This question was closed without grading. Reason: Other
Jun 12, 2009 12:54
14 yrs ago
9 viewers *
French term

portage

French to English Bus/Financial Investment / Securities structured products
This is not the first time I've encountered this term, but I'm struggling to translate it in this particular context. It's in a commentary on the performance of a fund that invests in credit products. Examples:

- "Sur le ***portage*** corporates (+X,XX%), l'ensemble des noms profite du resserrement notamment les noms les plus larges tels que ABC (-XXXbp) et DEF (-XXXbp)"

- "Les First To Default de la poche Portage Produits Structurés profitent pleinement de l'amélioration sur le crédit"

I think it's referring to the strategy of holding assets on behalf of their actual owner in view of an agreed resale. (See http://www.vernimmen.net/html/glossaire/definition_portage.h... Am I on the right lines here, and if so, what would be a suitable way of translating it. Is it a kind of repo?

Bear in mind that a concise translation is needed as it often comes up in the names of fund compartments (cf. "poche Portage Produits Structurés" above).

[Note: I know there are various other KudoZ entries for "portage", but I'm still feeling somewhat in the dark after looking through them...]

Thanks in advance...
Proposed translations (English)
3 temporary holding (of securities)

Discussion

Rob Grayson (asker) Jun 15, 2009:
Thanks... Thanks for your comments. I stuck with "portage" in the end – although not partcularly a common term in EN, there is precedent for its use and I felt it was safe enough as it's only used in the content of portfolio names. I've learnt something here!
rkillings Jun 15, 2009:
portage = holding under a repurchase arrangement I'd hesitate to call it a 'repo' because usage restricts that term to certain classes of debt securities. Portage can be perfectly legal and does not imply nondisclosure ("parking"). It's essentially a credit transaction: the lender acquires the securities against the borrower's promise to repurchase them.
joehlindsay Jun 12, 2009:
porterage/carry My 'Dictionnaire pratique des Mondes de la Finance at de la Bourse' gives: conveyance, porterage and carry for 'portage'. Since they don't elaborate, that isn't very useful.

It sure sounds like a repo to me too, but I'm not sure.

Do you have access to Ménard's French English derivatives dictionary? I loaned mine to a friend. It might be in there.


From the Vernimmen definition in French, I think we would call this a 'straw sale' of the securities in the vernacular: usually sales made to conceal the identity of an investor who wants to accumulate shares anonymously.







Proposed translations

11 mins

temporary holding (of securities)

My suggestion.
Something went wrong...
Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search