Glossary on Trade Financing Terms - W

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W

W.A:

Français: W.A
Español: W.A

Warehouse receipt:

A document issued by a warehouse listing the goods deposited in the storage site and signifying ownership of the listed goods. Warehouse receipts may be Negotiable (to Bearer) or non-negotiable.

Français: Récépissé d'entreposage
Español: Recibo de almacenamiento

Warrant:

(1) A written legal instruction of payment.

(2) A warehouse receipt, which in some countries is considered a security. It can be assigned to transfer title to the goods.

(3) An attachment to a fixed interest security (for instance, a bond) which gives certain rights to its holder, typically the right to purchase a given security at some specified future date and at a specified price. Warrants may then be detached from the bond, to be traded as a separate security whose price reflects the value of the underlying bond. Warrants are often issued by corporations as "sweeteners", bundled with another class of security to enhance the latter’s marketability.

Français: Garantie
Español: Warrant

Waybill:

A document used as a receipt for goods. Unlike a Bill of lading it is not a document of title. The term is a synonymous with liner waybill, ocean waybill or sea waybill.

Français: Lettre de voiture
Español: Carta de porte

Weighted interest cost:

The total cost of a multi-part loan (i.e. a loan extended by different lenders), weighted for the respective amounts lent and the length of time the funds are on loan.

Français: Coût d'intérêt pondéré
Español: Costo de interés ponderado

Wharfage:

A charge assessed by a pier or dock owner for handling incoming or outgoing cargo and merchandise.

Français: Droits de quai
Español: Muellaje

Whole turnover coverage; Comprehensive coverage; global coverage:

An export credit insurance/guarantee policy which covers against risk of loss due both to commercial and political causes. Whole turnover policies generally charge a lower premium rate than specific policies as the risks are spread across a broader range of transactions and frequently across several debtor countries.

Français: Couverture complète du Chiffre d'affaires; Couverture globale tous risques
Español: Cobertura del rendimiento total, cobertura global, cobertura global

With average:

A term used in marine insurance indicating that a shipment is covered in a situation of partial damage, whenever the damage exceeds a certain percentage (3% for example). If, however, the ship is involved in a major catastrophe, such as a collision, fire or stranding, the minimum percentage requirement is waived and the insurance company pays the totality of the damage.

Français: Avec avarie
Español: (seguro) Con avería

Withholding taxes:

Taxes levied at source by a country on income to be paid abroad. Typically this applies to interest and Dividends remitted to the home country of the firm operating abroad.

Français: Impôts anticipés
Español: Impuesto retenido en la fuente, impuesto en origen, impuesto de retención en la fuente

Without recourse:

A clause in a contract whereby the lender, in the event of non-payment, has no right to seek payment or seize assets from anyone other than the party specified in the debt contract.

Français: Sans recours
Español: Sin recurso

Without reserve:

A term indicating that the shipper's agent or foreign representative is empowered to make definitive decisions and adjustments without referring to the individual or company he is representing.

Français: Sans réserve
Español: Sin reserva

Working capital:

The difference between a company’s current assets and current liabilities (excluding short-term debt). It is also known as net current assets.

Français: Fonds de roulement
Español: Capital de explotación, capital circulante, fondo de operaciones, capital de operaciones (circulante)

Working capital credit:

A loan granted to temporarily strengthen the Working capital of a borrower, for example in the form of Seasonal loans or Bridging financing.

Français: Crédit destiné au fonds de roulement
Español: Crédito de capital circulante

Working capital guarantee:

A guarantee extended to exporters, designed to encourage lenders to extend them working capital loans to finance various export-related production and marketing activities. Lack of working capital is one of the biggest barriers for small and medium-sized exporting enterprises.

Français: Garantie de fonds de roulement
Español: Garantía de capital circulante

World Bank Group:

An integrated group of international institutions which provides financial and technical assistance to developing countries. The group includes the International Bank for Reconstruction and Development, the International Development Association and the International Finance Corporation.

Français: Groupe de la Banque Mondiale
Español: Grupo del Banco Mundial

World Trade Organization (WTO):

Successor of GATT's the WTO was established on the 1 January 1995 as the legal and institutional foundation of the multilateral trading system. The main function of WTO is to act as a forum for multilateral trade negotiations, to seek to resolve trade disputes, to oversee national trade policies and promote fair competition. It is the platform on which global trade relations among countries evolve through collective debate, negotiation and adjudication.

Français: Organisation mondiale du Commerce (OMC)
Español: Organización Mundial del Comercio (OMC)

Wrap-around loan:

A long-term loan structured around a short-term loan in such a way as to postpone repayments of the principal (and sometimes the interest) on the long-term loan until the short-term loan is repaid.

Français: Prêt "structuré autour"
Español: Préstamo que incorpora un préstamo existente

Write-down:

A specific case of write-off. In general, this is the decrease in the book value of an asset if this is overstated compared with the current market value. Banks may also write down a loan (i.e. reduce its value on their books) when they think it might not be repaid in full.

Français: Amortissement partiel
Español: Reducir el valor contable, amortizar parcialmente

Write-off:

A term signifying how banks deal with debts of which there is no hope of recovery. When a borrower is bankrupt, his bank writes the loans off its balance sheet by reducing its assets by the value of the loan. This means the bank has to make an equal and opposite reduction in the value of its liabilities.

Français: Amortissement
Español: Pasar a pérdidas y ganancias

WTO:

see World Trade Organization.

Français: OMC
Español: WTO

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