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Citi Launches Global Depositary Note Capabilities on Ghanaian Debt Securities
[February 07, 2019]

Citi Launches Global Depositary Note Capabilities on Ghanaian Debt Securities


Citi's Global Issuer Services business, acting through Citibank, N.A. in its capacity as a depositary bank, today announced that it has expanded its Global Depositary Note (GDN) product capabilities to Ghanaian government debt securities. Ghana represents the 22nd country, globally, in which Citi facilitates access to local debt securities via its GDN depositary bank function.

GDNs are a debt security version of the traditional equity-based depositary receipt (DR) structure, facilitating convenient cross-border access to local debt securities for broker-dealers and institutional investors, namely in the United States for qualified institutional buyers (within the meaning of Rule 144A) and outside the United States for non-U.S. persons (within the meaning of Regulation S). GDNs represent particular local debt securities, replicating the characteristics of the respective local bonds while trading in U.S. dollar terms and settling in Euroclear, Clearstream or the Depository Trust Company (DTC).

Citi launched its first GDN program in Peru in 2007 and has since expanded its product offering to contemplate debt securities issued in 21 additional countries, including the Dominican Republic, Costa Rica, Mexico, Ecuador, Colombia, Uruguay, Chile, Paraguay, Guatemala, El Salvador, Jamaica and Panama (in the Latin America region); Ghana, Nigeria, Kazakhstan, Ukraine, Zambia, Uganda, Rwanda and Turkey (in the Europe, Middle East and Africa region); and Vietnam (in the Asia Pacific region).

"We are delighted to extend our GDN depositary bank capabilities to Ghanaian government debt securities," said Dirk Jones, Head of Global Issuer Services at Citi. "The GDN program provides international investors with an additional mechanism through which to access the local bond market in Ghana," he continued.

"The Government of Ghana is supportive of initiatives that are aligned with our objective to continuously develop the domestic capital maret. The GDN product is an example of such an initiative, as it is designed to promote liquidity and investor diversification of Government debt securities," said Hon. Deputy Minister, Charles Adu Boahen of the Ministry of Finance.



Citi is a leading provider of depositary receipt services. With depositary receipt programs in 62 markets, spanning equity and fixed-income products, Citi leverages its global network to provide cross-border capital market access to issuers, intermediaries and investors.

For more information about Citi's Depositary Receipt Services, please visit www.citi.com/dr.


THE GDNs WILL NOT BE, AND HAVE NOT BEEN, REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (SECURITIES ACT), AND MAY NOT BE OFFERED OR SOLD IN THE U.S. ABSENT REGISTRATION UNDER THE SECURITIES ACT OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter (News - Alert): @Citi | YouTube (News - Alert): www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook (News - Alert): www.facebook.com/citi | LinkedIn (News - Alert): www.linkedin.com/company/citi


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