Глоссарий

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England from the other shore






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Syndicated Loan Glossary

npl
  1. Non-performing loan.

  2. Natural pivot length

  3. National priorities list

npl; noise pollution level; уровень шума; national priorities list for uncontrolled hazardous waste sites; national priorities list;
chicago board of trade (cbot)
    Cbot was established in 1848 and is a leading futures and options exchange with over 3,600 members trading 50 different contracts in financial and agricultural products.

bvca
    British venture capital association, the industry body for the uk private equity and venture capital industry.

bba
    British bankers association.

break funding
    Break funding seeks to ensure that neither party to a secondary loan trade is disadvantaged as a result of movements in the underlying funding rate where the settlement date is not a loan rollover...
new york mercantile exchange (nymex)
    Based in new york, nymex is the largest physical commodity futures exchange in the world, as well as a leading trading forum for energy and precious metals.

sub underwriter
    An underwriter will sometimes sell down a portion of its underwriting commitment to a sub underwriter.

intercreditor agreement
    An intercreditor agreement sets out the agreement between various financiers providing loans or credits to a borrower and reconciles their different interests. it deals with the commercial behavio...
cross default
    An event of default under a loan agreement triggered by a default in the payment of, or the actual or potential acceleration of the repayment of, other financial indebtedness of the same borrower ...
    omissione incrociata;
facility fee
    An annual percentage fee, payable by the borrower, pro-rata to banks providing a credit facility to that borrower - it is calculated on the full amount of the facility, whether or not the facility...
commitment fee
    An annual percentage fee payable to a bank on the undrawn portion of a committed loan facility. typically paid quarterly in arrears.

коммисия за обязательство; oneri di mantenimento;
cagr
    Compound annual growth rate.

financial accounting standards board (fasb)
    Formed in 1973, fasb is the designated organization in the us private sector for establishing standards of financial accounting and reporting and for governing the preparation of financial reports...
international accounting standards board (iasb)
    Formed in 2001 to develop global accounting standards for use in the preparation of financial reports.

правление комитета по международным стандартам финансовой отчетности (правление кмсфо); правление комитета по международным стандартам;
mbo
    Management buy out, occurs where managers and/or employees of a business acquire control over all, or part, of the business.

lcds
    Loan credit default swaps. a product which is similar to cds but referenced against loans. this is a relatively new product and steps to standardise processes are being considered by market player...
axe sheet
    Key details of a syndicated transaction, covering name of borrower, type of facility, term of facility and pricing details.

bank for international settlements (bis)
    International organisation which fosters cooperation among central banks and other agencies in pursuit of monetary and financial stability. its banking services are provided exclusively to central...
    банк международных расчетов (бмр);
ifrs
    International financial reporting standards created by the iasb.

ring fence
    In lending terminology, when a specific company is made structurally bankrupt remote from the rest of the parent group. this may be applied for regulatory reasons (such as for uk electricity distr...
holdco
    Holding company.

amortisation
    Gradual repayment of a debt over time in a series of regular or irregular payments.

амортизация;
basel i
    Framework agreed in 1988 by the basel committee on banking supervision relating to supervisory regulations governing the capital adequacy of international banks.

monte carlo simulation
    An analytical technique in which a large number of simulations are run using random quantities for uncertain variables and looking at the distribution of results to infer which values are most lik...
    монте-карло имитация;
original issue discount (oid)
    An amount by which the par value of a debt (usually a public security but also can be applicable to a leveraged loan) exceeds its offering price at the time of its original issuance. the original ...
clear market
    An agreement by a borrower at the mandate stage of a syndicated loan not to engage in other public financings which could compete with the syndicated loan being arranged.

leveraged loan
    A loan that has higher levels of debt leverage when compared to an investment grade credit. various institutions may define a leveraged loan in different ways, although it is reasonably common to ...
front end fee (fef)
    A fee, calculated as a percentage of the principal amount, which is payable once, generally at signing of the loan agreement or shortly thereafter.

utilisation fee
    A fee paid to the lender to increase its return on drawn assets. the payment is generally linked to the average utilisation of the facility exceeding a specified percentage or amount during a defi...
delayed compensation
    A component of pricing in the settlement of loan trades which do not close on a timely basis. delayed compensation is intended to place the parties in the approximate economic position on the actu...
cross-over credit
    A company rated investment grade by one credit rating agency and high yield by another.

yank the bank
    A clause in a loan agreement permitting the borrower(s) to buy out a lender who does not accept a waiver or amendment request to the loan agreement.

collateralised loan obligations (clo)
    A cdo where the debt obligations are loans.

buy-in/sell-out
    A buy-in/sell-out concept on secondary loan trades serves as a mechanism for enforcing delayed settlement compensation.

return on assets
    A broadly based accepted basis for lenders to measure the relative profitability of a commitment to lend money. the components of roa comprise margins, fees, including commitment fee if applicable...
arranger
    A bank or other financial institution responsible for originating and syndicating a transaction. the arranger always has a senior role, is often also the agent and if required, usually underwrites...
club loan
    A loan where a group of lenders agree to take and hold an asset at the outset of the transaction with no intention of reducing their commitments through subsequent syndication.

mandated lead arranger (mla)
    A mandated bank at the highest level. the mla, or at least one mla in cases when there is more than one mla, will act as the bookrunner.

praecipium
    A portion of the front-end fee, calculated on the nominal amount of the loan and paid to the mla in recognition of the human resources and technical skills commitment required to conclude a succes...
economic capital
    Amount of capital required by banks to offset all expected potential losses.

rating agency
  1. Agencies which provide independently derived credit assessments on borrowers or on specific debt instruments issued by a borrower.

  2. Рейтинговое агентство

gross up
    Additional payments made by a borrower to compensate its lenders for withholding taxes or similar levies that reduce the amounts actually received by the lenders from the borrower.

leveraged buy out (lbo)
    Acquisition of a company by a private firm where the ratio of the debt component of the financing in relation to the equity component is high. such financings often include mezzanine and/or 2nd li...
accordion feature
    A type of option that a borrower can have inserted into a syndicated credit agreement at the outset of the transaction which allows it to increase the principal under the credit agreement, subject...
withholding tax (wht)
    A tax on interest or dividend payments, deductible at source.

commercial paper (cp)
    A short term unsecured promise to repay a debt on a certain future date, usually written as a promissory note and sold at a discount.

asset backed security (abs)
    A security which is supported by assets such as mortgages, car loans, credit card receivables, owned by the issuer of the security and usually placed with a trustee.

floating rate bond or note (frn)
    A security on which the coupon paid changes on every interest roll-date throughout the life of the debt in line with a reference rate - such as libor or euribor.

fixed rate bond
    A security on which the coupon is paid at a fixed rate set at the beginning of the arrangement and applied for the whole life of the agreement.