Mid Year Report 2020

GDNs for Issuers A GDN program can also be employed by an issuer of local bonds as a mechanism to expand distribution in a primary market offering transaction Global Depositary Notes (GDNs) Efficient Access to Local Debt Securities in a Depositary Receipt Format GDNs Evidence Ownership of Local Bonds • Like ADRs and GDRs, GDNs replicate the characteristics (interest rate, maturity date, credit quality, etc.) of the respective underlying fixed-income local securities and are fungible with the underlying securities GDNs Facilitate the Global Trading and Settlement of Local Bonds • Euroclear, Clearstream and DTC eligible • Can be purchased or sold via multiple broker-dealers • Made available to institutional investors globally, via Reg S and Rule 144A GDNs are Denominated and Transacted in U.S. Dollars • Trading, settlement and payment of interest and principal in U.S. dollars • The depositary bank (such as Citi) conducts the exchange of local currency for U.S. dollars in relation to cash distributions from the underlying local bonds Bloomberg: GDNC 22