Bank Glossary - C

Call money
In addition to the time deposit and last-day money, call money is a term used in interbank trading. The sum of the loan from a credit institution, agreed at a specific rate of interest, is available from another credit institution either for one day or at one day's notice ('until further notice'). The sums of money handled are to the nearest DM million. In the majority of cases, settlement is made via the CB account.
Call option (purchase option)
Definition used in option dealing. An option contract which entitles the purchaser to buy a specific number of the basic securities at a fixed price, up to - or at -a specific date (physical delivery), or to receive the difference between the close-of-business valuation price of the basic security and the preferential price up to its fixed date (cash settlement). The opposite of a call option is a put option.
Cap
Caps (and floors) are an insurance against rising (or falling) interest. The buyer is the contracting party, the seller the party providing the insurance. In the case of a cap it is guaranteed to the cap buyer against payment of a premium that the interest load of the existing or still-to-be-taken-up variable-interest obligation will not exceed a fixed interest rate ceiling (strike) during the term of the cap. At the same time the cap buyer enjoys drops in interest. The cap seller undertakes to compensate any additional charge which exceeds the strike by means of a payment to the party taking out the insurance.
Capital annuity
see Fixed-interest securities
Capital annuity charge
Special form of land charge, in which a capital annuity - instead of capital - is paid as a recurring payment from the property. The charge can be redeemed.
Capital flow statement
Calculation and representation of the inward and outward flow of instruments of payment which a company has obtained or expended in one trading year from continuous business activity, investment activity and financing activity, with additional coordination of the stock of instruments of payment at the beginning and the amount at the end of the trading year. This information should provide an indication of the capacity to generate payment surpluses, fulfil obligations and pay dividends.
Capital gains tax
Abbreviation: CGT. Special form of collection of income tax on certain domestic investment income. CGT must be withheld by the party liable or his bank for the account of the creditor and paid to the tax office. The current rate of tax in Germany is 25 %. Deduction of capital gains tax can be avoided by submitting a non-assessment certificate or an application for exemption. The withheld portion counts against the income tax to be paid.
Capital market
Long-term borrowed funds and equity capital are negotiated on the capital market. Via this market private businesses and public authorities accrue a large part of the capital needed to finance their investments and other expenditure. These parties seeking capital acquire long-term money by taking out long-term loans and non-bonded loans with the banks and through the issue of bonds, shares, debentures, convertibles and option loans. In essence the capital market is fed by savings from private households with the banks, but also from the funds of the insurance companies, who can lend their money for longer periods at reduced rates of interest, as well as from foreign investors. A distinction is drawn between the organized capital market of the banks and exchanges, on which shares and fixed-interest securities are traded, and the unorganized, 'grey' capital market. Here capital transactions are processed without the involvement of banks and exchanges.
Capital Sufficiency Directive
EC Directive relating to a reasonable equity position with regard to the market risks incurred by securities companies and credit institutions in the course of their trading activities. The Directive is scheduled for incorporation into German Law during 1996. The risk that a borrower is unable to fulfil his obligations to the creditor is also referred to as the risk of addressee default.
Capitalisation savings agreement
Capitalisation payments which are associated with the payments made by the employer under collective-bargaining agreement or which represent a proportion of the employee's wages and must be invested in accordance with the provisions of the 5th Capitalisation Act. In return for this investment, the employee receives, within predefined income limits, a State grant, the Employee savings allowance. The subsidised investments include, for example, savings for property and capital investment savings. However, certain other investments are also possible; these include investments in account-based savings contracts.
Cash
see Deposit money
Cash flow
Net balance on sales, financial surplus: interpreted as net access to liquid assets from sales activities and other ongoing operations within a given period. A standard, reliable indicator for assessing the financial situation of a company and for share valuation. Cash flow is derived from the annual statement of accounts of a company.
Cash price
see Standard quotation
Cash settlement
Compensation for the valuation result in the case of forward transactions (e.g. futures, options on indexes, etc.) which cannot physically be discharged.
Cash transaction
Conclusion of a sale on the stock exchange. Characterised by immediate and short-term payment and delivery (no later than the second trading session).
Cashless payment transaction
The sum of all the payment transactions in a given economic area which are conducted without the use of cash. In addition to deposit currency to bank accounts, these transactions are conducted using cheques, bank transfer, debit entries and bills of exchange, among others.

Another form of cashless payment transaction is known as electronic payment transactions or electronic banking. In this context, the term used is voucher-less payment transactions when vouchers are no longer used for cashless payments.

Cashpoint/ATM
see GAA, EC cashpoint
Cautionary entry to ensure future cancellation
Applicable until 1978, it was used by owners to avoid a lien on property. It has now been replaced by the right to cancellation of an entry, which is regulated by § 1179 of the German Civil Code and is part of the legal content of every lien on property. It can be invoked by a property owner to demand the cancellation of higher-priority or equal-priority liens on property as soon as the property owner has acquired them, provided that he has, for example, repaid the associated credit.
CCME
Abbreviation for Central Capital Market Committee
CD
Abbreviation for Certificates of deposit
CEDEL
Abbreviation for Centrale de Livraison de Valeurs Mobilières S. A. 1970, an institution founded by leading banks and financial institutions in Luxembourg for the safekeeping, administration and handling of bond issues and shares, particularly those which are traded internationally.
Central Bank
see Deutsche Bundesbank
Central Bank Council
The supreme body of the Deutsche Bundesbank.
Composition:

President and Vice-President of the Deutsche Bundesbank
Members of the Board of Governors of the Deutsche Bank
Presidents of the Federal State central banks

As an independent body, the Central Bank Council is responsible for measures involving monetary and credit policy for stabilisation of the currency. It sets the level of the discount rate, the Lombard rate, the level of the rediscount quota, together with the minimum reserve rate.

It is also possible for open-market policy.

Central Bank money supply
see Money supply
Central Capital Market Committee (CCMC)
Set up in 1957, the CCMC is a committee of representatives from the most important banks of issue, the Deutsche Bundesbank and the Federal Government, which makes recommendations regarding floatation planning by central and local government and to issuers from the private sector. The objective is to prevent possible flooding of the markets by new floatations.
Central Credit Committee
Composed of representatives of the leading associations of the credit sector. As a consultative committee, it represents the overall interests of the credit sector. In 1996, the presidency was held by the Federal Association of German Banks, the association of credit banks.
Central depository for securities
Also: Security-clearing institution. Special institution for the technical control of the Clearing system for securities transactions and the deposit of securities (Collective safe-deposit of negotiable securities).
Certificates of deposit (CD)
Instrument for the notarial recording of time deposits. They are issued, principally by banks, in high face values with different terms and are redeemed at face value upon maturity. Their terms are normally 3 to 12 months, but may be as much as 5 years. In addition to fixed-interest CD's, there are also CD's attracting variable interest rates. Since 1986, certificates of deposit have also been cleared for issue in Germany.
CGT
Abbreviation for Capital gains tax
Chart
Part of the so-called technical analysis. Graphic representation of price fluctuations of individual securities or even of trade and stock market indices. The chartist, namely the compiler of the so-called 'technical analysis', makes use of past price curves in order to produce a price forecast based on specific, typical, recurrent situations.
Cheapest offer
Contract awarded, without limit, for the purchase of securities at the most favourable price. The opposite of the cheapest offer is the best offer.
Cheapest-to-deliver (CTD)
That bond out of the pool of deliverable bonds the seller of a bond future can buy at the lowest cost to deliver at contract maturity.
Cheque
Instruction by a drawer to a bank to pay a specific sum of money on his behalf. The cheque is a security which is subject to special formal regulations and, in law, is an order paper (order cheque). With the standard addendum 'or bearer', the cheque becomes a bearer instrument. The prerequisite for a cheque is the availability of legal funds.

Cheques differ according to their method of redemption, such as open cheques and crossed cheques, and the type of transfer of the cheque rights into order cheques, bearer cheques and non-negotiable cheques (non-negotiable instrument).

CIF
Cost, Insurance, Freight. In the context of international commodity trading, CIF is a facility for distributing the share of costs and risk between the importer and the exporter in the framework of the incoterms. With CIF, the exporter is responsible for all the loading fees and insurance costs incurred up to arrival of the merchandise at the port of destination. The importer is liable for all risks from the time at which the merchandise has exceeded the height of the rail of the ocean-going vessel in the port of embarkation.
Circulation limit
The mortgage banks should only issue limited numbers of mortgage bonds and local authority bonds. The total number of securities in circulation is regulated by law. The quantity is based upon the nominal capital (share capital) of the bank. The circulation limit safeguards the value of the securities issued.
Clearing
Centralised settlement of debts and liabilities, with the result that only those balances are credited to, or debited from, the account of any of the participants.
Clearing system for securities transactions
The depositing of stocks of securities at central depositories for securities renders the delivery and despatch of securities unnecessary. However, the securities must be licensed for the collective safe-deposit of negotiable securities. Transfer of ownership simply takes the form of a bookkeeping exercise, without the handover of the actual documents. The holder of the deposit has a co-ownership share in the safe-deposited securities.
Closing price
The closing price is established according to the acoustic code which signifies the end of attendance dealing. Claims for consideration in price fixing only apply to orders which have been received by the official broker by this time and which are suitable for continuous trading (variable quotation) (§ 32 of the Stock Exchange Order).
Coins
Metal discs which are minted by order of the State and are used, or have been used, as legal tender. In the Federal republic of Germany, the coinage prerogative, that is the right to mint and issue coins, is held by the Federal Government (Article 73 of the Constitution). In principle, there is a difference between face-value coins and secondary coins. While the nominal value of face-value coins corresponds to the value of the metal, secondary coins are coins minted below value. At present, only secondary coins are minted in the Federal Republic.
Collar
Combination of the purchase of a cap and the sale of a floor.
Collection
Collection of outstanding debts, such as bills of exchange, cheques and securities. Collection of commercial documents is a familiar form of collection.
Collection of commercial documents
Collection of commercial documents is a form of payment handling and payment safeguarding in which the payer is issued with documents, with the collaboration of the credit institutions, in return for payment of the equivalent value ('cash for documents') or in return for acceptance of bills of exchange ('documents for accepted bills'). Commodities transactions are fulfilled mutually simultaneously with the aid of collections of commercial documents. The basis for conduct of the transaction is the 'Einheitliche Richtlinien für Inkassi' [» 'Standard Guidelines for Collections of Commercial Documents'] (revised 1995).
Collective deposit
see Collective safe-deposit of negotiable securities
Collective instrument
see Comprehensive instrument
Collective safe-deposit of negotiable securities
Joint safe-deposit for securities owned by different customers of a central depository for securities. Each type of security is placed in separate safe deposits. Each depositor acquires a co-ownership share, corresponding to his investment in the collective stock of securities. Under the provisions of § 2 Clause 1 of the [German] Securities Deposit Act, the depositor may request a separate safe-deposit for his securities.
Combined bank transfer
Simultaneous transfer of sums of money by a single account holder to more than one beneficiary. For this purpose, a list is compiled of all the recipients of the credit entry. It is a type of bank transfer which is principally used in the giro network of the Deutsche Bundesbank. The combined bank transfer is used if an account holder enters more than five bank transfer orders on the institution's own pre-printed forms or if a credit institution wishes to pass on its own credit entries via the bank of issue.
Combined interest rate loan
There is no constant fixed rate of interest over the entire term, although the amount of interest earned is fixed in advance and does not depend on developments in the capital market. The interest rate is changed according to a sample agreed at the time of issue. After several coupon-free years a higher-than-average coupon is generally agreed for the remaining years.
Commercial bill of exchange
Bill of exchange used for the short-term financing of transactions in goods or services. The term 'good commercial bill of exchange' refers to a bill of exchange which exhibits a degree of creditworthiness, since it bears the signature of two or three addresses who are regarded by the Deutsche Bundesbank as being solvent.
Commercial paper (CP)
Instrument of indebtedness in the name of the holder, mostly in discounted form, with terms of between 1 and 270 days and sometimes longer. CP's are issued on the money market by creditworthy debtors in high amounts and with high minimum face values.
Commercial register
Official register of all the fully-qualified traders in a local court district. The Register, maintained by the competent county court, informs the general public about the definitive legal relationships of the company. The Register is divided into Sections A and B. While the individual enterprises and business partnerships (OHG, KG) are listed in Section A, the corporate enterprises (AG, GmbH) are entered in Section B. The entries have a right-confirmation and right-generating effect.
Commercial usage
Custom, in particular commercial custom; also regulations governing stock exchange transactions. Nowadays, as far as the German stock exchanges are concerned, it is generally set out in writing and extensively harmonised.
Commercial usage trading
Foreign exchange transactions which are concluded in a currency other than the national currency, such as the purchase of US dollars against Yen in London via a Swiss bank.
Commission agent
A dealer who buys or sells securities on behalf of a third party. He must conduct himself in a professional manner, he must immediately notify the consignor of implementation of the request and, at the same time, nominate the third party with whom he has concluded the transaction. This obligation does not apply in the case of own-name transactions on the part of the commission agent.
Commission business
Execution of transactions in commodities or securities in the name of the so-called consignor, but by order of a third party. The executor of these transactions is called the commission agent. Banks conduct the stock exchange transactions, for which they receive orders from their customers, in the form of commission business.
Commission voting right
Proxy voting right
Commodities futures exchange
Exchange at which futures transactions are concluded in units, which are standardised in terms of quantity and quality, of widely-used natural products. Worldwide, there are 47 organised commodities futures markets, particularly in the USA and Canada. The oldest and, at the same time, highest-turnover futures exchanges for commodities and financial contracts is the Chicago Board of Trade, founded in 1848. Other commodities futures exchanges in Europe worthy of mention include London, Amsterdam and Paris. Since 1995, efforts have been made to establish a commodities futures exchange in Germany.
Commodities market
see Types of stock exchange
Compliance
The credit institutions are required to ensure that transactions conducted by their employees in securities, foreign currency, precious metals and derivatives do not conflict with the interests of the bank/savings banks and their customers. For this reason, in order to protect the investor and to eliminate any conflicts of interest, the credit institutions are required to apply regulations governing such transactions, in accordance with the guidelines covering employee transactions, and to monitor compliance with the guidelines. These regulations are designed to create or maintain trust in the particular capital market or in participants in the market. Many banks incorporate compliance departments which are responsible for monitoring the confidential handling of information in the relevant departments and, in particular, for taking precautions against insider infringements.
Comprehensive instrument
Collective instrument for securities, in particular for bond issues and shares. Comprehensive instruments are used to simplify the safekeeping and administration of securities. In the case of new issues, comprehensive instruments are frequently lodged until the individual instruments are supplied to the Deutsche Börse Clearing.
Computerised stock exchange
Type of stock exchange in which the entire transaction process has been fully computerised and automated. This includes:

Computerised input of orders (Security order) with subsequent automatic transfer to the computerised stock exchange.

Automatic onward transfer of supply and payment obligations from the stock exchange transactions.

Automatic circulation of trading information to the market participants.

see German Futures Exchange (DTB), IBIS, Xetra.

Conditions
Where securities are concerned, the term refers to certain characteristics of the instrument, such as:

Interest rate
Issue price
Term
Repayment

Confidence level
The probability of a potential loss arising within the interval stated by the Value at risk.
Consent to cancellation of an entry
In addition to the cancellation receipt, this is the second possibility for the surrender of liens on property. In this way, a loan security is released by the secured party and can no longer be invoked for the settlement of claims. The consent to cancellation of an entry consists of a certificate in which cancellation of the mortgage or land charge is allowed and with which the owner can arrange cancellation of the lien on property.
Consortium
Association (temporary) of banks, in particular, in order to be in a position to undertake larger financial projects by sharing the risk. Principally formed nowadays for the placement of securities (floatation).
Constant issuer
These are issuers (debtors; emitters of securities) who, due to an ongoing financing requirement, regularly issue securities (e.g. real-estate credit institutions, Federal State banks, the Industrial Credit Bank and central/local government).
Continuous quotation
see Variable quotation
Contractual capability
Ability to conduct legal transactions on the basis of effective declarations of intent. There are three types of contractual capability: full contractual capability, limited contractual capability - in which the declarations of intent are transitionally ineffective - and contractual capability in which the declarations of intent are null and void. Individuals become contractually capable on their 18th birthday.
Convergence
Efforts are being made through a stability-oriented economic and financial policy to bring the basic economic data of the Member States more into line. A high degree of convergence is stipulated as a precondition for entry into economic and monetary union.
Convergence criteria
Criteria for entering economic and monetary union are:

overall price level stability;

approximation of long-term interest rates;

stable exchange rate;

country's budgetary position acceptable with regard to current deficits and debt position (see Discipline in public spending).

Conversion
Conversion of a bond issue - for example, a public bond issue - after prior redemption, into another bond issue, usually attracting a lower interest rate.
Conversion offer
Also referred to as share conversion. Invitation to convert old securities into new ones or into securities from another enterprise. Share conversions are always necessary in the case of mergers (and sometimes in the case of reconstructions) of companies.
Convertibility
Facility for converting national currency, without restriction, into foreign currency (the opposite term is exchange control). The Deutschmark became fully convertible on 1 July 1958. Currencies which are freely-convertible anywhere, are described as 'hard' currencies.
Convertible bond issue
Debenture bonds under the terms of which the holder, in addition to the fixed interest rate, is granted the inalienable right, under certain conditions, to convert the bond issue into shares in the particular company. After conversion, the convertible bond issue becomes a share.
Cooperative banking associations
Credit institutions as defined by § 1 of the Credit Services Act. Cooperatives are associations with an indeterminate number of members which aim to promote the income and financial welfare of its members by means of joint business operations. In addition to the cooperative banking institutions, the so-called Universal banks in the German banking sector also include the savings banks and the credit banks.
Corporation tax
Tax on the earnings of corporations and associations of individuals. It includes incorporated companies, trading cooperatives and industrial cooperatives and other corporate bodies governed by private law. joint-stock companies (as corporate enterprises) pay the tax on their profits. In this way, each dividend already incorporates a tax component, which the shareholder can set off against his own tax liability; in certain cases, it may even be refunded. The shareholders therefore receive, in addition, a tax credit equivalent to three-sevenths (42.86 %) of the cash dividend as 'quantifiable corporation tax'.
Cost price
The cost price of a security is that 'price' which was paid inclusive of all additional costs to buy a position.
Coupon
see Dividend certificate, Interest warrant
Coupon sheet
see Dividend certificate
Covered warrants
The meaning of the term covered warrants has changed over the years. At the beginning of the Subscription warrant market and even today, these so-called 'covered Subscription warrants' have been defined as share option certificates, which register the right to the physical purchase of shares which, during the term of the subscription warrant, are located in a separately-held cover stock. In more recent times, the instruments of the cover stock have been increasingly disregarded. Instead, the issuers ensure, by concluding additional financial transactions, that the supply claims of the holder of the subscription warrant are fulfilled when the option right is exercised. Moreover, in the meantime these types of subscription warrant have been included in the term covered warrants, for which, instead of physical supply, a cash settlement is possible.
Covering loan
The safeguarding (cover) of specific securities (mortgage bonds) is regulated by law. Typical cover includes mortgage credits, which are known as covering loans. At all times, the entire amount of the covering loan must be at least as high, and yield similar interest income, as the total amount of the redeemed mortgage bonds (equilibrium principle). Local authority loans are used to cover local authority bonds. These are accounts receivable owed to the bank by corporations and institutions governed by public law.
CP
Abbreviation for Commercial paper
Credit
Lending of a specific sum of money under specific conditions which apply, in particular, to the rate of interest, the repayments and the collateral, if required. While the term loan is generally applied to long-term lending, credit describes the short-, medium- and long-term allocation of money or capital. There are three types of credit: overdrafts, which mature daily, draft credits and mortgage credits.
Credit card
Bank payment card which places the cardholder in the position of being able to make cashless payments throughout the world, in the particular national currency, by signing the payment voucher in establishments which are associated, as contractual partners, with the card company or the card system. The transactions are summarised and invoiced to the cardholder once a month. The cardholder receives a clear statement of the transactions. The contracting companies (businesses, hotels, restaurants, travel agencies, filling stations, etc.) are each identified by the symbol of the relevant credit card. The most widely-used and accepted credit card is the EUROCARD, with more than 12 million contractual companies worldwide. Furthermore, credit cards, used in conjunction with a PIN, enable cash to be withdrawn at cashpoints connected to the credit institutions.
Credit derivatives
Financial instruments which make it possible to value and trade credit risks (counterparty risks) of loans, bonds and other credit items separately. Credit derivatives may be used to value and trade credit risks without having to liquidate the original product. Accordingly, portfolios can be reduced, diversified or expanded, if necessary. Investors gain access to credit markets. Risk is generally assumed against premium or interest payments.
Credit facility
Also referred to as an overdraft facility. The customer is granted the facility to overdraw his current account to a predetermined limit. In the case of salary accounts, the credit facility is normally equivalent to two to three months' net salary.
Credit institution
§ 1 Para. 1 of the CSA defines credit institutions as companies which conduct banking transactions, provided that the volume of these transactions demands a business enterprise established in a businesslike manner. According to the CSA, at least one of the bank transactions listed in this Paragraph should be conducted. Among other organisations, the Deutsche Bundesbank and the Reconstruction Loan Corporation (RLC) are not classified as credit institutions.
Credit limit
As a general rule, credit can only be granted against collateral. Among other forms, this type of collateral may consist of securities, houses and property. However, no account is taken of the market value of the collateral, but only of the value as collateral security. In addition, mortgages are subject to a legally-defined credit limit (Mortgage Banks Act) which is equivalent to a maximum of 60 % of the value as collateral security.
Credit risk
Risk that a borrower cannot fulfil his obligations in respect of the creditor, also known as address non-payment risk.
Credit risk equivalent
Benchmark for the relevant credit risk in terms of supervision (risk-weighted assets) which is to be underlaid with equity (corresponding to the product of the risk-equivalent volume credit equivalent and a creditworthiness-related weighting factor).
Credit Services Act (CSA)
Contains regulations governing the conduct of credit institutions and State supervision of banking. The purpose of the CSA is protection for the creditor and ensuring the efficiency of the credit services sector.
Credit standing
Ability to conclude legally-binding credit agreements. Natural persons who are in full-time employment, corporate bodies subject to private and public law and business partnerships all have credit standing. The term credit standing is frequently confused with creditworthiness.
Creditworthiness
Criterion for granting credit. A borrower is creditworthy if he can be expected to contractually fulfil his obligations as a borrower. There are two types of creditworthiness: personal and material. While, in the case of personal creditworthiness, investigations are conducted into the reliability, professional and technical qualification of the borrower, or his business acumen, material creditworthiness is concerned with financial aspects, such as the asset situation, earning capacity, etc. Creditworthiness is frequently confused with credit standing.
CROCI
Cash Return On Capital Invested. Ratio used by stock analysts to calculate a company's rate of return. CROCI measures a company's return on its total capital invested. Company value can be calculated by comparing a company's CROCI with its cost of capital.
Crossed cheque
Cheque, distinguished by the note 'A/c payee only' on the front, which should not be redeemed in cash by the credit institution specified on the cheque, in contrast to the Open cheque. Crossed cheques are only redeemed in conjunction with the credit note.
Currency
The term currency may mean:

Statutory monetary unit of a country.

All foreign means of payment ('foreign currencies') from the point of view of a country.

In the broader sense as a monetary structure the entirety of the national regulations of the monetary system (Bundesbank).

Currency board system
In setting up a currency board, a country pegs its currency to an anchor currency. Under such a system, a country can only issue domestic currency if this currency is backed by the value of its currency reserves. Countries operating a currency board forego their independence in setting monetary policy as they can only increase the money supply if there are sufficient reserves in the anchor currency.
Currency reform
The reorganization of a country's monetary system. This happens whenever the money of a national economy ceases to perform its functions as a unit of account, means of payment and store of purchasing power. A currency reform is often preceded by inflation and excessive national debt. A currency reform is generally linked to a strong devaluation of existing assets. On 20.06.1948, for example, a currency reform was undertaken in Germany, in which the D-Mark replaced the Reichsmark. It is important to differentiate between a currency reform and a monetary union. Whilst with a currency reform one currency - usually involving a major depreciation in value - is replaced by another, with monetary union (EMU) several currencies are merged with no loss of value into a new, common currency.
Current account
Account (also referred to as a giro account or personal account) held by a credit institution to which access can be obtained at virtually any time, by paying in, withdrawing cash, arranging bank transfers or writing cheques. In many cases, a current account provides an opportunity for arranging a credit facility. Usually, the account holder receives an EC card or a Bank customer card which enables him to make use of self service facilities, such as cashpoints or bank statement printers.
Current market price
Proceeds from the sale of an object, such as a house, which can be generated under normal circumstances. In addition to the earning-capacity value, it is an important starting point for the financing, valuation and hypothecary value of buildings.
Current worth
Current (temporary) worth of a future cash flow (due receivables etc.). The current worth is calculated by discounting the interest still accumulating up to the due date, e.g. of a debt, the repayment amount (cash flow) and the refinancing costs.