NEW YORK–(BUSINESS WIRE)–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 Ghanaian
government debt securities. Ghana represents the 22nd 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
21 additional countries, including the Dominican Republic, Costa Rica,
Mexico, Ecuador, Colombia, Uruguay, Chile, Paraguay, Guatemala, El
Salvador, Jamaica and Panama (in the Latin America region); Ghana,
Nigeria, Kazakhstan, Ukraine, Zambia, Uganda, Rwanda and Turkey (in the
Europe, Middle East and Africa region); and Vietnam (in the Asia Pacific
“We are delighted to extend our GDN depositary bank capabilities to
Ghanaian government debt securities,” said Dirk Jones, Head of Global
Issuer Services at Citi. “The GDN program provides international
investors with an additional mechanism through which to access the local
bond market in Ghana,” he continued.
“The Government of Ghana is supportive of initiatives that are aligned
with our objective to continuously develop the domestic capital market.
The GDN product is an example of such an initiative, as it is designed
to promote liquidity and investor diversification of Government debt
securities,” said Hon. Deputy Minister, Charles Adu Boahen of the
Ministry of Finance.
Citi is a leading provider of depositary receipt services. With
depositary receipt programs in 62 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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Citi Global Public Affairs
Capital Markets & Advisory Communications
+1 (212) 816-7140