Citi’s Global Issuer Services business, acting through Citibank, N.A. in its capacity as a depositary bank, today announced that it has expanded its Global Depositary Note (GDN) product capabilities to Ukrainian government debt securities, representing the twentieth country globally in which Citi facilitates access to local debt securities via its GDN depositary bank function.
GDNs are a debt security version of the traditional equity-based depositary receipt (DR) structure, facilitating convenient cross-border access to local debt securities for broker-dealers and institutional investors, namely in the United States for qualified institutional buyers (within the meaning of Rule 144A) and outside the United States for non-U.S. persons (within the meaning of Regulation S). GDNs represent particular local debt securities, replicating the characteristics of the respective local bonds while trading in U.S. dollar terms and settling in Euroclear, Clearstream or the Depository Trust Company (DTC).
Citi launched its first GDN program in Peru in 2007 and has since expanded its product offering to contemplate debt securities issued in 19 additional countries, including the Dominican Republic, Costa Rica, Mexico, Ecuador, Colombia, Chile, Paraguay, Guatemala, El Salvador, Jamaica and Panama (in the Latin America region); Nigeria, Kazakhstan, Ukraine, Zambia, Uganda, Rwanda and Turkey (in the Europe, Middle East and Africa region); and Vietnam (in the Asia Pacific region).
“We are proud to achieve this milestone in the geographic expansion of our GDN product capabilities,” said Dirk Jones, Head of Global Issuer Services at Citi. “We look forward to continued growth in the use of GDNs by investors as they seek to efficiently access local debt markets.”
Citi is a leading provider of depositary receipt services. With depositary receipt programs in 61 markets, spanning equity and fixed-income products, Citi leverages its global network to provide cross-border capital market access to issuers, intermediaries and investors.
For more information about Citi’s Depositary Receipt Services, please visit www.citi.com/dr.
THE GDNs WILL NOT BE, AND HAVE NOT BEEN, REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (SECURITIES ACT), AND MAY NOT BE OFFERED OR SOLD IN THE U.S. ABSENT REGISTRATION UNDER THE SECURITIES ACT OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.
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.
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