Glossary on Trade Financing Terms - J

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J

J-curve:

A graphic description of the evolution of a country's current account balance following a devaluation. With devaluation, the cost of exports decreases while that of imports increases. As it takes time for the volumes of exports and imports to adjust to the new relative prices, the current account may initially worsen before improving in response to the devaluation of exchange rates.

Français: Courbe J
Español: Curva en J, curva en forma de J

Joint and several guarantee:

A guarantee by which the guarantor or guarantors commit themselves jointly and severally with the principal debtor. The guarantor or guarantors may each be sued independently of the principal debtor.

Français: Garantie conjointe et solidaire
Español: Garantía mancomunada y solidaria

Joint guarantor:

A guarantor who jointly and severally pledges to become legally liable for the debt or default of another person. Legal entities can also act as a joint guarantor. Also known as joint surety.

Français: Garant solidaire
Español: Garante solidario, avalista solidario

Joint Venture:

A business undertaking between two or more companies or organizations which will share ownership and control of the joint company’s activities.

Français: Entreprise en participation
Español: Empresa conjunta, empresa mixta, operación conjunta, proyecto mixto, proyecto en común, proyecto de riesgos compartidos

Junior creditors:

Second-line creditors in case of a debtor’s default, vis-à-vis senior creditors who have priority in the distribution of assets.

Français: Créanciers de rang inférieur
Español: Acreedor no prioritario

Junk bonds:

High-risk bonds issued by companies with credit ratings below investment grade (a ranking given by the credit rating agencies). Such bonds are also called high-yield bonds as they offer investors higher yields than bonds of financially sound companies. They are usually issued to finance leverage buy-out operations.

Français: Obligations à haut risque
Español: Bono basura

Just-in-time (JIT):

A manufacturing system which minimises inventories by arranging that components and parts be delivered as they are needed in the production process.

Français: Juste à temps
Español: Justo a tiempo (JAT)

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