.

~~~

R~eport No .

997399z

A
World
Bank
Glossary

Borrowing
and
Lending
Terminology
I

Terminologie
des
emprunts
et des prts
--------

Terminologa
de
emprstitos
y prstamos

A WorldBank Glossary
Glossairede la Banque mondiale
Glosariodel Banco Mundial

BorrowingandLendingTerminology
Terminologiedes empruntset des prts
Terminologade emprstitosy prstamos

English-French-Spanish
FranQais-anglais-espagnol
Espaol-ingls-francs

The World Bank

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

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

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

iii

Contents-Tabledes matires-Indice

Foreword

Avant-propos
Prefacio

vi

vii

Borrowingand LendingTerminology
English-French-Spanish

Terminologiedes emprunts et des prts

Franais-Anglais
Terminologade emprstitosy prstamos
Espaol-Ingls

33

47

Foreword

TheWorldBankconsistsof the InternationalBankfor Reconstructionand Development(IBRD)and its affiliate,the InternationalDevelopmentAssociation(IDA).

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

vi

Avant-propos

L'expression "Banque mondiale" dsigne la Banque internationale pour la reconstruction et le dveloppement (BIRD)et l'Association internationale de dveloppement (IDA),qui lui est affil]Le.
La Socit financire internationale (SFI) est
galement une institution affilie a la BIRD.
Nous avons runi dans le p rsent glossaire des termes rencontrs dans les documents
relatifs aux prts et aux emprunts de la Banque mondiale et de la SFI. Beaucoup de
ces termes se rapportent atuprogramme d'emprunt de la BIRD qui, soucieuse de se
mnager de nouvelles sources de financement, a t amene depuis peu s'intresser
de nombreux instruments financiers.
II tait invitable que, pouy largir son programme d'emprunt, elle s'oriente vers les
deux principaux marchs mondiaux de capitaux, ceux des Etats-Unis et des eurodollars, qui ont souvent leur propre terminologie, essentiellement anglaise. Bien des
traductions que nous donnons ne doivent donc tre considres que comme de
simples suggestions. Naturellement, chaque fois qu'il existe un quivalent accept
en franais ou en espagnol ou que des experts de pays francophones ou hispanophones se sont mis d'accord sur un terme, nous l'avons repris. Il faut toutefois
signaler que mme s'il existe une traduction accepte en franQaisou en espagnol,
les experts emploient frquemment le terme anglais. Nous avons gnralement
donn une dfinition qui, sauf indication contraire, est celle du terme anglais.
Outre le vocabulaire emplcoypar les spcialistes des marchs financiers, ce glossaire
contient des termes relatifs au programme de prt de la Banque mondiale, notamment au pool de monnaies et au pool d'emprunts utilis pour dterminer le taux
prteur (deux notions diffrentes), aux oprations bancaires, la comptabilit (ratios
par exemple) et mme lconomie et a l'analyse financire. Les sigles "U.S."et
"U.K."ont t employs systmatiquement pour dsigner les Etats-Unis d'Amrique
et le Royaume-Uni.
Ce glossaire a t tabli par le Service de terminologie de la Division des services
linguistiques de la Banque mondiale, qui tient remercier particulirement pour
leur concours Carlos Castao, Carmen Etcheberry-Freund, Lianne Faili, Daniel
Jimenez, Annie Malroux, Gladys Murillo, Dominique Phung et Nadia Rathier.
Toutes les suggestions qui permettront d'amliorer et de complter ce glossaire
seront les bienvenues. Prire de les envoyer a l'adresse suivante
Terminology Unit
Language Services Division
The World Bank
-1818II Street, N.W.

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

vEi

Prefacio

ElBancoMundialest constituidopor el BancoInternacionalde Reconstrucciny

Fomento(BIRF)y su afiliada,laAsociacinInternacionalde Fomento(AIF).La
CorporacinFinancieraInternacional(CFI)es tambinuna institucinafiliadadel
BIRF.
Este glosariocontienetrminosque han aparecidoo puedenapareceren documentos sobre operacionesde emprstitoy prstamodel BancoMundialy la CFI.Muchos
de los trminosestn relacionadoscon el programade emprstitosdel BIRF,que
recientementeha sido objetode un examencuidadosodentro del Bancocon el fin
de ampliarlas fuentesde obtencinde fondos.Comoconsecuencia,se han considerado numerososinstrumentosfinancierosdistintos,yson stos los que constituyen
una gran parte del presente glosario.
Comocabaprever,inevitablementeel BIRFse ha dirigidoa los dosprincipales
mercadosfinancierosdel mundo-el de los EstadosUnidosy el del eurodlar-, de
modoque muchosde los trminoscorrespondena expresionesque se usan
exclusivamenteen dichosmercados.Dadoque el idiomaque se empleaen estosdos
mercadosgeneralmentees el ingls,con frecuenciano se encuentranequivalentes
exactosen espaoly francs,por lo que muchasde las traduccionesque se dan deben
considerarsecomosugerenciasy no comotrminosconsagrados.Lgicamente,en
los casosen que se empleaun equivalenteen espaolo francs,o en que los expertos
de Espaay los paseslatinoamericanoso Franciatienen un trminoconvenido,se
ha usado ste.Noobstante,cabesealarque los expertosusarnmuchosde estos
trminosen ingls,aun cuandoexistaun equivalenteaceptadoen espaolo en
francs.En muchoscasosse dan las definiciones.Salvoindicacincontraria,stas
se basan en el trmino inglsy aparecen en inglsen la seccintrilinge.
Ademsde la terminologausadaen los mercadosfinancieros,este glosariocontiene
trminosrelacionadoscon el programaactualde operacionescrediticiasdel Banco
Mundial,incluidoslos referentesal fondocomnde monedas,el tipo de inters
variablebasadoen una "cesta"de emprstitospendientes,banca,contabilidad-en
particularrelaciones-y algunostrminosque se empleanen los camposde la
economay el anlisisfinanciero.Atravsde todo el glosariolos nombresde los
EstadosUnidosy el ReinoUnidose han abreviadocomo"U.S."y "U.K.".
Este glosarioha sidopreparadopor la Dependenciade Terminologade la Divisin
de ServiciosLingsticosdel BancoMundial.La Dependenciade Terminologa
expresasu agradecimientoen especiala los siguientesfuncionariospor su asistencia:
CarlosA.Castao,CarmenEtcheberry-Freund,
LianneFaili,DanielJimnez,Annie
Malroux,CladysMurillo,DominiquePhung y NadiaRathier.
Cualquiercomentario,inclusivesugerenciasrelativasa la inclusinde nuevos
trminoso a traduccionesdistintasde lasque aparecenen el glosario,ser bien
recibido.Las comunicacionesdeben dirigirsea:
TerminologyUnit
LanguageServicesDivision
The WorldBank
1818H Street, N.W.
Washington,D.C.20433,U.S.A

Borrowingand Lending Terminology

English-French-Spanish

A-

AAAbond [cf., top-ratedbond]

obligationde premierordre;obligation

acid-test, liquid, quick ratio

ratio de trsorerie rduite

agency securities, obligations

obligations mises par des organismes

relacinactivodisponible-pasivo
corriente

fdraux
ttulos de organismosfederales;

(cote) AAA(march amricain)

Thestandard IBRDdefinitionis the ratio of

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

emisiones de organismos federales

Securityissued by a l.S. federalagency.

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

1.Bankactingfor a foreignbank.2. Bank

handlingadministrationof loan in a
syndicatedcredit.

bono,obligacin(conclasificacin)

'A" loan
prt "A"
prstamo "A
StandardWorldBank loan in cofinancing.

liabilities.ratio of cashplus near-cashassets

to currentliabilities,and ratio of cashplus
accountsreceivableplus the marketvalue
of selectedinvestmentsto current
liabilities.In LatinAmerica,relacinde
pruebacidaisoften found,whilein Spain
ratiode tesorenfais used.

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

acceptance, accepting house [U.K.]

maison d acceptation

activity ratios
taux d'activit

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

casan deaceptatione

relacionesde actividad

equivalent.

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

the actioatiesof a corporation.

allotment
attribution; rpartition

actuarial evaluation

distribucin

prix comptable

valuation actuarielle

Allocationof securitiesto membersof the

precioxdcmptabe

evaluacinactuarial

syndicateinvolved
inthe issue,inthe

A price usedfor accountingpurposes(.e.,

not a marketprice).Often used
synonymouslywith shadowprice.

advanced refunding
refinancement anticip
refinanciamiento anticipado

accounting rate of interest (ARI)

taux d'intrt comptable (TIC)
tasa de inters de cuenta (TIC);
tipo de inters de cuenta (TIC)
Discountrate used to convertfuture values
of benefitsand costsintoequivalentpresent

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

accounting ratio
ratio prix comptable-prix du march
relacin de cuenta
Ratioofaccountingpriceto marketpriceof
a good.

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

~A
group of ratiosthat measuremovementin

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

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

~~~~amortizacin

Theratio of the currentvalue,in termsof

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

bono perpetuo,de renta Ivitalicia

apex loan

price. When the market price is high, the

securities, does not want to do so at the

prt pyramidal, en cascade

prstamo en pirmide, en cascada

investorreceivesproportionallylessstock
and viceversa.

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

Loan whereby IBRD lends money to an apex

delivery over to the next accounting period.

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

(Theopposite of contango.)
backwardation rate
intrt de dport

B-

arbitrage
arbitrage
arbitraje

,
pret "33"

Buying(or borrowing)in one narketand

selling(or lending)in another.

prstamo "B"
Loanmadebythe WorldBankinvolving
cofinancing.

tipo de inters pagado por

aplazamiento de entrega

prt 'B"

prsao""balance-sheet

arbitraJe

arbitrageur

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

back-to-back (loan, borrowing)

1. change de monnaies diffrentes; 2.
(crdit) adoss; 3. (crdit) face

arbitragiste
arbitrajista
Person systematically engaged in arbitrage

face; 4. opration couple

balancesheet.
balloon loan
prt ballon

d'emprunts; emprunt de
contrepartie
1.prstamos cruzados en divisas; 2
crdito con garanta de otro crdito;
R3.
prstamo con intermediacin de
un banco; 4. emprstito de
contrapartida
1.Operationswherebya loan is madeinone

prstamo "balloon` prstamo

amortizable en su mayorparte al
vencimiento
Aloanrepaymentscheme,underwhichthe
lan repaymentscher unthe pre

loan js repaid at maturity.

BAN, see bond-anticipation

transferprice).

currency in one country against a loan in

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

ask(ed) price [securities rrarket]

cours de l'offre
precio vendedor
The priceat whicha securityor commodity

sterlingloan in the U.K.).2.Acredit opened

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

bank bill
acceptation de banque
pagar bancario, letra bancaria
Commercialbu acceptedby a bank.

firm,then the firm may be able to use this

as a security for opening a credit to finance
paymnentto the Egyptian.) 3. A scheme

banker's acceptance
acceptation de banque

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

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

is quoted or offered for sale.

ATM, see automatic

teller machine

automatic teller machine (ATM)

guichet automatique de banque (GAB)
ventanilla automtica; cajero
automtico, permanente

wherebya bank bringstogethera borrower

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

availability clause, see switch clause

calledmatchedfunding.

aval

back-up line of credit

ligne de crdit de protection, de

aval

aval

soutien. auxiliaire

note

aceptacin bancaria
UeS.andCanadiantermnbracbuof
exchangewhichhasbeen acceptedbya
banker.
bankerfs draft
chque banque; chque tir
letra de banco; cheque de banco
Adraft payableon demandand drawnby,or
on behalf of, a bank upon itself.
bank money

exchangeor promissorynote with the

backwardation

signature of a third person appearing on the

dport

bill.

1.situacin en que el precio al

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

money in a particular security, regardless of

repayments.In somecases,the term is used

to referto a scheme,underwhichthe whole

lnea de crdito de apoyo

Guarantee of the payment of a bil of

averaging
amlioration des prix moyens (d'un
titre)
inversin peridica de monto
constante
The practiceof investinga fixedamountof

last repayment is larger than the previous

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

bank trust departments

services bancaires de gestion financire

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

bill of exchange
lettre de change

letrade cambio

accin gratuita

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

A sharegivenas a bonusto purchasersof

such shares.

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

valorde primeraclase;accin de
bearer market
march de porteurs

primera clase
Shareor securityof top-ratedU.S.

mercadode ttulos al portador

corporation.

bearer note
bon au porteur

bonus share
action gratuite

bond
obligation

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

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

pagaral portador

bono;obligacin

border price

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

Debt instrumentwith maturityof longer

than oneyear.Notethat U.S.bonds are
usuallysecured,whileU.K.bondsand
Eurobondsare usuallyunsecured.

prix frontire; prix franco frontire

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

bearer security
titre au porteur

bond-anticipation note (BAN)

avance de prmission

borrower's indebtedness subaccount

[currency pool]

ttulo al portador

pagaren previsinde una emisinde

bonos

sous-comptedbiteur de l'emprunteur
subcuenta de endeudamientodel

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

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

prestatario
Principaloutstandingon a borrower'sloan.

bond certificate

prstamoen valoresgarantizadopor
otro(s)valor(es)

best efforts sale

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

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

precio comprador;precio de compra

bono de venta continua

Thepriceofferedfor a securityor .
commoditybya prospectivebuyer.

Abond issuedon an `as required"basis(i.e.,

it iscontinuouslyavailableand may be
obtainedon demand).The issuermay
determinea maximumamountfor the issue.

bill broker, see discount house

borrow-pledge security loan

prt de titres garanti par d'autres titres

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

punto de equilibrio
Point where two strategiesare equivalent.

broad money [cf. M3]

monnaie, masse montaire au sens
large
dinero en sentido amplio

buying rate [securities market]

prix acheteur
precio comprador
The pricethat a buyerwillpayfor a security.

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

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

Bond with a call option.

cancellation (of a debt)

courtier

_
-

remise (d'une dette)

corredor(de cambio, de bolsa);agente

(de cambio y bolsa)

call-and-put option, see straddle

broker loan rate

taux d'avances sur titres
tipo para prstamos con garan ta de
valores

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

The rate banks charge to securities dealers

the borrower or lender may terminate at

approfondissement

and brokerson loansmadewithstockas

collateral.

will).

aumento del capital con respecto al

trabajo
Actionwhichincreasesthe relativevalue of
capitalin relation to labor (cf.capital
widening).

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

condonacin (de una deuda)

call money; day-to-day money; demand

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

Londonmarketoutside the U.K.

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

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

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

capital-deepening investment
investissement de productivit
inversin orientada a aumentarla
eficiencia de la produccin y
reducir los costos
Investmentaimedat increasingproduction
efficiencyand loweringcosts.
capital issue
mission de titres
emisin de valores de capital
capital market
march de capitaux; march financier
mercado de capitales
capital redemption reserve funds
compte de rserves pour le rachat du
capital des actions
fondos de reserva para redencin de
capital accionario
Specialaccountheld bya corporationto
repurchasepart of its shares.

bunching (of maturities)

concentration (des chances)
acumulacin (de vencimientos)

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

buoyancy, see tax buoyancy

call protection

capital widening

buy-back [Canadal
prise en pension

protection contre un rachat anticip

proteccin contra rescate anticipado
Protectionavailablein purchaseof bonds,
wherebya periodis fixedduringwhichthe
bond may not be redeemed.

largissement du capital
ampliacin del capital
Investmentthat incases the absolute
value of capital(cf capitaldeepening).

recompra
A repurchaseagreementin the Canadian
short-termcommercialmarket.

capital stock, see equity capital

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

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

city bank [Japan]

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

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

cash management
gestion de (la) trsorerie
gestin de caja, de liquidez

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

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

cash-management account
compte de gestion de trsorerie
cuenta de administracin de fondos
Aninterest-bearingcurrent account,
normallyheld with a stockbroker.
cash-management bill
bon du Trsor trs court terme
bono del Tesoro (EE.UU)a muy corto
plazo
Bill introducedbythe U.S.Treasuryin 1975,
designedto raisefundsquicklyfora short
period,rangingfrom nine to twentydays'
maturity.Paymentmust be madein federal
funds.
cash market, see spot market
cash risk; liquid-holdings risk
risque li la rentabilit des liquidits
riesgo de liquidez
Riskto actual cashreceiptsdueto
differencein spread betweenmoney
borrowedmediumterm and reinvested
short term.
cash security loan
prt de titres garanti par des fonds
prstamo de ttulos con garanta en
efectivo
Securityloanwherecashis postedas
collateralfor the borrowedsecurity.
CD, see certificate of deposit (CD)
certificate of deposit (CD)
certificat de dpt
certificado de depsito

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

coloan
prt cofinanc

combined commercial and investment

bank; multibank; all-purpose bank
banque "multiservices", tout faire,
vocation gnrale, polyvalente
banco mltiple; multibancof Ch,
Mex.]
comfort
scurit
garanta (dada por terceros)
Securityofferedin a commercialloan in the
form of a guaranteeor cofinancingfrom a
parent company,government,or
internationalorganization.Seealso letterof
comfort
commercial bank; clearing bank [U.K.]
banque de dpot, commerciale

banco comercial
cleanng house
chambre de compensation
cmara de compensacin
Anorganizationset up byfinancial
institutionsagreeingto initiateandreceive
amongthemselveselectronictransfersof
funds authorizedby their customers.
closed-end (investment) fund
socit d'investissement capital fixe;
socit d'investissement ferme;
fonds de placement ferm
sociedad de inversin con nmero de
acciones fijo
U.S.term for an investmentcompanywitha

commercial bilis, see commercial paper

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

fixed number of shares outstanding. The

shares represent an interest in the fundas

Promissory notes normally having a

Certificate of an interest-bearing time

depositwith a bank.

portfolio.Newshares maynot be issued.

companiesor institutionsto raisecashfor

changes in working capital statement,

seestatementof changes in financial
position

club loan
crdit consortial (sans chef de file)
prstamo concedido por un club

purposesof workingcapital.A major

borrowinginstrument for first-class
borrowersin the L.S.and Canada.

chartered bank [Canada]

bancario, por un consorcio

Loanwhereby,insteadof one bank being
designatedleadbank and others
comanagersor underwriters,the various

banque charte
banco comercial

maximum maturity of 270 days sold by

commissioned company [.Japan]

socit mandate (par la Banque
mondiale pour la reprsenter des
missions d'obligations au Japon)
compaa comisionada; sociedad
comisionada
Agentin Japanwhichactsfor the IBRD(or
other non-JapanesefinanciaJinstitutions)
in the issueof bondson the Japanese
market.
commitment authonity
pouvoir d'engagement
facultad para contraer compromisos

contingent obligation [IBRD]

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

core inflation
infliation de base
inflacin bsica

remainingbalanceof principal(if any),if

the commerciallenderschoosenot to
financethis amount.

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

corporate bond
obligation de socit
bono de una empresa privada, de una
compaa, de una sociedad
annima

continuation rate, see contango rate

commitment fee; stand-by fee
commission d'engagement
comisin por compromiso, por
inmovilizacin de fondos
common stock
actions ordinaires; actions de capital

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

contract financing
financement

sur contrat

financiamiento con garanta de

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

descuento de conversin

Ratioof the marketvalue of a convertible

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

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

country exppsure
engagement par pays
compromisos por pases
coupon
coupon

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

bono con cupn

Bond with coupon attached. Also called

bearerbond
coupon equivalent yield
rendement converti en taux d'intrt
rendimiento equivalente a un inters

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

prix de conversion
precio da convoersin

determinedbythe differencedividedbythe

settlementof a traiisactioinfromone
accountperiodto another.(Theoppositeof

The pricewhichsu investormust p fora

share if he buysa convertiblebondfirstand
l
later convertsit intn sbares.

coupon note

backwardation.)

conversion value

contango rate; continuation rate

intrt de report

parit de conversion
valor de conversin
Theconversionpricemultipliedbythe
current priceof the security.

fowaerd
is cowmedthanmarhet,

sk
ecs
priceInthe

is lower than the forward price. In the stock

exchangemarket,the feepaid.byan
investorfor the privilegeof carrvingthe

intersde "contango"
Thedifferencebetweenthe cashand
settementprices.

purchase price.

bon-coupon
pagar con cupn
Note with couponattached.
coupon paper
titres assortis de coupons

ttulos con cupn

Paper with coupon attached.

coupon rate
taux de coupon

crowding-out
viction

liabilities into U-S.dollar amounts,

regardless of the actual currency in which

intersnominal

desplazamiento

they are denominated.

Interest to be paid regularly on the face

value of a long-term debt instrument.

Anydisplacement of private economic

activity by public economic activity.

current coupon (rate)

taux de coupon courant

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

cumulative preferred stock

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

inters nominal coriente

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

credit standing; creditworthiness

honorabilit [client priv];surface
financire; solvabilit; capacit
iendettemnent
solvencia; solvencia crediticia

currency-linkedbond, see option bond

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

currencyoption bond, see option bond

currency pool
pool de monnaies
fondo comn de monedas

proteccinde 'swap"doble

current ratio; working-capitalratio

ratio de liquidit gnrale
relacin corriente[Amrica Latina];
coeficiente de solvencia[Esp.]
Ratioof current assetsto current liabilities.
It is the main liquidityratio.
cushion bond
'cushion bond"

bono amortiguador

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

currency pooling system

systeme du pool de monnaies
sistema de fondo comn de monedas
Asystemset up bythe WorldBankto

A high-couponbondsellingat a priceabove
its calI or optionalredemptionprice.

cross-default clause
clause de manquement rciproiue:

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

obligation cautionne
letra aduanera garantizada
Specialtypeof credit in Francegrantedby

and repayableon all Bankloansincludedin

the system.Equalizationis achievedby

the state to corporationsto allowthemto

payindirecttaxes or customsduty,with a

clauseladrecigioiaie crsoise

incsum
plimiento

custom-duty bill

A clause io a loao agreement specifying that

pooling all currencies disbursed and
Adc]aulton anyother
loan
armto s thecifyingotoutstanding
on participating loans and by

default0e anyrother loansto the borrower

expressingthe outstandingprincipal

guarantee provided by a bank or other

financial institution. These bills allow the

shall be regarded as default 00 tbis one.

amount of each such loan as a share of the

value-added tax or customs duties. The

cross-over discount rate; equalizing

pool. Asa result, loan-serviceobligations on

state draws up a bill for the amount in

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

eachparticipatingloan are relatedto all

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

questionwhichthe corporationagreesto
pay on maturity.

crowding-in
attraction
araccin

atraccion

Systemwherebyan institution withfunds

in onecurrencyconvertstheminto another
and entersinto a forwardexchangecontract
to recoverthe currencyborrowed.

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

day-to-day money, see call money

dealer [options market]
dagent[optiontrepartiet
agent de contrepartie
agente de contrapartida

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

corporationto defer paymentof

D-

dealer [stock market]

agent boursier; oprateur (sur le
march)
agente de bolsa; corredor de bolsa
..
securities dealer

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

debt ratio
ratio de solvabilit

detachable warrant
warrant dtachable

relacin de endeudamiento

1. bonosin garantaespecfica;
debenture[Arg.,Chile];2. bonocon
garantade activos

Ratioof total liabilitiesto total assets.

certificadoseparable;"warrant"
separable

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

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

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

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

debt-service coverage
couverture du service de la dette

coberturadel serviciode la deuda

dirty float
flottement impur, contrl, dirig,
assist, soutenu

Ratioof net incomeafter taxes plusinterest

flotacin impura,dirigida

on long-termdebt plusdepreciationto debt

service.

Floatingof currencywherethe valueof the

currencyis controlledbythe autborities
ratherthan the market.Oppositeof clean
float

debt-service ratio
ratio du service de la dette

relacindel servicio de la deuda

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

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

debt warrant
warrant obligataire

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

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

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

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

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

11

discount from par [securities market]

dcote

disintermediation
desintermdiation

double hedge swap, see cross-currency

interest hedge

descuento sobreel valora la par

desintermediacin

double-weightedborrowingcost

Amountbelowfacevalueat whicha security

is traded.

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

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

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

1. tasa de actualizacin;2. tipo de

shares,conferring
membership
rightsand

congelacindel intersen un nivel

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

the right to participatein the distribution

of profitsand]iquidationproceedsof a
corporation.
dividend stock
actions bnficiaires
acciones con derecho a dividendo

mnimo (cuando la tasa de mercado

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

discount window
escompte officiel

domestic resource cost (DRC)

cot en ressources intrieures;cot

Dutch auction [U.S.]

adjudication prix uniforme

discount house; bill broker

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

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

descuento sin recurso

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

rel des devises

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

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

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

12

E-

Eurocommercial

paper

even roll

effets de commerce en eurodevises

refinancement pour un montant gal

early redemption option bond, see

retractable bond

efectos comerciales en eurodivisas

Commercialpaperissuedin a Eurocurrency.

economic price; efficiency price

prix conomique
precio econmico
Pricereflectingrelativevalueto beassigned
to inputsand outputs if the economyisto

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

refinanciamiento de monto igual

Refunding,whereapproximatelythe same
amountof debt isbeingissuedfor the old
debt.

producete mnaximum
valueof physical
output efficiency.

Eurocredit
eurocrdit

riesgo; prstamos pendientes

Amountof investmentmade,with the

eurocrdito

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

ECU, see European Currericy tInit

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

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

exercise price, see striking price

exposure
risque; part des risques; engagement

bon

bond; extendible-maturity

bond

Adol]ardepositacquiredbyapersonor
bank not residentin the U.S.and held
outside the U.S.maturty
Euroloan
europrt
europrstamo

obligation reconductible
bono de vencimiento ajustable
bond

A loan made using Eurocurrency

extendible maturity note, see

extendible note

extendible maturity bond, see

extendible bond

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

Euromarket
euromarch
euromercado
The Eurocurrency,Eurocredit,and
Eurobondmarket.
European Currency Unit (ECU)
unit montaire europenne (cu)
unidad monetaria europea (ECU)
A standarduiiit of accountof Europeani
Comimunity
membercountries.

extendible note; extendible-maturity

note
obligation reconductible
pagar de vencimiento ajustable
maturity note
extension fee
commission de reconduction
comisin de renegociacin
Supplementaryfeepayableto lenderof a
loan extended beyondoriginalperiod.

European Unit of Account (EUA)

unit europenne de compte (uec)

external bond issue

equity ownership

unidad de cuenta europea (UCE)

mission d'obligations lVtranger

participation au capital social d'une

socit
participacin en el capital social

A compositecurrencyunit basedon the

valueof the currenciesofthe European
Communitymembersparticipatingin the

emisin de bonos en el exterior

Issue of bonds in a foreigncountry.

European Monetary System.

EUA,see European Unit of Account

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

even parswap

F-

swap d'obligations valeur nominale

gale
trueque de bonos de valor nominal
igual
US.termfor the saleof oneblockof boods
and the simultaneouspurchaseof the same

face value, see par value

federal funds
fonds fdraux
fondos federales

nominal principal amount of another block

of bonds, without regard to the net cash
difference.

Cash balance held by banks with local

Federal Reserve bank. They are immediately

13

available (e.g., for transfer between banks>.

Note that monnaie centrale is the money

financial repression
rpression financire

floating-rate bond
obligation taux flottant; obligation

held bya Frenchbank at the Banque de

represin financiera

France(central bank) and is the French

equivalent of federal funds.

Distorsion in the financial system, with

negative interest rates, subsidy interest

bono con inters variable

Bond on which the coupon is established

federal funds rate

rates to some privileged borrowers, selective

credit allocation, and excessive bureaucratic

periodically and calculated with reference

to short-term interest rates.

tipo de los fondos federales

control overthe financia system.

floating-rate note (FRN)

fine-tuning

fondos federales

(of the economy)

taux variable (OTV)

Rate of interest paid on federal funds.

Equivalentto interbankrate.

rglage de prcision

bon taux flottant; bon taux

rvisable

afinamiento (de la economa)

pagar con inters variable

federally chartered

fiscal agent

Note issued from five to fifteen years with a

fixed spread, usually over the six-month

bancoue a charte fdrale

agent financier

London Interbank Offered Rate ( LIBOR),

banco con autorizacinfederal

agente financiero

normallywith provisionfor a minimum

A bank legally authorized to receive

deposits.

A bank appointed by the borrower as its

agent for a new issue of securities when no

interest rate. Primarily used by banks to

raise dollars for their Euromarket

bank [U.S.]

trustee has been appointed. Its functions

operations.

systme fdral de rserve

Sistema de la Reserva Federal

ind a hmer of t crical fuyiun

bet
and a number of the clencal functons but

floor broker, see floor trader

,d,. .t.on

The central banking system of the U.S.It

has twelve Federal Reserve Banks divided
Up by geographical regions. The Board of
Governors supervises the operations of the
regional banks and coordinates monetary

trustee.

policythrough its FederalOpenMarket

1. lastre fiscal; rmora fiscaL 2. freno

fiscal

Federal
System
Reserv[U.S.]include

Committee.
financial deepening
augmentation de limportance des
circuits financiers

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

financiers terme

instrumentos financieros a plazo

Futures of bills. notes, bonds, currency, and
commercial paper.
finaneial intermediary
intermdiaire financier

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

thoseofaprincipalpayingagent

none of the fiduciaryresponsibilitiesofa

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

1. Reduction in real income due to the

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

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

floor rate of exchange

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

sur le

corredor de bolsa independiente

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

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

flow of funds, see funds flow

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

flow-of-fund table [national accounts]

tableau d'oprations financires

fiat
tel quel

A table showing transactions in financial

claims between institutional units.

cuadro de comentes financieras

sin intereses

foreignexchange warrant

Excluding accrued interest. Abond where

the interest is included in the price is said
to be traded fiat ("une obligation ngocie

warrant en devises

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

(defnition)

dvss

float [banking]

irnae

iia

forfeiting

moyens de paiement 'encaissementage

moyens de paiement non recouvrs
efectos en cobro, cobranza
Checks,
dat,etc.,
olelCecdrafts,

certificadoen divisas"warrant"en
divisas;libranza en divisas

in the process of

descuentode pagarsa medianoplazo

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

14

forward-forward arbitrage, see time

arbitrage

funds flow; flow of funds

flux financiers

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

forwardmarket
march terme
mercado a plazo, a trmino, de futuros

flujo de fondos; corriente de fondos

The flow of purchasing power intoand out
of an organization.Inwardflowsinclude
salesrevenue,sales of fixedassetsand

garanties par l'Etat; 2.valeurs de

premier ordre
1. bonos del Gobierno britnico;2.
valores de primer orden

founder s share

investments,and issuesof debentures,

part de fondtr ploans,and shares.Outwardflowsinclude
purchasesof fixedassetsandinvestments,
particpaide foeurpadort
repaymentof debt,paymentof dividends,
participacinde fundador
fourth market
and taxation on profits.
our mare

quatrime march
cuarto mercado
Marketfor largeblocksalescf securities
arranged by privatefirms.

funds flow statement, seestatement of

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

FRN, see floating-rate note

funk money, see hot money
front-end
'urr
commission d'ouverture
comisin inicial
front-loaded spending
dpenses groupes au db,ut (d'une
priode donne)
gasto concentrado al comienzo de un
periodo
full face value
valeur nominale totale
valor nominal

futures [commodities market]

oprations termobesmarket]corredor

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

oprations a terme

futuros

grading, see rating

futures, financial,seefinancial futures

grey, gray market

march gris
mercado gris

G
full face value

the gap [IBRD],seeoverall risk profile

gearing ratio, see leverage ratio

Market in bonds that have not been been

givena firm price.

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

full, fully paidstock, seepaid-up stock

gearing ratio [IBRD]

1. garanta; 2 garanta (del Estado)

funded debt
dette consolide
deuda consolidada

coefficient d'utilisation des fonds

propres; rapport encours des
prts/fonds propres
relacin prstamos desembolsados y
pendientes-capital y reservas
Ratioof capitalplusreservesto loans
outstandingand loansdisbursed.

1.Typeof IBRD B' loan (q.v.)with IBRD

guaranteeingpartof the loanand offering
the commercial colender a "put" on the
latter maturitiesof the loan,whichwould
represent an IBRDcommitment to purchase
the designatedmaturitiesat the requestof
the colender.2.Loanmadeto a domestic

funding latter maturities [IBRD]

financement des dernires chances
financiamientode los ltimos
vencimientos

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

general-obligation bond, seegeneral

obligations

corporation guaranteed by the state.

guarantee commission, fee [IBRD]

commission de garantie

would take an initial share of the loan up to

about 25percent,concentratedin the latter

maturities.

general-obligations; generalobligation bonds

comisin de garanta
Commission
payableperiodically(e.g.,to

funding pro rata [IBRD]

emprunts de collectivit locale

bonos de responsabilidad general

[BRD)as compensationfor the risk in

participatin

proportionnelle

participacin proporcion al

Type of IBRD"B" loan (q.v.).whereby IBRD

takes a pro rata share of about 10 percent
in each maturity of the commercial loan.

Long-term borrowings, usually by a

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

guaranteeing a loan.

-H-

Gensaki

hedge [securities market]

Gensaki
Gensaki

valeur de refuge
valor de proteccin

A Yen repurchase agreement.

Security acquired to cover possible loss on

speculative investments.

15

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

Asomewhat arbitrary rate of return, related

to the current cost of borrowingmoney,set

by a governmentor companyto guide
investmentdecisions.Belowthis limit,
investmentis normallyconsidered
inadvisable.

IBF, sea international banking facility

imprestaccount,fund

income bond; participating bond

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

fluctuacinde los tiposde inters

indexed bond; index-linked bond

obligation indexe
bono ajustable, indizado
Bondwherethe couponrate or redemption
valueis indexed(to other currencies.gold,
or fuel prices).Usedin Brazil,Chile,

debida a la fuga de capitales

ChangesinU.S.interestratesdue to
movementof fundsfromthe U.S.to the
Eurodollarmarkets.
interest-rate risk
risque de perte sur les taux d'intrt
riesgorelacionado con los tipos de
inters
Riskdue to differencein interest rates.
interest-rate swap
accord de swap sur les taux d'intrt;
swap de taux d'intrt
trueque de tipos de inters
Anagreementto exchangefloating-rate
paymentsforfixed-ratepaymentsin the
same currency.
intermediation
intermdiation

intermediacin
Process whereby a financial institution

hurdle ra-te
taux critique de rentabilit
tasa crtica de rentabilidad

interest leakage
fluctuation des taux due une fuite de
capitaux

Finland, France, Iceland, Israel, Sweden,

and the U.K.

hung-up issue
mission colle
emisin empantanada; emisin
atascada
Anissuewhichdealershavenot managedto
fullyplace.

depleted,thissum isperiodicallybrought
up to the maximum.

indexed loan [currency pool]

prt index
prstamo reajustado
Loanindexedto the dailyvariationof the
U.S.dollarvalueof the pooldue to
exchangerate fluctuation.

interposesits namesand trustworthiness

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

index-linked bond, see indexed bond

international banking facility (IBF)

service bancaire international
servicio bancario internacional
Internationalbranchaoa bankinakindof

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

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

compte davances de caisse;compte

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

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

allowsbanksto engagein international

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

investment bank [U.S.]; merchant

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

16

investment company, fund

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

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

level repayment
remboursement en tranches gales
reembolso en cuotas iguales

be agreedto in the caseof a financially

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

[U.K.]
ratio de levier; ratio de structure du
passif; ratio de solvabilitendettement
nivel de endeudamiento relativo al
capital; relacin
endeudamiento/capital propio

embarassed debtor where a creditor has

faith in the dehtor's husiness future.

Ratio of debt/liabilities to equity/assets.

Includes debt and debt-equity ratios.

junior debt; subordinated debt

dette de deuxime rang
deuda subordinada
A debt rankingbelowamountsowedto
general creditors. Such an arrangement may

issuer
organisme d'mission; metteur

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

emisor

liability management

issuing calendar
calendrier des missions
calendario de emisiones

gestion du passif

Compulsory timetable for issue of new

securities (Switzerland, Federal Republic of
Germany).

gestin del pasivo

L
lag risk [IBRD]
risque d au dcalage [Acomplter
selon le contexte]

riesgo relacionado con un desfase

1. Risk of lending at low interest rates and

J-

jeopardy clause; disaster clause; break

clause
clause de sauvegarde

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

having to finance at high interest rates at a

later date. 2. Risk run by IDAbetween the
period of disbursement and receipt of
commission.
lead bank; lead manager
chef de file; teneur de plume

banco director

gI

LIBOR

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

financiamiento con recurso limitado

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

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

Bank with main responsibility for arranging

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

agiotista

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

liquidityportfolio

lender of last resort

portefeurile liquide

prteur en dernier ressort; prteur de

dernier recouis
prestamista de ltima instancia

carteralquida

Abroker on the London Stock Exchainge

who acts on his own behalf.

liquid-holdngs risk, see cash risk

17

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

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

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

operaciones de cobertura por compra

a plazo
Hedgingoperationbysomeonewho is

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

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

(i.e.,who ownsmorethan he has

contracts to deliver).
.
debt
long-term debt rato
ratio d'endettement a long terme

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

liquid ratio, see acid-test ratio

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

short-termpaper.

listed security
valeur cote en Bourse
valorcotizado en bolsa
Anissueof a securityacceptedfor trading
on a stock exchange.
load fund
fonds qui prlve une commission
fondo de inversin que cobra una
comisin

Mutualfund whichcharges a handling fee.

relacinde endeudamientoa largo

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

maker (e.g., of a note)

metteur
librador (p. ej. de un pagar)
management fee
1. commission de direction;
commission syndicale: 2.
commission de gestion; frais de
gestion
comisin de administracin; comisin
1. Fee charged by a bank for managing a

Mi
mi

Mi

creditor bondissue.2. Feechargedfor

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

locked market
march fig
mercado inmovilizado

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

Market where bid and offer prices are

accounts at banks and trust institutions,.

coefficient marginal de rserve

exact]ythe same.

credit unionshare draftaccounts,and

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

encaje legal adicional

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

loan portfolio
portefeuille de prts
cartera de prstamos
loan syndicate, see syndicate

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

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

managing group, see management

group
marginal reserve requirement

banks; overnight Eurodollars held by U.S.

margin buying [stock exchange]

achat dcouvert
compra en descubierto

German term for the rate of interest charged

residents other than banks at Caribbean

System whereby the purchaser furnishes

for a loanagainstthe securityof pledged

paper.Particularlyused withreferenceto

branchesof depositoryinstitutions;and the

balanceof moneymarketmutual funds

onlya specifiedfractionof the total

purchasepriceof securitiesbought,with

18

the broker furnishing the balance and

charging interest on that amount.

merry-go-round effect
effet de carrousel

and/or capital in a currency other than that

in which the bond is denominated.

margin requirements [stock exchange]

pourcentage de couverture; couverture

efecto carrusel
The circulation of money through various

multilateral netting
compensation des crances internes

sources,endingup whereit started. For

the GermanCentral Bankrecycles
capitalbysellingU.S.dollarsto

cmesc

banks under a repurchase agreement and

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

multinational trade flows is able to balance

its debits and credits between subsidiaries
and associates leaving only the balance to
be settled, thereby reducing its need to

Euromarket, the Central Bank must buy

back the U.S.dollars and sell domestic
currency to avoidan excessive increasein

acquire foreign currency.

mutual fund, see money market
(mutual) und

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

edbtsycio

compensacinde dbitosy crditos

Procedurewherebya companywith

the mark.

bono comerciable; bono negociable

Bond quoted continuously by a dealer.
market maker

chances

riesgorelacionado con un desfase

teneur de march
agiotista
agiotista

Risk of having loans and borrowings with

Abank or a broker that is prepared to make

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

naked, see uncovered

~~~~~~~~mismatched
maturities.

name market

money at call, see call money

primordiale

money-center banks
banques installes sur les principales

prestataidos

places financieres
market-related

N-

rismue lisa d
aer
sN
risque li au dcalage entre les

places financires

marchcod laacoteide cnmditaest

pretareos

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

prets aux conditions du march

financiamiento en condiciones de

bancosestablecieosen las princpales

borrowers(e.g.,the Eurodollarmarket).

mercado
Lending at market rate and under market

money market (mutual) fund; mutual

fund

narrow money [cf. MI]

monnaie, masse montaire au sens

conditions(cf. commercialiending).

fonds commun de placement

fondo comn de inversiones; fondo

dineroen el sentido estritto

matched funding,

see back-to-back (4.)

mutuo

near-bank

[Canadal

matched-maturity
transaction [IBRD]
opration chances symtriques

mortgage bond
titre hypothcaire;

transaccin de vencimientos
simultneos
Atype of cross-currencyinterest hedge

mobilisation
bono hipotecario; ttulo
hipotecario,cdula hipotecaria

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

(q.v.),where the proceeds of a short-term

instrument program are swapped for
comparable maturities in oth-lercurrencies.

multibank, see combined commercial

and investment bank

near-money; quasi-money
quasi-monnaie

matched sale-purchase
transaction simultane

multicurrency option
option de change

Assetswhich have properties resembling

those of money in the strict sense. Includes

billet de

quasi-banque
cuasibanco

cuasidinero
transaction
d'achat et de

opcin de cambio de divisa

savingsdeposits,timedeposits,certificates

compra y venta simultnea

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

vente

Procedure which allows a borrower to

receive a loan in a currency other than the
one specified, provided this currency is
available on the market.

of deposits, deposits in thrift institutions,

etc.

maturity arbitrage,

multiple

see time arbitrage

(currency) option bond

obligation avec option de change;

merchant bank [U.K.], see investment

bank

obligation avec option montaire

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

clusula de obligacin negativa

Clause in loan agreement obligating the

bono con opcin de cambio de divisa

borrowernot to grant securitywithout

Bond (usually Eurobond) which gives the

lender the right to opt to receive interest

equally securing the loan in question.

19

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

deliveryor deliveryand endorsement,where

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

nonmarketablebond
obligationnon ngociable
bonono comerciable;bonono

offshore banking center

placebancaireoff-shore;centre
bancaireoff-shore

zonabancariafranca

negociable

nonrecourse financeEuolarrdig
financement forfait, sans recours

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

negotiableorder-of-withdrawal

financiamientosin posibilidadde

offshore banking unit (OBU)

(NOW) account
compte-chques rmunr

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

succursale off-shore
departamento bancario considerado

cuenta corrienteque devenga

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

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

nonrecourse participation
participation forfait, sans recours
participacin sin posibilidad de
recurso

off-the-board market, see third market

nonredeemable
bond,see
nonmaturnng government
bond

onlending
rtrocession
reprstamo

note
bon; obligation
pagar

open-end (investment) fund;unit

socit d'investissement capital
variable (SICAV)

A bondwithshort-or medium-term

sociedad de inversiones con nmero

maturity.

de acciones variable

net worth, see stockholders' equity

no-load fund
fonds qui ne prlve pas une
commission

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

NOW account, see negotiable order of

withdrawal

Investmentcompanythat hasno fixed

numberof shares outstanding.
open market
1. open market; 2. march financier

fondode inversinque no cobrauna

comisin

Moneymarketfund that doesnot chargea

fixed fee commissionto investors.

OBU, see offshore banking unit

noncall period
priode d'interdiction de rachat

offening memorandum
mmorandum d'offre

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

perodode prohibicinde rescate

memorandode oferta

oflong-term
obligations.
2.Thegeneral

Periodduringwhicha borrowermaynot
givenoticeto redeembonds,in Eurobond
market.

Sameas prospectus (q.v.)

financial market.

offshore bank
banque off-shore

open pricing
fixation libre des prix

noncallablebond

banco extraterritorial

fijacin de preciosabierta

obligation ne pouvant tre amortie par

anticipation

Banklocatedoutsidethe countryin
question.

Procedurewherebya bondissueissoldon
the basisof a yieldto be determinedafter

bonono rescatable,no redimibleantes

del vencimiento

1. mercadoabierto,2. mercado
financiero

the sellingperiodis over.

20

operating ratio

overall risk profile [IBRDI

par passu clause

coefficient net d'exploitation

coeficiente de operacin; coeficiente
neto de explotacin

profil des risques de financement

perfil general del financiamiento

clause pari passu

clusula pari passu

Exposure profile of the World Bank. The

Clause in loan agreement precluding

Ratio of operating costs (including

depreciation) to total revenie.

difference between outgoings committed

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

subordination of the loan to other debt. In

the issue of new shares, it states that the
new shares will rank equally for dividend

with an existingsimilarissue.

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

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

option
option
opcin

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

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

A contract giving the holder the right to buy

or sell a stated number of shares (normally
one hundred) of a particular security at a

over-the-counter market (OTC)

march hors cote

corporation but without some of the rights

granted to shareholders, such as the right
to vote at shareholders' meetings.

mercado extraburstil- mercado fuera

de bolsa

paticipation

fixed price within a predeterininied period.

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

Market for securities not listed in any of the

exchanges (about 80 percent of total
securities in the U.S.).In the U.S.,includes
U.S.Government and agency issues, state
and local government bonds. railroad bonds
and shares, many public utilitv bonds and
shares, and most corporation and bank
shares.
owners equity,
equity

seestockholders'

participating bond, see income bond

.,
fee

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

participacin en una sociedad

par value; face value
valeur nominale

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

original-issue discount bond

obligation prime d'mission

other instrument.

bono emitido con descuento

Bond with a rate of interest tielow that

paid-up stock; fully paid stock

pass-through

demandedbythe marketplaceand soldat

a price at a significantdiscount to par.

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

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

Cofinancing, but with the partners

and a portion of the principal are paid

OTC, see over-the-counter market

out-of-(the)-money option
option d'achat d'ohligations
rendement rduit
opcinde comprade bor
aos con

inicial

financing different parts of the project.

monthly.

Warrant option for bond at lower yields

parallel market

paying agent

than originalbond.

march parallle

agent payeur

outward swap
report de devises

outward
~ ~swap~~

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

reventa de divisas en moneda

nacional
Spot purchase of foreign exchange and
forward resale of the same currency against
domestic currency.

Market operating in "parallel" to the main

money market (e.g., bank current and
savingsaccounts) and including interbank
loans and negotiable certificates of deposit.

certificate; participation

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

21

payment period [IBRD]

tranche
perodo de pago

pool-based lending rate system [IBRD]

systme de taux prteur fond sur un
pool d'emprunts

premium [securities]
prime; agio
prima; agio

Interval between semiannual dates, on

which repayment on IBRD loans is due.

sistema de tipos de inters basadosen

una "cesta' de emprstitos

The difference between the par value and

the higher market value of a security
expressed as a percentage of the par value.

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

pool-based variable lending rate

[IBRD]
taux prteur variable bas sur un pool
d'emprunts

premium [stocks]
prime d'mission
prima de emissin

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

tipo de inters variable basado en una

"'cesta" de emprstitos pendientes

Differencebetweenthe facevalueand the

sellingpriceof the sharewhen the selling
priceis higher.

pooled loan
prt du poo
prstamo incluido en el sistema de
fondo comn de monedas

price (of a bond)

cours; cotation
precio

P/E ratio; PER, see price/earnings

ratio (P/E ratio; PER)

Aloan includedin the currencypooling

system.

price/earnings ratio (P/E ratio- PER)

coefficient de capitalisation des

perpetual bond, seenonmaturing,

nonredeemable government bond

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

relacinprecio-ueilidades

fecha de desembolso

perpetual floating-rate note

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

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

prima de emisin

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

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

march primaire
mercado primario, de emisin
Marketfor newsecurity issues.
prime borrower;premierborrower
emprunteur bien cot, trs solvable, de
premier bie
premie ordre
prestatario preferencial,preferente,de

premier borrower,see prime borrower

prime rate

premium [foreign exchange]

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

taux de base: taux privilgi

tipo preferencial, tasa preferencial
Taux de baseis the rate chargedbybanks
to preferentialcustomers;taux privilgi
is
the rate chargedbynonbankfinancial
institutions(e.g.,Crdit National).
private papar
effats privs

premium [option market]

avec
prima
Price at whichan option sells.Cf. option.

efectos privados
Paperplacedwitha limitedgroupof
investorsand not advertised.

pnmera clase

22

private placement
placement par voie prive

proxy borrowing [IBRD]

queue

lment du pool (provisoire)

liste d'attente

colocacin privada

d'emprunts
emprstitos de referencia

lista de espera
Thewaitinglistfor the issueof securities

profitability ratios; revenue-covenant

ratios

IBRDborrowings between July 1,1981 and

June 3,1982, which were used to calculate

(Switzerland, Federal Republic of

Cermany).

ratios de rentabilit

the lending rate for the firstyears of the

relaciones de rentabilidadl

pool-basedvariablelendingrate.

quick ratio, see acid-test ratio

Ratios that measure the return on assets.

project note

public offering (of shares)

mission publique

bon court terme mis (par une

oferta pblica, colocacin pblica

collectivit publique) pour financer

un projet (autoamortissable)

pagar a corto plazo para financiar un

R
RAN, seerevenue-anticipation

purchase and resale agreement

note

(RAN)

[Canada]
prise en pension des effets

proyecto

Short-termpaperissuedby municipalities

compromiso de compra y reventa

rate, to; grade, to

to finance short-term cash flows for a

Equivalent to the U.S.repurchase

classer; coter

specificproject.

agreement(q.v.)

clasificar; evaluar

promissory

purchased

note

rating agency

funds

billet ordre

ressources acquises

agence de cotation, de classement (des

pagar
Anunconditionalpromisein writingmade

fondos comprados
Includecertificatesof deposit,Eurodollar

titres)
organismo de clasificacin de valores

by one person to another signed by the

maker, engaging to pay, on demand or at a
fixed or determinable future time, a sum of

borrowings, federal funds. and repurchase

agreements, as opposed to traditional bank
liabilities (demand and time deposits).

rational expectations
anticipations ratonnelles
expectativas raconales

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

A theory based, first, on the assumption

that individuals and companies will try to
maximize their own welfare-that is, they
will try to make their own economic and
other circumstances as desirable as

party, at the price fixed in the contract,

during the life of the contract.

and companies make economic decisions mn

their own iterest, they do so in such a way
that markets move towards equilibrium,
easing inflation.

expectativas racionales

moneyto or to the order ofa specified

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

putable bond, see retractable

bond

possible-and, second, that, as individuals

real interest rate

taux d'intrt

document

prospecto

- Q

rel

tipo de inters real; tasa de inters real

A document containing al] the pertinent

information about a public offering of
securities and about the borrower. It is
made available to the appropriate legal
authorities, stock exchanges, and the

qualification stock
actions de garantie
acciones de garanta

Normal rate less rate of inflation, divided by

one plus the rate of inflation.
red herring
pravis d'mission

prospectiveinvestorsbythe leadmanager.

qualified borrowings [IBRD]

anuncio preliminar de una nueva

The French term prospectus is used in

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

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

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

quasi-money, see near-money

discount,or the date of issue.

red herring issue

emprstitos calificados

Alsocalled offeringmemorandum.

mission exploratoire

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

23

rediscount

pool from one date to another. It is

rescompter

calculated by dividing, as of any day, the

risk premium
prime de risque

redescontar

total U.S.dollarvalueat the exchangerates

primapor riesgo

Resale of instruments such as banker's

acceptances already discounted by lender,
usually with central bank or discount
house, at a price less than the face value.

of that day of the balances of currencies in

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

roll-over
refinancement; reconduction;
renouvellement

refinancing risk IIBRD]

risque de refinancement
risqueerelcionadncoent
epublique

revenue-anticipation
note (RAN)
obligation mise par une collectivit
dans l'attente de rentres

refinanciamiento,renovacin

riesgorelacionadocon el
refinanciamiento

non fiscales

roll-over certificate of deposit;

roly-poly certificate of deposit

certificat de dpt taux renouvel

renovable

Riskof not beingableto refinance

pagara cortoplazo en esperade

ingresosno tributarios

short-term borrowings under suitable

conditions when these borrowings mature.

Short-term municipal borrowings that fund

current operations and are to be funded by

registered stock; personal stock

actions nominatives

revenues other than taxes, especially U.S.

federal aid.

acciones nominativas

revenue bond

Stock which cannot be transferred without

placing the signature of the owner upon
the books of the issuing corporation and
delivery of the certificate.

obligation long terme mise par une

collectivit publique pour financer
un projet (dont les recettes
assureront le remboursement)

secondary market. He is nevertheless

committed to rolling over the CD by
redepositing funds to the amount of the
redepsiximfnto
t
u
h

repos (RP), seerepurchase agreement

bonopagaderocon los ingresos(del

proyecto)

roll-over credit

repurchase agreement (RP; repos)

Long-term borrowings that are used to fund

specific projects. They are repaid from the

crdit renouvelable, reconductible

taux variable

contrat de report: mise en pension;

accord de rmr

incomethat willbe generatedbythe

project.

crdito renovable,refinanciable

institutionsto borrowshort-term(usually

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

maysell anyof the six-monthCDson the

acuerdode recompra
Arrangement by banks and other

certificadode depsitocon tipo de

roll-over of gains
revenue-covenant

ratios, see

remploi des plus-values

reutlizacin de las ganancias

profitability ratios

one day) money by transferring securities to

the lender, with the agreeement that they
will buv them back.

revolving credit
credit renouvelable,

reconductible

roll-over risks
risques de refnancement

crditorotatorio,renovable
retained earnings
report nouveau; bnfices non
distribus

~ ~~dsrbia
utilidades
no distilbuidas

-~

Accumulated net income, less distributions

nesgos de refinanciamiento
revolving fund
fonds renouvelable;

caisse dJavances

fod roaoi
fondo rotatoiio

obligation a taux renouvel

A fund for project-related expenditure.

Medium-or long-tern bond whose annual

to stockholdersand transfersto paid-in

capital accounts.

bono con tipo de intersrenovable

Mdu-o
right (to purchase shares)
droit

retractable, putable bond

derecho

obligation

Usually issued in connection with new

rtractable

roly-poly bond
oligpon bonv

ogtr

edwoeana

coupon is renewed every three years, at

which time the investor may be reimbursed.
roly-poly certificate of deposit, see
roll-over certificate of deposit

bono retractable

shareissues.Civesthe investorthe right to

Bond where coupon rate is determined for

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

purchase further shares at a given price.

risk capital
capital risque

running

redemption.

capital de riesgo

moyenne (pondre) mobile

revaluation factor [currency pool]

facteur de rvaluation

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

RP, see repurchase

repos)
(weighted)

agreement (RP;

average

Capitalinvestedin high-riskor relatively

promediomvil (ponderado)

high-risk securities and enterprises. in

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

The average rate of interest applied to an

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

24

securities dealer; securities firm

courtier (en valeurs mobilires);

selling rate
cours vendeur

sales agent [securities]

agent de placement
agente vendedor corred,r

maison de titres; socit de

placement
corredor de valores; sociedad de
valores

precio vendedor precio de venta

Samurai bond

securities margin account

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

dette prioritaire

paid for partially by cash payments and

partially on credit given by the broker up to
a limit fixed by law.

serial bond, loan

1. emprunt par obligations mis par
sries; 2. obligation lot

Short- or medium-term fixed-interest bearer

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

security
titre; valeur mobilire

1. bono de vencimiento escalonado; 2.

bono con vencimiento elegido a la
suerte

five-vearperiod.

security lending [IBRD]

prts de titres
prstamo en valores

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

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

bov
Frnce,
bod
dpargne
U.S.]
bon de caisse; bon d'pargne

bono de ahorro

scrip certificatef bearer scrip

bulletin de llvraisn; certficat d'action
partiellement

libere

certificado provisional; titulo

prov isional

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

Price proposed (for a security).

senior debt

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

1. Bond issues split into a series of

maturities. 2. Special type of serial bonds
where reimbursement is decided bydrawing
in lots (used in France).
shake-out

Lending of securities which the IBRD owns

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

(of the market)

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

Written obligation of a bank acting as

paying agent for an issue, toi hand over to
the subscriber the definitive,^ertificates as
soon as they have been issued.

than the market value of the security lent.

secondary market

segmento; sector

march secondaire
mercado secundario

self-liquidating credit

cours de la Bourse
lista de acciones con sus cotizaciones

crdit autoamortissable

Alisting of stocks with their current prices.

Market for transactions in existing

securities.

crdito autoamortizable

secondary offering

placement d'actions dtenues par les

particuliers

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

segment; sector (of the market)

compartiment (du march)

shareholders' equity, funds, see

stockholders' equity

Credit reimbursed by the income from the

shareownership

speration for which it was lent.

avoirs en portefeuille: acquisition de

mobilires, actions

sell-down

cartera de acciones

oprto

hc

twsln.valeurs

rtrocession

venta de un crdito fuera del

consorcio
The transfer of a credit from a bank within
a syndicate to a bank outside the syndicate.
selling fee [Euromarket]

share-premium account [IFC]

cormpte "prime d'mission"

cuenta de primas de emisin

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

sector, see segment

coimmissioinde placement
comissin de pentas
comisin de L'entas

securities analyst
analyste des valeurs

selling consortium, group, syndicate

[Euromarket]

acuerdo de retencin de acciones

Agreement,underwhicha companyagrees

groupe de pLacement

not to sell the stock of another company in

whch IFC has an interest, until the loan has
been reimbursed.

share-retention agreement [IFC]

accord de non-rtrocession

Person carrying out systematic assessment

of securities as a basis for investment
strategy.

consorcio (bancario);grupo de
colocacin; grupo vendedor

d'actions

25

shelf registration

source and application of funds

enregistrement en attente
autorizacin permanente

statement, seestatement
in financial position

A system of standing authorization to issue

securities given by the U.S.Treasury to
certain select horrowers (including the
IBRD).Borrowers must normally waitforr
formal approval.

short hedge

dd~ ~

~~

of changes

source and use of funds statement, see

statement of changes in financial
position
sovereign credit

empuntgarntpa l'ta

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

month and resale in another. 3.

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

riesgo relacionado con el margen

Risk due to the spread between IBRD

opration de couverture par vente

A borrowing guaranteed by the state.

borrowing and loans being too low or

termeneaie
operacin de cobertura por venta a

sovereign risk

statement of changes in financial

plazo

risque dinsolvabilit
emprunteur;

de l'Etat

risque souverain

Hedging operation by someone who is

'short" (Le.,who ownslessof an item than
he has contracts to deliver).

riesgo soberano; riesgo que plantea el

slort position
shortgpositionlabaisscountry's
engagement a la baisse

The risk of changes in a borrowing

overall foreign exchange position,
which might affect its ability to repay a loan.

funds statement;

funds statement;

source and use of funds statement;

flow statement; changes in working

pas

capital stateient
tableau de financement; tableau des
flux

estado de flujo de fondos

posicin de venta en descubierto

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

position; source and application of

space arbitrage,
arbitrage

see two-point

A statement used in conventional

accounting which summarizes the
financing and investing activities of an

shpeciaale
placement
spcial
pdcouvertoloacmen
espcial

entity, including the extent to which the

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

effet-termut nterme
effet acourt terme

Placements issued by international

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

pagara cortoplazo

division d'une action en plusieurs

short-term paper
effets court terme; papier court
terme

divisin de acciones

Increasing the number of shares of a

corporation by some ratio or multiple.

efectos a corto plazo: valores a corto

plazo: papel a corto plazo

spot market; cash market [foreign

vhortsale
ente a dcouvert

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

colocacinespecial

shorthttrmrpaperedivisin
de acciones

short-term paper market

dhorttesm
effets mackt t
emercao
terme
march des effets court
march
mercado de corto plazo
sinking fund

caisse d'amortissement: fonds

d'amortissement

(APB)since 1971: the second term is the

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

valor con tipo de inters descendente

exchange]
march au comptant
al conptado
mercado al contado

Securities where the coupon rate decreases

ron
vr year.
er
b a fixed
ie amount
h~~~~~~~~~~~~~~~~~~~~~~y
every

spot market [commodities]

march du disponible

stepped-rate bond
obligation taux flottant fix d'avance

mercado de productos disponibles, de

entrega inmediata

bono con tipos de intersescalonados

(bfiados anticipadamente)

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

certificat de solvabilit (tabli par une

banque)dvdedenacos
d
c ado
certiicado
de solvencea

Bond with different coupon rates of interest

diffren pereatedfixe in
the
fordifferentperods.fixedinadvanceofthe
issue.

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

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

26

stockholders' equity; shareholders'

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

neto

subborrower
emprunteur secondaire, final
subprestatario
subloan
prt secondaire, subsidiaire
subprstamo

given, Farm B will have a higher rate of

The value of assets less liabilities of a

corporation.Allthe termsgivenhere are

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

stock option
option de souscription
opcin de compra de acciones

willproducebeef withhigh technology

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

subordinated debt, see junior debt

return.Theswitchingvalue,therefore,is
1.5.

subordinated loan
prt non privilgi

prstamo subordinado
subscription right
droit de souscription

syndicate
consortium; syndicat financier

consorcio (bancario, de
financiamiento)

derecho de suscripcin

syndicate, to (a loan)

The same as right (q.v.)

consortialiser

swap (transaction)
swap; crdit crois
swap[ bancos centrales]; intercambio

concertar un prstamo a travs de un

consorcio (bancario, de
financiamiento)
syndicated loan

de monedas, crdito reciproco, pase

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

financiero
Aspot purchaseof foreignexchangewith
simultaneousforwardsaleor viceversa.
Pase financieroisan Argentiniansystem,

which bids are accepted) at a Dutch auction

related to the swap system, whereby

(q.v.).

personsor institutionsmakingcapital

straddle; cafi-and-put opt:ion

investments are given an "exchange

guarantee," which guarantees that the

stellage
opcin de venta y comprJa

funds can be reexchangedat a

predetermined exchange rate ona specific

prt syndiqu; prt consortial

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

formacin de un consorcio (bancario,

de financiamiento)

Double option consisting of a put and a call

date.

with same striking price.

switch

system repurchase agreement

contrat de report
acuerdo de recompra
Purchasebythe FederalReserveof

straight bond

arbitrage

securitiesfora short periodoftime withan

obligation classique

arbitraje

agreement to resell them at a specified

bono clsico; bono ordinario

Saleof paperwhichis no longerconsidered

price.

Bond with unquestioned right to

to have long-term possibilities and

repaymentof principalat a specifiedfuture

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

investmentofthe proceedsinsecurities
consideredmore worthwile.

straight, tap certificate of deposit

certificat de dpot classique, par lot
certificado de depsito sin lmite, de
libre compra

switch, availability clause

clause de disponibilit
clusula de disponibilidad
In a roll-over creditagreement, a clause
whichallowsa lender to lend in a currency

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

Standard certificate of deposit, without any

other than the one stipulated in the

agreement, if the stipulated currencv is not
available.

restrictions on amount availahie.

switching value

prendre (des effets) en pension

striking price; exercise price

prix d'exercice
precio fijado en contrato (lpara
ejercitar una opcin de compra)

valeur critique; valeur seuil

valor crtico

redescontarcon compromisode
Rediscountoperationwith promiseto

The value that reverses the ranking of two

alternative projects. For example, Farm A

transfer the credit title back to the original

lender.

Price a particular share must reach before

an option to purchase the shares can be
exercised.

take in, to (bills)

27

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

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

trading ticket [securities]

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

corporation when it cannot or does not

take-over option [IBRD]

option de reprise (des dernires
chances d'un prt commercial)
opcin de financiamiento residual
Contingentcommitmentbythe IBRDto
takeoveranyresidualfinancingof a loan as

want to issuea loan on the financia]market.

it reaches its ten-year maturity.

Market for security dealing in

over-the-counter stocks listed on a stock
exchange but between firms that are not

transformation

membersof an exchangeand, therefore,do

not chargeregular listed commission.

operationsby financialintermediaries,
taking in liquidsavingsor sight deposits.

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

Treasury bill [U.S.]

bon du Trsor en comptes courants
pagar del Tesoro a corto plazo
RillissuedbyU.S.Treasurywith short
maturity(less than one vear).

TAN, see tax-anticipation note

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

third market; off-the-board market

troisime march; march hors bourse
tercer mercado; mercado fuera de
bolsa

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

transformacin (bancaria)
Medium- and long-term reinvestment

tax-anticipation note (TAN)

bon garanti par les recettes prvues

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

Treasury bond [U.S.]

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

pasar respaldado por ingresos

obligation de premier ordre

bon du Trsor

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

bono de primer orden, de primera clase

pagar del Tesoro

trade bill [U.K.

Amedium-term (normally from two to ten

anticipatedtax receiptsand any

unencumberedrevenueof the community.

effet de commerce
letra comercial; efecto comercial

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

Commercial bill accepted directly by a

corporation.

Treasury tax and loan account [U.S.]

compte courant du Trsor auprs des
grandes banques
cuenta corriente del Tesoro
Current account of the U.S.Treasurv in

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

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

a fixed price, a U.S.Treasury bill of specified

coupon rate and maturity.

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

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

country's economic condition warrant

unrealized gains

place.

harderor softer loans.

plus-values latentes
ganancias no realizadas

weighted average, see running average

trigger clause [IBRD]

clause de dclenchement
clusula de revisin
Clausein IBRDloan agreementrequiring
reviewafter a certainnumberof yearsto
determinewhether changesin the

trigger rate

seuil de dclenchement

window (in a market)

tasa de activacin

crneau

Rate at which floating-rate rotes are

automatically converted to fixed-rate paper.

trust bank (Shintaku Ginko) [Japan]

banque de fiducie
banco fiduciario

resquicio
Short-lived opportunity to issue securities

value date

that may be taken up bvany of a significant

fecha de valor

window dressing
habillage du bilan

date de valeur

number of highlyrated borrowers.

Bank involved in both lendi.g and money

The calendar date onwhich atransaction

takes place.

two-point arbitrage; spa-e arbitrage

venture capital company

Financial actions such as stock market

arbitrage dans
btespace
arbitraje espacial

s
d
compaa de capitales de riesgo

trading,whosepurposeis to makea
corporation'sfinancialsituationseem

manipulacin

de la contabilidad (para

aparentar una mejor situacin)

a

Buving in one center and selling in another.

w

uncovered; naked
dcouvert

warrant
warrant
certificado para la compra de
acciones, bonos

better than it really it is, just before the

publication of a balance sheet or other
financial statement.

WINGS, see warrant into government

securities
working-capital ratio, see current ratio
working ratio

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

coefficient brut d'exploitation

underwriting

percentage.

consortiurm, group,

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

for investors to take up the bond.

coeficiente

de explotacin

Cash working expenses divided by

operating revenues, expressed as a

obligation a warrant; obligation

warrante
bono con certificado

Bond with warrant attacbed.

Yankee bond

1. Group that agrees with the issuer of

securities to buy or find buyers for those
securities that are not taken upby the

warrant into government securities

(IG

obigation Yankee

warrant changeable contre des titres

d'Etat

Bondissuedon the U.S.marketin U.S.

dollarsoutside U.S.

underwriting fee
commission de garantie

certificado para la compra de pagars

del Tesoro
Warrantwhichallowsthe purchaserto

yield curve
courbe des rendements

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

comisin de suscripcin; comisin de

garanta

unit trust, see open-end fund

acquire, within a specified period of time, at

ooynu

curva de rendimiento
Graph relating rates of return to maturity.

29

yield to maturity (YTM)

Thereturnasecurityearnsassumingthatit

rendement

is held until a certain date and put to the

I'chance

rendimientoal vencimiento

borrowerat the specifiedput price.

zero-coupon bond

YTM,seeyield to maturity

obligation coupon zro

bono sin cupn
Bondthat paysno interest but issoldat a
steep discountand paid off at par.

Terminologiedes empruntset des prts

FranQais-Anglais

33

A-

agence de cotation. de classement(des

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

titres)
rating agency
agent

assise financire
capitalbase
attraction
crowding-in

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

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

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

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

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

acquisition de valeurs mobilires,

agent oprant directement sur le

avances non garanties

actions

parquet

cleanadvances

shareownership

floor trader

avec

action au porteur
transferableshare
action de jouissance
dividend-rightshare
action gratuite
bonusshare
actions bnficiaires
dividendstock
actions cumulativesprivilgies
cumulativepreferredstock

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

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

actions de capital

securities analyst

banque charte

commonstock

annoncer (un taux)

actions de garantie

post, to (a rate)

qualificationstock

anticipationsrationnelles

charteredbank
banque charte fdrale
federallychartered bank [U.S.]

actions de priorit
debenture stock [U.S.]

rational expectations
approfondissementdu capital
capital deepening
apresbourse

banque tout faire, vocation

gnrale
combinedcommercialand investment
bank;multibank:all-purposebank

after-market

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

actions de priorit
actions libres
paid-upstock; fullypaid stock

arbitrage

arbitrage; switch

B-

[U.K.]

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

arbitragiste

banque de dpt, commerciale

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

adjudication prix uniforme

Dutch auction [U.S.]

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

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

funds

vocation gnrale. polyvalente

34

banque polyvalente
combinedcommercialand investment
bank; multibank;all-purposebank

bulletin de livraison
scrip certficate;bearerscrip

certificatnominatif
bond certificate
de dpt
certificatreprsentatif

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

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

bon
note
bon court termemis (pairune
collectivitpublique)pour financer
un projet (autoamortissable)

capital risque
risk capital

classer
rate, to; grade,to

capital social
equitycapital;capitalstock(of a
corporation)

clause "drop lock"

drop lock
clause d'exigibilitcroise

project note

capitalisation

cross-default clause

bon a intrt variable perptuel

perpetual floating-rate note

capitalization
capitaux fbriles

clause de dclenchement
trigger clause [IBRD]

bon a prime (d'mission)

discount note

hot money; funk money

capitaux propres

clause de disponibilit
switch, availability clause

bon taux flottant

floating-rate note [FRN]
bon taux rvisable
bon a taux rvisable
floating-rate note [FRN]

stockholders' equity; shareholders'

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

clause de manquement rciproque

cross-default clause

bon au porteur
bearer note

basis point
centre bancaire off-shore

negative-pledge clause
clause de sauvegarde

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

offshore banking center

certificat d'action partiellement libre

jeopardy clause; disaster clause; break

clause

bon de jouissance
dividend-right certificate
bon d'epargne

scrip certificate; bearer scrip

certificat de dpt
certificate of deposit (CD)
certificat de dpt a taux renouvel
roll-over certificate of deposit;

clause de verrouillage au taux

plancher
drop lock
clause par passu
pani passu clause

banquesinstallessurles principales
placesfinancires
money-centerbanks
bnficesnon distribus
retained earnings
billet ordre
promissorynote
billet de mobilisation
mortgagebond
blanc, 'ohi(en)blanc

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

participation certificate

roly-poly certificate of deposit

clause de ne pas faire, ngative, de

nantissement ngative

co-chef de file

bon du Trsor
Treasury note [U.S.o

certificat de dpt classique, par lot

straight, tap certificate of deposit

comanager; colead manager

coefficient brut d'exploitation

bon du Trsor it long terme

bona lmioinumtde$100.00
du Trsor
Treasury bond [U.S.]
bon du Trsor a trs court terme
cash-management bill
bon du Trsor en comptes courants

certificat de dpt d'un montant

mbnimumde $100.000
jumbo certificate of deposit
certificat de dpot par tranche
tranche certificate of deposit
certificat de reconnaissance de dette

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

bon garanti par les recettes prvues

tax-anticipation note (TAN)

debt certificate
certificat de solvabilit (tabl par une
banque)

coefficient de capitalisation des

rsultats (CCR)
price/earnings ratio (P/E ratio; PER)

bon-coupon
coupon note

soundness certificate
certificat de transfert de prts

coefficient de cot en ressources

intrieures

bons a prime (d'mission) consolids

consolidated discount notes

pass-through certificate; participation

certificate

domestic resource cost ratio

35

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

compted'avancesde caisse

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

courtier en placements
investmentbroker

ask(ed) price [securities market]

revolving credit

cours vendeur

crditrenouvelable,reconductible

selling rate

courtage

imprest account, fund

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

cot des emprunts doublement

pondr
double-weightedborrowingcost
[IBRD]
cot en ressources intrieures
domesticresourcecost (DRC)
cot rel des devises
domesticresourcecost (DRC)
couverture de l'opration
marginrequirements[stockexchange]
couverturedes oprations terme
hedging
couverturedu servicede la dette
debt-servicecoverage
crdit vue, tres court terme
call money;day-to-daymoney;demand
money;moneyat call
(crdit) adoss
back-to-back(loan,borrowing)
crdit autoamortissable
self-liquidatingcredit
crdit consortial (sans chef de file)
club loan
crdit crois
swap (transaction)
crdit d'quipement
term loan
crdit d'impot
tax credit
(crdit) face face
back-to-back(loan, borrowing)
crdit renouvelable,reconductible

taux variable
roll-over credit

crneau
window (in a market)

courtier
broker

"cushion bond"
cushion bond

courtier (en valeurs mobilires)

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

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

36
dcote
discount from par [securities market]

effets de commerce
commercial paper; commercial bills

emprunteur secondaire, final

subborrower

dcote de conversion
conversion discount

effets de commerce en eurodevises

Eurocommercial paper

emprunts de collectivit locale

general obligations; general-obligation

dcouvert, voiY dcouvert

effets porteurs d'intrt

dpenses groupes au dbut (dune

priode donne)
front-loaded spending

interest-bearing notes
effets private paper

emprunts de rfrence
qualified borrowings [IBRD]
emprunts gants

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

effets publics
government paper
largissement du capital

jumbo borrowing
(en) blanc
clean

dsintermdiation
disintermediation

capital widening
lasticit globale du systme fiscal par

encart publicitaire
tombstone

dette consolide
funded debt

rapport au produit intrieur brut

(PIB)

bonds

engagement
exposure

dette de deuxime rang

junior debt; subordinated debt

tax buoyancy
lment du pool (provisoire)

engagement a la baisse
short position

dette prioritaire
senior debt

d'emprunts
proxy borrowing [IBRD]

engagement conditionnel
contingent obligation [IBRD]

disagio
disagio

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

engagement par pays

country exposure

distribution d'actions gratuites

stock dividend

mission guichets ouverts

tap issue

enregistrement en attente
shelf registration

division dune action en plusieurs

mission colle

rosion fiscale des revenus

split; split-up

hung-up issue
mssion d'obligations a l'tranger

fiscal drag
escompte

document
prospectus

external bond issue

mission de titres

discount [bills]
escompte forfait, en ducroire, sans

droit
right (to purchase shares)

capital issue
mission exploratoire

recours
discount without recourse

droit de souscription
subscription right

red herring issue

mission publique
public offering (of shares)

escompte officiel
discount window
eurocrdit

emprunt

Eurocredit

eitres

-E-

de contrepartie

back-to-back (loan, borrowing)

eurodevises

cart
spread

emprunt garanti par F'Etat

sovereign credit

Eurocurrency
eurodollar

change de monnaies diffrentes

back-to-back (loan, borrowing)

emprunt global
lump-sum borrowing [IFC]

Eurodollar
euromarch

effet court terme

short-term note

emprunt par obligations mis par

sries

Euromarket
euromonnaie

effet brlant
hot bill

serial bond, loan

emprunt remboursable en une seule

Eurocurrency
euro-obligation

effet de carrousel
merry-go-round effect

fois
bullet issue

Eurobond
europrt

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

emprunt remboursable in fine

bullet issue

Euroloan
valuation actuarielle

effets court terme

short-term paper

emprunteur bien cot, tres solvable,

de premier ordre
prime borrower; premier borrower

actuarial evaluation
viction
crowding-out

37

fonds fdraux

federalfunds
facteur d'ajustement de

fonds propres

habillage du bilan

lFamortissement
amortizationadjustmentfactor
[currencypool]
facteurde rvaluation
revaluationfactor [currencypoolj

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

windowdressing
honorabilit
credit standing;creditworthiness

fichede Bourse
trading ticket [securities]
financement forfait, sans recours
nonrecoursefinance
financementavecdroitde recours
limit
limited-recoursefinance
financementconjont
joint financing
financementdes dernires chances
fundinglatter maturities[IBRD]
financementgigogne
piggy-backfinancing
financementparallle
parallelfinancing
financement
sur crontramettfe
onancement
sur contrat
contract financing
fixationlibre des prix
open pricing

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

T
inflation de base
core inflation
instruments
instruments
instruments de la dette publique
governmentdebt instruments
instruments financiers terme
financialfutures
intrtde dport
backwardationrate
intrtde report
contango rate; continuationrate
intrt patrimonial
proprietaryinterest
intermdiairefinancier
financialintermediary
intermdiation
intermediation

fixer
post, to (a rate)

garantie (de l'Etat)

investissementde productivit
capital-deepennginvestment

fixing
fixing

guarantee
garantie de la BIRD

J-

flottement impur, contrl, dirig,

assist, soutenu

guarantee [IBRD]
Gensaki

"jobber"

dirty float

Gensaki

jobber

flottement pur, non dirig

gestion de (la) trsorerie

clean float
fluctuation des taux due a une fuite de
capitaux

cash management

L-

liability management

bill of exchange

flux financiers
funds flow; flow of funds

grande banque
city bank

lettre de confort
letter of comfort

fonds commun de placement

money-market (mutual) fund; mutual
fund

groupe de direction
management, managing group
[Eurodollar market]

LIBOR
LIBOR(London Interbank Offered
Rate)

fonds damortissement
sinking fund

groupe de garantie
underwriting consortium, group,

ligne de crdit de protection, de

soutien, auxiliaire

fonds de placement ferm

closed-end (investment) fund

syndicate
groupe de placement

back-up line of credit

liste d'attente

fonds d'Etat britanniques

gilt.edged securities

selling consortium,group,syndicate

lsede

[Euromarket]
guichet automatique de banque (GAB)

queue

automaticteller machine(ATM)

38

M-

masse montaire au sens large

broad money

obligation lot
serial bond, loan

Mi
Mi

mmorandum de placement
placement memorandum; placing

obligation prime (d'mission)

discount bond

M12
M2

memorandum
mmorandum d'offre

obligation primed'mission
original issue discount bond

M3
M3

offering memorandum
mise en pension

obligation prime d'mission leve

deep-discount bond, note

maison d'acceptation
acceptance, accepting house

repurchase agreement (RP; repos)

mise en report

obligation taux flottant

floating-rate bond

maison de rescompte
discount house; bill broker

inward swap
mobiliser

obligation taux flottant fix d'avance

stepped-rate bond

maison de titres
securities dealer; securities firm

discount
monnaie scripturale

obligation taux renouvel

roly-poly bond

mandataire
agent bank

bank money
monnaie au sens troit

obligation taux variable (OTV)

floating-rate bond

march terme
forward market

narrow money
monnaie au sens large

obligation warrant
warrant bond

march au comptant
spot market; cash market

broad money
moyenne (pondre) mobile

obligation assortie d'une option

d'achat au-dessous du pair

march de capitaux
capital market

running (weighted) average

moyens de paiement l'encaissement

accreted call bond

obligation au porteur

march de porteurs
bearer market

float [banking]
moyens de paiement non recouvrs

bearer bond
obligation avec option de change

march des effets court terme

short-term paper market

float [banking]

multiple (currency) option bond

obligation avec opton montaire

march du disponible
spot market [commodities,]
march fig
locked market
march financier
capital market; open market

N-

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

multiple(currency) option bond

obligation `bouledogue"
Bulldog bond
obligation cautionne

marchgris
grey, gray market

non admis, non inscrit la cote

officielle
unlisted (security)
nonlgh
cond
nonlcote

march hors bourse

third market; off-the-board market

non garanti

amricain)
AAAbond

march hors cote

over-the-counter market (OTC)

clean
note
d'information
placement
memorandum; placing

obligation de premier ordre

AAA
o bond; dtop-rated bond

march o la cote de crdit est

primordiale
name market
march parallle
parallel market

memorandum

custom-duty bill
obligation classique
straight bond
obligation (cote) AAA(march

obrpgateonde soaet
corporate bond
obligation mise par une collectivit

march primaire
primary market

- . .
obligation
bond; debenture (bond); note
obligation coupon zro

publique dans l'attente de rentres

non fiscales
revenue-anticipation note (RAN)
obligation trangre mise Londres
Bulldog bond

march secondaire

zero-coupon bond

obligation indexe

secondary market
marge
spread

obligation a long terme mise par une

collectivit publique pour financer
un
un projet
projet

indexed bond; index-linked bond

spread
masse montaire au sens troit
narrow money

revenue bond

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

39

obligationne pouvanttre amortiepar

anticipation
noncallablebond
obligation ngociable
marketablebond
obligation non garantie
debenture (bond)
obligation non ngociable
nonmarketablebond
obligation participante
income bond;participatingbond
obligation perptuelle
nonmaturing,nonredeemable
governmentbond;perpetual bond;
consol[U.K.]

oprations terme
futures [commoditiesmarket]
oprations d'arbitrage en couverture
hedging
oprationsde couvertureparachat
terme
long hedge
oprations en contrepartie
hedging
option
option
option d'achatd'obligations
rendement rduit
out-of-(the)-moneyoption
option d'achat, de rachat

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

obligationpouvantintresser les
banques
bank quality bond

call option
option de change
multicurrencyoption

ptro-obligation
petrobond
place bancaireoff-shore

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

option de reprise (des dernires

chancesd'un prt commercial)
take-overoption)
option de souscription
stock option
~~~~option
de yente
ption
put option
ordre d'achat
trading ticket [securities]

offshorebanking center
placementd'actionsdtenues par les
particuliers
secondaryoffering
placementde pre de famille
blue chip
- *placementpar voie prive
privateplacement
placementspcial

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

part des risques

exposure
part sociale
corporateright
participation forfait,sans recours
nonrecourseparticipation
participationau capitalsociald'une
socit
equityownership

ordre de vente
trading ticket [securities]

specialplacement
plus-valueslatentes

organisme d'mission
issuer

unrealizedgains
point de base
basispoint
b
poo de monnajes

obligation Yankee
Yankeebond

obligationsmisespardes organismes
fdraux
agency securities,obligations
offre excdentaire
overhang
offre publique d'achat (OPA)
take-overbid
open market
~papers
open market

papier court tenme

short-term paper
papier commercial
commercialpaper;commercialbilis
papierfinancier
commercialpaper;commercialbills

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

instruments

pourcentagede couverture
marginrequirements[stockexchange]

oprateur (sur le march)

dealer (stock
market]

parit de conversion
conversionvalue

pouvoird'engagement
commitmentauthority

opration chancessymtriques
matched-maturitytransaction[IBRD[
oprationcoupled'emprunts
back-to-back(loan,borrowing)

part bnficiaire
founder'sshare
part d'association.
partnershipshare

pravisd'mission
red herring
prciput
praecipium;praecipuum
prendre (des effets) en pension
take
take ~~~~~~~~~~~~~~~~~~~~~~~in,
to (bills)

operationde couverturepar vente a

terme
short hedge

part de capital
proprietaryinterest
part de fondateur
founder'sshare

40

prt "A"
"A"loan

prime de risque
risk premium

prt au jour le jour

call loan

prime de risque-inflation
inflation premium

prt "B"
"B" loan

prise en pension
buy-back [Canadal

rapport cours-bnfice

prt ballon
balloon loan

prise en pension des effets

purchase and resale agreement

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

rapport encours des prts/fonds

prt cofinanc
coloan

[Canadal
prise ferme

propres
gearing ratio [IBRD]

pret consortial
syndicated loan

bought deal
prix acheteur

ratio de couverture de l'intrt

interest-coverage ratio

prt de titres garanti par d'autres titres

borrow-pLedgesecurity loan

buying rate [securities market]

prix comptable

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

prt de titres garanti par des fonds

cash security loan

accounting price
prix d'arrt

[U.K.]
ratio de liquidit gnrale

pret du pool
pooled loan

stop-out price
prix de cession interne

prt en cascade
apex loan
apet loan
difficultconversion
prt en difficult
distressed loan

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

current ratio; working-capital ratio

ratio d'endettement
debt-equity ratio; debt-to-equity ratio
em
rtodedteetln
ratio d'endettementa long terme
long-term debt ratio
de solvabilit
debt ratio

pret index
indexed loan [currency pool)

arm's length (price)

prix de transfert

ratio de solvabilit-endettement

prt non privilgi

subordinated loan

transfer price
prix d'exercice

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

pret pyramidal
apex loan

striking price; exercise price

prix conomique

ratio de structure du passif

prt secondaire, subsidiaire

subloan

economic price; efficiency price

prix franco frontire

ratio de trsorere rduite

acid-test, liquid, quick ratio

prt syndiqu
syndicated loan
prteur de dernier recours
lender of last resort

border price
prix frontire
border price
prix interne

ratio du service de la dette

debt-service ratio
ratio prix comptable-prix du march
accounting ratio

prteur en dernier ressort

lender of last resort

transfer price
prix net

ratio tir du bilan

balance-sheet ratio

prts aux conditions du march

market-related lending

payout price
(prix) normal du march

ratos de gestion
operating ratios

prts de titres
security lending [IBRD]

arm's length (price)

profil des risques de financement

ratios de liquidit
liquidity ratios

prime
premium

overall risk profile [IBRD]

prospectus

ratios de rentabilit
profitability ratios; revenue-covenant

prime de conversion
conversion premium

prospectus
protection contre un rachat anticip

ratios
ratios de structure

prime de liquidit
liquidity premium

call protection

financial ratios
ratios financiers

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

quatrime march
fourth market

Q-

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

R-

[U.K.]

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

41

rescompter
rediscount

risque de refinancement
refinancing risk [IBRDI

socit mandate (par la Banque

mondiale pour la reprsenter des

refinancement
roll-over

risque d'insolvabilit de l'Etat

emprunteur

missions d'obligations au Japon)

commissioned company [Japanl

refinancement anticip
advanced refunding

sovereign risk
risque d au dcalage

solvabilit
credit standing; creditworthiness

refinancement pour un montant gal

even roll

lag risk [IBRD]

risque li a la marge

sous-compte dbiteur de l'emprunteur

borrower's indebtedness subaccount

rglage de prcision
fine-tuning (of the economy)

spread risk [IBRD]

risque li la rentabilit des liquidits

[currency poo]
stellage

remboursement [prtsl
amortization
remboursement en tranches gales
level repayment

cash risk; liquid-holdings risk

risque li au dcalage entre les
chances
mismatch risk [IBRD]

straddle; call-and-put option

succursale off-shore
offshore banking unit (OBU)
surface financire

remise (d'une dette)

cancellation (of a debt)

risque souverain
sovereign risk

credit standing; creditworthiness

swap

rendement a l'chance
yield to maturity (YTM)

risques de refinancement
roll-over risks

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

rendement converti en taux d'intrt

coupon-equivalent yield
renoncer

scurit

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

take out, to [IBRDJ

comfort

swap d'obligations valeur nominale

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

service bancaire international

international banking facility (IBF)

gale
even par swap

services bancaires de gestion

financire
bank trust departments
seuil de dclenchement
trigger rate
simple

swap sur des dettes

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

rpartition
report
contango; premium [foreign exchange]

clean
situation nette
stockholders'equity; shareholders

syndicat de direction
[Eurodollar market]
syndicat de garantie

report nouveau
retained carnings
report de crdits
carry-over

worth; shareholders' funds [U.K.]

socit de financement de linnovation
venture capital company
socit de placement

underwriting consortium, group,

syndicate
syndicat de prise ferine
underwriting consortium, group,

report de devises
outward swap

securities dealer; securities firm

syndicate
syndicat financier
syndicate
syndicate
systme fdral de rserve

rpression financire
financial repression

S-

socit de placement collectif

investment company, fund

ressources acquises
purchased funds

investment company, fund

Federal Reselve System [U.S.1

systeme de taux prteur fond sur un

rtrocession
onlending: sell-down

socite d'investissement a capital fixe

(ctfinvestisse und

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

risque
exposure

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

systme du pool de monnaies

risque de perte sur les taux d'intrt

interest-rate risk

[U.K.]
socit d'investissement ferme
closed-end (investment) fund

42

taux d'intrt rel

real interest rate

transaction simultane d'achat et de

vente

tableau de financement; tableau des

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

taux Lombard
Lombard rate
taux plancher de verrouillage
lock rate

matched sale-purchase transaction

transactions d'initis
inside, insider dealing
transfert de fonds lectronique

taux prteur variable bas sur un pool

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

electronic funds transfer (EFT)

transformation (bancaire)
transformation

tableau d'oprations financieres

flow-of-fund table [national accounts]

taux privilgi
prime rate

troisime march
third market; off-the-board market

tassement

tel quel

-U

shake-out(of the market)

flat

taux critique de rentabilit

hurdle rate

teneur de march
market maker

unit europenne de compte (uec)

taux d'activit
activity ratios

teneur de plume
lead bank; lead manager

European Unit of Account (EUA)

unit montaire europenne (cu)

taux dactualisation
discount rate

titre
security

European Currency Unit (ECU)

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

(titre a) coupon dgressif multiple

step-down (security)
titre au porteur

taux d'avances sur titres

broker loan rate

bearer security
titre de rente

taux de base
prime rate

annuity bond
titre mis jet continu, guichets

led crity
switching value

taux de change minimum

floor rate of exchange

ouverts
tap security

valeur de pere de famille

taux de coupon
coupon rate

titre en dpt
depositary receipt

blue chip
valeur de premier ordre

taux de coupon courant

current coupon (rate)

titre hypothcaire
mortgage bond

blue chip
valeur de refuge

taux d'galisation des valeurs actuelles

cross-over discount rate; equalizing
discount rate

titre prcurseur
bellwether security
titre relev

hedge
valeur mobilire
security

taux de l'argent au jour le jour

call-money rate

book-entry security
titres assortis de coupons

valeur nominale
par value; face value

taux des avances vue

call-money rate

coupon paper
titres de placement

valeur nominale totale

fuil face value

taux des avances sur titres

Lombard rate [Federal Republic of
Germany]

investment securities
traduction montaire
currency translation

valeur seuil
switching value
valeurs garanties par l'Etat

taux d'escompte
discount rate

traite un certain dlai de vue

after-sight bill

gilt-edged securities
valeurs de premier ordre

taux des fonds fdraux

federal funds Yate

tranche
payment period [IBRD]

gilt-edged securities
vente a dcouvert

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

transaction fictive
wash sale

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

taux d'intrt comptable (TIC)

accounting rate of interest (ARI)

valeur comptable
book value
leurity

43

- W

warrant
warrant

warrant dtachable
detachablewarrant
warrant changeablecontredes titres
d'Etat
warrant into governmentsecurities
(WINGS)

warrant en devises
foreignexchangewarrant
warrant obligataire
debt warrant

Terminologade emprstitos y prstamos

Espaol-Ingls

47

-A-

agente de bolsa
dealer [stock market]

accin al portador
transferable share

agente (de cambio y bolsa)

broker

banco agente
agent bank

accin de primera clase

blue chip

agente de contrapartida
dealer [options marketl

banco codirector, coadministrador

comanager; colead manager

accin de usufructo
dividend-right share

agente financiero
fiscal agent

banco comercial
chartered bank; commercial bank;

accin gratuita
bonus share

agente pagador
paying agent

clearing bank [U.K.]

banco con autorizacin federal

accin negociable
transferable share

agente vendedor
sales agent [securities]

federally chartered bank [U.S.]

banco corresponsal

accin transferible
transferable share

agio
agio; premium [securities]

agent bank
banco de inversiones

acciones con derecho a dividendo

dividend stock

agiotista
jobber; market maker

investment bank [U.S.];merchant bank

[U.K.]

acciones de garanta
qualification stock

amortizacin
amortization

banco director
lead bank; lead manager

acciones nominativas
registered stock; personal stock

ampliacin del capital

capital widening

banco extraterritorial
offshore bank

acciones ordinarias
common stock

analista de valores
securities analyst

banco fiduciario
trust bank (Shintaku Ginko) [Japan]

acciones pagadas
paid-up stock; fullv paid stock

anticipos sin garanta escrita

clean advances

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

acciones preferenciales, preferentes,

preferidas
preferred stock

anuncio de emisin efectuada

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

acciones preferenciales, (preferentes,

preferidas) acumuladas
cumulative preferred stock

emisin
red herring
arbitraje

base de capital
capital base

acciones privilegiadas
debenture stock [U.S.]

arbitrage; switch
arbitraje en el tiempo

bono
bond

aceptacin bancaria
banker's acceptance

time arbitrage
arbitraje espacial

bino ajustable, indizado

indexed bond; index-linked bond

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

two-point arbitrage; space arbitrage

arbitrajista
arbitrageur

bono al portador
bearer bond
bono amortiguador
cushion bond

acuerdo de compensacin
clearing agreement
acuerdo de recompra
repurchase agreement (RP: repos);
system repurchase agreement
acuerdo de retencin de acciones
share-retention agreement [IFC]
acumulacin (de vencimientos)
bunching (of maturities)
adjudicacin a precio uniforme
Dutch auction [U.S.1
afinamiento <de la economa)
fine-tuning (of the economy)

asentamiento
shake-out (of the market)
atraccin
crowding-in
aumento del capital con respecto al
trabajo
capital deepening
autorizacin permanente
shelf registration
aval
aval

bono 'bulldog"
Bulldog bond
bono clsico
straight bond
bono comerciable
marketable bond
bono con certificado
warrnt bon
crcdo
warrant bond
bono (con clasificacin) AAA
AAAbond
bono con cupon
coupon(-bearing) bond

48

bono con garanta de activos

debenture (bond)

bono no rescatable, no redimible antes

del vencimiento

capital social
equity capital; capital stock (of a

bono con inters variable

floating-rate bond

noncallable bond
bono ordinario

corporation)
capitales itinerantes

bono con opcin de cambio de divisa

multiple (currency) option bond

straight bond
bono pagadero con los ingresos (del

hot money; funk money

capitalizacin

bono con tipo de inters renovable

roly-poly bond

proyecto)
revenue bond

capitalization
carta de seguridades

bono con tipos de inters escalonados

(fijados anticipadamente)
stepped-rate bond

bono participatorio
income bond; participating bond
bono perpetuo

letter of comfort
cartera de acciones
shareownership

bono con vencimiento elegido a la

suerte
serial bond, loan

nonmaturing, nonredeemable
government bond; perpetual bond;
consol [U.K.]

cartera de prstamos
loan portfolio
cartera lquida

bono de ahorro
savings bond [France, Belgium, U.S.]

bono perpetuo, de renta vitalicia

annuity bond

liquidity portfolo
casa de aceptaciones

bono de calidad bancaria

bank quality bond

bono redimible con descuento antes de

su vencimiento
accreted call bond

acceptance, accepting house

bono de descuento intensivo

deep-discount bond, note
bono de primer orden, de primera clase

bono rescatable, redimible antes del

vencimiento
callable bond

casa de descuento
discount house; bill broker
cdula hipotecaria
mortgage bond

top-rated bond
bono de una empresa priv.ada,de una
compaa,de una sociedadannima
corporate bond
bono de usufructo
dividend-right certificate

bono retractable
retractable, putable bond
boosruacetfaddeduo
Samurai bond

centsimo de punto porcentual

basis point

bono sin cupn

certificadode depositario

bono de vencimiento ajustable

extendible bond; extendible maturity
bond
bono de vecimiento
scalonadobono
bono de vencimiento escalonado

bcertificado
bono sin garanta especfica
dbnue(od
yanqui
Yankee bond

de depsito
certificate of deposit (CD)
etfct
fdpst(D
certificadode depsito con tipo de
inters renovable

bono de venta continua

bond sold on tap
bond
tap sold on
bono del Tesoro
Treasury bond [U.S.1
bono del Tesoro (EE.UU.) a muy corto
plazo
cash-management bill

bonos de responsabilidad general

general obligations; general obligation

roll-oly certificate of deposit

roly-polycertificate of deposit
certificadode depsito de tramo
tranche certificate of deposit
certificado de depsito de US$100.000
o ms
jumbo certificate of deposit
certificado de depsito negociable

bono descontado
discountbond
bono emitido con descuento
original-issue discount bond

cajero automtco, permanente

automatic teller machine
calendariode emisiones
.
de
s
calend
issuing calendar

bono hipotecario
mortgage bond

~~bonds

gilt-edged securities

- C

debt certificate

negotiable time certificate of deposit

certificadode depsito sin lmite, de
libre compra
straight, tap certificate of deposit
certificado de participacin
participation certificate

bono negociable
marketable bond

cmara de compensacin
clearing house
.
.
capital accionario

bono no comerciable
nonmarketable bond

corporation)
capital de riesgo

certificado de transferencia de
prstamos

bono no negociable
nonmarketable bond

risk capital

pass-through certificate; participation

certificate

certificado de solvencia
soundness certificate

49

certificadoen divisas
foreignexchangewarrant
certificadonominativo
bond certificate
certificadopara comprade bonos
debt warrant
certificadopara la comprade acciones,
bonos
warrant
*warrant

colocacinen el mercadosecundario
secondaryoffering
colocacinespecial
specialplacement
colocacinprivada
privateplacement
colocacinpblica
public offering(of shares)
comisinde administracin

congelacindel inters en un nivel

mnimo(cuandola tasa de mercado
desciendea menosde ese nivel)
drop lock

certificadopara la comprade pagars

del Tesoro
warrant into governmentsecurities
(WINGS)
certificadoprovisional
scrip certificate:bearer scrip

managementfee
comisinde garanta
guaranteecommission,fee[IBRD];
underwritingfee
comisinde gestin
agencyfee [Euromarket];management

consorciode suscriptores
underwritingconsortium.group,
syndicate
contango
contango

certificadoseparable
detachablewarrant
cheque de banco
banker'sdraft

fee
comisinde participacin
participationfee

contratode compragarantizada
take-and-paycontract
contratofirne decompra(sin derecho
de rescisin)
take-or-pay
contract

clasificar
rate, to; grade, to
rate, to; grade, to
clusulade disponibilidad
switch, availabilityclause

extension fee
comisinde suscripcin
underwritingfee
comisinde ventas

clusula de obligacinnegativa
negativepledge clause
clusulade revisin
trigger clause[IBRD]

selling fee [Euromarket]

comisin inicial
front-endfee
comisinpor compromiso,por

clusulade salvaguardia
jeopardyclause;disaster clause;break
claus
clause
clusula pari passu
pan passu clause
pan passu clause
clusularecprocaen casode
incumplimiento

inmovilizacinde fondos
commitmentfee;stand-byfee
compaacomisionada
commissionedcompany[Japan]
~~compaa
de capitalesde riesgo
venture capital companv

comisin de renegociacin

comisi
cmpromio,
por porbroker

consorcio(bancario)
selling consortium,group,syndicate
consorcio(bancario,
de
~~~~~~~~~~~~~~~~~~~financiamiento)
syndicate

~~~~~~~~~~~~corredor
sales agent [securities]
coredor de bolsa
corredorde bolsa independiente
floor trader
corredor (de cambio,de bolsa)
corredorde inversiones

~~~~~~~~~~~~~~~~~investment
broker
corredorde valores
securitiesdealer;securitiesfirm
corredor de valoresdel Estado
governmentsecurity dealer

cross-default
clause
cross-default
clause

compaa
inversionescordr(eaopimi)
investmentdecompany,
fund

corredor <mercadoprimario)

coberturadel serviciode la deuda

debt-servicecoverage

compensacinde dbitosy crditos

multilateralnetting

primarydealer
corretaje

coeficientede costoen recursos

internos
ra
domesticresourcecost ratio
coeficientede endeudamiento[Esp.]
debt-equityratio; debt-to-equityratio
coeicitdexplotacin
coeficente
deo
workingratio

compraen descubierto
marginbuying[stock exchange]
marginbuying[stock exchangel
compra y venta simultnea
matchedsale-punchasetransaction
compromiso
compray reventa
purchaseandde
resaleagreement
[Canada]

brokerage
corriente de fondos
funds flow:flowof funds
costode los emprstitoscon doble
ponderacin
double-weighted
borrowingcost
[IBRD]

coeficientede operacin
operatingratio
coeficientede solvencia[Esp.]
current ratio; working-capitalratio
coeficienteneto de explotacin
operatingratio
coeficientesde liquidez
liquidityratios

compromisospor pases
country exposure
concertarun prstamoa travsde un
consorcio(bancario,de
financiamiento)
syndicate,to (a loan)
condonacin(de una deuda)
cancellation(of a debt)

costo en recursosinternos
fixingcotizar
post, to (a rate)
crdito autoamortizable
self-liquidatingcredit

50

E-

crdito con garanta de o,tro crdito

back-to-back (loan, borrowing)

derecho de suscripcin
subscription right

crdito garantizado por el Estado

sovereign credit

descontar
discount, to

efecto a la vista o de vencimiento a

muy corto plazo

crdito recproco
swap (transaction)

descubierto
uncovered; naked

hot bill
efecto carrusel

crdito renovable, refinanciable

roll-over credit

descuento
discount [bills];markdown [foreign

merry-go-round effect
efecto comercial

crdito rotatorio, renovable

revolving credit

exchange]
descuento de conversin

trade bill [U.K.]

efectos a corto plazo

cuadro de corrientes financieras

flow-of-fund table [natiorial accounts]
cuarto mnercado
fourth market

conversion discount
descuento de pagars a mediano plazo
forfeiting
descuento impositivo

short-term paper
efectos comerciales en eurodivisas
Eurocommercial paper
efectos comerciales

cuasibanco
near-bank [Canadal

tax credit
descuento sin recurso

commercial paper; commercial bills

efectos en cobro, cobranza

cuasidinero
near-money; quasi-money

discount without recourse

descuento sobre el valor a la par

float [banking]
efectos privados

cuenta corriente del Tesoro

Treasury tax and loan acc:ount IU.S.1

discount from par [securities market]

desintermediacin

private paper
efectos pblicos

cuenta corriente que devenga

intereses
negotiable order of withdrawal (NOW)
account

disintermediation
desplazamiento
crowding-out
deuda consolidada

government paper
elasticidad tributaria global
tax buoyancy
emisin adquirida anticipadamente

cuenta de administracin de fondos

cash-management account

funded debt
deuda prioritaria

por un consorcio bancario

bought deal

cuenta de anticipos
imprest account, fund

senior debt
deuda subordinada

emisin atascada
hung-up issue

cuenta de primas de emisin

share-premium account [IFC]

junior debt; subordinated debt

diferencia

emisin continua
tap issue

cupn
coupon

spread
diferencial

emisin de bonos en el exterior

external bond issue

curva de rendimiento
yield curve

spread
dinero a la vista

emisin de valores de capital

capital issue

cali money; day-to-daymoney; demand

emisin empantanada

-D-

money; money at call

hung-up issue

debenture
debenture (bond)

dinero en el sentido estricto

narrow money
dinero en sentido amplio

emisin exploratoria
red herring issue
emisiones de organismos federales

departamento bancario considerado

como extraterritorial

broad money
dinero exigible

offshore banking unit (OE,U)

departamentos fiduciarios de bancos

call money;day-to-day money; demand

money; money at call

agency securities, obligations

emisor
issuer
emprstito de contrapartida

bank trust departments

depsitos bancarios
bank money

dsagio
disagio
distribucin

back-to-back (loan, borrowing)

emprstito de suma alzada
lump-sum borrowing [IFCI

depreciacin
amortization

allotment
dividendo en acciones

emprstitos calificados
qualified borrowings [IBRD]

derecho
right (to purchase shares)

stock dividend
divisin de acciones

emprstitos de referencia
proxy borrowing [IBRD]

derecho (del accionista)

corporate right

split; split-up

51

emprstitosgigantescos
jumbo borrowing
encaje legal adicional
marginalreserverequirement
esquela
tombstone
estado de flujo de fondos
statementof changesin financial
position:sourceand applicationof
fundsstatement;fundsstatement;
sourceand use of funds statement;
funds flowstatement;changesin

financiamientocon garantade
contratos
contract financing
financiamientocon recurso limitado
limitedrecourse finance
financiamientoconcatenado
piggy-backfinancing
financiamientoconjunto
joint financing
financiamientode los ltimos
vencimientos
funding latter maturities [IBRD]

fondoscomprados
purchased funds
fondosde reservapara redencinde
capital accionario
capital redemptionreservefunds
fondosde un da para otro

workingcapital statement
eurobono
Eurobond
eurocrdito
Eurocredit
eurodivisas
Eurocurrency
eurodlar
Eurodollar
euromercado
Euromarket
euromoneda
Euromoney
europrstamo
Euroloan
evaluacinactuarial
actuarialevaluation
evaluar
rate, to; grade,to
exceso de oferta
overhang
expectativasracionales
rational expectations

financiamientoen condicionesde
mercado
market-relatedlending
financiamientoinnovador
creativefinancing
financiamientoparalelo
parallelfinancing
financiamientosin posibilidadde
recurso
nonrecoursefinance
flotacinimpura, dirigida
dirty float
flotacinlimpia
clean float
fluctuacinde los tipos de inters
debida a la fuga de capitales
interest leakage
flujo de fondos
funds flow;flowof funds
fondocomn de inversiones
money-market(mutual)fund;mutual

freno fiscal
fiscaldrag
futuros
futures [commoditiesmarket]

fund
fondocomn de monedas
currencypool

Gensaki
gestin de caja, de liquidez
cash management

fondo de amortizacin
sinking fund
fondo de anticipos
imprestaccount, fund
fondode inversinque cobrauna
comisin
load fund
fondode inversinque no cobrauna

gestin del pasivo

liabilitymanagement
gran banco
city bank
grupo de colocacin

comisin
no-load fund
fondo de inversiones
investmentcompany,fund
fondo mutuo
moneymarket(mutual)fund;mutual
fund
fondo rotatorio
revolvingfund

management,managinggroup
[Eurodollarmarket]
grupo de suscripcin
underwritingconsortium,group,
syndicate
grupo garante
underwritingconsortium,group,
syndicate

- Ffactorde ajuste para finesde

amortizacin
amortizationadjustmentfactor
[currencvpool]
factor de revaluacin
revaluationfactor [currencypool]
facultadpara contraer compromisos
commitmentauthority
fecha de desembolso
payout date
fecha de valor
value date
fijacinde preciosabierta
open pricing

overnightfunds
fondosfederales
federalfunds
formacinde un consorcio(bancario,
de financiamiento)
syndication

G-

ganancia bruta en cuenta de valores

securitiesmargin account
ganancias no realizadas
unrealized gains
garanta
guarantee [IBRD]
garanta (dada por terceros)
comfort
garanta (del Estado)
guarantee
gasto concentradoal comienzode un
perodo
front-loadedspending
Gensaki

sellingconsortium,group,syndicate
[Euromarket]
grupo de direccin

52

grupo vendedor
selling consortium, group, syndicate
[Euromarket]

-H-

letra a cierto plazo de la fecha de

presentacin
after-sight bill
letra aduanera garantizada
custom-duty

bill

mercado al contado
spot market; cash market
mercadobasadoen el prestigio de los
prestatarios
name market

letra bancaria
bank bill
letra comercial

mercadode capitales
capital market
mercado de corto plazo

trade bill [U.K.]

short-term paper market

inflacin bsica
core inflation

letra de banco
banker's draft
letra de cambio
bill of exchange

mercado de productos disponibles, de

entrega inmediata
spot market [commodities]
mercado de ttulos al portador

instrumento negociable
negotiable instrument

LIBOR
LIBOR(London Interbank Offered

bearer market
mercado extraburstil

instrumentos
instruments

Rate)
librador (p. ej. de un pagar)

over-the-counter market (OTC)

mercado financiero

instrumentos de la deuda pblica

maker (e.g., of a note)

open market

government debt instrunments

instrumentos financieros; a plazo
financial futures

libranza en divisas
foreign exchange warrant
lmites legales (de las comprasen

mercado fuera de bolsa

over-the-counter market (OTC);third
market; off-the-board market

intensificacin financiera
financial deepening

descubierto)
margin requirements [stock exchange]

mercado gris
grey, gray market

intercambio de deudas
debt-for-debt swap

lnea de crdito de apoyo

back-up line of credit

mercado inmovilizado
locked market

intercambio de monedas
currency swap; swap (transaction)

lista de acciones con sus cotizaciones

share list

mercado paralelo
parallel market

inters de "contango"
contango rate; continuation rate

lista de espera
queue

mercado primario,de emisin

primary market

honorario del banco director

praecipium; praecipuum

-1I-

inters mayoritario
proprietary interest

inters nominal
coupon rate

Mi

inters nominal corriente

current coupon (rate)

Mi
M2

intermediacin
intermediation
intermediariofinanciero
financial intermediary
inversin orientada a aumentar la
eficiencia de la produccin y reducir
los costos
capital-deepening investment

M2
M3
M3
manipulacinde la contabilidad(para
- . .
aparentar una mejor situacin)
window dressing
margen
spread

inversin peridica de monto

constante
averaging

memorando de informacin
placement memorandum; placing
memorandum

-Llastre fiscal
fiscal drag

mercado secundario
secondary market
multibanco
combined commercial and investment
bank; multibank; all-purpose bank
-

nivel de endeudamiento relativo al

capital
I~~~~everage
(ratio) [U.S.],gearing (ratio)
[U.K]
no cotizado en la bolsa
unlisted (security)
-

memorando de oferta

obligacin

offering memorandum

bond
bearer bond

mercado a plazo, a trmino, de futuros

forward market
mercado abierto
mpercao
mabiert
open market

obligacin (con clasificacin) AAA

AAAbond

53

obligacin contingente
contingent obligation [IBRDI

pagar al portador
bearer note

oferta pblica

pagar bancario

equity: owners'equity;

public offering (of shares)

bank bill

worth; shareholders' funds [U.K.]

oferta pblica de compra

take-over bid

pagar con cupn

coupon note

perfil general del financiamiento

overall risk profile [IBRD]

opcin
option

pagar con inters variable

floating-rate note (IRN)

perodo "after-market"
after-market

opcin de cambio de divisa

nmu]ticurrencyoption

pagar con tipo de inters flotante

perpetuo

perodo de pago
payment period [IRRD]

opcin de compra
call option

perpetual floating-rate note

pagar de vencimiento ajustable

perodo de prohibicin de rescate

noncall period

opcin de compra de acciones

stock option

extendible note: extendible maturity

note

petrobono
petrobond

opcin de compra de bonos con

rendimiento inferior al del bono
inicial
out-of-(the)-money option

pagar del Tesoro

Treasury note [U.S.]
pagar del Tesoro a corto plazo
Treasury bill [U.S.]

posicin de venta en descubierto

short position
praecipuum
praecipium: praecipuum

opcin de financiamiento residual

take-over option [IBRDI

pagar descontado
discount note

precio
price (of a bond)

opcin de venta
put option

pagar en previsin de una emisin de

bonos

precio comprador
bid price; buying rate [securities

opcin de venta y compra

straddle; call-and-put option

bond-anticipation note (BAN)

pagar respaldado por ingresos

market]
precio de compra

operacin de cobertura por venta a

plazo
short hedge

fiscales previstos
tax-anticipation note (TA1N)
pagars descontados consolidados

bid price
precio de conversin
conversion price

operaciones de cobertura por compra

a plazo
long hedge

consolidated discount notes

pagars que devengan intereses
interest-bearing notes

precio de cuenta
accounting price
precio de mercado

operaciones de cobertura,
de proteccin cambiaria
hedging

papel a corto plazo

short-term paper
papel comercial

arm's length (price)

precio de transferencia interna
transfer price

orden de compra
trading ticket [securities]

commercial paper; commercial bills

participacin de fundador

precio de venta
selling rate

orden de venta
trading ticket [securities]

founder's share
participacin en el capital social

precio econmico
economic price; efficiency price

organismo de clasificacin de valores

rating agency

equity ownership
participacin en una sociedad

precio en la frontera
border price

partnership share
participacin proporcional
funding pro rata [IBRDI
participacin sin posibilidad de

precio fijado en contrato (para

ejercitar una opcin de compra)
striking price; exercise price
precio fronterizo

pagar a corto plazo

recurso
nonrecourse participation

border price
precio mnimo en subasta a la baja

short-term note
pagar a corto plazo en espera de
ingresos no tributarios
revenue-anticipation note (RAN)

pase financiero
swap (transaction)
patrimonio
stockholders'equity; shareholders'

stop-out price
precio neto
payout price

pagar
note; promissorv note

pagar a corto plazo para financiar un

proyecto
project note

equity; owners' equity; equity; net

worth; shareholders' funds [U.K.]

patrimonio neto
stockholders' equity; shareholders'

precio vendedor
selling rate

equity net

54

prestamista de ltima instancia

lender of last resort

prestatario preferencial, preferente, de

primera clase

refinanciamiento anticipado
advanced refunding

prstamo "A"
"A" loan

prime borrower; premier borrower

prima

refinanciamiento de monto igual

even roll

prstamo a la vista
call loan
prstamo a mediano o largo plazo
term loan

premium [foreign exchange; option

market; securities]
prima de conversin
conversion premium

relacin activo disponible-pasivo

corriente
acid-test, liquid, quick ratio
relacin corriente [Amrica latina]

prstamo amortizable en su mayor

parte al vencimiento
balloon loan

prima de emisin
premium [stocks]
prima de liquidez

current ratio; working-capital ratio

relacin de Bruno
Bruno ratio

prstamo B"
"B" loan

liquidity premium
prima de rescate

relacin de cobertura de intereses

interest-coverage ratio

prstamo 'balloon"
balloon loan
prstamo cofinanciado
coloan

call premium
prima pagada por aplazamiento de
entrega
backwardation

relacin de cuenta
accounting ratio
relacin de endeudamiento
debt ratio

prstamo con intermediacin de un

banco
back-to-back (loan, borrowing)
prstamo concedido por uniclub
bancario, por un consorcio
club loan

prima por inflacin

inflation premium
prima por riesgo
risk premium
promedio mvil (ponderado)
running (weighted) average

relacin de endeudamiento a largo

plazo
long-term debt ratio
relacin del servicio de la deuda
debt-service ratio
relacin derivada del balance general

prstamo de ttulos con garanta en

efectivo
cash security loan

prospecto
prospectus
proteccin contra rescate anticipado

balance-sheet ratio
relacin deuda-capital
debt-equity ratio; debt-to-equity ratio

prstamo de un consorcio
syndicated loan

call protection
proteccin de "swap" doble

relacin endeudamiento/capital
propio

prstamo en pirmide, en cascada

apex loan

cross-currency interest hedge;

double-hedge swap

leverage (ratio); gearing (ratio)

relacin precio-utilidades

prstamo en valores
security lending [IBRD[

punto de equilibrio
break-even point [stock market]

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

relacin prstamos desembolsados y

prstamo en valores garantizado por

otro(s) valor(es)
borrow-pledge security loan

R-

pendientes-capital y reservas
gearing ratio
relaciones de actividad

prstamo incluido,en el sistema de

fondo comn de monedas
pooled loan

recompra
buy-back [Canada]
recompra de divisas en moneda

activity ratios
relaciones de gestin
operating ratios

prstamo que se halla en dificultades

distressed loan

nacional
inward swap

relaciones de liquidez
liquidity ratios

prstamo reajustado
indexed loan [currency pool]

redescontar
rediscount

relaciones de rentabilidad
profitability ratios; revenue-covenant

prstamo reembolsable de una sola vez

a su vencimiento
bullet issue

redescontar con compromiso de

reventa
take in, to (bills)

ratios
relaciones financieras
financial ratios

prstamo subordinado
subordinated loan

redescuento
discount window

rmora fiscal
fiscal drag

prstamos cruzados en divisas

back-to-back (loan, borrowing)

reembolso en cuotas iguales

level repayment

rendimiento al vencimiento
yield to maturity (YTM)

prstamos pendientes
exposure

refinanciamiento
roll-over

rendimiento equivalente a un inters

nominal
coupon equivalent yield

55

renovacin
roll-over

sistema de fondo comn de monedas

currency pooling system

tasa de inmovilizacin
lock rate

renunciar a una garanta

take out, to LIBRD)

sistema de la Reserva Federal

Federal Reserve System [U.S.]

tasa de inters de cuenta (TIC)

accounting rate of interest (ARI)

represin financiera
financial repression

sistema de tipos de inters basados en

una "cesta" de emprstitos

tasa de inters del consumo (TICO)

consumption rate of interest (CRI)

reprstamo
onlending

pendientes
pool-based lending rate system [IBRD]

tasa de inters real

real interest rate

resquicio
window (in a market)

situacin en que el precio al contado

es superior al precio a plazo

tasa de los fondos federales

federal funds rate

backwardation

reutilizacin de las ganancias

roll-over of gains
reventa de divisas en moneda nacional
outward swap

sociedad comisionada
commissioned company
sociedad de inversin con nmero de

tasa preferencial
prime rate
tenedor de bonos
bondholder

acciones fijo

riesgo
exposure

closed-end (investment) fund

sociedad de inversiones

tercer mercado
third market; off-the-board market

riesgo de liquidez
cash risk; liquid-holdings risk

investment company, fund

tipo de cambio mnimo

floor rate of exchange

riesgo que plantea el pas

sovereign risk

sociedad de inversiones con nmero

de acciones variable
open-end (investment) fund; unit trust

riesgo relacionado con el

refinanciamiento
refinancing risk [IBRD]

[U.K.]
sociedad de valores
securities dealer; securities firm

tipo de inters del consumo (TICO)

consumption rate of interest (CRI)
tipo de inters pagado por

riesgo relacionado con el margen

spread risk [IBRD]

solvencia
credit standing; creditworthiness

aplazamiento de entrega
backwardation rate

riesgo relacionado con los tipos de

inters

solvencia crediticia
credit standing; creditworthiness

tipo de inters para prstamos a la

vista

interest-rate risk
riesgo relacionado con un desfase
lag risk [IBRD];mismatch risk [IBRD]

subasta a la baja
Dutch auction

call-money rate
tipo de inters real
real interest rate

riesgo soberano
sovereign risk
riesgos de refinanciamiento
roll-over risks
- S

sacudimiento
shake-out Mofthe market)
saldo que pasa (al ejercicio siguiente)
carry-over

subcuenta de endeudamiento del

prestatario
borrower's indebtedness subaccount

tipo de inters de cuenta (TIC)

accounting rate of interest (ARI)

tipo de inters variable basado en una

"cesta" de emprstitos pendientes

[currency pool]
subprstamo
subloan

pool-based variable lending rate [IBRD]

tipo de los fondos federales
federal funds rate

subprestatario
subborrower
swap
swap (transaction)

tipo de redescuento
discount rate
tipo Lombard
Lombard rate [Federal Republic of
Germany]
tipo para prstamos con garanta de

sector

valores

segment; sector (of the market)

tasa crtica de rentabilidad

broker loan rate

segmento
segment; sector (of the market)

hurdle rate
tasa de activacin

tipo preferencial
prime rate

servicio bancario internacional

international banking facility (IBF)

trigger rate
tasa de actualizacin

ttulo
security

sin garanta escrita

clean

discount rate
tasa de actualizacin de equilibrio

ttulo al portador
bearer security

sin intereses
fiat

cross-over discount rate; equalizing

discount rate

ttulo consistente en un asiento

bancario
book-entry security

56
valor precursor de tendencias
bellwether security

uU

ttulo hipotecario
mortgage bond
ttulo provisional
scrip certificate; bearer scrip

unidad de cuenta europea (UCE)

European Unit of Account (EUA)

valores a corto plazo

short-term paper

ttulos con cupn

colupon paper

unidad monetaria europea (ECU)

European Currency Unit (ECU)

valores de inversin a largo plazo

investment securities

ttulos de organismos federales

agency securities, obligations

utilidades no distribuidas
retained earnings

valores de primer orden

gilt-edged securities

traduccin de monedas
currency translation

venta de un crdito fuera del consorcio

sell-down

transaccin de vencimientos
simultneos
matched-maturity transaction [IBRD]

valor
security

venta en descubierto
short sale
venta sin compromiso de garanta de

transaccin ficticia
wash sale

valor con tipo de inters descendente

step-down (security)

emisin
best efforts sale

transacciones de personas iniciadas

inside, insider dealing

valor contable, en libros

book value

ventanilla automtica
automatic teller machine (ATM)

transferencia electrnica de fondos

electronic funds transfer (EFT)

valor cotizado en bolsa

listed security

transformacin (bancaria:
transformation

valor crtico
switching value

trueque de bonos de valor nominal

igual
even par swap

valor de conversin
conversion value
valor de primera clase

foreign exchange warrant

"warrant" para compra de bonos
debt warrant

trueque de tipos de inters

interest-rate swap

blue chip
valor de proteccin

"warrant" separable
detachable warrant

- W

warrant' en divisas

hedge
valor en venta continua
tap security
valor nominal
full face value; par value; face value

zona bancaria franca

offshore banking center

THEWORLDBANK
litadquarters

European()ffice

TI'nkvo
Office

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liahle.ddrcss: INT[I
iAF'RAI)

This glossary contains terminology

related to borrowing and lending
operations of the World Bank and
the International Finance Corporation and to the U.S. and Eurodollar financial markets. The glossarv
comprises three sections: EnglishFrench-Spanish, French-English,
and Spanish-English. Definitions
are given in English in the first section.
Other glossaries published by the
World Bank are Forestry Terms in
English-French and French-English and World Bank Glossary
in English-French-Spanish, which
contains economic, financial, and
other terms related to development
in general. These are also available
from the Publications Sales Unit of
the Worid Bank.

Ce glossaire contient des termes

concernantles oprations d'emprunt
et de prt de la Banque mondialeet
de la Socit financire internationale, les marchs'financiersdes EtatsUnis et les marchsen eurodollars.
11est divis en trois sections: Anglais-Francais-Espagnol, FranaisAnglais et Espagnol-Anglais. Les
dfinitions sont donnesen Anglais
dans la premiresection.
La Banque mondiale a publi deux
autres glossaires: Forestry Terms
(Terminologie forestire> en Anglais-Franaiset Franais-Anglaiset
The World Bank Glossary. en Anglais - Franais- Espagnol, qui comprend des termes conomiques,financiers, et d'autres termes concernant le dveloppementen gnral.
On peut se procurer ces glossaires
auprs du Servicede vente des publications de la Banquemondiale.

Este glosario contiene terminologia

relacionadacon las operacionesde
emprstitos y prstamos del Banco
Mundial y la Corporacin Financiera Internacional,y con los mercados financieros de los Estados Unidos y de eurodlares. El glosario
consta de tres secciones: inglsfrancs-espaol. francs-ingls y
espaol-ingls. En la primera seccin se dan definiciones de los trminos en ingls.
Otros glosarios publicados por el
Banco Mundial son Forestry Terms,
ingls-francs v francs-ingls. y
The World Bank Glossairq, inglsfrancs- espaol. que contiene trminos econmicos,financieros y de
otros sectores relacionados con el
tema general del desarrollo. Estos
glosarios tambin pueden obtenerse
de la Dependenciade Venta de Publicacionesdel BancoMundial.

-1
IS1BN(1-8213- 036h5