del régimen de contabilidad en valores devengados loan into arrears. cappedfloating ratenote pagaré con tope máximo y mínimo de interés collar pagaré de descuento intensivo deep-discountbon4 note pagaré de vencimiento ajustable extendiblenote.(to) [World Bank] pagaré promissorynote pagaré note pagaré a corto plazo short-termnote pagaré a corto plazo para financiar un proyecto project note pagaré al portador bearernote pagaré bancario bank bill pagaré con cupón coupon note pagaré con cupón determinado por subasta a la baja Dutch auction pagaré con interés variable floating-ratenote. extendible maturitynote pagaré descontado discount note pagaré perpetuo con tipo de interés flotante perpetualfloating-ratenote pagaré previo a una emisión bond-anticipationnote (BAN) pagaré respaldado por ingresos fiscales previstos note (TAN) tax-anticipation pagarés descontados consolidados consolidateddiscount notes .

K] patrimonio neto stockholders'equity. commercialbilis papel de buena calidad investmentgradepaper papeles privados privatepaper parte de cada vencimiento de un préstamo strip of maturities participación cruzada cross-shareholding participación en cada vencimiento (de un préstamo) stripparticipation participación en capital social equityfinancing.heavilyindebtedmiddle income country (HIC) pais habilitado para recibir créditos e la AIF IDA-eligiblecountry país que puede obtener financiamiento combinado (del BIRF y la AIF) blend country país que puede recibir créditos.201 pagarés que devengan intereses interest-bearing notes pago contra (presentación de) documentos cash againstdocuments (C4D) país agobiado por la deuda debt distressedcountry país (bien encarrilado) con inversión y crecimiento fast track country país de bajos ingresos. financiamiento de la AIF IDA-eligiblecountry paises prestatarios en fuentes oficiales official borrower paises prestatarios en los mercados financieros market borrowers paises que tienen acceso al mercado financiero market-eligible countnes papel comercial commercialpaper (CP). shareholders' equity. fuertemente endeudado highiy. MIMIC) país de ingresos medianos muy. equity. de ingresos medianos gravemente endeudado severelyindebted low-.equity. middle-incomecountry (MILIC.owners' equity. shareholders' funds [U.owners' equity. SIMIC) país de bajos ingresos. de ingresos medianos moderadamente endeudado moderately indebtedlow-.equity investment participación en una sociedad partnership share participación mayoritaria controlling interest participación proporcional funding pro rata JIBRD] participación sin posibilidad de recurso nonrecourse participation participante ajeno al consorcio secondary participant participante secundario secondaryparticipant participantes en el mercado market participants pase financiero swap (transaction) patrimonio stockholders'equity.K] pedido de operación de margen margincall pedido de operación en descubierto margincall perfil general del financiamiento overallrisk profile [IBRD] período de gracia graceperiod periodo de pago payment period [IBRD] período de prohibición de rescate noncall period periodo de reprogramación tenor . shareholders' funds [U. shareholders'equity. middleincome country (SILIC.net worth.net worth.

202 periodo de vigencia de la tasa de Interés interestperiod periodo de vigencia del tipo de interés interestperiod periodo post-emisión after-market petrobono petrobond ponderación por moneda currencyweight posición a horcajadas straddle. strke prce.call-and-putoption posición corta short position posición diferencial diagonal diagonalspread posición diferencial vertical verticalspread. rateresetter(RR) loan .praecipuum precio price (of a bond) precio comprador bid pñice precio comprador buyingrate [securitiesmarket] precio contable accountingprice precio de compra bid price precio de conversión price conversion precio de cuenta pñice accounting precio de ejercicio strikingprce. market p¡ice [securitiesma>ketJ precio vendedor offeringmemorandum prestamista oficial lender of record prestamista subordinado subordinatelender préstamo a corredores de bolsa brokerloan. strke price. price exercise precio de equilibrio (del mercado) price market-clearing precio de plena competencia arm's length (páice) precio de transferencia interna transferpnice precio de venta offeringmemorandum precio de venta sellingrate precio económico economic price. exerciseprice precio fronterizo borderprice precio neto payoutprice precio vendedor sellingrate precio vendedor ask(ed) pice.price spread posición en descubierto shortposition posición larga longposition praecipuum praecipium. broker'sloan préstamo a la vista call loan préstamo a mediano o largo plazo tenn loan préstamo a un intermediario financiero financial intermediaryloan (FIL) préstamo amortizable en su mayor parte al vencimiento balloon loan M préstamo "B "B»loan préstamo balloon balloon loan préstamo cofinanciado coloan préstamo con interés modificable resetterloan.efficiencyprice precio en (la) frontera borderprice precio fijado en contrato (para ejercitar una opción de compra) strikingpnce.

matchedfunding préstamo con riesgo de pérdidas jeopardy loan préstamo con riesgo soberano sovereignrisk loan préstamo concedido por un consorcio club deal loan préstamo concedido sin banco director club deal.203 préstamo con intermediación de un banco back-to-back(loan. SAD) préstamo para asistencia técnica technicalassistanceloan (TAL) [IBRDJ préstamo para cubrir posibles sobrecostos overageloan préstamo para importaciones con fines de rehabilitación rehabilitation import credit/loan (RIC. borrowing). loan préstamo contingente standby loan préstamo convertible en inversión loan with equity kicker préstamo cuyo vencimiento se ha anticipado prematured loan préstamo de amortización inicial negativa negativeamortizationloan préstamo de aprobación autónoma free-limitloan préstamo de calidad quality loan préstamo de un consorcio syndicatedloan préstamo de valores con garantía en efectivo cash securityloan préstamo de valores garantizado por otro(s) valor(es) borrow-pledge securityloan préstamo dirigido managedloan préstamo dividido en períodos time-sliceloan préstamo en cascada apex loan préstamo en dificultades distressedloan préstamo en forma de participación en el capital equity loan préstamo en pirámide apex loan préstamo en valores secunty lending[IBRD] préstamo gigantesco jumbo loan préstamo global package loan [IFCJ préstamo híbrido hybridloan préstamo improductivo nonperforming loan. nonaccnuing loan préstamo incluido en el sistema de fondo común de monedas pooled loan préstamo indizado indexedloan [currencypool] préstamo minimax MiniMaxloan préstamo no redituable nonperforming loan. RIL) [IBRDJ préstamo para inversión y mantenimiento sectoriales sector investmentand maintenance loan (SIM) [IBRD] préstamo para programas programloan. nonaccnringloan préstamo para ajuste de la(s) política(s) industrial y comercial industrialand tradepolicy adjustment loan (ITPAL) préstamo para ajuste del sector agrícola agricultural sectoradjustment loan (ASAL) préstamo para ajuste del sector exportador exportadjustment loan (EAL) préstamo para (fines de) ajuste sectorial sectoradjustment loan (SECAL.program lending [IBRD] .

borrower. borrower. high qualityborrower. top grade borrower prestatario preferente prime borrower. matched funding préstamos en apoyo de reformas de políticas policy-basedlending.204 préstamo para programas de ajuste program adjustment loan (PAL) [IBRDJ préstamo para racionalización de empresas públicas public enterpriserationalization loan (PERL) [IBRD] préstamo para reconstrucción de emergencia loan emergencyreconstruction (ERL) préstamo para recuperación económica economic recoveryloan (ERL) préstamo para reforma de empresas públicas public enterprisereform loan (PERL) [IBRDJ préstamo para rehabilitación de empresas públicas public enterprise rehabilitation loan (PERL) [IBRDJ préstamo para un sector sector loan préstamo para una inversión específica specific investmentloan (SIL) [IBRDJ préstamo participatorio loan with equitykicker préstamo "puente" bridgefinancing préstamo reembolsable de una sola vez a su vencimiento bullet issue préstamo sectorial sector loan préstamo subordinado subordinatedloan préstamos con intereses Impagos value impaired préstamos cruzados en divisas back-to-back(loan. borrowing). high quality borrower. high quality borrower. top grade borrower prestatario preferente prime borrower. premier high quality borrower. premier high quality borrower. borrower. top grade borrower prestatario preferencial premier pnme borrower.spontaneouslending prestatario (activo) active borrower prestatario de primera clase premier prime borrower. top grade borrower prestatario de primera clase premier prime borrower. borrower.policy loans préstamos en condiciones comerciales commerciallending préstamos no voluntarios involuntarylending préstamos obtenidos de intermediarios financieros intermediative borrowing préstamos pendientes exposure préstamos vigentes activeloans préstamos voluntarios voluntary. borrower. top grade borrower prima premium [option market] prima premium [securities] prima premium [foreignexchange] prima de conversión conversionpremium prima de emisión premium [stocks] prima de liquidez liquiditypremium prima de rescate callpremium prima de riesgo risk premium prima pagada por aplazamiento de entrega backwardation prima pagada por aplazamiento de pago contango prima por inflación inflationpremium .

indexprogram programa (de financiamiento) de reserva standby lendingprogram programa ordinario de rinanciamiento regularlendingprogram [IBRDJ Programa de asistencia especial (del Banco Mundial a los paises miembros) (WorldBank) Programof SpecialAssistance (to Member Countries)(SAP) Programa de recuperación garantizada del principal de las inversiones (GRIP) GuaranteedRecoveryof Investment Pnincipal(Program) (GRIP) [IFCJ Progama de venta separada del Interés y el principal de los valores Separate rd4ing of Registered Interest and Principalof Securities Program(STRIPS) Programa especial de asistencia del Banco Mundial para los paises de bajos Ingresos de Africa al Sur del Sahara agobiados por la deuda World Bank's SpecialProgram of Assistancefor the Low-Income Debt-Distressed Countriesin Sub-Saharan Africa promedio móvil (ponderado) n¿nning(weighted)average prospecto offeringmemorandum prospecto prospectus prospecto confidencial informationmemorandum prospecto de emisión tombstone protección contra rescate anticipado cail protection protección de swap doble cross-currency interesthedge. double hedgeswap proyecto no incluido en la cartera non-po~folioproject [IFC] proyectos relacionados con los aspectos sociales del ajuste Social Dimensionsof Adjustment Project (SDA Project) punto de equilibrio break-even point [stock marketJ rating rating rebajar de categoría downgrade(a loan) recapitalización recapitalization recibo americano de depósito American DepositaryReceipt (ADR) reciclaje de los préstamos relending recompra de deuda debt buyback.debt repurchase recompra de divisas en moneda nacional inwardswap redescontar con compromiso de reventa take in.205 prima por riesgo riskpremium principal en el mercado market maker principios contables generalmente aceptados GenerallyAccepted Accounting Principles(GAAP) prioridad seniori¡y privatización divestiture programa (de financiamiento) básico base lendingprogram programa de compra de acciones incluidas en un índice indexing. to (bills) redescuento rediscount reducción drawdown reembolso en cuotas iguales level repayment reembolsos a la AIF IDA reflows reemisión reissue .

].dematerialisation [UK] regla de minimis de minimis rule relación activo disponible-pasivocorriente acid-tes4liqui4 quick ratio relación beneficios netos-inversión net benefit investmentratio relación deuda-capital debt-equityratio. PER) relación préstamos desembolsados y pendientes-capital y reservas renegociación de la deuda debt workout renovación renewal renovación roll-over roll-over refinanciamiento anticipado renunciar a una garantía take ou4 to [IBRD] represión financiera financial repression représtamo onlending requisitos de que una operación tenga efecto positivo sobre las perspectivas de desarrollo de un país materialitycriteria rescate de la deuda debt retirement reserva reserveratio reserva obligatoria adicional marginalreserverequirement reserva para inversiones especificas specific loss reserve[IFC] reserva para pérdidas por concepto de inversiones no identificadas unidentifiedloss reserveJIFCJ reservas obligatorias para un país especifico allocatedtransferrisk reserves (ATRR) [US] resquicio window (in a market) advancedrefunding refinanciamiento de monto igual even roll reflujos de la AIF IDA reflows registro computadorizado computerizedentry of ownership.K] relación misiones de evaluación-operacionesen el programa crediticio pipelinefactor [IBRD] gearingratio [IBRDJ relación servicio de la deudaexportaciones debt-service ratio.gearing (ratio)[U. workouts refinanciamiento relación precio contable-precio de mercado accountingratio relación precio-utilidades price/eamnings ratio (P/E ratio.debt-to-equity ratio relación endeudamiento/capital propio leverage(ratio)[U.206 reestructuración de la deuda debt restructuring reestructuración financiera work out arrangements.S.debt service to exportsratio relaciones de liquidez liquidityratios rémora fiscal fiscal drag rendimiento al vencimiento yield to maturity(YTM) rendimiento de los activos retum on assets (ROA) rendimiento del promedio de los activos retum on averageassets[IFC] rendimiento del promedio del patrimonio retum on average wolth net [IFC] rendimiento equivalentea un interés nominal coupon equivalentyield rendimiento equivalenteal de los bonos equivalentbond yield rendimiento mínimo floor retum .

sector(of the market) sector empresarial corporate sector segmento segment. note issuancefacility (NIF). lag risk [IBRDJ riesgo relacionado con el margen spreadrisk [IBRDJ riesgo relacionado con el refinanciamiento refinancingrisk [IBRD] riesgo relacionado con las tasas de interés interest-rate risk riesgo relacionado con los tipos de interés interest-rate nisk riesgo relacionado con vencimientos asimétricos mismatch risk [IBRDJ riesgo soberano sovereign risk riesgo subjetivo moral hazard riesgos de refinanciamiento rolloverrisks sacar de apuros bail out saldo traspasado (al ejercicio siguiente) canyo ver sector segment. euronotefacility servicio de financiamiento comercial tradefinancingfacility servicio de la deuda sin deducir reprogramaciones ni pagos en mora scheduled debt service servicio de redescuento discount window servicio de seguro de swaps Swap InsuranceFacility [IBRDJ . note purchasefacility.207 resultado neto bottom line reutilización de las ganancias rolloverof gains reutilización de los préstamos relending reventa de divisas en moneda nacional outwardswap riesgo exposure riesgo calculado a precios de mercado mark to market exposure riesgo cambiario entre dos o más monedas cross-currency exchangersk riesgo de insolvencia de un país sovereignrisk riesgo de liquidez cash risk liquid-holdings risk riesgo ético moral hazard riesgo eventual event risk riesgo moral moral hazard riesgo por conversión contable de monedas currencytranslationexposure riesgo por traducción contable de monedas cuwrency transiationexposure riesgo relacionado con desfases lag risk [IBRDJ riesgo relacionado con el desfase entre.sector (of the market) seguridades (dadas por terceros) comfort separación stripping separación de riesgos financieros unbundlingof financial risks servicio auxiliar back office servicio bancario internacional intemational bankingfacility (IBF) servicio contingente de apoyo a la inversión contingentinvestmentsupport facility servicio de emisión de títulos (SET) revolvingunderwritingfacility (RUF).

African fr Facility(SFSA.African Facility (SFSA. SFA) Servicio contingente de intercambio de monedas ContingentSwap Facility [IBRDJ Servicio de asesoría sobre inversión extranjera (FIAS) ForeignInvestmentAdvisory Service (FIAS) Servicio de financiamiento compensatorio y para contingencias Compensatoryand Contingency Financing Facility [IMF] Servicio de financiamiento de proyectos relacionados con los aspectos sociales del ajuste Social Dimensions of Adjustment ProjectFacility. SFA) Servicio financiero de ajuste estructural dentro del marco de la Cuenta Especial de Desembolsos Structural Adjustment Facility within the Special DisbursementAccount (SAF) [IMF] Servicio financiero reforzado de ajuste estructural Enhanced Structural Adjustment Facilily(ESAF) [IMF] Servicio para contingencias externas Extemal Contingency Mechanism[IMF] Servicio regional de proyectos para Africa al Sur del Sahara RegionalProject Facility for Sub-SaharanAfrica servicios bancarios para el público en general retailbanking servicios bancarios para empresas wholesalebanking servicios bancarios para los particulares retailbanking servicios de emisión y suscripción underwnttenfacilities servicios financieros para eurodólares euronotefacilities servico de financiamiento para contingencias contingency financingfacility sin dinero out of the money (OTM) (option) sin garantía documentaria clean sin intereses devengados flat sistema de amortización del principal en cuotas iguales equal principalrepayment system sistema de fondo común de monedas currency pooling system sistema de pagos totales iguales de principal e intereses level annuity system sistema de tipos de interés basados en una "cesta" de empréstitos pendientes pool-based lendingrate system [IBRD] . Special Facililty Africa. SDA ProjectFacility Servicio de financiamiento para preparación de proyectos ProjectPreparation Facility (PPF) [IBRD] Servicio especial de asistencia para Africa al Sur del Sahara Special Facility for Sub-SaharanAfrica. multioptionfinancingfacility (MOFF) servicio para la concesión de nuevos fondos new money facility Servicio africano Special Facilityfor Sub-SaharanAfrica.208 servicio financiero con opciones múltiples multioptionfacility (MOF). Special Facility Africa. SFA) Servicio especial para Africa SpecialFacilityfor Sub-SaharanAfrica. Special Facilityfor Africa.African for Facility (SFSA.

company (OEIC).currencycoupon swap swap de opciones option swap swap de tasas de interés interest-rate swap swap de tipos de interés interest-rate swap swap de tttulos de deuda por exportaciones debt-for-export swap.J subastas de divisas foreignexchangeauctions subcuenta de endeudamiento del prestatario borrower's indebtedness subaccount[currency pool] subpréstamo subloan subprestatarlo subborrower suscriptor underwriter swap swap (transact¿on) swap con descuento discount swap swap de activos asset(-based)swap swap de bonos de Igual valor nominal even par swap 9wapde deuda por cuasicapital debt/quasi equityswap swap de deuda por efectivo debt-for-cash swap swap de deudas par debt swap.fund sociedad de inversiones con número variable de acciones open-end (investment)fund. debt-for-debt swap swap de Indices basis (rute)swap swapde intereses callableswap swap de intereses y monedas cross-currency interestrateswap swap de monedas currencyswap swap de monedas y de intereses circusswap.S. debt-debtswap swap de deudas debt-debtswap. debt-for-products swap .securities finn solicitud de pago dimeto en nombre del prestatario Applicationfor Withdrawal for directpayment [IBRD] solicitud de membolso directo al prestatario Applicationfor Withdrawal for reimbursementJIBRDJ solvencia credit standing creditworthiness strangle strangle subasta a la baja Dutch auction [U.209 sistema de tipos de Interés variables sobre los préstamos vauiable lendingrate (VLR) system Sistema de Información del Banco Mundial sobre los mercados de capital Worid Bank CapitalMarkets System (CMS) [IBRD] Sistema de la Reserva Federal FederalReserveSystem situación en que el precio al contado es inferior al precio a plazo contango situación en que el precio al contado es superior al precio a plazo backwardation sobrendeudamiento debt overhang sociedad comisionada commissioned company [Japan] sociedad de inversión con número de acciones fíjo closed-end (investment)fund. debt swap.par debt swap. company (CEIC) sociedad de inversión inmobiliaria real estate investmenttrust (REIT) sociedad de inversiones investment company. mutual fiun4 unit trust [UK] sociedad de valores secunties dealer.

equalizingdiscount rate tasa de actualización del consumo (ICO) consumpdon rateof interest (CRI) . borrowing rate tasa de Interés variable basada en una 'cesta' de empréstitos pendientes pool-basedvariablelendingrate [IBRDJ tasa de los fondos federales federalfunds rate tUS] tasa de oferta interbancarla interbankofferedrate (IBOR) tasa del mercado monetario money market rate tasa Lombard Lombard rate [Federal Republic of Germany] tasa para préstamos a corredores de bolsa con garantía de valores broker loan rate tasa preferencial prime rate tasa preferencial a largo plazo long-termprime rate (LTPR) [Japan] tasas de interés clave key interestrates técnicas financieras financial engineering tenedor de bonos bondholder tiburón corporateraider. corporate credit card tasa central key money rate.210 swap en dos monedas dual-currency swap swap internacional cross-border swap swap inverso reverseswap swap inverso mirrorswap swap múltiple cocktailswap swap opcional swaption.call loan rate tasa de interés real real interestrate tasa de Interés sobre los depósitos depositorrateof interest.centralrate tipo combinado del mercado combinedmarket rate tipo de cambio mfnimo floor rate of ecchange tipo de Interés contable (TIC) accountingrate of interest (ARI) tipo de Interés de cuenta accountingrate of interest (ARI) premium swap tarjeta de crédito institucional corporate chargecard.raider tipo central key money rate.swap option swap preferencial tasa de inmovilización lock rate tasa de Interés contable (TIC) accountingrateof interest (ARI) tasa de Interés de cuenta accountingrate of interest (ARI) tasa de interés de equilibrio (del mercado) market-clearing interestrate tasa de interés del financiamiento combinado blendedinterestrate tasa de interés inmodificable lock(ed) in (ínterestrates) tasa de interés pagado por aplazamiento de entrega backwardationrate tasa de interés para préstamos a la vista call money rate. centralrate tasa combinada del mercado combined market rate tasa crítica de rentabilidad hurdlerate tasa de activación trigger rate tasa de actualización discount rate tasa de actualización de equilibrio cross-over discount rate.

pass-through securities título exigibleal ejercer una opción underlying(security) titulo hipotecario mortgagebond transacción en la cual las comisiones eliminan toda posibilidad de utilidades alligator spread transacción ficticia wash sale . bearerscnip titulos con cupón coupon paper titulos de organismos federales agencysecunities. obligafions títulos sintéticos con Interés variable syntheficfloafing rate notes. borrowing rate tipo de interés variable basado en una 'cesta" de empréstitos pendientes pool-based variablelendingrafe [IBRD] tipo de los fondos federales federalfunds rafe[US] tipo de oferta interbancaria interbankoffered rafe (IBOR) tipo de redescuento discount rate tipo del mercado monetario money market rate tipo Lombard Lombard rate [Federal Republic of Germany] titulo al portador bearersecurity título consistente en un asiento bancario book-entfysecurity titulo convertible converlible. exit vehicle titulo de transferencia de ingresos traducción de monedas currencytranslation transacción al precio de oferta menos comisión trade insidefees transacción de bloques de acciones block trading transacción de vencimientos simultáneos matched maturity transaction [IBRDJ pass-throughs.triangular arbitrage tipos de interés clave key interestrafes título security título nominativo registered security título provisional scrip ceflhficate. derivativefloating ratenotes tope de las tasas de interés interest rate cap tope de los tipos de Interés interest rate cap realinterestrate tipo de interés sobre los depósitos depositorrate of interest.211 tipo de interés de equilibrio (del mercado) market-clearing interestrate tipo de interés del financiamiento combinado blendedinterestrate tipo de interés inmodificable lock(ed) in (interestrates) tipo de interés pagado por aplazamiento de entrega backwardation rate tipo de interés para préstamos a la vista call money rate. convertible securily título de salida exif instrument.ext bond. call loan rate tipo de interés real tipo para préstamos a corredores de bolsa con garantía de valores broker loan rate tipo preferencial prime rate tipo preferencial a largo plazo long-term prime rate (LTPR) IJapan] tipos de cambio cruzados dispares broken cross rates.

212 transacciones de los corredores en la bolsa floor trading transacciones entre grandes bancos y entre éstos y otras instituciones financieras wholesalebanking transacciones interbancarias wholesalebanking transacciones ilícitas de personas iniciadas inside. pass-through securities valor en libros book value valor en venta continua tap secuñity valor intrínseco intrinsicvalue valor nominal par value.insider dealing transferencia de activos (de una sociedad) a cambio de acciones (de otra sociedad nueva) spinoff transferencia electrónica de fondos electronic funds transfer(EFT) transformación (bancaria) transformation transformación de los plazos de vencimiento term transformation transformación inversa negativeterm transformation unidad compuesta europea European Composite Unit (EURCO) unidad de cuenta europea (UCE) European Unit of Account (EUA) unidad monetaria europea (ECU) European CurrencyUnit (ECU) Unidad de preparación de proyectos para Africa Africa ProjectDevelopment Facility (APDF) utilidades no distribuidas retainedearnings utilidades por acción eanings per share (EPS) utilización drawdown valor security valor a la par full face value valor con interés creciente step-up (security) valor con interés descendente step-down(secuwity) valor con interés progresivo step-up (security) valor con respaldo hipotecario mortgage-backed secuñity (MBS) valor contable book value valor cotizado en bolsa listed security valor crítico switchingvalue valor de cada parte integrante de una empresa break-upvalue valor de conversión conversionvalue valor de primera clase blue chip valor de protección hedge [securitiesmarketJ valor de transferencia de ingresos pass-throughs.face value valor nominal full face value valor nominativo registered security valor precursor de tendencias bellwether security valor temporal time value valor zebra zero coupon Eurosterling bearer registered accruingsecurities (ZEBRAs) valoración a precio de mercado marking to market valoración bursátil (del capital) market capitalization .

213 valores a más largo plazo de oferta continua (COLTS) ContinuouslyOffered Longer-TermSecuwities (COLTS) valores con moneda de reembolso opcional coveredoption secunities (COPS) valores de inversión a largo plazo investmentsecurities valores de oferta continua en francos suizos (COPS) ContinuouslyOfferedPayment Rights in Swiss Francs (COPS) valores de primer orden gilt-edgedsecurities valores negociables marketablesecurities valores para inversionistas extranjeros foreign-aimedsecurity. un swap) write (an option. foreign-targeted security[US] variación de precio tick vencimiento único bullet matuwity vender (una opción.automated teller machine (ATM) warrant warrant bond warrant en divisas foreign exchangewarrant warrant para la compra de acciones stock warrant warrant para la compra de acciones o bonos wafrant warrant para la compra de bonos bond warrant warrant separable detachablewarrant zona de referencia targetzone. reference zone . a swap) venta divestiture venta de partes de un préstamo whole loan sale venta de préstamos por emisión de valores securitizedloan sales venta de un crédito fuera del consorcio sell-down venta en descubierto short sale venta sin garantía de suscripción total best effontsale ventanilla automática automatic.

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Alsoincludedis terminology connectedwith the international debt problem.S.66 Telex:842-620628 Tokyo Office KokusaiBuilding 1-1. et quelquestermes utiles dans les domainesde l'économieet de l'analyse financiére.inglésfrancés. Le glossaireest forméde quatre parties : termes anglais-françaisespagnols. The glossarycomprisesfour sections:English-French-Spanish.Marunouchi3-chome Chiyoda-ku. Definitionsare given in English in the first section.20433.19. en El BancoMundialha publicado también los siguientesglosarios especializados: Terminologyof Forestryand Related Subjects. Terminologiede l'approvisionnement eau et de en l'assainissementdu milieu (anglaisfrançais).Terminologyof WaterSupply and EnvíronmentalSanitation. El glosario consta de cuatro secciones: inglésfrancés-español.UrbanInfrastructure Maintenancein English-FrenchSpanish. Les autres glossairespubliéspar la Banque mondialesont Terminologie forestiéreet vocabulaireconnexe (anglais-français). Tokyo100.and SpanishEnglish.20.La primerasección incluye definiciones inglés.y Terminología población.concernent les financeset l'endettement. and in Spanish.francais-anglais. financierset des termes relatifi au développement en général. Comprende asimismotérminos vinculadoscon el problemade la deudainternacionaly con el programa de empréstitosdel Banco Mundial(particularmenteen lo que respectaa los mercadosmundiales de capitales). glosarios Los generalesdel Banco Mundial(inglésfrancése inglés-español) contienen ciertos términosde economíay finanzasy otros términos relacionados con el desarrollo.financial.terms related to the World Bank's borrowingprogram(particularly as it relatesto the world'scapital markets). ISBN 0-8213-1644-3 . France Telephone:(1) 40. Terminologiede et la population (anglais-françaisespagnol). Abbreviations English. U. Terminologyof WaterSupply and EnvironmentalSanitation in English-French(publishedjointlywith UNICEF). La premiére partie fournit les définitionsen anglais. siglasen inglés.publiéconjointementavec l'UNICEF. espagnolet anglais. The completeWorid BankGlossariesin English-Frenchand English-Spanish contain economic. au programmed'emprunt de la Banque mondiale(surtout pour ce qui touche aux marchés financiersinternationaux). En él se presta especialatención a los sistemasde fondocomún de monedasy de tasas de interés basadasen una 'cesta' de empréstitospendientesque empleael BancoMundial. Telephone:(202) 477-1234 Facsimile:(202)477-6391 Telex:WUI64145WORLDBANK RCA 248423WORLDBK CableAddress:INTBAFRAD WASHINGTONDC European Office 66. Special emphasisis givento the WorldBank's currencypooland pool-basedlending systems.Japan Telephone:(3) 214-5001 Facsimile:(3) 214-3657 Telex:781-26838 Thisglossarycontains terninology related to finance and debt from the major worldfinancialmarkets.qui proviennentdes principauxmarchés des capitauxdu monde.Lesglossairescompletsde la Banque mondiale (anglais-français et anglais-espagnol) contiennent des termes économiques.W.siglesanglais.français et espagnols.French. francésy español.and PopulationTerminology in English-French-Spanish.C.69.y algunostérminos conexosde los camposde la economía y el análisisfinanciero. inglés-francésespañol.francés-inglés. Glosario mantenimiento de la de ínfraestructuraurbana.A. N. and a fewrelated terms in the fieldsof economicsand financial analysis. Otherglossariespublishedby the World Bankare the Terminologyof Forestry andRelated Subjectsin EnglishFrench.TheWorldBank Headquarters 1818H Street. Este glosariorecoge términos relacionadoscon las finanzasy la deuda que se utilizanen los principales mercadosfinancierosdel mundo. Glossaire l'entretien et de de l'infrastructureurbaine (anglaisfranQais-espagnol).and other terms relatedto development in general.00 Facsimile:(1) 47. Le glossairefait une large placeaux systémesde poolde monnaieset de taux baséssur un pool d'emprunts. de inglés-francés-español. avenue d'léna 75116Paris.D. Washington. Il contient aussi des termes relatifsau problémede la dette.French-English. inglésfrancés(conjuntamentecon UNICEF). Lestermes et expressionsprésentés dans ce glossaire.30. y español-inglés.

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