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GDNs for Issuers
A GDN program can also be
proactively employed by an
issuer of local bonds as a
mechanism to expand
distribution in a primary
market offering transaction
Global Depositary
Notes (GDNs)
Efficient Access to Local Debt Securities
in a Depositary Receipt Format
GDNs Evidence Ownership of Local Bonds
• Like American Depositary Receipts (ADRs) and Global Depositary
Receipts (GDRs), GDNs replicate the characteristics (interest rate,
maturity date, credit quality, etc.) of the respective underlying local
debt securities and are fungible with the underlying securities
GDNs Facilitate the Global Trading and Settlement
of Local Bonds
• Euroclear, Clearstream and DTC-eligible
• Can be purchased or sold via multiple broker-dealers
• Made available to institutional investors (pursuant to Rule 144A)
and to non-US persons (pursuant to Reg. S)
GDNs are Denominated and Transacted in U.S. Dollars
• Trading, settlement and payment of interest and principal in
U.S. dollars
• The depositary bank (such as Citi) conducts the exchange of local
currency for U.S. dollars in relation to cash distributions from the
underlying local bonds
Bloomberg:
GDNC
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