Citi Report Highlights Strong Investor Interest in Depositary Receipts in the First Half of 2015
August 04 2015 - 3:59PM
Business Wire
Citi’s World ex-U.S. Liquid DR Index rose 4%
in the first half; DR trading volumes increased 3% to 81.3 billion
shares
Investor demand for Depositary Receipts (DRs) remained strong
during the first half of 2015, according to the findings of Citi’s
Depositary Receipt Services 2015 Midyear Report. Citi’s World
ex-U.S. Liquid DR Index, which offers insight into international
investor sentiment toward non-U.S. markets, rose 4% in the first
six months of 2015. Additionally, DR trading volumes increased 3%
in the first half of 2015 to 81.3 billion shares, up from 78.7
billion shares during the same period last year.
Non-U.S. companies raised $4.6 billion in DR form during the
first half of 2015, according to Citi’s report. Initial public
offerings in DR form represented $1.6 billion – or 36% – of the
total, driven by emerging growth companies accessing the U.S.
capital markets as a result of the JOBS Act. Follow-on offerings in
DR form represented approximately $3 billion – or 64% – of the
total.
“Citi’s Depositary Receipt Services business supported
transactions that raised 41% of the total DR capital issued in the
first half of 2015, which is a testament to our leading position in
the industry,” said Nancy Lissemore, Global Head of Depositary
Receipt Services at Citi. “We continue to provide our clients and
investors with the highest level of depositary receipt services and
remain a provider of choice for issuers.”
Recently, The Asset magazine honored Citi as the “Best DR Bank”
in Asia in its 2015 Triple A Asset Servicing, Investor and Fund
Management Awards. In addition, Citi was awarded the “Best DR
Mandate” for its role as the depositary bank for Alibaba Group
Holding Limited’s American Depositary Receipt (ADR) program.
Other notable DR market highlights in the first half of 2015
include:
- Transactions from India ($1.9 billion),
the United Kingdom ($492 million), Brazil ($476 million) and China
($462 million) combined for 71% of the total capital raised.
- The Banking, Pharmaceutical,
Biotechnology and Telecommunications industries accounted for
approximately 66% of the total capital raised.
- Trading volume of unsponsored ADR
programs increased 54% to nearly 2 billion DRs.
- Unsponsored ADR programs from Japan and
Greece accounted for 46% of the total unsponsored trading
volume.
Citi is a leading provider of depositary receipt services. With
depositary receipt programs in 56 markets, Citi leverages its
global network to help companies connect to new markets and raise
capital worldwide.
For more details on the 2015 DR highlights, please refer to the
2015 midyear report in the Research section of the Citi DR
website: www.citi.com/dr.
Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
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LinkedIn: www.linkedin.com/company/citi
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version on businesswire.com: http://www.businesswire.com/news/home/20150804006870/en/
Media:CitiRobert Julavits,
212-816-8020robert.w.julavits@citi.com
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