Citi Depositary Receipt Services Year End 2016 Report

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Top 5 DR Capital Raisings1
(in USD Millions)
DR Trading Value 1,2
$1,358
SWITZERLAND
UK
NETHERLANDS
RUSSIA
FRANCE
ISRAEL
GERMANY
BELGIUM
LUXEMBOURG
OTHER
SOUTH AFRICA
37%
5 %
4%
3%
3%
3%
11%
6%
8%
9% 11%
EMEA
Highlights
Capital Raisings
• $1.7 billion in DR
capital raised
• 28% via IPOs
• 72% via follow-on
offerings
Trading Volume
• Up 11% from 2015
to 69.3 billion
• Unsponsored trading
volume down 5% to
1.6 billion
New DR Programs
• 24 new sponsored programs
• 5 on NASDAQ
• 14 on OTC
• 5 GDR programs
“EMEA faced many
headwinds in 2016, as
reflected in the lower
number of capital raisings.
However, we feel positive
for 2017 and believe we
will continue to see our
issuers access the U.S.
capital markets through
the JOBS Act.”
Ayden Dagg
Head of EMEA
International Ltd.
ZTO Express Inc.
Line Corporation
BeiGene, Ltd.
GDS Holdings Ltd. $192
GW Pharmaceuticals plc
Trivago NV
Ros Agro
ArcelorMittal
Advanced Accelerator Applications S.A. $172
$287
$250
$218
$289
$382
$894
$1,406
$1,506
Total DR Trading Value: $1,389.7B
Europe, Middle East &
Africa (EMEA) Snapshot
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