A World Bank Glossary. Glossa re Glossary des finances Glosario of Finance et de de finanzas and Debt la dette y de deuda FILE COPY

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1 9477 Public Disclosure Authorized FILE COPY Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized A World Bank Glossary Glossa re Glossary des finances Glosario of Finance et de de finanzas and Debt la dette y de deuda

2 A World Bank Glossary Glossaire de la Banque mondiale Glosario del Banco Mundial Glossary of Finance and Debt Glossaire des finances et de la dette Glosario de finanzas y de deuda English-French-Spanish Français-anglais-espagnol Español-inglés--francés The World Bank Washington, D.C., U.S.A.

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

4 i i Contents-Table des matieres-indice Foreword v Avant-propos vi Prefacio vii Terminology of Finance and Debt 1 English-French--Spanish Abbreviations (English) 111 Sigles (français) 119 Siglas (Español) 125 Terminologie des finances et de la dette Français-anglais 129 Terninología de finanzas y de deuda Español-Inglés 181

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6 v Foreword This glossary supersedes Borrowing and Lending Terminology, which appeared in Borrowing and Lending Terminology was originally produced in response to changes in the Bank's borrowing program, which had been expanded to increase the sources of borrowing and to take advantage of changes in the financial markets. This new glossary adds considerably to those terms, to reflect both the substantial changes in the financial markets in the 1980s and how the Bank has profited from them. While the major references are to the US and Eurodollar markets, terminology will be found from most of the major world financial markets. The new glossary also adds to the scope of the original, by introducing a wide range of terminology connected with the international debt problem. A variety of innovative features both within the World Bank and elsewhere has been considered and, in some cases, implemented in order to deal with the debt burden of the developing countries. This has given rise to a specialist terminology, considered here for the first time. Unfortunately, the activities of the world's financial markets and consideration of international debt have tended to take place primarily in English. As a result, many of the terms considered here do not have standard equivalents in French or Spanish and should be considered as proposed translations rather than as standard terms. Naturally, where there is an equivalent used in French or Spanish, or where the experts in France or Spain and the Latin American countries have an agreed terrn, it has been used. It should be noted, however, that many of these terms will be used in English by French- and Spanish-speaking experts, even when there is an accepted equivalent in French or Spanish. Definitions have been given for nearly all of the terms, so that translators can decide whether to use the proposed translation or adopt another one. These definitions are based on the English term, except where otherwise noted, and appear in the English section. Besides terminology used in the financial markets, this glossary also contains terms relating to the World Bank's current lending program, including the currency pool and the pool-based lending rate (whích are not the same thing), banking, accounting, particularly ratios, as well as a few terns in the fields of economics and financial analysis. The names of the United States and the United Kingdom have been consistently abbreviated to "U.S." and "U.K." This glossary has been prepared by the Terminology Unit of the World Bank's Language Services Division, in close collaboration with the French and Spanish Sections. Any comments, including proposals for new terms and suggested alternative translations, will be most welcome and should be addressed to: Terminology Unit Language Services Division The World Bank 1818 H Street, N.W. Washington, D.C U.S.A.

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

8 vii Prefacio El presente glosario sustituye al de Terminología de empréstitos y préstamos, publicado en 1984, que se elaboró para recoger las modificaciones introducidas en el programa de empréstitos del Banco a fin de ampiiar las fuentes de obtención de fondos y de aprovechar los cambios experimentados por los mercados financieros. Este nuevo glosario incorpora una cantidad considerable de nuevas expresiones que reflejan tanto los sustanciales cambios que han registrado los mercados financieros en los años ochenta como el modo en que el Banco los ha utilizado. Si bien muchos de estos términos se refieren a los mercados de los Estados Unidos y del eurodólar, en sus páginas se encontrará terninología de la mayoría de los principales mercados financieros del mundo. Además, el nuevo glosario amplía el ámbito del original, pues introduce una gran variedad de términos relacionados con el problema de la deuda internacional. A fin de hacer frente a la carga de la deuda de los países en desarrollo, tanto en el seno del Banco Mundial como en otras esferas se ha considerado una gran diversidad de mecanismos innovadores, algunos de los cuales se han adoptado en la práctica. Esto ha dado lugar a la creación de una terminología especializada, que se recoge aquí por primera vez. Lamentablemente, en las actividades de los mercados financieros del mundo y en la consideración del problema de la deuda internacional predomina el uso del idioma inglés. Como resultado de ello, muchos de los términos recogidos aquí no tienen un equivalente exacto en español o francés, por lo que las traducciones que se dan deben considerarse como sugerencias, más que como términos consagrados. Naturalmente, en los casos en que existe un equivalente en español o francés, o en que los expertos de España y los países latinoamericanos o de Francia han convenido en una expresión técnica, ésta se ha incorporado al glosario. No obstante, cabe señalar que los expertos emplean muchos de estos términos en inglés, aun cuando exista un equivalente aceptado en español o francés. Se dan definiciones de casi todas las expresiones, de modo que los traductores pueden decidir si usan la traducción propuesta o adoptan otra. Salvo indicación en contrario, las definiciones corresponden al término inglés y aparecen en ese idioma en la sección trilingüe. Además de la terminología usada en los mercados financieros, este glosario contiene términos relacionados con el programa actual de operaciones crediticias del Banco Mundial, incluidos los referentes al fondo común de monedas y al tipo de interés variable basado en una "cesta" de empréstitos pendientes, banca, contabilidad -en particular coeficientes- y algunas expresiones que se emplean en los campos de la economía y el análisis financiero. Se indica si el término corresponde a los Estados Unidos o al Reino Unido con las abreviaturas "U.S." y "U.K". Este glosario ha sido preparado por la Unidad de Terminología de la División de Servicios Lingüísticos del Banco Mundial, en estrecha colaboración con las Secciones de Traducciones al Español y al Francés. Cualquier comentario será bien recibido inclusive sugerencias relativas a la incorporación de nuevos términos o a traducciones distintas de las que aparecen en el glosario. Las comunicaciones deben dirigirse a: Terminology Unit Language Services Division The World Bank 1818 H Street, N.W. Washington, D.C EE.UU.

9 Terminology of Finance and Debt English-French-Spanish

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11 3 - A - accrued interest (Al) lbonds] coupon couru (CC) intereses devengados y acumulados accelerable guarantee A bond's accumulated interest made since the last garantie appelable par anticipation interest payment. garant(a exigible anticipadamente A guarantee whereby a cail for payment can be acid-test, liquid, quick ratio advanced if the loan is declared in default, before ratio de trésorerie réduite the maturities being guaranteed become payable. relación activo disponible-pasivo corriente acceleration of maturity The standard IBRD defmition is the ratio of cash plus marketable securities plus accounts receivable exigibilité anticipée; demande de plus other amounts readily convertible into cash to remboursement anticipé current liabilities. Other definitions include ratio of aceleración del vencimiento; adelanto del current assets less inventories to current liabilities, vencimiento ratio of quick assets to current liabilities, ratio of Declaration by a lender that the outstanding princi- cash plus near-cash assets to current liabilities, and pal is due and payable immediately, together with ratio of cash plus accounts receivable plus the the interest due, following non-compliance with loan market value of selected investments to current covenants. liabilities. In Latin America, relación de prueba accounting príce ácida is often found, while in Spain ratio de tesorería is used. prix comptable precio de cuenta; precio contable active borrower A price used for accounting purposes (i.e., not a pays qui continue d'emprunter market price). Often used synonymously with prestatario (activo) shadow price. Country which still receives World Bank loans. accounting rate of interest (ARI) taux d'intérét comptable (TIC) tasa de interés de cuenta; tasa de interés contable (TIC); tipo de interés de cuenta; tipo de interés contable (TIC) Discount rate used to convert future values of benefits and costs into equivalent present values. activity ratios taux d'activité accounting ratio d ctivité ratio relación prix prix comptable-prix iompontable-precix du marché du mearché ; relación precio contable-precio de mercado; coeficiente de cuenta; coeficiente contable Ratio of accounting price to market price of a good. appréciation appréciation diferencia entre el precio con descuento y el valor nominal [bonos] Adjustment of the difference between the price of a bond bought at an original discount and the par value of the bond. active loana préts en cours de décaissement, non encore remboursés préstamos vigentes Loan on which disbursement is still being made. A coeficientes group of ratios de actividad that measure movement in the activities of a corporation. actuarial evaluation évaluation actuarielle evaluación actuarial Evaluation of future events, particularly those relating to asset appreciation, earning power and compensation.

12 4 admission fee (to a stock exchange) frais de cotation comisión de admisión (a cotización) Fee charged by a stock exchange for applying for a stock to be listed on that exchange. advanced refunding refinancement anticipé refinanciamiento anticipado Refinancing before maturity, to take advantage of favorable market conditions. advisory committee see steering committee agency fee [Euromarket] commissíon de gestion comisión de gestión Fee paid to the lead manager in a Euroloan for his work in collecting and paying out interest payments and other services. agency securities, obligations obligations émises par des organismes fódéraux titulos de organismos federales; obligaciones de organismos federales [EE.UU.] Securities issued by a U.S. federal agency. African Enterprise Fund agent bank Fonds des entreprises africaines 1. correspondant; Fondo para empresas africanas 2. mandataire; agent A fund established by IFC to expand IFC's assis- 1. banco corresponsal; tance to small- and medium-sized enterprises in 2. banco agente Sub-Saharan Africa. It will help entrepreneurs in 1. Bank acting for a foreign bank. this sector to develop, rehabilitate or expand their 2. Bank handling administration of loan in a syndibusinesses. The plan is to invest $60 million over cated credit. three years. agio African Facility see Special for Sub-Saharan agio Africa agio The premium which the metallic or other currency Africa Project Development Facility (APDF) of a country may command over legal tender paper Service de promotion et de développement des money which is its face equivalent. investissements en Afrique (APDF) Unidad de preparación de proyectos para Africa agricultural sector adjustment loan (ASAL) A UNDP project co-sponsored by the African prt & l'alustement du secteur agricole (PASA) Development Bank and IFC, with IFC as executing préstamo para ajuste del sector agrícola agency. Its services are available to countries which Sector adjustment loan in the agricultural sector. become signatories to the related UNDP project document. Its purpose is to promote small- and air pocket stock medium-scale private enterprises in Sub-Saharan action en chute libre Africa. Staff will be based in Abidjan and Nairobi. acción de calda vertiginosa Projects will be generated by development institu- A stock whose price has fallen sharply, following an tions active in the area as well as by ad hoc visits announcement of bad news by the issuing company. from APDF staff. alligator spread after-market marge vorace apres bourse transacción en la cual las comisiones eliminan período post-emisión toda posibilidad de utilidades The period between the issue of the security and Any options transaction in which commissions eat lifting of syndicate restrictions in the flxed-interest up all potential profit. and Eurobond markets. Sometimes used incorrectly as a synonym for secondary market.

13 5 allocated transfer risk reserves (ATRR)[U.S.I réserves obligatoires pour risques de transfert reservas obligatorias para un país especffico Mandatory and specific country risk reserves for U.S. banks against value lmpalred claims as defined by the U.S. Interagency Country Exposure Review Committee (ICERC). allotment attribution; répartition distribución Allocation of securities to members of the syndicate involved in the issue, in the Eurobond and U.S. securities market. all-purpose bank see combined commercial and investment bank alternative participation instruments (APIS) titres alternatifs No Spanish Securities issued in exchange for debt to all creditor banks of a specific country, enabling all these banks to reduce their base exposure by up to the same specified limuit. These instruments are often called exit instruments or exit bonds. American Depositary Receipt (ADR) certificat américain de dépót recibo americano de depósito A document that gives its owner in a foreign country the right to a specified amount of stock of a United States company registered in the name of a United States depository bank. amortization adjustment factor (currency pool] coefflcient d'alustement de (I'encours) de la dette factor de ajuste para fines de amortización The ratio of the current value, in terms of the U.S. dollar, of the principal outstanding of a loan at the commencement of business of a day to the corre- sponding total of withdrawals from the Loan Ac- count, net of recalis for amortization. annuity bond titre de rente perpétuelle bono perpetuo; bono de renta vitalicia Bonds which pay fixed interest every year in perpe- tuity, i.e. which have no maturity. apex loan prét apex; prét en cascade; prét pyramidal préstamo en pirámide; préstamo en cascada Loan whereby IBRD lends money to an apex development financial unit which onlends it to participating financial institutions which, in turn, onlend it to industrial companies. Application for Withdrawal for direct payment [IBRD] demande de retrait de fonds pour le reglement direct de fournisseurs solicitud de pago directo en nombre del prestatario The standard procedure for a borrower to apply to withdraw funds from an IBRD Loan Account to make a payment to a third party for amounts due. American (style) option option américaine opción americana Option containing a provision to the effect that it can be exercised at any time between the date of writing and the expiration date. See European (style) option. Application for Withdrawal for reimbursement [IBRD] demande de retrait de fonds pour le remboursement d'un paiement solicitud de reembolso directo al prestatario The standard procedure for a borrower to apply to withdraw funds from an IBRD Loan Account to reimburse funds already paid. amortization amortissement; remboursement [préts] arbitrage see also covered interest arbitrage; 1. amortización; index arbitrage trading; switch; time arbitrage; 2. depreciación triangular arbitrage; two-point arbitrage; yieid 1. The gradual extinguishment of any amount over curve arbitrage a period of time (e.g., the retirement of a debt). 2. A reduction of the book value of a fixed asset.

14 6 arbitrage arbitrage arbitraje Buying (or borrowing) in one market and selling (or lending) in another to take advantage of inefficiencies or price differences. Association of International Bond Dealers (AIBD) Association des courtiers internationaux en obligations Asociación de Intemediarios Internacionales de Bonos International body which issues rules and recom- mendations concerning the operation of the interna- tional securities markets. arbitrageur arbitragiste arbitrajista Person systematically engaged in arbitrage dealing. arm's length (price) (prix) normal du marché; (prix) de pleine concurrence precio de plena competencia Price between corporations under fully competitive conditions (the opposite of transfer price). st the money (ATM)(option) option au cours; á parité opción a la par A call or put option that has a strike price equal to the price of the underlying asset. Option au cours is the term used in the MATIF. auction see Dutch auction; foreign exchange auctions ask(ed) price; market price [securities marketj auction market cours (de 'offre); pied de coupon marché d'encheres; marché aux enchéres precio vendedor mercado de subasta The price at which a security or commodity is Market for buying and selling securities through quoted or offered for sale. brokers on the securities exchanges, as distinguished from the over-the-counter market, where trades are asset(-based) swap negotiated. A price is established by competitive swap d'actifs bidding between brokers acting as agents for buyers swap de activos; intercambio de activos and sellers. A swap to convert the coupon on an asset to another rate or currency and rate basis. automated quotation cotation assistée en continu (CAC) asset finance cotización automatizada; cotización titres garantis par des actifs computadorizada No Spanish Price quotations on securities provided automatical- Mortgage-backed securities and securitization of a ly by a computerized system. In the U.S., the range of assets such as whole loans, automobile best-known system is the National Association of receivables and other debt instruments. Though Security Dealers Automated Quotations relatively recent, it now accounts for more than one (NASDAQ) system, while the CAC system has third of all U.S. corporate bond issues. recently been introduced in Paris, based on the Toronto Computer Assisted Trading System (CATS).

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

16 8 backstop (credit) fbclilty; backup (underwrlting) faclllty facilité de garantie línea de crédito contingente Facility giving a borrower a standby line of credit, either in the form of direct access to funds or by underwriting an issue. bali out renflouer sacar de apuros Provide emergency assistance to financial institution experiencing difficulties. Often used for assistance provided by government to banks. balance-sheet ratio ratio tiré du bilan coeficiente derivado del balance general Ratio based on figures appearing in the balance sheet. backup líne of credit ligne (de crédit) de substitution; ligne (de crédit) de protection; ligne (de crédit) de soutien; ligne (de crédit) de garantie línea de crédito de apoyo balloon loan Line of credit given by commercial bank to issuer of prét ballon; prét á coupon unique commercial paper if the placement of the paper is préstamo balloon; préstamo amortizable en su slow or difficult to accomplish. Used in U.S. mayor parte al vencimiento market. The ligne de crédit de substitution is the A loan repayment scheme, under which the last French equivalent used in the billets de trésorerie repayment is larger than the previous repayments. system. In some cases, the term is used to refer to a scheme, under which the whole loan is repaid at backwardation maturity. The French term prét coupon unique déport refers only to the latter situation. 1. situación en que el precio al contado es superior al precio a plazo; bank, banking see agent bank; book-running 2. prima pagada por aplazamiento de entrega lead bank; Central Bank Facility; chartered 1. In the commodity market, when the cash price is bank; city bank; combined commercial and higher than the forward price. investment bank; commercial bank; electronic 2. In the stock exchange market, a charge paid by banking; exit bank; federally chartered bank; an investor who has not yet acquired securities, free rider; fulí service bank; interbank offered does not want to do so at the prevailing rate, and, rate; international banking facility; investment therefore, does not take up delivery of the securities bank; large exposure bank; lead bank; lender of but carríes delivery over to the next accounting last resort; London lnterbank Bid Rate; London period. (The opposite of contango.) lnterbank Offered Rate; money center banks; 3. In the futures market a market situation in which near-bank; non-bank bank; offshore bank; the nearby month contract price or the cash price is offshore banking center; offshore banking unit; higher than the deferred month contract price. parent bank; retail banking; second tier bank; Sogo bank; trust bank; universal bank(ing); backwardation rate wholesale banking intérét de déport tasa de interés pagado por aplazamiento de bank advisory committee entrega; tipo de interés pagado por comité consultatif bancaire aplazamiento de entrega comité de coordinación de bancos Rate of interest paid on a backwardation Committee set up by banks to negotiate fmancing transaction in the commodity market. packages and restructuring arrangements. See backwardation (defmition 1) above. bank bill acceptation de banque pagaré bancario; letra bancaria Commercial bill accepted by a bank.

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

18 lo bellwether security titre précurseur valor precursor de tendencias A security that seems to lead a market movement or economic trend. benchmark lssue émission modies emisión corriente A standard issue of a security. benchmark portfolio [IBRD] portefeulile modcle cartera modelo A portfolio in each major currency representing an assessment of the most efficient passive portfolio strategy the Bank could adopt if it decided to abandon its active trading strategy, while keeping an average portfolio duration of 12 months. best effort sale vente sans garantie d'émission venta sin garantía de suscripción total A new issue which is not underwritten and not purchased as a whole from the issuer, but is sold by securities dealers on a sell what can be sold basis. Used in the U.S. securities and syndicated Eurocredit markets. beta béta beta A mathematical measure of the sensitivity of rates of return on a portfolio or a given stock compared with rates of return on the market as a whole. See capital asset pricing model. biended interest rate taux d'intéret résultant du panachage tasa de interés del financiamiento combinado; tipo de interés del financiamiento combinado Combined interest rate for a blend country receiv- ing IBRD loan and IDA credit. bid price cours acheteur precio comprador; precio de compra The price offered for a security or commodity by a prospective buyer. bill see bank bill; bond; cash management bill; custom duty bill; hot bill; note; paper; security; Tankoku bill; trade bill; Treasury bili bill broker seo discount house bill of exchange lettre de change letra de cambio An unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a sum of money to, or to the order of, a specified person or to bearer. bloque clause clause de dérogation temporaire cláusula de aplazamiento de pagos Clause in loan agreement that entitles a borrower to postpone payments of interest and principal for limited periods of time in balance of payments difficulties. biend country pays pouvant bénéficier d'un financement mixte; pays a financement mixte; pays recevant des préts de la BIRD et des crédits de I'IDA país que puede obtener financiamiento combinado (del BIRF y la AIF) Country eligible to receive financing from both IBRD and IDA. blended grant element é/ément don résultant du panachage elemento de donación del financiamiento combinado Grant element for a blend country receiving both IBRD loans and IDA credits. blend financing financement mixte (BIRD/IDA) financiamiento combinado (del BIRF y la AIF) Financing from both IBRD and IDA. BN loan prét 'B' préstamo "B' Loan made by the World Bank involving cofinancing.

19 11 biock trading négociation de larges paquets d'actions; placement de titres par gros paquets transacción de bloques de acciones; negociación de bloques de acciones Trading in large amounts (defined as more than $200,000 worth) of stocks. blue chip placement de pere de famille; valeur de pére de famille; valeur de premier ordre valor de primera clase; acción de primera clase Share or security of top-rated U.S. corporation. bond see annuity bond; baby bond; bank quaiity bond; bearer bond; bill; bull and bear bond; bull bond; Bulidog bond; bunny bond; callabie bond; calied bond; collateralized (bond); coilateralized floating rate bond; commodity-indexed bond; commodity-linked bond; corporate bond; coupon(-bearing) bond; cushion bond; daimyo bond; debenture; deep-discount bond; discount bond; double-barreled bond; dual-currency bond; due bond; equity-related bond; equivalent bond yield; Eurobond; exit bond; extendible bond; external bond issue; floating rate bond; Geisha bond; general obligation bonds; global bond; Heaven and Hell Bonds; income bond; indexed bond; junk bond; kiwi bond; loans-for-bonds exchange; matador bond; mortgage bond; multiple (currency) option bond; new money bonds; nominal bond with attached commodity option; noncallable bond; nonmarketable bond; nonmaturing, nonredeemable government bond; note; obligation; original issue discount (OID) bond; petrobond; put bond; red herring issue; retractable, putable bond; revenue bond; roly poly bond; Samurai bond; savings bond; security; serial bond; Shogun bond; stepped (rate) bond; straight bond; Sushi bond; top-rated bond; Treasury bond; warrant bond; wolfhound bond; Yankee bond; zero coupon bond bond obigation bono; obligación Debt instrument with maturity of longer than one year. Note that U.S. bonds are usually secured, while U.K bonds and Eurobonds are usually unsecured. bond-anticipationote (BAN) avance de préémission bono previo a una emisión; pagaré previo a una emisión Short-term borrowing that serves as an interim source of funds for a project that is eventually to be fmanced by the sale of bonds. bond certificate certificat nominatff certificado nominativo Certificate given to the holder of a registered security. bondholder porteur de titres; porteur d'obligations tenedor de bonos; obligacionista One who owns a bond. bond-rating agency see rating agency bond sold on tap obligation vendue a guichet owert bono de venta continua A bond issued on an as required basis (i.e., it is continuously available and may be obtained on demand). The issuer may determine a maximum amount for the issue. bond warrant warrant d'obligations; bon de souscription d'obligations certificado para la compra de bonos; warrant para la compra de bonos Warrant for purchasing bonds.

20 12 bond with bond warrant obligation avec bon de souscrlption d'obllgations (OBSO) bono con derecho a compra de bonos adicionales A bond issued with a warrant attached which entitles the investor to buy more bonds of the same issue or a new issue. bond with equlty warrant obllgation avec bon de souscrlption d'actions (OBSA) bono con derecho a compra de acciones Bond with warrant attached which entities the investor to purchase stock. bond with put option obllgation assortie d'une option de vente bono con opción de venta Bond with a right to redeem it before maturity. bonus share action gratuite acción gratuita A share given as a bonus to purchasers of such shares. book-entry security titre relevé tftuio consistente en un asiento bancario U.S. term for a security, not in the form of a certificate, but as an entry in an account at a bank. Eighty percent of marketable U.S. Treasury securities are now held in book-entry form. book-running lead bank; book-running lead manager teneur de plume banco director encargado del control de la emisión In an international bond issue or Eurocredit, when there are several lead managers, the one mandated by the borrower to control the distribution of the issue. book value vale&r comptable valor contable; valor en libros The net amount at which an asset appears on the books of aceount. border price prlx frontiére; prlx franco frontiére precio en (la) frontera; precio fronterizo Price of a tradable good at a countrys border or port of entry. borrower's lndebtedness subaccount [currency pooil] sous-compte débiteur de l'emprunteur subcuenta de endeudamiento del prestatario An account showing the principal outstanding on a borrower's loan. borrowing rate see depositor rate of interest borrow-piedge security loan prét de titres garantl par d'autres titres préstamo de valores garantizado por otro(s) valor(es) Security loan where one or more securities are posted as collateral for the borrowed security. bottom line résultat net; solde resultado neto The net result or net profit after all expenses. bought deal; firm commitment underwriting prise ferme emisión adquirida anticipadamente por un consorcio bancario Bond issue where a group of investment banks agree to purchase an entire issue for their own account or for resale, prior to announcing the issue to the market. break clause see jeopardy clause break-even point [stock market] niveau d'lndifférence punto de equilibrio Point where two strategies are equivalent. break-up value valeur ventitée; valeur désaggrégée valor de cada parte integrante de una empresa The market value of all the individual parts of a firm if the firm were to be broken up and the indivídual parts operated independently.