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
For more information about Citi’s Depositary Receipt Services, please
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.
Additional information may be found at www.citigroup.com
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