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BUSINESS FINANCE ACRONYMS
AAA Agency and Administration AgreementACH Automated Clearinghouse
ACP Average Collection Period
ACRS Accelerated Cost Recovery System
ADB Asian Development Bank
ADR American Depository Receipt
ADS American Depository Shares
ADSCR Annual Debt Service Coverage Ratio
AfD Agence Française de Développement
AfDB African Development Bank
AfDF African Development Fund
AG Attorney General
AIBD Association of International Bond Dealers
AIU American International Underwriters
APT Arbitrage Pricing Theory
APV Adjusted Present Value
AWA Amendment and Waiver Agreement
BAFO Best and Final Offer
BAR Builders' All Risk (insurance)
BATRI Borrower, Amount, Term, Repayment Method, Interest Basis plus Margins
BBSY Refers to a screen on the Reuters Monitor System that shows benchmark interest rates used to price variable rate loans
BCA Basic Credit Approval
B/E Bill of Exchange
B/L Bill of Lading
BIPS Basis Points
BIS Bank for International Settlements
BLA Bilateral Agency (e.g., U.S. Export-Import Bank)
BLT Build-Lease-Transfer
bp Basis point (1/100 of 1%, or 0.0001)
BDOT Build-Design-Operate-Transer
BLT Build-Lease-Transfer
BOO Build-Own-Operate
BOOS Build, Own, Operate, and Sell
BOOT Build-Own-Operate-Transfer
BOT Build-Own-Transfer
BTO Build-Transfer-Operate
Btu British thermal unit
CAC Collective Action Clause
CADS Cash Available for Debt Service
CAGR Compound Annual Growth Rate
CAMENA Central Asia/Middle East/North Africa
CAO Compliance Advisor/Ombudsperson
CapEx Capital Expenditure
CAPM Capital Asset Pricing Model
CBO Collateralized Bond Obligation
CCF Capital Cash Flow
CCR Corporate Credit Rating
CCGT Combined Cycle Gas Turbine
CDC Commonwealth Development Corporation (United Kingdom)
CDO Collateralized Debt Obligation
CDS Credit Default Swap
CEN Confiscation, Expropriation, and Nationalization (collectively, “CEN” perils)
CEND Confiscation, Expropriation, Nationalization and Deprivation
CfD Contract for Differences
CGF Credit Guarantee Facility
CHIPS New York’s Clearing House Interbank Payment System
CIF Cost, Insurance, and Freight
CIP Covered Interest Parity
CIRR Commercial Interest Reference Rates
CIS Commonwealth of Independent States
CLO Collateralized Loan Obligation
CME Chicago Mercantile Exchange
COBA Cost/Benefit Analysis
COD Commercial Operation Date
COFACE Compagnie Française d’Assurance pour le Commerce Exterieur (French export credit agency)
COMEX New York Commodities Exchange
CP Commercial Paper
CP Currency Pool
CPs Conditions Precedent
CPI Consumer Price Index
CRA Contingency Reserve Account
CSA Conditional Sale Agreement
CSF Critical Success Factor
CFSB Credit Suisse First Boston
CSO Civil Society Organization
CTA Capacity and Tolling Agreement
CTA Common Terms Agreement
CTS Common Terms Sheet
CUP Cooperative Underwriting Program
CWSRF Clean Water State Revolving Fund
DBSA Development Bank of South Africa
DCF Discounted Cash Flow
DCMF Design, Construct, Manage, and Finance
DCR Drawdown Cover Ratio
D:E Debt to Equity
DFI Development Finance Institution
DIBOR Dublin Inter–Bank Offered Rate
DIS Delay-in-Startup (insurance)
DLDs Delay Liquidated Damages
DOD Debt Outstanding and Disbursed
DSCR Debt Service Coverage Ratio
DSM Demand Side Management
DSO Direct Service Organization
DSPA Debt Service Payment Account
DSRA Debt Service Reserve Account
DT Design Team
DTC Depositary Trust Company
EA Environmental assessment
EAP Environmental Action Plan
EBIAT Earnings Before Interest but After Taxes
EBIT Earnings Before Interest and Taxes
EBITDA Earnings before Interest, Taxes, Depreciation and Amortization
EBRD European Bank for Reconstruction and Development
EC European Community
ECA Export Credit Agency
ECF Equity Cash Flow
ECGD Export Credit Guarantee Department (U.K. export credit agency)
ECP Euro Commercial Paper
ECU European Community Unit
EDC Export Development Canada (Canadian export credit agency)
EFIC Export Finance and Insurance Corporation (Australian export credit agency)
EFL External Financing Limit
EIA Environmental Impact Assessment
EIS Environmental Impact Statement
EIB European Investment Bank
EIU Economist Intelligence Unit
EMBI Emerging Market Bonds Index (published by J. P. Morgan)
EMU Economic and Monetary Union of the European Union
EOD Event of Default
EPC Engineering, Procurement, and Construction
ERBD European Bank for Reconstruction and Development (targeted to Eastern Europe and the former Soviet Union)
ERISA Employee Retirement Income Security Act
EPS Earnings per Share
ESA Equity Support Agreement
ESIA Environmental and Social Impact Assessment
EU European Union
FAQ Free at Quay
FAS Free Alongside
FASB Financial Accounting Standards Board
FCF Free Cash Flow
FDI Foreign Direct Investment
FERC Federal Energy Regulatory Commission
FIAS Foreign Investment Advisory Service (part of the World Bank Group)
FIBOR Frankfurt Inter–Bank Offered Rate
FIFO First In, First Out
FM Force Majeure
FOB Free on Board
ForEx Foreign Exchange
FRA Forward Rate Agreement
FRB Federal Reserve Board (Washington, D.C.)
FRNs Floating Rate Notes
FSC Foreign Sales Corporation
FSU Former Soviet Union
FV Future Value
FX Foreign Exchange
FY Fiscal Year
GAAP Generally Accepted Accounting Principles (e.g., U.S. GAAP)
GATS General Agreement on Trade In Services
GATT General Agreement on Tariffs and Trade
GDP Gross Domestic Product
GDRs Global Depositary Receipts
GNF Global Note Facility
GNI Gross National Income
GNP Gross National Product
GSM Global systems for mobiles, a mobile phone standard.
G-5 Group of five countries (France, Germany, Japan, U.K., and U.S.)
G-7 The G–5 countries plus Canada and Italy
G-10 The G–7 countries plus Belgium, the Netherlands, Sweden and Switzerland. The group has 11 members but is still known as the G10. It aims to coordinate monetary and fiscal policies for a stable world economic system.
HDSCR Historic Debt Service Cover Ratio
HIBOR Hong Kong Inter–Bank Offered Rate
HIPC Heavily Indebted Poor Country
HoldCo Holding Company
IA Implementation Agreement
IBFs International Banking Facilities
IBRD International Bank for Reconstruction and Development (a member of the World Bank Group)
ICA International Court of Arbitration
ICB International competitive bidding
ICC International Chamber of Commerce
ICRG International Country Risk Guide
ICR Issuer Credit Rating
ICSID International Center for Settlement of Investment Disputes
IDA International Development Association (a member of the World Bank Group)
IDB Inter–American Development Bank
IDC Interest During Construction
IDRs International Depositary Receipts
IE Independent Engineer
IFC International Finance Corporation (a member of the World Bank Group)
IIC Inter-American Investment Corporation
ILFAs Individual Loan Facility Agreements
IMF International Monetary Fund
IMLAs Initial Mandated Lead Arrangers
IPA Investment Project Authorization
IPO Initial Public Offering
IPP Independent Power Producer (or Independent Power Plant)
IPR Initial Project Review
IRB Internal–Rating–Based (an approach under the Basel II Accord)
IR Interest rate (risk or exposure)
IRR Internal Rate of Return
ISDA International Swap and Derivatives Association
IsDB Islamic Development Bank
ITC Investment Tax Credit
ITN Invitation to Negotiate
ITT Invitation to Tender
JBIC Japan Bank for International Cooperation
JCI Japan Consulting Institute
JEXIM Japan Export–Import Bank
JIBOR Jakarta Inter–Bank Offered Rate
JFS Joint Feasibility Study
JOA Joint Operating Agreement
KExim Korean Export–Import Bank
KfW Kreditanstalt für Wiederaufbau
KIBOR Kuwait or Karachi Inter–Bank Offered Rate
LAC Latin America and the Caribbean
LCAI London Court of International Arbitration
LCVI Liquidity, Credit, and Volatility Index
LDCs Less Developed Countries
LIB Limited International Bidding
LIBID London Inter–Bank Bid Rate
LIBOR London Inter–Bank Offered Rate
LIFO Last In, First Out
L/C Letter of Credit
LDs Liquidated Damages
LLA Land Lease Agreement
LLC Limited Liability Company
LLCR Loan Life Cover Ratio
LME London Metals Exchange
LNG Liquefied Natural Gas
LOC Letter of Credit
LOI Letter of Intent
LOT Lease, Operate and Transfer
LOU Letter of Understanding
LPG Liquefied petroleum gas
LP Limited Partner
LSTK Lump-sum Turnkey Contract
LT Levelized Tariff
LTMAs Long-Term Maintenance Agreements
MAC Material Adverse Change
MACRS Modified Cost Recovery System
MAE Material Adverse Event or Material Adverse Effect
MDB Multilateral Development Bank
MIBOR Mumbai (formerly Bombay) Inter–Bank Offered Rate
MIGA Multilateral Investment Guarantee Association (a member of the World Bank Group)
MIRR Modified Internal Rate of Return
MITI Ministry of International Trade and Industry (Japan)
MLA Mandated Lead Arranger
MLA Multilateral Agency (e.g., International Finance Corporation)
MNC Multinational Corporation
MOF Ministry of Finance (Japan)
MOF Multiple Options Facility
MOT Modernize, Operate and Transfer
MOU Memorandum of Understanding
MPP Merchant Power Plant
MSCI Morgan Stanley Capital International
NAFTA North American Free Trade Agreement
NEPAD New Partnership for Africa’s Development
NFFO Non-Fossil Fuel Obligation
NGO Nongovernmental Organization
NIF Note Issuance Facility
NOPAT Net Operating Profit after Tax
NWC Net Working Capital
NPV Net Present Value
ODA Overseas Development Administration
ODA Official Development Assistance
OECD Organization for Economic Cooperation and Development
OM Offering Memorandum
O&M Operation and Maintenance
OPEC Organization of Petroleum Exporting Countries
OPEX Operating Expenses
OPIC Overseas Private Investment Corporation
p.a. Per annum (annually)
PCG Partial Credit Guarantee
PDSCR Projected Debt Service Cover Ratio
PE Public Enterprise
PFA Project Funds Agreement
PFC Project Financial Completion
PFI Private Finance Initiative
PFI Project Finance International (a trade journal)
PIBOR Paris Inter–Bank Offered Rate
PIM Preliminary Information Memorandum
PLCR Project Life Coverage Ratio
PLDs Performance LDs
PLF Plant Load Factor
P/N Promissory Note
PPA Power Purchase Agreement
PPB Provisional Preferred Bidder
PPI Private Participation in Infrastructure (Note: can also be the Producer Price Index)
PPP Public-Private Partnership or Purchasing Power Parity
PQQ Pre-Qualification Questionnaire
PRG Partial Risk Guarantee
PRG Project Review Group
PRI Political Risk Insurance
PSEDP Private Sector Energy Development Project
PSEF Private Sector Energy Fund
PSIDC Private Sector Infrastructure Development Corporation
PSIF Private Sector Infrastructure Fund
PTC Production Tax Credit
PURPA Public Utilities Regulatory Policy Act (of 1978)
PUC Public Utilities Commission
PUCHA Public Utility Holding Company Act (of 1935)
PV Present Value
QIB Qualified Institutional Buyer
RAAP Regulatory Accepted Accounting Principles
RAP Resettlement Action Plan
RAROC Risk Adjusted Return on Capital
RCOD Required Commercial Operations Date
RCR Repayment Cover Ratio
RDs Reserved Discretion(s)
RECs Regional Electricity Companies
RFP Request for Proposals
RMR Reliability Must Run (power plant)
ROA Return on Assets
ROE Return on Equity
ROI Return on Investment
ROIC Return on Invested Capital
ROO Rehabilitate-Own-Operate
ROT Rehabilitate-Operate-Transfer
ROW Right of Way
RPI Retail Price Index
RPS Renewable Portfolio Standard
RRR Required Rate of Return
RSA Resource Supply Agreement
RUF Revolving Underwriting Facility
SACE Istituto per i Servizi Assicurativi del Commercio Estero (Italian export credit agency)
S&P Standard & Poor’s Corporation
SCP Single Currency Pool
SCR Sovereign Credit Rating
SDR Special Drawing Rights
SEC Securities and Exchange Commission (United States)
SIBOR Singapore Inter–Bank Offered Rate
SIC Standard Industrial Classification
SOE State-owned Enterprise
SOT Supply-Operate-Transfer
SPA Sales Purchase Agreement(s)
SPV Special-purpose Vehicle
SRF State Revolving Fund
SRI Socially Responsible Investment
TDA Trade Development Agency
T&D Transmission and Distribution
TIBOR Tokyo Inter–Bank Offered Rate
TRR Target Rate of Return
TRUF Transferable Revolving Underwriting Facility (RUF)
TSR Total Shareholder Return
UIRP Uncovered Interest Rate Parity
UNCTAD United Nations Conference on Trade and Development
UNCITRAL United Nations Commission on International Trade Law
UNDP United Nations Development Program
UNEP United Nations Environmental Program
USAID United States Agency for International Development
USEXIM Export–Import Bank of the United States (U.S. export credit agency)
VAR Value at Risk
VAT Value-added Tax
VFM Value for Money
VRNs Variable Rate Notes
VPD Vehicles Per Day
VPP Volumetric Production Payment
WACC Weighted Average Cost of Capital
WTO World Trade Organization
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