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10 Feb 2005 - 11 Mar 2021
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  Glossary on Trade Financing Terms - C
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CAC 40 index:
An index based on the daily quotation of 40 major stocks on the Paris stock exchange.
Français: Indice boursier CAC 40
Español: Indice CAC 40
Call …:
(1) Call loans: Credits usually granted to brokers, dealers or investment banks which may be called in by the lender, or repaid by the borrower, at any time without having to give notice.
(2) Call money: Money deposited or borrowed, usually between banks and financial institutions, with an interest rate and no fixed maturity. It can thus be called for repayment by the lending bank on demand, or repaid by the borrower at any time without prior notice.
(3) Call price: The price at which a security can be redeemed when called.
(4) Call option: An Option giving its holder the right, though not the obligation, to purchase a certain number of assets (such as securities, foreign exchange, commodities, etc.) at a predetermined price (strike price) within a specific period of time. A call option will thus be exercised if the spot price goes above the strike price. If it is not exercised within the specified period of time, the option expires. Compare with Put option.
Français: Appeler
Español: Call ...
Call Account:
A deposit account, usually interest bearing, from which funds can be withdrawn at call.
Français: Compte courant
Español: Call ...
Callable bond:
A bond which the issuer has the right to redeem prior to maturity, by paying some specified call price.
Français: Obligation remboursable par anticipation
Español: Bono exigible
In general, the money used to run a business. The term may also be used in a narrower sense to refer to the company's equity or shares (authorized and/or issued), or in some cases to its equity, plus reserves, plus retained profit (also referred to as shareholders funds).
Français: Capital
Español: Capital
Capital adequacy:
In banking, this refers to the ratio of a bank's capital resources (share capital plus reserves) to its total deposits. Deductions are made from the former for investments in subsidiaries, goodwill and premises. A high ratio of capital adequacy is generally regarded as an indicator of a financially reliable bank.
Français: Adéquation du capital
Español: Nivel de (los) recursos propios
Capital appreciation:
The increase in the value of an asset over a period of time.
Français: Plus value en capital
Español: Plusvalía
Capital appreciation bonds:
These are usually zero-coupon bonds sold Below par.
Français: Appréciation en capital d’obligations
Español: Bono de plusvalía
Capital budgeting:
The evaluation and selection of a company’s planned capital expenditures​.
Français: Budget en capital
Español: Presupuesto de capital, presupuesto de gastos de capital, presupuesto de inversiones
Capital expenditures:
Expenditure used for the acquisition of long-term fixed assets, such as plant and equipment.
Français: Immobilisations
Español: Gastos de capital, desembolso de capital, gastos de inversión
Capital exports:
Movements of capital from one country to another. These flows may take a variety of forms, such as direct investments abroad, portfolio investments, grants etc. When the export of capital occurs in response to fears of political risk, and in violation of the regulations on the international transfer of funds, it is referred to as Flight.
Français: Exportations de capitaux
Español: Exportación de capital
Capital gains:
The difference between the net price at which a security (shares, bonds etc) is sold and the net cost originally paid to purchase it. If a stock is sold below cost, the difference is a capital loss.
Français: Gains en capital
Español: Beneficios y pérdidas de capital
Capital investment loan:
A loan granted to finance the purchase of Fixed assets, i.e. property, plant, machines, equipment, etc.
Français: Prêt destiné à financer des immobilisations
Español: Préstamo para inversiones de capital
Capital market:
The financial market where medium- and long-term debt instruments (such as bonds and shares of businesses and public authorities) are traded. Opposite: Money market.
Français: Marché des capitaux
Español: Mercado de capitales, mercado del dinero, mercado financiero
Capital mortgage:
A Mortgage to secure a specific credit/transaction.
Français: Hypothèque
Español: Hipoteca de capital
Capital ratio:
In banking, this indicates a bank's ratio of equity plus reserves to its total assets. A high ratio implies that the bank has a cushion against bad debts, i.e. the possibility of writing them off against capital.
Français: Ratio de capital
Español: Relación entre el capital y los activos
Capital stock (USA):
See Share capital (UK).
Français: Capital de dotation
Español: Capital stock (USA)
Capital-output ratio:
A measure of the efficiency of the use of capital. The ratio indicates the amount of capital required to produce a determined level of output. The lower the ratio, the more efficient is the firm or economy. Sometimes the ratio is expressed as the incremental capital-output (ICOR), which measures the increase in the stock of capital of a firm, industry or economy over the increase in output over the same period.
Français: Ratio du capital-production
Español: Relación capital-producto, razón capital-producto
Capital structure:
The structure of the liabilities and shareholders' equity side of a business' balance sheet, especially the ratio of debt to equity and the proportion of short and long maturities.
Français: Structure du capital
Español: Estructura de capital
The debt and/or equity mix of a firm's assets.
Français: Capitalisation
Español: Capitalización
Expenditure which has been recorded in the business’ asset accounts and then depreciated or amortized, as appropriate, for items with a useful life of more than one year.
Français: Capitalisé
Español: Capitalized
Capitalized value:
The current value of a future stream of income. To calculate their current value, future payments are discounted at a specific discount rate, so that the further in the future they are due the less they are worth now. The discount rate used is the anticipated interest rate over the period, which indicates the opportunity cost of capital, i.e. the income lost from not having the future payment to invest now.
Français: Valeur capitalisée
Español: Valor capitalizado
Capped FRNs:
A Floating Rate Note which pays a normal floating rate note coupon up to a maximum set interest rate. If market rates rise beyond the reference rate, the coupon is fixed at the capped rate. Capped floating rate notes are mainly issued by banks.
Français: Titre à taux d'intérêt variable avec un maximum déterminé
Español: Bono de interés flotante con techo, bono de interés variable con techo
Carriage Paid To (CPT):
Carriage Paid To (CPT) and Carriage and Insurance Paid to (CIP) a named destination. Used in place of CFR (Cost and Freight) and CIF (Cost, Insurance and Freight), respectively, for shipment by modes other than water, usually for the inland portion of a shipment.
Français: Port payé
Español: Flete pagado hasta, porte pagado hasta
Caribbean Common Market (CARICOM):
A regional trade agreement between 13 English-speaking Caribbean nations.
Français: Marché commun des Caraïbes
Español: Mercado Común del Caribe
A freight/transport company operating by air, ocean, road, rail, canal etc. See also inland.
Français: Transporteur
Español: Transportista, cargador
An organization of independent producers of goods or services, set up to regulate the production, pricing or marketing practices of its members in order to limit competition and to maximize their market power. The Organization of Petroleum Exporting Countries (OPEC) is among one of the most well known cartels.
Français: Cartel
Español: Cártel
Cash accounting:
An accounting method which reports expenditures and revenues when the actual cash outflow or inflow has occurred.
Français: Comptabilité "cash"
Español: Contabilidad de caja
Cash against documents (CAD):
A method of payment where the title documents to the goods are transferred to the buyer upon payment in cash, usually with the intervention of a commission house or other intermediary.
Français: Paiement "cash" contre présentation des documents
Español: Pago contra entrega de documentos
Cash discount:
A reduction, usually expressed as a percentage, in the price of a product or the amount of a bill if payment is made promptly and in cash.
Français: Escompte "cash"
Español: Descuento por pago al contado
Cash flow:
The flow of cash payments to or from a firm during a given period of time. Expenditures are sometimes referred to as "negative" cash flows.
Français: Flux de trésorerie
Español: Flujo de caja, flujo de efectivo, tesorería
Cash in advance (CIA):
A payment method whereby the buyer pays the price of the goods or services in full, prior to the actual shipment of the goods or provision of services. In turn, the seller does not ship the goods or render the services until he has received payment from the buyer. Once the corresponding payment has been made, the seller sends the documents directly to the buyer. Under such a payment method, the seller therefore retains total control over the transaction, with the buyer assuming all the risks (e.g. that the goods ordered and paid for may not be received by the desired date). This technique is usually only used for small purchases or when the goods are built to order. It may also used when the buyer's creditworthiness is doubtful, or when the political or economic environment of his country is unstable, etc. In both Cash in advance and Open account the buyer pays the seller directly, via cheque or money transfer, and the bank's role is limited to moving the funds from buyer to seller.
Français: Avance en liquide
Español: Pago por adelantado
Cash market:
The market in which commodities, treasury bills and other debt securities are traded against cash, for immediate delivery.
Français: Marché au comptant
Español: Mercado al contado, mercado de productos disponibles
Cash payment:
In international trade transactions, this refers to the portion paid by the importer prior to shipment (usually 15% of the total sales price or invoice value). It is mandatory for the extension of most medium and long-term guarantee/insurance and trade financing facilities.
Français: Paiement cash
Español: Pago en efectivo, pago al contado
Cash price:
See Spot price.
Français: Prix cash
Español: Mercado de entrega inmediata
Cash with order (CWO):
A payment technique whereby the buyer pays for the goods when ordering them, with the transaction being binding on both parties.
Français: Cash avec ordre
Español: Pago al pedido
Category I or II countries:
A classification of countries under the Consensus framework, based on GNP per capita income.
Français: Pays de la catégorie I ou II
Español: Países de categría I o II
Abbreviation for Certificate of Deposit.
Français: CD
Español: CD
Cedel (Centrale de Livraison de Valeurs Mobilières):
A Luxembourg-based, computerized clearing house for Eurobonds​.
Français: Cedel
Español: Cedel
Centrally Planned Economy:
See Command economy.
Français: Economie planifiée et centralisée
Español: Economía de planificación centralizada, economía dirigida
(1) A record, attestation, confirmation.
(2) A collective document of title for several shares in an investment fund.
(3) A stock (shares) certificate showing the number of units, par value, voting rights.
Français: Certificat
Español: Certificado
Certificate of Deposit (CD):
A money market instrument and negotiable claim, issued by a bank against a short to medium-term deposit (usually for 1-12 months but in exceptional cases up to 5 years). CDs were first created in U.S. dollars but now also exist in other currencies. They can be bought and sold on the secondary market and have become an increasingly important source of funds for banks.
Français: Certificat de dépôt (CD)
Español: Certificado de depósito
Certificate of inspection:
A document certifying that the merchandise was in good condition immediately prior to shipment or conforms to the original order. Pre-shipment inspection is compulsory for the import of goods into many developing countries.
Français: Certificat de contrôle
Español: Certificado de inspección
Certificate of manufacture:
An official statement by the producer of goods that the manufacturing has been completed and that the goods are now at the disposal of the buyer.
Français: Certificats de fabrication
Español: Certificado de fabricación
Certificate of origin:
A document certifying the country of origin of the merchandise exported. Such documents, required by some nations for tariff purposes, are usually obtained through a semi-official organization such as a local chamber of commerce. A certificate may be required even if the accompanying commercial invoice provides such information. See also Rules of origin.
Français: Certificat d'origine
Español: Certificado de origen
Abbreviation of Cost and Freight.
Français: C.F.R.
Español: C.F.R.
Charges Forward:
A banking term indicating that foreign and domestic bank commissions, interest and government taxes related to the collection of a draft are to be charged to the drawee.
Français: Contre remboursement
Español: Gastos a cargo del librado
Chicago Board of Trade:
The first Futures market in the world.
Français: Chicago Board of Trade
Español: Consejo de Comercio de Chicago
Chicago Board Options Exchange:
The first Options market in the world.
Français: Chicago Board Options Exchange
Español: Consejo de Cambio de Opciones de Chicago
Chicago Mercantile Exchange:
The second largest Futures market in the world.
Français: Chicago Mercantile Exchange
Español: Consejo de Intercambio Mercantil
C & I:
Abbreviation of Cost and Insurance.
Français: C & I
Español: C & I
Abbreviation of Cost, Insurance and Freight.
Français: C.I.F.
Español: C.I.F.
C.I.F. & C.:
Abbreviation of Cost, Insurance, Freight and Commission​.
Français: C.I.F. & C.
Español: C.I.F. & C.
C.I.F. & E.:
Abbreviation of Cost, Insurance, Freight, and (Currency) Exchange.
Français: C.I.F. & E.
Español: C.I.F. & E.
CIP: Carriage and Insurance Paid to
See Carriage Paid To.
Français: Transport et assurance payés à
Español: Flete pagado hasta, porte pagado hasta
Circular Letter of credit:
A letter of credit, purchased by a person intending to travel abroad, authorizing him to obtain funds in local currency at any one of a number of listed correspondent banks.
Français: Lettre de crédit circulaire
Español: Carta de crédito circular
A combined interest rate and currency swap.
Français: CIRCUS
Español: Swap de monedas
See Commercial Interest Reference Rate.
Français: CIRR
Español: CIRR
See Convention on Contracts for the International Sales of Goods.
Français: CISG
Español: CISG
Claims payments:
Payments made by an Export credit agency after the expiry of the Claims-waiting period on an insured or guaranteed loan, where the original borrower or borrowing-country guarantor has failed to pay. The ECA records such claim payments as unrecovered claims.
Français: Paiements relatifs aux réclamations
Español: Pago de una indemnización
Claims-waiting period:
The period of time exporters or banks must wait after the default of the importer/borrower before the Export credit agency will pay their corresponding claim.
Français: Période d'attente des réclamations
Español: Período de carencia
Claused Bill of lading:
A bill of lading on which the carrier has noted some exceptions to having accepted the shipper's merchandise for transport in "apparent good order and condition".
Français: Connaissement clausé
Español: Conocimiento de embarque con cláusulas restrictivas, conocimiento de embarque con reservas
Clean bill of lading:
A bill of lading on which the carrier has indicated that the goods were received in "apparent good order and condition", without damages or other irregularities as to the condition of the goods or packaging. Compare with Foul Bill of lading and Claused Bill of lading.
Français: Connaissement net
Español: Conocimiento de embarque limpio, conocimiento de embarque sin reservas, conocimiento de embarque sin objeciones
Clean draft:
A draft to which no documents have been attached.
Français: Traite nette
Español: Giro sin documentos, letra sin documentos, letra no documentaria
Clean letter of credit:
A letter of credit payable upon presentation of the draft, without any supporting document being required.
Français: Lettre de crédit nette
Español: Carta de crédito simple
Clean floating:
The free movement of a currency on the foreign exchange markets, with no intervention by the government or Central Bank. Opposite: Dirty float.
Français: Flottement libre
Español: Flotación limpia
Clearing banks:
The commercial banks participating in a Clearing system.
Français: Banques compensatrices
Español: Banco de compensación
Clearing Houses:
Also known as Clearing Offices, these are institutions which undertake settlement of the credit/debt positions (stemming from sales of securities and derivatives, bank payments, foreign exchange transactions, etc.) between the members of the Clearing system. Clearing houses play a key role in rationalizing and facilitating the conduct of financial transactions.
Français: Chambre de compensation
Español: Cámara de compensación
Clearing system:
A system set up by a group of financial institutions to settle various payments between themselves. The best known clearing systems are those created for sorting the payment of cheques drawn on one bank and owed to another. Other types of clearing schemes include those for sorting out payments linked to the sale of bonds (such as Cedel, and Euroclear for the sale of Eurobonds​).
Français: Système de compensation
Español: Sistema de compensación
Clip and strip bonds:
These are bonds whose principal and coupon portions may be split and sold separately.
Français: Obligations à coupon détachable
Español: Bonos cortados y separados
Closed-end lease:
A lease contract in which there is no residual value at the end of the lease. See also Leasing.
Français: Crédit-bail à valeur résiduelle nulle à l’échéance
Español: Arrendamiento cerrado
Closing accounts:
The balance sheet and profit and loss account (income statement) of a company, prepared at the end of each financial year.
Français: Comptes de bouclement
Español: Cuenta de cierre, cuenta compensadora
Closing documents:
The documents designed to complete a business transaction.
Français: Documents de clôture
Español: Documento de cierre
Club of Paris:
See Paris Club.
Français: Club de Paris
Español: Club of Paris
Club of ten:
See Group of ten.
Français: Club des dix
Español: Club of ten
A general term indicating the joint financing of large projects. With specific reference to developing countries, cofinancing is usually provided for large infrastructure type projects in the form of loans or grants by several lenders, including commercial banks, the World Bank or other multilateral agencies and export credit agencies or other financial institutions.
Français: Cofinancement
Español: Cofinanciamiento, cofinanciación
Literally, "at the side". The term refers to assets pledged as security for a credit, lease or other commitment or liability. Collateral usually takes the form of assets readily convertible into cash, such as merchandise, bonds, shares, etc. See also Pledge.
Français: Garantie
Español: Garantía (prendaria)
Collateral bonds:
An American term, to indicate those bonds which are secured by collateral, such as the pledging of mortgages (collateral mortgage bonds).
Français: Obligations garanties
Español: Bono garantizado
Collateral loan (USA); Lombard loan (UK):
Advances made against the pledging of collateral.
Français: Prêt garanti (USA) ; Prêt-Lombard (GB)
Español: Préstamo con garantía prendaria
(1) The presentation for payment of any obligation, bill of exchange, draft or other instrument
(2) A payment arrangement whereby the seller ships the goods and draws a bill of Exchange (draft) on the buyer. The Collection papers are then sent to the seller's bank with clear instructions for collection through one of its correspondent banks, located in the country of the buyer. Usually, the title to the goods does not pass to the buyer (unless the buyer is indicated as Consignee on the transport document) until the buyer has paid or accepted the draft. Collections are an alternative payment arrangement to Open account or Cash in advance. They are usually used in connection with the sale of goods rather than the provision of services. See also Documentary Collection.
Français: Encaissement
Español: Recaudación, cuestación, colecta, cobranza, cobro
Collection papers:
All documents (invoices, Bill of lading, etc.) submitted to a buyer in order to receive the payment for a shipment.
Français: Effets destinés à l'encaissement
Español: Documento de cobranza
Command economy; centrally planned economy:
An economy where resources, investment, jobs etc. are allocated and controlled by government decision.
Français: Economie dirigiste, Economie centralement planifiée
Español: Economía de planificación centralizada, economía dirigida
Commercial bill:
A Bill of exchange which finances a short-term self-liquidating commercial transaction, as for the export of goods.
Français: Effet commercial
Español: Efecto de comercio
Commercial Interest Reference Rate (CIRR):
A market interest rate, for a specific currency and a specific country for officially supported export loans, set under the Consensus​.
Français: Taux d'intérêt de référence commercial
Español: Tasa de interés comercial de referencia, tipo de interés comercial de referencia
Commercial invoice:
An accounting document (bill) by which the seller claims payment from the buyer for the value of the goods and/or services supplied. It is prepared by the seller and gives a description of the merchandise, its price, etc. Commercial invoices are also often used by the government to determine the true value of goods, to assess the applicable custom duties and to prepare consular documentation. In this case, the government of the country of import specifies the form, content, number of copies, language and other characteristics of the invoice to be drawn up.
Français: Facture commerciale
Español: Factura comercial
Commercial paper:
This is a form of Promissory note backed by standby Letters of credit. The term applies to notes and acceptances with a specified maturity date received by a business enterprise in payment for goods sold or services rendered. Commercial papers are widely used in the United States as a reliable source of short-term financing. When rolled forward they can also be used to satisfy longer-term financing needs.
Français: Effets de commerce
Español: Efecto mercantil, efectos comerciales
Commercial register:
An official register of companies engaged in a trade, manufacturing or other type of business based on commercial principles.
Français: Registre du commerce
Español: Registro comercial
Commercial risk:
The risk of non-payment by a non-sovereign or private-sector buyer or borrower arising from default, insolvency and/or failure to accept and collect the goods which have been shipped according to the supply contract. Compare with Transfer risk and Political risk.
Français: Risque commercial
Español: Riesgo comercial
Commercial Risk Coverage:
An insurance policy or guarantee cover which gives protection to the supplier or a financing bank against losses linked to the verification of a Commercial risk. The specific events covered vary with the policy and the insurance agency. For example, ECAs will not generally cover non-payment due to disputes between the parties to the contract (e.g. over product quality, supplier performance, etc.).
Français: Couverture du risque commercial
Español: Cobertura de riesgo comercial
Compensation paid for work performed, usually based on the volume of the transaction or calculated as a percentage of the profit. See also Bank commission​.
Français: Commission
Español: Comisión
Commission agent:
A middleman (such as Broker) who sells the goods without taking title to them, in exchange for a Commission​.
Français: Commission d'agent
Español: Comisionista
Commission house:
A firm which buys and sells actual commodities or futures contracts on behalf of its clients, in return for charging a commission.
Français: Agence de courtage
Español: Casa comisionista
The date on which, under the contract terms, the plant or equipment supplied should have been completed according to specification.
Français: Mise en exploitation
Español: Comisionada
A general term indicating the existence of an obligation.
(1) In the credit insurance business, the firm obligation by an Export credit agency to lend, guarantee or insure a credit according to specified terms, conditions and purposes, for the benefit of a specific importer, as stated in an agreement or equivalent contract.
(2) In the credit business, the credit obligation assumed by a bank, arising from a loan contact or loan contracts, towards a specific customer or borrowing country.
(3) In the securities trade, the obligation arising from new purchases of securities.
Français: Engagement
Español: Compromiso
Commitment commission; Commitment commission supplier's fee:
A fee charged by a bank or the supplier of capital goods, payable quarterly or bi-annually, for credit lines granted but not used during the specified period of time.
Français: Commission d'engagement; Commission d'engagement du fournisseur
Español: Comisión de compromiso; comisión de compromiso de proveedores de recursos
Commitment fee:
(1) A fee paid (usually on a bi-annual or quarterly basis) by the borrower to compensate his bank for engaging funds under a specific loan agreement, i.e. the fee on the available but undrawn portion of the financial arrangement. The fee is usually a fraction of 1 per cent of the funds committed.
(2) A charge by the forfaiter to agree to forfait a transaction and hold a Discount rate for a specified period of time. The commitment fee will be applied from the date the commitment is made until the date of disbursement or payment.
Français: Commission d'engagement
Español: Comisión de compromiso, comisión de disponibilidad
An accounting term used within the credit insurance business, indicating the total amount of loans provided and outstanding plus loans guaranteed or insured by an Export credit agency. Commitments usually include the principal and the interest due from the importing country on disbursed and undisbursed credits. Sometimes they include not only the agency's liabilities but also the uninsured parts of the loans. Thus, for an export credit agency, its commitments are almost always larger than its total Exposure.
Français: Engagements
Español: Compromiso
Committed loan facility:
A legal commitment by a bank to lend to a customer, for instance in the form of a line of credit.
Français: Engagement de facilité de prêt
Español: Facilidad de crédito comprometida
Raw materials or primary products (such as tin, coffee, tea, sugar, wool, cotton, rubber, silver, cocoa, etc.) which investors buy and sell, and on which derivatives are often created.
Français: Marchandise​, Produit
Español: Producto básico, materia prima, mercancía, mercadería, producto primario
Commodity bonds:
Bonds whose interest rates or par value is tied to the market price of a specific commodity​.
Français: Obligations basées sur des marchandises
Español: Bono indizado según el precio de un producto básico, bono indexado a productos
Commodity Fund:
An Investment fund investing mainly in commodity bills and securities, such as grain contracts.
Français: Fonds basés sur marchandises
Español: Fondo de productos básicos
Commodity linked swap; Commodity price swap:
A financial instrument working essentially as an interest rate swap, but whose payments are based on a commodity price index rather than an interest rate index. In a basic commodity price swap, two parties periodically exchange cash payments during a specified period of time. A fixed price payment is typically exchanged against a fluctuating or market price payment, based on the market price of the underlying commodity.
Français: Opération de change Swap liée à une marchandise; Opération swap liée au prix d’une marchandise
Español: Swap basado en productos básicos
Commodity swaps:
The exchange of a commodity in its raw form against receipt of the relative refined product (for instance raw sugar in exchange for refined sugar).
Français: Opérations swap sur matière première
Español: Swap de materia prima
Common equity:
The value of the ordinary shares​/​common stock issued by a firm.
Français: Valeur des actions ordinaires
Español: Capital básico
Common stock:
A US term indicating those securities which represent the ownership of a corporation. They have a discretionary dividend and do not have priority over other types of shares with regard to dividend payments. They are usually the only class of shares which give a voting right at shareholders' meetings. They are known as ordinary shares in the United Kingdom. Compare with Preferred stocks or Preference Shares.
Français: Action ordinaire
Español: Acciones ordinarias
Compensating balance:
A deposit account which the bank may require its borrowers to put at its disposal.
Français: Solde compensatoire
Español: Saldo compensatorio
Compensation (Buyback):
See Countertrade​.
Français: Indemnisation, Dédomagement (Rachat)
Español: Compensacíon
Compensatory financing facility:
A special fund set up by the IMF, to assist member countries experiencing balance of payments problems due to temporary falls in the price of the basic commodities which they export and on which they are largely dependent.
Français: Facilité de financement compensatoire
Español: Servicio de financiamiento compensatorio
Compensatory Trade:
Any kind of arrangement by which goods and services are bartered.
Français: Commerce compensatoire
Español: Comercio compensatorio
Competitive bidding:
A purchase process whereby the buyer asks potential suppliers to submit competing bids.
Français: Appels d'offres
Español: Licitación pública, concurso público
Completion Guarantee:
A guarantee, usually provided by the contractor or another responsible party through a Performance bond, undertaking that the project will be completed by a certain date and will operate at a specified output or efficiency level.
Français: Garantie d'achèvement
Español: Garantía de terminación
Completion risk:
The risk that the project will not be fully completed or constructed on time, or that it will be delivered with design or technical deficiencies which will not allow it to function properly. This risk may be reduced through the issue of a Completion guarantee​.
Français: Risque d'achèvement
Español: Riesgo de terminación
Compound duties:
See duty.
Français: Droits composés
Español: Arancel compuesto
Compound interest:
The interest rate on a loan calculated not only on the original principal of the loan but also on the accrued interest (i.e. interest accrued on previous due interest added to the principal). Over time interest charges will therefore grow exponentially. For instance, a £100 loan earning compound interest of 10% per annum will accumulate to £110 by the end of the first year, £121 by the end of the second year, etc. Compare with Simple interest.
Français: Intérêt composé
Español: Interés compuesto
Compound value:
The final value of a sum earning Compound interest.
Français: Valeur composée
Español: Valor compuesto
Comprehensive coverage:
See Whole turnover coverage.
Français: Couverture complète tous risques
Español: Comprehensive coverage
Concessional funds/loans:
Sometimes referred to as Soft loans, these are a form of finance for borrowers provided by financial institutions at interest rates below market rates, where the interest differential is usually covered by a government subsidy to the financial institutions involved.
Français: Fonds ou prêts subventionnés
Español: Préstamo en condiciones favorables
Concessionality level:
A measure of the degree of concessionality of a credit offered at below-market interest rates or partially as a grant. The participants to the OECD Consensus have agreed on common methods for the calculation of concessionality. See also Grant element.
Français: Niveau de subvention
Español: Nivel de concesiones
A written statement by a business to acknowledge its involvement in a specific deal. For instance, any transaction on the securities' market should be followed by a confirmation spelling out the settlement date, terms, commission, etc.
Français: Confirmation
Español: Confirmación
Confirmed Letter of credit:
A letter of credit to which the bank in the exporter's country has added its confirmation, implying that the exporter will be paid even in the event of default by the foreign buyer and/or the foreign bank.
Français: Lettre de crédit confirmée
Español: Carta de crédito confirmada
Confirming service:
A financial service, offered by an independent agency in the exporter's country, which confirms the overseas buyer’s order and makes payment for the goods in the currency of the exporter. It is mainly used in Europe and allows for the smooth co-ordination and full payment of the export transaction. The items eligible for confirmation include the exported goods, inland, air and ocean transportation costs, forwarding fees, custom brokerage fees and duties.
Français: Service de confirmation
Español: Confirmante
Confirming bank:
This is frequently the same institution as the Advising bank. The confirming bank will add its commitment to that of the issuing bank to pay the beneficiary of a Letter of credit, provided that all the documents are in order.
Français: Banque confirmatrice
Español: Banco confirmante
Confirming house:
A private independent company whose business is the Confirmation of short- or medium-term obligations of foreign importers towards exporters under a Letter of credit or another type of deferred payment arrangement. The confirming house will confirm the importer's orders to the manufacturer, either by guaranteeing payment or by undertaking to pay on behalf of the importer for whom it acts as agent. Confirming houses extensively rely on credit insurance extended by Export credit agencies to mitigate the risks inherent in their business.
Français: Organisme confirmateur
Español: Comisionista
A company involved in two or more unrelated businesses, often with the aim of diversifying its operations and sources of income and thus reducing risks. Conglomerates usually consist of a group of firms owned by a Holding company, acting as the "umbrella" organization in which all shares are vested.
Français: Conglomérat
Español: Conglomerado
Formally named the "Arrangement on Guidelines for Officially Supported Export Credits", it consists of a framework of rules governing Export credits agreed by the members of the OECD's export credit group. The Consensus guidelines set the minimum interest rates allowed on officially supported export credits, maximum repayment terms, notification procedures when the guidelines are exceeded and the terms under which supplier and buyer credits can be made available to overseas customers.
Français: Consensus
Español: Acuerdo
The person, firm or representative named in a freight contract to whom the shipped goods are to be delivered and turned over at a particular destination. For export control purposes, the nature of the consignee may be differentiated between intermediate and ultimate consignee.
Français: Consignataire
Español: Destinatario, consignatario, receptor
A sale arrangement whereby the exporter (consignor) delivers the merchandise to an agent (consignee) under an agreement that the agent will sell it for the account of the exporter. Under this kind of arrangement, the consignor/exporter retains title to the goods until thy are sold, while the consignee/agent sells the goods in exchange for a Commission and remits the net proceeds to the consignor.
Français: Consignation
Español: Consignación
The seller or shipper of merchandise.
Français: Consignateur
Español: Expedidor, remitente, cargador
Consolidated debt:
A long-term, funded debt of a public authority (e.g. bond issue). Opposite: Floating debt.
Français: Dette consolidée
Español: Deuda consolidada
(1) With reference to government debt, the term indicates the conversion of outstanding short-term debts into fixed, long-term debts.
(2) Within a stock exchange, the term refers to the stabilisation of price levels on the stock exchange following a downturn.
(3) When relating to a holding, the term indicates the process of combining and merging the
separate balance sheets of the companies belonging to the group into one single consolidated balance sheet.
Français: Consolidation
Español: Consolidación
Consortium bank:
A bank set up and owned by a group of other banks, with no one of them holding a majority share. The participants of the consortium may or may not be of the same nationality. Consortium banks are common in the Euromarket and are active in loan Syndication​.
Français: Banque du consortium
Español: Banco consorcial
Consortium project:
A project structured by two or more parties as a partnership or Joint venture.
Français: Projet de consortium
Español: Proyecto en consorcio
Construction Loan:
See Contractor loan.
Français: Prêt à la construction
Español: Construction loan
Consular declaration:
A formal statement addressed to the consul of the foreign country of export, describing the goods to be shipped. The approval of the consul must be obtained before shipment.
Français: Déclaration consulaire
Español: Declaración consular
Consular documents:
Documents such as Bills of lading, Certificates of origin or special Consular invoice forms which need to be officially signed by the consul of the country of destination of a shipment.
Français: Documents consulaires
Español: Documentos consulares
Consular invoice:
A document, required by some countries, which provides information on the shipment of goods (e.g. consignor, consignee, value of the shipment, etc.). It needs to be certified by a consular official of the country of export and is then used by the local customs officials to verify the value, quantity and nature of the shipment.
Français: Facture consulaire
Español: Factura consular
Consumer credit:
A credit, granted by a firm to its clients, for the purchase of goods or services. Also known as retail credit.
Français: Crédit à la consommation
Español: Crédito al consumo, crédito al consumidor
Consumer durables:
Goods, purchased by individual consumers, which are supposed to have a relatively long "life", such as cars, domestic appliances etc., as opposed to consumer goods.
Français: Biens durables
Español: Bienes de consumo duraderos
A condition in the commodity market when Spot prices are lower than Futures prices. This happens because investors expect commodity prices to rise or remain stable (even with stable prices futures prices will always be slightly higher than spot ones to cover interest costs). Opposite: Backwardation​.
Français: Report
Español: Contango
Contingent claim:
A claim which can only be made if one or more of the specified outcomes occur.
Français: Réclamation liée conditionnelle
Español: Título de crédito eventual
Contingent liability:
A possible future liability, i.e. a liability which becomes such only if some event occurs. For example, a guarantor becomes liable for his guarantee only if the debt he has guaranteed goes unpaid by the debtor.
Français: Engagement conditionnel
Español: Pasivo contingente, obligación contingente
Contract bond:
A bond or guarantee, provided by a bank to an overseas importer to cover him against possible negative events.
Français: Obligation contractuelle
Español: Fianza de contratista
Within a project, the company responsible for the engineering, procurement and construction activities of the project.
Français: Entrepreneur
Español: Contratista
Contractor loan:
A loan extended to a building contractor or craftsman providing him with the necessary Working capital (to cover salaries, materials and any other periodic production costs). The borrower will subsequently repay the equivalent amount of the loan by using the proceeds of the Permanent financing or the operating revenues at the completion of the project. The term can also be used to refer to a loan facility provided by the building contractor.
Français: Prêt de construction
Español: Préstamo a contratistas
Convention on Contracts for the International Sales of Goods (CISG):
A UN convention establishing uniform legal rules for the drafting of international goods sales contracts and covering the rights and obligations of the parties. The CISG applies automatically to all sales contracts between traders from two countries which have both ratified the CISG, unless the parties to the contract explicitly exclude all or part of the CISG or expressly state that they wish to be governed under a law other than the CISG.
Français: Convention relative aux contrats de ventes internationales de biens
Español: Convención sobre los Contratos de Compraventa Internacional de Mercaderías, Convención de Viena sobre Compraventas
(1) Debt restructuring and refinancing, i.e. the replacement of old obligations or debt instruments with new bonds or instruments of the same company or institution, but on different terms and conditions (a typical example is the conversion of Debentures into equity in the restructuring of public companies).
(2) The Renewal of a bank-issued medium-term loan.
(3) The exchange of Convertible bonds into shares.
(4) In the foreign exchange sector, the exchange of a credit balance or claim expressed in one currency into a balance or claim in another currency.
Français: Conversion
Español: Conversión
Conversion ratio:
The number of Ordinary shares​/​Common stock which the security holder will receive if he decides to exercise the option of a convertible security (such as a Convertible bond).
Français: Rapport de conversion
Español: Relación de conversión
The freedom to exchange one currency into another without government restrictions or controls.
Français: Convertibilité
Español: Convertibilidad
Loans, preference shares or debentures which carry the option of conversion at a predetermined future date, into cash in the case of a loan, or into ordinary shares for preference shares or debentures.
Français: Convertible
Español: Convertible
Convertible bond; convertibles:
Bonds issued by a corporation which may be converted into the corporation's Common stock​/​Ordinary shares within a specified time period and at a specific price, at the option of the holder.
Français: Obligation convertible, convertibles
Español: Bono convertible
Convertible currency:
A currency which can be bought and sold for another currency at will.
Français: Monnaie convertible
Español: Moneda convertible
Convertible loan stock:
Long-term debts/debentures/bonds, which are convertible, at some future date and at the option of the lender, into equity, i.e. Ordinary shares​/​Common stock of the borrowing company.
Français: Prêt convertible en actions
Español: Préstamo de acciones convertibles
Convertible preferred stock:
Preferred shares which may be converted into Common​/​Ordinary shares of the issuing company, at the option of the holder.
Français: Action privilégiée convertible
Español: Acciones preferentes convertibles
Corporate bonds:
Debt obligations issued by private corporations, typically paying bi-annual Coupons and whose Face value is repaid at the bond's maturity.
Français: Obligations de la société
Español: Bono empresarial
Corporate finance:
Financial transactions undertaken by a corporation.
Français: Financements de société
Español: Finanzas empresariales
Corporate tax:
A tax on company profits.
Français: Taxe sur les sociétés
Español: Impuesto sobre las sociedades (de capital)
A legal entity which is separate and distinct from its owners, set up for the conduct of economic activities.
Français: Société
Español: Sociedad de capital
Correspondent Bank:
A bank which, within its own country, handles the business of a foreign bank, i.e. receives and makes money payments in addition to rendering other services on behalf of the foreign bank. A bank's accounts held with a correspondent bank are known as Nostro account. Correspondent banks play an essential role in the smooth conduct of foreign trade and financial transactions.
Français: Banque correspondante
Español: Banco corresponsal
Cosmetic interest rates:
The term refers to interest rates, below market rates, which are specified in some government contracts, without however entailing a Grant element. These rates are sought by some borrowing countries and are "cosmetic" because in reality exporters compensate for the lower interest rate by raising the value of the export contract.
Français: Taux d'intérêts cosmétiques
Español: Tipo de interés cubierto
Cost and freight (CFR):
A pricing term used in the foreign trade of goods through ocean shipment. It indicates that all the expenses for shipment and freight up to the port of destination are included in the quoted price of the goods. The cost of insurance however is left to the buyer's account. When the export is conducted through modes other than ocean shipment, the term used is Carriage paid to (CPT).
Français: Coût et fret
Español: Costo y flete, C y F
Cost and Insurance:
A pricing term indicating that these costs are already included in the quoted price, i.e. covered by the seller.
Français: Coût et assurance
Español: Costo y seguro
Cost-Insurance-freight (CIF):
Under this term, the price of the goods quoted by the seller includes the cost of insurance, transport and other miscellaneous charges sustained until the point of debarkation from the vessel. When the goods are transported through modes other than ocean shipments, the term used is Carriage and insurance paid to (CIP).
Français: Coût assurance fret (CIF)
Español: Costo, seguro y flete (CIF)
Cost, Insurance, Freight and Commission:
A pricing term indicating that all these costs are included in the quoted price by the seller, i.e. covered by him.
Français: Coût, assurance fret et commission
Español: Costo, seguro, flete y comisión
Cost, Insurance, Freight and Currency Exchange:
A pricing term indicating that these costs are included in the quoted price (i.e. covered by the seller).
Français: Coût, assurance, fret et change monétaire
Español: Costo, seguro, flete y cambio
Cost of funds:
In general this is the interest rate associated with borrowing money. It is also used as the basis for the loan pricing, i.e. the determination of the interest rate charged on the loan, particularly when the source of funding is uncertain or includes Reserve assets costs. In the case of a commercial bank, the cost of funds for a loan is the Offered rate, i.e. the interest rate which the bank has to pay another bank to borrow funds. See also LIBOR, PIBOR.
Français: Coût des fonds
Español: Costo de fondos
Cost of Production (COP):
This refers to the sum of the cost of raw materials, components and other inputs used in the production of goods, including an appropriate allocation for general administrative and selling expenses. COP does not include any mandatory minimum general expense or profit.
Français: Coût de production
Español: Costo de producción
Costs of manufacture (COM):
Within a Dumping investigation, the costs of manufacture are calculated as the sum of the manufacturing inputs (materials, labour, etc.) plus both the direct and indirect overhead expenses required to produce the merchandise under investigation.
Français: Coût de fabrication
Español: Costo de manufactura
Counter Credit:
A variation of Back-to-back credit whereby a second bank (usually that of the original beneficiary) issues a separate letter of credit in favour of the second beneficiary.
Français: Contre-crédit
Español: Contracrédito
An irrevocable commitment by the exporter that he will repay the bank if a Performance bond or a Down-payment bond is called.
Français: Contre-indemnité
Español: Contraindemnización
See Countertrade​.
Français: Contre-achat
Español: Compra de contrapartida
A means of trading, whereby the exporter is required to accept goods or other instruments of trade in part or whole payment for his sales. This allows the buying country to save foreign currency. Countertrade is thus used by countries experiencing foreign exchange shortages. Countertrade may take different forms, including barter, buy-back or compensation, counterpurchase, offset requirements, swap, switch, evidence or clearing accounts. As a means of payment, countertrade is not encouraged by international and multinational financial institutions as the price setting mechanisms underlying such transactions frequently lack transparency.
(1) Barter is the oldest and simplest method of countertrade by which goods are exchanged against other goods of equivalent value. It is the only way of undertaking trade with no or little money involved. As it does not involve the use of money, it is often used by countries with Blocked currencies​.
(2) Counterpurchase is one of the most common forms of countertrade. Under this arrangement, the exporter undertakes to buy goods from the importer or from a company nominated by the importer, or agrees to arrange for their purchase by a third party, within a specific period (usually one-to-five years). Both parties pay for their purchases in cash (at least in part) but commit themselves, by signing a "protocol" contract, to fulfil the purchase counter obligation. The goods being sold in exchange are typically unrelated but may be equivalent in value.
(3) In offset, the exporter agrees to use goods produced in the importer's country as an input of the products being sold, and up to an agreed percentage of the original sale. In a direct offset, the exported goods are an integral part of the final product, and the agreement involves a co-production arrangement based on the transfer of production technology to the importing country. In an indirect offset the selling country agrees to purchase unrelated products from the importing country.
(4) In a compensation or buy-back deal, exporters of equipment, technology, or even entire plants, agree to purchase a certain percentage of the output of the facility as payment
(5) Switch is a complex form of barter, involving a chain of buyers and sellers in different markets and countries, based on the multilateral clearance of bilateral trade imbalances. A specialized countertrade house will typically buy (at a discount) from country A the value of its bilateral trade surplus with country B, and sell it at full value to company or country C, which has a bilateral trade deficit with party A. The trading house will often have to take title to certain goods, which it then has to sell against hard currency.
Français: Commerce d’échange
Español: Comercio de compensación
Countervailing duty:
An additional duty, imposed by a country on imported goods, to counter subsidies granted to the exporters of the goods by their domestic governments. Such duty is allowed by the GATT rules, provided that the importing country can prove that the subsidy would directly injure the domestic industry.
Français: Droit compensateur
Español: Derecho compensatorio
Country of export destination:
The country where the exported goods are to be consumed or further processed, as known to the shipper at the time of export. If the shipper is not aware of the country of final destination of the merchandise, the shipment is attributed to the last known country of delivery.
Français: Pays de destination de l’exportation
Español: País de destino de las exportaciones
Country risk:
The general level of political and economic uncertainty in a country. It is the risk of lending to the most creditworthy borrower in that country, namely of investing in securities issued by the national government. In general, banks must assess the economic and financial conditions of the country in which a potential borrower resides. Shortages of foreign exchange are a typical element of country risk which might prevent repayment of the loans.
Français: Risque pays
Español: Riesgo país
Country risk categories:
Used by all Export credit agencies to rank borrowing countries according to their perceived creditworthiness, i.e. their Country risk. Each agency has a different number of risk categories. In general, "category one" countries are those considered as presenting the lowest country risk.
Français: Catégories de risque pays
Español: Categoría de riesgo país
The periodic interest payment made to the holders of a Bond during the life of the bond. The coupon may be physically cut off the bond and sent to the authorized paying agent when due for payment.
Français: Coupon
Español: Cupón
Coupon Rate:
The stated interest rate payable on a Bond, paid at least once a year.
Français: Taux du coupon
Español: Interés nominal
A loan covenant is an undertaking by the borrower to perform certain acts (affirmative covenant), such as providing timely financial statements to the lender, or to refrain from certain acts (negative covenant), such as incurring further debts beyond the agreed level.
Français: Convention
Español: Compromiso de crédito, contrato de préstamo, garantía de préstamo
A general term for the techniques which may be used by a business to manage and control risks. In international trade transactions this may be achieved through the issue of an export credit guarantee​/​insurance​, against the risk of non-payment or of payment delays. In this case, cover is usually, though not always, provided both for Commercial risk and Political risk. Cover is not usually provided for the full value of the due payments but is typically between 90% and 95% of the contract value.
Français: Couverture
Español: Cobertura
Covered option:
An option where the option writer owns the underlying stock represented by the option contract. A covered option limits the risk the writer takes because the stock does not have to be bought at the market price, if the holder of that option decides to exercise it.
Français: Option couverte
Español: Valor con moneda de reembolso opcional
See Carriage Paid To.
Français: CPT
Español: CPT
A general term for money loaned.
(1) The ability to borrow money on the promise of future repayment.
(2) In accounting, an entry made on the liabilities’ side of an account.
(3) In finance, an amount loaned to a borrower.
Français: Crédit
Español: Crédito
Credit agreement:
A contractual document by which the bank or another lender grants a client the loan he has applied for.
Français: Contrat de crédit
Español: Acuerdo de crédito, contrato de crédito
Credit commission:
A fee charged by the bank, in addition to the interest rates, to compensate for special services or as a risk premium for the loans being extended. See also Bank commission​.
Français: Commission de crédit
Español: Comisión de crédito
Credit history:
Past repayment performance.
Français: Historique du crédit
Español: Antecedentes crediticios
Credit line:
See line of credit.
Français: Ligne de crédit
Español: Línea de crédito
Credit memorandum:
A written agreement by which the bank grants its client a credit or a line of credit.
Français: Memorandum de crédit
Español: Nota de crédito
Credit rating:
See Rating.
Français: Notation de crédit
Español: Credit rating
Credit risk insurance:
Insurance designed to cover the risks of non-payment of a credit.
Français: Assurance du risque de crédit
Español: Seguro contra el riesgo de crédito
Credit overdrawing:
The drawing of funds beyond the agreed limit or Line of credit. See also Overdraft.
Français: Dépassement de crédit
Español: Giro de crédito en descubierto
Creditor clubs:
See Paris club, London club.
Français: Clubs créanciers
Español: Club de París, Club de Londres
Creditworthiness; Credit solvency:
The ability to repay loans and debts and, in general terms, the financial strength of a company or a person. It is also determines the Rating of a company or a government placing a bond issue.
Français: Solvabilité Solvabilité du crédit
Español: Solvencia, capacidad crediticia
Cross-border loans:
Typically, this refers to a situation when a bank in one country lends to a borrower in another country. The term may also refer to a Syndicated loan granted by a group of banks from one or more countries for the financing of a project or a borrower in another country.
Français: Prêts transfrontaliers
Español: Préstamo internacional
Cross-currency loan:
A loan extended by a bank in one country to a borrower either in the same country or in a second country, where the currency denomination of the loan is that of a third country.
Français: Prêt monétaire croisé
Español: Préstamo entre dos o más monedas
The practice of Hedging a risk by buying or selling a futures contract which is similar but different from the underlying contract being hedged.
Français: Protection croisée
Español: Coberturas cruzadas
Cross rate:
An exchange rate between two currencies, calculated as the ratio of the two foreign exchange rates in relation to a third currency, i.e. by pricing the two currencies against a third. e.g.: USD 1 = CHF 1.4900 and USD 1 = DM 1.7950 equals DM 100 = CHF 83.00.
Français: Taux croisés
Español: Tipo cruzado
Cum dividend:
"With dividend". The purchaser of "cum div" shares or stocks is entitled to the dividend on the next-payment day. i.e. the purchased shares or stocks are sold together with the right to collect the dividend, which has been announced but not yet distributed. Shares and stocks are usually sold "cum div". The opposite "ex div" means that the buyer has purchased them too late to have the right to that year's dividends.
Français: Avec dividende
Español: Con dividendo
Currency option:
The right, though not the obligation, to purchase a specified amount of foreign currency at a predetermined rate and at a specified future date. See Option.
Français: Option monétaire
Español: Opción de cambio
Currency parity:
See Parity.
Français: Parité monétaire
Español: Paridad cambiaria
Currency risk (post-contract or post-natal):
The risk of an unfavourable evolution of the foreign exchange rate, between the time a contractual decision (purchase/sale) has been taken and the time the corresponding foreign currency is bought/sold on the foreign exchange market.
Français: Risque monétaire (postérieur au contrat ou post-natal)
Español: Riesgo cambiario posterior al contrato
Currency risk (pre-contract or ante-natal):
The risk of an unfavourable evolution of the foreign exchange rate between the time of the pricing decision of a transaction involving foreign currency, and the time the actual contractual commitment is made.
Français: Risque monétaire (antérieur au contrat ou ante-natal)
Español: Riesgo cambiario previo al contrato
Current account (external trade):
See Balance of payments.
Français: Compte courant
Español: Cuenta corriente
Current assets:
Cash, bank deposits and other assets which can readily (within one year) be turned into cash, such as Bills, Accounts receivable​, stock, Marketable securities. Opposite: Fixed assets.
Français: Actifs circulants
Español: Activo corriente, activo circulante
Current account credit:
If a bank's client draws funds beyond the amount available in his account, he overdraws his account. This overdraft can, in the case of good client, be converted into a current account credit by which the client may draw funds at any time, up to an agreed limit within the contractual period. This facility is particularly useful to cover the changing credit needs of corporate clients. It may take the form of secured or unsecured loan.
Français: Crédit en compte courant
Español: Crédito en cuenta corriente
Current liability:
Any liability which must be honoured within one year.
Français: Dette courante
Español: Current liability
Current liabilities:
Liabilities due to be paid within one year from the balance sheet date, for example Dividends, taxes, Trade creditors (UK) / Accounts payable (US).
Français: Dettes courantes
Español: Pasivo circulante, pasivo corriente, pasivo exigible a corto plazo, obligaciones a corto plazo
Current ratio:
A Liquidity ratio expressed as the ratio between a business' Current assets and its Current liabilities. It is a measure of a company's liquidity which may be used in comparing it with another company or in order to examine its evolution over time. A high current ratio indicates a larger liquidity and thus a greater ability to meet unexpected payments. It may however mean that the company’s resources are inefficiently tied up in unproductive assets, such as cash or debtors. See also Acid test.
Français: Coefficient de liquidité
Español: Coeficiente de solvencia
Current yield:
This measures the annual income return on a particular security, expressed as an annual percentage: Current yield(%) = Coupon/(Net price*100)
Français: Rendement courant
Español: Rendimiento corriente
Cushion bonds:
High-​coupon bonds which sell at only a moderate Premium because they are callable at a price below that at which a comparable non-callable bond would sell.
Français: Obligations à taux d'intérêt élevé
Español: Bono amortiguador
The national authorities charged with the collection of the duties levied by a country on imports and exports. The term may also indicate the procedures involved in such collection.
Français: Douane
Español: Aduana
Customs house broker:
An individual or firm licensed to clear goods at the Customs.
Français: Courtier en douane
Español: Agente de aduanas
Customs Union (CU):
A regional trade agreement whereby member countries agree to remove any tariff and customs barriers on intra-regional trade and to set up a common external tariff on imports from countries outside the Union.
Français: Union douanière
Español: Unión aduanera
Cutoff date:
This is established at the time of a country's first Paris ClubDebt rescheduling​. "Post-cutoff date debts", i.e. loans contracted after the cutoff date, are not eligible for rescheduling and have priority in debt servicing over "pre-cutoff date debts".
Français: Date de fermeture, de clôture
Español: Fecha límite
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