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DR Market Analysis

Citi Depositary Receipts Services publishes a year-end and mid-year report on DR market performance. These reports provide an analysis of long-term cross-border investment trends and include league tables for capital raising, trading value and trading volume.

Mid - Year Reports
2021

Depositary receipt (DR) capital raising totaled $19.6 billion globally. DR trading volume was up 30% to 161.5 billion shares in the first half of 2021 versus 124.6 billion in the first half of 2020.

2020

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Depositary receipt (DR) capital raising totaled $8.8 billion globally. DR trading volume was up 49% to 123.2 billion shares in the first half of 2020 versus 82.5 billion in the first half of 2019.

2019

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Depositary (DR) capital raising totaled $10.4 billion globally in the first half of 2019. DR trading volume was up 8% to 82.4 billion shares versus 76.6 billion in first half of 2018.

2018

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Depositary (DR) capital raising totaled $8.4 billion globally in the first half of 2018. DR trading volume was up 4% to 75.0 billion shares versus 71.8 billion in first half of 2017.

2017

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Depositary receipt (DR) capital raising totaled $4.1 billion globally in the first half of 2017. DR trading volume was down 10% to 72.2 billion shares versus 79.9 billion in the first half of 2016.

2016

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Depositary receipt (DR) capital raising totaled $2.4 billion globally during the first half of 2016. DR trading volume totaled 79.4 billion DRs declining less than 1% compared to the first half of 2015.

2015

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Depositary Receipt (DR) trading volumes were up by approximately 2.6 billion shares (or 3%) to 81.3 billion shares in the first half of 2015. DR capital raisings totaled $4.6 billion driven by issuers from Asia Pacific.

2014

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Depositary Receipts (DR) capital raisings totaled $9.5 billion during the first half of 2014 – up more than 178% over the same period prior year. DR trading volumes were up approximately 2.9 billion shares (or 4%) in the first half of 2014 to 76.3 billion shares, versus 73.4 billion in the same period prior year.

2013

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Depositary Receipts (DR) capital raisings totaled $3.3 billion during the first half of 2013 – up more than 110% over the same period prior year.

2012

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Depositary Receipts (DRs) trading volumes reached 75.4 billion in the first half of 2012. DR capital raisings totaled $1.3 billion driven primarily by issuers from Latam.

2011

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Depositary receipts (DR) trading volumes were up by 4.0 billion shares YTD may 2011 to 68.6 billion shares, versus 64.5 billion during the same period last year. Capital raisings for YTD May 2011 increased 400% over the same period in 2010 to $13.0 billion largely attributed to follow-on offerings.

2010

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Depositary Receipts (DRs) trading volumes are up 6% in the first half of 2010 to 79.3 billion shares, versus 74.5 billion during the same period in 2009; Capital raisings increased 133% over the same period in 2009 to $3.0 billion; IPOs continued to rebound from 2009 levels, and accounted for 54% of total capital raising in the first half of 2010.

2009

DR trading volumes up 9% in first half of 2009 to 56.5 billion shares; capital raisings drop to all-time low of $551 million; only four IPOs in first five months of 2009.

2008

Depositary receipts trading value and volume reaches all time highs in 1H08. DR trading value increases 63% to an all time high of $1.7 trillion, and ADR trading volume rises 32% to record 33.7 billion shares. IPO capital raised in DR form is $3.6 billion – down 79% from 2007’s record first half total of $17.1 billion, due to the global economic slowdown.

2007

Depositary Receipts capital raised reaches all-time high of $22.2 billion in 1H07. Record set for IPO capital raised of $15.8 billion was driven by BRIC (Brazil, Russia, India and China). DR trading value increases 29% to a record $1.04 trillion, while trading volume rises 19% to a record 25.4 billion shares.

2006

Depositary Receipts capital raising reaches $11.8 billion in 1H06, despite recent downturn in equity values worldwide. The 2006 YTD total was paced by Lotte Shopping Co. (Korea) whose $3 billion IPO in February in the form of GDR was the largest DR capital raising in history. DR trading value increases 64% to $803 billion, while DR trading volume rises 17% to 21.4 billion shares.

2005

Depositary Receipts capital raising reaches $7.9 billion in 1H05, which represents an increase of 121% over 2004 driven by all regions. DR trading value was $367.7 billion, while DR trading volume was 15.3 billion shares.

Year - End Reports
2021

Depositary receipt (DR) capital raising totaled $35.4 billion globally. DR trading volume was up 17% to 299.2 billion shares in 2021 versus 254.8 billion in 2020.

2020

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Depositary receipt (DR) capital raising totaled $48.2 billion globally. DR trading volume was up 53% to 251.3 billion shares in 2020 versus 163.9 billion in 2019.

2019

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Depositary receipt (DR) capital raising totaled $17.2 billion globally. DR trading volume was flat to 162.2 billion shares in 2019 versus 162.8 billion in 2018.

2018

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Depositary receipt (DR) capital raising totaled $18.4 billion globally. DR trading volume was up 11% to 162.7 billion shares in 2018 versus 146.1 billion in 2017.

2017

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Depositary receipt (DR) capital raising totaled $15.6 billion globally in 2017. DR trading volume was down 9% to 140.0 billion shares in 2017 versus 153.5 billion in 2016.

2016

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Depositary Receipts (DR) capital raisings totaled $6.8 billion dominated by activity from Chinese issuers. DR trading volumes were down 2% in 2016 to 155.1 billion shares, versus 157.7 billion shares in 2015.

2015

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Depositary Receipts (DR) trading volumes totaled 163.7 billion in 2015. Non-U.S. companies raised $11 billion in DR form during 2015; Follow-on offerings in DR form represented $8.8 billion – or 80% – of the total, driven by transactions from the pharmaceutical, internet and banking sectors.

2014

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The market for non-U.S. companies raising capital in depositary receipt (DR) form reached a significant milestone in 2014, with $37.3 billion in DR capital raised. The total represents the highest level since 2007 and is up more than three times from 2013 levels.

2013

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Depositary Receipts (DR) trading volumes reached 141.7 billion in 2013. DR capital raisings totaled $10.5 billion driven primarily by issuers from Russia, Taiwan and China.

2012

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Depositary Receipts (DR) trading volumes reached 139.9 billion in 2012. DR capital raisings totaled $12.4 billion driven primarily by issuers from Russia and Mexico.

2011

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Depositary Receipts (DRs) trading volumes were up by 22.4 billion shares (or 15%) in 2011 to 170.7 billion DRs, versus 148.3 billion DRs in 2010. DR capital raisings totaled $16.6 billion dominated by activity in BRIC countries.

2010

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Depositary Receipts trading volumes were up by 4.8 billion shares in 2010 to 147.4 billion shares, versus 142.6 billion in 2009. Capital raisings increased 26% over 2009 to $20.6 billion dominated by activity in BRIC countries.

2009

Capital raisings increased 16% over 2008 to $15.9 billion: IPOs rebounded in second half of 2009 and accounted for 55% of total capital raising; DR trading volumes down 7% in 2009 to 124 billion shares versus 2008 all time high of 133 billion.

2008

Depositary receipts trading value and volume reach all time highs in 2008 – IPO value declines. DR trading value increases 27% to an all time high of US$4.2 trillion; ADR trading volume rises to a record 120 billion shares. IPO capital raised in DR form is $3.8 billion – down 88% from 2007’s record of $31.9 billion, due to the global economic slowdown.

2007

Depositary Receipts capital raised reaches $49.5 billion in 2007, all -time records set by key measures. IPO capital raised in DR form is $31.9 billion driven by Russia, China, India, Taiwan and Kazakhstan. DR US$ trading value increases to $2.61 trillion, while DR trading volume rises 34% to a record 55.9 billion shares.

2006

Depositary Receipts IPO capital raised reaches $20.9 billion – a record high – and total DR capital raised reaches $28.2 billion. DR US$ trading value increases 31% to $1.55 trillion, which is also an all time record, while DR trading volume rises 13% to 42.3 billion shares.

2005

Depositary Receipts capital raising approaches record high reaching $27.5 billion in 2005, a 194% increase over full year 2004. ADR trading volume hits new record of 38.4 billion shares, while DR trading value rises to $1.2 trillion.