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R~eport No .

997399z

A World Bank Glossary

Borrowing and Lending Terminology I

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Terminologie des emprunts et des préts --------

Terminología de empréstitos y préstamos

A WorldBank Glossary Glossairede la Banque mondiale Glosariodel Banco Mundial

BorrowingandLendingTerminology Terminologiedes empruntset des préts Terminologíade empréstitosy préstamos

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

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

Copyright © 1984 InternationalBank for Reconstruction and Development/ The World Bank Banque internationalepour la reconstruction et le développement/ Banque mondiale Banco Internacionalde Reconstrucción y Fomento / BancoMundial 1818 H Street, N.W.

Washington,D.C.20433,U.S.A. Allrights reserved Tous droits réservés Reservadostodos los derechos First printing November1984 Premiéreédition: novembre1984 Primera impresión:noviembrede 1984 Manufacturedin the UnitedStates of America Publié aux Etats-Unisd'Amérique Hecho en los EstadosUnidosde América Libraryof CongressCatalogingin Publication Data Mainentry under title: Borrowingand lending terminology. (AWorld Bank glossaiy= Clossairede la Banque mondiale = Glosariodel Banco Mundial) 'Prepared by the TerminologyUnit of the WorldBank's LanguageServicesDivision"-Foreword. 1. Loans,Foreign-Di,ctionaries-Polyglot. 2. Debts, External-Dictionaries--Polyglot. 3. Dictionaries, Polyglot. 4. World Bank-Language-Glossaries, etc. 5. InternationalFinance Corporation-LanguageGlossaries,etc. 1.WorldlBank. LanguageServices Division. TerminologyUnit. Il. Title:Terminologie des empruntset des préts. Ill. Title: Terminologíade empréstitosy préstamos. IV.Series. HG3891.5.B65 1984 336.3'435'03 84-25684 ISBN0-8213-0365-1

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Contents-Tabledes matiéres-Indice

Foreword

v

Avant-propos Prefacio

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vii

Borrowingand LendingTerminology English-French-Spanish

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Terminologiedes emprunts et des préts Français-Anglais Terminologíade empréstitosy préstamos Español-Inglés

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Foreword

TheWorldBankconsistsof the InternationalBankfor Reconstructionand Development(IBRD)and its affiliate,the InternationalDevelopmentAssociation(IDA). The InternationalFinanceCorporation(IFC)is alsoan affiliatedinstitution of the IBRD. Thisglossarycontainstermswhich haveappearedor mayappearin documents dealingwith lendingand borrowingof the WorldBankand IFC.Manyof the terms are connectedwithIBRD'sborrowingprogram,whichhas recentlybeenunder scrutinywithin the Bank,in order to increasethe sourcesof borrowing.Asa result, manydifferentfinancialinstrumentshavebeenconsidered,and it is these that form a large part of this glossary. Inevitably,the IBRDhas beenlookingto the twomajorworldfinancialmarkets, namelythe US. and Eurodollarmarkets-so manyof the termswillbe uniqueto these twoareas.Asthe languageof these twomarketstends to be mainlyEnglish, there are frequentlyno exactequivalentsin Frenchand Spanish,and manyof the terms givenshould be consideredas proposedtranslationsand not standardterms. Naturally,wherethere is an equivalentused in Frenchor Spanish,or wherethe expertsin Franceor Spainand LatinAmericancountrieshavean agreed term,it has beenused.It should be noted,however,that manyof these termswill be used in Englishbythe experts,evenwhen there is an acceptedequivalentin Frenchor Spanish.Definitionshavebeengivenfor manyof the terms.Theseare basedon the Englishterm, except where otherwisenoted,and appear in the English section. Besidesterminologyused in the financialmarkets,this glossaryalsocontainsterms relating to the WorldBank'scurrent lendingprogram,includingthe currencypool and the pool-basedlendingrate (whichare not the samething), banking,accounting, particularlyratios,as wellas a fewtermsin the fieldsofeconomicsand financial analysis.The namesof the UnitedStatesand the UnitedKingdomhavebeen consistentlyabbreviatedto "U.S."and "U.K." Thisglossaryhas been preparedbythe TerminologyUnitof the WorldBank's LanguageServicesDivision.The TerminologyUnitgivesspecialthanks to the followingstaffmembersfor their assistance:CarlosCastaño,CarmenEtcheberryFreund,GladysMurillo,LianneFaili,AnnieMalroux,DanielJimenez,Dominique Phung, and NadiaRathier. Anycomments,includingproposalsfor newterms and suggestedalternativetranslations,will be most welcomeand should be addressedto: TerminologyUnit LanguageServicesDivision The World Bank 1818 H Street, N.W. Washington,D.C.20433,U.S.A.

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Avant-propos

L'expression "Banque mondiale" désigne la Banque internationale pour la reconstruction et le développement (BIRD)et l'Association internationale de développement (IDA),qui lui est affil]Lée. La Société financiére internationale (SFI) est également une institution affiliée a la BIRD. Nous avons réuni dans le p résent glossaire des termes rencontrés dans les documents relatifs aux préts et aux emprunts de la Banque mondiale et de la SFI. Beaucoup de ces termes se rapportent atuprogramme d'emprunt de la BIRD qui, soucieuse de se ménager de nouvelles sources de financement, a été amenée depuis peu á s'intéresser á de nombreux instruments financiers. II était inévitable que, pouy élargir son programme d'emprunt, elle s'oriente vers les deux principaux marchés mondiaux de capitaux, ceux des Etats-Unis et des eurodollars, qui ont souvent leur propre terminologie, essentiellement anglaise. Bien des traductions que nous donnons ne doivent donc étre considérées que comme de simples suggestions. Naturellement, chaque fois qu'il existe un équivalent accepté en français ou en espagnol ou que des experts de pays francophones ou hispanophones se sont mis d'accord sur un terme, nous l'avons repris. Il faut toutefois signaler que méme s'il existe une traduction acceptée en franQaisou en espagnol, les experts emploient fréquemment le terme anglais. Nous avons généralement donné une définition qui, sauf indication contraire, est celle du terme anglais. Outre le vocabulaire emplcoyépar les spécialistes des marchés financiers, ce glossaire contient des termes relatifs au programme de prét de la Banque mondiale, notamment au pool de monnaies et au pool d'emprunts utilisé pour déterminer le taux préteur (deux notions différentes), aux opérations bancaires, á la comptabilité (ratios par exemple) et méme á léconomie et a l'analyse financiére. Les sigles "U.S."et "U.K."ont été employés systématiquement pour désigner les Etats-Unis d'Amérique et le Royaume-Uni. Ce glossaire a été établi par le Service de terminologie de la Division des services linguistiques de la Banque mondiale, qui tient á remercier particuliérement pour leur concours Carlos Castaño, Carmen Etcheberry-Freund, Lianne Faili, Daniel Jimenez, Annie Malroux, Gladys Murillo, Dominique Phung et Nadia Rathier. Toutes les suggestions qui permettront d'améliorer et de compléter ce glossaire seront les bienvenues. Priére de les envoyer a l'adresse suivante Terminology Unit Language Services Division The World Bank -1818II Street, N.W.

Washington,D.C.20433,U.S.A.

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Prefacio

ElBancoMundialestá constituidopor el BancoInternacionalde Reconstruccióny Fomento(BIRF)y su afiliada,laAsociaciónInternacionalde Fomento(AIF).La CorporaciónFinancieraInternacional(CFI)es tambiénuna instituciónafiliadadel BIRF. Este glosariocontienetérminosque han aparecidoo puedenapareceren documentos sobre operacionesde empréstitoy préstamodel BancoMundialy la CFI.Muchos de los términosestán relacionadoscon el programade empréstitosdel BIRF,que recientementeha sido objetode un examencuidadosodentro del Bancocon el fin de ampliarlas fuentesde obtenciónde fondos.Comoconsecuencia,se han considerado numerososinstrumentosfinancierosdistintos,yson éstos los que constituyen una gran parte del presente glosario. Comocabíaprever,inevitablementeel BIRFse ha dirigidoa los dosprincipales mercadosfinancierosdel mundo-el de los EstadosUnidosy el del eurodólar-, de modoque muchosde los términoscorrespondena expresionesque se usan exclusivamenteen dichosmercados.Dadoque el idiomaque se empleaen estosdos mercadosgeneralmentees el inglés,con frecuenciano se encuentranequivalentes exactosen españoly francés,por lo que muchasde las traduccionesque se dan deben considerarsecomosugerenciasy no comotérminosconsagrados.Lógicamente,en los casosen que se empleaun equivalenteen españolo francés,o en que los expertos de Españay los paíseslatinoamericanoso Franciatienen un términoconvenido,se ha usado éste.Noobstante,cabeseñalarque los expertosusaránmuchosde estos términosen inglés,aun cuandoexistaun equivalenteaceptadoen españolo en francés.En muchoscasosse dan las definiciones.Salvoindicacióncontraria,éstas se basan en el término inglésy aparecen en inglésen la seccióntrilingüe. Ademásde la terminologíausadaen los mercadosfinancieros,este glosariocontiene términosrelacionadoscon el programaactualde operacionescrediticiasdel Banco Mundial,incluidoslos referentesal fondocomúnde monedas,el tipo de interés variablebasadoen una "cesta"de empréstitospendientes,banca,contabilidad-en particularrelaciones-y algunostérminosque se empleanen los camposde la economíay el análisisfinanciero.Atravésde todo el glosariolos nombresde los EstadosUnidosy el ReinoUnidose han abreviadocomo"U.S."y "U.K.". Este glosarioha sidopreparadopor la Dependenciade Terminologíade la División de ServiciosLingüísticosdel BancoMundial.La Dependenciade Terminología expresasu agradecimientoen especiala los siguientesfuncionariospor su asistencia: CarlosA.Castaño,CarmenEtcheberry-Freund, LianneFaili,DanielJiménez,Annie Malroux,CladysMurillo,DominiquePhung y NadiaRathier. Cualquiercomentario,inclusivesugerenciasrelativasa la inclusiónde nuevos términoso a traduccionesdistintasde lasque aparecenen el glosario,será bien recibido.Las comunicacionesdeben dirigirsea: TerminologyUnit LanguageServicesDivision The WorldBank 1818H Street, N.W. Washington,D.C.20433,U.S.A

Borrowingand Lending Terminology English-French-Spanish

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A-

AAAbond [cf., top-ratedbond] obligationde premierordre;obligation

acid-test, liquid, quick ratio ratio de trésorerie réduite

agency securities, obligations obligations émises par des organismes

relaciónactivodisponible-pasivo corriente

fédéraux títulos de organismosfederales;

(cotée) AAA(marché américain)

Thestandard IBRDdefinitionis the ratio of cashplus marketablesecuritiesplus bono, obligación (con clasificación) accountsreceivableplus other amounts Aond given ighes ratig in he Stndard readilyconvertibleinto cashto current Bondglvenhighestratingin the Standard liabilities.Other definitionsincluderatio of hge Poorclassificationf pro ondashavegardcurrent assetsless inventoriesto current hilhest degreeof protectionas regards liabilities.ratio of quickassetsto current

emisiones de organismos federales Securityissued by a l.S. federalagency.

praingipal agency. inoot. Tha Ar masit highestrating agenc D boondhas Aarrasted

1.Bankactingfor a foreignbank.2. Bank handlingadministrationof loan in a syndicatedcredit.

bono,obligación(conclasificación)

'A" loan prét "A" préstamo "A StandardWorldBank loan in cofinancing.

liabilities.ratio of cashplus near-cashassets to currentliabilities,and ratio of cashplus accountsreceivableplus the marketvalue of selectedinvestmentsto current liabilities.In LatinAmerica,relaciónde pruebaácidaisoften found,whilein Spain ratiode tesorenfais used.

agent bank 1. correspondant; 2. mandataire; agent 1. banco corresponsal; 2 banco agente

acceptance, accepting house [U.K.] maison d acceptation

activity ratios taux d'activité

agio agio agio Thepremiumwhichthe metallicor other currencyof a countrymaycommandover legaltender papermoneywhichis its face

casan deaceptatione

relacionesde actividad

equivalent.

casa de aceptaciones Merchantbanksin the U.K.specializingin acceptingbills of exchange.

the actioatiesof a corporation.

allotment attribution; répartition

actuarial evaluation

distribución

prix comptable

évaluation actuarielle

Allocationof securitiesto membersof the

precioxdcmptabe

evaluaciónactuarial

syndicateinvolved inthe issue,inthe

A price usedfor accountingpurposes(¡.e., not a marketprice).Often used synonymouslywith shadowprice.

advanced refunding refinancement anticipé refinanciamiento anticipado

accounting rate of interest (ARI) taux d'intérét comptable (TIC) tasa de interés de cuenta (TIC); tipo de interés de cuenta (TIC) Discountrate used to convertfuture values of benefitsand costsintoequivalentpresent

Refinancingbeforematurity,to take advantageof favorablemarket conditions. after-market aprés bourse

accounting ratio ratio prix comptable-prix du marché relación de cuenta Ratioofaccountingpriceto marketpriceof a good.

accretedcal] bond obligation assortie dune option d'achat au-dessous du pair bono redimible con descuento antes de su vencimiento Discountbondwhichallowsthe issuerto callthe bond beforematurity,at a discount from the facevalue.

~A group of ratiosthat measuremovementin

período "after-market Theperiodbetweenthe issueof the security and liftingof syndicaterestrictionsin the fixed-interestand Eurobondmarkets. Sometimesused incorrectlyas a synonym for secondanj market(q.v.). after-sight bill traite á un certain délai de vue de letra a cierto plazo de la fecha de presentación Billof exchangewhichbecomespayableat a certaindate after presentationfor acceptance. agency fee [Euromarket] commission de gestion comisión de gestión

Eurobondand U.S.securitiesmarket. all-purpose bank, see combined commercial and investment bank amortization amortissement; remboursement [préts] 1. amortización; 2 depreciación 1.Thegradualextinguishmentof any amountovera periodoftime (e.g.,the retirementof a debt).2.Areductionof the bookvalue of a fixedasset. amortization adjustment factor [currency pool] facteur d'ajustement de l'amortissement factor de ajuste para fines de

~~~~amortización

Theratio of the currentvalue,in termsof the U.S.dollar.of the principaloutstanding of a loan at the commencementof business of a dayto tbe correspondingtotal of withdrawalsfromthe LoanAccount.net of recalls for amortization. annuity bond bonode ptitre rente

bono perpetuo,de renta Ivitalicia

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apex loan

price. When the market price is high, the

securities, does not want to do so at the

prét pyramidal, en cascade préstamo en pirámide, en cascada

investorreceivesproportionallylessstock and viceversa.

prevailingrate,and,therefore,doesnot take up deliveryof the securitiesbut carries

Loan whereby IBRD lends money to an apex

delivery over to the next accounting period.

developmentfinancialunit whichonlendsit to participatingfinancialinstitutionswhich, in turn, onlend it to industrialcompanies.

(Theopposite of contango.) backwardation rate intérét de déport

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B-

arbitrage arbitrage arbitraje

, pret "33"

Buying(or borrowing)in one narketand selling(or lending)in another.

préstamo "B" Loanmadebythe WorldBankinvolving cofinancing.

tipo de interés pagado por aplazamiento de entrega

prét 'B"

prsao""balance-sheet

arbitraJe

arbitrageur

ratio ratio tire du bilan relación derivada del balance general Ratio based on figures appearing in the

back-to-back (loan, borrowing) 1. échange de monnaies différentes; 2. (crédit) adossé; 3. (crédit) face á

arbitragiste arbitrajista Person systematically engaged in arbitrage

face; 4. opération couplée

balancesheet. balloon loan prét ballon

d'emprunts; emprunt de contrepartie 1.préstamos cruzados en divisas; 2 crédito con garantía de otro crédito; R3. préstamo con intermediación de un banco; 4. empréstito de contrapartida 1.Operationswherebya loan is madeinone

préstamo "balloon` préstamo amortizable en su mayorparte al vencimiento Aloanrepaymentscheme,underwhichthe lan repaymentscher unthe pre

loan js repaid at maturity. BAN, see bond-anticipation

transferprice).

currency in one country against a loan in another currency in another country (e.g., a U.S.dollarloan inthe U.S.against a pounds

ask(ed) price [securities rrarket] cours de l'offre precio vendedor The priceat whicha securityor commodity

sterlingloan in the U.K.).2.Acredit opened bya bank on the strength of anothercredit (e.g.,if a Britishmerchantbuyscotton in Egyptandsells it to a Belgianwho establishesa credit for paymentto the U.K.

bank bill acceptation de banque pagaré bancario, letra bancaria Commercialbuí acceptedby a bank.

firm,then the firm may be able to use this as a security for opening a credit to finance paymnentto the Egyptian.) 3. A scheme

banker's acceptance acceptation de banque

dealing. ARI,see accounting rate of interest arm's length (price) (prix) normal du marché; (prix) de

pleine concurrence precio de mercado Price between corporations under fully competitive conditions (the opposite of

is quoted or offered for sale. ATM, see automatic

teller machine

automatic teller machine (ATM) guichet automatique de banque (GAB) ventanilla automática; cajero automático, permanente

wherebya bank bringstogethera borrower and a lender sothat they agreeon a loan contract.4.Refersto a variable-rateloan madebyIFCto a borrower,for whichthe fundsare borrowedfromthe IBRD.Also

availability clause, see switch clause

calledmatchedfunding.

aval

back-up line of credit ligne de crédit de protection, de

aval

aval

soutien. auxiliaire

note

aceptación bancaria UeS.andCanadiantermnbracbuíof exchangewhichhasbeen acceptedbya banker. bankerfs draft chéque banque; chéque tiré letra de banco; cheque de banco Adraft payableon demandand drawnby,or on behalf of, a bank upon itself. bank money

exchangeor promissorynote with the

backwardation

signature of a third person appearing on the

déport

bill.

1.situación en que el precio al contado es superior al precio a plazo; 2. prima pagada por aplazamiento de entrega 1.In the commoditymarket,when the cash priceis higherthan the forwardprice.2. In the stockexchangemarket,a chargepaid byan investorwho hasnot yet acquired

money in a particular security, regardless of

repayments.In somecases,the term is used to referto a scheme,underwhichthe whole

línea de crédito de apoyo

Guarantee of the payment of a bilí of

averaging amélioration des prix moyens (d'un titre) inversión periódica de monto constante The practiceof investinga fixedamountof

last repayment is larger than the previous

monnaie scripturale depósitos bancarios Money on deposit at a bank. bank quality bond obligation pouvant intéresser les banques bono de calidad bancaria Boiidsrated in the top fourcategories(AAA, AA,A,and BBB)and generallyregardedas eligible for bank investment.

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bank trust departments services bancaires de gestion financiére

departamentosfiduciariosde bancos basis point centiéme de pour cent: point de base centésimo de punto porcentual 0.01per cent of yieldle.g.,of a security). bearer bond obligation au porteur bono, obligación al portador A bondwhosetitle is to the bearer(i.e.,it is presumedto be ownedby its holder).The sameas coupon bond

bill of exchange lettre de change

letrade cambio

acción gratuita

Anunconditionalorderin writing, addressedby onepersonto another,signed bythe persongivingit, requiringthe person to whomit is addressedto payon demand, or at a fixedor determinablefuture time,a sumof moneyto,or to the orderof,a specifiedpersonor to bearer.

A sharegivenas a bonusto purchasersof such shares.

blue chip placement de pére de famille;valeur de pére de famille; valeur de premier ordre

valorde primeraclase;acción de bearer market marché de porteurs

primera clase Shareor securityof top-ratedU.S.

mercadode títulos al portador

corporation.

bearer note bon au porteur

bonus share action gratuite

bond obligation

book-entry security titre relevé titulo consistente en un asiento bancario U.S.term for a security.not in the formof a certificate,but as an entry in an account at a bank.Eightypercent of marketableU.S. Treasurysecuritiesare nowheld in book-entryform. book value valeur comptable

valorcontable,en libros Thenet amountat whichan assetappears on the books of account.

pagaréal portador

bono;obligación

border price

Notewhereownershipis transferredmerely byhandingover,as opposedto registration. bearer scrip, see scrip certificate

Debt instrumentwith maturityof longer than oneyear.Notethat U.S.bonds are usuallysecured,whileU.K.bondsand Eurobondsare usuallyunsecured.

prix frontiére; prix franco frontiére precio en la frontera: precio fronterizo Priceof a tradablegoodat a country's border or port of entry.

bearer security titre au porteur

bond-anticipation note (BAN) avance de préémission

borrower's indebtedness subaccount [currency pool]

título al portador

pagaréen previsiónde una emisiónde bonos

sous-comptedébiteur de l'emprunteur subcuenta de endeudamientodel

bellwether security titre précurseur valor precursor de tendencias A securitythat seemsto leada market movementor economictrend.

Short-termborrowingthat servesas an interimsourceof fundsfor aprojectthat is eventuallyto be financedbythe saleof bonds.

prestatario Principaloutstandingon a borrower'sloan.

bond certificate

préstamoen valoresgarantizadopor otro(s)valor(es)

best efforts sale vente sans garantie d'émission venta sin compromiso de garantía de emisión Anewissuewhichis not underwrittenand not purchasedas a wholefromthe issuer, but issold bysecuritiesdealerson a "sell what can be sold" basis.Usedin the U.S. securitiesandsyndicatedEurocredit markets. bid price cours pric hete ur cours acheteur

certificat nominatif certificado nominativo Certificategivento the holderof a registeredsecurity. bondholder porteur de titres, d'obligations tenedor de bonos bond-rating agency, see rating agency bond sold on tap obligaond sol on ndue gutapet ouver obligation vendue a guichet ouvert

precio comprador;precio de compra

bono de venta continua

Thepriceofferedfor a securityor . commoditybya prospectivebuyer.

Abond issuedon an `as required"basis(i.e., it iscontinuouslyavailableand may be obtainedon demand).The issuermay determinea maximumamountfor the issue.

bill broker, see discount house

borrow-pledge security loan prét de titres garanti par d'autres titres

Securityloanwhereoneor moresecurities are postedas collateralfor the borrowed security. bought deal prise ferme emisión adquirida anticipadamente por un consorcio bancario Bondissuewherea groupof investment banksagreeto purchasean entire issuefor their ownaccountor for resale,priorto announcingthe issue to the market. break clause, see jeopardy clause break-even point [stock market] niveau d'indifférence

punto de equilibrio Point where two strategiesare equivalent.

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broad money [cf. M3] monnaie, masse monétaire au sens large dinero en sentido amplio

buying rate [securities market] prix acheteur precio comprador The pricethat a buyerwillpayfor a security.

callable bond obligation remboursable avant l'échéance bono rescatable, redimible antes del vencimiento

broker [stock exchange] agent de change; agent boursier; [foreign exchange]

Bond with a call option. cancellation (of a debt)

courtier

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remise (d'une dette)

corredor(de cambio, de bolsa);agente (de cambio y bolsa)

call-and-put option, see straddle

broker loan rate taux d'avances sur titres tipo para préstamos con garan tía de valores

call loan pret au jour le jour préstamo a la vista A loanon a demandbasis(i.e.,whicheither

The rate banks charge to securities dealers

the borrower or lender may terminate at

approfondissement

and brokerson loansmadewithstockas collateral.

will).

aumento del capital con respecto al trabajo Actionwhichincreasesthe relativevalue of capitalin relation to labor (cf.capital widening).

brokerage courtage corretaje coellicient deaBruno coefficient de Bruno relación de Bruno Alsoknownas domesticresourcecost ratio (q.v.). Bulldog bond obligation "bouledogue"; obligation étrangére émise á Londres bono "bulldog" Bond issued in pounds sterling on the

condonación (de una deuda)

call money; day-to-day money; demand money; money at call argent au jour le jour; crédit á vue, á trés court terme; avances á vue dinero exigible; dinero a la vista Moneydepositedin an interest-bearing account,that canbe calledby the depositor on a day'snotice.Oftenappliedto money lent bybanksto stockexchangebrokers, which maybe called at any time. call-money rate taux de l'argent au jour le jour; taux des avances á vue tipo de interés para préstamos a la vista

Londonmarketoutside the U.K. bullet issue emprunt remboursable en une seule fois; emprunt remboursable in fine préstamo reembolsable de una sola vez a su vencimiento Aniissueto be repaidin a lump sumat the end of its term rather than gradually.

call option option d'achat, de rachat opción de compra Optionto purchasedesignatedsecuritiesat a predeterminedpricewithina specified time limit.

capital base assise financíére; parfois, fonds propres base de capital capital deepening du capital

capital-deepening investment investissement de productivité inversión orientada a aumentarla eficiencia de la producción y reducir los costos Investmentaimedat increasingproduction efficiencyand loweringcosts. capital issue émission de titres emisión de valores de capital capital market marché de capitaux; marché financier mercado de capitales capital redemption reserve funds compte de réserves pour le rachat du capital des actions fondos de reserva para redención de capital accionario Specialaccountheld bya corporationto repurchasepart of its shares.

bunching (of maturities) concentration (des échéances) acumulación (de vencimientos)

call premium prime de remboursement prima de rescate Theamountoverthe issuepricewhena bond is redeemed.

buoyancy, see tax buoyancy

call protection

capital widening

buy-back [Canadal prise en pension

protection contre un rachat anticipé protección contra rescate anticipado Protectionavailablein purchaseof bonds, wherebya periodis fixedduringwhichthe bond may not be redeemed.

élargissement du capital ampliación del capital Investmentthat incases the absolute value of capital(cf capitaldeepening).

recompra A repurchaseagreementin the Canadian short-termcommercialmarket.

capital stock, see equity capital

capitalzation capitalisation capitalización Totalauthorizedpar valueof the stocksand bonds of a corporation.

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carry-over report de crédits saldo que pasa (al ejercicio siguiente) Fundsunused duringa financialyearwhich are transferredto the budget for the followingfinancialyear.

city bank [Japan] grande banque gran banco Majorcommercialbank,locatedin a city, dea]ingwith corporationsand major accounts(as comparedto a local bank).

functionsthesecarryoutaredividedamong the members.in order to save fees. colead manager, see comanager

cash management gestion de (la) trésorerie gestión de caja, de liquidez

clean (en) blanc; simple; non garanti sin garantía escrita Refersto a moneymarketoperation without underlyingdocumentarysecurity. (Notethat in the U.K.cleanmeans "'exclusiveof accruedinterest.")

préstamo cofinanciado comanager; colead manager co-chef de file banco codirector, coadministrador Lenderrankingnext to leadmanagerin a Euroloan.

cash-management account compte de gestion de trésorerie cuenta de administración de fondos Aninterest-bearingcurrent account, normallyheld with a stockbroker. cash-management bill bon du Trésor á trés court terme bono del Tesoro (EE.UU)a muy corto plazo Bill introducedbythe U.S.Treasuryin 1975, designedto raisefundsquicklyfora short period,rangingfrom nine to twentydays' maturity.Paymentmust be madein federal funds. cash market, see spot market cash risk; liquid-holdings risk risque lié á la rentabilité des liquidités riesgo de liquidez Riskto actual cashreceiptsdueto differencein spread betweenmoney borrowedmediumterm and reinvested short term. cash security loan prét de titres garanti par des fonds préstamo de títulos con garantía en efectivo Securityloanwherecashis postedas collateralfor the borrowedsecurity. CD, see certificate of deposit (CD) certificate of deposit (CD) certificat de dépót certificado de depósito

clean advances avances non garanties anticipos sin garantía escrita clean float flottement pur, non dirigé flotación limpia Floatingof currencywherethe valueof the currencyis controlledbythe marketrather than the authorities.Oppositeof dirtyfloat. c:learingagreement accord de compensation; accord de paiement acuerdo de compensación clearing bank, see investment bank

coloan prét cofinancé

combined commercial and investment bank; multibank; all-purpose bank banque "multiservices", á tout faire, á vocation générale, polyvalente banco múltiple; multibancof Ch¿, Mex.] comfort sécurité garantía (dada por terceros) Securityofferedin a commercialloan in the form of a guaranteeor cofinancingfrom a parent company,government,or internationalorganization.Seealso letterof comfort commercial bank; clearing bank [U.K.] banque de dépot, commerciale

banco comercial cleanng house chambre de compensation cámara de compensación Anorganizationset up byfinancial institutionsagreeingto initiateandreceive amongthemselveselectronictransfersof funds authorizedby their customers. closed-end (investment) fund société d'investissement á capital fixe; société d'investissement fermée; fonds de placement fermé sociedad de inversión con número de acciones fijo U.S.term for an investmentcompanywitha

commercial bilis, see commercial paper commercial lending préts á des conditions commerciales préstamos en condiciones comerciales Lendingnot alwaysat marketrate but under normalmarketconditions(e.g.,as regardsmaturity,reimbursement)(cf. market-relatedlending). commercial paper; commercial bilis effets de commerce; papier commercial; papier financier efectos comerciales, papel comercial

fixed number of shares outstanding. The shares represent an interest in the fundas

Promissory notes normally having a

Certificate of an interest-bearing time

depositwith a bank.

portfolio.Newshares maynot be issued.

companiesor institutionsto raisecashfor

changes in working capital statement, seestatementof changes in financial position

club loan crédit consortial (sans chef de file) préstamo concedido por un club

purposesof workingcapital.A major borrowinginstrument for first-class borrowersin the L.S.and Canada.

chartered bank [Canada]

bancario, por un consorcio Loanwhereby,insteadof one bank being designatedleadbank and others comanagersor underwriters,the various

banque á charte banco comercial

maximum maturity of 270 days sold by

8

commissioned company [.Japan] société mandatée (par la Banque mondiale pour la représenter á des émissions d'obligations au Japon) compañía comisionada; sociedad comisionada Agentin Japanwhichactsfor the IBRD(or other non-JapanesefinanciaJinstitutions) in the issueof bondson the Japanese market. commitment authonity pouvoir d'engagement facultad para contraer compromisos

contingent obligation [IBRD] engagement conditionnel obligación contingente Typeof IBRD"B"loan (q.v.)wherebythe loan is initiallyfinancedentirelyby the commerciallender with IBRDhavinga contingentcommitmentto financeat a givendate (i.e.,at the endof the duration considered"normal"bythe commercial marketsfor the specificborrower)the

core inflation infliation de base inflación básica

remainingbalanceof principal(if any),if the commerciallenderschoosenot to financethis amount.

corporateright part socisle derecho (del accionista) Rightsheld by a partner in a corporation.

corporate bond obligation de société bono de una empresa privada, de una compañía, de una sociedad anónima

continuation rate, see contango rate commitment fee; stand-by fee commission d'engagement comisión por compromiso, por inmovilización de fondos common stock actions ordinaires; actions de capital

acciones ordinarias consol, see nonmaturing, nonredeemable government bond consolidated discount noles bons a prime (d'émission) consolidés áprimedesconta iosconsolidaos pagares Consolidationof severa]issuesof discount notes into nne uniformunte. consumption rate of interest (CRI) taux dactualisation de la consommation tasa da interés del consumo (TICO); tipo de interés del consumo (TICO) Therate at whichthe value ol-a unit of currencydestinedfor consumptionfalls overtime,usuallyexpressedas an annual percentage. contango report "Icon ontango` tango"

contract financing financement

sur contrat

financiamiento con garantía de contratos Projectfinance,involvingthe useof commercialcontractssuch as a ship charter or take-or-paycontractas securityfor the loan. conversion discount décote de conversion

descuento de conversión

Ratioof the marketvalue of a convertible securityto its conversionvalue (q.v.l expressedas a percentage.Whenthe rmarketvalueof the securityis lowerthan the conversionvalue,this ratio issaid to be a discount. conversion premium conversionprmu d

prime de conversion Ra de marsióv Ratioof the marketvalueof a convertible securityto its conversionvalue(q.v.) expressedas a percentage.When the marketvalueof the securityis higherthan the conversionvalue.thisratio issaid to be a premium. conversion price

country exppsure engagement par pays compromisos por países coupon coupon

cupón Aslip attachedto a bearerbond.whichcan be detachedand exchangedfor an interest paymentnr dividend due ata specific date. Alsousedto describethe nominalannual rate of interestwhicha borrowerpromises topaytheholderofafixed-incomesecurity. Colloquially.inthe U.S.domesticmarket, usedto describea U.S.Treasurynote or bond. coupon(-bearing) hond obligation munie de coupon

bono con cupón Bond with coupon attached. Also called

bearerbond coupon equivalent yield rendement converti en taux d'intérét rendimiento equivalente a un interés

nominal The yieldobtainedfromthe difference betweenthe purchasepriceandthe face noninterest-bearing of a short-term value as a percentage, expressed instrument,

prix de conversion precio da convoersión

determinedbythe differencedividedbythe

settlementof a traiisactioinfromone accountperiodto another.(Theoppositeof

The pricewhichsu investormust p fora share if he buysa convertiblebondfirstand l later convertsit intn sbares.

coupon note

backwardation.)

conversion value

contango rate; continuation rate intérét de report

parité de conversion valor de conversión Theconversionpricemultipliedbythe current priceof the security.

fowaerd is cowmedthanmarhet,

sk ecs priceInthe

is lower than the forward price. In the stock

exchangemarket,the feepaid.byan investorfor the privilegeof carrvingthe

interésde "contango" Thedifferencebetweenthe cashand settíementprices.

purchase price.

bon-coupon pagaré con cupón Note with couponattached. coupon paper titres assortis de coupons

títulos con cupón Paper with coupon attached.

9

coupon rate taux de coupon

crowding-out éviction

liabilities into U-S.dollar amounts, regardless of the actual currency in which

interésnominal

desplazamiento

they are denominated.

Interest to be paid regularly on the face value of a long-term debt instrument.

Anydisplacement of private economic activity by public economic activity.

current coupon (rate) taux de coupon courant

creative financing formules nouvelles, inédites, originales de financement financiamiento innovador

cumulative preferred stock actions cumulatives privilégiées acciones preferenciales, (preferentes, preferidas) acumuladas Preferredstockwherethe unpaiddividend isheld over,totallvor partially,when there areno returns in a financialyear,or the returnsare insufficientto distributethe dividendfixed for these shares.

interés nominal coriente 1.In fixed-ratesecurities.a couponrate whichapproximatescurrent yieldlevelsfor similarsecurities.Straightdebt securities withcurrent couponshavepricescloseto par.2.In floating-ratesecurities,the rate of interest on the current interest period.

credit standing; creditworthiness honorabilité [client privé];surface financiére; solvabilité; capacité iendettemnent solvencia; solvencia crediticia

currency-linkedbond, see option bond CRI, see consumption rate of interest cross-currency interest hedge; double-hedge swap swaps portant á la fois sur les taux d'intérét et sur des monnaies

currencyoption bond, see option bond currency pool pool de monnaies fondo común de monedas

protecciónde 'swap"doble

current ratio; working-capitalratio ratio de liquidité générale relación corriente[América Latina]; coeficiente de solvencia[Esp.] Ratioof current assetsto current liabilities. It is the main liquidityratio. cushion bond 'cushion bond"

bono amortiguador

Techniquethat combinesshiftfroma floatingto a fixedrate of interest,together witha shift fromliabilityin one currencyto liabilityin another.

currency pooling system systeme du pool de monnaies sistema de fondo común de monedas Asystemset up bythe WorldBankto

A high-couponbondsellingat a priceabove its calI or optionalredemptionprice.

cross-default clause clause de manquement réciproiue:

equalizeamongallborrowers,at anytime, the risksinherentin fluctuationsin the exchangeratesof the currenciesdisbursed

obligation cautionnée letra aduanera garantizada Specialtypeof credit in Francegrantedby

and repayableon all Bankloansincludedin the system.Equalizationis achievedby

the state to corporationsto allowthemto payindirecttaxes or customsduty,with a

clauseladrecigioiaie crsoise

incsum plimiento

custom-duty bill

A clause io a loao agreement specifying that pooling all currencies disbursed and Adc]aulton anyother loan armto s thecifyingotoutstanding on participating loans and by

default0e anyrother loansto the borrower

expressingthe outstandingprincipal

guarantee provided by a bank or other financial institution. These bills allow the

shall be regarded as default 00 tbis one.

amount of each such loan as a share of the

value-added tax or customs duties. The

cross-over discount rate; equalizing

pool. Asa result, loan-serviceobligations on

state draws up a bill for the amount in

discount rate taux d'indifférence: taux dégalisation des valeurs actuelles tasa de actualización de equilibrio Thediscountrate that equalizesthe net presentvalueof twostreamsof benefits and/or costs.

eachparticipatingloan are relatedto all amountsinvariouscurrenciesdisbursed andoutstandingon al] loansin the system. currency swap swap de monnaies, sur le cours de change intercambio de monedas

questionwhichthe corporationagreesto pay on maturity.

crowding-in attraction aracción

atraccion

Systemwherebyan institution withfunds in onecurrencyconvertstheminto another and entersinto a forwardexchangecontract to recoverthe currencyborrowed.

Occurswheregovernmentbondsare sufficientlygood moneysubstitutesso that bondissuesreducedemandfor money balances,leadingto an expansionaryimpact via their effecton portfoliocomposition.

day-to-day money, see call money dealer [options market] dagent[optiontrepartiet agent de contrepartie agente de contrapartida

currency translation conversion monétaire; traduction monétaire traducción de monedas Recordinginaccountsof assets(or liabilities)in one currencywhen theyare actuallyinanother.Noactual exchangeof fundstakes place.TheWorldBankand IFC, for example, translate all their assets and

corporationto defer paymentof

-

D-

dealer [stock market] agent boursier; opérateur (sur le marché) agente de bolsa; corredor de bolsa .. securities dealer

'o debenture (bond) 1. obligation non garantie; 2. obligation

debt ratio ratio de solvabilité

detachable warrant warrant détachable

relación de endeudamiento

1. bonosin garantíaespecífica; debenture[Arg.,Chile];2. bonocon garantíade activos

Ratioof total liabilitiesto total assets.

certificadoseparable;"warrant" separable

1.U.S.:Unsecuredbond.2.U.K.:Loan securedagainstspecificor generalassetsof a company. debenture stock [U.S.] actions de priorité

accionesprivilegiadas Aspecialtypeof stockconferringrights superiorto both preferredandcommon stock.Notethat in the U.K.debenturestock is the equivalentof the U.S.debenturebond (ile.,an unsecuredbond). debt certificate certificat de reconnaissance de dette

certificadode adeudo Loansagainstborrowers'notes,whichare privatelyplacedand can onlybe transferred by formalassignment. debt-equity ratio; debt-to-equity ratio ratio d'endettement relación deuda-capita¿ coeficien te de endeudamiento[Sp.] Mainlyused to describethe rat:ioof total liabilitiesto shareholders'equity(net worth).It can alsobe used to describethe ratio of long-termdebt to equity,net long-termdebt to equity,total or long-term debt to tangibleequity ( equityplus revenueplus capitalreserves).AI]these definitionsare usedin the WorldBankand IFC,so careshouldbe taken in translation to ensure the correctterm is used.Other definitionsare used outsidethe World Bank debt-for-debt swap swap sur des dettes

intercambiode deudas Swapinvolvingthe exchangeof a new obligationfor an existingobligationheld by investors.A techniqueused recentlyin the U.S.in conjunctionwith original-issue discountbonds (q.v.)as a mearisof realizinga capitalgainon the retirementof arelativelylow-couponexistingissue,and at the sametime,achievingan interestcost savingdueto specialtax treatmentof an origina]-issuediscountbondissuedas part ofsuch a swap.NewU.S.tax lawsmightwell change this advantage.

debt-service coverage couverture du service de la dette

coberturadel serviciode la deuda

dirty float flottement impur, contrólé, dirigé, assisté, soutenu

Ratioof net incomeafter taxes plusinterest

flotación impura,dirigida

on long-termdebt plusdepreciationto debt service.

Floatingof currencywherethe valueof the currencyis controlledbythe autborities ratherthan the market.Oppositeof clean float

debt-service ratio ratio du service de la dette

relacióndel servicio de la deuda Externalpublicdebt-serviceratio (ie interest and principalpayments)as adisagio percentageof exportearningsfromgoods, nonfactorservices,andworkers' remittances. debt-to-equity ratio, see debt-equity ratio

disagio disagio; déport Differencebetweennominalor par value and underlyingmarketvalue. disaster clause, see jeopardy clause discount [bilis] escompte

debt warrant warrant obligataire

certificadoparacomprade bonos; "warrant"para compra de bonos Bondwarrant,givingan investorthe right to buy additionalbondsat a predetermined price/yield. deep-discount bond, note obligation á prime d'émission élevée bono de descuento intensivo Bondwith relativelylow-couponrate of interest,offeredwitha discountin excessof what can normallybetreated as capitalgain by the investor. demand money, see call money depositary receipt titre en dépót

certificadode depositario Atechniquedevisedto permittradingin a security,eventhough the securitydoes not fulfilthe requirementsfor listingon the localstockexchange.Asecurityis bought and registeredin the nameof the depositary bankor company,whichwillissuea receipt certifyingthat the receiptconveysthe tit]e to the securitydepositedwith it or held to its order.Ifthe receiptis in bearer form,it can then be freelyhought andsold, whereasdirect dealingin the stockwould haveneeded registrationof the new owner'sname everytimethe security changedhands.

descuento Differencebetweenpricepaidand face value of a bill or other paper. discount [bonds] prime d'émission descuento Differencebetweenpar valueand purchase priceof a bond. discount; markdown [foreign exchange] déport

descuento In foreignexchangerefersto a situation wherecurrencycan be boughtmore cheaplyfor a futuredate than for immediate deliveryForexample,ifUS$1huysFF4 for deliverynow,whileit buvsFF5 for delivery twelvemonthshence,thenthe francissaid to be at a discountagainst the U.S.dollar. discount, to mobiliser

descontar Todiscounta bill meansto buy it for less than its facevalue,the differencebetween the pricepaidand the facevalue representingthe impliedrate of interest receivableby the purchaser,during the periodbeforethe bill is repaid. discount bond obligation á prime (d'émission) bono descontado

11

discount from par [securities market] décote

disintermediation desintermédiation

double hedge swap, see cross-currency interest hedge

descuento sobreel valora la par

desintermediación

double-weightedborrowingcost

Amountbelowfacevalueat whicha security is traded.

1.Shift of fundsawayfromfinancial intermediaries(commercialbanks,etc.)into U.S.Treasurybillsand other securities.2. Shift bylarge corporationsawayfrombanks to a parallelmarket,involvingother large corporations.

discount rate 1. taux d'actualisation; 2. taux d'escompte

[IBRD] coút des emprunts doublement pondéré costo de los empréstitos con doble ponderación Whencalculatingborrowings,the IBRD takesthe amount ofthe loan,multipliesit distressed loan bythe interest rate,andobtainsa total for prét en difficulté the interest.Allthe loansare addedandall préstamo que se halla en dificultades the interest totals.Thefirst sum is then Loanon whichrepaymentof interestand dividedby the secondto obtain the principalhas been severelydelayedor weightedaverageinterest.This is the completelysuspended. single-weightedborrowingcost.Recently, interest the IBRDhas obtainedthe totalby dividend-right certificatethIRDhsoaieteinretoalb multiplyingthe amountof the loan by the bon de jouissance interestand the numberof yearsto bono de usufructo maturity,to take into accountthe fact that Equitypaperwhichdoes not conferany it has loansof varyingmaturities.The ownershiprights (e.g.,votingrights),but weightedaveragedinterest obtainedfrom grantsthe holderthe right to participatein this calculationis calledthe the net profitand liquidationproceedsand double-weightedborrowingcost. the right to subscribeto newsharesin the case of a rights issue. DRC,seedomestic resource cost (DRC) dividend-right share action de jouissance drop lock acción de usufructo clause "drop lock"; clause de Equitypaper,issuedin the placeof repaid verrouillage au taux plancher

1. tasa de actualización;2. tipo de

shares,conferring membership rightsand

congelacióndel interésen un nivel

redescuen to 1.Annualizedrate of discountappliedto debt securitiesissuedbelowpar (e.g.,U.S. Treasurybills).2. Rateat whicha central bank (FederalReserveSystemin the U.S.) (re)discountscertain billsfor financia] institutions.

the right to participatein the distribution of profitsand]iquidationproceedsof a corporation. dividend stock actions bénéficiaires acciones con derecho a dividendo

mínimo (cuando la tasa de mercado desciende a menos de ese nivel) Clausein floating-ratenote whereby,if marketinterest ratesfallbelowa specified minimum,the rate of interest is fixedat that minimumand "]ocked"in for the remaining life of the loan.

discount window escompte officiel

domestic resource cost (DRC) coút en ressources intérieures;coút

Dutch auction [U.S.] adjudication á prix uniforme

discount house; bill broker maison de réescompte casa de descuento Intermediarybetweencentralbank and bankingsystem,providingliquidityand ensuringthe efficientoperationof the moneymarket.Doesnot existin the U.S., but doesexist in the U.K.,France,South Africa,and Singapore.In the U.K.,a discounthousetends to be largerthan a bill broker. discount note bon á prime (d'émission) pagaré descontado Note(i.e.,short-or medium-termbond) issuedat a discountfromits facevalue.On maturity.the investorreceivesthe full face value.The discount frompar. thus. correspondsto the return on the investment.

redescuento Rediscountfacilityofferedbycentral bank (FederalReserveSystemin the U.S.). discount without recourse escompte á forfait, en ducroire, sans recours

descuento sin recurso Purchaseof negotiableinstrumentswhere the buyerwaivesthe right of recoursein respectof the sellerof the instrument,to which the buyer would be entitled.

réel des devises costo en recursos intemos Cost of resourcesused in productsthat are not imported. domestic resource cost ratio coefficient de coút en ressources

intérieures coeficiente de costo en recursos in ternos Ratioof the costof allfactorsof domestic origin (evaluatedat their opportunitycost) to the domesticaddedvalue(at world prices).Alsoknownas Bruno ratio(q.v.).

adjudicaciónaprecio uniforme; subasta a la baja Acompetitivebiddingtechniquesometimes used in U.S.securitiesmarkets,wherebythe lowestpricenecessaryto selíthe entire amountof securitiesofferedbecomesthe price at which all securitiesare sold.

12

-

E-

Eurocommercial

paper

even roll

effets de commerce en eurodevises

refinancement pour un montant égal

early redemption option bond, see retractable bond

efectos comerciales en eurodivisas Commercialpaperissuedin a Eurocurrency.

economic price; efficiency price prix économique precio económico Pricereflectingrelativevalueto beassigned to inputsand outputs if the economyisto

Eurocurrency euromonnaie; eurodevises euromoneda, aurodivisas Acurrencydepositheld outsidethe country which issuedthe currency.

refinanciamiento de monto igual Refunding,whereapproximatelythe same amountof debt isbeingissuedfor the old debt.

producete mnaximum valueof physical output efficiency.

Eurocredit eurocrédit

riesgo; préstamos pendientes Amountof investmentmade,with the

eurocrédito

additionalideaof risk.Thesetranslations are proposed.Thetranslationwilloften dependon the context,andthe term cannot be easilytrans]atedbya wordor short phrase.

ECU, see European Currericy tInit (ECU) efficiency price, see economic price EFF, see electronic funds transfer (EFT) (EVI') electronic funds transfer (EFT) transfert de fonds électronique transferencia electrónica de fondos Systemof transferringfundsfromone accountto anotherbyelectroriicimpulses rather than transferofpaper(suichas a

Anylendingmadeusing Eurocurrency, generallya medium-termbank loan. Eurodollar eurodollar erdlrextendible ~~~eurodólar

exercise price, see striking price exposure risque; part des risques; engagement

bon

bond; extendible-maturity

bond

Adol]ardepositacquiredbyapersonor bank not residentin the U.S.and held outside the U.S.maturty Euroloan europrét europréstamo

obligation reconductible bono de vencimiento ajustable bond

A loan made using Eurocurrency

extendible maturity note, see extendible note

extendible maturity bond, see extendible bond

check).r equalizing discount rate, see cross-over discount rate equity, see stockholders' equity equity capital; capital stock (of a corporation) capital social capital social; capital accionario Theissuedsharecapitalwhichis neither limitednor preferredin its participationin the distributionof its profitsnor in the ultimatedistributionof its assets.Equity capitalis sometimesused as a synonymfor stockholders equity (q.v.).

Euromarket euromarché euromercado The Eurocurrency,Eurocredit,and Eurobondmarket. European Currency Unit (ECU) unité monétaire européenne (écu) unidad monetaria europea (ECU) A standarduiiit of accountof Europeani Comimunity membercountries.

extendible note; extendible-maturity note obligation reconductible pagaré de vencimiento ajustable maturity note extension fee commission de reconduction comisión de renegociación Supplementaryfeepayableto lenderof a loan extended beyondoriginalperiod.

European Unit of Account (EUA) unité européenne de compte (uec)

external bond issue

equity ownership

unidad de cuenta europea (UCE)

émission d'obligations á lVétranger

participation au capital social d'une société participación en el capital social

A compositecurrencyunit basedon the valueof the currenciesofthe European Communitymembersparticipatingin the

emisión de bonos en el exterior Issue of bonds in a foreigncountry.

European Monetary System.

EUA,see European Unit of Account (EUA) Eurobond euro-obligation eurobono Abond issuedina currencyother than that of the marketor marketsinwhichit issold. The issue is handled bv an international syndicate.

even parswap

F-

swap d'obligations á valeur nominale égale trueque de bonos de valor nominal igual US.termfor the saleof oneblockof boods and the simultaneouspurchaseof the same

face value, see par value federal funds fonds fédéraux fondos federales

nominal principal amount of another block of bonds, without regard to the net cash difference.

Cash balance held by banks with local Federal Reserve bank. They are immediately

13

available (e.g., for transfer between banks>. Note that monnaie centrale is the money

financial repression répression financiére

floating-rate bond obligation á taux flottant; obligation á

held bya Frenchbank at the Banque de

represión financiera

France(central bank) and is the French equivalent of federal funds.

Distorsion in the financial system, with negative interest rates, subsidy interest

bono con interés variable Bond on which the coupon is established

federal funds rate

rates to some privileged borrowers, selective credit allocation, and excessive bureaucratic

periodically and calculated with reference to short-term interest rates.

tipo de los fondos federales

control overthe financia system.

floating-rate note (FRN)

fine-tuning

fondos federales

(of the economy)

taux variable (OTV)

Rate of interest paid on federal funds. Equivalentto interbankrate.

réglage de précision

bon á taux flottant; bon á taux révisable

afinamiento (de la economía)

pagaré con interés variable

federally chartered

fiscal agent

Note issued from five to fifteen years with a fixed spread, usually over the six-month

bancoue a charte fédérale

agent financier

London Interbank Offered Rate ( LIBOR),

banco con autorizaciónfederal

agente financiero

normallywith provisionfor a minimum

A bank legally authorized to receive deposits.

A bank appointed by the borrower as its agent for a new issue of securities when no

interest rate. Primarily used by banks to raise dollars for their Euromarket

bank [U.S.]

trustee has been appointed. Its functions

operations.

systéme fédéral de réserve Sistema de la Reserva Federal

ind a hmer of t crical fuyiun bet and a number of the clencal functons but

floor broker, see floor trader ,d,. .t.on

The central banking system of the U.S.It has twelve Federal Reserve Banks divided Up by geographical regions. The Board of Governors supervises the operations of the regional banks and coordinates monetary

trustee.

policythrough its FederalOpenMarket

1. lastre fiscal; rémora fiscaL 2. freno fiscal

Federal System Reserv[U.S.]include

Committee. financial deepening augmentation de limportance des circuits financiers

intensificación financiera Acquisition of financial assets at a faster rate than nonfinancial assets. financial futures instruments

financiers á terme

instrumentos financieros a plazo Futures of bills. notes, bonds, currency, and commercial paper. finaneial intermediary intermédiaire financier

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

thoseofaprincipalpayingagent

none of the fiduciaryresponsibilitiesofa

fiscal drag 1. érosion fiscale des revenus; 2. freinage fiscal

1. Reduction in real income due to the increase in income from inflation, resulting in income earners being placed in higher tax brackets. 2. Action by public financia] authorities with regard to economic activity.

relaciones financieras Ratioswhichshowa corporation'sfinancial structure. They include liquidity and leverage ratios.

floor rate of exchange taux de change minimum tipo de cambio mínimo The minimum rate of exchange. floor trader agent opérant directement parquet

sur le

corredor de bolsa independiente Member of an exchange trading for himself. Note that floorbrokeris a broker on the NewYork Stock Exchange who acts for other members of the Stock Exchange only.

fixing cotation (de la barre d'or); fixing

flow of funds, see funds flow

cotización Quotation of the price of a bar of gold in the market.

flow-of-fund table [national accounts] tableau d'opérations financiéres

fiat tel quel

A table showing transactions in financial claims between institutional units.

cuadro de comentes financieras

sin intereses

foreignexchange warrant

Excluding accrued interest. Abond where the interest is included in the price is said to be traded fiat ("une obligation négociée

warrant en devises

tel quel'"). financial ratios ratios de structure; ratios financiers

(defnition)

dvss

float [banking]

irnae

iia

forfeiting

moyens de paiement 'encaissementage moyens de paiement non recouvrés efectos en cobro, cobranza Checks, dat,etc., olelCecdrafts,

certificadoen divisas"warrant"en divisas;libranza en divisas

in the process of

descuentode pagarésa medianoplazo The business of discounting medium-term promissory drafts related tu an internationalnotes tradeortransaction. Repayments are semiannual and discounting is at a fixed rate.

14

forward-forward arbitrage, see time arbitrage

funds flow; flow of funds flux financiers

gilt-edged securities 1. fonds d'Etat britanniques; valeurs

forwardmarket marché á terme mercado a plazo, a término, de futuros

flujo de fondos; corriente de fondos The flow of purchasing power intoand out of an organization.Inwardflowsinclude salesrevenue,sales of fixedassetsand

garanties par l'Etat; 2.valeurs de premier ordre 1. bonos del Gobierno británico;2. valores de primer orden

founder s share

investments,and issuesof debentures, part de fondtr ploans,and shares.Outwardflowsinclude purchasesof fixedassetsandinvestments, particpaióde foeurpadort repaymentof debt,paymentof dividends, participaciónde fundador fourth market and taxation on profits. our mare

quatriéme marché cuarto mercado Marketfor largeblocksalescf securities arranged by privatefirms.

funds flow statement, seestatement of changes in financial position funds statement, seestatement of changes in financial position

FRN, see floating-rate note funk money, see hot money front-end 'urr commission d'ouverture comisión inicial front-loaded spending dépenses groupées au déb,ut (d'une période donnée) gasto concentrado al comienzo de un periodo full face value valeur nominale totale valor nominal

futures [commodities market] opérations átermobesmarket]corredor

1.BritishGovernmentbonds.2.U.S.bonds of AAAstanding. government debt instruments intrument debt publiqu instruments de la dette publique ~~~~~~~~~~~~~~~~instrumentos de la deuda pública government paper effets publics efectos públicos government-security dealer courtier en fonds d'Etat; courtier d'effets publics de valores del Estado

opérations a terme

futuros

grading, see rating

futures, financial,seefinancial futures

grey, gray market marché gris mercado gris

G full face value

the gap [IBRD],seeoverall risk profile gearing ratio, see leverage ratio

Market in bonds that have not been been

givena firm price. guarantee [IBRD] 1. garantie de la BIRD;2. garantie (de l'Etat)

full, fully paidstock, seepaid-up stock

gearing ratio [IBRD]

1. garantía; 2 garantía (del Estado)

funded debt dette consolidée deuda consolidada

coefficient d'utilisation des fonds propres; rapport encours des préts/fonds propres relación préstamos desembolsados y pendientes-capital y reservas Ratioof capitalplusreservesto loans outstandingand loansdisbursed.

1.Typeof IBRD B' loan (q.v.)with IBRD guaranteeingpartof the loanand offering the commercial colender a "put" on the latter maturitiesof the loan,whichwould represent an IBRDcommitment to purchase the designatedmaturitiesat the requestof the colender.2.Loanmadeto a domestic

funding latter maturities [IBRD] financement des derniéres échéances financiamientode los últimos vencimientos

Typeof IBRD'B" loan(q.v.),wherebylBRD

general-obligation bond, seegeneral obligations

corporation guaranteed by the state.

guarantee commission, fee [IBRD] commission de garantie

would take an initial share of the loan up to

about 25percent,concentratedin the latter maturities.

general-obligations; generalobligation bonds

comisión de garantía Commission payableperiodically(e.g.,to

funding pro rata [IBRD]

emprunts de collectivité locale bonos de responsabilidad general

[BRD)as compensationfor the risk in

participatión

proportionnelle

participación proporcion al

Type of IBRD"B" loan (q.v.).whereby IBRD takes a pro rata share of about 10 percent in each maturity of the commercial loan.

Long-term borrowings, usually by a municipality, that are backed by the full faith, credit, and taxing powers of the issuing locality rather than income gencrated by a pecificproject.

guaranteeing a loan.

-H-

Gensaki

hedge [securities market]

Gensaki Gensaki

valeur de refuge valor de protección

A Yen repurchase agreement.

Security acquired to cover possible loss on speculative investments.

15

hedging couverture des opérations á terme; opérations d'arbitrage en couverture d'actifs; opérations en countrepartie operaciones de cobertura, de protección cambiaria Purchaseor saleof currency,usuallyon a forwardbasis.as a meansof unsuring againstlossshouldan exhangerate change. hot bill effet brúlant efecto a la vista o de vencimiento a muy corto plazo Billwhichmaturesat sight or whose maturityis less than the periodmaking possibleits collectionin goodtime, necessitatingimmediatepresentationfor payment. hot money; funk money [U.K.] capitaux fébriles capitales itinerantes Short-terminternationalcapital movements, motivated by interest rate differentials or revaluation hopes/devaluation fears.

Asomewhat arbitrary rate of return, related

to the current cost of borrowingmoney,set by a governmentor companyto guide investmentdecisions.Belowthis limit, investmentis normallyconsidered inadvisable.

1

~

IBF, sea international banking facility

imprestaccount,fund

income bond; participating bond obligation participante bono participatorio In the U.S.,bondswhichare guaranteedas to principalbut whichhaveinterest paymentsas a contingentobligation,that are requiredonlyif earnedand then assentedto by the boardof directors. Failureto payinterestdoes not constitute default.(Notethat in the U.K.,income bond refersto a type of fixed-interestinvestment offeredbylife insurancecompanies, consistingofan immediateannuityplusa deferredannuity.)

fluctuaciónde los tiposde interés

indexed bond; index-linked bond obligation indexée bono ajustable, indizado Bondwherethe couponrate or redemption valueis indexed(to other currencies.gold, or fuel prices).Usedin Brazil,Chile,

debida a la fuga de capitales ChangesinU.S.interestratesdue to movementof fundsfromthe U.S.to the Eurodollarmarkets. interest-rate risk risque de perte sur les taux d'intérét riesgorelacionado con los tipos de interés Riskdue to differencein interest rates. interest-rate swap accord de swap sur les taux d'intérét; swap de taux d'intérét trueque de tipos de interés Anagreementto exchangefloating-rate paymentsforfixed-ratepaymentsin the same currency. intermediation intermédiation

intermediación Process whereby a financial institution

hurdle ra-te taux critique de rentabilité tasa crítica de rentabilidad

-

interest leakage fluctuation des taux due á une fuite de capitaux

Finland, France, Iceland, Israel, Sweden, and the U.K.

hung-up issue émission collée emisión empantanada; emisión atascada Anissuewhichdealershavenot managedto fullyplace.

T

depleted,thissum isperiodicallybrought up to the maximum.

indexed loan [currency pool] prét indexé préstamo reajustado Loanindexedto the dailyvariationof the U.S.dollarvalueof the pooldue to exchangerate fluctuation.

interposesits namesand trustworthiness betweena lenderand a borrower.For example,insteadof buyingan issuedirectly froma corporation,an investormaydeposit fundswith a bank which,in turn, investsin the issue.

index-linked bond, see indexed bond

international banking facility (IBF) service bancaire international servicio bancario internacional Internationalbranchaoa bankinakindof

inflation premium prime de risque-inflation prima por inflación Apremiumaddedto a securityto allowfor inflation. inside, insider dealing transactions d'initiés transacciones de personas iniciadas

~~~~~instruments instruments; papiers instrumentos interest-bearing notes effets porteurs d'intérét pagarés que devengan intereses

compte davances de caisse;compte d'a-vancestemporaires . . . . . cuenta de anticipos; fondo de interest-coverage ratio anticipos ratio de couverture de l'intérét Anaccountor fund maintainedfor relación de cobertura de intereses pa-ymentsma-dein ca-ah,commonlyused a-a Netincomebeforeinterestexpensesdivided a petty ca-ahfund.A fixedmaximumsum is by interest expenses. kept in the fund and, as the fund is

internal free-trade zoanein the U.S.,which

allowsbanksto engagein international bankingwithout someof the usual restrictionsfacingdomesticbanks.Those restrictionsfromwhichIBFsare exempt includereserverequirements,paymentof certaininsurancepremiums,and special relief from state tax.

investment bank [U.S.]; merchant bank [U.K.] banque d'affaires banco de inversiones Institutionthat acceptsnewissuesof stocks froma corporationand attemptsto sell rmacroalnadatmt osl ~~~~~~~~~~~~~~~~~~them to the public ata-profit.In the US.S they he parat a sta-tus UrSm commerciave bankse investment broker courtier en placements corredor de inversiones

16

investment company, fund société d'investissement; société de placement collectif compañía de inversiones: sociedad de inversiones; fondo de inversiones Corporationthat functionsas a financial intermediarybetweenthe publicand the financialmarkets. investment securities titres de placement valores de inversión a largo plazo Securitiesthat are particularlysuitablefor long-terminvestment(e.g.,bonds).Also includestop-ratedshares. inward swap mise en report recompra de divisas en moneda nacional Spot saleof foreignexchangeand forward repurchaseof sameforeigncurrencyagainst domestic currency.

joint financing financement conjoint financiamiento conjunto Disbursementbytwolendersfor the same parts of the project in a fixed ratio. jumbo certificate of deposit certificat de dépót d'un montant minimum de US$100.000 certificado de depósito de US$100. 000 o más Certificateof depositof US$100,000or more. jumbo borrowing emprunts géants empréstitos gigantescos

level repayment remboursement en tranches égales reembolso en cuotas iguales

be agreedto in the caseof a financially

leverage (ratio) [U.S.]; gearing (ratio) [U.K.] ratio de levier; ratio de structure du passif; ratio de solvabilitéendettement nivel de endeudamiento relativo al capital; relación endeudamiento/capital propio

embarassed debtor where a creditor has faith in the dehtor's husiness future.

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

junior debt; subordinated debt dette de deuxiéme rang deuda subordinada A debt rankingbelowamountsowedto general creditors. Such an arrangement may

issuer organisme d'émission; émetteur

letter of comfort lettre de confort carta de seguridades Awritten instrumentissuedbyA,whereA agreesto makeeveryeffortto assureB's compliancewith the termsof a contract, but without committingA to performB's obligationinthe eventthat Bis unableto fulfilhis obligation.Usuallyissued bya parent companyon behalfof a subsidiaryin another country.

emisor

liability management

issuing calendar calendrier des émissions calendario de emisiones

gestion du passif

Compulsory timetable for issue of new securities (Switzerland, Federal Republic of Germany).

gestión del pasivo

L lag risk [IBRD] risque dú au décalage [Acompléter selon le contexte]

riesgo relacionado con un desfase 1. Risk of lending at low interest rates and ¡ -

J-

jeopardy clause; disaster clause; break clause clause de sauvegarde

cláusula de salvaguardia Aclause in a Eurocurrency agreement specifying that, ifcertain events curtail the lender's activity or the operat:ion of the Euromarkets, other designated actions will come into effect.

having to finance at high interest rates at a later date. 2. Risk run by IDAbetween the period of disbursement and receipt of commission. lead bank; lead manager chef de file; teneur de plume

banco director

gIó

e

LIBOR

LIBOR London Interbank Offered Rate. The interest rate at which banks in London are prepared to lend fuinds lo first-class banks. It is used to determine the interest rate payable on most Eurocredits. Iimited-recourse finance financement avec droit de recours limité

financiamiento con recurso limitado Finance arranged on the basis of the lender having recourse to the borrower only in certain circumstances (e.g., the loan to British Petroleum (BP) to finance the Forties oil field in the North Sea, where the lenders had no recourse to BP if there was insufficient oil).

jobber agent boursier opérant pour son propre compte; "jobber"

Bank with main responsibility for arranging a bond issue or international Eurocredit. While teneur de plume can be the same as a chef de file, in a jumbo loan the teneur de plume will be the lead manager, even though there are several other lead managers(chefs de file) or colead managers (co-chefs de file). Lead manager is also used

agiotista

in the sense of agent bank(q.v.).

liquidityportfolio

lender of last resort

portefeurile liquide

préteur en dernier ressort; préteur de dernier recouis prestamista de última instancia

carteralíquida

Abroker on the London Stock Exchainge who acts on his own behalf.

liquid-holdíngs risk, see cash risk

17

liquidity premium prime de liquidité prima de liquidez Anotionalpremiumpaid byborrowersto lendersto encouragethem to lend money at a fixedrate in the longterm,when interest ratesare likelyto riseand it is, therefore,moreprofitableto investe

the GermanBundesbank,whichnormally maintainsits Lombardrate at about 0.5 percent above its discountrate. long hedge opérations de couverture par achat A terme

(generalpurposeand broker/dealer). Definitionswilldifferfrom countryto country. M3 M3 M3

operaciones de cobertura por compra a plazo Hedgingoperationbysomeonewho is

In the U.S.,M2pluslarge-denomination timedepositsat a]ldepositoryinstitutions; term repurchaseagreementsat commercial

liquidity ratios ''long" ratios de liquidité; coefficients de liquidité coeficientes de liquidez: relaciones de liquidez Ratioswhichreflecta borrower'sabilityto meet his short-termobligations.They includethe acid-testratio (q.v.)and the current ratio (q.v.).

(i.e.,who ownsmorethan he has contracts to deliver). . debt long-term debt rato ratio d'endettement a long terme

banksandsavingsandloan associations; and balancesof institution-onlymoney marketmutualfunds.It is the broadmoney supply.Definitionswilldifferfromcountry to country.

liquid ratio, see acid-test ratio

emprunt global empréstito de suma alzada A currency-specific borrowingmade in a lumpsum byIFCfromIBRDfor its short-term future needs.

short-termpaper.

listed security valeur cotée en Bourse valorcotizado en bolsa Anissueof a securityacceptedfor trading on a stock exchange. load fund fonds qui préléve une commission fondo de inversión que cobra una comisión

Mutualfund whichcharges a handling fee.

relaciónde endeudamientoa largo plazo Ratioof long-termdebt to total assets. lump-sum borrowing [IFC]

maker (e.g., of a note) émetteur librador (p. ej. de un pagaré) management fee 1. commission de direction; commission syndicale: 2. commission de gestion; frais de gestion comisión de administración; comisión 1. Fee charged by a bank for managing a

-

Mi mi

Mi

creditor bondissue.2. Feechargedfor portfoliomanagement. management, managing group [Eurodollar market] groupe de direction; syndicat de groupe de direction; syndicaectde direction grupo de dirección manager (of syndicate), see agent bank

locked market marché figé mercado inmovilizado

Ml In the U.S..notes andcoinsin circulation, demanddepositsat al] commercialbanks other than those due to domesticbanks,the U.S.Government,and foreignbanksand officialinstitutions,lesscashitemsin the processof collectionand FederalReserve float:traveler'schecksof nonbankissues; andnegotiableorderof withdrawal(NOW) and automatictransferservices(ATS),

Market where bid and offer prices are

accounts at banks and trust institutions,.

coefficient marginal de réserve

exact]ythe same.

credit unionshare draftaccounts,and demanddepositsat mutual savingsbanks. It isthe narrowmoneysupply.Definitions will differfrom countryto country. M2 M2 M2 M2 In the U.S.,Ml plus savingsand small-denomination time depositsat all depositoryinstitutions;overnight repurchaseagreementsat commercial

encaje legal adicional Additionaldepositsthat,by law,depository institutions(e.g.,banks)mustset aside in their vaults or with the centralbank.In the U.S.,this appliesto additionalreserve requirements on increased managed liabilitiesimposedby the FederalReserve, in orderto curtailthe expansionof bank lending.

loan portfolio portefeuille de préts cartera de préstamos loan syndicate, see syndicate

lock rate taux plancher de verrouillage tasa de inmovilización Rate at which drop lock (q.v.) clause

becomesoperative. Lombard rate [Federal Republic of Germany] taux des avances sur titres; taux Lombard tipo Lombard

managing group, see management group marginal reserve requirement

banks; overnight Eurodollars held by U.S.

margin buying [stock exchange] achat á découvert compra en descubierto

German term for the rate of interest charged

residents other than banks at Caribbean

System whereby the purchaser furnishes

for a loanagainstthe securityof pledged paper.Particularlyused withreferenceto

branchesof depositoryinstitutions;and the balanceof moneymarketmutual funds

onlya specifiedfractionof the total purchasepriceof securitiesbought,with

18

the broker furnishing the balance and charging interest on that amount.

merry-go-round effect effet de carrousel

and/or capital in a currency other than that in which the bond is denominated.

margin requirements [stock exchange] pourcentage de couverture; couverture

efecto carrusel The circulation of money through various

multilateral netting compensation des créances internes

sources,endingup whereit started. For the GermanCentral Bankrecycles capitalbysellingU.S.dollarsto

cmescó

banks under a repurchase agreement and the banks place the US. dollars in the Euromarket. Asthe financial institutions could run up a U.S.dollar debt on the

multinational trade flows is able to balance its debits and credits between subsidiaries and associates leaving only the balance to be settled, thereby reducing its need to

Euromarket, the Central Bank must buy back the U.S.dollars and sell domestic currency to avoidan excessive increasein

acquire foreign currency. mutual fund, see money market (mutual) und

de lopération límites l'opéation(de las conpraseninstance dlmztesclegalerto) (de las comprasenexcess Legal requirements regu]ating the amount of credit that maybe extended under the margin buying (q.v.) system. markdown, see discount marketable bond obligation négociable

edbtsycéio

compensaciónde débitosy créditos Procedurewherebya companywith

the mark.

bono comerciable; bono negociable Bond quoted continuously by a dealer. market maker

échéances

riesgorelacionado con un desfase

teneur de marché agiotista agiotista

Risk of having loans and borrowings with

Abank or a broker that is prepared to make a two-way price (to buy or sell) for a currency or a security on a continuous basis, in the same way as a stock jobber in the U.K market. lending

naked, see uncovered

~~~~~~~~mismatched maturities.

name market

money at call, see call money

primordiale

money-center banks banques installées sur les principales

prestataidos

places financieres market-related

N-

rismue lisa d aer sN risque lié au décalage entre les

places financiéres

marchécod laacoteide cnmditaest

pretareos

~~Market wheregreat emphasisis placedon the standing and reputation of the

prets aux conditions du marché financiamiento en condiciones de

bancosestablecieosen las princpales

borrowers(e.g.,the Eurodollarmarket).

mercado Lending at market rate and under market

money market (mutual) fund; mutual fund

narrow money [cf. MI] monnaie, masse monétaire au sens

conditions(cf. commercialiending).

fonds commun de placement fondo común de inversiones; fondo

dineroen el sentido estritto

matched funding,

see back-to-back (4.)

mutuo

near-bank

[Canadal

matched-maturity transaction [IBRD] opération á échéances symétriques

mortgage bond titre hypothécaire;

transacción de vencimientos simultáneos Atype of cross-currencyinterest hedge

mobilisation bono hipotecario; título hipotecario,cédula hipotecaria

Financialinstitution,excludingstandard commercialbank,such asa savingsbank, credit union, etc.

(q.v.),where the proceeds of a short-term instrument program are swapped for comparable maturities in oth-lercurrencies.

multibank, see combined commercial and investment bank

near-money; quasi-money quasi-monnaie

matched sale-purchase transaction simultanée

multicurrency option option de change

Assetswhich have properties resembling those of money in the strict sense. Includes

billet de

quasi-banque cuasibanco

cuasidinero transaction d'achat et de

opción de cambio de divisa

savingsdeposits,timedeposits,certificates

compra y venta simultánea Selling U.S.Treasury bilIs for cash and at the same time purchasing the same issue of bills for redelivery a day or more later.

vente

Procedure which allows a borrower to receive a loan in a currency other than the one specified, provided this currency is available on the market.

of deposits, deposits in thrift institutions, etc.

maturity arbitrage,

multiple

see time arbitrage

(currency) option bond

obligation avec option de change; merchant bank [U.K.], see investment

bank

obligation avec option monétaire

negative-pledge clause clause de ne pas faire, négative, de nantissement négative

cláusula de obligación negativa Clause in loan agreement obligating the

bono con opción de cambio de divisa

borrowernot to grant securitywithout

Bond (usually Eurobond) which gives the lender the right to opt to receive interest

equally securing the loan in question.

19

negotiable instrument effet de commerce instrumentonegociable Instrument where the title passes on

deliveryor deliveryand endorsement,where the current holdercan suein his ownname, whereno noticeof assignmentneed be givento the personliableon the instrument,and where a holder in due coursetakes,freefromanydefect,in the title of his predecessors.Examplesinclude bills of exchange,checks,and divided warrants.

nonmarketablebond obligationnon négociable bonono comerciable;bonono

offshore banking center placebancaireoff-shore;centre bancaireoff-shore

zonabancariafranca

negociable

nonrecourse financeEuolarrdig financement á forfait, sans recours

Financialcenterwheremanyof the financialinstitutionshavelittle connection that country'sfinancialsystem,usually for taxationpurposes.Examplesare the CaymanIslandswheremanyof the corporationsare engagedin businessin the U.S.andEurope,and Londonwheremany of the financialinstitutionsare engagedin Erdla rdg

negotiableorder-of-withdrawal

financiamientosin posibilidadde

offshore banking unit (OBU)

(NOW) account compte-chéques rémunéré

recurso A loanwherethe lenderslooksolelyto the cashflowgeneratedbythe projectbeing financedfor repayment.There isno recourseto the sponsorof the project,so that the lendersassumeall the commercial and politicalrisks of the project.

succursale off-shore departamento bancario considerado

cuenta corrienteque devenga

intereses Interest-bearingcheckingaccount. negotiable time certificate of deposit certificat représentatif de dépót a terme certificado de depósito negociable Adepositevidencedbya negotiable instrument,whichprovideson its facethat the amountof the depositispayableto the beareror to his orderon a certaindate.after a certain specifiedtime,uponnoticein writingor upon presentationand surrender of the instrument,not lessthan thirty days after the date of the deposit. netting, see multilateral netting

nonmaturing,nonredeemableconsol [u*K* ,with obligation perpétuelle; rente perpétuelle bono perpetuo governmentbond;perpetual bond;

nonrecourse participation participation á forfait, sans recours participación sin posibilidad de recurso

off-the-board market, see third market

nonredeemable bond,see nonmaturnng government bond

onlending rétrocession représtamo

note bon; obligation pagaré

open-end (investment) fund;unit société d'investissement á capital variable (SICAV)

A bondwithshort-or medium-term

sociedad de inversiones con número

maturity.

de acciones variable

net worth, see stockholders' equity no-load fund fonds qui ne préléve pas une commission

como extraterritorial Departmentwithina bank that, in certain countries(e.g.,Bahrain),is permittedto engage in specifictransactions(usually Euromarketbusiness)that ordinary domesticbanks are not allowedto do.

NOW account, see negotiable order of withdrawal

Investmentcompanythat hasno fixed numberof shares outstanding. open market 1. open market; 2. marché financier

fondode inversiónque no cobrauna comisión

-

Moneymarketfund that doesnot chargea fixed fee commissionto investors.

OBU, see offshore banking unit

noncall period période d'interdiction de rachat

offening memorandum mémorandum d'offre

1.Themarketmaintainedbygovernment securitiesdealers.AsregardsU.S.Treasury borrowingoperations,the open marketis the moneymarketin the case of short-term obligationsor the capitalmarketinthe case

períodode prohibiciónde rescate

memorandode oferta

oflong-term obligations. 2.Thegeneral

Periodduringwhicha borrowermaynot givenoticeto redeembonds,in Eurobond market.

Sameas prospectus (q.v.)

financial market.

offshore bank banque off-shore

open pricing fixation libre des prix

noncallablebond

banco extraterritorial

fijación de preciosabierta

obligation ne pouvant étre amortie par anticipation

Banklocatedoutsidethe countryin question.

Procedurewherebya bondissueissoldon the basisof a yieldto be determinedafter

bonono rescatable,no redimibleantes del vencimiento

-

-

1. mercadoabierto,2. mercado financiero

the sellingperiodis over.

20

operating ratio

overall risk profile [IBRDI

par¡ passu clause

coefficient net d'exploitation coeficiente de operación; coeficiente neto de explotación

profil des risques de financement perfil general del financiamiento

clause pari passu cláusula pari passu

Exposure profile of the World Bank. The

Clause in loan agreement precluding

Ratio of operating costs (including depreciation) to total revenie.

difference between outgoings committed and amount needed to fund these outgoings. Also known as the gap.

subordination of the loan to other debt. In the issue of new shares, it states that the new shares will rank equally for dividend

with an existingsimilarissue.

operating ratios ratios de gestion relaciones de gestión Ratiosused to determinea corporation's operations;usuallyrelateto sales,profits, and/or turnover.

overhang offre excédentaire exceso de oferta Excess,normallyof supplyoverdemand (e.g.,in the bondmarket)

option option opción

overnight funds argent au jour le jour fondos de un día para otro

participation certificate 1. bon de participaion 2. see pass-through certificate certificado de participación Securityincorporatingthe right to participatein the ownershipof a

A contract giving the holder the right to buy or sell a stated number of shares (normally one hundred) of a particular security at a

over-the-counter market (OTC) marché hors cote

corporation but without some of the rights granted to shareholders, such as the right to vote at shareholders' meetings.

mercado extrabursátil- mercado fuera de bolsa

paticipation

fixed price within a predeterininied period. The Paris market has three main tvpes of option: prime,option, and siellage.Prime isa cali option. lf the purchaser decides not to exercise bis option (because the price has gone down). he merely has to pay the seller a fee,cal]ed a dont, the rate of which is fixed by the Chambresyndicaledesagentsde change.Optionis more similar to the U.S. system and can be a put or call option. The purchaser pays a premium (avec) (q.v.), which is negotiated, whether he exercises the option or not. Stellageis the equivalent of the U.S. straddle(q.v.).

Market for securities not listed in any of the exchanges (about 80 percent of total securities in the U.S.).In the U.S.,includes U.S.Government and agency issues, state and local government bonds. railroad bonds and shares, many public utilitv bonds and shares, and most corporation and bank shares. owners equity, equity

seestockholders'

participating bond, see income bond

., fee

commission de participetion comisión de participación A fee given to a bank participating in a Euroloan. partnership share part d'association

participación en una sociedad par value; face value valeur nominale

valor nominal Tlhe principal or nominal value appearing on a bond, note, coupon, piece of money, or

original-issue discount bond obligation á prime d'émission

-

p

-

other instrument.

bono emitido con descuento Bond with a rate of interest tielow that

paid-up stock; fully paid stock

pass-through

demandedbythe marketplaceand soldat a price at a significantdiscount to par.

actions libérées acciones pagadas Stock fullypaid for (i.e.,upon whichno further subscriptioninstalmentsare due). parallel financing financement paralléle financiamiento paralelo

certificate certificat de transfert de préts certificado de transferencia de préstamos Issuedbyfederalagencies,it represents undividedinterestin pools ofagency-owned assets(i.e.,loansor mortgages).Initially offeredwith30-yearmaturity,the interest

Cofinancing, but with the partners

and a portion of the principal are paid

OTC, see over-the-counter market out-of-(the)-money option option d'achat d'ohligations á rendement réduit opciónde comprade bor aos con

inicial

financing different parts of the project.

monthly.

Warrant option for bond at lower yields

parallel market

paying agent

than originalbond.

marché paralléle

agent payeur

outward swap report de devises

outward ~ ~swap~~

~ ~ mercado ~ ~ ~paralelo ~~~~~~~~*

reventa de divisas en moneda nacional Spot purchase of foreign exchange and forward resale of the same currency against domestic currency.

Market operating in "parallel" to the main money market (e.g., bank current and savingsaccounts) and including interbank loans and negotiable certificates of deposit.

certificate; participation

agente pagador In the issue of international securities, firm Iusua a inkernationsecurities,ging (fusualy a bank) responsibie for arranging holders of the securities who will be receiving interest or dividends, etc.

21

payment period [IBRD] tranche período de pago

pool-based lending rate system [IBRD] systéme de taux préteur fondé sur un pool d'emprunts

premium [securities] prime; agio prima; agio

Interval between semiannual dates, on which repayment on IBRD loans is due.

sistema de tipos de interés basadosen una "cesta' de empréstitos

The difference between the par value and the higher market value of a security expressed as a percentage of the par value.

pendientes payout date date effective daerentrée des fonds; date de versement faeh de dersembols

pool-based variable lending rate [IBRD] taux préteur variable basé sur un pool d'emprunts

premium [stocks] prime d'émission prima de emissión

payout price prix net rentrée nette prix rentrée net; nette precio neto Differencebetweenthe facevalueof a bond and the net value receivedbythe bondholder,after deductingcommission.

tipo de interés variable basado en una "'cesta" de empréstitos pendientes

Differencebetweenthe facevalueand the sellingpriceof the sharewhen the selling priceis higher.

pooled loan prét du poo préstamo incluido en el sistema de fondo común de monedas

price (of a bond) cours; cotation precio

P/E ratio; PER, see price/earnings ratio (P/E ratio; PER)

Aloan includedin the currencypooling system.

price/earnings ratio (P/E ratio- PER) coefficient de capitalisation des

perpetual bond, seenonmaturing, nonredeemable government bond

post, to (a rate) fixer; annoncer (un taux) cotizar

relaciónprecio-ueilidades

fecha de desembolso

perpetual floating-rate note bon á intérét variable perpétuel pagaré con tipo de interés flotante perpetuo A floating-ratenote(q.v.)with interest paid on a three-monthlybasisbut whichis renewableeverysix months(ie., it hasa floatingmaturity). personal stock, see registered stock petrobond pétro-obligation petrobono Participatioln certificateswhichrepresent rights to a specificquantityof oil.Used primarilyin Mexico. piggy-back financing financement gigogne financiamientoconcatenado placement memorandum; placing memorandum note dinformation: mémorandum de placement memorando de información Adocumentpreparedbythe leadmanager of a syndicatein the Eurocreditmarket, whichseeks to givesufficientinformation to other potentiallendersto enablethemto decidewhether to participatein the credit.

praecipium; praecipuum préciput praecipuum; honorario del banco director Theamountthe leadmanagerofa Eurocredittakes for his ownfee,before dividingthe remainderof the management feeamongthe rest ofthe management group.

prima de emisión

cours-bénéfice Marketpriceper ordinarysharedividedby earningsper ordinaryshareafter tax.It expressesthe marketvalueplacedon the expectationof future earnings. primarydealer primaire) corredor (mercado primario) primary market

preferred stock actions privilégiées; actions de priorité acciones preferenciales, preferentes, preferidas Stockwhichhas a claimuponthe earnings (andsometimesupon the assetsand control)of a corporationprior to the commonor other class stock.

marché primaire mercado primario, de emisión Marketfor newsecurity issues. prime borrower;premierborrower emprunteur bien coté, trés solvable, de premier bie premie ordre prestatario preferencial,preferente,de

premier borrower,see prime borrower

prime rate

premium [foreign exchange] report prima Oppositeof discount(q.v.).Aforward exchangerate standingat a premiumover today'srate meansthat the currency concernedis moreexpensivein the forward market than now.

taux de base: taux privilégié tipo preferencial, tasa preferencial Taux de baseis the rate chargedbybanks to preferentialcustomers;taux privilégié is the rate chargedbynonbankfinancial institutions(e.g.,Crédit National). private papar effats privés

premium [option market] avec prima Price at whichan option sells.Cf. option.

efectos privados Paperplacedwitha limitedgroupof investorsand not advertised.

pnmera clase

22

private placement placement par voie privée

proxy borrowing [IBRD]

queue

élément du pool (provisoire)

liste d'attente

colocación privada

d'emprunts empréstitos de referencia

lista de espera Thewaitinglistfor the issueof securities

profitability ratios; revenue-covenant ratios

IBRDborrowings between July 1,1981 and June 3,1982, which were used to calculate

(Switzerland, Federal Republic of Cermany).

ratios de rentabilité

the lending rate for the firstyears of the

relaciones de rentabilidadl

pool-basedvariablelendingrate.

quick ratio, see acid-test ratio

Ratios that measure the return on assets. project note

public offering (of shares) émission publique

bon á court terme émis (par une

oferta pública, colocación pública

collectivité publique) pour financer un projet (autoamortissable)

pagaré a corto plazo para financiar un

R RAN, seerevenue-anticipation

purchase and resale agreement

note

(RAN)

[Canada] prise en pension des effets

proyecto

Short-termpaperissuedby municipalities

compromiso de compra y reventa

rate, to; grade, to

to finance short-term cash flows for a

Equivalent to the U.S.repurchase

classer; coter

specificproject.

agreement(q.v.)

clasificar; evaluar

promissory

purchased

note

rating agency

funds

billet á ordre

ressources acquises

agence de cotation, de classement (des

pagaré Anunconditionalpromisein writingmade

fondos comprados Includecertificatesof deposit,Eurodollar

titres) organismo de clasificación de valores

by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum of

borrowings, federal funds. and repurchase agreements, as opposed to traditional bank liabilities (demand and time deposits).

rational expectations anticipations ratíonnelles expectativas raconales

put option option de vente opción de venta Acontract which entitles one party to it, at his option to sell a specified amount of securities or commodities to the other

A theory based, first, on the assumption that individuals and companies will try to maximize their own welfare-that is, they will try to make their own economic and other circumstances as desirable as

party, at the price fixed in the contract, during the life of the contract.

and companies make economic decisions mn their own iterest, they do so in such a way that markets move towards equilibrium, easing inflation.

expectativas racionales

moneyto or to the order ofa specified person, or to bearer. proprietary interest participation majoritaire d,ans l'actif; intéret patrimonial; part de capital interés mayoritario An ownership interest, as in the interest held by an equity holder in a company or a patent holder who licenses use of the patent by others. prospectus prospectus;

putable bond, see retractable

bond

possible-and, second, that, as individuals

real interest rate taux d'intérét

document

prospecto

- Q

-

réel

tipo de interés real; tasa de interés real

A document containing al] the pertinent information about a public offering of securities and about the borrower. It is made available to the appropriate legal authorities, stock exchanges, and the

qualification stock actions de garantie acciones de garantía

Normal rate less rate of inflation, divided by one plus the rate of inflation. red herring préavis d'émission

prospectiveinvestorsbythe leadmanager.

qualified borrowings [IBRD]

anuncio preliminar de una nueva

The French term prospectus is used in normal parlance; however, the term documentisused in the legal instrument regulating the system (Ordinance No. 67-833 of September 28, 1967.Article 6).

emprunts de référence Borrowings by IBRDafter July 1,1982 (i.e., based on the pool-based variable lending rate), using proxy borrowings (q.v.)

emisión Preliminary prospectus issued to obtain an indicaton of terest n the issue. It is incomplete because it does not contain the public offering price, the underwriter's

quasi-money, see near-money

discount,or the date of issue. red herring issue

empréstitos calificados

Alsocalled offeringmemorandum.

émission exploratoire

emisión exploratoria An issue of bonds made on an experimental basis.

23

rediscount

pool from one date to another. It is

réescompter

calculated by dividing, as of any day, the

risk premium prime de risque

redescontar

total U.S.dollarvalueat the exchangerates

primapor riesgo

Resale of instruments such as banker's acceptances already discounted by lender, usually with central bank or discount house, at a price less than the face value.

of that day of the balances of currencies in the pool brought forward from the previous day, by their total U.S. dollar value at the exchange rates of the previous day.

roll-over refinancement; reconduction; renouvellement

refinancing risk IIBRD] risque de refinancement risqueerelcionadncoent epublique

revenue-anticipation note (RAN) obligation émise par une collectivité dans l'attente de rentrées

refinanciamiento,renovación

riesgorelacionadocon el refinanciamiento

non fiscales

roll-over certificate of deposit; roly-poly certificate of deposit

certificat de dépót á taux renouvelé renovable

Riskof not beingableto refinance

pagaréa cortoplazo en esperade ingresosno tributarios

short-term borrowings under suitable conditions when these borrowings mature.

Short-term municipal borrowings that fund current operations and are to be funded by

registered stock; personal stock actions nominatives

revenues other than taxes, especially U.S. federal aid.

acciones nominativas

revenue bond

Stock which cannot be transferred without placing the signature of the owner upon the books of the issuing corporation and delivery of the certificate.

obligation á long terme émise par une collectivité publique pour financer un projet (dont les recettes assureront le remboursement)

secondary market. He is nevertheless committed to rolling over the CD by redepositing funds to the amount of the redepsiximfnto t u h

repos (RP), seerepurchase agreement

bonopagaderocon los ingresos(del proyecto)

roll-over credit

repurchase agreement (RP; repos)

Long-term borrowings that are used to fund specific projects. They are repaid from the

crédit renouvelable, reconductible taux variable

contrat de report: mise en pension; accord de réméré

incomethat willbe generatedbythe project.

crédito renovable,refinanciable

institutionsto borrowshort-term(usually

interés Apackage of certificates of deposit (CD) with maturity of, for example. three years, divided into six six-month periods. An investor buys the package as a whole but he

maysell anyof the six-monthCDson the

acuerdode recompra Arrangement by banks and other

certificadode depósitocon tipo de

á

roll-over of gains revenue-covenant

ratios, see

réemploi des plus-values

reutílización de las ganancias

profitability ratios

one day) money by transferring securities to the lender, with the agreeement that they will buv them back.

revolving credit credit renouvelable,

reconductible

roll-over risks risques de refínancement

créditorotatorio,renovable retained earnings report á nouveau; bénéfices non distribués

~ ~~dsrbia utilidades no distilbuidas

-~

Accumulated net income, less distributions

nesgos de refinanciamiento revolving fund fonds renouvelable;

caisse dJavances

fod roaoi fondo rotatoiio

obligation a taux renouvelé

A fund for project-related expenditure.

Medium-or long-tern bond whose annual

to stockholdersand transfersto paid-in capital accounts.

bono con tipo de interésrenovable

Mdu-o right (to purchase shares) droit

retractable, putable bond

derecho

obligation

Usually issued in connection with new

rétractable

roly-poly bond oligpon bonv

ogtr

edwoeana

coupon is renewed every three years, at which time the investor may be reimbursed. roly-poly certificate of deposit, see roll-over certificate of deposit

bono retractable

shareissues.Civesthe investorthe right to

Bond where coupon rate is determined for a limited number of years, after which a new coupon is determined, with bondholders at the same time having the right to early

purchase further shares at a given price. risk capital capital á risque

running

redemption.

capital de riesgo

moyenne (pondérée) mobile

revaluation factor [currency pool] facteur de réévaluation

factor de revaluación A ratio establishing the appreciation or depreciation due to exchange rate changes in the U.S.dollar value of currencies in the

RP, see repurchase repos) (weighted)

agreement (RP;

average

Capitalinvestedin high-riskor relatively

promediomóvil (ponderado)

high-risk securities and enterprises. in expectation of commensurately high returns. It is sometimes used of equities or ordinary stock, the dividend of which varies with the profits earned by the corporation.

The average rate of interest applied to an outstanding loan, based on the rates applied on all previous disbursements. weighted, where necessary, to allow for different levels of disbursement.

24

securities dealer; securities firm courtier (en valeurs mobiliéres);

selling rate cours vendeur

sales agent [securities] agent de placement agente vendedor corred,r

maison de titres; société de placement corredor de valores; sociedad de valores

precio vendedor precio de venta

Samurai bond

securities margin account compte d'achat de titres ganancia bruta en cuenta de valores Special account opened by private individuals for the purchase of securities,

dette prioritaire

paid for partially by cash payments and partially on credit given by the broker up to a limit fixed by law.

serial bond, loan 1. emprunt par obligations émis par séries; 2. obligation á lot

Short- or medium-term fixed-interest bearer bond issued bya public credit institution or commercial bank. Not marketable. Bons de caisse are general French savings bonds. Bons d'épargne are five-yearsavings bonds issued at par. The bearer can ask to be reimbursed after three months but the amount he is paid increases over the

security titre; valeur mobiliére

1. bono de vencimiento escalonado; 2. bono con vencimiento elegido a la suerte

five-vearperiod.

security lending [IBRD] préts de titres préstamo en valores

-

S

-

obligation samourai bono samurai Bond issued on the Japanese market in yen outside Japan.

savings bond [France, Belgium, U.S.] bov Frnce, bod dépargne U.S.] bon de caisse; bon d'épargne

bono de ahorro

scrip certificatef bearer scrip bulletin de llvraisn; certficat d'action partiellement

liberée

certificado provisional; titulo prov isional

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

Price proposed (for a security).

senior debt

deuda prioritaria Debt for which claims on the assets of the borowerrakalaionotheasetsiocate of riquidatiaofr.

1. Bond issues split into a series of maturities. 2. Special type of serial bonds where reimbursement is decided bydrawing in lots (used in France). shake-out

Lending of securities which the IBRD owns (typicallv a U.S. Government obligation) against receipt of cash or similar securities as collateral in amounts equal to or higher

(of the market)

tassement 1. asentamiento; 2 sacudimiento 1. Amoderate stock market or business recession, usually corrective of an inflationary condition. 2.Any movement in the market prices of securities that forces speculators to sell their holdings.

Written obligation of a bank acting as paying agent for an issue, toi hand over to the subscriber the definitive,^ertificates as soon as they have been issued.

than the market value of the security lent.

secondary market

segmento; sector

marché secondaire mercado secundario

self-liquidating credit

cours de la Bourse lista de acciones con sus cotizaciones

crédit autoamortissable

Alisting of stocks with their current prices.

Market for transactions in existing securities.

crédito autoamortizable

secondary offering

placement d'actions détenues par les particuliers

colocación en el mercadossecundario Redistribution of an outstancling block of stock by a securities firm.lt is handled privately off the organized exchanges after the close of the market, at a fixed price not exceeding the last sale price on the floor.

segment; sector (of the market) compartiment (du marché)

shareholders' equity, funds, see stockholders' equity

Credit reimbursed by the income from the

shareownership

speration for which it was lent.

avoirs en portefeuille: acquisition de mobiliéres, actions

sell-down

cartera de acciones

oprto

o

hc

twsln.valeurs

rétrocession

venta de un crédito fuera del consorcio The transfer of a credit from a bank within a syndicate to a bank outside the syndicate. selling fee [Euromarket]

share-premium account [IFC] cormpte "prime d'émission"

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

sector, see segment

coimmissioinde placement comissin de pentas comisión de L'entas

securities analyst analyste des valeurs

selling consortium, group, syndicate [Euromarket]

acuerdo de retención de acciones Agreement,underwhicha companyagrees

groupe de pLacement

not to sell the stock of another company in whích IFC has an interest, until the loan has been reimbursed.

share-retention agreement [IFC] accord de non-rétrocession

Person carrying out systematic assessment of securities as a basis for investment strategy.

consorcio (bancario);grupo de colocación; grupo vendedor

d'actions

25

shelf registration

source and application of funds

enregistrement en attente autorización permanente

statement, seestatement in financial position

A system of standing authorization to issue securities given by the U.S.Treasury to certain select horrowers (including the IBRD).Borrowers must normally waitforr formal approval.

short hedge

dd~ ~

~~

of changes

source and use of funds statement, see statement of changes in financial position sovereign credit

empuntgarntpa l'ta

gaat.alEa ~~~~~mrn crédito garantizado por el Estado

month and resale in another. 3. Euromarket, securities: Difference between rate at which bank borrows money on interbank market and rate at which it onlends funds to its customers. spread risk [IBRDO risque lié la marge isgueliolarge

riesgo relacionado con el margen Risk due to the spread between IBRD

opération de couverture par vente á

A borrowing guaranteed by the state.

borrowing and loans being too low or

termeneaie operación de cobertura por venta a

sovereign risk

statement of changes in financial

plazo

risque dinsolvabilité emprunteur;

de l'Etat

risque souverain

Hedging operation by someone who is 'short" (Le.,who ownslessof an item than he has contracts to deliver).

riesgo soberano; riesgo que plantea el

slíort position shortgpositionálabaisscountry's engagement a la baisse

The risk of changes in a borrowing overall foreign exchange position, which might affect its ability to repay a loan.

funds statement;

funds statement;

source and use of funds statement; flow statement; changes in working

país

capital stateient tableau de financement; tableau des flux

estado de flujo de fondos

posición de venta en descubierto Where a dealer in stocks or commodities is committed to sell more of them than he has available for sale.

position; source and application of

space arbitrage, arbitrage

see two-point

A statement used in conventional accounting which summarizes the financing and investing activities of an

shpeciaale placement spécial pdécouvertoloacmen espcial

entity, including the extent to which the enterprise has generated funds from operationasduring the period and for completing the disclosure of changes in financial position during the period. The first English term is the one recommended by the U.S.Accounting Principles Board

effet-termut nterme effet acourt terme

Placements issued by international development institutions and placed directly with central banks, monetarv authorities, and governments. split; split-up split; split-up

pagaréa cortoplazo

division d'une action en plusieurs

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

división de acciones

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

efectos a corto plazo: valores a corto plazo: papel a corto plazo

spot market; cash market [foreign

vhortsale ente a découvert

venta en descubierto Sale hy dealers of securities they do not own.

colocaciónespecial

shorthttrmrpaperedivisión de acciones

short-term paper market dhorttesm effets mackt t emercao terme marché des effets á court marché mercado de corto plazo sinking fund

caisse d'amortissement: fonds d'amortissement

(APB)since 1971: the second term is the one found most frequentlv in the World Bank and IFC; and the third is the most common one used in the l.S. prior to the APB recommendation. The other terms are also found. step-down (security) (titre á) coupon dégressif multiple

valor con tipo de interés descendente

exchange] marché au comptant al conptado mercado al contado

Securities where the coupon rate decreases ron vr year. er b a fixed ie amount h~~~~~~~~~~~~~~~~~~~~~~y every

spot market [commodities] marché du disponible

stepped-rate bond obligation á taux flottant fixé d'avance

mercado de productos disponibles, de entrega inmediata

bono con tipos de interésescalonados (bfiados anticipadamente)

fondo de amortización A fund created bv a borrower for the spread borrower A~~~~~~~~~~~~~~~~~~~~~~~~~o for purpose of redeeming bonds.The borrower 1.2. écart; 3. marge is obliged to redeem specified amounts of 1. 2. 3. margen; diferencia; diferencial 1. Options: Purchase of a cal] option at one the bond within specified periods. price and resale at another. 2. Commodities: Purchase of a contract in one delivery soundness certificate

certificat de solvabilité (établi par une banque)dvdedenacos d c ado certiicado de solvencea

Bond with different coupon rates of interest diffren pereatedfixe in the fordifferentperods.fixedinadvanceofthe issue.

stock dividend distribution d'actions gratuites; attribution d'actions gratuites

dividendo en acciones A dividend paid to stockholders in share of stock of the issuing corporation.

26

stockholders' equity; shareholders' equity; owners' equity; equity; net worth; shareholders' funds [U.K.] fonds propres; capitaux propres; situation nette patrimonio; patrimonio neto; activo

neto

subborrower emprunteur secondaire, final subprestatario subloan prét secondaire, subsidiaire subpréstamo

given, Farm B will have a higher rate of

The value of assets less liabilities of a

corporation.Allthe termsgivenhere are generally synonymous, but accountants tend to give different siants to these terms in certain cirumstances, so they may,on occasion, have slightly different meanings. For example, capitauxpropresand situation netteare normally synonymous, though capitauxpropres sornetimes equals situation nette less retained earnings (report á nouveau).

stock option option de souscription opción de compra de acciones

willproducebeef withhigh technology equipmentandfewworkers,whileFarmB willconsistof a low-technologyoperation employingmanyfarmworkers.Upto a weightof 1.5on incomegoing to the poor, FarmA has a higher rate of return. However,if a weightgreaterthan 1.5is

subordinated debt, see junior debt

return.Theswitchingvalue,therefore,is 1.5.

subordinated loan prét non privilégié

préstamo subordinado subscription right droit de souscription

syndicate consortium; syndicat financier

consorcio (bancario, de financiamiento)

derecho de suscripción

syndicate, to (a loan)

The same as right (q.v.)

consortialiser

swap (transaction) swap; crédit croisé swap[ bancos centrales]; intercambio

concertar un préstamo a través de un consorcio (bancario, de financiamiento) syndicated loan

de monedas, crédito reciproco, pase

stop-out price prix d'arrét precio mínimo en subasta a la baja Uniformauctionprice(i.e.,lowestpriceat

financiero Aspot purchaseof foreignexchangewith simultaneousforwardsaleor viceversa. Pase financieroisan Argentiniansystem,

which bids are accepted) at a Dutch auction

related to the swap system, whereby

(q.v.).

personsor institutionsmakingcapital

straddle; cafi-and-put opt:ion

investments are given an "exchange guarantee," which guarantees that the

stellage opción de venta y comprJa

funds can be reexchangedat a predetermined exchange rate ona specific

prét syndiqué; prét consortial

préstamo de un consorcio syndication formation dun syndicat financier, d'un consortium

formación de un consorcio (bancario, de financiamiento)

Double option consisting of a put and a call

date.

with same striking price.

switch

system repurchase agreement contrat de report acuerdo de recompra Purchasebythe FederalReserveof

straight bond

arbitrage

securitiesfora short periodoftime withan

obligation classique

arbitraje

agreement to resell them at a specified

bono clásico; bono ordinario

Saleof paperwhichis no longerconsidered

price.

Bond with unquestioned right to

to have long-term possibilities and

repaymentof principalat a specifiedfuture date, unquestionedright to fixed interest paymentson stateddates,and no right to any additionalinterest,principal,or conversionprivilege.

investmentofthe proceedsinsecurities consideredmore worthwile.

straight, tap certificate of deposit certificat de dépot classique, par lot certificado de depósito sin límite, de libre compra

switch, availability clause clause de disponibilité cláusula de disponibilidad In a roll-over creditagreement, a clause whichallowsa lender to lend in a currency

take-and-pay contract contrat de paiement contre livraison contrato de compra garantizada A guaranteeto buyan agreedamountof a product or service provided it is delivered.

Standard certificate of deposit, without any

other than the one stipulated in the agreement, if the stipulated currencv is not available.

restrictions on amount availahie.

switching value

prendre (des effets) en pension

striking price; exercise price prix d'exercice precio fijado en contrato (lpara ejercitar una opción de compra)

valeur critique; valeur seuil valor crítico

redescontarcon compromisode Rediscountoperationwith promiseto

The value that reverses the ranking of two alternative projects. For example, Farm A

transfer the credit title back to the original lender.

Price a particular share must reach before an option to purchase the shares can be exercised.

take in, to (bills)

27

take-or-pay contract contrat d'achat ferme; contrat de prise ferme contrato firrne de compra (sin derecho de rescisión) Anunconditionalguaranteeto buyan agreedamount of a product or service whether or not it is delivered. take out, to [IBRD] renoncer renunciar a una garantfa Waiverbya colenderof a guaranteegiven bythe WorldBank,as the guaranteed portionof a coloanprogressivelycomes withinthe range of normalmaturities. take-over bid offre publique d'achat (OPA) oferta pública de compra

tax buoyancy élasticité globale du systéme fiscal par rapport au produit intérieur brut (PIB) elasticidad tributaria global Totalelasticityof the taxsystem(built-in elasticitypluselasticitydue to discretionary changesin the tax system).Measuredbythe annualmean growthin receiptsdividedby the annualmeangrowthin grossdomestic product (GDP). tax credit avoir fiscal; crédit d'irnpot descuento impositivo term loan crédit d'équipement préstamo a mediano o largo plazo Medium-or long-termloan undertakenbya

trading ticket [securities] fiche de Bourse; ordre d'achat; ordre de vente orden de compra, orden de venta Purchase/sales orderfor a security. tranche certificate of deposit certificat de dépót par tranche certificado de depósito de tramo Certificateof depositrepresentinga share in a programof certificate-of-deposit issues by a bank. transfer price prix de transfert; prix interne; prix de cession interne precio de transferencia interna Pricebetweena corporationandits subsidiaryor withina corporation(opposite of arn's length price).

corporation when it cannot or does not

take-over option [IBRD] option de reprise (des derniéres échéances d'un prét commercial) opción de financiamiento residual Contingentcommitmentbythe IBRDto takeoveranyresidualfinancingof a loan as

want to issuea loan on the financia]market.

it reaches its ten-year maturity.

Market for security dealing in over-the-counter stocks listed on a stock exchange but between firms that are not

transformation

membersof an exchangeand, therefore,do not chargeregular listed commission.

operationsby financialintermediaries, taking in liquidsavingsor sight deposits.

time arbitrage dans le temps en el tiempo Buyingand sellingat differentmaturities.

Treasury bill [U.S.] bon du Trésor en comptes courants pagaré del Tesoro a corto plazo RillissuedbyU.S.Treasurywith short maturity(less than one vear).

TAN, see tax-anticipation note .. certificate of deposit, see straight tap certificate of deposit, seestraight certificate of deposit tap issue a guichets tapmissionágu ichets ouvertsarbitrage emission coutertaarbitraje emisión continua tap security titre emis a jet continu, a guichets -iouverts valor en venta continua Securitythat iscontinuouslyavailableand may be obtained on demandby investors.

third market; off-the-board market troisiéme marché; marché hors bourse tercer mercado; mercado fuera de bolsa

transferable share action au porteur acción al portador acción transferible; acción negociable transformation (bancaire)

transformación (bancaria) Medium- and long-term reinvestment

tax-anticipation note (TAN) bon garanti par les recettes prévues

tombstone avis financier; encart publicitaire anuncio de emisión efectuada; esquela Advertisementwhichannouncesthat a credit hasbeenarrangedor a bondissue made. top-rated bond

Treasury bond [U.S.] bon du Trésor á long terme bono del Tesoro Long-term(morethan ten years)fixed couponpaperissuedbythe FederalReserve on behalfof the U.S.Treasury. Treasury note [U.S.1

pasaré respaldado por ingresos

obligation de premier ordre

bon du Trésor

fisortlerm borrowingvistosu ~ Short-term borrowing issued to nill temnporaryfinaniciingnceds. It is backed by

bono de primer orden, de primera clase

pagaré del Tesoro

trade bill [U.K.

Amedium-term (normally from two to ten

anticipatedtax receiptsand any unencumberedrevenueof the community.

effet de commerce letra comercial; efecto comercial

years)couponsecurityissuedbythe U.S. Treasury.In France,bonsdu Trésorhavea maturity of one to five years.

Commercial bill accepted directly by a

corporation.

Treasury tax and loan account [U.S.] compte courant du Trésor auprés des grandes banques cuenta corriente del Tesoro Current account of the U.S.Treasurv in

28 which tax receipts and the receipts from the sale of bonds to the public are deposited.

unlisted (security) non coté; non admis, non inscrit á la cote officielle

a fixed price, a U.S.Treasury bill of specified coupon rate and maturity.

no cotizado en la bolsa Securitynot listedfor trading on one of the regularstockexchangesand whichis therefore,traded directlyor overthe counter.

wash sale transaction fictive transacción ficticia Occurswhen a personbuysand sellsa stock,therebyrecordinga price,but with no actualchange of ownershiphavingtaken

country's economic condition warrant

unrealized gains

place.

harderor softer loans.

plus-values latentes ganancias no realizadas

weighted average, see running average

trigger clause [IBRD] clause de déclenchement cláusula de revisión Clausein IBRDloan agreementrequiring reviewafter a certainnumberof yearsto determinewhether changesin the

trigger rate

seuil de déclenchement

window (in a market)

tasa de activación

créneau

Rate at which floating-rate rotes are automatically converted to fixed-rate paper.

trust bank (Shintaku Ginko) [Japan] banque de fiducie banco fiduciario

-

V

-

resquicio Short-lived opportunity to issue securities

value date

that may be taken up bvany of a significant

fecha de valor

window dressing habillage du bilan

date de valeur

number of highlyrated borrowers.

Bank involved in both lendi.g and money

The calendar date onwhich atransaction takes place.

two-point arbitrage; spa-e arbitrage

venture capital company

Financial actions such as stock market

arbitrage dans btespace arbitraje espacial

s d compañía de capitales de riesgo

trading,whosepurposeis to makea corporation'sfinancialsituationseem

manipulación

de la contabilidad (para

aparentar una mejor situación) a

Buving in one center and selling in another. w

U

-

uncovered; naked á découvert

warrant warrant certificado para la compra de acciones, bonos

better than it really it is, just before the publication of a balance sheet or other financial statement.

WINGS, see warrant into government securities working-capital ratio, see current ratio working ratio

descubierto Option to purchase ordinary share or bond Unhedged ( le., a liability exists in the long of a particular company, usually purchased or short term. which is not covered by abyonolewatgtopripten corresponding position). profit growth of that company. Often attached to new bond issue as inducement

coefficient brut d'exploitation

underwriting

percentage.

consortiurm, group,

syndicate 1.groupe de garantie; syrdicat de garantie. 2. syndicat de prise ferme 1. grupo garante; grupo dle suscripción; 2. consorcio de suscriptores

for investors to take up the bond.

coeficiente

de explotación

Cash working expenses divided by operating revenues, expressed as a

obligation a warrant; obligation warrante bono con certificado

y

Bond with warrant attacbed.

Yankee bond

1. Group that agrees with the issuer of securities to buy or find buyers for those securities that are not taken upby the

warrant into government securities (IG

obigation Yankee

warrant échangeable contre des titres d'Etat

Bondissuedon the U.S.marketin U.S. dollarsoutside U.S.

underwriting fee commission de garantie

certificado para la compra de pagarés del Tesoro Warrantwhichallowsthe purchaserto

yield curve courbe des rendements

secublic.t2.iGro thata t takenup by entire iss public.2.Groupthat buysupan entire issue of securities.

comisión de suscripción; comisión de garantía

unit trust, see open-end fund

acquire, within a specified period of time, at

ooynu

curva de rendimiento Graph relating rates of return to maturity.

29

yield to maturity (YTM)

Thereturnasecurityearnsassumingthatit

rendement

is held until a certain date and put to the

á I'échéance

rendimientoal vencimiento

Z

borrowerat the specifiedput price.

zero-coupon bond

YTM,seeyield to maturity

obligationá coupon zéro bono sin cupón Bondthat paysno interest but issoldat a steep discountand paid off at par.

Terminologiedes empruntset des préts FranQais-Anglais

33

-

A-

agence de cotation. de classement(des

a découvert uncovered;naked acceptationde banque bank bill; bankers acceptance accordde compensation clearingagreerment accordde non-rétrocessiond'actions share-retentionagreement [IFC]

titres) rating agency agent

assise financiére capitalbase attraction crowding-in

agent bank agent boursier broker;dealer [stockmarket] agent boursieropérant pour son propre compte jobber

attribution allotment attribution d'actionsgratuites stock dividend augmentationde limportancedes circuits financiers

accord de paiement clearingagreement accord de réméré repurchaseagreement (RP;repos) accord de swap sur les taux d'intérét interest-rateswap achat a decouvert margin buying[stock exchange]

agent de change broker [optionsmarket] agent de contrepartie dealer agent financier fiscalagent agent de placement sales agent [securities]

financialdeepening aval aval avancede préémission bond-anticipationnote (BAN) avancesá vue call money;day-to-daymoney;demand money;moneyat call

acquisition de valeurs mobiliéres,

agent opérant directement sur le

avances non garanties

actions

parquet

cleanadvances

shareownership

floor trader

avec

action au porteur transferableshare action de jouissance dividend-rightshare action gratuite bonusshare actions bénéficiaires dividendstock actions cumulativesprivilégiées cumulativepreferredstock

agent payeur payingagent agio agio;premium améliorationdes prixmoyens(d'un titre) averaging amortissement amortization anatíst d analystedesvaleurs

premium avis financier tombstone avoir fiscal tax credit avoirs en portefeuille shareownership

actions de capital

securities analyst

banque á charte

commonstock

annoncer (un taux)

actions de garantie

post, to (a rate)

qualificationstock

anticipationsrationnelles

charteredbank banque á charte fédérale federallychartered bank [U.S.]

actions de priorité debenture stock [U.S.]

rational expectations approfondissementdu capital capital deepening apresbourse

banque á tout faire,á vocation générale combinedcommercialand investment bank;multibank:all-purposebank

after-market

banque d'affaires investmentbank [U.S.]; merchantbank es nbkU. ectKba

actions de priorité actions libérées paid-upstock; fullypaid stock

arbitrage

arbitrage; switch

B-

[U.K.]

registeredstock personalstock arbitrage dans l'espace actinsteredstockiniresonalstocktwo-point arbitrage;space arbitrage actionstock arbitrage dans le temps commonstock time arbitrage actions privilégiées btr t preferred stock

arbitragiste

banque de dépót, commerciale commercialbank;clearingbank [U.K.] banque de fiducie trust bank (Shintaku Ginko)[Japan] banque"multiservices",á tout faire,á

adjudicationá prix uniforme Dutch auction [U.S.]

arbitrageur argent au jour le jour call money;day-to-daymoney;demand money;moneyat cal];overnight

combinedcommercialand investment bank;multibank;all-purposebank banque off-shore offshorebank

funds

vocation générale. polyvalente

34

banque polyvalente combinedcommercialand investment bank; multibank;all-purposebank

bulletin de livraison scrip certíficate;bearerscrip

certificatnominatif bond certificate de dépótá certificatreprésentatif

caisse d'amortissement sinking fund caisse davances revolvingfund calendrierdes émissions issuing calendar capacitéd'endettement credit standing; creditworthiness

terme negotiable time certificateof deposit chambrede compensation clearing house chefde file lead bank; lead manager cheque banque banker's draft chéque tiré banker's draft

bon note bon á court termeémis (pairune collectivitépublique)pour financer un projet (autoamortissable)

capital á risque risk capital

classer rate, to; grade,to

capital social equitycapital;capitalstock(of a corporation)

clause "drop lock" drop lock clause d'exigibilitécroisée

project note

capitalisation

cross-default clause

bon a intérét variable perpétuel perpetual floating-rate note

capitalization capitaux fébriles

clause de déclenchement trigger clause [IBRD]

bon a prime (d'émission) discount note

hot money; funk money capitaux propres

clause de disponibilité switch, availability clause

bon á taux flottant floating-rate note [FRN] bon á taux révisable bon a taux révisable floating-rate note [FRN]

stockholders' equity; shareholders' equity; owners' equity; equity; net ~worth; shareholders' funds [U.K.] funds [U.K.] worth' shareholders' centiéme de pour cent

clause de manquement réciproque cross-default clause

bon au porteur bearer note

basis point centre bancaire off-shore

negative-pledge clause clause de sauvegarde

bon de caisse savings bond [France, Belgium, U.S.]

offshore banking center certificat d'action partiellement libérée

jeopardy clause; disaster clause; break clause

bon de jouissance dividend-right certificate bon d'epargne

scrip certificate; bearer scrip certificat de dépót certificate of deposit (CD) certificat de dépót a taux renouvelé roll-over certificate of deposit;

clause de verrouillage au taux plancher drop lock clause par¡ passu pani passu clause

banquesinstalléessurles principales placesfinanciéres money-centerbanks bénéficesnon distribués retained earnings billet á ordre promissorynote billet de mobilisation mortgagebond blanc, ¿'ohi(en)blanc

savings bond [France, Belgium, U.S.] participation certificate

-

C

-

roly-poly certificate of deposit

clause de ne pas faire, négative, de nantissement négative

co-chef de file

bon du Trésor Treasury note [U.S.o

certificat de dépót classique, par lot straight, tap certificate of deposit

comanager; colead manager coefficient brut d'exploitation

bon du Trésor it long terme bona lmioinumtde$100.00 du Trésor Treasury bond [U.S.] bon du Trésor a trés court terme cash-management bill bon du Trésor en comptes courants

certificat de dépót d'un montant mbnimumde $100.000 jumbo certificate of deposit certificat de dépot par tranche tranche certificate of deposit certificat de reconnaissance de dette

working ratio coefficient d'utilisation des fonds propres gearing ratio [IBRDe coefficient de Bruno Bruno ratio

bon garanti par les recettes prévues tax-anticipation note (TAN)

debt certificate certificat de solvabilité (établí par une banque)

coefficient de capitalisation des résultats (CCR) price/earnings ratio (P/E ratio; PER)

bon-coupon coupon note

soundness certificate certificat de transfert de préts

coefficient de coút en ressources intérieures

bons a prime (d'émission) consolidés consolidated discount notes

pass-through certificate; participation certificate

domestic resource cost ratio

35

coefficientmarginal de réserve marginalreserverequirement coefficientnet d'exploitation operatingratio coefficientsde liquidité liquidityratios commissionde direction managementfee commissionde garantie guaranteecommission,fee[IBRD]: underwriting fee commissionde gestion agencyfee [Euromarket];management fee commissiond'engagement commitmentfee;stand-by fee commissionde participation participationfee commissionde placement selling fee [Euromarket] commissionde reconduction extension fee commissiond'ouverture front-endfee commissionsyndicale managementfee compartiment(du marché) segment;sector (of the market) compensationdes créancesinternes multilateralnetting compte-chéquesrémunéré negotiableorder-of-withdrawal (NOW) account comptecourant du Trésorauprés des grandes banques compte d'achat de titres securities margin account

compted'avancesde caisse

consortialiser syndicate,to (a loan) consortium syndicate contrat d'achat ferme take-or-paycontract contrat de paiementcontre livraison take-and-paycontract contrat de prise ferme take-or-paycontract contrat de report repurchaseagreement(PR;repos); systemrepurchase agreement conversionmonétaire currencytranslation correspondant agent bank cotation price (of a bond) cotation (de la barre d'or) fixing coter rate, to; grade,to coupon coupon courbe des rendements yield curve cours price (of a bond) cours acheteur bid price cours de la Bourse share list cours de l'offre

courtier en placements investmentbroker

ask(ed) price [securities market]

revolving credit

cours vendeur

créditrenouvelable,reconductibleá

selling rate

courtage

imprest account, fund compte d'avances temporaires imprest account, fund compte de gestion de trésorerie cash-management account compte de réserves pour le rachat du capital des actions capital redemption reserve funds compte "prime d'émission" share-premium account [IFC] concentration (des échéances) bunching (of maturities)

coút des emprunts doublement pondéré double-weightedborrowingcost [IBRD] coút en ressources intérieures domesticresourcecost (DRC) coút réel des devises domesticresourcecost (DRC) couverture de l'opération marginrequirements[stockexchange] couverturedes opérations á terme hedging couverturedu servicede la dette debt-servicecoverage crédit á vue, á tres court terme call money;day-to-daymoney;demand money;moneyat call (crédit) adossé back-to-back(loan,borrowing) crédit autoamortissable self-liquidatingcredit crédit consortial (sans chef de file) club loan crédit croisé swap (transaction) crédit d'équipement term loan crédit d'impot tax credit (crédit) face á face back-to-back(loan, borrowing) crédit renouvelable,reconductible

taux variable roll-over credit

créneau window (in a market)

courtier broker

"cushion bond" cushion bond

courtier (en valeurs mobiliéres) securities dealer; securities firm _ courtier (opérant sur le marché-Dprimaire) primavrae primarydealerdate courtier d'effets publics covernmentsty dealer gnmesecuriy r courtier en fonds d'Etat government-security dealer

n

datende vaaeur date de valeur date de versement payout date date effective de rentrée des fonds payout date

36 décote discount from par [securities market]

effets de commerce commercial paper; commercial bills

emprunteur secondaire, final subborrower

décote de conversion conversion discount

effets de commerce en eurodevises Eurocommercial paper

emprunts de collectivité locale general obligations; general-obligation

découvert, voiY á découvert

effets porteurs d'intérét

dépenses groupées au début (dune période donnée) front-loaded spending

interest-bearing notes effets private paper

emprunts de référence qualified borrowings [IBRD] emprunts géants

déport backwardation; disagio; discount; markdown [foreign exchange]

effets publics government paper élargissement du capital

jumbo borrowing (en) blanc clean

désintermédiation disintermediation

capital widening élasticité globale du systéme fiscal par

encart publicitaire tombstone

dette consolidée funded debt

rapport au produit intérieur brut (PIB)

bonds

engagement exposure

dette de deuxiéme rang junior debt; subordinated debt

tax buoyancy élément du pool (provisoire)

engagement a la baisse short position

dette prioritaire senior debt

d'emprunts proxy borrowing [IBRD]

engagement conditionnel contingent obligation [IBRD]

disagio disagio

émetteur issuer; maker (e.g., of a note)

engagement par pays country exposure

distribution d'actions gratuites stock dividend

émission á guichets ouverts tap issue

enregistrement en attente shelf registration

division dune action en plusieurs

émission collée

érosion fiscale des revenus

split; split-up

hung-up issue émíssion d'obligations a l'étranger

fiscal drag escompte

document prospectus

external bond issue émission de titres

discount [bills] escompte á forfait, en ducroire, sans

droit right (to purchase shares)

capital issue émission exploratoire

recours discount without recourse

droit de souscription subscription right

red herring issue émission publique public offering (of shares)

escompte officiel discount window eurocrédit

emprunt

Eurocredit

eitres

-E-

de contrepartie

back-to-back (loan, borrowing)

eurodevises

écart spread

emprunt garanti par F'Etat sovereign credit

Eurocurrency eurodollar

échange de monnaies différentes back-to-back (loan, borrowing)

emprunt global lump-sum borrowing [IFC]

Eurodollar euromarché

effet á court terme short-term note

emprunt par obligations émis par séries

Euromarket euromonnaie

effet brúlant hot bill

serial bond, loan emprunt remboursable en une seule

Eurocurrency euro-obligation

effet de carrousel merry-go-round effect

fois bullet issue

Eurobond europrét

effet de commerce negotiable instrument; trade bill [U.K.]

emprunt remboursable in fine bullet issue

Euroloan évaluation actuarielle

effets á court terme short-term paper

emprunteur bien coté, tres solvable, de premier ordre prime borrower; premier borrower

actuarial evaluation éviction crowding-out

37

-

-

H

fonds fédéraux

federalfunds facteur d'ajustement de

fonds propres

habillage du bilan

lFamortissement amortizationadjustmentfactor [currencypool] facteurde réévaluation revaluationfactor [currencypoolj

stockholders'equity;shareholders' equity;owners'equity;equity;net worth;shareholders'funds [U.K.]; capital base fondsqui ne prélévepas une

windowdressing honorabilité credit standing;creditworthiness

fichede Bourse trading ticket [securities] financementá forfait, sans recours nonrecoursefinance financementavecdroitde recours limité limited-recoursefinance financementconjoínt joint financing financementdes derniéres échéances fundinglatter maturities[IBRD] financementgigogne piggy-backfinancing financementparalléle parallelfinancing financement sur crontramettfe onancement sur contrat contract financing fixationlibre des prix open pricing

commission no-load fund fonds qui préléveune commission load fund fonds renouvelable revolvingfund forfaitage forfeiting formationd'un syndicatfinancier,d'un consortium syndication formulesnouvelles,inédites, creative financing frais de gestion f-rmanagement fee freinagefiscal fiscaldrag

r

T inflation de base core inflation instruments instruments instruments de la dette publique governmentdebt instruments instruments financiersá terme financialfutures intérétde déport backwardationrate intérétde report contango rate; continuationrate intérét patrimonial proprietaryinterest intermédiairefinancier financialintermediary intermédiation intermediation

fixer post, to (a rate)

garantie (de l'Etat)

investissementde productivité capital-deepenínginvestment

fixing fixing

guarantee garantie de la BIRD

-

J-

flottement impur, contrólé, dirigé, assisté, soutenu

guarantee [IBRD] Gensaki

"jobber"

dirty float

Gensaki

jobber

flottement pur, non dirigé

gestion de (la) trésorerie

clean float fluctuation des taux due a une fuite de capitaux

cash management

-

L-

liability management

bill of exchange

flux financiers funds flow; flow of funds

grande banque city bank

lettre de confort letter of comfort

fonds commun de placement money-market (mutual) fund; mutual fund

groupe de direction management, managing group [Eurodollar market]

LIBOR LIBOR(London Interbank Offered Rate)

fonds damortissement sinking fund

groupe de garantie underwriting consortium, group,

ligne de crédit de protection, de soutien, auxiliaire

fonds de placement fermé closed-end (investment) fund

syndicate groupe de placement

back-up line of credit liste d'attente

fonds d'Etat britanniques gilt.edged securities

selling consortium,group,syndicate

lsede

[Euromarket] guichet automatique de banque (GAB)

queue

automaticteller machine(ATM)

38

M-

masse monétaire au sens large broad money

obligation á lot serial bond, loan

Mi Mi

mémorandum de placement placement memorandum; placing

obligation á prime (d'émission) discount bond

M12 M2

memorandum mémorandum d'offre

obligation á primed'émission original issue discount bond

M3 M3

offering memorandum mise en pension

obligation á prime d'émission élevée deep-discount bond, note

maison d'acceptation acceptance, accepting house

repurchase agreement (RP; repos) mise en report

obligation á taux flottant floating-rate bond

maison de réescompte discount house; bill broker

inward swap mobiliser

obligation á taux flottant fixé d'avance stepped-rate bond

maison de titres securities dealer; securities firm

discount monnaie scripturale

obligation á taux renouvelé roly-poly bond

mandataire agent bank

bank money monnaie au sens étroit

obligation á taux variable (OTV) floating-rate bond

marché á terme forward market

narrow money monnaie au sens large

obligation á warrant warrant bond

marché au comptant spot market; cash market

broad money moyenne (pondérée) mobile

obligation assortie d'une option d'achat au-dessous du pair

marché de capitaux capital market

running (weighted) average moyens de paiement á l'encaissement

accreted call bond obligation au porteur

marché de porteurs bearer market

float [banking] moyens de paiement non recouvrés

bearer bond obligation avec option de change

marché des effets á court terme short-term paper market

float [banking]

multiple (currency) option bond obligation avec optíon monétaire

-

marché du disponible spot market [commodities,] marché figé locked market marché financier capital market; open market

-

N-

niveau d'indifférence break-even point [stock market]

multiple(currency) option bond obligation `bouledogue" Bulldog bond obligation cautionnée

marchégris grey, gray market

non admis, non inscrit á la cote officielle unlisted (security) nonlgh cond nonlcote

marché hors bourse third market; off-the-board market

non garanti

américain) AAAbond

marché hors cote over-the-counter market (OTC)

clean note d'information placement memorandum; placing

obligation de premier ordre AAA o bond; dtop-rated bond

marché oú la cote de crédit est primordiale name market marché paralléle parallel market

memorandum

custom-duty bill obligation classique straight bond obligation (cotée) AAA(marché

obrpgateonde soaeté corporate bond obligation émise par une collectivité

marché primaire primary market

- ° . . obligation bond; debenture (bond); note obligation á coupon zéro

publique dans l'attente de rentrées non fiscales revenue-anticipation note (RAN) obligation étrangére émise á Londres Bulldog bond

marché secondaire

zero-coupon bond

obligation indexée

secondary market marge spread

obligation a long terme émise par une collectivité publique pour financer un un projet projet

indexed bond; index-linked bond

spread masse monétaire au sens étroit narrow money

revenue bond

coupon obligation munie de ~~~~~~~~~~~~coupon(-bearing) bond

39

obligationne pouvantétre amortiepar anticipation noncallablebond obligation négociable marketablebond obligation non garantie debenture (bond) obligation non négociable nonmarketablebond obligation participante income bond;participatingbond obligation perpétuelle nonmaturing,nonredeemable governmentbond;perpetual bond; consol[U.K.]

opérations á terme futures [commoditiesmarket] opérations d'arbitrage en couverture hedging opérationsde couvertureparachat á terme long hedge opérations en contrepartie hedging option option option d'achatd'obligationsá rendement réduit out-of-(the)-moneyoption option d'achat, de rachat

participationmajoritairedans l'actif proprietaryinterest participationproportionnelle funding pro rata [IBRD] périoded'interdictionde rachat noncall period

obligationpouvantintéresser les banques bank quality bond

call option option de change multicurrencyoption

pétro-obligation petrobond place bancaireoff-shore

obligation reconductible extendiblenote; extendible-maturity note obligationremboursableavant l'échéance callabie bond obligationrétractable retractable,putable bond

option de reprise (des derniéres échéancesd'un prét commercial) take-overoption) option de souscription stock option ~~~~option de yente ption put option ordre d'achat trading ticket [securities]

offshorebanking center placementd'actionsdétenues par les particuliers secondaryoffering placementde pére de famille blue chip - *placementpar voie privée privateplacement placementspécial

obligation samourai Samuraibond obligation vendue a guichet ouvert bond sold on tap obligation warrantée warrant bond

part des risques exposure part sociale corporateright participationá forfait,sans recours nonrecourseparticipation participationau capitalsociald'une société equityownership

ordre de vente trading ticket [securities]

specialplacement plus-valueslatentes

organisme d'émission issuer

unrealizedgains point de base basispoint b pooí de monnajes

obligation Yankee Yankeebond

-

P

-

obligationsémisespardes organismes fédéraux agency securities,obligations offre excédentaire overhang offre publique d'achat (OPA) take-overbid open market ~papers open market

papier á court tenme short-term paper papier commercial commercialpaper;commercialbilis papierfinancier commercialpaper;commercialbills

porteeuille de prets loan portfolio portefeuilleliquide liquidityportfolo porturideitres,rdfobio gtin porteur de titres, d'obligations

instruments

pourcentagede couverture marginrequirements[stockexchange]

opérateur (sur le marché) dealer (stock market]

parité de conversion conversionvalue

pouvoird'engagement commitmentauthority

opérationá échéancessymétriques matched-maturitytransaction[IBRD[ opérationcoupléed'emprunts back-to-back(loan,borrowing)

part bénéficiaire founder'sshare part d'association. partnershipshare

préavisd'émission red herring préciput praecipium;praecipuum prendre (des effets) en pension take take ~~~~~~~~~~~~~~~~~~~~~~~in, to (bills)

operationde couverturepar vente a terme short hedge

part de capital proprietaryinterest part de fondateur founder'sshare

40

prét "A" "A"loan

prime de risque risk premium

prét au jour le jour call loan

prime de risque-inflation inflation premium

prét "B" "B" loan

prise en pension buy-back [Canadal

rapport cours-bénéfice

prét ballon balloon loan

prise en pension des effets purchase and resale agreement

price/earnings ratio (P/E ratio; PER) rapport encours des préts/fonds

prét cofinancé coloan

[Canadal prise ferme

propres gearing ratio [IBRD]

pret consortial syndicated loan

bought deal prix acheteur

ratio de couverture de l'intérét interest-coverage ratio

prét de titres garanti par d'autres titres borrow-pLedgesecurity loan

buying rate [securities market] prix comptable

ratio de levier leverage (ratio) [U.S.];gearing (ratio)

prét de titres garanti par des fonds cash security loan

accounting price prix d'arrét

[U.K.] ratio de liquidité générale

pret du pool pooled loan

stop-out price prix de cession interne

prét en cascade apex loan apet loan difficultconversion prét en difficulté distressed loan

transfer price prix de conversion price covrinpieratio (prix) de pleine concurrence

current ratio; working-capital ratio ratio d'endettement debt-equity ratio; debt-to-equity ratio em rtodedteetáln ratio d'endettementa long terme long-term debt ratio de solvabilité debt ratio

pret indexé indexed loan [currency pool)

arm's length (price) prix de transfert

ratio de solvabilité-endettement

prét non privilégié subordinated loan

transfer price prix d'exercice

leverage (ratio) [US.];gearing (ratio)

pret pyramidal apex loan

striking price; exercise price prix économique

ratio de structure du passif

prét secondaire, subsidiaire subloan

economic price; efficiency price prix franco frontiére

ratio de trésoreríe réduite acid-test, liquid, quick ratio

prét syndiqué syndicated loan préteur de dernier recours lender of last resort

border price prix frontiére border price prix interne

ratio du service de la dette debt-service ratio ratio prix comptable-prix du marché accounting ratio

préteur en dernier ressort lender of last resort

transfer price prix net

ratio tiré du bilan balance-sheet ratio

préts aux conditions du marché market-related lending

payout price (prix) normal du marché

ratíos de gestion operating ratios

préts de titres security lending [IBRD]

arm's length (price) profil des risques de financement

ratios de liquidité liquidity ratios

prime premium

overall risk profile [IBRD] prospectus

ratios de rentabilité profitability ratios; revenue-covenant

prime de conversion conversion premium

prospectus protection contre un rachat anticipé

ratios ratios de structure

prime de liquidité liquidity premium

call protection

financial ratios ratios financiers

prime d'émission discount [bonds]; premium prime de remboursement call premium

-

quatriéme marché fourth market

Q-

quasi-banque near-bank quasi-monnaie near-money; quasi-money

-

R-

[U.K.]

financial ratios reconduction roll-over réemploi des plus-values roll-over of gains

41

réescompter rediscount

risque de refinancement refinancing risk [IBRDI

société mandatée (par la Banque mondiale pour la représenter á des

refinancement roll-over

risque d'insolvabilité de l'Etat emprunteur

émissions d'obligations au Japon) commissioned company [Japanl

refinancement anticipé advanced refunding

sovereign risk risque dú au décalage

solvabilité credit standing; creditworthiness

refinancement pour un montant égal even roll

lag risk [IBRD] risque lié a la marge

sous-compte débiteur de l'emprunteur borrower's indebtedness subaccount

réglage de précision fine-tuning (of the economy)

spread risk [IBRD] risque lié á la rentabilité des liquidités

[currency poo] stellage

remboursement [prétsl amortization remboursement en tranches égales level repayment

cash risk; liquid-holdings risk risque lié au décalage entre les échéances mismatch risk [IBRD]

straddle; call-and-put option succursale off-shore offshore banking unit (OBU) surface financiére

remise (d'une dette) cancellation (of a debt)

risque souverain sovereign risk

credit standing; creditworthiness swap

rendement a l'échéance yield to maturity (YTM)

risques de refinancement roll-over risks

swap (transaction) swap de monnaies, sur le cours de

rendement converti en taux d'intérét coupon-equivalent yield renoncer

sécurité

change currency swap swap de taux d'intérét interest-rate swap

take out, to [IBRDJ

comfort

swap d'obligations á valeur nominale

renouvellement roil-over rente perpétuelle nonmaturing, nonredeemable government bond; perpetual bond; consol [U.K.] rentrée nette rayout pnrce *ayutprice

service bancaire international international banking facility (IBF)

égale even par swap

services bancaires de gestion financiére bank trust departments seuil de déclenchement trigger rate simple

swap sur des dettes debt-for-debt swap swapsportantá la fois sur les taux d'intérét et sur des monnaies cross-currency interest hedge; doublehedge swap

répartition report contango; premium [foreign exchange]

clean situation nette stockholders'equity; shareholders

syndicat de direction [Eurodollar market] syndicat de garantie

report á nouveau retained carnings report de crédits carry-over

worth; shareholders' funds [U.K.] société de financement de linnovation venture capital company société de placement

underwriting consortium, group, syndicate syndicat de prise ferine underwriting consortium, group,

report de devises outward swap

securities dealer; securities firm

syndicate syndicat financier syndicate syndicate systéme fédéral de réserve

répression financiére financial repression

-

S-

société de placement collectif investment company, fund

ressources acquises purchased funds

investment company, fund

Federal Reselve System [U.S.1 systeme de taux préteur fondé sur un

rétrocession onlending: sell-down

sociéte d'investissement a capital fixe (ctfinvestisse und

pool d'emprunts pool-based lending rate system [IBRD]

risque exposure

rsociété d'vestissement a capital open-end (investment) fund; unit trust

systéme du pool de monnaies

risque de perte sur les taux d'intérét interest-rate risk

[U.K.] société d'investissement fermée closed-end (investment) fund

42

-

-

taux d'intérét réel

real interest rate

transaction simultanée d'achat et de

vente

tableau de financement; tableau des flux statement of changes in financial position; source and application of funds statement; funds statement; source and use of funds statement; funds flow statement; changes in working capital statement

taux Lombard Lombard rate taux plancher de verrouillage lock rate

matched sale-purchase transaction transactions d'initiés inside, insider dealing transfert de fonds électronique

taux préteur variable basé sur un pool d'emprunts pool-based variable lending rate [IBRD]

electronic funds transfer (EFT) transformation (bancaire) transformation

tableau d'opérations financieres flow-of-fund table [national accounts]

taux privilégié prime rate

troisiéme marché third market; off-the-board market

tassement

tel quel

-U

shake-out(of the market)

flat

taux critique de rentabilité hurdle rate

teneur de marché market maker

unité européenne de compte (uec)

taux d'activité activity ratios

teneur de plume lead bank; lead manager

European Unit of Account (EUA) unité monétaire européenne (écu)

taux dactualisation discount rate

titre security

European Currency Unit (ECU)

taux d'actualisation de la consommation consumption Yateof interest (CRI)

(titre a) coupon dégressif multiple step-down (security) titre au porteur

taux d'avances sur titres broker loan rate

bearer security titre de rente

taux de base prime rate

annuity bond titre émis á jet continu, á guichets

led crity switching value

taux de change minimum floor rate of exchange

ouverts tap security

valeur de pere de famille

taux de coupon coupon rate

titre en dépót depositary receipt

blue chip valeur de premier ordre

taux de coupon courant current coupon (rate)

titre hypothécaire mortgage bond

blue chip valeur de refuge

taux d'égalisation des valeurs actuelles cross-over discount rate; equalizing discount rate

titre précurseur bellwether security titre relevé

hedge valeur mobiliére security

taux de l'argent au jour le jour call-money rate

book-entry security titres assortis de coupons

valeur nominale par value; face value

taux des avances á vue call-money rate

coupon paper titres de placement

valeur nominale totale fuil face value

taux des avances sur titres Lombard rate [Federal Republic of Germany]

investment securities traduction monétaire currency translation

valeur seuil switching value valeurs garanties par l'Etat

taux d'escompte discount rate

traite á un certain délai de vue after-sight bill

gilt-edged securities valeurs de premier ordre

taux des fonds fédéraux federal funds Yate

tranche payment period [IBRD]

gilt-edged securities vente a découvert

taux d'indifférence cross-over discount rate; equalizing discount rate

transaction fictive wash sale

short sale vente sans garantie d'émission best-efforts sale

taux d'intérét comptable (TIC) accounting rate of interest (ARI)

-

V

-

valeur comptable book value leurity

43

- W

warrant warrant

-

warrant détachable detachablewarrant warrant échangeablecontredes titres d'Etat warrant into governmentsecurities (WINGS)

warrant en devises foreignexchangewarrant warrant obligataire debt warrant

Terminologíade empréstitos y préstamos Español-Inglés

47

-A-

B

agente de bolsa dealer [stock market]

acción al portador transferable share

agente (de cambio y bolsa) broker

banco agente agent bank

acción de primera clase blue chip

agente de contrapartida dealer [options marketl

banco codirector, coadministrador comanager; colead manager

acción de usufructo dividend-right share

agente financiero fiscal agent

banco comercial chartered bank; commercial bank;

acción gratuita bonus share

agente pagador paying agent

clearing bank [U.K.] banco con autorización federal

acción negociable transferable share

agente vendedor sales agent [securities]

federally chartered bank [U.S.] banco corresponsal

acción transferible transferable share

agio agio; premium [securities]

agent bank banco de inversiones

acciones con derecho a dividendo dividend stock

agiotista jobber; market maker

investment bank [U.S.];merchant bank [U.K.]

acciones de garantía qualification stock

amortización amortization

banco director lead bank; lead manager

acciones nominativas registered stock; personal stock

ampliación del capital capital widening

banco extraterritorial offshore bank

acciones ordinarias common stock

analista de valores securities analyst

banco fiduciario trust bank (Shintaku Ginko) [Japan]

acciones pagadas paid-up stock; fullv paid stock

anticipos sin garantía escrita clean advances

banco múltiple combined commercial and investment bank; multibank; all-purpose bank

acciones preferenciales, preferentes, preferidas preferred stock

anuncio de emisión efectuada tombstone bancos establecidos en las principales anunciopreliminardeunanueva anunco prtirniar d una uevamoney-center plazas financieras banks

acciones preferenciales, (preferentes, preferidas) acumuladas cumulative preferred stock

emisión red herring arbitraje

base de capital capital base

acciones privilegiadas debenture stock [U.S.]

arbitrage; switch arbitraje en el tiempo

bono bond

aceptación bancaria banker's acceptance

time arbitrage arbitraje espacial

bino ajustable, indizado indexed bond; index-linked bond

activo neto stockholders' equity; shareholders' equity; owners' equity; equity; net worth; shareholders' funds [U.K.]

two-point arbitrage; space arbitrage arbitrajista arbitrageur

bono al portador bearer bond bono amortiguador cushion bond

acuerdo de compensación clearing agreement acuerdo de recompra repurchase agreement (RP: repos); system repurchase agreement acuerdo de retención de acciones share-retention agreement [IFC] acumulación (de vencimientos) bunching (of maturities) adjudicación a precio uniforme Dutch auction [U.S.1 afinamiento