fonds d'État britanniques
- Domaine
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- finance placement de capitaux
- Dernière mise à jour
Terme privilégié :
- fonds d'État britanniques n. m.
Traductions
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anglais
Auteur : Office québécois de la langue française,Définition
Fixed-interest, sterling-denominated securities issued by the UK government to fund the public sector borrowing requirement and forming part of the national debt.
Note :
They derived their name from the gold edge on the original certificates, a colour subsequently replaced by green. The market in gilts is divided according to maturity dates and type : "shorts" (five years or less); "mediums" (between five and ten years); "longs" (over ten years); "irredeemables" or "undated" (no redemption dates); "index-linked" (with returns linked to the retail price index (RPI)); and "floating rate" (which have their coupons re-set periodically in line with current money market rates). Although most gilts are conventional straights, know as "redeemables", there are a number of conversion stocks which allow investors to convert to longer maturity issues and, in addition, there is a significant index-linked sector where returns are linked directly to the RPI. Issues are made which carry different names, such as "Exchequer", "Treasury", etc., but these have no significance but help to distinguish the different issues. Settlement is carried out through the Central Gilts Office. New issues are made via the Bank of England in a variety of ways, including auctions or tenders, tap or taplet issues and direct sales to investors. Note that the term "gilt-edged" is sometimes used in the USA for securities of the highest rated (triple-A) borrowers.
Termes :
- gilt-edged securities Royaume-Uni
- gilts