Depositary Receipt Capital Raising Reaches $9.3 Billion - Momentum Driven by All Regions; ADR Trading Value Increases by 37% and Volume Increases by 14% over 2003.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Citigroup Citigroup U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc. (NYSE NYSE See: New York Stock Exchange :C) today reported that year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. capital raised in the form of Depositary Receipts depositary receipt A negotiable certificate that represents a company's publicly traded debt or equity. Depositary receipts are created when a company's shares or bonds are delivered to a depositary's custodian bank, which instructs the depositary to issue (DRs) by non-U non-U adj. Chiefly British Not characteristic of the upper class, especially in language usage. [non- + U2. .S. companies through December December: see month. 15th was $9.3 billion, with Asian companies accounting for 69% of the total, Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. 13%, and Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). 12%. Last year's YTD See Year-to-date. YTD See year to date (YTD). total was $9.2 billion, with Asia accounting for 93% of the total. One of the factors contributing to the broader regional participation in capital raising activity appears to be an improvement in global equity markets. Year-on-year through December 15th, the Citigroup LatAm Liquid DR Index rose 35.0%, the Citigroup EuroPac Liquid DR Index increased 17.3%, and the Citigroup AsiaPac ex-Japan Liquid DR Index increased 12.4%, while the S&P 500 Index increased 12.9%. The ten largest DR capital raisings through December 15th were: Royal Bank of Scotland
The Royal Bank of Scotland Plc (Scottish Gaelic: Banca Rìoghail na h-Alba (RBSPRM, U.K., $925.0 million), LG. Philips (company) Philips - A Dutch multinational electronics company. It produces washing machines, consumer electronics, integrated circuits and light bulbs. Together with Sony they set the Compact Disc standard, especially Green Book CD-ROM. LCD (Liquid Crystal Display) A display technology that uses rod-shaped molecules (liquid crystals) that flow like liquid and bend light. Unenergized, the crystals direct light through two polarizing filters, allowing a natural background color to show. Co. (LPL LPL - List Programming Language. LISP-like language with ALGOL-like syntax, for IBM 360. "LPL - LISP Programming Language", F.W. Blair et al, RC 3062, IBM TJWRC, Sep 1970. , Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. , $800.2 million), Fubon Financial Holding Co. Ltd. (FBND LI, Taiwan Taiwan (tī`wän`), Portuguese Formosa, officially Republic of China, island nation (2005 est. pop. 22,894,000), 13,885 sq mi (35,961 sq km), in the Pacific Ocean, separated from the mainland of S China by the 100-mi-wide (161-km) Taiwan , $519.5 million), Cathay Financial Holding Co. Ltd. (CFHS CFHS Canadian Federation of Humane Societies CFHS Central Florida Herpetological Society CFHS Community and Family Health Services Division (Utah agency) CFHS Carry Forward Home Station LI, Taiwan, $494.5 million), AU Optronics Optronics, or optoelectronics in its less abbreviated form, is the science and technology making use of optics and electronics. It is sometimes synonymous with photonics, however the latter has a lesser emphasis on electronics. Corp., (AUO AUO Au Optronics Corporation AUO Administratively Uncontrollable Overtime AUO Active User Object AUO Aggravated Unlicensed Operation (of a Motor Vehicle) AUO Area Utilization Officer AUO alt.usenet. , Taiwan, $480.0 million), Semiconductor Manufacturing International Corp. (SMI (1) (Storage Management Initiative) The initiative developed by the SNIA in 2003 to create a single standard interface for storage management technologies used by multiple vendors and networking communities. , China, $475.4 million), Hutchison Telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. Int'l Ltd., (HTX HTX HyperTransport (high speed low latency chip to chip interlink) HTX Højere Teknisk Eksamen (Danish Technical College) HTX Hungarian Traded Index HTX Hemothorax HTX human tumor xenograft , Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , $437.5 million), HannStar Display (HNND LI, Taiwan, $301.6 million), Mechel Steel Group (MTL MTL In currencies, this is the abbreviation for the Maltese Lira. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. , Russia, $291.9 million), and Braskem S.A. (BAK Bak Bak A member of the bcl-2 family expressed in a wide range of cells which, when overexpressed in NGF-deprived sympathetic neurons accelerates apoptosis, and counteracts Bcl-2's apoptosis-protecting effects. See Bcl-2. , Brazil, $281.5 million). "Currently it appears that 2005 will continue to be a robust market for capital raising," said Sanjeev Nanavati, Managing Director of Citigroup Depositary Receipt Services. "We are particularly pleased that five out of the six companies launching U.S. exchange cross-listed ADRs in Asia in 2004 selected Citigroup as depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. ." November 2004 year-to-date ADR ADR - Astra Digital Radio trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. was 33.5 billion shares, up 14% over the same period last year, and trading value was $792.3 billion, a 37% increase. By contrast, for the U.S. market (excluding ADRs), November 2004 YTD trading volume was 704 billion shares, up 5% from last year, while November 2004 YTD value was $18.2 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. , an increase of 20% from 2003. Constituent CONSTITUENT. He who gives authority to another to act for him. 1 Bouv. Inst. n. 893. 2. The constituent is bound with whatever his attorney does by virtue of his authority. stocks of the Citigroup Liquid DR Indices had YOY YOY Year Over Year YOY Year On Year YOY Young of the Year YOY Yield on Year increases of 15% in shares traded, and 42% in trading value, compared to approximately -1% and 3% for DRs not included in these Indices. All regions except Western Europe drove the 14% YOY growth in ADR trading volume. Growth in ADR Trading Volume Worldwide (Volume in millions) Region Nov 2003 YTD Nov 2004 YTD % Change --------------- ------------ ------------ -------------- Asia/Pacific 6,879 9,106 32.4% --------------- ------------ ------------ -------------- CEEMEA* 3,001 3,697 23.2% --------------- ------------ ------------ -------------- Latin America 4,003 4,751 18.7% --------------- ------------ ------------ -------------- Western Europe 15,567 15,895 2.1% --------------- ------------ ------------ -------------- Total World 29,450 33,450 13.6% --------------- ------------ ------------ -------------- Source: NYSE, NASDAQ, and AMEX, Bloomberg Financial Markets * Central, Eastern Europe, Middle East & Africa All regions paced the 37% YOY growth in ADR trading value. Growth in ADR Trading Value Worldwide (Volume in US$ millions) Region Nov 2003 YTD Nov 2004 YTD % Change --------------- --------------- --------------- ---------------- Latin America 70,555 111,948 58.7% --------------- --------------- --------------- ---------------- Asia/Pacific 112,833 177,392 57.2% --------------- --------------- --------------- ---------------- CEEMEA* 62,005 82,812 33.6% --------------- --------------- --------------- ---------------- Western Europe 332,449 420,170 26.4% --------------- --------------- --------------- ---------------- Total World 577,842 792,322 37.1% --------------- --------------- --------------- ---------------- Source: NYSE, NASDAQ, and AMEX, Bloomberg Financial Markets *Central, Eastern Europe, Middle East & Africa Globally, the twenty most actively traded cross-listed ADRs accounted for 48% of the total volume of 33.5 billion shares. Citigroup's market share by volume was 45% in this group.
Top 20 Cross-Listed ADRs by Trading Volume - November 2004 YTD
Issuer Country Exchange Ticker Volume
(millions)
------------------------------- ----------- -------- ------ ----------
1 Nokia Corporation Finland NYSE NOK 2,924
------------------------------- ----------- -------- ------ ----------
2 Taiwan Semiconductor Mfg.
Co. Ltd. Taiwan NYSE TSM 1,577
------------------------------- ----------- -------- ------ ----------
3 Elan Corp plc Ireland NYSE ELN 1,441
------------------------------- ----------- -------- ------ ----------
4 Teva Pharmaceutical
Industries Ltd. Israel NASDAQ TEVA 1,298
------------------------------- ----------- -------- ------ ----------
5 LM Ericsson Telephone Co. Sweden NASDAQ ERICY 908
------------------------------- ----------- -------- ------ ----------
South
6 Durban Roodepoort Deep Ltd Africa NASDAQ DROOY 806
------------------------------- ----------- -------- ------ ----------
7 ASML Holding, NV Netherlands NASDAQ ASML 776
------------------------------- ----------- -------- ------ ----------
8 BP plc U.K. NYSE BP 757
------------------------------- ----------- -------- ------ ----------
9 AU Optronics Corp. Taiwan NYSE AUO 756
------------------------------- ----------- -------- ------ ----------
10 United Microelectronics
Corporation (UMC) Taiwan NYSE UMC 746
------------------------------- ----------- -------- ------ ----------
11 Royal Dutch Petroleum
Company N.V. Netherlands NYSE RD 612
------------------------------- ----------- -------- ------ ----------
12 Vodafone Group plc U.K. NYSE VOD 598
------------------------------- ----------- -------- ------ ----------
South
13 Gold Fields Ltd. Africa NYSE GFI 412
------------------------------- ----------- -------- ------ ----------
14 News Corporation Limited Australia NYSE NWSA 406
------------------------------- ----------- -------- ------ ----------
15 SAP AG Germany NYSE SAP 380
------------------------------- ----------- -------- ------ ----------
16 Alcatel S.A. France NYSE ALA 373
------------------------------- ----------- -------- ------ ----------
17 STMicroelectronics N.V. Switzerland NYSE STM 370
------------------------------- ----------- -------- ------ ----------
South
18 Harmony Gold Mining Co. Ltd. Africa NYSE HMY 369
------------------------------- ----------- -------- ------ ----------
19 Telefonos de Mexico S.A. de
C.V. Mexico NYSE TMX 346
------------------------------- ----------- -------- ------ ----------
20 America Movil, S.A. de C.V. Mexico NYSE AMX 343
------------------------------- ----------- -------- ------ ----------
Top 20 Total 16,199
------------------------------- ----------- -------- ------ ----------
Source: NYSE, NASDAQ, and AMEX, Bloomberg Financial Markets
The twenty most liquid cross-listed ADRs accounted for 48% of the $792.3 billion total trading value. Citigroup's market share by value was 34% in this group.
Top 20 Cross-Listed ADRs by Trading Value - November 2004 YTD
Value
Issuer Country Exchange Ticker (US$
millions)
------------------------------- ----------- -------- -----------------
1 Nokia Corporation Finland NYSE NOK 46,421
------------------------------- ----------- -------- -----------------
2 BP plc U.K. NYSE BP 40,496
------------------------------- ----------- -------- -----------------
3 Teva Pharmaceutical
Industries Ltd. Israel NASDAQ TEVA 38,427
------------------------------- ----------- -------- -----------------
4 Royal Dutch Petroleum
Company N.V. Netherlands NYSE RD 30,786
------------------------------- ----------- -------- -----------------
5 Elan Corp plc Ireland NYSE ELN 27,676
------------------------------- ----------- -------- -----------------
6 LM Ericsson Telephone Co. Sweden NASDAQ ERICY 25,228
------------------------------- ----------- -------- -----------------
7 SAP AG Germany NYSE SAP 15,209
------------------------------- ----------- -------- -----------------
8 Vodafone Group plc U.K. NYSE VOD 14,507
------------------------------- ----------- -------- -----------------
9 Taiwan Semiconductor Mfg.
Co. Ltd. Taiwan NYSE TSM 13,963
------------------------------- ----------- -------- -----------------
10 AstraZeneca Group plc U.K. NYSE AZN 13,910
------------------------------- ----------- -------- -----------------
11 Total Fina Elf S.A. France NYSE TOT 13,521
------------------------------- ----------- -------- -----------------
12 GlaxoSmithKline plc U.K. NYSE GSK 13,214
------------------------------- ----------- -------- -----------------
13 News Corporation Limited Australia NYSE NWSA 13,081
------------------------------- ----------- -------- -----------------
14 ASML Holding, N.V. Netherlands NASDAQ ASML 12,712
------------------------------- ----------- -------- -----------------
15 America Movil, S.A. de C.V. Mexico NYSE AMX 12,419
------------------------------- ----------- -------- -----------------
16 AU Optronics Corp. Taiwan NYSE AUO 12,267
------------------------------- ----------- -------- -----------------
17 Telefonos de Mexico S.A. de
C.V. Mexico NYSE TMX 11,683
------------------------------- ----------- -------- -----------------
18 Petroleo Brasileiro S.A. -
Petrobras Brazil NYSE PBR 9,928
------------------------------- ----------- -------- -----------------
19 News Corporation Limited Australia NYSE NWS 9,635
------------------------------- ----------- -------- -----------------
20 Companhia Vale do Rio Doce
(CVRD) Brazil NYSE RIO 8,963
------------------------------- ----------- -------- -----------------
Top 20 Total 384,046
------------------------------- ----------- -------- -----------------
Source: NYSE, NASDAQ, and AMEX, Bloomberg Financial Markets
The top twenty DR capital raisings accounted for 76% of the $9.3 billion global total. Citigroup's market share by value was 44% in this group.
Top 20 Capital Raisings Using DRs - YTD Through December 15, 2004
Event Value
Issuer Country Exchange Date (US$
millions)
---------------------------- ----------- -------- --------- ----------
1 Royal Bank of Scotland U.K. NYSE 08/26/04 925
---------------------------- ----------- -------- --------- ----------
2 LG. Philips LCD Ltd. Korea NYSE 07/22/04 800
---------------------------- ----------- -------- --------- ----------
3 Fubon Financial Holding
Co. Taiwan PORTAL 11/24/04 519
---------------------------- ----------- -------- --------- ----------
4 Cathay Financial Holding
Co. Ltd. Taiwan PORTAL 11/09/04 495
---------------------------- ----------- -------- --------- ----------
5 AU Optronics Corp. Taiwan NYSE 06/23/04 480
---------------------------- ----------- -------- --------- ----------
6 Semiconductor Mfg. Int'l
Corp. (SMIC) China NYSE 03/18/04 475
---------------------------- ----------- -------- --------- ----------
7 Hutchison
Telecommunications
Int'l. Ltd. Hong Kong NYSE 10/15/04 437
---------------------------- ----------- -------- --------- ----------
8 HannStar Display Corp. Taiwan PORTAL 01/20/04 302
---------------------------- ----------- -------- --------- ----------
9 Mechel Steel Group OAO Russia NYSE 10/29/04 292
---------------------------- ----------- -------- --------- ----------
10 Braskem S.A. Brazil NYSE 09/22/04 282
---------------------------- ----------- -------- --------- ----------
11 Powerchip Semiconductor
Corp. Taiwan PORTAL 06/10/04 280
---------------------------- ----------- -------- --------- ----------
12 ProMOS Technologies Inc. Taiwan PORTAL 03/11/04 271
---------------------------- ----------- -------- --------- ----------
13 China Telecom Corporation
Limited China NYSE 05/19/04 251
---------------------------- ----------- -------- --------- ----------
14 United Microelectronics
Corporation (UMC) Taiwan NYSE 01/02/04 204
---------------------------- ----------- -------- --------- ----------
15 Gol Linhas Aereas
Inteligentes S.A. Brazil NYSE 06/29/04 202
---------------------------- ----------- -------- --------- ----------
16 Efes Breweries Int'l.
N.V. Netherlands PORTAL 10/15/04 194
---------------------------- ----------- -------- --------- ----------
17 China Netcom Group Corp.
(Hong Kong) Ltd. Hong Kong NYSE 11/17/04 177
---------------------------- ----------- -------- --------- ----------
18 SABESP Brazil NYSE 10/28/04 175
---------------------------- ----------- -------- --------- ----------
19 Macronix International
Co., Ltd. Taiwan N/A 04/05/04 173
---------------------------- ----------- -------- --------- ----------
20 CPFL Energia S.A. Brazil NYSE 09/28/04 171
---------------------------- ----------- -------- --------- ----------
Top 20 Total 7,107
---------------------------- ----------- -------- --------- ----------
Source: Citigroup and other depositaries
For more information on Citigroup DR programs, as well as industry trends and developments, please visit citigroup.com/adr. About Citigroup Depositary Receipt Services Citigroup Depositary Receipt Services is a leader in bringing quality issuers to the U.S. market and promoting American Depositary Receipts American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. (ADRs) as an effective capital markets tool. Citibank began offering ADRs in 1928 and today is widely recognized for providing non-U.S. companies with a gateway to the resources of Citigroup and the means to diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. shareholder bases and increase liquidity. In addition, Citigroup's financial strength and global reach provide clients with access to Citigroup's on-the-ground presence and in-depth knowledge of 90 local markets. Depositary Receipt Services is a business line within Citigroup(R) Global Transaction Services, a leading provider of integrated cash management, trade finance and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $121 billion in average liability balances, more than $ 7.3 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. cycles, and re-engineer receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed and payment processes. Citigroup(R) Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com About Citigroup Citigroup (NYSE: C), the preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Banamex, and Travelers Life and Annuity annuity: see insurance. annuity Payment made at a fixed interval. A common example is the payment received by retirees from their pension plan. There are two main classes of annuities: annuities certain and contingent annuities. . Additional information may be found at: www.citigroup.com. Copyright (C)2004 Citigroup. CITIGROUP and Umbrella Device are trademarks and service marks of Citicorp or its affiliates and are used and registered throughout the world. The above information is being provided solely for information purposes by Citibank, N.A. At the time of publication, this information was believed to be accurate, but Citibank, N.A. makes no representation or warranty as to correctness of the information set forth above. The above information does not constitute a recommendation, solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual or offer by Citibank, N.A. for the purchase or sale of any securities, nor shall this material be construed in any way as investment or legal advice or a recommendation, reference or endorsement by Citibank, N.A. |
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