depository-receipts-business-posts-strong-first-half

Depository receipts business posts strong first half

Citigroup report signals strong DR issuance and capital raised in first half, with Asian activity driving the market.

By Andrew Peck

June 29, 2006

Globally, the depository receipt DR universe is firing on all cylinders according to half-year results published by Citigroup, which point to a sizable upswing in both capital raised and issuance. Both indictors of success are being driven by activity in the Asia-Pacific region, which is again far outpacing other markets.

Led by the $3 billion IPO of South KoreaÆs Lotte Shopping in the form of global depository receipts, capital raised for depository receipts DRs has totalled $11.8 billion for the first half of the year. This mid-year number marks a 7% increase on the corresponding period in 2005 and is the second largest total of half-year capital raised since 2000, when $17.1 billion was raised...

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