Depositary Receipts (DR) Capital Raising Reaches $11.8 Billion in First Half of 2006, Despite Recent Downturn in Equity Values Worldwide.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 -- Lotte Shopping Co.'s $3.0 Billion IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. is the Largest DR Capital Raising in History; DR Trading Value Increases 64% to $803 Billion; DR 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. Rises 17% to 21.4 Billion Shares 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. Corporate and Investment Banking reports 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 June June: see month. 2006 totaled $11.8 billion, a 7% increase over the first half of 2005.(1) This was the second highest first half total ever, following the record $17.1 billion raised during the comparable period in 2000. The 2006 YTD See Year-to-date. YTD See year to date (YTD). total was paced by Lotte Shopping Co. (Korea Korea (kôrē`ə, kə–), Korean Hanguk or Choson, region and historic country (85,049 sq mi/220,277 sq km), E Asia. ) whose $3.0 billion IPO in February February: see month. on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. in the form of Global Depositary Receipts, GDRs, was the largest DR capital raising in history. (GDRs are DRs issued simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics in two or more markets through a global offering.) DR Capital Raising Grows Worldwide The $11.8 billion of DR capital raising was comprised of $9.9 billion (84%) in primary offerings (companies coming to the U.S. or London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. market for the first time) and $1.9 billion in secondary offerings (companies with existing programs offering additional tranches Tranches A piece, portion or slice of a deal or structured financing. This portion is one of several related securities that are offered at the same time but have different risks, rewards and/or maturities. "Tranche" is the French word for "slice". of DRs in the market). By comparison, during the first half of 2005, $11.0 billion was raised in DR form, of which $4.7 billion (43%) were in primary offerings, and $6.3 billion in secondary offerings. The worldwide increase in overall first half DR capital raisings was driven by Asian and Latin Lat·in n. 1. a. The Indo-European language of the ancient Latins and Romans and the most important cultural language of western Europe until the end of the 17th century. b. American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of issuers. Asian issuers raised $6.7 billion, a 24% increase over the first half of 2005, accounting for 57% of the total. Latin American issuers raised $2.1 billion, a 169% year-on-year gain, accounting for 18% of the total. Issuers from the Central and Eastern Europe The term "Central and Eastern Europe" came into wide spread use, replacing "Eastern bloc", to describe former Communist countries in Europe, after the collapse of the Iron Curtain in 1989/90. , Middle East and Africa (CEEMEA CEEMEA Central Eastern Europe Middle East & Africa CEEMEA Central and Eastern Europe Middle East and Africa ) region raised $1.7 billion, a 37% year-on-year decrease, for 14% of the total. Western European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. issuers raised $1.3 billion, a 36% decrease from 2005, for an 11% share. The pace of DR capital raisings is reflected in the direction of equity market indices. Virtually all major global equity markets have witnessed declines in asset values in May and June, driven by investor uncertainty over interest rates, inflation expectations, rising energy prices, and market volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the , especially in emerging markets. In fact, IPOs in DR form effectively stopped after global equity markets reached their yearly highs on May 9th. Year-to-date primary offerings (IPOs) in DR form through May 9th were $9.5 billion, versus $0.4 billion since May 9th. The pause in capital raising after May 9th was coincident co·in·ci·dent adj. 1. Occupying the same area in space or happening at the same time: a series of coincident events. See Synonyms at contemporary. 2. with the U.S. Federal Reserve Open Market Committee's quarter point interest rate tightening to 5.00% on May 10th, and the FOMC's risk assessment that future interest rate increases would be data dependent. "Despite the current pause in equity capital raising, we believe there are multiple DR offerings planned for the second half of 2006," said Nancy Nancy (näNsē`), city (1990 pop. 102,410), capital of Meurthe-et-Moselle dept., NE France, on the Meurthe River and the Marne-Rhine Canal. It is the administrative, economic, and educational center of Lorraine. Lissemore, Head of Depositary Receipt Services for Citigroup.
Index YTD thru YTD thru Last 12
6/26 5/9 5/9 - 6/26 Mths
------------------------------- -------- -------- ----------- -------
S&P 500 0.18% 6.16% -5.63% 5.03%
------------------------------- -------- -------- ----------- -------
MSCI All Country World ex-U.S. 3.22% 18.67% -13.02% 19.63%
------------------------------- -------- -------- ----------- -------
IPOs in DR Form (US$ Billions) 9.9 9.5 0.4 16.1
------------------------------- -------- -------- ----------- -------
Sources: Bloomberg Financial Markets, Citigroup and other depositaries
"Emerging market economies have improved in ways that make them far less vulnerable to fluctuations in global risk appetite ap·pe·tite n. An instinctive physical desire, as for food or sex. Appetite The natural instinctive desire for food. compared to six to nine years ago," Lissemore said. "For example, many emerging economies have significant foreign exchange reserves Foreign exchange reserves (also called Forex reserves) in a strict sense are only the foreign currency deposits held by central banks and monetary authorities. , substantial trade surpluses, and borrow Borrow To obtain or receive money on loan with the promise or understanding that it will be repaid. more in local currencies than before. As a result, debtors are less vulnerable to exchange rate fluctuations. No one knows how long the current market downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. will last, but thanks to stronger economic fundamentals, the probability probability, in mathematics, assignment of a number as a measure of the "chance" that a given event will occur. There are certain important restrictions on such a probability measure. of a long-duration downturn is greatly diminished di·min·ish v. di·min·ished, di·min·ish·ing, di·min·ish·es v.tr. 1. a. To make smaller or less or to cause to appear so. b. ." Analysis of the recent history of the MSCI Emerging Markets Asia Index illustrates how emerging markets, compared to six to nine years ago, are now in much stronger positions to withstand external shocks. The duration of the emerging market downturn after the 1997 Asian currency crisis was over six months. The downturn following the March 2000 global market meltdown meltdown Occurrence in which a huge amount of thermal energy and radiation is released as a result of an uncontrolled chain reaction in a nuclear power reactor. The chain reaction that occurs in the reactor's core must be carefully regulated by control rods, which absorb lasted nearly eighteen months. By contrast, the downturn following the 2004 Madrid Madrid (mədrĭd`, Span. mäthhrēth`), city (1990 pop. 3,120,732), capital of Spain and of Madrid prov., central Spain, and the focus of its own autonomous region, on the Manzanares River. bombing lasted one month, as did the downturn following the 2005 avian flu avian flu: see influenza. scare.
MSCI Emerging Markets Asia Index: Response to World Events 1997-2006
Start Date End Date Duration
(High) (Low) % Change (Mths) Description
----------- ------------ --------- --------- ------------------------
7/4/1997 1/12/1998 -61% 6 Asian currency crisis
----------- ------------ --------- --------- ------------------------
Global market meltdown.
9/11, War in
3/29/2000 9/25/2001 -59% 18 Afghanistan
----------- ------------ --------- --------- ------------------------
Terror bombing in
Madrid. Beheadings and
4/13/2004 5/17/2004 -23% 1 kidnappings in Iraq
----------- ------------ --------- --------- ------------------------
Avian flu fears.
10/4/2005 10/28/2005 -9% 1 Pakistan earthquake
----------- ------------ --------- --------- ------------------------
Current investor
concerns over interest
? ? ? rates, inflation,
energy prices and
5/9/2006 volatility
----------- ------------ --------- --------- ------------------------
Source: Bloomberg Financial Markets
DR Trading Value Increases by 64% Over 2005, While ADR ADR - Astra Digital Radio Trading Volume Rises 17% Projected half-year 2006 DR US$ value of trading (based on May YTD actual data) is $803 billion, up 64% over 2005's total of $489 billion. ADRs represent $666 billion of the 2006 total, up 51% from 2005. London-traded Global Depositary Receipts (GDRs) represent $137 billion of the total, up 183% over first half 2005.(2) "A receptive receptive /re·cep·tive/ (re-cep´tiv) capable of receiving or of responding to a stimulus. investor market and liquid trading conditions in the first four months of 2006 were major drivers of the surge See power surge. SURGE - Sorter, Updater, Report Generator, Etc. IBM 704, 1959. Sammet 1969, p.8. in DR capital raising overall," said Lissemore. "Seventy five percent of the $9.9 billion raised through primary offerings in the first half of 2006 was in GDR GDR See Global Depositary Receipt (GDR). form." The combined 64% growth in DR trading value kept pace with growth in the U.S. market, and outpaced growth in London-traded home market securities. For the U.S. market (excluding ADRs), projected half-year 2006 US$ value of trading is $16.3 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. , up 66% from last year, and projected US$ value of trading for the London Stock Exchange (excluding GDRs), is $3.5 trillion, up 31% over 2005.(3) Projected half-year 2006 ADR trading volume on U.S. exchanges (based on May YTD actual) is 21.4 billion ADRs traded, up 17% over 2005's total of 18.3 billion. U.S. Investment in Non-U.S. Equities Reaches $3.3 Trillion - A New Record According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the U.S. Federal Reserve, total U.S. investment in non-U.S. equities in the first quarter of 2006 (both DRs and non-U.S. shares) increased by $302 billion (10%) over fourth quarter 2005, reaching $3.3 trillion, an all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal record.(4) Rising asset values accounted for $259 billion of the total increase, while net capital inflows counted for $43 billion. By contrast, during the first quarter of 2005, U.S. investment in non-U.S. equities increased by $27 billion over fourth quarter 2004, reaching $2.5 trillion. The $27 billion increase in investment level consisted of a $13 billion decline in asset values; offset by net positive capital inflows of $40 billion.(4) "We expect a reduction in the growth level of total U.S. investment in non-U.S. equities in the second quarter due to the current global downturn," said Lissemore. International Equity Fund Growth Rate Exceeded U.S. Investment in Non-U.S. Equities From 1990 through the first quarter of 2006, the annual growth rate in international equity mutual funds exceeded that of U.S. investment in non-U.S. equities. Based on data from the Investment Company Institute and the U.S. Federal Reserve, the annual growth rate for international mutual funds was 28% compared to 19% for total U.S. investment in non-U.S. equities excluding mutual funds. "The higher growth rate in investment in international mutual funds reflects the growth in individual investor appetite for non-U.S. equities, especially DRs," Lissemore said. Lissemore added, "Mutual fund investment is a good proxy See proxy server. (networking) proxy - A process that accepts requests for some service and passes them on to the real server. A proxy may run on dedicated hardware or may be purely software. for individual investment trends, and has grown from 11% of total non-U.S. investment in 1990 to 28% as of first quarter 2006."
U.S. Investment in Non-U.S. Equities
DRs and ordinary shares (US$ billions)
Int'l Total Excl
Total Mutual Mutual % Mutual
Year Investment Funds Funds Funds Remarks
------------ ----------- --------- ---------- --------- -------------
Growth Rate 20% 28% 19%
------------ ----------- --------- ---------- --------- -------------
1Q2006 3,267.1 904.6 2,362.5 27.7%
------------ ----------- --------- ---------- --------- -------------
2005 2,965.1 773.1 2,192.0 26.1%
------------ ----------- --------- ---------- --------- -------------
2004 2,520.1 571.2 1,948.9 22.7%
------------ ----------- --------- ---------- --------- -------------
2003 2,079.4 421.7 1,657.7 20.3% War in Iraq
------------ ----------- --------- ---------- --------- -------------
Bear market,
Enron
2002 1,374.7 287.8 1,086.9 20.9% bankruptcy
------------ ----------- --------- ---------- --------- -------------
9/11, War in
2001 1,612.7 337.3 1,275.4 20.9% Afghanistan
------------ ----------- --------- ---------- --------- -------------
Global market
2000 1,852.9 428.7 1,424.2 23.1% meltdown
------------ ----------- --------- ---------- --------- -------------
1999 2,003.7 467.0 1,536.7 23.3%
------------ ----------- --------- ---------- --------- -------------
Russian
1998 1,475.0 311.8 1,163.2 21.1% default
------------ ----------- --------- ---------- --------- -------------
Asian
currency
1997 1,207.8 277.6 930.2 23.0% crisis
------------ ----------- --------- ---------- --------- -------------
1996 1,002.9 232.6 770.3 23.2%
------------ ----------- --------- ---------- --------- -------------
Mexican peso
1995 776.8 159.8 617.0 20.6% devaluation
------------ ----------- --------- ---------- --------- -------------
1994 627.5 132.3 495.2 21.1%
------------ ----------- --------- ---------- --------- -------------
1993 543.9 93.8 450.0 17.2%
------------ ----------- --------- ---------- --------- -------------
1992 314.3 34.6 279.7 11.0%
------------ ----------- --------- ---------- --------- -------------
1991 279.0 29.0 249.9 10.4% Gulf War
------------ ----------- --------- ---------- --------- -------------
1990 197.6 21.2 176.4 10.7%
------------ ----------- --------- ---------- --------- -------------
Sources: Investment Company Institute, Board of Governors of the
Federal Reserve System, "Flow of Funds Accounts of the U.S., Flows and
Outstandings, First Quarter 2006," June 8, 2006.
(1) Source: Citigroup and other depositaries, (2) Source: NYSE,
NASDAQ, AMEX, LSE, (3) Source: World Federation of Exchanges, (4)
Board of Governors of the Federal Reserve System, "Flow of Funds
Accounts of the U.S., Flows and Outstandings, First Quarter 2006,"
June 8, 2006.
Globally, the 25 largest DR capital raisings June 2006 YTD were:
Capital Raising Events - June 21, 2006 YTD
Event Value (US$
Issuer Country Exchange Date millions)
----------------------------------------------------------------------
1 Lotte Shopping Co. Korea LSE
Ltd. 02/08/06 3,030
----------------------------------------------------------------------
2 Comstar United Russia LSE
Telesystem 02/07/06 1,062
----------------------------------------------------------------------
3 Macquarie Korea Korea LSE
Infrastructure Fund 03/14/06 829
----------------------------------------------------------------------
4 Grupo Aeroportuario
del Pacifico, S.A. Mexico NYSE
de C.V. 02/23/06 701
----------------------------------------------------------------------
5 Royal Bank of U.K. NYSE
Scotland Group plc 05/25/06 675
----------------------------------------------------------------------
6 Trader Media East Ltd. Netherlands LSE 02/07/06 650
----------------------------------------------------------------------
7 Ternium S.A. Argentina NYSE 01/31/06 497
----------------------------------------------------------------------
8 TAM S.A. Brazil NYSE 03/15/06 485
----------------------------------------------------------------------
9 Himax Technologies Taiwan NASDAQ 03/31/06 468
----------------------------------------------------------------------
10 Inotera Memories, Inc. Taiwan Luxembourg 05/15/06 421
----------------------------------------------------------------------
11 Focus Media Holding China NASDAQ
Ltd. 06/21/06 416
----------------------------------------------------------------------
12 Kingdom Hotel Dubai LSE
Investments 03/01/06 411
----------------------------------------------------------------------
13 Focus Media Holding China NASDAQ
Ltd. 01/31/06 405
----------------------------------------------------------------------
14 BLOM Bank S.A.L. Lebanon LSE 02/08/06 276
----------------------------------------------------------------------
15 Banco Macro Bansud Argentina NYSE
S.A. 03/23/06 227
----------------------------------------------------------------------
16 China Medical China NASDAQ
Technologies, Inc. 03/28/06 147
----------------------------------------------------------------------
17 Diagnosticos da Brazil PORTAL
America S.A. 03/28/06 144
----------------------------------------------------------------------
18 Bajaj Hindusthan Ltd. India LSE 02/01/06 136
----------------------------------------------------------------------
19 Powertech Technology China LSE
Inc. 01/23/06 116
----------------------------------------------------------------------
20 Banco de Oro Philippines LSE 01/20/06 115
----------------------------------------------------------------------
21 Woonjin Coway Co., Korea PORTAL
Ltd. 05/03/06 106
----------------------------------------------------------------------
22 Hindustan Construction India LSE
Co. Ltd. 03/31/06 100
----------------------------------------------------------------------
23 Federal Bank Ltd. India LSE 01/31/06 79
----------------------------------------------------------------------
24 Vaibhav Gems Ltd. India N/A 01/23/06 70
----------------------------------------------------------------------
25 China GrenTech Corp. China NASDAQ
Ltd. 03/04/06 63
----------------------------------------------------------------------
Total Capital Raised
by Top 25 11,627
----------------------------------------------------------------------
Source: Citigroup and other depositaries
Globally, the 25 most actively traded cross-listed ADRs in the period by value were:
Top 25 ADR Issuers by Value - May 2006 YTD
Value (US$
Issuer Country Exchange Ticker millions)
----------------------------------------------------------------------
1 Petrobras (com & pfd) Brazil. NYSE PBR/PBRA 31,289
----------------------------------------------------------------------
2 Teva Pharmaceutical Israel NASDAQ TEVA
Industries Ltd. 24,332
----------------------------------------------------------------------
3 Companhia Vale do Rio Brazil NYSE RIO/RIOPR
Doce (CVRD) (com & pfd) 22,951
----------------------------------------------------------------------
4 BP plc U.K. NYSE BP 21,191
----------------------------------------------------------------------
5 Nokia Corp. Finland NYSE NOK 15,844
----------------------------------------------------------------------
6 America Movil, S.A. de Mexico NYSE AMX
C.V. 11,770
----------------------------------------------------------------------
7 Total S.A. France NYSE TOT 9,901
----------------------------------------------------------------------
8 Cemex S.A. Mexico NYSE CX 9,745
----------------------------------------------------------------------
9 Tenaris S.A. Luxembourg NYSE TS 9,250
----------------------------------------------------------------------
10 BHP Billiton Limited Australia NYSE BHP 9,052
----------------------------------------------------------------------
11 LM Ericsson Telephone Sweden NASDAQ ERICY 8,951
----------------------------------------------------------------------
12 Royal Dutch Shell plc U.K. NYSE RDS/A,
(A&B) RDS/B 8,870
----------------------------------------------------------------------
13 Elan Corp. Ireland NYSE ELP 7,775
----------------------------------------------------------------------
14 Taiwan Semiconductor Taiwan NYSE TSM
Mfg. Co. Ltd. (TSMC) 7,436
----------------------------------------------------------------------
15 AngloGold Ashanti Ltd. South NYSE AU
Africa 7,395
----------------------------------------------------------------------
16 Rio Tinto plc U.K. NYSE RTP 6,988
----------------------------------------------------------------------
17 Infosys Technologies India NASDAQ INFY
Ltd. 6,803
----------------------------------------------------------------------
18 Unibanco Brazil NYSE UBB 6,785
----------------------------------------------------------------------
19 ASML Holding NV Netherlands NASDAQ ASML 6,770
----------------------------------------------------------------------
20 Vodafone Group plc U.K. NYSE VOD 6,725
----------------------------------------------------------------------
21 UBS AG Switzerland NYSE UBS 6,104
----------------------------------------------------------------------
22 GlaxoSmithKline plc U.K. NYSE GSK 5,799
----------------------------------------------------------------------
23 Novartis AG Switzerland NYSE NVS 5,656
----------------------------------------------------------------------
24 Banco Bradesco S.A. Brazil NYSE BBD 5,534
----------------------------------------------------------------------
25 Sanofi-Aventis S.A. France NYSE SNY 5,268
----------------------------------------------------------------------
Source: NYSE, NASDAQ, and AMEX, Bloomberg Financial Markets
Globally, the 25 most actively traded cross-listed GDRs in the period by value were:
Top 25 GDR Issuers by Value - May 2006 YTD
Value (US$
Issuer Country Exchange Ticker millions)
----------------------------------------------------------------------
1 Lukoil Russia LSE LKOS LI 29,930
----------------------------------------------------------------------
2 OAO Gazprom Russia LSE OGZD LI 26,159
----------------------------------------------------------------------
3 Surgutneftegaz Russia LSE SGGD LI 6,750
----------------------------------------------------------------------
Unified Energy System of Russia LSE UESD LI
4 Russia 6,402
----------------------------------------------------------------------
5 MMC Norilsk Nickel Russia LSE MNOD LI 6,140
----------------------------------------------------------------------
6 Orascom Telecom Egypt LSE OTLD LI 5,006
----------------------------------------------------------------------
7 Samsung Electronics Co. Ltd. SMSN LI/SMSD
(com & pfd) Korea LSE LI 4,240
----------------------------------------------------------------------
8 Lotte Shopping Co. Korea LSE LOTS LI 2,574
----------------------------------------------------------------------
9 OTP Bank Hungary LSE OTPD LI 2,130
----------------------------------------------------------------------
10 Mol Magyar Olaj-es Gazipari Hungary LSE MOLD LI
Rt 1,789
----------------------------------------------------------------------
11 Reliance Industries Ltd. India LSE RIGD LI 1,182
----------------------------------------------------------------------
12 Pliva dd. Croatia LSE PLVD LI 1,175
----------------------------------------------------------------------
13 Orascom Construction Egypt LSE ORSD LI
Industries 860
----------------------------------------------------------------------
14 Polski Koncern Naftowy Orlen Poland LSE POKD LI
S.A. 735
----------------------------------------------------------------------
15 Hon Hai Precision Industry Taiwan LSE HHPD LI
Co., Ltd. 697
----------------------------------------------------------------------
16 Gedeon Richter Rt. Hungary LSE GDND LI 577
----------------------------------------------------------------------
17 Telekomunikacja Polska S.A. Poland LSE TPSD LI
(TPSA) 549
----------------------------------------------------------------------
18 KGHM Polska Miedz S.A. Poland LSE KPMD LI 531
----------------------------------------------------------------------
19 Gazpromneft (Sibneft) Russia LSE SIF LI 494
----------------------------------------------------------------------
20 State Bank of India India LSE SBID LI 493
----------------------------------------------------------------------
21 Hyundai Motor Co. Korea LSE HYUA LI 380
----------------------------------------------------------------------
22 Macquarie Korea Korea LSE MKIF LI
Infrastructure Fund 327
----------------------------------------------------------------------
23 Hindalco Industries India LSE HDCD LI 314
----------------------------------------------------------------------
24 Cathay Financial Holding Co., Taiwan LSE CFHS LI
Ltd. 260
----------------------------------------------------------------------
25 Commercial International Egypt LSE CBKD LI
Bank (Egypt) S.A.E. 249
----------------------------------------------------------------------
Source: London Stock Exchange - International Order Book
Globally, the 25 most actively traded cross-listed ADRs in the period by volume were:
Top 25 ADR Issuers by Volume - May 2006 YTD
Volume
Issuer Country Exchange Ticker (millions)
----------------------------------------------------------------------
1 Nokia Corp. Finland NYSE NOK 788
----------------------------------------------------------------------
2 Taiwan Semiconductor Taiwan NYSE TSM
Mfg. Co., Ltd. (TSMC) 729
----------------------------------------------------------------------
3 Teva Pharmaceutical Israel NASDAQ TEVA
Industries Ltd. 599
----------------------------------------------------------------------
4 Elan Corp. Ireland NYSE ELN 518
----------------------------------------------------------------------
5 DRDGold Ltd. South NASDAQ DROOY
Africa 509
----------------------------------------------------------------------
6 Petrobras (com & pfd) Brazil NYSE PBR/PBRA 499
----------------------------------------------------------------------
7 United Microelectronics Taiwan NYSE UMC
Corp. (UMC) 487
----------------------------------------------------------------------
8 Companhia Vale do Rio Brazil NYSE RIO/RIOPR
Doce (CVRD) (com & pfd) 363
----------------------------------------------------------------------
9 America Movil, S.A. de Mexico NYSE AMX
C.V. 341
----------------------------------------------------------------------
10 ASML Holding, NV Netherlands NASDAQ ASML 321
----------------------------------------------------------------------
11 Vivo Participacoes S.A. Brazil NYSE VIV 314
----------------------------------------------------------------------
12 Vodafone Group plc U.K. NYSE VOD 309
----------------------------------------------------------------------
13 BP plc U.K. NYSE BP 301
----------------------------------------------------------------------
14 LM Ericsson Telephone Sweden NASDAQ ERICY 252
----------------------------------------------------------------------
15 Gold Fields Ltd. South NYSE GFI
Africa 233
----------------------------------------------------------------------
16 BHP Billiton Limited Australia NYSE BHP 223
----------------------------------------------------------------------
17 AU Optronics Corp. Taiwan NYSE AUO 195
----------------------------------------------------------------------
18 Siliconware Precision Taiwan NASDAQ SPIL
Industries Co., Ltd. 190
----------------------------------------------------------------------
19 Tele Norte Leste Brazil NYSE TNE
Participacoes S.A. 189
----------------------------------------------------------------------
20 Harmony Gold Mining Co. South NYSE HMY
Ltd. Africa 183
----------------------------------------------------------------------
21 Alcatel S.A. France NYSE ALA 181
----------------------------------------------------------------------
22 Telefonos de Mexico Mexico NYSE TMX
S.A. de C.V. 172
----------------------------------------------------------------------
23 ABB Ltd. Switzerland NYSE ABB 156
----------------------------------------------------------------------
24 Cemex S.A. Mexico NYSE CX 153
----------------------------------------------------------------------
25 Banco Bradesco S.A. Brazil NYSE BBD 151
----------------------------------------------------------------------
Source: NYSE, NASDAQ, and AMEX, Bloomberg Financial Markets
For further information on Depositary Receipt Services, visit www.citigroup.com/adr. Certain GDR facilities have not been registered under the Securities Act of 1933 ("the Securities Act"). Neither these GDRs nor the underlying securities may be resold unless registered under the Securities Act or pursuant to an exemption exemption n. 1) in income taxation, a credit given for each dependent, blindness or other disability, and age over 65, which result in a downward calculation in tax levels. from registration thereunder. These GDRs may only be issued or sold to certain investors upon the provision of appropriate certifications and representations. Do not pass on any information with respect to the GDRs to prospective investors unless you have established that they are eligible holders of such GDRs. Nothing contained herein shall be deemed to be an offer to sell, or a 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 of an offer to buy, any such ADRs, GDRs or underlying securities. About Citigroup Citigroup (NYSE NYSE See: New York Stock Exchange : C), the leading 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 has some 200 million customer accounts and does business in more than 100 countries, providing 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 BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. , and wealth management. Major brand names under Citigroup's trademark red umbrella umbrella, a small canopy used as a protection against the sun in China, Egypt, and elsewhere in remote antiquity. It was often an emblem of rank. During the Middle Ages the umbrella became almost extinct in Europe; its usefulness was not rediscovered until the late include Citibank CITIBANK First National City Bank , 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. and Banamex. Additional information may be found at www.citigroup.com. About Citigroup Corporate and Investment Banking Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients - our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking. Copyright (C)2006 Citibank, N.A. CITIGROUP and Umbrella Device are trademarks and service marks of Citigroup Inc. 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 An assurance, promise, or guaranty by one party that a particular statement of fact is true and may be relied upon by the other party. Warranties are used in a variety of commercial situations. In many instances a business may voluntarily make a warranty. as to correctness of the information set forth above. The above information does not constitute a recommendation, solicitation 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 A signature on a Commercial Paper or document. An endorsement on a negotiable instrument, such as a check or a promissory note, has the effect of transferring all the rights represented by the instrument to another individual. by Citibank, N.A. |
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