# German — Finance / Banking Sub-Lexicon

> **Scope.** This sub-lexicon covers two closely-related domains in a single per-language file: **Finance & Banking** (primary) and **Trading & Capital Markets**. The two were merged here because their vocabulary overlaps heavily (debt instruments, securities, exchange regulation) and translators typically need both at once. The two cross-language English-reference lexicons remain split: see `references/finance-banking.md` and `references/trading-capital-markets.md` as separate files.


Auto-generated from translation experience. Maps German finance/banking legal terms to
their correct English equivalents.

## Core Finance Document Terms

| German | English |
|---|---|
| Kreditvertrag / Darlehensvertrag | facility agreement |
| Kredit / Darlehen | facility |
| kreditgebende Bank / Darlehensgeber | lender |
| gesicherter Gläubiger | secured party |
| Darlehensnehmer / Kreditnehmer | borrower |
| Verwertungsfall | enforcement event |
| Kündigungsgrund | event of default |
| potenzieller Kündigungsgrund | potential event of default |
| Sicherungszeitraum | security period |
| Höchstbetrag der Sicherung | maximum secured amount |
| Sicherungsgegenstand | subject matter of the security |
| belastete Vermögensgegenstände | charged assets / lien assets |
| Freigabe der Sicherheit | release of the security |
| Eintragung und Bekanntmachung | registration and publicity |
| Laufzeitkredit / Tilgungsdarlehen | term facility |
| Revolvierende Kreditlinie | revolving facility |
| Kreditlinie | facility / credit facility |
| Zinssatz | interest rate |
| Verzugszinsen | default interest |
| Kapital / Darlehensbetrag | principal amount |
| Tilgungsplan | repayment schedule |
| Finanzkennzahlen / Financial Covenants | financial covenants |
| Interkreditorenvereinbarung / Gläubigervereinbarung | intercreditor agreement |
| Nachrangigkeit / Subordination | subordination |
| Negativerklärung / Negativverpflichtung | negative pledge |
| Pflichtrückzahlung / Pflichtvorauszahlung | mandatory prepayment |
| Freiwillige Rückzahlung / Freiwillige Vorauszahlung | voluntary prepayment |
| Inanspruchnahme / Ziehung | utilisation (UK) / utilization (US) |
| Auszahlungsvoraussetzungen | conditions precedent |
| Zusicherungen und Gewährleistungen | representations and warranties |
| Präambel | recitals |
| Anlagen | schedules |

## Security-Specific Terms

| German | English |
|---|---|
| Pfandrecht | pledge |
| Grundschuld | land charge (German-specific security, not a mortgage) |
| Hypothek | mortgage |
| Sicherungsabtretung von Forderungen | assignment of receivables by way of security |
| Sicherungszession | assignment by way of security |
| Garantie auf erstes Anfordern | on-demand guarantee |
| Bürgschaft | surety / guarantee |
| Verwertung der Sicherheit | enforcement of the security |
| Sicherungsrecht / Sicherheit | security interest / charge |
| Belastung | encumbrance |
| Verpfändung von Geschäftsanteilen | pledge of quotas |
| Aktienverpfändung | share pledge |
| Kontoverpfändung | account pledge |
| verpfändetes Konto / Sperrkonto | charged account / pledged account / blocked account |
| Stimmrecht | voting rights |
| Sicherungsübereignung | transfer of title by way of security |

## Party Roles

| German | English |
|---|---|
| Sicherungsgeber | grantor |
| Sicherungsnehmer | secured party (NOT borrower) |
| kreditgebende Bank | lender |
| Agent / Kreditagent | agent |
| Sicherheitenagent / Sicherheitentreuhänder | security agent |
| Notar | notary |
| Bürge / Garant | guarantor |
| Drittschuldner | assigned debtor |
| Darlehensnehmer | borrower |
| Darlehensgeber | lender |
| Konsortialführer / Arranger | arranger / mandated lead arranger |

## Section Headings

| German | English |
|---|---|
| BESTELLUNG DER SICHERHEIT | CREATION OF THE SECURITY |
| VERPFLICHTUNGEN | UNDERTAKINGS |
| ALLGEMEINE BESTIMMUNGEN | MISCELLANEOUS |
| ANWENDBARES RECHT UND GERICHTSSTAND | GOVERNING LAW AND JURISDICTION |
| MITTEILUNGEN | NOTICES |
| STEUERN, ABGABEN UND KOSTEN | TAXES, DUTIES AND EXPENSES |
| VERWERTUNGSFÄLLE | ENFORCEMENT EVENTS |
| VORZEITIGE RÜCKZAHLUNG | PREPAYMENT |
| DEFINITIONEN | DEFINITIONS |
| KREDITLINIE / FAZILITÄT | FACILITY |
| AUSZAHLUNG | DRAWDOWN |
| ZINSEN UND GEBÜHREN | INTEREST AND FEES |
| TILGUNG UND RÜCKZAHLUNG | REPAYMENT |
| AUFLAGEN | COVENANTS |
| KÜNDIGUNGSGRÜNDE | EVENTS OF DEFAULT |
| SICHERHEITEN | SECURITY |

## Notes

- **"Grundschuld" vs "Hypothek"**: A Grundschuld (land charge) is the standard German
  real property security. Unlike a mortgage (Hypothek), it is non-accessory — it exists
  independently of the underlying debt. This is a crucial legal distinction. Translate as
  "land charge" with a context note explaining it is a non-accessory security right, or
  as "mortgage" only if the document specifically uses "Hypothek".
- **"Sicherungsübereignung"**: Transfer of title to movable property by way of security
  (the debtor retains possession). A uniquely German security mechanism with no direct
  common law equivalent. Translate as "transfer of title by way of security".
- **"Bürgschaft"**: An accessory guarantee under German civil law (§§ 765 ff. BGB).
  The guarantor's liability is accessory to the main debt. Translate as "surety" or
  "guarantee" depending on context.
- **LMA standard**: Align with Loan Market Association conventions where possible.

- **"Grundschuld"**: The dominant form of real property security in Germany. Unlike a
  Hypothek, a Grundschuld is non-accessory — it exists independently of the underlying
  claim. Translate as "land charge" (not "mortgage").
- **"Sicherungsübereignung"**: A security transfer of title where the debtor transfers
  ownership of movable assets to the creditor as security while retaining possession.
  No direct common law equivalent — functionally similar to a fixed charge. Translate as
  "security transfer of title".
- **"Selbstschuldnerische Bürgschaft"**: A guarantee where the guarantor waives the right
  to require the creditor to first pursue the principal debtor (§ 773 BGB). Standard in
  commercial lending. Translate as "guarantee on first demand" or "guarantee as principal
  debtor".
- **"Patronatserklärung"**: A letter of comfort or support from a parent company. May be
  "hard" (legally binding obligation to ensure the subsidiary can meet its obligations)
  or "soft" (expression of intent only). The distinction is critical and must be flagged.
- **KWG (Kreditwesengesetz)**: Germany's principal banking regulation. Reference as
  "Banking Act (KWG)" on first mention.
- **LMA**: The Loan Market Association templates are widely used as the basis for German
  syndicated loan documentation. German-law facilities often follow LMA structure with
  German-law adaptations.

## Additional Guarantee and Security Terms

| German | English |
|---|---|
| Selbstschuldnerische Bürgschaft | guarantee on first demand / guarantee as principal debtor (§ 773 Abs. 1 Nr. 1 BGB — waiver of benefit of excussion) |
| Harte Patronatserklärung | hard letter of comfort (legally binding) |
| Weiche Patronatserklärung | soft letter of comfort (non-binding moral commitment) |
| Kontenverpfändung | account pledge |
| Globalzession | global assignment (of receivables) |
| Raumsicherungsübereignung | floating charge over inventory / warehouse-floating transfer (German equivalent) |
| Verlängerter Eigentumsvorbehalt | extended retention of title (covers proceeds of on-sale) |
| Sicherheitenpoolvertrag | security pool agreement / security sharing agreement |
| Vollstreckungsunterwerfung | submission to immediate enforcement (§ 794 Abs. 1 Nr. 5 ZPO) |

## Regulatory Terms

| German | English |
|---|---|
| Kreditwesengesetz (KWG) | Banking Act (KWG) |
| Zahlungsdiensteaufsichtsgesetz (ZAG) | Payment Services Supervision Act (ZAG) |
| BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) | Federal Financial Supervisory Authority (BaFin) |
| Deutsche Bundesbank | German Federal Bank (Deutsche Bundesbank) |
| Europäische Zentralbank (EZB) | European Central Bank (ECB) |
| Einheitlicher Aufsichtsmechanismus (SSM) | Single Supervisory Mechanism (SSM) |
| Kreditinstitut | credit institution |
| Finanzdienstleistungsinstitut | financial services institution |
| Bankerlaubnis / Banklizenz | banking licence (UK) / banking license (US) |
| Eigenkapitalanforderungen | capital requirements |
| Kernkapital (Tier 1) | Tier 1 capital / Common Equity Tier 1 (CET1) |
| Ergänzungskapital (Tier 2) | Tier 2 capital |
| Kapitaladäquanz / Eigenmittelausstattung | capital adequacy |
| Liquiditätsanforderungen | liquidity requirements |
| Großkreditvorschriften | large exposure rules |
| Meldepflichten | reporting obligations |
| Geldwäschegesetz (GwG) | Anti-Money Laundering Act (GwG) |
| Geldwäsche | money laundering |
| Terrorismusfinanzierung | terrorist financing |
| Sorgfaltspflichten (KYC) | customer due diligence (CDD) / know your customer (KYC) |
| Verdachtsmeldung | suspicious activity report (SAR) / suspicious transaction report |
| Sanktionsprüfung | sanctions screening |
| Compliance | compliance |
| Abwicklung / Resolution | resolution |
| Abwicklungsplan / Sanierungsplan | resolution plan / recovery plan |
| Bail-in | bail-in |

## Payment and Account Terms

| German | English |
|---|---|
| Zahlungsdienst | payment service |
| Überweisung | credit transfer / wire transfer |
| Lastschrift / Einzugsermächtigung | direct debit |
| SEPA-Überweisung | SEPA credit transfer |
| SEPA-Lastschrift | SEPA direct debit |
| Kontoführungsvertrag | account agreement |
| Girokonto / Kontokorrentkonto | current account (UK) / checking account (US) |
| Festgeld / Termineinlage | fixed-term deposit / time deposit |
| Treuhandkonto | escrow account / trust account |
| Akkreditiv | letter of credit (L/C) |
| Bankgarantie / Bankbürgschaft | bank guarantee |
| Avalbürgschaft / Aval | aval / bank guarantee |

---

## Trading & Capital Markets — German

Auto-generated from translation experience. Maps German trading and capital markets legal
terms to their correct English equivalents.

## Core Capital Markets Terms

| German | English |
|---|---|
| Kapitalmarkt | capital market |
| Geldmarkt | money market |
| Wertpapier | security / securities instrument |
| Wertpapierhandel | securities trading |
| Börse / Wertpapierbörse | stock exchange |
| Frankfurter Wertpapierbörse (FWB) | Frankfurt Stock Exchange |
| Regulierter Markt | regulated market |
| Freiverkehr / Open Market | open market / OTC market |
| Börsenzulassung | admission to listing / stock exchange listing |
| Börsennotierung / Listing | listing |
| Delisting / Rückzug von der Börse | delisting |
| Prospekt / Wertpapierprospekt | prospectus |
| Basisprospekt | base prospectus |
| Nachtrag zum Prospekt | supplement to the prospectus |
| Wertpapier-Informationsblatt | key information document (KID) |
| Emittent | issuer |
| Zeichner / Anleger | subscriber / investor |
| Institutioneller Anleger | institutional investor |
| Privatanleger / Kleinanleger | retail investor |
| Emission / Begebung | issuance / issue |
| Neuemission | new issue |
| Platzierung | placement / placing |
| Privatplatzierung | private placement |
| Öffentliches Angebot | public offering |
| Zeichnungsfrist | subscription period |
| Zeichnungspreis / Emissionspreis | subscription price / issue price |
| Überzeichnung | oversubscription |
| Zuteilung | allotment / allocation |

## Equity Terms

| German | English |
|---|---|
| Aktie | share (UK) / stock (US) |
| Stammaktie | ordinary share (UK) / common stock (US) |
| Vorzugsaktie | preference share (UK) / preferred stock (US) |
| Nennwertaktie | par value share |
| Stückaktie | no-par value share |
| Inhaberaktie | bearer share |
| Namensaktie | registered share |
| Vinkulierte Namensaktie | restricted registered share |
| Börsengang / IPO | initial public offering (IPO) |
| Kapitalerhöhung gegen Bareinlagen | capital increase for cash contributions |
| Kapitalerhöhung gegen Sacheinlagen | capital increase for contributions in kind |
| Genehmigtes Kapital | authorised (UK) / authorized (US) capital |
| Bedingtes Kapital | conditional capital / contingent capital |
| Bezugsrecht | subscription right / pre-emption right |
| Bezugsrechtsausschluss | exclusion of subscription rights |
| Aktiensplit | share split / stock split |
| Dividende | dividend |
| Gewinnanteilschein / Dividendenschein | dividend coupon |
| Aktienkurs / Börsenkurs | share price / stock price |

## Debt Capital Markets Terms

| German | English |
|---|---|
| Anleihe / Schuldverschreibung | bond / debt security |
| Unternehmensanleihe | corporate bond |
| Staatsanleihe / Bundesanleihe | government bond / sovereign bond |
| Pfandbrief | covered bond (Pfandbrief) |
| Wandelanleihe / Wandelschuldverschreibung | convertible bond |
| Optionsanleihe | bond with warrants |
| Genussschein / Genussrecht | participation certificate / profit participation right |
| Schuldscheindarlehen | promissory note loan (Schuldschein loan) |
| Nachrangige Schuldverschreibung | subordinated bond |
| Nennwert / Nennbetrag | nominal value / face value / par value |
| Emissionsvolumen | issue volume |
| Kupon / Zinssatz | coupon / interest rate |
| Fälligkeitsdatum / Laufzeitende | maturity date |
| Tilgung | redemption / amortisation (UK) / amortization (US) |
| Vorzeitige Rückzahlung / Kündigung | early redemption / call |
| Anleihebedingungen | terms and conditions of the bonds |
| Treuhänder (Anleihe) | trustee (bond) |
| Gemeinsamer Vertreter (SchVG) | common representative (of bondholders) |
| Gläubigerversammlung | bondholders' meeting |

## Derivatives and Trading Terms

| German | English |
|---|---|
| Derivat / Derivategeschäft | derivative / derivatives transaction |
| Termingeschäft | futures contract / forward transaction |
| Option / Optionsgeschäft | option |
| Kaufoption (Call) | call option |
| Verkaufsoption (Put) | put option |
| Swap / Tauschgeschäft | swap |
| Zinsswap | interest rate swap |
| Währungsswap | currency swap |
| Rahmenvertrag für Finanztermingeschäfte | ISDA master agreement (German equivalent) |
| Deutscher Rahmenvertrag für Finanztermingeschäfte | German Master Agreement for Financial Derivatives |
| Sicherheitsleistung / Margin | margin |
| Nachschussobliegenheit / Margin Call | margin call |
| Glattstellung / Aufrechnung (Derivate) | close-out / netting |
| Aufrechnung / Netting | netting |
| Marktwert / Zeitwert | market value / fair value |
| Basiswert / Underlying | underlying / underlying asset |

## Regulatory Terms

| German | English |
|---|---|
| BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) | Federal Financial Supervisory Authority (BaFin) |
| Wertpapierhandelsgesetz (WpHG) | Securities Trading Act (WpHG) |
| Wertpapierprospektgesetz (WpPG) | Securities Prospectus Act (WpPG) |
| Börsengesetz (BörsG) | Stock Exchange Act (BörsG) |
| Marktmissbrauchsverordnung (MAR) | Market Abuse Regulation (MAR) |
| Insiderhandel | insider trading / insider dealing |
| Insiderinformation | inside information |
| Ad-hoc-Mitteilung / Ad-hoc-Publizität | ad hoc disclosure / ad hoc announcement |
| Stimmrechtsmitteilung | voting rights notification |
| Pflichtangebot | mandatory bid / mandatory offer |
| Übernahmeangebot | takeover bid / tender offer |
| Directors' Dealings / Eigengeschäfte von Führungskräften | managers' transactions / PDMR transactions |
| Leerverkauf | short selling |
| Transparenzanforderungen | transparency requirements / disclosure obligations |
| Wohlverhaltensregeln | conduct of business rules |
| Anlageberatung | investment advice |
| Finanzportfolioverwaltung | portfolio management |

## Section Headings

| German | English |
|---|---|
| EMISSIONSBEDINGUNGEN | TERMS AND CONDITIONS OF ISSUE |
| BESCHREIBUNG DER WERTPAPIERE | DESCRIPTION OF THE SECURITIES |
| RISIKOFAKTOREN | RISK FACTORS |
| ANGEBOTSKONDITIONEN | TERMS OF THE OFFER |
| ZULASSUNG ZUM HANDEL | ADMISSION TO TRADING |
| BESTEUERUNG | TAXATION |
| ZEICHNUNG UND VERKAUF | SUBSCRIPTION AND SALE |
| ALLGEMEINE INFORMATIONEN | GENERAL INFORMATION |

## Notes

- **"Pfandbrief"**: A uniquely German covered bond instrument with a long history and
  strict regulatory framework (Pfandbriefgesetz). Keep the German term in parentheses:
  "covered bond (Pfandbrief)".
- **"Schuldscheindarlehen"**: A bilateral loan documented by a promissory note, widely
  used in German capital markets. Not a security and not publicly traded. Keep the German
  term: "promissory note loan (Schuldschein loan)".
- **"Genussschein"**: A hybrid instrument with features of both equity and debt, specific
  to German/Swiss law. Translate as "participation certificate" or "profit participation
  right" depending on whether it is securitised.
- **SchVG (Schuldverschreibungsgesetz)**: The German Act on Debt Securities — governs
  collective action by bondholders, including majority amendments to bond terms. Reference
  as "German Act on Debt Securities (SchVG)" on first mention.
- **WpHG (Wertpapierhandelsgesetz)**: The principal German securities regulation,
  implementing MiFID II and MAR. Reference as "Securities Trading Act (WpHG)" on first mention.
- **"Inhaberaktie" vs "Namensaktie"**: Bearer shares (Inhaberaktien) were once standard
  in Germany but have been largely replaced by registered shares (Namensaktien) following
  transparency reforms. Flag when translating share-related documents.
