TERMIUM Plus^®

Record 1,  Textual support,  English

Record number: 1, Textual support number: 1 DEF

[An investment strategy that involves] taking a position based on a view of expected changes in the shape of the yield curve independent from the general interest rate view as it is expressed by the average duration at which the portfolio is positioned.  2, record 1, English, - yield%20curve%20arbitrage

Record number: 1, Textual support number: 1 OBS

yield curve arbitrage: term extracted from the “Glossaire de l’économie” and reproduced with permission of the Organisation for Economic Co-operation and Development.  3, record 1, English, - yield%20curve%20arbitrage

Record 1,  Textual support,  French

Record number: 1, Textual support number: 1 CONT

[...] les opérations d’arbitrage sur les courbes de rendement [...] ont dégagé de bons rendements et des profits de plus de 20 M$.  3, record 1, French, - arbitrage%20sur%20les%20courbes%20de%20rendement

Record number: 1, Textual support number: 1 OBS

arbitrage sur les courbes de rendement; arbitrage sur les courbes de taux : termes extraits du «Glossaire de l’économie» et reproduits avec l’autorisation de l’Organisation de coopération et de développement économiques.  4, record 1, French, - arbitrage%20sur%20les%20courbes%20de%20rendement

Record 1,  Textual support,  Spanish

Record 2,  Textual support,  English

Record number: 2, Textual support number: 1 CONT

The duration gap, the difference between the duration of portfolio assets and liabilities, summarizes for management the extent to which asset and liability cash flows are matched on average through time.  1, record 2, English, - duration%20of%20portfolio

Record 2,  Textual support,  French

Record number: 2, Textual support number: 1 CONT

La duration du portefeuille détermine sa sensibilité aux mouvements des taux sur le marché. Plus longues sont les durées, plus importante est l'influence d'une baisse ou d'une hausse des taux.  1, record 2, French, - duration%20du%20portefeuille

Record 2,  Textual support,  Spanish

Record 3,  Textual support,  English

Record number: 3, Textual support number: 1 DEF

Authority approved by the World Bank Board of Directors on December 2, 1986, authorizing investment in financial futures and options for U. S. dollars and pound sterling. It also authorized extension of the five-year and three-month maximum maturity limit in securities eligible for the portfolio, investment in eligible securities of all maturities and controlling the risk implicit in these by substituting the five-year three-month maturity limit on individual securities with the establishment of an average duration range of not less than three months and not more than four years for the U. S. dollar and non-dollar portfolios.  1, record 3, English, - New%20Investment%20Authority

Record 3,  Textual support,  French

Record 3,  Textual support,  Spanish

Record 4,  Textual support,  English

Record number: 4, Textual support number: 1 CONT

The relationship between an immunization strategy, a maxmin strategy, and a duration strategy in a market in which investment income is subject to tax and investors are in more than one tax bracket is reexamined. The exact assumptions necessary for the duration strategy and the maxmin strategy to be equivalent in a world with taxes are clarified. In a world with taxes, the immunization strategy requires the portfolio to satisfy a constraint concerning the bond to be included besides the duration restriction.  1, record 4, English, - immunization%20strategy

Record 4,  Textual support,  French

Record 4,  Textual support,  Spanish