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Public Disclosure Authorized "i'Р ¹ ®' I Public Disclosure Authorized A Worid Bank Glossary Glossaire de la Banque mondiale Glosario del Banco Mundial

Glossary of Finance and Debt Glossaire des finances et de la dette Glosario de finanzas y de deuda

English-French-Spanish Français-anglais-espagnol Espafiol-4nglés--francés

The World Bank Washington, D.C., U.S.A. Copyright @ 1991

International Bank for Reconstruction and Development / The World Bank Banque internationale pour la reconstruction et le d6velopperpent / Banque mondiale Banco Intemacional de Reconstrucci6n y Fomento / Banco Mundial

1818 H Street, N.W. Washington, D.C. 20433, U.S.A.

All rights reserved Tons droits r6serv6s Reservados todos los derechos

First printing: March 1991 Premibre 6dition : mars 1991 Primera impresi6n: marzo de 1991

Manufactured in the United States of America Publi6 aux Etats-Unis d'Amdrique Hecho en los Estados Unidos de Amdrica

Library of Congress Cataloging in Publication Data

Glossary of finance and debt : English-French-Spanish = Glossaire des finances et de la dette : frangais-anglais-espagnol = Glosario de finanzas y de deuda : espaffol-ingl6s-franc6s. p. cm. - (A World Bank Glossary = Glossaire de la Banque mondiale) ISBN 0-8213-1644-3 1. International finance-Dictionaries 2. Debts, External- -Dictionaries. 3. English language--Dictionaries-Spanish. 4. English language-Dictionaries-French. I. Title: Glossaire des finances et de la dette. II. Title: Glosario de finanzas y de deuda. III. Series: World Bank glossary. HG151.G629 1990 332'.042'03-dc20 90-44772 CIP iii

Contents-Table des matieres-Indice

Foreword v Avant-propos vi Prefacio vii

Terminology of Finance and Debt 1 English-French-Spanish

Abbreviations (English) 111 Sigles (frangais) 119 Siglas (Espailol) 125

Terminologie des finances et de la dette Frangais-anglais 129

Terminologiadefinanzas y de deuda Espaiol-Ingls 181

V

Foreword

This glossary supersedes Borrowing and Lending Terminology, which appeared in 1984. Borrowing and Lending Terminology was originally produced in response to changes in the Bank's borrowing program, which had been expanded to increase the sources of borrowing and to take advantage of changes in the financial markets. This new glossary adds considerably to those terms, to reflect both the substantial changes in the financial markets in the 1980s and how the Bank has profited from them. While the major references are to the US and Eurodollar markets, terminology will be found from most of the major world financial markets. The new glossary also adds to the scope of the original, by introducing a wide range of termi- nology connected with the international debt problem. A variety of innovative features both within the World Bank and elsewhere has been considered and, in some cases, implemented in order to deal with the debt burden of the developing countries. This has given rise to a special- ist terminology, considered here for the first time. Unfortunately, the activities of the world's financial markets and consideration of international debt have tended to take place primarily in English. As a result, many of the terms considered here do not have standard equivalents in French or Spanish and should be considered as pro- posed translations rather than as standard terms. Naturally, where there is an equivalent used in French or Spanish, or where the experts in France or Spain and the Latin American countries have an agreed term, it has been used. It should be noted, however, that many of these terms will be used in English by French- and Spanish-speaking experts, even when there is an ac- cepted equivalent in French or Spanish. Definitions have been given for nearly all of the terms, so that translators can decide whether to use the proposed translation or adopt another one. These definitions are based on the English term, except where otherwise noted, and appear in the English section. Besides terminology used in the financial markets, this glossary also contains terms relating to the World Bank's current lending program, including the currency pool and the pool-based lending rate (which are not the same thing), banking, accounting, particularly ratios, as well as a few terms in the fields of economics and financial analysis. The names of the United States and the United Kingdom have been consistently abbreviated to "U.S." and "U.K." This glossary has been prepared by the Terminology Unit of the World Bank's Language Ser- vices Division, in close collaboration with the French and Spanish Sections. Any comments, in- cluding proposals for new terms and suggested alternative translations, will be most welcome and should be addressed to:

Terminology Unit Language Services Division The World Bank 1818 H Street, N.W. Washington, D.C. 20433 U.S.A. vi

Avant-propos

Ce glossaire remplace la Terminologie des emprunts et des prêts parue en 1984. La Termi- nologie des emprunts et des prêts avait été publiée à la suite des changements apportés au pro- gramme d'emprunt de la Banque, qui venait d'être élargi pour permettre à la Banque de multiplier ses sources de fonds et de tirer parti de l'évolution des marchés des capitaux. Ce nouveau glossaire a été considérablement enrichi, reflétant en cela les profondes transforma- tions intervenues sur les marchés des capitaux pendant les années 80 et, d'autre part, la manière dont la Banque s'en est servie. La majorité des termes a trait aux marchés des Etats-Unis et des eurodollars, mais on trouvera en outre des termes provenant de la plupart des grands marchés mondiaux. Par ailleurs, la portée du nouveau glossaire a été accrue, puisqu'il englobe désormais de nom- breux termes relatifs au problème de la dette. Diverses initiatives ont été envisagées et parfois prises, à la Banque et ailleurs, pour aider les pays en développement à faire face au problème de la dette. Ces efforts ont donné naissance à toute une terminologie spécialisée, qui apparaît pour la première fois dans un glossaire de la Banque. Malheureusement, les activités des marchés des capitaux et l'examen de la question de la dette internationale se déroulent essentiellement en anglais; c'est pourquoi un grand nombre des ter- mes contenus dans ce glossaire n'ont pas d'équivalent accepté en français ou en espagnol. Les traductions proposées ne sont donc que des suggestions et non pas les termes agréés, sauf bien entendu lorsqu'il existe un équivalent utilisé en français ou en espagnol, ou lorsque les experts de France ou d'Espagne ou des pays d'Amérique latine se sont mis d'accord sur un terme don- né. Presque tous les termes sont accompagnés d'une définition, afin que les traducteurs puis- sent décider entre la traduction proposée ou une autre de leur choix. Ces définitions portent sur le terme anglais, sauf indication contraire, et figurent dans la colonne anglaise. Outre la terminologie des marchés des capitaux, ce glossaire contient des termes relatifs au pro- gramme de prêt en cours de la Banque, ainsi qu'au pool de monnaies et au taux prêteur fondé sur un pool (qui sont deux choses différentes), aux activités bancaires, à la comptabilité, en par- ticulier les ratios, ainsi que des termes économiques et d'analyse financière. Les Etats-Unis sont désignés par l'abréviation U.S. et le Royaume-Uni par U.K.. Ce glossaire a été préparé par le Service de terminologie de la Division des services linguisti- ques de la Banque mondiale, en collaboration étroite avec les Sections française et espagnole. Si vous avez des observations à formuler, de nouveaux termes ou des traductions différentes à proposer, adressez-vous à :

Terminology Unit Language Services Division The World Bank 1818 H Street, N.W. Washington, D.C. 20433 Etats-Unis vii

Prefacio

El presente glosario sustituye al de Terminología de empréstitos y préstamos, publicado en 1984, que se elaboró para recoger las modificaciones introducidas en el programa de emprésti- tos del Banco a fin de ampliar las fuentes de obtención de fondos y de aprovechar los cambios experimentados por los mercados financieros. Este nuevo glosario incorpora una cantidad considerable de nuevas expresiones que reflejan tanto los sustanciales cambios que han registrado los mercados financieros en los años ochenta como el modo en que el Banco los ha utilizado. Si bien muchos de estos términos se refieren a los mercados de los Estados Unidos y del eurodólar, en sus páginas se encontrará terminología de la mayoría de los principales mercados financieros del mundo. Además, el nuevo glosario amplía el ámbito del original, pues introduce una gran variedad de términos relacionados con el problema de la deuda internacional. A fin de hacer frente a la car- ga de la deuda de los países en desarrollo, tanto en el seno del Banco Mundial como en otras es- feras se ha considerado una gran diversidad de mecanismos innovadores, algunos de los cuales se han adoptado en la práctica. Esto ha dado lugar a la creación de una terminología especiali- zada, que se recoge aquí por primera vez. Lamentablemente, en las actividades de los mercados financieros del mundo y en la considera- ción del problema de la deuda internacional predomina el uso del idioma inglés. Como resulta- do de ello, muchos de los términos recogidos aquí no tienen un equivalente exacto en español o francés, por lo que las traducciones que se dan deben considerarse como sugerencias, más que como términos consagrados. Naturalmente, en los casos en que existe un equivalente en espa- ñol o francés, o en que los expertos de España y los países latinoamericanos o de Francia han convenido en una expresión técnica, ésta se ha incorporado al glosario. No obstante, cabe seña- lar que los expertos emplean muchos de estos términos en inglés, aun cuando exista un equiva- lente aceptado en español o francés. Se dan definiciones de casi todas las expresiones, de modo que los traductores pueden decidir si usan la traducción propuesta o adoptan otra. Salvo indicación en contrario, las definiciones corresponden al término inglés y aparecen en ese.idio- ma en la sección trilingüe. Además de la terminología usada en los mercados financieros, este glosario contiene términos relacionados con el programa actual de operaciones crediticias del Banco Mundial, incluidos los referentes al fondo común de monedas y al tipo de interés variable basado en una "cesta" de empréstitos pendientes, banca, contabilidad -en particular coeficientes- y algunas expresio- nes que se emplean en los campos de la economía y el análisis financiero. Se indica si el térmi- no corresponde a los Estados Unidos o al Reino Unido con las abreviaturas "U.S." y "U.K". Este glosario ha sido preparado por la Unidad de Terminología de la División de Servicios Lin- güísticos del Banco Mundial, en estrecha colaboración con las Secciones de Traducciones al Es- pañol y al Francés. Cualquier comentario será bien recibido inclusive sugerencias relativas a la incorporación de nuevos términos o a traducciones distintas de las que aparecen en el glosario. Las comunicaciones deben dirigirse a:

Terminology Unit Language Services Division The World Bank 1818 H Street, N.W. Washington, D.C. 20433 EE.UU. Terminology of Finance and Debt English-French-Spanish

3

- A - accrued interest (Al) [bonds] couru (CC) intereses devengados y acumulados accelerable guarantee A 's accumulated interest made since the last garantie appelable par anticipation interest payment. garantla exigible anticipadamente A guarantee whereby a call for payment can be acid-test, liquid, quick ratio advanced if the loan is declared in default, before ratio de tr6sorerie r6duite the maturities being guaranteed become payable. relaci6n activo disponible-pasivo corriente The standard IBRD definition is the ratio of cash acceleration of plus marketable securities plus accounts receivable exigibilit6 anticip6e; demande de plus other amounts readily convertible into cash to remboursement anticip6 current liabilities. Other definitions include ratio of aceleraci6n del vencimiento; adelanto del current assets less inventories to current liabilities, vencimiento ratio of quick assets to current liabilities, ratio of Declaration by a lender that the outstanding princi- cash plus near-cash assets to current liabilities, and pal is due and payable immediately, together with ratio of cash plus accounts receivable plus the the interest due, following non-compliance with loan market value of selected investments to current covenants. liabilities. In Latin America, relaci6n de prueba dprice4cida is often found, while in Spain ratio de tesorerfa accounting pis used. prix comptable precio de cuenta; precio contable active borrower A price used for accounting purposes (i.e., not a pays qui continue d'emprunter market price). Often used synonymously with prestatarlo (activo) shadow price. Country which still receives World Bank loans. accounting rate of interest (ARI) active loans taux d'int6rdt comptable (TIC) pr6ts en cours de d6caissement, non encore tasa de inter6s de cuenta; tasa de inter6s rembours6s contable (TIC); tipo de inter6s de cuenta; tipo pr6stamos vigentes de inter6s contable (TIC) Loan on which disbursement is still being made. Discount rate used to convert future values of benefits and costs into equivalent present values. activity ratios taux d'activit6 accounting ratio coeficte a d du march6 coeficientes de actividad ratioreai prixprci comptable-prix cotable-pr o u m; A group of ratios that measure movement in the relaci6n precio contable-precio de mercado; activities of a corporation. coeficiente de cuenta; coeficiente contable Ratio of accounting price to market price of a actuarial evaluation good. 6valuation actuarielle evaluaci6n actuarial accretion Evaluation of future events, particularly those appreciation relating to asset appreciation, earning power and diferencia entre el precio con descuento y el compensation. valor nominal [bonos] Adjustment of the difference between the price of a bond bought at an original discount and the of the bond. 4 admission fee (to a stock exchange) agency fee [Euromarket] frais de cotation commission de gestion comisi6n de admisi6n (a cotizaci6n) comisi6n de gesti6n Fee charged by a stock exchange for applying for a Fee paid to the lead manager in a Euroloan for his stock to be listed on that exchange. work in collecting and paying out interest payments and other services. advanced refunding refinancement anticipd agency securities, obligations refinanciamiento anticipado obligations 6mises par des organismes f6d6- Refinancing before maturity, to take advantage of raux favorable market conditions. tftulos de organismos federales; obligaciones de organismos federales [EE.UU.] advisory committee see steering committee Securities issued by a U.S. federal agency.

African Enterprise Fund agent bank Fonds des entreprises africaines 1. correspondant; Fondo para empresas africanas 2. mandataire; agent A fund established by IFC to expand IFC's assis- 1. banco corresponsal; tance to small- and medium-sized enterprises in 2. banco agente Sub-Saharan Africa. It will help entrepreneurs in 1. Bank acting for a foreign bank. this sector to develop, rehabilitate or expand their 2. Bank handling administration of loan in a syndi- businesses. The plan is to invest $60 million over cated credit. three years. agio African Facility see Special for Sub-Saharan agio Africa agio The premium which the metallic or other currency Africa Project Development Facility (APDF) of a country may command over legal tender paper Service de promotion et de d6veloppement des money which is its face equivalent. investissements en Afrique (APDF) Unidad de preparaci6n de proyectos para Africa agricultural sector adjustment loan (ASAL) A UNDP project co-sponsored by the African pr&t &l'ajustement du secteur agricole (PASA) Development Bank and IFC, with IFC as executing pr6stamo para ajuste del sector agr[cola agency. Its services are available to countries which Sector adjustment loan in the agricultural sector. become signatories to the related UNDP project document. Its purpose is to promote small- and air pocket stock medium-scale private enterprises in Sub-Saharan action en chute libre Africa. Staff will be based in Abidjan and Nairobi. acci6n de cafda vertiginosa Projects will be generated by development institu- A stock whose price has fallen sharply, following an tions active in the area as well as by ad hoc visits announcement of bad news by the issuing company. from APDF staff. alligator spread after-market marge vorace apr&s bourse transacci6n en la cual las comisiones eliminan perodo post-emisi6n toda posibilidad de utilidades The period between the issue of the security and Any options transaction in which commissions eat lifting of syndicate restrictions in the fixed-interest up all potential profit. and markets. Sometimes used incorrectly as a synonym for secondary market. 5

allocated transfer risk reserves (ATRR) [U.S.] amortization adjustment factor [currency r6serves obligatoires pour risques de transfert pool] reservas obligatorlas para un pals especffico coefficient d'ajustement de (l'encours) de la Mandatory and specific country risk reserves for dette U.S. banks against value Impaired claims as defined factor de ajuste para fines de amortizaci6n by the U.S. Interagency Country Exposure Review The ratio of the current value, in terms of the U.S. Committee (ICERC). dollar, of the principal outstanding of a loan at the commencement of business of a day to the corre- allotment sponding total of withdrawals from the Loan Ac- attribution; r6partition count, net of recalls for amortization. distribuci6n Allocation of securities to members of the syndicate annuity bond involved in the issue, in the Eurobond and U.S. titre de rente perp6tuelle securities market. bono perpetuo; bono de renta vitalicia Bonds which pay fixed interest every year in perpe- all-purpose bank see combined commercial and tuity, i.e. which have no maturity. investment bank apex loan alternative participation instruments (APIs) prdt apex; prdt en cascade; prdt pyramidal titres alternatifs pr6stamo en pircmide; pr6stamo en cascada No Spanish Loan whereby IBRD lends money to an apex Securities issued in exchange for debt to all creditor development financial unit which onlends it to banks of a specific country, enabling all these banks participating financial institutions which, in turn, to reduce their base exposure by up to the same onlend it to industrial companies. specified limit. These instruments are often called exit instruments or exit bonds. Application for Withdrawal for direct payment [IBRD] American Depositary Receipt (ADR) demande de retrait de fonds pour le rbglement certificat am6ricain de d6p6t direct de fournisseurs recibo americano de dep6sito solicitud de pago directo en nombre del presta- A document that gives its owner in a foreign coun- tario try the right to a specified amount of stock of a The standard procedure for a borrower to apply to United States company registered in the name of a withdraw funds from an IBRD Loan Account to United States depository bank. make a payment to a third party for amounts due.

American (style) option Application for Withdrawal for reimbursement option am6ricaine [IBRD] opci6n americana demande de retrait de fonds pour le Option containing a provision to the effect that it remboursement d'un paiement can be exercised at any time between the date of solicitud de reembolso directo al prestatario writing and the expiration date. See European The standard procedure for a borrower to apply to (style) option. withdraw funds from an IBRD Loan Account to reimburse funds already paid. amortization amortissement; remboursement [prdts] arbitrage see also covered interest arbitrage; 1. amortizaci6n; index arbitrage trading; switch; time arbitrage; 2. depreciaci6n triangular arbitrage; two-point arbitrage; yield 1. The gradual extinguishment of any amount over curve arbitrage a period of time (e.g., the retirement of a debt). 2. A reduction of the book value of a fixed asset. 6 arbitrage Association of International Bond Dealers arbitrage (AIBD) arbitraje Association des courtiers internationaux en Buying (or borrowing) in one market and selling (or obligations lending) in another to take advantage of inefficien- Asociaci6n de Intemediarios Internacionales de cies or price differences. Bonos International body which issues rules and recom- arbitrageur mendations concerning the operation of the interna- arbitragiste tional securities markets. arbitrajista Person systematically engaged in arbitrage dealing, at the money (ATM) (option) option au cours; & parit6 arm's length (price) opci6n a la par (prix) normal du march6; (prix) de pleine A call or put option that has a strike price equal to concurrence the price of the underlying asset. Option au cours preclo de plena competencia is the term used in the MATIF. Price between corporations under fully competitive conditions (the opposite of transfer price). auction see Dutch auction; foreign exchange auctions ask(ed) price; market price [securities market] auction market cours (de l'offre); pied de coupon march6 d'enchbres; march6 aux ench6res precio vendedor mercado de subasta The price at which a security or commodity is Market for buying and selling securities through quoted or offered for sale. brokers on the securities exchanges, as distinguished from the over-the-counter market, where trades are asset(-based) swap negotiated. A price is established by competitive swap d'actifs bidding between brokers acting as agents for buyers swap de activos; intercambio de activos and sellers. A swap to convert the coupon on an asset to another rate or currency and rate basis. automated quotation cotation assiste en continu (CAC) asset finance cotizaci6n automatizada; cotizaci6n titres garantis par des actifs computadorizada No Spanish Price quotations on securities provided automatical- Mortgage-backed securities and securitization of a ly by a computerized system. In the U.S., the range of assets such as whole loans, automobile best-known system is the National Association of receivables and other debt instruments. Though Security Dealers Automated Quotations relatively recent, it now accounts for more than one (NASDAQ) system, while the CAC system has third of all U.S. issues. recently been introduced in Paris, based on the Toronto Computer Assisted Trading System (CATS). 7 automatic resetting mechanism [IFC] . m6canisme automatique de r6vislon (des taLx d'int4rdt) mecanismo de reajuste automctico (del tipo, de "B" see "B" loan la tasa de Inter6s) In an IFC fixed rate loan, an option under which baby bond the interest rate would be reset every five years, mini-obligation based on current interest rates. As a result, the bono de valor nominal muy bajo initial loan rate would be around 1% less than the A bond sold in denominations of less than $1000. normal fixed term rate. back office automatic, automated teller machine (ATM) back-office; intendance; arrire-guichet guichet automatique de banque (GAB) serviclo auxiliar ventanilla automAtica; cajero automAtico; cajero In a bank, securities dealer or other financial permanente services organization, the service that deals with all Computerized machine that processes financial activities not directly concerned with selling or transactions between a financial institution and its trading. Because of the growing need for rapid customers. It usually allows customers to withdraw order processing, back offices have taken on an cash, make deposits, check on their balance and increasing importance. issue instructions for payments between accounts or to third parties. back-to-back (loan, borrowing); matched funding availability clause see switch clause 1. 6change de monnaies diff6rentes; 2. (cr6dit) adossd; 3. (cr6dit) face &face; availability fee [IFC] 4. op6ration coupl6e d'emprunts; emprunt de commission de mise & disposition contrepartie; financement coupid comisi6n por disponibilidad (de fondos) 1. pr4stamos cruzados en divisas; Fee charged by IFC for deferred loan pricing for 2. cr6dito con garantla de otro cr6dito; use of funds only in later years, when the 3. pr6stamo con intermediaci6n de un banco; 4. characteristics of the project may have changed. empr6stito de contrapartida The fee applies from 30 days after loan approval 1. Operations whereby a loan is made in one cur- until the interest rate is set (from which time the rency in one country against a loan in another commitment fee applies). currency in another country (e.g., a U.S. dollar loan in the U.S. against a pounds sterling loan in the aval U.K.). aval 2. A credit opened by a bank on the strength of aval another credit (e.g., if a British merchant buys Guarantee of the payment of a bill of exchange or cotton in Egypt and sells it to a Belgian who estab- promissory note with the signature of a third person lishes a credit for payment to the U.K. firm, then appearing on the bill. the firm may be able to use this as a security for opening a credit to finance payment to the Egyp- averaging; dollar cost averaging tian.) am6lioration des prix moyens (d'un titre) 3. A scheme whereby a bank brings together a inversi6n peri6dica de monto constante borrower and a lender so that they agree on a loan The practice of investing a fixed amount of money contract. in a particular security, regardless of price. When 4. Refers to a variable rate loan made by IFC to a the market price is high, the investor receives borrower, for which the funds are borrowed from proportionally less stock and vice versa. the IBRD. Also called matched funding. 8

ball out backstop (credit) facility; backup renflouer (underwriting) facility sacar de apuros facillt6 de garantle Provide emergency assistance to financial institution lIfnea de cr6dito contingente experiencing difficulties. Often used for assistance Facility giving a borrower a standby line of credit, provided by government to banks. either in the form of direct access to funds or by underwriting an issue. balance-sheet ratio ratio tir6 du bilan backup line of credit coeficiente derivado del balance general ligne (de cr6dit) de substitution; ligne (de Ratio based on figures appearing in the balance cr6dit) de protection; ligne (de cr6dit) de sheet. soutien; ligne (de cr6dit) de garantie ifnea de cr6dito de apoyo balloon loan Line of credit given by commercial bank to issuer of prbt ballon; prdt & coupon unique if the placement of the paper is pr6stamo balloon; pr6stamo amortizable en su slow or difficult to accomplish. Used in U.S. mayor parte al vencimiento market. The ligne de crdit de substitution is the A loan repayment scheme, under which the last French equivalent used in the billets de tr6soreie repayment is larger than the previous repayments. system. In some cases, the term is used to refer to a scheme, under which the whole loan is repaid at backwardation maturity. The French term pret d coupon unique d6port refers only to the latter situation. 1. situaci6n en que el precio al contado es superior al precio a plazo; bank, banking see agent bank; book-running 2. prima pagada por aplazamiento de entrega lead bank; Central Bank Facility; chartered 1. In the commodity market, when the cash price is bank; city bank; combined commercial and higher than the forward price. investment bank; commercial bank; electronic 2. In the stock exchange market, a charge paid by banking; exit bank; federally chartered bank; an investor who has not yet acquired securities, free rider; full service bank; interbank offered does not want to do so at the prevailing rate, and, rate; international banking facility; investment therefore, does not take up delivery of the securities bank; large exposure bank; lead bank; lender of but carries delivery over to the next accounting last resort; London Interbank Bid Rate; London period. (The opposite of contango.) Interbank Offered Rate; money center banks; 3. In the futures market a market situation in which near-bank; non-bank bank; offshore bank; the nearby month contract price or the cash price is offshore banking center; offshore banking unit; higher than the deferred month contract price. parent bank; retail banking; second tier bank; Sogo bank; trust bank; universal bank(ing); backwardation rate wholesale banking int6rdt de d6port tasa de inter6s pagado por aplazamiento de bank advisory committee entrega; tipo de inter6s pagado por comit6 consultatif bancaire aplazamiento de entrega comit6 de coordinaci6n de bancos Rate of interest paid on a backwardation Committee set up by banks to negotiate financing transaction in the commodity market. packages and restructuring arrangements. See backwardation (definition 1) above. bank bill acceptation de banque pagar6 bancario; letra bancaria Commercial bill accepted by a bank. 9 banker's acceptance basis (rate) swap acceptation de banque; acceptation bancalre swap do base; swap taur variable contre taux aceptac6n bancarla variable; swap do r6f6rence; swap do taux de U.S. and Canadian term for a bill of exchange r0fdrence which has been accepted by a banker. swap do indices; Intercamblo de indices Type of interest rate swap involving a floating rate banker's draft against one to a floating rate against ch6que de banque; ch6que tir6 another reference rate. letra de banco; letra bancaria; giro bancarlo A draft payable on demand and drawn by, or on basket trading see program trading behalf of, a bank upon itself. banker's markup; banker's spread see gross obligation au porteur earnings margin bono al portador; obligacl6n al portador A bond whose title is to the bearer (i.e., it is pre- bank money sumed to be owned by its holder). The same as monnale scripturale coupon bond. dep6sitos bancarios; dinero bancarlo Money on deposit at a bank. bearer market march6 de porteurs bank quality bond mercado de titulos al portador obligation pouvant int6resser les banques Market where the majority of instruments is in bono de calidad bancaria bearer form. Bonds rated in the top four categories (AAA, AA, A, and BBB) and generally regarded as eligible for bearer note bank investment. bon au porteur bono al portador; pagar6 al portador bank trust department A note whose title is to the bearer (i.e., it is pre- service bancaire de gestion financibre sumed to be owned by its holder). departamento fiduciario de banco The part of a bank that provides trust and agency bearer scrip see scrip certificate services. It is required to have separate books from those of the commercial banking department. bearer security titre au porteur base lending program tftulo al portador programme de prdt de base A security whose title is to the bearer (i.e., it is programa (de financiamiento) bAsico presumed to be owned by its holder). The lending program of projects that will definitely be ready for the fiscal year in question. bear market march6 baissier basis mercado bajista base; diff6rentiel A prolonged period of falling prices. diferencial The difference paid between the cash price of a bear spread financial instrument and the price of a related 6cart baissier futures contract. especulaci6n diferencial a la baja Type of futures contract speculating on the spread basis point between different delivery months of the same centime de pour cent; point de base; centime instrument in the futures market. It is profitable if cent6simo de punto porcentual the underlying security or commodity falls in price. 0.01 per cent of yield (e.g., of a security). See bull spread. 10 bellwether security bill of exchange Utre pr6curseur lettre de change valor precursor de tendenclas letra do camblo A security that seems to lead a market movement An unconditional order in writing, addressed by one or economic trend. person to another, signed by the person giving it, requiring the person to whom it is addressed to pay benchmark Issue on demand, or at a fixed or determinable future 6mission modble time, a sum of money to, or to the order of, a emisi6n corriente specified person or to bearer. A standard issue of a security. bisque clause benchmark portfolio [IBRD] clause de d6rogation temporaire portefeuille modble clAusula de aplazamiento de pagos cartera modelo Clause in loan agreement that entitles a borrower to A portfolio in each major currency representing an postpone payments of interest and principal for assessment of the most efficient passive portfolio limited periods of time in balance of payments strategy the Bank could adopt if it decided to difficulties. abandon its active trading strategy, while keeping an average portfolio duration of 12 months. blend country pays pouvant b6n6ficier d'un financement best effort sale mixte; pays d financement mixte; pays recevant vente sans garantie d'fmission des prOts de la BIRD et des cr6dits de 17DA venta sin garantfa de suscripci6n total pals que puede obtener financiamiento A new issue which is not underwritten and not combinado (del BIRF y la AlF) purchased as a whole from the issuer, but is sold by Country eligible to receive financing from both securities dealers on a sell what can be sold basis. IBRD and IDA. Used in the U.S. securities and syndicated Eurocr- edit markets. blended grant element 6l6ment don r6sultant du panachage beta elemento de donaci6n del financiamiento b6ta combinado beta Grant element for a blend country receiving both A mathematical measure of the sensitivity of rates IBRD loans and IDA credits. of return on a portfolio or a given stock compared with rates of return on the market as a whole. See blended interest rate capital asset pricing model. taux d'int6rdt r6sultant du panachage tasa de inter6s del financiamiento combinado; bid price tipo de inter6s del financiamiento combinado cours acheteur Combined interest rate for a blend country receiv- precio comprador; precio de compra ing IBRD loan and IDA credit. The price offered for a security or commodity by a prospective buyer. blend financing financement mixte (BIRD/IDA) bill see bank bill; bond; cash management bill; financiamiento combinado (del BIRF y la AIF) custom duty bill; hot bill; note; paper; security; Financing from both IBRD and IDA. Tankoku bill; trade bill; Treasury bill NB" loan bill broker see discount house prdt 'BE pr6stamo "BE Loan made by the World Bank involving cofmancing. 11

block trading bond n6gociation de larges paquets d'actions; obligation placement de titres par gros paquets bono; obligacl6n transacci6n de bloques de acciones; Debt instrument with maturity of longer than one negociaci6n de bloques de acciones year. Note that U.S. bonds are usually secured, Trading in large amounts (defined as more than while U.K bonds and Eurobonds are usually $200,000 worth) of stocks. unsecured.

blue chip bond-anticipation note (BAN) placement de pbre de famille; valeur de pbre avance de pr66mission de famille; valeur de premier ordre bono previo a una emisi6n; pagar6 previo a una valor de primera clase; acci6n de primera clase emisi6n Share or security of top-rated U.S. corporation. Short-term borrowing that serves as an interim source of funds for a project that is eventually to be bond see annuity bond; baby bond; bank financed by the sale of bonds. quality bond; bearer bond; bill; bull and bear bond; bull bond; Bulldog bond; bunny bond; bond certificate ; called bond; collateralized certificat nominatif (bond); collateralized floating rate bond; certificado nominativo commodity-indexed bond; commodity-linked Certificate given to the holder of a registered bond; corporate bond; coupon(-bearing) bond; security. cushion bond; daimyo bond; ; deep-discount bond; discount bond; bondholder double-barreled bond; dual-currency bond; due porteur de titres; porteur d'obligations bond; equity-related bond; equivalent bond tenedor de bonos; obligacionista yield; Eurobond; exit bond; extendible bond; One who owns a bond. external bond issue; floating rate bond; Geisha bond; general obligation bonds; ; bond-rating agency see rating agency Heaven and Hell Bonds; income bond; indexed bond; junk bond; kiwi bond; loans-for-bonds bond sold on tap exchange; matador bond; mortgage bond; obligation vendue A guichet ouvert multiple (currency) option bond; new money bono de venta continua bonds; nominal bond with attached commodity A bond issued on an as required basis (i.e., it is option; noncallable bond; nonmarketable bond; continuously available and may be obtained on nonmaturing, nonredeemable ; demand). The issuer may determine a maximum note; obligation; original issue discount (OID) amount for the issue. bond; petrobond; put bond; red herring issue; retractable, putable bond; ; roly bond warrant poly bond; Samurai bond; savings bond; warrant d'obligations; bon de souscription security; serial bond; Shogun bond; stepped d'obligations (rate) bond; straight bond; Sushi bond; certificado para la compra de bonos; warrant top-rated bond; Treasury bond; warrant bond; para la compra de bonos wolfhound bond; Yankee bond; zero coupon Warrant for purchasing bonds. bond 12 bond with bond warrant border price obligation avec bon de souscriptlon pr/x front/bre; prlx franco frontdbre d'obligations (OBSO) preclo en (la) frontera; precio fronterizo bono con derecho a compra de bonos Price of a tradable good at a country's border or adicionales port of entry. A bond issued with a warrant attached which entitles the investor to buy more bonds of the same borrower's indebtedness subaccount issue or a new issue. [currency pool] sous-compte d6biteur de I'emprunteur bond with equity warrant subcuenta de endeudamlento del prestatarlo obligation avec bon de souscription d'actions An account showing the principal outstanding on a (OBSA) borrower's loan. bono con derecho a compra de acciones Bond with warrant attached which entitles the borrowing rate see depositor rate of Interest investor to purchase stock. borrow-pledge security loan bond with put option prdt de titres garant par d'autres titres obligation assortle d'une option de vente pr6stamo de valores garantizado por otro(s) bono con opc16n de venta valor(es) Bond with a right to redeem it before maturity. Security loan where one or more securities are posted as collateral for the borrowed security. bonus share action gratuite bottom line acci6n gratuita r6sultat net; solde A share given as a bonus to purchasers of such resultado neto shares. The net result or net profit after all expenses. book-entry security bought deal; firm commitment underwriting titre relev6 prise ferme t1tulo consistente en un asiento bancario emisi6n adquirida anticipadamente por un U.S. term for a security, not in the form of a consorcio bancario certificate, but as an entry in an account at a bank. Bond issue where a group of investment banks Eighty percent of marketable U.S. Treasury securi- agree to purchase an entire issue for their own ties are now held in book-entry form. account or for resale, prior to announcing the issue to the market. book-running lead bank; book-running lead manager break clause see jeopardy clause teneur de plume banco director encargado del control de la break-even point [stock market] emisi6n niveau d'Indiff6rence In an international bond issue or Eurocredit, when punto de equilibrio there are several lead managers, the one mandated Point where two strategies are equivalent. by the borrower to control the distribution of the issue. break-up value valeur ventilde; valeur d6saggr6gde book value valor de cada parte integrante de una empresa valear comptable The market value of all the individual parts of a valor contable; valor en libros firm if the firm were to be broken up and the The net amount at which an asset appears on the individual parts operated independently. books of account. 13

bridge financing Bruno ratio see domestic resource cost ratio financement de soudure financiamiento transitorio; financiamiento de bull and bear bond transici6n; pr6stamo "puente" obligation haussibre et baissibre; emprunts A Short-term financing for countries whose interna- sensibilitf oppos6e (ESOP) tional reserves are very low and where commercial bono alcista y bajista and official interest arrears are mounting. Bond divided into two tranches, where redemption on maturity for the first tranche is based on the broken cross rates; triangular arbitrage increase in a standard index while redemption on taux crois6s divergents maturity for the second tranche is based on the tipos de cambio cruzados dispares decrease in a standard index. The emprnt & In foreign exchange, disparity among three or more sensibilit oppos6e (ESOP) is an equivalent French rates, e.g. if DM 1 = 30 cents and FF 1.5 while FF instrument. 1 = 22 cents a Deutschmark will bring 30 cents if converted directly but 33 if converted first into bull bond francs and then into dollars. 6mission haussibre; 4mission d'obligations haussibres broker see bill broker; investment broker; bono alcista jobber Bond issued at par with a fixed interest rate from which the 6 month rate is subtracted every broker six months. The rate is also a ceiling, so if LIBOR [stock exchange] agent de change; agent exceeds this rate the coupon will be zero and not boursier; [foreign exchange] courtier negative. Tried particularly by the U. S. Student corredor (de cambio, de bolsa); agente (de Loan Marketing Association (Sallie Mae). cambio y bolsa) Person who acts as intermediary between buyer and Bulldog bond seller, usually for a commission. obligation 'bouledogue"; obligation 6trang6re 6mise A Londres brokerage bono bulldog courtage Bond issued in pounds sterling on the London corretaje market outside the U.K. Acting as an intermediary between buyer and seller in securities transactions. bullet issue emprunt remboursable en une seule fois; broker loan; broker's loan emprunt remboursable in fine prdt aux courtiers de Bourse pr6stamo reembolsable de una sola vez a su pr6stamo a corredores de bolsa vencimiento Funds borrowed by a broker, mainly from banks, An issue to be repaid in a lump sum at the end of for purchasing securities for customers on margin its term rather than gradually. or other reasons. bullet maturity broker loan rate 6ch6ance in fine taux d'avances sur titres vencimlento Onico tasa para pr6stamos a corredores de bolsa con Maturity requiring the entire payment to be made, garantla de valores; tipo para pr6stamos a rather than gradual payments over the life of the corredores de bolsa con garantia de valores loan. The rate banks charge to securities dealers and brokers on loans made with stock as collateral. 14 bull market - C - march6 haussier mercado alcista A rising market. calendar (call) spread see horizontal spread bull spread callable bond 6cart haussier obligation remboursable avant I'6ch6ance especulaci6n diferencial al alza bono rescatable; bono redimible antes del Type of futures contract speculating on the spread vencimiento between different delivery months of the same Bond that can be redeemed by the issue before the instrument in the futures market. It is profitable if scheduled maturity. They are usually called when the underlying security or commodity increases in interest rates fall so much that the issuer can save price. The Bank has considered using this tech- money by floating new bonds at lower rates. nique for currency options, hedging against dollar depreciation. See bear spread. callable swap swap &terme variable bunching (of maturities) swap de intereses; intercamblo de intereses concentration (des 6ch6ances) Interest rate swap between fixed and variable rate. acumulaci6n (de vencimientos) The party paying the fixed rate can exit from the Paper all maturing at the same time. swap without penalty, as from a specific date agreed at the start of the contract. bunny bond obligation sp6ciale & coupons & r6investir call a guarantee (OSCAR) metire en eu une garantie bono con reinversi6n de intereses exigir el pago de una garantia A bond that permits investors to reinvest the inter- Demand that a guarantee be paid. est income into bonds with the same terms and conditions as the host bond. Note that bunny bond call-and-put option see straddle is a UK term only. OSCARs, which are used in the French market, have a maturity of 10 years and called bond reinvestment is only possible between the first and obligation d6nonce sixth year. bono rescatado anticipadamente Bond redeemed before scheduled maturity. buoyancy see tax buoyancy call loan butterfly (call) spread pr6t au jour le jour 6cart en papillon pr6stamo a la vista margen "mariposaf A loan on a demand basis (i.e., which either the Option strategy that involves selling two calls and borrower or lender may terminate at will). buying two calls, with differing maturity dates. One of the options has a higher striking price and the call loan rate see call money rate other a lower than the other two options. buyback see debt buyback buying rate [securities market] prix acheteur precio comprador The price that a buyer will pay for a security. 15 call money; day-to-day money; demand cap see also Global Cap Authority; Interest rate money; money at call cap argent au jour le jour; cr6dit & vue; crdit & trbs court terme; avances A vue cap; capped dinero exigible; dinero a la vista cap; contrat de cap; contrat de tau platonn6 Money deposited in an interest-bearing account, bono con tope mAximo de inter6s; pagar6 con that can be called by the depositor on a day's tope mAximo de inter6s notice. Often applied to money lent by banks to A floating rate note with an upper limit on the stock exchange brokers, which may be called at any interest rate to be paid. time. call money rate; call loan rate taux de l'argent au jour le jour; taux des capital asset pricing model (CAPM) avances A vue modble d'6quilibre des actits financiers tasa de inter6s para pr6stamos a la vista; tipo (MEDAF); modble d'valuation des actifs de inter6s para pr6stamos a la vista financiers (MEDAF) The interest rate charged by banks for call loans. modelo de valoraci6n de activos financieros A mathematical model that attempts to explain how call of more (CM) securities should be priced, based on their relative option d'achat du double riskiness in combination with the return on risk-free opci6n de compra doble assets. The model yields beta. The right to call again for the same amount of goods previously bought. Used primarily in the capital base purchase of options. assise financidre; parfois fonds propres base de capital Total capital of an organization, i.e. capital plus option d'achat; option de rachat; prime reserves. opci6n de compra Option to purchase designated securities at a capital deepening predetermined price within a specified time limit. approfondissement du capital; accroissement du coefficient d'intensit du capital call premium aumento del capital con respecto al trabajo; prime de remboursement Intensificaci6n (del uso) de capital prima de rescate Action which increases the relative value of capital The amount over the issue price when a bond is in relation to labor (see capital widening). redeemed. capital-deepening investment call protection investissement de productivit6 protection contre un rachat anticip6 inversi6n orientada a aumentar la productividad protecci6n contra rescate anticipado Investment aimed at increasing production efficiency Protection available in purchase of bonds, whereby and lowering costs. a period is fixed during which the bond may not be redeemed. capital issue 6mission de titres cancellation (of a debt) emisi6n de valores de capital remise (d'une dette) Issue of securities to finance capital outlays. condonaci6n (de una deuda); anulaci6n (de una deuda); cancelaci6n (de una deuda) Voiding a debt by annulling or paying it. 16

capitalization see also debt capitalization; capital widening interest capitalization; market capitalization; 6largissement du capital recapitalization ampliaci6n del capital Investment that increases the absolute value of capitalization capital (see capital deepening). capitalisation capitalizaci6n capped floating rate note see cap Total authorized par value of the stocks and bonds of a corporation. caption caption capital market No Spanish march6 financier; march4 de(s) capitaux Instrument combining features of caps and options mercado de capital(es) whereby the buyer acquires the right (but not the The market for buying and selling long-term obligation) to make a cap within a specific period of loanable funds, in the form of bonds, mortgages and time at a rate previously agreed. the like. Unlike the money market, where short-term funds are traded, the capital market Caribbean Development Facility tends to center on well-organized institutions such M6canisme de d6veloppement des Caralbes as the stock exchange. However, there is no Mecanismo de financiamiento para el desarrollo clearcut distinction between the two other than that de la regi6n del Caribe capital market loans are generally used by business- A UNDP project sponsored by IFC, with IFC as es, financial institutions and governments to buy executing agency. Its services are available to capital goods whereas money-market loans generally countries which become signatories to the related fill a temporary need for working capital. Note that UNDP project document. Its purpose is to promote Raymond Barre, in his seminal Economie politique, small- and medium-scale private enterprises in the defines marchd des capitaux as the overall market, Caribbean. It is hoped to expand its services into equivalent to the English financial market, the Central America. marchi mondtaire as le marchd des capitaux & court terne (= money market) and the marchi financier carrying cost; carrying charges; cost of carry as le marchi des capitaux & long terme (= capital coOt d'inactivit (des capitaux); coOt de market). However, various Francophone authors dMtention (des capitaux) differ on this issue and you will frequently see costo de inmovilizaci6n (del capital) marchi financier used for the English financial Direct costs paid by an investor to maintain a market and marchd de(s) capitaux used for capital security position, e.g. receiving less interest on market. Note also that, while Barre uses marchi short-term investments than is paid for borrowings. des capitaux, many writers use marchi de capitaux. carryover capital redemption reserve funds report de cr6dits compte de r6serves pour le rachat du capital saldo traspasado (al ejerciclo siguiente) des actions Funds unused during a financial year which are fondos de reserva para recompra de acciones transferred to the budget for the following financial (propias) year. Special account held by a corporation to repurchase part of its shares. cash against documents (CAD) paiement contre documents capital stock see equity capital pago contra (presentaci6n de) documentos Form of payment used in international trade whereby payment is made on receipt of bill of lading. 17 cash and carry Central Bank Facility (CBF) [IBRD] op6ration d'achat de titres au comptant et de Compte des banques centrales auprbs de la vente de contrats d terme; cash and carry BIRD operaci6n de compra de valores al contado y Mecanismo para inversiones de bancos venta de contratos a t6rmino centrales [BIRF] Hedging method consisting of sale of contracts on A World Bank facility designed to increase the forward market and simultaneous purchase of borrowings from central banks. It is a one-year, securities on the spot market. See reverse cash U.S. dollar-denominated facility and was set up to and carry. halt the decline in IBRD borrowing from official sources. cashier's check chbque de banque centrally-managed costs cheque de caja charges centrales; frais centraux A check drawn by a bank on its own funds and costos centralizados signed by the cashier. Performance securities are Costs which are the responsibility, for budgetary often required in this form. purposes, of the institution as a whole, as opposed to those that are the responsibility of individual cash management units (see unit-managed costs). gestion de (la) tr6sorerie gesti6n de caja; gesti6n de liquidez; central rate see key money rate administraci6n de fondos Control and use of liquid assets. certificate see bond certificate; debt certificate; dividend-right certificate; investment certificate; cash management account (CMA) participation certificate; pass-through certificate; compte de gestion de tr6sorerie scrip certificate cuenta de administraci6n de fondos An interest-bearing current account, normally held certificate of deposit see jumbo certificate of with a stockbroker. deposit; negotiable time certificate of deposit; roll-over certificate of deposit; straight, tap cash management bill certificate of deposit; strip certificate; tranche bon du Tr6sor & trbs court terme certificate of deposit bono del Tesoro (EE.UU.) a muy corto plazo Bill introduced by the U.S. Treasury in 1975, de- certificate of deposit signed to raise funds quickly for a short period, certificat de d6p6t ranging from nine to twenty days' maturity. Pay- certificado de dep6sito ment must be made in federal funds. Certificate of an interest-bearing time deposit with a bank. cash market see spot market certificate of indebtedness see debt certificate cash risk; liquid-holdings risk risque li6 A la rentabilit des liquidit6s riesgo de liquidez Risk to actual cash receipts due to difference in spread between money borrowed medium-term and reinvested short-term. cash security loan prdt de t/tres garant/ par des fonds pr6stamo de valores con garantfa en efectivo Security loan where cash is posted as collateral for the borrowed security. 18 certificates of accrual on Treasury securities churning; overtrading (Cats) multiplication des op6rations chats exceso de transacciones (en la cuenta de un bonos sin cup6n con garantfa del Tesoro de los cliente) EE.UU. Excessive trading of a client's account, in order to Zero coupon Treasury securities, with the coupon increase brokerage commissions. stripped. A wide variety of stripped Treasury certificates with animal names has been issued, circus swap; currency coupon swap including TIGRs (the first), ZEBRAs, COUGRs swap de monnaies et d'intdrdt (Certificates of Government Receipts) and LIONs swap de monedas y de intereses; intercambio (Lehman Investment Opportunity Notes). DOGs, de monedas y de intereses GATORs, RATs and EAGLEs are also found. The A cross-currency interest rate swap involving ex- U.S. Treasury mundanely called its own stripped changes of amounts computed at a fixed rate in one Treasury securities, Separate Trading of Registered currency against a floating rate in another currency. Interest and Principal Securities (STRIPS). Note that the French Treasury issued an equivalent bond, city bank [Japan] wittily called Fonds d'Etat Libres d'Intgrt Nominal grande banque (FELIN). gran banco Major commercial bank, located in a city, dealing certified check with corporations and major accounts (as compared chbque certii to a local bank). cheque certificado; cheque intervenido A check certified to be good by the bank upon classic swap see plain vanilla swap which it is drawn, by the signature of usually the cashier or paying teller with the word certified or clause see bisque clause; cross-default clause; accepted across the face of the check. Performance drop lock; goodwill clause; illegality clause; securities are often required in this form. jeopardy clause; multicurrency clause; negative pledge clause; pari passu clause; periodic changes in working capital statement see review clause; recapture clause; red clause; statement of changes in financial position sharing clause; switch, availability clause; trigger clause charge-off see write off clean chartered bank [Canada] (en) blanc; simple; non garanti banque & charte sin garantfa documentaria banco comercial Refers to a money market operation without under- Financial institution licensed by the Canadian lying documentary security. (Note that in the U.K Parliament under the Bank Act to operate as a clean means exclusive of accrued interest.) bank. clean advances chartist avances non garanties chartiste anticipos sin garantfa documentaria analista de bolsa Financial advances made without documentary Technical analyst who charts the patterns of stocks, support. securities and commodities to make buy and sell recommendations to clients. clean float flottement pur, non dirig6 flotaci6n limpia Floating of currency where the value of the currency is controlled by the market rather than the authori- ties. Opposite of dirty float. 19

clearing agreement club deal, loan accord de compensation; accord de paiement crdit consortial (sans chef de file); prdt acuerdo de compensaci6n syndiqud en circuit ferm6 A bilateral agreement between two States under pr6stamo concedido por un consorclo; which the authorities in each of the States set up a pr6stamo concedido sin banco director system for collection and payment of debts due to Loan whereby, instead of one bank being designated and by each other through a special account in a lead bank and others coianagers or underwriters, central bank. the various functions these carry out are divided among a limited group of members, in order to save clearing bank see investment bank fees.

clearing house cocktail swap chambre de compensation swap "cocktail' cAmara de compensaci6n swap m6Itiple; intercambio m6Itiple An organization set up by financial institutions Transaction involving more than one type of swap. agreeing to initiate and receive among themselves electronic transfers of funds authorized by their colead manager see comanager customers. collar closed-end (investment) fund, company collar (CEIC) bono con tope mAximo y minimo de inter6s; soci6t6 d'investissement & capital fixe (SICAF); pagar6 con tope mAximo y m(nimo de inter6s soci6t6 d'investissement ferm6e; fonds de A floating rate note with an upper and lower limit placement ferm6 on the interest rate to be paid. sociedad de inversi6n con n6mero de acciones fijo collateral account U.S. term for an investment company with a fixed compte de nantissement number of shares outstanding. The shares repre- cuenta de garantia sent an interest in the fund's portfolio. New shares Method of credit enhancement used in may not be issued. collateralized debt reduction schemes. It requires the borrower to fund an account which acts as closed-out investment [IFC] collateral to the security issue. investissement sorti du portefeuille inversi6n liquidada collateralization Term used by IFC to indicate any investment which constitution d'une garantie; constitution d'un is no longer on its books, i.e. where the loan has gage been repaid, shares sold, etc. constituci6n de una garantla In a securitization or debt-equity swap operation, closing price an issue of securities by an industrialized country to dernier prix (de la journ6e) back the issue of securities by the developing cotizaci6n al cierre country. The final price at which a transaction in a security takes place on a given day. collateralized (bond) (obligation) gag6e (bono) garantizado In a securitization or debt-equity swap, a bond backed by an issue of securities in an industrialized country. 20 collateralized (debt) defeasance; debt combined commercial and investment bank; defeasance multibank; all-purpose bank plan de rduction de la dette (avec garantie) banque 'multiservicesm; banque & tout faire; anulaci6n de deudas a cambio de un activo banque A vocation g6n6rale; banque financiero polyvalente Extinguishing debt through the provision of a banco mitiple; multibanco [Chi., Mex.] financial asset (e.g. zero coupon bond) to be held in Bank offering a full range of services. a trust account as collateral against the principal of the debt. The face value and maturity of the combined market rate collateral instruments are designed to match those Itaux composite' du march6 of the debt being defeased so that the proceeds of tasa combinada del mercado; tipo combinado the collateral instruments at maturity may be used del mercado to fully repay the principal in a single balloon Weighted average of five national money market payment. rates that enter into the calculation of the SDR rate of interest. collateralized floating rate bond obligation A taux flottant gag6 comfort bono garantizado de inter6s variable s6curit; confort The formal name given to the recent (January 1988) seguridades (dadas por terceros) Mexican debt-equity swap, whereby zero coupon 20 Security offered in a commercial loan in the form of year bonds, backed by the U.S. Treasury, were a guarantee or cofinancing from a parent company, exchanged for Mexican debt. government, or international organization. See also letter of comfort. collateralized mortgage obligation (CMO) CMO; obligation garantle par une hypoth6que commercial bank; clearing bank [U.K.] obligaci6n con garantia hipotecaria banque de d6p6t; banque commerciale Mortgage-backed bond that separates mortgage banco comercial pools into short-, medium- and long-term portions. A bank that normally specializes in demand deposits Investors can choose to buy into whatever pool they and commercial loans. wish, depending on whether they want a faster return or long-term gains. commercial bills see commercial paper

collection ratio commercial lending ratio de recouvrement; taux de recouvrement prdts A des conditions commerciales coeficiente de recuperaci6n pr6stamos en condiciones comerciales; The percentage of due and outstanding loans that financiamiento en condiciones comerciales have been collected. Lending not always at market rate but under normal market conditions (e.g., as regards maturity, coloan reimbursement) (see market-related lending). prdt cofinanc6 pr6stamo cofinanciado A cofinanced loan.

comanager; colead manager cochef de file banco codirector; banco coadministrador Lender ranking next to lead manager in a Euroloan. 21 commercial paper (CP); commercial bills Committee established by the governors of the effets de commerce; papler commercial; papler central banks of the Group of Ten countries at the financier; billets de tr6sorerle end of 1974 as a result of serious disturbances in efectos comerclales; papel comercial the international currency and banking markets, it Promissory notes normally having a maximum consists of representatives of the central banks of maturity of 270 days sold by companies or institu- Belgium, Canada, France, West Germany, Italy, tions to raise cash for purposes of working capital. Japan, Luxembourg, the Netherlands, Sweden, A major borrowing instrument for first-class bor- Switzerland, the United Kingdom and the United rowers in the U.S. and Canada. The French billets States. It provides a forum for cooperation between de trdsorene system was set up in December 1985 member countries on banking supervision matters. and is the equivalent of the U.S. commercial paper The Secretariat is provided by the Bank for Interna- system. tional Settlements. It is often known as the Cooke Committee, after Mr. W. P. Cooke, Associate commission see fee; guarantee commission, Director of the Bank of England, who was chairman fee; management commission, fee; selling from 1977-1988. commission commodity-indexed bond commissioned company [Japan] obligation Index4e sur les prix de prodults de soci6t6 mandat6e (par la Banque mondlale base pour la repr6senter & des 6misslons bono indizado segOn el precio de un producto d'obligations au Japon) bAsico compariila comisionada; sociedad comisionada; Commodity-linked bond where the interest pay- agente ments (and/or principal repayment) are denominat- Agent in Japan which acts for the IBRD (or other ed in units of a particular commodity and hence the non-Japanese financial institutions) in the issue of payment to the bondholder would depend on the bonds on the Japanese market. price of the commodity at the time the interest payment is determined. commitment authority pouvoir d'engagement commodity-linked bond; commodity-backed facultad para contraer compromisos bond The authority that a financial institution has to obligation lie aux prix de produits de base make credit commitments based on the amount of bono con rendimiento vinculado al precio de un resources it has received or had committed from producto b6sico donors. Bond where the return on financing is linked to the price of an underlying commodity. See commodity- commitment fee, charge indexed bond and nominal bond with attached commission d'engagement commodity option. comisi6n por compromiso; comisi6n por inmovilizaci6n de fondos common stock Lender's charge for contracting to hold credit actions ordinaires; actions de capital available. acciones ordinarias Units of ownership in a public corporation. Committee on Banking Regulations and Supervisory Practices; Basle Supervisors' Compensatory and Contingency Financing Committee; Cooke Committee Facility [IMF] Comit6 des r6gles et pratiques de contr6le des Facilit0 de financement compensatoire et de op6rations bancaires; Comit6 de contr6le financement pour impr6vus bancaire de BAle; Comit6 Cooke Servicio de financiamiento compensatorio y Comitd sobre Regulaci6n Bancaria y Pr6cticas para contingencias de Supervisi6n; Comit6 de Supervisi6n Bancaria de Basilea; Comit6 Cooke 22

IMF facility to provide timely compensation to contango rate; continuation rate member countries experiencing temporary shortfalls Int6rdt de report in export earnings owing to circumstances largely diferencla entre el preclo al contado y el preclo beyond their control or to those experiencing excess pagado realmente costs of grain imports. The difference between the cash and settlement prices. computerized entry of ownership; dematerialisation [UK] contestable market d6mat6rlallsatlon march6 disputable registro computadorizado; desmaterializacl6n mercado de acceso irrestricto Recording of ownership of securities on computer, A market where there is freedom of entry and exit instead of on paper. is costless. Potential entrants can enter such mar- kets whenever profits exceed the normal rate. concerted financing, lending; concerted lend- ing deal contingency financing facility financement concert6 dispositif de financement pour impr6vus financiamiento concertado servico de financiamiento para contingencias Lending from different sources, agreed on by the Facility for providing additional lending if specified different lenders, usually in the form of a group of events of adverse circumstances beyond the debtor's banks. control occur. see nonmaturing, nonredeemable Contingency Mechanism [IBRD/IMFI government bond dispositif d'action con]oncturelle mecanismo (conjunto) para contingencias consolidated discount notes A joint scheme between the Bank and Fund to bons &prime (d'6mission) consolid6s assist troubled economies; initially applied to Mexi- pagar6s descontados consolidados co. Consolidation of several issues of discount notes into one uniform note. contingent investment support facility dispositif d'appui conditionnel A consumption rate of Interest (CRI) linvestissement taux d'actualisation de la consommation servicio contingente de apoyo a la inversi6n tasa de actualizaci6n del consumo (TICO) Facility provided for Mexico financing package The rate at which the value of a unit of currency whereby extra finance would be provided in case of destined for consumption falls over time, usually a shortfall in public sector external receipts attribut- expressed as an annual percentage. able to crude oil prices. contango contingent obligation [IBRD] report engagement conditionnel 1. situacl6n en que el precio al contado es obligaci6n contingente Inferior al precio a plazo; Type of IBRD "B" loan whereby the loan is initially 2. prima pagada por aplazamiento de pago financed entirely by the commercial lender with In commodity markets, when the cash price is lower IBRD having a contingent commitment to finance than the forward price. In the stock exchange at a given date (i.e., at the end of the duration market, the fee paid by an investor for the privilege considered "normal" by the commercial markets for of carrying the settlement of a transaction from one the specific borrower) the remaining balance of account period to another. (The opposite of back- principal (if any), if the commercial lenders choose wardation.) not to finance this amount. 23

Contingent Swap Facility [IBRD] contract financing M6canisme de couverture do swaps financement sur contrat Serviclo contingente de Intercambio de financlamlento con garantla contractual monedas Project finance, involving the use of commercial A facility to enable the World Bank to engage in contracts such as a ship charter or take-or-pay currency swaps with European entities with a credit contract as security for the loan. standing equivalent to A or AA. Under the facility, the Bank would enter into swaps directly with contractual savings institution European counterparties introduced by Deutsche institution d'6pargne contractuelle Bank or others. institucl6n de ahorro contractual Institutions dealing with contractual savings, i.e. continuation rate see contango rate savings that have to be made, such as pensions.

Continuously Offered Longer-Term Securities controlling interest (COLTS) bloc de contr6le papier &terme offert en permanence (COLTS) participaci6n mayoritaria valores a ms largo plazo de oferta continua Ownership of a corporation in excess of fifty per- (COLTS) cent. Can also be used for ownership of less than Program of securities issued by the World Bank, fifty percent if the remainder of the stock is distrib- starting in 1986. The first amount was $481.5 uted among many owners. million, followed by an amount of $463.5 million. Buyers can obtain maturities from 3 to over 30 convenience credit years, as they choose. The program is indefinite cr6dit de commodit6 (hence continuously offered) and of a longer term crito c6modo; cr6dito facil than the Bank's previous discount note system. It Readily available credit where no charge is openly will extend the range of paper available in the levied. Refers in particular to credit and charge medium-term note market (initially medium-term cards. meant 2-4 years but now covers up to 30 years or more). Various COLTS products have been of- conversion discount fered, including fixed rate COLTS offered at par d6cote de conversion (the conventional product of the medium-term note descuento de conversi6n market), at a premium and at a discount, zero Ratio of the market value of a convertible security coupon COLTS, Treasury-bill based variable rate to its conversion value expressed as a percentage. COLTS and amortizing COLTS. When the market value of the security is lower than the conversion value, this ratio is said to be a Continuously Offered Payment Rights in discount. Swiss Francs (COPS) cr6ances comptables 6mises continuellement conversion from a restricted to a full-service en francs suisses (COPS) institution valores de oferta continua en francos suizos banalisation (COPS) ampliaci6n de los servicios de una instituci6n Program of securities issued by the Swiss Bank Used in banking to refer to those banks that have Corporation on the Swiss market on behalf of the converted from offering limited services, such as World Bank, starting in 1988. The notes are of those of an investment bank to those of a full three or six months' duration, with a minimum commercial bank. investment of SFr100,000. The program is indefi- nite (hence continuously offered). The rate will be linked to LIBOR. 24 conversion premium corporate charge card; corporate credit card prime de conversion carte de cr6dit professionnelle; carte de cr6dit prima de conversl6n Institutionnelle Ratio of the market value of a convertible security tarleta de cr6dito instituclonal to its conversion value, expressed as a percentage. Charge or credit card issued to the employee of a When the market value of the security is higher corporation, where the employer plays the annual than the conversion value, this ratio is said to be a fee and some or all of the charges. premium. corporate raider; raider conversion price pr6dateur; attaquant prx de conversion tibur6n; depredador precio de conversi6n Person who acquires a significant portion of a The price which an investor must pay for a share, if company's stock, with a view to takeover. See also he buys a convertible security first and later con- hostile raider. verts it into shares. corporate right conversion value part soclale parit6 de conversion derechos (del accionista) valor de conversi6n Rights held by a partner in a corporation. The conversion price multiplied by the current price of the security. corporate sector secteur des entreprises convertible; convertible security sector empresarial obligation convertible en actions The business sector. tftulo convertible A security that, at the option of the holder, may be cost of carry see carrying cost exchanged for another asset, generally a fixed number of shares of common stock. counter-guarantee contre-garantie coordinated financing contragarantia financement coordonn6 In a guarantee operation, a guarantee provided, in financiamiento coordinado addition to the primary guarantee, by another Financing arrangement between two lenders where- guarantor. by the loans may be for different projects or differ- ent sectors but one organization takes the lead in country collectibility analysis [IBRD] coordinating arrangements for the two loans. analyse des probabilit6s de recouvrement (des pr&ts & un pays) core inflation an6lisis de las probabilidades de recuperaci6n inflation de base (de los pr6stamos otorgados a un pa(s) inflaci6n bAsica Analysis carried out by World Bank staff of coun- The basic level of inflation over a period of time tries in non accrual status to determine the likeli- (e.g. a decade) as opposed to temporary fluctuations hood of them repaying some or all of their out- in the rate. standing debt to the Bank and therefore of the need for loan loss provisioning by the Bank. corporate bond obligation de soci6t6 country collectibility note [IBRD] bono de una sociedad (an6nima) note sur les probabilit6s de recouvrement Debt instrument issued by a private corporation. (documento de) anSlisis de las probabilidades de recuperaci6n (de los pr6stamos otorgados a un pals) 25

Document giving results of a country collectibility coupon paper analysis. titres assortis de coupons tftulos con cup6n country exposure Paper with coupon attached. engagement par pays compromisos por pafses coupon rate The extent to which a financial institution has lent taux de coupon money to one country. Inter6s nominal Interest to be paid regularly on the face value of a country fund long-term debt instrument. fonds mutuel de placement (dans un pays); fonds pays coupon swap fondo para (Inversiones en) un pa(s especfflco swap taux fixe/taux variable Mutual funds that invest exclusively in specific conversl6n de Inter6s fljo en inter6s variable countries. IFC has set up several such funds in Type of Interest rate swap involving fixed rate to developing countries. floating rate swap. coupon covered Interest arbitrage coupon arbitrage de taux d'Int6rdt couvert cup6n arbitraje protegido contra riesgos camblarlos A slip attached to a bearer bond, which can be Investing dollars in an instrument denominated in a detached and exchanged for an interest payment or foreign currency and hedging the resulting foreign dividend due at a specific date. Also used to exchange risk by selling the proceeds of the invest- describe the nominal annual rate of interest which ment forward for dollars. a borrower promises to pay the holder of a fixed- income security. Colloquially, in the U.S. domestic covered option securities (COPS) market, used to describe a U.S. Treasury note or titres A options couvertes bond. valores con moneda de reembolso opcional Short-term dollar denominated securities that allow coupon(-bearing) bond the issuer to repay the principal and interest owed obligation munie de coupon in dollars or at an amount of foreign currency bono con cup6n agreed at the time of issue. In exchange, the yield Bond with coupon attached. Also called bearer premium is higher than the market price for equiva- bond. lent debt. coupon equivalent yield creative financing rendement converti en taux d'int6rdt formules nouvelles; formules in6dites; formules rendimiento equivalente a un inter6s nominal originales de financement; financement The yield obtained from the difference between the novateur purchase price and the face value of a short-term formas novedosas de financiamiento noninterest-bearing instrument, expressed as a Financing using unconventional means, e.g. special percentage, determined by the difference divided by swaps, etc. the purchase price. credit limit see lending ceiling coupon note bon-coupon credit enhancement bono con cup6n; pagar6 con cup6n am6lioration de la cote de cr6dit; am6lioration Note with coupon attached. de la signature; renforcement du cr6dit mejoramiento del cr4dito Increasing the creditworthiness of a loan, security issue or other instrument. 26 credit standing; creditworthiness The discount rate that equalizes the net present honorabill [client privj; surface financlre; value of two streams of benefits and/or costs. solvabilit6; capacitf d'endettement cr6dito; clasificac6n crediticla; capacidad cross-shareholding crediticla; solvencla participation crols6e The likelihood of a borrower to pay back a debt, participacl6n cruzada based on past credit performance. Situation where two or more corporations hold shares of stock in the other, particularly with a view cross-border swap to controlling a market or industry. swap International swap Internacional; Intercamblo intemacional crowding In Swap between two parties in different countries. attraction atracci6n cross-currency exchange risk Occurs where government bonds are sufficiently risque de change good money substitutes so that bond issues reduce riesgo cambiario entre dos o mAs monedas; a demand for money balances, leading to an expan- veces entre el d6lar y la cesta de monedas que sionary impact via their effect on portfolio composi- utiliza el Banco Mundial tion. The exchange risk inherent in carrying out foreign exchange transactions in two or more currencies. crowding out 6viction cross-currency Interest hedge; double hedge desplazamiento swap Any displacement of private economic activity by swaps portant d Ia fois sur les taux d'int6rdt et public economic activity. sur des monnaies protecci6n de swap doble cumulative preferred stock Technique that combines shift from a floating to a actions cumulatives privil6gi6es fixed rate of interest, together with a shift from acciones preferenciales (preferentes, preferidas) liability in one currency to liability in another. acumuladas Preferred stock where the unpaid dividend is held cross-currency Interest rate swap over, totally or partially, when there are no returns swap d'int6r6ts et de monnaies in a financial year, or the returns are insufficient to swap de intereses y monedas; intercambio de distribute the dividend fixed for these shares. intereses y monedas Swap of fixed rate flows in one currency to floating curb market see unlisted securities market rate flows in another. currency coupon swap see circus swap cross-default clause clause de manquement r6ciproque; clause currency-linked bond see option bond d'exigibilit6 crois6e; clause de d6faut crois6 ciAusula reciproca en caso de incumplimiento currency mix A clause in a loan agreement specifying that default composition en monnaies; composition on any other loans to the borrower shall be mon6taire regarded as default on this one. combinaci6n de monedas The proportion of different currencies borrowed or cross-over discount rate; equalizing discount lent by the Bank. rate taux d'indiff6rence; taux d'6galisation des currency option bond see option bond valeurs actuelles tasa de actualizacl6n de equilibrio 27

currency pool see loan currency pool; targeted currency swap currency pool swp de monnales; swap de devises swap de monedas; Intercamblo de monedas currency pool; loan currency pool System whereby an institution with funds in one pool de monnales currency converts them into another and enters into fondo com6n de monedas a forward exchange contract to recover the currency A system set up by the World Bank to equalize borrowed. among all borrowers at any time the risks inherent in fluctuations in the exchange rates of the curren- currency translation cies disbursed and repayable on all Bank loans conversion mon6taire; conversion comptable included in the system. Equalization is achieved by des monnaies pooling all currencies disbursed and outstanding on traducci6n de monedas; conversi6n contable de participating loans and by expressing the outstand- monedas ing principal amount of each such loan as a share of Recording in accounts of assets (or liabilities) in the pool. As a result, loan-service obligations on one currency when they are actually in another. No each participating loan are related to all amounts in actual exchange of funds takes place. The World various currencies disbursed and outstanding on all Bank and IFC, for example, translate all their assets loans in the system. and liabilities into U.S. dollar amounts, regardless of the actual currency in which they are denominat- currency pool index ed. indice de r66valuation du pool indice del fondo com6n de monedas currency translation exposure An index of the daily revaluation factors from the risque de conversion comptable des monnaies start of the currency pooling system to the present. riesgo por traducci6n contable de monedas; riesgo por conversi6n contable de monedas currency pooling system The Bank records its assets and liabilities in U.S. systbme du pool de monnales dollars despite the fact that it has assets and liabili- sistema de fondo combn de monedas ties in up to forty-five different currencies. As a A system set up by the World Bank to equalize result, the value of its assets/liabilities in U.S. dollar among all borrowers at any time the risks inherent terms is liable to fluctuate due to exchange rate in fluctuations in the exchange rates of the curren- movements between the U.S. dollar and other cur- cies disbursed and repayable on all Bank loans rencies in which it has assets/liabilities. This is the included in the system. Equalization is achieved by currency translation exposure. pooling all currencies disbursed and outstanding on participating loans and by expressing the outstand- currency twist ing principal amount of each such loan as a share of distorsion mon6taire the pool. As a result, loan-service obligations on distorsi6n monetaria each participating loan are related to all amounts in The situation that occurs with the Bank's lending various currencies disbursed and outstanding on all and borrowing policy whereby loans are made in loans in the system. primarily low nominal interest rate currencies while investments are mainly in high nominal interest rate currency redenomination currencies. (option de) modification de la monnale d'un pret currency weight denominaci6n de un pr6stamo en otra moneda pond6ration des monnaies Option in restructuring agreement which allows ponderacl6n por moneda banks to redenominate existing loans in their domestic currencies or the ECU. 28

Under the new IBRD lending rate system, currency - D - specific cost rates from qualified borrowings will be applied to the amounts in each currency actually outstanding, thereby effectively weighting those rates daily revaluation factor [currency pool] in each currency by their share in the loan currency facteur der evaluation au four lefour pool. These weightings are called currency weights. The ratio of the dollar equivalent value of the current blend (CB) [IFC] currencies in the currency pool on one day to the panachage A court terme (PCT) dollar equivalent value those same amounts of fndice combinado de desempehlo de la cartera currencies would have had at exchange rates A rate used by IFC to assist in determining the prevailing on the previous day. performance of its loan portfolio, it is based on actual and projected debt-to-equity ratios. damyo bond obilgatlon "dalmyo' current coupon (rate) bono dalmyo taux de coupon courant Non-resident bond issue denominated in yen on the Inter6s nominal corriente Tokyo market. Its circulation is similar to that of 1. In fixed rate securities, a coupon rate which Eurobonds. approximates levels for similar securi- ties. Straight debt securities with current coupons dated date have prices close to par. date de jouissance 2. In floating rate securities, the rate of interest on fecha a partir de la cual se calcula el Inter6s th currenatinteesteuriod, tDate from which interest is calculated on a new the current interest period, bond or other debt instrument. current ratio; working capital ratio ratio de liquidit6 g6n6rale day-to-day money see call money coeficiente corriente [Am6rica Latinal; deler [options market] coeficiente de solvencia [Esp.] de [op are Ratio of current assets to current liabilities. It is agent de contrepartie the main liquidity ratio. agente do contrapartida Party to an options transaction. cushion bond "cushion bond' dealer [securities market] see securities dealer bono amortiguador A high-coupon bond selling at a price above its call dealer [stock market] or optional redemption price. agent boursier; oprateur (sur le marchd) corredor do bolsa custom duty bill Individual or firm acting as a principal in the stock obligation cautionn6e market. letra garantizada Special type of credit in France granted by the state debenture (bond) to corporations to allow them to pay indirect taxes 1. obligation non garantie; or customs duty, with a guarantee provided by a 2. obligation bank or other financial institution. These bills allow 1. bono sin garantia especfica; debenture [Arg., the corporation to defer payment of value-added tax Chile]; or ustois duties. The state draws up a bill for the 2. bono con garantia de activos amount in question which the corporation agrees to 1. U.S.: Unsecured bond. pay on maturity. 2. U.K.: Loan secured against specific or general assets of a company. 29 debt see cancellation (of a debt); collateralized debt commodity swap (debt) defeasance; discounted debt; funded 6change de cr6ances contre une participation debt; government debt instruments; highly, aux recettes d'exportation de produits de base; heavily indebted middle income country (HIC); swap de cr6ances contre recettes junior debt; long-term debt ratio; moderately d'exportations de produits de base indebted low-, middle-income country; conversi6n de la deuda en productos bAsicos nonperforming debt; par debt swap; retired A payment of a developing country debt in kind. debt; scheduled debt service; senior debt; One procedure used is that the lender takes a severely indebted low-, middle-income country specific earmarked percentage of the receipts from the exports of a specific product or group of prod- debt buyback; debt repurchase ucts, provided that the exports result from promo- cession de cr6ances; rachat de dettes tion by the lender. recompra de deuda; compra de deuda Repurchase by a debtor country of all or a portion debt-debt swap; par debt swap; debt swap; of its foreign debt at a discount. debt-for-debt swap swap de dettes; swap de cr6ances debt capitalization swap de deudas; intercamblo de deudas capitalisation de la dette Swap involving the exchange of a new obligation for capitalizaci6n de la deuda an existing obligation held by investors. A tech- Conversion of debt into equity (see debt-equity nique used recently in the U.S. in conjunction with swap). original issue discount bonds as a means of realiz- ing a capital gain on the retirement of a relatively debt carrying capacity low-coupon existing issue and at the same time capacit6 de remboursement de la dette achieving an interest cost saving due to special tax capacidad de endeudamiento treatment of an original issue discount bond issued The extent of the ability to pay debts. as part of such a swap. debt certificate; certificate of indebtedness debt defeasance; collateralized (debt) defea- certificat de reconnaissance de dette sance certificado de adeudo plan de r6duction de la dette (avec garantie); Document issued by a borrower detailing the d6fausse de la dette; defeasance borrower's promise to repay principal and pay anulaci6n de deudas a cambio de un activo interest, as well as details of any collateral. financiero Extinguishing debt through the provision of a debt-charity swaps financial asset (e.g. zero coupon bond) to be held in acquisition de cr6ances A des fins a trust account as collateral against the principal of philanthropiques; swaps philanthropiques the debt. The face value and maturity of the conversi6n de la deuda en fondos ben6ficos collateral instruments are designed to match those Non-profit organizations purchase debt at a of the debt being defeased so that the proceeds of discount in secondary markets and exchange it for the collateral instruments at maturity may be used local currency that is used for philanthropic to fully repay the principal in a single balloon purposes. payment.

debt defeasance through the sinking fund mechanism plan de r6duction de la dette (avec garantle) avec fonds d'amortissement anulaci6n de deudas con la garantla de un fondo de amortizaci6n 30

Variety of debt defeasance whereby the debt princi- debt(-for)-equity swap, conversion pal is collateralized not through an upfront purchase swap de cr6ances contre des participations; of a zero coupon bond or other financial instru- 6change de dettes contre des fonds propres ments, but instead through pledging the accumulat- conversi6n de la deuda en capital; ed funds of a sinking fund, which is financed capitalizaci6n (de la deuda) through periodic future payments by the debtor. A method of converting developing country foreign currency debt into local currency equity in a domes- debt distressed country tic firm. The investor may be the bank holding the pays menac6 d'asphyxie par endettement; pays loan or a company which buys the loan from a bank surendett6 at a discount. The loan is then typically sold at pals agobiado por la deuda near face value to the central bank of the host A heavily indebted country. This classification is country for local currency instruments, which in turn used primarily by the OECD. are used to make the equity investment. debt domestication debt financing conversion de la dette en devises; conversion financement par I'emprunt de la dette en devises en dette en monnaie financiaci6n mediante endeudamiento nationale; Inaturalisation"de la dette Obtaining finance by using borrowed money. argentinizaci6n, bolivianizaci6n, etc. de la deuda Conversion of non-resident foreign currency debt debt-for-cash swap into resident local currency debt. Has been used by swap de cr6ances contre esp6ces Chile. swap de deuda por efectivo; intercambio de deuda por efectivo debt-equity conversion see debt-equity swap Exchange of debts for cash. This is done through the secondary market of bank claims where a debt-equity ratio; debt-to-equity ratio country's debt can be sold for cash at a discount. ratio d'endettement; ratio d'autonomie Mainly used so far in Chile. Note that the actual financi6re Chilean process is called adquisicid6n de titulos de la relaci6n deuda-capital; coeficiente de deuda extema. In Ecuador they use the term endeudamiento sucretizaci6n to describe the process of converting Mainly used to describe the ratio of total liabilities foreign debt into the Ecuadorian sucre. to shareholders' equity (net worth). It can also be used to describe the ratio of long-term debt to debt-for-debt swap see debt-debt swap equity, net long-term debt to equity, total or long- term debt to tangible equity (= equity plus revenue debt-for-development swap plus capital reserves). All these definitions are used swap de cr6ances contre finances pour le in the World Bank and IFC, so care should be d6veloppement taken in translation to ensure the correct term is conversi6n de la deuda en financiamiento para used. Other definitions are used outside the World el desarrollo Bank. Swap whereby a debtor country repays its debts in local currency to a development agency which then uses this money to finance a development project in the country concerned. 31 debt-for-equity swap see debt-equity swap debt/quasi equity swap swap de dette contre des quasi-participations debt-for-export swap; debt-for-products swap swap de deuda por cuasicapital; intercambio de swap de cr6ances contre remise de produits deuda por cuasicapital (exportables) A swap whereby a multinational company with swap de tIftulos de deuda por exportaciones; subsidiaries in the borrower country buys intercambio de titulos de deuda por onlendable loans and subsequently extends this loan exportaciones to the subsidiary. This enables the parent company Swap whereby a bank arranges to export a variety to fund its subsidiary at a preferential exchange of domestic products and commodities to offset part rate. of its outstanding claims in the country. debt ratio debt-for-local currency swap ratio de solvabilit; ratio d'endettement swap de dettes en devises contre dettes en coeficiente de endeudamiento monnaie nationale Ratio of total liabilities to total assets. conversi6n de deudas en divisas en deudas en moneda nacional debt repurchase see debt buyback Issue by the central bank of a local currency debt obligation in exchange for a foreign debt claim. debt restructuring Domestic residents can thus buy their own country's restructuration de la dette; reconstruction de la debt in the secondary market, using expatriated dette capital or foreign currency acquired in the parallel reestructuraci6n de la deuda market. Changing the maturity and/or terms of a loan. debt-for-nature swap debt retirement 6change dette/nature amortissement de la dette conversi6n de la deuda en medidas de rescate de la deuda protecci6n de los recursos naturales Paying off a debt. Swap arranged by private conservation group to use the proceeds of debt conversions to finance conser- debt security vation projects relating to valuable park land or titre de cr6ance; garantie d'une cr6ance; titre tropical forests. obligataire instrumento de deuda; garantfa de una deuda debt-for-products swap see debt-for-export Security representing money borrowed that must be swap repaid, eg. bond, bill, note. debt overhang debt-service coverage encours total de la dette; surendettement couverture du service de dette deuda pendiente; sobrendeudamlento cobertura del servicio de la deuda 1. The total outstanding debt. Ratio of net income after taxes plus interest on 2. The total debt that cannot be readily covered by long-term debt plus depreciation to debt service. expected growth. debt-service ratio; debt service to exports ratio ratio du service de la dette coeficiente del serviclo de la deuda; relaci6n servicio de la deuda-exportaciones External public debt-service ratio (i.e., interest and principal payments) as a percentage of export earnings from goods, nonfactor services, and workers' remittances. 32 debt service time profile ratio deferred coupon note; deferred interest note ratio dynamique, futur du service de /a dette obligation A coupon diff6 coeficiente del perfil futuro del servicio de la bono de inter6s diferido deuda Note on which no coupon is paid in the earliest part The ratio of debt payment for five and ten years to of its life. the debt outstanding at the end of a given year. deferred rate resetting [IFCJ debt swap see debt-debt swap report de /a d6termination du taux fijaci6n diferida del inter6s debt-to-equity ratio see debt-equity ratio In IFC loans, the option to select a new rate, up to 12 months after Board approval of loan. The debt warrant reason for this was because of the long delay warrant obigataire between Board approval and loan signature (typical- certificado para compra, de bonos; warrant para ly five months) and signature and first disbursement compra de bonos (typically three months). Bond warrant, giving an investor the right to buy additional bonds at a predetermined price/yield, delta delta debt workout delta restructuration de la dette; traitement de /a Measure of the relationship between an option price dette and the underlying futures contract or stock price. renegociaci6n de la deuda The process of moving towards a satisfactory meth- demand money see call money od of paying off a debt by a debtor country, includ- ing restructuring, adjustment, obtaining new money demnaterialisation see computerized entry of and servicing existing debt. ownership deep-discount bond, note de minimis rule obligation 6 prime d'6mission 61ev6e r6gle de minimis bono de descuento intensivo; pagar6 de regla de minimis descuento intensivo Rule whereby banks with exposure below a specified Bond with relatively low-coupon rate of interest, amount would be exempted from requests to offered with a discount in excess of what can nor- participate in new money packages. mally be treated as capital gain by the investor. depositary receipt deep market certificat de titre en d6p6t march6 trbs actif certificado de depositario mercado muy activo A technique devised to permit trading in a security, A very active market. even though the security does not fulfil the require- ments for listing on the local stock exchange. A default interest security is bought and registered in the name of the int6rdts moratoires depositary bank or company, which will issue a inter6s por mora receipt certifying that the receipt conveys the title to Extra interest due on a Euroloan if regular the security deposited with it or held to its order. payments are late. If the receipt is in bearer form, it can then be freely bought and sold, whereas direct dealing in the stock defeasance see also collateralized (debt) would have needed registration of the new owner's defeasance; debt defeasance name every time the security changed hands. 33 depositor rate of interest; borrowing rate dirty float taux d'int6rdt cr6diteur flottement impur; flottement contrd/6; flottement tasa de inter6s sobre los dep6sitos; tlpo de dirig6; flottement assist6; flottement soutenu inter6s sobre los dep6sitos flotaci6n impura; flotaci6n dirigida The rate of interest paid by banks on deposits. Floating of currency where the value of the currency is controlled by the authorities rather than the derivative floating rate notes see synthetic market. Opposite of clean float. floating rate notes disagio detachable warrant disagio; d6port warrant d6tachable desagio certificado separable; warrant separable Difference between nominal or par value and A warrant issued in conjunction with another underlying market value. security (usually a bond) that can be traded or exercised separately following the issue date. disaster clause see jeopardy clause diagonal spread discount see consolidated discount notes; 6cart diagonal conversion discount; deep-discount bond, note; margen diagonal; diferencial diagonal; posici6n original issue discount (OlD) bond; premium; diferencial diagonal rediscount Option strategy based on two puts or two calls in the same stock at different striking prices and discount, to different expiration dates. mobiliser descontar dilution To discount a bill means to buy it for less than its dilution face value, the difference between the price paid diluci6n and the face value representing the implied rate of A drop in earnings per share or book value per interest receivable by the purchaser, during the share, caused by the potential conversion of period before the bill is repaid. securities or potential exercise of warrants or options. discount [bills] escompte direct foreign investment (DF) descuento investissement direct & I'6tranger Difference between price paid and face value of a inversi6n extranjera directa bill or other paper. Direct investments made by corporations of the country in question in foreign corporations. discount [bonds] prime d'fmission direct participation cofinancing descuento cofinancement sous forme de participation Difference between par value and purchase price of directe a bond. cofinanciamiento mediante participaci6n directa Form of cofinancing (also known as "B" loan) discount; markdown [foreign exchange] whereby the Bank subscribes to a share of a com- d6port mercial bank syndicated credit. The Bank's share is descuento confined to the later maturities of the loan in order In foreign exchange refers to a situation where to encourage the lender to extend its own maturi- currency can be bought more cheaply for a future ties. date than for immediate delivery. For example, if US$1 buys FF4 for delivery now, while it buys FF5 for delivery twelve months hence, then the franc is said to be at a discount against the U.S. dollar. 34 discount bond 1. Annualized rate of discount applied to debt obligation d prime (d'6mission) securities issued below par (e.g., U.S. Treasury bono descontado bills). Bond selling at a price less than its par value. 2. Rate at which a central bank (Federal Reserve System in the U.S.) (re)discounts certain bills for discounted debt financial institutions. dette rachet6e (cr6ances rendus) moyennant d6cote; dette rachet6e (cr6ances rendus) au discount swap rabais swap avec d6cote deuda con descuento swap con descuento; intercambio con Debt acquired at a price lower than its nominal descuento value. A swap with a below-market rate. discount from par [securities market] discount window d6cote escompte officiel; r6escompte officiel descuento sobre el valor a la par serviclo de redescuento Amount below face value at which a security is Rediscount facility offered by central bank (Federal traded. Reserve System in the U.S.). discount house; bill broker discount without recourse op6rateur principal du march6 (OPM); maison escompte & forlait; escompte en ducroire; de r6escompte escompte sans recours casa de descuento descuento sin recurso Intermediary between central bank and banking Purchase of negotiable instruments where the buyer system, providing liquidity and ensuring the efficient waives the right of recourse in respect of the seller operation of the money market. Does not exist in of the instrument, to which the buyer would be the U.S. but does exist in the U.K., France, South entitled. Africa, and Singapore. In the U.K, a discount house tends to be larger than a bill broker. In disintermediation France, the OPM is the basic intermediary and may desinterm6diation be either a discount house (maison de rdescompte) desintermediaci6n or other financial institution who is closely involved 1. Shift of funds away from financial intermediaries in the interbank market. Examples include Cr6dit (commercial banks, etc.) into Treasury bills and Lyonnais, Caisse des d6p6ts et consignations and other securities. the Banque nationale de Paris. 2. Shift by large corporations away from banks to a parallel market, involving other large corporations. discount note bon A prime (d'6mission) distress borrowing bono descontado; pagar6 descontado emprunts de d6tresse Note (i.e., short- or medium-term bond) issued at a endeudamiento forzoso discount from its face value. On maturity, the Borrowing in a situation of extreme need when investor receives the full face value. The discount there is no other alternative. from par, thus, corresponds to the return on the investment. distressed loan prdt en difficult discount rate pr6stamo en dificultades 1. taux d'actualisation; Loan on which repayment of interest and principal 2. taux d'escompte has been severely delayed or completely suspended. 1. tasa de actualizacl6n; 2. tipo de redescuento 35 distribution date see payout date domestic resource cost ratio coefficient de coOt en ressources Int6rieures divestiture coeficiente de costo en recursos Internos cession; d6sengagement (d'une soci6t6 d'Etat); Ratio of the cost of all factors of domestic origin d6membrement; d6mantflement; d6possession (evaluated at their opportunity cost) to the domestic venta; cesi6n; privatizaci6n; desposeimiento added value (at world prices). Also known as Disposition of an asset or investment by outright Bruno ratio. sale, employee purchase, liquidation, etc. double-barreled bond dividend-right certificate obligation doublement garantie bon de jouissance bono de doble respaldo bono de usufructo Tax-exempt bond with at least two potential sources Equity paper which does not confer any ownership of repayment, such as a highway revenue issue rights (e.g., voting rights) but grants the holder the backed by tolls and taxes. right to participate in the net profit and liquidation proceeds and the right to subscribe to new shares in double bottom configuration the case of a rights issue. configuration double creux; configuration W configuraci6n en W dividend-right share Form of bar chart used in bar chart analysis of action de jouissance securities which indicates the movement of a acci6n de usufructo security with a tendency to go down, with two Equity paper, issued in the place of repaid shares, troughs. conferring membership rights and the right to participate in the distribution of profits and double hedge swap see cross-currency interest liquidation proceeds of a corporation. hedge dividend stock double top configuration actions b6n6ficiaires configuration double sommet; configuration M acciones con derecho a dividendo configuraci6n en M Stock which entitles the holder to receive dividends. Form of bar chart used in bar chart analysis of securities which indicates the movement of a dollar cost averaging see averaging security with a tendency to go up, with two peaks. dollar ($) LIBOR LIBOR pour les transactions en dollars double-weighted borrowing cost [IBRD] LIBOR para transacciones en d6lares coOt des emprunts doublement pond6r6 The LIBOR for transactions in U.S. dollars. costo de los empr6stitos con doble ponderaci6n domestic resource cost (DRC) When calculating borrowings, the IBRD takes the cot en ressources int6rieures; coOt r6el des amount of the loan, multiplies it by the interest rate, devises and obtains a total for the interest. All the loans costo en recursos internos are added and all the interest totals. The first sum Cost of resources used in products that are not is then divided by the second to obtain the weighted imported. average interest. This is the single-weighted bor- rowing cost. Recently, the IBRD has obtained the interest total by multiplying the amount of the loan by the interest and the number of years to maturity, to take into account the fact that it has loans of varying maturities. The weighted averaged interest obtained from this calculation is called the double- weighted borrowing cost. 36 downgrade (a loan) dual-currency swap d6classer (un pr&t) swap double devise rebajar de categorfa swap en dos monedas; intercambio en dos Loans lent to countries are given a category, accord- monedas ing to how likely they are to be repaid. When a Swap whereby the principal amount is denominated country looks likely to default, the loan is down- and repayable in one currency and the interest in graded (e.g. to substandard). This happened recent- another. ly with loans to Brazil by U.S. banks. due bond downstream investment obligation venant &6ch6ance investissement en aval bono vencido; bono que vence inversi6n posterior A bond that has reached maturity. Investment at a lower level, e.g. a parent company in its subsidiaries or a raw materials company duration (of an Investment) investing in the production sector. duration duraci6n drawdown The weighted average maturity of all cash flows retrait (inclusive of principal repayments) resulting from an disminuci6n; reducci6n; giro; utilizaci6n investment or category of investments, the weighting Actual withdrawal of money allowed under a loan. to be given to each cash flow being the relative contribution of its present value to the total current drop lock market value of such investment or category of clause 'drop lock'; clause de verrouillage au investments. taux plancher congelaci6n del inter6s en un nivel minimo Dutch auction [U.S.] (cuando la tasa de mercado desciende a menos adjudication A prix uniforme; enchbres au de ese nivel) rabais; adjudication & la hollandaise Clause in floating rate note whereby, if market adjudicaci6n a precio uniforme; subasta a la interest rates fall below a specified minimum, the baja rate of interest is fixed at that minimum and locked A competitive bidding technique sometimes used in in for the remaining life of the loan. U.S. securities markets, whereby the lowest price necessary to sell the entire amount of securities droppages, cancellations and prepayments offered becomes the price at which all securities are (DCP) [IFC] sold. abandons, annulations et remboursements anticips Dutch auction note abandono, anulaci6n y pago anticipado bon A coupon hollandais Droppage is when a borrower from IFC decides to bono con cup6n determinado por subasta a la cancel a loan before signature. Cancellation is baja; pagar6 con cup6n determinado por when a loan by a borrower is canceled after signa- subasta a la baja ture. Note on which the coupon is repriced every 35 days at a Dutch auction. The notes have a seven year dual-currency bond maturity. obligation A double devise bono denominado en dos monedas Bond where the price and coupon are denominated in one currency, but the redemption value is set in a different currency, usually dollars, at a rate determined at the time of issue. 37

- E . Emerging Markets Growth Fund (EMGF) [IFC] Fonds de promotion des march6s nalssants early redemption option bond see retractable Fondo de promoc16n de mercados incipientes bond A mutual fund with capitalization of $50 million from institutional investors in the U.S., Europe and earning assets Asia that will invest in securities of companies listed avoirs productifs on Third World stock exchanges. It is a closed-end activos productivos investment company. It is being sponsored by IFC Loans and investments. and was launched in 1986. earnings per share (EPS) Emerging Markets Investment Fund (EMIF) b6n6fice par action (BPA) [IFC] utilidades por accl6n Fonds d'Investissement des march6s nalssants The profit of a corporation divided by the number Fondo para inversiones en mercados Inciplentes of shares outstanding. Fund set up by IFC in the form of a closed-end Investment company to encourage large Japanese economic price; efficiency price institutional investors to invest in developing prlx 6conomlque countries. precio econ6mico Price reflecting relative value to be assigned to Enhanced Structural Adjustment Facility inputs and outputs if the economy is to produce the (ESAF) [IMF] maximum value of physical output efficiency. Facilit d'ajustement structurel renforc6e economic recovery loan (ERL) (FASR) economi recovsseey lonoE ) Servicio financiero reforzado de ajuste pr6t au redressement rconomique estructural pr6stamo para recuperaci6n econimica IMF facility set up in parallel to the Structural World Bank loan made to assist with the economic Adjustment Facility. It is intended to help the recovery of a country. poorest member countries undertake strong three- year macroeconomic and structural programs to efficiency price see economic price improve their balance of payments positions and foster growth. electronic banking mon6tique enhancement see credit enhancement operaci6n bancaria electr6nica Banking transactions using computerized equipment. entrep6t; turntable entrep6t; plaque tournante electronic funds transfer (EFT) bancos intermediarios transfert electronique de fonds Banks operating as intermediaries between borrow- tranfernciaeletr6nca e fodosers and lenders located in foreign countries. System of transferring funds from one account to another by electronic impulses rather than transfer equalizing discount rate see cross-over discount of paper (such as a check). rate emergency reconstruction loan (ERL) equal principal repayment system pr&t a la reconstruction; prdt au relbvement; syst6me de remboursements 6gaux du princi- pret & la r6habIlitation de zones sinistr6es pal; syst6me de remboursement par tranches pr6stamo para reconstrucci6n de emergencia 6gales World Bank loan for emergency reconstruction after sistema de amortizaci6n del principal en cuotas natural disaster. iguales 38

Loan repayment scheme whereby principal repay- equity-like Instrument ment remains the same over the period of the loan, Instrument participatif regardless of interest payments. This means loan Instrumento financlero con caracterlsticas repayments are highest in the earlier years of the patrimonlales loan (when interest payments are higher). This A loan structured in such a way that it can be scheme has been used by the Bank since 1975. converted into equity. An example is an income note that acts as equity, i.e. it bears interest only if equity see bond with equity warrant; debt- the project generates interest. This means it has equity ratio; debt(-for)-equity swap, conversion; the form of equity (cf. stocks where income is debt/quasi equity swap; loan with equity kicker; generated only if the company pays a dividend). An non-equity direct Investment; no-return equity; example of the use of this type of instrument is in quasi-equity; standby equity; stockholders' high-risk countries where an equity investment equity would be lost at once but an equity-like instrument, if dollar-denominated, would guarantee the capital equity capital; capital stock (of a corporation) and ensure income if the project produced income. capital social capital social; capital accionario equity-linked bonad see equity-related bond The issued share capital which is neither limited nor preferred in its participation in the distribution of its equity loan profits nor in the ultimate distribution of its assets. prdt sous forme de prise de participation; prdt Equity capital is sometimes used as a synonym for participatif stockholders' equity. pr6stamo en forma de participaci6n en el capital Loan in the form of equity participation. equity financing; equity Investment participation au capital; prise de participation equity market au capital social; financement en fonds propres march6 des actions; march6 boursier; march6 inversi6n en capital social; participaci6n en des fonds propres capital social bolsa de valores; mercado de valores Investment that confers whole or partial ownership The market in stocks and shares. in an enterprise and entitles the investor to share in the profits from its operation. equity option see option

equity joint venture equity ownership op6ration en association; coentreprise avec participation au capital social d'une soci6t6 participation au capital social participaci6n en el capital social empresa conjunta de capital social proporcional An interest in a property. A company created by other companies, with each owning a proportion of the shares. equity portfolio fund Fonds commun de participations Fondo para inversiones de cartera Fund set up by IFC in developing countries (e.g. Korea, Thailand, Malaysia) to attract foreign equity capital to these countries and improve the access of companies in these countries to world capital markets.

equity-related bond; equity-linked bond titre rattach6 A des actions; obligation apparent6e aux actions bono con caracteristicas de acci6n 39

Bond which has equity features, such as a bond with Eurocurrency equity warrant or a convertible. euromonnale; eurodevise euromoneda; eurodMsa equity-related guarantee A currency deposit held outside the country which garantie de participation au capital issued the currency. garantfa de rentabilidad Guarantee that ensures an investor an minimum Eurodollar return on his investment. eurodollar eurod6lar equity underwriting A dollar deposit acquired by a person or bank not engagement de prise de participation resident in the US. and held outside the US. compromiso de suscripci6n de acclones Underwriting (i.e. finding buyers for a security euro-equities issue) a share issue. This technique has been used euro-actions by IFC, e.g. for the Korea Fund, a diversified euroacciones; eurocapital closed-end investment company investing in Korean Stocks issued on the European market rather than securities, that plans to offer its shares in the U.S. national markets. and other markets with IFC as one of the colead managers. Euroloan europr6t equivalent bond yield europr6stamo taux de rendement in fine A loan made using Eurocurrency. rendimiento equivalente al de los bonos Annual yield on a short-term, non-interest-bearing Euromarket security calculated so as to be comparable to yields euromarch6 quoted on coupon securities. euromercado The Eurocurrency, Eurocredit and Eurobond Eurobond market. euro-obligation eurobono euronote facilities A bond issued in a currency other than that of the facilit6s d'euronotes market or markets in which it is sold. The issue is servicios financieros para eurod6lares handled by an international syndicate. Include primarily very short-term securities issued on the Euromarket, which are continually rolled Eurocommercial paper (ECP) over but with a safety net in the form of a backstop effets de commerce en eurodevises; eurobillets (a standby eurocredit) if the issue is not taken up. de tr6sorerie Four generations have been identified up to now- 1) efectos comerciales en eurodivisas revolving underwriting facility (RUF); 2) tender Notes sold in London for same day settlement in panel issues, such as note issuance facilities (NIF), U.S. dollars in New York. The maturities are more purchase underwriting facilities (PUF), etc.; 3) tailored to the needs of issuer and investor than the multioption facilities (MOF) or multicomponent standard Euronote terms of 1, 3 and 6 months. facilities; 4) euronotes and eurocommercial paper.

Eurocredit euronote facility see revolving underwriting eurocr6dit facility eurocr6dito Any lending made using Eurocurrency, generally a European Composite Unit (EURCO) medium-term bank loan. unit6 composite europ6enne unidad compuesta europea 40

A nonofficial, private unit of account based on the exercise price see striking price currencies of the members of the European Community. exit bank banque sortante European Currency Unit (ECU) banco que opta por la exclusl6n unit4 mon6taire europ6enne (6cu) Bank using an exit Instrument. unidad monetarla europea (ECU) A standard unit of account of European Community exit Instrument; exit bond; exit vehicle member countries. bon de sortie bono de exclusl6n; bono de salida; tftulo de European (style) option salda option europ6enne Instruments issued by a debtor country to a creditor opcl6n europea bank in place of a bank credit, that allows the Option containing a provision to the effect that it creditor bank to be exempted from future requests can be exercised only at maturity. for new money and restructuring. Used by Argenti- na and the Philippines (with its Philippines Invest- European Unit of Account (EUA) ment Notes - PIN). un/tM europ6enne de compte (uec) unidad do cuenta europea (UCE) export adjustment loan (EAL) A composite currency unit based on the value of the pr6t A I'ajustement des exportations currencies of the European Community members pr4stamo para ajuste del sector exportador participating in the European Monetary System. Loan made by the World Bank to assist a country to adjust its export sector. even par swap swap d'obligations pour un montant nominal exposure see also country exposure; currency 6gal translation exposure; large exposure bank; mark swap de bonos de igual valor nominal; to market exposure intercambio de bonos de igual valor nominal U.S. term for the sale of one block of bonds and exposure the simultaneous purchase of the same nominal risque; part des risques; engagement; principal amount of another block of bonds, without pr6sence regard to the net cash difference. riesgo; pr6stamos pendientes; compromisos netos even roll Amount of investment made, with the additional refinancement pour un montant 6gal idea of risk. These translations are proposed. The refinanciamiento de monto igual translation will often depend on the context. Refunding, where approximately the same amount of debt is being issued for the old debt. extendible bond; extendible maturity bond obligation prorogeable event risk bono de vencimiento ajustable risque exceptionnel Bond whose bearer can postpone maturity beyond resgo eventual normal maturity date. Situation occurring when the credit standing of a corporation changes because of certain events (e.g. extendible maturity bond see extendible bond merger, acquisition, leveraged buyout). Some corporations are subject to event risk because they extendible maturity note see extendible note are heavily exposed in a specific area (e.g. political changes for corporations exposed in a certain extendible note; extendible maturity note country, climatic changes for corporations depen- obligation prorogeable dent on a specific crop). bono de vencimiento ajustable; pagar6 de vencimiento ajustable 41

Note on which the maturity can be extended such - F - that interest payments continue and the principal repayment is delayed beyond the original date. face the market extension fee Intervenir sur le march6 commission de reconduction intervencl6n directa en el mercado comisl6n de renegociac6n; comisi6n de To act directly in the market, as opposed to through pr6rroga an agent. Supplementary fee payable to lender of a loan extended beyond original period. face value see par value external bond issue facility see Africa Project Development Facility; 6mission d'obligations A I'6tranger backstop (credit) facility; Caribbean emisi6n de bonos en el exterior Development Facility; Central Bank Facility; Issue of bonds in a foreign country. Compensatory and Contingency Financing Facility; contingency financing facility; External Contingency Mechanism [IMF] contingent investment support facility; Mcanisme de financement pour ai6as Contingent Swap Facility; Enhanced Structural ext6rieurs Adjustment Facility; euronote facilities; External Servicio para contingencias externas Contingency Mechanism; international banking IMF Facility set up to help maintain the momentum facility; multioption facility; new money facility; of adjustment in the face of a wide range of adverse non-underwritten facilities; Project Preparation external shocks. Will operate as a complement to Facility; Regional Project Facility for Sub- the compensatory financing facility. Saharan Africa; revolving underwriting facility; Social Dimensions of Adjustment Project externalization (of debt service payments) Facility; Special Facility for Sub-Saharan Africa; externalisation (des versements au titre du Structural Adjustment Facility within the Special service de la dette) Disbursement Account; Swap Insurance Facility; externalizaci6n (del servicio de la deuda) trade financing facility; underwritten facilities Purchase of foreign exchange needed for debt service payments.servce aymets.facility fee see underwriting fee fade-out agreement; phase-in agreement accord de retrait progressif acuerdo de traspaso progresivo (de acciones) A type of joint venture agreement where the foreign investor initially has an equity participation of more than 50% but gradually transfers this equity to one or more local parties till the local parties have majority participation.

fast track country pays en pointe pals (bien encarrilado) con inversi6n y crecimiento Country with a high level of investment and growth. 42

federal funds [U.S.] fee see admission fee; agency fee; availability fonds fd6raux fee; commission; commitment fee, charge; fondos federales extension fee; fiscal agency fee; flat fee; foreign Cash balance held by banks with local Federal exchange coverage fee; front-end fee; Reserve bank. They are immediately available (e.g., guarantee commission, fee; handling fee; loan for transfer between banks). Note that monnaie origination fee; management commission, fee; centrale is the money held by a French bank at the participation fee; prepayment fee; processing Banque de France (central bank) and is the French fee; selling fee; trade inside fees; underwriting equivalent of federal funds. fee; utilization fee

[U.S.] financial deepening taux des fonds f6d6raux augmentation de I'importancedes circuits tasa de los fondos federales; tipo de los fondos financiers; intensification des circuits financiers federales intensificaci6n financiera Rate of interest paid on federal funds. Equivalent Acquisition of financial assets at a faster rate than to interbank rate. nonfinancial assets.

federally chartered bank [U.S.] financial engineering banque A charte f6d6rale ing6nierie financi6re banco constituido a nivel federal t6cnicas financieras; ingenieria financiera In the United States, a bank that has been char- [M6xico] tered by the Comptroller of Currency, that belongs Application of innovative techniques in major to the Federal Reserve System and meets the national and corporate workouts. requirements for a national bank as defined under the National Bank Act. In the U.S. only federally financial futures and State chartered banks and other authorized instrument financier 4 terme; contrat & terme institutions may receive deposits. financier; future; contrat & terme d'instrument financier (CATIF) Federal Reserve System futuros financieros systbme f6d6ral de r6serve Futures of bills, notes, bonds, currency, and Sistema de la Reserva Federal commercial paper. The central banking system of the U.S. It has twelve Federal Reserve Banks divided up by geo- financial futures contract graphical regions. The Board of Governors super- contrat du Matif vises the operations of the regional banks and contrato de futuros financieros coordinates monetary policy through its Federal A completed but transferable agreement to make or Open Market Committee. take delivery of an interest-sensitive security at a specified time at a specified price.

financial futures market march4 & terme d'instruments financiers (MA TIF) mercado de futuros financieros Futures market where only financial instruments are negotiated.

financial Intermediary interm6diaire financier intermediario financiero Normally, an intermediary between the U.S. Treasury (or equivalent) and the market. 43 financial Intermediary loan (FIL) financial spread prdt & un Interm6diaire financier marge financibre pr6stamo a un Intermediarlo financiero margen financlero World Bank loan to a financial intermediary, such Income from loans and investments minus cost of as a central bank. borrowing. financialization financing relief financialisation; financi6risation allfgement financier financializaci6n alMo financlero The holding of assets (e.g. savings) in financial form The extent to which a borrower has its debt -- and (e.g. bills, bonds, cash) as opposed to in the form of hence its need to find new finance -- reduced, as a fixed assets (e.g. gold, real property). result of debt reduction or restructuring. financial market fine-tuning (of the economy) marchd des capitaux; marchd financier r4glage de pr6cision mercado financiero afinamiento (de la economla) Market for the exchange of capital and credit in the An effort to steer aggregate demand and output economy. It is divided into money market and toward a target level through monetary and fiscal capital market. Note that Raymond Barre, in his instruments. seminal Economie politique, defines marchi des capitaur as the overall market, equivalent to the firm commitment underwriting see bought English financial market, the march mon6taire as deal le marchi des capitaux i court terme (= money market) and the marcIU financier as le marchi des fiscal agency fee capitaux d long tenne (= capital market). However, commission d'agent payeur various Francophone authors differ on this issue and comisi6n del agente financiero you will frequently see march financierused for the Fee payable for registration of bonds and other English financial market and marchg de(s) capitaux official requirements. used for capital market. Note also that, while Barre uses marche des capitaux, many writers use fiscal agent marchi de capitaux. agent financier agente financiero financial ratios A bank appointed by the borrower as its agent for ratios de structure; ratios financiers a new issue of securities when no trustee has been coeficientes financieros appointed. Its functions include those of a principal Ratios which show a corporation's financial struc- paying agent and a number of the clerical functions ture. They include liquidity and leverage ratios. but none of the fiduciary responsibilities of a trust- ee. financial repression r6pression financibre fiscal drag represi6n financiera 1. 6rosion fiscale des revenus; Distortion in the financial system, with negative 2. freinage fiscal interest rates, subsidy interest rates to some privi- 1. lastre fiscal; r6mora fiscal; leged borrowers, selective credit allocation, and 2. freno fiscal excessive bureaucratic control over the financial 1. Reduction in real income due to the increase in system. income from inflation, resulting in income earners being placed in higher tax brackets. 2. Action by public financial authorities with regard to economic activity. 44 fix see floating rate note with variable coupon floater see floating rate note fix floating capital fixing capitaux mobiles; capitaux disponibles; fixing capitaux flottants cotizaci6n capital circulante; capital flotante Quotation of the price of a commodity in the That portion of the capital of an enterprise not market. In France, fixing used to apply to all invested in fixed or other capital assets but in markets but the system is no longer used. It is current and working assets. used, for example, in the London gold market. floating rate bond, note see also capped flat floating rate note; collar; collateralized floating tel quel rate bond; flip-flop; floor; inverse floating rate sin intereses devengados note; mismatch floating rate note; perpetual Excluding accrued interest. A bond where the floating rate note; reverse floating rate note; risk interest is included in the price is said to be traded conversion floater; synthetic floating rate notes flat (une obligation n6gocide telle quelle). floating rate bond flat fee; front end fee [Euroloan] obligation & taux flottant; obligation d taux commission imm6diate variable (OT) comisi6n inicial bono con inter6s variable When a loan agreement is signed, fee payable in full Bond on which the coupon is established periodical- by the borrower to the lenders in the syndicate. ly and calculated with reference to short-term interest rates. flight to quality ru6e vers les titres de qualit6 floating rate note; floater desplazamiento hacia las emisiones de mayor bon & taux flottant; bon & taux r6visable calidad bono con interds variable; pagar6 con inter6s In capital markets, the transfer of assets to higher variable quality securities. This occurred after the October Note issued from five to fifteen years with a fixed 1987 stock market crash, as investors sought more spread, usually over the six month London Inter- reliable investments to avoid losses, rather than seek bank Offered Rate (LIBOR), normally with provi- large gains from unreliable investments. sion for a minimum interest rate. Primarily used by banks to raise dollars for their Euromarket opera- flip-flop tions. flip-flop bono flip-flop floating rate note with variable coupon fix Floating rate note from which the holder can opt bon d taux flottant A coupon indexA out and into another security, and move back into bono con inter6s variable indizado; pagar6 con the original note under pre-determined conditions. inter6s variable indizado Floating rate note on the Euromarket where the float [banking] coupon is linked to a different index, at the issuer's moyens de paiement &I'encaissement; moyens choice, the borrower's choice or whichever is de paiement non recouvr6s; moyens de higher/lower. The different methods of choosing paiement flottant the coupon fix are laid down in the original efectos en cobro; efectos en cobranza agreement. Checks, drafts, etc., in the process of collection. 45 floor forced investment floor; plancher investissement obligataire bono con inter6s variable mfnimo; pagar6 con inversi6n forzosa; inversl6n obligatorla inter6s variable mrnimo A requirement placed on a commercial bank A floating rate note with a lower limit on the (usually in a developing country) that it make interest rate to be paid. specific investments (e.g. x% of its portfolio must be agricultural investments), sometimes at a specific floor broker see floor trader (definition) rate. floor rate of exchange foreign-aimed security; foreign-targeted taux de change minimum security [U.S.] tipo de camblo mrnimo titre destin6 d I'6tranger The minimum rate of exchange. valores para inversionistas extranjeros U.S. security first issued October 24 1984, specially floor return aimed at attracting foreign investors. It is a hybrid rendement minimum between a bearer (favored by European investors) rendimiento mfnimo and registered security (as preferred by the Internal Minimum return on investment. The Bank sets Revenue Service), in that the owner does not have 15% below the return projected at the beginning of to be registered but securities dealers must certify the fiscal year as its floor return. that the purchaser is not an American citizen or resident. Interest is paid once a year. Initial issue floor trader was three-year 11 month notes at 3 tenths of a point agent op6rant directement sur le parquet; agent below ordinary notes. de change corredor de bolsa independiente foreign exchange auctions Member of an exchange trading for himself. Note vente de devises aux enchbres; vente de de- that floor broker is a broker on the New York vises par adjudication Stock Exchange who acts for other members of the subastas de divisas Stock Exchange only. Auctions of foreign currency, as used in some developing countries, whereby the price obtained for floor trading the foreign currency at the auction is the rate of march6 de la cri6e exchange applied till the next auction. transacciones de los corredores en la bolsa Trading on the exchange for one's own account. foreign exchange coverage fee frais de couverture de change flow of funds see funds flow comisi6n de cobertura cambiaria Costs incurred by the borrower resulting from flow-of-fund table [national accounts] changes in the rate of exchange between currencies tableau des op6rations financibres (TOF) disbursed to and to be repaid by the borrower. cuadro de corrientes financieras A table showing transactions in financial claims foreign exchange warrant between institutional units. warrant en devises certificado en divisas; warrant en divisas; libranza en divisas Warrant which is purchased in one currency and resold in another. 46

Foreign Investment Advisory Service (FIAS) forward rate agreement; future rate agree- Service-conseil pour I'investissement 6tranger ment (FRA) (FIAS) (contrat de) FRA; contrat A terme de tau Servicio de asesorfa sobre inversi6n extranjera d'intr§t (FIAS) acuerdo a t6rmino sobre tasas de inter6s; The Foreign Investment Advisory Service helps acuerdo a plazo sobre tasas de interds member governments to review and adjust policies, An agreement between two parties, one wishing to regulations, and investment strategies that affect protect itself against a future rise in interest rates foreign investment. It is currently managed jointly and the other against a future fall. The parties by IFC and MIGA. agree to an interest rate for a specific period start- ing at a specific date in the future. At maturity they foreign-targeted security see foreign-aimed settle by paying or receiving only the difference security between the interest rate agreed earlier and the then current interest rate. forfaiting forfaitage founders' shares; promoters' stock [U.K.] descuento de bonos a mediano plazo; parts de fondateur; parts b6n6ficiaires descuento de pagar6s a mediano plazo acciones de fundador The business of discounting medium-term promis- Shares subscribed by original owners of a business. sory notes or drafts related to an international trade transaction. Repayments are semiannual and fourth market [U.S.] discounting is at a fixed rate. quatri6me march6 cuarto mercado formula investing Market for large block sales of securities arranged formule forfaitaire de placement; ordre de by private firms. placement automatique inversi6n conforme a una f6rmula free-limit loan Investment technique based on predetermined pr&t librement accordd timing or asset allocation model that eliminates pr6stamo de aprobaci6n aut6noma emotional decisions. Examples include constant A loan which does not exceed the amount above dollar plan and (dollar cost) averaging. which onlending is subject to Bank approval. forward contract free limit of loan contrat & r6glement mensuel (RM); contrat & plafond de pr6t librement accord6 terme ferme Ifmite mcximo de aprobaci6n aut6noma contrato a t6rmino; contrato a plazo The limit on a free-limit loan. Purchase or sale of a specific quantity of a com- modity, security, currency or other financial instru- free rider ment at the current or spot price with delivery and cavalier seul; profiteur; abstentionniste; settlement at a specified future date. resquilleur; passager clandestin banco abstencionista forward cover A bank that collects full interest due on outstanding couverture A terme loans without contributing to the new money loans entrega a t6rmino; entrega a plazo which provide, in part, the resources to pay future The arrangement of a forward foreign exchange interest. contract to protect a buyer or seller of foreign currency from unexpected fluctuations in the ex- front end free see also flat fee change rate. front end fee forward-forward arbitrage see time arbitrage commission d'ouverture comisi6n Inicial 47

Fee levied on borrower when a loan is first made. funding pro rata [IBRD] The World Bank used to levy a front-end fee on its participation proportionnelle loans but no longer does. participaci6n proporcional Type of IBRD "B" loan, whereby IBRD takes a pro front end financing rata share of about 10 percent in each maturity of financement suppl6mentaire the commercial loan. financiaci6n suplementaria; financiaci6n sin garantia; financiaci6n sin asegurar funds flow; flow of funds That part of the finance of a loan package provided flux financiers by banks over and above the part that is insured by flujo de fondos; corriente de fondos an export credit guarantee agency. The flow of purchasing power into and out of an organization. Inward flows include sales revenue, front-loaded spending sales of fixed assets and investments, and issues of d6penses group6es au d6but (d'une p6riode , loans, and shares. Outward flows donn6e) include purchases of fixed assets and investments, gasto concentrado al comienzo de un perfodo repayment of debt, payment of dividends, and Spending at the beginning of a financial period. taxation on profits. front-loading of conditionality funds flow statement see statement of changes imposition de conditions pr6alables in financial position imposici6n de condiciones previas (a la aprobaci6n de un pr4stamo) funds statement see statement of changes in In Bank adjustment loans, refers to the establish- financial position ment of conditions to be met by the borrower prior to Board presentation (as opposed to actions being funk money see hot money carried out during the course of the loan). future rate agreement see forward rate full, fully paid stock see paid-up stock agreement full service bank futures see financial futures; interest rate banque multiservices futures; stock index future; swap future banco miltiple; multibanco Bank providing a wide range of services to clients. futures [commodities market] op6rations A terme; futures fully paid stock see paid-up stock futuros Agreement to buy or sell a specific amount of funded debt commodity. dette consolid6e deuda consolidada futures, financial see financial futures The debt of a business or government in the form of outstanding bonds and other long-term notes. futures contract contrat d terme funding latter maturities [IBRD] contrato de futuros financement des dernibres 6ch6ances An agreement to take or make delivery of a specific financiamiento de los 61timos vencimientos commodity or instrument on a particular date. See Type of IBRD "B" loan, whereby IBRD would take also financial futures contract. an initial share of the loan up to about 25 percent, concentrated in the latter maturities. 48 futures market march6 & terme mercado a plazo; mercado a t6rmino; mercado de futuros gamma Market where futures contracts are bought and gamma sold. gamma The sensitivity of an option's delta to small unit futures option changes in the price of the underlying. option sur contrats & terme opci6n (de un contrato) de futuros the gap [IBRD] see overall risk profle A put or call option on a futures contract. gap financing financement du d6flcit financiamiento del d6ficit Amount of financing needed for which provision has not yet been made. gapping gapping No Spanish Analysis of interest rates in order to manage interest rate margins to improve liquidity. The French sensibly used the English word.

gearing ratio see leverage ratio

gearing ratio [IBRD] coefficient d'utilisation des fonds propres; rapport encours des pr6ts/fonds propres relaci6n pr6stamos desembolsados y pendientes-capital y reservas Ratio of capital plus reserves to loans outstanding and loans disbursed.

Geisha bond obligation Geisha bonos geisha Bond issued on the Japanese market in currencies other than yen. (Yen-denominated bonds are known as Samurai bonds.) 49

General Investment Authorization [IBRD/IDA] global bond pouvoir g6n6ral de placement obligation plan6taire; obligation multimarch6s facultad general para efectuar inversiones bono global Formal name for Bank and IDA investment author- Bond issued simultaneously in the U.S. and other ity, approved by the Executive Directors April 18, markets. The World Bank issued this kind of bond 1989, which extends the right of the Bank to invest for the first time in June 1989. in certain instruments. Changes include removal of specific limitations on futures and options, authori- Global Cap Authority [IFC] zation to use currency-hedged, covered forward autorisation globale de cap; montant total des investments, acceptability of foreign currency de- caps autoris6s nominated government obligations if equivalent to facultad de adquisicl6n de contratos con inter6s AA rated securities, IDA's authority equivalent to tope the Bank's and others. Authority given by the Board to IFC to purchase contracts with interest rate ceilings (caps) and then Generally Accepted Accounting Principles sell to its borrowers. It reflects the total amount of (GAAP) caps, in dollars, that IFC is authorized to make. Principes comptables g6n6ralement admis principlos contables generalmente aceptados Global Swap Authority Conventions, rules, and procedures governing autorisation globale de swap accepted accounting practice. These principles are facultad para efectuar swaps normally followed by the World Bank in its Authority given to IFC by the Board to borrow accounting statements. In the U.S., they were laid from the markets up to a level of US$250 million down by the Financial Accounting Standards Board equivalent through private placements and direct (FASB). institutional loans. general obligation bond see general goodwill clause obligations clause de bonne volontO clcusula de buena voluntad general obligations; general obligation bonds A clause in a Paris Club loan agreement that emprunts de collectivit6 locale commits the creditors to consider debt relief after bonos de responsabilidad general the end of the stipulated consolidation period. In Long-term borrowings, usually by a municipality, return, creditor countries ask the debtor country to that are backed by the full faith, credit, and taxing meet two conditions firstly, the debtor country must powers of the issuing locality rather than income have secured debt relief from creditors not covered generated by a specific project. by the Paris Club agreement and secondly at the time the creditors agree to review the need for Gensaki further debt relief, the country remains eligible for Gensaki use of upper credit tranche IMF resources. (acuerdo) gensaki A Yen repurchase agreement. government debt instruments instruments de la dette publique gilt-edged securities; gilts Instrumentos de la deuda p6blica 1. fonds d'Etat britanniques; valeurs garanties Debt instruments issued by governments. par I'Etat; 2. valeurs de premier ordre government paper 1. bonos del Gobierno brithnlco; effets publics 2. bonos de primer orden; valores de primer efectos p6blicos orden Short-term debt instruments issued by governments. 1. British Government bonds. 2. U.S. bonds of AAA standing. 50 government security dealer gross earnings margin; gross margin; courtier en fonds d'Etat; courtier d'effets pub- banker's spread; banker's markup [banks] lics marge brute corredor de valores del Estado margen bruto Security dealer specializing in government debt Defined as interest received on loans less interest instruments. paid on deposits plus other income (interest re- ceived on investments, gains or losses in foreign grace period exchange operations and commissions and fees diffr6 d'amortissement; franchise de received and paid). remboursement; d6lai de gr&ce perfodo de gracia group of creditors The period allowed in a loan schedule during which groupe de cr6anciers; club de cr6anciers repayments of loan principal need not be made. grupo de acreedores Group representing the creditors of a specific grade see rate country or countries. greenmail growth contingency cofinancing greenmail; chantage au dollar colinancement d'intervention au-dessous d'un compra de las propias acciones para evitar la seull de croissance donn6 absorci6n de la empresa cofinanciamiento supeditado al crecimiento An antitakeover maneuver in which the target firm System used with the Mexico financing package, purchases the raider's stock at a price above that whereby special financing would be provided from available to other stockholders. The funds for the colenders if growth failed to reach a preset stan- purchase are often borrowed; other stockholders are dard. ordinarily excluded from the transaction. growth stock grey, gray market action d'avenir march6 gris acci6n de una empresa prometedora mercado gris The stock of a firm that is expected to have above Market in bonds that have not been given a firm average increases in revenues and earnings. price. guarantee see also accelerable guarantee; call gross capital coefficient, ratio a guarantee; counter-guarantee; equity-related coefficient (taux) de capital brut guarantee; non-accelerable guarantee; rolling coeficiente de capital bruto guarantee The amount of capital requirement per dollar of annual lending, equivalent to the average number of guarantee [IBRD] years a loan remains disbursed and outstanding. 1. garantie de la BIRD; 2. garantie (de I'Etat) gross collection ratio 1. garantla; coefficient (taux) de recouvrement brut 2. garantia (del Estado) coeficiente de cobro bruto 1. Type of IBRD "B" loan with IBRD guaranteeing The interest received less prior years' recoveries part of the loan and offering the commercial divided by the interest received plus net nonaccruals colender a put on the latter maturities of the loan, for the year. The ratio shows the amount due and which would represent an IBRD commitment to actually collected during the year (excluding any purchase the designated maturities at the request of amount collected but overdue from prior years) and the colender. relates it to the amount that was contractually due 2. Loan made to a domestic corporation guaranteed during the current year. See also net collection by the state. ratio. 51 guarantee commission, fee [IBRD] -H- commission de garantie comisi6n de garantia Commission payable periodically (e.g., to IBRD) as handling fee; management fee compensation for the risk in guaranteeing a loan. commission de gestion; commission de g6rance Guaranteed Recovery of Investment Principal comlsi6n (Program) (GRIP) [IFC] Fee payable to lead bank for handling bonds. (Programme de) garantie de recouvrement de I'apport des investisseurs (GRAI) head and shoulders configuration (Programa de) recuperaci6n garantizada del configuration t6te-6paules principal de las inversiones (GRIP) configuracl6n 'tricornio" A financial service offered by IFC, involving the Form of bar chart used in bar chart analysis of structuring of IFC and co-investor equity exposures securities which indicates the movement of a in such a way as to take advantage of differences in security up and down (or down and up) with three their risk-preferences and perceptions, generating peaks, the middle one being the higher (and thereby benefits which can be shared by both. An investor giving the chart the form of a head above a pair of making an investment in the equity of a developing shoulders). country enterprise, instead of making the investment directly, gives the money to IFC in return for a U.S. head of trading dollar debt instrument. IFC makes the investment in chef arbitragiste its own name but has a contractual agreement with jefe de operaciones bursAtiles the investor regarding voting of shares, management Person responsible for securities trading in an and long-term strategy for the enterprise. organization. headroom marge de d6caissement margen de maniobra The difference between the statutory limit on lending and the value of loans that are disbursed and outstanding.

heavily Indebted see highly Indebted

hedge [securities market] valeur de refuge valor de protecci6n Security acquired to cover possible loss on speculative investments.

hedge ratio coefficient de couverture; ratio de couverture coeficiente de protecci6n In an options contract, a ratio representing the change expected to occur in the market value of an options contract as a result of a specified change in the market value of the securities underlying the contract. 52 hedging hostile takeover bid; unfriendly takeover bid couverture des op6rations A terme; op6rations offre publique d'achat (OPA) hostile; OPA d'arbitrage en couverture d'actifs; op6rations sauvage en contrepartie; hedging oferta p6blica de adquisici6n (OPA) hostil (con operaciones de cobertura; operaciones de fines de absorci6n) protecci6n cambiaria An offer to purchase shares from a firm's Purchase or sale of currency, usually on a forward stockholders when directors of the target firm have basis, as a means of insuring against loss should an recommended that stockholders do not sell their exchange rate change. stock. highly, heavily indebted middle income hot bill country (HIC) effet brOlant pays & revenu interm6diaire fortement endett6 efecto a la vista o de vencimlento a muy corto pals de ingresos medianos muy, fuertemente plazo endeudado Bill which matures at sight or whose maturity is less Seventeen middle-income countries deemed to have than the period making possible its collection in encountered severe debt servicing difficulties: good time, necessitating immediate presentation for Argentina, Bolivia, Brazil, Chile, Colombia, Costa payment. Rica, CMte d'Ivoire, Ecuador, Jamaica, Mexico, Morocco, Nigeria, Peru, Philippines, Uruguay, hot money; funk money [U.K.] Venezuela and Yugoslavia. The Bank uses both capitaux f6briles heavily and highly. The World Development Re- capitales itinerantes port, World Debt Tables 1988-1989 and UNDP use Short-term international capital movements, highly. The IMF and United Nations Statistical motivated by interest rate differentials or Office use heavily. OECD uses debt-distressed, revaluation hopes/devaluation fears. while the 1989-1990 World Debt Tables use severely indebted country. hung-up issue 6misslon coll6e (coinc6e) highly leveraged see leveraged emisi6n empantanada; emisi6n atascada An issue which dealers have not managed to fully high quality borrower see prime borrower place. horizontal spread; calendar (call) spread; hurdle rate time (call) spread taux critique de rentabilit 6cart horizontal tasa critica de rentabilidad margen horizontal; posici6n diferencial A somewhat arbitrary rate of return, related to the horizontal current cost of borrowing money, set by a Options strategy that involves buying and selling the government or company to guide investment same number of options contracts with the same decisions. Below this limit, investment is normally striking price but different maturity dates. considered inadvisable. hostile raider hybrid loan pr6dateur hostile prdt hybride See corporate raider pr6stamo hibrido Corporate raider whose actions are not supported In adjustment lending, refers to a sector adjustment by the targeted corporation. loan which focuses on both investment structures and incentive policies. One component supports policy reform, while another component supports a sectoral investment program, in some cases a time-slice of a sectoral investment program. 53

- ii . Imprest account, fund compte d'avances de calsse; compte IDA-eligible country d'avances temporaires admis emprunter A FIDA; pays 6figible cuenta de anticipos; fondo de anticipos paysays adis& ee r & An account or fund maintained for payments made afqu ddide r cin cash, commonly used as a petty cash fund. A pals que puele recibir cr6ditos, financlamlento fixed maximum sum is kept in the fund and, as the dela AIF pals habilitado para recibir cr4ditos e fund is depleted, this sum is periodically brought up la AIF to the maximum. Developing country which is entitled to receive IDA credits because its per capita income is below the Income bond; participating bond IDA norm. obligation participante participatorio lows bono IDrelowrseIDA ref s AIn the U.S., bonds which are guaranteed as to remboursements a I'lDA; rentres de I'lDA principal but which have interest payments as a reembolsos a la AIF; reflujos de la A oF contingent obligation, that are required only if Payments received by IDA in the form of reim- earned and then assented to by the board of bursements for credits made. directors. Failure to pay interest does not constitute clause default. (Note that in the U.K., income bond refers illegality/clase to a type of fixed-interest investment offered by life clause d'ill6galite insurance companies, consisting of an immediate clAusula de exigibilidad del reembolsoanutplsadfreaniy. Clause in a loan agreement which allows the lender annuity plus a deferred annuity.) to ask for repayment of his funds if a change in index arbitrage trading see program trading national legislation obliges him to withdraw from the loan. indexed bond; index-linked bond investment obligation index6e immature bono indizado investissement immature Bond where the coupon rate or redemption value is inversi6n todavia improductiva; inversi6n verde indexed (to other currencies, gold, or fuel prices). Investment which is not yet bringing in any returns. impaired investment indexed currency borrowings le taux est investissement provisionner, investissement emprunts en devises index6s (dont inesimn t daroisoner; investissementcopmi index6) en danger; investissement compromis empr6stitos en divisas con interds Indizado inversi6n menoscabada Borrowings in a foreign currency where the rate of An investment which has been reduced by losses or interest is linked to an agreed scale. other distributions. indexed currency option note (ICON) impairment ICON deprciation; d4valorisation bono con rescate vinculado a un tipo de desvalorizaci6n cambio; pagar6 con rescate vinculado a un tipo Loss in value of an investment. de cambio Notes denominated and paying interest in one implicit spread currency but whose redemption value is linked to an marge Impilcite exchange rate for another currency. Also called margen Implicito Heaven and Hell Bonds. The ratio of the present value of costs of the commitment fee and loan spread to the present value of outstanding loan balances. 54

Indexed loan [currency pool] Informal finance prdt lndex6 syst6me de financement non structur6; syst6me pr6stamo Indizado de financement non institutionnel; syst6me de Loan indexed to the daily variation of the U.S. financement traditionnel dollar value of the pool due to exchange rate financamlento no institucional; financlamiento fluctuation. Informal Finance which takes place outside of the normal Indexing; Index program financial markets. indicidrlsation; Inde)ing programa de compra de acciones Incluidas en Information memorandum un Mdice m6morandum de placement A method of portfolio management by buying stocks prospecto confidencial that compose a well-known index, often the Document sent to all banks involved in Eurocredit, Standard and Poor 500, and sticking with them. equivalent to a prospectus, though, unlike a Not to be confused with index-linked (i.e. tied to the prospectus, it is confidential. rate of inflation). in house financing; self-financing index-linked bond see Indexed bond autofinancement; financement interne; financement par fonds propres index option autofinanciamiento; financiamiento con fondos option sur indice propios opci6n basada en un indice bursAtil Financing from own resources rather than Option which is based on a stock index rather than borrowings. an underlying security. initial margin index program see indexing d6p6t de garantie dep6sito de garantia individual retirement account (IRA) The amount a buyer is requested to deposit with a plan d'dpargne retraite personnel (PER) broker before commencing trading. cuenta de ahorro para jubilaci6n Personal, tax-deferred retirement account for initial public offering (IPO) employed persons. introduction en bourse oferta p6blica inicial industrial and trade policy adjustment loan A firm's first offering of stock to the public. (ITPAL) pr6t A I'alustement de la politique industrielle et inside, insider dealing commerciale (PAPIC) d6lit d'initi6 pr6stamo para ajuste de la(s) poliftica(s) transacciones ilicitas de personas iniciadas Industrial y comercial Trading in stocks, etc. by those who have advance World Bank loan made to assist adjustment of a notice of likely changes in the market, due to their country's industrial and trade policy. inside knowledge.

inflation premium prime de risque-inflation prima por inflaci6n A premium added to a security to allow for inflation. SS

Institutional ratio Interest leakage ratio Institutionnel fluctuation des tam d'Int6rdt due & une fulte de coeficiente Institucional capitaux The ratio between Bank subscriptions authorized fluctuaci6n de las tasas de inter6s debida a la solely in general capital increases and IMF quotas fuga de capitales; fluctuaci6n de los tipos de obtained solely from general quota increases. Used inter6s debida a la fuga de capitales to determine the initial share allocations of Changes in U.S. interest rates due to movement of countries joining the Bank during the period of the funds from the U.S. to the Eurodollar markets. 1979 General Capital Increase. Interest period interbank offered rate (IBOR) p6riode d'Intfrdt taux interbancaire offert perlodo de vigencia de la tasa de inter6s; tasa de oferta interbancaria; tipo de oferta perfodo de vigencia del tipo de interds interbancaria Period during which an interest rate is fixed. At the Rate of interest offered by banks for their loans to end of the period the rate may be adjusted. the most creditworthy banks for a large loan, for a specific period and in a specific currency. The best interest rate cap known one is the London one (LIBOR), but they plafond des taux d'int6rdt; contrat d taux also exist for Abu Dhabi (ADIBOR), Amsterdam d7nt6r6t plafonn6s; contrat A cap de taux (AIBOR), Bahrein (BIBOR), Brussels (BRIBOR), d'int6rdt (HIBOR) or (HKIBOR), Kuwait tope de las tasas de inter6s; tope de los tipos (KIBOR), Luxembourg (LUXIBOR), Madrid de interds (MIBOR), Paris (PIBOR) (occasionally known as A limit on the amount of interest that can be levied taux interbancaire offert a Paris - TIOP), Saudi on a variable rate loan. Proposed for IBRD. Arabia (SAIBOR), Singapore (SIBOR), 6 month SDRs (SDRIBOR), Zurich (ZIBOR) and other interest rate futures financial centers. march6s & terme sur les taux d'intfrdt contrato de futuros de instrumentos financieros interest-bearing notes Contracts on a financial futures exchange denomi- effets porteurs d'int6r&t nated in a particular deliverable short- or long-term bonos que devengan intereses; pagar6s que financial instrument such as a three month certifi- devengan intereses cate of deposit. Notes on which interest is paid. interest rate risk interest capitalization risque de perte sur les taux dint6rdt capitalisation des int6r&ts riesgo relacionado con las tasas de inter6s; capitalizaci6n de los intereses riesgo relacionado con los tipos de inter6s Converting deferred interest payment into new debt Risk due to difference in interest rates. instruments. interest rate segmentation interest coverage ratio fractionnement des taux d'int6r&t; taux d'intbr6t ratio de couverture de I'int6rdt fractionnd coeficiente de cobertura de intereses fragmentaci6n de la tasa de inter6s; Net income before interest expenses divided by fragmentaci6n del tipo de inter6s interest expenses. IFC's definition is "The number Use of different interest rates for different end uses of times income, after deducting all expenses except or end users having essentially the same maturity, borrowing charges and provision for losses, covers transaction costs and risk characteristics. borrowing charges." 56

Interest-rate swap International branch of a bank in a kind of internal accord de swap sur les taur d'intrdt; swap de free-trade zone in the U.S., which allows banks to taux d'int6r4t; contrat d'6change de taux engage in international banking without some of the d'int6r4ts (CETI) usual restrictions facing domestic banks. Those swap de tasas de Interds; swap de tipos de restrictions from which IBFs are exempt include Inter6s; intercambio de tasas de Inter6s; reserve requirements, payment of certain insurance intercambio de tipos de inter6s premiums, and special relief from state tax. An agreement to exchange floating rate payments for fixed-rate payments in the same currency. International Federation of Stock Exchanges (FIBV) interest (rate) switching Fd6rat/on internationales des bourses de modification du r6gime des int6r6ts valeurs (FIBV) modificaci6n del r6gimen de intereses No official name in Spanish Option in a restructuring agreement which allows Organization that establishes relations between creditor banks to alter the interest rate base, either stock exchanges. by having a fixed rate or a variable rate linked to a specific rate such as LIBOR. International Organization of Securities Commissions (IOSCO) interest retiming Organisation internationale des commissions modification de I'6ch6ancier; modification de la de valeurs mobilibres (OICV) p6riodicit6 des paiements d'int6r6ts Organizaci6n Internacional de Comisiones de modificaci6n de la periodicidad del pago de Valores (OICV) intereses International organization representing securities Agreement whereby the frequency of interest regulators. payments is altered, usually from 3 or 6 month to 12 month interest periods. International Swap Dealers Association (ISDA) intermediation No official name in French interm6diation No official name in Spanish intermediaci6n New York-based international swap trade associa- Process whereby a financial institution interposes its tion. It has adopted a code for swap dealing as well names and trustworthiness between a lender and a a master swap agreements. borrower. For example, instead of buying an issue directly from a corporation, an investor may deposit in the money (ITM) (option) funds with a bank which, in turn, invests in the option dans le cours; en dedans; au-dessous issue. du prix opci6n con un precio superior o inferior al valor intermediative borrowing verdadero; con dinero emprunts auprbs d'interm6diaires financiers A call option that has a strike price less than the Internationaux price of the underlying asset or a put option that pr4stamos obtenidos de intermediarios has a strike price more than the price of the under- financieros lying asset. Option dans le cours is the term used in Borrowing from financial intermediaries, the MATIF.

International banking facility (IBF) service bancaire international servicio bancario internacional 57

Intrinsic value Company that uses its capital to invest in other valeur Instrins6que companies. The two kinds are open-end investment valor intrinseco company and closed-end Investment company, the The financial benefit to be derived if an option is former being by far the most frequent. In France exercised immediately, reflecting the difference the socidtis d'investissement A capital variable between the exercise price and the market price of (SICAV) and fonds communs de placement (FCP) the instrument. are the most common. The OPCVM are the investment companies in France. They were inverse floating rate note liberalized by a law of December 23, 1988, which obligation & taux flottant & intdrbt invers6 came into effect October 1, 1989. bono con inter6s variable Inverso a la tasa de referencia; pagar6 con inter6s variable inverso a investment grade paper la tasa de referencia 6mission sans risque Floating rate note where interest is paid in inverse efecto de buena calidad; papel de buena relationship to the benchmark interest rate, so that calidad if the benchmark interest rate rises the interest on Issue of paper rated at BBB- or above (or the inverse FRN will go down and vice versa. equivalent) by a rating agency. investment bank [U.S.]; merchant bank [U.K.] investment leakage banque d'affaires; maison de titres; banque de d6perdition sur l'investissement tr6sorerie et d'arbitrage factores imprevistos que encarecen la inversi6n banco de inversiones Various unpredicted factors that increase the cost of Institution that accepts new issues of stocks from a an investment, such as management fees, inflated corporation and attempts to sell them to the public equipment costs and non-arms length royalties. at a profit. In the U.S., they have a separate legal status from commercial banks. The banques de investment securities trdsorerie et d'arbritrage, a category recently created, titres de placement are intended specifically to deal with the changing valores de inversi6n a largo plazo situation in the financial markets. Securities that are particularly suitable for long-term investment (e.g., bonds). Also includes investment broker top-rated shares. courtier en placements corredor de inversiones involuntary lending Person who acts as intermediary between investors pr6ts forc6s; pr&ts involontaires; pr6ts non and the financial markets. spontan6s pr6stamos no voluntarios investment certificate Lending by banks as long as the resulting reduction certificat d'investissement (CI) in probability of default, multiplied by the existing certificado de inversi6n exposure, exceeds the amount of new money multi- A non-voting share in France issued mainly by plied by the remaining probability of default even state-owned enterprises to attract investors without after the new assistance. the firm being privatized. inward swap investment company, fund mise en report soci6t6 d'investissement; organisme de place- recompra de divisas en moneda nacional ment collectif en valeurs mobilibres (OPCVM) Spot sale of foreign exchange and forward repur- comparla de Inversiones; sociedad de chase of same foreign currency against domestic inversiones; fondo de inversiones currency. 58

Inward switching J . op6rations d'arbitrage vers 1int6rieur concesi6n de pr6stamos Intemos con fondos extemos jeopardy clause; disaster clause; break External funding by banks for domestic lending. clause clause de sauv'egarde; clause de danger Issuer clAusula de salvaguardia organisme d'6mission; 6metteur A clause in a Eurocurrency agreement specifying emisor that, if certain events curtail the lender's activity or Body that puts out new securities. the operation of the Euromarkets, other designated actions will come into effect. Issuing calendar calendrier des 6missions jeopardy loan calendario de emisiones prdt trbs menac6; pr&t en danger Compulsory timetable for issue of new securities pr6stamo con riesgo de p trdidas (Switzerland, Federal Republic of Germany). Term used by IFC to indicate that a loan that has serious problems. IFC expects to make a loss (though not necessarily a 100% loss) on a jeopardy loan.

jobber agent boursier op6rant pour son propre compte; jobber"; intermdiaire en bourse agiotista A broker on the London Stock Exchange who acts on his own behalf.

joint financing financement conjoint financiamiento conjunto Disbursement by two lenders for the same parts of the project in a fixed ratio.

jumbo borrowing emprunts g6ants; emprunts jumbo empr6stitos gigantescos Borrowing in large quantities; usually refers to amounts in excess of $250,000.

jumbo certificate of deposit [U.S.] certificat de d6p6t jumbo (montant minimum de US$100.000) certificado de dep6sito de US$100.000 o mAs Certificate of deposit of US$100,000 or more.

jumbo loan prdt g6ant; prdt jumbo pr6stamo gigantesco Loan involving very large sums of money. 59 junior debt; -K- dette de rang Inffrleur; dette subordonn6e deuda subordinada; deuda de liquldez key Interest rates secundaria key intrt rtes Debt which, in case of liquidation, cannot be paid tasa d'Intrt directeurs till payments on other obligations have been made. tasas do Inter6s clave; tipos do inter6s cLave Opposite of senior debt. The main market interest rates - includes LIBOR, U.S. prime rate, U.S. federal funds rate and certain junk bond; speculative grade bond others, depending on where it is used. obligation i risque; obligation pournie; junk key money rate; central rate bond key mone ate cen bono especulativo; bono basura; bono chatarra tasa plvot; tau calon High-yield, low-rated security. Used as a new way tasa central; tipo central to raise money quickly as they attract investors who The term used to describe the main interest rate set like the high yields and are willing to accept by the central bank (or equivalent) and which increased risks, effectively governs other market interest rates. In the U.S., it is the federal funds rate.

kicker see loan with equity kicker

kiwi bond obligation kiwi bono kiwi Bond issued in New Zealand dollars on the New Zealand market by non New Zealand borrowers. 60

. L . lender of record prdteur officlel oficial risk [IBRD] prestamista lariskDlag [B cLender that has the official commitment for a loan. risque dO au d4calage (A compl4ter selon le contexte] lending authority riesgo relacionado con desfases; riesgo pouvoir de prdt; autorisation de pr6t relacionado con el desfase entre... monto que el Banco estA facultado para prestar 1. Risk of lending at low interest rates and having to The amount of money that the Bank can lend, finance at high interest rates at a later date. based on its paid-in capital. 2. Risk run by IDA between the period of disbursement and receipt of commission. lending ceiling; credit limit limite du pouvoir de prdt; encadrement (du large exposure bank cr6dit) banque trs engag6e almite de cr6dito; Ifmite crediticio banco con un gran volumen de pr6stamos The maximum amount that an organization can pendientes lend. Bank with a large amount of outstanding loans. .i lend into arrears see loan into arrears layering layering letter of comfort fijaci6n de vencimientos no coincidentes lettre de confort Mismatching maturities in order to improve carta de seguridades liquidity. The French sensibly used the English A written instrument issued by A, where A agrees word. to make every effort to assure B's compliance with the terms of a contract, but without committing A lead bank see also book-running lead bank; to perform B's obligation in the event that B is comanager unable to fulfil his obligation. Usually issued by a parent company on behalf of a subsidiary in another lead bank; lead manager country. chef de file banco director letter of development policy [IBRD] Bank with main responsibility for arranging a bond d6claration de politique de d6veloppement issue or international Eurocredit. See also carta de intenci6n sobre la politica de desarrollo book-running lead bank, manager. Lead manager Letter from the Government of a country receiving is also used in the sense of agent bank. a structural adjustment loan to the President of the Bank, setting out the Government's medium-term leakage see interest leakage; investment objectives for structural change and the range of leakage measures that it intends to take over several years to achieve these objectives. lender of last resort pr6teur en dernier ressort; pr4teur de dernier letter of sectoral policy [IBRD] recours d6claration de politique sectorielle prestamista en 61tima instancia carta de intenci6n sobre la polftica sectorial One of the functions and a major raison d'8tre of a Letter from the Government of a country receiving modern central bank whereby the bank has to a sectoral adjustment loan to the President of the provide liquid assets to the banking system when the Bank, setting out the Government's medium-term existing liquid assets of the banking system threaten objectives for sectoral change and the range of to deplete. measures that it intends to take over several years to achieve these objectives. 61 level annuity system leveraged stockholder syst6me d'amortissement par tranches (6gales); actionnaire puissant syst6me de remboursement par annuit6s accionista Influyente sistema de pagos totales iguales de principal e Major stockholder who, because of his holdings and intereses earning power, can obtain benefits for the company. The level annuity system entails equal aggregate payments of principal and interest (i.e. with princi- liability management pal repayments made in gradually ascending gestion du passif amounts). This system was used by the World Bank gestl6n del pasivo prior to 1975. Supervision of the claims on the assets of a company. level repayment remboursement en tranches 6gales LIBID see London Interbank Bid Rate reembolso en cuotas iguales Repayment scheme where repayments are at a fixed LIBOR see London Interbank Offered Rate level, even though the interest rate may change. LIMEAN leverage (ratio) [U.S.]; gearing (ratio) [U.K.] LIMEAN ratio de levier; ratio de structure du passif; ratio LIMEAN de solvabilit6-endettement The average of London Interbank Offered Rate nivel de endeudamiento relativo al capital; (LIBOR) and London Interbank Bid Rate (LIBID). relacn endeudamlento/capital proplo Ratio of debt/liabilities to equity/assets. Includes limited recourse finance debt and debt-equity ratios. financement avec droit de recours limit6 financiamiento con derecho de recurso limitado (highly) leveraged Finance arranged on the basis of the lender having endett6; parfois : caract6ris6 par un fort degr6 recourse to the borrower only in certain circum- d'endettement stances (e.g., the loan to British Petroleum (BP) to con alto coeficiente de endeudamiento finance the Forties oil field in the North Sea, where Having a high debt-equity ratio. the lenders had no recourse to BP if there was insufficient oil). leveraged buyout (LBO) prise de contr6le par 1'emprunt (LBO); OPA & limit order cr6dit ordre & cours limit compra de una empresa con fondos tomados orden de compra o venta con limitaci6n de en pr6stamos precio Purchase of a company by a small group of inves- Order to buy or sell a security at a specific price or tors, often including management, mostly with better. borrowed funds. The debt is usually repaid from the company's cash flow or from the sale of assets. line of credit see backstop (credit) facility; backup line of credit; swingline leveraged management buyout (IMBO) rachat d'entreprise par les salari6s; reprise liquid assets investment authority [IFC] d'entreprise par les salari6s (RES) pouvoir de placement des liquidit6s de la SF1 compra de una empresa con fondos tomados facultad para invertir en activos I(quidos en pr6stamos por sus empleados New investment authority for IFC adopted in July Purchase of a corporation by the employees, using 1989, to make it more in line with the IBRD New borrowed funds. Investment Authority, including the right to invest in a variety of negotiable and short-term instru- ments. 62

liquid-holdings risk see cash risk loan currency pool pool des monnaies (des pr4ts); pool des liquidity portfolio; liquid assets portfolio monnaies pr6t6es portefeuille liquide fondo com6n de monedas cartera lfquida; cartera de inversiones liquidas Same as currency pool. Portfolio of assets in the form of cash or near-cash instruments. loan into arrears, (to) [World Bank] prdt(er) A un pays dont les intOrdts ne sont pas liquidity premium comptabilis6s prime de liquiditf otorgar pr6stamos a palses excluidos del prima de liquidez r6gimen de contabilidad en valores devengados A notional premium paid by borrowers to lenders To make loans to countries that are in non-accrual to encourage them to lend money at a fixed rate in status. In normal English, the word loan is not a the long term, when interest rates are likely to rise verb but it is so used in some instances by the Bank. and it is, therefore, more profitable to invest in short-term paper. loan loss provisioning provisionnement des pertes sur prdts liquidity ratio [IBRD] establecimiento de reservas para pdrdidas por ratio de liquidit6 concepto de pr6stamos coeficiente de liquidez Making provisions for losses on loans. Till 1988, The ratio of the actual level of liquidity to projected the Bank made loan loss provisions only against three year net cash requirements. loans to specific borrowers whose arrears persisted for an extended period of time. In May 1988, owing liquidity ratios to the increased number of member countries in ratios de liquidit6; coefficients de liquidit prolonged non-accrual status, the Bank established coeficientes de liquidez; relaciones de liquidez a single consolidated loan provision applicable to Ratios which reflect a borrower's ability to meet his the entire set of countries in non-accrual status. short-term obligations. They include the acid-test See country collectibility analysis, note. ratio and the current ratio. loan origination fee liquid ratio see acid-test ratio frais de constitution de dossier; commission d'instruction listed security comisi6n por tramitaci6n de solicitud valeur cotfe en Bourse The fee typically charged by a DFI to recover the valor cotizado en bolsa cost of investigating and granting a request by a An issue of a security accepted for trading on a borrower for a loan. stock exchange. loan portfolio listing (of securities) portefeuille de prdts cotation (de titres en bourse) cartera de pr6stamos cotizaci6n (de valores en bolsa) The unpaid loans of a lending organization. The process of public quotation on a Stock Ex- change of a share or bond. loans-for-bonds exchange 6change de prdts contre des obligations load fund intercambio de pr6stamos por bonos fonds de placement qui pr&Ove une commis- These replace existing debt by long-term securities. sion Since debtor countries have traditionally serviced fondo de lnversi6n que cobra una comisi6n bonds on a preferred basis over syndicated bank Mutual fund which charges a handling fee. loans, bonds have seniority status. 63

loan stock German term for the rate of interest charged for a obligation (non garantie) loan against the security of pledged paper. Particu- obligaci6n sin garantfa larly used with reference to the German Bundes- A security issued by a UK company in respect of a bank, which normally maintains its Lombard rate at loan made by investors. Often unsecured. about 1/2 percent above its discount rate.

loan syndicate see syndicate London Interbank Bid Rate (LIBID) LIBID loan with equity kicker LIBID pr6t avec int6ressement aux b6n6fices; pr6t The bid in a quotation representing the interest rate particloatif at which US. dollar deposits are retraded in pr6starno participatorio; pr6starno convertible London. See London Interbank Offered Rate and en inversi6n LIMEAN. Loan at a reduced interest rate; when the proceeds from the project reach an agreed level, the loan London Interbank Offered Rate (LIBOR) converts into a quasi-equity loan, with the lender LIBOR participating in the proceeds. LIBOR The interest rate at which banks in London are lock(ed) in (interest rates) prepared to lend funds to first-class banks. It is (6tre) contraint (d payer des taux d'int6rdt used to determine the interest rate payable on most 6lev6s pendant lon gtemps) [sens n6gatif], Eurocredits. See London Interbank Bid Rate, (6tre) condamn6 (& payer des taux d'int6rdt interbank offered rate and LIMEAN. 6lev6s pendant lon gtemps) [sens n6gatifl; s'assurer (de taux d'int6r6t favorables) /sens long hedge positif]; prolfiter (de taux d'int6rdt favorables) op6rations de couverture par achat A terine; fsens positif]; verrouilier,* iger long hedge tasa de inter6s inmodfficable; tipo de inter6s operaclones de cobertura. par compra a plazo inmodificable Hedging operation by someone who is "long* (i.e., With interest rates, refers to a fixed-interest loan who owns more than he has contracts to deliver). with a long maturity so that the borrower is obliged to pay the fixed rate over a long period though long position other market rates may have fallen. position acheteur; position longue posici6n larga locked market The net ownership position in a particular security, march6 f1g6 e.g. if you own 500 shares of stock of a company mercado inmovilizado you are said to be long 500 shares of that stock. Market where bid and offer prices are exactly the The Bank definition is (1) in relation to securities, same. any security owned by the Bank and (2) in relation to futures and option contracts, any such contract lock rate purchased by the Bank which has not expired, been taux plancher de verrouilage exercised by a seller or canceled through the sale of tasa de inmovilizac!6n such contract by the Bank. Rate at which drop lock clause becomes operative. long-term blended cost rate (LTB) [IFCJ Lombard rate [Federal Republic of Germany] panachage de long terme (PLT) taux des avances sur itres; taux Lombard coef iciente de costos combinados a largo plazo, tasa Lombard; tipo Lombard A rate used by IFC to assist in determining the performance of its loan portfolio, it is based on three parts of average costs of borrowed funds and one part capital resources. 64 long-term debt ratio . ratio d'endettement A long terme coeficiente de endeudamlento a largo plazo k a market Ratio of long-term debt to total assets. tre falseur de march ; btre A /a fois vendeur et long-term prime rate (LTPR) [Japan] acheteur taux de base & long terme cotizar un preclo de compra o de venta tasa preferencial a largo plazo; tipo preferencial A dealer is said to make a market when he quotes a largo plazo bid and offered prices at which he stands ready to Prime rate used in Japan. buy and sell. lump-sum borrowing [IFC] maker (e.g., of a note) emprunt en vrac 6metteur empr6stito de suma alzada librador (p. ej. de un pagar6) A currency-specific borrowing made in a lump sum The issuer of a debt instrument. by IFC from IBRD for its short-term future needs. managed loan crdit dirig6 pr4stamo dirigido Syndicated new money extended under the umbrella of IMF-supported restructuring packages.

management fee see also handling fee

management commission, fee 1. commission de direction; commission syndicale; commission de chef de file; 2. commission de gestion; frais de gestion comisi6n de administraci6n; comisi6n de gesti6n 1. Fee charged by a bank for managing a credit or bond issue. 2. Fee charged for portfolio management.

management contract contrat de gestion contrato de administraci6n Contract where the contractor assumes responsibili- ty for the management of the investment project or a significant part of its operations and where his remuneration substantially depends on the produc- tion, revenues or profits of the investment project.

management, managing group [Euro-dollar market] groupe de direction; syndicat de direction grupo director A syndicate responsible for underwriting an issue in the Eurodollar market. 65 manager (of syndicate) see agent bank markdown see discount managing group see management group market see after-market; auction market; bearer market; bear market; bull market; capital margin account market; combined market rate; contestable compte & d6couvert market; deep market; Emerging Markets Growth cuenta de margen; cuenta para operaciones en Fund; Emerging Markets Investment Fund; descublerto equity market; Euromarket; face the market; Brokerage account allowing customers to buy financial futures market; financial market; fourth securities with money borrowed from the broker, market; futures market; grey, gray market; locked market; make a market; marking to marginal reserve requirement market; money market; money market (mutual) coefficient marginal de r6serve fund; money market rate; name market; open encaje legal adicional; reserva obligatoria market; over-the-counter market; parallel adicional market; primary market; secondary market; Additional deposits that by law depository institu- securities market; short-term paper market; spot tions (e.g., banks) must set aside in their vaults or market; stock market crash; third market; two- with the central bank. In the U.S., this applies to tier market; unlisted securities market; World additional reserve requirements on increased man- Bank Capital Markets System aged liabilities imposed by the Federal Reserve, in order to curtail the expansion of bank lending. marketable securities titres n6gociables margin buying [stock exchange] valores negoclables achat &d6couvert Equity securities or debt securities that are actively compra en descubierto traded or which can be otherwise bought or sold. System whereby the purchaser furnishes only a specified fraction of the total purchase price of market-based menu approach; market-driven securities bought, with the broker furnishing the menu approach; menu of options balance and charging interest on that amount. menu...; approche &la carte; carte des options; menu des options margin call m6todo de la lista de opciones appel de marge; appel de fonds An approach to debt workout whereby the diverse suppl6mentaires pour baisse de la couverture; interests and constraints of the banking community la soulte are taken into consideration by offering different pedido de operaci6n en descubierto; pedido de methods of dealing with debt problems. operaci6n de margen A demand for additional funds because of an market borrowers adverse price movement eroding the value of an pays empruntants sur les march6s financiers open futures position. palses prestatarios en los mercados financieros An IMF category of countries, covering those margin requirements [stock exchange] countries whose borrowings are made on the capital pourcentage de couverture; couverture de markets, as opposed to those whose borrowings are I'op6ration made from development institutions (official bor- limites legales (de las compras en descubierto) rowers). Legal requirements regulating the amount of credit that may be extended under the margin buying system. 66 market capitalization marketization capitalisation boursibre march6isation capitalizaci6n bursitil; valoraci6n bursctil (del mercadizaci6n capital) Increased reliance of banks on funds obtained either The total value of all of a firm's outstanding shares, from financial markets directly or from clients, but calculated by multiplying the market price per share where the interest rates are set by reference to times the total number of shares outstanding. market-determined rates. market-clearing interest rate market maker taux d'int6r6t d'6quilibre (du march6) teneur de march6; adh6rent mainteneur de tasa de inter6s de equilibrio (del mercado); tipo march6 (AMM); contrepartiste de inter6s de equilibrio (del mercado) principal en el mercado; agiotista Interest rate which attracts equal number of buyers A bank or a broker that is prepared to make a and sellers. two-way price (to buy or sell) for a currency or a security on a continuous basis, in the same way as market-clearing price a stock jobber in the U.K. market. AMM is the prix d'6quilibre (du march6) term used in the MATIF. precio de equilibrio (del mercado) A price for an item which attracts just enough market making buyers as there are buyers. If prices are lower cotation en continu demand will be too high; if higher demand will be cotizaci6n firme too low. Maintain firm bid and offer prices for a security or currency on a continuous basis. market-eligible countries pays qui ont accbs aux march6s financiers market order pafses que tienen acceso al mercado financiero ordre au mieux Countries that have access to financial markets. orden de compra o de venta al mejor precio Order to buy or sell a security at the best available market failure price. mauvais fonctionnement du march6; d6faillance du march6; dysfonctionnement du march6 market participants falla del mercado; disfunci6n del mercado acteurs sur le march6; op6rateurs sur le The inability of the market to function in its normal march6; intervenants sur le march6; manner. participants sur le march6 participantes en el mercado; operadores market intermediation Individuals and corporations active in the market. interm6diation financibre intermediaci6n del mercado market price see asked price Acting on the market (i.e. buying and/or selling of securities) on behalf of someone else. market-related lending prdts au conditions du march6 financiamiento en condiciones de mercado Lending at market rate and under market condi- tions (cf. commercial lending).

marking to market marking to market; valorisation au prix du march6 valoraci6n a precio de mercado 67

The process of recalculating the exposure in a materiality criteria trading position in securities, option contracts or critbre de stimulation futures contracts. In exchange-traded contracts, the criterios de trascendencia; requisitos de que exchange clearing house marks members' positions una operac16n tenga efecto positivo sobre las to market each day using closing market prices. perspectivas de desarrollo de un pals Members must maintain a certain minimum level of The criteria by which Bank loans may be made and, margin at the exchange clearing house and must in particular, the criteria by which Bank loans are post additional margin if the marking-to-market deemed to have a material effect on the prospects process reduces margin below the minimum. of investment in the recipient country. These criteria are basically that they should be used to mark to market exposure finance specific projects in the broad sense of this risque calcul6 par r6f6rence au march6 term, which includes well-defined productive pur- riesgo calculado a precios de mercado poses but has been extended to include lending The exposure in securities or other contracts, which serves the Bank's broad objective of facilitat- calculated at current market prices. ing investment for reconstruction or development, such as structural/sectoral adjustment lending. matador bond obligation matador mature investments bono matador investissements arriv6s A maturit6; Bond issued on the Spanish market, denominated investissements qui commencent A rapporter in currencies other than the peseta. inversiones que han alcanzado su madurez Investments which are just at the beginning of the matched funding see also back-to-back stage at which they will start to become profitable. matched funding maturity arbitrage see time arbitrage financement jumel6 financiamiento de contraparte; financiamiento maturity mismatch de contrapartida asym6trie des 6ch6ances; manque de concor- Funding needed by the IFC to commit a loan. It dance des 6ch6ances; manque de must match the loan in terms of amount and synchronisme des 6ch6ances; risque de trans- maturity. formation asimetr(a de los vencimientos matched maturity transaction [IBRD] Having borrowings and loans with different maturi- op6ration A 6ch6ances sym6triques ties. This could mean, for example in the case of the transacci6n de vencimientos simultaneos Bank, that borrowings the Bank had made on the A type of cross-currency interest hedge where the capital market to finance certain loans it had made proceeds of a short-term instrument program are were due before it had received the money from the swapped for comparable maturities in other curren- loans. cies. maturity transformation matched sale-purchase transaction transformation d'6ch6ances transaction simultane d'achat et de vente modificaci6n de los vencimientos compra y venta simultAnea Reborrowing, in order to extend the maturity of a Selling U.S. Treasury bills for cash and at the same loan. time purchasing the same issue of bills for redeliv- ery a day or more later. menu approach see market-based menu ap- proach 68 menu of options see market-based menu ap- mismatch floating rate note proach obligation A taux variable "mismatch';obligation & taux varlable bas6e sur une merchant bank [U.K.] see investment bank contre-transformation bono con inter6s variable reajustable merry-go-round effect anticipadamente; pagar6 con inter6s variable effet de carrousel; effet de retour & la source reajustable anticipadamente efecto carrusel Floating rate note where the coupons are reset The circulation of money through various sources, regularly at shorter intervals than the coupon ending up where it started. For instance the Ger- period. man Central Bank recycles excess capital by selling U.S. dollars to banks under a repurchase agreement mismatch risk [IBRD] and the banks place the U.S. dollars in the risque li6 au d6calage entre les 6ch6ances; Euromarket. As the financial institutions could run risque de transformation up a U.S. dollar debt on the Euromarket, the riesgo relacionado con vencimientos Central Bank must buy back the U.S. dollars and asim6tricos sell domestic currency to avoid an excessive increase Risk of having loans and borrowings with mis- in the mark. matched maturities. merry-go-round transactions moderately Indebted low-, middle-income transactions sans cesse renouvel6es; transac- country (MILIC, MIMIC) t/ons aller-retour pays & faible revenu, & revenu interm6diaire operaciones carrusel mod6r6ment endett6 Deliberate capital import and re-export operations. pals de bajos Ingresos, de ingresos medianos moderadamente endeudado mezzanine level Low-, middle-income country in which three of the phase de d6veloppement (d'une soci6t6) four key ratios fall in the following ranges: debt to etapa inmediatamente anterior a la primera GNP (30-50 percent), debt to exports of goods and colocaci6n p6iblica all services (165-275 percent), accrued debt service In a venture capital operation, the stage in a to exports (18-30 percent) and accrued interest to company's development immediately before going exports (12-20 per cent). Used in the World Bank's public. World Debt Tables. See severely indebted low- income, middle-income country. MiniMax loan emprunt MiniMax money at call see call money pr6stamo minimax A floating rate loan where the loan is indexed money center banks (usually to LIBOR) but with a minimum and banques install6es sur les principales places maximum cap. financibres bancos establecidos en las principales plazas mirror swap financieras swap invers6 Bank based in a large financial center (e.g. New swap inverso; intercambio inverso (convenido York or London). con la primera parte) A reverse swap written with the original money market counterparty. march6 mondtaire; marchd de l'argent mercado monetario 69

The market for short-term debt instruments, such as mortgage bond certificates of deposit, commercial paper, banker's obligation hypothdcalre; billet de mobilisation acceptances, Treasury bills, discount notes and bono hipotecarlo; tftulo hipotecario; c6dula others. These instruments are all liquid and tend to hipotecaria be safe. See note to capital market, financial A long-term debt security secured by a lien on market. specific assets, normally fixed assets such as real estate. money market (mutual) fund (MMF) fonds commun de placement (FCP) A court multibank see combined commercial and terme; fonds commun de placement (FCP) de investment bank tr6sorerie; fonds commun de placement (FCP) mon6taire; soci6t6 d'investissement d capital multicurrency clause variable (SICAV); soci6t6 d'investissement A clause multidevises court terme; soci6t6 d'investissement de ciausula sobre m6Itiples monedas tr6sorerie; soci6t6 d'investissement mon6taire A clause in a loan agreement stating that more than fondo com6n de inversi6n; fondo mutuo one currency may be used in paying or redeeming A mutual fund specializing in high yield short-term the loan. instruments of credit such as Treasury Bills, certifi- cates of deposit, commercial paper, bankers' accep- multicurrency option tances and repurchase agreements. For the option de change; option multidevises difference between FCP and SICAV, see mutual opci6n de cambio de divisa fund. Procedure which allows a borrower to receive a loan in a currency other than the one specified, money market rate provided this currency is available on the market. taux du march6 mon6taire (TMM) tasa del mercado monetarlo; tipo del mercado multilateral netting monetario compensation des cr6ances internes; The rate of interest in the money market. In the compensation mon6taire de groupe U.S., there is no single rate but a series of rates, compensaci6n de d6bitos y cr6ditos entre including the prime rate, the Federal Reserve filiales discount rate, the Federal Funds rate, the 1 month Procedure whereby a company with multinational commercial paper rate and the 3 and 6 month trade flows is able to balance its debits and credits Treasury Bill rate. between subsidiaries and associates leaving only the balance to be settled, thereby reducing its need to moral hazard acquire foreign currency. hasard moral riesgo 6tico; riesgo moral; riesgo subjetivo multioption facility (MOF); multioption The possibility of loss being caused by or aggravated financing facility (MOFF) by dishonesty or carelessness. It arises from the MOF; contrat d'ouverture de credit multidevises character and circumstances of the insured rather & options multiples; facilit de financement & than the inherent nature of what is insured. It has options multiples become an increasingly important factor in risk servicio financiero con opciones m61tiples insurance in modern financial markets. Type of short-term note facility which allows the borrower to draw funds in a variety of forms, such mortgage-backed security (MBS) as short-term advances, swinglines, bankers' accep- titre garanti par des cr6ances hypoth6caires tances, etc. valor con respaldo hipotecario Security backed by mortgages, whereby investors receive payments out of the interest and principal on the underlying mortgages. 70 multiple (currency) option bond .N- obilgation avec option de change; obligation avec option mon6talre bono con opcl6n de camblo de divisa naked see uncovered Bond (usually Eurobond) which gives the lender the right to opt to receive interest and/or capital in a mame market currency other than that in which the bond is march6 od la cote do crdit est primordale denominated. mercado basado en el prestigio de ios prestatarlos multi-year rescheduling agreement (MYRA); Market where great emphasis is placed on the multi-year restructuring agreement (MYRA) standing and reputation of the borrowers (e.g., the accord de rd6chelonnement pluriannuel; ac- Eurodollar market). cord de restructuration pluriannuel acuerdo de reprogramaci6n multianual de la narrow money deuda monnaie au sens 4troit; masse montaire au Agreement in commercial bank negotiations which sens 6troit allowed for restructuring over a period of years dinero en el sentido estricto rather than annually, to reduce the burden imposed Easily available money, i.e. cash, checking accounts, by annual restructurings. very short-term liquid funds, etc. Equivalent to M1. mutual fund see also country fund; load fund; national bank see federally chartered bank money market (mutual) fund; open-end near-bank [Canada] (investment) fund, company quasi-ban qu mutual fund cuasibanco fonds commun de placement (FCP); soci6t6 Financial institution, excluding standard commercial d'investissement A capital variable (SICAV) bank, such as savings bank, credit union, etc. fondo com6n de inversi6n; fondo mutuo Fund operated by an investment company that near cash instruments raises money from shareholders and invests it in instruments quasimon6taires stocks, bonds, commodities, financial instruments, instrumentos cuasimonetarios etc. In France, the FCP has co-ownership status Instrument that can be converted to cash in a very (copropidt4, can be set up with approval of the short time. COB and its shares cost a minimum of 5,000 francs, while a SICAVis always a socidtd anonyme, requires near-money; quasi-money ministerial approval and has no legal minimum quasi-monnate share amount. See also money market (mutual) cuasidinero fund; open-end investment company. Assets which have properties resembling those of money in the strict sense. Includes savings deposits, time deposits, certificates of deposits, deposits in thrift institutions, etc.

negative amortization loan pr6t d amortissement n6gatif pr6stamo de amortizaci6n inicial negativa 71

Installment loan having the annuity principal as a negotiable time certificate of deposit basis for computation, whose fixed periodic pay- certificat n6gociable de d6p6t & terme ments increase from time to time, e.g. annually, certificado de dep6sito a plazo negociable bi-annually. Initial installments typically are insuffi- A deposit evidenced by a negotiable instrument, cient to meet the interest accruing on the loan which provides on its face that the amount of the principal and unpaid balances of interest are added deposit is payable to the bearer or to his order on to the principal outstanding. As the periodic install- a certain date, after a certain specified time, upon ments increase in value they become sufficient to notice in writing or upon presentation and surrender meet the interest due and commence reducing the of the instrument, not less than thirty days after the principal outstanding. date of the deposit. negative pledge clause net benefit investment ratio clause de ne pas faire; clause n6gative; clause rapport b6n6fices nets/investissements de nantissement n6gative; clause par passu; relaci6n beneficios netos-inversi6n clause de non-pr6f6rence de tiers The ratio between the present worth of net benefits clAusula de obligaci6n negativa; cl6usula de and the present worth of an investment; alternative- abstenci6n ly, the sum of present worths after the incremental Clause in loan agreement obligating the borrower net benefit stream has become positive, divided by not to grant security without equally securing the the sum of present worths in the earlier years of the loan in question. project.

negative pledge waiver see waiver of negative net cash requirements (NCR) pledge besoins de fonds nets; besoins nets de tr6sorerie negative term transformation necesidades netas de fondos transformation A l'envers; anti-transformation Gross disbursements plus outstanding debts due to transformaci6n inversa mature, less repayments and sales of loans, less net Borrowing short-term and lending long-term (in income adjusted for non-cash items, less the in- comparison with transformation which is the crease in usable capital. opposite). net collection ratio negotiable instrument taux de recouvrement net instrument n6gociable coeficiente de cobro neto instrumento negociable This ratio compares the interest earned during the Instrument where the title passes on delivery or year to the amount of interest earned plus the net delivery and endorsement, where the current holder nonaccrual amount for the year. See also gross can sue in his own name, where no notice of assign- collection ratio. ment need be given to the person liable on the instrument, and where a holder in due course takes, net interest margin on average earning as- free from any defect, in the title of his predecessors. sets Examples include bills of exchange, checks and marge nette de 'int6r&t sur la moyenne des promissory notes. avoirs productifs margen neto de rendimiento del promedio de negotiable order of withdrawal (NOW) los activos productivos account Average interest return on loans and investments compte-ch6ques r6mun6r6 less average rate of debt interest expense. Return cuenta corriente que devenga intereses on investments includes realized capital gains and Interest-bearing checking account. losses. 72 net nonaccrual rate new money facility ratio des int6rdts non comptabills6s syst6me pour I'apport d'argent frals coeficiente de pr6stamos excluldos del rdgimen serviclo para la concesi6n de nuevos fondos de contabilidad en valores devengados A facility for lending new money as opposed to Rate of Bank or IFC loans in nonaccrual status. rolling over existing debt. Interest due but not received less recoveries from previous years, divided by the interest received plus new money instruments the net nonaccrual amount for the year. instruments pour I'octroi d'argent frais instrumentos de dinero nuevo netting see multilateral netting Financial instruments for dealing with debt involving new money rather than rolling over existing debt. net worth see stockholders' equity new money packages New Investment Authority (NIA) montages comportant I'apport d'argent frais; nouveau pouvoir de placement apports d'argent frais nuevas facultades para efectuar inversiones financiamiento que incluye dinero nuevo Authority approved by the World Bank Board of Financing package involving additional funds and Directors on December 2, 1986, authorizing invest- not just rolling over existing debt. ment in financial futures and options for U.S. dollars and pound sterling. It also authorized no-load fund extension of the five-year and three-month maxi- fonds exempt de commission mum maturity limit in securities eligible for the fondo de inversi6n que no cobra una comisi6n portfolio, investment in eligible securities of all Money market fund that does not charge a fixed fee maturities and controlling the risk implicit in these commission to investors. by substituting the five-year three-month maturity limit on individual securities with the establishment nominal bond with attached commodity of an average duration range of not less than three option months and not more than four years for the U.S. obligation nominale & option d'achat ou de dollar and non-dollar portfolios. See General vente de produit Investment Authorization. bono nominal con opci6n de compraventa de un producto bdsico new money Form of commodity-linked bond where the bond is argent frais; prdts additionnels; cr6dit de denominated in nominal terms but incorporates restructuration; new money options that allow the holder to buy or sell certain dinero fresco; dinero nuevo; nuevos fondos amounts of the commodity at the specified prices on In the field of debt restructuring, additional finance predetermined dates. provided by lending institutions, as opposed to rollover of existing financing. non-accelerable guarantee garantie non appelable par anticipation new money bonds garantla no exigible anticipadamente 6mission d'obligations li6e A des apports Guarantee where a call for payment cannot be d'argent frais advanced if the loan is declared in default before bonos para la obtenci6n de nuevos fondos the maturities being guaranteed become payable. Bond issues by debtor countries in exchange for The Bank generally uses this type of guarantee. existing debt or as prime instruments to raise new money. nonaccrual rate see net nonaccrual rate 73 nonaccrual status, In a Any of the following forms of investment which dont les Int6r6ts impay6s no sont pas have terms of at least three years and the other comptabilis6s; class6 improductif characteristics individually specified. Investments exclusl6n del r6gimen de contabilidad en such as: production-sharing contracts, profit- valores devengados sharing contracts, management contracts, franchis- When a borrower is placed in nonaccrual status, ing agreements, licensing agreements, turnkey accrued interest is eliminated from the financial contracts, operating leasing agreements and subordi- statement receivable balances and interest income nated debentures. is correspondingly reduced. During the time the borrower remains in nonaccrual status, interest nonmarketable bond income is reflected in the financial statement only to obligation non n6gociable the extent actually received in cash. Placing a bono no negociable borrower in nonaccrual status in no way affects the Bond that may not be sold by one investor to interest payment obligations to the borrower; another. interest continues to be billed on the original terms of the loan. nonmaturing, nonredeemable government bond; ; annuity bond; consol nonaccruing loan see nonperforming loan [U.K.] obligation perp6tuelle; rente perp6tuelle non-bank bank; non-bank financial institution bono perpetuo institution financibre non bancaire; banque non A debt instrument having no scheduled return of bancaire; 6tablissement non bancaire admis(e) principal and thereby perpetual interest payments au march6 mon6taire (ENBAMM); entreprise and no maturity. non bancaire admis(e) au march6 mon6taire (ENBAMM) nonperforming assets instituci6n financiera no bancaria avoirs non productifs A financial institution offering banking services but activos no redituables; activos improductivos which is not officially recognized as a bank. In Assets which have no financial return. France, it is defined as a financial institution which does not generate money but merely lends money nonperforming debt that it receives in deposits. cr6ances non productives; cr6ances immobilis6es noncallable bond acreencias no redituables; acreencias obligation ne pouvant 6tre amortie par improductivas anticipation A debt which has no financial return (i.e. no inter- bono no rescatable antes del vencimiento; bono est is paid on it). no redimible antes del vencimiento Bond that cannot be recalled or redeemed prior to nonperforming loan; nonaccruing loan maturity. pr6t non productif pr6stamo no redituable; pr6stamo Improductivo noncall period Loan where payment of interest has been delayed p6riode d'interdiction de rachat for more than 90 days. perfodo de prohibici6n de rescate Period during which a borrower may not give notice non-portfolio project [IFC] to redeem bonds, in Eurobond market. projet hors portefeuille proyecto no incluido en la cartera non-equity direct investment Project carried out by IFC that does not form part autres Investissements directs; investissements of its loan portfolio, e.g. providing technical assis- directs autres que les participations tance. Inversi6n directa distinta de los aportes de capital 74

nonrecourse finance note financement A forait; financement sans recours bon; obligation financlamlento sin posibilidad de recurso bono; pagar6 A loan where the lenders look solely to the cash A bond with short- or medium-term maturity. flow generated by the project being financed for repayment. There is no recourse to the sponsor of note Issuance facility see revolving the project, so that the lenders assume all the underwriting facility commercial and political risks of the project. notional amount nonrecourse participation base de calcul; montant notionnel participation A forfait; participation sans recours monto te6rico participaci6n sin posibilidad de recurso The amount, often fictitious, on which a swap is Sales of participation in a company where the sale based. is on a "non-recourse" basis, i.e. the buyer has no recourse against the seller if the project fails to novation generate money. novation novacl6n nonredeemable government bond see Replacement of a one debt for another one or non-maturing bond replacement of one creditor for another one.

non-underwritten facilities NOW account see negotiable order of withdrawal facilit6s d'fmissions non cautionn6es; facilit6s d'6missions non souscrites emisiones no garantizadas Short-term paper facility without any underwriting or backstop facility, such as the Eurocommercial paper facility. no-return equity prises de participation non rentables; prises de participation non productives capital improductivo; capital no redituable Equity which brings in no returns but is still in existence. note see also bearer note; bill; bond; bond- anticipation note; capped floating rate note; consolidated discount notes; country collectibility note; coupon note; deep-discount bond, note; deferred coupon note; discount note; Dutch auction note; euronote facilities; extendible note; floating rate note; indexed currency option note; interest-bearing notes; Inverse floating rate note; mismatch floating rate note; paper; perpetual floating rate note; project note; promissory note; revenue-anticipation note; reverse floating rate note; security; short- term note; synthetic floating rate notes; tax- anticipation note; Treasury note 75

- 0 . offshore banking unit (OBU) service extraterritorial, offshore departamento bancario considerado como obigation see agency securities, obligations; extraterritorial bond; collateralized mortgage obligation; Department within a bank that, in certain countries contingent obligation; general obligations (e.g., Bahrain), is permitted to engage in specific transactions (usually Euromarket business) that off-balance sheet (OBS) activities ordinary domestic banks are not allowed to do. activitbs hors bilan actividades no incluidas en el balance general off the board market see third market Banks' business, often fee-based, that does not generally involve booking assets and taking deposits, off-the-run security e.g. swaps, options, letters of credit. valeur 'peu en vogue" emisl6n especial offering memorandum A non-standard issue of a security, often other than m6morandum d'offre the current issue. precio vendedor; precio de venta; prospecto Same as prospectus. onlending r6trocession official borrower repr6stamo emprunteurs aupr6s de sources publiques; Equivalent to relending in connection with new pays empruntants auprbs de sources publiques money loans. The funds are recorded as a deposit palses prestatarios en fuentes oficiales in the central bank but the foreign bank and the An LMF category of countries, covering those contractual borrower (usually the Central Bank) countries which borrow from development agree that the loan proceeds will be made available institutions as opposed to those borrowing from the to a third party within the country of the borrower. normal capital markets (market borrowers). offshore open-end (investment) fund, company offshore (OEIC); mutual fund; unit trust [U.K.] extraterritorial; soci6t6 d'investissement A capital variable extraterritorial (SICAV); fonds commun de placement (FCP); Refers to financial operations transacted outside the soci6t6 d'investissement ouverte country in question. sociedad de inversiones con n6mero variable de acciones offshore bank An investment company that sells and reclaims its banque extraterritoriale, offshore capital stock continuously, selling it at book value, banco extraterritorial adding a sales charge, and redeeming it at a slight Bank located outside the country in question. discount or at book value. offshore banking center opening price place bancaire extraterritoriale, offshore; centre premier prix (de la journ6e) bancaireextraterritorial, offshore cotizaci6n de apertura; cotizaci6n inicial centro bancario extraterritorial The initial price at which a transaction in a security Financial center where many of the financial institu- takes place on a given day. tions have little connection with that country's financial system, usually for taxation purposes. open interest; open market Interest Examples are the Cayman Islands, where many of position ouverte the corporations are engaged in business in the U.S. Inter6s ablerto and Europe, and London, where many of the financial institutions are engaged in Eurodollar trading. 76

Total number of contracts in a commodity or option options market that are still open. The Bank has a option limitation of 15% open market interest in any opcl6n futures or option contract. A contract giving the holder the right to buy or sell a stated number of shares (normally one hundred) open market of a particular security at a fixed price within a 1. open market; predetermined period. The Paris market has three 2. march6 financier main types of option: prime, option and stellage. 1. mercado abierto; Prime is a call option. If the purchaser decides not 2. mercado financiero to exercise his option (because the price has gone 1. The market maintained by government securities down), he merely has to pay the seller a fee, called dealers. As regards U.S. Treasury borrowing a dont, the rate of which is fixed by the Chambre operations, the open market is the money market in syndicale des agents de change. Option is more the case of short-term obligations or the capital similar to the U.S. system and can be a put or call market in the case of long-term obligations. option. The purchaser pays a premium (avec), 2. The general financial market. which is negotiated, whether he exercises the option or not. Stellage is the equivalent of the U.S. strad- open pricing dle. fixation libre des prix emisi6n de rendimiento indeterminado option swap Procedure whereby a bond issue is sold on the basis swap d'options of a yield to be determined after the selling period swap de opciones; intercamblo de opciones is over. Transaction involving the purchase or sale of options on financial instruments/commodities. operating ratio They are not true swaps as they primarily entail a coefficient net d'exploitation series of option trades but are usually treated as coeficiente de operaci6n; coeficiente neto de swaps. explotaci6n Ratio of operating costs (including depreciation) to original issue discount (OID) bond total revenue. obligation A prime d'6mission bono emitido con descuento operating ratios Bond with a rate of interest below that demanded ratios de gestion by the market place and sold at a price at a coeficientes de operaci6n; coeficientes netos de significant discount to par. explotaci6n Ratios used to determine a corporation's operations; out of the money (OTM) (option) usually relate to sales, profits, and/or turnover. hors du cours; en dehors; au-dessus du prix opci6n de compra de bonos con rendimiento option see also American (style) option; at the inferior al del bono inicial; sin dinero money (ATM) (option); bond with put option; A call option with a strike price above the price of call-and-put option; call option; caption; covered the underlying asset or a put option with a strike option securities; European (style) option; price below the price of the underlying asset. futures option; indexed currency option note; Option hors du cours is the term used in the index option; in the money (ITM) (option); menu MATIF. of options; multicurrency option; multioption facility; multiple (currency) option bond; nominal bond with attached commodity option; over-the- counter (OTC) option; put option; stock option; swaption; takeover option 77 outward swap Market for securities not listed in any of the report de devises exchanges (about 80 percent of total securities in reventa de divisas en moneda nacional the U.S.). In the U.S. includes U.S. Government Spot purchase of foreign exchange and forward and agency issues, state and local government resale of the same currency against domestic bonds, railroad bonds and shares, many public currency. utility bonds and shares, and most corporation and bank shares. outward switching operations op6rations de prise en report over-the-counter (OTC) option operaciones de camblo a divisas option de gr6 & gr6 Movement of domestic currency assets into foreign opc16n extrabursAtil; opci6n fuera de bolsa currency. Option not listed on the regular options exchanges. overage loan pr6t destind d couvrir un 6ventuel d6passement overtrading see churning des coDts pr6stamo para cubrir posibles sobrecostos owners' equity see stockholders' equity A special loan issued to cover excess costs on a project. overall risk profile [IBRD] profil des risques de financement perfil general del financiamiento Exposure profile of the World Bank. The difference between outgoings committed and amount needed to fund these outgoings. Also known as the gap. overhang see debt overhang overhang offre exc6dentaire exceso de oferta Excess, normally of supply over demand (e.g., in the ). overnight funds argent au Jour le jour fondos de un dfa para otro Short-term funds borrowed to be returned by the following business day. over-the-counter market (OTC) march6 hors cote mercado extraburs6til; mercado fuera de bolsa 78

. p . participating bond see income bond participation certificate package loan [IFC] 1. bon de participation; prt global; pr t consenti par la SFI &une 2. see pass-through certificate banque nationale de d6veloppement pour certificado de participaci6n I'octroi de prots & des PME Security incorporating the right to participate in the pr6stamo global ownership of a corporation but without some of the A loan which is administered by a national develop- rights granted to shareholders, such as the right to ment bank or similar organization on behalf of IFC. vote at shareholders' meetings. See also pass- The development bank subdivides the loan into throu cerdfcate. several smaller loans which it lends to SSMEs. It is not profitable for IFC to manage these small loans participation fee directly. commission de participation comisi6n de participaci6n paid-up stock; fully paid stock A fee given to a bank participating in a Euroloan. actions libordes acciones pagadas partnership share Stock fully paid for (i.e., upon which no further part d'association subscription installments are due). participaci6n en una sociedad A share in a partnership. parallel financing financement parallble par value; face value financiamiento paralelo valeur nominale; valeur faciale; nominate Cofinancing, but with the partners financing differ- valor nominal ent parts of the project. The principal or nominal value appearing on a bond, note, coupon, piece of money, or other parallel market instrument. march6 parall&le mercado paralelo pass-through certificate; participation Market operating in "parallel" to the main money certificate market (e.g., bank current and savings accounts) certificat de transfert de prOts; titre de and including interbank loans and negotiable certifi- participation & un pool de prdts cates of deposit. certificado de transferencia de pr6stamos Certificate representing an interest in a pool of par debt swap see debt-debt swap funds or in other instruments. parent bank pass-throughs; pass-through securities banque d'origine; banque mbre valeurs mobilibres amortissables partiellement casa matriz avant 6ch6ance et assorties & d'autres Bank in a major industrial country that sets up a conditions variables subsidiary in a developing country. valor de transferencia de ingresos; tftulo de transferencia de ingresos parl passu clause Securities representing pooled debt obligations clause pan passu; clause d'galit6 de repackaged as shares, that passes income from traitement; clause de solidarlt6 debtors through the intermediary to investors. The cibusula part passu most common type is a mortgage-backed certificate. Clause in loan agreement precluding 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 existing similar issue. 79

paying agent A floating rate note with interest paid on a agent payeur three-monthly basis but which is renewable every six agente pagador months, (i.e., it has a floating maturity). In 1985, In the issue of international securities, firm (usually the French introduced a perpetual floating rate note a bank) responsible for arranging for the payment known as titre subordonnd 4 dur6e indftennine of cash or checks to holders of the securities who (TSDI). will be receiving interest or dividends, etc. personal stock see registered stock payment period [IBRD] tranche petrobond periodo de pago p6tro-obligation Interval between semiannual dates on which petrobono repayment on IBRD loans is due. Participation certificates which represent rights to a specific quantity of oil. Used primarily in Mexico. payment sharing clause see sharing clause phase-in agreement see fade-out agreement payout date; payment date; distribution date date effective de rentr6e des fonds; date de piggyback financing versement financement gigogne fecha de desembolso financiamiento concatenado Date on which a due periodic payment, such as Financing studies for a future project as part of a payment on a bond or a stock dividend, is made. loan to finance another project usually in the same sector. payout price prix net; rentr6e nette pipeline factor [IBRD] preclo neto ratio (ddparts en) missions d'valuation/ Difference between the face value of a bond and r6serve de projets the net value received by the bondholder, after relaci6n misiones de evaluaci6n-operaciones en deducting commission. el programa crediticio The ratio of appraisal departures (i.e. loans that P/E ratio see price/earnings ratio have passed the preparation stage) to the number of operations in the Bank's lending program. periodic review clause; review clause clause de rendez-vous placement memorandum; placing clAusula de examen peri6dico memorandum A clause in a loan agreement, particularly note d'information; m6morandum de placement policy-based lending, which gives the lender the memorando de informaci6n right to determine periodically whether the stated A document prepared by the lead manager of a objectives are being met and whether any problems syndicate in the Eurocredit market which seeks to have been encountered. If problems occur, further give sufficient information to other potential lenders disbursement may be withheld. to enable them to decide whether to participate in the credit. perpetual bond see nonmaturing, nonredeemable government bond plain vanilla swap; vanilla swap; classic swap swap pur perpetual floating rate note swap cl&slco; intercamblo clAslco bon A int6rdt variable perp6tuel; titre A five to seven-year swap of six-month subordonn6 &dur6e ind6termin6e (TSDI) LIBOR-based floating rate funds against fixed rate bono perpetuo con tipo de inter6s flotante; funds, both denominated in U.S. dollars. pagar6 perpetuo con tipo de inter6s flotante 80 policy-based lending; policy loans pooled loan pr4ts d I'appul; pr6ts en faveur de r6formes; prdt du pool pr&ts I'ajustement macro6conomique pr6stamo Incluido en el sistema de fondo pr6stamos en apoyo de reformas de politicas; comin de monedas financlamlento en apoyo de reformas de A loan included in the currency pooling system. polifticas Loans made in support of policy and institutional pool of qualified borrowings changes, rather than for specific projects. Normally pool d'emprunts de r6f6rence given under the structural adjustment and sector empr6stltos calificados adjustment lending programs. The pool of IBRD borrowings after July 1, 1982, used to set the pool-based variable lending rate. policy framework paper (PFP) [IBRD] The lending rate is 50 basis points above the Bank's document-cadre de politique 6conomique average cost of the pool. (DCPE) documento sobre pardmetros de poliftica portfolio manager econ6mica (PPE) g6rant de portefeuille Vehicles for country authorities to reach agreement gerente de cartera with the World Bank and International Monetary Person responsible for supervising an investment Fund on the broad outline of medium-term pro- portfolio. grams to overcome balance of payments problems and foster growth. In their final form they are post (a rate) statements by governments of their objectives and fixer; annoncer (un taux) policies over a rolling three-year period with annual cotizar updates and revisions. To set a rate for a financial instrument. pool-based lending rate system [IBRD] praecipium; praecipuum syst6me de taux prdteur fond6 sur un pool pr6ciput d'emprunts praecipuum; honorario del banco director sistema de tasas de interds basadas en una The amount the lead manager of a Eurocredit takes "cesta" de empr6stitos pendientes; sistema de for his own fee, before dividing the remainder of tipos de inter6s basados en una "cesta" de the management fee among the rest of the manage- empr6stitos pendientes ment group. Lending rate system using the pool-based variable lending rate. preferred stock actions privil6gies; actions de priorit6 pool-based variable lending rate [IBRD] acciones preferenciales; acciones preferentes; taux pr6teur variable bas6 sur un pool acciones preferidas d'emprunts Stock which has a claim upon the earnings (and tasa de inter6s variable basada en una "cestaH sometimes upon the assets and control) of a corpo- de empr6stitos pendientes; tipo de inter6s ration prior to the common or other class stock. variable basado en una "cesta" de empr6stitos pendlentes prematured loan IBRD lending rate where the lending rate on all prdt dont on exige le remboursement anticip6; outstanding balances is adjusted every six months to pr6t rembours6 par anticipation achieve a given spread above the average cost of pr6stamo cuyo vencimiento se ha anticipado outstanding borrowings. Loan that matures before time initially specified.

premier borrower see prime borrower 81 premium see call premium; conversion price/earnings ratio (P/E ratio; PER) premium; discount; Inflation premium; liquidity coefficient de capitalisation des r6sultats premium; prepayment premium; (CCR); rapport cots-b6nfice relac16n precio-utilidades premium [foreign exchange] Market price per ordinary share divided by earnings report per ordinary share after tax. It expresses the prima market value placed on the expectation of future Opposite of discount. A forward exchange rate earnings. standing at a premium over today's rate means that the currency concerned is more expensive in the price spread see vertical spread forward market than now. pricing (of a loan) premium [option market] formation du prix; fixation du taux d'intr& avec determinaci6n del costo de un pr6stamo prima Fixing the cost of a loan, i.e. the interest rate and Price at which an option sells. any other charges, such as front end fees. premium [securities] prime; agio courtier (op6rant sur le march6 primaire) prima; agio sp6cialiste en valeurs du Tr6sor (SVT) The difference between the par value and the corredor (mercado primario) higher market value of a security expressed as a One of the major banks and investment dealers in percentage of the par value. the U.S. authorized to buy and sell government securities in direct dealing with the Federal Re- premium [stocks] serve. In France, the SVTs have a similar function. prime d'6mission prima de emis16n primary market Difference between the face value and the selling march6 primaire price of the share when the selling price is higher. mercado primario; mercado de emisi6n Market for new security issues. premium swap swap A prime primary offering swap preferencial; intercambio preferencial 6mission (primaire) d'actions A swap with an above-market rate. emisi6n (en el mercado primario) Offering of a new issue of stocks or bonds. prepayment fee; prepayment premium prime de remboursement anticip6 prime borrower; premier borrower; high cargo por pago anticipado quality borrower; top grade borrower Fee payable for a loan redeemed before maturity. emprunteur bien cot6; emprunteur trbs IFC uses the term fee while the Bank uses the term solvable; emprunteur de premier ordre premium. prestatario preferencial; prestatario preferente; prestatario de primera clase price (of a bond) The most creditworthy type of borrower. cours; cotation precio prime rate The price includes the face value, interest and any taux de base; taux privl6gi6 premium or discount. tasa preferencial; tipo preferencial Taux de base is the rate charged by banks to prefer- ential customers; taux privildgid is the rate charged by nonbank financial institutions (e.g., Cr6dit National). 82 private paper program loan; program lending [IBRD] effets priv6s pr6t-programme efectos privados; papeles privados pr6stamo para programas; financiamiento para Paper placed with a limited group of investors and programas not advertised. Bank loan given not for a specific project but to help a country overcome unforeseen temporary private placement difficulties which would otherwise result in inappro- placement par voie priv6e priate long-term policy adjustments to correct colocaci6n privada short-term balance of payments problems. The sale of an issue of debt or equity securities to a single buyer or to a limited number of buyers program trading; basket trading; index without a public offering. arbitrage trading op6rations d'arbitrage programm6es sur processing fee ordinateur; courtage par ordinateur commission d'instruction operaciones bursAtiles determinadas por comisi6n por tramitaci6n; cargo por tramitaci6n programas computadorizados Fee which the World Bank has considered levying Using a computer to measure and track the rela- on the full amount of loan commitments. It would tionship between a stock's cash value and a variety be similar in effect to a front-end fee. of so-called derivative instruments such as stock options and futures indexes and trading on the production-sharing contracts results. Program traders often trade in very large contrats de partage de la production quantities and therefore have a major influence on contratos de participaci6n en la producci6n the market. Basket trading and program trading Contract where the contractor makes contributions are often used synonymously but program trading is to the investment project and his remuneration sometimes associated only with market closing substantially (i.e., not necessarily wholly) depends prices. on a share of the production of the investment project, including his right to purchase such share at project note a predetermined price or a price to be determined bon A court terme 6mis (par une collectivit6 under an agreed formula. publique) pour financer un projet (autoamortissable) profitability ratios; revenue-covenant ratios bono a corto plazo para financiar un proyecto; ratios de rentabilit6 pagar6 a corto plazo para financiar un proyecto coeficientes de rentabilidad Short-term paper issued by municipalities to finance Ratios that measure the return on assets. short-term cash flows for a specific project. profit-sharing contracts Project Preparation Facility (PPF) [IBRD] contrats de partage des b6n6flces M6canisme de financement de la pr6paration contratos de participaci6n en las utilidades des projets Contract where the contractor makes contributions Servicio de financiamiento para preparaci6n de to the investment project and his remuneration proyectos substantially depends on the revenues or profits of Established by the Bank in December 1975, it helps the investment project. fill the gaps in the existing system (e.g. piggyback financing, additional preparatory work necessary program adjustment loan (PAL) [IBRD] because the Bank has been unable to fully prbt-programme d'ajustement participate in the supervision of the preparatory pr6stamo para programas de aluste work, other limitations in project preparation) by Loan to assist a country make adjustment to a providing funds for small tasks. series of relatively short-term economic policy objectives. 83

Project Preparation Facility advance [IBRD] IBRD borrowings between July 1, 1981, and June 3, avance pour la pr6paration des projets; avance 1982, which were used to calculate the lending rate PPF for the first years of the pool-based variable lending anticipo del servicio de financiamiento para la rate. preparaci6n de proyectos An advance under the Project Preparation Facility. public enterprise rationalization loan (PERL) It is at the Bank (or IDA) rate. It is normally [IBRD] repaid through reimbursement under the loan/ prdt & la rationalisation des entreprises credit for the project in question. publiques (PREP) pr6stamo para racionalizaci6n de empresas promissory note pOblicas billet & ordre World Bank loan to help rationalize the finances of pagar4 a public enterprise. An unconditional promise in writing made by one person to another signed by the maker, engaging to public enterprise reform loan (PERL) [IBRD] pay, on demand or at a fixed or determinable future prdt A la r6forme des entreprises publiques time, a sum of money to or to the order of a (PREP) specified person, or to bearer. pr6stamo para reforma de empresas p6blicas World Bank loan to help reform the finances of a promoters' stock see founders' shares public enterprise.

proprietary interest public enterprise rehabilitation loan (PERL) participation majoritaire dans I'actif; int6rdt [IBRD] patrimonial; part de capital prdt au redressement des entreprises publiques inter6s mayoritario (PREP) An ownership interest, as in the interest held by an pr6stamo para rehabilitaci6n de empresas equity holder in a company or a patent holder who p6blicas licenses use of the patent by others. World Bank loan to help rehabilitate the finances of a public enterprise. prospectus prospectus; document public offering (of shares) prospecto offre publique de vente (OPV) A document containing all the pertinent information oferta p0blica; colocaci6n pOblica about a public offering of securities and about the An offering of an original issue of stock through borrower. It is made available to the appropriate public sale. legal authorities, stock exchanges, and the prospective investors by the lead manager. The purchase and resale agreement [Canada] French term prospectus is used in normal parlance; prise en pension however, the term document is used in the legal compromiso de compra y reventa instrument regulating the system (Ordinance No. Equivalent to the U.S. repurchase agreement. 67-833 of September 28, 1967, Article 6). Also called offering memorandum. purchased funds ressources acquises provisioning see loan loss provisioning fondos comprados Include certificates of deposit, Eurodollar borrow- proxy borrowing [IBRD] ings, Federal funds and repurchase agreements, as 616ment du pool (provisoire) d'emprunts opposed to traditional bank liabilities (demand and empr6stitos de referencia time deposits). 84

purchase money security interest [IFC) Q . sOret6 garantissant un solde dO au titre d'une participation garantia prendarla del saldo de una qualified borrowings ( B) [IBRD] particlpacl6n emprunts de r6ffrence Type of lien alwdon IFC assets which occurs empr6stitos calificados when IFC purchases assets (e.g. securities or stock Originally, borrowings by IBRD after July 1, 1982 holding) and does not pay the full amount up front. (i.e., based on the pool-based variable lending The vendor then has alien on IFC for the balance rate), using proxy borrowings. Under the new due. system (May 1989), they would be defined to exclude borrowings that are determined by the Bank put to fund investments and any new differentiated loan option de remboursement anticip6 au gr6 du product should the Bank wish to offer one in the porteur; put future. The extraction of borrowings that fund opcl6n de rescate anticipado investments would be made separately for each A right to redeem a debt instrument before maturi- currency. The term Qualified Borrowings 1982 is ty at par under specific circumstances outlined in used to describe the old system. See also pool of the original agreement. qualified borrowings.

putable bond see also retractable bond quality loan prdt de qualit put bond; putable bond pr6stamo de calidad emprunt & fen6tre A Bank loan which has been carefully prepared and bono de rescate anticipado is financially viable. Bond that allows it holder to redeem the issue at specified intervals before maturity and receive full quasi-equity; quasi-capital face value. The emprunt 4 fenitre is a long-term quasi-capital; quasi-fonds propres loan, usually of about 18 years, which has six op- cuasicapital tions for early repayment, three for the borrower, Includes equity-like Instruments and other forms of three for the lender, normally around the 7th, 10th loans that have the form of equity or equity that has and 14th year of the loan, the form of loans. An example is equity with a put agreement, i.e., unlike normal equity, the investor put option requires return of the equity, for example, in five option de vente; option de put years at ten per cent interest. opci6n de venta A contract which entitles one party to it, at his quasi-money see near-money option, to sell a specified amount of securities or commodities to the other party, at the price fixed in queue the contract, during the life of the contract. liste d'attente lista de espera The waiting list for the issue of securities (Switzerland, Federal Republic of Germany).

quick ratio see acid-test ratio 85

R . ratio see accounting ratio; acid-test ratio; activity ratios; balance-sheet ratio; collection ratio; current ratio; debt-equity ratio; debt ratio; raider see corporate raider; hostile raider debt-service ratio; debt service time profile ratio; domestic resource cost ratio; financial ratios; RAN see revenue anticipation note gearing ratio; gross capital coefficient, ratio; grade, t gross collection ratio; hedge ratio; institutional rate, to; gratio; interest coverage ratio; leverage (ratio); classer; coter iquidity ratio; liquidity ratios; long-term debt clasificar ratio; net benefit Investment ratio; net collection Evaluate securities according to their risk. ratio; operating ratio; operating ratios; price/earnings ratio; profitability ratios; reserve rate base switch [IFC] ratio; resource mobilization ratio; volatility ratio conversion d'un type de taux &un autre conversi6n de la clase de inter6s rational expectations Change from one type of interest rate to another. anticipations rationnelles loan see resetter loan expectativas racionales rate resetter A theory based, first, on the assumption that indi- viduals and companies will try to maximize their rating own welfare -- that is, they will try to make their notation; rating; 6valuation own economic and other circumstances as desirable clasificaci6n; rating as possible -- and, second, that, as individuals and Evaluation of a corporation or of a security issued companies make economic decisions in their own by a corporation, particularly as regards the solv- interest, they do so in such a way that markets move ability of the corporation. Standard and Poor's, towards equilibrium, easing inflation. Moody's and Fitch's are the best known rating agencies in the United States; in France the Agence real estate investment trust (REIT) frangaise d'6valuation financi6re (ADEF) is the socit6 civile de placement immobilier major one. Standard and Poor's and Fitch's rating sociedad de inversi6n inmobiliaria for bonds ranges from AAA, AA and A for the Organization which collects funds from individuals highest quality through DDD, DD and D for the for reinvestment in real estate. The funds are lowest quality. Moody's ranges from Aaa, Aa and normally collected by the sale of shares of owner- A through Ccc, Cc and C and MIG1 through MIG4 ship in the trust. for short-term municipal notes. ADEF's ranges from AAA, AA and A through D for bonds and T1 real interest rate through T4 for commercial paper. taux d'int6rdt rdel tasa de Inter6s real; tipo de inter6s real rating agency Normal rate less rate of inflation, divided by one agence de cotation; agence de classement plus the rate of inflation. (des titres); agence de rating; agence d'6valuation financibre organismo de clasificacl6n de valores Organization that evaluates the credit rating of prospective borrowers on the securities markets. The standard French term is agence de rating but the only French rating agency calls itself Agence d'dvaluation financire. 86 recall [currency pool] rediscount rappel r6escompter determinacl6n de la moneda en quo so exige redescuento cada amortizaci6n Resale of instruments such as banker's acceptances With loans made prior to the introduction of the already discounted by lender, usually with central currency pool, each loan was disbursed in the bank or discount house, at a price less than the face currencies available at that time. As regards repay- value. ment of the loan, the Bank determines the order in which currencies shall be repaid (usually according reference zone see target zone to which currency has the most attractive investment potential). The choice of currency by the Bank for refinancing risk [IBRD] repayment purposes is called recall. risque de refinancement riesgo relacionado con el refinanciamiento recapitalization Risk of not being able to refinance short-term restructuration du capital borrowings under suitable conditions when these recapitalizaci6n borrowings mature. Altering the capital structure of a corporation by increasing or decreasing its capital stock. Regional Project Facility for Sub-Saharan Africa recapture clause Fonds r6gional de projets pour I'Afrique clause de r6cup6ration subsaharienne clusula de recuperaci6n Servicio regional de proyectos para Africa al Sur Clause in a loan agreement that allows a lender to del Sahara recover part or all of his previously lent assets if Fund set up jointly by the World Bank, United economic circumstances improve. Nations Development Programme and the African Development Bank to provide governments with red clause initial resources needed to build their capacity to clause rouge consider the social costs of adjustment in their cldusula roja macroeconomic policymaking. The Fund was set up In a documentary credit, special clause included in December 1987, with initial funding of $10 which allows the seller to obtain an advance from million. the correspondent bank to finance the manufacture or purchase of goods to be delivered under the registered security documentary credit. Liability is assumed by the titre nominatif issuing bank rather than the corresponding bank. It tftulo nominativo; valor nominativo is called red clause because red ink used to be used A security whose ownership is determined by the to draw attention to the clause. name in which it is registered as opposed to a bearer security whose ownership is determined by red herring who possesses it. pr6avis d'6mission anuncio preliminar de una nueva emisi6n registered stock; personal stock Preliminary prospectus issued to obtain an actions nominatives indication of interest in the issue. It is incomplete acciones nominativas because it does not contain the public offering price, Stock which cannot be transferred without placing the underwriter's discount, or the date of issue. the signature of the owner upon the books of the issuing corporation and delivery of the certificate. red herring Issue 6mission exploratoire emisl6n exploratoria An issue of bonds made on an experimental basis. 87 regular lending program [IBRD] The act or process of transforming or extending a programme de prdt normal credit agreement, whereby the old debt is canceled programa ordinario de financlamiento by the establishment of a new one. The Bank lending program that includes the base lending program and the standby program. repurchase agreement (RP; repo) contrat de report; mise en pension; accord de rehabilitation Import credit/loan (RIC, RIL) r6m6r6; prise en r6m6r6 [IBRD] acuerdo de recompra cr6dit A l'importation pour le redressement Arrangement by banks and other institutions to 6conomique; prOt & l'importation pour le borrow short-term (usually one day) money by redressement 6conomique transferring securities to the lender, with the agree- cr6dito para importaciones con fines de ment that they will buy them back. rehabilitaci6n; pr6stamo para importaciones con fines de rehabilitaci6n reserve ratio Loan, credit to support policies to stabilize the rapport de liquidit6 (1/1/78-1/9/88); coefficient economy and reactivate growth, following a period de liquiditf (avant 1/1/78 et aprbs 1/9/88) of economic decline caused inter alia by inappropri- (coeficiente de) reserva; encaje legal ate policies. The fraction of demand deposit money which a commercial bank must keep in its reserve account. reissue This ratio determines the maximum amount of r6ouverture d'une 6mission money a bank may loan out. In the United States, reemisi6n the legal reserve requirement is imposed by the Issue placed into circulation again after a specific Federal Reserve on depository institutions. The lapse of time. reserves (cash maintained in a bank's own vault or claims on cash on deposit with compulsory or option- relatively less developed [IDA] at depositories) for transaction accounts are 3% on relativement moins d6velopp6 $25 million or less and 12% for larger sums. In de menor desarrollo relativo France the ratio was 60% with reserves being Criterion used by IDA to determine eligibility for defined as disponibilitis...r9alisation des actifs de IDA lending. The guideline currently defines it as n6gociation facile figurant au bilan. The new system per capita income of $790 or below at 1985 prices, has been in place since September 1988, with the though the effective rate (because of scarcity of ratio being set at 100%. IDA funds and the availability of commercial lending) has been $570 or below, except for a few resetter loan; rate resetter (RR) loan very small island economies (e.g. Tonga, Grenada, prdt &taux r6visable Dominica). pr6stamo con inter6s modificable Loan where the interest rate is fixed for a specific relending period and reset after a specific period of time. recyclage; r6utilisation des pr4ts reciclaje de los pr6stamos; reutilizaci6n de los resource mobilization ratio pr6stamos taux de mobilisation des ressources An operation whereby, when a domestic debtor coeficiente de movilizaci6n de recursos repays a foreign debt, the funds are relent by the The ratio between available resources and use of foreign creditor to a second debtor within the same those resources. IFC uses it to indicate the percent- country. See onlending. age of funds it allocates to projects.

renewal novation renovaci6n 88 restructuring see debt restructuring return on average assets [IFC] rendement des avoirs retail banking rendimlento del promedio de los activos march6 bancaire des particuliers; services Net income as a percentage of total disbursed loan bancalres pour les particuliers; banque de and equity investments net of reserves, and liquid d6tail assets averaged for the current period and previous serviclos bancarlos para los particulares; fiscal year. servicios bancarlos para el p6blico en general Traditional banking operations conducted with the return on average net worth [IFC] general public. rendement de I'actf net moyen rendimiento del promedio del patrimonio retail investor Net income as a percentage of the paid-in share investisseur final capital and accumulated earnings averaged for the inversionista por cuenta propia; inversor por current period and previous fiscal year. cuenta propia Investor who buys securities and commodities revaluation factor [currency pool] futures on his own behalf, not for an organization. facteur de r66valuation factor de revaluaci6n retained earnings A ratio establishing the appreciation or depreciation report & nouveau; b6n6fices non distribu6s due to exchange rate changes in the U.S. dollar utilidades no distribuidas value of currencies in the pool from one date to Accumulated net income, less distributions to another. It is calculated by dividing, as of any day, stockholders and transfers to paid-in capital ac- the total U.S. dollar value at the exchange rates of counts. that day of the balances of currencies in the pool brought forward from the previous day, by their retiming see interest retiming total U.S. dollar value at the exchange rates of the previous day. retirement see debt retirement revenue-anticipation note retired debt obligation 6mise par une collectivit6 publique dette amortie dans I'attente de rentr6es non fiscales deuda amortizada bono municipal a corto plazo rescatable con A debt that has been paid off. ingresos no tributarios Short-term municipal borrowings that fund current retractable, putable bond operations and are to be funded by revenues other obligation r6tractable than taxes, especially U.S. federal aid. bono rescatable, redimible anticipadamente Bond where coupon rate is determined for a limited revenue bond number of years, after which a new coupon is obligation & long terme 6mise par une determined, with bondholders at the same time collectivit6 publique pour financer un projet having the right to early redemption. (dont les recettes assureront le remboursement) return on assets (ROA) bono a largo plazo pagadero con ingresos (del rendement de I'actif proyecto) rendimlento de los activos Long-term borrowings that are used to fund specific Net income divided by average earning assets (loans projects. They are repaid from the income that will and investment). be generated by the project.

revenue-covenant ratios see profitability ratios 89 reverse cash and carry revolving underwriting facility (RUF); note op6ration de vente de titres au comptant et Issuance facility (NIF); note purchase facility; d'achat de contrats d terme; reverse cash and euronote facility cary facilit de cr6dit sp6cial (RUF); (pour I'6mission operaci6n de venta de valores al contado y de papler d court terme); facillt d'fmission compra de contratos a t6rmino d'effets Hedging method consisting of sale of securities on serviclo de emisi6n de tftulos (SET) the spot market and simultaneous purchase of A medium-term arrangement under which a bor- forward contracts. See cash and carry. rower can issue short-term paper (Euronotes) backed up by commercial bank underwriting com- reverse floating rate note mitments. There are several variations of this obligation & taux flottant inversement index6e system. They include 1) the NIF, where the com- bono con inter6s variable inverso mitment is typically from five to seven years, while Floating rate note carrying a spread inversely the paper is issued on a revolving basis, usually for related to movements of interbank rates. three- or six-month maturities, though maturities do range from seven days to a year. Most are denomi- reverse repurchase agreement nated in U.S. dollars and involve six-figure or higher contrat de report inverse; mise en pension sums. 2) the short-term note issuance facility inverse; accord de r6m6r6 inverse; prise en (SNIF), a term used for NIFs with short-term notes. r6m6r6 inverse 3) the RUF, which is a variation of the NIF, with acuerdo de recompra inverso separate underwriting and distribution (the lead Repurchase agreement initiated by the lender of manager being sole placing agent, while the under- funds. writers take up any notes which cannot be placed or extend loans of equivalent amount). 4) the transfer- reverse swap able RUF (TRUF), where the underwriting com- swap de compensation; swap compensatoire mitment is transferable. 5) the multiple component swap inverso; intercambio inverso facility and others such as borrower's option for A swap which offsets the interest rate or currency notes and underwritten standby (BONUS), revolving exposure on an existing swap. It can be written acceptance facility by tender (RAFT), securitized with the original counterparty or with a new note commitment facility (SNCF), etc. Note pur- counterparty. In either case, it is typically executed chase facility and euronote facility are the generic to realize capital gains. terms and note issuance facility is often used as a generic term. French generally uses the English review clause see periodic review clause term, though the above translations have been seen. revolving credit; rollover credit right (to purchase shares) crdit renouvelable; cr6dit reconductible droit cr6dito rotatorlo; cr6dito renovable; cr6dito derecho refinanclable Usually issued in connection with new share issues. Any line of credit that be borrowed against up to a Gives the investor the right to purchase further stated credit limit and into which repayments go for shares at a given price. crediting. risk capital revolving fund capital A risque fonds renouvelable; caisse d'avances capital de riesgo fondo rotatorlo Capital invested in high-risk or relatively high-risk A fund for project-related expenditure. securities and enterprises, in expectation of com- mensurately high returns. It is sometimes used of equities or ordinary stock, the dividend of which varies with the profits earned by the corporation. 90 risk conversion floater roll-over certificate of deposit; roly poly risk conversion floater certificate of deposit Instrumento do Inter6s variable y riesgo certificat do d6p6t A ta renouvel6 decreciente certificado de dep6sito con tasa de inter6s Euromarket instrument based on principle of renovable; certiflcado de dep6sito con tipo de floating rate Eurobond but with high quality collat- Inter6s renovable eral which increases over time to substitute for the A package of certificates of deposit with maturity borrower's role. of, for example, three years, divided into six six-month periods. An investor buys the package as risk premium a whole but he may sell any of the six-month CDs prime de risque on the secondary market. He is nevertheless prima por riesgo; prima de riesgo committed to rolling over the CD by redepositing The extra yield over the risk-free rate owing to funds to the amount of the next six-month CD. various types of risk inherent in a particular invest- ment. For example any issuer other than the U.S. rollover credit see revolving credit Government must pay a risk premium in the form of a higher interest rate on bonds as the risk of rollover date default is less on U.S. government securities than date de reconduction those of other issuers. fecha de renegociaci6n Date of adjustment of interest rate in maturity rolling guarantee (of interest payments) transformation. garantie mobile garantia limitada renovable rollover of gains A guarantee that would cover, at any given time, r6emploi des plus-values only one or two payment installments but would, if reutilizaci6n de las ganancias the covered payments are met, "roll" to subsequent Reinvestment of profits. payments. rollover risks roll-over risques de refinancement refinancement; reconduction; renouvellement riesgos de refinanciamiento refinanciamiento; renovaci6n Risks associated with refinancing a loan. 1. Reinvestment of money received from a maturing security in a similar security. roly poly bond 2. Term used for a delay allowed by a lender to obligation d taux renouvel6 borrower in making a principal payment on a loan. bono con tasa de inter6s renovable; bono con With governments, rollovers in the form of tipo de inter6s renovable refundings or refinancings are routine. Medium- or long-term bond whose annual coupon is renewed every three years, at which time the investor may be reimbursed.

roly poly certificate of deposit see rollover certificate of deposit 91 round-tripping S- dette achet6e avec d6cote et revendue & sa valeur nominale compra con descuento de una deuda en dMsas sales agent; sellng agent [securities] y rescate a valor nominal en moneda nacional agent de placement Situation whereby foreign currency denominated agente vendedor; corredor debt is purchased at a discount and redeemed for Firm or individual carrying out the sale of full face value in the local currency, thereby scuiies encouraging capital flight. Samurai bond running (weighted) average obligation samoural moyenne (pondr6e) mobile bono samurai promedlo m6vil (ponderado) Bond issued on the Japanese market in yen outside The average rate of interest applied to an Japan. outstanding loan, based on the rates applied on all savings bond [France, Belgium, U.S.] previous disbursements, weighted, where necessary, ban de caisse; bon d B6pargne to allow for different levels of disbursement. bono de ahorro Short- or medium-term fixed-interest bearer bond issued by a public credit institution or commercial bank. It is not marketable. Bons de caisse are general French savings bonds. Bons d'epagne are five-year savings bonds issued at par. The bearer can ask to be reimbursed after three months but the amount he is paid increases over the five-year period.

scheduled debt service palements d'int6rdts pr6vus &I'6ch6ancier servicio de la deuda sin deducir reprogramaciones ni pagos en mora Debt service that follows a set schedule.

scoring 6valuation par score evaluaci6n por puntos Technique for evaluating a borrower, primarily his ability to repay a loan.

scrip certificate; bearer scrip bulletin de livraison; certificat d'action partiellement libr6e certificado provisional; titulo provisional Written obligation of a bank acting as paying agent for an issue, to hand over to the subscriber the definitive certificates as soon as they have been issued.

scrip Issue [UK]; stock dividend [U.S.] dividende en actions; (attribution, distribution d') actions gratuites; actions-dividendes dividendo en acciones; acci6n gratulta 92

The issue of additional stock free of charge to second tier bank stockholders in proportion to the stock they already banque de second rang hold. This may be done when a company increases banco de segundo nivel; banco de segundo its capital by using some of its profits for this piso; banco de segunda instancla purpose and feels that the previously issued stock 1. Bank used as secondary source for funds. capital does not give an accurate picture of the 2. Smaller lenders, i.e. banks other than the main amount of capital actually employed by the corpora- commercial banks. Used particularly in Latin tion. America.

SDA Project Facility see Social Dimensions of sector see segment Adjustment Project Facility sector adjustment loan see agricultural sector seasoned issue adjustment loan 6mission habituelle emisi6n confiable sector adjustment loan (SECAL; SAD) Issue of securities that have gained a reputation in pr6t d'ajustement sectoriel the market for reliability. pr6stamo para (fines de) ajuste sectorial A loan aiming at major policy improvements in a secondary market sector. march6 secondaire mercado secundario sector investment and maintenance loan Market for transactions in existing securities. Note (SIM) [IBRD] that the French second march corresponds to the pr&t dinvestissement et d'entretien sectoriel British unlisted securities market and the U.S. (IES) over-the-counter market or third market and not to pr6stamo para inversi6n y mantenimiento the secondary market. sectoriales Loan aimed at investing in a particular sector secondary offering maintaining the level of activity in that sector. placement d'actions d6tenues par les particuliers sector loan colocaci6n en el mercado secundario prdt sectoriel Redistribution of an outstanding block of stock by pr6stamo sectorial; pr6stamo para un sector a securities firm. It is handled privately off the A loan geared towards a particular sector. organized exchanges after the close of the market, at a fixed price not exceeding the last sale price on securities analyst the floor. analyste des valeurs analista de valores secondary participant Person carrying out systematic assessment of sous-participant securities as a basis for investment strategy. participante secundarlo; participante ajeno al consorcio securities dealer; securities firm Outside bank participating in an underwriting courtier (en valeurs mobilibres); maison de syndicate. titres; socl6t6 de placement corredor de valores; sociedad de valores secondary public offering Firm acting as a principal rather than an agent in offre publique sur le march6 secondaire the securities market. oferta p6blica en el mercado secundario Public offering of previously issued securities held by large investors, usually corporations, institutions others, as opposed to issue of new stock, where the seller is the issuing corporation. 93 securities margin account securities; mortgage-backed security; note; off- compte d'achat de titres the-run security; option; paper; pass-throughs; cuenta de compra de valores purchase money security interest; registered Special account opened by private individuals for security; Separate Trading of Registered Interest the purchase of securities, paid for partially by cash and Principal of Securities Program (STRIPS); payments and partially on credit given by the broker step-down; step-up; sterling transferable up to a limit fixed by law. accruing government securities (STAGs); stock; swap; tap security; underlying; unlisted; unlisted securities market securities market; warrant into government march6 des valeurs mobilibres securities (WINGS); when issued (wi) security; mercado de valores; bolsa de valores zero coupon Eurosterling bearer registered The primary and secondary market for negotiable accruing securities equity (stocks) and long-term debt instruments (bonds). security titre; valeur mobilibre securitization valor; tftulo 1. titrisation; titralisation; mobili6risation; 1. Document giving title to property or claim on financi6risation; d6sinterm6diation; income. transformation en titres; 2. Income-yielding paper traded on the stock ex- 2. march6isation change or secondary market. 1. conversi6n de la deuda en valores; 2. intensificaci6n del uso de valores security lending [IBRD] 1. Issue of securities in exchange for debt. The pr6ts de titres Bank has used it to specifically refer to "the packag- pr6stamo en valores ing and selling of a pool of creditor risks in the Lending of securities which the IBRD owns (typi- form of a security". Le Minist6re de l'Economie, cally a U.S. Government obligation) against receipt des Finances et du Budget uses titrisation. of cash or similar securities as collateral in amounts 2. The tendency on financial markets to make equal to or higher than the market value of the greater use of securities, i.e. firms issue securities security lent. rather than borrow directly from banks. segment; sector (of the market) securitized loan sales compartiment (du march6) cession de pr4ts par 6mission de titres segmento; sector venta de pr6stamos por emisi6n de valores A particular part of the market, e.g. airline stocks. Sale of loans by pooling together a group of loans Securities analysts often specialize in one segment (or other forms of receivables) and issuing securi- of the market. ties backed by an interest in this pool of loans. The creditworthiness of the pool is enhanced through self-financing see in house financing the provision of partial guarantees and/or over- collateralization. self-liquidating credit cr6dit autoamortissable security see also agency securities; bearer cr4dito autoamortizable security; bellwether security; bill; bond; book- Credit reimbursed by the income from the opera- entry security; borrow-pledge security loan; tion for which it was lent. cash security loan; certificate of deposit; certificates of accrual on Treasury securities; sell-down Continuously Offerred Longer-Term Securities r6trocession (COLTS); convertible; covered option securities; venta de un cr6dito fuera del consorcio debt security; foreign-aimed security; gilt-edged The transfer of a credit from a bank within a securities; government security dealer; syndicate to a bank outside the syndicate. investment securities; listed security; marketable 94 selling agent see sales agent serial bond, loan 1. emprunt par obligations 6mis par s6ies; selling commission 2. obligation A lot commission de guichet 1. bono de vencimiento escalonado; comisi6n de venta 2. bono con vencimiento elegido al azar In a syndicated loan, a commission paid to members 1. Bond issues split into a series of maturities. for sales of participations in the issue to investors 2. Special type of serial bonds where reimbursement outside the syndicate. is decided by drawing in lots (used in France). selling consortium, group, syndicate service a loan [Euromarket] assurer le service d'un prdt groupe de placement atender el servicio de un prdstamo consorcio; grupo vendedor To pay interest due on a loan. A group of bank or securities dealers involved in placing a security as sellers. set aside agreement accord de domiciliation selling fee [Euromarket] acuerdo de destinaci6n especial; convenio de commission de placement destinaci6n especial comisi6n de venta Agreement for payment receipts from a project to Fee charged for selling an issue of securities. be designated for a specific purpose. selling rate set-asides cours vendeur montants affect6s; montants r6serv6s precio vendedor; precio de venta montos reservados; montos afectados Price proposed (for a security). Loans made by the World Bank to developing countries to reduce their debt. These loans are only senior debt made to countries with large outstanding external dette prioritaire; dette priviligi6e debts and which have adopted structural adjustment deuda prioritaria programs approved by the Bank. Set-aside amounts Debt for which claims on the assets of the borrower will be determined individually but will be normally rank ahead of other debts in case of liquidation. around 25% of the adjustment program over three years or 10% of the overall amount of the Bank's seniority lending program to the country. rang prioridad settlement date The order of priority for repayment of debt. date de r6glement fecha de cierre; fecha de pago Separate Trading of Registered Interest and The date on which payment for a transaction must Principal of Securities Program (STRIPS) be made. Programme de n6gociation distincte des int6rdts et du principal concernant ses titres Programa de venta separada del inter6s y el principal de los valores Program announced by U.S. Treasury January 15 1985 to allow separate trading of registered interest and principal of securities, initially for long-term notes and bonds and later for all old and new eligible securities in circulation. See also certificates of accrual on Treasury securities. 95 severely indebted low-, middle-income share retention agreement [IFC] country (SILIC, SIMIC) accord de non-r6trocession d'actions pays A faible revenu, A revenu interm6dialre acuerdo de retenci6n de acciones gravement endettM Agreement, under which a company agrees not to pals de bajos ingresos, de ingresos medianos sell the stock of another company in which IFC has gravemente endeudado an interest, until the loan has been reimbursed. Low-, middle-income country in which three of the four key ratios are above critical levels. These shares see bonus share; cross-shareholding; ratios and their critical levels are debt to GNP (50 didend-right share; earnings per share (EPS); percent), debt to exports of goods and all services equity; founders' shares; partnership share; (275 percent), accrued debt service to exports (30 public offering (of shares); right (to purchase percent) and accrued interest to exports (20 per shares); shareholders' equity; stock; transferable cent). Used in the World Bank's World Debt share Tables. See moderately indebted low-income, middle-income country. sharing clause; payment sharing clause clause de partage de paiements shadow price see accounting price clAusula que estipula que se han de compartir los reembolsos shake-out (of the market) Clause in loan agreement that states that if one tassement participant fails to receive payment, the others will 1. asentamiento; share receipts with the participant(s) not receiving 2. sacudida payments. 1. A moderate stock market or business recession, usually corrective of an inflationary condition. shelf registration 2. Any movement in the market prices of securities enregistrement en attente that forces speculators to sell their holdings. autorizaci6n permanente A system of standing authorization to issue securi- shareholders' equity, funds see stockholders' ties given by the U.S. Treasury to certain select equity borrowers (including the IBRD). Borrowers must normally wait for formal approval. share list cours de la Bourse Shogun bond lista de acciones con sus cotizaciones obligation 'shogun' A listing of stocks with their current prices. bono shogun Non-resident bond issues denominated in foreign share ownership currencies on the Tokyo market. Started June 1985. avoirs en portefeuille; acquisition de valeurs mobilibres; acquisition d'actions short hedge cartera de acciones op6ration de couverture par vente & terme; The possession of shares of stock in a corporation. short hedge operac16n de cobertura por venta a plazo share premium account [IFC] Hedging operation by someone who is "short" (i.e., compte 'prime d'6mission' who owns less of an item than he has contracts to cuenta de primas de emisl6n deliver). Account of a corporation, in which IFC has a holding and in which the premiums obtained on new shares are deposited. 96

short-leash approach Social Dimensions of Adjustment Project approche & court terme (SDA Project) m4todo de "rienda corta" Projet Dimensions sociales de I'ajustement Approach to debt restructuring whereby the (Projet DSA) restructuring agreement only applies for a short proyectos relacionados con los aspectos period of time. sociales del ajuste Project to protect the poorest people during periods short position of adjustment. engagement A la baisse; position vendeur; position courte Social Dimensions of Adjustment Project 1. posici6n en descubierto; Facility; SDA Project Facility 2. posici6n corta M6canisme de financement du Projet Dimen- Where a dealer in stocks or commodities is commit- sions sociales de I'ajustement ted to sell more of them than he has available for Servicio de financiamiento de proyectos sale. The Bank definition is (1) in relation to relacionados con los aspectos sociales del securities, any security sold but not then owned by ajuste the Bank and (2) in relation to futures and option Facility created by the World Bank, UNDP and the contracts, any such contract sold by the Bank which African Development Bank and supported by the has not expired, been exercised by a seller or Government of Norway, it seeks to help participat- canceled through the sale of such contract by the ing governments integrate social dimensions in the Bank. design of their adjustment programs.

short sale Sogo bank vente A d6couvert Banque 'sogo' venta en descubierto banco sogo Sale by dealers of securities they do not own. Regional finance institutions in Japan, dealing chiefly with smaller enterprises. short-term note effet A court terme source and application of funds statement bono a corto plazo; pagar6 a corto plazo see statement of changes in financial position Note with maturity of one year or less. source and use of funds statement see short-term paper statement of changes in financial position effets A court terme; pap/er A court terme efectos a corto plazo; valores a corto plazo; sovereign credit papel a corto plazo emprunt garanti par I'Etat; cr6dit souverain Paper with maturity of one year or less. cr6dito soberano; cr4dito garantizado por el Estado short-term paper market A borrowing guaranteed by the state. march6 des effets A court terme mercado de valores a corto plazo sovereign risk Market for paper with maturity of one year or less. risque d'insolvabilit6 de I'Etat emprunteur; risque souverain sinking fund riesgo soberano; riesgo de insolvencia de un caisse d'amortissement; fonds d'amortissement pals fondo de amortizacl6n The risk of changes in a borrowing country's overall A fund created by a borrower for the purpose of foreign exchange position, which might affect its redeeming bonds. The borrower is obliged to ability to repay a loan. redeem specified amounts of the bond within specified periods. 97 sovereign risk loan speculative grade paper pr6t comportant un risque souverain 6mission A caractbre sp6culatif pr6stamo con riesgo soberano emisi6n de valores especulativos Loan to a State or loan where the State takes the Issue of paper rated at BB+ or below (or equiva- responsibility for the loan. lent) by a rating agency. space arbitrage see two-point arbitrage spinoff cession d'actions (d'une nouvelle socitd aux Special Commitment [IBRD] actionnaires de la soci6t6 mbre); distribution engagement sp6cial d'actions (d'une nouvelle socit6 aux compromiso especial actionnaires de la soci6t6 mbre) Bank procedure whereby the Bank provides a cesi6n de activos (de una sociedad) a cambio commercial bank with a guarantee to enable it to de acciones (de otra sociedad nueva); issue a letter of credit to a Bank borrower to transferencia de activos (de una sociedad) a finance the purchase of goods under a project. cambio de acciones (de otra sociedad nueva) The transfer by a corporation of a portion of its Special Facility for Sub-Saharan Africa; assets to a newly formed corporation in exchange Special Facility for Africa; African Facility for the latter's capital stock, which is thereupon (SFSA; SFA) distributed as a dividend to the stockholders of the Fonds sp6cial d'aide d I'Afrique subsaharienne; first corporation. Fonds d'aide A I'Afrique (FAA) Servicio especial de asistencia para Africa al splinter currency [IBR] Sur del Sahara; Servicio especial para Africa; monnaie 6pineuse; monnaie 6pine Servicio africano moneda que representa una proporci6n minima A facility set up as a result of the Joint Program of del saldo pendiente de un pr4stamo Action for Sub-Saharan Africa to support policy A currency which constitutes less than 2.5% of a reform in IDA-eligible countries in sub-saharan fixed currency loan's remaining outstanding balance. Africa. It will primarily finance quick-disbursing structural and sectoral adjustment programs and split; split-up; splitting rehabilitations projects with a major policy content. division (d'une action en plusieurs titres) divisi6n de acciones special placement Increasing the number of shares of a corporation by placement sp6cial some ratio or multiple. colocaci6n especial Placements issued by international development spot credit institutions and placed directly with central banks, cr6dit ponctuel monetary authorities, and governments. cr6dito negociable Short-term credit where the amount and conditions specific investment loan (SIL) [IBRD] are negotiated as required. pr6t d'investissement sp6cifique pr6stamo para una inversi6n especifica spot market; actual market; cash market; World Bank loan for a specific investment project. physical market [commodities) march6 du disponible specific loss reserve [IFC] mercado de productos disponibles; mercado de r6serve pour pertes sp6cifiques entrega inmediata reserva para Inversiones especificas Market where goods are sold for cash, for immedi- The portion of the total loss reserve that is attribut- ate delivery. ed to the decline in the value of specific investments below original cost. speculative grade bond see junk bond 98 spot market; cash market [foreign exchange] Lending operations that are under preparation and march6 au comptant are likely to be ready for the fiscal year following mercado al contado the fiscal year in question but may be ready sooner Foreign exchange market where currency is sold for and which could substitute for projects in the fiscal immediate delivery. See futures market. year in question. spread see also alligator spread; banker's standby letter of credit spread; bear spread; bull spread; butterfly (call) lettre de cr6dit standby spread; diagonal spread; financial spread; carta de cr6dito contingente horizontal spread; implicit spread; TED spread; A letter of credit issued to cover against a particular vertical spread contingency. spread standby loan 1, 2. 6cart; pr6t conditionnel 3. marge; spread pr6stamo contingente 1, 2, 3. margen; diferencia; diferencial Loan which is not part of the current schedule but 1. Options: Purchase of a call option at one price which can be presented to the Board if other and resale at another. projects slip. 2. Commodities: Purchase of a contract in one delivery month and resale in another. "Star Trek' issue 3. Euromarket, securities: Difference between rate dmission rat6e d'avance at which bank borrows money on interbank market emisi6n Star Trek and rate at which it onlends funds to its customers. Eurodollar issue where interest rates have been set too low to attract investors. Called Star Trek spread risk [IBRD] because they were priced where no man dared to go risque 116 A la marge (a reference to the Star Trek TV show). riesgo relacionado con el margen Risk due to the spread between IBRD borrowing stateless money and loans being too low or negative. argent apatride dinero apAtrida standby commitment Money which is not part of the currency of any one engagement d'attente country. Eurocurrency deposits are an example. compromiso contingente A bank commitment to loan money up to a speci- statement of changes In financial position; fied amount for a specific period, to be used only in source and application of funds statement; a certain contingency. funds statement; source and use of funds statement; funds flow statement; changes In standby equity working capital statement engagement conditionnel (de participation) tableau de financement; tableau des flix compromiso contingente de participaci6n en el estado de flujo de fondos; estado de fuentes y capital social; compromiso supeditado a la utilizaci6n de fondos; estado de cambios en la compra de acciones situaci6n financlera In investment an agreement that is conditional on stock purchase. standby lending program programme de pr&t d'appoint programa (de financiamiento) de reserva 99

A statement used in conventional accounting which stock; loan stock; paid-up stock; preferred summarizes the financing and investing activities of stock; promoters' stock; registered stock; an entity, including the extent to which the enter- shares; volatile stock prise has generated funds from operations during the period and for completing the disclosure of stock dilution; stock watering changes in financial position during the period. The dilution du capital; d6capitalisation first English term is the one recommended by the diluci6n del capital (accionario) U.S. Accounting Principles Board (APB) since 1971; The lessening of an ownership share's earnings and the second term is the one found most frequently in assets equity, caused by the issue of more ownership the World Bank and IFC; and the third is the most shares without corresponding increases in earnings common one used in the U.S. prior to the APB and assets. recommendation. The other terms are also found. stock dividend see scrip issue steering committee; advisory committee comitd de restructuration stockholders' equity; shareholders' equity; comit de reestructuraci6n owners' equity; equity; net worth; In the field of debt restructuring, a committee shareholders' funds [U.K.] consisting of the lead banks for loans to these fonds propres; capitaux propres; situation nette countries, involved in organizing and managing the patrimonio; patrimonio neto; activo neto additional financing needed for the country and for The value of assets less liabilities of a corporation. negotiating the debt restructuring procedure. All the terms given here are generally synonymous, but accountants tend to give different slants to these step-down (security) terms in certain circumstances, so they may, on (titre 6) coupon d6gressif multiple occasion, have slightly different meanings. For (valor) con inter6s descendente example, capitaux propres and situation nette are Securities where the coupon rate decreases by a normally synonymous, though capitaux propres fixed amount every year. sometimes equals situation nette less retained earnings (report A nouveau). stepped (rate) bond obligation & taux flottant fix6 d'avance stock index future bono con interbs escalonado (fijado contrat d terme sur indices boursiers anticipadamente) contrato a t6rmino con fndice bursctil Bond with different coupon rates of interest for Security that combines features of traditional different periods, fixed in advance of the issue. commodity futures trading with securities trading, using composite stock indexes. Investors can step-up (security) speculate on general market performance or can (titre 6) coupon progressif multiple buy an index future contract to hedge a long posi- (valor) con inter6s creciente; (valor) con interds tion or short position against a decline in value. progresivo Securities where the coupon rate increases by a stock market crash fixed amount every year. krach boursier colapso de la bolsa sterling transferable accruing government A major fall in stock prices. Usually used to refer securities (STAGs) to the Wall Street Crash of 1929 and, more recently, obligations d'Etat de qualit6 A coupon z6ro the Crash of October 1987. bonos britnicos sin cup6n (STAG) British zero coupon bonds, based on gilts. stock option option de souscription; droit de conversion; stock see air pocket stock; capital stock (of a plan d'achat; plan de souscription d'actions corporation); common stock; cumulative opcl6n de compra de acciones preferred stock; dividend stock; equity; growth 100

A right granted by a corporation, usually to strangle employees or underwriters, to purchase corporate strangle stock, under specific price and timing conditions. strangle An options strategy in which the exercise price of stock warrant the call is higher - and that of the put lower - than warrant d'actions; bon de souscription the current price of the underlying stock. d'actions certificado para la compra de acciones; warrant striking price; strike price; exercise price para la compra de acciones prix d'exercice; prix de lev6e; prix de base Warrant for purchasing stock. preclo fijado en contrato (para ejercitar una opcl6n de compra); preclo de ejercicio stop order Price a particular share must reach before an option ordre stop to purchase the shares can be exercised. orden tope An order to buy above or sell below a specified strip certificate price, if reached. certificat strip; certificat d6membr6 certificado separado del cup6n stop-out price A security certificate that has had the coupon prix d'arrdt removed by a broker, who sells them separately. precio mfnimo en subasta a la baja Uniform auction price (i.e., lowest price at which strip of maturities bids are accepted) at a Dutch auction. tranche d'un prdt parte de cada vencimiento de un pr6stamo straddle; call-and-put option A time portion of each of the maturities of a multi- stellage; ordre liW; straddle; option call et put maturity loan. opci6n de venta y compra; posici6n a horcajadas strip participation Double option consisting of a put and a call with participation & toutes les 6ch6ances same striking price. participaci6n en cada vencimiento (de un pr6stamo) straight bond Participation in each of the maturities of a multi- obligation classique maturity loan. bono clAsico; bono ordinario Bond with unquestioned right to repayment of stripping principal at a specified future date, unquestioned d6membrement; n6gociation s6par6e right to fixed interest payments on stated dates, and separacl6n no right to any additional interest, principal, or Separation of future coupon payments and principal conversion privilege. redemption values. straight, tap certificate of deposit Structural Adjustment Facility within the certificat de d6p6t classique, par lot Special Disbursement Account (SAF) [IMF] certificado de dep6sito cl6sico; certificado de Facilit6 d'a]ustement structurel 6tablie dans le dep6sito sin lfmite; certificado de dep6sito de cadre du Compte de versements sp6cial (FAS) libre compra Servicio financiero de ajuste estructural dentro Standard certificate of deposit, without any del marco de la Cuenta Especial de restrictions on amount available. Desembolsos 101

Facility created by the International Monetary Fund Sushi bond in March 1986 to provide balance of payments obligation 'sushi' assistance on concessional terms to low income bono sushi developing countries. The resources will consist of Eurodollar bonds issued by Japanese corporations assets received in the Special Disbursement Account on the Japanese market for Japanese investors. as a result of the termination of the Trust Fund. swap see also asset(-based) swap; basis (rate) subborrower swap; callable swap; circus swap; cocktail emprunteur secondaire; emprunteur final swap; Contingent Swap Facility [IBRD]; coupon subprestatario swap; cross-border swap; cross-currency A smaller loan which is a part of a larger loan, interest rate swap; currency swap; debt-charity often one provided for onlending. swaps; debt commodity swap; debt-debt swap; debt(-for)-equity swap; debt-for-cash swap; subloan debt-for-development swap; debt-for-export pr&t secondaire; pr&t subsidiaire swap; debt-for-local currency swap; subpr6stamo debt-for-nature swap; debt/quasi equity swap; A loan that has been onlent. discount swap; double hedge swap; dual-currency swap; even par swap; Global subloan pricing Swap Authority; interest-rate swap; inward (fixation du) prix des pr6ts secondaires swap; mirror swap; option swap; outward swap; determinaci6n del costo de un subpr4stamo par debt swap; plain vanilla swap; premium When the Bank or other lending institution lends swap; reverse swap money to a national development institution which, in turns, onlends the funds, the cost of the subloan swap (transaction) is determined by the interest rate and other charges swap; cr6dit crois6; 6change financier levied by the national development institution and swap; intercambio de monedas; cr6dito by the foreign exchange costs. recfproco; conversi6n; pase financiero A spot purchase of foreign exchange (currency subordinated debt see junior debt swaps), fixed or floating rate funds (interest rate swaps) or assets (asset swaps) with simultaneous subordinated loan forward sale or vice versa. Pase financiero is an pr6t non privil6gi6 Argentinian system, related to the swap system, pr6stamo subordinado whereby persons or institutions making capital A loan where repayment is made subject to other investments are given an "exchange guarantee," conditions being met, normally repayment of other which guarantees that the funds can be reexchanged loans which are deemed to be "senior" (often at a predetermined exchange rate on a specific date. because they are secured). The French Government is recommending the term crddit croisd but it is fighting a losing battle. subordinate lender pr&teur non prlvil6gi6 swap, to prestamista subordinado swapper Lender holding a subordinated loan. intercamblar; efectuar una operaci6n de swap; efectuar un swap; convertir subscription right To carry out a swap transaction. drolt de souscription derecho do suscripci6n swap future The same as right. contrat & terme sur swap (contrato de) futuros de swaps Futures contract in swaps (initially interest rate swaps), introduced in the U.S. market in 1986. 102

Swap Insurance Facility [IBRD] The value that reverses the ranking of two alterna- m6canisme d'assurance des swaps tive projects. For example, Farm A will produce servicio do seguro de swaps beef with high technology equipment and few Scheme set up by the Bank to provide greater workers, while Farm B will consist of a low-techno- flexibility in selecting direct counterparties. Enables logy operation employing many farm workers. Up Bank to negotiate directly with counterparties to a weight of 1.5 on income going to the poor, previously ineligible because of their credit status Farm A has a higher rate of return. However, if a and to separate the pricing of the arrangers and weight greater than 1.5 is given, Farm B will have a credit fees from the pricing of other financial higher rate of return. The switching value, there- aspects of a swap operation. fore, is 1.5.

swaption; swap option syndicate swaption; option de swap; swap optionnel consortium; syndicat financier opci6n de swap; swap opcional consorcio (bancario, de financiamiento) Instrument combining features of swaps and op- A group of bankers and/or brokers who underwrite tions whereby the buyer acquires the right (but not and distribute a new issue of securities or a large the obligation) to make a swap within a specific block of an outstanding issue. By extension, can also period of time at a rate previously agreed. refer to a group of banks or securities firms who are involved in a Eurocredit or Eurobond issue. swingline cr6dit de s6curit; ligne de liqulditb; ligne de syndicate, to (a loan) d6couvert consortialiser Ifnea de cr6dito a corto plazo concertar un pr6stamo a trav6s de un consorcio A short-term line of credit enabling borrowers to (bancario, de financiamiento) draw at short notice to cover the delay in issuing To arrange for a loan using a syndicate. notes or making other forms of drawing. syndicated loan switch pr6t syndiqu6; pr&t consortial arbitrage pr6stamo de un consorcio arbitraje Loan made by a syndicate. Sale of paper which is no longer considered to have long-term possibilities and investment of the syndication proceeds in securities considered more worthwhile. formation d'un syndicat financier; formation d'un consortium switch, availability clause formaci6n de un consorcio (bancario, de clause de disponibilit4 financiamiento) clusula de disponibilidad Formation of a syndicate for the purpose of issuing In a rollover credit agreement, a clause which or underwriting a loan. allows a lender to lend in a currency other than the one stipulated in the agreement, if the stipulated synthetic floating rate notes; derivative currency is not available. floating rate notes papier synth6tique A taux d'int6rdt flottant switching see Interest (rate) switching; inward tftulos sint6ticos con inter6s variable switching; outward switching operations A name for asset swaps which are artificially packaged and marketed by investment banks rather switching value than investors themselves. valeur critique; valeur seull valor crftico 103 system repurchase agreement "T, contrat de report acuerdo de reventa (a un preclo especiffcado) Purchase by the Federal Reserve of securities for a take-and-pay contract short period of time with an agreement to resell contrat de palement contre livraison them at a specified price. See also repurchase contrato de compra contra entrega agreement. A guarantee to buy an agreed amount of a product or service provided it is delivered.

take In, to (bills) prendre (des effels) en pension redescontar con compromiso de reventa Rediscount operation with promise to transfer the credit title back to the original lender.

take-or-pay contract contrat d'achat ferme; contrat de prise ferme contrato firme de compra (sin derecho de rescisi6n) An unconditional guarantee to buy an agreed amount of a product or service whether or not it is delivered.

take out, to [IBRD] renoncer renunciar a una garantia Waiver by a colender of a guarantee given by the World Bank, as the guaranteed portion of a coloan progressively comes within the range of normal maturities.

takeover bid offre publique d'achat (OPA) oferta p6blica de adquisici6n (OPA) (con fines de absorci6n) An offer to acquire a controlling interest in a corporation.

takeover candidate see target company

takeover option [IBRD] option de reprise (des dernibres 6ch6ances d'un prdt commercial) opci6n de financiamiento residual Contingent commitment by the IBRD to take over any residual financing of a loan as it reaches its ten-year maturity.

Tankoku bill bon Tankoku bono tankoku 104

Six-month bill issued by Japanese Government to A wide zone of exchange rates, perhaps plus or refinance expiring long-term bonds. minus 10 per cent, within which a currency can freely move against other currencies. Suggested at tap certificate of deposit the New York Plaza Agreement at the Group of 6mission A guichets ouverts Five meeting in September 1985, and proposed by emisl6n continua the French Treasury in February 1986, as a way to A certificate of deposit issued on an as required reduce major currency swings. basis. See straight certificate of deposit tax-anticipation note (TAN) tap issue bon garanti par les recettes fiscales pr6vues 6mission A guichets ouverts bono respaldado por ingresos fiscales previstos; emisi6n continua pagar6 respaldado por ingresos fiscales An issue of a security made available on an as previstos required basis. Used primarily in the British mar- Short-term borrowing issued to fill temporary ket, where the British Government issues Treasury financing needs. It is backed by anticipated tax stock and seeks subscriptions. As the stock is rarely receipts and any unencumbered revenue of the fully subscribed, the remainder is sold to Stock community. Exchange jobbers as demand requires. The French introduced an equivalent system in 1985 called tax buoyancy obligations assimilables du Trsor (OAT). 6lasticit6 globale du syst6me fiscal par rapport au produit int6rieur brut (PIB) tap security elasticidad tributaria global titre 6mis A jet continu; titre 6mis & guichets Total elasticity of the tax system (built-in elasticity ouverts plus elasticity due to discretionary changes in the tax valor en venta continua system). Measured by the annual mean growth in Security that is continuously available and may be receipts divided by the annual mean growth in gross obtained on demand by investors. Used primarily domestic product (GDP). in the British market. tax credit target company; takeover candidate avoir fiscal; cr6dit d'imp6t soci6t6 op6able cr6dito tributario; descuento impositivo empresa susceptible de absorci6n A 100% offset against tax liability. Company considered ripe for takeover. technical assistance loan (TAL) [IBRD] targeted currency pool prdt d'assistance technique pool de monnales fix6 comme objectif pr6stamo para asistencia t6cnica (metas para la composici6n del) fondo comin World Bank loan for technical assistance purposes. de monedas Under the new currency pooling system, the cur- technical decline, drop rency pool will have targeted ratios for currencies in repli technique the pool of 1 U.S. dollar for every 125 Japanese yen disminucl6n t6cnica and 2 Deutsche marks (or the equivalent in a The fall in price of a security or commodity because composite of Deutsche marks, Swiss francs and of factors relating to operation of the market and Netherlands guilders). not because of any supply or demand conditions. target zone; reference zone TED spread zone de r6f6rence; plage de r6f6rence; zone 6cart entre les bons du Tr6sor et les d6p6ts & cible terme en eurodollars zona de referencia margen entre los bonos del Tesoro de EE.UU. y los dep6sitos a plazo en eurod6lares 105

Technically, the spread between U.S. Treasury bill tick futures and Eurodollar futures but commonly used fluctuation minimale; fluctuation do prix to refer to the spot market between minimum Treasury bills and LIBOR. varlacl6n de preclo A movement in the price or price quotation of a tender panel security or contract. groupe d'ench6rlsseurs; panel d'offre; syndicat d'enchbres; syndicat soumissionnaire; syndicat time arbitrage de placement arbitrage dans le temps grupo de bancos licitantes arbitraje de vencimlentos In a Euronote issue, a group of banks separate from Buying and selling at different maturities. but usually with many members common to the group of underwriters. The panel members bid for time (call) spread see horizontal spread any notes issued, up to a predetermined maximum spread. The underwriters take up any notes not bid time-slice loan for or extend loans of an equivalent amount. The prdt par 6tapes tender panel banks expect to place any paper they pr6stamo dividido en perlodos receive rather than hold it themselves. Loan where the lender only finances the loan a part of the time. tenor teneur time value periodo de reprogramaci6n valeur temps The period of debt rescheduling in number of years. valor temporal The chance that an option will become more term loan valuable before it expires. cr6dit d'6quipement pr6stamo a medlano o largo plazo tombstone Medium- or long-term loan undertaken by a corpo- avis financier; encart publicitaire ration when it cannot or does not want to issue a anunclo de emisl6n efectuada; esquela; loan on the financial market. prospecto de emisl6n Advertisement which announces that a credit has term sheet been arranged or a bond issue made. Hate de conditions (hoja de) plazos y condiclones; hoja de top grade borrower see prime borrower t6rminos List of terms and conditions for a loan. topping up apports compl6mentalres; op6rations de term transformation bouclage transformation des dch6ances aporte de fondos complementarlos transformacl6n de los plazos de vencimlento Providing extra funds to an existing loan package, The use of funds from short-term deposits to make rather than a new one. long-term loans. top-rated bond third market; off-the-board market obligation do premier ordre troslbme march6; march6 hors bourse bono de primer orden; bono de primera clase mercado terclarlo; mercado fuera de bolsa Bond issued by corporation or organization Market for security dealing in over-the-counter considered to be particularly creditworthy. stocks listed on a stock exchange but between firms that are not members of an exchange and, there- fore, do not charge regular listed commission. 106 trade bill [U.K.] Certificate of deposit representing a share in a effet de commerce program of certificate of deposit issues by a bank. letra comercial; efecto comercial Commercial bil accepted directly by a corporation. tranching subdMslon d'un prdt en plusleurs tranches trade date divisl6n do un pr6stamo en varlos tramos date d'6change Division of a loan (specifically adjustment loans) fecha de transacc16n into several tranches. Release of tranches is The date on which counterparties commit to a conditional on specific agreed actions being carried swap. out. trade financing facility transferable share facilit de financement des importations action au porteur serviclo de financiamiento comercial accl6n al portador; acci6n transferible; acci6n A financing arrangement by commercial creditors in negociable the form of linking financing to particular projects Share of stock on which there are no restrictions on or trade operations in countries where they have transfer of ownership. long-term business interests. These facilities enable commercial banks to maintain closer ties with transfer price customers in both the debtor countries and industri- prix de transfert; prix interne; prix de cession al countries, while providing additional finance for inteme a country's imports. precio de transferencia interna Price between a corporation and its subsidiary or trade inside fees within a corporation (opposite of arm's length transaction compens6e price). transacci6n al precio de oferta menos comisi6n Said of a security issue traded at a price between transformation see also maturity the offering price and the offering price less the fees transformation; negative term transformation; charged. term transformation trader [stock market] transformation arbitragiste transformation (bancaire) corredor de bolsa transformaci6n (bancaria) Individual who buys and sells stock for own profit Medium- and long-term reinvestment operations by or for a corporation. financial intermediaries, taking in liquid savings or sight deposits. trading sp6culation translation see currency translation compraventa; especulaci6n Buying and selling of securities or commodities for Treasury bill [U.S.] profit. bon du Tr6sor en comptes courants bono del Tesoro (a corto plazo) trading ticket [securities] Bill issued by U.S. Treasury with short maturity fiche de Bourse; ordre d'achat; ordre de vente (less than one year). orden de compra; orden de venta Purchase/sales order for a security. tranche certificate of deposit certificat de d6p6t par tranche certificado de dep6sito en tramos 107

Treasury bond [U.S.] Clause in IBRD loan agreement requiring review bon du Tr6sor A long terme after a certain number of years to determine wheth- bono del Tesoro (a ms de 10 aflos) er changes in the country's economic condition Long-term (more than ten years) fixed coupon warrant harder or softer loans. paper issued by the Federal Reserve on behalf of the U.S. Treasury. trigger rate seull de d6clenchement Treasury Investment Growth Receipt (Tiger) tasa de activaci6n tigre Rate at which floating rate notes are automatically bono sin cup6n respaldado por el Gobierno de converted to fixed rate paper. EE.UU. Form of zero-coupon security first created by truncation Merrill Lynch. They consist of U.S. Government- limitation de la circulation physique des valeurs backed bonds that have been stripped of their limitaci6n de la circulaci6n fisica de los valores coupons. See also certificates of accrual on Trea- System of limiting the physical circulation of securi- sury securities, ties in certificate form to save paper and reduce operating costs. Includes use of computers, micro- Treasury note [U.S.] fiche, etc. bon du Tr6sor bono del Tesoro (a mediano plazo) trust bank (Shintaku Ginko) [Japan] A medium-term (normally from two to ten years) banque de fiducie coupon security issued by the U.S. Treasury. In banco fiduciario France, bons du Trsor have a maturity of one to Japanese bank involved in both lending and money five years. management.

Treasury tax and loan account [U.S.] turntable see entrep6t compte courant du Tr6sor auprbs des grandes banques twist see currency twist cuenta corriente del Tesoro Current account of the U.S. Treasury in which tax two-point arbitrage; space arbitrage receipts and the receipts from the sale of bonds to arbitrage dans I'espace the public are deposited. arbitraje espacial Buying in one center and selling in another. triangle configuration configuration triangle, en triangle two-tier market configuraci6n en tricngulo double march6 Form of bar chart used in bar chart analysis of mercado de dos niveles securities where lines drawn round the chart have An exchange rate regime which normally insulates the shape of a triangle. There are three main a country from the balance of payments effects of varieties - symmetrical, ascending and descending. capital flows while it maintains a stable exchange The symmetrical triangle is made up of two positive rate for current account transactions. Capital forces - buying and selling, while the ascending one transactions are normally required to pass through indicate a positive buying force but a neutral selling a "financial" market while current transactions go force and a descending one indicates a positive through an "official" market, though other arrange- selling force but a neutral buying one. ments are possible. Examples are found in Belgium and the United Kingdom, though France and Italy trigger clause [IBRD] have experimented with such systems. clause de d6clenchement cldusula de revisi6n 108

. Junderwritten facilities facllltha d'dmisslons souscrites serviclos do emisl6n y suscripcl6n unbundling of financial risks Short-term paper facility with an underwriting or d6composItion des risques financiers backstop facility, such as the note Issuance facility separacl6n de riesgos financleros The separation and separate evaluation of financial mbs. unfriendly takeover bid see hostile takeover

uncalled capital unidentified loss reserve [IFC] capital non appelf r6serve pour pertes non identifi6es capital suscrito y no desembolsado reserva para p6rdidas por concepto de The amount of capital by which the total capital inversiones no identificadas authorized by the stockholders exceeds the paid-up Reserve that provides an allowance for losses on capital. those investments where judgment of impairment cannot be made because of a lack of adequate ucoverd; noperational experience. A ddcouvert en descubierto unit-managed costs Unhedged (i.e., a liability exists in the long or short charges administr6es par les services term, which is not covered by a corresponding costos descentralizados position). Costs which are the responsibility, for budgetary purposes, of individual units, as opposed to those underlying (security) that centrally-managed. (titre) sous-jacent; support; valeur-support tftulo exigible al ejercer una opci6n unit trust see open-end fund Security (or other instrument) that must be deliv- ered if an option is exercised. universal bank(ing) banque 'multiservices'; banque A tout faire; underwriter banque A vocation g6n6rale; banque A vocation suscriptor; asegurador; garante multiple; banque polyvalente suscritoraegador; selnga an dibanco(a) de servicios mOltiples; multibanco; The middleman for selling and distributing banco mOaltiple securities to investors or the public. Bank providing the full range of banking services.

underwriting consortium, group, syndicate unlisted (security) 1. groupe de garantle; syndicat de garantie; non cot6; non admis, non inscrit A la cote 2. synd/cat de prise ferme officlelle 1. grupo garante; grupo de suscripc6n; no cotizado en la bolsa 2. consorclo de suscriptores Security not listed for trading on one of the regular 1. Group that agrees with the issuer of securities to stock exchanges and which is, therefore, traded buy or find buyers for those securities that are not directly or over the counter. taken up by the public. 2. Group that buys up an entire issue of securities. unlisted securities market (ULM); over-the- counter (OTC) market; third market; curb underwriting fee; facIlity fee market ; cmission de garantle marchd des valeurs mobilibres non Inscrites d comisl6n do suscripcl6n; comisl6n do garantra la cote officlelle; second march6; march6 hors Fee paid in Euroloan to lead banks that underwrite cote the operation. mercado de valores quo no se cotizan en las bolsas principales; mercado terclarlo 109

The market for securities not quoted on the major - V- exchanges, often those of small- and medium-sized companies. Unlisted securities market is the British value date term, since 1980, for the market in stocks of smaller date de valeur companies; over-the-counter market is the term used fecha do valor in the U.S. (the system is operated under the Na- fecald valor tional Association of Securities Dealers Automated The calendar date on which a transaction takes Quotation (NASDAQ) system) and Japan (the OTC pla Market Automated Quotation System is used); third Impaired market is the U.S. term used to describe the over- valu impaire the-counter market in exchange-listed securities; &valour r6dulte marchg des valeurs mobilieres non inscrites a la cote pr6stamoa con intereses Impagos officielle is the official name and second marchg the Refers to a loan which is doubtful. U.S. banking common term used in France for the unlisted authorities are obliged by law to declare loans with securities market for small- and mediumsized overdue interest in excess of six months value companies, since 1983, while marchi hors cote is the impaired. name used for the general over-the-counter market vanilla swap see plain vanilla swap for all companies.

unrealized gains variable lending rate (VLR) system plus-values latentes syst&me do taux pr6teur variable gananclas no realizadas sistema de tasas de inter6s variables sobre los Profits that have not become actual. The gains are pr4stamos; sistema de tipos de Interds variables realized when the security or other instrument on sobre los pr6stamos which there has been a gain is sold for a profit. Under the original variable lending rate system applicable to all Bank loans approved after July 1, unseasoned investment 1982, the lending rate for each loan was calculated Investlssement qul n'a pas encore attent son on a semi-annual basis and this rate was applied to rendement normal all variable rate loans (not just new commitments) Inversl6n que no ha alcanzado su pleno at the beginning of each loan's next semi-annual rendimlento interest period. Under the revised system, which An investment that is not yet fully producing. will apply to loans whose invitation to negotiate is sent on or after May 18, 1989, calculation of the unwind average cost of the Bank's debt for the purpose of d4nouer setting the lending rate will be done by using contrarrestar currency weights representing the composition of Reverse a securities transaction through an currencies in the currency pool rather than the offsetting transaction. composition of currencies in the Bank's debt, qualified borrowings will be redefined to exclude utilization fee those borrowings allocated to the funding of the commission d'utillsation Bank's investment in liquid assets and two technical comls16n por utlllzacl6n adjustments will be made to reduce the lag between Fee paid for use of a Euronote facility. the time period over which the Bank's average cost of debt is calculated and the period over which the lending rate is applied to balances outstanding on a given loan, with the new lending rate being calculat- ed quarterly and new rates being applied at the start of each quarter rather than at the start of each interest period. 110 venture capital . capital A risque; capital-risque capital de riesgo Financing which involves a relatively high risk. waiver of negative pledge; negative pledge venture capital company renonciation A la clause de nantissement socidt6 de financement de l'innovation n6gative; renonciation A la clause de compahla de capital de riesgo nantissement pan passu Company specializing in providing venture capital dispensa de la clAusula de abstencl6n (de los finance. compromisos existentes); dispensa de la clAusula de obligaci6n negativa; exenci6n de la vertical spread; price spread clAusula de abstenci6n (de los compromisos 6cart vertical existentes); exenci6n de la clAusula de margen vertical; posici6n diferencial vertical obligaci6n negativa Options strategy that involves purchasing an option Situation whereby a lender waives its right to a at one striking price while simultaneously selling negative pledge (i.e. an agreement that the borrow- another at the next higher or lower striking price. er will not pledge any of its assets if doing so would result in less security to the lender covered under volatile stock the agreement) in a loan agreement. The Bank action volatile normally will not waive its negative pledge rights but acci6n de valor inestable did so recently (along with other creditors) in the A stock that changes in a manner inconsistent with 1987 Mexican collateralized bond scheme. See changes in the rest of the market. negative pledge clause. volatility ratio warrant see also bond warrant; bond with bond coefficient b6ta; degr6 de volatiflit6 warrant; bond with equity warrant; debt warrant; coeficiente de inestabilidad detachable warrant; foreign exchange warrant; The ratio by which overall changes in the stock stock warrant market influence changes in a specific stock. warrant voluntary, spontaneous lending warrant pr6ts spontan6s; pr6ts volontaires certificado para la compra de acciones o bonos; pr4stamos voluntarios warrant para la compra de acciones o bonos Lending that is made willingly, as opposed to Option to purchase ordinary share or bond of a lending where the lender has some sort of obliga- particular company, usually purchased by bond- tion to lend or else the borrower will not reimburse holder wanting to participate in profit growth of previous loans. that company. Often attached to new bond issue as inducement for investors to take up the bond.

warrant bond obligation & warrant; obligation warrant6e bono con certificado; warrant Bond with warrant attached. This may be a bond with bond warrant or a bond with equity warrant.

warrant into government securities (WINGS) warrant 6changeable contre des titres d'Etat certificado para la compra de bonos del Tesoro Warrant which allows the purchaser to acquire, within a specified period of time, at a fixed price, a U.S. Treasury bill of specified coupon rate and maturity. 111 wash sale window (in a market) transaction fictive, fant6me cr6neau transacci6n ficticia resquicio Occurs when a person buys and sells a stock, Short-lived opportunity to issue securities that may thereby recording a price, but with no actual change be taken up by any of a significant number of highly of ownership having taken place. rated borrowers. watch list window dressing liste sous contr6le habillage de bilan lista vigilada; lista en observaci6n manipulaci6n de la contabilldad (para aparentar List of securities singled out for special surveillance una mejor situaci6n) by a brokerage firm or exchange or other self- Financial actions such as stock market trading, regulatory organization to spot irregularities. Firms whose purpose is to make a corporation's financial on the list may be takeover candidates, companies situation seem better than it really it is, just before about to issue new securities or those that seem to the publication of a balance sheet or other financial have attracted an unusually heavy volume of trading statement. activity. wolfhound bond weighted average see running average obligation '6vrier d'lrlande' bono woffhound when issued (wi) security Bond issued in Irish punt on the Irish market by titre vendu avant son 4mission non-Irish borrowers. valor vendido antes de su emisi6n A security sold conditionally as, though it has been working-capital ratio see current ratio authorized, it has not yet been issued. U.S. Treasury securities are traded on a when issued working ratio basis. coefficient brut d'exploitation coeficiente de explotaci6n whole loan sale Cash working expenses divided by operating vente de prdts partiels revenues, expressed as a percentage. venta de partes de un pr6stamo Sale of portions of individual loans in transactions workout see debt workout negotiated directly with the end investors (typically banks). The Bank conducted these operations from workout arrangements; workouts the early 1950s through 1979 and again from 1985 arrangements through 1988. They have now been discontinued. (acuerdos de) reestructuraci6n financiera Arrangements between borrowers and debtors wholesale banking (usually at international level) to extend repayment 1. transactions interbancaires; schedules and provide new credit at reduced interest 2. banque de gros rates. 1. transacciones entre grandes bancos y entre 6stos y otras instituciones financieras; World Bank Capital Markets System (CMS) transacciones Interbancarias; [IBRD] 2. serviclos bancarios para empresas Syst6me d'information sur les marchds 1. Large-scale dealings in money deposits centered financiers (Banque mondiale) in the closely-interrelated group of money markets Sistema de informaci6n del Banco Mundlal which have developed strongly since the mid-1960s. sobre los mercados de capital 2. Banking facilities offering a limited number of A computer-based system set up in 1974 which services to select clients (generally large collects and verifies data on foreign and internation- corporations). See retail banking. al bond issues and Eurocurrency credits from 1972 to the present. 112

(World Bank) Program of Special Assistance . y . (to Member Countries) (SAP) Programme d'assistance sp6clale (de la Banque mondiale aux pays membres) Yankee bond Programa de asistencia especial (del Banco obigation Yankee Mundial a los pa(ses mlembros) bono yanqul A program to assist those borrowers making a Bond issued on the U.S. market i U.S. dollars determined effort to undertake the difficult mea- outside U.S. sures needed to sustain development despite adverse external circumstances. It includes acceleration of disbursements, substituting higher priority opera- courbe des rendements tions that support structural adjustment and policy curva de rendimlento change for lower priority, slower disbursing opera- Graph relating rates of return to maturity. tions, expansion of advisory services in the design and implementation of appropriate policies and yield curve arbitrage urging other lenders to make similar efforts. arbitrage sur les courbes de rendement arbitraje conforme a Ia curva de rendimlento World Bank's Special Program of Assistance Taking a position based on a view of expected for the Low-Income Debt-Distressed changes in the shape of the yield curve independent Countries In Sub-Saharan Africa from the general interest rate view as it is expressed Programme sp6clal d'assistance de la Banque by the average duration at which the portfolio is mondiale en faveur des pays & falble revenu positioned. surendett6s d'Afrlque subsaharlenne Programa especial de asistencia del Banco yield pickup Mundlal para los pafses de bajos ingresos de gain not de rendement Africa al Sur del Sahara agoblados por la deuda No Spanish Program set up by Bank at the end of 1987 to A currency hedged strategy where, because of the provide quick-disbursing adjustment lending to the difference in shape of the yield curves of two poetSub-Saharan African countries, currencies, the difference in interest rates between poorest Sthese two currencies is not reflected in forward write (an option, a swap) foreign exchange rates, giving arbitrage opportuni- 6cr/re ties under which bonds of equivalent duration in vender (una opcl6n, un swap) these currencies can be swapped and the currency Sell a swap. exposure hedged. write off; charge-off [noun) (YTM) passat/on par pertes et profits; montants rendement &1'6ch6ance pass6s par pertes et profits; cr6ance rendimlento al vendmnento Irrdcouvrable The return a security earns assuming that it is held anulaci6n en libros; cancelacl6n en libros until a certain date and put to the borrower at the When an asset or a portion of an asset is recognized specified put price. as worthless, it is removed from the books of a corporation and a corresponding loss in the corpor- ation's capital is recognized. 113

zero coupon bond obligation A coupon z6ro bono sin cup6n Bond that pays no interest but is sold at a steep discount and paid off at par. See also certificates of accrual on Treasury securities. zero coupon Eurosterling bearer registered accruing securities (ZEBRAs) z6bres valor zebra Eurobond, denominated in sterling and sold at steep discount.

Abbreviations (English) Sigles (anglais) Siglas (ingles) 4 117 Note that not all these abbreviations necessarily appear in the Glossary.

AAD AMA ATM at a discount Asset Management Account automatic teller machine

ABT AMEX ATRR American Board of Trade American Stock Exchange allocated transfer risk reserves ACE APB AMEX Commodities Accounting Principles Board BAN Exchange bond anticipation note APDF ACH Africa Project Development BBA automated clearing house Facility British Bankers' Association

ACRS API BDO accelerated cost recovery alternative participation bottom dropped out system instrument BIBOR ACV APR Bahrein interbank offered rate actual cash value annual percentage rate BONUS ADIBOR APT borrower's option for notes Abu Dhabi interbank offered arbitrage pricing theory and underwritten standby rate ARI BRIBOR ADR accounting rate of Interest Brussels Interbank offered American Depositary Receipt rate ARM ADR adjustable rate mortgage CAD asset depreciation range cash against documents ARP AFBD adjustable rate preferred CAMEL Association of Futures stock capital, assets, management, Brokers and Dealers earnings, liquidity ASAL Al agricultural sector adjustment CAPM accrued Interest loan Capital Asset Pricing Model

AISD ASE CARD Association of International American Stock Exchange certificate of amortized Bond Dealers revolving debt ATM AIBOR at the money CATS Amsterdam interbank offered Certificate of Accrual on rate Treasury Securities CATS Computer Assisted Trading System 118

CB CMS EFT current blend World Bank Capital Markets electronic funds transfer System CBF EME Central Bank Facility COLTS European Mercantile Continuously Offered Exchange (Dublin) CBOE Longer-Term Securities Chicago Board Options EMGF Exchange COPS Emerging Markets Growth Continuously Offered Fund CBOT Payment Rights in Swiss Chicago Board of Trade Francs EMIF Emerging Markets Investment CBT COPS Fund Chicago Board of Trade covered option securities EOE CD COUGRs European Options Exchange Certificate of Deposit Certificates of Government (Amsterdam) Receipts CEA EPS Commodity Exchange CP earnings per share Authority commercial paper ERL CEIC CRI economic recovery loan closed-end Investment consumption rate of Interest company ERL DCF emergency reconstruction CFBH discounted cash flow loan Corporation of Foreign Bondholders DCP ESAF droppages, cancellations and Enhanced Structural CFTC prepayments Adjustment Facility Commodities Futures Trading Commission DFI ESOP direct foreign investment employee stock ownership CM plan call of more DRC domestic resource cost EUA CMA European Unit of Account cash-management account DRF Daily Range Factor EURCO CME European Composite Unit Chicago Mercantile EAL Exchange export adjustment loan FASB Financial Accounting CMO ECP Standards Board collateralized mortgage Eurocommercial paper obligation ECU European Currency Unit 119

FIAS GUN IRA Foreign Investment Advisory guarantor underwritten note lndidual Retirement Service Account HIBOR FIBV Hong Kong interbank offered ISDA International Federation of rate International Swap Dealers Stock Exchanges Association HIC FIL heavily Indebted middle ISRO financial intermediary loan income country International Securities Regulatory Organization FNMA HIC Federal National Mortgage highly indebted middle ITM Association (Fannie Mae) Income country In the money

FOMC HKIBOR ITPAL Federal Open Market Hong Kong Interbank offered industrial and trade policy Committee rate adjustment loan

FRA IBF KIBOR forward rate agreement; International banking facility Kuwait Interbank offered rate future rate agreement IBOR LBO FRB interbank offered rate leveraged buyout Federal Reserve Bank/Board ICERC LCE FRN Interagency Country London Commodity floating rate note Exposure Review Committee Exchange [U.S.] FSA LIBID forward spread agreement ICON London Interbank Bid Rate Indexed currency option note GAAP UBOR Generally Accepted IMM London Interbank Offered Accounting Principles International Monetary Rate Market GNMA UCOM Government National IOM London interbank Currency Mortgage Association (Ginnie International Options Market Options Market Mae) IOSCO LIFFE GOFFEX International Organization of London International German Options and Securities Commissions Financial Futures Exchange Financial Futures Exchange IPMA UMEAN GRIP International Primary Market London Interbank Mean Rate Guaranteed Recovery of Association investment Principal (Program) IPO initial public offering 120

UONs MIMIC NOW Lehman Investment moderately Indebted middle- Negotiable Order of Opportunity Notes Income country Withdrawal

LMBO MMF NYFE leveraged management money market fund New York Futures Exchange buyout MMI NYME LME Major Market Index New York Mercantile London Metal Exchange Exchange MOF LOCH multioption facility NYSE London Options Clearing New York Stock Exchange House MOFF multioption financing facility OBS LSE off-balance sheet London Stock Exchange MTN medium-term note OBU LTB offshore banking unit long-term blended cost rate MYRA multi-year rescheduling OCC LTOM agreement; multi-year Options Clearing Corporation London Traded Options restructuring agreement Market OEIC NASD open-end investment LTPR National Association of company long-term prime rate Securities Dealers OlD LUXIBOR NASDAQ original Issue discount Luxembourg interbank National Association of offered rate Securities Dealers Automated OM Quotations OptionsmAklarna (Swedish LYON Options Exchange, liquid yield option note NAV Stockholm) net asset value MBS OPM mortgage-backed security NBV other people's money net book value MIBOR OTC Madrid Interbank Offered NCR over the counter Rate net cash requirements OTM MILIC NCS out of the money moderately Indebted low- non callable securities income country PAL NIA program adjustment loan New Investment Authority PER NIF price earnings ratio note Issuance facility 121

PERL REIT S&P public enterprise real estate Investment trust Standard and Poor rationalization loan REPO SAP PERL repurchase agreement (World Bank) Program of public enterprise reform loan Special Assistance (to RIC Member Countries) PERL rehabilitation import credit public enterprise SCP rehabilitation loan RIL sterling commercial paper rehabilitation Import loan PFP SDA policy framework paper ROA Social Dimensions of return on assets Adjustment PHLX Philadelphia Stock Exchange ROC SDRIBOR return on capital 6 month SDRs interbank PIBOR offered rate Paris Interbank Offered Rate ROE return on equity SEC PIF Securities and Exchange purchase Issue facility ROI Commission return on Investment PIN SECAL Philippines Investment Notes RP sector adjustment loan Repurchase Agreement PPF SFA Project Preparation Facility RR Special Facility for Africa rate resetter PSE SFSA Pacific Stock Exchange RSI Special Facility for Relative Strength Index Sub-Saharan Africa PUF purchase underwriting facility RUF SIBOR revolving underwriting facility Singapore interbank Offered QB Rate qualified borrowings SAD sector adjustment loan SIL RAFT specific investment loan revolving acceptance facility SAF by tender Structural Adjustment Facility SILIC severely Indebted low-income RAN SAIBOR country revenue anticipation note Saudi Arabia Interbank offered rate SIM RATs sector investment and ready assets trusts Sallie Mae maintenance loan Student Loan Marketing Association SIMIC severely indebted middle- Income country 122

SMA TU Secondary Market transferable loan Instruments Association TRUF SNCF transferable revolving securitized note commitment underwriting facility facility (Issued by French railways, SNCF) TSE Toronto Stock Exchange SNIF short-term note Issuance TUF facility tranche underwritten facility

SOFE ULM Swedish Options and Future unlisted securities market Exchange VLR STAGs variable lending rate sterling transferable accruing government securities wI when issued STRIPS Separate Trading of WINGS Registered Interest and warrant into government Principal Securities securities

SWIFT YTM Society for Worldwide Yield to Maturity Interbank Financial Telecommunications ZBB Zero-Based Budgeting TAL technical assistance loan ZEBRAs zero coupon Eurosterling TAN bearer registered accruing Tax Anticipation Note securities

TBR ZIBOR Treasury Bill Rate Zurich interbank offered rate

TIGR Treasury Investment Growth Receipt

TLC transferable loan certificates

TLF transferable loan facilities .- .i ¡ А W ¸ " о .'., . ; .¡ ´ оо ´ ¹ ³»

125

Note that not all these abbreviations necessarily appear in the Glossary.

ADEF BMT CATIF Agence d'évaluation bon des maisons de titres contrat à terme d'instrument financière financier BON ADP bon à ordre négociable CBV action à dMdende prioritaire Conseil des bourses de BPA valeurs AFSB bénéfice par action Association française des CC sociétés de Bourse BSF coupon couru bon des sociètés financières AMI CCIFP agent du marché BT Chambre de compensation interbancaire billet de trésorerie des instruments financiers de Paris AMM BTA adhérent mainteneur de bon à taux annuel CCR marché coefficient de capitalisation BTAN des résultats APDF bon à taux annuel normalisé Service de promotion et de CD développement des BTF certificat de dépôt investissements en Afrique bon à taux fixe CDN BALO BTM certificat de dépôt négociable Bulletin des annonces légales bon à taux mensuel obligatoires CEA BTN compte d'épargne en actions BIC bon du Trésor négociable bénéfices Industriels et CETI commerciaux BTT contrat d'échange de taux bon à taux trimestriel d'intérêts BIFS bon des Institutions BTV Ci financières spécialisées bon à taux variable certificat d'investissement

BIM CAC CIP bon à Intérêts mensuels Compagnie des agents de certificat d'investissement change privilégié BIPA bon à Intérêts payés CAC CMT d'avance cotation assistée en continu Conseil des marchés à terme

BIPATE COB bon à taux fixe à intérêts Commission des opérations payables à terme échu de Bourse 126

COLTS FASR LEP papier à terme offert en Facilité d'ajustement livret d'épargne populaire permanence structurel renforcée MATIF COPS FCC marché à terme des créances comptables émises Fonds commun de créance instruments financiers continuellement en francs suisses FCP MEA Fonds commun de Modèle d'évaluation par CRH placement arbitrage caisse de refinancement hypothécaire FEUN MEDAF Fonds d'Etat libres d'intérêt Modèle d'équilibre des actifs DCPE nominal financiers document-cadre de politique économique FIAS MEDAF Service-conseil pour Modèle d'évaluation des DPA l'investissement étranger actifs financiers dividende par action FIBV MONEP DR Fédération internationales Marché des options délai de recouvrement des bourses de valeurs négociables de Paris

DSA GAB OAT dimensions sociales de guichet automatique de obligation assimilable du l'ajustement banque Trésor

écu GIE OBSA unité monétaire européenne groupement d'intérêt obligation à bon de économique souscription d'actions ENBAMM entreprise, établissement non GRAI OBSO bancaire admis(e) au marché (Programme de) garantie de obligation à bon de monétaire recouvrement de l'apport des souscription d'obligations investisseurs ESOP OiCV emprunt à sensibilité IES Organisation internationale opposée prêt d'investissement et des commissions de valeurs d'entretien sectoriel mobilières FAA Fonds d'aide à l'Afrique IPA OLLMC intérêts payables d'avance obligation livrable la moins FAS chère Facilité d'ajustement IPE structurel Intérêts payables à OPA l'échéance offre publique d'achat 127

OPCVM PREP SICAF organisme de placement prêt à la rationalisation des société d'investissement à collectif en valeurs mobilières entreprises publiques capital fixe

OPE PREP SICAV offre publique d'échange prêt au redressement des sociéte d'investissement à entreprises publiques capital variable OPM opérateur principal du PREP SICOVAM marché prêt à la réforme des société Interprofessionnelle entreprises publiques de compensation des valeurs OPV mobilières offre publique de vente RES rachat, reprise d'entreprise SVT ORA par les salariés spécialiste en valeurs du obligations remboursables en Trésor actions RI règlement immédiat T4M ORT taux moyen mensuel du obligation renouvelable du RM marché monétaire Trésor règlement mensuel TAG OSCAR RPTA taux annuel glissant obligation spéciale à répartition proportionnelle coupons à réinvestir des titres amortis TAM taux annuel monétaire OTV RSP obligation à taux variable réserve spéciale de TBB participation taux de base bancaire PAPIC prêt à l'ajustement de la SBF TCN politique industrielle et Société des Bourses titre de créance négociable commerciale françaises TEB PASA SCMC taux d'escompte moyen prêt à l'ajustement du Société de compensation pondéré des bons du Trésor secteur agricole des marchés conditionnels TIC PCT SCPI taux d'intérêt comptable panachage à court terme sociétés civiles de placement Immobilier TIOP PER taux Interbancaire offert à plan d'épargne retraite SDIB Paris Société de diffusion des PLT Informations boursières TME panachage de long terme taux moyen mensuel de SFI rendement des emprunts société financière d'Etat à long terme d'innovation 128

TMM taux du marché monétaire

TMO taux du marché obligataire

TMP taux moyen pondéré

TOF tableau des opérations financières

TRA taux révisable annuellement

TRIBOR taux de référence de l'indicateur bancaire d'origine des ressources

TSDI titre subordonné à durée indéterminée

TSR titre subordonné remboursable uec unité européenne de compte Abbreviations (Spanish) Sigles (espagnol) Siglas (espafiol)

131

Note that not all these abbreviations necessarily appear in the Glossary.

COLTS UCE valores a más largo plazo de unidad de cuenta europea oferta continua

COPS valores de oferta continua en francos suizos

ECU unidad monetaria europea

FIAS Servicio de asesoría sobre Inversión extranjera

GRIP (Programa de) recuperación garantizada del principal de las inversiones oiCv Organización Internacional de Comisiones de Valores

OPA oferta pública de adquisición

PPE documento sobre parámetros de política económica

SET servicio de emisión de titulos

TIC tasa de interés contable

TIC tipo de Interés contable

TICO tasa de actualización del consumo 9 Terminologie des finances et de la dette Français-anglais

135 abandons, annulations et accord de retrait progressif actions bénéficiaires remboursements anticipés fade-out ageement; phase-4n dividend stock droppages, cancellationsand agreement prepayments (DCP) [IFC] actions cumulatives accord de swap sur les taux privilégiées abstentionniste d'intérit cumulative preferred stock free rider interest-rateswap actions de priorité acceptation bancaire accroissement du coefceient prefened stock banker's acceptance d'intensité du capital capital deepening actions-dividendes acceptation de banque scnp issue [UKI; stock bank bill achat à découvert dividend [US] margin buying [stock exchange acceptation de banque actions gratuites banker's acceptance acquisition d'actions scnp issue JUKI; stock share ownership dividend [US] accord de compensation clearing agreement acquisition de créances à des actions libérées fins philanthropiques paid-up stock, fully paid stock accord de domiciliation debt-charity swaps set aside agreement actions nominatives acquisition de valeurs registered stock; personalstock accord de non-rétrocession mobilières d'actions share ownership actions privilégiées share retention agreement preferredstock JIFC] acteurs sur le marché market participants activités hors bilan accord de paiement off-balance sheet (OBS) clearing agreement action au porteur activities transferableshare accord de rééchelonnement adhérent mainteneur de pluriannuel action d'avenir marché (AMM) multi-year rescheduling growth stock market maker agreement (MYRA); multi-year restructuringagreement action de jouissance adjudication à la hollandaise (MYRA) dividend-right share Dutch auction [US.] accord de réméré action en chute libre adjudication à prix uniforme repurchaseagreement (RP; airpocket stock Dutch auction [U.S.] repo) action gratuite adossé accord de réméré inverse bonus share back-to-back (loan, borrowing); reverse repurchaseagreement matched funding action volatile accord de restructuration volatile stock agence de classement (des pluriannuel titres) multi-year rescheduling actionnaire puissant ratingagency agreement (MYRA); multi-year leveraged stockholder restructuringagreement agence de cotation (MYRA) ratingagency 136 agence de rating amélioration de la cote de appréciation rating agency crédit accretion credit enhancement agence d'évaluation financière approche à court terme rating agency amélioration de la signature short-leash approach credit enhancement agent approche à la carte agent bank amélioration des prix moyens market-based menu approach; (d'un titre) market-driven menu approach; agent boursier averaging, dollar cost averaging menu of options dealer [stock marketJ amortissement approfondissement du capital agent boursier amortization capital deepening broker amortissement de la dette après bourse agent boursier opérant pour debt retirement after-market son propre compte jobber analyse des probabilités de arbitrage recouvrement (des prêts à un switch agent de change pays) broker country collectibility analysis arbitrage [IBRDJ arbitrage agent de change floor trader analyste des valeurs arbitrage dans l'espace securities analyst two-point arbitrage;space agent de contrepartie arbitrage dealer [options market] annoncer (un taux) post (a rate) arbitrage dans le temps agent de placement time arbitrage sales agent; selling agent anticipations rationnelles [securities] rationalexpectations arbitrage de taux d'intérêt couvert agent financier anti-transformation covered interest arbitrage fiscal agent negative term transformation arbitrage sur les courbes de agent opérant directement sur appel de fonds rendement le parquet supplémentaires pour baisse yield curve arbitrage floor trader de la couverture margin call arbitragiste agent payeur arbitrageur paying agent appel de marge margin call arbitragiste agio trader [stock market] agio apports complémentaires topping up argent apatride agio stateless money premium [securities] apports d'argent frais new money packages argent au jour le jour allègement financier ovemight funds financing relief 137

argent au Jour le Jour autofinancement avoir non productift call money; day-to-day money; in house financing nonperforming assets demand money; money at call self-financing avoirs productifs argent frais autorisation de pret eaming assets new money lending authority back-office arrangements autorisation globale de cap back office work out arrangements; Global Cap Authority [IFCI workouts banalisation autorisation globale de swap conversion from a restricted to arriire-guichet Global Swap Authority a full-service institution back office autres investissements directs banque &charte assise financiMre non-equity direct investment charteredbank [Canada] capital base aval banque &charte f6d6rale Association des courtiers aval federally chartered bank [U.S.] internationaux en obligations Association of International avance de prOdmission banque A tout faire Bond Dealers (AIBD) bond-anticipation note (BAN) combined commercial and investment bank; multibank; assurer le service d'un pret avance pour la priparation all-purpose bank service a loan des projets Project PreparationFacility banque A tout faire asymftrie des ich6ances advance [IBRD] universal bank(ing) maturity mismatch avance PPF banque A vocation gdnirale attaquant Project PreparationFacility combined commercial and corporate raider; raider advance [IBRD] investment bank; multibank; all-purpose bank attraction avances A vue crowding-in call money; day-to-day money; banque A vocation g6ndrale demand money; money at call universal bank(ing) attribution allotment avances non garantles banque A vocation multiple clean advances universal bank(ing) attribution d'actions gratuites stock dividend avec banque d'affaires premium [option market] investment bank [U.S.]; au-dessous du prix merchant bank [U.K] in the money (ITM) (option) avis financier tombstone banque d'origine au-dessus du prix parent bank out of the money (OTM) avoir fiscal (option) tax credit banque de dMtail retail banking augmentation de limportance avoirs en portefenille des circuits financiers share ownership banque de fiducle financial deepening trust bank (Shintaku Ginko) [Japan] 138 banque de second rang base de calcul bon à prime (d'émission) second tier bank notional amount discount note banque de trésorerie et bénéfice par action (BPA) bon à taux flottant d'arbitrage eamings per share (EPS) floating-rate note; fßoater investment bank [U.S.]; merchant bank [U.K] bénéfices non distribués bon à taux flottant à coupon retained eamings Indexé banque extraterritoriale, 7oating rate note with variable offshore besoins de fonds nets coupon fßx offshore bank net cash requirements (NCR) bon à taux révisable banque mère besoins nets de trésorerie jloating-ratenote; floater parent bank net cash requirements (NCR) bon au porteur banque multiservices bêta bearernote full service bank beta bon-coupon banque multiservices billet à ordre coupon note universal bank(ing) promissory note bon de caisse banque multiservices billet de mobilisation savings bond [France, Belgium, combined commercial and mongage bond U.S.] investment bank; multibank; alt-purpose bank billets de trésorerie bon de jouissance commercialpaper (CP); dividend-rightcerificate banque non bancaire commercial bills non-bank bank; non-bank bon d'épargne fßnancial institution blanc savings bond [France, Belgium, clean U.S.] banque polyvalente combined commercial and bloc de contrôle bon de sortie investment bank; multibank; controlling interest exit instrument; exit bond; exit ail-purpose bank vehicle bon banque polyvalente note bon de souscription d'actions universal bank(ing) stock warrant bon à coupon hollandais Banque "sogo" Dutch auction notes bon de souscription Sogo bank d'obligations bon à court terme émis (par bond warrant banque très engagée une collectivité publique) pour large exposure bank financer un projet bon du Trésor (autoamortissable) Treasury note [U.S.] banques Installées sur les project note principales places financières bon du Trésor à long terme money center banks bon à intérêt variable Treasury bond [U.S.] perpétuel base perpetualfloating-rate note bon du Trésor à très court basis terme cash management bill 139 bon du Trésor en comptes capital social cavalier seul courants equity capital; capitalstock (of free rider Treasury bill [U.S.] a corpomtion) centième de pour cent bon garanti par les recettes capitalisation basis point fiscales prévues capitalization tax-anticipationnote (TAN) centime capitalisation boursière basis point bon Tankoku market capitalization Tankoku bill centre bancaire capitalisation de la dette extraterritorial, offshore bons à prime (d'émission) debt capitalization offshore banking center consolidés consolidated discount notes capitalisation des Intérêts certificat américain de dépôt interest capitalization American DepositaryReceipt bulletin de livraison (ADR) scrip certifßcate; bearerscrip capitaux disponibles floating capital certificat d'action caisse d'amortissement partiellement libérée sinking fund capitaux fébriles scrip cenißicate; bearer scrip hot money; funk money [U.K] caisse d'avances certificat d'investissement revolving fund capitaux flottants (CI) floating capital investment certificate calendrier des émissions issuing calendar capitaux mobiles certificat de dépôt floating capital cerijcate of deposit cap cap; cappedfloatingrate note capitaux propres certificat de dépôt à taux stockholders' equity; renouvelé capacité d'endettement shareholders'equity; owners' roll-over cerißÎcate of deposit; credit standing, creditworthiness equity; equity; net worth; roly poly certificate of deposit shareholders'funds [U.K] capacité de remboursement de certificat de dépôt classique, la dette carte de crédit institutionnelle par lot debt canying capacity corporate charge card; straight, tap cerficate of corporate credit card deposit capital à risque venture capital; risk capital carte de crédit professionnelle certificat de dépôt jumbo corporatecharge card; (montant minimum de capital à risque corporatecredit card US$100.000) risk capital jumbo certificate of deposit carte des options [US] capital non appelé market-based menu approach; uncalled capital market-driven menu approach; certificat de dépôt par menu of options tranche capital-risque tranche certificate of deposit venture capital; risk capital cash and carry cash and cany 140 certificat de reconnaissance charges administrées par les clause de bonne volonté de dette services goodwill clause debt certificate; cerificate of unit-managed costs indebtedness clause de danger charges centrales jeopardy clause; disaster clause; certificat de titre en dépôt centrally-managedcosts break clause depositary receipt chartiste clause de déclenchement certificat de transfert de prêts chartist trigger clause [IBRDJ pass-through certificate; participationcertificate chats clause de défaut croisé cerißicates of accrual on cross-default clause certificat démembré Treasury securities (Cats) strip certificate clause de dérogation chef arbitragiste temporaire certificat négociable de dépôt head of trading bisque clause à terme negotiable time certificate of chef de file clause de disponibilité deposit lead bank; lead manager switch, availability clause certificat nominatif chèque certifié clause de manquement bond certificate certißed check réciproque cross-default clause certificat strip chèque de banque strip certificate cashier's check clause de nantissement négative cession chèque de banque negative pledge clause divestiture banker's draft clause de ne pas faire cession d'actions (d'une chèque tiré negative pledge clause nouvelle société aux banker's draft actionnaires de la société clause de non-préférence de mère) classé improductif tiers spinoff nonaccrualstatus, in a negative pledge clause cession de créances classer clause de partage de debt buyback; debt repurchase rate, to; grade, to paiements sharingclause; payment sharing cession de prêts par émission clause "drop lock" clause de titres drop lock securitized loan sales clause de récupération clause d'égalité de traitement recapture clause chambre de compensation pari passu clause clearinghouse clause de rendez-vous clause d'exigibilité croisée periodic review clause; review chantage au dollar cross-default clause clause greenmail clause d'illégalité clause de sauvegarde illegality clause jeopardy clause; disaster clause; break clause 141

clause de solidarité coefficient de capitalisation comité de restructuration pari passu clause des résultats (CCR) steering committee; advisoty price/earningsratio (P/Eratio; committee clause de verrouillage au taux PER) plancher Comité Cooke drop lock coefficient de coût en Committee on Banking ressources Intérieures Regulations and Supervisory clause multidevises domestic resource cost ratio Practices;Basie Supervisors' multicurrency clause Committee; Cooke Committee coefficient de couverture clause négative hedge ratio Comité de contrôle bancaire negative pledge clause de BAle coefficient de liquidité (avant Committee on Banking clause pari passu 1/1/78 et après 1/9/88) Regulations and Supervisory pari passu clause; negative reserve ratio Practices;Basie Supervisors' pledge clause Committee; Cooke Committee coefficient de recouvrement clause rouge brut Comité des règles et pratiques red clause gross collection ratio de contrôle des opérations bancaires club de créanciers coefficient marginal de Committee on Banking group of creditors réserve Regulations and Supervisory maiginal reserve requirement Practices;Basie Supervisors' CMO Committee; Cooke Committee collateralizedmortgage coefficient net d'exploitation obligation (CMO) operatingratio commission d'agent payeur fiscal agency fee cochef de file coefficients de liquidité comanager; colead manager liquidity ratios commission de chef de file management commission, fee coefficient bêta coentreprise avec volatility ratio participation au capital social commission de direction equity joint venture management commission, fee coefficient brut d'exploitation working ratio cofinancement d'intervention commission de garantie au-dessous d'un seuil de guarantee commission, fee coefficient d'ajustement de croissance donné [IBRDJ (l'encours) de la dette growth contingency cofinancing amortization adjustment factor commission de garantie [curency pool] cofinancement sous forme de underwritingfee; facility fee participation directe coefficient d'utilisation des directparticipation cofinancing commission de gérance fonds propres handlingfee; management fee gearing ratio [IBRD] collar collar commission de gestion coefficient de capital brut management commission, fee gross capital coefficient, ratio comité consultatif bancaire bank advisory committee 142

commission de gestion compte à découvert configuration double sommet handlingfee; management fee margin account double top configuration

commission de gestion compte-chèques rémunéré configuration M agency fee [Euromarket] negotiable order of withdrawal double top configuration (NOW) account commission de guichet configuration tête-épaules selling commission compte courant du Trésor head and shoulders auprès des grandes banques configuration commission de mise à Treasury tax and loan account disposition [U.S.] configuration triangle, en availabilityfee JIFC] triangle compte d'achat de titres triangle confguration commission d'engagement securities margin account commitment fee, charge configuration W compte d'avances de caisse double bottom configuration commission de placement imprest account fund selling fee [Euromarket] confort compte d'avances temporaires comfort commission de reconduction imprest account, fund extension fee consortialiser compte de gestion de syndicate, to (a loan) commission d'instruction trésorerie processingfee cash-management account consortium (CMA) syndicate commission d'instruction loan originationfee compte de nantissement constitution d'un gage collateral account collateralization commission d'ouverture front-end fee compte de réserves pour le constitution d'une garantie rachat du capital des actions collateralization commission d'utilisation capitalredemption reserve utilization fee funds contraint lock(ed) in (interest rates) commission immédiate Compte des banques centrales fiat fee; front end fee auprès de la BIRD contrat à cap de taux d'intérêt [Euroloan] Central Bank Facility (CBF) interest rate cap [IBRD] commission syndicale contrat à règlement mensuel management commission, fee compte "prime d'émission" (RM) share premium account [IFC] forward contract compartiment (du marché) segment; sector (of the market) concentration (des échéances) contrat à taux d'intérêt bunching (of maturities) plafonnés compensation des créances interest rate cap internes condamné multilateralnetting lock(ed) in (interest rates) compensation monétaire de configuration double creux groupe double bottom configuration multilateralnetting 143 contrat à terme contrat de paiement contre conversion d'un type de taux futures contract livraison à un autre take-and-pay contract rate base switch [IFC] contrat à terme de taux d'intérêt contrat de prise ferme conversion monétaire forward rate agreement; future take-or-pay contract currency translation rate agreement (FRA) contrat de report correspondant contrat à terme d'instrument system repurchaseagreement agent bank financier (CATIF) financialfutures contrat de report cotation repurchase agreement (RP; price (of a bond) contrat à terme ferme repo) forward contract cotation (de titres en bourse) contrat de report inverse listing (of securities) contrat à terme financier reverse repurchase agreement financial futures cotation assistée en continu contrat de taux plafonné (CAC) contrat à terme sur indices cap; capped floating rate note automated quotation boursiers stock index future contrat du Matif cotation assistée en continu financial futures contract (CAC) contrat à terme sur swap automated quotation swap future contrats de partage de la production cotation en continu contrat d'achat ferme production-sharingcontracts market making take-or-pay contract contrats de partage des coter contrat de cap bénéfices rate, to; grade, to cap; capped floating rate note proit-sharingcontracts coupon contrat d'échange de taux contre-garantie coupon d'intérêts (CETI) counter-guarantee interest-rateswap coupon couru (CC) contrepartiste accrued interest (AI) [bonds] contrat de FRA market maker forward rate agreement; future coupon dégressif multiple rate agreement (FRA) conversion comptable des step-down (security) monnaies contrat de gestion currency translation coupon progressif multiple management contract step-up (security) conversion de la dette en contrat d'ouverture de credit devises courbe des rendements multidevises à options debt domestication yield curve multiples multioption facility (MOF); conversion de la dette en cours multioption inancingfacility devises en dette en monnaie price (of a bond) (MOFF) nationale debt domestication 144 cours (de l'offre) coût d'inactivité (des crédit à très court terme ask(ed) price; market price capitaux) call money; day-to-day money; [securities market] carrying cost; canying charges; demand money; money at call cost of carry cours acheteur crédit autoamortissable bid price coût en ressources Intérieures self-liquidating credit domestic resource cost (DRC) cours de la Bourse crédit à vue share list coût réel des devises call money; day-to-day money; domestic resource cost (DRC) demand money; money at call cours vendeur selling rate couverture à terme crédit consortial (sans chef de forward cover file) courtage club deal, loan brokerage couverture de l'opération margin requirements [stock crédit croisé courtier exchange] swap (transaction) broker couverture des opérations à crédit de commodité courtier (en valeurs terme convenience credit mobilières) hedging securities dealer; securities ßirm crédit d'équipement couverture du service de dette term loan courtier (opérant sur le debt-service coverage marché primaire) spécialiste crédit de restructuration en valeurs du Trésor (SVT) créance irrécouvrable new money prmary dealer write off; charge-off [noun] crédit de sécurité courtier d'effets publics créances comptables émises swingline govemment security dealer continuellement en francs suisses (COPS) crédit d'impôt courtier en fonds d'Etat Continuously Offered Payment tax credit govemment security dealer Rights in Swiss Francs (COPS) crédit dirigé courtier en placements créances immobilisées managed loan investment broker nonperforming debt crédit face à face coût de détention (des créances non productives back-to-back (loan, borrowing); capitaux) nonperforming debt matched funding carrying cost; carrying charges; cost of carry crédit adossé crédit ponctuel back-to-back (loan, borrowing); spot credit coût des emprunts matched funding doublement pondéré crédit reconductible double-weighted borrowing cost crédit à l'importation pour le revolving credit; rollover credit [IBRDI redressement économique rehabilitation import crédit renouvelable credit/loan (RIC, RIL) [IBRD] revolving credit; rollover credit

crédit souverain sovereign credit 145

créneau décomposition des risques demande de retrait de fonds window (in a market) financiers pour le règlement direct de unbundling of fßnancial risks fournisseurs critère de stimulation Application for Withdrawal for materiality criteria décote directpayment [IBRD] discount from par [securities cushion bond market] démantèlement cushion bond divestiture décote de conversion date d'échange conversion discount dématérialisation trade date computerized entry of découvert, à ownership; dematerialisation date de jouissance uncovered; naked [UKI dated date défaillance du marché démembrement date de reconduction market failure divestiture rollover date défausse de la dette démembrement date de règlement debt defeasance; collateralized stripping seulement date (debt) defeasance dénouer date de valeur defeasance unwind value date debt defeasance; collateralized (debt) defeasance dépenses groupées au début date de versement (d'une période donnée) payout date; payment date; degré de volatilité front-loaded spending distribution date votatility ratio déperdition sur date effective de rentrée des délai de grâce l'investissement fonds grace period investment leakage payout date; payment date; distribution date délit d'initié déport inside, insiderdealing disagio décapitalisation stock dilution; stock watering delta déport delta discount; markdown [foreign déclaration de politique de exchange] développement demande de remboursement letter of development policy anticipé déport JIBRD] acceleration of maturity backwardation

déclaration de politique demande de retrait de fonds dépossession sectorielle pour le remboursement d'un divestiture letter of sectoralpolicy [IBRD] paiement Application for Withdrawalfor dépôt de garantie déclasser (un prêt) reimbursement [IBRD] initialmargin downgrade (a loan) 146

dépréciation différé d'amortissement document impairment grace period prospectus

dernier prix (de la journée) différentiel document-cadre de politique closing price basis économique (DCPE) policy framework paper (PFP) désengagement (d'une société dilution [IBRDJ d'Etat) dilution divestiture dont les intérêts impayés ne dilution du capital sont pas comptabilisés desintermédiation stock dilution; stock watering nonaccrualstatus, in a disintermediation disagio double marché désintermédiation disagio two-tier market securitization dispositif d'action droit dette achetée avec décote et conjoncturelle right (to purchase shares) revendue à sa valeur Contingency Mechanism nominale [IBRD/IMFJ droit de conversion round-tripping stock option dispositif d'appui conditionnel dette amortie à l'investissement droit de souscription retired debt contingent investment support subscription right facility dette consolidée duration funded debt dispositif de financement duration (of an investment) pour imprévus dette de rang inférieur contingency financingfacility dysfonctionnement du marché junior debt; subordinateddebt market failure distorsion monétaire dette prioritaire currency twist écart senior debt spread distribution d'actions (d'une dette priviligiée nouvelle société aux écart baissier senior debt actionnaires de la société bear spread mère) dette rachetée (créances spinoff écart diagonal rendus) au rabais diagonal spread discounted debt distribution d'actions gratuites écart en papillon dette rachetée (créances stock dividend butterfly (call) spread rendus) moyennant décote discounted debt dividende en actions écart entre les bons du Trésor scrip issue [UKJ; stock et les dépôts à terme en dette subordonnée dividend [US] eurodollars junior debt; subordinateddebt TED spread division (d'une action en dévalorisation plusieurs titres) écart haussier impairment split; split-up; splitting bull spread 147

écart vertical effets à court terme émission (primaire) d'actions vertical spread; price spread short-term paper primary offering

échange de créances contre effets de commerce émission de titres une participation aux recettes commercialpaper (CP); capital issue d'exportation de produits de commercial bills base émission d'obligations à debt commodity swap effets de commerce en l'étranger eurodevises extemal bond issue échange de dettes contre des Eurocommercialpaper (ECP) fonds propres émission d'obligations debt(-for)-equity swap, effets porteurs d'intérêt haussières conversion interest-bearingnotes bull bond

échange de monnaies effets privés émission d'obligations liée à différentes private paper des apports d'argent frais back-to-back (loan, borrowing); new money bonds matched funding effets publics govemment paper émission exploratoire échange de prêts contre des red hening issue obligations élargissement du capital loans-for-bonds exchange capital widening émission habituelle seasoned issue échange dette/nature élasticité globale du système debt-for-nature swap fiscal par rapport au produit émission haussière intérieur brut (PIB) bull bond échange financier tax buoyancy swap (transaction) émission ratée d'avance élément don résultant du "StarTrek" issue échéance in fine panachage bullet maturity blended grant element émission sans risque investment grade paper écrire élément du pool (provisoire) write (an option, a swap) d'emprunts emprunt à fenêtre proxy borrowing [IBRD] put bond; putable bond; bond effet à court terme with put option short-term note émetteur issuer emprunt de contrepartie effet brûlant back-to-back (loa, borrowing); hot bill émetteur matched funding maker (e.g., of a note) effet de carrousel emprunt en vrac mery-go-round effect émission à caractère lump-sum borrowing [IFC] spéculatif effet de commerce speculative grade paper emprunt garanti par lEtat trade bill [U.K] sovereign credit émission à guichets ouverts effet de retour à la source tap certijcate of deposit emprunt MiniMax meny-go-round effect MiniMax loan émission collée (coincée) hung-up issue 148 emprunt par obligations émis emprunts de référence engagement d'attente par séries qualified borrowings (QB) standby commitment serial bond, loan [IBRD] engagement de prise de emprunt remboursable en une emprunts en devises indexés participation seule fois (dont le taux est indexé) equily underwriting bullet issue indexed currency borrowings engagement par pays emprunt remboursable in fine emprunts géants country exposure bullet issue jumbo borrowing engagement spécial emprunteur bien coté emprunts jumbo Special Commitment [IBRD] prime borrower;premier jumbo borrowing borrower; high quality borrower; enregistrement en attente top grade borrower en blanc shelf registration clean emprunteur de premier ordre entrepôt prime borrower;premier en dedans entrepôt; tumtable borrower high quality borrower; in the money (ITM) (option) top grade borrower entreprise non bancaire en dehors admis(e) au marché emprunteur final out of the money (OTM) monétaire (ENBAMM) subborrower (option) non-bank bank; non-bank financial institution emprunteur secondaire encadrement (du crédit) subborrower lending ceiling credit limit érosion fiscale des revenus fiscal drag emprunteur très solvable encart publicitaire prime borrower;premier tombstone escompte borrower; high quality borrower; discount [bills] top grade bonower enchères au rabais Dutch auction [U.S.] escompte à forfait emprunteurs auprès de discount without recourse sources publiques encours total de la dette official borrower debt overhang escompte en ducroire discount without recourse emprunts à sensibilité endetté opposée (ESOP) (highly) leveraged escompte officiel bull and bear bond discount window engagement emprunts auprès exposure escompte sans recours d'intermédiaires financiers discount without recourse internationaux engagement à la baisse intemediative borrowing short position établissement non bancaire admis(e) au marché emprunts de collectivité locale engagement conditionnel monétaire (ENBAMM) general obligations;general contingent obligation [IBRDJ non-bank bank; non-bank obligation bonds financial institution engagement conditionnel (de emprunts de détresse participation) distress borrowing standby equity 149

être à la fois vendeur et externalisation (des facilité de financement des acheteur versements au titre du service Importations make a market de la dette) tude fßnancing facility extemalization (of debt service être faiseur de marché payments) facilité de garantie make a market backstop (credit) facility; extraterritorial backup (undewriting)facility euro-actions offshore euro-equities facilité d'émission d'effets face à face revolving underwritingfacility eurobillets de trésorerie back-to-back (loan, bonowing); (RUF); note issuance facility Eurocommercialpaper (ECP) matched funding (NIF); note purchase facility; euronote facility eurocrédit Facilité d'ajustement Eurocredit structurel établie dans le facilités d'émissions non cadre du Compte de cautionnées eurodevise versements spécial (FAS) non-underwrittenfacilities Eurocurrency StructuralAdjustment Facility within the Special facilités d'émissions non eurodollar DisbursementAccount (SAF) souscrites Eurodollar [IMF] non-underwrittenfacilities euromarché Facilité d'ajustement facilités d'émissions Euromarket structurel renforcée (FASR) souscrites Enhanced Structural underwritten facilities euromonnaie Adjustment Facility (ESAF) Eurocurrency [IMF] facteur de réévaluation revaluation factor [currency euro-obligation facilité de crédit spécial pool] Eurobond (RUF) revolving underwritingfacility facteur de réévaluation au europrêt (RUF); note issuancefacility jour le jour Euroloan (NIF); note purchasefacility; daily revaluation factor euronote facility [currency pool] évaluation rating facilité de financement à facilités d'euronotes options multiples euronote facilities évaluation actuarielle multioption facility (MOF); actuarialevaluation multioption financing facility Fédération internationales des (MOFF) bourses de valeurs (FIBV) évaluation par score InternationalFederation of scoring Facilité de financement Stock Exchanges (FIBV) compensatoire et de éviction financement pour imprévus fiche de Bourse crowding-out Compensatory and Contingency tradingticket [securities] FinancingFacility [IMF] exigibilité anticipée figer accelerationof maturity lock(ed) in (interest rates) 150

financement à forfait financement novateur floor nonrecourse finance creative fßnancing floor

financement avec droit de financement par fonds flottement assisté recours limité propres dilly float limited recoursefinance in house fßnancing self-financing flottement contrôlé financement concerté diny float concerted financing lending financement par l'emprunt concepted lending deal debt financing flottement dirigé diny float financement conjoint financement parallèle joint financing parallelfinancing flottement impur dirty float financement coordonné financement sans recours coordinatedfßnancing nonrecoursefinance flottement pur, non dirigé clean float financement couplé financement supplémentaire back-to-back (loan, borrowing); front-end financing flottement soutenu matched funding dirty float financement sur contrat financement des dernières contractfinancing fluctuation de prix minimum échéances tick funding latter maturities financialisation [IBRD] financialization fluctuation des taux d'intérêt due à une fuite de capitaux financement de soudure financiérisation interest leakage bridge financing financialization fluctuation minimale financement du déficit financiérisation tick gap financing securitization flux financiers financement en fonds propres fixation du prix des prêts funds f7ow; flow of funds equity fßnancing equity secondaires investment subloan pricing fonds commun de placement (FCP) financement gigogne fixation du taux d'intérêt mutual fund piggyback financing pricing (of a loan) fonds commun de placement financement interne fixation libre des prix (FCP) in house financing open pricing open-end (investment) fund, self-financing company (OEIC); mutual fixer fund; unit trust [U.K] financement jumelé post (a rate) matched funding fonds commun de placement à fixing court terme financement mixte fßing money market (mutual) fund (BIRD/IDA) (MMF) blend financing flip-flop flip-flop 151 fonds commun de placement Fonds commun de formule forfaitaire de de trésorerie participations placement money market (mutual) fund equity portfolio fund formula investing (MMF) Fonds d'aide à PAfrique formules Inédites fonds commun de placement (FAA) creative financing monétaire Special Facility for money market (mutual) fund Sub-Saharan Aftica; Special formules nouvelles (MMF) Facilityfor Afica; African creative financing Facility (SFSA; SFA) fonds d'amortissement formules originales de sinking fund Fonds de promotion des financement marchés naissants creative financing fonds de placement fermé Emerging Markets Growth closed-end (investment) fund, Fund (EMGF) JIFC] FRA company (CEIC) forward rate agreement; future Fonds des entreprises rate agreement (FRA) fonds de placement qui africaines prélève une commission African Enterprise Fund fractionnement des taux load fund d'intérêt Fonds d'investissement des interest rate segmentation fonds d'Etat britanniques marchés naissants gilt-edged securities Emerging Markets Investment frais centraux Fund (EMIF) [IFC] centrally-managedcosts fonds exempt de commission no-load fund Fonds régional de projets frais de constitution de pour l'Afrique subsaharienne dossier fonds fédéraux Regional Project Facility for loan originationfee federal funds [US] Sub-Saharan Africa frais de cotation fonds mutuel de placement Fonds spécial d'aide à admission fee (to a stock (dans un pays) l'Afrique subsaharienne erchange) country fund Special Facility for Sub-Saharan Africa; Special frais de couverture de change fonds pays Facility for Africa; African foreign exchange coverage fee country fund Facility (SFSA; SFA) frais de gestion fonds propres forfaitage management commission, fee capital base forfaiting franchise de remboursement fonds propres formation d'un consortium grace period stockholders' equity; syndication shareholders'equity; owners' freinage fiscal equity; equity; net worth; formation d'un syndicat fiscal drag shareholders'funds [U.K] financier syndication future fonds renouvelable financialfutures revolving fund formation du prix pricing (of a loan) futures futures [commodities market] 152 gagée gérant de portefeuille hors du cours collateralized (bond) portfolio manager out of the money (OTM) (option) gain net de rendement gestion de (la) trésorerie yield pickup cash management ICON indexed currency option note gamma gestion du passif (ICON) gamma liability management imposition de conditions gapping grande banque préalables gapping city bank [Japan] front-loading of conditionality garant d'émission greenmail indexing underwriter greenmail indexing; index program garantie (de 'Etat) groupe de créanciers indice de réévaluation du pool guarantee [IBRDJ group of creditors currency pool index garantie appelable par groupe de direction indiciérisation anticipation management, managing group indexing; index program accelerableguarantee [Euro-dollarmarket] inflation de base garantie de la BIRD groupe de garantie core inflation guarantee [IBRD] underwriting consortium, group, syndicate ingénierie financière garantie de participation au financial engineering capital groupe d'enchérisseurs equity-related guarantee tender panel institution d'épargne contractuelle garantie de recouvrement de groupe de placement contractualsavings institution l'apport des investisseurs selling consortium, group, (GRAI) syndicate [EuromarketJ instrument financier à terme GuaranteedRecovery of financialfutures Investmnent Principal (Program) guichet automatique de (GRIP) [IFCI banque (GAB) institution financière non automatic, automated teller bancaire garantie d'une créance machine (ATM) non-bank batik; non-bank debt security financial institution habillage de bilan garantie mobile window dressing instrument négociable rolling guarantee (of interest negotiable instrument payments) hasard moral moral hazard instrument participatif garantie non appelable par equity-like instrument anticipation hedging non-accelerable guarantee hedging instruments de la dette publique Gensaki honorabilité [client privé] govemrnment debt instruments Gensaki credit standing creditworthiness 153 instruments pour l'octroi Investissement compromis junk bond d'argent frais impaired investment junk bondi speculative grade new money instr'uments bond investissement de productivité Instruments quasimonétaires capital-deepeninginvestment krach boursier near cash instruments stock market crash Investissement direct à intendance l'étranger layering back office direct foreign investment (DFI) layering intensification des circuits investissement en aval lettre de change financiers downstream investment bill of exchange ßinancial deepening investissement en danger lettre de confort intérêt de déport impaired investment letter of comfort backwardation rate investissement immature lettre de crédit standby intérêt de report immature investment standby letter of credit contango rate; continuation rate investissement obligataire LIBID intérêt patrimonial forced investment London Interbank Bid Rate proprietaryinterest (LIBID) investissement qui n'a pas intérêts moratoires encore atteint son rendement LIBOR default interest normal London Interbank Offered Rate unseasoned investment (LIBOR) intermédiaire en bourse jobber investissement sorti du LIBOR pour les transactions portefeuille en dollars intermédiaire financier closed-out investment [IFC] dollar ($) LIBOR ßinancial intermediary investissements arrivés à ligne (de crédit) de garantie intermédiation maturité back-up Une of credit intermediation mature investments ligne (de crédit) de protection intermédiation financière investissements directs autres back-up Une of credit market intermediation que les participations non-equity direct investment ligne (de crédit) de soutien intervenants sur le marché back-up Une of credit market participants investissements qui commencent à rapporter ligne (de crédit) de intervenir sur le marché mature investments substitution face the market back-up Une of credit Investisseur final introduction en bourse retail investor ligne de découvert initialpublic offering (IPO) swingline jobber investissement à provisionner jobber impaired investment 154 ligne de liquidité marché au comptant marché des valeurs mobilières swingline spot market; cash market securities market [foreign exhange] LIMEAN marché des valeurs mobilières LIMEAN marché aux enchères non inscrites à la cote auction market officielle limitation de la circulation unlisted securities market physique des valeurs marché baissier (ULM); over-the-counter truncation bear market (OTC) market; third market; curb market limite du pouvoir de prêt marché bancaire des lending ceiling; credit limit particuliers marché disputable retail banking contestable market liste d'attente queue marché boursier marché du disponible equity market spot market; actual market; liste de conditions cash market; physical market term sheet marché de(s) capitaux [commoditiesl capital market liste sous contrôle marché figé watch list marché de l'argent locked market money market long hedge marché financier long hedge marché de la criée capital market floor trading maison de réescompte marché financier discount house; bill broker marché d'enchères financial market auction market maison de titres marché financier investment bank [U.S.J; marché d'enchères open market merchant bank [U.K] auction market marché gris maison de titres marché de porteurs grey, gray market securities dealer;securities firm bearer market marché haussier mandataire marché des actions bull market agent bank equity market marché hors bourse manque de concordance des marché des capitaux third market; off-the-board échéances financial market market maturity mismatch marché des effets à court marché hors cote manque de synchronisme des terme unlisted securities market échéances short-term papermarket (ULM); over-the-counter maturity mismatch (OTC) market; third market; marché des fonds propres curb market marché à terme d'instruments equity market financiers (MATIF) marché hors cote financialfutures market over-the-counter market (OTC) 155 marché monétaire marking to market mémorandum d'offre money market marking to market offering memorandum marché où la cote de crédit masse monétaire au sens mémorandum de placement est primordiale étroit placement memorandum; name market narrow money [cf. Ml] placing memorandum; information memorandum marché parallèle mauvais fonctionnement du parallelmarket marché menu... market failure market-based menu approach; marché primaire market-driven menu approach; primary market mécanisme automatique de menu of options révision (des taux d'intérêt) marché secondaire automatic resetting mechanism menu des options secondary market [IFC] market-based menu approach; market-driven menu approach; marché très actif mécanisme d'assurance des menu of options deep market swaps Swap Insurance Facility mettre en jeu une garantie marchéisation [IBRD] call a guarantee securitization Mécanisme de couverture de mini-obligation marchéisation swaps baby bond marketization Contingent Swap Facility [IBRD] mise en pension marchés à terme sur les taux repurchase agreement (Rf; d'intérêt Mécanisme de développement repo) interest rate futures des Caraïbes Caribbean Development mise en pension inverse marge Facility reverse repurchase agreement spread Mécanisme de financement de mise en report marge brute la préparation des projets inward swap gross eamings margin; gross ProjectPreparation Facility margin; banker's spread; (PPF)[IBRD] mobiliérisation banker's markup [banks] securitization Mécanisme de financement du marge de décaissement Projet Dimensions sociales de mobiliser headroom l'ajustement discount Social Dimensions of marge financière Adjustment Project Facility; modèle d'équilibre des actifs financial spread SDA Project Facility financiers (MEDAF) capital asset pricing model marge implicite Mécanisme de financement (CAPM) implicit spread pour aléas extérieurs Extemal Contingency modèle d'évaluation des actifs marge vorace Mechanism [IMF] financiers (MEDAF) alligatorspread capital asset pricing model (CAPM) 156 modification de l'échéancier montants passés par pertes et non garanti interest retiming profits clean write off; charge-off [noun] modification de la monnaie notation d'un prêt montants réservés rating currency redenomination set-asides note d'information modification de la périodicité moyenne (pondérée) mobile placement memorandum; des paiements d'intérêts running (weighted) average placing memorandum interest retiming moyens de paiement à note sur les probabilités de modification du régime des l'encaissement recouvrement intérêts float [banking] country collectibility note interest (rate) switching [IBRD] moyens de paiement flottant MOF float [banking] nouveau pouvoir de placement multioption facility (MOF); New Investment Authority multioption financingfacility moyens de paiement non (NIA) (MOFF) recouvrés float [banking] novation monétique novation electronic banking multiplication des opérations chuming; overtrading novation monnaie au sens étroit renewal narrow money [cf. Ml] naturalisation de la dette debt domestication obligation monnaie épine bond splinter currency [IBRDJ négociation de larges paquets d'actions obligation monnaie épineuse block trading debenture (bond) sp/inter currency [IBRD] négociation séparée obligation monnaie scripturale stripping note bank money new money obligation à coupon différé montages comportant l'apport new money deferred coupon note; deferred d'argent frais interest note new money packages niveau d'indifférence break-even point [stock market] obligation à coupon zéro montant notionnel zero coupon bond notional amount nominale par value; face value obligation à double devise montant total des caps dual-currency bond autorisés non admis, non inscrit à la Global Cap Authority [IFC] cote officielle obligation à long terme émise unlisted (security) par une collectivité publique montants affectés pour financer un projet (dont set-asides non coté les recettes assureront le unlisted (security) remboursement) revenue bond 157 obligation à lot obligation à taux variable obligation convertible en serial bond, loan "mismatch" actions mismatch floating rate note convertible; convertible security obligation apparentée aux actions obligation à taux variable obligation "daimyo" equity-related bond; (OTV) daimyo bond equity-linked bond floating-rate bond obligation de premier ordre obligation à prime obligation à taux variable top-rated bond (d'émission) basée sur une discount bond contre-transformation obligation de société mismatch floating rate note corporate bond obligation à prime d'émission original issue discount (OID) obligation à taux variable obligation dénoncée bond plafonné called bond capped floating rate note obligation à prime d'émission obligation doublement élevée obligation au porteur garantie deep-discount bond, note bearer bond double-barreledbond

obligation à risque obligation avec bon de obligation émise par une junk bond; speculative grade souscription d'actions collectivité publique dans bond (OBSA) l'attente de rentrées non bond with equity warrant fiscales obligation assortie d'une revenue-anticipationnote option de vente obligation avec bon de bond with put option souscription d'obligations obligation étrangère émise à (OBSO) Londres obligation à taux flottant bond with bond warrant Bulldog bond floating-rate bond obligation avec option de obligation gagée obligation à taux flottant à change collateralized (bond) intérêt inversé multiple (currency) option bond inverse floating rate note obligation garantie par une obligation avec option hypothèque obligation à taux flottant fixé monétaire collateralized mortgage d'avance multiple (currency) option bond obligation (CMO) stepped (rate) bond obligation à warrant obligation Geisha obligation à taux flottant gagé warrant bond Geisha bond collateralizedfloating rate bond obligation "bouledogue# obligation haussière et obligation à taux flottant Bulldog bond baissière inversement indexée bull and bear bond reverse floating rate note obligation cautionnée custom duty bill obligation hypothécaire obligation à taux renouvelé mortgage bond roly poly bond obligation classique straight bond 158

obligation indexée obligation perpétuelle obligation vendue à guichet indexed bond; index-linked nonmaturing, nonredeemable ouvert bond govemment bond; perpetual bond sold on tap bond; annuity bond; consol obligation indexée sur les prix [U.KI obligation warrantée de produits de base warrant bond commodity-indered bond obligation planétaire global bond obligation Yankee obligation kiwi Yankee bond kiwi bond obligation pourrie junk bond; speculative grade obligations d'Etat de qualité à obligation "lévrier d'Irlande" bond coupon zéro wolfhound bond sterling transferableaccruing obligation pouvant intéresser govemment securities (STAGs) obligation liée aux prix de les banques produits de base bank quality bond obligations émises par des commodity-linked bond; organismes fédéraux commodity-backed bond obligation prorogeable agency securities, obligations extendible bond; extendible obligation matador maturity bond offre excédentaire matador bond overhang obligation prorogeable obligation multimarchés extendible note; extendible offre publique d'achat (OPA) global bond maturity note take-over bid

obligation munie de coupon obligation remboursable avant offre publique de vente (OPV) coupon(-bearing) bond l'échéance public offering (of shares) callable bond obligation ne pouvant être offre publique sur le marché amortie par anticipation obligation rétractable secondaire noncallable bond retractable, putable bond secondarypublic offering

obligation nominale à option obligation samouraï offshore d'achat ou de vente de Samurai bond offshore produit nominal bond with attached obligation "shogun" OPA à crédit commodity option Shogun bond leveraged buyout (LBO)

obligation (non garantie) obligation spéciale à coupons OPA sauvage loan stock à réinvestir (OSCAR) unfriendly takeover bid bunny bond obligation non garantie open market debenture (bond) obligation "sushi" open market Sushi bond obligation non négociable opérateur (sur le marché) nonmarketable bond obligation venant à échéance dealer [stock marketJ due bond obligation participante income bond; participating bond 159 opérateur principal du opérations de couverture par option de reprise (des marché (OPM) achat à terme dernières échéances d'un prêt discount house; bill broker long hedge commercial) take-over option [IBRD] opérateurs sur le marché opérations de prise en report market participants outward switching operations option de souscription stock option opération à échéances opérations en contrepartie symétriques hedging option de swap matched matuity transaction swaption; swap option [IBRD] option option option de vente opération couplée d'emprunts put option back-to-back (loan, borrowing); option américaine matched funding American (style) option option européenne European (style) option opération d'achat de titres au option au cours comptant et de vente de at the money (ATM) (option) option multidevises contrats à terme multicurrency option cash and carry option call et put straddle; call-and-put option option sur contrats à terme opération de couverture par futures option vente à terme option d'achat short hedge call option option sur indice index option opération de vente de titres option d'achat du double au comptant et d'achat de call of more (CM) ordre à cours limité contrats à terme limit order reverse cash and cany option dans le cours in the money (ITM) (option) ordre au mieux opération en association market order equity joint venture option de change multicurrency option ordre d'achat opérations à terme trading ticket [securities] futures [commodities market] option de gré à gré over the counter (OTC) option ordre de placement opérations d'arbitrage en automatique couverture d'actifs option de modification de la formula investing hedging monnaie d'un prêt currency redenomination ordre de vente opérations d'arbitrage vers trading ticket [securties] l'intérieur option de put inward switching put option ordre lié straddle; call-and-put option opérations de bouclage option de rachat topping up call option ordre stop stop order option de remboursement anticipé au gré du porteur put 160

Organisation internationale papier financier participation sans recours des commissions de valeurs commercial paper (CP); nonrecourseparticipation mobilières (OICV) commercial bills InternationalOrganization of parts bénéficiaires Securities Commissions papier synthétique à taux founders' shares; promoters' (IOSCO) d'intérêt flottant stock [U.K] synthetic floating rate notes; organisme d'émission derivative floating rate notes parts de fondateur issuer founders' shares; promoters' parité, à stock [U.K] organisme de placement at the money (ATM) (option) collectif en valeurs mobilières passager clandestin (OPCVM) parité de conversion free rider investment company, fund conversion value passation par pertes et profits paiement contre documents part d'association write off; charge-off cash against documents (CAD) partnershipshare pays à faible revenu, à revenu paiements d'intérêts prévus à part de capital intermédiaire gravement l'échéancier proprietaryinterest endetté scheduled debt service severely indebted low-, middle- part des risques income country (SILIC, panachage à court terme exposure SIMIC) (PCT) current blend (CB) [IFC] participants sur le marché pays à faible revenu, à revenu market participants intermédiaire modérément panachage de long terme endetté (PLT) participation à forfait moderately indebted low-, long-term blended cost rate nonrecourseparticipation middle-income country (L TB) [IFC] (MILIC, MIMIC) participation à toutes les panel d'offre échéances pays à financement mixte tenderpanel strip participation blend country papier à court terme participation au capital pays à revenu intermédiaire short-term paper equity financing; equity fortement endetté investment highly, heavily indebted middle papier à terme offert en income country (HIC) permanence (COLTS) participation croisée Continuously Offered cross-shareholding pays admis à emprunter à Longer-Term Securities l'IDA (COLTS) participation majoritaire dans IDA-eligible country l'actif papier commercial proprietary interest pays éligible au crédit de commercialpaper (CP); l'IDA commercial bills participation proportionnelle IDA-eligible country funding pro rata [IBRDI pays empruntants auprès de sources publiques official borrower 161 pays empruntants sur les place bancaire plan de réduction de la dette marchés financiers extraterritoriale, offshore (avec garantie) market borrowers offshore banking center collateralized (debt) defeasance; debt defeasance pays en pointe placement d'actions détenues fast track country par les particuliers plan de souscription d'actions secondary offering stock option pays menacé d'asphyxie par endettement placement de père de famille plancher debt distressed country blue chip floor pays pouvant bénéficier d'un placement de titres par gros plaque tournante financement mixte paquets entrepôt; turntable blend country block trading plus-values latentes pays qui continue placement par voie privée unrealized gains d'emprunter private placement active borrower point de base placement spécial basis point pays qui ont accès aux special placement marchés financiers pondération des monnaies market-eligible countries plafond de prêt librement currency weight accordé pays recevant des prêts de la free limit of loan pool de monnaies fixé comme BIRD et des crédits de l'IDA objectif blend country plafond des taux d'intérêt targeted currency pool interest rate cap pays surendetté pool d'emprunts de référence debt distressed country plage de référence pool of qualißied borrowings taiget zone; reference zone période d'intérêt pool des monnaies (des prêts) interest period plan d'achat loan currency pool stock option pétro-obligation pool des monnaies prêtées petrobond plan d'épargne retraite loan currency pool personnel (PER) phase de développement individual retirement account portefeuille de prêts (d'une société) (IRA) loan portfolio mezzanine level plan de réduction de la dette portefeuille liquide pied de coupon (avec garantie) liquidity ponfolio; liquid assets ask(ed) price; market price debt defeasance; collateralized potfolio [securities market] (debt) defeasance portefeuille modèle plan de réduction de la dette benchmark portfolio [IBRD (avec garantie) avec fonds d'amortissement porteur d'obligations debt defeasance through the bondholder sinking fund mechanism 162

porteur de titres premier prix (de la journée) prêt à la réhabilitation de bondholder opening price zones sinistrées emergency reconstmction loan position acheteur prendre (des effets) en (ERL) long position pension take in, to (bills) prêt à taux révisable position courte resetter loan; rate resetter (RR) short position présence loan exposure position longue prêt à un intermédiaire long position prêt à amortissement négatif financier negative amortization loan financial intermediary loan position ouverte (FIL) open interest; open market prêt à coupon unique interest balloon loan prêt apex apex loan position vendeur prêt à l'ajustement de la short position politique industrielle et prêt au jour le jour commerciale (PAPIC) call loan pourcentage de couverture industrialand trade policy margin requirements [stock adjustment loan (ITPAL) prêt au redressement des exchange] entreprises publiques (PREP) prêt à lajustement des public enterprise rehabilitation pouvoir d'engagement exportations loan (PERL) [IBRD] commitment authority export adjustment loan (EAL) prêt au redressement pouvoir de placement des prêt à l'ajustement du secteur économique liquidités de la SFI agricole (PASA) economic recovery loan (ERL) liquid assets investment agriculturalsector adjustment authority [IFC] Joan (ASAL) prêt au relèvement emergency reconstruction loan pouvoir de prêt prêt à l'importation pour le (ERL) lending authority redressement économique rehabilitationimport prêt aux courtiers de Bourse pouvoir général de placement credit/loan (RIC, RIL) [IBRDJ broker loan; broker's loan General Investment Authorization [IBRD/IDAJ prêt à la rationalisation des prêt aux courtiers de Bourse entreprises publiques (PREP) broker loan; broker's loan préavis d'émission public enterprise rationalization red herring loan (PERL) [IBRD] prêt aux courtiers de Bourse broker loan; broker's loan préciput prêt à la reconstruction praecipium;praecipuum emergency reconstruction loan prêt avec intéressement aux (ERL) bénéfices prédateur loan with equity kicker corporateraider; raider prêt à la réforme des entreprises publiques (PREP) prêt "B" prédateur hostile public enterprise reform loan "B" loan hostile raider (PERL) [IBRD] 163 prêt ballon prêt d'investissement et prêt non productif balloon loan d'entretien sectoriel (IES) nonperforming loan sector investment and nonaccruingloan prêt cofinancé maintenance loan (SIM) coloan [IBRDJ prêt par étapes time-slice loan prêt comportant un risque prêt d'investissement souverain spécifique prêt participatif sovereign risk loan specific investment loan (SIL) loan with equity kicker [IBRD] prêt conditionnel prêt participatif standby loan prêt dont on exige le equity loan remboursement anticipé prêt consenti par la SFI à une prematuredloan prêt-programme banque nationale de program loan; program lending développement pour l'octroi prêt du pool [IBRDJ de prêts à des PME pooled loan package loan JIFC] prêt-programme d'ajustement prêt en cascade program adjustment loan prêt consortial apex lban (PAL) [IBRD] syndicated loan prêt en danger prêt pyramidal prêt d'ajustement sectoriel jeopardy loan aper loan sector adjustment loan (SECAL; SAD) prêt en difficulté prêt remboursé par distressed loan anticipation prêt d'assistance technique prematuredoan technical assistance loan prêt géant (TAL) [IBRD] jumbo loan prêt secondaire subloan prêt de qualité prêt global quality loan package loan [IFC] prêt sectoriel sector loan prêt de titres garanti par prêt hybride d'autres titres hybrid loan prêt sous forme de prise de borrow-pledge security loan participation prêt indexé equity loan prêt de titres garanti par des indexed loan [currency pool] fonds prêt subsidiaire cash security loan prêt jumbo subloan jumbo loan prêt destiné à couvrir un prêt syndiqué éventuel dépassement des prêt librement accordé syndicated loan coûts free-limit loan overage loan prêt syndiqué en circuit fermé prêt non privilégié club dea, loan subordinatedlan 164 prêt très menacé prêts involontaires prise de contrôle par jeopardy loan involuntary lending l'emprunt (LBO) leveraged buyout (LBO) prêt(er) à un pays dont les prêts non spontanés intérêts ne sont pas involuntary lending prise de participation au comptabilisés capital social loan into arrears, (to) [World prêts spontanés equity financing; equity Bank] voluntary, spontaneous lending investment prêteur non privilégié prêts volontaires prise en pension subordinate lender voluntary, spontaneous lending purchase and resale agreement [Canada] prêteur officiel prime lender of record premium [securities] prise en réméré repurchase agreement (RP; prêts additionnels prime repo) new money call option prise en réméré inverse prêts à des conditions prime de conversion reverse repurchase agreement commerciales conversion premium commercial lending prise ferme prime de liquidité bought deal; firm commitment prêts à l'ajustement liquidity premium underwriting macroéconomique policy-based lending policy prime d'émission prises de participation non loans premium [stocks] productives no-retum equity prêts à l'appui prime d'émission policy-based lending; policy discount [bonds] prises de participation non loans rentables prime de remboursement no-retum equity prêts aux conditions du call premium marché prix acheteur market-related lending prime de remboursement buying rate [securities market] anticipé prêts de titres prepayment fee; prepayment prix comptable security lending [IBRD] premium accountingprice prêts en cours de prime de risque prix d'arrêt décaissement, non encore risk premium stop-out price remboursés active loans prime de risque-inflation prix de base inflation premium striking price; strike price; prêts en faveur de réformes exercise price policy-based lending; policy Principes comptables loans généralement admis prix de cession interne Generally Accepted Accounting transfer price prêts forcés Principles (GAAP) involuntary lending prix de conversion conversion pice 165 prix de levée Programme d'assistance prospectus striking price; strike price; spéciale (de la Banque prospectus exercise price mondiale aux pays membres) (World Bank) Program of protection contre un rachat prix de pleine concurrence Special Assistance (to Member anticipé arm's length (price) Countries) (SAP) call protection prix d'équilibre (du marché) Programme de garantie de provisionnement des pertes market-clearingprice recouvrement de l'apport des sur prêts investisseurs (GRAI) Joan loss provisioning prix de transfert GuaranteedRecovery of transferprice Investment Principal(Program) put (GRIP) [IFC] put prix des prêts secondaires subloan pricing Programme de négociation quasi-banque distincte des intérêts et du near-bank [Canada] prix d'exercice principal concernant ses titres striking price; strike price; Separate Trading of Registered quasi-capital exercise price Interest and Principalof quasi-equity; quasi-capital Securities Program (STRIPS) prix économique quasi-fonds propres economic price; efficiency price programme de prêt d'appoint quasi-equity; quasi-capital standby lending program prix franco frontière quasi-monnaie borderprice programme de prêt de base near-money; quasi-money base lending program prix frontière quatrième marché borderprice programme de prêt normal fourth market [US] regularlending program prix interne [IBRDJ rachat d'entreprise par les transferprice salariés Programme spécial leveraged management buyout prix net d'assistance de la Banque (LMBO) payout price mondiale en faveur des pays à faible revenu surendettés rachat de dettes prix normal du marché d'Afrique subsaharienne debt buyback; debt repurchase arm's length (price) World Bank's Special Program of Assistance for the rang profil des risques de Low-Income Debt-Distressed seniority financement Countries in Sub-Saharan overall risk profile [IBRD] Africa rappel recail [currency pool] profiter projet hors portefeuille lock(ed) in (interest rates) non-portfolioproject [IFC] rapport bénéfices nets/investissements profiteur Projet Dimensions sociales de net benefit investment ratio free rider l'ajustement (Projet DSA) Social Dimensions of Adjustment Project (SDA Project) 166 rapport coûts-bénéfice ratio de recouvrement reconduction price/eamings ratio (P/Eratio; collection ratio roll-over PER) ratio des Intérêts non reconstruction de la dette rapport de liquidité comptabilisés debt restructuring (1/1/78-1/9/88) net nonaccrualrate reserve ratio recyclage ratio de solvabilité relending rapport encours des debt ratio prêts/fonds propres réemploi des plus-values gearing ratio [IBRD] ratio de rollover of gains solvabilité-endettement rating leverage (ratio) [US.]; gearing réescompte officiel rating (ratio) [U.K] discount window ratio d'autonomie financière ratio de structure du passif réescompter debt-equity ratio; debt-to-equity leverage (ratio) [US.]; gearing rediscount ratio (ratio) [U.K] refinancement ratio de couverture ratio de trésorerie réduite roll-over hedge ratio acid-tes, liquid, quick ratio refinancement anticipé ratio de couverture de ratio du service de la dette advanced refunding l'intérêt debt-service ratio; debt service interest coverage ratio to exports ratio refinancement pour un montant égal ratio de levier ratio dynamique, futur du even roll leverage (ratio) [U.S.]; gearing service de la dette (ratio) [UKi debt service time profile ratio réglage de précision fine-tuning (of the economy) ratio de liquidité ratio institutionnel liquidity ratio [IBRD] institutionalratio règle de minimis de minimis rule ratio de liquidité générale ratio prix comptable-prix du current ratio; working-capital marché relativement moins développé accounting ratio relatively less developed [IDA] ratio d'endettement debt-equity ratio; debt-to-equity ratio tiré du bilan remboursement [prêts] ratio balance-sheet ratio amortization ratio d'endettement ratios de gestion remboursements à l'IDA debt ratio operating ratios IDA reftows ratio d'endettement à long ratios de liquidité remboursement en tranches terme liquidity ratios égales long-term debt ratio level repayment ratios de rentabilité ratio (départs en) missions profitability ratios; remise (d'une dette) d'évaluation/réserve de revenue-covenant ratios cancellation (of a debt) projets pipeline factor [IBRD] 167 rendement à l'échéance rentrées de 'IDA réserves obligatoires pour yield to maturity (YTM) IDA reflows risques de transfert allocated tramnsfer risk reserves rendement converti en taux réouverture d'une émission (ATRR) [US] d'intérêt reissue coupon equivalentyield resquilleur répartition free rider rendement de l'actif alloiment return on assets (ROA) ressources acquises repli technique purchasedfunds rendement de l'actif net technical decline, drop moyen restructuration de la dette return on average net worth report debt workout [IFC] contango restructuration de la dette rendement des avoirs report debt restucturing return on average assets [IFC] premium [foreign exchange] restructuration du capital rendement minimum report à nouveau recapitalization floor return retained eamings résultat net renflouer report de crédits bottom Une bail out carry-over retrait renforcement du crédit report de devises drawdown credit enhancement outward swap rétrocession renoncer report de la détermination du onlending take ou4 to [IBRD] taux deferred rate resetting [IFC] rétrocession renonciation à la clause de sell-down nantissement négative répression financière waiver of negative pledge; financial repression réutilisation des prêts negative pledge waiver relending reprise d'entreprise par les renonciation à la clause pari salariés (RES) reverse cash and carry passu leveraged management buyout reverse cash and cany negative pledge waiver (LMBO) risk conversion floater renouvellement réserve pour pertes non risk conversion floater roll-over identifiées unidentiied loss reserve [IFC] risque rente perpétuelle axposure nonmaturing, nonredeemable réserve pour pertes govemment bond; perpetual spécifiques risque calculé par référence bond; annuity bond; consol specific loss reserve [IFC] au marché [U.K.] mark to market exposure rentrée nette risque d'insolvabilité de l'Etat payout price emprunteur sovereign risk 168

risque de change second marché situation nette cross-currencyexchange risk unlisted securities market stockholders' equity; (ULM); over-the-counter shareholders'equity; owners' risque de conversion (OTC) market; third market; equity; equity; net woth; comptable des monnaies curb market shareholders'fundsJU.K] currency translation exposure secteur des entreprises société civile de placement risque de perte sur les taux corporatesector immobilier d'intérêt real estate invesiment trust interest-raterisk sécurité (REIT) comfort risque de refinancement société d'investissement refinancing risk [IBRDJ service bancaire de gestion investment company, fund financière risque de transformation bank trust department société d'investissement à mismatch risk [IBRDJ capital fixe (SICAF) service bancaire international closed-end (investment) fund, risque de transformation internationalbanking facility company (CEIC) maturity mismatch (IBF) société d'investissement à risque dû au décalage service extraterritorial, capital variable lag risk [IBRD] offshore money market (mutual) fund offshore banking unit (OBU) (MMF) risque exceptionnel event risk Service-conseil pour société d'investissement à l'investissement étranger capital variable (SICAV) risque lié à la marge (FIAS) mutual fund spread risk [IBRD] Foreign Investment Advisory Service (FIAS) société d'investissement à risque lié à la rentabilité des capital variable (SICAV) liquidités Service de promotion et de open-end (investment) fun4 cash risk; liquid-holdingsrisk développement des company (OEIC); mutual investissements en Afrique fund; unit trust [U.K] risque lié au décalage entre (APDF) les échéances Africa Project Development société d'investissement à mismatch risk [IBRDJ Facility (APDF) court terme money market (mutual) fund risque souverain services bancaires pour les (MMF) sovereign risk particuliers retail banking société d'investissement de risques de refinancement trésorerie rollover risks seuil de déclenchement money market (mutual) fund trigger rate (MMF) ruée vers les titres de qualité flight to quality short hedge société d'investissement short hedge fermée s'assurer (de taux d'intérêt closed-end (investment) fund, favorables) simple company (CEIC) lock(ed) in (interest rates) clean 169 société d'investissement spread swap de base monétaire spread basis (rate) swap money market (mutual) fund (MMF) stellage smp de compensation staddle; call-and-put option reverse swap société d'investissement ouverte straddle swap de créances open-end (investment) fund, straddle; call-and-put option par debt swap; debt-debt swap company (OEIC); mutual fund; unit trust [U.K.] strangle swap de créances strangle debt-debt swap; par debt swap; société de financement de debt swap; debt-for-debt swap l'innovation subdivision d'un prêt en venture capital company plusieurs tranches swap de créances contre des tranching participations société de placement debt(-for)-equity swap, secuities dealer;securities firm support conversionswap de créances underlying (security) contre espèces société mandatée (par la debt-for-cash swap Banque mondiale pour la surendettement représenter à des émissions debt overhang swap de créances contre d'obligations au Japon) finances pour le commissioned company sûreté garantissant un solde développement [Japan] dû au titre d'une participation debt-for-development swap purchase money security société opéable interest [IFC} swap de créances contre target company; takeover recettes d'exportations de candidate surface financière produits de base credit standing; creditworthiness debt commodity swap solde bottom ine swap swap de créances contre swap (transaction) remise de produits solvabilité (exportables) credit standing; creditworthiness swap à prime debt-for-export swap; premium swap debt-for-products swap soulte, la maigin call swap à terme variable swap de dette contre des callable swap quasi-participations sous-compte débiteur de debt/quasi equity swap l'emprunteur swap avec décote borrower's indebtedness discount swap swap de dettes subaccount [currency pool] debt-debt swap; par debt swap; swap "cocktail" debt swap; debt-for-debt swap sous-jacent cocktail swap underlying (security) swap de dettes en devises swap compensatoire contre dettes en monnaie sous-participant reverse swap nationale secondaryparticipant debt-for-local currency swap swap d'actifs spéculation asset(-based) swap swap de devises trading currency swap 170

swap de monnaies swaps philanthropiques système de remboursement cunncy swap debt-charity swaps par tranches égales equal principal repayment swap de monnaies et d'intérét swaps portant à la fois sur les system circus swap; cuwency coupon taux dintérêt et sur des swap monnaies système de remboursements cross-currency interest hedge; égaux du principal swap de référence double hedge swap equal prIncipalrepayment basis (rate) swap system swaption swap de taux d'intérêt swaption; swap option système de taux prêteur fondé interest-rateswap sur un pool d'emprunts syndicat d'enchères pool-based lending rate system swap de taux de référence tenderpanel [IBRDI basis (rate) swap syndicat de direction système de taux prêteur swap d'intérêts et de management, managing group variable monnaies [Euro-dollarmarket] variable lending rate (VLR) cross-currencyinterest rate swap system syndicat de garantie swap d'obligations pour un undermwiting consortium, group, système du pool de monnaies montant nominal égal syndicate currency pooling system even par swap syndicat de placement système fédéral de réserve swap d'options tenderpanel Federal Reserve System option swap syndicat de prise ferme système pour l'apport swap double devise undewritingconsortium, grup, d'argent frais dual-currencyswap syndicate new money facility

swap International syndicat financier Système d'information sur les cross-borderswap syndicate marchés financiers (Banque mondiale) swap Inversé syndicat soumissionnaire World Bank Capital Markets minor swap tenderpanel System (CMS) [IBRDJ

swap optionnel système d'amortissement par tableau de financement swaption; swap option tranches (égales) statement of changes in level annuity system financial position; source and swap sur des dettes application of funds statement; par debt swap; debt-debt swap système de financement non funds statement institutionnel swap taux fixe/taux variable informalfinance tableau des flux coupon swap statement of changes in système de financement financial position; source and swap taux variable contre traditionnel application of funds statement; taux variable informalfinance funds statement basis (rate) swap système de remboursement swapper par annuités swap, to level annuity system 171

tableau des opérations taux de coupon courant taux d'intérêt directeurs linancières

transformation en titres valeur mobilière vente de devises par securitization security adjudication foreign exchange auctions troisième marché valeur nominale third market; off-the-board full face value vente de prêts partiels market whole loan sale valeur nominale unité composite européenne par value; face value vente sans garantie d'émission European Composite Unit best effort sale (EURCO) valeur "peu en vogue" off-the-run security verrouiller unité européenne de compte lock(ed) in (interest rates) (uec) valeur réduite, à European Unit of Account value impaired warrant (EUA) warrant valeur seuil unité monétaire européenne switching value warrant d'actions (écu) stock warrant European Currency Unit valeur-support (ECU) underlying (security) warrant détachable detachable warrant valeur comptable valeur temps book value time value warrant d'obligations bond warrant valeur cotée en Bourse valeur ventilée listed security break-up value warrant échangeable contre des titres d'Etat valeur critique valeurs de premier ordre warrant into govemment switching value gilt-edged securities securities (WINGS)

valeur de père de famille valeurs garanties par l'Etat warrant en devises blue chip gilt-edged securities foreign exchange warrant

valeur de premier ordre valeurs mobilières zèbres blue chip amortissables partiellement zero coupon Eurosterlingbearer avant échéance et assorties à registered accruing secunties valeur de refuge d'autres conditions variables (ZEBRAs) hedge [securities market] pass-throughs;pass-through securities zone cible valeur désaggrégée target zone; reference zone break-up value valorisation au prix du marché zone de référence valeur faciale marking to market target zone; reference zone par value; face value vente à découvert valeur faciale totale short sale full face value vente de devises aux enchères valeur instrinsèque foreign exchange auctions intrinsic value

Terminología de finanzas y de deuda Español-Inglés

177 abandono, anulación y pago acciones preferenciales acuerdo a plazo sobre tasas anticipado preferred stock de interés droppages, cancellations and forward rate agreement; future prepayments (DCP) [IFC] acciones preferenciales rate agreement (FRA) (preferentes, preferidas) acción al portador acumuladas acuerdo a término sobre tasas transferableshare cumulative preferred stock de interés forward rate agreement; future acción de caída vertiginosa acciones preferentes rate agreement (FRA) airpocket stock preferred stock acuerdo de compensación acción de primera clase acciones preferidas clearing agreement blue chip preferred stock acuerdo de destinación acción de una empresa accionista influyente especial prometedora leveraged stockholder set aside agreement growth stock aceleración del vencimiento acuerdo de recompra acción de usufructo acceleration of maturity repurchase agreement (RP; dividend-right share repo) aceptación bancaria acción de valor inestable banker's acceptance acuerdo de recompra inverso volatile stock reverse repurchase agreement acreencias improductivas acción gratuita nonperforming debt acuerdo de reprogramación bonus share multianual de la deuda acreencias no redituables multi-year rescheduling acción gratuita nonperforming debt agreement (MYRA); multi-year scrip issue [UK]; stock restructuringagreement dividend [US] actividades no incluidas en el (MYRA) balance general acción negociable off-balance sheet (OBS) acuerdo de retención de transferable share activities acciones share retention agreement acción transferible activo neto [IFCJ transferable share stockholders' equity; shareholders'equity; owners' acuerdo de reventa (a un acciones con derecho a equity; equity; net worth; precio especificado) dividendo shareholders'funds JU.K] system repurchase agreement dividend stock activos improductivos acuerdo de traspaso acciones de fundador nonperforming assets progresivo (de acciones) founders' shares; promoters' fade-out agreement; phase-in stock [U.K] activos no redituables agreement nonperfonning assets acciones nominativas acuerdo gensaki registered stock; personal stock activos productivos Gensaki eaming assets acciones pagadas paid-up stock; fully paid stock 178 acuerdos de reestructuración agiotista anulación de deudas con la financiera market maker garantía de un fondo de work out arrangements; amortización workouts alivio financiero debt defeasance through the financing relief sinking fund mechanism acumulación (de vencimientos) amortización anulación en libros bunching (of maturities) amortization write off; charge-off [noun] adelanto del vencimiento ampliación de los servicios de anuncio de emisión efectuada acceleration of maturity una institución tombstone conversion from a restricted to adjudicación a precio a full-sevice institution anuncio preliminar de una uniforme nueva emisión Dutch auction [U.S.] ampliación del capital red herring capital widening administración de fondos aporte de fondos cash management análisis de las probabilidades complementarios de recuperación (de los topping up afinamiento (de la economía) préstamos otorgados a un fine-tuning (of the economy) país) arbitraje county collectibility analysis arbitrage agente [IBRD] commissioned company arbitraje [Japan] analista de bolsa switch chartist agente (de cambio y bolsa) arbitraje conforme a la curva broker analista de valores de rendimiento securities analyst yield curve arbitrage agente de contrapartida dealer [options market] anticipo del servicio de arbitraje de vencimientos financiamiento para la time arbitrage agente financiero preparación de proyectos fiscal agent Project PreparationFacility arbitraje espacial advance [IBRD] two-point arbitrage;space agente pagador arbitrage paying agent anticipos sin garantía documentaria arbitraje protegido contra agente vendedor clean advances riesgos cambiarios sales agent; selling agent covered interest arbitrage [securities] anulación (de una deuda) cancellation (of a debt) arbitrajista agio arbitrageur premium [securities] anulación de deudas a cambio de un activo financiero argentinización de la deuda agio debt defeasance; collateralized debt domestication agio (debt) defeasance asegurador agiotista underwriter jobber 179 asimetría de los vencimientos banco constituido a nivel banco(a) de servicios maturity mismatch federal múltiples federally chartered bank [U.S.] universal bank(ing) Asociación de Intemediarios Internacionales de Bonos banco corresponsal bancos establecidos en las Association of Intemational agent bank principales plazas financieras Bond Dealers (AIBD) money center banks banco de inversiones atender el servicio de un investment bank [U.S.]; bancos intermediarlos préstamo merchant bank [U.K entrepbt; tumtable service a loan banco de segunda instancia base de capital atracción second tier bank capital base crowding-in banco de segundo nivel beta aumento del capital con second tier bank beta respecto al trabajo capital deepening banco de segundo piso bolsa de valores second tier bank securities market autofinanciamiento in house fßnancing7 banco director bolsa de valores self-fßnancing lead bank; lead manager equity market autorización permanente banco director encargado del bolivianización de la deuda shelf registration control de la emisión debt domestication book-running lead bank; aval book-ninning lead manager bono aval note banco extraterritorial banco abstencionista offshore bank bono free rider bond banco fiduciario banco agente trust bank (Shintaku Ginko) bono a corto plazo agent bank [apan] short-tenn note banco coadministrador banco múltiple bono a corto plazo para comanager; colead manager universal bank(ing) financiar un proyecto project note banco codirector banco múltiple comanager; colead manager ful service bank bono a largo plazo pagadero con Ingresos (del proyecto) banco comercial banco múltiple rvenue bond chartered bank [Canada] combined commercial and investment bank; multibank; bono al portador banco con un gran volumen all-purpose bank bearernote de préstamos pendientes large exposure bank banco sogo bono al portador Sogo bank bearer bond 180 bono alcista bono con interés escalonado bono con rescate vinculado a bull bond (frado anticipadamente) un tipo de cambio stepped (rate) bond indexed currency option note bono alcista y bajista (ICON) bull and bear bond bono con Interés variable floating-rate note; floater bono con tasa de interés bono amortiguador renovable cushion bond bono con Interés variable roly poly bond floating-rate bond bono basura bono con tipo de interés junk bond; speculative grade bono con Interés variable renovable bond Indizado roly poly bond floating rate note with variable bono "bulldog" coupon fßr bono con tope máximo de Bulldog bond interés bono con Interés variable cap; cappedfloating rate note bono clásico inverso straight bond reverse floating rate note bono con tope máximo y mínimo de interés bono con características de bono con interés variable collar acción inverso a la tasa de referencia equity-related bond; inverse floating rate note bono con vencimiento elegido equity-linked bond al azar bono con interés variable serial bond, loan bono con certificado mínimo warrant bond floor bono chatarra junk bond; speculative grade bono con cupón bono con interés variable bond coupon note reajustable anticipadamente mismatch floating rate note bono daimyo bono con cupón daimyo bond coupon(-bearing) bond bono con opción de cambio de divisa bono de ahorro bono con cupón determinado multiple (currency) option bond savings bond [France, Belgium, por subasta a la baja U.S.] Dutch auction notes bono con opción de venta bond with put option bono de calidad bancaria bono con derecho a compra bank quality bond de acciones bono con reinversión de bond with equity warrant intereses bono de descuento intensivo bunny bond deep-discount bond note bono con derecho a compra de bonos adicionales bono con rendimiento bono de doble respaldo bond with bond warrant vinculado al precio de un double-barreledbond producto básico bono con garantía de activos commodity-linked bond; bono de exclusión debenture (bond) commodity-backed bond exit instrument; exit bond; exit vehicle 181 bono de interés diferido bono del Tesoro (a más de 10 bono indizado según el precio deferred coupon note; deferred años) de un producto básico interest note Treas~y bond [U.S.] commodity-indexed bond bono de primera clase bono del Tesoro (a mediano bono kiwi top-rated bond plazo) kiwi bond Treasury note [U.S.] bono de primer orden bono matador top-rated bond bono del Tesoro (EE.UU.) a matador bond muy corto plazo bono de renta vitalicia cash management bill bono municipal a corto plazo annuity bond rescatable con ingresos no bono denominado en dos tributarios bono de rescate anticipado monedas revenue-anticipation note put bond; putable bond; bond dual-currency bond with put option bono no negociable bono descontado nonmarketable bond bono de salida discount bond exit instrument; exit bond; exit bono no redimible antes del vehicle bono descontado vencimiento discount note noncallable bond bono de una sociedad (anónima) bono emitido con descuento bono no rescatable antes del corporatebond originalissue discount (OID) vencimiento bond noncallable bond bono de usufructo dividend-right certificate bono especulativo bono nominal con opción de junk bond; speculative grade compraventa de un producto bono de valor nominal muy bond básico bajo nominal bond with attached baby bond bono flip-flop commodity option flip-flop bono de vencimiento ajustable bono ordinario extendible bond; eAtendible bono garantizado straight bond maturity bond collateralized (bond) bono participatorio bono de vencimiento ajustable bono garantizado de interés income bond; participating extendible note; extendible variable bond maturity note collateralizedfloating rate bond bono perpetuo bono de vencimiento bono global annuity bond escalonado global bond serial bond, loan bono perpetuo bono hipotecario nonmaturing, nonredeemable bono de venta continua mortgage bond govemment bond; perpetual bond sold on tap bond; annuity bond; consol bono indizado [UKJ bono del Tesoro (a corto indexed bond; index-linked plazo) bond Treasury bill [U.S.] 182 bono perpetuo con tipo de bono sushi cajero permanente Interés flotante Sushi bond automatic, automated teller perpetualfloating-rate note machine (ATM) bono tankoku bono previo a una emisión Tankoku bill calendario de emisiones bond-anticipationnote (BAN) issuing calendar bono vencido bono que vence due bond cámara de compensación due bond clearing house bono wolfhound bono redimible antes del wolfhound bond cancelación (de una deuda) vencimiento cancellation (of a debt) callable bond bono yanqui Yankee bond cancelación en libros bono redimible write off; charge-off [nounJ anticipadamente bonos británicos sin cupón retractable,putable bond (STAG) capacidad crediticia sterling transferable accruing credit standing;creditworthiness bono rescatable govemment secundes (STAGs) callable bond capacidad de endeudamiento bonos de primer orden debt canying capacity bono rescatable gilt-edged securities anticipadamente capital accionario retractable, putable bond bonos de responsabilidad equity capital; capital stock (of general a corporation) bono rescatado general obligations;general anticipadamente obligation bonds capital circulante called bond floating capital bonos del Gobierno británico bono respaldado por ingresos gilt-edged securities capital de riesgo fiscales previstos risk capital tax-anticipationnote (TAN) bonos geisha Geisha bond capital de riesgo bono samurai venture capital; risk capital Samurai bond bonos para la obtención de nuevos fondos capital flotante bono shogun new money bonds floating capital Shogun bond bonos que devengan intereses capital improductivo bono sin cupón interest-bearingnotes no-retum equity zero coupon bond bonos sin cupón con garantía capital no redituable bono sin cupón respaldado del Tesoro de los EE.UU. no-retum equity por el Gobierno de EE.UU. certificates of accrual on Treasury Investment Growth Treasury securities (Cats) capital social Receipt (7ger) equity capital; capital stock (of cajero automático a corporation) bono sin garantía específica automatic, automated teller debenture (bond) machine (ATM) 183

capital suscrito y no cartera de préstamos certificado de depósito con desembolsado loan pofolio tipo de Interés renovable uncalled capital rolt-over cefficate of deposit; cartera líquida roly poly cetificate of deposit capitales itinerantes liquidity portfolio; liquid assets hot money; funk money [U.K] ponfolio certificado de depósito de libre compra capitalización cartera modelo straight tap certificate of capitalization benchmark porfolio [IBRD] deposit capitalización (de la deuda) casa de descuento certificado de depósito de debt(-for)-equity swap, discount house; bill broker US$100.000 o más conversion jumbo certificate of deposit casa matriz [US] capitalización bursátil parent bank market capitalization certificado de depósito en cédula hipotecaria tramos capitalización de la deuda mongage bond tranche certificate of deposit debt capitalization centésimo de punto certificado de depósito sin capitalización de los intereses porcentual límite interest capitalization basis point straigh4 tap ceptificate of deposit cargo por tramitación centro bancario processingfee extraterritorial certificado de inversión offshore banking center investment certificate carta de crédito contingente standby letter of credit certificado de adeudo certificado de participación debt ceilificate; certificate of paicipationcertificate carta de intención sobre la indebtedness política de desarrollo certificado de transferencia de letter of development policy certificado de depositario préstamos [IBRD] depositary receipt pass-through certificate; participationcertificate carta de intención sobre la certificado de depósito política sectorial cerfificate of deposit certificado en divisas letter of sectoralpolicy [IBRD] foreign exchange warrant certificado de depósito a carta de seguridades plazo negociable certificado nominativo letter of comfot negotiable time certificate of bond certifcate deposit cartera de acciones certificado para la compra de share ownership certificado de depósito clásico acciones straigh4 tap certificate of stock warrant cartera de inversiones deposit liquidas certificado para la compra de liquidity porfolio; liquid assets certificado de depósito con acciones o bonos portfolio tasa de interés renovable warrant rolt-over cerfificate of deposit; roly poly certificate of deposit 184 certificado para la compra de cláusula de aplazamiento de cláusula sobre múltiples bonos pagos monedas bond warrant bisque clause multicurrency clause certificado para la compra de cláusula de buena voluntad cobertura del servicio de la bonos del Tesoro goodwill clause deuda warrant into govemment debt-service coverage securities (WINGS) cláusula de disponibilidad switch, availability clause coeficiente contable certificado provisional accountingratio scrip certifcate; bearerscrip cláusula de examen periódico periodic review clause; review coeficiente corriente [América certificado separable clause Latina] detachable warrant current ratio; working-capital cláusula de exigibilidad del certificado separado del reembolso coeficiente de capital bruto cupón illegality clause gross capital coefficient, ratio strip certificate cláusula de obligación coeficiente de cobertura de cesión negativa intereses divestiture negative pledge clause interest coverage ratio

cesión de activos (de una cláusula de recuperación coeficiente de cobro bruto sociedad) a cambio de recapture clause gross collection ratio acciones (de otra sociedad nueva) cláusula de revisión coeficiente de cobro neto spinoff trigger clause [IBRD] net collection ratio

cheque certificado cláusula de salvaguardia coeficiente de costo en cenified check jeopardy clause; disaster clause; recursos internos break clause domestic resource cost ratio cheque de caja cashier's check cláusula pari passu coeficiente de costos parí passu clause combinados a largo plazo cheque intervenido long-term blended cost rate cenified check cláusula que estipula que se (LTB) [IFC] han de compartir los clasificación reembolsos coeficiente de cuenta rating sharingclause; payment sharing accounting ratio clause clasificación crediticia coeficiente de endeudamiento credit standing; creditworthiness cláusula recíproca en caso de debt-equity ratio; debt-to-equity incumplimiento ratio clasificar cross-default clause rate, to; grade, to coeficiente de endeudamiento cláusula roja debt ratio cláusula de abstención red clause negative pledge clause coeficiente de endeudamiento a largo plazo long-term debt ratio 185 coeficiente de explotación coeficiente de solvencia [Esp.] comisión working ratio current rato; working-capital handlingfeel management fee coeficiente de inestabilidad coeficiente institucional comisión de administración volatility ratio institutionalratio management commission, fee coeficiente de liquidez coeficiente neto de explotación comisión de admisión (a liquidity ratio [IBRD] operating rado cotización) admission fee (to a stock coeficiente del perfil futuro coeficientes de actividad exchange) del servicio de la deuda activity ratios debt service time profile ratio comisión de cobertura coeficientes de liquidez cambiarla coeficiente del servicio de la liquidity ratdos foreign exchange coverage fee deuda debt-service ratio; debt service coeficientes de operación comisión de garantía to expors ratio operating ratdos guarantee commission, fee [IBRD] coeficiente de movilización de coeficientes de rentabilidad recursos profitability ratios; comisión de garantía resource mobilization ratio revenue-covenant ratios underwitingfee; facility fee coeficiente de operación coeficientes netos de comisión de gestión operating ratio explotación management commission, fee operatingratios coeficiente de préstamos comisión de gestión excluidos del régimen de cofinanclamiento mediante agency fee [Euromarket] contabilidad en valores participación directa devengados direct participation cofinancing comisión de prórroga net nonaccrual rate extension fee cofinanciamiento supeditado coeficiente de protección al crecimiento comisión de renegociación hedge ratio growth contingency cofinancing extension fee coeficiente de recuperación colapso de la bolsa comisión de suscripción collection ratio stock market crash underwriingfee; facility fee coeficiente de reserva colocación en el mercado comisión de venta reserve ratio secundario selling fee [Euromarket] secondary offering coeficiente de revaluación del comisión de venta día colocación especial selling commission daily revaluationfactor special placement [currency pool] comisión del agente financiero colocación privada fiscal agency fee coeficiente derivado del private placement balance general comisión Inicial balance-sheet ratio colocación pública fiat fee; front end fee public offering (of shares) [Euroloan] 186 comisión Inicial Comité sobre Regulación compra y venta simultánea front-endfee Bancaria y Prácticas de matched sale-purchase Supervisión trnsaction comisión por compromiso Committee on Banking commitment fee, charge Regulations and Superisory compraventa Practices; Basle Superisors' trading comisión por disponibilidad Committee; Cooke Committee (de fondos) compromiso contingente availabilityfee [IFC] compañía comisionada standby commitment commissioned company comisión por inmovilización [Japan] compromiso contingente de de fondos participación en el capital commitment fee, charge compañía de capital de riesgo social venture capital company standby equity comisión por tramitación processingfee compañía de inversiones compromiso de compra y investment company, fund reventa comisión por tramitación de pu~hase and resale agreement solicitud compensación de débitos y [Canada] loan originationfee créditos entre filiales multilateralnetting compromiso de suscripción de comisión por utilización acciones utilization fee compra con descuento de una equity underwriting deuda en divisas y rescate a comité de coordinación de valor nominal en moneda compromiso especial bancos nacional Special Commitment [IBRD] bank advisory committee round-tripping compromiso supeditado a la comité de reestructuración compra de deuda compra de acciones steering committee; advisory debt buyback; debt repurchase standby equity committee compra de las propias compromisos netos Comité Cooke acciones para evitar la ffposure Committee on Banking absorción de la empresa Regulations and Supervsory greenmail compromisos por países Practices;Basle Superisors' country exposure Committee; Cooke Committee compra de una empresa con fondos tomados en préstamos con alto coeficiente de Comité de Supervisión leveraged buyout (LBO) endeudamiento Bancaria de Basilea (highly) leveraged Committee on Banking compra de una empresa con Regulations and Supervisory fondos tomados en préstamos con dinero Practices;Basle Supervisors' por sus empleados in the money (ITM) (option) Committee; Cooke Committee leveraged management buyout (LMBO) concertar un préstamo a través de un consorcio compra en descubierto (bancario, de financiamiento) margin buying [stock exchange] syndicate, to (a loan) 187

concesión de préstamos contrato a término conversión de deudas en internos con fondos externos forward contract divisas en deudas en moneda inward switching nacional contrato a término con índice debt-for-local currency swap condonación (de una deuda) bursátil cancellation (of a debt) stock index future conversión de Interés rdo en interés variable configuración "tricornio" contrato de administración coupon swap head and shoulders management contract configuration conversión de la clase de contrato de compra contra interés configuración en M entrega rate base switch [IFC] double top configuration take-and-pay contract conversión de la deuda en configuración en triángulo contrato de futuros capital triangle configuration futures contract debt(-for)-equiy swap, conversion configuración en W contrato de futuros de double bottom configuration instrumentos financieros conversión de la deuda en interest rate futures financiamiento para el congelación del interés en un desarrollo nivel mínimo (cuando la tasa contrato de futuros de swaps debt-for-development swap de mercado desciende a swap future menos de ese nivel) conversión de la deuda en drop lock contrato de futuros fondos benéficos financieros debt-chaity swaps consorcio financialfutures contract seiing consofium, group, conversión de la deuda en syndicate [EuromarketJ contrato firme de compra (sin medidas de protección de los derecho de rescisión) recursos naturales consorcio (bancario, de take-or-pay contract debt-for-nature swap financiamiento) syndicate contratos de participación en conversión de la deuda en la producción productos básicos consorcio de suscriptores production-sharingcontracts debt commodity swap underwriting consortium, group, syndicate contratos de participación en conversión de la deuda en las utilidades valores constitución de una garantía profßt-sharing contracts securitization collateralization convenio de destinación convertir contragarantía especial swap, to counter-guarantee set aside agreement corredor contrarrestar conversión sales agent; selling agent unwind swap (transaction) [securities]

contrato a plazo conversión contable de corredor (de cambio, de fonward contract monedas bolsa) currency transiation broker 188

corredor (mercado primario) cotización (de valores en crédito negociable primary dealer bolsa) spot credit listing (of securities) corredor de bolsa crédito para importaciones dealer [stock market] cotización al cierre con fines de rehabilitación closingprice rehabilitationimpor corredor de bolsa credit/loan (RIC, RIL) [IBRD] trader [stock market] cotización automatizada automated quotation crédito recíproco corredor de bolsa swap (transaction) independiente cotización computadorizada floor trader automated quotation crédito refinanciable revolving credit; rollover credit corredor de inversiones cotización de apertura investment broker openingprice crédito renovable revolving credit; rollover credit corredor de valores cotización firme securities dealer; securities firm market making crédito rotatorio revolving credit; rollover credit corredor de valores del cotización inicial Estado opening pice crédito soberano govemment security dealer sovereign credit cotizar corretaje post (a rate) crédito tributario brokerage tax credit cotizar un precio de compra o corriente de fondos de venta criterios de trascendencia funds flow; flow of funds make a market materiality criteria

costo de Inmovilización (del crédito cuadro de corrientes capital) credit standing; creditworthiness financieras carrying cost; canying charges; flow-of-fund table [national cost of cany crédito autoamortizable accounts] self-liquidating credit costo de los empréstitos con cuarto mercado doble ponderación crédito cómodo fourth market [US] double-weighted borrowing cost convenience credit [IBRD] cuasibanco crédito con garantía de otro near-bank [Canada] costo en recursos Internos crédito domestic resource cost (DRC) back-to-back (loan, borrowing); cuasicapital matched funding quasi-equity; quasi-capital costos centralizados centrally-managed costs crédito facil cuasidinero convenience credit near-money; quasi-money costos descentralizados unit-managed costs crédito garantizado por el cuenta corriente del Tesoro Estado Treasury tax and loan account cotización sovereign credit [U.S.] ßxing 189 cuenta corriente que devenga departamento bancario descuento sin recurso intereses considerado como discount without recourse negotiable order of withdrawal extraterritorial (NOW) account offshore banking unit (OBU) descuento sobre el valor a la par cuenta de administración de departamento fiduciario de discount from par [securities fondos banco market] cash-management account bank trust department (CMA) desintermediación depósito de garantía disintermediation cuenta de ahorro para initial margin jubilación desmaterialización individual retirement account depósitos bancarios computerized entry of (IRA) bank money ownership; dematerialisation [UK] cuenta de anticipos depreciación imprest account, fund amortization desplazamiento crowding-out cuenta de compra de valores depredador securities margin account corporateraider; raider desplazamiento hacia las emisiones de mayor calidad cuenta de garantía derecho flight to quality collateral account right (to purchase shares) desposeimiento cuenta de margen derecho de suscripción divestiture maigin account subscription right desvalorización cuenta de primas de emisión desagio impairment share premium account [IFC] disagio determinación de la moneda cuenta para operaciones en descontar en que se exige cada descubierto discount amortización margin account recall [currency pool] descuento cupón discount; markdown determinación del costo de un coupon préstamo descuento de bonos a pricing (of a loan) curva de rendimiento mediano plazo yield curve forfaiting determinación del costo de un subpréstamo debenture [Arg., Chile] descuento de conversión subloan pricing debenture (bond) conversion discount deuda amortizada delta descuento de pagarés a retired debt delta mediano plazo forfaiting deuda con descuento denominación de un préstamo discounted debt en otra moneda descuento Impositivo currency redenomination tax credit deuda consolidada funded debt 190 deuda de liquidez secundaria dinero en el sentido estricto documento de análisis de las junior debt; subordinateddebt narrow money [cf. MI] probabilidades de recuperación (de los deuda pendiente dinero exigible préstamos otorgados a un debt overhang call money; day-to-day money; país) demand money; money at calí country collectibilty note deuda prioritaria [IBRDJ senior debt dinero fresco new money documento sobre parámetros deuda subordinada de política económica (PPE) junior debt; subordinateddebt dinero nuevo policy framework paper (PFP) new money [IBRD] diferencia spread disfunción del mercado duración market failure duration (of an investment) diferencia entre el precio al contado y el precio pagado disminución efecto a la vista o de realmente drawdown vencimiento a muy corto contango rate; continuation rate plazo disminución técnica hot bilí diferencia entre el precio con technical decline, drop descuento y el valor nominal efecto carrusel [bonos] dispensa de la cláusula de meny-go-round effect accretion abstención (de los compromisos existentes) efecto comercial diferencial waiver of negative pledge; trade bilí [U.K] spread negative pledge waiver efecto de buena calidad diferencial distorsión monetaria investment grade paper basis currency twist efectos comerciales diferencial diagonal distribución commercial paper (CP); diagonal spread allotment commercial bills dilución dividendo en acciones efectos comerciales en dilution scrip ¡ssue [UK]; stock eurodivisas dividend [US] Eurocommercialpaper (ECP) dilución del capital (accionario) dividendo en acciones efectos en cobranza stock dilution; stock watering stock dividend float [banking] dinero a la vista división de acciones efectos en cobro cal money; day-to-day money; split; split-up; splitting float [banking] demand money; money at call división de un préstamo en efectos privados dinero apátrida varios tramos private paper stateless money tranching efectos públicos dinero bancario govemment paper bank money 191 efectuar un swap emisión especial encaje legal adicional swap, to off-the-run security marginal reserve requirement efectuar una operación de emisión exploratoria endeudamiento forzoso swap red hering issue distress borrowing swap, to emisión "Star Trek" en descubierto elasticidad tributaria global "StarTrek" issue uncovered; naked tax buoyancy emisiones no garantizadas entrega a plazo elemento de donación del non-undenWritten facilities forward cover financiamiento combinado blended grant element emisor entrega a término issuer forward cover emisión (en el mercado primario) empresa conjunta de capital especulación primary offering social proporcional trading equity joint venture emisión adquirida especulación diferencial a la anticipadamente por un empresa susceptible de baja consorcio bancario absorción bear spread bought deal; firm commitment target company; takeover underwriting candidate especulación diferencial al alza emisión atascada empréstito de contrapartida bull spread hung-up issue back-to-back (loan, borrowing); matched funding esquela emisión confiable tombstone seasoned issue empréstito de suma alzada lump-sum borrowing [IFCJ establecimiento de reservas emisión continua para pérdidas por concepto tap certifcate of deposit empréstitos calificados de préstamos pool of qualified borrowings loan loss provisioning emisión de bonos en el exterior empréstitos calificados estado de cambios en la external bond issue qualified borrowings (QB) situación financiera [IBRD] statement of changes in emisión de rendimiento financialposition; source and indeterminado empréstitos de referencia application of funds statement; open pricing proxy borrowing [IBRD] funds statement emisión de valores de capital empréstitos en divisas con estado de flujo de fondos capital issue Interés indizado statement of changes in indexed currency borrowings financialposition; source and emisión de valores application of funds statement; especulativos empréstitos gigantescos funds statement speculative grade paper jumbo borrowing emisión empantanada encaje legal hung-up issue reserve ratio 192 estado de fuentes y utilización exceso de transacciones (en la facultad de adquisición de de fondos cuenta de un cliente) contratos con interés tope statement of changes in chuming overrading Global Cap Authority [IFC] financialposition; source and application of funds statement; exclusión del régimen de facultad general para efectuar funds statement contabilidad en valores inversiones devengados General Investment etapa Inmediatamente nonaccrualstatus, in a Authorization [IBRD/IDA] anterior a la primera colocación pública exención de la cláusula de facultad para contraer mezzanine level abstención compromisos negative pledge waiver commitment authority euroacciones euro-equities exención de la cláusula de facultad para efectuar swaps abstención (de los Global Swap Authority eurobono compromisos existentes) Eurobond waiver of negative pledge; facultad para invertir en negative pledge waiver activos líquidos eurocapital liquid assets investment euro-equities exención de la cláusula de authorty [IFC] obligación negativa eurocrédito negative pledge waiver falla del mercado Eurocredit market failure exigir el pago de una garantía eurodivisa call a guarantee fecha a partir de la cual se Eurocurrency calcula el Interés expectativas racionales dated date eurodólar rationalexpectations Eurodollar fecha de cierre externalización (del servicio settlement date euromercado de la deuda) Euromarket extemalization (of debt service fecha de desembolso payments) payout date; payment date; euromoneda distribution date Eurocurrency extraterritorial offshore fecha de pago europréstamo settlement date Euroloan factor de ajuste para fines de amortización fecha de renegociación evaluación actuarial amortization adjustment factor rollover date actuarial evaluation [currency pool] fecha de transacción evaluación por puntos factor de revaluación trade date scoring revaluation factor [currency pool] fecha de valor exceso de oferta value date overhang factores Imprevistos que encarecen la Inversión fijación de vencimientos no investment leakage coincidentes layering 193 fijación diferida del interés financiamiento de contraparte financiamiento sin posibilidad deferred rate resetting [IFC] matched funding de recurso nonrecoursefinance financiación mediante financiamiento de endeudamiento contrapartida financiamiento transitorio debt financing matched funding bridge financing financiación sin asegurar financiamiento de los últimos flotación dirigida front-end financing vencimientos dirty float funding latter maturities financiación sin garantía [IBRDJ flotación impura front-end financing dirty float financiamiento de transición financiación suplementaria bridge financing flotación limpia front-end financing clean float financiamiento del déficit financialización gap financing fluctuación de las tasas de financialization interés debida a la fuga de financiamiento en apoyo de capitales financiamiento combinado reformas de políticas interest leakage (del BIRF y la AIF) policy-based lending, policy blend financing loans fluctuación de los tipos de interés debida a la fuga de financiamiento concatenado financiamiento en condiciones capitales piggyback financing comerciales interest leakage commercial lending financiamiento concertado flujo de fondos concerted financing lending financiamiento en condiciones funds flow; flow of funds de mercado financiamiento concertado market-related lending fondo común de Inversión concerted lending deal mutual fund financiamiento informal financiamiento con derecho de informal finance fondo común de Inversión recurso limitado money market (mutual) fund limited recoursefinance financiamiento no (MMF) institucional financiamiento con fondos informal finance fondo común de monedas propios loan currency pool in house financing; financiamiento para self-fnancing programas fondo de amortización program loan; program lending sinking fund financiamiento con garantía [IBRDJ contractual fondo de anticipos contract financing financiamiento paralelo imprest account, fund parallelfinancing financiamiento conjunto fondo de Inversión que cobra joint financing financiamiento que Incluye una comisión dinero nuevo load fund financiamiento coordinado new money packages coordinatedfinancing 194 fondo de inversión que no fondos federales garantía exigible cobra una comisión federal funds [US] anticipadamente no-load fund accelerableguarantee formación de un consorcio fondo de inversiones (bancario, de financiamiento) garantía limitada renovable investment company, fund syndication rolfing guarantee (of interest payments) fondo mutuo formas novedosas de money market (mutual) fund financiamiento garantía no exigible (MMF) creative financing anticipadamente non-accelerableguarantee fondo mutuo fragmentación de la tasa de mutual fund interés garantía prendaria del saldo interest rate segnentation de una participación fondo para (inversiones en) purchase money security un país específico fragmentación del tipo de interest [IFCJ country fund interés interest rate segmentation gasto concentrado al fondo rotatorio comienzo de un período revolving fund freno fiscal front-loaded spending fiscal drag Fondo de promoción de gensaki mercados incipientes futuros Gensaki EmergingMarkets Growth futures [commodities market] Fund (EMGF) [IFCJ gerente de cartera futuros de swaps portfolio manager Fondo para empresas swap future africanas gestión de caja African Enterprise Fund futuros financieros cash management financialfutures Fondo para inversiones de gestión de liquidez cartera gamma cash management equity portfolio fund gamma gestión del pasivo Fondo para inversiones en ganancias no realizadas liability management mercados incipientes unrealized gains Emerging Markets Investment giro Fund (EMIF) [IFC] garante drawdown underwriter fondos comprados giro bancario purchasedfunds garantía banker's draft guarantee [IBRD] fondos de reserva para gran banco recompra de acciones garantía de rentabilidad city bank [Japan] (propias) equity-relatedguarantee capital redemption reserve grupo de acreedores funds garantía de una deuda group of creditors debt security fondos de un día para otro grupo de bancos licitantes overnight funds tenderpanel 195

grupo de suscripción institución financiera no Intercambio de bonos de igual underwriting consortium, group, bancaria valor nominal syndicate non-bank bank; non-bank even par swap financial institution grupo director intercambio de deuda por management, managing group instrumento de deuda cuasicapital [Euro-dollarmarket] debt security debt/quasi equily swap

grupo garante instrumento de interés Intercambio de deuda por underwriting consonium, group, variable y riesgo decreciente efectivo syndicate risk conversion floater debt-for-cash swap

grupo vendedor instrumento financiero con Intercambio de deudas selling consortium, group, características patrimoniales par debt swap; debt-debt swap syndicate [Euromarket] equity-like instrument Intercambio de deudas hoja de plazos y condiciones instrumento negociable debt-debt swap; par debt swap; term sheet negotiable instrument debt swap; debt-for-debt swap

hoja de términos instrumentos cuasimonetarios intercambio de indices term sheet near cash instruments basis (rate) swap

honorario del banco director instrumentos de dinero nuevo intercambio de Intereses praecipium;praecipuum new money instruments callable swap

imposición de condiciones instrumentos de la deuda intercambio de intereses y previas (a la aprobación de pública monedas un préstamo) govemment debt instruments cross-currency interest rate swap front-loading of conditionality intensificación (del uso) de intercambio de monedas indice combinado de capital swap (transaction) desempeño de la cartera capital deepening current blend (CB) [IFC] intercambio de monedas Intensificación del uso de currency swap índice del fondo común de valores monedas securitization Intercambio de monedas y de currency pool index Intereses intensificación financiera circus swap; currency coupon inflación básica financial deepening swap core inflation intercambiar intercambio de opciones ingeniería financiera [México] swap, to option swap financial engineering intercambio con descuento Intercambio de préstamos por institución de ahorro discount swap bonos contractual loans-for-bonds exchange contractualsavings institution intercambio de activos asset(-based) swap Intercambio de tasas de Interés interest-rateswap 196 intercambio de tipos de Intermediación Inversión que no ha alcanzado interés intermediation su pleno rendimiento interest-rate swap unseasoned investment Intermediación del mercado intercambio de títulos de market intermediation Inversión todavía deuda por exportaciones improductiva debt-for-exporl swap; intermediario financiero immature investment debt-for-products swap financial intennediary inversión verde intercambio en dos monedas intervención directa en el immature investment dual-currency swap mercado face the market inversiones que han alcanzado intercambio internacional su madurez cross-borderswap inversión conforme a una mature investments fórmula intercambio inverso formula investing Inversionista por cuenta reverse swap propia inversión directa distinta de retail investor intercambio inverso los aportes de capital (convenido con la primera non-equity direct investment Inversor por cuenta propia parte) retail investor mirror swap Inversión en capital social equity financing; equity jefe de operaciones bursátiles intercambio múltiple investment head of trading cocktail swap Inversión extranjera directa lastre fiscal intercambio preferencial direct foreign investment (DFI) fßscal drag premium swap Inversión forzosa letra bancaria interés abierto forced investment bank bill open interest; open market interest Inversión forzosa letra bancaria forced investment banker's draft interés mayoritario proprietary interest Inversión liquidada letra comercial closed-out investment [IFC] trade bill [U.K] interés nominal coupon rate Inversión obligatoria letra de banco forced investment banker's drft interés nominal corriente current coupon (rate) Inversión orientada a letra de cambio aumentar la productividad bill of etchange interés por mora capital-deepeninginvestment default interest letra garantizada Inversión periódica de monto custom duty bill intereses devengados y constante acumulados averaging; dollar cost averaging LIBID accrued interest (AI) [bonds] London Interbank Bid Rate Inversión posterior (LIBID) downstream investment 197

LIBOR lista en observación mecanismo de reajuste London Interbank Offered Rate watch ¡ist automático (del tipo, de la (LIBOR) tasa de interés) lista vigilada automatic resetting mechanism LIBOR para transacciones en watch list [IFC] dólares dollar ($) LIBOR manipulación de la Mecanismo de financiamiento contabilidad (para aparentar para el desarrollo de la librador (p. ej. de un pagaré) una mejor situación) región del Caribe maker (e.g., of a note) window dressing Caribbean Development Facility libranza en divisas margen foreign exchange warrant spread Mecanismo para inversiones de bancos centrales [BIRFI LIMEAN margen bruto CentralBank Facility (CBF) LIMEAN gross eamings margin; gross [IBRD] margin; banker's spread; limitación de la circulación banker's markup [banks] mejoramiento del crédito física de los valores credit enhancement truncation margen de maniobra headroom memorando de información limite crediticio placement memorandum; lending ceiling; credit limit margen diagonal placing memorandum diagonalspread límite de crédito menor desarrollo relativo, de lending ceiling; credit limit margen entre los bonos del relatively less developed [IDA] Tesoro de EE.UU. y los límite máximo de aprobación depósitos a plazo en mercadización autónoma eurodólares marketization free limit of loan TED spread mercado abierto límites legales (de las margen financiero open market compras en descubierto) financial spread margin requirements [stock mercado al contado exchange] margen implícito spot market; cash market implicit spread [foreign exchange] línea de crédito a corto plazo swingline margen "mariposa" mercado alcista butterfly (call) spread buil market línea de crédito contingente backstop (credit) facility; margen vertical mercado bajista backup (underwriting)facility verical spread;price spread bear market

línea de crédito de apoyo mecanismo (conjunto) para mercado basado en el back-up line of credit contingencias prestigio de los prestatarios Contingency Mechanism name market lista de espera [JBRD/IMFJ queue mercado de acceso irrestricto contestable market 198 mercado de capital(es) mercado extrabursátil método de la lista de opciones capital market over-the-countermarket (OTC) market-basedmenu approach; mercado de dos niveles mercado Ranciero market-driven menu approach; two-tier market financial market menu of options mercado de emisión mercado financiero método de "rienda corta" primary market open market shori-leash approach mercado de entrega Inmediata mercado fuera de bolsa modelo de valoración de spot market; actual market; over-the-counter market (OTC) activos financieros cash market; physical market capital asset pricing model [commodities] mercado fuera de bolsa (CAPM) third market; off-the-board mercado de futuros market modificación de la financieros periodicidad del pago de financialfutures market mercado gris intereses grey, gay market interest retiming mercado de productos disponibles mercado inmovilizado modificación de los spot market; actual market; locked market vencimientos cash market; physical market maturity transformation [commodities] mercado monetario money market modificación del régimen de mercado de subasta intereses auction market mercado muy activo interest (rate) switching deep market mercado de títulos al moneda que representa una portador mercado paralelo proporción mínima del saldo bearermarket parallel market pendiente de un préstamo splinter currency [IBRD] mercado de valores mercado primario securities market primary market monto que el Banco está facultado para prestar mercado de valores mercado secundario lending authority equity market secondary market monto teórico mercado de valores a corto mercado terciario notionalamount plazo unlisted securities market short-term paper market (ULM); over-the-counter montos afectados (OTC) market;thirdmarket; set-asides mercado de valores que no se curb market cotizan en las bolsas montos reservados principales mercado terciario set-asides unlisted securities market third market; off-the-board (ULM); over-the-counter market multibanco (OTC) market; third market; universal bank(ing) curb market metas para la composición del fondo común de monedas multibanco targeted currency pool full service bank 199 multibanco [Chi., Mex.] obligaciones de organismos opción de compra de acciones combined commercial and federales [EE.UU.] stock option investment bank; multibank; agency secuities, obligations all-purpose bank opción de compra de bonos obligacionista con rendimiento Inferior al necesidades netas de fondos bondholder del bono Inicial net cash requirements (NCR) out of the money (OTM) oferta pública (option) negociación de bloques de public offering (of shares) acciones opción de compra doble block trading oferta pública de adquisición call of more (CM) (OPA) (con fines de nivel de endeudamiento absorción) opción de financiamiento relativo al capital take-over bid residual leverage (ralo) [US.]; gearing take-over option [IBRD] (ratio) [U.KJ oferta pública de adquisición (OPA) hostil (con fines de opción (de un contrato) de no cotizado en la bolsa absorción) futuros unlisted (security) unfriendly takeover bid futures option novación oferta pública en el mercado opción de rescate anticipado novation secundario put secondary public offering nuevas facultades para opción de swap efectuar inversiones oferta pública inicial swaption; swap option New Investment Authority initialpublic offering (IPO) (NIA) opción de venta opción put option nuevos fondos option new money opción europea opción a la par European (siyle) option obligación at the money (ATM) (option) bond opción extrabursátil opción americana over the counter (OTC) option obligación al portador American (style) option bearer bond opción fuera de bolsa opción basada en un indice over the counter (OTC) option obligación con garantía bursátil hipotecaria index option operación bancaria collateralized mortgage electrónica obligation (CMO) opción con un precio superior electronic banking o inferior al valor verdadero obligación contingente in the money (ITM) (option) operación de cobertura por contingent obligation [IBRD] venta a plazo opción de cambio de divisa short hedge obligación sin garantía multicurrency option loan stock operación de compra de opción de compra valores al contado y venta de call option contratos a término cash and cany 200 operación de venta de valores Organización Internacional de pagaré con interés variable al contado y compra de Comisiones de Valores inverso a la tasa de referencia contratos a término (OICV) inverse floating rate note reverse cash and cary Intemational Organization of Securities Commissions pagaré con interés variable operaciones carrusel (IOSCO) mínimo merry-go-round transactions floor otorgar préstamos a países operaciones de cambio a excluidos del régimen de pagaré con interés variable divisas contabilidad en valores reajustable anticipadamente outward switching operations devengados mismatch floating rate note loan into arrears, (to) [World operaciones de cobertura Bank] pagaré con rescate vinculado hedging a un tipo de cambio pagaré indexed currency option note operaciones de cobertura por promissory note (ICON) compra a plazo long hedge pagaré pagaré con tope máximo de note interés operaciones de protección cap; capped floating rate note cambiaria pagaré a corto plazo hedging short-tern note pagaré con tope máximo y mínimo de interés operadores pagaré a corto plazo para collar market participants financiar un proyecto project note pagaré de descuento intensivo orden de compra deep-discount bon4 note trading ticket [securities] pagaré al portador bearer note pagaré de vencimiento orden de compra o de venta ajustable al mejor precio pagaré bancario extendible note; extendible market order bank bill rmaturity note orden de compra o venta con pagaré con cupón pagaré descontado limitación de precio coupon note discount note limit order pagaré con cupón pagaré perpetuo con tipo de orden de venta determinado por subasta a la interés flotante trading ticket [securities] baja perpetualfloating-rate note Dutch auction orden tope pagaré previo a una emisión stop order pagaré con interés variable bond-anticipationnote (BAN) floating-rate note; floater organismo de clasificación de pagaré respaldado por valores pagaré con interés variable ingresos fiscales previstos rating agency indizado tax-anticipationnote (TAN) floating rate note with variable coupon fix pagarés descontados consolidados consolidateddiscount notes 201 pagarés que devengan países prestatarios en fuentes participante ajeno al intereses oficiales consorcio interest-bearingnotes official borrower secondarypaficipant pago contra (presentación de) países prestatarios en los participante secundario documentos mercados financieros secondaryparticipant cash against documents (C4D) market borrowers participantes en el mercado país agobiado por la deuda países que tienen acceso al market participants debt distressed country mercado financiero market-eligible countries pase financiero país (bien encarrilado) con swap (transaction) inversión y crecimiento papel comercial fast track country commercialpaper (CP); patrimonio commercial bilis stockholders' equity; país de bajos ingresos, de shareholders'equity; owners' ingresos medianos gravemente papel de buena calidad equity; equity; net worth; endeudado investment grade paper shareholders'funds [U.K] severely indebted low-, middle- income country (SILIC, papeles privados patrimonio neto SIMIC) private paper stockholders' equity; shareholders'equity; owners' país de bajos ingresos, de parte de cada vencimiento de equity; equity; net worth; ingresos medianos un préstamo shareholders'funds [U.K] moderadamente endeudado strip of maturities moderately indebted low-, pedido de operación de middle-income country participación cruzada margen (MILIC, MIMIC) cross-shareholding margin call país de ingresos medianos participación en cada pedido de operación en muy, fuertemente endeudado vencimiento (de un préstamo) descubierto highy, heavily indebted middle strip participation margin call income country (HIC) participación en capital social perfil general del país habilitado para recibir equity financing; equity financiamiento créditos e la AIF investment overall risk profle [IBRD] IDA-eligible country participación en una sociedad período de gracia país que puede obtener partnership share grace period financiamiento combinado (del BIRF y la AIF) participación mayoritaria período de pago blend country controlfing interest payment period [IBRD] país que puede recibir participación proporcional período de prohibición de créditos, financiamiento de la funding pro rata JIBRD] rescate AIF noncall period IDA-eligible country participación sin posibilidad de recurso período de reprogramación nonrecourse participation tenor 202 período de vigencia de la tasa precio de compra precio vendedor de Interés bid price ask(ed) pyce; market price interestperiod [securities market] precio de conversión período de vigencia del tipo conversion price precio vendedor de interés offering memorandum interest period precio de cuenta accountingpñce prestamista oficial período post-emisión lender of record after-market precio de ejercicio striking prce; strke price; prestamista subordinado petrobono exercise price subordinate lender petrobond precio de equilibrio (del préstamo a corredores de ponderación por moneda mercado) bolsa currency weight market-clearingprice broker loan; broker's loan posición a horcajadas precio de plena competencia préstamo a la vista straddle; call-and-put option arm's length (prÍce) call loan posición corta precio de transferencia préstamo a mediano o largo short position interna plazo transferprice tenn loan posición diferencial diagonal diagonalspread precio de venta préstamo a un intermediario offering memorandum financiero posición diferencial vertical financial intermediary loan vertical spread;price spread precio de venta (FIL) selling rate posición en descubierto préstamo amortizable en su shorrposition precio económico mayor parte al vencimiento economic price; efficiency price balloon loan posición larga longposition precio en (la) frontera préstamo "B' borderprice "B" loan praecipuum praecipium;praecipuum precio fijado en contrato préstamo balloon (para ejercitar una opción de balloon loan precio compra) price (of a bond) striking pñce; stike prce; préstamo cofinanciado exercise price coloan precio comprador bid pice precio fronterizo préstamo con interés borderprice modificable precio comprador resetter loan; rate resetter (RR) buying rate [securities market] precio neto loan payout price precio contable accountingprice precio vendedor selling rate 203 préstamo con Intermediación préstamo de valores préstamo no redituable de un banco garantizado por otro(s) nonperforming loan; back-to-back (loan, borowing); valor(es) nonaccruingloan matchedfunding borfow-pledge security loan préstamo para ajuste de la(s) préstamo con riesgo de préstamo dirigido política(s) industrial y pérdidas managed loan comercial jeopardy loan industrialand trade policy préstamo dividido en períodos adjustment loan (ITPAL) préstamo con riesgo soberano time-slice loan sovereign risk loan préstamo para ajuste del préstamo en cascada sector agrícola préstamo concedido por un apex loan agriculturalsector adjustment consorcio loan (ASAL) club deal loan préstamo en dificultades distressed loan préstamo para ajuste del préstamo concedido sin banco sector exportador director préstamo en forma de export adjustment loan (EAL) club deal, loan participación en el capital equity loan préstamo para (fines de) préstamo contingente ajuste sectorial standby loan préstamo en pirámide sector adjustment loan apex loan (SECAL; SAD) préstamo convertible en inversión préstamo en valores préstamo para asistencia loan with equity kicker securty lending [IBRD] técnica technical assistance loan préstamo cuyo vencimiento se préstamo gigantesco (TAL) [IBRD] ha anticipado jumbo loan prematured loan préstamo para cubrir posibles préstamo global sobrecostos préstamo de amortización package loan [IFCJ overage loan inicial negativa negative amoffization loan préstamo híbrido préstamo para importaciones hybrid loan con fines de rehabilitación préstamo de aprobación rehabilitationimpon autónoma préstamo improductivo credit/loan (RIC, RIL) [IBRD] free-limit loan nonperforming loan; nonaccningloan préstamo para inversión y préstamo de calidad mantenimiento sectoriales quality loan préstamo incluido en el sector investment and sistema de fondo común de maintenance loan (SIM) préstamo de un consorcio monedas [IBRD] syndicated loan pooled loan préstamo para programas préstamo de valores con préstamo indizado program loan; program lending garantía en efectivo indexed loan [currency pool] [IBRD] cash security loan préstamo minimax MiniMax loan 204 préstamo para programas de préstamo subordinado prestatario preferencial ajuste subordinatedloan prime borrower; premier program adjustment loan borrower; high quality borrower; (PAL) [IBRD] préstamos con intereses top grade borrower Impagos préstamo para racionalización value impaired prestatario preferente de empresas públicas prime borrower; premier public enterprse rationalization préstamos cruzados en borrower; high quality borrower; loan (PERL) [IBRD] divisas top grade borrower back-to-back (loan, borrowing); préstamo para reconstrucción matched funding prestatario preferente de emergencia prime borrower;premier emergency reconstruction loan préstamos en apoyo de borrower; high quality borrower; (ERL) reformas de políticas top grade borrower policy-based lending, policy préstamo para recuperación loans prima económica premium [option market] economic recovery loan (ERL) préstamos en condiciones comerciales prima préstamo para reforma de commercial lending premium [securities] empresas públicas public enterprise reform loan préstamos no voluntarios prima (PERL) [IBRD] involuntary lending premium [foreign exchange] préstamo para rehabilitación préstamos obtenidos de prima de conversión de empresas públicas intermediarios financieros conversion premium public enterprise rehabilitation intermediative borrowing loan (PERL) [IBRD] prima de emisión préstamos pendientes premium [stocks] préstamo para un sector exposure sector loan prima de liquidez préstamos vigentes liquidity premium préstamo para una inversión active loans específica prima de rescate specific investment loan (SIL) préstamos voluntarios call premium [IBRD] voluntary, spontaneous lending prima de riesgo préstamo participatorio prestatario (activo) risk premium loan with equity kicker active borrower prima pagada por préstamo "puente" prestatario de primera clase aplazamiento de entrega bridge financing prime borrower; premier backwardation borrower; high quality borrower; préstamo reembolsable de top grade borrower prima pagada por una sola vez a su vencimiento aplazamiento de pago bullet issue prestatario de primera clase contango prime borrower; premier préstamo sectorial borrower; high quality borrower; prima por inflación sector loan top grade borrower inflation premium 205 prima por riesgo Programa de venta separada proyectos relacionados con los risk premium del Interés y el principal de aspectos sociales del ajuste los valores Social Dimensions of principal en el mercado Separate Rading of Registered Adjustment Project (SDA market maker Interest and Principalof Project) Securities Program (STRIPS) principios contables punto de equilibrio generalmente aceptados Programa especial de break-even point [stock market/ Generally Accepted Accounting asistencia del Banco Mundial Principles (GAAP) para los países de bajos rating Ingresos de Africa al Sur del rating prioridad Sahara agobiados por la seniorily deuda rebajar de categoría World Bank's Special Program downgrade (a loan) privatización of Assistance for the divestiture Low-Income Debt-Distressed recapitalización Countries in Sub-Saharan recapitalization programa (de financiamiento) Africa básico recibo americano de depósito base lending program promedio móvil (ponderado) American Depositary Receipt running (weighted) average (ADR) programa de compra de acciones incluidas en un prospecto reciclaje de los préstamos índice offering memorandum relending indexing; index program prospecto recompra de deuda programa (de financiamiento) prospectus debt buyback; debt repurchase de reserva standby lending program prospecto confidencial recompra de divisas en information memorandum moneda nacional programa ordinario de inward swap financiamiento prospecto de emisión regular lending program tombstone redescontar con compromiso [IBRDJ de reventa protección contra rescate take in, to (bilis) Programa de asistencia anticipado especial (del Banco Mundial a call protection redescuento los paises miembros) rediscount (World Bank) Program of protección de swap doble Special Assistance (to Member cross-currency interest hedge; reducción Countries) (SAP) double hedge swap drawdown

Programa de recuperación proyecto no incluido en la reembolso en cuotas iguales garantizada del principal de cartera level repayment las inversiones (GRIP) non-porfolio project [IFC] GuaranteedRecovery of reembolsos a la AIF Investment Principal(Program) IDA reflows (GRIP) [IFC] reemisión reissue 206

reestructuración de la deuda relación precio renegociación de la deuda debt restructuring contable-precio de mercado debt workout accounting ratio reestructuración financiera renovación work out arrangements; relación precio-utilidades renewal workouts price/eamingsratio (P/E ratio; PER) renovación refinanciamiento roll-over roll-over relación préstamos desembolsados y renunciar a una garantía refinanciamiento anticipado pendientes-capital y reservas take ou4 to [IBRD] advanced refunding gearing ratio [IBRD] represión financiera refinanciamiento de monto relación servicio de la deuda- financial repression igual exportaciones even roll debt-service ratio; debt service représtamo to expons ratio onlending reflujos de la AIF IDA reflows relaciones de liquidez requisitos de que una liquidity ratios operación tenga efecto registro computadorizado positivo sobre las perspectivas computerized entry of rémora fiscal de desarrollo de un país ownership; dematerialisation fiscal drag materiality criteria [UK] rendimiento al vencimiento rescate de la deuda regla de minimis yield to maturity (YTM) debt retirement de minimis rule rendimiento de los activos reserva relación activo retum on assets (ROA) reserve ratio disponible-pasivo corriente acid-tes4 liqui4 quick ratio rendimiento del promedio de reserva obligatoria adicional los activos marginal reserve requirement relación beneficios return on average assets [IFC] netos-inversión reserva para inversiones net benefit investment ratio rendimiento del promedio del específicas patrimonio specific loss reserve [IFC] relación deuda-capital retum on average net wolth debt-equity ratio; debt-to-equity [IFC] reserva para pérdidas por ratio concepto de inversiones no rendimiento equivalente a un identificadas relación interés nominal unidentißed loss reserve [IFCJ endeudamiento/capital propio coupon equivalent yield leverage (ratio) [U.S.]; gearing reservas obligatorias para un (ratio) [U.K] rendimiento equivalente al de país específico los bonos allocated transfer risk reserves relación misiones de equivalent bond yield (ATRR) [US] evaluación-operaciones en el programa crediticio rendimiento mínimo resquicio pipeline factor [IBRD] floor return window (in a market) 207 resultado neto riesgo relacionado con segmento bottom line desfases segment; sector (of the market) lag risk [IBRD] reutilización de las ganancias seguridades (dadas por rollover of gains riesgo relacionado con el terceros) desfase entre... comfort reutilización de los préstamos lag risk [IBRD] relending separación riesgo relacionado con el stripping reventa de divisas en moneda margen nacional spread risk [IBRDJ separación de riesgos outward swap financieros riesgo relacionado con el unbundling of financial risks riesgo refinanciamiento exposure refinancing risk [IBRD] servicio auxiliar back office riesgo calculado a precios de riesgo relacionado con las mercado tasas de interés servicio bancario mark to market exposure interest-rate risk internacional intemationalbanking facility riesgo cambiario entre dos o riesgo relacionado con los (IBF) más monedas tipos de interés cross-currency exchange rsk interest-rate risk servicio contingente de apoyo a la inversión riesgo de insolvencia de un riesgo relacionado con contingent investment support país vencimientos asimétricos facility sovereign risk mismatch risk [IBRD] servicio de emisión de títulos riesgo de liquidez riesgo soberano (SET) cash risk; liquid-holdings risk sovereign risk revolving underwritingfacility (RUF); note issuance faciity riesgo ético riesgo subjetivo (NIF); note purchasefacility; moral hazard moral hazard euronote facility riesgo eventual riesgos de refinanciamiento servicio de financiamiento event risk rollover risks comercial tradefinancing facility riesgo moral sacar de apuros moral hazard bail out servicio de la deuda sin deducir reprogramaciones ni riesgo por conversión saldo traspasado (al ejercicio pagos en mora contable de monedas siguiente) scheduled debt service currency transtation exposure carry-over servicio de redescuento riesgo por traducción sector discount window contable de monedas segment; sector (of the market) currency transiationerposure servicio de seguro de swaps sector empresarial Swap Insurance Facility corporate sector [IBRD] 208 servicio financiero con Servicio especial de asistencia servicios de emisión y opciones múltiples para Afica al Sur del Sahara suscripción multioption facility (MOF); Special Facilityfor underwnitten facilities multioption financing facility Sub-Saharan Africa; Special (MOFF) Facilityfor Africa; African servicios financieros para Facility (SFSA; SFA) eurodólares servicio para la concesión de euronote facilities nuevos fondos Servicio especial para Africa new money facility Special Facilityfor servico de financiamiento Sub-Saharan Africa; Special para contingencias Servicio africano Facilityfor Africa; African contingency financingfacility Special Facility for Facility (SFSA; SFA) Sub-Saharan Africa; Special sin dinero Facility for Africa; African Servicio financiero de ajuste out of the money (OTM) Facility (SFSA; SFA) estructural dentro del marco (option) de la Cuenta Especial de Servicio contingente de Desembolsos sin garantía documentaria intercambio de monedas StructuralAdjustment Facility clean Contingent Swap Facility within the Special [IBRD] DisbursementAccount (SAF) sin intereses devengados [IMF] flat Servicio de asesoría sobre inversión extranjera (FIAS) Servicio financiero reforzado sistema de amortización del Foreign Investment Advisory de ajuste estructural principal en cuotas iguales Service (FIAS) Enhanced Structural equal principalrepayment Adjustment Facility (ESAF) system Servicio de financiamiento [IMF] compensatorio y para sistema de fondo común de contingencias Servicio para contingencias monedas Compensatory and Contingency externas currency pooling system FinancingFacility [IMF] External Contingency Mechanism [IMF] sistema de pagos totales Servicio de financiamiento de iguales de principal e proyectos relacionados con los Servicio regional de proyectos intereses aspectos sociales del ajuste para Africa al Sur del Sahara level annuity system Social Dimensions of Regional Project Facilityfor Adjustment Project Facility; Sub-Saharan Africa sistema de tipos de interés SDA Project Facility basados en una "cesta' de servicios bancarios para el empréstitos pendientes Servicio de financiamiento público en general pool-based lending rate system para preparación de retail banking [IBRD] proyectos Project PreparationFacility servicios bancarios para (PPF)[IBRD] empresas wholesale banking

servicios bancarios para los particulares retail banking 209 sistema de tipos de interés sociedad de valores swap de bonos de igual valor variables sobre los préstamos securities dealer; secupitiesfßrm nominal variable lending rate (VLR) even par swap system solicitud de pago directo en nombre del prestatario swap de deuda por Sistema de información del Application for Withdrawal for cuasicapital Banco Mundial sobre los direct payment [IBRD] debt/quasi equity swap mercados de capital World Bank Capital Markets solicitud de reembolso directo swap de deuda por efectivo System (CMS) [IBRD] al prestatario debt-for-cash swap Application for Withdrawalfor Sistema de la Reserva Federal reimbursement [IBRD] swap de deudas FederalReserve System par debt swap; debt-debt swap solvencia situación en que el precio al credit standing creditworthiness swap de deudas contado es inferior al precio a debt-debt swap; par debt swap; plazo strangle debt swap; debt-for-debt swap contango strangle swap de indices situación en que el precio al subasta a la baja basis (rute) swap contado es superior al precio Dutch auction [U.S.] a plazo swap de intereses backwardation subastas de divisas callable swap foreign exchange auctions sobrendeudamiento swap de intereses y monedas debt overhang subcuenta de endeudamiento cross-currency interest rate swap del prestatario sociedad comisionada borrower's indebtedness swap de monedas commissioned company subaccount [currency pool] currency swap [Japan] subpréstamo swap de monedas y de sociedad de inversión con subloan intereses número de acciones ijo circus swap; currency coupon closed-end (investment) fund, subprestatarlo swap company (CEIC) subborrower swap de opciones sociedad de inversión suscriptor option swap inmobiliaria underwriter real estate investment trust swap de tasas de interés (REIT) swap interest-rate swap swap (transaction) sociedad de inversiones swap de tipos de interés investment company, fund swap con descuento interest-rate swap discount swap sociedad de inversiones con swap de títulos de deuda por número variable de acciones swap de activos exportaciones open-end (investment) fund, asset(-based) swap debt-for-export swap; company (OEIC); mutual debt-for-products swap fun4 unit trust [U.K] 210

swap en dos monedas tasa de inmovilización tasa del mercado monetario dual-currency swap lock rate money market rate

swap internacional tasa de Interés contable (TIC) tasa Lombard cross-borderswap accounting rate of interest Lombard rate [Federal (ARI) Republic of Germany] swap inverso reverse swap tasa de Interés de cuenta tasa para préstamos a accounting rate of interest corredores de bolsa con swap inverso (ARI) garantía de valores mirror swap broker loan rate tasa de interés de equilibrio swap múltiple (del mercado) tasa preferencial cocktail swap market-clearinginterest rate prime rate

swap opcional tasa de interés del tasa preferencial a largo plazo swaption; swap option financiamiento combinado long-term prime rate (LTPR) blended interest rate [Japan] swap preferencial premium swap tasa de interés Inmodificable tasas de interés clave lock(ed) in (interest rates) key interest rates tarjeta de crédito institucional corporatecharge card; tasa de interés pagado por técnicas financieras corporatecredit card aplazamiento de entrega financial engineering backwardation rate tasa central tenedor de bonos key money rate; central rate tasa de interés para bondholder préstamos a la vista tasa combinada del mercado call money rate; cali loan rate tiburón combined market rate corporate raider, raider tasa de interés real tasa crítica de rentabilidad real interest rate tipo central hurdle rate key money rate; centralrate tasa de Interés sobre los tasa de activación depósitos tipo combinado del mercado trigger rate depositor rate of interest; combined market rate borrowing rate tasa de actualización tipo de cambio mínimo discount rate tasa de Interés variable floor rate of erchange basada en una "cesta" de tasa de actualización de empréstitos pendientes tipo de Interés contable (TIC) equilibrio pool-based variable lending rate accounting rate of interest cross-over discount rate; [IBRD] (ARI) equalizing discount rate tasa de los fondos federales tipo de Interés de cuenta tasa de actualización del federal funds rate [US] accounting rate of interest consumo (TICO) (ARI) consumption rate of interest tasa de oferta Interbancarla (CRI) interbank offered rate (IBOR) 211 tipo de interés de equilibrio tipo para préstamos a título nominativo (del mercado) corredores de bolsa con registered security market-clearinginterest rate garantía de valores broker loan rate título provisional tipo de interés del scrip ceriffcate; bearerscrip financiamiento combinado tipo preferencial blended interest rate prime rate títulos con cupón coupon paper tipo de interés inmodificable tipo preferencial a largo plazo lock(ed) in (interest rates) long-term prime rate (LTPR) títulos de organismos IJapan] federales tipo de interés pagado por agency securities, obligations aplazamiento de entrega tipos de cambio cruzados backwardation rate dispares títulos sintéticos con Interés broken cross rates; triangular variable tipo de interés para arbitrage synthetic floating rate notes; préstamos a la vista derivative floating rate notes call money rate; call loan rate tipos de interés clave key interest rates tope de las tasas de interés tipo de interés real interest rate cap real interest rate título security tope de los tipos de Interés tipo de interés sobre los interest rate cap depósitos título al portador depositor rate of interest; bearer security traducción de monedas borrowing rate currency transiafion título consistente en un tipo de interés variable asiento bancario transacción al precio de basado en una "cesta" de book-entry security oferta menos comisión empréstitos pendientes trade inside fees pool-based variable lending rate título convertible [IBRD] convertible; convertible security transacción de bloques de acciones tipo de los fondos federales título de salida block trading federal funds rate [US] exit instrument; eit bond; exit vehicle transacción de vencimientos tipo de oferta interbancaria simultáneos interbank offered rate (IBOR) título de transferencia de matched maturity transaction ingresos [IBRD] tipo de redescuento pass-throughs;pass-through discount rate securities transacción en la cual las comisiones eliminan toda tipo del mercado monetario título exigible al ejercer una posibilidad de utilidades money market rate opción alligatorspread underying (security) tipo Lombard transacción ficticia Lombard rate [Federal título hipotecario wash sale Republic of Germany] mortgage bond 212

transacciones de los Unidad de preparación de valor de primera clase corredores en la bolsa proyectos para Africa blue chip floor trading Africa Project Development Facility (APDF) valor de protección transacciones entre grandes hedge [securities market] bancos y entre éstos y otras utilidades no distribuidas instituciones financieras retained eamings valor de transferencia de wholesale banking ingresos utilidades por acción pass-throughs;pass-through transacciones interbancarias eamings per share (EPS) securities wholesale banking utilización valor en libros transacciones ilícitas de drawdown book value personas iniciadas inside, insider dealing valor valor en venta continua security tap securty transferencia de activos (de una sociedad) a cambio de valor a la par valor intrínseco acciones (de otra sociedad ful face value intrinsic value nueva) spinoff valor con interés creciente valor nominal step-up (security) par value; face value transferencia electrónica de fondos valor con interés descendente valor nominal electronic funds transfer (EFT) step-down (secuity) full face value transformación (bancaria) valor con interés progresivo valor nominativo transformation step-up (security) registered security transformación de los plazos valor con respaldo hipotecario valor precursor de tendencias de vencimiento mortgage-backed secuñty bellwether security term transformation (MBS) valor temporal transformación inversa valor contable time value negative term transformation book value valor zebra unidad compuesta europea valor cotizado en bolsa zero coupon Eurosterlingbearer European Composite Unit listed security registeredaccruing securities (EURCO) (ZEBRAs) valor crítico unidad de cuenta europea switching value valoración a precio de (UCE) mercado European Unit of Account valor de cada parte integrante marking to market (EUA) de una empresa break-up value valoración bursátil (del unidad monetaria europea capital) (ECU) valor de conversión market capitalization European Currency Unit conversion value (ECU) 213 valores a más largo plazo de venta de un crédito fuera del oferta continua (COLTS) consorcio Continuously Offered sell-down Longer-Term Securities (COLTS) venta en descubierto short sale valores con moneda de reembolso opcional venta sin garantía de covered option securities suscripción total (COPS) best effort sale valores de inversión a largo ventanilla automática plazo automatic, automated teller investment securities machine (ATM) valores de oferta continua en warrant francos suizos (COPS) warrant bond Continuously Offered Payment Rights in Swiss Francs (COPS) warrant en divisas foreign exchange warrant valores de primer orden gilt-edged securities warrant para la compra de acciones valores negociables stock warrant marketable securities warrant para la compra de valores para inversionistas acciones o bonos extranjeros warant foreign-aimed security; foreign-targetedsecurity [US] warrant para la compra de bonos variación de precio bond warrant tick warrant separable vencimiento único detachable warrant bullet maturity zona de referencia vender (una opción, un swap) target zone; reference zone write (an option, a swap) venta divestiture venta de partes de un préstamo whole loan sale venta de préstamos por emisión de valores securitized loan sales е < £ . p ¸

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Headquarters European Office Tokyo Office 1818 H Street, NX 66, avenue d'Iéna Kokusai Building Washington, D.C. 20433, U.S.A. 75116 Paris, France 1-1, Marunouchi 3-chome Chiyoda-ku, Tokyo 100, Japan Telephone: (202) 477-1234 Telephone: (1) 40.69.30.00 Facsimile: (202) 477-6391 Facsimile: (1) 47ý20.19.66 Telephone: (3) 214-5001 Telex: WUI 64145 WORLDBANK Telex: 842-620628 Facsimile: (3) 214-3657 RCA 248423 WORLDBK Telex: 781-26838 Cable Address: INTBAFRAD WASHINGTONDC

Este glosario, recoge términos Les termes et expressions présentés relacionados con las finanzas y la deuda dans ce glossaire, qui proviennent des que se utilizan en los principales principaux marchés des capitaux du mercados financieros del mundo. En él monde, concernent les finances et se presta especial atenci6n a los This glossary contains terminology l'endettement. Le glossaire fait une sistemas de fondo comùn de monedas y related to finance and debt from the large place aux systèmes de pool de de tasas de interés basadas en una major world financial markets. Special monnaies et de taux basés sur un pool cesta" de empréstitos pendientes que emphasis is given to the World Bank's d'emprunts. Il contient aussi des emplea el Banco Mundial. Comprende currency pool and pool-based lending termes relatifs au problème de la dette, asimismo términos vinculados con el systems. Also included is terminology au programme d'emprunt de la Banque problema de la deuda internacional y connected with the international debt mondiale (surtout pour ce qui touche con el programa de empréstitos de[ problem, terms related to the World aux marchés financiers internationaux), Banco Mundial (particularmente en Io Bank's borrowing prograin (particu- et quelques termes utiles dans les que respecta a los mercados mundiales larly as it relates to the worid's capital domaines de l'économie et de l'analyse de capitales), y algunos términos markets), and a few related terms in the financière. Le glossaire est formé de conexos de los campos de la economia fields of economics and financial quatre parties : termes anglais-français- y el anàlisis financiero. El glosario analysis. The glossary comprises four espagnols, sigles anglais, français et consta de cuatro secciones: inglés- sections: English-French-Spanish; espagnols, français-anglais, et espagnol- francés-espafiol; siglas en inglés, Abbreviations in English, French, and anglais. La première partie fournit les francés y espafiol; francés-inglés, y Spanish; French-English; and Spanish- définitions en anglais. espafiol-inglés. La primera seccién English. Definitions are given in incluye definiciones en inglés. English in the first section. Les autres glossaires publiés par la Banque mondiale sont Terminologie El Banco Mundial ha publicado Other glossaries published by the World forestière et vocabulaire connexe también los siguientes glosarios Bank are the Terminalogy ofForestry (anglais-français), Terminologie de especializados: Terminology of and Related Subjects in English- l'approvisionnementen eau et de Forestry and Related Subjects, inglés- French; Terminology of Water Supply l'assainissementdu milieu (anglais- francés; Terminology of Water Supply and EnvironmentalSanitation in français), publié conjointement avec and EnvironmentalSanitation, inglés- English-French (published jointly with l'UNICEF, Glossairede l'entretien et de francés (conjuntarnente con UNICEF); UNICEF); Urban Infrastructure l'infrastructureurbaine (anglais- Glosario de mantenimiento de la Maintenancein English-French- français-espagnol), et Terminologie de infraestructuraurbana, inglés-francés- Spanish; and PopulationTerminology la population (atiglais-ftançais- espafiol, y Terminologiade poblaci6n, in English-French-Spanish. The espagnol). Les glossaires complets de la inglés-francés-espafiol. Los glosarios complete Worid Bank Glossaries in Banque mondiale (anglais-français et generales del Banco Mundial (inglés- English-French and English-Spanish anglais-espagnol) contiennent des francés e inglés-espa-hol) contienen contain economic, financial, and other termes économiques, financiers et des ciertos términos de economfa y terms related to development in termes relatifs au développement en finanzas y otros términos relacionados general. général. con el desarrollo.

ISBN 0-8213-1644-3