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Year-End 2015 Report
| Regional Trends
Latin America
Capital Raisings
Two issuers raised approximately $551 million in DR form, of
which approximately $476 million (86%) was from a single
issuer, Telefonica Brasil S.A., in the largest follow-on offering
in the region.
Trading Volume
DR trading volume increased by 9% (4.1 billion DRs) with
50.2 billion DRs traded in 2015 versus 46.1 billion DRs during
the prior year. Most of the increase was due largely to higher
trading volume of NYSE-listed programs.
At the country level, a rise in trading volume for programs
from Brazil (4.2 billion DRs) was offset by decreases in trading
volume for programs from Peru and Argentina.
Market Performance
Citi Depositary Receipt Services maintains the Latam DR
Index (CLDRLAT) to gauge investor sentiment toward Latam.
In 2015, CLDRLAT dropped by 33%. Since 2001, CLDRLAT has
been one of the best-performing CLDR Indices, outperforming
both the S&P 500 and the Citi World ex-U.S.