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A RECORD $123 BILLION OF U.S. EXCHANGE-LISTED ADRs AND GDRs TRADED IN 1992

 NEW YORK, Feb. 17 /PRNewswire/ -- Citibank, a leading depositary, announced today that the U.S. dollar volume of ADRs and GDRs traded on NYSE, Nasdaq, and Amex hit a record high of $123 billion, up $32 billion from 1991's figure of $91 billion. It was a record year for depositary receipts ("DRs") as both a corporate finance structure for issuers wanting to raise capital, and as an investment vehicle for investors desiring to internationally diversify their portfolios. "With U.S. pension funds and individual investors increasing their investments in non-U.S. stocks, we expect the upward trend to continue," states David L. Boyle, managing director.
 "Another trend we anticipate is an increased number of GDRs to be listed on U.S. exchanges in 1993, especially since their cross-market fungibility and greater settlement efficiency enhance liquidity and cross-border trading for U.S. and non-U.S. investors alike," continued Mr. Boyle. "The GDR structure is not, as some believe, just for the private Rule 144A market; GDRs can be, and are, registered, issued and traded in the U.S. public markets and listed on major U.S. and non-U.S. exchanges. Transportacion Maritima Mexicana, Mexico's largest maritime shipping company, listed its GDR on the NYSE last year."
 Other 1992 highlights are:
 U.S. Dollar Trading Volumes:
 -- The dollar value of DRs traded on NYSE, Nasdaq, and Amex increased 410 percent from 1985 to 1992, while the dollar value of all issues traded on those exchanges increased 117 percent during that same time period.
 -- DRs accounted for 4.6 percent of the value of all stocks traded on the NYSE, Nasdaq, and Amex in 1992, up from 2.0 percent in 1985 and 4.0 percent in 1991.
 -- DRs representing European issuers accounted for $90 billion of the $123 billion traded; Latin American issuers, $27 billion; Asia/Pacific issuers, $6 billion.
 -- DRs representing issuers from the U.K., Mexico, and The Netherlands were the most actively traded, both in terms of dollar volume and the number of shares traded in 1992. The same three countries headed the list in 1991.
 -- Glaxo Holdings, with 570 million depositary shares traded, was the most actively traded DR program and the most actively traded issue on the NYSE for 1992. Telefonos de Mexico's NYSE and Nasdaq-listed programs were the second and third most actively traded programs, with 465 million and 340 million shares traded, respectively. Hanson plc was the fourth most actively traded program with over 184 million shares traded.
 Number of DR Programs:
 -- There were 1,043 DR programs at year-end 1992: 532 DR programs represent issuers in Europe; 441 in Asia/Pacific; 70 in Latin America.
 -- 197 of the 1,043 DR programs are listed on U.S. exchanges; 846 are unlisted and trade in either the public over-the-counter ("OTC") market or in the private market.
 -- NYSE closed the year with the greatest number of listed DR programs. NYSE had 101 listed programs; Nasdaq, 88; Amex, 8.
 -- The U.K. tops the list with 65 (33 percent) of the 197 listed programs; Japan, 24 (12 percent); Australia, 20 (10 percent).
 -- 4.1 billion depositary shares of listed DRs were traded in 1992. The 197 listed DRs, which represent 19 percent of all DR programs, account for approximately 50 percent of the total depositary share trading volume. Trading volumes are not available for OTC and privately traded DRs; however, it is estimated that the share trading volume of the 846 unlisted DR programs is approximately 4 billion shares.
 -- New DR programs established in 1992 totaled 128. All of them are sponsored programs. Issuers in Europe established 55 DR facilities; Latin America, 40; Asia/Pacific, 33. Mexico and the U.K. topped the list with 21 new programs each.
 Capital Raisings through DRs:
 -- As previously reported, a record $9.1 billion of capital was raised by non-U.S. companies and governments through the issuance of DRs in 1992, surpassing the 1991 total of $6.8 billion. Of the $9.1 billion, $5.1 billion, or 57 percent, was raised in the public U.S. market through NYSE and Nasdaq-listed ADRs and GDRs.
 -- The amount of capital raised utilizing DRs has more than tripled since 1990, the year in which the GDR and Rule 144A ADR were introduced; $2.6 billion was raised in 1990; $6.8 billion in 1991; and $9.1 billion in 1992.
 -- The geographical breakdown of the capital raised in 1992 is: $4.1 billion by 19 Latin American issuers; $3.4 billion by 15 European issuers; and $1.6 billion by 12 Asia/Pacific issuers.
 -- The largest deals in terms of capital raised via DRs in each region are Telefonos de Mexico and Grupo Financiero Bancomer from Latin America; Wellcome and Royal Bank of Scotland from Europe; and China Steel, Philippine Long Distance Telephone (PLDT), and the New Corporation from Asia/Pacific.
 -- An interesting trend is that foreign-based subsidiaries of U.S. firms, such as Waste Management International, based in London, and Sears Roebuck de Mexico, began utilizing the DR to raise capital.
 -- The DR continues to play an important role in privatizations; 1992 examples include Pick Szeged of Hungary, China Steel of Taiwan and Telecom Argentina STET.
 -0- 2/17/93
 /CONTACT: Maureen Mager of Citibank, N.A., 212-412-6262/
 (CCI)


CO: Citibank ST: New York IN: FIN SU:

SM-OS -- NY074 -- 7359 02/17/93 13:04 EST
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Date:Feb 17, 1993
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