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Year-End 2015 Report
| Regional Trends
EMEA
Capital Raisings
Ten issuers raised approximately $6.0 billion of DR capital
in EMEA of which $1.4 billion (23%) was through IPOs.
Thirteen issuers from nine different countries completed
their initial public offerings on the NYSE, NASDAQ and
LSE. The largest IPO in the region was for the Belgium
pharmaceutical company Galapagos NV, which raised
$241 million on NASDAQ.
Approximately $4.6 billion was raised by ten issuers in
follow-on offerings, accounting for 77% of the total capital
raising activity in the region. The largest follow-on offering
was for the Israeli pharmaceutical company Teva, which
raised over $3.7 billion in additional capital on the NYSE.
Trading Volume
DR trading volume was flat in 2015, increasing by 1%
(457 million DRs) to 68.5 billion DRs versus 68.1 billion DRs in
2014. OTC-traded programs experienced the largest increase
in trading volume, rising 108% year-over-year, which was
offset by a 34% decrease in LSE DR trading volume. In terms
of country, DR programs from Russia accounted for the
largest drop in trading volume, declining 35% (8.6 billion DRs)
while DR programs from Greece and the Netherlands rose
406% (6.2 billion DRs) and 40% (1.1 billion DRs) respectively
year-over-year.
New Programs
1, 2
There were 35 new sponsored programs announced in the
EMEA region: 14 NASDAQ-listed ADRs, 15 Level 1 ADRs and
6 GDRs (including bifurcated programs). The UK was the most
active country in the region with 9 new programs (3 NASDAQ
listed ADRs and 6 Level 1 ADRs), followed by France with
6 new ADR programs.
Unsponsored Programs
Total trading volume for EMEA unsponsored programs was
up 145% to 3.6 billion DRs versus 1.5 billion DRs traded in
2014. Greece was the most active country in the region
accounting for 54% of all EMEA unsponsored trading volume,
followed by Switzerland and France, which accounted for
13% and 10% of trading volume, respectively. The substantial
1.8 billion increase in Greece’s trading activity was driven
by Eurobank Ergasias, which alone increased by more than
1.6 billion shares. Portugal and France experienced the
largest year-over-year declines in trading volume in EMEA,
contracting 88% and 4%, respectively, in 2015. In terms of
program count, the UK accounted for the largest proportion
of unsponsored program in the region with 190 programs or
24% of the total program count.
Market Performance
Citi Depositary Receipt Services maintains the EuroPac
Liquid DR Index (CLDREPAC) and EMEA Liquid DR Index
(CLDREMEA) to gauge investor sentiment toward EMEA. In
2015, CLDREPAC declined by 8% and CLDREMEA declined by
2%. Since 2001, CLDREMEA has outperformed the S&P 500,
while the CLDREPAC Index has underperformed the S&P 500.
1
For bifurcated programs, Reg S and 144A tranches have been counted as separate programs.
2
Program count as of December 2015.