{"id":94090,"date":"2025-11-06T17:16:32","date_gmt":"2025-11-06T16:16:32","guid":{"rendered":"https:\/\/umoatitres.com\/glossaire\/"},"modified":"2026-07-16T11:50:27","modified_gmt":"2026-07-16T09:50:27","slug":"glossary","status":"publish","type":"page","link":"https:\/\/umoatitres.com\/en\/glossary\/","title":{"rendered":"Glossary"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"94090\" class=\"elementor elementor-94090 elementor-45152\" data-elementor-post-type=\"page\">\n\t\t\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-847d512 e-flex e-con-boxed e-con e-parent\" data-id=\"847d512\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-ae444c0 e-flex e-con-boxed e-con e-child\" data-id=\"ae444c0\" 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          <strong>No results<\/strong>\n            <p>Try another term or clear the filter.<\/p>\n        <\/div>\n\n    <\/div>\n\n    <script>\n    (function () {\n        var UID   = \"gls-6a9562263bb32\";\n        var I18N  = {\"all\":\"All\",\"result\":\"result\",\"results\":\"results\",\"term\":\"term\",\"terms\":\"terms\"};\n        var TERMS = [{\"titre\":\"\u00a0Portfolio diversification\",\"def\":\"Portfolio diversification is a strategy of investing across different asset classes and securities from different issuers to reduce concentration risk. This enables a reduction in overall portfolio risk during portfolio construction\"},{\"titre\":\"Accrued coupon\",\"def\":\"Accrued coupon on a bond corresponds to the fraction of annual interest that has accumulated. It is quoted separately from the bond.\"},{\"titre\":\"Action\",\"def\":\"A share (or equity) is a negotiable security representing ownership in a portion of a corporation's capital. It entitles the holder to a stake in the company's assets and earnings.\"},{\"titre\":\"Amortization\",\"def\":\"Amortization (or depreciation) is an accounting term that designates the process of allocating the cost of an asset over a given period using a specific method.\"},{\"titre\":\"Amortization in fine\",\"def\":\"Bullet amortization (or amortization in fine) means the repayment of loan principal occurs only at the final maturity date.\"},{\"titre\":\"Arbitrage\",\"def\":\"L'arbitrage est l'achat et la vente simultan\u00e9s d'un actif pour b\u00e9n\u00e9ficier d'un \u00e9cart de prix d'un actif sur diff\u00e9rents march\u00e9s. C'est un commerce qui profite de l'exploitation des diff\u00e9rences de prix d'instruments financiers identiques ou similaires sur diff\u00e9rents march\u00e9s ou sous diff\u00e9rentes formes. L'arbitrage existe en raison des inefficiences du march\u00e9 et l'asym\u00e9trie d'information.\"},{\"titre\":\"Assimilation\",\"def\":\"Assimilation is a technique of issuing a series of loans over time that gradually have identical characteristics (same maturity, same coupon rate, same payment schedule, same creditor rights), which allows their consolidation.\"},{\"titre\":\"Auction\",\"def\":\"An auction is a method for acquiring movable or immovable property through a bidding system. In finance, auction is a technique for issuing Treasury bills or bonds. States regularly use auctions to ensure the placement of their Treasury bills and bond borrowings.\"},{\"titre\":\"Bond\",\"def\":\"A bond is a medium or long-term loan made to a corporation or public institution (municipality or state). In return for this loan, the bondholder receives a sum paid regularly\u2014the coupon\u2014under conditions specified in the issuance document.\"},{\"titre\":\"Cash Flow\",\"def\":\"A cash flow corresponds to the inflow or outflow of money for an enterprise, institution, or individual. In finance, the term is used to describe the quantity of cash generated or consumed during a given period.\"},{\"titre\":\"Constant amortization\",\"def\":\"Constant amortization consists of regularly repaying a portion of the loan\u2014for example, annually\u2014at the issuer's pace. In this case, the debt contracted at issuance and the interest amount decrease progressively. Amortization should not be confused with annuity (repayment of principal + interest).\"},{\"titre\":\"Constant amortization repayment\",\"def\":\"Constant amortization repayment is a repayment method in which the principal amortization is constant over each repayment period. Principal repayment is accompanied by equivalent interest payments calculated on the remaining outstanding balance.\"},{\"titre\":\"Constant annuity repayment\",\"def\":\"\u00a0Constant annuity repayment requires an issuer to pay bondholders a fixed sum over each repayment period. This fixed amount consists of principal amortization plus equivalent interest.\"},{\"titre\":\"Correlation Coefficient\",\"def\":\"The correlation coefficient defines the degree of dependence between two variables. It is a number between -1 (perfectly inverse movement) and +1 (perfectly parallel movement). A correlation coefficient of 0 or very close to 0 indicates no relationship between the variables.\"},{\"titre\":\"Cost of debt\",\"def\":\"Cost of debt is the effective rate an borrower pays on its loans, bonds, and other forms of outstanding debt. This measure provides an indication of the overall rate paid by an entity for using debt financing. Riskier entities generally have a higher cost of debt.\"},{\"titre\":\"Coupon\",\"def\":\"A coupon is a sum of money paid to the holder of a bond, representing the interest paid by the issuer. It is the equivalent of dividends for a share.\"},{\"titre\":\"Dematerialization\",\"def\":\"Dematerialization consists of transforming physical media into electronic media to perform operations of processing, exchanging, and storing information. The information contained on these dematerialized media remains identical to that indicated on physical media. In finance, securities are dematerialized on modern markets, meaning investors no longer hold securities in paper format.\"},{\"titre\":\"Discount Factor\",\"def\":\"The discount factor, used in discounting and known as the \\\"Discount factor,\\\" is the multiplier applied to a future cash flow or payment to determine its value at a given date. The mathematical formula for the discount factor is 1\\\/(1+t)^n, where t is the discount rate and n represents the specific period of the cash flow being discounted.\"},{\"titre\":\"Discounted interest\",\"def\":\"Interest is said to be discounted (or prepaid) when it is calculated and deducted as of the transaction's value date.\"},{\"titre\":\"Discounting\",\"def\":\"Known as \\\"Discounting\\\" in English, discounting is a process to determine the present value of a payment or stream of future cash flows. It is based on the time value of money principle (the value of 1 FCFA today differs from its value tomorrow). Discounting is the primary factor used to evaluate the value of future cash flows.\"},{\"titre\":\"Duration\",\"def\":\"Duration is defined as the weighted average maturity of all discounted cash flows (including principal repayment) resulting from an investment. It is expressed in years.\"},{\"titre\":\"Financial rating\",\"def\":\"Financial rating (or credit rating) is a technique for measuring the solvency and willingness of a borrower to meet its short-term and\\\/or long-term obligations. It is often established by a rating agency approved by a regulator, though any creditor may perform their own assessment.\"},{\"titre\":\"Fungibility\",\"def\":\"Fungibility of an instrument is the capacity to substitute one unit of a financial instrument for another unit of the same financial instrument. It describes the interchangeable nature of held assets. Fungibility applies equally to currency (a 1,000 FCFA note can be substituted without loss of value for another 1,000 FCFA note) as to securities.\"},{\"titre\":\"Grace period\",\"def\":\"A grace period (or deferral period) is the period during which a borrower is not required to repay principal if it is a partial deferral, or principal and interest if it is a total deferral. A grace period thus has the effect of delaying repayment of principal (and sometimes interest).\"},{\"titre\":\"Hedging\",\"def\":\"Hedging is a market operation aimed at reducing or eliminating the risk of a position taken, particularly risk arising from changes in an asset's price.\"},{\"titre\":\"Inflation\",\"def\":\"Inflation is the loss of purchasing power of currency that results in a general and sustained increase in prices. It must be distinguished from increases in the cost of living. The loss of value of monetary units is a phenomenon that affects the national economy as a whole, without discrimination among economic agents.\"},{\"titre\":\"Interest\",\"def\":\"Interest constitutes a form of investment income received by owners of the following financial assets: deposits, securities (other than shares), credits, and other receivables.\"},{\"titre\":\"ISIN Code\",\"def\":\"The ISIN code (International Securities Identification Number) is a unique identifier specific to each financial security (share, bond, mutual fund, etc.). This code enables your financial intermediary to easily identify the asset on which you wish to conduct transactions. The ISIN code is issued by EUROCLEAR, the central securities depository in France. It replaced the former SICOVAM valeur code and was established to standardize international coding of financial products.\"},{\"titre\":\"Liquidity\",\"def\":\"Liquidity is the ease with which a security can be bought or sold. The more a government security is traded, the more liquid it is. For an investor, maintaining liquidity means keeping cash readily available.\"},{\"titre\":\"Loan amortization\",\"def\":\"Loan amortization is the progressive repayment of a debt over a specific period of time. Payments are typically due on a recurring and periodic basis (for example, annually) and include interest in addition to principal.\"},{\"titre\":\"Market liquidity\",\"def\":\"Market liquidity corresponds to the ability of an investor to execute a transaction at the quoted price for a significant volume without affecting the asset's price. Liquidity is stronger the greater the number of assets traded on the market and the higher the transaction frequency. Conversely, an illiquid market will trade at a discount because the risk taken by the investor is greater.\"},{\"titre\":\"Maturity\",\"def\":\"Maturity is the duration that elapses between the value date of a loan or investment and the date on which it must be repaid (the maturity date). It can be expressed in days, months, or years. Maturity is also the date on which the investor recovers his principal.\"},{\"titre\":\"Maturity date\",\"def\":\"The maturity date (or due date) of a debt refers to the date on which the final payment of a borrower's debt is due.\"},{\"titre\":\"Over-the-counter\",\"def\":\"Over-the-counter (OTC) describes a transaction concluded directly between two parties. An OTC transaction contrasts with a transaction on an organized market (such as a stock exchange), where the transaction occurs on a computerized platform with centralized orders for standardized products. The interbank market and foreign exchange market, for example, are markets where transactions are conducted OTC.\"},{\"titre\":\"Present value (PV)\",\"def\":\"Present value (PV) is the value as of today of a future payment or stream of cash flows given a specified rate of return. Future cash flows are discounted at the discount rate, and the higher the discount rate, the lower the present value of future cash flows. Alternatively, PV is the amount that must be invested today to obtain a value at a given future date.\"},{\"titre\":\"Rating Agency\",\"def\":\"A rating agency is a specialized firm that evaluates the capacity and willingness of a borrower (corporation or state) to meet its obligations for capital repayment and interest payments over the life of its securities. A rating agency classifies risk levels for each issuance and issuer by assigning short-term and long-term credit ratings.\"},{\"titre\":\"Refinancing risk\",\"def\":\"Refinancing risk refers to the possibility that a borrower cannot replace an existing loan with a new one at a critical time. The degree of refinancing risk is strongly linked to the borrower's credit rating, but external factors such as interest rates and the overall credit market situation also play an important role.\"},{\"titre\":\"Repayment in fine\",\"def\":\"Bullet repayment (or repayment in fine) means the entire principal of a loan is repaid only at the end of its life\u2014that is, the principal is repaid in a single lump sum.\"},{\"titre\":\"Repurchase agreement\",\"def\":\"A repurchase agreement (or repo) is a short-term transaction used in money markets. The seller of a security commits to repurchase it at a specified price and time. The seller pays an interest rate, called the repo rate, upon repurchase of the securities. For the borrower of cash, it is a financing operation received from its counterparty in exchange for providing an asset as collateral.\"},{\"titre\":\"Securities Account\",\"def\":\"A securities account (or investment account) is an account opened with a bank, investment management firm (SGI), or brokerage house. Similar to a checking account that records money inflows and outflows, a securities account lists the securities (shares, bonds, units, etc.) held in portfolio. To open one, simply request it from an authorized market intermediary.\"},{\"titre\":\"Securities safekeeping\",\"def\":\"Securities safekeeping consists of establishing infrastructures that ensure, in a secure environment, the deposit, restitution, and preservation of the value of deposited assets. 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